UNITED STATES SECURITIES AND EXCHANGE COMMISSION | |||
Washington, D.C. 20549 | |||
FORM |
CURRENT REPORT | ||
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||
Date of Report (Date of earliest event reported) |
Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number | ||
(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220 | ||||
(a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 765-5959 | ||||
(an Illinois corporation) 440 South LaSalle Street Chicago, Illinois 60605-1028 (312) 394-4321 | ||||
(a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000 | ||||
(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000 | ||||
(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068 (202) 872-2000 | ||||
(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia 20068 (202) 872-2000 | ||||
(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702 (202) 872-2000 | ||||
(a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware 19702 (202) 872-2000 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
EXELON CORPORATION: | ||||
Common Stock, without par value | EXC | The Nasdaq Stock Market LLC | ||
PECO ENERGY COMPANY: | ||||
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy Company | EXC/28 | New York Stock Exchange |
Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Exhibit No. | Description |
101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
104 | The cover page from the Current Report on Form 8-K, formatted as Inline XBRL. |
EXELON CORPORATION | |
/s/ Joseph Nigro | |
Joseph Nigro | |
Senior Executive Vice President and Chief Financial Officer | |
Exelon Corporation | |
EXELON GENERATION COMPANY, LLC | |
/s/ Bryan P. Wright | |
Bryan P. Wright | |
Senior Vice President and Chief Financial Officer | |
Exelon Generation Company, LLC | |
COMMONWEALTH EDISON COMPANY | |
/s/ Jeanne M. Jones | |
Jeanne M. Jones | |
Senior Vice President, Chief Financial Officer and Treasurer | |
Commonwealth Edison Company | |
PECO ENERGY COMPANY | |
/s/ Robert J. Stefani | |
Robert J. Stefani | |
Senior Vice President, Chief Financial Officer and Treasurer | |
PECO Energy Company | |
BALTIMORE GAS AND ELECTRIC COMPANY | |
/s/ David M. Vahos | |
David M. Vahos | |
Senior Vice President, Chief Financial Officer and Treasurer | |
Baltimore Gas and Electric Company | |
PEPCO HOLDINGS LLC | |
/s/ Phillip S. Barnett | |
Phillip S. Barnett | |
Senior Vice President, Chief Financial Officer and Treasurer | |
Pepco Holdings LLC | |
POTOMAC ELECTRIC POWER COMPANY | |
/s/ Phillip S. Barnett | |
Phillip S. Barnett | |
Senior Vice President, Chief Financial Officer and Treasurer | |
Potomac Electric Power Company | |
DELMARVA POWER & LIGHT COMPANY | |
/s/ Phillip S. Barnett | |
Phillip S. Barnett | |
Senior Vice President, Chief Financial Officer and Treasurer | |
Delmarva Power & Light Company | |
ATLANTIC CITY ELECTRIC COMPANY | |
/s/ Phillip S. Barnett | |
Phillip S. Barnett | |
Senior Vice President, Chief Financial Officer and Treasurer | |
Atlantic City Electric Company |
Exhibit No. | Description |
101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
104 | The cover page from the Current Report on Form 8-K, formatted as Inline XBRL. |
Contact: | Paul Adams Corporate Communications 410-245-8717 Emily Duncan Investor Relations 312-394-2345 |
• | GAAP Net Income of $0.53 per share and Adjusted (non-GAAP) Operating Earnings of $0.55 per share for the second quarter of 2020 |
• | Reaffirming full year 2020 adjusted (non-GAAP) operating earnings guidance of $2.80-$3.10 per share |
• | Strong utility reliability and customer operations performance - every utility achieved top quartile in outage frequency & duration, customer satisfaction, abandon rate, and gas odor response |
• | Generation’s nuclear fleet capacity factor of 95.4% was the highest Q2 value in over a decade |
• | First Multi-Year Plan rate filing in Maryland was filed by BGE in May; filing proposes flat rates through 2022 |
• | The annual Benchmarking Air Emissions report published in July showed that Exelon continues to have the lowest carbon intensity among major electricity producers in the United States with an intensity that is 90 percent lower than the industry average |
• | Exelon Utilities announced that by 2025, 30 percent of vehicle fleets will be electrified. By 2030, that number will increase to 50 percent. |
• | Lower utility earnings primarily due to higher storm costs at PECO related to the June 2020 storms, higher credit loss expense at PECO and PHI that includes the impact of COVID-19, and distribution formula rate timing at ComEd, partially offset by favorable weather conditions at PECO; and |
• | Higher Generation earnings due to lower operating and maintenance expense, partially offset by lower capacity revenues and reduction in load due to COVID-19. |
• | COVID-19: Exelon continues to monitor developments related to the global outbreak (pandemic) of the 2019 novel coronavirus (COVID-19) pandemic and has taken proactive measures to protect the health and safety of employees, contractors and customers. As a provider of critical resources, Exelon has robust plans and contingencies in place to ensure business and operational continuity across a wide range of potentially disruptive events, including extensive preparedness for major public health crises. Exelon and its operating companies are working in close coordination with designated state and local emergency preparedness and health officials, and at the federal level through the Electric Subsector Coordinating Council. All Exelon employees have access to up-to-date information and resources and are following Centers for Disease Control guidelines to ensure safety. In addition, Exelon utilities have established incident command centers to address emergent customer and employee needs in real time. |
• | BGE Maryland Electric and Natural Gas Rate Case: On May 15, 2020, BGE filed an application for a three-year cumulative multi-year plan for 2021 through 2023 with the Maryland Public Service Commission (MDPSC) to increase its electric distribution rates by $140 million and natural gas distribution rates by $95 million in 2023 to recover capital investments made in late 2019 and planned capital investments from 2020 to 2023, reflecting an ROE of 10.1%. BGE currently expects a decision in the fourth quarter of 2020 but cannot predict if the MDPSC will approve the application as filed or the requested schedule. |
• | DPL Maryland Electric Distribution Rate Case: On July 14, 2020, the MDPSC approved an increase in DPL's annual electric distribution rates of $12 million with an effective date of July 16, 2020 and reflecting an ROE of 9.6%. |
• | Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100% of the CENG units, produced 43,416 gigawatt-hours (GWhs) in the second quarter of 2020, compared with 44,748 GWhs in the second quarter of 2019. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 95.4% capacity factor for the second quarter of 2020, compared with 95.1% for the second quarter of 2019. The number of planned refueling outage days in the second quarter of 2020 totaled 92, compared with 56 in the second quarter of 2019. There were no non-refueling outage days in the second quarter of 2020 and 28 in the second quarter of 2019. |
• | Fossil and Renewables Operations: The Dispatch Match rate for Generation’s fossil and hydro fleet was 97.4% in the second quarter of 2020, compared with 99.7% in the second quarter of 2019. The lower performance in the quarter was primarily due to outages at gas units in Texas. Energy Capture for the wind and solar fleet was 92.7% in the second quarter of 2020, compared with 96.0% in the second quarter of 2019. The lower performance in the quarter was attributed to turbines in outage awaiting parts to perform repairs. |
• | Financing Activities: |
◦ | On June 8, 2020, PECO issued $350 million of its First and Refunding Mortgage Bonds, 2.80% Series due June 15, 2050. PECO used the proceeds for general corporate purposes. |
◦ | On June 5, 2020, BGE issued $400 million of its 2.90% Senior Notes due June 15, 2050. BGE used the proceeds to repay commercial paper obligations and for general corporate purposes. |
◦ | On June 9, 2020, DPL issued $100 million of its First Mortgage Bonds, 2.53% Series due June 9, 2030. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. |
◦ | On July 1, 2020, DPL issued $78 million of its 1.05% Tax-Exempt Bonds due January 1, 2031. DPL used the proceeds to repay existing indebtedness. |
◦ | On June 2, 2020, ACE issued $23 million of its 2.25% Tax-Exempt First Mortgage Bonds due June 1, 2029. ACE used the proceeds to repay existing indebtedness. |
◦ | On June 9, 2020, ACE issued $100 million of its First Mortgage Bonds, 3.24% Series due June 9, 2050. ACE used the proceeds to repay existing indebtedness and for general corporate purposes. |
◦ | On May 15, 2020, Generation issued $900 million of its 3.25% Senior Notes due June 1, 2025. Generation used the proceeds to repay existing indebtedness and for general corporate purposes. |
(in millions) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | Generation | ||||||||||||||
2020 GAAP Net Income (Loss) | $ | 0.53 | $ | 521 | $ | (61 | ) | $ | 39 | $ | 39 | $ | 94 | $ | 476 | ||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $18 and $20, respectively) | (0.05 | ) | (51 | ) | — | — | — | — | (60 | ) | |||||||||||
Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Fund Investments (net of taxes of $275) | (0.31 | ) | (305 | ) | — | — | — | — | (305 | ) | |||||||||||
Asset Impairments (net of taxes of $7, $4 and $3, respectively) | 0.02 | 19 | 11 | — | — | — | 8 | ||||||||||||||
Plant Retirements and Divestitures (net of taxes of $2) | 0.01 | 7 | — | — | — | — | 7 | ||||||||||||||
Cost Management Program (net of taxes of $3, $1 and $2, respectively) | 0.01 | 6 | — | — | — | 1 | 5 | ||||||||||||||
Change in Environmental Liabilities (net of taxes of $0) | — | 1 | — | — | — | — | 1 | ||||||||||||||
COVID-19 Direct Costs (net of taxes of $10, $2, $2, $1 and $6, respectively) | 0.03 | 27 | — | 5 | 4 | 3 | 16 | ||||||||||||||
Deferred Prosecution Agreement Payments (net of taxes of $0) | 0.20 | 200 | 200 | — | — | — | — | ||||||||||||||
Income Tax-Related Adjustments (entire amount represents tax expense) | 0.01 | 5 | — | — | — | — | — | ||||||||||||||
Noncontrolling Interests (net of taxes of $20) | 0.11 | 104 | — | — | — | — | 104 | ||||||||||||||
2020 Adjusted (non-GAAP) Operating Earnings | $ | 0.55 | $ | 536 | $ | 150 | $ | 44 | $ | 43 | $ | 98 | $ | 252 |
(in millions) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | Generation | ||||||||||||||
2019 GAAP Net Income | $ | 0.50 | $ | 484 | $ | 186 | $ | 102 | $ | 45 | $ | 106 | $ | 108 | |||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $22 and $20, respectively) | 0.07 | 68 | — | — | — | — | 65 | ||||||||||||||
Unrealized Losses Related to NDT Fund Investments (net of taxes of $28) | 0.05 | 52 | — | — | — | — | 52 | ||||||||||||||
Asset Impairments (net of taxes of $1) | — | 1 | — | — | — | — | 1 | ||||||||||||||
Plant Retirements and Divestitures (net of taxes of $37 and $38, respectively) | (0.02 | ) | (24 | ) | — | — | — | — | (23 | ) | |||||||||||
Cost Management Program (net of taxes of $1, $0, $0, $0 and $1, respectively) | 0.01 | 6 | — | 1 | 1 | 1 | 3 | ||||||||||||||
