Earnings Release Highlights
- GAAP net income of $0.64 per share and Adjusted (non-GAAP)
operating earnings of $0.64 per share for the fourth quarter of
2024, resulting in full-year GAAP net income of $2.45 per share and
Adjusted (non-GAAP) operating earnings of $2.50 per share
- Introducing 2025 Adjusted (non-GAAP) operating earnings
guidance range of $2.64-$2.74 per share
- Declaring quarterly dividend of $0.40 per share for the first
quarter of 2025, implying an expected total 2025 dividend that
represents an approximate 60% payout of Adjusted (non-GAAP)
operating earnings per share
- Projecting to invest $38 billion of capital expenditures over
the next four years, an increase of 10% versus the prior plan to
support customer needs and grid reliability, resulting in expected
rate base growth of 7.4% and operating EPS compounded annual growth
of 5-7% from 2024 to 2028
- Updating 4-year financing plan to include $1.4 billion of
additional equity to fund approximately 40% of $3.5 billion of
incremental capital expenditures, in line with a balanced funding
strategy and resulting in implied total annual equity needs of $700
million per year from 2025 through 2028
- All utilities sustained top quartile or better performance in
reliability and safety, and all gas utilities sustained top decile
performance in gas odor response
- Close to 90% of Exelon’s rate base is now covered by
established mechanisms outlining cost recovery through 2026 or
2027, with final orders issued in the fourth quarter for Pepco’s
multi-year rate plan in DC, PECO’s electric and gas rate cases, and
ComEd’s Refiled Grid Plan
Exelon Corporation (Nasdaq: EXC) today reported its financial
results for the fourth quarter and full year 2024.
"I am pleased to announce Exelon has delivered against our
financial goals for the third straight year since becoming a
transmission and delivery-only company, and we delivered top
quartile performance across all our local energy companies, with
ComEd and Pepco Holdings in the top decile," said Exelon President
and Chief Executive Officer Calvin Butler. "Our commitment to our
customers, grid reliability, community investment and being an
economic engine in the regions we serve has positioned us as a
leader in the energy transformation. As we celebrate Exelon's 25th
anniversary in 2025, we are excited to continue our journey of
innovation and excellence, ensuring that we meet and exceed the
evolving needs of our customers and communities."
"Exelon's financial performance in 2024 exceeded expectations,
with earnings of $0.64 per share (GAAP and non-GAAP) in the last
quarter of 2024 and full-earnings of $2.45 per share on a GAAP
basis and $2.50 per share on a non-GAAP basis," said Exelon Chief
Financial Officer Jeanne Jones. "With growth in our four-year
capital plan driven by investment needs across our regions, we
continue to expect 5-7% annualized earning growth through 2028. Our
focus on industry-leading operations, cost management, a broad
suite of customer saving solutions, and advocacy for fair and
equitable energy policies will ensure our customers are receiving
premium value for the investments we make."
Fourth Quarter 2024
Exelon's GAAP net income for the fourth quarter of 2024
increased to $0.64 per share from $0.62 per share in the fourth
quarter of 2023. Adjusted (non-GAAP) operating earnings for the
fourth quarter of 2024 increased to $0.64 per share from $0.60 per
share in the fourth quarter of 2023. For the reconciliations of
GAAP net income to Adjusted (non-GAAP) operating earnings, refer to
the tables beginning on page 5.
GAAP net income and Adjusted (non-GAAP) operating earnings in
the fourth quarter of 2024 primarily reflect:
- Higher utility earnings primarily due to distribution rates at
BGE, distribution and transmission rate increases at PHI, a tax
repairs deduction at PECO, lower contracting costs at PHI, lower
storm costs at PECO and PHI, and a higher distribution rate base as
well as a higher return on regulatory assets primarily due to an
increase in asset balances at ComEd. This was partially offset by
MYP reconciliation impacts at BGE; timing of distribution earnings,
lower allowed ROE, the absence of a return on the pension asset
within distribution earnings, and lower carrying costs related to
the CMC regulatory asset at ComEd; and higher depreciation and
amortization and interest expense at BGE and PHI. Note that rate
increases are associated with updated recovery rates for costs and
investments to serve customers.
- Lower costs at the Exelon holding company primarily due an
absence of realized losses from hedging activity.
Full Year 2024
Exelon's GAAP net income for 2024 increased to $2.45 per share
from $2.34 per share in 2023. Adjusted (non-GAAP) operating
earnings for 2024 increased to $2.50 per share from $2.38 per share
in 2023.
GAAP net income and Adjusted (non-GAAP) operating earnings for
the full year 2024 primarily reflect:
- Higher utility earnings primarily due to distribution rates at
BGE, distribution and transmission rate increases at PHI, less
unfavorable weather at PECO, a higher return on regulatory assets
primarily due to an increase in asset balances and higher
transmission peak load at ComEd, lower contracting costs at PHI, a
tax repairs deduction at PECO, and favorable impacts of the
multi-year plan reconciliations at Pepco. This was partially offset
by higher interest expense at PECO, BGE, and PHI; lower impacts of
the MYP reconciliations at BGE; higher depreciation and
amortization expense at PECO, BGE, and PHI; lower allowed ROE, the
absence of a return on the pension asset within distribution
earnings, and lower carrying costs related to the CMC regulatory
asset at ComEd; and higher credit loss expense at PECO and BGE.
Note that rate increases are associated with updated recovery rates
for costs and investments to serve customers.
- Higher costs at the Exelon holding company due to higher
interest expense. This was partially offset by an absence of
realized losses from hedging activity.
Operating Company Results1
ComEd
ComEd's fourth quarter of 2024 GAAP net income decreased to $243
million from $268 million in the fourth quarter of 2023. ComEd's
Adjusted (non-GAAP) operating earnings for the fourth quarter of
2024 decreased to $243 million from $269 million in the fourth
quarter of 2023, primarily due to timing of distribution earnings,
lower allowed distribution ROE, the absence of a return on the
pension asset within distribution earnings, and lower carrying cost
recovery related to the CMC regulatory asset, partially offset by
higher distribution rate base, and higher return on regulatory
assets primarily due to an increase in asset balances. Due to
revenue decoupling, ComEd's distribution earnings are not intended
to be affected by actual weather or customer usage patterns.
PECO
PECO’s fourth quarter of 2024 GAAP net income increased to $195
million from $153 million in the fourth quarter of 2023. PECO's
Adjusted (non-GAAP) operating earnings for the fourth quarter of
2024 increased to $196 million from $154 million in the fourth
quarter of 2023, primarily due to higher tax repair deductions and
lower storm costs.
BGE
BGE’s fourth quarter of 2024 GAAP net income decreased to $175
million from $199 million in the fourth quarter of 2023. BGE's
Adjusted (non-GAAP) operating earnings for the fourth quarter of
2024 decreased to $175 million from $199 million in the fourth
quarter of 2023, primarily due to lower impacts of multi-year plans
reconciliations, higher depreciation and amortization expense, and
higher interest expense, partially offset by distribution rates.
