Earnings Release Highlights
- GAAP Net Income of $0.66 per share and Adjusted (non-GAAP)
Operating Earnings of $0.68 per share for the first quarter of
2024
- Affirming full year 2024 Adjusted (non-GAAP) Operating Earnings
guidance range of $2.40-$2.50 per share
- Reaffirming fully regulated operating EPS compounded annual
growth target of 5-7% from 2023 to 2027
- Achieved top quartile reliability performance at all utilities,
with ComEd and PHI achieving top decile in both outage frequency
and outage duration
- ComEd refiled its Multi-Year Grid Plan in March as directed by
the Illinois Commerce Commission (ICC), with a final order expected
before the end of 2024
- PECO filed electric and gas distribution rate cases with the
Pennsylvania Public Utility Commission (PAPUC) in March seeking an
increase in base rates to support significant investments in
modernized energy infrastructure to maintain reliability, help
enable wider adoption of cleaner energy resources, and provide
customers with enhanced levels of service
- A settlement was approved in April by the Delaware Public
Service Commission (DPSC) in Delmarva Power’s electric base rate
case
- An order in ComEd’s Multi-Year Rate Plan Rehearing was received
in April, increasing ComEd’s revenue requirement until approval of
its refiled Grid Plan
Exelon Corporation (Nasdaq: EXC) today reported its financial
results for the first quarter of 2024.
"Through the first quarter, Exelon is on track for another year
of operational excellence while delivering on our financial
guidance," said President and CEO Calvin Butler. "We are encouraged
that we are making progress on the regulatory front, with ComEd's
rehearing process complete almost two months early. Additionally,
our Exelon team is leading the industry with our innovative
approach on safety, now measuring our performance through a Serious
Injury Incidence Rate, reaffirming our commitment to the safety of
our employees and community members."
"We delivered first quarter 2024 adjusted operating earnings of
$0.68 per share while maintaining strong operational performance,"
said Exelon Chief Financial Officer Jeanne Jones. "Despite mild
weather and a challenging storm season, we remain on track to
deliver full-year operating earnings of $2.40 to $2.50 per share in
2024 and continue to affirm our sustained growth over the coming
years to support the energy transformation in our communities,
projecting annualized earnings per share (EPS) growth of 5% to 7%
through 2027."
First Quarter 2024
Exelon's GAAP Net Income for the first quarter of 2024 decreased
to $0.66 per share from $0.67 per share in the first quarter of
2023. Adjusted (non-GAAP) Operating Earnings for the first quarter
of 2024 decreased to $0.68 per share from $0.70 per share in the
first quarter of 2023. For the reconciliations of GAAP Net Income
to Adjusted (non-GAAP) Operating Earnings, refer to the tables
beginning on page 4.
GAAP Net Income and Adjusted (non-GAAP) Operating Earnings in
the first quarter of 2024 primarily reflect:
- Higher utility earnings primarily due to rate increases at BGE
and PHI. This was partially offset by higher operating expenses due
to increased storm costs at PECO and BGE, lower electric
distribution earnings from lower allowed ROE and the absence of a
return on pension asset at ComEd, and lower carrying cost recovery
related to the carbon mitigation credit (CMC) regulatory asset at
ComEd.
- Higher costs at the Exelon holding company primarily due to
higher interest expense.
Operating Company Results1
ComEd
ComEd's first quarter of 2024 GAAP Net Income decreased to $193
million from $241 million in the first quarter of 2023. ComEd's
Adjusted (non-GAAP) Operating Earnings for the first quarter of
2024 decreased to $219 million from $251 million in the first
quarter of 2023, primarily due to decreases in electric
distribution earnings (reflecting lower allowed ROE due to U.S.
Treasury rates no longer applying to distribution revenue) and
carrying costs related to the CMC regulatory asset. Due to revenue
decoupling, ComEd's distribution earnings are not affected by
actual weather or customer usage patterns.
PECO
PECO’s first quarter of 2024 GAAP Net Income decreased to $149
million from $166 million in the first quarter of 2023. PECO's
Adjusted (non-GAAP) Operating Earnings for the first quarter of
2024 decreased to $149 million from $166 million in the first
quarter of 2023, primarily due to an increase in storm costs
partially offset by less unfavorable weather.
___________ 1 Exelon’s four business units include ComEd, which
consists of electricity transmission and distribution operations in
northern Illinois; PECO, which consists of electricity transmission
and distribution operations and retail natural gas distribution
operations in southeastern Pennsylvania; BGE, which consists of
electricity transmission and distribution operations and retail
natural gas distribution operations in central Maryland; and PHI,
which consists of electricity transmission and distribution
operations in the District of Columbia and portions of Maryland,
Delaware, and New Jersey and retail natural gas distribution
operations in northern Delaware.
