| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | |||||||||||
| Washington, D.C. 20549 | |||||||||||
| FORM | |||||||||||
| CURRENT REPORT | ||||||||
| Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||
| Date of Report (Date of earliest event reported) | ||||||||
| Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number | ||||||||||||
| (a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220 | ||||||||||||||
| (an Illinois corporation) 10 South Dearborn Street Chicago, Illinois 60603-2300 (312) 394-4321 | ||||||||||||||
| (a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000 | ||||||||||||||
| (a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000 | ||||||||||||||
| (a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000 | ||||||||||||||
| (a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000 | ||||||||||||||
| (a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000 | ||||||||||||||
| (a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000 | ||||||||||||||
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| EXELON CORPORATION: | ||||||||||||||
| Common Stock, without par value | EXC | The Nasdaq Stock Market LLC | ||||||||||||
| PECO ENERGY COMPANY: | ||||||||||||||
| Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy Company | EXC/28 | New York Stock Exchange | ||||||||||||
| Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
| Emerging growth company ☐ | |||||
| If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | ||
Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Condition.
Section 7 - Regulation FD
Item 7.01. Regulation FD Disclosure.
On February 14, 2023, Exelon Corporation (Exelon) announced via press release its results for the fourth quarter ended December 31, 2022. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used at the fourth quarter 2022 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.
Exelon has scheduled the conference call for 9:00 AM CT (10:00 AM ET) on February 14, 2023. Participants who would like to join the call to ask a question may register at the link found on the Investor Relations page of Exelon's website: www.exeloncorp.com. Media representatives are invited to participate on a listen-only basis. The call will be archived and available for replay.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | ||||
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
* * * * *
This combined Current Report on Form 8-K is being furnished separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (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 contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by the Registrants include those factors discussed herein, as well as the items discussed in (1) the Registrants' Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the Registrants' Third Quarter 2022 Quarterly Report on Form 10-Q (filed on November 3, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 13, Commitments and Contingencies; and (4) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this report. None 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/ Jeanne M. Jones | |||||
| Jeanne M. Jones | |||||
| Executive Vice President and Chief Financial Officer | |||||
| Exelon Corporation | |||||
| COMMONWEALTH EDISON COMPANY | |||||
| /s/ Elisabeth J. Graham | |||||
| Elisabeth J. Graham | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| Commonwealth Edison Company | |||||
| PECO ENERGY COMPANY | |||||
| /s/ Marissa Humphrey | |||||
| Marissa Humphrey | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| PECO Energy Company | |||||
| BALTIMORE GAS AND ELECTRIC COMPANY | |||||
| /s/ David M. Vahos | |||||
| David M. Vahos | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| Baltimore Gas and Electric Company | |||||
| PEPCO HOLDINGS LLC | |||||
| /s/ Phillip S. Barnett | |||||
| Phillip S. Barnett | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| Pepco Holdings LLC | |||||
| POTOMAC ELECTRIC POWER COMPANY | |||||
| /s/ Phillip S. Barnett | |||||
| Phillip S. Barnett | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| Potomac Electric Power Company | |||||
| DELMARVA POWER & LIGHT COMPANY | |||||
| /s/ Phillip S. Barnett | |||||
| Phillip S. Barnett | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| Delmarva Power & Light Company | |||||
| ATLANTIC CITY ELECTRIC COMPANY | |||||
| /s/ Phillip S. Barnett | |||||
| Phillip S. Barnett | |||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||
| Atlantic City Electric Company | |||||
February 14, 2023
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
Exhibit 99.1
News Release
| Contact: | Elizabeth Keating Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345 | |||||||
EXELON REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS AND INITIATES 2023 FINANCIAL OUTLOOK
Earnings Release Highlights
•GAAP Net Income and Adjusted (non-GAAP) Operating Earnings of $0.43 per share for the fourth quarter of 2022
•Introducing 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share, reflecting continued growth in the utilities
•Declaring quarterly dividend of $0.36 per share for the first quarter of 2023, representing 6.7% growth over 2022 fourth quarter dividend of $0.3375 per share
•Projecting to invest $31.3 billion of capital expenditures over the next four years to meet customer needs, resulting in expected rate base growth of 7.9% and a fully regulated operating EPS* compounded annual growth of 6-8% from 2022 to 2026 off the midpoint of 2022 guidance
•ComEd, PECO, and PHI ended the year with their best-on-record performances in SAIFI, and all gas utilities sustained top decile performance in gas odor response for the fourth straight quarter
•Delmarva Power filed an electric distribution rate case with the Delaware Public Service Commission (DEPSC) in December, seeking an increase in base rates to support significant infrastructure investments to maintain safety, reliability, and service for customers
•A settlement was approved in December by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s first electric distribution Multi-Year Plan case
•ComEd filed a Multi-Year Integrated Grid Plan and a Multi-Year Rate Plan with the Illinois Commerce Commission (ICC) in January, seeking an increase in base rates over the period of 2024 to 2027 to support the decarbonization goals under the state’s Climate and Equitable Jobs Act (CEJA) and to ensure the transition to cleaner energy is reliable and equitable for all 9 million customers
CHICAGO (Feb. 14, 2023) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2022.