Due to revenue decoupling, BGE's distribution earnings are not
intended to be affected by actual weather or customer usage
patterns.
PHI
PHI’s fourth quarter of 2024 GAAP net income increased to $138
million from $101 million in the fourth quarter of 2023. PHI’s
Adjusted (non-GAAP) operating earnings for the fourth quarter of
2024 increased to $132 million from $102 million in the fourth
quarter of 2023, primarily due to distribution and transmission
rate increases and a decrease in contracting and storm costs,
partially offset by increases depreciation and amortization and
interest expense. Due to revenue decoupling, PHI's distribution
earnings related to Pepco Maryland, DPL Maryland, Pepco District of
Columbia, and ACE are not intended to be affected by actual weather
or customer usage patterns.
___________
1Exelon’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.
Initiates Annual Guidance for 2025
Exelon introduced a guidance range for 2025 Adjusted (non-GAAP)
operating earnings of $2.64-$2.74 per share. There are no
adjustments between 2025 projected GAAP earnings and Adjusted
(non-GAAP) operating earnings currently.
Recent Developments and Fourth Quarter Highlights
- Dividend: On February 12, 2025, Exelon’s Board of
Directors declared a regular quarterly dividend of $0.40 per share
on Exelon’s common stock. The dividend is payable on March 14,
2025, Exelon shareholders of record as of the close of business on
February 24, 2025.
- Rate Case Developments:
- ComEd Distribution Formula Rate Reconciliation: On
October 31, 2024, the Illinois Commerce Commission (ICC) issued a
final order under Rider Delivery Service Pricing Reconciliation.
The ICC approved a total requested revenue requirement increase of
$623 million, reflecting an ROE of 9.89%. The 2024 filing
reconciled the delivery service rates in effect in 2023 with the
actual delivery service costs incurred in 2023.
- ComEd Refiled Grid Plan and Multi-Year Rate Plan (MRP):
On December 19, 2024, the ICC approved the Refiled Grid Plan and
adjusted the approved MRP with rates effective on January 1, 2025.
The final order is inclusive of rate increases of approximately
$752 million in 2024, $80 million in 2025, $102 million in 2026,
and $111 million in 2027, reflecting an ROE of 8.905%.
- Pepco District of Columbia Electric Distribution Base Rate
Case: On November 26, 2024, the Public Service Commission of
the District of Columbia (DCPSC) approved Pepco’s multi-year plan
for January 1, 2025 through December 31, 2026. The DCPSC awarded
Pepco electric incremental revenue requirement increases of $99
million and $24 million for 2025 and 2026, respectively, reflecting
an ROE of 9.5%.
- PECO Pennsylvania Electric Distribution Rate Cases: On
December 12, 2024 the Pennsylvania Public Utility Commission
(PAPUC) issued a final order approving a $354 million increase in
PECO's annual electric rates. The rate increase was resolved
through a settlement agreement, which did not specify an approved
ROE. The rates are effective on January 1, 2025.
- PECO Pennsylvania Natural Gas Distribution Rate Case: On
December 12, 2024 the PAPUC issued a final order approving a $78
million increase in PECO's annual natural gas rates. The rate
increase was resolved through a settlement agreement, which did not
specify an approved ROE. The rates are effective on January 1,
2025.
- Financing Activities:
- There were no financing activities in the fourth quarter.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the fourth 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
$
0.64
$
647
$
243
$
195
$
175
$
138
Environmental costs (net of taxes of
$5)
(0.01
)
(12
)
—
—
—
(12
)
Asset retirement obligation (net of taxes
of $3)
0.01
8
—
—
—
8
Cost management charge (net of taxes of
$1, $0, and $1, respectively)
—
2
—
1
—
1
Income tax-related adjustments (entire
amount represents tax expense)
—
(3
)
—
—
—
(3
)
2024 Adjusted (non-GAAP) operating
earnings
$
0.64
$
642
$
243
$
196
$
175
$
132
Adjusted (non-GAAP) operating earnings for the fourth 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
$
0.62
$
617
$
268
$
153
$
199
$
101
Mark-to-market impact of economic hedging
activities (net of taxes of $6)
(0.02
)
(17
)
—
—
—
—
Separation costs (net of taxes of $1, $1,
$0, $0, and $0, respectively)
—
3
1
1
1
1
2023 Adjusted (non-GAAP) operating
earnings
$
0.60
$
603
$
269
$
154
$
199
$
102
Adjusted (non-GAAP) operating earnings for the full year 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
$
2.45
$
2,460
$
1,066
$
551
$
527
$
741
Environmental costs (net of taxes of
$5)
(0.01
)
(13
)
—
—
—
(13
)
Asset retirement obligations (net of taxes
of $3)
0.01
8
—
—
—
8
Change in FERC audit liability (net of
taxes of $13)
0.04
42
40
—
—
—
Cost management charge (net of taxes of
$4, $0, $2, $0, and $2, respectively)
0.01
13
—
5
1
6
Income tax-related adjustments (entire
amount represents tax expense)
—
(3
)
—
—
—
(3
)
2024 Adjusted (non-GAAP) operating
earnings
$
2.50
$
2,507
$
1,106
$
556
$
529
$
739
Adjusted (non-GAAP) operating earnings for the full year 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
$
2.34
$
2,328
$
1,090
$
563
$
485
$
590
Mark-to-market impact of economic hedging
activities (net of taxes of $1)
—
(4
)
—
—
—
—
Environmental costs (net of taxes of
$8)
0.03
29
—
—
—
29
Asset retirement obligations (net of taxes
of $1)
—
(1
)
—
—
—
(1
)
SEC matter loss contingency (net of taxes
of $0)
0.05
46
—
—
—
—
Separation costs (net of taxes of $7, $3,
$1, $1, and $2, respectively)
0.02
22
8
4
4
6
Change in FERC audit liability (net of
taxes of $4)
0.01
11
11
—
—
—
Income tax-related adjustments (entire
amount represents tax expense)
(0.05
)
(54
)
—
—
—
—
2023 Adjusted (non-GAAP) operating
earnings
$
2.38
$
2,377
$
1,108
$
566
$
489
$
624
___________
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 fourth 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
www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s
largest utility company, serving more than 10.7 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).
Exelon's 20,000 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 Feb. 12,
2025.
