SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EXELON CORPORATION
COMMONWEALTH EDISON COMPANY
PECO ENERGY COMPANY
EXELON GENERATION COMPANY, LLC
/S/ Ruth Ann Gillis
--------------------------------------------------
Ruth Ann Gillis
Senior Vice President and Chief Financial Officer
Exelon Corporation
June 20, 2002
Exhibit 99.1
[Logo for Exelon]
Exelon Corporation
John W. Rowe
Chairman & Chief Executive Officer
Exelon Investor Conference
New York City
June 20, 2002
[Logo for Exelon]
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 2001 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.
[Logo for Exelon]
What Is Exelon?
- ------------------------------------------------------------------------------------------------------------
US Electric US
Companies Companies
- ------------------------------------------------------------------------------------------------------------
Retail Electric Customers 5.1 Million 1st -
Nuclear Capacity 15K MWs* 1st -
US Generating Capacity 41K MWs** 2nd -
2001 Revenue $15.1 Billion 9th 135th
2001 Net Income $1.4 Billion 2nd 53rd
Market Cap $17.1 Billion (6/13/02) 4th (6/13/02) 130th (3/1/02)
- ------------------------------------------------------------------------------------------------------------
* Includes AmerGen investment
** Includes AmerGen and Sithe investments
[Logo for Exelon]
One Company, One Vision
Exelon strives to build exceptional value - by becoming the best and most
consistently profitable electricity and gas company in the United States.
To succeed, we must....
-- LIVE UP TO OUR COMMITMENTS
-- PERFORM AT WORLD-CLASS LEVELS
-- INVEST IN OUR CONSOLIDATING INDUSTRY
[Logo for Exelon]
Live Up to Our Commitments
- - Keep the Lights On
- - Perform safely - especially in nuclear operations
- - Act honorably and treat everyone with respect, decency and integrity
- - Continue building a high-performance culture that reflects the diversity of
our communities
- - Report our results, opportunities and problems honestly and reliably
[Logo for Exelon]
Perform at World-Class Levels
- - Relentlessly pursue greater productivity, quality and innovation
- - Understand the relationships among our businesses and optimize the whole
- - Promote and implement policies that build effective markets
- - Adapt rapidly to changing markets, politics, economics and technology to meet
our customers' needs
- - Maximize the earnings and cash flow from our assets and businesses and sell
those that do not meet our goals
[Logo for Exelon]
Genco/ComEd Strategic Issues
[This slide shows a pie chart indicating equal portions of the pie for each of
the following six strategic issues:]
Standard Market Design
EME Contract
Large Customers to Competitive Mkt.
Rate Freeze
POLR
RTO
[Logo for Exelon]
Invest in Our Consolidating Industry
- - Develop strategies based on learning from our past successes and failures
- - Implement systems and best practices that can be applied to future
acquisitions
- - Prioritize acquisition opportunities based on synergies from scale, scope,
generation and delivery integration, and our ability to profitably satisfy
provider of last resort (POLR) and other regulatory obligations
- - Make acquisitions that will best employ our limited investment resources to
produce the most consistent cash flow and earnings accretion
- - Return earnings to shareholders when higher returns are not available from
acquisition opportunities
[Logo for Exelon]
One Company, One Vision
Exelon strives to build exceptional value - by becoming the best and most
consistently profitable electricity and gas company in the United States.
To succeed, we must....
- -- LIVE UP TO OUR COMMITMENTS
- -- PERFORM AT WORLD-CLASS LEVELS
- -- INVEST IN OUR CONSOLIDATING INDUSTRY
[Logo for Exelon]
Federal Overview
Elizabeth A. Moler
Senior Vice President
Governmental Affairs & Policy
Exelon Investor Conference
New York City
June 20, 2002
[Logo for Exelon]
Federal Regulatory and
Legislative Activities
- - Update on Congressional action on Yucca Mountain Waste Repository
- - Update on energy policy legislation
- - FERC's policy initiatives
[Logo for Exelon]
Yucca Mountain
- - Congress is nearing final action on Yucca Mountain waste repository
-- President Bush recommended approval Feb.15
-- Governor Guinn exercised Nevada's "veto" authority under the statute
-- House of Representatives overwhelmingly approved a resolution to override
the veto on May 8 (306-117)
-- Senate Committee approved the resolution 13-10
-- Senate will consider by July 25; simple majority required
-- If approved, DOE will seek license from NRC; lengthy regulatory
proceedings
[Logo for Exelon]
Energy Policy Legislation
- - House of Representatives passed major energy policy bill last year
- - Senate passed a bill after 6 weeks of debate
- - Conferees have finally been appointed
- - Huge job ahead resolving differences (1,000+ pages!)
- - Senate electricity provisions have bipartisan support; generally positive
impact
-- PUHCA repeal
-- PURPA repeal
-- Clear FERC authority over munis & coops to require open access
-- Negatives: Renewal Portfolio Standard; more FERC review of asset transfers
(including generation)
- - Prospects for enactment are uncertain
[Logo for Exelon]
FERC: Focus on Wholesale Competition
- - Developing "Standard Market Design"
- - Reconsidering how to measure if a utility has market power
- - Reconsidering standards governing market-based rate authority
- - Redefining rules for Regional Transmission Organizations (RTOs)
-- Original focus on transmission operations
-- New focus on running markets
-- No longer friendly to transcos
-- Result for Exelon? Plan to put ComEd transmission into PJM
- - Rewriting Order No. 888 "Open Access Transmission Tariff" requirements
- - Codifying interconnection requirements and pricing
- - Rewriting Standards of Conduct
[Logo for Exelon]
Example: Standard Market Design Initiative
- - New, controversial FERC initiative for SMD; plan to issue a final rule 12/02
- - Establishes requirements for energy and transmission markets throughout the
country
- - Same trading rules would apply everywhere
- - Real-time and day-ahead bid-based market for energy using Locational Marginal
Pricing (LMP) like PJM
- - LMP-based congestion management
- - Financial Transmission Rights
- - Capacity or reserve requirement (maybe!)
[Logo for Exelon]
SMD: Significant $$ and Operational Impact
- - Exelon "second to none" in supporting SMD
- - Power Team could save estimated $30 million annually by reducing its
obligation to provide ancillary services
- - If SMD includes a capacity or reserve requirement, it could mean Exelon
Generation would receive significant revenue in capacity payments (depending
on specifics)
- - With a spot energy market and an RTO requirement, Exelon would be able to
serve POLR load in the ComEd area without building/purchasing new capacity if
the RES load comes back
- - Reduces our exposure to complaints of market power; provides mitigation
required to maintain market-based rates
- - Major plus for "national" players like Exelon
[Logo for Exelon]
Exelon Generation Company, LLC
Oliver D. Kingsley, Jr.
CEO & President, Exelon Generation
Exelon Investor Conference
New York City
June 20, 2002
[Logo for Exelon]
Generation Organization
[This slide shows an organization chart consisting of boxes connected with lines
arranged into 3 tiers. In the top tier is the box labeled "John Rowe Chairman".
Below John Rowe in the second tier are two boxes connected to it by lines; the
left box labeled "Oliver Kingsley President, Generation", the right box labeled
"Ian McLean President, Power Team". Below Oliver Kingsley President, Generation,
in the third tier are three boxes connected to it by lines; the left box labeled
"Exelon Nuclear", the middle box labeled "Sithe Energies, Inc. (49.9%)", and the
right box labeled "Exelon Power". Below Ian McLean President, Power Team, in the
third tier are four boxes connected to it by lines; the top left box is labeled
"Long-term Transactions", the top right box is labeled " Short-term
Transactions", the bottom left box is labeled "Fuels" and the bottom right box
is labeled "OTC/Financial Trading".
Below the third tier boxes under Oliver Kingsley President, Generation, are the
words "Focus on low cost, reliable generation, supply diversity".
Below the third tier boxes under Ian McLean President, Power Team, are the words
"Focus on portfolio optimization, risk mitigation, earnings enhancement".]
[Logo for Exelon]
Generation Portfolio
More than 43,000 MWs of Power:
/\
/ \
/ \
/ \
/ \
Under Advanced Development* / 800 MWs \
/------------\
/ \
Under Construction* / 1,671 MWs \
/------------------\
/ \
AmerGen** & Sithe* / 2,881 MWs \
/------------------------\
/ \
Long-Term Contracts / 16,245 MWs \
/------------------------------\
Owned / 14,250 MWs Nuclear \
/ 7,799 MWs Fossil and Hydro \
/------------------------------------\
* Includes 49.9% of Sithe, "Under Construction" also includes Southeast Chicago
Energy Project
** Includes 50% of AmerGen
[Logo for Exelon]
Strong Nuclear Performance Continues
[This slide contains two vertical bar charts as described below:]
Net Generation
[The vertical bar chart under the heading Net Generation displays planned
generation in million MWH from 2000 through 2004 and compares to actual
generation for the years 2000 and 2001.]
million MWH
Year Plan Actual
2000 113.5 115.0
2001 115.8 118.0
2002 117.0
2003 120.0
2004 121.0
[Below the Net Generation chart are the words:]
Contact targets shown; stretch targets also in place
Production Cost
[The vertical bar chart under the heading Production Cost is showing the planned
production cost in dollars per megawatt-hour for the years 2000 through 2004 and
compares to actual production cost in dollars per megawatt-hour for the years
2000 and 2001. Also shown on the chart are reference lines for the 2000 industry
median ($16.20) and the 2000 top quartile ($14.40).]
$/MWH
Year Plan Actual
2000 $15.96 $14.65
2001 $13.85 $12.78
2002 $14.20
2003 $13.80
2004 $13.90
[Below the chart the number of refueling outages (RFOs) are shown for the years
2000 through 2004.]
Year RFOs
2000 11
2001 6
2002 11
2003 8
2004 10
RFOs-Refueling outages
[Logo for Exelon]
Fossil Fleet Provides Value
[This slide shows two charts as described below on the left half of the slide
and wording on the right half of the slide.]
