Earnings Release Highlights
- GAAP Net Income of $0.47 per share and Adjusted (non-GAAP)
Operating Earnings of $0.44 per share for the second quarter of
2022
- Reaffirming range for full year 2022 Adjusted (non-GAAP)
Operating Earnings guidance of $2.18-$2.32 per share
- In line with previously announced plans, Exelon anticipates
issuing up to $1.0 billion of registered shares of common stock
through 2025. Exelon plans to establish a $1.0 billion
at-the-market (ATM) program and anticipates issuing $500 million in
2022 through the ATM, a one-time common equity offering, or a
combination of these methods.
- Strong utility reliability performance – every utility achieved
top quartile in outage duration with ComEd specifically delivering
their best-on-record CAIDI performance
- ComEd filed with the Illinois Commerce Commission (ICC) a
proposed plan to promote beneficial electrification efforts in its
service area
- DPL filed its first multi-year plan with the Maryland Public
Service Commission (MDPSC) in May seeking an increase in base rates
to support significant investments in the local energy grid and
other customer experience improvements during the years 2023 to
2025
Exelon Corporation (Nasdaq: EXC) today reported its financial
results for the second quarter of 2022.
“Exelon is the leading transmission and distribution utility
company in the nation, consistently delivering reliable results,
and the second quarter is no exception,” said Chris Crane, Exelon
President and CEO. “Our earnings and strong reliability from our
energy companies were delivered despite challenging storms. At the
same time, our ability to power a cleaner and brighter future for
our customers and communities signifies how essential
environmental, social and governance principles are to our company
and our work leading the energy transformation.”
“During the second quarter, we continued to invest capital for
the benefit of our customers and communities and delivered on
earnings expectations, generating Adjusted (non-GAAP) Operating
Earnings of $0.44 per share,” said Joe Nigro, Exelon’s Chief
Financial Officer. “These investments will improve reliability and
resiliency, enhance service for our customers and prepare the grid
for a clean energy future. We reaffirm our full-year Adjusted
(non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per
share. We also are working hard to support our jurisdictions’ more
vulnerable customers in making this transition to a cleaner future.
Our industry-leading efforts to connect communities to financial
assistance are a testament to those efforts.”
Second Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the
second quarter of 2022 increased to $0.47 per share from $0.33 GAAP
Net Income from Continuing Operations per share in the second
quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the
second quarter of 2022 increased to $0.44 per share from $0.36 per
share in the second quarter of 2021. For the reconciliations of
GAAP Net Income from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the second quarter of
2022 primarily reflect:
- Higher utility earnings primarily due to higher electric
distribution earnings at ComEd from higher allowed electric
distribution ROE due to an increase in treasury rates and higher
rate base and rate increases at PECO, BGE, and PHI, partially
offset by the absence of favorable weather and volume at ACE as ACE
became decoupled effective July 1, 2021, higher depreciation
expense at BGE and PHI, and higher credit loss expense at PHI.
- Higher earnings at the Exelon holding company due to certain
BSC costs that were historically allocated to Constellation Energy
Generation, LLC (Generation) but are presented as part of
continuing operations in Exelon’s results in the second quarter of
2021 as these costs do not qualify as expenses of the discontinued
operations per the accounting rules, partially offset by higher
interest expense.
Operating Company Results1
ComEd
ComEd's second quarter of 2022 GAAP Net Income increased to $227
million from $192 million in the second quarter of 2021. ComEd's
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2022 increased to $229 million from $195 million in the second
quarter of 2021, primarily due to increases in electric
distribution formula rate earnings (reflecting higher allowed
electric distribution ROE due to an increase in treasury rates and
the impacts of higher rate base). Due to revenue decoupling,
ComEd's distribution earnings are not affected by actual weather or
customer usage patterns.
PECO
PECO’s second quarter of 2022 GAAP Net Income increased to $133
million from $104 million in the second quarter of 2021. PECO's
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2022 increased to $134 million from $107 million in the second
quarter of 2021, primarily due to distribution rate increases.
___________
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.
BGE
BGE’s second quarter of 2022 GAAP Net Income decreased to $37
million from $45 million in the second quarter of 2021. BGE's
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2022 decreased to $38 million from $48 million in the second
quarter of 2021, primarily due to an increase in depreciation
expense, partially offset by favorable impacts of the multi-year
plans. Due to revenue decoupling, BGE's distribution earnings are
not affected by actual weather or customer usage patterns.
PHI
PHI’s second quarter of 2022 GAAP Net Income decreased to $100
million from $141 million in the second quarter of 2021. PHI’s
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2022 decreased to $101 million from $144 million in the second
quarter of 2021, primarily due to the absence of favorable weather
and volume at ACE as ACE became decoupled effective July 1, 2021,
an increase in depreciation expense, credit loss expense,
contracting costs partially due to timing of maintenance projects,
and timing of excess deferred tax amortization, 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 Second Quarter Highlights
- DPL Maryland Electric Base Rate Case: On May 19, 2022,
DPL filed an application for a three-year cumulative multi-year
plan for January 1, 2023 through Dec. 31, 2025 with the MDPSC to
increase its electric distribution rates by $23 million effective
Jan. 1, 2023, $8 million effective January 1, 2024, and $7 million
effective January 1, 2025, to recover capital investments made in
2021 and planned capital investments through the end of 2025,
reflecting an ROE of 10.25%. DPL is proposing the acceleration of
refunds for certain tax benefits to partially offset the customer
rate increases by $12 million and $8 million in 2023 and 2024,
respectively. DPL currently expects a decision in the fourth
quarter of 2022, but cannot predict if the MDPSC will approve the
application as filed.
- Financing Activities:
- On May 24, 2022, PECO issued $350 million aggregate principal
amount of its First and Refunding Mortgage Bonds, 4.600% Series due
May 15, 2052. PECO used the proceeds to repay existing indebtedness
and for general corporate purposes.
- On June 6, 2022, BGE issued $500 million aggregate principal
amount of its 4.550% notes due June 1, 2052. BGE used the proceeds
to repay outstanding commercial paper obligations, repay existing
indebtedness, and for general corporate purposes.
- Exelon anticipates issuing up to $1.0 billion of registered
shares of common stock through 2025. Exelon plans to establish a
$1.0 billion ATM program, under which Exelon can issue registered
shares of common stock through designated broker-dealers at
prevailing market prices. Exelon anticipates issuing $500 million
in 2022 through the ATM, a one-time common equity offering, or a
combination of these methods.