Litigation Settlement Gain (net of taxes of $7) | (0.02 | ) | (19 | ) | — | — | — | — | (19 | ) | |||||||||||
Noncontrolling Interests (net of taxes of $3) | 0.02 | 15 | — | — | — | — | 15 | ||||||||||||||
2019 Adjusted (non-GAAP) Operating Earnings | $ | 0.60 | $ | 583 | $ | 186 | $ | 103 | $ | 46 | $ | 107 | $ | 202 |
ComEd | PECO | BGE | PHI | Generation | Other (a) | Exelon Consolidated | |||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Operating revenues | $ | 1,417 | $ | 681 | $ | 616 | $ | 1,016 | $ | 3,880 | $ | (288 | ) | $ | 7,322 | ||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Purchased power and fuel | 464 | 216 | 194 | 375 | 1,942 | (267 | ) | 2,924 | |||||||||||||||||||
Operating and maintenance | 536 | 275 | 187 | 281 | 1,189 | (35 | ) | 2,433 | |||||||||||||||||||
Depreciation and amortization | 274 | 88 | 129 | 191 | 300 | 19 | 1,001 | ||||||||||||||||||||
Taxes other than income taxes | 71 | 39 | 63 | 109 | 116 | 13 | 411 | ||||||||||||||||||||
Total operating expenses | 1,345 | 618 | 573 | 956 | 3,547 | (270 | ) | 6,769 | |||||||||||||||||||
Gain on sales of assets and businesses | — | — | — | — | 12 | — | 12 | ||||||||||||||||||||
Operating income (loss) | 72 | 63 | 43 | 60 | 345 | (18 | ) | 565 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||
Interest expense, net | (98 | ) | (36 | ) | (32 | ) | (67 | ) | (87 | ) | (107 | ) | (427 | ) | |||||||||||||
Other, net | 11 | 5 | 6 | 14 | 602 | 18 | 656 | ||||||||||||||||||||
Total other income and (deductions) | (87 | ) | (31 | ) | (26 | ) | (53 | ) | 515 | (89 | ) | 229 | |||||||||||||||
(Loss) income before income taxes | (15 | ) | 32 | 17 | 7 | 860 | (107 | ) | 794 | ||||||||||||||||||
Income taxes | 46 | (7 | ) | (22 | ) | (87 | ) | 329 | (40 | ) | 219 | ||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | — | — | — | — | (2 | ) | 1 | (1 | ) | ||||||||||||||||||
Net (loss) income | (61 | ) | 39 | 39 | 94 | 529 | (66 | ) | 574 | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | 53 | — | 53 | ||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (61 | ) | $ | 39 | $ | 39 | $ | 94 | $ | 476 | $ | (66 | ) | $ | 521 | |||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Operating revenues | $ | 1,351 | $ | 655 | $ | 649 | $ | 1,091 | $ | 4,210 | $ | (267 | ) | $ | 7,689 | ||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Purchased power and fuel | 407 | 191 | 208 | 382 | 2,292 | (255 | ) | 3,225 | |||||||||||||||||||
Operating and maintenance | 305 | 199 | 182 | 248 | 1,266 | (41 | ) | 2,159 | |||||||||||||||||||
Depreciation and amortization | 257 | 83 | 117 | 188 | 409 | 25 | 1,079 | ||||||||||||||||||||
Taxes other than income taxes | 71 | 37 | 62 | 108 | 129 | 11 | 418 | ||||||||||||||||||||
Total operating expenses | 1,040 | 510 | 569 | 926 | 4,096 | (260 | ) | 6,881 | |||||||||||||||||||
Gain on sales of assets and businesses | — | — | — | — | 33 | — | 33 | ||||||||||||||||||||
Operating income (loss) | 311 | 145 | 80 | 165 | 147 | (7 | ) | 841 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||
Interest expense, net | (89 | ) | (33 | ) | (29 | ) | (67 | ) | (116 | ) | (75 | ) | (409 | ) | |||||||||||||
Other, net | 10 | 3 | 5 | 14 | 171 | 9 | 212 | ||||||||||||||||||||
Total other income and (deductions) | (79 | ) | (30 | ) | (24 | ) | (53 | ) | 55 | (66 | ) | (197 | ) | ||||||||||||||
Income (loss) before income taxes | 232 | 115 | 56 | 112 | 202 | (73 | ) | 644 | |||||||||||||||||||
Income taxes | 46 | 13 | 11 | 6 | 78 | (10 | ) | 144 | |||||||||||||||||||
Equity in losses of unconsolidated affiliates | — | — | — | — | (6 | ) | — | (6 | ) | ||||||||||||||||||
Net income (loss) | 186 | 102 | 45 | 106 | 118 | (63 | ) | 494 | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | 10 | — | 10 | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 186 | $ | 102 | $ | 45 | $ | 106 | $ | 108 | $ | (63 | ) | $ | 484 | ||||||||||||
Change in Net Income from 2019 to 2020 | $ | (247 | ) | $ | (63 | ) | $ | (6 | ) | $ | (12 | ) | $ | 368 | $ | (3 | ) | $ | 37 |
(a) | Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities. |
ComEd | PECO | BGE | PHI | Generation | Other (a) | Exelon Consolidated | |||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Operating revenues | $ | 2,856 | $ | 1,493 | $ | 1,554 | $ | 2,187 | $ | 8,613 | $ | (634 | ) | $ | 16,069 | ||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Purchased power and fuel | 951 | 499 | 483 | 810 | 4,646 | (598 | ) | 6,791 | |||||||||||||||||||
Operating and maintenance | 853 | 492 | 376 | 538 | 2,451 | (73 | ) | 4,637 | |||||||||||||||||||
Depreciation and amortization | 547 | 173 | 272 | 385 | 604 | 42 | 2,023 | ||||||||||||||||||||
Taxes other than income taxes | 146 | 78 | 132 | 222 | 246 | 23 | 847 | ||||||||||||||||||||
Total operating expenses | 2,497 | 1,242 | 1,263 | 1,955 | 7,947 | (606 | ) | 14,298 | |||||||||||||||||||
Gain (loss) on sales of assets and businesses | — | — | — | 2 | 12 | (1 | ) | 13 | |||||||||||||||||||
Operating income | 359 | 251 | 291 | 234 | 678 | (29 | ) | 1,784 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||
Interest expense, net | (192 | ) | (71 | ) | (64 | ) | (134 | ) | (197 | ) | (179 | ) | (837 | ) | |||||||||||||
Other, net | 22 | 7 | 10 | 26 | (168 | ) | 35 | (68 | ) | ||||||||||||||||||
Total other income and (deductions) | (170 | ) | (64 | ) | (54 | ) | (108 | ) | (365 | ) | (144 | ) | (905 | ) | |||||||||||||
Income (loss) before income taxes | 189 | 187 | 237 | 126 | 313 | (173 | ) | 879 | |||||||||||||||||||
Income taxes | 82 | 9 | 18 | (76 | ) | (59 | ) | (49 | ) | (75 | ) | ||||||||||||||||
Equity in losses of unconsolidated affiliates | — | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||||
Net income (loss) | 107 | 178 | 219 | 202 | 368 | (124 | ) | 950 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | — | (153 | ) | — | (153 | ) | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 107 | $ | 178 | $ | 219 | $ | 202 | $ | 521 | $ | (124 | ) | $ | 1,103 | ||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Operating revenues | $ | 2,759 | $ | 1,554 | $ | 1,625 | $ | 2,319 | $ | 9,506 | $ | (597 | ) | $ | 17,166 | ||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Purchased power and fuel | 892 | 520 | 570 | 872 | 5,497 | (573 | ) | 7,778 | |||||||||||||||||||
Operating and maintenance | 626 | 424 | 372 | 520 | 2,484 | (79 | ) | 4,347 | |||||||||||||||||||
Depreciation and amortization | 508 | 164 | 252 | 369 | 814 | 47 | 2,154 | ||||||||||||||||||||
Taxes other than income taxes | 148 | 79 | 131 | 220 | 264 | 21 | 863 | ||||||||||||||||||||
Total operating expenses | 2,174 | 1,187 | 1,325 | 1,981 | 9,059 | (584 | ) | 15,142 | |||||||||||||||||||
Gain on sales of assets and businesses | 3 | — | — | — | 33 | — | 36 | ||||||||||||||||||||
Operating income | 588 | 367 | 300 | 338 | 480 | (13 | ) | 2,060 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||
Interest expense, net | (178 | ) | (67 | ) | (58 | ) | (131 | ) | (227 | ) | (152 | ) | (813 | ) | |||||||||||||
Other, net | 19 | 7 | 11 | 27 | 601 | 14 | 679 | ||||||||||||||||||||
Total other income and (deductions) | (159 | ) | (60 | ) | (47 | ) | (104 | ) | 374 | (138 | ) | (134 | ) | ||||||||||||||
Income (loss) before income taxes | 429 | 307 | 253 | 234 | 854 | (151 | ) | 1,926 | |||||||||||||||||||
Income taxes | 85 | 37 | 47 | 11 | 301 | (27 | ) | 454 | |||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | — | — | — | (13 | ) | 1 | (12 | ) | ||||||||||||||||||
Net income (loss) | 344 | 270 | 206 | 223 | 540 | (123 | ) | 1,460 | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | 68 | 1 | 69 | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 344 | $ | 270 | $ | 206 | $ | 223 | $ | 472 | $ | (124 | ) | $ | 1,391 | ||||||||||||
Change in Net Income from 2019 to 2020 | $ | (237 | ) | $ | (92 | ) | $ | 13 | $ | (21 | ) | $ | 49 | $ | — | $ | (288 | ) |
(a) | Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities. |
June 30, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,129 | $ | 587 | ||||
Restricted cash and cash equivalents | 373 | 358 | ||||||
Accounts receivable | ||||||||
Customer accounts receivable | 3,075 | 4,835 | ||||||
Customer allowance for credit losses | (261) | (243) | ||||||
Customer accounts receivable, net | 2,814 | 4,592 | ||||||
Other accounts receivable | 1,549 | 1,631 | ||||||
Other allowance for credit losses | (61) | (48) | ||||||
Other accounts receivable, net | 1,488 | 1,583 | ||||||
Mark-to-market derivative assets | 573 | 679 | ||||||
Unamortized energy contract assets | 43 | 47 | ||||||
Inventories, net | ||||||||
Fossil fuel and emission allowances | 273 | 312 | ||||||
Materials and supplies | 1,508 | 1,456 | ||||||
Regulatory assets | 1,193 | 1,170 | ||||||
Other | 2,139 | 1,253 | ||||||
Total current assets | 12,533 | 12,037 | ||||||
Property, plant and equipment, net | 81,748 | 80,233 | ||||||
Deferred debits and other assets | ||||||||
Regulatory assets | 8,313 | 8,335 | ||||||
Nuclear decommissioning trust funds | 12,730 | 13,190 | ||||||
Investments | 424 | 464 | ||||||
Goodwill | 6,677 | 6,677 | ||||||
Mark-to-market derivative assets | 466 | 508 | ||||||
Unamortized energy contract assets | 321 | 336 | ||||||
Other | 3,101 | 3,197 | ||||||
Total deferred debits and other assets | 32,032 | 32,707 | ||||||
Total assets | $ | 126,313 | $ | 124,977 |
June 30, 2020 | December 31, 2019 | |||||||
Liabilities and shareholders’ equity | ||||||||
Current liabilities | ||||||||
Short-term borrowings | $ | 1,119 | $ | 1,370 | ||||
Long-term debt due within one year | 2,514 | 4,710 | ||||||
Accounts payable | 3,047 | 3,560 | ||||||
Accrued expenses | 1,616 | 1,981 | ||||||
Payables to affiliates | 5 | 5 | ||||||
Regulatory liabilities | 495 | 406 | ||||||
Mark-to-market derivative liabilities | 204 | 247 | ||||||
Unamortized energy contract liabilities | 113 | 132 | ||||||
Renewable energy credit obligation | 478 | 443 | ||||||
Other | 1,474 | 1,331 | ||||||
Total current liabilities | 11,065 | 14,185 | ||||||
Long-term debt | 36,112 | 31,329 | ||||||
Long-term debt to financing trusts | 390 | 390 | ||||||
Deferred credits and other liabilities | ||||||||
Deferred income taxes and unamortized investment tax credits | 12,720 | 12,351 | ||||||
Asset retirement obligations | 11,059 | 10,846 | ||||||
Pension obligations | 3,659 | 4,247 | ||||||
Non-pension postretirement benefit obligations | 2,121 | 2,076 | ||||||
Spent nuclear fuel obligation | 1,206 | 1,199 | ||||||
Regulatory liabilities | 9,414 | 9,986 | ||||||
Mark-to-market derivative liabilities | 440 | 393 | ||||||
Unamortized energy contract liabilities | 292 | 338 | ||||||
Other | 2,964 | 3,064 | ||||||
Total deferred credits and other liabilities | 43,875 | 44,500 | ||||||
Total liabilities | 91,442 | 90,404 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity | ||||||||
Common stock | 19,336 | 19,274 | ||||||
Treasury stock, at cost | (123 | ) | (123 | ) | ||||
Retained earnings | 16,622 | 16,267 | ||||||
Accumulated other comprehensive loss, net | (3,132 | ) | (3,194 | ) | ||||
Total shareholders’ equity | 32,703 | 32,224 | ||||||
Noncontrolling interests | 2,168 | 2,349 | ||||||
Total equity | 34,871 | 34,573 | ||||||