BGE
BGE’s first quarter of 2024 GAAP Net Income increased to $264
million from $200 million in the first quarter of 2023. BGE's
Adjusted (non-GAAP) Operating Earnings for the first quarter of
2024 increased to $264 million from $199 million in the first
quarter of 2023, primarily due to increased revenue due to
distribution rate increases. Due to revenue decoupling, BGE's
distribution earnings are not affected by actual weather or
customer usage patterns.
PHI
PHI’s first quarter of 2024 GAAP Net Income increased to $168
million from $155 million in the first quarter of 2023. PHI’s
Adjusted (non-GAAP) Operating Earnings for the first quarter of
2024 decreased to $168 million from $173 million in the first
quarter of 2023, primarily due to increase in interest expense and
operating expenses, partially offset by distribution rate
increases. Due to revenue decoupling, PHI's distribution earnings
related to Pepco Maryland, DPL Maryland, Pepco District of
Columbia, and ACE are not affected by actual weather or customer
usage patterns.
Recent Developments and First Quarter Highlights
- Dividend: On April 30, 2024, Exelon's Board of Directors
declared a regular quarterly dividend of $0.38 per share on
Exelon's common stock for the second quarter of 2024. The dividend
is payable on June 14, 2024, to shareholders of record of Exelon as
of 5 p.m. Eastern time on Monday, May 13, 2024.
- Rate Case Developments:
- ComEd Refiled Multi-Year Grid Plan: On March 13, 2024,
ComEd refiled its Grid Plan with the ICC. On March 15, 2024, ComEd
filed a petition to adjust its multi-year rate plan revenue
requirement to increase its distribution rates by $302 million in
2024, $89 million in 2025, $136 million in 2026 and $143 million in
2027, reflecting an ROE 8.905%. ComEd currently expects a decision
in the fourth quarter of 2024, but cannot predict if the ICC will
approve the application as filed.
- ComEd Rehearing on Multi-Year Rate Plan: On April 18,
2024, the ICC issued an order which increased the revenue
requirements by $150 million in 2024, $186 million in 2025, $221
million in 2026 and $253 million in 2027, reflecting an ROE of
8.905%.
- ComEd Distribution Formula Rate Reconciliation: On April
26, 2024, ComEd filed its proposed Delivery Reconciliation Amount
with the ICC requesting $627 million under Rider Delivery Service
Pricing Reconciliation which allows for the reconciliation of the
revenue requirement in effect. The 2024 filing reconciles those
rates with the actual delivery service costs incurred in 2023.
ComEd currently expects a decision in the fourth quarter of 2024,
but cannot predict if the ICC will approve the application as
filed.
- PECO Pennsylvania Electric Distribution Rate Case: On
March 28, 2024, PECO filed an application with the PAPUC to
increase its annual Electric rates by $464 million, which is
partially offset by a one-time credit of $64 million in 2025,
reflecting an ROE of 10.95%. PECO currently expects a decision in
the fourth quarter of 2024 but cannot predict if the PAPUC will
approve the application as filed.
- PECO Pennsylvania Natural Gas Distribution Rate Case: On
March 28, 2024, PECO filed an application with the PAPUC to
increase its annual natural gas rates by $111 million, reflecting
an ROE of 11.15%. PECO currently expects a decision in the fourth
quarter of 2024 but cannot predict if the PAPUC will approve the
application as filed.
- DPL Delaware Electric Distribution Base Rate Case: On
April 18, 2024, the DEPSC approved an increase in DPL's annual
electric distribution base rates of $28 million, reflecting an ROE
of 9.6%. Interim rates went into effect on July 15, 2023, subject
to refund. Rates associated with the approved order were effective
on April 24, 2024.
- Financing Activities:
- On Feb. 27, 2024, Exelon Corporate issued $1,700 million of
notes, consisting of $650 million of its 5.15% notes due March 15,
2029, $650 million of its 5.45% notes due March 15, 2034, and $400
million of its 5.60% notes due March 15, 2053. Exelon used the
proceeds to repay the SMBC Term Loan, outstanding commercial paper,
and for general corporate purposes.
- On March 4, 2024, Pepco issued $675 million of its First
Mortgage Bonds, consisting of $375 million of its First Mortgage
5.20% Series Bonds, due March 15, 2034 and $300 million of its
First Mortgage 5.50% Series Bonds, due March 15, 2054. Pepco used
the proceeds to refinance existing indebtedness, refinance
outstanding commercial paper, and for general corporate
purposes.
- On March 20, 2024, ACE entered into the ACE Purchase Agreement
for the offer and sale of $75 million aggregate principal amount of
its First Mortgage Bonds, 5.55% Series due March 20, 2054. ACE used
the proceeds to repay existing indebtedness and to fund other
general corporate purposes.
