– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Earnings Release Highlights
Exelon completed the separation of Constellation Energy Corporation (Constellation), Exelon’s former power generation and competitive energy business, becoming the nation’s premier transmission and distribution utility company
GAAP Net Income from Continuing Operations of $0.49 per share and Adjusted (non-GAAP) Operating Earnings of $0.64 per share for the first quarter of 2022; Constellation’s results have been reclassified to discontinued operations
Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share
Continued strong utility operational performance, including ComEd delivering the most reliable service for customers in the first three months of the year for any year on record
A settlement was approved by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s electric distribution rate case in March
PECO filed a gas distribution rate case with the Pennsylvania Public Utility Commission (PAPUC) in March, seeking an increase in base rates to support significant investments in infrastructure to provide safe and reliable natural gas service and reduce methane emissions
ComEd filed its last annual distribution formula rate update with the Illinois Commerce Commission (ICC) in April seeking an increase in base rates for 2023 to support investments needed to sustain record-level reliability performance and increase the integration of renewable energy into the system
CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2022.
“The first quarter was a milestone for Exelon as we successfully completed our separation of the generation business and embarked on our path as the nation’s premier transmission and distribution utility company,” said Exelon’s President and CEO Chris Crane. “At the same time, our focus on the fundamentals of operational and financial execution continued. Beyond delivering reliable and safe energy to our over 10 million customers, we also continued to live our core values. We awarded $2.4 million in scholarships to 24 students attending Historically Black Colleges and Universities, and opened applications for our $36 million Racial Equity Capital Fund to increase access to funding for small, minority-owned businesses in under-served communities.”
“Adjusted (non-GAAP) Operating Earnings of $0.64 per share in the first quarter was driven in part by the recovery of costs associated with ongoing infrastructure investments to improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future,” said Exelon CFO Joe Nigro. “Our grid modernization investments, enabled by constructive regulatory relationships, continue to drive solid operational results and stable earnings across our utilities. For the remainder of the year, we will continue to deliver on our financial commitments and reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share.”
First Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2022 decreased to $0.49 per share from $0.53 GAAP Net Income from Continuing Operations per share in the first quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $0.64 per share from $0.55 per share in the first 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 first quarter of 2022 primarily reflect:
Operating Company Results1
ComEd's first quarter of 2022 GAAP Net Income decreased to $188 million from $197 million in the first quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $193 million from $198 million in the first quarter of 2021, primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement, partially offset by increases in electric distribution formula rate earnings (reflecting the impacts of higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO’s first quarter of 2022 GAAP Net Income increased to $206 million from $167 million in the first quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $208 million from $170 million in the first 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’s first quarter of 2022 GAAP Net Income decreased to $198 million from $209 million in the first quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $200 million from $211 million in the first quarter of 2021, primarily due an increase in depreciation and various expenses, 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’s first quarter of 2022 GAAP Net Income increased to $130 million from $128 million in the first quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $136 million from $130 million in the first quarter of 2021, primarily due to distribution and transmission rate increases, partially offset by an increase in storm costs and depreciation expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and First Quarter Highlights
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the first 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 |
$ |
0.49 |
$ |
481 |
$ |
188 |
$ |
206 |
$ |
198 |
$ |
130 |
ERP System Implementation Costs (net of taxes of $0) |
|
— |
|
1 |
|
— |
|
— |
|
— |
|
— |
Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively) |
|
0.02 |
|
17 |
|
5 |
|
2 |
|
2 |
|
4 |
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
0.14 |
|
134 |
|
— |
|
— |
|
— |
|
3 |
2022 Adjusted (non-GAAP) Operating Earnings |
$ |
0.64 |
$ |
634 |
$ |
193 |
$ |
208 |
$ |
200 |
$ |
136 |
Adjusted (non-GAAP) Operating Earnings for the first 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 |
$ |
0.53 |
$ |
525 |
|
$ |
197 |
$ |
167 |
$ |
209 |
$ |
128 |
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) |
|
— |
|
(1 |
) |
|
— |
|
— |
|
— |
|
— |
COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) |
|
— |
|
2 |
|
|
— |
|
1 |
|
1 |
|
— |
Acquisition Related Costs (net of taxes of $2) |
|
0.01 |
|
6 |
|
|
— |
|
— |
|
— |
|
— |
ERP System Implementation Costs (net of taxes of $2, $0, $0, and $0, respectively) |
|
0.01 |
|
5 |
|
|
— |
|
1 |
|
1 |
|
1 |
Separation Costs (net of taxes of $1, $0, $0, and $0, respectively) |
|
0.01 |
|
5 |
|
|
1 |
|
1 |
|
— |
|
1 |
2021 Adjusted (non-GAAP) Operating Earnings |
$ |
0.55 |
$ |
542 |
|
$ |
198 |
$ |
170 |
$ |
211 |
$ |
130 |
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 first 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.
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 May 9, 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 in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2022 Quarterly Report on Form 10-Q (to be filed on May 9, 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 (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Earnings Release Attachments Table of Contents
|
|
Consolidating Statement of Operations |
2 |
|
|
Consolidated Balance Sheets |
3 |
|
|
Consolidated Statements of Cash Flows |
5 |
|
|
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
6 |
|
|
Statistics |
|
ComEd |
8 |
PECO |
9 |
BGE |
10 |
Pepco |
11 |
DPL |
12 |
ACE |
13 |
Consolidating Statements of Operations (unaudited) (in millions)
|
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,734 |
|
|
$ |
1,047 |
|
|
$ |
1,154 |
|
|
$ |
1,404 |
|
|
$ |
(12 |
) |
|
$ |
5,327 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
638 |
|
|
|
407 |
|
|
|
454 |
|
|
|
579 |
|
|
|
— |
|
|
|
2,078 |
|
Operating and maintenance |
|
351 |
|
|
|
247 |
|
|
|
218 |
|
|
|
299 |
|
|
|
63 |
|
|
|
1,178 |
|
Depreciation and amortization |
|
321 |
|
|
|
92 |
|
|
|
171 |
|
|
|
218 |
|
|
|
15 |
|
|
|
817 |
|
Taxes other than income taxes |
|
96 |
|
|
|
47 |
|
|
|
76 |
|
|
|
119 |
|
|
|
16 |
|
|
|
354 |
|
Total operating expenses |
|
1,406 |
|
|
|
793 |
|
|
|
919 |
|
|
|
1,215 |
|
|
|
94 |
|
|
|
4,427 |
|
Operating income (loss) |
|
328 |
|
|
|
254 |
|
|
|
235 |
|
|
|
189 |
|
|
|
(106 |
) |
|
|
900 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(100 |
) |
|
|
(41 |
) |
|
|
(35 |
) |
|
|
(69 |
) |
|
|
(93 |
) |
|
|
(338 |
) |
Other, net |
|
12 |
|
|
|
7 |
|
|
|
7 |
|
|
|
17 |
|
|
|
94 |
|
|
|
137 |
|
Total other income and (deductions) |
|
(88 |
) |
|
|
(34 |
) |
|
|
(28 |
) |
|
|
(52 |
) |
|
|
1 |
|
|
|
(201 |
) |
Income from continuing operations before income taxes |
|
240 |
|
|
|
220 |
|
|
|
207 |
|
|
|
137 |
|
|
|
(105 |
) |
|
|
699 |
|
Income taxes |
|
52 |
|
|
|
14 |
|
|
|
9 |
|
|
|
7 |
|
|
|
136 |
|
|
|
218 |
|
Net income from continuing operations after income taxes |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(241 |
) |
|
|
481 |
|
Net income (loss) from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
117 |
|
Net income (loss) |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(124 |
) |
|
|
598 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net income (loss) attributable to common shareholders |
$ |
188 |
|
|
$ |
206 |
|
|
$ |
198 |
|
|
$ |
130 |
|
|
$ |
(125 |
) |
|
$ |
597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,535 |
|
|
$ |
889 |
|
|
$ |
974 |
|
|
$ |
1,244 |
|
|
$ |
(10 |
) |
|
$ |
4,632 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
527 |
|
|
|
316 |
|
|
|
331 |
|
|
|
479 |
|
|
|
(2 |
) |
|
|
1,651 |
|
Operating and maintenance |
|
316 |
|
|
|
234 |
|
|
|
197 |
|
|
|
256 |
|
|
|
80 |
|
|
|
1,083 |
|
Depreciation and amortization |
|
292 |
|
|
|
86 |
|
|
|
152 |
|
|
|
210 |
|
|
|
17 |
|
|
|
757 |
|
Taxes other than income taxes |
|
75 |
|
|
|
43 |
|
|
|
72 |
|
|
|
113 |
|
|
|
14 |
|
|
|
317 |
|
Total operating expenses |
|
1,210 |
|
|
|
679 |
|
|
|
752 |
|
|
|
1,058 |
|
|
|
109 |
|
|
|
3,808 |
|
Operating income (loss) |
|
325 |
|
|
|
210 |
|
|
|
222 |
|
|
|
186 |
|
|
|
(119 |
) |
|
|
824 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(96 |
) |
|
|
(38 |
) |
|
|
(34 |
) |
|
|
(67 |
) |
|
|
(83 |
) |
|
|
(318 |
) |
Other, net |
|
7 |
|
|
|
5 |
|
|
|
8 |
|
|
|
17 |
|
|
|
21 |
|
|
|
58 |
|
Total other income and (deductions) |