Exelon Power - EFOF
[Under the title Exelon Power - EFOF in the top left section of the slide is a
vertical bar chart showing the Equivalent Forced Outage Factor (EFOF) percentage
for Exelon Power for the years 1999 through 2001 and 2002 YTD.]
Year Percentage
1999 4.82%
2000 7.39%
2001 2.26%
2002 YTD 2.44%
Sithe - EFOF
[Under the title Sithe - EFOF in the bottom left section of the slide is a
vertical bar chart showing the Equivalent Forced Outage Factor (EFOF) percentage
for Sithe for the years 1999 through 2001.]
Year Percentage
1999 5.50%
2000 6.90%
2001 8.80%
[Beneath the Sithe-EFOF chart there is the following wording:]
EFOF - Equivalent Forced Outage Factor
[On the right half of the slide there is the following wording:]
- - Fossil fleet provides optionality to take advantage of market conditions
-- fast response
-- cost-effective
-- flexible
- - Continued cost reduction, focus on reliability will increase profitability
[Logo for Exelon]
Competitive Strengths-Demonstrated Results
- - Size of generation portfolio is a significant advantage
-- Fully integrated assets and operations
-- Enables economies of scale in purchasing, materials management and
resource sharing
- - Low-cost operation
-- Nuclear fleet operates in lowest cost quartile
-- Competitive balance sheet ensures low total cost of service
-- Nuclear base-load and hydro units provide significant fuel price stability
- - Substantial depth of operational expertise and experience
-- Application of management standards and practices to fossil operations
-- Share resources and expertise fleet-wide
- - Production performance is strong and reliable
[Logo for Exelon]
Generation Business Strategy
Build on and effectively use competitive advantages
- - Effective performance management
-- Drive operating excellence through proven fleet management and support
methods
-- Aggressively manage performance improvement
- - Proactive cost reduction
-- Continue to drive bottom-line growth through sustained cost reduction,
economies of scale and productivity
-- Implement fleet-wide cost reduction through vendor alliances and resource
sharing
- - Disciplined and balanced growth
-- Continue to build a generation portfolio with fuel, dispatch and market
diversity
-- Disciplined opportunistic investments in asset acquisition consistent with
strategy, portfolio needs and lessons learned
- - Optimize portfolio value through Power Team
[Logo for Exelon]
Genco Financial Outlook
- ----------------------------------------------------------------------------------------------------------
2001A 2002E CAGR 2002-2004E
($ millions) Explicit Normalized*
- ----------------------------------------------------------------------------------------------------------
Revenue 7,048 6,600-7,400 6% 0%
Gross Margin (Rev. net Fuel) 2,830 2,500-3,200 7% 1%
EBIT 962 765-825 2% (4)%
Net Income** 524 460-520 (1)% (1)%
Avg. Shares (millions) 322 325
EPS ($) 1.63 1.40-1.60
($ billions) 2001A 2002E 2003E 2004E
Cash from Operations 1.33 1.4 1.5 1.6
Decommissioning Contribution & Interest
from Decomm. Funds (0.05) (0.2) (0.2) (0.2)
------------------------------------------------------------------
Available Cash from Operations 1.28 1.2 1.3 1.4
Maintenance Cap Ex (0.51) (0.5) (0.5) (0.5)
Investment in Nuclear Fuel (0.34) (0.4) (0.4) (0.4)
Cash for Investment/Dividends 0.43 0.3 0.4 0.5
- ----------------------------------------------------------------------------------------------------------
* The normalized growth rates restate Sithe's 2004 contribution on an equity
investment basis consistent with the 2002 treatment of the Sithe investment.
** Net Income in 2001 includes a $12 million ($0.04 per share) gain related to
the implementation of FAS 133.
A = Actual; E = Estimated; CAGR = Compound Annual Growth Rate
[Logo for Exelon]
Power Team
Ian P. McLean
President, Power Team
Exelon Investor Conference
New York City
June 20, 2002
[Logo for Exelon]
Power Team: Who We Are, What We Do
- - Real transactions that add real value
- - Dynamic hedging to reduce earnings volatility and add incremental margin
- - Maximize value of generating assets
- - Team-oriented incentives focused on cash earnings (vs. volumes or
mark-to-model)
[Logo for Exelon]
Managing Assets and Obligations
+--------------+
| Power |
Exelon Nuclear---->| Team |-----> Market sales
| |
Exelon Power------>|-Intellectual |-----> ComEd Retail Sales
| Capital |
AmerGen----------->| - Portfolio |-----> PECO Retail Sales
| Management |
Purchased Power--->| |
+--------------+
[Logo for Exelon]
ComEd Supply Vs. Demand
[This slide illustrates the portfolio management challenge faced by Power Team.
The slide shows Power Team's 2001 supply for ComEd from coal, nuclear, oil,
peaking generation, PPAs and spot market purchases stack in thousands of MWs by
month and ComEd demand by day. The need for 100% reliability combined with the
fact that ComEd summer load can vary by over 10,000 MW within a day requires a
pro-active approach to managing Exelon's Midwest portfolio.]
[Logo for Exelon]
ComEd 2002 Summer Supply
- - Resource planning assumes "high expected load" and requires 23,100 MWs
-- Based on 20% load demand probability scenario
-- Exceeds 15% reserve margin as required by MAIN
- - Exelon Generation has approximately 23,200 MWs available for ComEd needs
-- 10,000 MWs owned
-- 13,200 MWs contracted
-- About 4,000 additional MWs available in region
-- About 1,000 MWs interruptible
[Logo for Exelon]
ComEd 2002 Summer Supply
- - What is different from last year?
-- Earnings guidance assumes substantially lower summer prices
-- Significantly more supply in region
- Managing to a 20% probability vs. a 10% probability weather case
-- EME labor dispute resolved
-- Full year's experience of managing combined portfolio
-- Hedging program fully implemented
[Logo for Exelon]
Risk Management Is Inherent in What We Do
+------------------------+ +-----------------------------------------+
| Human Resources: | | Formal Rick Control Policies: |
|- Team-based incentives | | - Separate trading and hedging books |
|- Performance management| | - Clearly defined limits on trading |
| system | | - Internal independent risk oversight |
|- Code of Conduct | | and control |
+------------------------+ +-----------------------------------------+
| |
| |
+-------+ V
| +-----------------+ +----------------------+
| | | | Process Led |
+------------------------+ +-->| Power Team |<---| Management Model: |
| Credit Management: | | Culture of | | -Clear understanding |
| -Rigorous scoring model|----->| Risk | | of and |
| -Appropriate limits | | Management | | accountability for |
| and assurance | | | | all front, middle |
| -Daily monitoring | +-----------------+ | and back office |
| and enforcement | ^ ^ | processes |
+------------------------+ | | +----------------------+
| |
+------------------------------+ +-----------------------------------+
|IT Systems: | | Analytics: |
| -High Security | | -Independent deal evaluation and |
| -Redundancy and availability | | approval |
| -Disaster recovery | | -Proprietary forecasting models |
+------------------------------+ | Reporting: |
| -Transparent and conservative |
| accounting |
| -Routine management reporting of |
| results (risk/return) |
+-----------------------------------+
[Logo for Exelon]
Midwest Gen Contract Provides Flexibility
Midwest Generation Power Purchase Agreement (part 1)
Coal Power Purchase Agreement:
Contract Contracted Available Option
Year Capacity (MW) Capacity (MW)
1 - 2000 5,005 640
2 - 2001 4,535 1,110
3 - 2002 4,013 1,632
4 - 2003 1,696 3,949
5 - 2004 1,696 3,949
[Logo for Exelon]
Midwest Gen Contract Provides Flexibility
Midwest Generation Power Purchase Agreement (part 2)
Collins Power Purchase Agreement:
- - 2,698 MWs under contract
- - Term: 2000-2004, subject to earlier termination in whole or in part by ComEd
- - In years 3-5, ComEd has option to drop units from contract
Peaking Unit Power Purchase Agreement:
- - 943.6 MWs under contract
- - Term: 2000-2004, subject to earlier termination in whole or in part by ComEd
- - In years 3-5, ComEd has option to drop units from contract; 355 MWs dropped
for 2002
[Logo for Exelon]
Converging Issues Affect Midwest Supply and Demand: 2003 and Beyond
+--------------------+ +----------------------+
| EME - Midwest Gen. | | RTO/Std. Mkt. Design |
+--------------------+ +----------------------+
| |
| |
V V
+------+ +-------------------+ +----------------+
| POLR |-------> | Midwest Portfolio |<-----| Supply Options |
+------+ | Optimization | +----------------+
+-------------------+
^ ^
| |
| |
+---------------------------+ +--------------------+
| Illinois Reg./Legislation | | Retail Competition |
+---------------------------+ +--------------------+
[Logo for Exelon]
Exelon Energy Delivery Company, LLC
Pamela B. Strobel
Chairman & CEO, Exelon Energy Delivery
Exelon Investor Conference
New York City
June 20, 2002
[Logo for Exelon]
Energy Delivery Overview
- - One of the largest delivery companies in the U.S.