- On March 20, 2024, DPL entered into the DPL Purchase Agreement
for the offer and sale of $100 million of its First Mortgage 5.24%
Series Bonds, due March 20, 2034, and $75 million of its First
Mortgage 5.55% Series, due March 20, 2054. DPL used the proceeds to
repay existing indebtedness and to fund other general corporate
purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the first quarter of
2024 do not include the following items (after tax) that were
included in reported GAAP Net Income:
(in millions, except per share
amounts)
Exelon Earnings per
Diluted Share
Exelon
ComEd
PECO
BGE
PHI
2024 GAAP Net Income
$
0.66
$
658
$
193
$
149
$
264
$
168
Change in FERC Audit Liability (net of
taxes of $9)
0.03
27
26
—
—
—
2024 Adjusted (non-GAAP) Operating
Earnings
$
0.68
$
685
$
219
$
149
$
264
$
168
Adjusted (non-GAAP) Operating Earnings for the first quarter of
2023 do not include the following items (after tax) that were
included in reported GAAP Net Income:
(in millions, except per share
amounts)
Exelon Earnings per
Diluted Share
Exelon
ComEd
PECO
BGE
PHI
2023 GAAP Net Income
$
0.67
$
669
$
241
$
166
$
200
$
155
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $0)
—
(1
)
—
—
—
—
Change in Environmental Liabilities (net
of taxes of $7)
0.02
18
—
—
—
18
Change in FERC Audit Liability (net of
taxes of $4)
0.01
11
11
—
—
—
Separation Costs (net of taxes of $0)
—
(1
)
—
—
—
—
2023 Adjusted (non-GAAP) Operating
Earnings
$
0.70
$
696
$
251
$
166
$
199
$
173
__________
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP Net Income and
Adjusted (non-GAAP) Operating Earnings is based on the marginal
statutory federal and state income tax rates for each Registrant,
taking into account whether the income or expense item is taxable
or deductible, respectively, in whole or in part. For all items,
the marginal statutory income tax rates for 2024 and 2023 ranged
from 24.0% to 29.0%.
Webcast Information
Exelon will discuss first quarter 2024 earnings in a conference
call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern
Time). The webcast and associated materials can be accessed at
https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 250 company and the nation’s
largest utility company, serving more than 10.5 million customers
through six fully regulated transmission and distribution utilities
— Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE),
Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO
Energy Company (PECO), and Potomac Electric Power Company (Pepco).
20,000 Exelon employees dedicate their time and expertise to
supporting our communities through reliable, affordable and
efficient energy delivery, workforce development, equity, economic
development and volunteerism. Follow @Exelon on Twitter | X.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted
accounting principles in the United States (GAAP), Exelon evaluates
its operating performance using the measure of Adjusted (non-GAAP)
Operating Earnings because management believes it represents
earnings directly related to the ongoing operations of the
business. Adjusted (non-GAAP) Operating Earnings exclude certain
costs, expenses, gains and losses, and other specified items. This
measure is intended to enhance an investor’s overall understanding
of period over period operating results and provide an indication
of Exelon’s baseline operating performance excluding items that are
considered by management to be not directly related to the ongoing
operations of the business. In addition, this measure is among the
primary indicators management uses as a basis for evaluating
performance, allocating resources, setting incentive compensation
targets, and planning and forecasting of future periods. Adjusted
(non-GAAP) Operating Earnings is not a presentation defined under
GAAP and may not be comparable to other companies’ presentation.
Exelon has provided the non-GAAP financial measure as supplemental
information and in addition to the financial measures that are
calculated and presented in accordance with GAAP. Adjusted
(non-GAAP) Operating Earnings should not be deemed more useful
than, a substitute for, or an alternative to the most comparable
GAAP Net Income measures provided in this earnings release and
attachments. This press release and earnings release attachments
provide reconciliations of Adjusted (non-GAAP) Operating Earnings
to the most directly comparable financial measures calculated and
presented in accordance with GAAP, are posted on Exelon’s website:
https://investors.exeloncorp.com, and
have been furnished to the Securities and Exchange Commission on
Form 8-K on May 2, 2024.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of federal securities laws that are subject to
risks and uncertainties. Words such as “could,” “may,” “expects,”
“anticipates,” “will,” “targets,” “goals,” “projects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,”
and variations on such words, and similar expressions that reflect
our current views with respect to future events and operational,
economic, and financial performance, are intended to identify such
forward-looking statements.
The factors that could cause actual results to differ materially
from the forward-looking statements made by Exelon Corporation,
Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and
Electric Company, Pepco Holdings LLC, Potomac Electric Power
Company, Delmarva Power & Light Company, and Atlantic City
Electric Company (Registrants) include those factors discussed
herein, as well as the items discussed in (1) the Registrants' 2023
Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM
1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations, and (c)
Part II, ITEM 8. Financial Statements and Supplementary Data: Note
18, Commitments and Contingencies; (2) the Registrants' First
Quarter 2024 Quarterly Report on Form 10-Q (to be filed on May 2,
2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations, and (c) Part I, ITEM 1. Financial
Statements: Note 11, Commitments and Contingencies; and (3) other
factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these
forward-looking statements, whether written or oral, which apply
only as of the date of this press release. None of the Registrants
undertakes any obligation to publicly release any revision to its
forward-looking statements to reflect events or circumstances after
the date of this press release.