Total liabilities and shareholders’ equity | $ | 126,313 | $ | 124,977 |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 950 | $ | 1,460 | ||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||||
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization | 2,741 | 2,922 | ||||||
Asset impairments | 33 | 9 | ||||||
Gain on sales of assets and businesses | (13 | ) | (33 | ) | ||||
Deferred income taxes and amortization of investment tax credits | 33 | 284 | ||||||
Net fair value changes related to derivatives | (194 | ) | 107 | |||||
Net realized and unrealized losses (gains) on NDT funds | 196 | (404 | ) | |||||
Other non-cash operating activities | 671 | 277 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 1,318 | 618 | ||||||
Inventories | (14 | ) | 19 | |||||
Accounts payable and accrued expenses | (798 | ) | (924 | ) | ||||
Option premiums (paid) received, net | (102 | ) | 48 | |||||
Collateral received (posted), net | 340 | (311 | ) | |||||
Income taxes | (114 | ) | 151 | |||||
Pension and non-pension postretirement benefit contributions | (558 | ) | (355 | ) | ||||
Other assets and liabilities | (1,809 | ) | (970 | ) | ||||
Net cash flows provided by operating activities | 2,680 | 2,898 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (3,773 | ) | (3,572 | ) | ||||
Proceeds from NDT fund sales | 2,488 | 6,920 | ||||||
Investment in NDT funds | (2,540 | ) | (6,847 | ) | ||||
Collection of DPP | 1,102 | — | ||||||
Proceeds from sales of assets and businesses | — | 14 | ||||||
Other investing activities | 4 | 26 | ||||||
Net cash flows used in investing activities | (2,719 | ) | (3,459 | ) | ||||
Cash flows from financing activities | ||||||||
Changes in short-term borrowings | (751 | ) | 470 | |||||
Proceeds from short-term borrowings with maturities greater than 90 days | 500 | — | ||||||
Repayments on short-term borrowings with maturities greater than 90 days | — | (125 | ) | |||||
Issuance of long-term debt | 6,526 | 850 | ||||||
Retirement of long-term debt | (3,894 | ) | (574 | ) | ||||
Dividends paid on common stock | (746 | ) | (704 | ) | ||||
Proceeds from employee stock plans | 46 | 75 | ||||||
Other financing activities | (84 | ) | (34 | ) | ||||
Net cash flows provided by (used in) financing activities | 1,597 | (42 | ) | |||||
Increase (decrease) in cash, cash equivalents and restricted cash | 1,558 | (603 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 1,122 | 1,781 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,680 | $ | 1,178 |
Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Generation | Other (a) | Exelon | ||||||||||||||||||||||||
2019 GAAP Net Income (Loss) | $ | 0.50 | $ | 186 | $ | 102 | $ | 45 | $ | 106 | $ | 108 | $ | (63 | ) | $ | 484 | ||||||||||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $20, $2 and $22, respectively) | 0.07 | — | — | — | — | 65 | 3 | 68 | |||||||||||||||||||||||
Unrealized Gains Related to NDT Fund Investments (net of taxes of $28) (1) | 0.05 | — | — | — | — | 52 | — | 52 | |||||||||||||||||||||||
Asset Impairments (net of taxes of $1) | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||
Plant Retirements and Divestitures (net of taxes of $38, $1 and $37, respectively) (2) | (0.02 | ) | — | — | — | — | (23 | ) | (1 | ) | (24 | ) | |||||||||||||||||||
Cost Management Program (net of taxes of $0, $0, $0, $1 and $1, respectively) (3) | 0.01 | — | 1 | 1 | 1 | 3 | — | 6 | |||||||||||||||||||||||
Litigation Settlement Gain (net of taxes of $7) | (0.02 | ) | — | — | — | — | (19 | ) | — | (19 | ) | ||||||||||||||||||||
Noncontrolling Interest (net of taxes of $3) (4) | 0.02 | — | — | — | — | 15 | — | 15 | |||||||||||||||||||||||
2019 Adjusted (non-GAAP) Operating Earnings (Loss) | 0.60 | 186 | 103 | 46 | 107 | 202 | (61 | ) | 583 | ||||||||||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||
ComEd, PECO, BGE and PHI: | |||||||||||||||||||||||||||||||
Weather | 0.01 | — | (b) | 8 | — | (b) | 4 | (b) | — | — | 12 | ||||||||||||||||||||
Load | — | — | (b) | — | — | (b) | (3 | ) | (b) | — | — | (3 | ) | ||||||||||||||||||
Other Energy Delivery (8) | (0.07 | ) | 6 | (c) | (7 | ) | (c) | (14 | ) | (c) | (50 | ) | (c) | — | — | (65 | ) | ||||||||||||||
Generation, Excluding Mark-to-Market: | |||||||||||||||||||||||||||||||
Nuclear Volume (9) | (0.02 | ) | — | — | — | — | (23 | ) | — | (23 | ) | ||||||||||||||||||||
Nuclear Fuel Cost (10) | 0.01 | — | — | — | — | 13 | — | 13 | |||||||||||||||||||||||
Capacity Revenue (11) | (0.06 | ) | — | — | — | — | (60 | ) | — | (60 | ) | ||||||||||||||||||||
Market and Portfolio Conditions (12) | (0.04 | ) | — | — | — | — | (37 | ) | — | (37 | ) | ||||||||||||||||||||
Operating and Maintenance Expense: | |||||||||||||||||||||||||||||||
Labor, Contracting and Materials (13) | 0.06 | (1 | ) | (1 | ) | (1 | ) | (14 | ) | 76 | — | 59 | |||||||||||||||||||
Planned Nuclear Refueling Outages (14) | (0.02 | ) | — | — | — | — | (20 | ) | — | (20 | ) | ||||||||||||||||||||
Pension and Non-Pension Postretirement Benefits | 0.01 | (1 | ) | 1 | 1 | 2 | 3 | — | 6 | ||||||||||||||||||||||
Other Operating and Maintenance (15) | (0.04 | ) | (9 | ) | (50 | ) | — | (9 | ) | 34 | (6 | ) | (40 | ) | |||||||||||||||||
Depreciation and Amortization Expense (16) | (0.01 | ) | (12 | ) | (4 | ) | (9 | ) | (2 | ) | 11 | 2 | (14 | ) | |||||||||||||||||
Interest Expense, Net | (0.01 | ) | (8 | ) | (2 | ) | (2 | ) | — | 6 | (4 | ) | (10 | ) | |||||||||||||||||
Income Taxes (17) | 0.12 | (13 | ) | (4 | ) | 22 | 64 | 24 | 20 | 113 | |||||||||||||||||||||
Noncontrolling Interests (18) | 0.03 | — | — | — | — | 31 | — | 31 | |||||||||||||||||||||||
Other (19) | (0.01 | ) | 2 | — | — | (1 | ) | (8 | ) | (3 | ) | (10 | ) | ||||||||||||||||||
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | (0.05 | ) | (36 | ) | (59 | ) | (3 | ) | (9 | ) | 50 | 9 | (48 | ) | |||||||||||||||||
2020 GAAP Net Income (Loss) | 0.53 | (61 | ) | 39 | 39 | 94 | 476 | (66 | ) | 521 | |||||||||||||||||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $20, $2 and $18, respectively) | (0.05 | ) | — | — | — | — | (60 | ) | 9 | (51 | ) | ||||||||||||||||||||
Unrealized Gains Related to NDT Fund Investments (net of taxes of $275) (1) | (0.31 | ) | — | — | — | — | (305 | ) | — | (305 | ) | ||||||||||||||||||||
Asset Impairments (net of taxes of $4, $3 and $7, respectively) (5) | 0.02 | 11 | — | — | — | 8 | — | 19 | |||||||||||||||||||||||
Plant Retirements and Divestitures (net of taxes of $2) (2) | 0.01 | — | — | — | — | 7 | — | 7 | |||||||||||||||||||||||
Cost Management Program (net of taxes of $1, $2 and $3, respectively) (3) | 0.01 | — | — | — | 1 | 5 | — | 6 | |||||||||||||||||||||||
Change in Environmental Liabilities (net of taxes of $0) | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||
COVID-19 Direct Costs (net of taxes of $2, $1, $1, $6, and $10, respectively) (6) | 0.03 | — | 5 | 4 | 3 | 16 | — | 27 | |||||||||||||||||||||||
Deferred Prosecution Agreement Payments (net of taxes of $0) (7) | 0.20 | 200 | — | — | — | — | — | 200 | |||||||||||||||||||||||
Income Tax-Related Adjustments (entire amount represents tax expense) | 0.01 | — | — | — | — | — | 5 | 5 | |||||||||||||||||||||||
Noncontrolling Interest (net of taxes of $20) (4) | 0.11 | — | — | — | — | 104 | — | 104 | |||||||||||||||||||||||
2020 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.55 | $ | 150 | $ | 44 | $ | 43 | $ | 98 | $ | 252 | $ | (52 | ) | $ | 536 |
(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 and DPL Maryland, 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, 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 the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact. |
(2) | In 2019, primarily reflects net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019 and a gain on the sale of certain wind assets, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility. In 2020, primarily reflects accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. |
(3) | Primarily represents reorganization costs related to cost management programs. |
(4) | Represents elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to unrealized gains and losses on NDT fund investments for CENG units. |
(5) | Reflects an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation. |
(6) | 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. |
(7) | Reflects the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois. |
(8) | For ComEd, reflects decreased electric distribution and energy efficiency revenues (due to lower electric distribution ROE due to decreased treasury rates and distribution formula rate timing partially offset by higher rate base and fully recoverable costs). For BGE and PHI, reflects decreased revenue primarily due to the settlement agreement of ongoing transmission related income tax regulatory liabilities. |
(9) | Primarily reflects the permanent cease of generation operations at TMI in September 2019. |
(10) | Primarily reflects a decrease in fuel prices and decreased nuclear output as a result of the permanent cease of generation operations at TMI. |
(11) | Reflects decreased capacity revenues in the Mid-Atlantic, Midwest, and Other Power Regions, partially offset by increased revenues in New York. |
(12) | Primarily reflects reduction in load due to COVID-19, partially offset by higher portfolio optimization. |
(13) | For Generation, primarily reflects decreased costs related to the permanent cease of generation operations at TMI and decreased contracting costs. |
(14) | Primarily reflects an increase in the number of nuclear outage days in 2020, excluding Salem. |
(15) | For PECO and PHI, reflects an increase in credit loss expense that includes the impacts of COVID-19. For PECO, also reflects increased storm costs related to the June 2020 storms. For PHI, the increase in credit loss expense was partially offset by decreases in various expenses. For Generation, primarily reflects a decrease in planned nuclear outage days at Salem in 2020 and an increase in credit loss expense that includes the impacts of COVID-19. |
(16) | Reflects ongoing capital expenditures across all utilities. For Generation, reflects a decrease primarily due to the extension of the Peach Bottom license. |
(17) | For BGE and PHI, reflects the settlement agreement of ongoing transmission related income tax regulatory liabilities. For Generation, primarily reflects one-time income tax settlements and an increase in tax credits. |
(18) | Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG. |
(19) | For Generation, primarily reflects lower realized NDT fund gains. |
Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Generation | Other (a) | Exelon | ||||||||||||||||||||||||
2019 GAAP Net Income (Loss) | $ | 1.43 | $ | 344 | $ | 270 | $ | 206 | $ | 223 | $ | 472 | $ | (124 | ) | $ | 1,391 | ||||||||||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $30, $4 and $34, respectively) | 0.10 | — | — | — | — | 90 | 8 | 98 | |||||||||||||||||||||||
Unrealized Gains Related to NDT Fund Investments (net of taxes of $133) (1) | (0.15 | ) | — | — | — | — | (142 | ) | — | (142 | ) | ||||||||||||||||||||
Asset Impairments (net of taxes of $2) | 0.01 | — | — | — | — | 6 | — | 6 | |||||||||||||||||||||||
Plant Retirements and Divestitures (net of taxes of $32) (2) | — | — | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||||||||
