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Exelon Reports Second Quarter 2023 Results

Earnings Release Highlights

  • GAAP Net Income of $0.34 per share and Adjusted (non-GAAP) Operating Earnings of $0.41 per share for the second quarter of 2023
  • Reaffirming full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share
  • Reaffirming fully regulated operating EPS compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range
  • Strong utility reliability performance – every utility achieved top quartile in outage duration and outage frequency, and ComEd, PECO, and PHI delivered best-on-record performance for the second straight quarter
  • Pepco submitted its three-year multi-year plan application with proposed 9-month extension to the Maryland Public Service Commission (MDPSC) in May seeking an increase in base rates over the period of 2024 to 2027 to support a climate ready grid and enable cleaner energy programs and technologies that support the state’s goal to reach net-zero emissions by 2045

Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2023.

“In the second quarter, we reported solid financial results, and our local energy companies across the country continue to prove that they are best in class – with three of our four operating companies having best-on-record performance in outage frequency and outage duration last quarter,” said Exelon President and CEO, Calvin Butler. “We deliver this performance while remaining steadfast in our commitment to a sustainable energy future. We are modernizing the grid, enabling further electrification and decarbonization. I’m confident we will continue strengthening Exelon’s financial position while prioritizing the health of our customers and communities.”

“Exelon’s performance remained strong into the second quarter of the year, reporting Adjusted (non-GAAP) Operating Earnings of $0.41 per share, which is in line with expectations,” said Exelon Executive Vice President and CFO Jeanne Jones. “Through the first half of 2023, we have deployed $3.6B of investments needed to lead the energy transformation for our customers. We look forward to closing out the second half of 2023 equally strong executing on the remaining $7.2 billion of investments. We reaffirm our full year Adjusted (non-GAAP) Operating Earnings guidance range of $2.30 to $2.42 per share.”

Second Quarter 2023

Exelon's GAAP Net Income from Continuing Operations for the second quarter of 2023 decreased to $0.34 per share from $0.47 GAAP Net Income from Continuing Operations per share in the second quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 decreased to $0.41 per share from $0.44 per share in the second quarter of 2022. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.

Adjusted (non-GAAP) Operating Earnings in the second quarter of 2023 primarily reflect:

  • Consistent utility earnings primarily due to higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in U.S. treasury rates and the impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory asset at ComEd. This was partially offset by unfavorable weather at PECO, higher depreciation expense at PECO, and higher interest expense at BGE.
  • Higher costs at the Exelon holding company primarily due to higher interest expense.

Operating Company Results1

ComEd

ComEd's second quarter of 2023 GAAP Net Income increased to $249 million from $227 million in the second quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $251 million from $229 million in the second quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. Treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

PECO

PECO’s second quarter of 2023 GAAP Net Income decreased to $97 million from $133 million in the second quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 decreased to $98 million from $134 million in the second quarter of 2022, primarily due to unfavorable weather and an increase in depreciation expense, partially offset by gas distribution rate increases.

BGE

BGE’s second quarter of 2023 GAAP Net Income increased to $42 million from $37 million in the second quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $43 million from $38 million in the second quarter of 2022, primarily due to favorable impacts of the multi-year plans, offset by an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

___________

1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

PHI

PHI’s second quarter of 2023 GAAP Net Income increased to $103 million from $100 million in the second quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $115 million from $101 million in the second quarter of 2022, primarily due to distribution and transmission rate increases. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.

Recent Developments and Second Quarter Highlights

  • Pepco Maryland Electric Rate Case: On May 16, 2023, Pepco filed an application for a three-year cumulative multi-year plan for April 1, 2024 through March 31, 2027, with the MDPSC. Pepco requested total electric revenue requirement increases of $74 million, $60 million, and $60 million in 2024, 2025, and 2026, respectively. The plan contains a proposed nine-month extension period with a requested revenue requirement increase of $20 million effective April 1, 2027 through December 31, 2027. The electric revenue requirement increases reflect a requested ROE of 10.5%. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support Maryland's climate and clean energy goals.
  • Financing Activities:
  • On May 9, 2023, ComEd entered into a 364-day term loan agreement for $400 million with a variable rate equal to SOFR plus 1.00% and an expiration date of May 7, 2024. The proceeds from this loan were used to repay outstanding commercial paper obligations and for general corporate purposes.
  • On June 23, 2023, PECO issued $575 million aggregate principal amounts of its First and Refunding Mortgage Bonds, 4.90% Series due June 15, 2033. PECO used the proceeds to refinance existing indebtedness, refinance outstanding commercial paper obligations, and for general corporate purposes.
  • On May 10, 2023, BGE issued $700 million aggregate principal amount of its 5.40% notes due June 1, 2053. BGE used the proceeds to repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 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

2023 GAAP Net Income from Continuing Operations

$

0.34

$

343

$

249

$

97

$

42

$

103

Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)

 

 

3

 

 

 

 

Change in Environmental Liabilities (net of taxes of $1)

 

0.01

 

11

 

 

 

 

11

SEC Matter Loss Contingency (net of taxes of $0)

 

0.05

 

46

 

 

 

 

Separation Costs (net of taxes of $2, $1, $0, $0, and $1, respectively)

 

0.01

 

5

 

2

 

1

 

1

 

1

2023 Adjusted (non-GAAP) Operating Earnings

$

0.41

$

408

$

251

$

98

$

43

$

115

Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:

(in millions, except per share amounts)

Exelon

Earnings per

Diluted

Share

Exelon

ComEd

PECO

BGE

PHI

2022 GAAP Net Income from Continuing Operations

$

0.47

 

$

465

 

$

227

$

133

$

37

$

100

Separation Costs (net of taxes of $4, $1, $0, $0, and $1, respectively)

 

0.01

 

 

10

 

 

2

 

1

 

1

 

2

Income Tax-Related Adjustments (entire amount represents tax expense)

 

(0.04

)

 

(43

)

 

 

 

 

2022 Adjusted (non-GAAP) Operating Earnings

$

0.44

 

$

433

 

$

229

$

134

$

38

$

101

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 2023 and 2022 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss second quarter 2023 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 250 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 19,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Aug. 2, 2023.