“In 2022, Exelon showcased our ability as a pure transmission and distribution company to deliver on our financial and operational commitments. Because of the partnership with our customers and communities, Exelon is ready to lead the energy transition to a cleaner and brighter future,” said Calvin Butler, Exelon president and CEO. “Our teams are focused on the things that matter to our customers: safety, reliability,
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sustainability and affordability, while ensuring our actions are grounded in taking an equitable and inclusive approach to the communities we serve. It’s a strong foundation for 2023 and beyond.”
“We delivered strong financial results in our first year as a new company,” said Jeanne Jones, executive vice president and CFO. “For the full year 2022, we earned $2.08 per share on a GAAP basis and $2.27 on a non-GAAP basis, results that are in the upper half of our guidance range. Over the next four years, Exelon will invest $31 billion to support our jurisdictions’ energy transitions, growing the rate base by 7.9%, and results in our expectations for 6% to 8% annualized growth in operating earnings per share through 2026, off the midpoint of our 2022 guidance. We expect adjusted (non-GAAP) earnings for 2023 of $2.30 - $2.42 per share, in line with the direction provided in our third-quarter earnings call.”
Fourth Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the fourth quarter of 2022 increased to $0.43 per share from $0.31 GAAP Net Income from Continuing Operations per share in the fourth quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 increased to $0.43 per share from $0.39 per share in the fourth quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 5.
Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2022 primarily reflect:
•Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base, and rate increases at PECO, BGE, and PHI. This was partially offset by higher interest expense at PECO, and higher depreciation expense and credit loss expense at PECO and PHI.
•Lower earnings at Exelon Corporate primarily due to higher interest expense.
Full Year 2022
Exelon's GAAP Net Income from Continuing Operations for 2022 increased to $2.08 per share from $1.65 GAAP Net Income from Continuing Operations per share in 2021. Adjusted (non-GAAP) Operating Earnings for 2022 increased to $2.27 per share from $1.83 per share in 2021.
Adjusted (non-GAAP) Operating Earnings for the full year 2022 primarily reflect:
•Higher utility earnings primarily due to higher electric distribution and transmission earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base, rate increases at PECO, BGE, and PHI, and decreased storm costs at PECO and BGE. This was partially offset by higher depreciation expense, credit loss expense, and interest expense at PECO, BGE, and PHI, and higher storm costs at PHI.
•Higher earnings at Exelon Corporate due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results in the fourth quarter of 2021 as these costs do not qualify as expenses of the discontinued operations per the accounting rules, partially offset by higher interest expense.
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Operating Company Results1
ComEd
ComEd's fourth quarter of 2022 GAAP Net Income increased to $211 million from $133 million in the fourth quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 increased to $211 million from $138 million in the fourth quarter of 2021, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates and the impacts of higher rate base). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s fourth quarter of 2022 GAAP Net Income decreased to $102 million from $122 million in the fourth quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 decreased to $102 million from $125 million in the fourth quarter of 2021, primarily due to increases in depreciation expense, credit loss expense, and interest expense, partially offset by distribution rate increases.
BGE
BGE’s fourth quarter of 2022 GAAP Net Income decreased to $113 million from $117 million in the fourth quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 decreased to $114 million from $121 million in the fourth quarter of 2021, primarily due to an increase in various expenses, offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s fourth quarter of 2022 GAAP Net Income increased to $90 million from $26 million in the fourth quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 increased to $90 million from $64 million in the fourth quarter of 2021, primarily due to distribution rate increases, lower contracting costs, and timing of excess deferred tax amortization, partially offset by increases in depreciation expense and credit loss expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Initiates Annual Guidance for 2023
Exelon introduced a guidance range for 2023 Adjusted (non-GAAP) Operating Earnings of $2.30-$2.42 per share. The outlook for 2023 Adjusted (non-GAAP) Operating Earnings for Exelon and its subsidiaries excludes costs related to the separation.
___________
1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.
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Recent Developments and Fourth Quarter Highlights
•Dividend: On February 14, 2023, Exelon’s Board of Directors declared a regular quarterly dividend of $0.36 per share on Exelon’s common stock for the first quarter of 2023. The dividend is payable on Friday, March 10, 2023, to shareholders of record of Exelon as of 5 p.m. Eastern time on Monday, February 27, 2023.
•ComEd Electric Base Rate Case: On January 17, 2023, ComEd filed an application for a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027 with the ICC to increase its electric distribution rates by $877 million effective January 1, 2024, $175 million effective January 1, 2025, $217 million effective January 1, 2026, and $203 million effective January 1, 2027, based on forecasted revenue requirements. The revenue requirement will provide for a weighted average debt and equity return on distribution rate base of 7.43% in 2024, 7.50% in 2025, 7.62% in 2026, and 7.70% in 2027, inclusive of an allowed ROE of 10.50% in 2024, 10.55% in 2025, 10.60% in 2026, and 10.65% in 2027. The requested revenue requirements are based on capital structures that reflect between 50.58% and 51.19% common equity. ComEd’s MRP also includes a proposed rate phase-in to defer approximately $307 million of the $877 million year-over-year increase for 2024 revenue from 2024 to 2026. ComEd currently expects a decision in the fourth quarter of 2023, but cannot predict if the ICC will approve the application as filed.