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. Accordingly, any such statements are
qualified in their entirety by reference to, and are accompanied
by, the following important factors that may cause our actual
results or outcomes to differ materially from those contained in
our forward-looking statements, including, but not limited to:
unfavorable legislative and/or regulatory actions; uncertainty as
to outcomes and timing of regulatory approval proceedings and/or
negotiated settlements thereof; environmental liabilities and
remediation costs; state and federal legislation requiring use of
low-emission, renewable, and/or alternate fuel sources and/or
mandating implementation of energy conservation programs requiring
implementation of new technologies; challenges to tax positions
taken, tax law changes, and difficulty in quantifying potential tax
effects of business decisions; negative outcomes in legal
proceedings; adverse impact of the activities associated with the
past deferred prosecution agreement (DPA) and now-resolved SEC
investigation on Exelon’s and ComEd’s reputation and relationships
with legislators, regulators, and customers; physical security and
cybersecurity risks; extreme weather events, natural disasters,
operational accidents such as wildfires or natural, gas explosions,
war, acts and threats of terrorism, public health crises,
epidemics, pandemics, or other significant events; lack of
sufficient capacity to meet actual or forecasted demand or
disruptions at power generation facilities owned by third parties;
emerging technologies that could affect or transform the energy
industry; instability in capital and credit markets; a downgrade of
any Registrant’s credit ratings or other failure to satisfy the
credit standards in the Registrants’ agreements or regulatory
financial requirements; significant economic downturns or increases
in customer rates; impacts of climate change and weather on energy
usage and maintenance and capital costs; and impairment of
long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for
us to predict all of such factors, nor can we assess the impact of
each such factor on the business or the extent to which any factor,
or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
For more information, see those factors discussed with respect to
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) in the
Registrants' most recent Annual Report on Form 10-K, including in
Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and
in other reports filed by the Registrants from time to time with
the SEC.
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.
Exelon uses its corporate website, www.exeloncorp.com, investor
relations website, investors.exeloncorp.com, and social media
channels to communicate with Exelon's investors and the public
about the Registrants and other matters. Exelon's posts through
these channels may be deemed material. Accordingly, Exelon
encourages investors and others interested in the Registrants to
routinely monitor these channels, in addition to following the
Registrants' press releases, Securities and Exchange Commission
filings and public conference calls and webcasts. The contents of
Exelon's websites and social media channels are not, however,
incorporated by reference into this press release.
Earnings Release
Attachments
Table of Contents
Consolidating Statement of Operations
1
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income (Loss)
to Adjusted (non-GAAP) Operating Earnings and Analysis of
Earnings
6
Statistics
ComEd
10
PECO
11
BGE
13
Pepco
15
DPL
16
ACE
18
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended December 31,
2024
Operating revenues
$
1,816
$
998
$
1,157
$
1,509
$
(9
)
$
5,471
Operating expenses
Purchased power and fuel
538
363
423
574
1
1,899
Operating and maintenance
426
245
240
322
(49
)
1,184
Depreciation and amortization
390
110
164
232
17
913
Taxes other than income taxes
89
54
91
133
10
377
Total operating expenses
1,443
772
918
1,261
(21
)
4,373
Gain on sales of assets
—
—
—
(1
)
—
(1
)
Operating income
373
226
239
247
12
1,097
Other income and (deductions)
Interest expense, net
(126
)
(62
)
(56
)
(97
)
(126
)
(467
)
Other, net
27
10
10
19
—
66
Total other income and
(deductions)
(99
)
(52
)
(46
)
(78
)
(126
)
(401
)
Income (loss) before income
taxes
274
174
193
169
(114
)
696
Income taxes
31
(21
)
18
31
(10
)
49
Net income (loss) attributable to
common shareholders
$
243
$
195
$
175
$
138
$
(104
)
$
647
Three Months Ended December 31,
2023
Operating revenues
$
2,008
$
917
$
1,041
$
1,411
$
(9
)
$
5,368
Operating expenses
Purchased power and fuel
748
347
387
544
—
2,026
Operating and maintenance
373
217
109
336
(11
)
1,024
Depreciation and amortization
358
100
167
249
16
890
Taxes other than income taxes
87
46
80
121
11
345
Total operating expenses
1,566
710
743
1,250
16
4,285
Gain on sale of assets
—
—
—
9
—
9
Operating income (loss)
442
207
298
170
(25
)
1,092
Other income and (deductions)
Interest expense, net
(120
)
(53
)
(47
)
(84
)
(148
)
(452
)
Other, net
24
10
5
28
10
77
Total other income and
(deductions)
(96
)
(43
)
(42
)
(56
)
(138
)
(375
)
Income (loss) before income
taxes
346
164
256
114
(163
)
717
Income taxes
78
11
57
13
(59
)
100
Net income (loss) attributable to
common shareholders
$
268
$
153
$
199
$
101
$
(104
)
$
617
Change in net income (loss) from 2023
to 2024
$
(25
)
$
42
$
(24
)
$
37
$
—
$
30
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Twelve Months Ended December 31,
2024
Operating revenues
$
8,219
$
3,973
$
4,426
$
6,448
$
(38
)
$
23,028
Operating expenses
Purchased power and fuel
3,042
1,477
1,651
2,513
—
8,683
Operating and maintenance
1,703
1,120
1,036
1,250
(169
)
4,940
Depreciation and amortization
1,514
428
638
947
67
3,594
Taxes other than income taxes
376
218
345
528
37
1,504
Total operating expenses
6,635
3,243
3,670
5,238
(65
)
18,721
Gain on sales of assets
5
4
—
(1
)
4
12
Operating income
1,589
734
756
1,209
31
4,319
Other income and (deductions)
Interest expense, net
(501
)
(232
)
(216
)
(376
)
(589
)
(1,914
)
Other, net
94
37
36
97
(2
)
262
Total other income and
(deductions)
(407
)
(195
)
(180
)
(279
)
(591
)
(1,652
)
Income (loss) before income
taxes
1,182
539
576
930
(560
)
2,667
Income taxes
116
(12
)
49
189
(135
)
207
Net income (loss) attributable to
common shareholders
$
1,066
$
551
$
527
$
741
$
(425
)
$
2,460
Twelve Months Ended December 31,
2023
Operating revenues
$
7,844
$
3,894
$
4,027
$
6,026
$
(64
)
$
21,727
Operating expenses
Purchased power and fuel
2,816
1,544
1,531
2,348
2
8,241
Operating and maintenance
1,450
1,003
741
1,289
76
4,559
Depreciation and amortization
1,403
397
654
990
62
3,506
Taxes other than income taxes
369
202
319
487
31
1,408
Total operating expenses