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,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 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 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2023 Quarterly Report on Form 10-Q (to be filed on Aug. 2, 2023) 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

1

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Cash Flows

5

 

 

Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

6

 

 

Statistics

 

ComEd

9

PECO

10

BGE

13

Pepco

16

DPL

17

ACE

19

 

Consolidating Statements of Operations

(unaudited)

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

1,901

 

 

$

828

 

 

$

797

 

 

$

1,305

 

 

$

(13

)

 

$

4,818

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

685

 

 

 

302

 

 

 

272

 

 

 

467

 

 

 

1

 

 

 

1,727

 

Operating and maintenance

 

355

 

 

 

239

 

 

 

198

 

 

 

304

 

 

 

101

 

 

 

1,197

 

Depreciation and amortization

 

350

 

 

 

99

 

 

 

158

 

 

 

243

 

 

 

16

 

 

 

866

 

Taxes other than income taxes

 

88

 

 

 

47

 

 

 

76

 

 

 

112

 

 

 

1

 

 

 

324

 

Total operating expenses

 

1,478

 

 

 

687

 

 

 

704

 

 

 

1,126

 

 

 

119

 

 

 

4,114

 

Operating income (loss)

 

423

 

 

 

141

 

 

 

93

 

 

 

179

 

 

 

(132

)

 

 

704

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(120

)

 

 

(48

)

 

 

(44

)

 

 

(81

)

 

 

(134

)

 

 

(427

)

Other, net

 

17

 

 

 

6

 

 

 

5

 

 

 

25

 

 

 

86

 

 

 

139

 

Total other income and (deductions)

 

(103

)

 

 

(42

)

 

 

(39

)

 

 

(56

)

 

 

(48

)

 

 

(288

)

Income (loss) before income taxes

 

320

 

 

 

99

 

 

 

54

 

 

 

123

 

 

 

(180

)

 

 

416

 

Income taxes

 

71

 

 

 

2

 

 

 

12

 

 

 

20

 

 

 

(32

)

 

 

73

 

Net income (loss)

 

249

 

 

 

97

 

 

 

42

 

 

 

103

 

 

 

(148

)

 

 

343

 

Net income (loss) attributable to common shareholders

$

249

 

 

$

97

 

 

$

42

 

 

$

103

 

 

$

(148

)

 

$

343

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

1,425

 

 

$

816

 

 

$

786

 

 

$

1,221

 

 

$

(9

)

 

$

4,239

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

283

 

 

 

283

 

 

 

289

 

 

 

420

 

 

 

(1

)

 

 

1,274

 

Operating and maintenance

 

338

 

 

 

215

 

 

 

205

 

 

 

292

 

 

 

59

 

 

 

1,109

 

Depreciation and amortization

 

328

 

 

 

93

 

 

 

152

 

 

 

240

 

 

 

17

 

 

 

830

 

Taxes other than income taxes

 

90

 

 

 

48

 

 

 

71

 

 

 

114

 

 

 

7

 

 

 

330

 

Total operating expenses

 

1,039

 

 

 

639

 

 

 

717

 

 

 

1,066

 

 

 

82

 

 

 

3,543

 

Loss on sale of assets and businesses

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

Operating income (loss)

 

384

 

 

 

177

 

 

 

69

 

 

 

155

 

 

 

(91

)

 

 

694

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(104

)

 

 

(43

)

 

 

(36

)

 

 

(73

)

 

 

(102

)

 

 

(358

)

Other, net

 

13

 

 

 

8

 

 

 

5

 

 

 

19

 

 

 

130

 

 

 

175

 

Total other income and (deductions)

 

(91

)

 

 

(35

)

 

 

(31

)

 

 

(54

)

 

 

28

 

 

 

(183

)

Income (loss) before income taxes

 

293

 

 

 

142

 

 

 

38

 

 

 

101

 

 

 

(63

)

 

 

511

 

Income taxes

 

66

 

 

 

9

 

 

 

1

 

 

 

1

 

 

 

(31

)

 

 

46

 

Net income (loss)

 

227

 

 

 

133

 

 

 

37

 

 

 

100

 

 

 

(32

)

 

 

465

 

Net income (loss) attributable to common shareholders

$

227

 

 

$

133

 

 

$

37

 

 

$

100

 

 

$

(32

)

 

$

465

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Net income from 2022 to 2023

$

22

 

 

$

(36

)

 

$

5

 

 

$

3

 

 

$

(116

)

 

$

(122

)

 

Consolidating Statements of Operations

(unaudited)

(in millions)

 

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

3,568

 

 

$

1,940

 

 

$

2,053

 

 

$

2,841

 

 

$

(22

)

 

$

10,380

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

1,172

 

 

 

786

 

 

 

764

 

 

 

1,094

 

 

 

2

 

 

 

3,818

 

Operating and maintenance

 

692

 

 

 

510

 

 

 

419

 

 

 

613

 

 

 

113

 

 

 

2,347

 

Depreciation and amortization

 

688

 

 

 

197

 

 

 

325

 

 

 

484

 

 

 

33

 

 

 

1,727

 

Taxes other than income taxes

 

182

 

 

 

97

 

 

 

159

 

 

 

232

 

 

 

9

 

 

 

679

 

Total operating expenses

 

2,734

 

 

 

1,590

 

 

 

1,667

 

 

 

2,423

 

 

