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
October 11, 2007
Date of Report (Date of earliest event reported)
Commission File |
Exact Name of Registrant as Specified in Its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number |
IRS Employer Identification Number | ||
1-16169 |
EXELON CORPORATION (a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-7398 |
23-2990190 | ||
1-1839 |
COMMONWEALTH EDISON COMPANY (an Illinois corporation) 440 South LaSalle Street Chicago, Illinois 60605-1028 (312) 394-4321 |
36-0938600 | ||
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)) |
Section 7 Regulation FD
Item 7.01 | Regulation FD Disclosure |
As previously disclosed in the Current Report on Form 8-K filed on October 17, 2007, Commonwealth Edison Company (ComEd) filed a request with the Illinois Commerce Commission (ICC) seeking approval to increase its delivery service rates. Attached as Exhibit 99.1 is additional information provided to investors regarding the requested revenue requirement increase and the tentative schedule for the review of the rate case filing.
Section 8 Other Events
Item 8.01 | Other Events. |
On October 11, 2007, the ICC approved a filing that makes the electric supply competitive for all of ComEds approximately 18,000 medium-sized non-residential customers. Attached as Exhibit 99.2 to this Current Report on Form 8-K is ComEds press release regarding this filing.
Section 9 Financial Statements and Exhibits
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Investor slides | |
99.2 | Press Release |
* * * * *
This combined Form 8-K is being furnished separately by Exelon Corporation (Exelon) and ComEd (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.
This Current Report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelons and ComEds 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Managements Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelons and ComEds Second Quarter 2007 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (3) other factors discussed in filings with the Securities and Exchange Commission by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Current Report. Neither of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EXELON CORPORATION |
/s/ John F. Young |
John F. Young |
Executive Vice President, Finance and Markets and Chief Financial Officer |
Exelon Corporation |
COMMONWEALTH EDISON COMPANY |
/s/ Robert K. McDonald |
Robert K. McDonald |
Senior Vice President, Chief Financial Officer, |
Treasurer and Chief Risk Officer |
Commonwealth Edison Company |
October 18, 2007
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 |
Investor slides | |
99.2 |
Press Release |
1 ComEd Delivery Service Rate Case Filing $361 (6) Total ($2,049 million revenue requirement) $(51) Other adjustments (5) $48 O&M expenses $99 Administrative & General expenses (4) $50 Capital Structure (3) : ROE - 10.75% / Common Equity - 45.11% / ROR - 8.55% $215 (2) Rate Base: $7,071 million (1) Requested Revenue Requirement Increase ($ in millions) Revenue increase needed to recover significant distribution system investment and
represents an important step in ComEds regulatory recovery plan
(1) Based on 2006 test year, including pro forma capital additions through 3Q 2008;
represents a $1,550 million increase from 2006 ICC order (2) Includes
increased depreciation expense associated with capital additions (3)
Requested cap structure does not include goodwill; ICC docket 05-0597 allowed 10.045% ROE, 42.86% equity ratio and 8.01% ROR (return on rate base) (4) Includes increases in pension and other post-retirement benefits costs and
effects of accounting reclassification for rental revenue (5) Includes taxes
other than income, regulatory expenses, and reductions for other revenues and load growth (6) Or approximately $359 million adjusted for normal weather Exhibit 99.1 |
2 ComEd Delivery Service Rate Case Filing Tentative Schedule Filed October 17, 2007 Rebuttal Testimony February 2008 Hearings May 2008 Administrative Law Judge (ALJ) Order July 2008 Final Order Expected September 2008 Note: Dates are based on typical approach to rate cases but the Illinois Commerce Commission will set the actual schedule. |
Exhibit 99.2
Contact: | FOR IMMEDIATE RELEASE | |||||
ComEd Media Relations (312) 394-3500 |
ComEd mid-sized customer group declared competitive
CHICAGO (October 18, 2007) The Illinois Commerce Commission approved a filing that makes the electric supply competitive for all of ComEds approximately 18,000 medium-sized non-residential customers. Examples of customers in this group include fast food restaurants, small grocery stores and small machine shops.
More than 50 percent of these medium-sized customers already have chosen alternative energy supply from one of 19 different suppliers. By law, all customers with peak demand from 100 to 400 kilowatts (kW) may be declared competitive once a minimum of 33 percent of this customer group is taking service from at least three competitive suppliers.
Here is what the declaration means for ComEds 100 to 400 kW customer group:
| Those on a fixed ComEd electric supply rate have a several-year grace period and can elect to stay on a fixed price until May 2010, by which time they will have had to choose an alternative Retail Electric Supplier (RES) or receive an hourly-priced default rate from ComEd. |
| For those customers who already have chosen a different supplier than ComEd, they will continue to receive supply from a RES or may opt to receive ComEds hourly-priced default rate. |
| New medium-sized non-residential customers applying for service must find a RES or take ComEds hourly default rate. |
All of ComEds large commercial customers with a peak demand of 400 kW or greater were declared competitive in August with the passage of a settlement between Illinois utilities and lawmakers. More than 85 percent of ComEds customers in this group already are choosing alternative suppliers. Examples of customers in this group include big box stores, large grocery stores, hospitals, colleges and manufacturers. These customers still on a fixed ComEd electric supply rate can stay on a fixed price until May 2008, at which time they will need to choose an alternative RES or receive an hourly-priced default rate from ComEd.
Non-residential customers can visit www.ComEdpowerpath.com to learn more information about supplier choices.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), one of the nations largest electric utilities with approximately 5.4 million customers. ComEd provides service to approximately 3.8 million customers across Northern Illinois, or 70 percent of the states population.