6,038
3,146
3,245
5,114
171
17,714
Gain on sales of assets
—
—
—
9
1
10
Operating income (loss)
1,806
748
782
921
(234
)
4,023
Other income and (deductions)
Interest expense, net
(477
)
(201
)
(182
)
(323
)
(546
)
(1,729
)
Other, net
75
36
18
108
171
408
Total other income and
(deductions)
(402
)
(165
)
(164
)
(215
)
(375
)
(1,321
)
Income (loss) before income
taxes
1,404
583
618
706
(609
)
2,702
Income taxes
314
20
133
116
(209
)
374
Net income (loss) attributable to
common shareholders
$
1,090
$
563
$
485
$
590
$
(400
)
$
2,328
Change in net income (loss) 2023 to
2024
$
(24
)
$
(12
)
$
42
$
151
$
(25
)
$
132
__________
(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)
December 31, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
357
$
445
Restricted cash and cash equivalents
541
482
Accounts receivable
Customer accounts receivable
3,144
2,659
Customer allowance for credit losses
(406
)
(317
)
Customer accounts receivable, net
2,738
2,342
Other accounts receivable
1,123
1,101
Other allowance for credit losses
(107
)
(82
)
Other accounts receivable, net
1,016
1,019
Inventories, net
Fossil fuel
72
94
Materials and supplies
781
707
Regulatory assets
1,940
2,215
Prepaid renewable energy credits
494
413
Other
445
370
Total current assets
8,384
8,087
Property, plant, and equipment,
net
78,182
73,593
Deferred debits and other
assets
Regulatory assets
8,710
8,698
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement
Units
4,026
3,232
Investments
290
251
Other
1,562
1,365
Total deferred debits and other
assets
21,218
20,176
Total assets
$
107,784
$
101,856
Liabilities and
Shareholders' Equity
Current liabilities
Short-term borrowings
$
1,859
$
2,523
Long-term debt due within one year
1,453
1,403
Accounts payable
2,994
2,846
Accrued expenses
1,468
1,375
Payables to affiliates
5
5
Customer deposits
446
411
Regulatory liabilities
411
389
Mark-to-market derivative liabilities
29
74
Unamortized energy contract
liabilities
5
8
Renewable energy credit obligations
429
348
Other
512
519
Total current liabilities
9,611
9,901
Long-term debt
42,947
39,692
Long-term debt to financing
trusts
390
390
Deferred credits and other
liabilities
Deferred income taxes and unamortized
investment tax credits
12,793
11,956
Regulatory liabilities
10,198
9,576
Pension obligations
1,745
1,571
Non-pension postretirement benefit
obligations
472
527
Asset retirement obligations
301
267
Mark-to-market derivative liabilities
103
106
Unamortized energy contract
liabilities
21
27
Other
2,282
2,088
Total deferred credits and other
liabilities
27,915
26,118
Total liabilities
80,863
76,101
Commitments and contingencies
Shareholders’ equity
Common stock
21,338
21,114
Treasury stock, at cost
(123
)
(123
)
Retained earnings
6,426
5,490
Accumulated other comprehensive loss,
net
(720
)
(726
)
Total shareholders’ equity
26,921
25,755
Total liabilities and shareholders'
equity
$
107,784
$
101,856
Exelon
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Twelve Months Ended December
31,
2024
2023
Cash flows from operating
activities
Net income
$
2,460
$
2,328
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation, amortization, and accretion,
including nuclear fuel and energy contract amortization
3,596
3,506
Gain on sales of assets and businesses
(12
)
(10
)
Deferred income taxes and amortization of
investment tax credits
128
319
Net fair value changes related to
derivatives
—
22
Other non-cash operating activities
592
(335
)
Changes in assets and liabilities:
Accounts receivable
(644
)
(37
)
Inventories
(56
)
(45
)
Accounts payable and accrued expenses
(37
)
(191
)
Collateral received (paid), net
33
(146
)
Income taxes
(4
)
48
Regulatory assets and liabilities, net
(50
)
(439
)
Pension and non-pension postretirement
benefit contributions
(180
)
(129
)
Other assets and liabilities
(257
)
(188
)
Net cash flows provided by operating
activities
5,569
4,703
Cash flows from investing
activities
Capital expenditures
(7,097
)
(7,408
)
Proceeds from sales of assets and
businesses
38
25
Other investing activities
17
8
Net cash flows used in investing
activities
(7,042
)
(7,375
)
Cash flows from financing
activities
Changes in short-term borrowings
(265
)
(313
)
Proceeds from short-term borrowings with
maturities greater than 90 days
150
400
Repayments on short-term borrowings with
maturities greater than 90 days
(549
)
(150
)
Issuance of long-term debt
4,974
5,825
Retirement of long-term debt
(1,557
)
(1,713
)
Issuance of common stock
148
140
Dividends paid on common stock
(1,524
)
(1,433
)
Proceeds from employee stock plans
43
41
Other financing activities
(109
)
(114
)
Net cash flows provided by financing
activities
1,311
2,683
(Decrease) increase in cash, restricted
cash, and cash equivalents
(162
)
11
Cash, restricted cash, and cash
equivalents at beginning of period
1,101
1,090
Cash, restricted cash, and cash
equivalents at end of period
$
939
$
1,101
Exelon
Reconciliation of GAAP Net
Income (Loss) to Adjusted (non-GAAP) Operating Earnings and
Analysis of Earnings
Three Months Ended December 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)
$
0.62
$
268
$
153
$
199
$
101
$
(104
)
$
617
Mark-to-market impact of economic hedging
activities (net of taxes of $6)
(0.02
)
—
—
—
—
(17
)
(17
)
Separation costs (net of taxes of $1, $0,
$0, $0, $0, and $1, respectively) (1)
—
1
1
1
1
(1
)
3
2023 Adjusted (non-GAAP) operating
earnings (loss)
$
0.60
$
269
$
154
$
199
$
102
$
(121
)
$
603
Year over year effects on Adjusted
(non-GAAP) operating earnings:
Weather
$
—
$
—
(b)
$
5
$
—
(b)
$
(1
)
(b)
$
—
$
4
Load
—
—
(b)
—
—
(b)
5
(b)
—
5
Distribution and transmission rates
(2)
0.13
(9
)
(c)
14
(c)
69
(c)
41
(c)
17
132
Other energy delivery (3)
0.08
49
(c)
31
(c)
(4
)
(c)
2
(c)
—
78
Operating and maintenance expense (4)
(0.08
)
(36
)
(21
)
(71
)
14
30
(84
)
Pension and non-pension postretirement
benefits
(0.01
)
(4
)
(2
)
—
1
(6
)
(11
)
Depreciation and amortization expense
(5)
(0.03
)
(23
)
(8
)
(6
)
6
(2
)
(33
)
Interest expense and other (6)
(0.05
)
(3
)
23
(12
)
(38
)
(22
)
(52
)
Total year over year effects on
Adjusted (non-GAAP) operating earnings
$
0.04
$
(26
)
$
42
$
(24
)
$
30
$
17
$
39
2024 GAAP net income (loss)
$
0.64
$
243
$
195
$
175
$
138
$
(104
)
$
647
Environmental costs (net of taxes of
$5)
(0.01
)
—
—
—
(12
)
—
(12
)
Asset retirement obligation (net of taxes
of $3)
0.01
—
—
—
8
—
8
Cost management charge (net of taxes of
$0, $1, and $1, respectively) (7)
—
—
1
—
1
—
2
Income tax-related adjustments (entire
amount represents tax expense) (8)
—
—
—
—
(3
)
—
(3
)
2024 Adjusted (non-GAAP) operating
earnings (loss)
$
0.64
$
243
$
196
$
175
$
132
$
(104
)
$
642
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 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.
