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Exelon Corporation

$EXC
$39.95
Капитализция: $40.6B
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Компания Exelon Corporation является холдингом, объединяющим ряд компаний, оказывающих коммунальные услуги. Кроме того, Компания присутствует в сегменте электрогенерации посредством владения компанией Generation и в сегменте энергораспределения посредством владения компаниями ComEd, показать больше
PECO и BGE. Интегрированный бизнес компании Generation состоит из принадлежащих ей на праве собственности и законтрактованных на стороне генерирующих мощностей, инвестиций, а также из генерирующих предприятий, мощности которых реализуются через подразделения по работе с клиентами. Компания реализует электроэнергию на разных рынках, включая оптовую продажу электроэнергии, поставки электроэнергии и природного газа на конкурентном розничном рынке, реализацию энергии, получаемой из возобновляемых источников, услуги по риск-менеджменту при разведке природного газа и иной производственной деятельности. Бизнес ComEd по распределению электроэнергии состоит в закупке и розничной продаже электроэнергии в соответствии с регулирующими нормами, в предоставлении розничным клиентам услуг по передаче и распределению электроэнергии в северном Иллинойсе, включая Чикаго. Бизнес компании PECO по распределению электроэнергии состоит в закупке и розничной продаже электроэнергии в соответствии с регулирующими нормами, в предоставлении розничным клиентам услуг по передаче и распределению электроэнергии в юго-восточной Пеннсильвании, включая город Филадельфию, а также включает закупку и распределение на розничном рынке природного газа в соответствии с регулирующими нормами, действующими на территориях, прилегающих к Филадельфии. Бизнес компании BGE по распределению электроэнергии состоит в закупке и розничной продаже электроэнергии в соответствии с регулирующими нормами, в предоставлении розничным клиентам услуг по передаче и распределению электроэнергии на территории центрального Мэриленда, включая город Балтимор, а также закупку и распределение на розничном рынке природного газа на территории центрального Мэриленда, включая город Балтимор.
Exelon Corporation, a utility services holding company, engages in the energy generation, delivery, and marketing businesses in the United States and Canada. It owns nuclear, fossil, wind, hydroelectric, biomass, and solar generating facilities. The company also sells electricity to wholesale and retail customers and sells natural gas, renewable energy, and other energy-related products and services. In addition, it is involved in the purchase and regulated retail sale of electricity and natural gas and transmission and distribution of electricity, and distribution of natural gas to retail customers. Further, the company offers support services, including legal, human resources, information technology, financial, supply management, accounting, engineering, customer operations, distribution and transmission planning, asset management, system operations, and power procurement services. It serves distribution utilities, municipalities, cooperatives, and financial institutions, as well as commercial, industrial, governmental, and residential customers. The company was incorporated in 1999 and is headquartered in Chicago, Illinois.
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Exelon Reports First Quarter 2022 Results

Exelon сообщает о результатах за первый квартал 2022 г.

9 мая 2022 г.

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:

  • Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates and rate increases at PECO, BGE, and PHI, partially offset by higher depreciation expense at BGE and PHI.
  • Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules; one month of costs included in the first quarter of 2022 for the period prior to separation compared to three months of costs included in the first quarter of 2021.

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

  • ComEd Distribution Formula Rate: On April 15, 2022, ComEd filed its annual distribution formula rate update with the ICC. The ICC approval is due by December 2022 and the rates will take effect in January 2023. The filing request includes an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing, which sunsets at the end of 2022.
  • PECO Pennsylvania Natural Gas Distribution Rate Case: On March 31, 2022, PECO filed an application with the PAPUC to increase its annual natural gas rates by $82 million, reflecting an ROE of 10.95%. PECO currently expects a decision in the fourth quarter of 2022 but cannot predict if the PAPUC will approve the application as filed.
  • DPL Maryland Electric Base Rate Case: On March 2, 2022, the MDPSC issued an order approving a $13 million increase in DPL's annual electric distribution revenues, reflecting an ROE of 9.60%. The rates were effective on March 2, 2022.
  • Financing Activities:
    • On March 7, 2022, Exelon Corporate issued $2,000 million of notes, consisting of $650 million of its 2.75% notes due March 15, 2027, $650 million of its 3.35% notes due March 15, 2032, and $700 million of its 4.10% notes due March 15, 2052. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes.
    • On March 15, 2022, ComEd issued $750 million of First Mortgage Bonds, consisting of $300 million of its First Mortgage 3.15% Bonds, Series 132, due March 15, 2032 and $450 million of its First Mortgage 3.85% Bonds, Series 133, due March 15, 2052. ComEd used the proceeds to repay a portion of outstanding commercial paper obligations and to fund other general corporate purposes.
    • On March 24, 2022, Pepco issued $400 million of its First Mortgage Bonds, 3.97% Series due March 24, 2052. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.