 

157

 

 

 

8,571

 

Operating income (loss)

 

834

 

 

 

350

 

 

 

386

 

 

 

418

 

 

 

(179

)

 

 

1,809

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(237

)

 

 

(97

)

 

 

(88

)

 

 

(157

)

 

 

(261

)

 

 

(840

)

Other, net

 

34

 

 

 

15

 

 

 

8

 

 

 

51

 

 

 

141

 

 

 

249

 

Total other income and (deductions)

 

(203

)

 

 

(82

)

 

 

(80

)

 

 

(106

)

 

 

(120

)

 

 

(591

)

Income (loss) from continuing operations before income taxes

 

631

 

 

 

268

 

 

 

306

 

 

 

312

 

 

 

(299

)

 

 

1,218

 

Income taxes

 

142

 

 

 

5

 

 

 

65

 

 

 

54

 

 

 

(60

)

 

 

206

 

Net income (loss) from continuing operations after income taxes

 

489

 

 

 

263

 

 

 

241

 

 

 

258

 

 

 

(239

)

 

 

1,012

 

Net income from discontinued operations after income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

489

 

 

 

263

 

 

 

241

 

 

 

258

 

 

 

(239

)

 

 

1,012

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

$

489

 

 

$

263

 

 

$

241

 

 

$

258

 

 

$

(239

)

 

$

1,012

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

3,158

 

 

$

1,863

 

 

$

1,940

 

 

$

2,626

 

 

$

(21

)

 

$

9,566

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

921

 

 

 

689

 

 

 

743

 

 

 

999

 

 

 

 

 

 

3,352

 

Operating and maintenance

 

689

 

 

 

463

 

 

 

423

 

 

 

591

 

 

 

122

 

 

 

2,288

 

Depreciation and amortization

 

649

 

 

 

185

 

 

 

322

 

 

 

459

 

 

 

32

 

 

 

1,647

 

Taxes other than income taxes

 

185

 

 

 

95

 

 

 

148

 

 

 

233

 

 

 

23

 

 

 

684

 

Total operating expenses

 

2,444

 

 

 

1,432

 

 

 

1,636

 

 

 

2,282

 

 

 

177

 

 

 

7,971

 

Loss on sale of assets and businesses

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

Operating income (loss)

 

712

 

 

 

431

 

 

 

304

 

 

 

344

 

 

 

(198

)

 

 

1,593

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(204

)

 

 

(84

)

 

 

(71

)

 

 

(143

)

 

 

(195

)

 

 

(697

)

Other, net

 

26

 

 

 

16

 

 

 

11

 

 

 

37

 

 

 

223

 

 

 

313

 

Total other income and (deductions)

 

(178

)

 

 

(68

)

 

 

(60

)

 

 

(106

)

 

 

28

 

 

 

(384

)

Income (loss) from continuing operations before income taxes

 

534

 

 

 

363

 

 

 

244

 

 

 

238

 

 

 

(170

)

 

 

1,209

 

Income taxes

 

119

 

 

 

24

 

 

 

10

 

 

 

8

 

 

 

102

 

 

 

263

 

Net income (loss) from continuing operations after income taxes

 

415

 

 

 

339

 

 

 

234

 

 

 

230

 

 

 

(272

)

 

 

946

 

Net income from discontinued operations after income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

117

 

 

 

117

 

Net income (loss)

 

415

 

 

 

339

 

 

 

234

 

 

 

230

 

 

 

(155

)

 

 

1,063

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Net income (loss) attributable to common shareholders

$

415

 

 

$

339

 

 

$

234

 

 

$

230

 

 

$

(156

)

 

$

1,062

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Net income from continuing operations 2022 to 2023

$

74

 

 

$

(76

)

 

$

7

 

 

$

28

 

 

$

33

 

 

$

66

 

__________

(a)

Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

 

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

 

 

 

June 30, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

399

 

 

$

407

 

Restricted cash and cash equivalents

 

 

435

 

 

 

566

 

Accounts receivable

 

 

 

 

Customer accounts receivable

 

 

2,333

 

 

 

2,544

 

Customer allowance for credit losses

 

 

(323

)

 

 

(327

)

Customer accounts receivable, net

 

 

2,010

 

 

 

2,217

 

Other accounts receivable

 

 

1,107

 

 

 

1,426

 

Other allowance for credit losses

 

 

(87

)

 

 

(82

)

Other accounts receivable, net

 

 

1,020

 

 

 

1,344

 

Inventories, net

 

 

 

 

Fossil fuel

 

 

88

 

 

 

208

 

Materials and supplies

 

 

622

 

 

 

547

 

Regulatory assets

 

 

2,505

 

 

 

1,641

 

Other

 

 

463

 

 

 

406

 

Total current assets

 

 

7,542

 

 

 

7,336

 

Property, plant, and equipment, net

 

 

71,300

 

 

 

69,076

 

Deferred debits and other assets

 

 

 

 

Regulatory assets

 

 

7,972

 

 

 

8,037

 

Goodwill

 

 

6,630

 

 

 

6,630

 

Receivable related to Regulatory Agreement Units

 

 

3,120

 

 

 

2,897

 

Investments

 

 

238

 

 

 

232

 

Other

 

 

1,278

 

 

 

1,141

 

Total deferred debits and other assets

 

 

19,238

 

 

 

18,937

 

Total assets

 

$

98,080

 

 

$

95,349

 

 

 

 

 

 

 

 

June 30, 2023

 

December 31, 2022

Liabilities and shareholders’ equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term borrowings

 

$

1,236

 

 

$

2,586

 

Long-term debt due within one year

 

 

1,505

 

 

 

1,802

 

Accounts payable

 

 

2,506

 

 

 

3,382

 

Accrued expenses

 

 

1,220

 

 