GAAP/Adjusted (non-GAAP) Operating Earnings
Reconciliation
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2022 do not include the following items (after tax) that were
included in reported GAAP Net Income from Continuing
Operations:
(in millions, except per share
amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2022 GAAP Net Income (Loss) from
Continuing Operations
$
0.47
$
465
$
227
$
133
$
37
$
100
Separation Costs (net of taxes of $3, $1,
$0, $0, and $1, respectively)
0.01
10
2
1
1
2
Income Tax-Related Adjustments (entire
amount represents tax expense)
(0.04
)
(43
)
—
—
—
—
2022 Adjusted (non-GAAP) Operating
Earnings
$
0.44
$
433
$
229
$
134
$
38
$
101
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2021 do not include the following items (after tax) that were
included in reported GAAP Net Income from Continuing
Operations:
(in millions, except per share
amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2021 GAAP Net Income (Loss) from
Continuing Operations
$
0.33
$
326
$
192
$
104
$
45
$
141
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
3
—
—
—
—
Cost Management Program (net of taxes of
$0)
—
1
—
—
—
—
COVID-19 Direct Costs (net of taxes of $1,
$0, $0, and $1, respectively)
—
4
—
1
1
2
Acquisition Related Costs (net of taxes of
$1)
—
2
—
—
—
—
ERP System Implementation Costs (net of
taxes of $1)
—
2
—
—
—
—
Separation Costs (net of taxes of $6, $1,
$1, $1, and $1, respectively)
0.01
10
2
1
1
2
2021 Adjusted (non-GAAP) Operating
Earnings
$
0.36
$
348
$
195
$
107
$
48
$
144
Note: Amounts may not sum due to rounding. Unless otherwise
noted, the income tax impact of each reconciling item between GAAP
Net Income (Loss) from Continuing Operations 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 2022 and 2021 ranged from
24.0% to 29.0%.
Webcast Information
Exelon will discuss second quarter 2022 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 is a Fortune 200 company and the nation’s largest utility
company, serving more than 10 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). More
than 18,000 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 @Exelon.
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:
www.exeloncorp.com, and have been
furnished to the Securities and Exchange Commission on Form 8-K on
Aug. 3, 2022.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that are subject to risks and uncertainties. Words such as
“could,” “may,” “expects,” “anticipates,” “will,” “targets,”
“goals,” “projects,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “predicts,” 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' 2021
Annual Report on Form 10-K filed with the SEC on February 25, 2022
in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current
Report on Form 8-K filed with the SEC on June 30, 2022 to recast
Exelon's consolidated financial statements and certain other
financial information originally included in the 2021 Form 10-K in
(a) Part II, ITEM 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (b) Part II, ITEM
8. Financial Statements and Supplementary Data: Note 17,
Commitments and Contingencies; (3) the Registrants' Second Quarter
2022 Quarterly Report on Form 10-Q (to be filed on Aug. 3, 2022) 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 12, Commitments and Contingencies; and (4) 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
1
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income from
Continuing Operations to Adjusted (non-GAAP) Operating Earnings and
Analysis of Earnings
6
Statistics
ComEd
10
PECO
11
BGE
13
Pepco
16
DPL
17
ACE
19
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended June 30,
2022
Operating revenues
$
1,425
$
816
$
786
$
1,221
$
(9
)
$
4,239
Operating expenses
Purchased power and fuel
283
283
289
420
(1
)
1,274
Operating and maintenance
338
215
205
292
59
1,109
Depreciation and amortization
328
93
152
240
17
830
Taxes other than income taxes
90
48
71
114
7
330
Total operating expenses
1,039
639
717
1,066
82
3,543
Loss on sales of assets and
businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
384
177
69
155
(91
)
694
Other income and (deductions)
Interest expense, net
(104
)
(43
)
(36
)
(73
)
(102
)
(358
)
Other, net
13
8
5
19
130
175
Total other (deductions) and
income
(91
)
(35
)
(31
)
(54
)
28
(183
)
Income (loss) from continuing
operations before income taxes
293
142
38
101
(63
)
511
Income taxes
66
9
1
1
(31
)
46
Net income (loss) from continuing
operations after income taxes
227
133
37
100
(32
)
465
Net income from discontinued operations
after income taxes
—
—
—
—
—
—
Net income (loss)
227
133
37
100
(32
)
465
Net income attributable to
noncontrolling interests
—
—
—
—
—
—
Net income (loss) attributable to
common shareholders
$
227
$
133
$
37
$
100
$
(32
)
$
465
Three Months Ended June 30,
2021
Operating revenues
$
1,517
$
693
$
682
$
1,140
$
(12
)
$
4,020
Operating expenses
Purchased power and fuel
500
207
219
396
(1
)
1,321
Operating and maintenance
323
209
193
256
92
1,073
Depreciation and amortization
296
87
141
194
18
736
Taxes other than income taxes
77
49
67
109
12
314
Total operating expenses
1,196
552
620
955
121
3,444
Gain on sales of assets and
businesses
—
—
—
—
4
4
Operating income (loss)
321
141
62
185
(129
)
580
Other income and (deductions)
Interest expense, net
(98
)
(42
)
(34
)
(67
)
(83
)
(324
)
Other, net
15
7
9
20
22
73
Total other deductions
(83
)
(35
)
(25
)
(47
)
(61
)
(251
)
Income (loss) from continuing
operations before income taxes
238
106
37
138
(190
)
329
Income taxes
46
2
(8
)
(3
)
(34
)
3
Net income (loss) from continuing
operations after income taxes
192
104
45
141
(156
)
326
Net income from discontinued operations
after income taxes
—
—
—
—
150
150
Net income (loss)
192
104
45
141
(6
)
476
Net income attributable to
noncontrolling interests
—
—
—
—
75
75
Net income (loss) attributable to
common shareholders
$
192
$
104
$
45
$
141
$
(81
)
$
401
Change in Net income from continuing
operations 2021 to 2022
$
35
$
29
$
(8
)
$
(41
)
$
124
$
139
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Six Months Ended June 30, 2022
Operating revenues
$
3,158
$
1,863
$
1,940
$
2,626
$
(21
)
$
9,566
Operating expenses