-- 5.5 million electric and gas customers
-- 120,500 GWh electric retail deliveries
-- 81,500 Mcf gas retail deliveries
-- Revenues of $10.2 billion
-- EBIT of $2.6 billion
- - Operating in Pennsylvania and Illinois
-- Two states where restructuring and competition have moved forward
[Logo for Exelon]
Constructive Regulatory Environments
Pennsylvania Illinois
- - Unbundled rates, electric choice - Open access, electric choice for all
for all customers since January 2000 customers since May 2002
- - Transmission and Distribution rate cap - Bundled rates frozen through 2006
through 2006
- - Generation rate cap, collection of stranded - Transition charges calculated on "lost
investment through 2010 revenues" basis, end in 2006
[Logo for Exelon]
Competition Is Growing Unevenly
Pennsylvania shopping Illinois shopping
Mass Market Mass Market
- - 340,000 customers, dropping to 160,000 - 20,300 customers
with return of NewPower customers - 14% Load
- - 17% load, dropping to below 10% with
return of NewPower customers
Large Commercial & Industrial Large Commercial & Industrial
- - 150 customers - 1,000 customers
- - 3% load - 48% load
[Logo for Exelon]
Regulatory Developments - State Level
- - Illinois Provider of Last Resort (POLR) proposal
-- Offer fixed-price service for mass-market customers
-- Declare large commercial and industrial class competitive
- Phased approach for usage above 1 MW
- Backstop rate based on spot market plus adder
-- Free up capacity in Midwest for competitors
- - Pennsylvania 50% switching hurdle January 2003
[Logo for Exelon]
EED O&M and Margin Growth Expenses
[This slide depicts a stacked vertical bar chart showing EED's Operating and
Maintenance (O&M) and Margin Growth Expenses in billions of dollars for 2001
actual expenditures and estimated expenditures from 2002 through 2004. The bars
are differentiated by 1) Other O&M Expense and 2) Margin Growth O&M Expense.]
Year 2001 2002E 2003E 2004E
Other O&M Expenses $1.568 $1.494 $1.462 $1.403
Margin Growth O& M Expenses $0.009 $0.025 $0.057 $0.084
E= Estimate
[Logo for Exelon]
EED Capital Expenditure Program
[This slide depicts a stacked vertical bar chart showing EED's Capital
Expenditure Program in billions of dollars for 2001 actual expenditures and
estimated expenditures from 2002 through 2004. The bars are differentiated by 1)
Reliability/Maintenance and 2) New Business.]
(in billions) 2001 2002E 2003E 2004E
Reliability/Maintenance $0.7 $0.6 $0.6 $0.6
New Business $0.4 $0.5 $0.4 $0.4
E= Estimate
[Logo for Exelon]
Improving Reliability
[This slide contains two charts as described below:]
Fewer Interruptions
[In the upper right hand corner of the chart is the following wording:]
40% Improvement
[The chart under the title Fewer Interruptions shows a line chart and a linear
regression line of interruptions for the years 1999 through 2001 for the
following data points:]
Year Month Frequency *
1999 Jan 2.22
1999 Feb 2.21
1999 Mar 1.82
1999 Apr 1.82
1999 May 1.76
1999 Jun 1.72
1999 Jul 1.83
1999 Aug 1.74
1999 Sep 1.69
1999 Oct 1.66
1999 Nov 1.49
1999 Dec 1.49
2000 Jan 1.41
2000 Feb 1.44
2000 Mar 1.43
2000 Apr 1.48
2000 May 1.6
2000 Jun 1.52
2000 Jul 1.35
2000 Aug 1.4
2000 Sep 1.46
2000 Oct 1.48
2000 Nov 1.47
2000 Dec 1.46
2001 Jan 1.44
2001 Feb 1.38
2001 Mar 1.37
2001 Apr 1.36
2001 May 1.23
2001 Jun 1.24
2001 Jul 1.31
2001 Aug 1.33
2001 Sep 1.29
2001 Oct 1.34
2001 Nov 1.35
2001 Dec 1.32
[Above the linear regression line is the following word:]
Trend
Shorter Interruptions
[In the upper right hand corner of the chart is the following wording:]
62% Improvement
[The chart under the title Shorter Interruptions shows a line chart and a linear
regression line of the minutes for the years 1999 through 2001 for the following
data points:]
Year Month Duration *
1999 Jan 274
1999 Feb 274
1999 Mar 212
1999 Apr 211
1999 May 205
1999 Jun 195
1999 Jul 207
1999 Aug 184
1999 Sep 176
1999 Oct 175
1999 Nov 136
1999 Dec 138
2000 Jan 136
2000 Feb 132
2000 Mar 131
2000 Apr 134
2000 May 158
2000 Jun 154
2000 Jul 129
2000 Aug 139
2000 Sep 141
2000 Oct 144
2000 Nov 144
2000 Dec 145
2001 Jan 145
2001 Feb 148
2001 Mar 148
2001 Apr 144
2001 May 112
2001 Jun 116
2001 Jul 120
2001 Aug 110
2001 Sep 105
2001 Oct 103
2001 Nov 103
2001 Dec 103
[Above the linear regression line is the following word:]
Trend
[On the bottom of the page, centered under both charts is the following
wording:]
ComEd System
[Logo for Exelon]
Improving Customer Satisfaction
[This slide shows a line graph displaying customer satisfaction index by quarter
from the second quarter of 1998 through the fourth quarter of 2001.]
Period Index
Q2/98 74.00
Q3/98 65.00
Q4/98 71.00
Q1/99 73.00
Q2/99 70.00
Q3/99 63.00
Q4/99 68.00
Q1/00 71.55
Q2/00 69.50
Q3/00 70.80
Q4/00 71.10
Q1/01 74.40
Q2/01 75.40
Q3/01 77.10
Q4/01 81.90
[An arrow points to the third quarter of 1998 and the following notation is
made:]
Electricity supply problems in Midwest
[Another arrow points to the third quarter of 1999 and the following notation is
made:]
Chicago power outages
[An arrow points to the second quarter of 2000 and then another arrow points to
the fourth quarter of 2001, between the beginning points of these arrows is the
following wording:]
Reliability improvements take effect
[Centered on the bottom of the page is the following wording:]
ComEd System
[Logo for Exelon]
EED Financial Outlook
---------------------------------------------------------------------------------------------------------
($ millions) 2001A 2002E CAGR 2002-2004E
---------------------------------------------------------------------------------------------------------
Revenue 10,171 10,350-10,600 1.7-1.9%
Gross Margin (Rev. net Fuel) 5,699 5,700-5,850 1.0%
EBIT 2,623 2,700-2,780 2.2-2.4%
Net Income 1,022 1,135-1,170 5.4-5.6%
Avg. Shares (millions) 322 325
EPS ($) 3.17 3.50-3.60
($ billions) 2001A 2002E 2003E 2004E
Cash from Operations 2.4 2.5 2.4 2.4
Maintenance Cap Ex (0.7) (0.6) (0.6) (0.6)
New Business Cap Ex (0.4) (0.5) (0.4) (0.4)
Transition Debt Retirements (0.6) (0.7) (0.6) (0.6)
Cash for Investment/Dividends 0.7 0.7 0.8 0.8
---------------------------------------------------------------------------------------------------------
A = Actual; E = Estimate; CAGR = Compound Annual Growth Rate
[Logo for Exelon]
Exelon Enterprises Company, LLC
George H. Gilmore
President, Exelon Enterprises
Exelon Investor Conference
New York City
June 20, 2002
[Logo for Exelon]
Focus: Maximizing Value to Exelon
- - "Stopping the bleeding"
- - Improving sustainable operating performance
- - Implementing specific business exits
[Logo for Exelon]
Revaluation of Enterprises' Assets
[This slide shows a column chart with three columns arranged in descending order
from left to right. The vertical axis is scaled in $millions. Between each of
the three columns are vertical bars with each bar representing an incremental
step down to the next column. The columns and vertical bars are described as
follows, starting at the left of the chart: (all figures are in $millions)
The first column is labeled "Investment" and shows a value of $2,000. The column
is divided internally into segments with the following descriptions in each
segment, beginning at the topmost segment:
InfraSource $560
Comm $280
Therm $20
Energy $280
UPH $160
ECP $200
Svcs $140
Other $90
To the right of the first column is a vertical bar, the top of which
corresponds to the top of the "Investment" column. This vertical bar is
labeled "ATT*" and shows a value of $(280)
The next vertical bar, located at the bottom of the "ATT" bar is labeled
"Power Holdings Equip (UPH)" and shows a value of $(120)
The next vertical bar, located at the bottom of the previous bar is labeled
"Extant/Nextwave/Kinetic" and shows a value of $(80)
These three vertical bars are further denoted with a bracket with the words:
"Cash Generated from Sales"
The next column is labeled "Net Investment After Cash Returned" and shows a
value of $1,520. The height of the column corresponds to the bottom of the
vertical bar labeled "Extant/Nextwave/Kinetic"
Next to this column is a vertical bar labeled "Thermal Revaluation" which
shows a value of $(90)
The next vertical bar is labeled "Goodwill Adjustment" and shows a value of
$(240). These two vertical bars are further denoted with a bracket with the
words: "Revalue Assets".
The next vertical bar is labeled "Energy" and shows a value of $(190).
