Exelon Reports First Quarter 2023 Results

Earnings Release Highlights

  • GAAP Net Income of $0.67 per share and Adjusted (non-GAAP) Operating Earnings of $0.70 per share for the first quarter of 2023
  • Affirming full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share
  • 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
  • Achieved top quartile reliability performance at all utilities, with all four operating companies delivering their best-on-record performance in outage duration
  • ACE filed an electric distribution rate case with the New Jersey Board of Public Utilities (NJBPU) in February seeking an increase in base rates to support significant investments in infrastructure to maintain safety, reliability, and service for customers
  • BGE filed its second multi-year plan with the Maryland Public Service Commission (MDPSC) in February seeking an increase in electric and gas distribution base rates over the period of 2024 to 2026 to continue providing safe, reliable service to customers while laying the foundation for BGE to support the achievement of Maryland’s state policy goals
  • Pepco filed its second multi-year plan with the Public Service Commission of the District of Columbia (DCPSC) in April seeking an increase in base rates over the period of 2024 to 2026 to support a climate ready grid and enable cleaner energy programs and technologies that further support the District’s goal to be carbon neutral by 2045

CHICAGO--()--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2023.

“Our team of 19,000 plus employees have entered this first full year of operations after the separation excited to lead the energy transformation, and it shows in our results,” said Exelon President and CEO Calvin Butler. “In addition to strong financial performance, all four of our utilities achieved best-on-record reliability. These results are a testament to our team’s hard work, smart investment, and commitment to financial and operational excellence. As we continue to execute on our financial, operational and regulatory objectives in 2023, we continue to keep our customers at the forefront of everything we do.”

“2023 is off to a strong start, delivering Adjusted (non-GAAP) Operating Earnings of $0.70 per share, $0.06 ahead of results in the first quarter of 2022, driven by increased revenues associated with the investments we are making on behalf of customers,” said Exelon Executive Vice President and CFO Jeanne Jones. “With most of our planned debt financing activity complete for the year and all but one of our planned rate cases now filed, we are well on our way to executing on the plan laid out at the beginning of the year. We reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.30 to $2.42 per share.”

First Quarter 2023

Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2023 increased to $0.67 per share from $0.49 GAAP Net Income from Continuing Operations per share in the first quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $0.70 per share from $0.64 per share in the first quarter of 2022. 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 first quarter of 2023 primarily reflect:

  • Higher utility earnings primarily due to higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in U.S. treasury rates and impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory assets at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense at PECO, higher credit loss expense at PECO, and higher interest expense at BGE.
  • Lower costs at the Exelon holding company 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 first quarter of 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules. This was partially offset by higher interest expense.

Operating Company Results1

ComEd

ComEd's first quarter of 2023 GAAP Net Income increased to $241 million from $188 million in the first quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $251 million from $193 million in the first 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 assets. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

___________

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.

PECO

PECO’s first quarter of 2023 GAAP Net Income decreased to $166 million from $206 million in the first quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $166 million from $208 million in the first quarter of 2022, primarily due to unfavorable weather, an increase in credit loss expense and depreciation expense, partially offset by gas distribution rate increases.

BGE

BGE’s first quarter of 2023 GAAP Net Income increased to $200 million from $198 million in the first quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $199 million from $200 million in the first quarter of 2022, primarily due to an increase in interest expense, 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 first quarter of 2023 GAAP Net Income increased to $155 million from $130 million in the first quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $173 million from $136 million in the first quarter of 2022, primarily due to distribution and transmission rate increases, partially offset by unfavorable weather. 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.