Earnings Release
Attachments
Table of Contents
Consolidating Statement of Operations
2
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income to
Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
6
Statistics
ComEd
7
PECO
7
BGE
9
Pepco
10
DPL
11
ACE
12
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended March 31,
2024
Operating revenues
$
2,095
$
1,054
$
1,297
$
1,606
$
(9
)
$
6,043
Operating expenses
Purchased power and fuel
907
403
464
636
—
2,410
Operating and maintenance
418
293
264
325
(29
)
1,271
Depreciation and amortization
362
104
150
246
17
879
Taxes other than income taxes
94
51
89
128
9
371
Total operating expenses
1,781
851
967
1,335
(3
)
4,931
Gain on sales of assets and
businesses
—
2
—
—
—
2
Operating income (loss)
314
205
330
271
(6
)
1,114
Other income and (deductions)
Interest expense, net
(122
)
(55
)
(50
)
(90
)
(151
)
(468
)
Other, net
20
9
8
27
11
75
Total other income and
(deductions)
(102
)
(46
)
(42
)
(63
)
(140
)
(393
)
Income (loss) before income
taxes
212
159
288
208
(146
)
721
Income taxes
19
10
24
40
(30
)
63
Net income (loss) attributable to
common shareholders
$
193
$
149
$
264
$
168
$
(116
)
$
658
Three Months Ended March 31,
2023
Operating revenues
$
1,667
$
1,112
$
1,257
$
1,536
$
(9
)
$
5,563
Operating expenses
Purchased power and fuel
488
484
492
627
—
2,091
Operating and maintenance
337
270
222
309
13
1,151
Depreciation and amortization
338
98
167
241
16
860
Taxes other than income taxes
93
50
83
120
9
355
Total operating expenses
1,256
902
964
1,297
38
4,457
Operating income (loss)
411
210
293
239
(47
)
1,106
Other income and (deductions)
Interest expense, net
(117
)
(48
)
(44
)
(76
)
(127
)
(412
)
Other, net
18
8
3
26
54
109
Total other income and
(deductions)
(99
)
(40
)
(41
)
(50
)
(73
)
(303
)
Income (loss) before income
taxes
312
170
252
189
(120
)
803
Income taxes
71
4
52
34
(27
)
134
Net income (loss) attributable to
common shareholders
$
241
$
166
$
200
$
155
$
(93
)
$
669
Change in net income (loss) from 2023
to 2024
$
(48
)
$
(17
)
$
64
$
13
$
(23
)
$
(11
)
__________ (a)
Other primarily includes eliminating and
consolidating adjustments, Exelon’s corporate operations, shared
service entities, and other financing and investment
activities.
Exelon
Consolidated Balance
Sheets
(unaudited)
(in millions)
March 31, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
720
$
445
Restricted cash and cash equivalents
489
482
Accounts receivable
Customer accounts receivable
2,896
2,659
Customer allowance for credit losses
(346
)
(317
)
Customer accounts receivable, net
2,550
2,342
Other accounts receivable
1,131
1,101
Other allowance for credit losses
(96
)
(82
)
Other accounts receivable, net
1,035
1,019
Inventories, net
Fossil fuel
37
94
Materials and supplies
751
707
Regulatory assets
2,035
2,215
Other
595
473
Total current assets
8,212
7,777
Property, plant, and equipment,
net
74,604
73,593
Deferred debits and other
assets
Regulatory assets
8,701
8,698
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement
Units
3,382
3,232
Investments
263
251
Other
1,419
1,365
Total deferred debits and other
assets
20,395
20,176
Total assets
$
103,211
$
101,546
March 31, 2024
December 31, 2023
Liabilities and shareholders’
equity
Current liabilities
Short-term borrowings
$
2,206
$
2,523
Long-term debt due within one year
503
1,403
Accounts payable
2,814
2,846
Accrued expenses
1,076
1,375
Payables to affiliates
5
5
Customer deposits
419
411
Regulatory liabilities
400
389
Mark-to-market derivative liabilities
29
74
Unamortized energy contract
liabilities
7
8
Other
516
557
Total current liabilities
7,975
9,591
Long-term debt
42,271
39,692
Long-term debt to financing
trusts
390
390
Deferred credits and other
liabilities
Deferred income taxes and unamortized
investment tax credits
12,199
11,956
Regulatory liabilities
9,706
9,576
Pension obligations
1,569
1,571
Non-pension postretirement benefit
obligations
523
527
Asset retirement obligations
270
267
Mark-to-market derivative liabilities
80
106
Unamortized energy contract
liabilities
25
27
Other
2,142
2,088
Total deferred credits and other
liabilities
26,514
26,118
Total liabilities
77,150
75,791
Commitments and contingencies
Shareholders’ equity
Common stock
21,129
21,114
Treasury stock, at cost
(123
)
(123
)
Retained earnings
5,767
5,490
Accumulated other comprehensive loss,
net
(712
)
(726
)
Total shareholders’ equity
26,061
25,755