 

1,226

 

Payables to affiliates

 

 

5

 

 

 

5

 

Regulatory liabilities

 

 

439

 

 

 

437

 

Mark-to-market derivative liabilities

 

 

31

 

 

 

8

 

Unamortized energy contract liabilities

 

 

8

 

 

 

10

 

Other

 

 

986

 

 

 

1,155

 

Total current liabilities

 

 

7,936

 

 

 

10,611

 

Long-term debt

 

 

39,492

 

 

 

35,272

 

Long-term debt to financing trusts

 

 

390

 

 

 

390

 

Deferred credits and other liabilities

 

 

 

 

Deferred income taxes and unamortized investment tax credits

 

 

11,547

 

 

 

11,250

 

Regulatory liabilities

 

 

9,406

 

 

 

9,112

 

Pension obligations

 

 

1,061

 

 

 

1,109

 

Non-pension postretirement benefit obligations

 

 

510

 

 

 

507

 

Asset retirement obligations

 

 

273

 

 

 

269

 

Mark-to-market derivative liabilities

 

 

109

 

 

 

83

 

Unamortized energy contract liabilities

 

 

30

 

 

 

35

 

Other

 

 

2,247

 

 

 

1,967

 

Total deferred credits and other liabilities

 

 

25,183

 

 

 

24,332

 

Total liabilities

 

 

73,001

 

 

 

70,605

 

Commitments and contingencies

 

 

 

 

Shareholders’ equity

 

 

 

 

Common stock

 

 

20,941

 

 

 

20,908

 

Treasury stock, at cost

 

 

(123

)

 

 

(123

)

Retained earnings

 

 

4,891

 

 

 

4,597

 

Accumulated other comprehensive loss, net

 

 

(630

)

 

 

(638

)

Total shareholders’ equity

 

 

25,079

 

 

 

24,744

 

Total liabilities and shareholders’ equity

 

$

98,080

 

 

$

95,349

 

 

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

 

Net income

 

$

1,012

 

 

$

1,063

 

Adjustments to reconcile net income to net cash flows provided by operating activities:

 

 

 

 

Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization

 

 

1,727

 

 

 

1,854

 

Gain on sales of assets and businesses

 

 

 

 

 

(8

)

Deferred income taxes and amortization of investment tax credits

 

 

94

 

 

 

143

 

Net fair value changes related to derivatives

 

 

4

 

 

 

(59

)

Net realized and unrealized losses on NDT funds

 

 

 

 

 

205

 

Net unrealized losses on equity investments

 

 

 

 

 

16

 

Other non-cash operating activities

 

 

(222

)

 

 

276

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

387

 

 

 

(795

)

Inventories

 

 

44

 

 

 

12

 

Accounts payable and accrued expenses

 

 

(734

)

 

 

544

 

Option premiums paid, net

 

 

 

 

 

(39

)

Collateral (paid) received, net

 

 

(187

)

 

 

1,689

 

Income taxes

 

 

97

 

 

 

23

 

Regulatory assets and liabilities, net

 

 

(516

)

 

 

(376

)

Pension and non-pension postretirement benefit contributions

 

 

(85

)

 

 

(585

)

Other assets and liabilities

 

 

140

 

 

 

(723

)

Net cash flows provided by operating activities

 

 

1,761

 

 

 

3,240

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

 

(3,685

)

 

 

(3,507

)

Proceeds from NDT fund sales

 

 

 

 

 

488

 

Investment in NDT funds

 

 

 

 

 

(516

)

Collection of DPP

 

 

 

 

 

169

 

Proceeds from sales of assets and businesses

 

 

 

 

 

16

 

Other investing activities

 

 

10

 

 

 

4

 

Net cash flows used in investing activities

 

 

(3,675

)

 

 

(3,346

)

Cash flows from financing activities

 

 

 

 

Changes in short-term borrowings

 

 

(1,600

)

 

 

(597

)

Proceeds from short-term borrowings with maturities greater than 90 days

 

 

400

 

 

 

1,150

 

Repayments on short-term borrowings with maturities greater than 90 days

 

 

(150

)

 

 

(350

)

Issuance of long-term debt

 

 

5,200

 

 

 

5,151

 

Retirement of long-term debt

 

 

(1,209

)

 

 

(1,707

)

Dividends paid on common stock

 

 

(717

)

 

 

(663

)

Proceeds from employee stock plans

 

 

19

 

 

 

17

 

Transfer of cash, restricted cash, and cash equivalents to Constellation

 

 

 

 

 

(2,594

)

Other financing activities

 

 

(84

)

 

 

(84

)

Net cash flows provided by financing activities

 

 

1,859

 

 

 

323

 

(Decrease) increase in cash, restricted cash, and cash equivalents

 

 

(55

)

 

 

217

 

Cash, restricted cash, and cash equivalents at beginning of period

 

 

1,090

 

 

 

1,619

 

Cash, restricted cash, and cash equivalents at end of period

 

$

1,035

 

 

$

1,836

 

 

Exelon

Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Three Months Ended June 30, 2023 and 2022

(unaudited)

(in millions, except per share data)

 

 

Exelon

Earnings per

Diluted

Share

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

2022 GAAP Net Income (Loss) from Continuing Operations

$

0.47

 

 

$

227

 

 

$

133

 

 

$

37

 

 

$

100

 

 

$

(32

)

 

$

465

 

Separation Costs (net of taxes of $1, $0, $0, $1, $1, and $4, respectively) (1)

 

0.01

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

4

 

 

 

10

 

Income Tax-Related Adjustments (entire amount represents tax expense) (2)

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

(43

)

2022 Adjusted (non-GAAP) Operating Earnings (Loss)

$

0.44

 

 

$

229

 

 

$

134

 

 

$

38

 

 

$

101

 