(2)
For ComEd, reflects decreased
electric distribution revenues due to lower allowed electric
distribution ROE and absence of a return on the pension asset,
partially offset by higher rate base. For PECO, reflects increased
Distribution System Improvement Charges (DSIC) revenue due to
higher electric DSIC rates. For BGE, reflects increased
distribution revenue due to higher rates. For PHI, reflects
increased distribution and transmission revenue primarily due to
higher rates. For Corporate, reflects an absence of realized losses
from hedging activity.
(3)
For ComEd, reflects increased
electric distribution and energy efficiency revenues due to higher
fully recoverable costs and higher return on regulatory assets,
partially offset by lower carrying cost recovery related to the CMC
regulatory asset. For PECO, reflects increased energy efficiency
revenues due to required regulatory programs.
(4)
Represents Operating and
maintenance expense, excluding pension and non-pension
postretirement benefits. For ComEd, primarily reflects an updated
rate of capitalization of certain overhead costs. For PECO,
reflects increased program costs related to regulatory required
programs, partially offset by favorable storm costs. For BGE,
primarily reflects lower impacts from the multi-year plans
reconciliations, partially offset by a decrease in credit loss
expense. For PHI, primarily reflects an absence of contracting
costs due to the ACE employee strike and a decrease in storm costs.
For Corporate, 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
Transition Services Agreement (TSA).
(5)
Reflects ongoing capital
expenditures across all utilities.
(6)
For PECO, primarily reflects
lower income tax expense due to an increase in tax repairs
deduction. For BGE, primarily reflects an increase in interest
expense. For PHI, reflects higher income tax expense due to certain
EDIT benefits being fully amortized and passed through to
customers, with an offsetting increase in Other energy delivery.
For Corporate, reflects an absence of other income for costs billed
to Constellation for services provided by Exelon through the TSA
with an offsetting decrease in Operating and maintenance expense
and partially offset by a gain on open market repurchase of a
portion of Exelon's Senior unsecured notes.
(7)
Primarily represents severance
and reorganization costs related to cost management.
(8)
Reflects the adjustment to state
deferred income taxes due to change in DPL's Delaware net operating
loss valuation allowance.
Exelon
Reconciliation of GAAP Net
Income (Loss) to Adjusted (non-GAAP) Operating Earnings and
Analysis of Earnings
Twelve Months Ended December 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)
$
2.34
$
1,090
$
563
$
485
$
590
$
(400
)
$
2,328
Mark-to-market impact of economic hedging
activities (net of taxes of $1)
—
—
—
—
—
(4
)
(4
)
Environmental costs (net of taxes of
$8)
0.03
—
—
—
29
—
29
Asset retirement obligations (net of taxes
of $1)
—
—
—
—
(1
)
—
(1
)
SEC matter loss contingency (net of taxes
of $0)
0.05
—
—
—
—
46
46
Separation costs (net of taxes of $3, $1,
$1, $2, and $7, respectively) (1)
0.02
8
4
4
6
—
22
Change in FERC audit liability (net of
taxes of $4)
0.01
11
—
—
—
—
11
Income tax-related adjustments (entire
amount represents tax expense) (2)
(0.05
)
—
—
—
—
(54
)
(54
)
2023 Adjusted (non-GAAP) operating
earnings (loss)
$
2.38
$
1,108
$
566
$
489
$
624
$
(410
)
$
2,377
Year over year effects on Adjusted
(non-GAAP) operating earnings:
Weather
$
0.06
$
—
(b)
$
58
$
—
(b)
$
6
(b)
$
—
$
64
Load
0.01
—
(b)
8
—
(b)
6
(b)
—
14
Distribution and transmission rates
(3)
0.37
(46
)
(c)
23
(c)
237
(c)
136
(c)
21
371
Other energy delivery (4)
0.31
269
(c)
23
(c)
(24
)
(c)
40
(c)
—
308
Operating and maintenance expense (5)
(0.18
)
(131
)
(82
)
(130
)
27
133
(183
)
Pension and non-pension postretirement
benefits
(0.02
)
(17
)
(5
)
—
2
2
(18
)
Depreciation and amortization expense
(6)
(0.13
)
(80
)
(23
)
(22
)
(4
)
(3
)
(132
)
Interest expense and other (7)
(0.29
)
3
(12
)
(21
)
(98
)
(166
)
(294
)
Total year over year effects on
Adjusted (non-GAAP) operating earnings
$
0.12
$
(2
)
$
(10
)
$
40
$
115
$
(13
)
$
130
2024 GAAP net income (loss)
$
2.45
$
1,066
$
551
$
527
$
741
$
(425
)
$
2,460
Environmental costs (net of taxes of
$5)
(0.01
)
—
—
—
(13
)
—
(13
)
Asset retirement obligations (net of taxes
of $3)
0.01
—
—
—
8
—
8
Change in FERC audit liability (net of
taxes of $13)
0.04
40
—
—
—
2
42
Cost management charge (net of taxes of
$2, $0, $2, $0, and $4, respectively) (8)
0.01
—
5
1
6
1
13
Income tax-related adjustments (entire
amount represents tax expense) (2)
—
—
—
—
(3
)
—
(3
)
2024 Adjusted (non-GAAP) operating
earnings (loss)
$
2.50
$
1,106
$
556
$
529
$
739
$
(423
)
$
2,507
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 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)
In 2023, reflects the adjustment
to state deferred income taxes due to changes in forecasted
apportionment. In 2024, reflects the adjustment to state deferred
income taxes due to change in DPL's Delaware net operating loss
valuation allowance.
(3)
For ComEd, reflects decreased
electric distribution revenues due to lower allowed electric
distribution ROE and absence of a return on the pension asset,
partially offset by higher rate base. For PECO, reflects increased
DSIC revenue due to higher electric DSIC rates. For BGE, reflects
increased distribution revenue due to higher rates. For PHI,
reflects increased distribution and transmission revenue due to
higher rates. For Corporate, reflects an absence of realized losses
from hedging activity.
(4)
For ComEd, reflects increased
electric distribution, transmission, and energy efficiency revenues
due to higher fully recoverable costs, higher return on regulatory
assets, and higher transmission peak load, partially offset by
lower carrying cost recovery related to the CMC regulatory asset.
For PECO, reflects increased energy efficiency revenues due to
regulatory required programs. For PHI, reflects higher distribution
and transmission revenues due to higher fully recoverable
costs.