Total liabilities and shareholders’
equity
$
103,211
$
101,546
Exelon
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Three Months Ended March
31,
2024
2023
Cash flows from operating
activities
Net income
$
658
$
669
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation, amortization, and
accretion
880
860
Gain on sales of assets and businesses
(2
)
—
Deferred income taxes and amortization of
investment tax credits
46
113
Net fair value changes related to
derivatives
1
—
Other non-cash operating activities
39
(138
)
Changes in assets and liabilities:
Accounts receivable
(309
)
106
Inventories
12
102
Accounts payable and accrued expenses
(238
)
(482
)
Collateral received (paid), net
7
(214
)
Income taxes
21
23
Regulatory assets and liabilities, net
252
(324
)
Pension and non-pension postretirement
benefit contributions
(111
)
(44
)
Other assets and liabilities
(264
)
(187
)
Net cash flows provided by operating
activities
992
484
Cash flows from investing
activities
Capital expenditures
(1,767
)
(1,881
)
Proceeds from sales of assets and
businesses
2
—
Other investing activities
(2
)
10
Net cash flows used in investing
activities
(1,767
)
(1,871
)
Cash flows from financing
activities
Changes in short-term borrowings
(317
)
(1,130
)
Proceeds from short-term borrowings with
maturities greater than 90 days
150
—
Repayments on short-term borrowings with
maturities greater than 90 days
(150
)
(150
)
Issuance of long-term debt
2,625
3,925
Retirement of long-term debt
(901
)
(857
)
Dividends paid on common stock
(381
)
(358
)
Proceeds from employee stock plans
11
10
Other financing activities
(55
)
(60
)
Net cash flows provided by financing
activities
982
1,380
Increase (decrease) in cash, restricted
cash, and cash equivalents
207
(7
)
Cash, restricted cash, and cash
equivalents at beginning of period
1,101
1,090
Cash, restricted cash, and cash
equivalents at end of period
$
1,308
$
1,083
Exelon
Reconciliation of GAAP Net
Income (Loss) to Adjusted (non-GAAP) Operating Earnings and
Analysis of Earnings
Three Months Ended March 31, 2024
and 2023
(unaudited)
(in millions, except per share
data)
Exelon Earnings
per Diluted Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2023 GAAP Net Income (Loss)
$
0.67
$
241
$
166
$
200
$
155
$
(93
)
$
669
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $0)
—
—
—
—
—
(1
)
(1
)
Change in Environmental Liabilities (net
of taxes of $7)
0.02
—
—
—
18
—
18
Change in FERC Audit Liability (net of
taxes of $4)
0.01
11
—
—
—
—
11
Separation Costs (net of taxes of $0)
(1)
—
—
—
—
—
(1
)
(1
)
2023 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.70
$
251
$
166
$
199
$
173
$
(93
)
$
696
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
0.02
$
—
(b)
$
18
$
—
(b)
$
4
(b)
$
—
$
22
Load
—
—
(b)
(3
)
—
(b)
(1
)
(b)
—
(4
)
Distribution and Transmission Rates
(2)
0.09
(19
)
(c)
3
(c)
85
(c)
24
(c)
—
93
Other Energy Delivery (3)
0.07
64
(c)
(1
)
(c)
(6
)
(c)
17
(c)
—
74
Operating and Maintenance Expense (4)
(0.08
)
(54
)
(15
)
(4
)
(30
)
27
(76
)
Pension and Non-Pension Postretirement
Benefits
(0.01
)
(4
)
(2
)
—
—
—
(6
)
Depreciation and Amortization Expense
(5)
(0.03
)
(17
)
(5
)
(6
)
(4
)
(1
)
(33
)
Interest Expense and Other (6)
(0.08
)
(2
)
(12
)
(4
)
(15
)
(48
)
(81
)
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
(0.02
)
$
(32
)
$
(17
)
$
65
$
(5
)
$
(22
)
$
(11
)
2024 GAAP Net Income (Loss)
$
0.66
$
193
$
149
$
264
$
168
$
(116
)
$
658
Change in FERC Audit Liability (net of
taxes of $9)
0.03
26
—
—
—
1
27
2024 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.68
$
219
$
149
$
264
$
168
$
(115
)
$
685
Note: Amounts may not sum due to rounding. Unless otherwise noted,
the income tax impact of each reconciling item between GAAP Net
Income and Adjusted (non-GAAP) Operating Earnings is based on the
marginal statutory federal and state income tax rates for each
Registrant, taking into account whether the income or expense item
is taxable or deductible, respectively, in whole or in part. For
all items, the marginal statutory income tax rates for 2024 and
2023 ranged from 24.0% to 29.0%. (a)
Other primarily includes eliminating and
consolidating adjustments, Exelon’s corporate operations, shared
service entities, and other financing and investment
activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and
ACE, customer rates are adjusted to eliminate the impacts of
weather and customer usage on distribution volumes.