Recent Developments and First Quarter Highlights

  • ACE New Jersey Electric Base Rate Case: On February 15, 2023, ACE filed an application with the NJBPU to increase its annual electric distribution rates by $105 million, reflecting a requested ROE of 10.50%. ACE currently expects a decision in the first quarter of 2024, but cannot predict if the NJBPU will approve the application as filed. ACE intends to put rates into effect on November 17, 2023, subject to refund.
  • BGE Maryland Electric and Natural Gas Base Rate Case: On February 17, 2023, BGE filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the MDPSC. Inclusive of the proposed acceleration of remaining electric tax benefits in 2024 and 2025, and remaining gas tax benefits in 2024, BGE requested total electric revenue requirement increases of $85 million, $103 million, and $125 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $158 million, $77 million, and $54 million in 2024, 2025, and 2026, respectively. The electric and gas revenue requirement increases reflect a requested ROE of 10.4%. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland’s climate and regulatory initiatives. BGE currently expects a decision in the fourth quarter of 2023, but cannot predict if the MDPSC will approve the application as filed. The 2021 and 2022 reconciliation amounts are not included in the requested revenue requirement increase, as BGE is proposing that these amounts be recovered through the separate electric and gas riders in 2024. The 2021 reconciliation amounts are $11 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $44 million and $15 million for electric and gas, respectively.
  • Pepco District of Columbia Electric Base Rate Case: On April 13, 2023, Pepco filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the DCPSC. Pepco requested total electric revenue requirement increases of $117 million, $37 million, and $37 million in 2024, 2025, and 2026, respectively. The electric revenue requirement increases reflect a requested ROE of 10.50%. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia's climate and clean energy goals. Pepco currently expects a decision in the first quarter of 2024, but cannot predict if the DCPSC will approve the application as filed.
  • ComEd Distribution Formula Rate Reconciliation: On April 21, 2023, ComEd filed its proposed Delivery Reconciliation Amount of $247 million under Rider Delivery Service Pricing Reconciliation which allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd’s approved MRP. The 2023 filing reconciles the delivery service rates in effect in 2022 with the actual delivery service costs incurred in 2022. Final order is expected by December 2023, and the reconciliation amount will be in customer rates beginning January 1, 2024.
  • Financing Activities:
    • On February 21, 2023, Exelon issued $2,500 million of Notes, consisting of $1,000 million of its Notes at 5.15%, due March 15, 2028, $850 million of its Notes at 5.30%, due March 15, 2033 and $650 million of its Notes at 5.60%, due March 15, 2053. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes.
    • On March 15, 2023, Pepco issued $250 million of First Mortgage Bonds, consisting of $85 million of its First Mortgage 5.30% Bonds, due March 15, 2033, $40 million of its First Mortgage 5.40% Bonds, due March 15, 2038, and $125 million of its First Mortgage 5.57% Bonds, due March 15, 2053. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.
    • On March 15, 2023, DPL issued $125 million of First Mortgage Bonds, consisting of $60 million of its First Mortgage 5.30% Bonds, due March 15, 2033 and $65 million of its First Mortgage 5.57% Bonds, due March 15, 2053. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.
    • On March 15, 2023, ACE issued $75 million of its First Mortgage bonds, 5.57% Series, due March 15, 2053. ACE used the proceeds to repay existing indebtedness and for general corporate purposes.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 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

2023 GAAP Net Income (Loss) from Continuing Operations

$

0.67

$

669

 

$

241

$

166

$

200

$

155

Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0)

 

 

(1

)

 

 

 

 

Change in Environmental Liabilities (net of taxes of $7)

 

0.02

 

18

 

 

 

 

 

18

Change in FERC Audit Liability (net of taxes of $4)

 

0.01

 

11

 

 

11

 

 

 

Separation Costs (net of taxes of $0)

 

 

(1

)

 

 

 

 

2023 Adjusted (non-GAAP) Operating Earnings

$

0.70

$

696

 

$

251

$

166

$

199

$

173

Adjusted (non-GAAP) Operating Earnings for the first 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

$

0.49

$

481

$

188

$

206

$

198

$

130

Enterprise Resource Program (ERP) System Implementation Costs (net of taxes of $0)

 

 

1

 

 

 

 

Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively)

 

0.02

 

17

 

5

 

2

 

2

 

4

Income Tax-Related Adjustments (entire amount represents tax expense)

 

0.14

 

134

 

 

 

 

3

2022 Adjusted (non-GAAP) Operating Earnings

$

0.64

$

634

$

193

$

208

$

200

$

136

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 income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss first quarter 2023 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 19,000 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 May 3, 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.

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' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' First Quarter 2023 Quarterly Report on Form 10-Q (to be filed on May 3, 2023) 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 12, Commitments and Contingencies; and (3) 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.