(5)
Represents Operating and
maintenance expense, excluding pension and non-pension
postretirement benefits. For ComEd, reflects an updated rate of
capitalization of certain overhead costs. For PECO, primarily
reflects increased credit loss expense and program costs related to
regulatory required programs. For BGE, reflects lower impacts of
the multi-year plans reconciliations and increased storm costs and
credit loss expense. For PHI, primarily reflects an absence of
contracting costs due to the ACE employee strike. For Corporate,
reflects an absence of costs for DPA related matters and 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.
(6)
Reflects ongoing capital
expenditures across all utilities.
(7)
For PECO, primarily reflects an
increase in interest expense, partially offset by lower income tax
expense due to an increase in tax repairs deduction. For BGE,
primarily reflects an increase in interest expense. For PHI,
reflects an increase in interest expense and an increase in taxes
other than income. For Corporate, reflects an increase in interest
expense partially offset by a gain on open market repurchase of a
portion of Exelon's Senior unsecured notes, a decrease in other
income from an absence of DPA related derivative claims, and an
absence of other income for costs billed to Constellation for
services provided by Exelon through the TSA with an offsetting
decrease in Operating and maintenance expense.
(8)
Primarily represents severance
and reorganization costs related to cost management.
ComEd Statistics
Three
Months Ended December 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
5,656
5,806
(2.6
)%
(1.3
)%
$
793
$
821
(3.4
)%
Small commercial & industrial
6,780
6,852
(1.1
)%
(2.0
)%
504
494
2.0
%
Large commercial & industrial
7,293
6,607
10.4
%
9.1
%
270
271
(0.4
)%
Public authorities & electric
railroads
233
233
—
%
(2.0
)%
16
18
(11.1
)%
Other(b)
—
—
n/a
n/a
277
250
10.8
%
Total electric revenues(c)
19,962
19,498
2.4
%
1.9
%
1,860
1,854
0.3
%
Other Revenues(d)
(44
)
154
(128.6
)%
Total Electric Revenues
$
1,816
$
2,008
(9.6
)%
Purchased Power
$
538
$
748
(28.1
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,767
1,747
2,139
1.1
%
(17.4
)%
Cooling Degree-Days
39
56
14
(30.4
)%
178.6
%
Twelve
Months Ended December 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
27,274
26,023
4.8
%
2.1
%
$
3,809
$
3,565
6.8
%
Small commercial & industrial
28,367
28,706
(1.2
)%
(0.7
)%
2,259
1,857
21.6
%
Large commercial & industrial
27,870
26,708
4.4
%
4.1
%
1,145
824
39.0
%
Public authorities & electric
railroads
822
855
(3.9
)%
(4.6
)%
60
51
17.6
%
Other(b)
—
—
n/a
n/a
1,080
965
11.9
%
Total electric revenues(c)
84,333
82,292
2.5
%
1.7
%
8,353
7,262
15.0
%
Other Revenues(d)
(134
)
582
(123.0
)%
Total Electric Revenues
$
8,219
$
7,844
4.8
%
Purchased Power
$
3,042
$
2,816
8.0
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
4,795
5,014
5,968
(4.4
)%
(19.7
)%
Cooling Degree-Days
1,215
1,145
1,002
6.1
%
21.3
%
Number of Electric Customers
2024
2023
Residential
3,727,097
3,744,213
Small commercial & industrial
396,797
391,675
Large commercial & industrial
2,283
1,877
Public authorities & electric
railroads
5,775
4,807
Total
4,131,952
4,142,572
__________
(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 $2 million for the three months
ended December 31, 2024 and 2023, respectively, and $8 million and
$16 million for the twelve months ended December 31, 2024 and 2023,
respectively.
(d)
Includes alternative revenue
programs and late payment charges.
PECO Statistics
Three
Months Ended December 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
3,066
3,076
(0.3
)%
(1.7
)%
$
486
$
473
2.7
%
Small commercial & industrial
1,807
1,751
3.2
%
0.6
%
140
111
26.1
%
Large commercial & industrial
3,358
3,240
3.6
%
2.6
%
70
53
32.1
%
Public authorities & electric
railroads
143
142
0.7
%
1.2
%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
75
79
(5.1
)%
Total electric revenues(c)
8,374
8,209
2.0
%
0.5
%
779
723
7.7
%
Other Revenues(d)
9
(5
)
(280.0
)%
Total Electric Revenues
788
718
9.7
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
12,549
12,145
3.3
%
(0.9
)%
145
138
5.1
%
Small commercial & industrial
7,164
6,801
5.3
%
7.8
%
51
49
4.1
%
Large commercial & industrial
—
12
(100.0
)%
(15.7
)%
—
—
n/a
Transportation
6,109
6,259
(2.4
)%
(1.5
)%
8
7
14.3
%
Other(f)
—
—
n/a
n/a
5
5
—
%
Total natural gas revenues(g)
25,822
25,217
2.4
%
1.1
%
209
199
5.0
%
Other Revenues(d)
1
—
n/a
Total Natural Gas Revenues
210
199
5.5
%
Total Electric and Natural Gas
Revenues
$
998
$
917
8.8
%
Purchased Power and Fuel
$
363
$
347
4.6
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,345
1,351
1,528
(0.4
)%
(12.0
)%
Cooling Degree-Days
53
48
32
10.4
%
65.6
%
Twelve
Months Ended December 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
13,963
13,262
5.3
%
0.2
%
$
2,169
$
2,090
3.8
%
Small commercial & industrial
7,683
7,367
4.3
%
1.3
%
547
526
4.0
%
Large commercial & industrial
13,889
13,638
1.8
%
0.6
%
261
249
4.8
%
Public authorities & electric
railroads
613
606
1.2
%
1.2
%
29
30
(3.3
)%
Other(b)
—
—
n/a
n/a
296
298
(0.7
)%
Total electric revenues(c)
36,148
34,873
3.7
%
0.6
%
3,302
3,193
3.4
%
Other Revenues(d)
23
9
155.6
%
Total Electric Revenues
3,325
3,202
3.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
38,328
35,842
6.9
%
0.7
%
445
473
(5.9
)%
Small commercial & industrial
21,906
21,182
3.4
%
0.1
%
157
172
(8.7
)%
Large commercial & industrial
17
51
(66.7
)%
(11.1
)%
—
1
(100.0
)%
Transportation
23,357
23,741
(1.6
)%
(2.6
)%
28
27
3.7
%
Other(f)
—
—
n/a
n/a
16
17
(5.9
)%
Total natural gas revenues(g)
83,608
80,816
3.5
%
(0.4
)%
646
690
(6.4
)%
Other Revenues(d)
2
2
—
%
Total Natural Gas Revenues
648
692
(6.4
)%
Total Electric and Natural Gas
Revenues
$
3,973
$
3,894
2.0
%
Purchased Power and Fuel
$
1,477
$
1,544
(4.3
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
3,786
3,587
4,381
5.5
%
(13.6
)%
Cooling Degree-Days
1,652
1,345
1,462
22.8
%
13.0
%
Number of Electric Customers
2024
2023
Number of Natural Gas
Customers
2024
2023
Residential
1,533,443
1,535,927
Residential
508,224
507,197
Small commercial & industrial
155,164
156,248
Small commercial & industrial
44,846
45,001
Large commercial & industrial
3,150
3,127
Large commercial & industrial
7
9
Public authorities & electric
railroads
10,708
10,417
Transportation
644
627
Total
1,702,465
1,705,719
Total
553,721
552,834
__________
(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 $3 million for the three months
ended December 31, 2024 and 2023, respectively, and $7 million and
$7 million for the twelve months ended December 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 $1 million and less than $1 million for the
three months ended December 31, 2024 and 2023, respectively, and $3
million and $2 million for the twelve months ended December 31,
2024 and 2023, respectively.