(c)
ComEd's distribution rate revenues
increase or decrease as fully recoverable costs fluctuate. For
other regulatory recovery mechanisms, including transmission
formula rates and riders across the utilities, revenues increase
and decrease i) as fully recoverable costs fluctuate (with no
impact on net earnings), and ii) pursuant to changes in rate base,
capital structure and ROE (which impact net earnings).
(1)
Represents costs related to the separation
primarily comprised of system-related costs, third-party costs paid
to advisors, consultants, lawyers, and other experts assisting in
the separation, and employee-related severance costs, which are
recorded in Operating and maintenance expense and Other, net.
(2)
For ComEd, reflects decreased electric
distribution revenues due to lower allowed electric distribution
ROE and absence of a return on the pension asset. For BGE, reflects
increased revenue due to distribution rate increases. For PHI,
reflects increased revenue primarily due to distribution
increases.
(3)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs and reflects lower carrying cost
recovery related to the CMC regulatory asset. For BGE, reflects
lower gas revenues due to lower gas prices. For PHI, reflects
higher transmission revenues due to higher fully recoverable
costs.
(4)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, reflects an updated rate of capitalization of certain
overhead costs and increased contracting costs. For PECO and BGE,
primarily reflects increased storm costs. For PHI, primarily
reflects increased contracting costs, storm costs, and credit loss
expense. For Corporate, primarily reflects a decrease in Operating
and maintenance expense with an offsetting decrease in other income
for costs billed to Constellation for services provided by Exelon
through the TSA.
(5)
Reflects ongoing capital expenditures
across all utilities.
(6)
For PHI, primarily reflects an increase in
interest expense and an increase in taxes other than income. For
Corporate, primarily reflects an increase in interest expense and a
decrease in other income for costs billed to Constellation for
services provided by Exelon through the TSA, with an offsetting
decrease in Operating and maintenance expense.
ComEd Statistics
Three
Months Ended March 31, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather - Normal %
Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
6,214
6,234
(0.3
)%
(0.1
)%
$
918
$
836
9.8
%
Small commercial & industrial
7,244
7,198
0.6
%
(0.4
)%
594
361
64.5
%
Large commercial & industrial
6,934
6,559
5.7
%
2.5
%
320
84
281.0
%
Public authorities & electric
railroads
220
227
(3.1
)%
(3.1
)%
17
10
70.0
%
Other(b)
—
—
n/a
n/a
227
217
4.6
%
Total electric revenues(c)
20,612
20,218
1.9
%
0.6
%
2,076
1,508
37.7
%
Other Revenues(d)
19
159
(88.1
)%
Total Electric Revenues
$
2,095
$
1,667
25.7
%
Purchased Power
$
907
$
488
85.9
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,568
2,671
3,053
(3.9) %
(15.9) %
Number of Electric Customers
2024
2023
Residential
3,754,505
3,729,983
Small commercial & industrial
397,715
391,662
Large commercial & industrial
2,023
1,881
Public authorities & electric
railroads
5,821
4,790
Total
4,160,064
4,128,316
__________ (a)
Reflects revenues from customers
purchasing electricity directly from ComEd and customers purchasing
electricity from a competitive electric generation supplier, as all
customers are assessed delivery charges. For customers purchasing
electricity from ComEd, revenues also reflect the cost of energy
and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $2 million and $3 million for the three months
ended March 31, 2024 and 2023, respectively.
(d)
Includes alternative revenue programs and
late payment charges.
PECO Statistics
Three
Months Ended March 31, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather- Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
3,455
3,358
2.9
%
(1.2
)%
$
520
$
519
0.2
%
Small commercial & industrial
1,891
1,843
2.6
%
(1.7
)%
126
135
(6.7
)%
Large commercial & industrial
3,355
3,237
3.6
%
2.5
%
57
65
(12.3
)%
Public authorities & electric
railroads
179
168
6.5
%
7.1
%
7
8
(12.5
)%
Other(b)
—
—
n/a
n/a
74
68
8.8
%
Total electric revenues(c)
8,880
8,606
3.2
%
0.2
%
784
795
(1.4
)%
Other Revenues(d)
(2
)
—
n/a
Total Electric Revenues
782
795
(1.6
)%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
18,895
17,190
9.9
%
0.6
%
193
223
(13.5
)%
Small commercial & industrial
9,488
8,699
9.1
%
(0.8
)%
64
75
(14.7
)%
Large commercial & industrial
16
29
(44.8
)%
(12.2
)%
—
1
(100.0
)%
Transportation
6,899
7,014
(1.6
)%
(3.0
)%
8
8
—
%
Other(f)
—
—
n/a
n/a
7
9
(22.2
)%
Total natural gas revenues(g)
35,298
32,932
7.2
%
(0.5
)%
272
316
(13.9
)%
Other Revenues(d)
—
1
(100.0
)%
Total Natural Gas Revenues
272
317
(14.2
)%
Total Electric and Natural Gas
Revenues
$
1,054
$
1,112
(5.2
)%
Purchased Power and Fuel
$
403
$
484
(16.7
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,089
1,888
2,410
10.6 %
(13.3) %
Cooling Degree-Days
—
—
1
n/a
(100.0) %
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,540,491
1,529,779
Residential
508,429
504,181
Small commercial & industrial
156,475
155,846
Small commercial & industrial
45,038
45,003
Large commercial & industrial
3,160
3,118
Large commercial & industrial
7
9
Public authorities & electric
railroads
10,713
10,401
Transportation
646
650
Total
1,710,839
1,699,144
Total
554,120
549,843
__________ (a)
Reflects delivery volumes and revenues
from customers purchasing electricity directly from PECO and
customers purchasing electricity from a competitive electric
generation supplier as all customers are assessed distribution
charges. For customers purchasing electricity from PECO, revenues
also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $2 million and $1 million for the three months
ended March 31, 2024 and 2023, respectively.
