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

September 28, 2015

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 (800) 483-3220		23-2990190
333-85496		EXELON GENERATION COMPANY, LLC (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 765-5959		23-3064219
1-1839		COMMONWEALTH EDISON COMPANY (an Illinois corporation) 440 South LaSalle Street Chicago, Illinois 60605-1028 (312) 394-4321		36-0938600
000-16844		PECO ENERGY COMPANY (a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000		23-0970240
1-1910		BALTIMORE GAS AND ELECTRIC COMPANY (a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000		52-0280210

 

 

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 7 — Regulation FD

 

Item 7.01.

Regulation FD Disclosure.

On September 29, 2015, Exelon Corporation will participate in the Wolfe Research Conference. Attached as Exhibit 99.1 to this Current Report on Form 8-K are the presentation slides to be used at the conference.

Section 9 – Financial Statements and Exhibits

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit No.		Description
99.1		Presentation Slides

* * * * *

This combined Form 8-K is being furnished separately by Exelon, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, and Baltimore Gas and 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 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 Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company and Exelon Generation Company, LLC (Registrants) 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 the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, 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 report.

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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.

 

September 28, 2015

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Presentation Slides

Exhibit 99.1

 

Wolfe Research Power and Gas Leaders Conference

September 29, 2015

Joe Nigro

Executive Vice President, Exelon CEO, Constellation

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Cautionary Statements Regarding Forward-Looking Information

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 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 does 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.

1 Wolfe Conference

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Exelon Overview

Exelon Generation

Power Generation Constellation

One of theGenerationlargest merchant LeadingRetail competitive & Wholesale energy

fleets in the nation (~32 GW of provider in the U.S.

capacity) • Customer-facing business, with

One of the largest and best ~2.5 M competitive customers

managed nuclear fleets in the and large wholesale business

world (~19 GW) • Top-notch portfolio and risk

Clean portfolio with natural gas, management capabilities

hydro, oil, wind, solar, and • Extensive suite of products

landfill gas in 16 states and including Power, Gas, RECs and

Canada (~12 GW) Distributed Solar

Exelon Utilities

ComEd, PECO, BGE

One of the largest electric and gas distribution companies in the nation (~7.8 M customers)

DiversifiedEacross three utility jurisdictionsx – Illinois, Maryland

e and Pennsylvania l Significanto investments in Smart Grid n technologies

Transmission infrastructure improvement at utilities

Competitive Business

Regulated Business

Exelon is one of the largest competitive integrated energy companies in the U.S.

Based on December 31, 2014

2 Wolfe Conference

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Our Generation to Load Strategy Provides Value to Our Shareholders

2015 Generation Load Match(1)(2)

111

Midwest 96

42

97

Mid-Atlantic 62

61

38

ERCOT 13

12

25 Generation Capacity:

New England 10 Renewables

23 Baseload

10 Intermediate

New York 9 Peaking

8 Expected Generation

Expected Load

South/West/ 23

Canada 20

11

Generation Capacity, Expected Generation and Expected Load 2015 in TWh(1,2)

Our generation to load matching strategy has served us well during high volatility (polar vortex) and low volatility (mild summer); Beyond gen/load matching, we actively create value in our power and gas portfolios

(1) Owned and contracted generation capacity converted from MW to MWh assuming 100% capacity factor (CF) for all technology types, except for renewable capacity which is shown at estimated CF. (2) Expected generation and load shown in the chart above will not tie out with load volume and ExGen disclosures; Load shown above does not include indexed products and generation reflects a net owned and contracted position; Estimates as of 6/30/2015.

3 Wolfe Conference

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Exelon’s fleet is well positioned for the Capacity Performance Construct

Capacity Clearing Prices

$250

$200

Day $150

-

/MW $100

$

$50

$0

CP CP Base CP

PY 16 / 17 PY 17 / 18 PY 18 / 19

ComEd EMAAC SWMAAC BGE RTO

Capacity Performance Volumes Cleared

19000

17000

15000

13000

MW 11000

9000

7000

5000

3000

1000

PY 16/17 PY 17/18 PY 18/19 ComEd EMAAC SWMAAC BGE RTO

4 Wolfe Conference

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NiHub Market is Undervalued

NiHub Market versus Internal View

$/MWh

35.00 Approximately $2.50/MWh upside

34.00

33.00 Approximately $1.00/MWh upside

32.00

31.00

30.00

29.00

28.00

27.00

2016 2017

Market as of 6/30/2015 Internal View Market as of 8/31/2015

We see upside as impact of coal retirements and potential for even modest load growth are not being factored into market prices

Prices could get an additional boost from $0.25-$1.00 higher gas prices, primarily driven by increased demand due to exports

Power prices remain largely undervalued, even absent a recovery in gas; our portfolio management actions reflect this view

5 Wolfe Conference