Cost Management Program (net of taxes of $0, $1, $1, $5 and $7, respectively) (3) | 0.02 | — | 1 | 1 | 2 | 12 | — | 16 | |||||||||||||||||||||||
Litigation Settlement Gain (net of taxes of $7) | (0.02 | ) | — | — | — | — | (19 | ) | — | (19 | ) | ||||||||||||||||||||
Noncontrolling Interests (net of taxes of $15) (4) | 0.08 | — | — | — | — | 82 | — | 82 | |||||||||||||||||||||||
2019 Adjusted (non-GAAP) Operating Earnings (Loss) | 1.47 | 344 | 271 | 207 | 225 | 497 | (116 | ) | 1,429 | ||||||||||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||
ComEd, PECO, BGE and PHI: | |||||||||||||||||||||||||||||||
Weather | (0.03 | ) | — | (b) | (26 | ) | — | (b) | (7 | ) | (b) | — | — | (33 | ) | ||||||||||||||||
Load | (0.01 | ) | — | (b) | (7 | ) | — | (b) | (3 | ) | (b) | — | — | (10 | ) | ||||||||||||||||
Other Energy Delivery (8) | — | 27 | (c) | 4 | (c) | 12 | (c) | (40 | ) | (c) | — | — | 3 | ||||||||||||||||||
Generation, Excluding Mark-to-Market: | |||||||||||||||||||||||||||||||
Nuclear Volume (9) | (0.09 | ) | — | — | — | — | (90 | ) | — | (90 | ) | ||||||||||||||||||||
Nuclear Fuel Cost (10) | 0.03 | — | — | — | — | 31 | — | 31 | |||||||||||||||||||||||
Capacity Revenue (11) | (0.17 | ) | — | — | — | — | (169 | ) | — | (169 | ) | ||||||||||||||||||||
Zero Emission Credit Revenue (12) | 0.02 | — | — | — | — | 16 | — | 16 | |||||||||||||||||||||||
Market and Portfolio Conditions (13) | (0.06 | ) | — | — | — | — | (63 | ) | — | (63 | ) | ||||||||||||||||||||
Operating and Maintenance Expense: | |||||||||||||||||||||||||||||||
Labor, Contracting and Materials (14) | 0.12 | 6 | 4 | (2 | ) | (12 | ) | 119 | — | 115 | |||||||||||||||||||||
Planned Nuclear Refueling Outages (15) | (0.05 | ) | — | — | — | — | (51 | ) | — | (51 | ) | ||||||||||||||||||||
Pension and Non-Pension Postretirement Benefits | 0.01 | (3 | ) | 1 | 1 | 4 | 7 | — | 10 | ||||||||||||||||||||||
Other Operating and Maintenance (16) | (0.02 | ) | (12 | ) | (46 | ) | 3 | (1 | ) | 44 | (7 | ) | (19 | ) | |||||||||||||||||
Depreciation and Amortization Expense (17) | (0.04 | ) | (28 | ) | (6 | ) | (14 | ) | (12 | ) | 19 | 4 | (37 | ) | |||||||||||||||||
Interest Expense, Net (18) | (0.01 | ) | (11 | ) | (4 | ) | (4 | ) | (3 | ) | 16 | (1 | ) | (7 | ) | ||||||||||||||||
Income Taxes (19) | 0.17 | (8 | ) | (7 | ) | 25 | 57 | 85 | 10 | 162 | |||||||||||||||||||||
Noncontrolling Interests (20) | 0.08 | — | — | — | — | 76 | — | 76 | |||||||||||||||||||||||
Other (21) | 0.03 | 3 | 1 | (3 | ) | — | 27 | (2 | ) | 26 | |||||||||||||||||||||
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | (0.05 | ) | (26 | ) | (86 | ) | 18 | (17 | ) | 67 | 4 | (40 | ) | ||||||||||||||||||
2020 GAAP Net Income (Loss) | 1.13 | 107 | 178 | 219 | 202 | 521 | (124 | ) | 1,103 | ||||||||||||||||||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $53, $3 and $50, respectively) | (0.15 | ) | — | — | — | — | (157 | ) | 11 | (146 | ) | ||||||||||||||||||||
Unrealized Losses Related to NDT Fund Investments (net of taxes of $130) (1) | 0.18 | — | — | — | — | 180 | — | 180 | |||||||||||||||||||||||
Asset Impairments (net of taxes of $4, $3 and $7, respectively) (5) | 0.02 | 11 | — | — | — | 10 | — | 21 | |||||||||||||||||||||||
Plant Retirements and Divestitures (net of taxes of $6) (2) | 0.02 | — | — | — | — | 20 | — | 20 | |||||||||||||||||||||||
Cost Management Program (net of taxes of $1, $1, $1, $4, $1 and $6, respectively) (3) | 0.02 | — | 2 | 2 | 3 | 13 | (3 | ) | 17 | ||||||||||||||||||||||
Change in Environmental Liabilities (net of taxes of $0) | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||
COVID-19 Direct Costs (net of taxes of $2, $1, $1, $6 and $10, respectively) (6) | 0.03 | — | 5 | 4 | 3 | 16 | — | 27 | |||||||||||||||||||||||
Deferred Prosecution Agreement Payments (net of taxes of $0) (7) | 0.20 | 200 | — | — | — | — | — | 200 | |||||||||||||||||||||||
Income Tax-Related Adjustments (entire amount represents tax expense) | — | — | — | — | — | — | 4 | 4 | |||||||||||||||||||||||
Noncontrolling Interests (net of taxes of $10) (4) | (0.04 | ) | — | — | — | — | (40 | ) | — | (40 | ) | ||||||||||||||||||||
2020 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 1.42 | $ | 318 | $ | 185 | $ | 225 | $ | 208 | $ | 564 | $ | (112 | ) | $ | 1,387 |
(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 and DPL Maryland, 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, 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 the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact. |
(2) | In 2019, primarily reflects net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019, a benefit associated with a remeasurement in the first quarter 2019 of the TMI asset retirement obligation and a gain on the sale of certain wind assets in the second quarter of 2019, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility. In 2020, primarily reflects accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. |
(3) | Primarily represents reorganization costs related to cost management programs. |
(4) | Represents elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to unrealized gains and losses on NDT fund investments for CENG units. |
(5) | Reflects an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation. |
(6) | 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. |
(7) | Reflects the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois. |
(8) | For ComEd, reflects increased electric distribution and energy efficiency revenues (due to higher rate base, higher fully recoverable costs, partially offset by lower electric distribution ROE due to decreased treasury rates). For BGE, reflects rate increases partially offset by decreased revenue primarily due to the settlement agreement of ongoing transmission related income tax regulatory liabilities. For PHI, reflects decreased revenue primarily due to the settlement agreement of ongoing transmission related income tax regulatory liabilities partially offset by rate increases. |
(9) | Primarily reflects the permanent cease of generation operations at TMI in September 2019 and an increase in nuclear outage days. |
(10) | Primarily reflects a decrease in fuel prices and decreased nuclear output as a result of the permanent cease of generation operations at TMI. |
(11) | Reflects decreased capacity revenues in the Mid-Atlantic, Midwest and Other Power Regions, partially offset by increased revenues in New York. |
(12) | Primarily reflects the approval of the New Jersey ZEC Program in the second quarter of 2019. |
(13) | Primarily reflects reduction in load due to mild weather in the first quarter of 2020 and COVID-19, partially offset by higher portfolio optimization. |
(14) | For Generation, primarily reflects decreased costs related to the permanent cease of generation operations at TMI, lower labor costs resulting from previous cost management programs and lower contracting costs. |
(15) | Primarily reflects an increase in the number of nuclear outage days in 2020, excluding Salem. |
(16) | For PECO and PHI, reflects an increase in credit loss expense that includes the impacts of COVID-19. For PECO, also reflects increased storm costs related to the June 2020 storms. For PHI, the increase in credit loss expense was partially offset by decreases in various expenses. For Generation, primarily reflects a decrease in planned nuclear outage days at Salem in 2020 and an increase in credit loss expense that includes the impacts of COVID-19. |
(17) | Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs pursuant to FEJA. For Generation, reflects a decrease primarily due to the extension of the Peach Bottom license. |
(18) | For Generation, includes an interest benefit related to a one-time income tax settlement. |
(19) | For BGE and PHI, reflects the settlement agreement of ongoing transmission related income tax regulatory liabilities. For Generation, primarily reflects one-time income tax settlements. |
(20) | Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG. |
(21) | For Generation, primarily reflects higher realized NDT fund gains. |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 7,322 | $ | (21 | ) | (b) | $ | 7,689 | $ | (38 | ) | (b) | |||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 2,924 | 64 | (b),(c) | 3,225 | (117 | ) | (b),(d) | ||||||||||||
Operating and maintenance | 2,433 | (280 | ) | (c),(d),(e),(f),(g),(m) | 2,159 | (2 | ) | (c),(d),(f),(l) | |||||||||||
Depreciation and amortization | 1,001 | (4 | ) | (d) | 1,079 | (99 | ) | (d) | |||||||||||
Taxes other than income taxes | 411 | — | 418 | — | |||||||||||||||
Total operating expenses | 6,769 | 6,881 | |||||||||||||||||
Gain on sales of assets and businesses | 12 | (4 | ) | (b),(d) | 33 | (33 | ) | (d) | |||||||||||
Operating income | 565 | 841 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (427 | ) | 23 | (b),(h) | (409 | ) | 14 | (b) | |||||||||||
Other, net | 656 | (569 | ) | (b),(i) | 212 | (68 | ) | (b),(d),(i) | |||||||||||
Total other income and (deductions) | 229 | (197 | ) | ||||||||||||||||
Income before income taxes | 794 | 644 | |||||||||||||||||
Income taxes | 219 | (262 | ) | (b),(c),(d),(f),(g),(h),(i) | 144 | 9 | (b),(c),(d),(f),(i),(l) | ||||||||||||
Equity in losses of unconsolidated affiliates | (1 | ) | — | (6 | ) | — | |||||||||||||
Net income | 574 | 494 | |||||||||||||||||
Net income attributable to noncontrolling interests | 53 | (103 | ) | (k) | 10 | (15 | ) | (k) | |||||||||||
Net income attributable to common shareholders | $ | 521 | $ | 484 | |||||||||||||||
Effective tax rate(j) | 27.6 | % | 22.4 | % | |||||||||||||||
Earnings per average common share | |||||||||||||||||||
Basic | $ | 0.53 | $ | 0.50 | |||||||||||||||
Diluted | $ | 0.53 | $ | 0.50 | |||||||||||||||
Average common shares outstanding | |||||||||||||||||||
Basic | 976 | 972 | |||||||||||||||||
Diluted | 976 | 974 |
(a) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(b) | Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. |
(c) | Adjustment to exclude reorganization costs related to cost management programs. |
(d) | In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2019, adjustment to exclude net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019 and a gain on the sale of certain wind assets, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility. |
(e) | Adjustment to exclude a change in environmental liabilities. |
(f) | In 2020, adjustment to exclude an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation. In 2019, adjustment to exclude other asset impairments. |
(g) | Adjustment to exclude 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. |
(h) | Adjustment to exclude income tax related adjustments. |
(i) | Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact. |
(j) | The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is (9.7)% and 20.8% for the three months ended June 30, 2020 and 2019, respectively. |
(k) | Adjustment to exclude elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG. |
(l) | Adjustment to exclude litigation settlement gain. |
(m) | Adjustment to exclude the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois. |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 16,069 | $ | (201 | ) | (b) | $ | 17,166 | $ | 14 | (b) | ||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 6,791 | 16 | (b) | 7,778 | (97 | ) | (b),(c),(d) | ||||||||||||