Purchased power and fuel
921
689
743
999
—
3,352
Operating and maintenance
689
463
423
591
122
2,288
Depreciation and amortization
649
185
322
459
32
1,647
Taxes other than income taxes
185
95
148
233
23
684
Total operating expenses
2,444
1,432
1,636
2,282
177
7,971
Loss on sales of assets and
businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
712
431
304
344
(198
)
1,593
Other income and (deductions)
Interest expense, net
(204
)
(84
)
(71
)
(143
)
(195
)
(697
)
Other, net
26
16
11
37
223
313
Total other (deductions) and
income
(178
)
(68
)
(60
)
(106
)
28
(384
)
Income (loss) from continuing
operations before income taxes
534
363
244
238
(170
)
1,209
Income taxes
119
24
10
8
102
263
Net income (loss) from continuing
operations after income taxes
415
339
234
230
(272
)
946
Net income from discontinued operations
after income taxes
—
—
—
—
117
117
Net income (loss)
415
339
234
230
(155
)
1,063
Net income attributable to
noncontrolling interests
—
—
—
—
1
1
Net income (loss) attributable to
common shareholders
$
415
$
339
$
234
$
230
$
(156
)
$
1,062
Six Months Ended June 30, 2021
Operating revenues
$
3,052
$
1,582
$
1,656
$
2,384
$
(22
)
$
8,652
Operating expenses
Purchased power and fuel
1,025
523
550
874
—
2,972
Operating and maintenance
639
443
390
513
170
2,155
Depreciation and amortization
589
173
293
404
35
1,494
Taxes other than income taxes
153
92
139
222
25
631
Total operating expenses
2,406
1,231
1,372
2,013
230
7,252
Gain on sales of assets and
businesses
—
—
—
—
4
4
Operating income (loss)
646
351
284
371
(248
)
1,404
Other income and (deductions)
Interest expense, net
(193
)
(80
)
(67
)
(134
)
(169
)
(643
)
Other, net
22
12
16
36
45
131
Total other (deductions)
(171
)
(68
)
(51
)
(98
)
(124
)
(512
)
Income (loss) from continuing
operations before income taxes
475
283
233
273
(372
)
892
Income taxes
85
12
(21
)
5
(39
)
42
Equity in earnings of unconsolidated
affiliates
—
—
—
1
—
1
Net income (loss) from continuing
operations after income taxes
390
271
254
269
(333
)
851
Net (loss) from discontinued operations
after income taxes
—
—
—
—
(640
)
(640
)
Net income (loss)
390
271
254
269
(973
)
211
Net income attributable to
noncontrolling interests
—
—
—
—
99
99
Net income (loss) attributable to
common shareholders
$
390
$
271
$
254
$
269
$
(1,072
)
$
112
Change in Net income from continuing
operations 2021 to 2022
$
25
$
68
$
(20
)
$
(39
)
$
61
$
95
__________
(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)
June 30, 2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
$
816
$
672
Restricted cash and cash equivalents
961
321
Accounts receivable
Customer accounts receivable
2,219
2,189
Customer allowance for credit losses
(354
)
(320
)
Customer accounts receivable, net
1,865
1,869
Other accounts receivable
1,403
1,068
Other allowance for credit losses
(81
)
(72
)
Other accounts receivable, net
1,322
996
Inventories, net
Fossil fuel
133
105
Materials and supplies
491
476
Regulatory assets
1,239
1,296
Other
515
387
Current assets of discontinued
operations
—
7,835
Total current assets
7,342
13,957
Property, plant, and equipment,
net
66,456
64,558
Deferred debits and other
assets
Regulatory assets
8,350
8,224
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement
Units
2,265
—
Investments
235
250
Other
1,017
885
Property, plant, and equipment, deferred
debits, and other assets of discontinued operations
—
38,509
Total deferred debits and other
assets
18,497
54,498
Total assets
$
92,295
$
133,013
Liabilities and
shareholders’ equity
Current liabilities
Short-term borrowings
$
2,003
$
1,248
Long-term debt due within one year
505
2,153
Accounts payable
2,451
2,379
Accrued expenses
1,057
1,137
Payables to affiliates
5
5
Regulatory liabilities
411
376
Mark-to-market derivative liabilities
—
18
Unamortized energy contract
liabilities
11
89
Other
1,588
766
Current liabilities of discontinued
operations
—
7,940
Total current liabilities
8,031
16,111
Long-term debt
35,789
30,749
Long-term debt to financing
trusts
390
390
Deferred credits and other
liabilities
Deferred income taxes and unamortized
investment tax credits
11,240
10,611
Regulatory liabilities
8,513
9,628
Pension obligations
1,406
2,051
Non-pension postretirement benefit
obligations
800
811
Asset retirement obligations
275
271
Mark-to-market derivative liabilities
103
201
Unamortized energy contract
liabilities
38
146
Other
2,054
1,573
Long-term debt, deferred credits, and
other liabilities of discontinued operations
—
25,676
Total deferred credits and other
liabilities
24,429
50,968
Total liabilities
68,639
98,218
Commitments and contingencies
Shareholders’ equity
Common stock
20,319
20,324
Treasury stock, at cost
(123
)
(123
)
Retained earnings
4,161
16,942
Accumulated other comprehensive loss,
net
(701
)
(2,750
)
Total shareholders’ equity
23,656
34,393
Noncontrolling interests
—
402
Total equity
23,656
34,795
Total liabilities and shareholders’
equity
$
92,295
$
133,013
Exelon
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Six Months Ended June
30,
2022
2021
Cash flows from operating
activities
Net income
$
1,063
$
211
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation, amortization, and accretion,
including nuclear fuel and energy contract amortization
1,854
4,180
Asset impairments
—
500
Gain on sales of assets and businesses
(8
)
(83
)
Deferred income taxes and amortization of
investment tax credits
143
(163
)
Net fair value changes related to
derivatives
(59
)
(490
)
Net realized and unrealized losses (gains)
on NDT funds
205
(376
)
Net unrealized losses (gains) on equity
investments
16
(96
)
Other non-cash operating activities
276
(331
)
Changes in assets and liabilities:
Accounts receivable
(795
)
(16
)
Inventories
12
1
Accounts payable and accrued expenses
544
(87
)
Option premiums (paid) received, net
(39
)
2
Collateral received, net
1,689
957
Income taxes
23
190
Regulatory assets and liabilities, net
(376
)
(276
)
Pension and non-pension postretirement
benefit contributions
(585
)
(559
)
Other assets and liabilities
(723
)
(2,426
)
Net cash flows provided by operating
activities
3,240
1,138
Cash flows from investing
activities
Capital expenditures
(3,507
)
(4,040
)