•ComEd Distribution Formula Rate: On November 17, 2022, the ICC approved ComEd's electric distribution formula rate of $199 million, which will take effect on January 1, 2023. ComEd’s 2023 approved revenue requirement above reflects an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94% inclusive of an allowed ROE of 7.85%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points.
•DPL Maryland Electric Base Rate Case: On December 14, 2022, the MDPSC approved DPL’s three-year multi-year plan for January 1, 2023 through December 31, 2025. The order approved an incremental increase in DPL’s electric distribution rates of $17 million, $6 million, and $6 million for 2023, 2024, and, 2025, respectively, reflecting an ROE of 9.60%.
•DPL Delaware Electric Base Rate Case: On December 15, 2022, DPL Delaware filed an application with the DEPSC to increase its annual electric distribution rates by $60 million, reflecting an ROE of 10.50%. DPL currently expects a decision in the second quarter of 2024 but cannot predict if the DEPSC will approve the application as filed.
•Financing Activities:
◦On October 4, 2022, ComEd entered into a 364-day term loan agreement for $150 million with a variable rate equal to SOFR plus 0.75% and an expiration date of October 3, 2023. The proceeds from this loan were used to repay outstanding commercial paper obligations.
◦On October 7, 2022, Exelon Corporate entered into an 18-month term loan agreement for $500 million with a variable rate equal to SOFR plus 0.85% and an expiration date of April 7, 2024. In conjunction with this loan, Exelon repaid the remaining $575 million in borrowings on the $1.15 billion term loan entered into on January 24, 2022.
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◦On January 3, 2023, ComEd entered into a purchase agreement of First Mortgage Bonds of $400 million and $575 million at 4.90% and 5.30% due on February 1, 2033 and February 1, 2053, respectively. The closing date of the issuance occurred on January 10, 2023.
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 0.43 | $ | 432 | $ | 211 | $ | 102 | $ | 113 | $ | 90 | ||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | 4 | — | — | — | — | ||||||||||||||
| Asset Impairments (net of taxes of $0) | — | 1 | — | — | 1 | — | ||||||||||||||
| Separation Costs (net of taxes of $0) | — | (1) | — | — | — | — | ||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | (0.01) | (8) | — | — | — | — | ||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings | $ | 0.43 | $ | 428 | $ | 211 | $ | 102 | $ | 114 | $ | 90 | ||||||||
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 0.31 | $ | 309 | $ | 133 | $ | 122 | $ | 117 | $ | 26 | ||||||||
| COVID-19 Direct Costs (net of taxes of $2, $0, $0, and $1, respectively) | 0.01 | 7 | — | 1 | 1 | 2 | ||||||||||||||
| ERP System Implementation Costs (net of taxes of $1) | — | 3 | — | — | — | — | ||||||||||||||
| Separation Costs (net of taxes of $8, $2, $1, $1, and $1, respectively) | 0.03 | 27 | 5 | 2 | 3 | 4 | ||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | 0.04 | 39 | — | — | — | 32 | ||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings | $ | 0.39 | $ | 385 | $ | 138 | $ | 125 | $ | 121 | $ | 64 | ||||||||
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Adjusted (non-GAAP) Operating Earnings for the full year of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 2.08 | $ | 2,054 | $ | 917 | $ | 576 | $ | 380 | $ | 608 | ||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | 4 | — | — | — | — | ||||||||||||||
| Asset Retirement Obligation (net of taxes of $2) | — | (4) | — | — | — | (4) | ||||||||||||||
| Asset Impairments (net of taxes of $10) | 0.04 | 38 | — | — | 38 | — | ||||||||||||||
| ERP System Implementation Costs (net of taxes of $0) | — | 1 | — | — | — | — | ||||||||||||||
| Separation Costs (net of taxes of $10, $4, $2, $2, and $3, respectively) | 0.02 | 24 | 9 | 4 | 4 | 7 | ||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | 0.12 | 122 | — | 38 | — | 3 | ||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings | $ | 2.27 | $ | 2,239 | $ | 926 | $ | 619 | $ | 423 | $ | 614 | ||||||||
Adjusted (non-GAAP) Operating Earnings for the full year of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 1.65 | $ | 1,616 | $ | 742 | $ | 504 | $ | 408 | $ | 561 | ||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $3) | — | 4 | — | — | — | — | ||||||||||||||
| Cost Management Program (net of taxes of $1, $0, $0, and $0) | 0.01 | 6 | — | 1 | 1 | 1 | ||||||||||||||
| COVID-19 Direct Costs (net of taxes of $6, $2, $1, and $2, respectively) | 0.01 | 14 | — | 4 | 3 | 4 | ||||||||||||||
| Asset Retirement Obligation (net of taxes of $1) | — | 2 | — | — | — | 2 | ||||||||||||||
| Acquisition Related Costs (net of taxes of $5) | 0.02 | 15 | — | — | — | — | ||||||||||||||
| ERP System Implementation Costs (net of taxes of $4, $0, $0, and $0) | 0.01 | 13 | — | 1 | 1 | 1 | ||||||||||||||
| Separation Costs (net of taxes of $21, $5, $2, $3, and $3, respectively) | 0.06 | 58 | 12 | 6 | 7 | 9 | ||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | 0.06 | 62 | — | — | — | 32 | ||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings | $ | 1.83 | $ | 1,791 | $ | 754 | $ | 516 | $ | 419 | $ | 609 | ||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the
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income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss fourth quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Feb. 14, 2023.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
7
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the Registrants' Third Quarter 2022 Quarterly Report on Form 10-Q (filed on Nov. 3, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 13, Commitments and Contingencies; and (4) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None 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 press release.
