Wiki source code of Exelon Corporation

Last modified by Asif Farooqui on 2023/09/21 04:33
Show last authors
1 {{box cssClass="floatinginfobox" title="**Contents**"}}
2 {{toc/}}
3 {{/box}}
4
5 = Summary =
6
7 * Exelon is a Fortune 250 company and the USA’s largest utility company.
8 * It operates 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).
9
10
11 [[image:EXC0.jpg||height="249" width="720"]]
12
13
14 Exelon (Nasdaq: EXC, LSE: 0IJN) is a Fortune 250 company and the nation’s largest utility 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 19,000 Exelon employees dedicate their time and expertise to supporting its communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism.{{footnote}}https://www.exeloncorp.com/company/about-exelon{{/footnote}}
15
16
17
18 [[image:EXC1.jpg]]
19
20
21 = Financial Highlights =
22
23 **Second Quarter 2023 Results**{{footnote}}https://www.exeloncorp.com/newsroom/exelon-reports-second-quarter-2023-results{{/footnote}}
24
25 Exelon's GAAP Net Income from Continuing Operations for the second quarter of 2023 decreased to $0.34 per share from $0.47 GAAP Net Income from Continuing Operations per share in the second quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 decreased to $0.41 per share from $0.44 per share in the second quarter of 2022.
26
27 .
28
29 * GAAP Net Income of $0.34 per share and Adjusted (non-GAAP) Operating Earnings of $0.41 per share for the second quarter of 2023
30 * Reaffirming full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share
31 * Reaffirming fully regulated operating EPS compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range
32 * Strong utility reliability performance – every utility achieved top quartile in outage duration and outage frequency, and ComEd, PECO, and PHI delivered best-on-record performance for the second straight quarter
33 * Pepco submitted its three-year multi-year plan application with proposed 9-month extension to the Maryland Public Service Commission (MDPSC) in May seeking an increase in base rates over the period of 2024 to 2027 to support a climate ready grid and enable cleaner energy programs and technologies that support the state’s goal to reach net-zero emissions by 2045
34
35
36 **ComEd**
37
38 ComEd's second quarter of 2023 GAAP Net Income increased to $249 million from $227 million in the second quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $251 million from $229 million in the second quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. Treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
39
40
41 **PECO**
42
43 PECO’s second quarter of 2023 GAAP Net Income decreased to $97 million from $133 million in the second quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 decreased to $98 million from $134 million in the second quarter of 2022, primarily due to unfavorable weather and an increase in depreciation expense, partially offset by gas distribution rate increases.
44
45
46 **BGE**
47
48 BGE’s second quarter of 2023 GAAP Net Income increased to $42 million from $37 million in the second quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $43 million from $38 million in the second quarter of 2022, primarily due to favorable impacts of the multi-year plans, offset by an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
49
50
51 **PHI**
52
53 PHI’s second quarter of 2023 GAAP Net Income increased to $103 million from $100 million in the second quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $115 million from $101 million in the second quarter of 2022, primarily due to distribution and transmission rate increases. 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.
54
55
56
57 [[image:EXC2.jpg]]
58
59
60 = Company Overview =
61
62 Exelon is a utility services holding company engaged in the energy distribution and transmission businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE.
63
64
65 On February 21, 2021, Exelon’s Board of Directors approved a plan to separate the Utility Registrants and Generation. The separation was completed on February 1, 2022, creating two publicly traded companies, Exelon and Constellation.
66
67
68 (% style="width:1334px" %)
69 (% class="info" %)|(% style="width:253px" %)**Name of Registrant**|(% style="width:589px" %)**Business Service**|(% style="width:489px" %)**Territories**
70 |(% style="width:253px" %)Commonwealth Edison Company|(% style="width:589px" %)(((
71 Purchase and regulated retail sale of electricity
72
73 Transmission and distribution of electricity to retail customers
74 )))|(% style="width:489px" %)Northern Illinois, including the City of Chicago
75 |(% style="width:253px" %)PECO Energy Company|(% style="width:589px" %)(((
76 Purchase and regulated retail sale of electricity and natural gas
77
78 Transmission and distribution of electricity and distribution of natural gas to retail customers
79 )))|(% style="width:489px" %)(((
80 Southeastern Pennsylvania, including the City of Philadelphia (electricity)
81
82 Pennsylvania counties surrounding the City of Philadelphia (natural gas)
83 )))
84 |(% style="width:253px" %)Baltimore Gas and Electric Company|(% style="width:589px" %)(((
85 Purchase and regulated retail sale of electricity and natural gas
86
87 Transmission and distribution of electricity and distribution of natural gas to retail
88
89 customers
90 )))|(% style="width:489px" %)(((
91 Central Maryland, including the City of Baltimore (electricity and natural gas)
92 )))
93 |(% style="width:253px" %)Pepco Holdings LLC|(% style="width:589px" %)(((
94 Utility services holding company engaged, through its reportable segments:
95
96 Pepco, DPL, and ACE
97 )))|(% style="width:489px" %)Service Territories of Pepco, DPL, and ACE
98 |(% style="width:253px" %)Potomac Electric Power Company|(% style="width:589px" %)(((
99 Purchase and regulated retail sale of electricity
100
101 Transmission and distribution of electricity to retail customers
102 )))|(% style="width:489px" %)(((
103 District of Columbia and Major portions of Montgomery and
104
105 Prince George’s Counties, Maryland
106 )))
107 |(% style="width:253px" %)Delmarva Power & Light Company|(% style="width:589px" %)(((
108 Purchase and regulated retail sale of electricity and natural gas
109
110 Transmission and distribution of electricity and distribution of natural gas to retail customers
111 )))|(% style="width:489px" %)(((
112 Portions of Delaware and Maryland (electricity)
113
114 Portions of New Castle County, Delaware (natural gas)
115 )))
116 |(% style="width:253px" %)Atlantic City Electric Company|(% style="width:589px" %)(((
117 Purchase and regulated retail sale of electricity
118
119 Transmission and distribution of electricity to retail customers
120 )))|(% style="width:489px" %)Portions of Southern New Jersey
121
122
123 = References =
124
125 {{putFootnotes/}}
This site is funded and maintained by Fintel.io