The next vertical bar is labeled" Thermal" and shows a value of $(80)
The next vertical bar is labeled "Closed Ops" and shows a value of
$(80) The next vertical bar is labeled "Other" and shows a value of
$(40)
These four vertical bars are further denoted with a bracket with the words:
"Booked Losses"
The third column, located at the far right of the chart is labeled "4/30/02 Book
Value" and shows a value of $800. The height of the column corresponds to the
bottom of the vertical bar labeled "Other". The column is divided internally
into segments with the following descriptions in each segment, beginning at the
topmost segment:
InfraSource $360
ECP $130
Therm $120
Svcs $110
Energy $80
Below the chart is a footnote: "* Exelon will return $80 million to Enterprises
to pay taxes in 9/02." ]
[Logo for Exelon]
Driving Operating Triage While Releasing Value
Operating Value
- - New senior management in InfraSource, Services, - Sale of AT&T joint venture completed
Energy and Thermal - Immediately exiting three InfraSource
- - Cost Management Initiative initiated and on target businesses and one Thermal business, which
- - Implemented rigorous financial and management have been unprofitable
reporting - Aggressively pursuing sale of other businesses
-- Defined 90-day action plans for each business - Focus on cash flow improvement
-- Improved financial transparency to identify and
-- resolve problems
-- Developed a weekly "drumbeat' report
[Logo for Exelon]
Businesses' Paths to Value
+-------+-------------+ +---------------------------------------+
| |Current Focus| | Paths to Value |
| +=============+ +=======================================+
| A | | |- Immediate exit/close |
| L | | | -Losses |
| L | Achieving | | -No business unit fit |
| | Profitable | +---------------------------------------+
| B | Operations | |\ |-Exit upon market recovery |
| U | | | \ | -Timing of sale |
| S | | ---+ \ | -No strategic fit |
| I +-------------+ \ +---------------------------------------+
| N | | / |-Fix then exit |
| E | | ---+ / | -Improve value |
| S | Releasing | | / | -No strategic fit |
| S | Maximum | |/ +---------------------------------------+
| E | Value to | |-Fix and hold |
| S | the | | -Exceed cost of capital |
| | Corporation | | -Strategic fit |
| | | | -Can increase value in short term |
| | | +---------------------------------------+
| | | |-Divest profitable business for cash |
+-------+-------------+ +---------------------------------------+
[Logo for Exelon]
Enterprises Financial Outlook
----------------------------------------------------------------------------------------------------
($ millions) 2001A 2002E CAGR 2002-2004E (%)
----------------------------------------------------------------------------------------------------
Revenue 2,292 1,900-2,000 TBD
Gross Margin (Rev. net Fuel) 266 250-275
EBIT (107) 120-140*
Net Income (85) (190)-(160)
One-time Adjustments 123
Adjusted Net Income (67)-(37)
Avg. Shares (millions) 322 325
EPS ($) (0.26) (0.21)-(0.11)
2001A 2002E 2003E 2004E
Cash from Opers./Asset Sales 184 260 TBD TBD
Maintenance Cap Ex (70) (35)
Cash for Investment/Dividends 114 225
----------------------------------------------------------------------------------------------------
* Includes pre-tax gain from sale of AT&T Wireless joint venture
A = Actual; E = Estimate; CAGR = Compound Annual Growth Rate
[Logo for Exelon]
Financial Outlook
Ruth Ann M. Gillis
Senior Vice President & Chief Financial Officer
Exelon Investor Conference
New York City
June 20, 2002
[Logo for Exelon]
Long-Range Plan Drivers (2002-2004)
- - Cost Management Initiative savings
- - Addition of TXU assets in 2002 and Sithe assets assumed in 2003
- - No other major acquisitions/dispositions assumed
- - Increased portion of supply portfolio at lower prices
- - Retirement of Transition Debt
[Logo for Exelon]
Exelon Consolidated Key Assumptions
2001A 2002E 2003E 2004E
Nuclear Capacity Factor (%) 94.4 91 93 93
Total Genco Sales Ex Trading (GWhs) 201,845 196,300 213,800 217,300
Total Genco Sales to EED (GWhs) 116,929 121,300 120,600 122,200
Total Genco Sales to Exelon Energy (GWhs) 6,876 4,600 3,800 -
Total Market Sales (GWhs) 78,040 70,400 89,400 95,100
Volume Retention (%)
PECO 87 90 90 90
ComEd 90 88 87 86
Delivery Growth Assumptions (%)
PECO (1.1) 0.3 2.7 0.7
ComEd (0.5) 1.6 2.6 2.0
Elec. Wholesale Mkt. ATC Price ($/MWh)
MAIN 25.00 23.50 25.00 26.50
PJM 31.50 27.50 29.00 29.00
Effective Tax Rate (%) 39.7 38.5 38.5 38.5
A=Actual; E=Estimate
[Logo for Exelon]
Exelon Consolidated Financial Outlook
- ----------------------------------------------------------------------------------------------------------
($ millions) 2001A 2002E CAGR 2002-2004
- ----------------------------------------------------------------------------------------------------------
Revenue 15,140 14,200-14,600 3%-4%
Gross Margin (Rev. net Fuel) 9,827 9,300-9,700
Other Operating Exp. 4,922 4,775-4,900
Depr. & Amort. 1,449 1,200-1,250
-------------------------------
EBIT 3,456 3,325-3,450 3%-4%
Interest and Pref. 1,109 930-1,000
Income Taxes 931 925-975
-------------------------------
Net Income before Cum. Effect Chg. in
Accounting 1,416 1,470-1,575 5%-6%
Cum. Effect Chg. in Accounting 12
-----------
Net Income* 1,428
Avg. Shares (millions) 322 325
EPS ($) $4.43 $4.55-$4.85 4.5%-5.5%
- ----------------------------------------------------------------------------------------------------------
* Net income as reported for 2001. Net operating income excludes one-time items
for 2002.
A = Actual; E = Estimate; CAGR = Compound Annual Growth Rate
[Logo for Exelon]
Exelon Consolidated Cash Flow
- ------------------------------------------------------------------------------------------------------------
($ billions) 2001A 2002E 2003E 2004E
- ------------------------------------------------------------------------------------------------------------
Cash from Operations 3.6 3.7 3.6 3.8
Decommissioning Contribution & Interest
from Decomm. Funds (0.1) (0.2) (0.2) (0.2)
---------------------------------------------------------------
Available Cash from Operations 3.5 3.5 3.4 3.6
Maintenance Cap Ex (1.8) (1.7) (1.6) (1.6)
EED New Business (0.4) (0.5) (0.4) (0.4)
---------------------------------------------------------------
Cash after Planned Cap Ex 1.3 1.3 1.4 1.6
Transition Debt Reduction (0.6) (0.7) (0.6) (0.6)
---------------------------------------------------------------
Cash for Dividends and Growth 0.7 0.6 0.8 1.0
Common Dividends Paid 0.6
- ------------------------------------------------------------------------------------------------------------
A = Actual; E = Estimate
[Logo for Exelon]
Exelon Consolidated Balance Sheet
- ---------------------------------------------------------------------------------------------------------
($ millions) 2001A 2004E
- ---------------------------------------------------------------------------------------------------------
Long-Term Debt 7,320 10,000*
Transition Bonds 6,962 5,100
----------------------------------------------
Total Long-Term Debt, Incl. Current Portion 14,282 15,100
Commercial Paper 360 500
----------------------------------------------
Total Debt 14,642 15,600
Preferred Securities of Subsidiaries 613 600
Total Shareholders' Equity 8,230 12,000
----------------------------------------------
Total Capitalization 23,485 28,200
Total Debt to Total Capital 62% 55%
Debt Ex Transition Bonds to Total Capital 46% 45%
- ---------------------------------------------------------------------------------------------------------
* Increase in Long-Term Debt reflects acquisition of Sithe and inclusion of its
project debt.
A = Actual; E = Estimate
[Logo for Exelon]
EPS Sensitivities: 2002
[This slide contains a horizontal bar chart which shows the effect on EPS of a
positive or negative change in each of three key assumptions.]
- -/+ 1% Delivery Sales
PECO $(0.03)/$0.03
ComEd $(0.06)/$0.06
- -/+ 1% Nuclear Cap Factor $(0.05)/$0.05
- -/+ $1 Wholesale Mkt Price $(0.03)/$0.03
[Logo for Exelon]
How Should Investors Think About Exelon?
- - Exelon Corporation
-- Positioned for success
-- Stable earnings and cash flow streams
-- Regulatory initiatives to shape our own future
-- Ongoing disciplined search for opportunities to add value
- - Exelon Energy Delivery
-- Sustainable and predictable earnings
-- Robust cash flow related to transition structure
- - Exelon Generation
-- Large, diversified, flexible low-cost generating portfolio
-- Established power merchant to optimize asset value and limit risk
[Logo for Exelon]
One Company, One Vision
Exelon strives to build exceptional value - by becoming the best and most
consistently profitable electricity and gas company in the United States.
To succeed, we must....
-- LIVE UP TO OUR COMMITMENTS
-- PERFORM AT WORLD-CLASS LEVELS
-- INVEST IN OUR CONSOLIDATING INDUSTRY
Exhibit 99.2
[Logo for Exelon]
EXELON
ONE COMPANY, ONE VISION
Exelon strives to build exceptional value -- by becoming the best and most
consistently profitable electricity and gas company in the United States.
To succeed,we must...
LIVE UP TO OUR COMMITMENTS
- - Keep the lights on.
- - Perform safely -- especially in nuclear operations.
- - Constantly improve our environmental performance.
- - Act honorably and treat everyone with respect,decency,and integrity.
- - Continue building a high performance culture that reflects the diversity of
our communities.
- - Report our results,opportunities and problems honestly and reliably.
PERFORM AT WORLD -- CLASS LEVELS
- - Relentlessly pursue greater productivity,quality and innovation.
- - Understand the relationships among our businesses and optimize the whole.
- - Promote and implement policies that build effective markets.
- - Adapt rapidly to changing markets,politics,economics and technology to meet
our customers' needs.
- - Maximize the earnings and cash flow from our assets and businesses and sell
those that do not meet our goals.
INVEST IN OUR CONSOLIDATING INDUSTRY
- - Develop strategies based on learning from past successes and failures.
- - Implement systems and best practices that can be applied to future
acquisitions.
- - Prioritize acquisition opportunities based on synergies from scale,scope,
generation and delivery integration, and our ability to profitably satisfy
provider of last resort (POLR) and other regulatory obligations.
- - Make acquisitions that will best employ our limited investment resources to
produce the most consistent cash flow and earnings accretion.
- - Return earnings to shareholders when higher returns are not available from
acquisition opportunities.
Exhibit 99.3
[Logo for Exelon]
Exelon Corporation www.exeloncorp.com
P.O. Box 805398
Chicago, IL 60680-5398
TO OUR INVESTORS:
EXELON - ONE COMPANY, ONE VISION. The Energy Industry is both complex and
volatile, with one of its leaders collapsing and others losing most of their
market capitalization. Within this chaotic environment, the Exelon management
team and I have defined a course of action that focuses on real assets, real
operations, real service and real income. We reviewed this strategy with our
Board at its annual planning meeting in early June and would like to explain
what it means to those who invest in our work.