Proceeds from NDT fund sales
488
4,438
Investment in NDT funds
(516
)
(4,538
)
Collection of DPP
169
2,209
Proceeds from sales of assets and
businesses
16
724
Other investing activities
4
17
Net cash flows used in investing
activities
(3,346
)
(1,190
)
Cash flows from financing
activities
Changes in short-term borrowings
(597
)
(666
)
Proceeds from short-term borrowings with
maturities greater than 90 days
1,150
500
Repayments on short-term borrowings with
maturities greater than 90 days
(350
)
—
Issuance of long-term debt
5,151
2,455
Retirement of long-term debt
(1,707
)
(630
)
Dividends paid on common stock
(663
)
(747
)
Proceeds from employee stock plans
17
47
Transfer of cash, restricted cash, and
cash equivalents to Constellation
(2,594
)
—
Other financing activities
(84
)
(64
)
Net cash flows provided by financing
activities
323
895
Increase in cash, restricted cash, and
cash equivalents
217
843
Cash, restricted cash, and cash
equivalents at beginning of period
1,619
1,166
Cash, restricted cash, and cash
equivalents at end of period
$
1,836
$
2,009
Exelon
Reconciliation of GAAP Net
Income (Loss) from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2022
and 2021
(unaudited)
(in millions, except per share
data)
Exelon
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2021 GAAP Net Income (Loss) from
Continuing Operations
$
0.33
$
192
$
104
$
45
$
141
$
(156
)
$
326
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
—
—
—
—
3
3
Cost Management Program (net of taxes of
$0)
—
—
—
—
—
1
1
COVID-19 Direct Costs (net of taxes of $0,
$0, $1, and $1 respectively) (1)
—
—
1
1
2
—
4
Acquisition Related Costs (net of taxes of
$1) (2)
—
—
—
—
—
2
2
ERP System Implementation Costs (net of
taxes of $1) (3)
—
—
—
—
—
2
2
Separation Costs (net of taxes of $1, $1,
$1, $1, $2 and $6, respectively) (4)
0.01
2
1
1
2
4
10
2021 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.36
$
195
$
107
$
48
$
144
$
(146
)
$
348
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
(0.01
)
$
—
(b)
$
(1
)
$
—
(b)
$
(4
)
(b)
$
—
$
(5
)
Load
(0.01
)
—
(b)
1
—
(b)
(9
)
(b)
—
(8
)
Distribution and Transmission Rates
(6)
0.09
30
(c)
27
(c)
13
(c)
23
(c)
—
93
Other Energy Delivery (7)
0.10
59
(c)
6
(c)
8
(c)
30
(c)
—
103
Operating and Maintenance Expense (8)
(0.06
)
(15
)
(7
)
(13
)
(28
)
9
(54
)
Pension and Non-Pension Postretirement
Benefits
0.01
5
2
2
—
3
12
Depreciation and Amortization Expense
(9)
(0.07
)
(23
)
(4
)
(8
)
(33
)
—
(68
)
Other (10)
0.01
(22
)
3
(12
)
(22
)
65
12
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
0.08
$
34
$
27
$
(10
)
$
(43
)
$
77
$
85
2022 GAAP Net Income (Loss) from
Continuing Operations
$
0.47
$
227
$
133
$
37
$
100
$
(32
)
$
465
Separation Costs (net of taxes of $1, $0,
$0, $1, $1, and $4, respectively) (4)
0.01
2
1
1
2
4
10
Income Tax-Related Adjustments (entire
amount represents tax expense) (5)
(0.04
)
—
—
—
—
(43
)
(43
)
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.44
$
229
$
134
$
38
$
101
$
(69
)
$
433
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP Net Income from
Continuing Operations 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
2022 and 2021 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)
For regulatory recovery mechanisms,
including ComEd’s distribution formula rate and energy efficiency
formula, ComEd, PECO, BGE, and PHI utilities transmission formula
rates, and riders across all 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 direct costs related to
COVID-19 consisting primarily of costs to acquire personal
protective equipment, costs for cleaning supplies and services, and
costs to hire healthcare professionals to monitor the health of
employees, which are recorded in Operating and maintenance
expense.
(2)
Reflects certain BSC costs related to the
acquisition of Electricite de France SA's (EDF's) interest in CENG,
which was completed in the third quarter of 2021, that were
historically allocated to Constellation Energy Generation, LLC
(Generation) but are presented as part of continuing operations in
Exelon’s results as these costs do not qualify as expenses of the
discontinued operations per the accounting rules.
(3)
Reflects costs related to a multi-year
Enterprise Resource Program (ERP) system implementation, which are
recorded in Operating and maintenance expense.
(4)
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.
(5)
In connection with the separation, Exelon
recorded a one-time impact associated with a state tax benefit.
(6)
For ComEd, reflects increased electric
distribution revenues due to higher allowed electric distribution
ROE driven by an increase in treasury rates and higher rate base.
For PECO, reflects increased revenue primarily due to distribution
rate increases. For BGE, reflects increased revenue due to
distribution rate increases. For PHI, reflects increased revenue
primarily due to distribution rate increases.
(7)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs. For PHI, includes the regulatory
asset amortization of the ACE Power Purchase Agreement termination
obligation recorded in the first quarter of 2022, which is fully
recoverable.
(8)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For PHI, primarily reflects increased credit loss expense and
higher contracting costs partially due to timing of maintenance
projects. For Corporate, primarily reflects two offsetting items:
1) lower BSC costs that were historically allocated to Generation
but are presented as part of continuing operations in Exelon’s
results as these costs do not qualify as expenses of the
discontinued operations per the accounting rules and 2) an increase
in Operating and maintenance expense with an offsetting increase in
other income for costs billed to Constellation for services
provided by Exelon through the Transition Services Agreement
(TSA).
(9)
Reflects ongoing capital expenditures
across all utilities. For ComEd, also reflects increased
amortization of deferred energy efficiency costs. For PHI, also
includes the regulatory asset amortization of the ACE Power
Purchase Agreement termination obligation recorded in the first
quarter of 2022, which is fully recoverable in Other Energy
Delivery.