8
Earnings Release Attachments
Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 1,225 | $ | 1,026 | $ | 1,086 | $ | 1,342 | $ | (12) | $ | 4,667 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 68 | 442 | 474 | 554 | — | 1,538 | |||||||||||||||||||||||||||||
| Operating and maintenance | 368 | 288 | 220 | 292 | 69 | 1,237 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 341 | 95 | 161 | 240 | 15 | 852 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 84 | 47 | 77 | 114 | 8 | 330 | |||||||||||||||||||||||||||||
| Total operating expenses | 861 | 872 | 932 | 1,200 | 92 | 3,957 | |||||||||||||||||||||||||||||
| Operating income (loss) | 364 | 154 | 154 | 142 | (104) | 710 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (106) | (48) | (41) | (75) | (115) | (385) | |||||||||||||||||||||||||||||
| Other, net | 14 | 8 | 5 | 22 | 52 | 101 | |||||||||||||||||||||||||||||
| Total other (deductions) | (92) | (40) | (36) | (53) | (63) | (284) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 272 | 114 | 118 | 89 | (167) | 426 | |||||||||||||||||||||||||||||
| Income taxes | 61 | 12 | 5 | (1) | (83) | (6) | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 211 | 102 | 113 | 90 | (84) | 432 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net income (loss) | 211 | 102 | 113 | 90 | (84) | 432 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 211 | $ | 102 | $ | 113 | $ | 90 | $ | (84) | $ | 432 | |||||||||||||||||||||||
| Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 1,567 | $ | 798 | $ | 915 | $ | 1,187 | $ | (43) | $ | 4,424 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 544 | 282 | 336 | 444 | (2) | 1,604 | |||||||||||||||||||||||||||||
| Operating and maintenance | 387 | 227 | 215 | 313 | 65 | 1,207 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 311 | 89 | 157 | 207 | 16 | 780 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 77 | 41 | 72 | 109 | 9 | 308 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,319 | 639 | 780 | 1,073 | 88 | 3,899 | |||||||||||||||||||||||||||||
| Loss on sales of assets and businesses | — | — | — | — | (3) | (3) | |||||||||||||||||||||||||||||
| Operating income (loss) | 248 | 159 | 135 | 114 | (134) | 522 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (97) | (41) | (35) | (66) | (83) | (322) | |||||||||||||||||||||||||||||
| Other, net | 13 | 7 | 7 | 16 | 28 | 71 | |||||||||||||||||||||||||||||
| Total other (deductions) | (84) | (34) | (28) | (50) | (55) | (251) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 164 | 125 | 107 | 64 | (189) | 271 | |||||||||||||||||||||||||||||
| Income taxes | 31 | 3 | (10) | 38 | (100) | (38) | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 133 | 122 | 117 | 26 | (89) | 309 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 79 | 79 | |||||||||||||||||||||||||||||
| Net income (loss) | 133 | 122 | 117 | 26 | (10) | 388 | |||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | — | — | — | — | (3) | (3) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 133 | $ | 122 | $ | 117 | $ | 26 | $ | (7) | $ | 391 | |||||||||||||||||||||||
| Change in Net income from continuing operations 2021 to 2022 | $ | 78 | $ | (20) | $ | (4) | $ | 64 | $ | 5 | $ | 123 | |||||||||||||||||||||||
1
Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Twelve Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 5,761 | $ | 3,903 | $ | 3,895 | $ | 5,565 | $ | (46) | $ | 19,078 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 1,109 | 1,535 | 1,567 | 2,164 | (2) | 6,373 | |||||||||||||||||||||||||||||
| Operating and maintenance | 1,412 | 992 | 877 | 1,157 | 235 | 4,673 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 1,323 | 373 | 630 | 938 | 61 | 3,325 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 374 | 202 | 302 | 475 | 37 | 1,390 | |||||||||||||||||||||||||||||
| Total operating expenses | 4,218 | 3,102 | 3,376 | 4,734 | 331 | 15,761 | |||||||||||||||||||||||||||||
| Loss on sales of assets and businesses | (2) | — | — | — | — | (2) | |||||||||||||||||||||||||||||
| Operating income (loss) | 1,541 | 801 | 519 | 831 | (377) | 3,315 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (414) | (177) | (152) | (292) | (412) | (1,447) | |||||||||||||||||||||||||||||
| Other, net | 54 | 31 | 21 | 78 | 351 | 535 | |||||||||||||||||||||||||||||
| Total other (deductions) | (360) | (146) | (131) | (214) | (61) | (912) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 1,181 | 655 | 388 | 617 | (438) | 2,403 | |||||||||||||||||||||||||||||
| Income taxes | 264 | 79 | 8 | 9 | (11) | 349 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 917 | 576 | 380 | 608 | (427) | 2,054 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 117 | 117 | |||||||||||||||||||||||||||||
| Net income (loss) | 917 | 576 | 380 | 608 | (310) | 2,171 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 917 | $ | 576 | $ | 380 | $ | 608 | $ | (311) | $ | 2,170 | |||||||||||||||||||||||
| Twelve Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 6,406 | $ | 3,198 | $ | 3,341 | $ | 5,041 | $ | (48) | $ | 17,938 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 2,271 | 1,081 | 1,175 | 1,857 | 1 | 6,385 | |||||||||||||||||||||||||||||