BGE Statistics
Three
Months Ended December 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
2,927
2,864
2.2
%
(1.9
)%
$
482
$
457
5.5
%
Small commercial & industrial
638
633
0.8
%
(0.4
)%
85
79
7.6
%
Large commercial & industrial
3,109
3,032
2.5
%
1.2
%
132
116
13.8
%
Public authorities & electric
railroads
48
51
(5.9
)%
(4.4
)%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
112
98
14.3
%
Total electric revenues(c)
6,722
6,580
2.2
%
(0.4
)%
819
757
8.2
%
Other Revenues(d)
28
29
(3.4
)%
Total Electric Revenues
847
786
7.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
12,156
11,769
3.3
%
(5.2
)%
207
163
27.0
%
Small commercial & industrial
2,689
2,571
4.6
%
(2.8
)%
34
27
25.9
%
Large commercial & industrial
10,727
11,221
(4.4
)%
(7.1
)%
61
43
41.9
%
Other(f)
945
1,668
(43.3
)%
n/a
7
10
(30.0
)%
Total natural gas revenues(g)
26,517
27,229
(2.6
)%
(5.7
)%
309
243
27.2
%
Other Revenues(d)
1
12
(91.7
)%
Total Natural Gas Revenues
310
255
21.6
%
Total Electric and Natural Gas
Revenues
$
1,157
$
1,041
11.1
%
Purchased Power and Fuel
$
423
$
387
9.3
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,544
1,395
1,629
10.7
%
(5.2
)%
Cooling Degree-Days
27
42
29
(35.7
)%
(6.9
)%
Twelve
Months Ended December 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
12,682
12,026
5.5
%
0.3
%
$
2,038
$
1,765
15.5
%
Small commercial & industrial
2,716
2,638
3.0
%
0.3
%
360
331
8.8
%
Large commercial & industrial
13,170
12,844
2.5
%
1.2
%
557
528
5.5
%
Public authorities & electric
railroads
198
204
(2.9
)%
(2.8
)%
31
29
6.9
%
Other(b)
—
—
n/a
n/a
414
402
3.0
%
Total electric revenues(c)
28,766
27,712
3.8
%
0.7
%
3,400
3,055
11.3
%
Other Revenues(d)
36
54
(33.3
)%
Total Electric Revenues
3,436
3,109
10.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
36,645
34,724
5.5
%
(3.4
)%
625
568
10.0
%
Small commercial & industrial
8,682
8,276
4.9
%
(2.5
)%
110
100
10.0
%
Large commercial & industrial
39,618
40,006
(1.0
)%
(3.8
)%
204
161
26.7
%
Other(f)
2,268
3,361
(32.5
)%
n/a
18
37
(51.4
)%
Total natural gas revenues(g)
87,213
86,367
1.0
%
(3.5
)%
957
866
10.5
%
Other Revenues(d)
33
52
(36.5
)%
Total Natural Gas Revenues
990
918
7.8
%
Total Electric and Natural Gas
Revenues
$
4,426
$
4,027
9.9
%
Purchased Power and Fuel
$
1,651
$
1,531
7.8
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
3,973
3,590
4,538
10.7
%
(12.5
)%
Cooling Degree-Days
1,066
960
914
11.0
%
16.6
%
Number of Electric Customers
2024
2023
Number of Natural Gas
Customers
2024
2023
Residential
1,216,614
1,211,889
Residential
658,776
657,823
Small commercial & industrial
115,010
115,787
Small commercial & industrial
37,874
37,993
Large commercial & industrial
13,266
13,072
Large commercial & industrial
6,369
6,309
Public authorities & electric
railroads
260
261
Total
703,019
702,125
Total
1,345,150
1,341,009
__________
(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 December 31, 2024 and 2023, respectively, and $7 million and
$6 million for the twelve months ended December 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 December 31, 2024 and 2023, respectively, and $3 million and
$3 million for the twelve months ended December 31, 2024 and
2023.
Pepco Statistics
Three
Months Ended December 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
1,808
1,535
17.8
%
8.2
%
$
328
$
282
16.3
%
Small commercial & industrial
263
240
9.6
%
6.4
%
44
42
4.8
%
Large commercial & industrial
3,369
3,195
5.4
%
4.5
%
259
249
4.0
%
Public authorities & electric
railroads
168
186
(9.7
)%
(9.6
)%
10
10
—
%
Other(b)
—
—
n/a
n/a
103
70
47.1
%
Total electric revenues(c)
5,608
5,156
8.8
%
5.3
%
744
653
13.9
%
Other Revenues(d)
(24
)
(3
)
700.0
%
Total Electric Revenues
$
720
$
650
10.8
%
Purchased Power
$
247
$
224
10.3
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2022
From Normal
Heating Degree-Days
1,144
1,190
1,317
(3.9
)%
(13.1
)%
Cooling Degree-Days
78
72
53
8.3
%
47.2
%
Twelve
Months Ended December 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
8,108
7,625
6.3
%
(0.5
)%
$
1,413
1,236
14.3
%
Small commercial & industrial
1,119
1,071
4.5
%
0.9
%
184
176
4.5
%
Large commercial & industrial
13,904
13,494
3.0
%
0.9
%
1,053
1,087
(3.1
)%
Public authorities & electric
railroads
622
628
(1.0
)%
(1.2
)%
37
34
8.8
%
Other(b)
—
—
n/a
n/a
327
258
26.7
%
Total electric revenues(c)
23,753
22,818
4.1
%
0.4
%
3,014
2,791
8.0
%
Other Revenues(d)
25
33
(24.2
)%
Total Electric Revenues
$
3,039
$
2,824
7.6
%
Purchased Power
$
1,055
$
974
8.3
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
3,150
3,030
3,700
4.0
%
(14.9
)%
Cooling Degree-Days
1,957
1,643
1,762
19.1
%
11.1
%
Number of Electric Customers
2024
2023
Residential
877,916
866,018
Small commercial & industrial
54,036
54,142
Large commercial & industrial
23,068
22,941
Public authorities & electric
railroads
207
208
Total
955,227
943,309
__________
(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 $4 million for the three months
ended December 31, 2024 and 2023, respectively, and $7 million and
$9 million for the twelve months ended December 31, 2024 and 2023,
respectively.