Earnings Release Attachments

Table of Contents

 

Consolidating Statement of Operations

2

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Cash Flows

5

 

 

Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

6

 

 

Statistics

 

ComEd

8

PECO

8

BGE

10

Pepco

11

DPL

12

ACE

13

Consolidating Statements of Operations

(unaudited)

(in millions)

 

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

1,667

 

 

$

1,112

 

 

$

1,257

 

 

$

1,536

 

 

$

(9

)

 

$

5,563

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

488

 

 

 

484

 

 

 

492

 

 

 

627

 

 

 

 

 

 

2,091

 

Operating and maintenance

 

337

 

 

 

270

 

 

 

222

 

 

 

309

 

 

 

13

 

 

 

1,151

 

Depreciation and amortization

 

338

 

 

 

98

 

 

 

167

 

 

 

241

 

 

 

16

 

 

 

860

 

Taxes other than income taxes

 

93

 

 

 

50

 

 

 

83

 

 

 

120

 

 

 

9

 

 

 

355

 

Total operating expenses

 

1,256

 

 

 

902

 

 

 

964

 

 

 

1,297

 

 

 

38

 

 

 

4,457

 

Operating income (loss)

 

411

 

 

 

210

 

 

 

293

 

 

 

239

 

 

 

(47

)

 

 

1,106

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(117

)

 

 

(48

)

 

 

(44

)

 

 

(76

)

 

 

(127

)

 

 

(412

)

Other, net

 

18

 

 

 

8

 

 

 

3

 

 

 

26

 

 

 

54

 

 

 

109

 

Total other income and (deductions)

 

(99

)

 

 

(40

)

 

 

(41

)

 

 

(50

)

 

 

(73

)

 

 

(303

)

Income (loss) from continuing operations before income taxes

 

312

 

 

 

170

 

 

 

252

 

 

 

189

 

 

 

(120

)

 

 

803

 

Income taxes

 

71

 

 

 

4

 

 

 

52

 

 

 

34

 

 

 

(27

)

 

 

134

 

Net income (loss) from continuing operations after income taxes

 

241

 

 

 

166

 

 

 

200

 

 

 

155

 

 

 

(93

)

 

 

669

 

Net income from discontinued operations after income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

241

 

 

 

166

 

 

 

200

 

 

 

155

 

 

 

(93

)

 

 

669

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

$

241

 

 

$

166

 

 

$

200

 

 

$

155

 

 

$

(93

)

 

$

669

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

1,734

 

 

$

1,047

 

 

$

1,154

 

 

$

1,404

 

 

$

(12

)

 

$

5,327

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

638

 

 

 

407

 

 

 

454

 

 

 

579

 

 

 

 

 

 

2,078

 

Operating and maintenance

 

351

 

 

 

247

 

 

 

218

 

 

 

299

 

 

 

63

 

 

 

1,178

 

Depreciation and amortization

 

321

 

 

 

92

 

 

 

171

 

 

 

218

 

 

 

15

 

 

 

817

 

Taxes other than income taxes

 

96

 

 

 

47

 

 

 

76

 

 

 

119

 

 

 

16

 

 

 

354

 

Total operating expenses

 

1,406

 

 

 

793

 

 

 

919

 

 

 

1,215

 

 

 

94

 

 

 

4,427

 

Operating income (loss)

 

328

 

 

 

254

 

 

 

235

 

 

 

189

 

 

 

(106

)

 

 

900

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(100

)

 

 

(41

)

 

 

(35

)

 

 

(69

)

 

 

(93

)

 

 

(338

)

Other, net

 

12

 

 

 

7

 

 

 

7

 

 

 

17

 

 

 

94

 

 

 

137

 

Total other income and (deductions)

 

(88

)

 

 

(34

)

 

 

(28

)

 

 

(52

)

 

 

1

 

 

 

(201

)

Income (loss) from continuing operations before income taxes

 

240

 

 

 

220

 

 

 

207

 

 

 

137

 

 

 

(105

)

 

 

699

 

Income taxes

 

52

 

 

 

14

 

 

 

9

 

 

 

7

 

 

 

136

 

 

 

218

 

Net income (loss) from continuing operations after income taxes

 

188

 

 

 

206

 

 

 

198

 

 

 

130

 

 

 

(241

)

 

 

481

 

Net income from discontinued operations after income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

117

 

 

 

117

 

Net income (loss)

 

188

 

 

 

206

 

 

 

198

 

 

 

130

 

 

 

(124

)

 

 

598

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Net income (loss) attributable to common shareholders

$

188

 

 

$

206

 

 

$

198

 

 

$

130

 

 

$

(125

)

 

$

597

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Net income from continuing operations 2022 to 2023

$

53

 

 

$

(40

)

 

$

2

 

 

$

25

 

 

$

148

 

 

$

188

 

__________

(a)

Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

 

 

 

March 31, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

522

 

 

$

407

 

Restricted cash and cash equivalents

 

 

381

 

 

 

566

 

Accounts receivable

 

 

 

 

Customer accounts receivable

 

 

2,493

 

 

 

2,544

 

Customer allowance for credit losses

 

 

(389

)

 

 

(327

)

Customer accounts receivable, net

 

 

2,104

 

 

 

2,217

 

Other accounts receivable

 

 

1,346

 

 

 

1,426

 

Other allowance for credit losses

 

 

(91

)

 

 

(82

)

Other accounts receivable, net

 

 

1,255

 

 

 

1,344

 

Inventories, net

 

 

 

 

Fossil fuel

 

 

70

 

 

 

208

 

Materials and supplies

 

 

582

 

 

 

547

 

Regulatory assets

 

 

2,386

 

 

 

1,641

 

Other

 

 

477

 

 

 

406

 

Total current assets

 

 

7,777

 

 

 

7,336

 

Property, plant, and equipment, net

 

 

70,117

 

 

 

69,076

 

Deferred debits and other assets

 

 

 

 

Regulatory assets

 

 

7,878

 

 

 

8,037

 

Goodwill

 

 

6,630

 

 

 

6,630

 

Receivable related to Regulatory Agreement Units

 

 

3,069

 

 

 

2,897

 

Investments

 

 

234

 

 

 

232

 

Other

 

 

1,220

 

 

 

1,141

 

Total deferred debits and other assets

 

 

19,031

 

 

 

18,937

 

Total assets

 

$

96,925

 

 

$

95,349

 

Liabilities and shareholders’ equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term borrowings

 

$

1,306

 

 

$

2,586

 

Long-term debt due within one year

 

 

1,356

 

 

 

1,802

 

Accounts payable

 

 

2,762

 

 

 

3,382

 

Accrued expenses

 

 

1,183

 

 

 

1,226

 

Payables to affiliates

 

 

5

 

 

 

5

 

Regulatory liabilities

 

 

472

 

 

 

437

 

Mark-to-market derivative liabilities

 

 

23

 

 

 

8

 

Unamortized energy contract liabilities

 

 

9

 

 

 

10

 

Other

 

 

976

 

 

 

1,155

 

Total current liabilities

 

 

8,092

 

 

 

10,611

 

Long-term debt

 

 

38,732

 

 

 

35,272

 

Long-term debt to financing trusts

 

 

390

 

 

 

390

 

Deferred credits and other liabilities

 

 

 

 

Deferred income taxes and unamortized investment tax credits

 

 

11,483

 

 

 

11,250

 

Regulatory liabilities

 

 

9,307

 

 

 

9,112

 

Pension obligations

 

 

1,101

 

 

 

1,109

 

Non-pension postretirement benefit obligations

 

 

506

 

 

 

507

 

Asset retirement obligations

 

 

270

 

 

 

269

 

Mark-to-market derivative liabilities

 

 

77

 

 

 

83

 

Unamortized energy contract liabilities

 

 

32

 

 

 

35

 

Other

 

 

1,869

 

 

 

1,967

 

Total deferred credits and other liabilities

 

 

24,645

 

 

 

24,332

 

Total liabilities

 

 

71,859

 

 

 

70,605

 

Commitments and contingencies

 

 

 

 

Shareholders’ equity

 

 

 

 

Common stock

 

 

20,921

 

 

 

20,908

 

Treasury stock, at cost

 

 

(123

)

 

 

(123

)

Retained earnings

 

 

4,907

 

 

 

4,597

 

Accumulated other comprehensive loss, net

 

 

(639

)

 

 

(638

)

Total shareholders’ equity

 

 

25,066

 

 

 

24,744

 

Total liabilities and shareholders’ equity

 

$

96,925

 

 

$

95,349

 

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Cash flows from operating activities

 

 

 

 

Net income

 

$

669

 

 

$

598

 

Adjustments to reconcile net income to net cash flows provided by operating activities:

 

 

 

 

Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization

 

 

860

 

 

 

1,024

 

Gain on sales of assets and businesses

 

 

 

 

 

(10

)

Deferred income taxes and amortization of investment tax credits

 

 

113

 

 

 

110

 

Net fair value changes related to derivatives

 

 

 

 

 

(59

)

Net realized and unrealized losses on NDT funds

 

 

 

 

 

205

 