Operating and maintenance | 4,637 | (304 | ) | (c),(d),(e),(f),(g),(m) | 4,347 | 55 | (c),(d),(l) | ||||||||||||
Depreciation and amortization | 2,023 | (14 | ) | (d) | 2,154 | (199 | ) | (d) | |||||||||||
Taxes other than income taxes | 847 | — | 863 | — | |||||||||||||||
Total operating expenses | 14,298 | 15,142 | |||||||||||||||||
Gain on sales of assets and businesses | 13 | (4 | ) | (b),(d) | 36 | (33 | ) | (d) | |||||||||||
Operating income | 1,784 | 2,060 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (837 | ) | 39 | (b),(h) | (813 | ) | 29 | (b) | |||||||||||
Other, net | (68 | ) | 310 | (i) | 679 | (426 | ) | (b),(d),(i) | |||||||||||
Total other income and (deductions) | (905 | ) | (134 | ) | |||||||||||||||
Income before income taxes | 879 | 1,926 | |||||||||||||||||
Income taxes | (75 | ) | 119 | (b),(c),(d),(f),(g),(h),(i) | 454 | (130 | ) | (b),(c),(d),(i),(l) | |||||||||||
Equity in losses of unconsolidated affiliates | (4 | ) | — | (12 | ) | — | |||||||||||||
Net income | 950 | 1,460 | |||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (153 | ) | 42 | (k) | 69 | (82 | ) | (k) | |||||||||||
Net income attributable to common shareholders | $ | 1,103 | $ | 1,391 | |||||||||||||||
Effective tax rate(j) | (8.5 | )% | 23.6 | % | |||||||||||||||
Earnings per average common share | |||||||||||||||||||
Basic | $ | 1.13 | $ | 1.43 | |||||||||||||||
Diluted | $ | 1.13 | $ | 1.43 | |||||||||||||||
Average common shares outstanding | |||||||||||||||||||
Basic | 975 | 972 | |||||||||||||||||
Diluted | 976 | 973 |
(a) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(b) | Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. |
(c) | Adjustment to exclude reorganization costs related to cost management programs. |
(d) | In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2019, adjustment to exclude net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019, a benefit associated with a remeasurement in the first quarter 2019 of the TMI asset retirement obligation and a gain on the sale of certain wind assets in the second quarter of 2019, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility. |
(e) | Adjustment to exclude a change in environmental liabilities. |
(f) | Adjustment to exclude an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation. |
(g) | Adjustment to exclude 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. |
(h) | Adjustment to exclude income tax related adjustments. |
(i) | Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact. |
(j) | The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 3.3% and 18.5% for the six months ended June 30, 2020 and 2019, respectively. |
(k) | Adjustment to exclude elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG. |
(l) | Adjustment to exclude litigation settlement gain. |
(m) | Adjustment to exclude the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois. |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 1,417 | $ | — | $ | 1,351 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 464 | — | 407 | — | |||||||||||||||
Operating and maintenance | 536 | (215 | ) | (b), (c) | 305 | — | |||||||||||||
Depreciation and amortization | 274 | — | 257 | — | |||||||||||||||
Taxes other than income taxes | 71 | — | 71 | — | |||||||||||||||
Total operating expenses | 1,345 | 1,040 | |||||||||||||||||
Gain of sale of assets | — | — | — | — | |||||||||||||||
Operating income | 72 | 311 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (98 | ) | — | (89 | ) | — | |||||||||||||
Other, net | 11 | — | 10 | — | |||||||||||||||
Total other income and (deductions) | (87 | ) | (79 | ) | |||||||||||||||
(Loss) income before income taxes | (15 | ) | 232 | ||||||||||||||||
Income taxes | 46 | 4 | (b) | 46 | — | ||||||||||||||
Net (loss) income | $ | (61 | ) | $ | 186 | ||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 2,856 | $ | — | $ | 2,759 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 951 | — | 892 | — | |||||||||||||||
Operating and maintenance | 853 | (215 | ) | (b), (c) | 626 | — | |||||||||||||
Depreciation and amortization | 547 | — | 508 | — | |||||||||||||||
Taxes other than income taxes | 146 | — | 148 | — | |||||||||||||||
Total operating expenses | 2,497 | 2,174 | |||||||||||||||||
Gain on sales of assets | — | — | 3 | — | |||||||||||||||
Operating income | 359 | 588 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (192 | ) | — | (178 | ) | — | |||||||||||||
Other, net | 22 | — | 19 | — | |||||||||||||||
Total other income and (deductions) | (170 | ) | (159 | ) | |||||||||||||||
Income before income taxes | 189 | 429 | |||||||||||||||||
Income taxes | 82 | 4 | (b) | 85 | — | ||||||||||||||
Net income | $ | 107 | $ | 344 |
(a) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(b) | Adjustment to exclude an impairment related to the acquisition of transmission assets. |
(c) | Adjustment to exclude the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois. |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 681 | $ | — | $ | 655 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 216 | — | 191 | — | |||||||||||||||
Operating and maintenance | 275 | (7 | ) | (b) | 199 | (1 | ) | (b) | |||||||||||
Depreciation and amortization | 88 | — | 83 | — | |||||||||||||||
Taxes other than income taxes | 39 | — | 37 | — | |||||||||||||||
Total operating expenses | 618 | 510 | |||||||||||||||||
Operating income | 63 | 145 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (36 | ) | — | (33 | ) | — | |||||||||||||
Other, net | 5 | — | 3 | — | |||||||||||||||
Total other income and (deductions) | (31 | ) | (30 | ) | |||||||||||||||
Income before income taxes | 32 | 115 | |||||||||||||||||
Income taxes | (7 | ) | 2 | (b) | 13 | — | |||||||||||||
Net income | $ | 39 | $ | 102 | |||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 1,493 | $ | — | $ | 1,554 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 499 | — | 520 | — | |||||||||||||||
Operating and maintenance | 492 | (10 | ) | (b) | 424 | (1 | ) | (b) | |||||||||||
Depreciation and amortization | 173 | — | 164 | — | |||||||||||||||
Taxes other than income taxes | 78 | — | 79 | — | |||||||||||||||
Total operating expenses | 1,242 | 1,187 | |||||||||||||||||
Operating income | 251 | 367 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (71 | ) | — | (67 | ) | — | |||||||||||||
Other, net | 7 | — | 7 | — | |||||||||||||||
Total other income and (deductions) | (64 | ) | (60 | ) | |||||||||||||||
Income before income taxes | 187 | 307 | |||||||||||||||||
Income taxes | 9 | 3 | (b) | 37 | — | ||||||||||||||
Net income | $ | 178 | $ | 270 |
(a) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(b) | Adjustment to exclude reorganization costs related to cost management programs and 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. |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 616 | $ | — | $ | 649 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 194 | — | 208 | — | |||||||||||||||
Operating and maintenance | 187 | (6 | ) | (b), (c) | 182 | (1 | ) | (b) | |||||||||||
Depreciation and amortization | 129 | — | 117 | — | |||||||||||||||
Taxes other than income taxes | 63 | — | 62 | — | |||||||||||||||
Total operating expenses | 573 | 569 | |||||||||||||||||
Operating income | 43 | 80 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (32 | ) | — | (29 | ) | — | |||||||||||||
Other, net | 6 | — | 5 | — | |||||||||||||||
Total other income and (deductions) | (26 | ) | (24 | ) | |||||||||||||||
Income before income taxes | 17 | 56 | |||||||||||||||||
Income taxes | (22 | ) | 2 | (b), (c) | 11 | — | |||||||||||||
Net income | $ | 39 | $ | 45 | |||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 1,554 | $ | — | $ | 1,625 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 483 | — | 570 | — | |||||||||||||||
Operating and maintenance | 376 | (7 | ) | (b), (c) | 372 | (2 | ) | (b) | |||||||||||
Depreciation and amortization | 272 | — | 252 | — | |||||||||||||||
Taxes other than income taxes | 132 | — | 131 | — | |||||||||||||||
Total operating expenses | 1,263 | 1,325 | |||||||||||||||||
Operating income | 291 | 300 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (64 | ) | — | (58 | ) | — | |||||||||||||
Other, net | 10 | — | 11 | — | |||||||||||||||
Total other income and (deductions) | (54 | ) | (47 | ) | |||||||||||||||
Income before income taxes | 237 | 253 | |||||||||||||||||
Income taxes | 18 | 1 | (b), (c) | 47 | 1 | (b) | |||||||||||||
Net income | $ | 219 | $ | 206 |
(a) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(b) | Adjustment to exclude reorganization costs related to cost management programs. |
(c) | Adjustment to exclude 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. |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 1,016 | $ | — | $ | 1,091 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 375 | — | 382 | — | |||||||||||||||
Operating and maintenance | 281 | (6 | ) | (b), (c) | 248 | (2 | ) | (b) | |||||||||||
Depreciation and amortization | 191 | — | 188 | — | |||||||||||||||
Taxes other than income taxes | 109 | — | 108 | — | |||||||||||||||
Total operating expenses | 956 | 926 | |||||||||||||||||
Operating income | 60 | 165 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (67 | ) | — | (67 | ) | — | |||||||||||||
Other, net | 14 | — | 14 | — | |||||||||||||||
Total other income and (deductions) | (53 | ) | (53 | ) | |||||||||||||||
Income before income taxes | 7 | 112 | |||||||||||||||||
Income taxes | (87 | ) | 2 | (b), (c) | 6 | 1 | (b) | ||||||||||||
Net income | $ | 94 | $ | 106 | |||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 2,187 | $ | — | $ | 2,319 | $ | — | |||||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 810 | — | 872 | — | |||||||||||||||
Operating and maintenance | 538 | (8 | ) | (b), (c) | 520 | (3 | ) | (b) | |||||||||||
Depreciation and amortization | 385 | — | 369 | — | |||||||||||||||
Taxes other than income taxes | 222 | — | 220 | — | |||||||||||||||
Total operating expenses | 1,955 | 1,981 | |||||||||||||||||
Gain on sales of assets | 2 | — | — | — | |||||||||||||||
Operating income | 234 | 338 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (134 | ) | — | (131 | ) | — | |||||||||||||
Other, net | 26 | — | 27 | — | |||||||||||||||
Total other income and (deductions) | (108 | ) | (104 | ) | |||||||||||||||
Income before income taxes | 126 | 234 | |||||||||||||||||
Income taxes | (76 | ) | 2 | (b), (c) | 11 | 1 | (b) | ||||||||||||
Net income | $ | 202 | $ | 223 |
(a) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(b) | Adjustment to exclude reorganization costs related to cost management programs. |
(c) | Adjustment to exclude 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. |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 3,880 | $ | (21 | ) | (b) | $ | 4,210 | $ | (38 | ) | (b) | |||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 1,942 | 64 | (b) | 2,292 | (117 | ) | (b),(d) | ||||||||||||
Operating and maintenance | 1,189 | (46 | ) | (c),(d),(e),(f),(g) | 1,266 | 2 | (c),(d),(f),(j) | ||||||||||||
Depreciation and amortization | 300 | (4 | ) | (d) | 409 | (99 | ) | (d) | |||||||||||
Taxes other than income | 116 | — | 129 | — | |||||||||||||||
Total operating expenses | 3,547 | 4,096 | |||||||||||||||||
Gain on sales of assets and businesses | 12 | (4 | ) | (b)(d) | 33 | (33 | ) | (d) | |||||||||||