EXELON STRIVES TO BUILD EXCEPTIONAL VALUE - BY BECOMING THE BEST AND MOST
CONSISTENTLY PROFITABLE ELECTRICITY AND GAS COMPANY IN THE UNITED STATES. We are
serious about becoming both the best and the most consistently profitable. This
means extending, throughout our company, the benchmarking and continuous
improvement practices that have worked so well in our nuclear operations. This
also means coordinating our operations and our marketing and hedging efforts to
emphasize the quality and predictability of our earnings.
LIVE UP TO OUR COMMITMENTS. We have commitments to our shareholders, our
customers, our employees and to the larger society in which we operate. Meeting
them is essential to delivering consistent, superior financial performance.
These include keeping the lights on and assuring that our nuclear plants are
models of safe operation. These commitments also include doing a better and
better job of reporting our results, opportunities and challenges.
PERFORM AT WORLD-CLASS LEVELS. Every time we look, we are reminded that superior
operations are the best way to add superior value in a low-growth industry. The
success of our corporate-wide Cost Management Initiative, the improvements in
our Delivery business and the continued high performance of our nuclear fleet
show what can be done. Superior performance also requires skillful management of
the relationship between our businesses. The events of the last several years
have strongly reinforced the value of having generation, wires and customer
relationships in the same corporate family.
INVEST IN OUR CONSOLIDATING INDUSTRY. Longer-term growth must come from
participating in the consolidation of our industry. The merger of PECO and
UNICOM to form EXELON created substantial shareholder value. So have some of our
other acquisitions. But some have not. We are confining our acquisition
interests to our core activities, reviewing our past results with care and
sharpening our discipline so that we can take advantage of the opportunities
that will occur during a chaotic period. We will find acquisition opportunities
that add to our earnings in the short term and provide attractive returns over
time.
Sincerely,
John W. Rowe
Chairman and CEO
Exelon Investor Conference
June 20, 2002
The Waldorf-Astoria
New York City
Agenda
7:30 a.m.-8:00 a.m. Registration and
Continental Breakfast (Empire Room, Lobby Level)
8:00 a.m.-8:15 a.m. John W. Rowe - Introduction
8:15 a.m.-8:35 a.m. Elizabeth A. Moler - Federal Overview
8:35 a.m.-8:55 a.m. Oliver D. Kingsley, Jr. - Generation
8:55 a.m.-9:15 a.m. Ian P. McLean - Power Team
9:15 a.m.-9:45 a.m. Q&A
9:45 a.m.-10:15 a.m. Break
10:15 a.m.-10:35 a.m. Pamela B. Strobel - Energy Delivery
10:35 a.m.-10:55 a.m. George H. Gilmore - Enterprises
10:55 a.m.-11:15 a.m. Ruth Ann M. Gillis - Financial Outlook
11:15 a.m.-12:00 p.m. Q&A/Wrap-up
12:00 p.m.-12:30 p.m. Break
12:30 p.m.-2:30 p.m. Lunch/Informal Discussion (Louis XVI Suite, 4th Floor)
Exhibit 99.4
[Logo for Exelon]
Appendix
- Exelon Generation
[Logo for Exelon]
A Flexible and Diversified Portfolio
- - Generation Portfolio Profile (estimated):
- Fuel mix: 35% nuclear, 19% coal, 3% hydro, and 43% gas/oil
- Geographic mix: 55% in MAIN, 24% in MAAC, and the balance in 6 different
regions
- Dispatch mix: 65% base-load, 16% intermediate and 19% peaking
[Logo for Exelon]
Recent and Planned Portfolio Additions
- - Nuclear power uprates
- Completed on nine units for about 700 MWs
- Scheduled for three units for about 275 MWs
- - License renewal work underway
- Peach Bottom 2&3, Dresden 2&3, Quad Cities 1&2
- - Texas plant acquisitions
- LaPorte cogeneration plant - 160 MWs
- Mountain Creek and Handley acquired from TXU in April 2002
- 2,334 MWs, ten units, gas-oil-fired
- Tolling agreement with TXU - May to Sept. through 2006
- - Southeast Chicago project (Calumet)
- Eight combustion turbine units - 350 MWs
- On-line in summer 2002
[Logo for Exelon]
Portfolio Additions - Sithe
- - Exelon acquired 49.9% interest in Sithe North America in December 2000
- 3,371 MWs in operation, predominately in New York and Massachusetts
- - Three Boston-area units (2,421 MWs) under construction
- Completion expected in late 2002/early 2003
- - Sites available for development
- - Put/call option for remaining 50.1% interest begins December 18, 2002
- Option agreement provides for fair market value adjustment
- Exelon is preparing for efficient transition
[Logo for Exelon]
Exelon Is a Premier Nuclear Operator
Major Nuclear Fleet Capacity Factor
[This slide shows a vertical bar chart depicting the 2-year average nuclear
capacity factor for 2000-2001 for Exelon, FP&L, TVA, Southern, Progress,
Dominion, Duke, Contellation, First Energy, Entergy, Nuclear Management Company
(NMC). The data points are as follows:]
Exelon 93.3
FP&L 92.6
TVA 91.4
Southern 90.6
Progress 90.4
Dominion 89.5
Duke 88.7
Constellation 88.1
First Energy 87.2
Entergy 87.1
NMC 80.3
Exhibit 99.5
[Logo for Exelon]
Appendix
- Power Team
[Logo for Exelon]
Generation of Top 100 Companies by Fuel Type
[This slide shows a stacked vertical bar chart showing million MWh by the Top
100 companies differentiated by 1) Coal, 2) Oil, 3)Gas, 4) Nuclear, 5)Hydro, 6)
Renewable (non-hydro) and 7) Other. An arrow labeled AEP points at the tallest
bar showing 200 MWs, a second arrow labeled Exelon points toward the fourth
tallest bar at approximately 135 MWs and a third arrow labeled Duke points
towards the seventh tallest bar at approximately 99 MWs.]
[Below the Generation of Top 100 Companies by Fuel Type chart is the following
wording:]
Source: Coalition for Environmentally Responsible Economies (CERES) Benchmarking
Air Emissions of the 100 Largest Electric Generation Owners in US - 2000
Exhibit 99.6
[Logo for Exelon]
Appendix
- Financial Outlook
[Logo for Exelon]
Securities Ratings for Exelon and its Subsidiary Companies
Standard &
Poors Fitch Investors Service,
Securities Moody's Corporation Inc.
- ----------------------------------------------------------------------------------------------------------
Exelon Senior unsecured debt Baa2 BBB+ BBB+
Commercial paper P2 A2 F2
ComEd Senior secured debt A3 A- A-
Senior unsecured debt Baa1 BBB+ BBB+
Commercial paper P2 A2 F2
PECO Senior secured debt A2 A A
Senior unsecured debt A3 BBB+ A-
Commercial paper P1 A2 F1
Generation Senior unsecured debt Baa1 A- BBB+
- ----------------------------------------------------------------------------------------------------------
[Logo for Exelon]
New Accounting Pronouncements
SFAS No. 143
SFAS No. 143 provides accounting requirements for retirement obligations
associated with tangible long-lived assets. Exelon expects to adopt SFAS No. 143
on January 1, 2003. Retirement obligations associated with long-lived assets
included within the scope of SFAS No. 143 are those for which there is a legal
obligation to settle under existing or enacted law, statute, written or oral
contract or by legal construction under the doctrine of promissory estoppel.
Adoption of SFAS No. 143 will change the accounting for the decommissioning of
Exelon's nuclear generating plants. Currently, Exelon records the obligation for
decommissioning ratably over the lives of the plants. The January 1, 2003
adoption of this standard will require a cumulative effect adjustment effective
the date of adoption to adjust plant assets and decommissioning liabilities to
the values they would have been had this standard been employed from the
in-service dates of the plants.
The effect of this cumulative adjustment will be to increase the decommissioning
liability to reflect a full decommissioning obligation in current year dollars.
Additionally, the standard will require the accrual of an asset related to the
full amount of the decommissioning obligation, which will be amortized over the
remaining lives of the plants. The difference between the asset recognized and
the liability recorded upon adoption of the standard will be charged to earnings
and recognized as a cumulative effect, net of expected regulatory recovery. The
decommissioning liability to be recorded represents an obligation for the future
decommissioning of the plants, and as a result interest expense will be accrued
on this liability until such time as the obligation is satisfied.
Exelon is in the process of evaluating the impact of SFAS No. 143 on its
financial statements, and cannot determine the ultimate impact of adoption at
this time, however the cumulative effect could be material to Exelon's earnings.
Additionally, although over the life of the plant the charges to earnings for
the depreciation of the asset and the interest on the liability will be equal to
the amounts currently recognized as decommissioning expense, the timing of those
charges will change and in the near-term period subsequent to adoption, the
depreciation of the asset and the interest on the liability could result in an
increase in expense.
Exelon Corporation 2001 Annual Report to Shareholders, Page 51
Exhibit 99.7
[Logo for Exelon]
[In the upper left corner is a photograph of John Rowe]
John W. Rowe
Position
Chairman, President and Chief Executive Officer
Profile
Exelon Corporation was formed in October 2000 by the merger of Unicom
Corporation and PECO Energy. As Chairman, President and CEO of Exelon, Mr.Rowe
is responsible for managing one of the nation's largest electric utilities, with
approximately five million customers and more than $15 billion in annual
revenues. Headquartered in Chicago, Exelon owns or contracts for an expanding
generation portfolio of approximately 40,000 megawatts, with strong positions in
the Midwest and Mid-Atlantic. Exelon also has holdings in infrastructure
services, energy services and telecommunications.