|
(89 |
) |
|
|
(33 |
) |
|
|
(26 |
) |
|
|
(50 |
) |
|
|
(62 |
) |
|
|
(260 |
) |
Income from continuing operations before income taxes |
|
236 |
|
|
|
177 |
|
|
|
196 |
|
|
|
136 |
|
|
|
(181 |
) |
|
|
564 |
|
Income taxes |
|
39 |
|
|
|
10 |
|
|
|
(13 |
) |
|
|
8 |
|
|
|
(5 |
) |
|
|
39 |
|
Net income from continuing operations after income taxes |
|
197 |
|
|
|
167 |
|
|
|
209 |
|
|
|
128 |
|
|
|
(176 |
) |
|
|
525 |
|
Net income (loss) from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(789 |
) |
|
|
(789 |
) |
Net income (loss) |
|
197 |
|
|
|
167 |
|
|
|
209 |
|
|
|
128 |
|
|
|
(965 |
) |
|
|
(264 |
) |
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
25 |
|
Net income (loss) attributable to common shareholders |
$ |
197 |
|
|
$ |
167 |
|
|
$ |
209 |
|
|
$ |
128 |
|
|
$ |
(990 |
) |
|
$ |
(289 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in Net income from continuing operations 2021 to 2022 |
$ |
(9 |
) |
|
$ |
39 |
|
|
$ |
(11 |
) |
|
$ |
2 |
|
|
$ |
(65 |
) |
|
$ |
(44 |
) |
__________ |
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
Exelon Consolidated Balance Sheets (unaudited) (in millions)
|
||||||||
|
|
March 31, 2022 |
|
December 31, 2021 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,476 |
|
|
$ |
672 |
|
Restricted cash and cash equivalents |
|
|
430 |
|
|
|
321 |
|
Accounts receivable |
|
|
|
|
||||
Customer accounts receivable |
|
|
2,365 |
|
|
|
2,189 |
|
Customer allowance for credit losses |
|
|
(389 |
) |
|
|
(320 |
) |
Customer accounts receivable, net |
|
|
1,976 |
|
|
|
1,869 |
|
Other accounts receivable |
|
|
1,148 |
|
|
|
1,068 |
|
Other allowance for credit losses |
|
|
(81 |
) |
|
|
(72 |
) |
Other accounts receivable, net |
|
|
1,067 |
|
|
|
996 |
|
Inventories, net |
|
|
|
|
||||
Fossil fuel and emission allowances |
|
|
39 |
|
|
|
105 |
|
Materials and supplies |
|
|
473 |
|
|
|
476 |
|
Regulatory assets |
|
|
1,221 |
|
|
|
1,296 |
|
Other |
|
|
463 |
|
|
|
387 |
|
Current assets of discontinued operations |
|
|
— |
|
|
|
7,835 |
|
Total current assets |
|
|
8,145 |
|
|
|
13,957 |
|
Property, plant, and equipment, net |
|
|
65,465 |
|
|
|
64,558 |
|
Deferred debits and other assets |
|
|
|
|
||||
Regulatory assets |
|
|
8,200 |
|
|
|
8,224 |
|
Investments |
|
|
244 |
|
|
|
250 |
|
Goodwill |
|
|
6,630 |
|
|
|
6,630 |
|
Receivable related to Regulatory Agreement Units |
|
|
2,969 |
|
|
|
— |
|
Other |
|
|
1,045 |
|
|
|
885 |
|
Property, plant, and equipment, deferred debits, and other assets of discontinued operations |
|
|
— |
|
|
|
38,509 |
|
Total deferred debits and other assets |
|
|
19,088 |
|
|
|
54,498 |
|
Total assets |
|
$ |
92,698 |
|
|
$ |
133,013 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Liabilities and shareholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
1,900 |
|
|
$ |
1,248 |
|
Long-term debt due within one year |
|
|
2,154 |
|
|
|
2,153 |
|
Accounts payable |
|
|
2,175 |
|
|
|
2,379 |
|
Accrued expenses |
|
|
1,029 |
|
|
|
1,137 |
|
Payables to affiliates |
|
|
6 |
|
|
|
5 |
|
Regulatory liabilities |
|
|
394 |
|
|
|
376 |
|
Mark-to-market derivative liabilities |
|
|
— |
|
|
|
18 |
|
Unamortized energy contract liabilities |
|
|
13 |
|
|
|
89 |
|
Other |
|
|
964 |
|
|
|
766 |
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
7,940 |
|
Total current liabilities |
|
|
8,635 |
|
|
|
16,111 |
|
Long-term debt |
|
|
35,008 |
|
|
|
30,749 |
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
Deferred credits and other liabilities |
|
|
|
|
||||
Deferred income taxes and unamortized investment tax credits |
|
|
11,089 |
|
|
|
10,611 |
|
Asset retirement obligations |
|
|
273 |
|
|
|
271 |
|
Pension obligations |
|
|
1,447 |
|
|
|
2,051 |
|
Non-pension postretirement benefit obligations |
|
|
800 |
|
|
|
811 |
|
Regulatory liabilities |
|
|
9,192 |
|
|
|
9,628 |
|
Mark-to-market derivative liabilities |
|
|
144 |
|
|
|
201 |
|
Unamortized energy contract liabilities |
|
|
42 |
|
|
|
146 |
|
Other |
|
|
2,187 |
|
|
|
1,573 |
|
Long-term debt, deferred credits, and other liabilities of discontinued operations |
|
|
— |
|
|
|
25,676 |
|
Total deferred credits and other liabilities |
|
|
25,174 |
|
|
|
50,968 |
|
Total liabilities |
|
|
69,207 |
|
|
|
98,218 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Common stock |
|
|
20,299 |
|
|
|
20,324 |
|
Treasury stock, at cost |
|
|
(123 |
) |
|
|
(123 |
) |
Retained earnings |
|
|
4,028 |
|
|
|
16,942 |
|
Accumulated other comprehensive loss, net |
|
|
(713 |
) |
|
|
(2,750 |
) |
Total shareholders’ equity |
|
|
23,491 |
|
|
|
34,393 |
|
Noncontrolling interests |
|
|
— |
|
|
|
402 |
|
Total equity |
|
|
23,491 |
|
|
|
34,795 |
|
Total liabilities and shareholders’ equity |
|
$ |
92,698 |
|
|
$ |
133,013 |
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions)
|
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
598 |
|
|
$ |
(264 |
) |
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization |
|
|
1,024 |
|
|
|
2,104 |
|
Asset impairments |
|
|
— |
|
|
|
1 |
|
Gain on sales of assets and businesses |
|
|
(10 |
) |
|
|
(71 |
) |
Deferred income taxes and amortization of investment tax credits |
|
|
110 |
|
|
|
(142 |
) |
Net fair value changes related to derivatives |
|
|
(59 |
) |
|
|
(178 |
) |
Net realized and unrealized losses (gains) on NDT funds |
|
|
205 |
|
|
|
(118 |
) |
Net unrealized losses on equity investments |
|
|
16 |
|
|
|
23 |
|
Other non-cash operating activities |
|
|
232 |
|
|
|
(170 |
) |
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(711 |
) |
|
|
(372 |
) |
Inventories |
|
|
125 |
|
|
|
77 |
|
Accounts payable and accrued expenses |
|
|
291 |
|
|
|
(176 |
) |
Option premiums (paid) received, net |
|
|
(39 |
) |
|
|
16 |
|
Collateral received, net |
|
|
1,142 |
|
|
|
273 |
|
Income taxes |
|
|
77 |
|
|
|
113 |
|
Pension and non-pension postretirement benefit contributions |
|
|
(574 |
) |
|
|
(537 |
) |
Other assets and liabilities |
|
|
(645 |
) |
|
|
(1,840 |
) |
Net cash flows provided by (used in) operating activities |
|
|
1,782 |
|
|
|
(1,261 |
) |
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(1,922 |
) |
|
|
(2,140 |
) |
Proceeds from NDT fund sales |
|
|
488 |
|
|
|
2,908 |
|
Investment in NDT funds |
|
|
(516 |
) |
|
|
(2,939 |
) |
Collection of DPP |
|
|
169 |
|
|
|
1,574 |
|
Proceeds from sales of assets and businesses |
|
|
16 |
|
|
|
680 |
|
Other investing activities |
|
|
(54 |
) |
|
|
12 |
|
Net cash flows (used in) provided by investing activities |
|
|
(1,819 |
) |
|
|
95 |
|
Cash flows from financing activities |
|
|
|
|
||||
Changes in short-term borrowings |
|
|
(700 |
) |
|
|
597 |
|
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 |
|
|
4,301 |
|
|
|
1,705 |
|
Retirement of long-term debt |
|
|
(6 |
) |
|
|
(79 |
) |
Dividends paid on common stock |
|
|
(332 |
) |
|
|
(374 |
) |
Proceeds from employee stock plans |
|
|
9 |
|
|
|
31 |
|
Transfer of cash, restricted cash, and cash equivalents to Constellation |
|
|
(2,594 |
) |
|
|
— |
|
Other financing activities |
|
|
(62 |
) |
|
|
(46 |
) |
Net cash flows provided by financing activities |
|
|
1,416 |
|
|
|
2,334 |
|
Increase in cash, restricted cash, and cash equivalents |
|
|
1,379 |
|
|
|
1,168 |
|
Cash, restricted cash, and cash equivalents at beginning of period |
|
|
1,619 |
|
|
|
1,166 |
|
Cash, restricted cash, and cash equivalents at end of period |
|
$ |
2,998 |
|
|
$ |
2,334 |
|
Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 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 |
$ |
0.53 |
|
|
$ |
197 |
|
|
$ |
167 |
|
|
$ |
209 |
|
|
$ |
128 |
|
|
$ |
(176 |
) |
|
$ |
525 |
|
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) (1) |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Acquisition Related Costs (net of taxes of $2) (2) |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
6 |
|
ERP System Implementation Costs (net of taxes of $0, $0, $0, $1, and $2, respectively) (3) |
|
0.01 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
Separation Costs (net of taxes of $0, $0, $0, $1, and $1, respectively) (4) |
|
0.01 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
2021 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.55 |
|
|
$ |
198 |
|
|
$ |
170 |
|
|
$ |
211 |
|
|
$ |
130 |
|
|
$ |
(167 |
) |
|
$ |
542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weather |
$ |
(0.01 |
) |
|
$ |
— |
|
(b) |
$ |
(6 |
) |
|
$ |
— |
|
(b) |
$ |
1 |
|
(b) |
$ |
— |
|
|
$ |
(5 |
) |
Load |
|
0.02 |
|
|
|
— |
|
(b) |
|
10 |
|
|
|
— |
|
(b) |
|
5 |
|
(b) |
|
— |
|
|
|
15 |
|
Distribution and Transmission Rates (6) |
|
0.09 |
|
|
|
13 |
|
(c) |
|
36 |
|
(c) |
|
6 |
|
(c) |
|
30 |
|
(c) |
|
— |
|
|
|
85 |
|
Other Energy Delivery (7) |
|
0.08 |
|
|
|
50 |
|
(c) |
|
8 |
|
(c) |
|
20 |
|
(c) |
|
5 |
|
(c) |
|
— |
|
|
|
83 |
|
Operating and Maintenance Expense (8) |
|
(0.08 |
) |
|
|
(25 |
) |
|
|
(11 |
) |
|
|
(17 |
) |
|
|
(30 |
) |
|
|
— |
|
|
|
(83 |
) |
Pension and Non-Pension Postretirement Benefits |
|
0.01 |
|
|
|
5 |
|
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
3 |
|
|
|
12 |
|
Depreciation and Amortization Expense (9) |
|
(0.04 |
) |
|
|
(21 |
) |
|
|
(4 |
) |
|
|
(14 |
) |
|
|
(6 |
) |
|
|
2 |
|
|
|
(43 |
) |
Other (10) |
|
0.02 |
|
|
|
(27 |
) |
|
|
4 |
|
|
|
(8 |
) |
|
|
— |
|
|
|
59 |
|
|
|
28 |
|
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.09 |
|
|
$ |
(5 |
) |
|
$ |
38 |
|
|
$ |
(11 |
) |
|
$ |
6 |
|
|
$ |
64 |
|
|
$ |
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.49 |
|
|
$ |
188 |
|
|
$ |
206 |
|
|
$ |
198 |
|
|
$ |
130 |
|
|
$ |
(241 |
) |
|
$ |
481 |
|
ERP System Implementation Costs (net of taxes of $0) (3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Separation Costs (net of taxes of $2, $1, $1, $1, $1, and $7, respectively) (4) |
