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

Date of Report (Date of earliest event reported) September 10, 2015

 

 

 

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 (800) 483-3220		23-2990190
000-16844		PECO ENERGY COMPANY (a Pennsylvania limited liability company) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000		23-0970240

 

 

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))

 

 

 

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Section 1 – Registrant’s Business and Operations

Item 1.01 Entry into a Material Definitive Agreement

On September 10, 2015, PECO Energy Company (PECO) and interested parties filed with the Pennsylvania Public Utility Commission (PAPUC) a petition for joint settlement with respect to PECO’s electric distribution rate case. The case was originally filed on March 27, 2015. The settlement is subject to PAPUC approval, and if approved, the rate increase would take effect on January 1, 2016.

The electric distribution settlement reflects an increase of approximately $127 million in revenue, which is approximately 67% of the $190 million originally requested. The parties to the settlement include the Bureau of Investigation & Enforcement, the Office of Consumer Advocate, the Office of Small Business Advocate, the Philadelphia Area Industrial Energy Users Group, the Coalition for Affordable Utility Services & Energy Efficiency in Pennsylvania, the Tenant Union Representative Network and Action Alliance of Senior Citizens of Greater Philadelphia, the City of Philadelphia, the Keystone Energy Efficiency Alliance Energy Education Fund, the Clean Air Council, the Natural Resources Defense Council, The Alliance for Solar Choice, and the Environmental Defense Fund. The United States General Services Administration and customer–intervenor William B. Kazimer indicated their non-opposition to the settlement.

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit No.		Description
99.1		Press Release

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Cautionary Statements Regarding Forward-Looking Information

This combined Form 8-K is being furnished separately by Exelon Corporation (Exelon) and PECO (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 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. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon and Generation include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2014 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 22; (2) Exelon’s Second Quarter 2015 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 19; and (3) other factors discussed in filings with the SEC by Exelon and Generation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. Exelon and Generation do not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this report.

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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.

 

September 10, 2015

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release

Exhibit 99.1

 

 

Contact:		Ben Armstrong		FOR IMMEDIATE RELEASE
		PECO
		2301 Market Street, S14-1
		Philadelphia, PA 19103
		215-841-5555
		benjamin.armstrong@exeloncorp.com

Settlement Reached in Electric Delivery Rate Request

PECO customers to benefit from robust system investments, enhanced customer service options

and continued support for low-income programs

PHILADELPHIA (September 10, 2015) – PECO today filed a settlement petition with the Pennsylvania Public Utility Commission (PUC) announcing that agreements have been reached with all interested groups on changes to electric delivery rates beginning January 1, 2016.

“With this funding we will continue to ensure safe and reliable electric service and develop new helpful programs and services for our customers,” said Craig Adams, PECO president and CEO. “We appreciate the hard work and cooperation of all involved as we worked together on this necessary increase.”

Based on this settlement, overall energy delivery rates would increase less than 4 percent beginning January 1, 2016. Specifically, the total monthly bill for a typical residential electric customer using about 700 kilowatt hours of electricity would increase $4.17. Bills for a typical small business customer would increase by about $17.02 per month, and monthly bills for a typical large customer would increase by $432.32. The settlement and rate request must be approved by the PUC.

The settlement reflects a $127 million overall increase in electric delivery rates, allowing PECO to continue to invest in ongoing system work, including replacing equipment and upgrading infrastructure. The increase also will allow the company to enhance customer service options and provide support for low-income customers.

PECO is committed to helping customers offset the impact of this increase by continuing to offer programs that help save energy and money. By participating in PECO Smart Ideas, the company’s suite of energy efficiency programs, customers can save:

 

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Up to 20 percent on their energy bills by taking advantage of PECO Smart House Call. PECO will send an energy advisor to your home, provide a personal energy assessment and offer energy-efficient upgrades on the spot.

 

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Up to $150 a year by getting rid of extra working refrigerators and freezers. With PECO Smart Appliance Recycling we will pick up older working refrigerators and freezers, recycle them, and pay customers $50.

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Up to 25 percent of the energy used for lighting by purchasing deeply discounted LED and CFL lights at hundreds of local stores through PECO Smart Lighting Discounts.

 

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7 percent on the electricity they use by purchasing their electricity from any of the competitive electric generation suppliers participating in PECO Smart Energy Choice.

To find more ways to save energy and money visit peco.com/SmartIdeas.

PECO also offers payment options, like budget billing, to help customers manage their monthly electricity bills. Budget billing makes short-term fluctuation in monthly bills much easier to handle by dividing annual energy costs evenly throughout the year.

Many programs also are available to help low-income customers who are struggling to pay their energy bills. Through our Universal Services programs, we assist more than 150,000 low-income customers each year with reduced rates, free energy-efficiency improvements and Low Income Home Energy Assistance Program (LIHEAP) funding. To learn more about these programs visit peco.com/help.

To learn more about our filings visit peco.com/rates or call 1-800-494-4000.

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Based in Philadelphia, PECO is an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC). PECO serves 1.6 million electric and more than 506,000 natural gas customers in southeastern Pennsylvania and employs about 2,400 people in the region. PECO delivered 89.9 billion cubic feet of natural gas and 37.5 billion kilowatt-hours of electricity in 2014. Founded in 1881, PECO is one of the Greater Philadelphia Region’s most active corporate citizens, providing leadership, volunteer and financial support to numerous arts and culture, education, environmental, economic development and community programs and organizations. For more information visit PECO.com, and connect with the company on Facebook and Twitter.

If you are a member of the media and would like to receive PECO news releases via e-mail please send your e-mail address to PECO.Communication@exeloncorp.com