Operating income | 345 | 147 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (87 | ) | (1 | ) | (b) | (116 | ) | 9 | (b) | ||||||||||
Other, net | 602 | (569 | ) | (b)(h) | 171 | (68 | ) | (b),(d),(h) | |||||||||||
Total other income and (deductions) | 515 | 55 | |||||||||||||||||
Income before income taxes | 860 | 202 | |||||||||||||||||
Income taxes | 329 | (282 | ) | (b),(c),(d),(f),(g),(h) | 78 | 5 | (b),(c),(d),(f),(h),(j) | ||||||||||||
Equity in losses of unconsolidated affiliates | (2 | ) | — | (6 | ) | — | |||||||||||||
Net income | 529 | 118 | |||||||||||||||||
Net income attributable to noncontrolling interests | 53 | (103 | ) | (i) | 10 | (15 | ) | (i) | |||||||||||
Net income attributable to membership interest | $ | 476 | $ | 108 | |||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (a) | Non-GAAP Adjustments | GAAP (a) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | 8,613 | $ | (201 | ) | (b) | $ | 9,506 | $ | 14 | (b) | ||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | 4,646 | 16 | (b) | 5,497 | (97 | ) | (b),(d) | ||||||||||||
Operating and maintenance | 2,451 | (67 | ) | (c),(d),(e),(f),(g) | 2,484 | 61 | (c),(d),(f),(j) | ||||||||||||
Depreciation and amortization | 604 | (14 | ) | (d) | 814 | (199 | ) | (d) | |||||||||||
Taxes other than income taxes | 246 | — | 264 | — | |||||||||||||||
Total operating expenses | 7,947 | 9,059 | |||||||||||||||||
Gain on sales of assets and businesses | 12 | (4 | ) | (b),(d) | 33 | (33 | ) | (d) | |||||||||||
Operating income | 678 | 480 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (197 | ) | 12 | (b) | (227 | ) | 17 | (b) | |||||||||||
Other, net | (168 | ) | 310 | (h) | 601 | (426 | ) | (b),(d),(h) | |||||||||||
Total other income and (deductions) | (365 | ) | 374 | ||||||||||||||||
Income before income taxes | 313 | 854 | |||||||||||||||||
Income taxes | (59 | ) | 97 | (b),(c),(d),(f),(g),(h) | 301 | (136 | ) | (b),(c),(d),(f),(h),(j) | |||||||||||
Equity in losses of unconsolidated affiliates | (4 | ) | — | (13 | ) | — | |||||||||||||
Net income | 368 | 540 | |||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (153 | ) | 42 | (i) | 68 | (82 | ) | (i) | |||||||||||
Net income attributable to membership interest | $ | 521 | $ | 472 |
(a) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(b) | Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. |
(c) | Adjustment to exclude reorganization costs related to cost management programs.. |
(d) | In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2019, adjustment to exclude net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019, a benefit associated with a remeasurement in the first quarter 2019 of the TMI asset retirement obligation and a gain on the sale of certain wind assets in the second quarter of 2019, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility. |
(e) | Adjustment to exclude a change in environmental liabilities. |
(f) | In 2020, adjustment to exclude the impairment of certain wind assets at Generation. In 2019, adjustment to exclude other asset impairments. |
(g) | Adjustment to exclude 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. |
(h) | Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact. |
(i) | Adjustment to exclude elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG. |
(j) | Adjustment to exclude litigation settlement gain. |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (b) | Non-GAAP Adjustments | GAAP (b) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | (288 | ) | $ | — | $ | (267 | ) | $ | — | |||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | (267 | ) | — | (255 | ) | — | |||||||||||||
Operating and maintenance | (35 | ) | — | (41 | ) | — | |||||||||||||
Depreciation and amortization | 19 | — | 25 | — | |||||||||||||||
Taxes other than income taxes | 13 | — | 11 | — | |||||||||||||||
Total operating expenses | (270 | ) | (260 | ) | |||||||||||||||
Operating loss | (18 | ) | (7 | ) | |||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (107 | ) | 24 | (c),(d) | (75 | ) | 5 | (c) | |||||||||||
Other, net | 18 | — | 9 | — | |||||||||||||||
Total other income and (deductions) | (89 | ) | (66 | ) | |||||||||||||||
Loss before income taxes | (107 | ) | (73 | ) | |||||||||||||||
Income taxes | (40 | ) | 10 | (c),(d) | (10 | ) | 3 | (c),(f) | |||||||||||
Equity in earnings of unconsolidated affiliates | 1 | — | — | — | |||||||||||||||
Net loss | (66 | ) | (63 | ) | |||||||||||||||
Net loss attributable to common shareholders | $ | (66 | ) | $ | (63 | ) | |||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||
GAAP (b) | Non-GAAP Adjustments | GAAP (b) | Non-GAAP Adjustments | ||||||||||||||||
Operating revenues | $ | (634 | ) | $ | — | $ | (597 | ) | $ | — | |||||||||
Operating expenses | |||||||||||||||||||
Purchased power and fuel | (598 | ) | — | (573 | ) | — | |||||||||||||
Operating and maintenance | (73 | ) | 3 | (e) | (79 | ) | — | ||||||||||||
Depreciation and amortization | 42 | — | 47 | — | |||||||||||||||
Taxes other than income taxes | 23 | — | 21 | — | |||||||||||||||
Total operating expenses | (606 | ) | (584 | ) | |||||||||||||||
Loss on sales of assets | (1 | ) | — | — | — | ||||||||||||||
Operating loss | (29 | ) | (13 | ) | |||||||||||||||
Other income and (deductions) | |||||||||||||||||||
Interest expense, net | (179 | ) | 27 | (c),(d) | (152 | ) | 12 | (c) | |||||||||||
Other, net | 35 | — | 14 | — | |||||||||||||||
Total other income and (deductions) | (144 | ) | (138 | ) | |||||||||||||||
Loss before income taxes | (173 | ) | (151 | ) | |||||||||||||||
Income taxes | (49 | ) | 12 | (c),(d),(e) | (27 | ) | 4 | (c),(f) | |||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 1 | — | |||||||||||||||
Net loss | (124 | ) | (123 | ) | |||||||||||||||
Net income attributable to noncontrolling interests | — | 1 | |||||||||||||||||
Net loss attributable to common shareholders | $ | (124 | ) | $ | (124 | ) |
(a) | Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities. |
(b) | Results reported in accordance with accounting principles generally accepted in the United States (GAAP). |
(c) | Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. |
(d) | Adjustment to exclude income tax-related adjustments. |
(e) | Adjustment to exclude reorganization costs related to cost management programs. |
(f) | Adjustment to exclude costs associated with plant retirements and divestitures. |
Electric Deliveries (in GWhs) | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather - Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Rate-Regulated Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 6,669 | 5,521 | 20.8 | % | 3.9 | % | $ | 767 | $ | 647 | 18.5 | % | ||||||||||
Small commercial & industrial | 6,424 | 7,254 | (11.4 | )% | (13.6 | )% | 327 | 349 | (6.3 | )% | ||||||||||||
Large commercial & industrial | 5,948 | 6,459 | (7.9 | )% | (9.6 | )% | 119 | 127 | (6.3 | )% | ||||||||||||
Public authorities & electric railroads | 215 | 261 | (17.6 | )% | (17.0 | )% | 11 | 10 | 10.0 | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 218 | 227 | (4.0 | )% | ||||||||||||||
Total rate-regulated electric revenues(c) | 19,256 | 19,495 | (1.2 | )% | (7.2 | )% | 1,442 | 1,360 | 6.0 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | (25 | ) | (9 | ) | 177.8 | % | ||||||||||||||||
Total Electric Revenues | $ | 1,417 | $ | 1,351 | 4.9 | % | ||||||||||||||||
Purchased Power | $ | 464 | $ | 407 | 14.0 | % |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 725 | 730 | 734 | (0.7 | )% | (1.2 | )% | |||||||
Cooling Degree-Days | 363 | 163 | 241 | 122.7 | % | 50.6 | % |
Electric Deliveries (in GWhs) | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather - Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Rate-Regulated Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 12,905 | 12,284 | 5.1 | % | 1.3 | % | $ | 1,468 | $ | 1,356 | 8.3 | % | ||||||||||
Small commercial & industrial | 13,994 | 15,065 | (7.1 | )% | (6.5 | )% | 689 | 709 | (2.8 | )% | ||||||||||||
Large commercial & industrial | 12,671 | 13,421 | (5.6 | )% | (5.1 | )% | 253 | 259 | (2.3 | )% | ||||||||||||
Public authorities & electric railroads | 509 | 628 | (18.9 | )% | (18.4 | )% | 23 | 23 | — | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 430 | 442 | (2.7 | )% | ||||||||||||||
Total rate-regulated electric revenues(c) | 40,079 | 41,398 | (3.2 | )% | (3.9 | )% | 2,863 | 2,789 | 2.7 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | (7 | ) | (30 | ) | (76.7 | )% | ||||||||||||||||
Total Electric Revenues | $ | 2,856 | $ | 2,759 | 3.5 | % | ||||||||||||||||
Purchased Power | $ | 951 | $ | 892 | 6.6 | % |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 3,483 | 4,121 | 3,875 | (15.5 | )% | (10.1 | )% | |||||||
Cooling Degree-Days | 363 | 163 | 241 | 122.7 | % | 50.6 | % |
Number of Electric Customers | 2020 | 2019 | |||
Residential | 3,680,724 | 3,655,068 | |||
Small Commercial & Industrial | 385,857 | 383,411 | |||
Large Commercial & Industrial | 1,986 | 1,963 | |||
Public Authorities & Electric Railroads | 4,858 | 4,822 | |||
Total | 4,073,425 | 4,045,264 |
(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 $16 million and $9 million for the six months ended June 30, 2020 and 2019, respectively. |
(d) | Includes alternative revenue programs and late payment charges. |
Electric and Natural Gas Deliveries | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather- Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Electric (in GWhs) | ||||||||||||||||||||||
Rate-Regulated Electric Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 3,143 | 2,821 | 11.4 | % | 8.4 | % | $ | 377 | $ | 343 | 9.9 | % | ||||||||||
Small commercial & industrial | 1,571 | 1,823 | (13.8 | )% | (12.9 | )% | 88 | 99 | (11.1 | )% | ||||||||||||
Large commercial & industrial | 3,181 | 3,769 | (15.6 | )% | (14.7 | )% | 55 | 52 | 5.8 | % | ||||||||||||
Public authorities & electric railroads | 112 | 182 | (38.5 | )% | (38.5 | )% | 7 | 7 | — | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 55 | 62 | (11.3 | )% | ||||||||||||||
Total rate-regulated electric revenues(c) | 8,007 | 8,595 | (6.8 | )% | (7.1 | )% | 582 | 563 | 3.4 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | 4 | 3 | 33.3 | % | ||||||||||||||||||
Total Electric Revenues | 586 | 566 | 3.5 | % | ||||||||||||||||||
Natural Gas (in mmcfs) | ||||||||||||||||||||||
Rate-Regulated Gas Deliveries and Revenues(e) | ||||||||||||||||||||||
Residential | 6,464 | 3,351 | 92.9 | % | 9.3 | % | $ | 70 | $ | 49 | 42.9 | % | ||||||||||
Small commercial & industrial | 2,054 | 4,040 | (49.2 | )% | (46.0 | )% | 19 | 33 | (42.4 | )% | ||||||||||||
Large commercial & industrial | 3 | 17 | (82.4 | )% | (30.0 | )% | — | — | n/a | |||||||||||||
Transportation | 5,148 | 5,719 | (10.0 | )% | (16.0 | )% | 6 | 6 | — | % | ||||||||||||
Other(f) | — | — | n/a | n/a | 1 | 1 | — | % | ||||||||||||||
Total rate-regulated natural gas revenues(g) | 13,669 | 13,127 | 4.1 | % | (13.7 | )% | 96 | 89 | 7.9 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | (1 | ) | — | n/a | ||||||||||||||||||
Total Natural Gas Revenues | 95 | 89 | 6.7 | % | ||||||||||||||||||
Total Electric and Natural Gas Revenues | $ | 681 | $ | 655 | 4.0 | % | ||||||||||||||||