|
0.02 |
|
|
|
5 |
|
|
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
4 |
|
|
|
17 |
|
Income Tax-Related Adjustments (entire amount represents tax expense) (5) |
|
0.14 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
131 |
|
|
|
134 |
|
2022 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.64 |
|
|
$ |
193 |
|
|
$ |
208 |
|
|
$ |
200 |
|
|
$ |
136 |
|
|
$ |
(103 |
) |
|
$ |
634 |
|
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. |
(6) |
For ComEd, reflects increased electric distribution revenues due to higher rate base and higher allowed electric distribution ROE driven by an increase in treasury rates. 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 and transmission rate increases. |
(7) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. |
(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. 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 (Q1 2022 includes one month of costs for the period prior to the separation compared to three months of costs included in Q1 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. |
(10) |
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 March 31, 2022 and 2021
|
||||||||||||||||||
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather -
|
|
2022 |
|
2021 |
|
% Change |
|||||
Rate-Regulated Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
6,751 |
|
6,685 |
|
1.0 |
% |
|
(1.2 |
) % |
|
$ |
857 |
|
$ |
741 |
|
15.7 |
% |
Small commercial & industrial |
7,504 |
|
7,266 |
|
3.3 |
% |
|
2.3 |
% |
|
|
423 |
|
|
367 |
|
15.3 |
% |
Large commercial & industrial |
6,746 |
|
6,479 |
|
4.1 |
% |
|
3.6 |
% |
|
|
153 |
|
|
134 |
|
14.2 |
% |
Public authorities & electric railroads |
257 |
|
267 |
|
(3.7 |
) % |
|
(3.8 |
) % |
|
|
14 |
|
|
11 |
|
27.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
239 |
|
|
220 |
|
8.6 |
% |
Total rate-regulated electric revenues(c) |
21,258 |
|
20,697 |
|
2.7 |
% |
|
1.5 |
% |
|
|
1,686 |
|
|
1,473 |
|
14.5 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
48 |
|
|
62 |
|
(22.6 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
1,734 |
|
$ |
1,535 |
|
13.0 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
638 |
|
$ |
527 |
|
21.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
3,165 |
|
2,989 |
|
3,085 |
|
5.9 |
% |
|
2.6 |
% |
Number of Electric Customers |
2022 |
|
2021 |
Residential |
3,713,397 |
|
3,696,208 |
Small commercial & industrial |
390,994 |
|
388,483 |
Large commercial & industrial |
1,882 |
|
1,863 |
Public authorities & electric railroads |
4,838 |
|
4,876 |
Total |
4,111,111 |
|
4,091,430 |
__________ |
|
(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 $6 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs and late payment charges. |
PECO Statistics Three Months Ended March 31, 2022 and 2021
|
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rate-Regulated Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
3,758 |
|
3,767 |
|
(0.2 |
) % |
|
1.1 |
% |
|
$ |
487 |
|
$ |
433 |
|
12.5 |
% |
Small commercial & industrial |
1,937 |
|
1,881 |
|
3.0 |
% |
|
3.4 |
% |
|
|
111 |
|
|
100 |
|
11.0 |
% |
Large commercial & industrial |
3,332 |
|
3,272 |
|
1.8 |
% |
|
1.9 |
% |
|
|
64 |
|
|
57 |
|
12.3 |
% |
Public authorities & electric railroads |
182 |
|
149 |
|
22.1 |
% |
|
22.4 |
% |
|
|
8 |
|
|
9 |
|
(11.1 |
) % |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
62 |
|
|
52 |
|
19.2 |
% |
Total rate-regulated electric revenues(c) |
9,209 |
|
9,069 |
|
1.5 |
% |
|
2.2 |
% |
|
|
732 |
|
|
651 |
|
12.4 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
9 |
|
|
10 |
|
(10.0 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
741 |
|
|
661 |
|
12.1 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rate-Regulated Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
20,837 |
|
20,674 |
|
0.8 |
% |
|
4.3 |
% |
|
|
218 |
|
|
160 |
|
36.3 |
% |
Small commercial & industrial |
10,546 |
|
10,170 |
|
3.7 |
% |
|
5.8 |
% |
|
|
76 |
|
|
59 |
|
28.8 |
% |
Large commercial & industrial |
10 |
|
7 |
|
42.9 |
% |
|
10.2 |
% |
|
|
— |
|
|
— |
|
N/A |
|
Transportation |
7,639 |
|
7,650 |
|
(0.1 |
) % |
|
0.7 |
% |
|
|
8 |
|
|
7 |
|
14.3 |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
3 |
|
|
2 |
|
50.0 |
% |
Total rate-regulated natural gas revenues(g) |
39,032 |
|
38,501 |
|
1.4 |
% |
|
4.0 |
% |
|
|
305 |
|
|
228 |
|
33.8 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
— |
|
100.0 |
% |
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
306 |
|
|
228 |
|
34.2 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,047 |
|
$ |
889 |
|
17.8 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
407 |
|
$ |
316 |
|
28.8 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,228 |
|
2,302 |
|
2,416 |
|
(3.2 |
) % |
|
(7.8 |
) % |
Cooling Degree-Days |
1 |
|
5 |
|
1 |
|
(80.0 |
) % |
|
— |
% |
Number of Electric Customers |
2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
Residential |
1,521,255 |
|
1,512,255 |
|
Residential |
499,188 |
|
493,857 |
Small commercial & industrial |
155,485 |
|
154,637 |
|
Small commercial & industrial |
44,959 |
|
44,604 |
Large commercial & industrial |
3,102 |
|
3,109 |
|
Large commercial & industrial |
5 |
|
5 |
Public authorities & electric railroads |
10,342 |
|
10,237 |
|
Transportation |
664 |
|
685 |
Total |
1,690,184 |
|
1,680,238 |
|
Total |
544,816 |
|
539,151 |
__________ |
|
(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 March 31, 2022 and 2021 |
(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 March 31, 2022 and 2021. |
BGE Statistics Three Months Ended March 31, 2022 and 2021
|
|||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
3,569 |
|
3,538 |
|
0.9 |
% |
|
(1.3 |
) % |
|
$ |
417 |
|
|
$ |
362 |
|
15.2 |
% |
Small commercial & industrial |
736 |
|
723 |
|
1.8 |
% |
|
0.9 |
% |
|
|
81 |
|
|
|
69 |
|
17.4 |
% |
Large commercial & industrial |
3,173 |
|
3,109 |
|
2.1 |
% |
|
2.0 |
% |
|
|
131 |
|
|
|
105 |
|
24.8 |
% |
Public authorities & electric railroads |
53 |
|
48 |
|
10.4 |
% |
|
7.4 |
% |
|
|
7 |
|
|
|
7 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
97 |
|
|
|
77 |
|
26.0 |
% |
Total rate-regulated electric revenues(c) |
7,531 |
|
7,418 |
|
1.5 |
% |
|
0.3 |
% |
|
|
733 |
|
|
|
620 |
|
18.2 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
3 |
|
|
|
12 |
|
(75.0 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
736 |
|
|
|
632 |
|
16.5 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
21,118 |
|
18,451 |
|
14.5 |
% |
|
10.6 |
% |
|
|
282 |
|
|
|
216 |
|
30.6 |
% |
Small commercial & industrial |
4,662 |
|
4,019 |
|
16.0 |
% |
|
10.3 |
% |
|
|
45 |
|
|
|
35 |
|
28.6 |
% |
Large commercial & industrial |
14,743 |
|
14,039 |
|
5.0 |
% |
|
4.0 |
% |
|
|
65 |
|
|
|
54 |
|
20.4 |
% |
Other(f) |
4,460 |
|
7,610 |
|
(41.4 |
) % |
|
n/a |
|
|
|
35 |
|
|
|
31 |
|
12.9 |
% |
Total rate-regulated natural gas revenues(g) |
44,983 |
|
44,119 |
|
2.0 |
% |
|
8.1 |
% |
|
|
427 |
|
|
|
336 |
|
27.1 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
(9 |
) |
|
|
6 |
|
(250.0 |
) % |
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
418 |
|
|
|
342 |
|
22.2 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,154 |
|
|
$ |
974 |
|
18.5 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
454 |
|
|
$ |
331 |
|
37.2 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,241 |
|
2,197 |
|
2,388 |
|
2.0 |
% |
|
(6.2 |
) % |
| Number of Electric Customers | 2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
Residential |
1,199,272 |
|
1,192,470 |
|
Residential |
653,397 |
|
648,824 |
Small commercial & industrial |
115,363 |
|
114,819 |
|
Small commercial & industrial |
38,356 |
|
38,318 |
Large commercial & industrial |
12,674 |
|
12,505 |
|
Large commercial & industrial |
6,193 |
|
6,120 |
Public authorities & electric railroads |
268 |
|
266 |
|
Total |
697,946 |
|
693,262 |
Total |
1,327,577 |
|
1,320,060 |
|
|
|
|
|
__________ |
|
(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 for the three months ended March 31, 2022 and 2021. |
(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 $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively. |
Pepco Statistics Three Months Ended March 31, 2022 and 2021
|
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
||||||
Rate-Regulated Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
2,287 |
|
2,219 |
|
3.1 |
% |
|
2.9 |
% |
|
$ |
275 |
|
|
$ |
253 |
|
8.7 |
% |
Small commercial & industrial |
299 |
|
298 |
|
0.3 |
% |
|
(0.4 |
) % |
|
|
38 |
|
|
|
33 |
|
15.2 |
% |
Large commercial & industrial |
3,249 |
|
3,054 |
|
6.4 |
% |
|
5.6 |
% |
|
|
253 |
|
|
|
184 |
|
37.5 |
% |
Public authorities & electric railroads |
150 |
|
124 |
|
21.0 |
% |
|
21.7 |
% |
|
|
8 |
|
|
|
6 |
|
33.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
46 |
|
|
|
51 |
|
(9.8 |
) % |
Total rate-regulated electric revenues(c) |
5,985 |
|
5,695 |
|
5.1 |
% |
|
4.6 |
% |
|
|
620 |
|
|
|
527 |
|
17.6 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
(6 |
) |
|
|
26 |
|
(123.1 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
614 |
|
|
$ |
553 |
|
11.0 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
213 |
|
|
$ |
166 |
|
28.3 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,013 |
|
2,012 |
|
2,113 |
|
— |
% |
|
(4.7 |
) % |
Cooling Degree-Days |
6 |
|
7 |
|
3 |
|
(14.3 |
) % |
|
100.0 |
% |
Number of Electric Customers |
2022 |
|
2021 |
Residential |
846,258 |
|
835,415 |
Small commercial & industrial |
54,509 |
|
53,738 |
Large commercial & industrial |
22,620 |
|
22,492 |
Public authorities & electric railroads |
184 |
|
174 |
Total |
923,571 |
|
911,819 |
__________ |
|