| Operating and maintenance | 1,355 | 934 | 811 | 1,104 | 343 | 4,547 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 1,205 | 348 | 591 | 821 | 68 | 3,033 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 320 | 184 | 283 | 458 | 46 | 1,291 | |||||||||||||||||||||||||||||
| Total operating expenses | 5,151 | 2,547 | 2,860 | 4,240 | 458 | 15,256 | |||||||||||||||||||||||||||||
| Operating income (loss) | 1,255 | 651 | 481 | 801 | (506) | 2,682 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (389) | (161) | (138) | (267) | (334) | (1,289) | |||||||||||||||||||||||||||||
| Other, net | 48 | 26 | 30 | 69 | 88 | 261 | |||||||||||||||||||||||||||||
| Total other (deductions) | (341) | (135) | (108) | (198) | (246) | (1,028) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 914 | 516 | 373 | 603 | (752) | 1,654 | |||||||||||||||||||||||||||||
| Income taxes | 172 | 12 | (35) | 42 | (153) | 38 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 742 | 504 | 408 | 561 | (599) | 1,616 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 213 | 213 | |||||||||||||||||||||||||||||
| Net income (loss) | 742 | 504 | 408 | 561 | (386) | 1,829 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 123 | 123 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 742 | $ | 504 | $ | 408 | $ | 561 | $ | (509) | $ | 1,706 | |||||||||||||||||||||||
| Change in Net income from continuing operations 2021 to 2022 | $ | 175 | $ | 72 | $ | (28) | $ | 47 | $ | 172 | $ | 438 | |||||||||||||||||||||||
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
2
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
| December 31, 2022 | December 31, 2021 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 407 | $ | 672 | ||||||||||
| Restricted cash and cash equivalents | 566 | 321 | ||||||||||||
| Accounts receivable | ||||||||||||||
| Customer accounts receivable | 2,544 | 2,189 | ||||||||||||
| Customer allowance for credit losses | (327) | (320) | ||||||||||||
| Customer accounts receivable, net | 2,217 | 1,869 | ||||||||||||
| Other accounts receivable | 1,426 | 1,068 | ||||||||||||
| Other allowance for credit losses | (82) | (72) | ||||||||||||
| Other accounts receivable, net | 1,344 | 996 | ||||||||||||
| Inventories, net | ||||||||||||||
| Fossil fuel | 208 | 105 | ||||||||||||
| Materials and supplies | 547 | 476 | ||||||||||||
| Regulatory assets | 1,641 | 1,296 | ||||||||||||
| Other | 406 | 387 | ||||||||||||
| Current assets of discontinued operations | — | 7,835 | ||||||||||||
| Total current assets | 7,336 | 13,957 | ||||||||||||
| Property, plant, and equipment, net | 69,076 | 64,558 | ||||||||||||
| Deferred debits and other assets | ||||||||||||||
| Regulatory assets | 8,037 | 8,224 | ||||||||||||
| Goodwill | 6,630 | 6,630 | ||||||||||||
| Receivable related to Regulatory Agreement Units | 2,897 | — | ||||||||||||
| Investments | 232 | 250 | ||||||||||||
| Other | 1,141 | 885 | ||||||||||||
| Property, plant, and equipment, deferred debits, and other assets of discontinued operations | — | 38,509 | ||||||||||||
| Total deferred debits and other assets | 18,937 | 54,498 | ||||||||||||
| Total assets | $ | 95,349 | $ | 133,013 | ||||||||||
3
| December 31, 2022 | December 31, 2021 | |||||||||||||
| Liabilities and shareholders’ equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Short-term borrowings | $ | 2,586 | $ | 1,248 | ||||||||||
| Long-term debt due within one year | 1,802 | 2,153 | ||||||||||||
| Accounts payable | 3,382 | 2,379 | ||||||||||||
| Accrued expenses | 1,226 | 1,137 | ||||||||||||
| Payables to affiliates | 5 | 5 | ||||||||||||
| Regulatory liabilities | 437 | 376 | ||||||||||||
| Mark-to-market derivative liabilities | 8 | 18 | ||||||||||||
| Unamortized energy contract liabilities | 10 | 89 | ||||||||||||
| Other | 1,155 | 766 | ||||||||||||
| Current liabilities of discontinued operations | — | 7,940 | ||||||||||||
| Total current liabilities | 10,611 | 16,111 | ||||||||||||
| Long-term debt | 35,272 | 30,749 | ||||||||||||
| Long-term debt to financing trusts | 390 | 390 | ||||||||||||
| Deferred credits and other liabilities | ||||||||||||||
| Deferred income taxes and unamortized investment tax credits | 11,250 | 10,611 | ||||||||||||
| Regulatory liabilities | 9,112 | 9,628 | ||||||||||||
| Pension obligations | 1,109 | 2,051 | ||||||||||||
| Non-pension postretirement benefit obligations | 507 | 811 | ||||||||||||
| Asset retirement obligations | 269 | 271 | ||||||||||||
| Mark-to-market derivative liabilities | 83 | 201 | ||||||||||||
| Unamortized energy contract liabilities | 35 | 146 | ||||||||||||
| Other | 1,967 | 1,573 | ||||||||||||
| Long-term debt, deferred credits, and other liabilities of discontinued operations | — | 25,676 | ||||||||||||
| Total deferred credits and other liabilities | 24,332 | 50,968 | ||||||||||||
| Total liabilities | 70,605 | 98,218 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Shareholders’ equity | ||||||||||||||
| Common stock | 20,908 | 20,324 | ||||||||||||
| Treasury stock, at cost | (123) | (123) | ||||||||||||
| Retained earnings | 4,597 | 16,942 | ||||||||||||
| Accumulated other comprehensive loss, net | (638) | (2,750) | ||||||||||||
| Total shareholders’ equity | 24,744 | 34,393 | ||||||||||||
| Noncontrolling interests | — | 402 | ||||||||||||