Professional History
Prior to the formation of Exelon, Mr. Rowe served as Chairman, President and CEO
of Unicom Corporation and ComEd. Mr. Rowe was President and CEO of New England
Electric System (NEES) from 1989 to February 1998, and he served as President
and CEO of Central Maine Power Company from 1984 to 1989. Before joining Central
Maine Power, Mr. Rowe was senior vice president of law for Consolidated Rail
Corporation (Conrail) in Philadelphia. Mr. Rowe worked with the Chicago law firm
of Isham, Lincoln & Beale from 1970 to 1980, where he became a partner in 1978
and served as counsel to the Trustees of the Chicago, Milwaukee, St. Paul &
Pacific Railroad Company.
Civic Involvement
Mr. Rowe serves on the Board of Directors at UnumProvident Corporation, The
Northern Trust Corporation and The Chicago Club. Additionally, he is on the
Board of Trustees at The Art Institute of Chicago, The Chicago Council on
Foreign Relations, The Chicago Historical Society, The Field Museum, the
Wisconsin Alumni Research Foundation, the American Enterprise Institute and the
Illinois Chapter of The Nature Conservancy. Mr. Rowe is past Chairman of the
Edison Electric Institute, a Trustee of Northwestern University and a member of
The Economic Club of Chicago, The Chicago Urban League, and The Commercial Club
of Chicago, for which he serves on the Civic Committee
Education
Mr. Rowe is a graduate of the University of Wisconsin and the University of
Wisconsin Law School. He is a member of Phi Beta Kappa and the Order of the
Coif. He has an honorary Doctor of Humane Letters degree from Bryant College,
where he served on the Board of Trustees from 1994 to 1998.
Family
Mr. Rowe is a native of Wisconsin. He and his wife, Jeanne, have one child,
Bill.
[Logo for Exelon]
[In the upper left corner is a photograph of Betsy Moler]
Elizabeth Anne "Betsy" Moler
Position
Senior Vice President, Government Affairs and Policy
Profile
Exelon Corporation was formed in October 2000 by the merger of Unicom
Corporation and PECO Energy. Headquartered in Chicago, Exelon is one of the
nation's largest electric utilities, with approximately five million customers
and more than $15 billion in annual revenues. Exelon owns or contracts for an
expanding generation portfolio of approximately 40,000 megawatts, with strong
positions in the Midwest and Mid-Atlantic. Exelon also has holdings in
infrastructure services, energy services and telecommunications. As Senior Vice
President of Government Affairs and Policy, Ms. Moler oversees the firm's
Washington, D. C. office and serves as a member of Exelon's Senior Management
Committee.
Professional History
In January 2000, prior to the formation of Exelon, Ms. Moler served as Senior
Vice President, Government Affairs and Policy for Unicom Corporation. During
1999, she was a partner in the law firm of Vinson & Elkins and a member of the
Unicom Board of Directors. Ms. Moler has a long career in government service.
She was a staff member on Capitol Hill for 20 years. She served as Counsel and
Senior Counsel for the United States Senate Committee on Energy and Natural
Resources from 1976 to 1988. In 1988, she was appointed by President Ronald
Reagan, and confirmed by the United States Senate, to served as a Member of the
Federal Energy Regulatory Commission (FERC). She was reappointed twice by
Presidents George Bush and Bill Clinton. In 1993, she was designated by
President Clinton to serve as the Commission's Chair. She continued to serve as
the Commission's Chair until June 1997, when she was appointed by the President,
and confirmed by the Senate, to serve as the Deputy Secretary of Energy. She
resigned her duties in governmental service in October 1998. While at the
Department of Energy, Ms. Moler was the principal architect of the first
comprehensive legislative proposal for restructuring the Nation's electricity
industry, the Clinton Administration's Comprehensive Electricity Competition
Act, which was transmitted to Congress in June 1998. During her tenure as Chair
of the FERC, the Commission successfully restructured both the interstate
natural gas industry under Order No. 636 and the wholesale electricity industry
under Order Nos. 888 and 889.
Civic Involvement
Ms. Moler serves on the Board of Directors for the Henry M. Jackson Foundation
and is a member of the District of Columbia Bar Association and the American Bar
Association.
Awards
Ms. Moler is the past recipient of the Women's Council on Energy and the
Environment, Woman of the Year Award in 1996 and 1998. She has received both the
Energy Daily Annual Public Policy Leadership Award and the National Energy
Resources Organization Distinguished Service Award in 1996. Ms. Moler is listed
in the Who's Who of American Women, Who's Who in American Law, and the Energy
Who's Who Directory. In addition, she was listed in the "100 Most Influential
People in Gas and Electricity," Hart's Century of Power Energy Markets Magazine,
1999 and the "Class of 2000: Men and Women of the Third Millennium," World
Cogeneration Magazine, Jan./Feb., 2000
Education
Ms. Moler received her Bachelor of Art's degree, with honors, from The American
University. She pursued graduate studies at John Hopkins University and received
her law degree from The George Washington University.
Family
Ms. Moler and her husband, Thomas B. Williams, have two children, Blake and
Eleanor.
[Logo for Exelon Generation]
[In the upper left corner is a photograph of Oliver Kingsley]
Oliver D. Kingsley, Jr.
Position
Chief Executive Officer and President, Exelon Generation
Senior Executive Vice President, Exelon Corporation
Profile
As CEO and President of Exelon Generation, and Senior Executive Vice President,
Exelon, Mr. Kingsley directs the operations of Exelon Nuclear, Exelon Power,
Exelon's Business Services Company, Exelon Enterprises and Exelon's interests in
other generation operations. Exelon Generation operates a generation fleet of
nuclear, fossil and hydro stations in five states, with a capacity of 22,000 MW.
Exelon Generation's nuclear fleet is the largest in the United States and the
third largest in the world. Exelon Generation also holds a partnership interest
in Sithe Energy, Inc., with a fossil and hydo operating capacity of 3800 MW,
plus additional projects in development. Exelon Enterprises consists of a number
of companies offering a variety of energy, telecommunications, engineering and
construction services in 48 states. Business Services Company provides
information technology, human resources, legal and other support to Exelon
Corporation.
Professional History
From October 2000 through February 2002, Mr. Kingsley was President and Chief
Nuclear Officer of Exelon Nuclear, which operates ten stations (17 reactors)
with a capacity of 17,000 MW. Mr. Kingsley was also Chairman of the Management
Committee of AmerGen Energy Company, a partnership between Exelon and British
Energy, which owns and operates nuclear plants. Exelon Nuclear was created by
the merger of Unicom Corporation and PECO Energy in October 2002. It soon
established itself as an industry leader and set U. S. industry records for
refueling outage duration, reduced production costs significantly, and set new
generation records for the combined fleet. Mr. Kingsley joined Unicom, the
parent company of ComEd, in November 1997 as President and Chief Nuclear Officer
of ComEd's Nuclear Generation Group (NGG). ComEd, at that time, was the electric
utility serving Northern Illinois and its NGG was then the largest nuclear
program in the United States. Under Mr. Kingsley's leadership, the ComEd NGG
made rapid progress in turning around a troubled nuclear power program. Quad
Cities and LaSalle units were returned to service and, in 1999, for the first
time in nine years, all ComEd units were under normal Nuclear Regulatory
Commission oversight. In 1999, the NGG set a record for electrical generation,
with a capacity factor twenty percent higher than the previous best. As a result
of high capacity and increased efficiency, production costs were reduced more
than forty percent. Before joining ComEd, Mr. Kingsley served as Chief Nuclear
Officer of the Nuclear Generation Group at the Tennessee Valley Authority (TVA),
which has five nuclear units at three sites. His leadership is largely credited
with the turnaround of the TVA nuclear program, and the success and reputation
for excellence enjoyed by the program. From 1985 to 1988, Mr. Kingsley served as
Vice President, Nuclear Operations, for Middle South Utilities. From 1971 to
1984 he held various positions in the nuclear area of the Southern Company,
including Plant Manager of the Farley Nuclear Plant, assistant manager of
Nuclear Generation, manager of Nuclear Engineering & Technical Support and
director of Nuclear Support. From 1966 to 1971 he served in the United States
Navy Nuclear Submarine Force.
Education
Mr. Kingsley received a Bachelor of Science degree, with honors, in engineering
physics from Auburn University. In June 2000 he was awarded the Walter Zinn
Award of the American Nuclear Society, in recognition of his leadership in
nuclear power.
Family
Mr. Kingsley and his wife, Sally, have four children and four grandchildren.
[Logo for Exelon Power Team]
[In the upper left corner is a photograph of Ian McLean]
Ian P. McLean
Position
President, Exelon Power Team
Senior Vice President, Exelon Corporation
Profile
As President of Power Team, Mr. McLean oversees a nationwide, asset-based power
marketing business that allows Exelon Corporation to maximize the value of the
industry-leading generation portfolio built through the merger of Unicom
Corporation and PECO Energy.
Professional History
Mr. McLean joined PECO Energy in 1999 as Senior Vice President and President of
PECO Energy's national wholesale marketing division, also known as Power Team.
Prior to joining PECO Energy, Mr. McLean was Group Vice President of Industrial
Commodities Management for Engelhard Corporation, where his responsibilities
included global trading, refining and recycling businesses with sites around the
world. He began his career at Engelhard Corporation in 1985 as Managing Director
of the London trading operation. In 1987, he was appointed Senior Vice President
of the USA group, and the profits of this group grew 300% in a eight-year period
between 1987 and 1994. Mr. McLean has also held positions with Johnson Matthey,
Gerald Metals and Globe Commodities.
Education
Mr. McLean received his Bachelor of Science degree, with honors, in mathematics
from Teesside University, located in Northern England.
Family
Mr. McLean and his wife, Kathryn, have four children and reside in Kennett
Square, Pennsylvania.