(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 $1 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs and late payment charge revenues. |
DPL Statistics Three Months Ended March 31, 2022 and 2021
|
|||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
2022 |
|
2021 |
|
% Change |
||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
1,577 |
|
1,520 |
|
3.8 |
% |
|
2.6 |
% |
|
$ |
207 |
|
|
$ |
190 |
|
8.9 |
% |
Small commercial & industrial |
606 |
|
559 |
|
8.4 |
% |
|
7.9 |
% |
|
|
56 |
|
|
|
46 |
|
21.7 |
% |
Large commercial & industrial |
1,015 |
|
919 |
|
10.4 |
% |
|
10.2 |
% |
|
|
26 |
|
|
|
21 |
|
23.8 |
% |
Public authorities & electric railroads |
12 |
|
12 |
|
— |
% |
|
5.2 |
% |
|
|
4 |
|
|
|
4 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
56 |
|
|
|
41 |
|
36.6 |
% |
Total rate-regulated electric revenues(c) |
3,210 |
|
3,010 |
|
6.6 |
% |
|
5.9 |
% |
|
|
349 |
|
|
|
302 |
|
15.6 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
9 |
|
(111.1 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
348 |
|
|
|
311 |
|
11.9 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
4,453 |
|
4,394 |
|
1.3 |
% |
|
0.3 |
% |
|
|
51 |
|
|
|
46 |
|
10.9 |
% |
Small commercial & industrial |
1,983 |
|
1,868 |
|
6.2 |
% |
|
6.0 |
% |
|
|
21 |
|
|
|
18 |
|
16.7 |
% |
Large commercial & industrial |
457 |
|
457 |
|
— |
% |
|
0.1 |
% |
|
|
3 |
|
|
|
2 |
|
50.0 |
% |
Transportation |
2,207 |
|
2,224 |
|
(0.8 |
) % |
|
(0.7 |
) % |
|
|
4 |
|
|
|
4 |
|
— |
% |
Other(g) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
4 |
|
|
|
1 |
|
300.0 |
% |
Total rate-regulated natural gas revenues |
9,100 |
|
8,943 |
|
1.8 |
% |
|
1.3 |
% |
|
|
83 |
|
|
|
71 |
|
16.9 |
% |
Other Rate-Regulated Revenues(f) |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
n/a |
|
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
83 |
|
|
|
71 |
|
16.9 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
431 |
|
|
$ |
382 |
|
12.8 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
189 |
|
|
$ |
156 |
|
21.2 |
% |
||
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,264 |
|
2,269 |
|
2,402 |
|
(0.2 |
) % |
|
(5.7 |
) % |
Cooling Degree-Days |
4 |
|
5 |
|
1 |
|
(20.0 |
) % |
|
300.0 |
% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,355 |
|
2,358 |
|
2,500 |
|
(0.1 |
) % |
|
(5.8 |
) % |
| Number of Electric Customers | 2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
Residential |
478,009 |
|
473,917 |
|
Residential |
128,695 |
|
127,522 |
Small commercial & industrial |
63,296 |
|
62,647 |
|
Small commercial & industrial |
10,097 |
|
10,043 |
Large commercial & industrial |
1,221 |
|
1,208 |
|
Large commercial & industrial |
17 |
|
19 |
Public authorities & electric railroads |
603 |
|
608 |
|
Transportation |
159 |
|
160 |
Total |
543,129 |
|
538,380 |
|
Total |
138,968 |
|
137,744 |
__________ |
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs and late payment charges. |
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. |
(f) |
Includes revenues primarily from off-system sales. |
ACE Statistics Three Months Ended March 31, 2022 and 2021
|
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
|
2022 |
|
|
2021 |
|
% Change |
|||
Rate-Regulated Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
918 |
|
928 |
|
(1.1 |
) % |
|
(2.3 |
) % |
|
$ |
170 |
|
$ |
162 |
|
4.9 |
% |
Small commercial & industrial |
339 |
|
305 |
|
11.1 |
% |
|
9.7 |
% |
|
|
47 |
|
|
39 |
|
20.5 |
% |
Large commercial & industrial |
703 |
|
716 |
|
(1.8 |
) % |
|
(2.4 |
) % |
|
|
44 |
|
|
43 |
|
2.3 |
% |
Public authorities & electric railroads |
14 |
|
13 |
|
7.7 |
% |
|
6.2 |
% |
|
|
4 |
|
|
3 |
|
33.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
81 |
|
|
52 |
|
55.8 |
% |
Total rate-regulated electric revenues(c) |
1,974 |
|
1,962 |
|
0.6 |
% |
|
(0.4 |
) % |
|
|
346 |
|
|
299 |
|
15.7 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
3 |
|
|
11 |
|
(72.7 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
349 |
|
$ |
310 |
|
12.6 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
178 |
|
$ |
157 |
|
13.4 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,436 |
|
2,348 |
|
2,454 |
|
3.7 |
% |
|
(0.7 |
) % |
Cooling Degree-Days |
2 |
|
4 |
|
1 |
|
(50.0 |
) % |
|
100.0 |
% |
| Number of Electric Customers |
|
2022 |
|
2021 |
Residential |
|
500,511 |
|
498,396 |
Small commercial & industrial |
|
62,124 |
|
61,771 |
Large commercial & industrial |
|
3,124 |
|
3,267 |
Public authorities & electric railroads |
|
724 |
|
704 |
Total |
|
566,483 |
|
564,138 |
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs. |
Основные моменты отчета о прибылях и убытках
Exelon завершила разделение Constellation Energy Corporation (Constellation), бывшего подразделения Exelon по производству электроэнергии и конкурентоспособного энергетического бизнеса, став ведущей национальной компанией по передаче и распределению электроэнергии.
Чистая прибыль по GAAP от продолжающейся деятельности в размере 0,49 доллара на акцию и Скорректированная (не по GAAP) операционная прибыль в размере 0,64 доллара на акцию за первый квартал 2022 года; результаты Constellation были реклассифицированы в категорию прекращенной деятельности
Прогнозируемый диапазон скорректированной операционной прибыли на весь 2022 год (без учета GAAP) на уровне 2,18-2,32 доллара на акцию
Продолжающиеся высокие эксплуатационные показатели коммунальных служб, в том числе ComEd, предоставляющий клиентам самые надежные услуги в течение первых трех месяцев года за любой год за всю историю
В марте Комиссия по государственной службе штата Мэриленд (MDPSC) одобрила урегулирование по делу Delmarva Power о тарифах на распределение электроэнергии в Мэриленде
В марте PECO подала иск о тарифах на распределение газа в Комиссию по коммунальным услугам Пенсильвании (PAPUC), добиваясь повышения базовых ставок для поддержки значительных инвестиций в инфраструктуру для обеспечения безопасного и надежного обслуживания природным газом и сокращения выбросов метана
ComEd подала свое последнее ежегодное обновление ставок формулы распределения в Торговую комиссию Иллинойса (ICC) в апреле, требуя увеличения базовых ставок на 2023 год для поддержки инвестиций, необходимых для поддержания надежности на рекордном уровне и увеличения интеграции возобновляемых источников энергии в систему
ЧИКАГО-- (BUSINESS WIRE)--Корпорация Exelon (Nasdaq: EXC) сегодня сообщила о своих финансовых результатах за первый квартал 2022 года.
“Первый квартал стал важной вехой для Exelon, поскольку мы успешно завершили разделение генерирующего бизнеса и вступили на путь ведущей национальной компании по передаче и распределению электроэнергии”, - сказал президент и генеральный директор Exelon Крис Крейн. “В то же время мы продолжали уделять особое внимание основам операционного и финансового исполнения. Помимо предоставления надежной и безопасной энергии нашим более чем 10 миллионам клиентов, мы также продолжали следовать нашим основным ценностям. Мы выделили стипендии в размере 2,4 миллиона долларов 24 студентам, посещающим исторически чернокожие колледжи и университеты, и открыли заявки на наш Фонд расового акционерного капитала в размере 36 миллионов долларов, чтобы расширить доступ к финансированию для малых предприятий, принадлежащих меньшинствам, в недостаточно обслуживаемых сообществах ”.
“Скорректированная (не по GAAP) операционная прибыль в размере 0,64 доллара на акцию в первом квартале была частично обусловлена возмещением затрат, связанных с текущими инвестициями в инфраструктуру для повышения надежности и отказоустойчивости, улучшения обслуживания наших клиентов и подготовки сети к будущему чистой энергии”, - сказал финансовый директор Exelon Джо Нигро. “Наши инвестиции в модернизацию электросетей, подкрепленные конструктивными отношениями с регулирующими органами, продолжают обеспечивать высокие операционные результаты и стабильную прибыль наших коммунальных предприятий. До конца года мы продолжим выполнять наши финансовые обязательства и подтвердим наш прогноз по скорректированной операционной прибыли за весь год (без учета GAAP) в диапазоне от 2,18 до 2,32 доллара на акцию”.
Первый квартал 2022 года
Чистая прибыль Exelon по GAAP от продолжающейся деятельности за первый квартал 2022 года снизилась до 0,49 доллара на акцию с 0,53 доллара Чистой прибыли по GAAP от продолжающейся деятельности на акцию в первом квартале 2021 года. Скорректированная (без учета GAAP) операционная прибыль за первый квартал 2022 года увеличилась до 0,64 доллара на акцию с 0,55 доллара на акцию в первом квартале 2021 года. Для сверки Чистой прибыли по ОПБУ от продолжающейся деятельности с Скорректированной (не по ОПБУ) Операционной прибылью обратитесь к таблицам, начинающимся на странице 4.
Скорректированная (не по GAAP) операционная прибыль в первом квартале 2022 года в основном отражает:
Результаты Операционной Компании1
Чистая прибыль ComEd за первый квартал 2022 года по ОПБУ снизилась до 188 миллионов долларов с 197 миллионов долларов в первом квартале 2021 года. Скорректированная операционная прибыль ComEd (без учета GAAP) за первый квартал 2022 года снизилась до 193 миллионов долларов с 198 миллионов долларов в первом квартале 2021 года, в основном из-за добровольного возмещения средств клиентам, связанного с расследованием ICC вопросов, указанных в Соглашении об отсрочке судебного преследования, частично компенсированного увеличением распределения электроэнергии прибыль по формуле ставки (отражающая влияние более высокой базовой ставки и более высокой разрешенной рентабельности инвестиций в распределение электроэнергии из-за увеличения ставок казначейства). Из-за разделения доходов доходы от дистрибуции ComEd не зависят от фактической погоды или моделей использования клиентами.
