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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
March 5, 2002
(Date of earliest
event reported)
Exhibit 99.1
NYSE:EXC
Exelon Corporation
A Measure of Our Strengths
John W. Rowe
President
Morgan Stanley Global Electricity & Energy Conference, New York City
March 5, 2002
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Forward-Looking Statements
This presentation contains certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from the
expectations contained herein. The forward-looking statements herein include
statements about future financial and operating results of Exelon. Economic,
business, competitive and/or regulatory factors affecting Exelon's businesses
generally could cause actual results to differ materially from those described
herein. For a discussion of the factors that could cause actual results to
differ materially, please see Exelon's filings with the Securities and Exchange
Commission, particularly those discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operations -- Outlook" in
Exelon's 2000 Annual Report. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date of this
presentation. Exelon does not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances
after the date of this presentation.
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Exelon's Integrated Business Portfolio
Portfolio includes mix of energy-related businesses.
o 40,000+ MW supply portfolio balanced by fuel type, dispatch flexibility
and geography
o Retail base of about 5 million customers in 2 major metropolitan areas
of the U.S.
o High performance culture across business units
o Management skills to shape the evolution of regulatory and industry
structures
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Balanced Supply Portfolio
Energy supply portfolio totals more than 40,000 MWs.
Portfolio profiles (estimates):
o Fuel mix: 36% nuclear, 20% coal, 4% hydro, and 40% gas/oil
o Geographic mix: 60% in MAIN, 26% in PJM, and the balance in 6 different
regions
o Dispatch mix: 55% base load, 15% intermediate and 30% peaking
o Ownership mix: 50% owned and 50% contracted
Note: Data includes owned and contracted generation.
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Diverse Retail Customer Base
Serve approximately 5 million customers in 2 major metropolitan areas of the
U.S.
o ComEd customers
- 3.5 million electric customers in an 11,300 square-mile service
area with an estimated population of about 8 million including
the City of Chicago
o PECO customers
- 1.5 million electric customers in a nearly 2,000 square-mile
service area with a population of about 3.6 million including the
City of Philadelphia
- 425,000 natural gas customers in a nearly 1,500 square-mile
service area with a population of about 1.9 million in
southeastern Pennsylvania
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High Performance Culture
Operating expertise extends across all business units.
o Delivery: Reasonable return and robust cash flow with improving key
performance measures
o Nuclear: Reduced all-in cost to 2.04 cents per kWh and achieved 94.4%
capacity factor in 2001
o Fossil: Profitable and efficient with 97% on-time delivery and 94.4%
dispatch availability in 2001
o Power Team: Effective hedging and active management of supply portfolio
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Effective Management Skills
Management shaping the evolution of regulatory and industry structures.
o PECO transition: Recovery of stranded costs under a rate cap through
2010
o ComEd transition: Recovery of transition costs through 2006 with a rate
freeze through 2004
o POLR initiative: Shaping the appropriate development of supply
competition
o FERC activities: Promoting practical RTO standards and broader market
power test
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2001 Successes
o Created powerful new company
o Focused on operating excellence
o Achieved merger synergies
o Recorded 15% EPS growth
o Demonstrated balance sheet strength
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2002 Opportunities
o Federal and State regulatory initiatives
o Optimize supply portfolio
o Company-wide cost management initiative
o Growth through disciplined investment
o Optimize value of Exelon Enterprises portfolio
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Enterprises Portfolio Optimization
o Announced sale of 49% interest in AT&T Wireless joint venture for $285
million in cash
o Anticipate transaction to close in the first half of 2002
o Expect to record after-tax gain of about $120 million or $0.37/share
o Consistent with strategy to optimize portfolio value
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2002 Expectations
Our integrated businesses support:
o A strong balance sheet
o Robust cash flow
o Risk management opportunities
o Maximization of asset value
o A low-cost generation position
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Exhibit 99.2
Exhibit 99.3
Owned Generation Assets
The following table sets forth at May 31, 2001 the net generation capacity of,
and other information about, the stations that we own directly:
Exhibit 99.4
Major Long-Term Contracts
Sithe Assets
Operating MAAC NPCC/C WSCC Other Total
Mystic 1 11 11
Mystic 4 135 135
Mystic 5 135 135
Mystic 6 138 138
Mystic 7 565 565
New Boston 1 350 350
New Boston 2 350 350
New Boston 3 20 20
Wyman 4 36 36
West Medway 1 60 60
West Medway 2 60 60
West Medway 3 57 57
Framingham 1 11 11
Framingham 2 11 11
Framingham 3 12 12
Fore River 1 12 12
Fore River 2 12 12
Batavia 50 50
Massena 66 66
Ogdensburg 71 71
Sterling 56 56
Independence 1,042 1042
Cardinal 152 152
TEG II 115 115
Kenilworth 26 26
Greeley 72 72
Oxnard 48 48
Naval Station 45 45
North Island 37 37
NTC/MCRD 23 23
Bypass 10 10
Hazelton 9 9
Elk Creek 2 2
Rock Creek 4 4
Montgomery Creek 3 3
Total Operating 26 3,412 252 115 3,805
In Development MAAC NPCC/C WSCC Other Total
Heritage 800 800
Brampton 800 800
Mississauga 800 800
TEG I 115 115
Mystic 8 800 800
Mystic 9 800 800
Fore River 3 800 800
Total in development - 4,800 - 115 4,915
MAAC NPCC/C WSCC Other Total
Total Generation 26 8,212 252 230 8,720