(10)
For ComEd, includes increased taxes
related to the Energy Transition Assistance Charge rider which are
fully recoverable in Other Energy Delivery. For PHI, reflects the
timing of tax expense driven by the timing of excess deferred tax
amortization, which will reverse by the end of the year. For
Corporate, primarily reflects an increase in other income for costs
billed to Constellation for services provided by Exelon through the
TSA with an offsetting increase in Operating and maintenance
expense.
Exelon
Reconciliation of GAAP Net
Income (Loss) from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2022
and 2021
(unaudited)
(in millions, except per share
data)
Exelon
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2021 GAAP Net Income (Loss) from
Continuing Operations
$
0.87
$
390
$
271
$
254
$
269
$
(333
)
$
851
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
—
—
—
—
3
3
Cost Management Program (net of taxes of
$0)
—
—
—
—
—
1
1
COVID-19 Direct Costs (net of taxes of $1,
$1, $1 and $3, respectively) (1)
0.01
—
2
1
2
—
5
Acquisition Related Costs (net of taxes of
$3) (2)
0.01
—
—
—
—
7
7
ERP System Implementation Costs (net of
taxes of $0, $0, $0, $1 and $1, respectively) (3)
0.01
—
1
1
1
4
7
Separation Costs (net of taxes of $1, $1,
$1, $1, $2 and $6, respectively) (4)
0.02
3
2
2
3
5
15
Income Tax-Related Adjustments (entire
amount represents tax expense)
—
—
—
—
—
(2
)
(2
)
2021 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.91
$
393
$
277
$
258
$
274
$
(315
)
$
887
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
(0.01
)
$
—
(b)
$
(7
)
$
—
(b)
$
(3
)
(b)
$
—
$
(10
)
Load
0.01
—
(b)
10
—
(b)
(4
)
(b)
—
6
Distribution and Transmission Rates
(6)
0.17
43
(c)
63
(c)
19
(c)
49
(c)
—
174
Other Energy Delivery (7)
0.19
107
(c)
16
(c)
29
(c)
39
(c)
—
191
Operating and Maintenance Expense (8)
(0.14
)
(42
)
(18
)
(29
)
(57
)
10
(136
)
Pension and Non-Pension Postretirement
Benefits
0.02
10
3
4
1
6
24
Depreciation and Amortization Expense
(9)
(0.11
)
(42
)
(9
)
(21
)
(40
)
1
(111
)
Other (10)
0.04
(47
)
7
(22
)
(21
)
123
40
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
0.17
$
29
$
65
$
(20
)
$
(36
)
$
140
$
178
2022 GAAP Net Income (Loss) from
Continuing Operations
$
0.96
$
415
$
339
$
234
$
230
$
(272
)
$
946
ERP System Implementation Costs (net of
taxes of $0) (3)
—
—
—
—
—
1
1
Separation Costs (net of taxes of $3, $1,
$1, $2, $3, and $11, respectively) (4)
0.03
7
3
4
5
8
27
Income Tax-Related Adjustments (entire
amount represents tax expense) (5)
0.09
—
—
—
3
89
92
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
1.08
$
422
$
342
$
238
$
238
$
(175
)
$
1,065
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP Net Income from
Continuing Operations 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
2022 and 2021 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)
For regulatory recovery mechanisms,
including ComEd’s distribution formula rate and energy efficiency
formula, ComEd, PECO, BGE, and PHI utilities transmission formula
rates, and riders across all 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 direct costs related to
COVID-19 consisting primarily of costs to acquire personal
protective equipment, costs for cleaning supplies and services, and
costs to hire healthcare professionals to monitor the health of
employees, which are recorded in Operating and maintenance
expense.
(2)
Reflects certain BSC costs related to the
acquisition of Electricite de France SA's (EDF's) interest in CENG,
which was completed in the third quarter of 2021, that were
historically allocated to Constellation Energy Generation, LLC
(Generation) but are presented as part of continuing operations in
Exelon’s results as these costs do not qualify as expenses of the
discontinued operations per the accounting rules.
(3)
Reflects costs related to a multi-year
Enterprise Resource Program (ERP) system implementation, which are
recorded in Operating and maintenance expense.
(4)
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.
(5)
In connection with the separation, Exelon
recorded an income tax expense primarily due to the long-term
marginal state income tax rate change, the recognition of valuation
allowances against the net deferred tax assets positions for
certain standalone state filing jurisdictions, and nondeductible
transaction costs partially offset by a one-time impact associated
with a state tax benefit.
(6)
For ComEd, reflects increased electric
distribution revenues due to higher allowed electric distribution
ROE driven by an increase in treasury rates and higher rate base.
For PECO, reflects increased revenue primarily due to distribution
rate increases. For BGE, reflects increased revenue due to
distribution and transmission rate increases. For PHI, reflects
increased revenue primarily due to distribution rate increases.
(7)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs. For PHI, includes the regulatory
asset amortization of the ACE Power Purchase Agreement termination
obligation recorded in the first quarter of 2022, which is fully
recoverable.
(8)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, primarily reflects the voluntary customer refund related
to the ICC investigation of matters identified in the Deferred
Prosecution Agreement. For BGE, reflects higher credit loss
expense. For PHI, includes increased storm costs, increased credit
loss expense, and higher contracting costs partially due to timing
of maintenance projects. For Corporate, primarily reflects two
offsetting items: 1) lower BSC costs that were historically
allocated to Generation but are presented as part of continuing
operations in Exelon’s results as these costs do not qualify as
expenses of the discontinued operations per the accounting rules
(YTD Q2 2022 includes one month of costs for the period prior to
the separation compared to six months of costs included in YTD Q2
2021) and 2) an increase in Operating and maintenance expense with
an offsetting increase in other income for costs billed to
Constellation for services provided by Exelon through the
Transition Services Agreement (TSA).
(9)
Reflects ongoing capital expenditures
across all utilities. For ComEd, also reflects increased
amortization of deferred energy efficiency costs. For PHI, includes
the regulatory asset amortization of the ACE Power Purchase
Agreement termination obligation recorded in the first quarter of
2022, which is fully recoverable in Other Energy Delivery.