Чистая прибыль PECO за первый квартал 2022 года по ОПБУ увеличилась до 206 миллионов долларов с 167 миллионов долларов в первом квартале 2021 года. Скорректированная операционная прибыль PECO (без учета GAAP) за первый квартал 2022 года увеличилась до 208 миллионов долларов с 170 миллионов долларов в первом квартале 2021 года, главным образом из-за увеличения ставок распределения.
___________ |
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. |
Чистая прибыль BGE за первый квартал 2022 года по ОПБУ снизилась до 198 миллионов долларов с 209 миллионов долларов в первом квартале 2021 года. Скорректированная операционная прибыль BGE (без учета GAAP) за первый квартал 2022 года снизилась до 200 миллионов долларов с 211 миллионов долларов в первом квартале 2021 года, в основном из-за увеличения амортизации и различных расходов, частично компенсированных благоприятным воздействием многолетних планов. Из-за разделения доходов доходы BGE от дистрибуции не зависят от фактических погодных условий или моделей использования клиентами.
Чистая прибыль PHI за первый квартал 2022 года по ОПБУ увеличилась до 130 миллионов долларов с 128 миллионов долларов в первом квартале 2021 года. Скорректированная операционная прибыль PHI (без учета GAAP) за первый квартал 2022 года увеличилась до 136 миллионов долларов с 130 миллионов долларов в первом квартале 2021 года, в основном из-за увеличения скорости распределения и передачи, частично компенсированного увеличением расходов на штормовые и амортизационные отчисления. Из-за разделения доходов доходы PHI от дистрибуции, связанные с Pepco Maryland, DPL Maryland, Pepco District of Columbia и ACE, не зависят от фактических погодных условий или моделей использования клиентами.
Последние события и основные события Первого квартала
Сверка операционной прибыли по ОПБУ/Скорректированной (не по ОПБУ)
Скорректированная (не по GAAP) Операционная прибыль за первый квартал 2022 года не включает следующие статьи (после налогообложения), которые были включены в отчетную чистую прибыль по GAAP от продолжающейся деятельности:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.49 |
$ |
481 |
$ |
188 |
$ |
206 |
$ |
198 |
$ |
130 |
ERP System Implementation Costs (net of taxes of $0) |
|
— |
|
1 |
|
— |
|
— |
|
— |
|
— |
Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively) |
|
0.02 |
|
17 |
|
5 |
|
2 |
|
2 |
|
4 |
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
0.14 |
|
134 |
|
— |
|
— |
|
— |
|
3 |
2022 Adjusted (non-GAAP) Operating Earnings |
$ |
0.64 |
$ |
634 |
$ |
193 |
$ |
208 |
$ |
200 |
$ |
136 |
Скорректированная (не по GAAP) Операционная прибыль за первый квартал 2021 года не включает следующие статьи (после налогообложения), которые были включены в отчетную чистую прибыль по GAAP от продолжающейся деятельности:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
|||||||
2021 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.53 |
$ |
525 |
|
$ |
197 |
$ |
167 |
$ |
209 |
$ |
128 |
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) |
|
— |
|
(1 |
) |
|
— |
|
— |
|
— |
|
— |
COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) |
|
— |
|
2 |
|
|
— |
|
1 |
|
1 |
|
— |
Acquisition Related Costs (net of taxes of $2) |
|
0.01 |
|
6 |
|
|
— |
|
— |
|
— |
|
— |
ERP System Implementation Costs (net of taxes of $2, $0, $0, and $0, respectively) |
|
0.01 |
|
5 |
|
|
— |
|
1 |
|
1 |
|
1 |
Separation Costs (net of taxes of $1, $0, $0, and $0, respectively) |
|
0.01 |
|
5 |
|
|
1 |
|
1 |
|
— |
|
1 |
2021 Adjusted (non-GAAP) Operating Earnings |
$ |
0.55 |
$ |
542 |
|
$ |
198 |
$ |
170 |
$ |
211 |
$ |
130 |
Примечание: Суммы могут не суммироваться из-за округления. Если не указано иное, влияние на подоходный налог каждой статьи выверки между Чистой прибылью (убытком) от продолжающейся деятельности по ОПБУ и Скорректированной (не по ОПБУ) Операционной прибылью основано на предельных установленных законом ставках федерального и государственного подоходного налога для каждого Владельца регистрации с учетом того, подлежит ли статья дохода или расхода налогообложению или вычету соответственно, полностью или частично. По всем статьям предельные установленные законом ставки подоходного налога на 2022 и 2021 годы варьировались от 24,0% до 29,0%.
Информация о веб-трансляции
Exelon обсудит прибыль за первый квартал 2022 года на телефонной конференции, запланированной на сегодня в 9 утра по Центральному времени (10 утра по Восточному времени). Доступ к веб-трансляции и связанным с ней материалам можно получить по адресу www.exeloncorp.com/investor-relations .
Exelon — компания из списка Fortune 200 и крупнейшая в стране коммунальная компания, обслуживающая более 10 миллионов клиентов через шесть полностью регулируемых сетей передачи и распределения электроэнергии - Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Компании (PECO) и Potomac Electric Power Company (Pepco). Более 18 000 сотрудников Exelon посвящают свое время и опыт поддержке наших сообществ посредством надежного, доступного и эффективного энергоснабжения, развития рабочей силы, справедливости, экономического развития и волонтерства. Подписывайтесь на Exelon в Twitter @Exelon.
Финансовые показатели, Не относящиеся к ОПБУ
В дополнение к чистой прибыли, определенной в соответствии с общепринятыми принципами бухгалтерского учета в Соединенных Штатах (GAAP), Exelon оценивает свои операционные показатели, используя показатель Скорректированной (не по GAAP) операционной прибыли, поскольку руководство считает, что она представляет собой прибыль, непосредственно связанную с текущей деятельностью бизнеса. Скорректированная (не по GAAP) операционная прибыль исключает определенные затраты, расходы, прибыли и убытки, а также другие определенные статьи. Эта мера предназначена для улучшения общего понимания инвестором операционных результатов за период и предоставления информации о базовых операционных показателях Exelon, исключая статьи, которые, по мнению руководства, не имеют прямого отношения к текущей деятельности бизнеса. Кроме того, этот показатель входит в число основных показателей, которые руководство использует в качестве основы для оценки результатов деятельности, распределения ресурсов, установления целевых показателей стимулирующей компенсации, а также планирования и прогнозирования будущих периодов. Скорректированная (не по GAAP) операционная прибыль не является представлением, определенным в соответствии с GAAP, и может быть несопоставима с представлением других компаний. Exelon предоставил финансовый показатель, не относящийся к GAAP, в качестве дополнительной информации и в дополнение к финансовым показателям, которые рассчитываются и представляются в соответствии с GAAP. Скорректированный (не по GAAP) операционный доход не следует считать более полезным, чем, заменой или альтернативой наиболее сопоставимым показателям чистой прибыли по GAAP, представленным в этом отчете о прибылях и убытках и приложениях. Настоящий пресс-релиз и приложения к отчету о прибылях и убытках, содержащие сверку Скорректированной (не по GAAP) операционной прибыли с наиболее непосредственно сопоставимыми финансовыми показателями, рассчитанными и представленными в соответствии с GAAP, размещены на веб-сайте Exelon: www.exeloncorp.com , и были представлены в Комиссию по ценным бумагам и биржам по форме 8-K 9 мая, 2022 год.
Предостерегающие Заявления В Отношении Прогнозной Информации
Настоящий пресс-релиз содержит определенные прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, которые подвержены рискам и неопределенностям. Такие слова, как “мог”, “может”, “ожидает”, “ожидает”, “будет”, “цели”, “цели”, “проекты”, “намеревается”, “планирует”, “полагает”, “стремится”, “оценивает”, “прогнозирует” и варианты таких слов и аналогичных выражений, которые отражают наши текущие взгляды в отношении будущих событий и операционных, экономических и финансовых показателей, предназначены для идентификации таких прогнозных заявлений.
Факторы, которые могут привести к тому, что фактические результаты будут существенно отличаться от прогнозных заявлений, сделанных Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company и Atlantic City Electric Company (Владельцы регистрации), включают следующие факторы, обсуждаемые здесь, а также пункты, обсуждаемые в (1) Годовом отчете Владельцев регистраций за 2021 год по форме 10-K в (a) Части I, ПУНКТ 1A. Факторы риска, (b) Часть II, ПУНКТ 7. Обсуждение и анализ руководством финансового состояния и результатов деятельности, и (c) Часть II, ПУНКТ 8. Финансовые отчеты и Дополнительные данные: Примечание 19, Обязательства и непредвиденные расходы; (2) Ежеквартальный отчет Владельцев регистрации за первый квартал 2022 года по форме 10-Q (будет представлен 9 мая 2022 года) в (а) Части II, ПУНКТ 1А. Факторы риска, (b) Часть I, ПУНКТ 2. Обсуждение и анализ руководством финансового состояния и результатов деятельности, и (c) Часть I, ПУНКТ 1. Финансовые отчеты: Примечание 12, Обязательства и непредвиденные расходы; и (3) другие факторы, обсуждаемые в заявках в SEC Владельцами регистрации.
Инвесторов предостерегают от чрезмерного доверия к этим прогнозным заявлениям, будь то письменным или устным, которые применяются только на дату настоящего пресс-релиза. Ни один из Владельцев регистрации не берет на себя никаких обязательств публично публиковать какие-либо изменения в своих прогнозных заявлениях, чтобы отразить события или обстоятельства после даты настоящего пресс-релиза.