Net unrealized losses on equity investments

 

 

 

 

 

16

 

Other non-cash operating activities

 

 

(138

)

 

 

232

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

106

 

 

 

(711

)

Inventories

 

 

102

 

 

 

125

 

Accounts payable and accrued expenses

 

 

(482

)

 

 

291

 

Option premiums paid, net

 

 

 

 

 

(39

)

Collateral (paid) received, net

 

 

(214

)

 

 

1,142

 

Income taxes

 

 

23

 

 

 

77

 

Regulatory assets and liabilities, net

 

 

(324

)

 

 

(31

)

Pension and non-pension postretirement benefit contributions

 

 

(44

)

 

 

(574

)

Other assets and liabilities

 

 

(187

)

 

 

(614

)

Net cash flows provided by operating activities

 

 

484

 

 

 

1,782

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

 

(1,881

)

 

 

(1,922

)

Proceeds from NDT fund sales

 

 

 

 

 

488

 

Investment in NDT funds

 

 

 

 

 

(516

)

Collection of DPP

 

 

 

 

 

169

 

Proceeds from sales of assets and businesses

 

 

 

 

 

16

 

Other investing activities

 

 

10

 

 

 

(54

)

Net cash flows used in investing activities

 

 

(1,871

)

 

 

(1,819

)

Cash flows from financing activities

 

 

 

 

Changes in short-term borrowings

 

 

(1,130

)

 

 

(700

)

Proceeds from short-term borrowings with maturities greater than 90 days

 

 

 

 

 

1,150

 

Repayments on short-term borrowings with maturities greater than 90 days

 

 

(150

)

 

 

(350

)

Issuance of long-term debt

 

 

3,925

 

 

 

4,301

 

Retirement of long-term debt

 

 

(857

)

 

 

(6

)

Dividends paid on common stock

 

 

(358

)

 

 

(332

)

Proceeds from employee stock plans

 

 

10

 

 

 

9

 

Transfer of cash, restricted cash, and cash equivalents to Constellation

 

 

 

 

 

(2,594

)

Other financing activities

 

 

(60

)

 

 

(62

)

Net cash flows provided by financing activities

 

 

1,380

 

 

 

1,416

 

(Decrease) increase in cash, restricted cash, and cash equivalents

 

 

(7

)

 

 

1,379

 

Cash, restricted cash, and cash equivalents at beginning of period

 

 

1,090

 

 

 

1,619

 

Cash, restricted cash, and cash equivalents at end of period

 

$

1,083

 

 

$

2,998

 

Exelon

Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Three Months Ended March 31, 2023 and 2022

(unaudited)

(in millions, except per share data)

 

 

Exelon

Earnings

per Diluted

Share

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

2022 GAAP Net Income (Loss) from Continuing Operations

$

0.49

 

 

$

188

 

 

$

206

 

 

$

198

 

 

$

130

 

 

$

(241

)

 

$

481

 

ERP System Implementation Costs (net of taxes of $0) (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Separation Costs (net of taxes of $2, $1, $1, $1, $1 and $7, respectively) (2)

 

0.02

 

 

 

5

 

 

 

2

 

 

 

2

 

 

 

4

 

 

 

4

 

 

 

17

 

Income Tax-Related Adjustments (entire amount represents tax expense) (3)

 

0.14

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

131

 

 

 

134

 

2022 Adjusted (non-GAAP) Operating Earnings (Loss)

$

0.64

 

 

$

193

 

 

$

208

 

 

$

200

 

 

$

136

 

 

$

(103

)

 

$

634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Weather

$

(0.04

)

 

$

 

(b)

$

(38

)

 

$

 

(b)

$

(6

)

(b)

$

 

 

$

(44

)

Load

 

(0.01

)

 

 

 

(b)

 

(4

)

 

 

 

(b)

 

(3

)

(b)

 

 

 

 

(7

)

Distribution and Transmission Rates (4)

 

0.13

 

 

 

45

 

(c)

 

26

 

(c)

 

13

 

(c)

 

44

 

(c)

 

 

 

 

128

 

Other Energy Delivery (5)

 

0.06

 

 

 

25

 

(c)

 

7

 

(c)

 

(1

)

(c)

 

28

 

(c)

 

 

 

 

59

 

Operating and Maintenance Expense (6)

 

0.01

 

 

 

2

 

 

 

(22

)

 

 

(5

)

 

 

12

 

 

 

21

 

