Form 8-K

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
Number

  

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 ComEd’s approximately 18,000 medium-sized non-residential customers. Attached as Exhibit 99.2 to this Current Report on Form 8-K is ComEd’s 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) Exelon’s and ComEd’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s and ComEd’s 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
Investor Slides
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 ComEd’s 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.
Press Release

Exhibit 99.2

LOGO

 

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 ComEd’s 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 ComEd’s 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 ComEd’s hourly-priced default rate.

 

   

New medium-sized non-residential customers applying for service must find a RES or take ComEd’s hourly default rate.

All of ComEd’s 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 ComEd’s 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 nation’s 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 state’s population.