 

$

(69

)

 

$

433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:

Weather

$

(0.03

)

 

$

 

(b)

$

(27

)

 

$

 

(b)

$

(4

)

(b)

$

 

 

$

(31

)

Load

 

 

 

 

 

(b)

 

(3

)

 

 

 

(b)

 

 

(b)

 

 

 

 

(3

)

Distribution and Transmission Rates (3)

 

0.04

 

 

 

14

 

(c)

 

9

 

(c)

 

13

 

(c)

 

7

 

(c)

 

 

 

 

43

 

Other Energy Delivery (4)

 

0.07

 

 

 

39

 

(c)

 

16

 

(c)

 

(4

)

(c)

 

16

 

(c)

 

 

 

 

67

 

Operating and Maintenance Expense (5)

 

(0.03

)

 

 

(15

)

 

 

(19

)

 

 

7

 

 

 

4

 

 

 

(12

)

 

 

(35

)

Pension and Non-Pension Postretirement Benefits

 

 

 

 

3

 

 

 

 

 

 

(1

)

 

 

(4

)

 

 

(1

)

 

 

(3

)

Depreciation and Amortization Expense (6)

 

(0.03

)

 

 

(15

)

 

 

(5

)

 

 

(2

)

 

 

(2

)

 

 

(1

)

 

 

(25

)

Interest Expense and Other (7)

 

(0.04

)

 

 

(4

)

 

 

(7

)

 

 

(8

)

 

 

(3

)

 

 

(16

)

 

 

(38

)

Share Differential (8)

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings

$

(0.03

)

 

$

22

 

 

$

(36

)

 

$

5

 

 

$

14

 

 

$

(30

)

 

$

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 GAAP Net Income (Loss) from Continuing Operations

$

0.34

 

 

$

249

 

 

$

97

 

 

$

42

 

 

$

103

 

 

$

(148

)

 

$

343

 

Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Change in Environmental Liabilities (net of taxes of $1)

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

SEC Matter Loss Contingency (net of taxes of $0)

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

46

 

Separation Costs (net of taxes of $1, $0, $0, $1, and $2, respectively) (1)

 

0.01

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

 

 

 

5

 

2023 Adjusted (non-GAAP) Operating Earnings (Loss)

$

0.41

 

 

$

251

 

 

$

98

 

 

$

43

 

 

$

115

 

 

$

(99

)

 

$

408

 

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 2023 and 2022 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 costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.

(2)

In connection with the separation, Exelon recorded a one-time impact associated with a state tax benefit.

(3)

For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven and the impacts of 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 rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.

(4)

For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PECO, reflects increased transmission and energy efficiency revenues due to regulatory required programs.

(5)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects increased program costs related to regulatory required programs and increased contracting costs. For Corporate, primarily reflects an increase in costs for Deferred Prosecution Agreement (DPA) related matters. This increase is partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).

(6)

Reflects ongoing capital expenditures across all utilities.

(7)

For Corporate, primarily reflects a decrease 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. This was partially offset by an increase in other income for the proposed settlement of the DPA related derivative claims.

(8)

Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.

 

Exelon

Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Six Months Ended June 30, 2023 and 2022

(unaudited)

(in millions, except per share data)

 

 

Exelon

Earnings

per Diluted

Share

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

2022 GAAP Net Income (Loss) from Continuing Operations

$

0.96

 

 

$

415

 

 

$

339

 

 

$

234

 

 

$

230

 

 

$

(272

)

 

$

946

 

ERP System Implementation Costs (net of taxes of $0) (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Separation Costs (net of taxes of $3, $1, $1, $2, $3 and $11, respectively) (2)

 

0.03

 

 

 

7

 

 

 

3

 

 

 

4

 

 

 

5

 

 

 

8

 

 

 

27

 

Income Tax-Related Adjustments (entire amount represents tax expense) (3)

 

0.09

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

89

 

 

 

92

 

2022 Adjusted (non-GAAP) Operating Earnings (Loss)

$

1.08

 

 

$

422

 

 

$

342

 

 

$

238

 

 

$

238

 

 

$

(175

)

 

$

1,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Weather

$

(0.07

)

 

$

 

(b)

$

(63

)

 

$

 

(b)

$

(11

)

(b)

$

 

 

$

(74

)

Load

 

(0.01

)

 

 

 

(b)

 

(7

)

 

 

 

(b)

 

(3

)

(b)

 

 

 

 

(10

)

Distribution and Transmission Rates (4)

 

0.17

 

 

 

59

 

(c)

 

35

 

(c)

 

26

 

(c)

 

50

 

(c)

 

 

 

 

170

 

Other Energy Delivery (5)

 

0.12

 

 

 

64

 

(c)

 

20

 

(c)

 

(6

)

(c)

 

45

 

(c)

 

 

 

 

123

 

Operating and Maintenance Expense (6)

 

(0.02

)

 

 

(13

)

 

 

(39

)

 

 

2

 

 

 

15

 

 

 

10

 

 

 

(25

)

Pension and Non-Pension Postretirement Benefits

 

 

 

 

5

 

 

 

2

 

 

 

(2

)

 

 

(9

)

 

 

(1

)

 

 

(5

)

Depreciation and Amortization Expense (7)

 

(0.06

)

 

 

(28

)

 

 

(9

)

 

 

(1

)

 

 

(18

)

 

 

(2

)

 

 

(58

)

Interest Expense and Other (8)

 

(0.08

)

 

 

(8

)

 

 

(17

)

 

 

(15

)

 

 

(19

)

 

 

(23

)

 

 

(82

)

Share Differential (9)

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings

$

0.03

 

 

$

79

 

 

$

(78

)

 

$

4

 

 

$

50

 

 

$

(16

)

 

$

39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 GAAP Net Income (Loss) from Continuing Operations