(10)
For ComEd, includes increased taxes
related to the Energy Transition Assistance Charge rider which are
fully recoverable in Other Energy Delivery. For PECO, includes an
increase in tax repairs deduction. For PHI, primarily reflects
increased interest expense and the timing of tax expense driven by
the timing of excess deferred tax amortization, which will reverse
by the end of the year. For Corporate, primarily reflects an
increase in other income for costs billed to Constellation for
services provided by Exelon through the TSA with an offsetting
increase in Operating and maintenance expense.
ComEd Statistics
Three
Months Ended June 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather - Normal %
Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
6,617
6,558
0.9
%
(0.1
)%
$
819
$
759
7.9
%
Small commercial & industrial
7,198
7,101
1.4
%
1.1
%
312
377
(17.2
)%
Large commercial & industrial
6,641
6,368
4.3
%
4.4
%
11
138
(92.0
)%
Public authorities & electric
railroads
186
203
(8.4
)%
(8.6
)%
5
11
(54.5
)%
Other(b)
—
—
n/a
n/a
234
214
9.3
%
Total electric revenues(c)
20,642
20,230
2.0
%
1.7
%
1,381
1,499
(7.9
)%
Other Revenues(d)
44
18
144.4
%
Total Electric Revenues
$
1,425
$
1,517
(6.1
)%
Purchased Power
$
283
$
500
(43.4
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
713
627
697
13.7
%
2.3
%
Cooling Degree-Days
377
391
266
(3.6
)%
41.7
%
Six Months Ended
June 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather - Normal %
Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
13,368
13,243
0.9
%
(0.7
)%
$
1,675
$
1,502
11.5
%
Small commercial & industrial
14,702
14,366
2.3
%
1.7
%
736
744
(1.1
)%
Large commercial & industrial
13,388
12,847
4.2
%
4.0
%
165
271
(39.1
)%
Public authorities & electric
railroads
443
470
(5.7
)%
(5.9
)%
20
22
(9.1
)%
Other(b)
—
—
n/a
n/a
472
433
9.0
%
Total electric revenues(c)
41,901
40,926
2.4
%
1.6
%
3,068
2,972
3.2
%
Other Revenues(d)
90
80
12.5
%
Total Electric Revenues
$
3,158
$
3,052
3.5
%
Purchased Power
$
921
$
1,025
(10.1
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
3,878
3,616
3,782
7.2
%
2.5
%
Cooling Degree-Days
377
391
266
(3.6
) %
41.7
%
Number of Electric Customers
2022
2021
Residential
3,711,023
3,697,515
Small commercial & industrial
390,357
388,877
Large commercial & industrial
1,900
1,852
Public authorities & electric
railroads
4,853
4,873
Total
4,108,133
4,093,117
__________
(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 $3 million and $5 million for the three months
ended June 30, 2022 and 2021, respectively, and $8 million and $11
million for the six months ended June 30, 2022 and 2021,
respectively.
(d)
Includes alternative revenue programs and
late payment charges.
PECO Statistics
Three
Months Ended June 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
3,060
3,116
(1.8
)%
(1.1
)%
$
431
$
383
12.5
%
Small commercial & industrial
1,813
1,758
3.1
%
3.0
%
126
99
27.3
%
Large commercial & industrial
3,416
3,475
(1.7
)%
(1.8
)%
72
59
22.0
%
Public authorities & electric
railroads
135
121
11.6
%
11.9
%
7
8
(12.5
)%
Other(b)
—
—
n/a
n/a
68
54
25.9
%
Total electric revenues(c)
8,424
8,470
(0.5
)%
(0.4
)%
704
603
16.7
%
Other Revenues(d)
4
7
(42.9
)%
Total Electric Revenues
708
610
16.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
5,206
5,027
3.6
%
4.9
%
71
55
29.1
%
Small commercial & industrial
3,638
3,121
16.6
%
17.2
%
29
22
31.8
%
Large commercial & industrial
4
2
100.0
%
12.6
%
—
—
N/A
Transportation
5,707
5,468
4.4
%
5.7
%
6
5
20.0
%
Other(f)
—
—
n/a
n/a
2
1
100.0
%
Total natural gas revenues(g)
14,555
13,618
6.9
%
8.0
%
108
83
30.1
%
Other Revenues(d)
—
—
100.0
%
Total Natural Gas Revenues
108
83
30.1
%
Total Electric and Natural Gas
Revenues
$
816
$
693
17.7
%
Purchased Power and Fuel
$
283
$
207
36.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
385
404
424
(4.7
)%
(9.2
)%
Cooling Degree-Days
434
418
391
3.8
%
11.0
%
Six
Months Ended June 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
6,818
6,883
(0.9
)%
0.1
%
$
918
$
816
12.5
%
Small commercial & industrial
3,750
3,639
3.1
%
3.2
%
237
199
19.1
%
Large commercial & industrial
6,748
6,747
—
%
—
%
136
116
17.2
%
Public authorities & electric
railroads
317
270
17.4
%
17.7
%
15
17
(11.8
)%
Other(b)
—
—
n/a
n/a
130
106
22.6
%
Total electric revenues(c)
17,633
17,539
0.5
%
1.0
%
1,436
1,254
14.5
%
Other Revenues(d)
13
17
(23.5
)%
Total Electric Revenues
1,449
1,271
14.0
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
26,043
25,701
1.3
%
4.4
%
289
215
34.4
%
Small commercial & industrial
14,184
13,291
6.7
%
8.4
%
105
81
29.6
%
Large commercial & industrial
14
9
55.6
%
11.4
%
—
—
N/A
Transportation
13,346
13,118
1.7
%
2.7
%
14
12
16.7
%
Other(f)
—
—
n/a
n/a
5
3
66.7
%
Total natural gas revenues(g)
53,587
52,119
2.8
%
5.0
%
413
311
32.8
%
Other Revenues(d)
1
—
100.0
%
Total Natural Gas Revenues
414
311
33.1
%
Total Electric and Natural Gas
Revenues
$
1,863
$
1,582
17.8
%
Purchased Power and Fuel
$
689
$
523
31.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,613
2,706
2,840
(3.4
)%
(8.0
)%
Cooling Degree-Days
435
423
392
2.8
%
11.0
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,521,728
1,513,456
Residential
499,678
494,895
Small commercial & industrial
155,484
154,842
Small commercial & industrial
44,726
44,450
Large commercial & industrial
3,114
3,108
Large commercial & industrial
10
6
Public authorities & electric
railroads
10,386
10,285
Transportation
659
677
Total
1,690,712
1,681,691
Total
545,073
540,028
__________
(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 $1 million for both the three months ended June
30, 2022 and 2021, respectively, and $2 million and $3 million for
the six months ended June 30, 2022 and 2021, 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 for both the three months
ended June 30, 2022 and 2021, respectively, and less than $1
million and $1 million for the six months ended June 30, 2022 and
2021, respectively.