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 -
Normal %
Change

 

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:

  • Более высокие доходы от коммунальных услуг в основном за счет более высоких доходов от распределения электроэнергии в ComEd из-за более высокой базовой ставки и более высокой разрешенной рентабельности инвестиций в распределение электроэнергии из-за увеличения ставок казначейства и повышения ставок в PECO, BGE и PHI, частично компенсируемых более высокими расходами на амортизацию в BGE и PHI.
  • Более высокая прибыль холдинговой компании Exelon из-за определенных затрат BSC, которые исторически относились на Constellation Energy Generation, LLC (Генерация), но представлены как часть продолжающейся деятельности в результатах Exelon, поскольку эти затраты не квалифицируются как расходы прекращенной деятельности в соответствии с правилами бухгалтерского учета; один месяц затрат, включенных в первый квартал 2022 года за период до увольнения по сравнению с тремя месяцами расходов, включенных в первый квартал 2021 года.

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

  • Ставка по формуле распределения ComEd: 15 апреля 2022 года ComEd подала в ICC свое ежегодное обновление ставки по формуле распределения. Одобрение ICC должно быть получено к декабрю 2022 года, а ставки вступят в силу в январе 2023 года. Запрос на подачу заявки включает увеличение на 144 миллиона долларов для первоначальной годовой потребности в доходах на 2023 год и увеличение на 55 миллионов долларов, связанное с ежегодной сверкой на 2021 год. Требование к доходам на 2023 год предусматривает средневзвешенную доходность долга и собственного капитала по базовой ставке распределения в размере 5,94%, включая разрешенную рентабельность инвестиций в размере 7,85%, отражающую среднемесячную доходность по 30-летним казначейским облигациям плюс 580 базисных пунктов. Требование о выверке доходов на 2021 год предусматривает средневзвешенную доходность долга и собственного капитала на основе базовой ставки распределения в размере 5,91%, включая разрешенную рентабельность инвестиций в размере 7,78%, отражающую среднемесячную доходность по 30-летним казначейским облигациям плюс 580 базисных пунктов за вычетом штрафа за показатели эффективности в размере 7 базисных пунктов. Это последняя заявка ComEd на обновление формулы распределения электроэнергии, основанной на производительности, которая заканчивается в конце 2022 года.
  • Дело о тарифах на распределение природного газа PECO в Пенсильвании: 31 марта 2022 года PECO подала заявку в PAPUC на увеличение своих годовых тарифов на природный газ на 82 миллиона долларов, что отражает рентабельность инвестиций в размере 10,95%. В настоящее время PECO ожидает принятия решения в четвертом квартале 2022 года, но не может предсказать, одобрит ли PAPUC поданную заявку в том виде, в каком она была подана.
  • Пример базовой ставки DPL Maryland Electric: 2 марта 2022 года MDPSC издал приказ, утверждающий увеличение ежегодных доходов DPL от распределения электроэнергии на 13 миллионов долларов, что отражает рентабельность инвестиций в размере 9,60%. Ставки вступили в силу 2 марта 2022 года.
  • Финансовая деятельность:
    • 7 марта 2022 года Exelon Corporate выпустила банкноты на сумму 2000 миллионов долларов, состоящие из 650 миллионов долларов своих 2,75%-ных облигаций с погашением 15 марта 2027 года, 650 миллионов долларов своих 3,35%-ных облигаций с погашением 15 марта 2032 года и 700 миллионов долларов своих 4,10%-ных облигаций с погашением 15 марта 2052 года. Exelon использовал вырученные средства для погашения существующей задолженности и на общекорпоративные цели.
    • 15 марта 2022 года ComEd выпустила Первые ипотечные облигации на сумму 750 миллионов долларов, состоящие из 300 миллионов долларов своих Первых Ипотечных облигаций под 3,15% годовых серии 132 со сроком погашения 15 марта 2032 года и 450 миллионов долларов своих Первых Ипотечных облигаций под 3,85% годовых серии 133 со сроком погашения 15 марта 2052 года. ComEd использовала вырученные средства для погашения части непогашенных обязательств по коммерческим бумагам и финансирования других общекорпоративных целей.
    • 24 марта 2022 года Pepco выпустила свои Первые ипотечные облигации на сумму 400 миллионов долларов серии 3,97% со сроком погашения 24 марта 2052 года. Pepco использовала вырученные средства для погашения существующей задолженности и на общекорпоративные цели.

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 -
Normal %
Change

 

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.

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