 

 

8

 

Pension and Non-Pension Postretirement Benefits

 

 

 

 

3

 

 

 

2

 

 

 

(1

)

 

 

(4

)

 

 

(2

)

 

 

(2

)

Depreciation and Amortization Expense (7)

 

(0.03

)

 

 

(12

)

 

 

(5

)

 

 

4

 

 

 

(17

)

 

 

(2

)

 

 

(32

)

Interest Expense and Other (8)

 

(0.05

)

 

 

(5

)

 

 

(8

)

 

 

(11

)

 

 

(17

)

 

 

(7

)

 

 

(48

)

Share Differential (9)

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings

$

0.06

 

 

$

58

 

 

$

(42

)

 

$

(1

)

 

$

37

 

 

$

10

 

 

$

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 GAAP Net Income (Loss) from Continuing Operations

$

0.67

 

 

$

241

 

 

$

166

 

 

$

200

 

 

$

155

 

 

$

(93

)

 

$

669

 

Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Change in Environmental Liabilities (net of taxes of $7)

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

 

 

 

18

 

Change in FERC Audit Liability (net of taxes of $4)

 

0.01

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Separation Costs (net of taxes of $0) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

2023 Adjusted (non-GAAP) Operating Earnings (Loss)

$

0.70

 

 

$

251

 

 

$

166

 

 

$

199

 

 

$

173

 

 

$

(93

)

 

$

696

 

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 2023 and 2022 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)

Reflects costs related to a multi-year ERP system implementation, which are recorded in Operating and maintenance expense.

(2)

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.

(3)

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 net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs.

(4)

For ComEd, reflects increased electric 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 and transmission rate increases.

(5)

For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. 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.

(6)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased credit loss expense. For PHI, includes decreased storm costs. 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 (YTD Q1 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q1 2022) and 2) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).

(7)

Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For BGE, also reflects decreased amortization for regulatory required programs. 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.

(8)

For Corporate, Other primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense.

(9)

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.

ComEd Statistics

Three Months Ended March 31, 2023 and 2022

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather - Normal % Change

 

2023

 

2022

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

6,234

 

6,751

 

(7.7

)%

 

(1.8

)%

 

$

836

 

$

857

 

(2.5

)%

Small commercial & industrial

7,198

 

7,504

 

(4.1

)%

 

(0.8

)%

 

 

361

 

 

423

 

(14.7

)%

Large commercial & industrial

6,559

 

6,746

 

(2.8

)%

 

(0.6

)%

 

 

84

 

 

153

 

(45.1

)%

Public authorities & electric railroads

227

 

257

 

(11.7

)%

 

(8.8

)%

 

 

10

 

 

14

 

(28.6

)%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

217

 

 

239

 

(9.2

)%

Total electric revenues(c)

20,218

 

21,258

 

(4.9

)%

 

(1.2

)%

 

 

1,508

 

 

1,686

 

(10.6

)%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

159

 

 

48

 

231.3

%

Total Electric Revenues

 

 

 

 

 

 

 

 

$

1,667

 

$

1,734

 

(3.9

)%

Purchased Power

 

 

 

 

 

 

 

 

$

488

 

$

638

 

(23.5

)%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

2,671

 

3,165

 

3,053

 

(15.6

)%

 

(12.5

)%

Number of Electric Customers

2023

 

2022

Residential

3,729,983

 

3,713,397

Small commercial & industrial

391,662

 

390,994

Large commercial & industrial

1,881

 

1,882

Public authorities & electric railroads

4,790

 

4,838

Total

4,128,316

 

4,111,111

__________

(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.

(c)

Includes operating revenues from affiliates totaling $3 million and $6 million for the three months ended March 31, 2023 and 2022, respectively.

(d)

Includes alternative revenue programs and late payment charges.