BGE Statistics
Three
Months Ended June 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
2,752
2,772
(0.7
)%
(0.1
)%
$
334
$
299
11.7
%
Small commercial & industrial
637
627
1.6
%
0.8
%
70
60
16.7
%
Large commercial & industrial
3,214
3,192
0.7
%
1.1
%
129
108
19.4
%
Public authorities & electric
railroads
53
49
8.2
%
11.4
%
7
7
—
%
Other(b)
—
—
n/a
n/a
99
87
13.8
%
Total electric revenues(c)
6,656
6,640
0.2
%
0.6
%
639
561
13.9
%
Other Revenues(d)
(10
)
(3
)
233.3
%
Total Electric Revenues
629
558
12.7
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
4,943
4,948
(0.1
)%
(2.8
)%
96
81
18.5
%
Small commercial & industrial
1,389
1,306
6.4
%
4.6
%
18
13
38.5
%
Large commercial & industrial
9,168
8,224
11.5
%
11.3
%
35
27
29.6
%
Other(f)
931
903
3.1
%
n/a
12
6
100.0
%
Total natural gas revenues(g)
16,431
15,381
6.8
%
5.7
%
161
127
26.8
%
Other Revenues(d)
(4
)
(3
)
33.3
%
Total Natural Gas Revenues
157
124
26.6
%
Total Electric and Natural Gas
Revenues
$
786
$
682
15.2
%
Purchased Power and Fuel
$
289
$
219
32.0
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
446
469
499
(4.9
) %
(10.6
) %
Cooling Degree-Days
279
300
259
(7.0
) %
7.7
%
Six
Months Ended June 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
6,321
6,310
0.2
%
(0.9
)%
$
752
$
662
13.6
%
Small commercial & industrial
1,372
1,350
1.6
%
0.6
%
151
129
17.1
%
Large commercial & industrial
6,387
6,300
1.4
%
1.7
%
260
213
22.1
%
Public authorities & electric
railroads
106
97
9.3
%
9.0
%
14
13
7.7
%
Other(b)
—
—
n/a
n/a
196
165
18.8
%
Total electric revenues(c)
14,186
14,057
0.9
%
0.4
%
1,373
1,182
16.2
%
Other Revenues(d)
(7
)
8
(187.5
)%
Total Electric Revenues
1,366
1,190
14.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
26,061
23,399
11.4
%
7.9
%
378
297
27.3
%
Small commercial & industrial
6,050
5,324
13.6
%
9.0
%
63
48
31.3
%
Large commercial & industrial
23,911
22,263
7.4
%
6.6
%
100
81
23.5
%
Other(f)
5,391
8,512
(36.7
)%
n/a
47
36
30.6
%
Total natural gas revenues(g)
61,413
59,498
3.2
%
7.5
%
588
462
27.3
%
Other Revenues(d)
(14
)
4
(450.0
)%
Total Natural Gas Revenues
574
466
23.2
%
Total Electric and Natural Gas
Revenues
$
1,940
$
1,656
17.1
%
Purchased Power and Fuel
$
743
$
550
35.1
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,688
2,666
2,887
0.8
%
(6.9
) %
Cooling Degree-Days
279
300
259
(7.0
) %
7.7
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,200,397
1,192,135
Residential
653,409
647,534
Small commercial & industrial
115,769
114,682
Small commercial & industrial
38,227
38,223
Large commercial & industrial
12,721
12,528
Large commercial & industrial
6,211
6,132
Public authorities & electric
railroads
267
267
Total
697,847
691,889
Total
1,329,154
1,319,612
__________
(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 $2 million and $4 million for the three months
ended June 30, 2022 and 2021, respectively, and $3 million and $6
million for the six months ended June 30, 2022 and 2021,
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 $3 million for the three months
ended June 30, 2022 and 2021, respectively, and $7 million for both
the six months ended June 30, 2022 and 2021.
Pepco Statistics
Three
Months Ended June 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
1,719
1,819
(5.5
)%
(5.9
)%
$
234
$
223
4.9
%
Small commercial & industrial
257
280
(8.2
)%
(8.4
)%
35
32
9.4
%
Large commercial & industrial
3,384
3,175
6.6
%
6.4
%
250
188
33.0
%
Public authorities & electric
railroads
125
217
(42.4
)%
(42.4
)%
8
10
(20.0
)%
Other(b)
—
—
n/a
n/a
54
50
8.0
%
Total electric revenues(c)
5,485
5,491
(0.1
)%
(0.4
)%
581
503
15.5
%
Other Revenues(d)
—
20
(100.0
)%
Total Electric Revenues
$
581
$
523
11.1
%
Purchased Power
$
162
$
133
21.8
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
325
331
309
(1.8
)%
5.2
%
Cooling Degree-Days
498
496
508
0.4
%
(2.0
)%
Six
Months Ended June 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
4,006
4,038
(0.8
)%
(1.0
)%
$
509
$
476
6.9
%
Small commercial & industrial
556
578
(3.8
)%
(4.2
)%
73
65
12.3
%
Large commercial & industrial
6,633
6,229
6.5
%
6.0
%
503
372
35.2
%
Public authorities & electric
railroads
275
341
(19.4
)%
(19.1
)%
16
16
—
%
Other(b)
—
—
n/a
n/a
100
101
(1.0
)%
Total electric revenues(c)
11,470
11,186
2.5
%
2.2
%
1,201
1,030
16.6
%
Other Revenues(d)
(6
)
46
(113.0
)%
Total Electric Revenues
$
1,195
$
1,076
11.1
%
Purchased Power
$
375
$
298
25.8
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,338
2,343
2,422
(0.2
)%
(3.5
)%
Cooling Degree-Days
504
503
510
0.2
%
(1.2
)%
Number of Electric Customers
2022
2021
Residential
850,569
837,744
Small commercial & industrial
54,349
53,669
Large commercial & industrial
22,771
22,579
Public authorities & electric
railroads
194
178
Total
927,883
914,170
__________
(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 June 30, 2022 and 2021, respectively, and $2 million and $3
million for the six months ended June 30, 2022 and 2021,
respectively.