| Total equity | 24,744 | 34,795 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 95,349 | $ | 133,013 | ||||||||||
4
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
| Twelve Months Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 2,171 | $ | 1,829 | ||||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||||||||||
| Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 3,533 | 7,573 | ||||||||||||
| Asset impairments | 48 | 552 | ||||||||||||
| Gain on sales of assets and businesses | (8) | (201) | ||||||||||||
| Deferred income taxes and amortization of investment tax credits | 255 | 18 | ||||||||||||
| Net fair value changes related to derivatives | (53) | (568) | ||||||||||||
| Net realized and unrealized gains on NDT funds | 205 | (586) | ||||||||||||
| Net unrealized losses on equity investments | 16 | 160 | ||||||||||||
| Other non-cash operating activities | 370 | (200) | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Accounts receivable | (1,222) | (703) | ||||||||||||
| Inventories | (121) | (141) | ||||||||||||
| Accounts payable and accrued expenses | 1,318 | 440 | ||||||||||||
| Option premiums paid, net | (39) | (338) | ||||||||||||
| Collateral received (posted), net | 1,248 | (74) | ||||||||||||
| Income taxes | (4) | 327 | ||||||||||||
| Regulatory assets and liabilities, net | (1,326) | (634) | ||||||||||||
| Pension and non-pension postretirement benefit contributions | (616) | (665) | ||||||||||||
| Other assets and liabilities | (905) | (3,777) | ||||||||||||
| Net cash flows provided by operating activities | 4,870 | 3,012 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Capital expenditures | (7,147) | (7,981) | ||||||||||||
| Proceeds from NDT fund sales | 488 | 6,532 | ||||||||||||
| Investment in NDT funds | (516) | (6,673) | ||||||||||||
| Collection of DPP | 169 | 3,902 | ||||||||||||
| Proceeds from sales of assets and businesses | 16 | 877 | ||||||||||||
| Other investing activities | — | 26 | ||||||||||||
| Net cash flows used in investing activities | (6,990) | (3,317) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Changes in short-term borrowings | 986 | 269 | ||||||||||||
| Proceeds from short-term borrowings with maturities greater than 90 days | 1,300 | 1,380 | ||||||||||||
| Repayments on short-term borrowings with maturities greater than 90 days | (1,500) | (350) | ||||||||||||
| Issuance of long-term debt | 6,309 | 3,481 | ||||||||||||
| Retirement of long-term debt | (2,073) | (1,640) | ||||||||||||
| Issuance of common stock | 563 | — | ||||||||||||
| Dividends paid on common stock | (1,334) | (1,497) | ||||||||||||
| Acquisition of CENG noncontrolling interest | — | (885) | ||||||||||||
| Proceeds from employee stock plans | 36 | 80 | ||||||||||||
| Transfer of cash, restricted cash, and cash equivalents to Constellation | (2,594) | — | ||||||||||||
| Other financing activities | (102) | (80) | ||||||||||||
| Net cash flows provided by financing activities | 1,591 | 758 | ||||||||||||
| (Decrease) increase in cash, restricted cash, and cash equivalents | (529) | 453 | ||||||||||||
| Cash, restricted cash, and cash equivalents at beginning of period | 1,619 | 1,166 | ||||||||||||
| Cash, restricted cash, and cash equivalents at end of period | $ | 1,090 | $ | 1,619 | ||||||||||
5
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended December 31, 2022 and 2021
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 0.31 | $ | 133 | $ | 122 | $ | 117 | $ | 26 | $ | (89) | $ | 309 | |||||||||||||||||||||||||||
| COVID-19 Direct Costs (net of taxes of $0, $0, $1, $0 and $2 respectively) (1) | 0.01 | — | 1 | 1 | 2 | 3 | 7 | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $1) (2) | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $2, $1, $1, $1, $3 and $8, respectively) (3) | 0.03 | 5 | 2 | 3 | 4 | 13 | 27 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax (expense) (4) | 0.04 | — | — | — | 32 | 7 | 39 | ||||||||||||||||||||||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.39 | $ | 138 | $ | 125 | $ | 121 | $ | 64 | $ | (63) | $ | 385 | |||||||||||||||||||||||||||
| Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.02 | $ | — | (b) | $ | 18 | $ | — | (b) | $ | 2 | (b) | $ | — | $ | 20 | ||||||||||||||||||||||||
| Load | — | — | (b) | (4) | — | (b) | — | (b) | — | (4) | |||||||||||||||||||||||||||||||
| Distribution and Transmission Rates (6) | 0.10 | 46 | (c) | 21 | (c) | 9 | (c) | 19 | (c) | — | 95 | ||||||||||||||||||||||||||||||
| Other Energy Delivery (7) | 0.09 | 50 | (c) | 16 | (c) | 8 | (c) | 16 | (c) | — | 90 | ||||||||||||||||||||||||||||||
| Operating and Maintenance Expense (8) | (0.08) | 3 | (51) | (7) | 9 | (37) | (83) | ||||||||||||||||||||||||||||||||||
| Pension and Non-Pension Postretirement Benefits | 0.02 | 6 | 2 | 2 | — | 7 | 17 | ||||||||||||||||||||||||||||||||||
| Depreciation and Amortization Expense (9) | (0.05) | (22) | (5) | (3) | (24) | 1 | (53) | ||||||||||||||||||||||||||||||||||
| Other (10) | (0.05) | (10) | (20) | (16) | 4 | 3 | (39) | ||||||||||||||||||||||||||||||||||
| Share Differential (11) | (0.01) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.04 | $ | 73 | $ | (23) | $ | (7) | $ | 26 | $ | (26) | $ | 43 | |||||||||||||||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 0.43 | $ | 211 | $ | 102 | $ | 113 | $ | 90 | $ | (84) | $ | 432 | |||||||||||||||||||||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||||||||||