Earnings Release Attachments Table of Contents
|
|
Consolidating Statement of Operations |
2 |
|
|
Consolidated Balance Sheets |
3 |
|
|
Consolidated Statements of Cash Flows |
5 |
|
|
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
6 |
|
|
Statistics |
|
ComEd |
8 |
PECO |
9 |
BGE |
10 |
Pepco |
11 |
DPL |
12 |
ACE |
13 |
Consolidating Statements of Operations (unaudited) (in millions)
|
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,734 |
|
|
$ |
1,047 |
|
|
$ |
1,154 |
|
|
$ |
1,404 |
|
|
$ |
(12 |
) |
|
$ |
5,327 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
638 |
|
|
|
407 |
|
|
|
454 |
|
|
|
579 |
|
|
|
— |
|
|
|
2,078 |
|
Operating and maintenance |
|
351 |
|
|
|
247 |
|
|
|
218 |
|
|
|
299 |
|
|
|
63 |
|
|
|
1,178 |
|
Depreciation and amortization |
|
321 |
|
|
|
92 |
|
|
|
171 |
|
|
|
218 |
|
|
|
15 |
|
|
|
817 |
|
Taxes other than income taxes |
|
96 |
|
|
|
47 |
|
|
|
76 |
|
|
|
119 |
|
|
|
16 |
|
|
|
354 |
|
Total operating expenses |
|
1,406 |
|
|
|
793 |
|
|
|
919 |
|
|
|
1,215 |
|
|
|
94 |
|
|
|
4,427 |
|
Operating income (loss) |
|
328 |
|
|
|
254 |
|
|
|
235 |
|
|
|
189 |
|
|
|
(106 |
) |
|
|
900 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(100 |
) |
|
|
(41 |
) |
|
|
(35 |
) |
|
|
(69 |
) |
|
|
(93 |
) |
|
|
(338 |
) |
Other, net |
|
12 |
|
|
|
7 |
|
|
|
7 |
|
|
|
17 |
|
|
|
94 |
|
|
|
137 |
|
Total other income and (deductions) |
|
(88 |
) |
|
|
(34 |
) |
|
|
(28 |
) |
|
|
(52 |
) |
|
|
1 |
|
|
|
(201 |
) |
Income from continuing operations before income taxes |
|
240 |
|
|
|
220 |
|
|
|
207 |
|
|
|
137 |
|
|
|
(105 |
) |
|
|
699 |
|
Income taxes |
|
52 |
|
|
|
14 |
|
|
|
9 |
|
|
|
7 |
|
|
|
136 |
|
|
|
218 |
|
Net income from continuing operations after income taxes |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(241 |
) |
|
|
481 |
|
Net income (loss) from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
117 |
|
Net income (loss) |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(124 |
) |
|
|
598 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net income (loss) attributable to common shareholders |
$ |
188 |
|
|
$ |
206 |
|
|
$ |
198 |
|
|
$ |
130 |
|
|
$ |
(125 |
) |
|
$ |
597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,535 |
|
|
$ |
889 |
|
|
$ |
974 |
|
|
$ |
1,244 |
|
|
$ |
(10 |
) |
|
$ |
4,632 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
527 |
|
|
|
316 |
|
|
|
331 |
|
|
|
479 |
|
|
|
(2 |
) |
|
|
1,651 |
|
Operating and maintenance |
|
316 |
|
|
|
234 |
|
|
|
197 |
|
|
|
256 |
|
|
|
80 |
|
|
|
1,083 |
|
Depreciation and amortization |
|
292 |
|
|
|
86 |
|
|
|
152 |
|
|
|
210 |
|
|
|
17 |
|
|
|
757 |
|
Taxes other than income taxes |
|
75 |
|
|
|
43 |
|
|
|
72 |
|
|
|
113 |
|
|
|
14 |
|
|
|
317 |
|
Total operating expenses |
|
1,210 |
|
|
|
679 |
|
|
|
752 |
|
|
|
1,058 |
|
|
|
109 |
|
|
|
3,808 |
|
Operating income (loss) |
|
325 |
|
|
|
210 |
|
|
|
222 |
|
|
|
186 |
|
|
|
(119 |
) |
|
|
824 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(96 |
) |
|
|
(38 |
) |
|
|
(34 |
) |
|
|
(67 |
) |
|
|
(83 |
) |
|
|
(318 |
) |
Other, net |
|
7 |
|
|
|
5 |
|
|
|
8 |
|
|
|
17 |
|
|
|
21 |
|
|
|
58 |
|
Total other income and (deductions) |
|
(89 |
) |
|
|
(33 |
) |
|
|
(26 |
) |
|
|
(50 |
) |
|
|
(62 |
) |
|
|
(260 |
) |
Income from continuing operations before income taxes |
|
236 |
|
|
|
177 |
|
|
|
196 |
|
|
|
136 |
|
|
|
(181 |
) |
|
|
564 |
|
Income taxes |
|
39 |
|
|
|
10 |
|
|
|
(13 |
) |
|
|
8 |
|
|
|
(5 |
) |
|
|
39 |
|
Net income from continuing operations after income taxes |
|
197 |
|
|
|
167 |
|
|
|
209 |
|
|
|
128 |
|
|
|
(176 |
) |
|
|
525 |
|
Net income (loss) from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(789 |
) |
|
|
(789 |
) |
Net income (loss) |
|
197 |
|
|
|
167 |
|
|
|
209 |
|
|
|
128 |
|
|
|
(965 |
) |
|
|
(264 |
) |
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
25 |
|
Net income (loss) attributable to common shareholders |
$ |
197 |
|
|
$ |
167 |
|
|
$ |
209 |
|
|
$ |
128 |
|
|
$ |
(990 |
) |
|
$ |
(289 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in Net income from continuing operations 2021 to 2022 |
$ |
(9 |
) |
|
$ |
39 |
|
|
$ |
(11 |
) |
|
$ |
2 |
|
|
$ |
(65 |
) |
|
$ |
(44 |
) |
__________ |
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
Exelon Consolidated Balance Sheets (unaudited) (in millions)
|
||||||||
|
|
March 31, 2022 |
|
December 31, 2021 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,476 |
|
|
$ |
672 |
|
Restricted cash and cash equivalents |
|
|
430 |
|
|
|
321 |
|
Accounts receivable |
|
|
|
|
||||
Customer accounts receivable |
|
|
2,365 |
|
|
|
2,189 |
|
Customer allowance for credit losses |
|
|
(389 |
) |
|
|
(320 |
) |
Customer accounts receivable, net |
|
|
1,976 |
|
|
|
1,869 |
|
Other accounts receivable |
|
|
1,148 |
|
|
|
1,068 |
|
Other allowance for credit losses |
|
|
(81 |
) |
|
|
(72 |
) |
Other accounts receivable, net |
|
|
1,067 |
|
|
|
996 |
|
Inventories, net |
|
|
|
|
||||
Fossil fuel and emission allowances |
|
|
39 |
|
|
|
105 |
|
Materials and supplies |
|
|
473 |
|
|
|
476 |
|
Regulatory assets |
|
|
1,221 |
|
|
|
1,296 |
|
Other |
|
|
463 |
|
|
|
387 |
|
Current assets of discontinued operations |
|
|
— |
|
|
|
7,835 |
|
Total current assets |
|
|
8,145 |
|
|
|
13,957 |
|
Property, plant, and equipment, net |
|
|
65,465 |
|
|
|
64,558 |
|
Deferred debits and other assets |
|
|
|
|
||||
Regulatory assets |
|
|
8,200 |
|
|
|
8,224 |
|
Investments |
|
|
244 |
|
|
|
250 |
|
Goodwill |
|
|
6,630 |
|
|
|
6,630 |
|
Receivable related to Regulatory Agreement Units |
|
|
2,969 |
|
|
|
— |
|
Other |
|
|
1,045 |
|
|
|
885 |
|
Property, plant, and equipment, deferred debits, and other assets of discontinued operations |
|
|
— |
|
|
|
38,509 |
|
Total deferred debits and other assets |
|
|
19,088 |
|
|
|
54,498 |
|
Total assets |
|
$ |
92,698 |
|
|
$ |
133,013 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Liabilities and shareholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
1,900 |
|
|
$ |
1,248 |
|
Long-term debt due within one year |
|
|
2,154 |
|
|
|
2,153 |
|
Accounts payable |
|
|
2,175 |
|
|
|
2,379 |
|
Accrued expenses |
|
|
1,029 |
|
|
|
1,137 |
|
Payables to affiliates |
|
|
6 |
|
|
|
5 |
|
Regulatory liabilities |
|
|
394 |
|
|
|
376 |
|
Mark-to-market derivative liabilities |
|
|
— |
|
|
|
18 |
|
Unamortized energy contract liabilities |
|
|
13 |
|
|
|
89 |
|
Other |
|
|
964 |
|
|
|
766 |
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
7,940 |
|
Total current liabilities |
|
|
8,635 |
|
|
|
16,111 |
|
Long-term debt |
|
|
35,008 |
|
|
|
30,749 |
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
Deferred credits and other liabilities |
|
|
|
|
||||
Deferred income taxes and unamortized investment tax credits |
|
|
11,089 |
|
|
|
10,611 |
|
Asset retirement obligations |
|
|
273 |
|
|
|
271 |
|
Pension obligations |
|
|
1,447 |
|
|
|
2,051 |
|
Non-pension postretirement benefit obligations |
|
|
800 |
|
|
|
811 |
|
Regulatory liabilities |
|
|
9,192 |
|
|
|
9,628 |
|
Mark-to-market derivative liabilities |
|
|
144 |
|
|
|
201 |
|
Unamortized energy contract liabilities |
|
|
42 |
|
|
|
146 |
|
Other |
|
|
2,187 |
|
|
|
1,573 |
|
Long-term debt, deferred credits, and other liabilities of discontinued operations |
|
|
— |
|
|
|
25,676 |
|
Total deferred credits and other liabilities |
|
|
25,174 |
|
|
|
50,968 |
|
Total liabilities |
|
|
69,207 |
|
|
|
98,218 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Common stock |
|
|
20,299 |
|
|
|
20,324 |
|
Treasury stock, at cost |
|
|
(123 |
) |
|
|
(123 |
) |
Retained earnings |
|
|
4,028 |
|
|
|
16,942 |
|
Accumulated other comprehensive loss, net |
|
|
(713 |
) |
|
|
(2,750 |
) |
Total shareholders’ equity |
|
|
23,491 |
|
|
|
34,393 |
|
Noncontrolling interests |
|
|
— |
|
|
|
402 |
|
Total equity |
|
|
23,491 |
|
|
|
34,795 |
|
Total liabilities and shareholders’ equity |
|
$ |
92,698 |
|
|
$ |
133,013 |
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions)
|
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
598 |
|
|
$ |
(264 |
) |
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization |
|
|
1,024 |
|
|
|
2,104 |
|
Asset impairments |
|
|
— |
|
|
|
1 |
|
Gain on sales of assets and businesses |
|
|
(10 |
) |
|
|
(71 |
) |
Deferred income taxes and amortization of investment tax credits |
|
|
110 |
|
|
|
(142 |
) |
Net fair value changes related to derivatives |
|
|
(59 |
) |
|
|
(178 |
) |
Net realized and unrealized losses (gains) on NDT funds |
|
|
205 |
|
|
|
(118 |
) |
Net unrealized losses on equity investments |
|
|
16 |
|
|
|
23 |
|
Other non-cash operating activities |
|
|
232 |
|
|
|
(170 |
) |
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(711 |
) |
|
|
(372 |
) |
Inventories |
|
|
125 |
|
|
|
77 |
|
Accounts payable and accrued expenses |
|
|
291 |
|
|
|
(176 |
) |
Option premiums (paid) received, net |
|
|
(39 |
) |
|
|
16 |
|
Collateral received, net |
|
|
1,142 |
|
|
|
273 |
|
Income taxes |
|
|
77 |
|
|
|
113 |
|
Pension and non-pension postretirement benefit contributions |
|
|
(574 |
) |
|
|
(537 |
) |
Other assets and liabilities |
|
|
(645 |