$

1.02

 

 

$

489

 

 

$

263

 

 

$

241

 

 

$

258

 

 

$

(239

)

 

$

1,012

 

Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

2

 

Change in Environmental Liabilities (net of taxes of $8)

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

29

 

SEC Matter Loss Contingency (net of taxes of $0)

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

46

 

Change in FERC Audit Liability (net of taxes of $4)

 

0.01

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Separation Costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (2)

 

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

(1

)

 

 

4

 

2023 Adjusted (non-GAAP) Operating Earnings (Loss)

$

1.11

 

 

$

501

 

 

$

264

 

 

$

242

 

 

$

288

 

 

$

(191

)

 

$

1,104

 

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 2023 and 2022 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)

Reflects costs related to a multi-year Enterprise Resource Planning (ERP) system implementation, which are recorded in Operating and maintenance expense.

(2)

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.

(3)

In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs partially offset by a one-time impact associated with a state tax benefit.

(4)

For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.

(5)

For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PECO, reflects increased transmission and energy efficiency revenues due to regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.

(6)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects increased program costs related to regulatory required programs and increased contracting costs. For PHI, includes decreased storm costs. For Corporate, includes the following three items: 1) an increase in costs for DPA related matters, 2) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (YTD Q2 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q2 2022), and 3) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA.

(7)

Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For BGE, also reflects decreased amortization for regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.

(8)

For Corporate, Other primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense, partially offset by an increase in other income for the proposed settlement of the DPA related derivative claims.

(9)

Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.

 

ComEd Statistics

Three Months Ended June 30, 2023 and 2022

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather - Normal % Change

 

 

2023

 

 

2022

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

5,783

 

6,617

 

(12.6

)%

 

(2.4

)%

 

$

861

 

$

819

 

5.1

%

Small commercial & industrial

6,834

 

7,198

 

(5.1

)%

 

(3.8

)%

 

 

461

 

 

312

 

47.8

%

Large commercial & industrial

6,502

 

6,641

 

(2.1

)%

 

(1.8

)%

 

 

205

 

 

11

 

1,763.6

%

Public authorities & electric railroads

185

 

186

 

(0.5

)%

 

(0.8

)%

 

 

13

 

 

5

 

160.0

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

234

 

 

234

 

%

Total electric revenues(c)

19,304

 

20,642

 

(6.5

)%

 

(2.7

)%

 

 

1,774

 

 

1,381

 

28.5

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

127

 

 

44

 

188.6

%

Total Electric Revenues

 

 

 

 

 

 

 

 

$

1,901

 

$

1,425

 

33.4

%

Purchased Power

 

 

 

 

 

 

 

 

$

685

 

$

283

 

142.0

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

581

 

713

 

697

 

(18.5

)%

 

(16.6

)%

Cooling Degree-Days

298

 

377

 

266

 

(21.0

)%

 

12.0

%

 

Six Months Ended June 30, 2023 and 2022

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather - Normal % Change

 

 

2023

 

 

2022

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

12,017

 

13,368

 

(10.1

)%

 

(2.1

)%

 

$

1,698

 

$

1,675

 

1.4

%

Small commercial & industrial

14,032

 

14,702

 

(4.6

)%

 

(2.3

)%

 

 

823

 

 

736

 

11.8

%

Large commercial & industrial

13,061

 

13,388

 

(2.4

)%

 

(1.2

)%

 

 

290

 

 

165

 

75.8

%

Public authorities & electric railroads

412

 

443

 

(7.0

)%

 

(5.4

)%

 

 

22

 

 

20

 

10.0

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

450

 

 

472

 

(4.7

)%

Total electric revenues(c)

39,522

 

41,901

 

(5.7

)%

 

(1.9

)%

 

 

3,283

 

 

3,068

 

7.0

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

285

 

 

90

 

216.7

%

Total Electric Revenues

 

 

 

 

 

 

 

 

$

3,568

 

$

3,158

 

13.0

%

Purchased Power

 

 

 

 

 

 

 

 

$

1,172

 

$

921

 

27.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

3,252

 

3,878

 

3,750

 

(16.1

)%

 

(13.3

)%

Cooling Degree-Days

298

 

377

 

266

 

(21.0

)%

 

12.0

%

Number of Electric Customers

2023

 

2022

Residential

3,729,428

 

3,711,023

Small commercial & industrial

391,380

 

390,357

Large commercial & industrial

1,866

 

1,900

Public authorities & electric railroads

4,791

 

4,853

Total

4,127,465

 

4,108,133

__________

(a)

Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $2 million and $3 million for the three months ended June 30, 2023 and 2022, respectively, and $5 million and $8 million for the six months ended June 30, 2023 and 2022, respectively.

(d)

Includes alternative revenue programs and late payment charges.

 

PECO Statistics

Three Months Ended June 30, 2023 and 2022

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

 

2023

 

 

2022

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

2,694

 

3,060

 

(12.0

)%

 

(0.1

)%

 

$

444

 

$

431

 

3.0

%

Small commercial & industrial

1,703

 

1,813

 

(6.1

)%

 

(2.9

)%

 

 

132

 

 

126

 

4.8

%

Large commercial & industrial

3,331

 

3,416

 

(2.5

)%

 

(0.6

)%

 

 

64

 

 

72

 

(11.1

)%

Public authorities & electric railroads

144

 

135

 

6.7

%

 

6.4

%

 

 

8

 

 

7

 

14.3

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

71

 

 

68

 

4.4

%

Total electric revenues(c)

7,872

 

8,424

 

(6.6

)%

 

(0.8

)%

 

 

719

 

 

704

 

2.1

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

 

 

4

 

(100.0

)%

Total Electric Revenues

 

 

 

 

 

 

 

 