(d)
Includes alternative revenue
programs and late payment charge revenues.
DPL Statistics
Three
Months Ended December 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
1,183
1,139
3.9
%
3.5
%
$
218
$
201
8.5
%
Small commercial & industrial
566
526
7.6
%
6.4
%
62
57
8.8
%
Large commercial & industrial
1,007
994
1.3
%
1.5
%
32
28
14.3
%
Public authorities & electric
railroads
13
13
—
%
1.2
%
5
5
—
%
Other(b)
—
—
n/a
n/a
72
64
12.5
%
Total electric revenues(c)
2,769
2,672
3.6
%
3.3
%
389
355
9.6
%
Other Revenues(d)
(2
)
5
(140.0
)%
Total Electric Revenues
387
360
7.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,649
2,544
4.1
%
6.7
%
36
34
5.9
%
Small commercial & industrial
1,212
1,168
3.8
%
6.6
%
14
13
7.7
%
Large commercial & industrial
433
420
3.1
%
3.2
%
1
1
—
%
Transportation
1,715
1,654
3.7
%
4.9
%
5
5
—
%
Other(g)
—
—
n/a
n/a
1
2
(50.0
)%
Total natural gas revenues
6,009
5,786
3.9
%
5.9
%
57
55
3.6
%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
57
55
3.6
%
Total Electric and Natural Gas
Revenues
$
444
$
415
7.0
%
Purchased Power and Fuel
$
187
$
176
6.3
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,451
1,451
1,533
—
%
(5.3
)%
Cooling Degree-Days
23
32
35
(28.1
)%
(34.3
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,480
1,540
1,638
(3.9
)%
(9.6
)%
Twelve
Months Ended December 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
5,371
5,132
4.7
%
2.2
%
$
943
$
827
14.0
%
Small commercial & industrial
2,359
2,291
3.0
%
1.9
%
253
246
2.8
%
Large commercial & industrial
4,122
4,132
(0.2
)%
(0.5
)%
123
126
(2.4
)%
Public authorities & electric
railroads
43
44
(2.3
)%
(2.2
)%
17
16
6.3
%
Other(b)
—
—
n/a
n/a
270
250
8.0
%
Total rate-regulated electric
revenues(c)
11,895
11,599
2.6
%
1.2
%
1,606
1,465
9.6
%
Other Revenues(d)
1
18
(94.4
)%
Total Electric Revenues
1,607
1,483
8.4
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
7,810
7,326
6.6
%
0.9
%
108
122
(11.5
)%
Small commercial & industrial
3,801
3,660
3.9
%
(1.9
)%
43
53
(18.9
)%
Large commercial & industrial
1,674
1,588
5.4
%
5.4
%
5
4
25.0
%
Transportation
6,206
6,004
3.4
%
1.6
%
17
16
6.3
%
Other(f)
—
—
n/a
n/a
7
10
(30.0
)%
Total rate-regulated natural gas
revenues
19,491
18,578
4.9
%
0.9
%
180
205
(12.2
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
180
205
(12.2
)%
Total Electric and Natural Gas
Revenues
$
1,787
$
1,688
5.9
%
Purchased Power and Fuel
$
760
$
737
3.1
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
3,968
3,674
4,365
8.0
%
(9.1
)%
Cooling Degree-Days
1,279
1,291
1,316
(0.9
)%
(2.8
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
4,100
3,845
4,631
6.6
%
(11.5
)%
Number of Electric Customers
2024
2023
Number of Natural Gas
Customers
2024
2023
Residential
490,626
485,713
Residential
131,392
129,903
Small commercial & industrial
64,813
64,220
Small commercial & industrial
10,218
10,133
Large commercial & industrial
1,255
1,260
Large commercial & industrial
14
14
Public authorities & electric
railroads
606
593
Transportation
162
163
Total
557,300
551,786
Total
141,786
140,213
__________
(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 and $3 million for the three months
ended December 31, 2024 and 2023, and $7 million and $8 million for
the twelve months ended December 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 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 December 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
789
892
(11.5
)%
(9.5
)%
$
174
$
182
(4.4
)%
Small commercial & industrial
405
324
25.0
%
25.7
%
57
49
16.3
%
Large commercial & industrial
819
673
21.7
%
21.8
%
48
43
11.6
%
Public authorities & electric
railroads
15
10
50.0
%
34.6
%
5
4
25.0
%
Other(b)
—
—
n/a
n/a
73
66
10.6
%
Total electric revenues(c)
2,028
1,899
6.8
%
8.0
%
357
344
3.8
%
Other Revenues(d)
(9
)
6
(250.0
)%
Total Electric Revenues
$
348
$
350
(0.6
)%
Purchased Power
$
140
$
144
(2.8
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,483
1,485
1,547
(0.1
)%
(4.1
)%
Cooling Degree-Days
20
22
31
(9.1
)%
(35.5
)%
Twelve
Months Ended December 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
4,022
4,013
0.2
%
(3.7
)%
$
900
$
782
15.1
%
Small commercial & industrial
1,651
1,551
6.4
%
4.4
%
244
229
6.6
%
Large commercial & industrial
3,167
3,128
1.2
%
(0.1
)%
196
207
(5.3
)%
Public authorities & electric
railroads
47
44
6.8
%
7.1
%
20
17
17.6
%
Other(b)
—
—
n/a
n/a
280
260
7.7
%
Total electric revenues(c)
8,887
8,736
1.7
%
(0.9
)%
1,640
1,495
9.7
%
Other Revenues(d)
(12
)
27
(144.4
)%
Total Electric Revenues
$
1,628
$
1,522
7.0
%
Purchased Power
$
698
$
637
9.6
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
4,168
4,043
4,528
3.1
%
(8.0
)%
Cooling Degree-Days
1,262
1,029
1,215
22.6
%
3.9
%
Number of Electric Customers
2024
2023
Residential
507,483
504,919
Small commercial & industrial
62,739
62,646
Large commercial & industrial
2,843
2,909
Public authorities & electric
railroads
714
727
Total
573,779
571,201
__________
(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 less than $1 million for both the three months
ended December 31, 2024 and 2023, respectively, and $2 million for
both the twelve months ended December 31, 2024 and 2023.
(d)
Includes alternative revenue
programs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250212150237/en/
James Gherardi Corporate Communications 312-394-7417
Andrew Plenge Investor Relations 312-394-2345
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