[Logo for ComEd]
[In the upper left corner is a photograph of Pam Strobel]
Pamela B. Strobel
Position
Chairman and Chief Executive Officer, Exelon Energy Delivery
Executive Vice President, Exelon Corporation
Chairman, ComEd and PECO Energy
Profile
Exelon Energy Delivery Services Company is the holding company for Exelon
Corporation's energy delivery businesses, PECO Energy in Philadelphia and ComEd
in Chicago. Pam Strobel is Executive Vice President of Exelon Corporation, the
parent of Exelon Energy Delivery and is the Chairman and Chief Executive Officer
of Exelon Energy Delivery. She is also the Chairman of PECO and ComEd. As Chief
Executive Officer of Exelon Energy Delivery, Ms. Strobel is responsible for
overseeing the transmission and distribution systems of one of the nation's
largest utilities with nearly $15 billion in revenues and a customer base of
approximately five million electricity and gas customers in Illinois and
Pennsylvania.
Professional History
Prior to the merger of PECO and Unicom, Pam Strobel was Executive Vice President
of Unicom Corporation and its chief subsidiary, ComEd. She joined ComEd as
General Counsel in 1993. She has played a broad corporate policy role with large
customers and various regulatory and government officials. Before joining ComEd,
Ms. Strobel was a partner in the law firm of Sidley & Austin, which she joined
in 1988, after 11 years with the firm of Isham, Lincoln & Beale.
Civic Involvement
Ms. Strobel serves on the boards of directors of IMC Global, Inc., one of the
world's largest producers and suppliers of agricultural products and salt, and
Sabre Holdings Corporation, the leading provider of technology and marketing
services for the travel industry. Sabre Holdings Corporation is also the parent
company of Travelocity, the world's leading online B2C travel site. She serves
on the boards of trustees of Rush-Presbyterian-St. Luke's Medical Center, the
Ravinia Festival Association, The Joffrey Ballet of Chicago, the Chicagoland
Chamber of Commerce, Window to the World Communications, and The Mid-Day Club.
In addition, she is the chair and a director of The Chicago Network and holds
memberships in The Commercial Club, The Economic Club, the University Club, and
The Executives' Club of Chicago.
Awards
Among many honors, Ms. Strobel has received 2002 Luminary Award from the Girl
Scouts of Chicago, the Diversity 2000 Award from the Minority Corporate Counsel
Association, the 1997 Founder's Award from the Chicago Bar Association's
Alliance for Women, and the 1997 Women of Achievement Award from the
Anti-Defamation League. In 1996, she was named one of the distinguished alumnae
of the University of Illinois College of Law.
Education
Ms. Strobel received both her undergraduate and law degrees from the University
of Illinois. She was a Bronze Tablet (upper three percent) recipient and a
member of the law review.
Family
She and her husband, Russ, have two children, Ben and Libby.
[Logo for Exelon Enterprises]
[In the upper left corner is a photograph of George Gilmore]
George H. Gilmore, Jr.
Position
President, Exelon Enterprises
Senior Vice President, Exelon Corporation
Profile
As President of Exelon Enterprises, Mr. Gilmore is responsible for leading and
directing operations of the six Enterprise companies - Exelon
Telecommunications, Exelon Services, Exelon Thermal Technologies, Exelon Capital
Partners, Exelon Energy and InfraSource, Inc.
Professional History
In December 2001, Mr. Gilmore came to Exelon Corporation. Prior to joining the
company, Mr.Gilmore served as Group President of National Service Industries,
Inc. where he was responsible for NSI's chemical, textile, rental and envelope
businesses, which included 10,000 employees and 64 manufacturing plants. In his
extensive and successful career, Mr. Gilmore has served as President of a number
of companies including CalMat, AM Multigraphics, Mitel, Inc., Moore Document
Solutions and Moore Business Systems.
Civic Involvement
Mr. Gilmore is a member of several business associations such as the Chicago
Council of Foreign Relations, the Turnaround Management Association and serves
on the Board of Directors of the Northeastern Illinois University Trust.
Education
Mr. Gilmore received his Bachelor's degree from The United States Military
Academy at West Point. He has a Master's degree in International Relations from
The University of Southern California and well as a MBA in finance from the
Stanford Graduate School of Business.
[Logo for Exelon Business Services Company]
[In the upper left corner is a photograph of Ruth Ann Gillis]
Ruth Ann M. Gillis
Position
Senior Vice President and Chief Financial Officer, Exelon Corporation
President, Exelon Business Services Company
Profile
Exelon Corporation was formed in October 2000 by the merger of Unicom
Corporation and PECO Energy. As Senior Vice President and CFO, Ms Gillis is
responsible for the comptroller, treasury, investment, investor relations,
internal audit and all financial matters for Exelon, one of the nation's largest
electric utilities, with approximately five million customers and more than $15
billion in annual revenues. The company has one of the industry's largest
portfolios of electricity generation capacity, with a nationwide reach and
strong positions in the Midwest and Mid-Atlantic. In addition to these
responsibilies, Ms. Gillis was recently named President of Exelon Business
Services Company, which provides information technology support, legal and human
resources services, payroll, accounts payable, supply chain and real estate
services for all areas of Exelon. She is also Chairman of the Risk Management
Committee and a member of Exelon's Executive Management Committee.
Professional History
Prior to her current position, Ms. Gillis served as Chief Financial Officer of
Unicom Corporation from 1999 to October 2000 when Exelon was created. In
addition, she was Senior Vice President of Competitive Operations, which
included Customer Service Operations, Marketing and Sales and New Business
Development all residing in ComEd, a subsidiary of Exelon. Ms. Gillis also was
responsible for the unregulated businesses residing in Unicom Enterprises, Inc.
and Unicom Resources. She joined the company in 1997 as Vice President and
Treasurer of Unicom Corporation. As Treasurer, Ms. Gillis was responsible for
the corporation's financing activities, cash management, financial risk
management and treasury options. Before joining Unicom, Ms. Gillis as CFO,
Treasurer and Vice President of the University of Chicago Hospitals and Health
System. Her responsibilities included oversight of all aspects of corporate
finance and treasury for a $600 million health care system anchored by The
University of Chicago Hospitals. From 1977 through 1985, Ms. Gillis worked for
First Chicago Corporation (FCC) where she held a variety of lending and staff
positions.
Civic Involvement
Ms. Gillis donates her time to various community organizations. She has been an
active member of The University of Chicago Cancer Research Foundation Women's
Board since 1986, and is the President of the Foundation's Board of Trustees.
She is a Director of the Chicago State University Foundation Board and serves on
the Board of Managers of the YMCA of Metropolitan Chicago. Ms. Gillis is a
member of The Chicago Network and The Economic Club of Chicago. She is also a
Director of the Parson Group, a professional services company.
Education
Ms. Gillis received her Bachelor's degree in economics from Smith College in
Northampton, Massachusetts. She was distinguished as Phi Beta Kappa and
graduated Magna Cum Laude with high honors in 1977. In 1980, she graduated with
a Master's degree in business administration from The University of Chicago
Graduate School of Business.
Family
Ms. Gillis lives in Chicago with her husband and two teenage sons.
Exhibit 99.8
[Logo for Exelon]
Long-Term Contracts
Seller Location Capacity(MW) Expiration
- ------ -------- ------------ ----------
Midwest Generation, LLC Various in Illinois 9,105 2004
Kincaid Generation, LLC Kincaid, Illinois 1,158 2012
Tenaska Georgia Partners, LP. Franklin, Georgia 900 2029
Tenaska Frontier, Ltd Shiro, Texas 830 2020
Others Various 4,252 2002 to 2022
------
Total 16,245
In 2001, approximately 37% of our sales were of purchased power.
Long-Term Commitments
As of March 31, 2002, Exelon and Exelon Generation had long-term commitments
relating to the net purchase and sale of energy, capacity and transmission
rights from unaffiliated utilities and others, including Midwest Generation, LLC
and AmerGen, an unconsolidated affiliate of Generation, as expressed in the
following table:
(in millions) Capacity Power-Only Power-Only Purchases from Transmission Rights
Purchases Sales AmerGen Non-Affiliates Purchases
--------- ----- ------- -------------- ---------
2002 $ 840 $ 2,210 $ 201 $ 1,330 $ 91
2003 1,214 1,391 261 506 31
2004 1,222 809 315 144 15
2005 406 231 241 78 15
2006 406 122 241 63 5
Thereafter 3,657 22 2,171 252 -
------ ------ ------ ------ ----
Total $7,745 $4,785 $3,430 $2,373 $157
------ ------ ------ ------ ----
Exhibit 99.9
PECO ENERGY
Schedule of Rates
Schedule of System Average Rates
(cent)/kWh
- ----------------------------------------------------------------------------------------------------------------------
Effective Date Transmission(a) Distribution T&D Rate CTC/ITC Credit for Generation
Cap(b) Delivery Rate
Service Only Cap(c)
(1) (2) (3) (4) (5) (6)
- ----------------------------------------------------------------------------------------------------------------------
January 1, 2002 0.45 2.35 2.80 2.51 4.47 6.98
January 1, 2003 0.45 2.35 2.80 2.47 4.51 6.98
January 1, 2004 0.45 2.41 2.86 2.43 4.55 6.98
January 1, 2005 0.45 2.41 2.86 2.40 4.58 6.98
January 1, 2006 0.45 2.53 2.98 2.66 4.85 7.51
January 1, 2007 N/A N/A N/A 2.66 5.35 8.01
January 1, 2008 N/A N/A N/A 2.66 5.35 8.01
January 1, 2009 N/A N/A N/A 2.66 5.35 8.01
January 1, 2010 N/A N/A N/A 2.66 5.35 8.01
(a) Transmission prices listed are for illustration only. The PUC does not
regulate rates for transmission Service.
(b) T&D Rate Cap (column 3) = sum of columns (1)+(2).
(c) Generation Rate Cap (column 6) = sum of columns (4)+(5).