Purchased Power and Fuel | $ | 216 | $ | 191 | 13.1 | % |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 568 | 270 | 432 | 110.4 | % | 31.5 | % | |||||||
Cooling Degree-Days | 376 | 425 | 386 | (11.5 | )% | (2.6 | )% |
Electric and Natural Gas Deliveries | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather- Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Electric (in GWhs) | ||||||||||||||||||||||
Rate-Regulated Electric Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 6,397 | 6,462 | (1.0 | )% | 3.3 | % | $ | 759 | $ | 752 | 0.9 | % | ||||||||||
Small commercial & industrial | 3,476 | 3,889 | (10.6 | )% | (7.7 | )% | 187 | 195 | (4.1 | )% | ||||||||||||
Large commercial & industrial | 6,602 | 7,340 | (10.1 | )% | (9.2 | )% | 108 | 100 | 8.0 | % | ||||||||||||
Public authorities & electric railroads | 263 | 377 | (30.2 | )% | (30.4 | )% | 14 | 14 | — | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 113 | 123 | (8.1 | )% | ||||||||||||||
Total rate-regulated electric revenues(c) | 16,738 | 18,068 | (7.4 | )% | (4.8 | )% | 1,181 | 1,184 | (0.3 | )% | ||||||||||||
Other Rate-Regulated Revenues(d) | 8 | 1 | 700.0 | % | ||||||||||||||||||
Total Electric Revenues | 1,189 | 1,185 | 0.3 | % | ||||||||||||||||||
Natural Gas (in mmcfs) | ||||||||||||||||||||||
Rate-Regulated Gas Deliveries and Revenues(e) | ||||||||||||||||||||||
Residential | 23,746 | 24,569 | (3.3 | )% | 1.2 | % | 220 | 247 | (10.9 | )% | ||||||||||||
Small commercial & industrial | 10,863 | 14,684 | (26.0 | )% | (10.8 | )% | 70 | 105 | (33.3 | )% | ||||||||||||
Large commercial & industrial | 12 | 36 | (66.7 | )% | (18.0 | )% | — | 1 | (100.0 | )% | ||||||||||||
Transportation | 12,283 | 13,692 | (10.3 | )% | (8.0 | )% | 12 | 13 | (7.7 | )% | ||||||||||||
Other(f) | — | — | n/a | n/a | 2 | 3 | (33.3 | )% | ||||||||||||||
Total rate-regulated natural gas revenues(g) | 46,904 | 52,981 | (11.5 | )% | (4.3 | )% | 304 | 369 | (17.6 | )% | ||||||||||||
Other Rate-Regulated Revenues(d) | — | — | 100.0 | % | ||||||||||||||||||
Total Natural Gas Revenues | 304 | 369 | (17.6 | )% | ||||||||||||||||||
Total Electric and Natural Gas Revenues | $ | 1,493 | $ | 1,554 | (3.9 | )% | ||||||||||||||||
Purchased Power and Fuel | $ | 499 | $ | 520 | (4.0 | )% |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 2,557 | 2,702 | 2,850 | (5.4 | )% | (10.3 | )% | |||||||
Cooling Degree-Days | 376 | 427 | 387 | (11.9 | )% | (2.8 | )% |
Number of Electric Customers | 2020 | 2019 | Number of Natural Gas Customers | 2020 | 2019 | |||||||
Residential | 1,501,259 | 1,486,973 | Residential | 489,201 | 483,657 | |||||||
Small Commercial & Industrial | 154,016 | 153,387 | Small Commercial & Industrial | 44,189 | 43,953 | |||||||
Large Commercial & Industrial | 3,096 | 3,105 | Large Commercial & Industrial | 6 | 2 | |||||||
Public Authorities & Electric Railroads | 10,119 | 9,733 | Transportation | 719 | 737 | |||||||
Total | 1,668,490 | 1,653,198 | Total | 534,115 | 528,349 |
(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 the three months ended June 30, 2020 and 2019, and $3 million and $2 million for the six months ended June 30, 2020 and 2019, respectively. |
(d) | Includes alternative revenue programs and late payment charges. |
(e) | Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. |
(f) | Includes revenues primarily from off-system sales. |
(g) | Includes operating revenues from affiliates totaling less than $1 million for the three months ended June 30, 2020 and 2019, and less than $1 million and $1 million for the six months ended June 30, 2020 and 2019, respectively. |
Electric and Natural Gas Deliveries | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather- Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Electric (in GWhs) | ||||||||||||||||||||||
Rate-Regulated Electric Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 2,770 | 2,558 | 8.3 | % | 8.9 | % | $ | 304 | $ | 282 | 7.8 | % | ||||||||||
Small commercial & industrial | 572 | 664 | (13.9 | )% | (11.6 | )% | 51 | 59 | (13.6 | )% | ||||||||||||
Large commercial & industrial | 2,955 | 3,458 | (14.5 | )% | (11.5 | )% | 94 | 109 | (13.8 | )% | ||||||||||||
Public authorities & electric railroads | 46 | 64 | (28.1 | )% | (30.9 | )% | 7 | 6 | 16.7 | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 76 | 82 | (7.3 | )% | ||||||||||||||
Total rate-regulated electric revenues(c) | 6,343 | 6,744 | (5.9 | )% | (3.8 | )% | 532 | 538 | (1.1 | )% | ||||||||||||
Other Rate-Regulated Revenues(d) | (28 | ) | 2 | (1,500.0 | )% | |||||||||||||||||
Total Electric Revenues | 504 | 540 | (6.7 | )% | ||||||||||||||||||
Natural Gas (in mmcfs) | ||||||||||||||||||||||
Rate-Regulated Gas Deliveries and Revenues(e) | ||||||||||||||||||||||
Residential | 5,264 | 3,852 | 36.7 | % | 2.8 | % | 81 | 60 | 35.0 | % | ||||||||||||
Small commercial & industrial | 1,231 | 1,008 | 22.1 | % | 6.1 | % | 12 | 11 | 9.1 | % | ||||||||||||
Large commercial & industrial | 7,622 | 8,506 | (10.4 | )% | (12.9 | )% | 24 | 23 | 4.3 | % | ||||||||||||
Other(f) | 377 | 1,803 | (79.1 | )% | n/a | 3 | 7 | (57.1 | )% | |||||||||||||
Total rate-regulated natural gas revenues(g) | 14,494 | 15,169 | (4.4 | )% | (6.3 | )% | 120 | 101 | 18.8 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | (8 | ) | 8 | (200.0 | )% | |||||||||||||||||
Total Natural Gas Revenues | 112 | 109 | 2.8 | % | ||||||||||||||||||
Total Electric and Natural Gas Revenues | $ | 616 | $ | 649 | (5.1 | )% | ||||||||||||||||
Purchased Power and Fuel | $ | 194 | $ | 208 | (6.7 | )% |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 550 | 320 | 497 | 71.9 | % | 10.7 | % | |||||||
Cooling Degree-Days | 247 | 320 | 260 | (22.8 | )% | (5.0 | )% |
Electric and Natural Gas Deliveries | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather- Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Electric (in GWhs) | ||||||||||||||||||||||
Rate-Regulated Electric Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 5,888 | 6,108 | (3.6 | )% | 5.6 | % | $ | 644 | $ | 667 | (3.4 | )% | ||||||||||
Small commercial & industrial | 1,279 | 1,438 | (11.1 | )% | (5.2 | )% | 118 | 129 | (8.5 | )% | ||||||||||||
Large commercial & industrial | 6,077 | 6,691 | (9.2 | )% | (6.7 | )% | 198 | 219 | (9.6 | )% | ||||||||||||
Public authorities & electric railroads | 106 | 126 | (15.9 | )% | (18.3 | )% | 14 | 13 | 7.7 | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 154 | 160 | (3.8 | )% | ||||||||||||||
Total rate-regulated electric revenues(c) | 13,350 | 14,363 | (7.1 | )% | (1.5 | )% | 1,128 | 1,188 | (5.1 | )% | ||||||||||||
Other Rate-Regulated Revenues(d) | (10 | ) | 10 | (200.0 | )% | |||||||||||||||||
Total Electric Revenues | 1,118 | 1,198 | (6.7 | )% | ||||||||||||||||||
Natural Gas (in mmcfs) | ||||||||||||||||||||||
Rate-Regulated Gas Deliveries and Revenues(e) | ||||||||||||||||||||||
Residential | 23,873 | 25,882 | (7.8 | )% | 9.0 | % | 287 | 279 | 2.9 | % | ||||||||||||
Small commercial & industrial | 5,378 | 5,581 | (3.6 | )% | 11.6 | % | 46 | 46 | — | % | ||||||||||||
Large commercial & industrial | 20,265 | 24,288 | (16.6 | )% | (10.3 | )% | 76 | 73 | 4.1 | % | ||||||||||||
Other(f) | 3,678 | 2,900 | 26.8 | % | n/a | 13 | 13 | — | % | |||||||||||||
Total rate-regulated natural gas revenues(g) | 53,194 | 58,651 | (9.3 | )% | 0.9 | % | 422 | 411 | 2.7 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | 14 | 16 | (12.5 | )% | ||||||||||||||||||
Total Natural Gas Revenues | 436 | 427 | 2.1 | % | ||||||||||||||||||
Total Electric and Natural Gas Revenues | $ | 1,554 | $ | 1,625 | (4.4 | )% | ||||||||||||||||
Purchased Power and Fuel | $ | 483 | $ | 570 | (15.3 | )% |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 2,429 | 2,723 | 2,887 | (10.8 | )% | (15.9 | )% | |||||||
Cooling Degree-Days | 247 | 320 | 260 | (22.8 | )% | (5.0 | )% |
Number of Electric Customers | 2020 | 2019 | Number of Natural Gas Customers | 2020 | 2019 | |||||||
Residential | 1,185,718 | 1,171,815 | Residential | 643,745 | 634,939 | |||||||
Small Commercial & Industrial | 114,118 | 113,982 | Small Commercial & Industrial | 38,255 | 38,164 | |||||||
Large Commercial & Industrial | 12,416 | 12,275 | Large Commercial & Industrial | 6,079 | 5,991 | |||||||
Public Authorities & Electric Railroads | 264 | 264 | Total | 688,079 | 679,094 | |||||||
Total | 1,312,516 | 1,298,336 |
(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 revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue. |
(c) | Includes operating revenues from affiliates totaling $3 million and $1 million for the three months ended June 30, 2020 and 2019, respectively, and $6 million and $3 million for the six months ended June 30, 2020 and 2019, 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 $4 million for the three months ended June 30, 2020 and 2019, respectively, and $4 million and $9 million for the six months ended June 30, 2020 and 2019, respectively. |
Electric Deliveries (in GWhs) | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather- Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Rate-Regulated Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 1,792 | 1,749 | 2.5 | % | 3.1 | % | $ | 237 | $ | 224 | 5.8 | % | ||||||||||
Small commercial & industrial | 247 | 312 | (20.8 | )% | (20.7 | )% | 29 | 35 | (17.1 | )% | ||||||||||||
Large commercial & industrial | 3,031 | 3,614 | (16.1 | )% | (16.7 | )% | 175 | 207 | (15.5 | )% | ||||||||||||
Public authorities & electric railroads | 149 | 179 | (16.8 | )% | (15.2 | )% | 8 | 8 | — | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 58 | 56 | 3.6 | % | ||||||||||||||
Total rate-regulated electric revenues(c) | 5,219 | 5,854 | (10.8 | )% | (11.1 | )% | 507 | 530 | (4.3 | )% | ||||||||||||
Other Rate-Regulated Revenues(d) | (13 | ) | 1 | (1,400.0 | )% | |||||||||||||||||
Total Electric Revenues | $ | 494 | $ | 531 | (7.0 | )% | ||||||||||||||||
Purchased Power | $ | 138 | $ | 144 | (4.2 | )% |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 432 | 169 | 303 | 155.6 | % | 42.6 | % | |||||||
Cooling Degree-Days | 450 | 595 | 504 | (24.4 | )% | (10.7 | )% |
Electric Deliveries (in GWhs) | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather- Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Rate-Regulated Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 3,738 | 3,973 | (5.9 | )% | (0.5 | )% | $ | 472 | $ | 480 | (1.7 | )% | ||||||||||
Small commercial & industrial | 562 | 658 | (14.6 | )% | (12.1 | )% | 65 | 73 | (11.0 | )% | ||||||||||||
Large commercial & industrial | 6,303 | 7,105 | (11.3 | )% | (10.6 | )% | 363 | 411 | (11.7 | )% | ||||||||||||
Public authorities & electric railroads | 353 | 366 | (3.6 | )% | (2.1 | )% | 17 | 17 | — | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 119 | 108 | 10.2 | % | ||||||||||||||
Total rate-regulated electric revenues(c) | 10,956 | 12,102 | (9.5 | )% | (7.1 | )% | 1,036 | 1,089 | (4.9 | )% | ||||||||||||
Other Rate-Regulated Revenues(d) | 3 | 17 | (82.4 | )% | ||||||||||||||||||
Total Electric Revenues | $ | 1,039 | $ | 1,106 | (6.1 | )% | ||||||||||||||||
Purchased Power | $ | 303 | $ | 331 | (8.5 | )% |
% Change | ||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 2,111 | 2,236 | 2,441 | (5.6 | )% | (13.5 | )% | |||||||
Cooling Degree-Days | 455 | 599 | 506 | (24.0 | )% | (10.1 | )% |
Number of Electric Customers | 2020 | 2019 | |||