| Asset Impairments (net of taxes of $0) (5) | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $0) (3) | — | — | — | — | — | (1) | (1) | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (4) | (0.01) | — | — | — | — | (8) | (8) | ||||||||||||||||||||||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.43 | $ | 211 | $ | 102 | $ | 114 | $ | 90 | $ | (89) | $ | 428 | |||||||||||||||||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(3)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(4)In 2021, for PHI, primarily reflects the recognition of a valuation allowance against a deferred tax asset associated with Delaware net operating loss carryforwards due to a change in Delaware tax law. In 2022, for Corporate, in connection with the separation, Exelon recorded an income tax benefit related to deductible transaction costs.
(5)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.
(6)For ComEd, reflects increased distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
6
(7)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and increased revenues collected related to the Energy Transition Assistance Charge rider that are offset in Other. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(8)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the absence of the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For PECO, includes higher contracting costs, an increase in charitable contributions, and an increase in credit loss expense. For BGE, primarily reflects an increase in charitable contributions. For PHI, primarily reflects lower contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). For Corporate, also reflects an increase in charitable contributions.
(9)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, also includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(10)For ComEd, includes an increase in taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in interest expense. For PHI, reflects the timing of tax expense driven by the timing of excess deferred tax amortization, which reversed at year-end. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense and an increase in interest expense.
(11)Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
7
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Twelve Months Ended December 31, 2022 and 2021
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 1.65 | $ | 742 | $ | 504 | $ | 408 | $ | 561 | $ | (599) | $ | 1,616 | |||||||||||||||||||||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $3) | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||||||||||
| Cost Management Program (net of taxes of $0, $0, $0, $1, and $1) | 0.01 | — | 1 | 1 | 1 | 3 | 6 | ||||||||||||||||||||||||||||||||||
| COVID-19 Direct Costs (net of taxes of $2, $1, $2, $1, and $6, respectively) (1) | 0.01 | — | 4 | 3 | 4 | 3 | 14 | ||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation (net of taxes of $1) | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||
| Acquisition Related Costs (net of taxes of $5) (2) | 0.02 | — | — | — | — | 15 | 15 | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $0, $0, $0, $4 and $4, respectively) (3) | 0.01 | — | 1 | 1 | 1 | 10 | 13 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $5, $2, $3, $3, $8 and $21, respectively) (4) | 0.06 | 12 | 6 | 7 | 9 | 24 | 58 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (5) | 0.06 | — | — | — | 32 | 30 | 62 | ||||||||||||||||||||||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 1.83 | $ | 754 | $ | 516 | $ | 419 | $ | 609 | $ | (507) | $ | 1,791 | |||||||||||||||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.03 | $ | — | (b) | $ | 32 | $ | — | (b) | $ | — | (b) | $ | — | $ | 32 | ||||||||||||||||||||||||
| Load | (0.01) | — | (b) | (10) | — | (b) | (4) | (b) | — | (14) | |||||||||||||||||||||||||||||||
| Distribution and Transmission Rates (7) | 0.40 | 132 | (c) | 122 | (c) | 55 | (c) | 87 | (c) | — | 396 | ||||||||||||||||||||||||||||||
| Other Energy Delivery (8) | 0.40 | 238 | (c) | 44 | (c) | 37 | (c) | 75 | (c) | — | 394 | ||||||||||||||||||||||||||||||
| Operating and Maintenance Expense (9) | (0.21) | (66) | (59) | (29) | (52) | (5) | (211) | ||||||||||||||||||||||||||||||||||
| Pension and Non-Pension Postretirement Benefits | 0.06 | 21 | 7 | 9 | — | 18 | 55 | ||||||||||||||||||||||||||||||||||
| Depreciation and Amortization Expense (10) | (0.22) | (84) | (19) | (28) | (84) | 1 | (214) | ||||||||||||||||||||||||||||||||||
| Other (11) | — | (69) | (14) | (40) | (17) | 150 | 10 | ||||||||||||||||||||||||||||||||||
| Share Differential (12) | (0.01) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.44 | $ | 172 | $ | 103 | $ | 4 | $ | 5 | $ | 164 | $ | 448 | |||||||||||||||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 2.08 | $ | 917 | $ | 576 | $ | 380 | $ | 608 | $ | (427) | $ | 2,054 | |||||||||||||||||||||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation (net of taxes of $2) | — | — | — | — | (4) | — | (4) | ||||||||||||||||||||||||||||||||||