 

719

 

 

708

 

1.6

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

4,373

 

5,206

 

(16.0

)%

 

(9.8

)%

 

 

69

 

 

71

 

(2.8

)%

Small commercial & industrial

3,743

 

3,638

 

2.9

%

 

6.8

%

 

 

32

 

 

29

 

10.3

%

Large commercial & industrial

6

 

4

 

50.0

%

 

(4.0

)%

 

 

 

 

 

n/a

 

Transportation

5,190

 

5,707

 

(9.1

)%

 

(7.0

)%

 

 

5

 

 

6

 

(16.7

)%

Other(f)

 

 

n/a

 

 

n/a

 

 

 

2

 

 

2

 

%

Total natural gas revenues(g)

13,312

 

14,555

 

(8.5

)%

 

(4.6

)%

 

 

108

 

 

108

 

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

1

 

 

 

100.0

%

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

109

 

 

108

 

0.9

%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

828

 

$

816

 

1.5

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

302

 

$

283

 

6.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

330

 

385

 

426

 

(14.3

)%

 

(22.5

)%

Cooling Degree-Days

233

 

434

 

386

 

(46.3

)%

 

(39.6

)%

 

Six Months Ended June 30, 2023 and 2022

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

 

2023

 

 

2022

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

6,052

 

6,818

 

(11.2

)%

 

(1.7

)%

 

$

963

 

$

918

 

4.9

%

Small commercial & industrial

3,546

 

3,750

 

(5.4

)%

 

(0.5

)%

 

 

267

 

 

237

 

12.7

%

Large commercial & industrial

6,568

 

6,748

 

(2.7

)%

 

(0.2

)%

 

 

129

 

 

136

 

(5.1

)%

Public authorities & electric railroads

312

 

317

 

(1.6

)%

 

(1.9

)%

 

 

16

 

 

15

 

6.7

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

139

 

 

130

 

6.9

%

Total electric revenues(c)

16,478

 

17,633

 

(6.6

)%

 

(0.9

)%

 

 

1,514

 

 

1,436

 

5.4

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

 

 

13

 

(100.0

)%

Total Electric Revenues

 

 

 

 

 

 

 

 

 

1,514

 

 

1,449

 

4.5

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

21,563

 

26,043

 

(17.2

)%

 

(3.8

)%

 

 

292

 

 

289

 

1.0

%

Small commercial & industrial

12,442

 

14,184

 

(12.3

)%

 

(0.9

)%

 

 

107

 

 

105

 

1.9

%

Large commercial & industrial

35

 

14

 

150.0

%

 

9.1

%

 

 

1

 

 

 

n/a

 

Transportation

12,204

 

13,346

 

(8.6

)%

 

(6.1

)%

 

 

13

 

 

14

 

(7.1

)%

Other(f)

 

 

n/a

 

 

n/a

 

 

 

11

 

 

5

 

120.0

%

Total natural gas revenues(g)

46,244

 

53,587

 

(13.7

)%

 

(3.5

)%

 

 

424

 

 

413

 

2.7

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

2

 

 

1

 

100.0

%

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

426

 

 

414

 

2.9

%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

1,940

 

$

1,863

 

4.1

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

786

 

$

689

 

14.1

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

2,218

 

2,613

 

2,843

 

(15.1

)%

 

(22.0

)%

Cooling Degree-Days

233

 

435

 

387

 

(46.4

)%

 

(39.8

)%

Number of Electric Customers

2023

 

2022

 

Number of Natural Gas Customers

2023

 

2022

Residential

1,529,499

 

1,521,728

 

Residential

504,723

 

499,678

Small commercial & industrial

155,845

 

155,484

 

Small commercial & industrial

44,793

 

44,726

Large commercial & industrial

3,112

 

3,114

 

Large commercial & industrial

10

 

10

Public authorities & electric railroads

10,423

 

10,386

 

Transportation

642

 

659

Total

1,698,879

 

1,690,712

 

Total

550,168

 

545,073

__________

(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 and $1 million for the three months ended June 30, 2023 and 2022, respectively, and $3 million and $2 million for the six months ended June 30, 2023 and 2022, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and less than a $1 million for the six months ended June 30, 2023 and 2022, respectively.

 

BGE Statistics

Three Months Ended June 30, 2023 and 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

 

2023

 

 

2022

 

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

2,454

 

2,752

 

(10.8

)%

 

(2.1

)%

 

$

363

 

$

334

 

 

8.7

%

Small commercial & industrial

609

 

637

 

(4.4

)%

 

0.2

%

 

 

75

 

 

70

 

 

7.1

%

Large commercial & industrial

3,102

 

3,214

 

(3.5

)%

 

(2.1

)%

 

 

119

 

 

129

 

 

(7.8

)%

Public authorities & electric railroads

48

 

53

 

(9.4

)%

 

(8.4

)%

 

 

7

 

 

7

 

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

103

 

 

99

 

 

4.0

%

Total electric revenues(c)

6,213

 

6,656

 

(6.7

)%

 

(1.9

)%

 

 

667

 

 

639

 

 

4.4

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

5

 

 

(10

)

 

(150.0

)%

Total Electric Revenues

 

 

 

 

 

 

 

 

 

672

 

 

629

 

 

6.8

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

3,909

 

4,943

 

(20.9

)%

 

(5.4

)%

 

 

71

 

 

96

 

 

(26.0

)%

Small commercial & industrial

1,156

 

1,389

 

(16.8

)%

 

(9.5

)%

 

 

15

 

 

18

 

 

(16.7

)%

Large commercial & industrial

8,059

 

9,168

 

(12.1

)%

 

(8.0

)%

 

 

30

 

 

35

 

 

(14.3

)%

Other(f)

78

 

931

 

(91.6

)%

 

n/a

 