- ----------------------------------------------------------------------------------------------------------------------
Notes:
o Average figures for CTC/ITC from 2002-2010 in column 4 are fixed, subject
to reconciliation for actual sales levels.
o The credit (paid to delivery-service-only-customers) figures in column 5
will be adjusted to reflect changes due to the CTC/ITC reconciliation.
o Average transmission and distribution service rates will not exceed the
figures in column 3.
o The generation portion of bills for customers who remain with regulated
PECO generation supply will not, on average, exceed figures in column 6.
o Calculation of average rates for 2002:
9.96(cent)/kWh (existing rate cap) - 1.8 percent reduction = 9.78(cent)/kWh
9.78(cent)/kWh = 2.80 (column 3) + 2.51 (column 4) + 4.47 (column 5)
PECO ENERGY
CTC Amortization
Annual Stranded Cost
Amortization and Return(a)
- ----------------------------------------------------------------------------------------------------------------------
Annua Revenue Excluding GRT
Year Sales CTC Total Return @ 10.75% Amortization
---- ----- --- ----- --------------- ------------
MWh (cent)/kWh ($000) ($000) ($000)
- ----------------------------------------------------------------------------------------------------------------------
2002 34,381,485 2.51 825,004 516,869 308,135
2003 34,656,537 2.47 818,352 482,401 335,951
2004 34,933,789 2.43 811,540 444,798 366,742
2005 35,213,260 2.40 807,933 403,555 404,378
2006 35,494,966 2.66 902,623 353,070 549,553
2007 35,778,925 2.66 909,844 290,627 619,217
2008 36,065,157 2.66 917,123 220,312 696,811
2009 36,353,678 2.66 924,459 141,229 783,231
2010 36,644,507 2.66 931,855 52,381 879,474
(a) Subject to reconciliation of actual sales and collections. Under the settlement, sales are estimated to
increase 0.8 percent per year.
- ----------------------------------------------------------------------------------------------------------------------
Other Features
o The transmission & distribution and capacity market price bidding
rate cap of 2.98 cents per kWh process. PECO-affiliated suppliers
includes .01 cent for a sustainable will be prohibited from bidding for
energy and economic development this block of customers.
fund during the rate cap period.
o As of January 1, 2001, PECO (as
o PECO is permitted to transfer PLR) will price its service to
ownership and operation of its residential customers within a
generating facilities to a separate specified range.
corporate entity. The generating
facilities will be valued at book o A Qualified Rate Order authorizing
value at the time of the transfer. securitization of up to $4 billion
is included (subsequently increased
o Twenty percent of residential to $5 billion).
customers will be assigned to a
provider of last resort (PLR),
other than PECO, on January 1,
2001. The PLR will be selected on
the basis of a PUC-approved energy
Exhibit 99.10
ICC Docket No. 01-0423
Interim Order Entered April 1, 2002
Compliance Filing Work Papers
April 11, 2002
Schedule B-1 NR: p 1 of 1
Commonwealth Edison Company
Determination of Customer Transition Charge (Summary Page)
Based on Market Value Defined in Rider PPO - Power Purchase Option (Market Index) Applicable Period A (June 2002 - May 2003)
(All units are in cents per kilowatt-hour)
Delivery
Base Rate Service
Revenue Revenue Market Mitigation
(1) (2) (1)(3) Value (4) Amount (5)
------- ------ --------- ----------
(A) (B) (C) (D)
Customer Transition Charge Customer Class
- -----------------------------------------
Nonresidential Delivery Service Customers
With Only Watt-hour Only Meters 11.258 3.124 2.868 0.901
0 kW to and including 25 kW Demand 9.288 1.897 2.776 0.743
Over 25 kW to and including 100 kW Demand 8.344 1.699 2.685 0.668
Over 100 kW to and including 400 kW Demand 7.428 1.368 2.660 0.594
Over 400 kW to and including 800 kW Demand 6.839 1.226 2.617 0.547
Over 800 kW to and including 1,000 kW Demand 6.767 1.125 2.542 0.541
Over 1,000 kW to and including 3,000 kW Demand 6.456 1.095 2.565 0.516
Fixture-included Lighting Nonresidential Delivery Service Customers 13.554 8.283 2.089 1.084
Street Lighting Delivery Service Customers - Dusk to Dawn 3.852 1.608 2.076 0.500
Street Lighting Delivery Service Customers - All Other Lighting 7.172 1.559 2.402 0.574
Railroads Delivery Service Customers (6)
Pumping Delivery Service Customers 6.465 1.231 2.518 0.517
June 2002 - Dec 2002 Mitigation Jan 2003 - May
CTC Amount (7) 2003 CTC
--- ---------- --------
(E)=(A)-(B)-(C)-(D) (F) (G)=(A)-(B)-(C)- (F)
Customer Transition Charge Customer Class
Nonresidential Delivery Service Customers
With Only Watt-hour Only Meters 4.365 1.126 4.140
0 kW to and including 25 kW Demand 3.872 0.929 3.686
Over 25 kW to and including 100 kW Demand 3.292 0.834 3.126
Over 100 kW to and including 400 kW Demand 2.806 0.743 2.657
Over 400 kW to and including 800 kW Demand 2.449 0.684 2.312
Over 800 kW to and including 1,000 kW Demand 2.559 0.677 2.423
Over 1,000 kW to and including 3,000 kW Demand 2.280 0.646 2.150
Fixture-included Lighting Nonresidential Delivery Service Customers 2.098 1.355 1.827
Street Lighting Delivery Service Customers - Dusk to Dawn 0.000 0.500 0.000
Street Lighting Delivery Service Customers - All Other Lighting 2.637 0.717 2.494
Railroads Delivery Service Customers (6)
Pumping Delivery Service Customers 2.199 0.647 2.069
Notes:
(1) Transfer from Column (H) and Column (M) of Determination of Customer Transition Charge, on Page 2 to 12 of attached
workpapers.
(2) Base rate revenues consist of customer, demand, and energy charges. Base rate revenues do not include facility, meter,
or other equipment rentals, franchise fees or other franchise cost additions, fuel adjustment clause charges,
decommissioning expense adjustment clause charges, taxes, local government compliance clause charges, compensation for
energy generated by a person or entity other than ComEd, or Renewable Energy Resources and Coal Technology Development
Assistance Charge and Energy Assistance Charge for the Supplemental Low-Income Energy Assistance Fund.
(3) The amount of revenue that the Company would receive under Rate RCDS - Retail Customer Delivery Service (Rate RCDS) and
Rider ISS - Interim Supply Service (Rider ISS) for standard delivery of energy to customers in the CTC Customer Class.
(4) The Market Value for a CTC Customer Class has the same value as the per kilowatt-hour Load Weighted Average Market Value
(LWAMV) as defined in Rider PPO - Power Purchase Option (Market Index) for the applicable customer class for Applicable
Period A.
(5) The mitigation amount as defined in Rate CTC is the greater of 0.5 cents per kilowatt-hour or 8% of the base rate
revenue for the calculation period of June 2002 through December 2002.
(6) There are two customers in the Railroads class and each customer will have a Customer-specific CTC.
(7) The mitigation amount as defined in Rate CTC is the greater of 0.5 cents per kilowatt-hour or 10% of the base rate
revenue for the calculation period of January 2003 through May 2003.
ICC Docket No. 01-0423
Interim Order Entered April 1, 2002
Compliance Filing Work Papers
April 11, 2002
Schedule B-1 R: p 1 of 1
Commonwealth Edison Company
Determination of Residential Customer Transition Charge (Class Summary Page)
Based on Market Value Defined in Rider PPO - Power Purchase Option (Market Index) Applicable Period A (June 2002 - May 2003)
(All units are in cents per kilowatt-hour)
Delivery
Base Rate Service Market Mitigation
Revenue (1) (2) Revenue (3) Value (4) Amount (5)
--------------- ----------- --------- ----------
(A) (B) (C) (D)
Customer Transition Charge Customer Class
- -----------------------------------------
Residential Delivery Service Customers
Single Family Without Space Heat 8.715 3.379 2.790 0.523
Multi Family Without Space Heat 8.961 4.439 2.959 0.538
Single Family With Space Heat 5.836 2.301 2.529 0.350
Multi Family With Space Heat 6.169 2.893 2.624 0.370
Fixture-included Lighting Residential Delivery Service Customers 8.655 8.982 2.178 0.519
June 2002 - Dec 2002 Mitigation Jan 2003 - May 2003
CTC Amount (6) CTC
--- ---------- ---
(E)=(A)-(B)-(C)-(D) (F) (G)=(A)-(B)-(C)-(F)
Customer Transition Charge Customer Class
Residential Delivery Service Customers
Single Family Without Space Heat 2.023 0.610 1.936
Multi Family Without Space Heat 1.025 0.627 0.936
Single Family With Space Heat 0.656 0.409 0.597
Multi Family With Space Heat 0.282 0.432 0.220
Fixture-included Lighting Residential Delivery Service Customers 0.000 0.606 0.000
Notes:
(1) Based on three years of residential historical data ending January 2002 and residential rates in effect beginning
October 1, 2001.
(2) Base rate revenues consist of customer service and energy charges. Base rate revenues do not include facility, meter, or
other equipment rentals, franchise fees or other franchise cost additions, fuel adjustment clause charges,
decommissioning expense adjustment clause charges, taxes, local government compliance class charges, compensation for
energy generated by a person or entity other than ComEd, or Renewable Energy Resources and Coal Technology Development
Assistance Charge and Energy Assistance Charge for the Supplemental Low-Income Energy Assistance Fund.
(3) The amount of revenue that the Company would receive under Rate RCDS - Retail Customer Delivery Service (Rate RCDS) and
Rider ISS - Interim Supply Service (Rider ISS) for standard delivery of energy to customers in the CTC Customer Class.
(4) The Market Value for a CTC Customer Class has the same value as the per kilowatt-hour Load Weighted Average Market Value
(LWAMV) as defined in Rider PPO - Power Purchase Option (Market Index) for the applicable delivery service customer
class.
(5) The residential mitigation amount as defined in Rate CTC is 6% of the base rate revenue for the calculation period of
June 2002 through December 2002.
(6) The residential mitigation amount as defined in Rate CTC is 7% of the base rate revenue for the calculation period of
January 2003 through May 2003.