(d)
Includes alternative revenue programs and
late payment charge revenues.
DPL Statistics
Three
Months Ended June 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
1,106
1,131
(2.2
)%
(0.3
)%
$
155
$
147
5.4
%
Small commercial & industrial
536
557
(3.8
)%
(3.0
)%
51
46
10.9
%
Large commercial & industrial
1,025
1,066
(3.8
)%
(3.3
)%
30
22
36.4
%
Public authorities & electric
railroads
10
12
(16.7
)%
(16.4
)%
3
3
—
%
Other(b)
—
—
n/a
n/a
57
46
23.9
%
Total electric revenues(c)
2,677
2,766
(3.2
)%
(2.1
)%
296
264
12.1
%
Other Revenues(d)
(1
)
10
(110.0
)%
Total Electric Revenues
295
274
7.7
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
983
713
37.9
%
44.6
%
17
12
41.7
%
Small commercial & industrial
570
430
32.6
%
39.2
%
8
6
33.3
%
Large commercial & industrial
402
393
2.3
%
2.3
%
3
1
200.0
%
Transportation
1,444
1,470
(1.8
)%
(0.7
)%
3
3
—
%
Other(g)
—
—
n/a
n/a
6
2
200.0
%
Total natural gas revenues
3,399
3,006
13.1
%
16.3
%
37
24
54.2
%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
37
24
54.2
%
Total Electric and Natural Gas
Revenues
$
332
$
298
11.4
%
Purchased Power and Fuel
$
135
$
108
25.0
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
429
461
463
(6.9
)%
(7.3
)%
Cooling Degree-Days
342
373
348
(8.3
)%
(1.7
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
441
480
492
(8.1
)%
(10.4
)%
Six
Months Ended June 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
2,683
2,651
1.2
%
1.4
%
$
362
$
337
7.4
%
Small commercial & industrial
1,142
1,116
2.3
%
2.5
%
107
92
16.3
%
Large commercial & industrial
2,040
1,985
2.8
%
3.0
%
56
43
30.2
%
Public authorities & electric
railroads
23
24
(4.2
)%
(6.0
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
113
87
29.9
%
Total rate-regulated electric
revenues(c)
5,888
5,776
1.9
%
2.1
%
645
566
14.0
%
Other Revenues(d)
(2
)
19
(110.5
)%
Total Electric Revenues
643
585
9.9
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
5,436
5,107
6.4
%
6.3
%
68
57
19.3
%
Small commercial & industrial
2,550
2,295
11.1
%
12.0
%
29
24
20.8
%
Large commercial & industrial
863
853
1.2
%
1.1
%
6
3
100.0
%
Transportation
3,650
3,694
(1.2
)%
(0.7
)%
7
8
(12.5
)%
Other(f)
—
—
n/a
n/a
10
3
233.3
%
Total rate-regulated natural gas
revenues
12,499
11,949
4.6
%
4.9
%
120
95
26.3
%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
120
95
26.3
%
Total Electric and Natural Gas
Revenues
$
763
$
680
12.2
%
Purchased Power and Fuel
$
324
$
263
23.2
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,693
2,730
2,865
(1.4
)%
(6.0
)%
Cooling Degree-Days
346
378
349
(8.5
)%
(0.9
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,796
2,838
2,993
(1.5
)%
(6.6
)%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
479,728
475,061
Residential
128,715
127,503
Small commercial & industrial
63,574
62,880
Small commercial & industrial
10,068
9,953
Large commercial & industrial
1,222
1,213
Large commercial & industrial
16
18
Public authorities & electric
railroads
598
607
Transportation
157
158
Total
545,122
539,761
Total
138,956
137,632
__________
(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 June
30, 2022 and 2021, and $3 million and $4 million for the six months
ended June 30, 2022 and 2021, 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 June 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
859
975
(11.9
)%
(9.7
)%
$
159
$
167
(4.8
)%
Small commercial & industrial
362
333
8.7
%
9.7
%
54
46
17.4
%
Large commercial & industrial
808
761
6.2
%
6.7
%
52
47
10.6
%
Public authorities & electric
railroads
11
11
—
%
(5.8
) %
4
4
—
%
Other(b)
—
—
n/a
n/a
55
43
27.9
%
Total electric revenues(c)
2,040
2,080
(1.9
)%
(0.5
)%
324
307
5.5
%
Other Revenues(d)
(15
)
12
(225.0
)%
Total Electric Revenues
$
309
$
319
(3.1
)%
Purchased Power
$
123
$
154
(20.1
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
533
525
540
1.5
%
(1.3
)%
Cooling Degree-Days
275
321
305
(14.3
)%
(9.8
)%
Six
Months Ended June 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
1,777
1,903
(6.6
)%
(6.0
)%
$
329
$
329
—
%
Small commercial & industrial
701
638
9.9
%
9.7
%
101
85
18.8
%
Large commercial & industrial
1,511
1,477
2.3
%
2.3
%
96
90
6.7
%
Public authorities & electric
railroads
25
24
4.2
%
0.6
%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
136
95
43.2
%
Total electric revenues(c)
4,014
4,042
(0.7
)%
(0.5
)%
670
606
10.6
%
Other Revenues(d)
(12
)
23
(152.2
)%
Total Electric Revenues
$
658
$
629
4.6
%
Purchased Power
$
301
$
311
(3.2
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,969
2,873
2,994
3.3
%
(0.8
)%
Cooling Degree-Days
277
325
305
(14.8
)%
(9.2
)%
Number of Electric Customers
2022
2021
Residential
501,494
499,436
Small commercial & industrial
62,291
61,836
Large commercial & industrial
3,085
3,243
Public authorities & electric
railroads
726
707
Total
567,596
565,222
__________
(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 June
30, 2022 and 2021, and $2 million and $1 million for the six months
ended June 30, 2022 and 2021, respectively.
(d)
Includes alternative revenue programs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803005290/en/
Nick Alexopulos Corporate Communications 312-394-7417
Andrew Plenge Investor Relations 312-394-2345
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