) |
|
|
(1,840 |
) |
Net cash flows provided by (used in) operating activities |
|
|
1,782 |
|
|
|
(1,261 |
) |
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(1,922 |
) |
|
|
(2,140 |
) |
Proceeds from NDT fund sales |
|
|
488 |
|
|
|
2,908 |
|
Investment in NDT funds |
|
|
(516 |
) |
|
|
(2,939 |
) |
Collection of DPP |
|
|
169 |
|
|
|
1,574 |
|
Proceeds from sales of assets and businesses |
|
|
16 |
|
|
|
680 |
|
Other investing activities |
|
|
(54 |
) |
|
|
12 |
|
Net cash flows (used in) provided by investing activities |
|
|
(1,819 |
) |
|
|
95 |
|
Cash flows from financing activities |
|
|
|
|
||||
Changes in short-term borrowings |
|
|
(700 |
) |
|
|
597 |
|
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 |
|
|
4,301 |
|
|
|
1,705 |
|
Retirement of long-term debt |
|
|
(6 |
) |
|
|
(79 |
) |
Dividends paid on common stock |
|
|
(332 |
) |
|
|
(374 |
) |
Proceeds from employee stock plans |
|
|
9 |
|
|
|
31 |
|
Transfer of cash, restricted cash, and cash equivalents to Constellation |
|
|
(2,594 |
) |
|
|
— |
|
Other financing activities |
|
|
(62 |
) |
|
|
(46 |
) |
Net cash flows provided by financing activities |
|
|
1,416 |
|
|
|
2,334 |
|
Increase in cash, restricted cash, and cash equivalents |
|
|
1,379 |
|
|
|
1,168 |
|
Cash, restricted cash, and cash equivalents at beginning of period |
|
|
1,619 |
|
|
|
1,166 |
|
Cash, restricted cash, and cash equivalents at end of period |
|
$ |
2,998 |
|
|
$ |
2,334 |
|
Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 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 |
$ |
0.53 |
|
|
$ |
197 |
|
|
$ |
167 |
|
|
$ |
209 |
|
|
$ |
128 |
|
|
$ |
(176 |
) |
|
$ |
525 |
|
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) (1) |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Acquisition Related Costs (net of taxes of $2) (2) |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
6 |
|
ERP System Implementation Costs (net of taxes of $0, $0, $0, $1, and $2, respectively) (3) |
|
0.01 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
Separation Costs (net of taxes of $0, $0, $0, $1, and $1, respectively) (4) |
|
0.01 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
2021 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.55 |
|
|
$ |
198 |
|
|
$ |
170 |
|
|
$ |
211 |
|
|
$ |
130 |
|
|
$ |
(167 |
) |
|
$ |
542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weather |
$ |
(0.01 |
) |
|
$ |
— |
|
(b) |
$ |
(6 |
) |
|
$ |
— |
|
(b) |
$ |
1 |
|
(b) |
$ |
— |
|
|
$ |
(5 |
) |
Load |
|
0.02 |
|
|
|
— |
|
(b) |
|
10 |
|
|
|
— |
|
(b) |
|
5 |
|
(b) |
|
— |
|
|
|
15 |
|
Distribution and Transmission Rates (6) |
|
0.09 |
|
|
|
13 |
|
(c) |
|
36 |
|
(c) |
|
6 |
|
(c) |
|
30 |
|
(c) |
|
— |
|
|
|
85 |
|
Other Energy Delivery (7) |
|
0.08 |
|
|
|
50 |
|
(c) |
|
8 |
|
(c) |
|
20 |
|
(c) |
|
5 |
|
(c) |
|
— |
|
|
|
83 |
|
Operating and Maintenance Expense (8) |
|
(0.08 |
) |
|
|
(25 |
) |
|
|
(11 |
) |
|
|
(17 |
) |
|
|
(30 |
) |
|
|
— |
|
|
|
(83 |
) |
Pension and Non-Pension Postretirement Benefits |
|
0.01 |
|
|
|
5 |
|
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
3 |
|
|
|
12 |
|
Depreciation and Amortization Expense (9) |
|
(0.04 |
) |
|
|
(21 |
) |
|
|
(4 |
) |
|
|
(14 |
) |
|
|
(6 |
) |
|
|
2 |
|
|
|
(43 |
) |
Other (10) |
|
0.02 |
|
|
|
(27 |
) |
|
|
4 |
|
|
|
(8 |
) |
|
|
— |
|
|
|
59 |
|
|
|
28 |
|
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.09 |
|
|
$ |
(5 |
) |
|
$ |
38 |
|
|
$ |
(11 |
) |
|
$ |
6 |
|
|
$ |
64 |
|
|
$ |
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.49 |
|
|
$ |
188 |
|
|
$ |
206 |
|
|
$ |
198 |
|
|
$ |
130 |
|
|
$ |
(241 |
) |
|
$ |
481 |
|
ERP System Implementation Costs (net of taxes of $0) (3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Separation Costs (net of taxes of $2, $1, $1, $1, $1, and $7, respectively) (4) |
|
0.02 |
|
|
|
5 |
|
|
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
4 |
|
|
|
17 |
|
Income Tax-Related Adjustments (entire amount represents tax expense) (5) |
|
0.14 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
131 |
|
|
|
134 |
|
2022 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.64 |
|
|
$ |
193 |
|
|
$ |
208 |
|
|
$ |
200 |
|
|
$ |
136 |
|
|
$ |
(103 |
) |
|
$ |
634 |
|
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. |
(6) |
For ComEd, reflects increased electric distribution revenues due to higher rate base and higher allowed electric distribution ROE driven by an increase in treasury rates. 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 and transmission rate increases. |
(7) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. |
(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. 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 (Q1 2022 includes one month of costs for the period prior to the separation compared to three months of costs included in Q1 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. |
(10) |
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 March 31, 2022 and 2021
|
||||||||||||||||||
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather -
|
|
2022 |
|
2021 |
|
% Change |
|||||
Rate-Regulated Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
6,751 |
|
6,685 |
|
1.0 |
% |
|
(1.2 |
) % |
|
$ |
857 |
|
$ |
741 |
|
15.7 |
% |
Small commercial & industrial |
7,504 |
|
7,266 |
|
3.3 |
% |
|
2.3 |
% |
|
|
423 |
|
|
367 |
|
15.3 |
% |
Large commercial & industrial |
6,746 |
|
6,479 |
|
4.1 |
% |
|
3.6 |
% |
|
|
153 |
|
|
134 |
|
14.2 |
% |
Public authorities & electric railroads |
257 |
|
267 |
|
(3.7 |
) % |
|
(3.8 |
) % |
|
|
14 |
|
|
11 |
|
27.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
239 |
|
|
220 |
|
8.6 |
% |
Total rate-regulated electric revenues(c) |
21,258 |
|
20,697 |
|
2.7 |
% |
|
1.5 |
% |
|
|
1,686 |
|
|
1,473 |
|
14.5 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
48 |
|
|
62 |
|
(22.6 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
1,734 |
|
$ |
1,535 |
|
13.0 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
638 |
|
$ |
527 |
|
21.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
3,165 |
|
2,989 |
|
3,085 |
|
5.9 |
% |
|
2.6 |
% |
Number of Electric Customers |
2022 |
|
2021 |
Residential |
3,713,397 |
|
3,696,208 |
Small commercial & industrial |
390,994 |
|
388,483 |
Large commercial & industrial |
1,882 |
|
1,863 |
Public authorities & electric railroads |
4,838 |
|
4,876 |
Total |
4,111,111 |
|
4,091,430 |
__________ |
|
(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 $6 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs and late payment charges. |
PECO Statistics Three Months Ended March 31, 2022 and 2021
|
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rate-Regulated Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
3,758 |
|
3,767 |
|
(0.2 |
) % |
|
1.1 |
% |
|
$ |
487 |
|
$ |
433 |
|
12.5 |
% |
Small commercial & industrial |
1,937 |
|
1,881 |
|
3.0 |
% |
|
3.4 |
% |
|
|
111 |
|
|
100 |
|
11.0 |
% |
Large commercial & industrial |
3,332 |
|
3,272 |
|
1.8 |
% |
|
1.9 |
% |
|
|
64 |
|
|
57 |
|
12.3 |
% |
Public authorities & electric railroads |
182 |
|
149 |
|
22.1 |
% |
|
22.4 |
% |
|
|
8 |
|
|
9 |
|
(11.1 |
) % |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
62 |
|
|
52 |
|
19.2 |
% |
Total rate-regulated electric revenues(c) |
9,209 |
|
9,069 |
|
1.5 |
% |
|
2.2 |
% |
|
|
732 |
|
|
651 |
|
12.4 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
9 |
|
|
10 |
|
(10.0 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
741 |
|
|
661 |
|
12.1 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rate-Regulated Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
20,837 |
|
20,674 |
|
0.8 |
% |
|
4.3 |
% |
|
|
218 |
|
|
160 |
|
36.3 |
% |
Small commercial & industrial |
10,546 |
|
10,170 |
|
3.7 |
% |
|
5.8 |
% |
|
|
76 |
|
|
59 |
|
28.8 |
% |
Large commercial & industrial |
10 |
|
7 |
|
42.9 |
% |
|
10.2 |
% |
|
|
— |
|
|
— |
|
N/A |
|
Transportation |
7,639 |
|
7,650 |
|
(0.1 |
) % |
|
0.7 |
% |
|
|
8 |
|
|
7 |
|
14.3 |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
3 |
|
|
2 |
|
50.0 |
% |
Total rate-regulated natural gas revenues(g) |
39,032 |
|
38,501 |
|
1.4 |
% |
|
4.0 |
% |
|
|
305 |
|
|
228 |
|
33.8 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
— |
|
100.0 |
% |
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
306 |
|
|
228 |
|
34.2 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,047 |
|
$ |
889 |
|
17.8 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
407 |
|
$ |
316 |
|
28.8 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,228 |
|
2,302 |
|
2,416 |
|
(3.2 |
) % |
|
(7.8 |
) % |
Cooling Degree-Days |
1 |
|
5 |
|
1 |
|
(80.0 |
) % |
|
— |
% |
Number of Electric Customers |
2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
Residential |
1,521,255 |
|
1,512,255 |
|
Residential |
499,188 |
|
493,857 |
Small commercial & industrial |
155,485 |
|
154,637 |
|
Small commercial & industrial |
44,959 |
|
44,604 |
Large commercial & industrial |
3,102 |
|
3,109 |
|
Large commercial & industrial |
5 |
|
5 |
Public authorities & electric railroads |
10,342 |
|
10,237 |
|
Transportation |
664 |
|
685 |