PECO Statistics

Three Months Ended March 31, 2023 and 2022

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

2023

 

2022

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

3,358

 

3,758

 

(10.6

)%

 

(0.1

)%

 

$

519

 

$

487

 

6.6

%

Small commercial & industrial

1,843

 

1,937

 

(4.9

)%

 

0.4

%

 

 

135

 

 

111

 

21.6

%

Large commercial & industrial

3,237

 

3,332

 

(2.9

)%

 

(1.2

)%

 

 

65

 

 

64

 

1.6

%

Public authorities & electric railroads

168

 

182

 

(7.7

)%

 

9.3

%

 

 

8

 

 

8

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

68

 

 

62

 

9.7

%

Total electric revenues(c)

8,606

 

9,209

 

(6.5

)%

 

(0.2

)%

 

 

795

 

 

732

 

8.6

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

 

 

9

 

(100.0

)%

Total Electric Revenues

 

 

 

 

 

 

 

 

 

795

 

 

741

 

7.3

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

17,190

 

20,837

 

(17.5

)%

 

(2.4

)%

 

 

223

 

 

218

 

2.3

%

Small commercial & industrial

8,699

 

10,546

 

(17.5

)%

 

(3.4

)%

 

 

75

 

 

76

 

(1.3

)%

Large commercial & industrial

29

 

10

 

190.0

%

 

21.7

%

 

 

1

 

 

 

n/a

 

Transportation

7,014

 

7,639

 

(8.2

)%

 

(5.4

)%

 

 

8

 

 

8

 

%

Other(f)

 

 

n/a

 

 

n/a

 

 

 

9

 

 

3

 

200.0

%

Total natural gas revenues(g)

32,932

 

39,032

 

(15.6

)%

 

(3.2

)%

 

 

316

 

 

305

 

3.6

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

1

 

 

1

 

100.0

%

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

317

 

 

306

 

3.6

%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

1,112

 

$

1,047

 

6.2

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

484

 

$

407

 

18.9

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

1,888

 

2,228

 

2,418

 

(15.3

)%

 

(21.9

)%

Cooling Degree-Days

 

1

 

1

 

(100.0

)%

 

(100.0

)%

Number of Electric Customers

2023

 

2022

 

Number of Natural Gas Customers

2023

 

2022

Residential

1,529,779

 

1,521,255

 

Residential

504,181

 

499,188

Small commercial & industrial

155,846

 

155,485

 

Small commercial & industrial

45,003

 

44,959

Large commercial & industrial

3,118

 

3,102

 

Large commercial & industrial

9

 

5

Public authorities & electric railroads

10,401

 

10,342

 

Transportation

650

 

664

Total

1,699,144

 

1,690,184

 

Total

549,843

 

544,816

__________

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended March 31, 2023 and 2022, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling $1 million and less than a $1 million for the three months ended March 31, 2023 and 2022, respectively.

BGE Statistics

Three Months Ended March 31, 2023 and 2022

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

2023

 

2022

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

3,106

 

3,569

 

(13.0

)%

 

1.9

%

 

$

434

 

$

417

 

 

4.1

%

Small commercial & industrial

674

 

736

 

(8.4

)%

 

1.4

%

 

 

92

 

 

81

 

 

13.6

%

Large commercial & industrial

3,047

 

3,173

 

(4.0

)%

 

(0.4

)%

 

 

149

 

 

131

 

 

13.7

%

Public authorities & electric railroads

55

 

53

 

3.8

%

 

2.9

%

 

 

7

 

 

7

 

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

96

 

 

97

 

 

(1.0

)%

Total electric revenues(c)

6,882

 

7,531

 

(8.6

)%

 

0.9

%

 

 

778

 

 

733

 

 

6.1

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

36

 

 

3

 

 

1,100.0

%

Total Electric Revenues

 

 

 

 

 

 

 

 

 

814

 

 

736

 

 

10.6

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

16,787

 

21,118

 

(20.5

)%

 

2.7

%

 

 

278

 

 

282

 

 

(1.4

)%

Small commercial & industrial

3,768

 

4,662

 

(19.2

)%

 

(0.9

)%

 

 

41

 

 

45

 

 

(8.9

)%

Large commercial & industrial

13,214

 

14,743

 

(10.4

)%

 

(0.7

)%

 

 

70

 

 

65

 

 

7.7

%

Other(f)

1,608

 

4,460

 

(63.9

)%

 

n/a

 

 

 

19

 

 

35

 

 

(45.7

)%

Total natural gas revenues(g)

35,377

 

44,983

 

(21.4

)%

 

1.1

%

 

 

408

 

 

427

 

 

(4.4

)%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

35

 

 

(9

)

 

(488.9

)%

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

443

 

 

418

 

 

6.0

%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

1,257

 

$

1,154

 

 

8.9

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

492

 

$

454

 

 

8.4

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

1,774

 

2,241

 

2,381

 

(20.8

)%

 

(25.5

)%

Number of Electric Customers

2023

 

2022

 

Number of Natural Gas Customers

2023

 

2022

Residential

1,207,486

 

1,199,272

 

Residential

656,583

 

653,397

Small commercial & industrial

115,658

 

115,363

 

Small commercial & industrial

38,260

 

38,356

Large commercial & industrial

12,911

 

12,674

 

Large commercial & industrial

6,261

 

6,193

Public authorities & electric railroads

266

 

268

 

 

 

 

 

Total

1,336,321

 

1,327,577

 

Total

701,104

 

 

__________

(a)

Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2023 and 2022.