(d)
Includes alternative revenue programs and
late payment charges.
(e)
Reflects delivery volumes and revenues
from customers purchasing natural gas directly from PECO and
customers purchasing natural gas from a competitive natural gas
supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from PECO, revenue also reflects
the cost of natural gas.
(f)
Includes revenues primarily from
off-system sales.
(g)
Includes operating revenues from
affiliates totaling less than $1 million and $1 million for the
three months ended March 31, 2024 and 2023, respectively.
BGE Statistics
Three
Months Ended March 31, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather- Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
3,329
3,106
7.2
%
(0.6
)%
$
534
$
434
23.0
%
Small commercial & industrial
698
674
3.6
%
0.5
%
90
92
(2.2
)%
Large commercial & industrial
3,114
3,047
2.2
%
(0.2
)%
132
149
(11.4
)%
Public authorities & electric
railroads
52
55
(5.5
)%
(3.6
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
93
96
(3.1
)%
Total electric revenues(c)
7,193
6,882
4.5
%
(0.3
)%
856
778
10.0
%
Other Revenues(d)
25
36
(30.6
)%
Total Electric Revenues
881
814
8.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
17,981
16,787
7.1
%
(3.9
)%
271
278
(2.5
)%
Small commercial & industrial
3,993
3,768
6.0
%
(3.9
)%
47
41
14.6
%
Large commercial & industrial
13,516
13,214
2.3
%
(2.5
)%
72
70
2.9
%
Other(f)
752
1,608
(53.2
)%
n/a
5
19
(73.7
)%
Total natural gas revenues(g)
36,242
35,377
2.4
%
(3.4
)%
395
408
(3.2
)%
Other Revenues(d)
21
35
(40.0
)%
Total Natural Gas Revenues
416
443
(6.1
)%
Total Electric and Natural Gas
Revenues
$
1,297
$
1,257
3.2
%
Purchased Power and Fuel
$
464
$
492
(5.7
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,020
1,774
2,355
13.9 %
(14.2) %
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,213,063
1,207,486
Residential
658,818
656,583
Small commercial & industrial
115,406
115,658
Small commercial & industrial
37,982
38,260
Large commercial & industrial
13,110
12,911
Large commercial & industrial
6,336
6,261
Public authorities & electric
railroads
261
266
Total
1,341,840
1,336,321
Total
703,136
701,104
__________ (a)
Reflects revenues from customers
purchasing electricity directly from BGE and customers purchasing
electricity from a competitive electric generation supplier as all
customers are assessed distribution charges. For customers
purchasing electricity from BGE, revenues also reflect the cost of
energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $1 million and $2 million for the three months
ended March 31, 2024 and 2023, respectively.
(d)
Includes alternative revenue programs and
late payment charges.
(e)
Reflects delivery volumes and revenues
from customers purchasing natural gas directly from BGE and
customers purchasing natural gas from a competitive natural gas
supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from BGE, revenue also reflects
the cost of natural gas.
(f)
Includes revenues primarily from
off-system sales.
(g)
Includes operating revenues from
affiliates totaling $1 million and $1 million for the three months
ended March 31, 2024 and 2023, respectively.
Pepco Statistics
Three
Months Ended March 31, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather- Normal
% Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
2,097
1,963
6.8
%
(0.9
)%
$
345
$
283
21.9
%
Small commercial & industrial
285
267
6.7
%
2.2
%
46
39
17.9
%
Large commercial & industrial
3,293
3,210
2.6
%
0.6
%
262
282
(7.1
)%
Public authorities & electric
railroads
162
152
6.6
%
5.8
%
11
8
37.5
%
Other(b)
—
—
n/a
n/a
64
56
14.3
%
Total electric revenues(c)
5,837
5,592
4.4
%
0.3
%
728
668
9.0
%
Other Revenues(d)
31
42
(26.2
)%
Total Electric Revenues
$
759
$
710
6.9
%
Purchased Power
$
281
$
258
8.9
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,788
1,621
2,078
10.3 %
(14.0) %
Cooling Degree-Days
5
2
3
150.0 %
66.7 %
Number of Electric Customers
2024
2023
Residential
869,606
859,207
Small commercial & industrial
54,177
54,089
Large commercial & industrial
22,992
22,858
Public authorities & electric
railroads
207
201
Total
946,982
936,355
__________ (a)
Reflects revenues from customers
purchasing electricity directly from Pepco and customers purchasing
electricity from a competitive electric generation supplier as all
customers are assessed distribution charges. For customers
purchasing electricity from Pepco, revenues also reflect the cost
of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $2 million and $1 million for the three months
ended March 31, 2024 and 2023, respectively.