Residential | 825,000 | 811,985 | |||
Small Commercial & Industrial | 53,809 | 54,194 | |||
Large Commercial & Industrial | 22,467 | 22,155 | |||
Public Authorities & Electric Railroads | 168 | 155 | |||
Total | 901,444 | 888,489 |
(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 June 30, 2020 and 2019, and $3 million for both the six months ended June 30, 2020 and 2019,. |
(d) | Includes alternative revenue programs and late payment charge revenues. |
Electric and Natural Gas Deliveries | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather - Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Electric (in GWhs) | ||||||||||||||||||||||
Rate-Regulated Electric Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 1,142 | 1,066 | 7.1 | % | 2.9 | % | $ | 147 | $ | 135 | 8.9 | % | ||||||||||
Small Commercial & industrial | 453 | 522 | (13.2 | )% | (14.0 | )% | 39 | 44 | (11.4 | )% | ||||||||||||
Large Commercial & industrial | 1,053 | 1,122 | (6.1 | )% | (5.6 | )% | 22 | 25 | (12.0 | )% | ||||||||||||
Public authorities & electric railroads | 11 | 12 | (8.3 | )% | (6.1 | )% | 3 | 4 | (25.0 | )% | ||||||||||||
Other(b) | — | — | n/a | n/a | 51 | 54 | (5.6 | )% | ||||||||||||||
Total rate-regulated electric revenues(c) | 2,659 | 2,722 | (2.3 | )% | (3.8 | )% | 262 | 262 | — | % | ||||||||||||
Other Rate-Regulated Revenues(d) | (25 | ) | 1 | (2,600.0 | )% | |||||||||||||||||
Total Electric Revenues | 237 | 263 | (9.9 | )% | ||||||||||||||||||
Natural Gas (in mmcfs) | ||||||||||||||||||||||
Rate-Regulated Gas Deliveries and Revenues(e) | ||||||||||||||||||||||
Residential | 1,168 | 741 | 57.6 | % | (11.8 | )% | 17 | 11 | 54.5 | % | ||||||||||||
Small commercial & industrial | 557 | 566 | (1.6 | )% | (35.0 | )% | 8 | 7 | 14.3 | % | ||||||||||||
Large commercial & industrial | 411 | 442 | (7.0 | )% | (7.0 | )% | 1 | 2 | (50.0 | )% | ||||||||||||
Transportation | 1,472 | 1,475 | (0.2 | )% | (8.0 | )% | 3 | 3 | — | % | ||||||||||||
Other(g) | — | — | n/a | n/a | 1 | 1 | — | % | ||||||||||||||
Total rate-regulated natural gas revenues | 3,608 | 3,224 | 11.9 | % | (14.1 | )% | 30 | 24 | 25.0 | % | ||||||||||||
Other Rate-Regulated Revenues(f) | — | — | n/a | |||||||||||||||||||
Total Natural Gas Revenues | 30 | 24 | 25.0 | % | ||||||||||||||||||
Total Electric and Natural Gas Revenues | $ | 267 | $ | 287 | (7.0 | )% | ||||||||||||||||
Purchased Power and Fuel | $ | 107 | $ | 107 | — | % |
Electric Service Territory | % Change | |||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 576 | 282 | 460 | 104.3 | % | 25.2 | % | |||||||
Cooling Degree-Days | 318 | 413 | 345 | (23.0 | )% | (7.8 | )% |
Natural Gas Service Territory | % Change | |||||||||||||
Heating Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 606 | 300 | 486 | 102.0 | % | 24.7 | % |
Electric and Natural Gas Deliveries | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather - Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Electric (in GWhs) | ||||||||||||||||||||||
Rate-Regulated Electric Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 2,453 | 2,570 | (4.6 | )% | 0.6 | % | $ | 308 | $ | 320 | (3.8 | )% | ||||||||||
Small Commercial & industrial | 960 | 1,076 | (10.8 | )% | (8.7 | )% | 82 | 93 | (11.8 | )% | ||||||||||||
Large Commercial & industrial | 2,121 | 2,178 | (2.6 | )% | (1.3 | )% | 45 | 49 | (8.2 | )% | ||||||||||||
Public authorities & electric railroads | 22 | 23 | (4.3 | )% | (3.3 | )% | 6 | 7 | (14.3 | )% | ||||||||||||
Other(b) | — | — | n/a | n/a | 105 | 101 | 4.0 | % | ||||||||||||||
Total rate-regulated electric revenues(c) | 5,556 | 5,847 | (5.0 | )% | (1.8 | )% | 546 | 570 | (4.2 | )% | ||||||||||||
Other Rate-Regulated Revenues(d) | (23 | ) | 2 | (1,250.0 | )% | |||||||||||||||||
Total Electric Revenues | 523 | 572 | (8.6 | )% | ||||||||||||||||||
Natural Gas (in mmcfs) | ||||||||||||||||||||||
Rate-Regulated Gas Deliveries and Revenues(e) | ||||||||||||||||||||||
Residential | 4,815 | 5,348 | (10.0 | )% | (2.8 | )% | 57 | 55 | 3.6 | % | ||||||||||||
Small commercial & industrial | 2,228 | 2,586 | (13.8 | )% | (7.4 | )% | 25 | 26 | (3.8 | )% | ||||||||||||
Large commercial & industrial | 863 | 965 | (10.6 | )% | (10.6 | )% | 2 | 3 | (33.3 | )% | ||||||||||||
Transportation | 3,580 | 3,693 | (3.1 | )% | (0.9 | )% | 7 | 7 | — | % | ||||||||||||
Other(g) | — | — | n/a | n/a | 3 | 4 | (25.0 | )% | ||||||||||||||
Total rate-regulated natural gas revenues | 11,486 | 12,592 | (8.8 | )% | (3.8 | )% | 94 | 95 | (1.1 | )% | ||||||||||||
Other Rate-Regulated Revenues(f) | — | — | n/a | |||||||||||||||||||
Total Natural Gas Revenues | 94 | 95 | (1.1 | )% | ||||||||||||||||||
Total Electric and Natural Gas Revenues | $ | 617 | $ | 667 | (7.5 | )% | ||||||||||||||||
Purchased Power and Fuel | $ | 249 | $ | 271 | (8.1 | )% |
Electric Service Territory | % Change | |||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 2,504 | 2,707 | 2,892 | (7.5 | )% | (13.4 | )% | |||||||
Cooling Degree-Days | 320 | 414 | 346 | (22.7 | )% | (7.5 | )% |
Natural Gas Service Territory | % Change | |||||||||||||
Heating Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 2,609 | 2,822 | 2,984 | (7.5 | )% | (12.6 | )% |
Number of Electric Customers | 2020 | 2019 | Number of Natural Gas Customers | 2020 | 2019 | |||||||
Residential | 470,788 | 465,423 | Residential | 126,245 | 124,325 | |||||||
Small Commercial & Industrial | 61,958 | 61,552 | Small Commercial & Industrial | 9,914 | 9,907 | |||||||
Large Commercial & Industrial | 1,402 | 1,398 | Large Commercial & Industrial | 17 | 18 | |||||||
Public Authorities & Electric Railroads | 612 | 619 | Transportation | 159 | 158 | |||||||
Total | 534,760 | 528,992 | Total | 136,335 | 134,408 |
(a) | Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
(b) | Includes transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue. |
(c) | Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2020 and 2019, and $4 million and $3 million for the six months ended June 30, 2020 and 2019, respectively. |
(d) | Includes alternative revenue programs and late payment charges. |
(e) | Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. |
(f) | Includes revenues primarily from off-system sales. |
Electric Deliveries (in GWhs) | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather - Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Rate-Regulated Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 850 | 804 | 5.7 | % | 6.5 | % | $ | 145 | $ | 135 | 7.4 | % | ||||||||||
Small Commercial & industrial | 276 | 314 | (12.1 | )% | (12.8 | )% | 37 | 41 | (9.8 | )% | ||||||||||||
Large Commercial & industrial | 702 | 872 | (19.5 | )% | (19.3 | )% | 43 | 46 | (6.5 | )% | ||||||||||||
Public Authorities & Electric Railroads | 11 | 11 | — | % | 2.8 | % | 4 | 4 | — | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 53 | 50 | 6.0 | % | ||||||||||||||
Total rate-regulated electric revenues(c) | 1,839 | 2,001 | (8.1 | )% | (7.9 | )% | 282 | 276 | 2.2 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | (26 | ) | (2 | ) | 1,200.0 | % | ||||||||||||||||
Total Electric Revenues | $ | 256 | $ | 274 | (6.6 | )% | ||||||||||||||||
Purchased Power | $ | 130 | $ | 131 | (0.8 | )% |
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | |||||||||
Heating Degree-Days | 613 | 380 | 541 | 61.3 | % | 13.3 | % | |||||||
Cooling Degree-Days | 312 | 351 | 304 | (11.1 | )% | 2.6 | % |
Electric Deliveries (in GWhs) | Revenue (in millions) | |||||||||||||||||||||
2020 | 2019 | % Change | Weather - Normal % Change | 2020 | 2019 | % Change | ||||||||||||||||
Rate-Regulated Deliveries and Revenues(a) | ||||||||||||||||||||||
Residential | 1,660 | 1,713 | (3.1 | )% | 1.3 | % | $ | 282 | $ | 273 | 3.3 | % | ||||||||||
Small Commercial & industrial | 570 | 624 | (8.7 | )% | (6.4 | )% | 74 | 75 | (1.3 | )% | ||||||||||||
Large Commercial & industrial | 1,437 | 1,662 | (13.5 | )% | (12.7 | )% | 85 | 85 | — | % | ||||||||||||
Public Authorities & Electric Railroads | 24 | 24 | — | % | (0.9 | )% | 7 | 7 | — | % | ||||||||||||
Other(b) | — | — | n/a | n/a | 109 | 108 | 0.9 | % | ||||||||||||||
Total rate-regulated electric revenues(c) | 3,691 | 4,023 | (8.3 | )% | (5.7 | )% | 557 | 548 | 1.6 | % | ||||||||||||
Other Rate-Regulated Revenues(d) | (25 | ) | (1 | ) | 2,400.0 | % | ||||||||||||||||
Total Electric Revenues | $ | 532 | $ | 547 | (2.7 | )% | ||||||||||||||||
Purchased Power | $ | 259 | $ | 270 | (4.1 | )% |
% Change | |||||||||||||||
Heating and Cooling Degree-Days | 2020 | 2019 | Normal | From 2019 | From Normal | ||||||||||
Heating Degree-Days | 2,561 | 2,886 | 3,034 | (11.3 | )% | (15.6 | )% | ||||||||
Cooling Degree-Days | 312 | 351 | 305 | (11.1 | )% | 2.3 | % |
Number of Electric Customers | 2020 | 2019 | ||||
Residential | 496,668 | 492,940 | ||||
Small Commercial & Industrial | 61,468 | 61,416 | ||||
Large Commercial & Industrial | 3,327 | 3,464 | ||||
Public Authorities & Electric Railroads | 687 | 672 | ||||
Total | 562,150 | 558,492 |
(a) | Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
(b) | Includes transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue. |
(c) | Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2020 and 2019 and $1 million for both the six months ended June 30, 2020 and 2019. |
(d) | Includes alternative revenue programs and late payment charge revenues. |
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||
Supply (in GWhs) | ||||||||||||
Nuclear Generation(a) | ||||||||||||
Mid-Atlantic | 13,167 | 14,075 | 25,951 | 29,155 | ||||||||
Midwest | 23,860 | 23,996 | 47,458 | 47,729 | ||||||||
New York | 6,389 | 6,677 | 12,562 | 13,579 | ||||||||
Total Nuclear Generation | 43,416 | 44,748 | 85,971 | 90,463 | ||||||||
Fossil and Renewables | ||||||||||||
Mid-Atlantic | 707 | 915 | 1,560 | 1,865 | ||||||||
Midwest | 268 | 328 | 656 | 719 | ||||||||
New York | 1 | 1 | 2 | 2 | ||||||||
ERCOT | 3,251 | 3,066 | 6,263 | 6,144 | ||||||||
Other Power Regions(b) | 2,603 | 2,514 | 6,110 | 5,654 | ||||||||
Total Fossil and Renewables | 6,830 | 6,824 | 14,591 | 14,384 | ||||||||
Purchased Power | ||||||||||||
Mid-Atlantic | 3,730 | 2,557 | 9,672 | 5,123 | ||||||||
Midwest | 236 | 250 | 524 | 538 | ||||||||
ERCOT | 1,255 | 1,213 | 2,246 | 2,255 | ||||||||
Other Power Regions(b) | 11,303 | 11,116 | 23,469 | 23,684 | ||||||||
Total Purchased Power | 16,524 | 15,136 | 35,911 | 31,600 | ||||||||
Total Supply/Sales by Region(e) | ||||||||||||
Mid-Atlantic(c) | 17,604 | 17,547 | 37,183 | 36,143 | ||||||||
Midwest(c) | 24,364 | 24,574 | 48,638 | 48,986 | ||||||||
New York | 6,390 | 6,678 | 12,564 | 13,581 | ||||||||
ERCOT | 4,506 | 4,279 | 8,509 | 8,399 | ||||||||
Other Power Regions(b) | 13,906 | 13,630 | 29,579 | 29,338 | ||||||||
Total Supply/Sales by Region | 66,770 | 66,708 | 136,473 | 136,447 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||
Outage Days(d) | ||||||||||||
Refueling | 92 | 56 | 186 | 130 | ||||||||
Non-refueling | — | 28 | 11 | 28 | ||||||||
Total Outage Days | 92 | 84 | 197 | 158 |
(a) | Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG). |
(b) | Other Power Regions includes New England, South, West and Canada. |
(c) | Includes affiliate sales to PECO, BGE, Pepco, DPL and ACE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region. |
(d) | Outage days exclude Salem. |
(e) | Reflects a decrease in load due to COVID-19. |