| Asset Impairments (net of taxes of $10) (6) | 0.04 | — | — | 38 | — | — | 38 | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $0) (3) | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $4, $2, $2, $3, and $10, respectively) (4) | 0.02 | 9 | 4 | 4 | 7 | — | 24 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (5) | 0.12 | — | 38 | — | 3 | 81 | 122 | ||||||||||||||||||||||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 2.27 | $ | 926 | $ | 619 | $ | 423 | $ | 614 | $ | (343) | $ | 2,239 | |||||||||||||||||||||||||||
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
8
(5)In 2021, for PHI, primarily reflects the recognition of a valuation allowance against a deferred tax asset associated with Delaware net operating loss carryforwards due to a change in Delaware tax law. In 2021, for Corporate, reflects the adjustment to deferred income taxes due to changes in forecasted apportionment. In 2022, for PECO, primarily reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. In 2022, for Corporate, in connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs partially offset by a one-time impact associated with a state tax benefit.
(6)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.
(7)For ComEd, reflects increased distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base and increased transmission rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
(8)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and increased revenues collected related to the Energy Transition Assistance Charge rider that are offset in Other. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(9)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects higher contracting costs. For PECO, primarily reflects an increase in charitable contributions, an increase in credit loss expense, an increase in contracting and materials costs, and an increase in other various expenses, partially offset by a decrease in storm costs. For BGE, reflects an increase in charitable contributions and an increase in credit loss expense, offset by a decrease in storm costs. For PHI, includes an increase in storm costs and an increase in credit loss expense. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (2022 includes one month of costs for the period prior to the separation compared to twelve months of costs included in 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). For Corporate, also reflects an increase in charitable contributions.
(10)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(11)For ComEd, includes an increase in taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in tax repairs deduction, offset by an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense and an increase in interest expense.
(12)Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
9
ComEd Statistics
Three Months Ended December 31, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 5,984 | 6,116 | (2.2) | % | (4.1) | % | $ | 695 | $ | 754 | (7.8) | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 7,061 | 7,097 | (0.5) | % | (1.7) | % | 220 | 395 | (44.3) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,543 | 6,464 | 1.2 | % | 0.7 | % | (43) | 139 | (130.9) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 250 | 242 | 3.3 | % | 1.3 | % | 7 | 12 | (41.7) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 237 | 250 | (5.2) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 19,838 | 19,919 | (0.4) | % | (1.6) | % | 1,116 | 1,550 | (28.0) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 110 | 16 | 587.5 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 1,226 | $ | 1,566 | (21.7) | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 68 | $ | 544 | (87.5) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,091 | 1,783 | 2,139 | 17.3 | % | (2.2) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 19 | 59 | 14 | (67.8) | % | 35.7 | % | ||||||||||||||||||||||
Twelve Months Ended December 31, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 27,819 | 28,344 | (1.9) | % | (1.2) | % | $ | 3,304 | $ | 3,233 | 2.2 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 29,766 | 29,707 | 0.2 | % | — | % | 1,173 | 1,571 | (25.3) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 26,904 | 26,420 | 1.8 | % | 1.9 | % | 5 | 559 | (99.1) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 909 | 940 | (3.3) | % | (3.7) | % | 29 | 45 | (35.6) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 955 | 926 | 3.1 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 85,398 | 85,411 | — | % | 0.2 | % | 5,466 | 6,334 | (13.7) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 295 | 72 | 309.7 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 5,761 | $ | 6,406 | (10.1) | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 1,109 | $ | 2,271 | (51.2) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 6,044 | 5,415 | 6,000 | 11.6 | % | 0.7 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,174 | 1,316 | 1,002 | (10.8) | % | 17.2 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | |||||||||
| Residential | 3,723,282 | 3,708,729 | |||||||||
| Small commercial & industrial | 391,298 | 390,546 | |||||||||
| Large commercial & industrial | 1,890 | 1,870 | |||||||||
| Public authorities & electric railroads | 4,858 | 4,832 | |||||||||
| Total | 4,121,328 | 4,105,977 | |||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.