 

 

5

 

 

12

 

 

(58.3

)%

Total natural gas revenues(g)

13,202

 

16,431

 

(19.7

)%

 

(7.3

)%

 

 

121

 

 

161

 

 

(24.8

)%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

4

 

 

(4

)

 

(200.0

)%

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

125

 

 

157

 

 

(20.4

)%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

797

 

$

786

 

 

1.4

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

272

 

$

289

 

 

(5.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

381

 

446

 

491

 

(14.6

)%

 

(22.4

)%

Cooling Degree-Days

210

 

279

 

262

 

(24.7

)%

 

(19.8

)%

 

Six Months Ended June 30, 2023 and 2022

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

 

2023

 

 

2022

 

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

5,560

 

6,321

 

(12.0

)%

 

0.3

%

 

$

796

 

$

752

 

 

5.9

%

Small commercial & industrial

1,283

 

1,372

 

(6.5

)%

 

0.7

%

 

 

167

 

 

151

 

 

10.6

%

Large commercial & industrial

6,149

 

6,387

 

(3.7

)%

 

(1.2

)%

 

 

268

 

 

260

 

 

3.1

%

Public authorities & electric railroads

103

 

106

 

(2.8

)%

 

(2.1

)%

 

 

14

 

 

14

 

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

198

 

 

196

 

 

1.0

%

Total electric revenues(c)

13,095

 

14,186

 

(7.7

)%

 

(0.4

)%

 

 

1,443

 

 

1,373

 

 

5.1

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

42

 

 

(7

)

 

(700.0

)%

Total Electric Revenues

 

 

 

 

 

 

 

 

 

1,485

 

 

1,366

 

 

8.7

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

20,697

 

26,061

 

(20.6

)%

 

1.2

%

 

 

349

 

 

378

 

 

(7.7

)%

Small commercial & industrial

4,924

 

6,050

 

(18.6

)%

 

(2.8

)%

 

 

56

 

 

63

 

 

(11.1

)%

Large commercial & industrial

21,273

 

23,911

 

(11.0

)%

 

(3.4

)%

 

 

100

 

 

100

 

 

%

Other(f)

1,686

 

5,391

 

(68.7

)%

 

n/a

 

 

 

24

 

 

47

 

 

(48.9

)%

Total natural gas revenues(g)

48,580

 

61,413

 

(20.9

)%

 

(1.2

)%

 

 

529

 

 

588

 

 

(10.0

)%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

39

 

 

(14

)

 

(378.6

)%

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

568

 

 

574

 

 

(1.0

)%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

2,053

 

$

1,940

 

 

5.8

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

764

 

$

743

 

 

2.8

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

2,155

 

2,688

 

2,872

 

(19.8

)%

 

(25.0

)%

Cooling Degree-Days

210

 

279

 

262

 

(24.7

)%

 

(19.8

)%

Number of Electric Customers

2023

 

2022

 

Number of Natural Gas Customers

2023

 

2022

Residential

1,206,763

 

1,200,397

 

Residential

655,181

 

653,409

Small commercial & industrial

115,594

 

115,769

 

Small commercial & industrial

38,077

 

38,227

Large commercial & industrial

12,975

 

12,721

 

Large commercial & industrial

6,275

 

6,211

Public authorities & electric railroads

265

 

267

 

 

 

 

 

Total

1,335,597

 

1,329,154

 

Total

699,533

 

697,847

__________

(a)

Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended June 30, 2023 and 2022, respectively, and $2 million and $3 million for the six months ended June 30, 2023 and 2022, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended June 30, 2023 and 2022, respectively, and $2 million and $7 million for the six months ended June 30, 2023 and 2022, respectively.

 

Pepco Statistics

Three Months Ended June 30, 2023 and 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

 

2023

 

 

2022

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

1,598

 

1,719

 

(7.0

)%

 

4.5

%

 

$

267

 

$

234

 

14.1

%

Small commercial & industrial

249

 

257

 

(3.1

)%

 

1.4

%

 

 

41

 

 

35

 

17.1

%

Large commercial & industrial

3,114

 

3,384

 

(8.0

)%

 

(4.5

)%

 

 

254

 

 

250

 

1.6

%

Public authorities & electric railroads

115

 

125

 

(8.0

)%

 

(7.3

)%

 

 

7

 

 

8

 

(12.5

)%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

64

 

 

54

 

18.5

%

Total electric revenues(c)

5,076

 

5,485

 

(7.5

)%

 

(1.5

)%

 

 

633

 

 

581

 

9.0

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

9

 

 

 

n/a

 

Total Electric Revenues

 

 

 

 

 

 

 

 

$

642

 

$

581

 

10.5

%

Purchased Power

 

 

 

 

 

 

 

 

$

204

 

$

162

 

25.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

209

 

325

 

308

 

(35.7

)%

 

(32.1

)%

Cooling Degree-Days

388

 

498

 

506

 

(22.1

)%

 

(23.3

)%

 

Six Months Ended June 30, 2023 and 2022

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

 

2023

 

 

2022

 

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

3,561

 

4,006

 

(11.1

)%

 

(0.7

)%

 

$

549

 

$

509

 

 

7.9

%

Small commercial & industrial

516

 

556

 

(7.2

)%

 

(2.4

)%

 

 

80

 

 

73

 

 

9.6

%

Large commercial & industrial

6,323

 

6,633

 

(4.7

)%

 

(1.5

)%

 

 

535

 

 

503

 

 

6.4

%

Public authorities & electric railroads

267

 

275

 

(2.9

)%

 

(1.8

)%

 

 

16

 

 

16

 

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

120

 

 

100

 

 

20.0

%

Total electric revenues(c)

10,667

 

11,470

 

(7.0

)%

 

(1.2

)%

 

 

1,300