(d)
Includes alternative revenue programs and
late payment charge revenues.
DPL Statistics
Three
Months Ended March 31, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather - Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
1,487
1,386
7.3
%
(0.4
)%
$
256
$
210
21.9
%
Small commercial & industrial
557
535
4.1
%
0.8
%
62
62
—
%
Large commercial & industrial
973
957
1.7
%
0.4
%
29
33
(12.1
)%
Public authorities & electric
railroads
9
11
(18.2
)%
(19.3
)%
4
4
—
%
Other(b)
—
—
n/a
n/a
63
58
8.6
%
Total electric revenues(c)
3,026
2,889
4.7
%
—
%
414
367
12.8
%
Other Revenues(d)
5
10
(50.0
)%
Total Electric Revenues
419
377
11.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
3,913
3,581
9.3
%
(1.2
)%
46
60
(23.3
)%
Small commercial & industrial
1,717
1,652
3.9
%
(6.8
)%
17
26
(34.6
)%
Large commercial & industrial
428
414
3.4
%
3.5
%
2
1
100.0
%
Transportation
1,960
1,900
3.2
%
(1.9
)%
5
4
25.0
%
Other(f)
—
—
n/a
n/a
2
6
(66.7
)%
Total natural gas revenues
8,018
7,547
6.2
%
(2.4
)%
72
97
(25.8
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
72
97
(25.8
)%
Total Electric and Natural Gas
Revenues
$
491
$
474
3.6
%
Purchased Power and Fuel
$
215
$
221
(2.7
)%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,112
1,875
2,365
12.6 %
(10.7) %
Cooling Degree-Days
—
—
1
— %
(100.0) %
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,204
1,952
2,476
12.9 %
(11.0) %
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
486,950
482,979
Residential
130,427
129,791
Small commercial & industrial
64,338
63,794
Small commercial & industrial
10,182
10,158
Large commercial & industrial
1,260
1,236
Large commercial & industrial
16
16
Public authorities & electric
railroads
593
595
Transportation
163
158
Total
553,141
548,604
Total
140,788
140,123
__________ (a)
Reflects delivery volumes and revenues
from customers purchasing electricity directly from DPL and
customers purchasing electricity from a competitive electric
generation supplier as all customers are assessed distribution
charges. For customers purchasing electricity from DPL, revenues
also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $2 million for both the three months ended
March 31, 2024 and 2023.
(d)
Includes alternative revenue programs and
late payment charges.
(e)
Reflects delivery volumes and revenues
from customers purchasing natural gas directly from DPL and
customers purchasing natural gas from a competitive natural gas
supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from DPL, revenue also reflects
the cost of natural gas.
(f)
Includes revenues primarily from
off-system sales.
ACE Statistics
Three
Months Ended March 31, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather - Normal
% Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
841
760
10.7
%
0.3
%
$
174
$
146
19.2
%
Small commercial & industrial
361
371
(2.7
)%
(6.5
)%
50
59
(15.3
)%
Large commercial & industrial
740
789
(6.2
)%
(7.5
)%
49
63
(22.2
)%
Public authorities & electric
railroads
14
13
7.7
%
(2.7
)%
5
5
—
%
Other(b)
—
—
n/a
n/a
67
63
6.3
%
Total electric revenues(c)
1,956
1,933
1.2
%
(4.1
)%
345
336
2.7
%
Other Revenues(d)
13
17
(23.5
)%
Total Electric Revenues
$
358
$
353
1.4
%
Purchased Power
$
140
$
148
(5.4
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,201
2,008
2,426
9.6 %
(9.3) %
Cooling Degree-Days
—
—
1
— %
(100.0) %
Number of Electric Customers
2024
2023
Residential
505,793
503,260
Small commercial & industrial
62,704
62,230
Large commercial & industrial
2,893
3,030
Public authorities & electric
railroads
728
726
Total
572,118
569,246
__________ (a)
Reflects delivery volumes and revenues
from customers purchasing electricity directly from ACE and
customers purchasing electricity from a competitive electric
generation supplier as all customers are assessed distribution
charges. For customers purchasing electricity from ACE, revenues
also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $1 million for both the three months ended
March 31, 2024 and 2023.
(d)
Includes alternative revenue programs.
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