Total |
1,690,184 |
|
1,680,238 |
|
Total |
544,816 |
|
539,151 |
__________ |
|
(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 March 31, 2022 and 2021 |
(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 March 31, 2022 and 2021. |
BGE Statistics Three Months Ended March 31, 2022 and 2021
|
|||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
3,569 |
|
3,538 |
|
0.9 |
% |
|
(1.3 |
) % |
|
$ |
417 |
|
|
$ |
362 |
|
15.2 |
% |
Small commercial & industrial |
736 |
|
723 |
|
1.8 |
% |
|
0.9 |
% |
|
|
81 |
|
|
|
69 |
|
17.4 |
% |
Large commercial & industrial |
3,173 |
|
3,109 |
|
2.1 |
% |
|
2.0 |
% |
|
|
131 |
|
|
|
105 |
|
24.8 |
% |
Public authorities & electric railroads |
53 |
|
48 |
|
10.4 |
% |
|
7.4 |
% |
|
|
7 |
|
|
|
7 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
97 |
|
|
|
77 |
|
26.0 |
% |
Total rate-regulated electric revenues(c) |
7,531 |
|
7,418 |
|
1.5 |
% |
|
0.3 |
% |
|
|
733 |
|
|
|
620 |
|
18.2 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
3 |
|
|
|
12 |
|
(75.0 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
736 |
|
|
|
632 |
|
16.5 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
21,118 |
|
18,451 |
|
14.5 |
% |
|
10.6 |
% |
|
|
282 |
|
|
|
216 |
|
30.6 |
% |
Small commercial & industrial |
4,662 |
|
4,019 |
|
16.0 |
% |
|
10.3 |
% |
|
|
45 |
|
|
|
35 |
|
28.6 |
% |
Large commercial & industrial |
14,743 |
|
14,039 |
|
5.0 |
% |
|
4.0 |
% |
|
|
65 |
|
|
|
54 |
|
20.4 |
% |
Other(f) |
4,460 |
|
7,610 |
|
(41.4 |
) % |
|
n/a |
|
|
|
35 |
|
|
|
31 |
|
12.9 |
% |
Total rate-regulated natural gas revenues(g) |
44,983 |
|
44,119 |
|
2.0 |
% |
|
8.1 |
% |
|
|
427 |
|
|
|
336 |
|
27.1 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
(9 |
) |
|
|
6 |
|
(250.0 |
) % |
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
418 |
|
|
|
342 |
|
22.2 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,154 |
|
|
$ |
974 |
|
18.5 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
454 |
|
|
$ |
331 |
|
37.2 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,241 |
|
2,197 |
|
2,388 |
|
2.0 |
% |
|
(6.2 |
) % |
| Number of Electric Customers | 2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
Residential |
1,199,272 |
|
1,192,470 |
|
Residential |
653,397 |
|
648,824 |
Small commercial & industrial |
115,363 |
|
114,819 |
|
Small commercial & industrial |
38,356 |
|
38,318 |
Large commercial & industrial |
12,674 |
|
12,505 |
|
Large commercial & industrial |
6,193 |
|
6,120 |
Public authorities & electric railroads |
268 |
|
266 |
|
Total |
697,946 |
|
693,262 |
Total |
1,327,577 |
|
1,320,060 |
|
|
|
|
|
__________ |
|
(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 for the three months ended March 31, 2022 and 2021. |
(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 $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively. |
Pepco Statistics Three Months Ended March 31, 2022 and 2021
|
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
||||||
Rate-Regulated Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
2,287 |
|
2,219 |
|
3.1 |
% |
|
2.9 |
% |
|
$ |
275 |
|
|
$ |
253 |
|
8.7 |
% |
Small commercial & industrial |
299 |
|
298 |
|
0.3 |
% |
|
(0.4 |
) % |
|
|
38 |
|
|
|
33 |
|
15.2 |
% |
Large commercial & industrial |
3,249 |
|
3,054 |
|
6.4 |
% |
|
5.6 |
% |
|
|
253 |
|
|
|
184 |
|
37.5 |
% |
Public authorities & electric railroads |
150 |
|
124 |
|
21.0 |
% |
|
21.7 |
% |
|
|
8 |
|
|
|
6 |
|
33.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
46 |
|
|
|
51 |
|
(9.8 |
) % |
Total rate-regulated electric revenues(c) |
5,985 |
|
5,695 |
|
5.1 |
% |
|
4.6 |
% |
|
|
620 |
|
|
|
527 |
|
17.6 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
(6 |
) |
|
|
26 |
|
(123.1 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
614 |
|
|
$ |
553 |
|
11.0 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
213 |
|
|
$ |
166 |
|
28.3 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,013 |
|
2,012 |
|
2,113 |
|
— |
% |
|
(4.7 |
) % |
Cooling Degree-Days |
6 |
|
7 |
|
3 |
|
(14.3 |
) % |
|
100.0 |
% |
Number of Electric Customers |
2022 |
|
2021 |
Residential |
846,258 |
|
835,415 |
Small commercial & industrial |
54,509 |
|
53,738 |
Large commercial & industrial |
22,620 |
|
22,492 |
Public authorities & electric railroads |
184 |
|
174 |
Total |
923,571 |
|
911,819 |
__________ |
|
(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 $1 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs and late payment charge revenues. |
DPL Statistics Three Months Ended March 31, 2022 and 2021
|
|||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
2022 |
|
2021 |
|
% Change |
||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
1,577 |
|
1,520 |
|
3.8 |
% |
|
2.6 |
% |
|
$ |
207 |
|
|
$ |
190 |
|
8.9 |
% |
Small commercial & industrial |
606 |
|
559 |
|
8.4 |
% |
|
7.9 |
% |
|
|
56 |
|
|
|
46 |
|
21.7 |
% |
Large commercial & industrial |
1,015 |
|
919 |
|
10.4 |
% |
|
10.2 |
% |
|
|
26 |
|
|
|
21 |
|
23.8 |
% |
Public authorities & electric railroads |
12 |
|
12 |
|
— |
% |
|
5.2 |
% |
|
|
4 |
|
|
|
4 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
56 |
|
|
|
41 |
|
36.6 |
% |
Total rate-regulated electric revenues(c) |
3,210 |
|
3,010 |
|
6.6 |
% |
|
5.9 |
% |
|
|
349 |
|
|
|
302 |
|
15.6 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
9 |
|
(111.1 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
348 |
|
|
|
311 |
|
11.9 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rate-Regulated Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
4,453 |
|
4,394 |
|
1.3 |
% |
|
0.3 |
% |
|
|
51 |
|
|
|
46 |
|
10.9 |
% |
Small commercial & industrial |
1,983 |
|
1,868 |
|
6.2 |
% |
|
6.0 |
% |
|
|
21 |
|
|
|
18 |
|
16.7 |
% |
Large commercial & industrial |
457 |
|
457 |
|
— |
% |
|
0.1 |
% |
|
|
3 |
|
|
|
2 |
|
50.0 |
% |
Transportation |
2,207 |
|
2,224 |
|
(0.8 |
) % |
|
(0.7 |
) % |
|
|
4 |
|
|
|
4 |
|
— |
% |
Other(g) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
4 |
|
|
|
1 |
|
300.0 |
% |
Total rate-regulated natural gas revenues |
9,100 |
|
8,943 |
|
1.8 |
% |
|
1.3 |
% |
|
|
83 |
|
|
|
71 |
|
16.9 |
% |
Other Rate-Regulated Revenues(f) |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
n/a |
|
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
83 |
|
|
|
71 |
|
16.9 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
431 |
|
|
$ |
382 |
|
12.8 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
189 |
|
|
$ |
156 |
|
21.2 |
% |
||
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,264 |
|
2,269 |
|
2,402 |
|
(0.2 |
) % |
|
(5.7 |
) % |
Cooling Degree-Days |
4 |
|
5 |
|
1 |
|
(20.0 |
) % |
|
300.0 |
% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,355 |
|
2,358 |
|
2,500 |
|
(0.1 |
) % |
|
(5.8 |
) % |
| Number of Electric Customers | 2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
Residential |
478,009 |
|
473,917 |
|
Residential |
128,695 |
|
127,522 |
Small commercial & industrial |
63,296 |
|
62,647 |
|
Small commercial & industrial |
10,097 |
|
10,043 |
Large commercial & industrial |
1,221 |
|
1,208 |
|
Large commercial & industrial |
17 |
|
19 |
Public authorities & electric railroads |
603 |
|
608 |
|
Transportation |
159 |
|
160 |
Total |
543,129 |
|
538,380 |
|
Total |
138,968 |
|
137,744 |
__________ |
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs and late payment charges. |
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. |
(f) |
Includes revenues primarily from off-system sales. |
ACE Statistics Three Months Ended March 31, 2022 and 2021
|
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
|
2022 |
|
|
2021 |
|
% Change |
|||
Rate-Regulated Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
918 |
|
928 |
|
(1.1 |
) % |
|
(2.3 |
) % |
|
$ |
170 |
|
$ |
162 |
|
4.9 |
% |
Small commercial & industrial |
339 |
|
305 |
|
11.1 |
% |
|
9.7 |
% |
|
|
47 |
|
|
39 |
|
20.5 |
% |
Large commercial & industrial |
703 |
|
716 |
|
(1.8 |
) % |
|
(2.4 |
) % |
|
|
44 |
|
|
43 |
|
2.3 |
% |
Public authorities & electric railroads |
14 |
|
13 |
|
7.7 |
% |
|
6.2 |
% |
|
|
4 |
|
|
3 |
|
33.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
81 |
|
|
52 |
|
55.8 |
% |
Total rate-regulated electric revenues(c) |
1,974 |
|
1,962 |
|
0.6 |
% |
|
(0.4 |
) % |
|
|
346 |
|
|
299 |
|
15.7 |
% |
Other Rate-Regulated Revenues(d) |
|
|
|
|
|
|
|
|
|
3 |
|
|
11 |
|
(72.7 |
) % |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
349 |
|
$ |
310 |
|
12.6 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
178 |
|
$ |
157 |
|
13.4 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
||
Heating Degree-Days |
2,436 |
|
2,348 |
|
2,454 |
|
3.7 |
% |
|
(0.7 |
) % |
Cooling Degree-Days |
2 |
|
4 |
|
1 |
|
(50.0 |
) % |
|
100.0 |
% |
| Number of Electric Customers |
|
2022 |
|
2021 |
Residential |
|
500,511 |
|
498,396 |
Small commercial & industrial |
|
62,124 |
|
61,771 |
Large commercial & industrial |
|
3,124 |
|
3,267 |
Public authorities & electric railroads |
|
724 |
|
704 |
Total |
|
566,483 |
|
564,138 |
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. |
(d) |
Includes alternative revenue programs. |