(d)

Includes alternative revenue programs and late payment charges.

(e)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling $1 million and $5 million for the three months ended March 31, 2023 and 2022, respectively.

Pepco Statistics

Three Months Ended March 31, 2023 and 2022

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather-

Normal

% Change

 

2023

 

2022

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

1,963

 

2,287

 

(14.2

)%

 

(4.4

)%

 

$

283

 

$

275

 

 

2.9

%

Small commercial & industrial

267

 

299

 

(10.7

)%

 

(5.5

)%

 

 

39

 

 

38

 

 

2.6

%

Large commercial & industrial

3,210

 

3,249

 

(1.2

)%

 

1.7

%

 

 

282

 

 

253

 

 

11.5

%

Public authorities & electric railroads

152

 

150

 

1.3

%

 

2.7

%

 

 

8

 

 

8

 

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

56

 

 

46

 

 

21.7

%

Total electric revenues(c)

5,592

 

5,985

 

(6.6

)%

 

(1.0

)%

 

 

668

 

 

620

 

 

7.7

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

42

 

 

(6

)

 

(800.0

)%

Total Electric Revenues

 

 

 

 

 

 

 

 

$

710

 

$

614

 

 

15.6

%

Purchased Power

 

 

 

 

 

 

 

 

$

258

 

$

213

 

 

21.1

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

1,621

 

2,013

 

2,121

 

(19.5

)%

 

(23.6

)%

Cooling Degree-Days

2

 

6

 

3

 

(66.7

)%

 

(33.3

)%

Number of Electric Customers

2023

 

2022

Residential

859,207

 

846,258

Small commercial & industrial

54,089

 

54,509

Large commercial & industrial

22,858

 

22,620

Public authorities & electric railroads

201

 

184

Total

936,355

 

923,571

__________

(a)

 

Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.

(b)

 

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

 

Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2023 and 2022.

(d)

 

Includes alternative revenue programs.

DPL Statistics

Three Months Ended March 31, 2023 and 2022

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather -

Normal

% Change

 

2023

 

2022

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

1,386

 

1,577

 

(12.1

)%

 

(2.4

)%

 

$

210

 

$

207

 

 

1.4

%

Small commercial & industrial

535

 

606

 

(11.7

)%

 

(8.3

)%

 

 

62

 

 

56

 

 

10.7

%

Large commercial & industrial

957

 

1,015

 

(5.7

)%

 

(4.0

)

 

 

33

 

 

26

 

 

26.9

%

Public authorities & electric railroads

11

 

12

 

(8.3

)%

 

(6.3

)%

 

 

4

 

 

4

 

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

58

 

 

56

 

 

3.6

%

Total electric revenues(c)

2,889

 

3,210

 

(10.0

)%

 

(4.0

)%

 

 

367

 

 

349

 

 

5.2

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

10

 

 

(1

)

 

(1,100.0

)%

Total Electric Revenues

 

 

 

 

 

 

 

 

 

377

 

 

348

 

 

8.3

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

3,581

 

4,453

 

(19.6

)%

 

(6.6

)%

 

 

60

 

 

51

 

 

17.6

%

Small commercial & industrial

1,652

 

1,983

 

(16.7

)%

 

(1.8

)%

 

 

26

 

 

21

 

 

23.8

%

Large commercial & industrial

414

 

457

 

(9.4

)%

 

(9.5

)%

 

 

1

 

 

3

 

 

(66.7

)%

Transportation

1,900

 

2,207

 

(13.9

)%

 

(6.9

)%

 

 

4

 

 

4

 

 

%

Other(f)

 

 

n/a

 

 

n/a

 

 

 

6

 

 

4

 

 

50.0

%

Total natural gas revenues

7,547

 

9,100

 

(17.1

)%

 

(5.8

)%

 

 

97

 

 

83

 

 

16.9

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

n/a

 

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

97

 

 

83

 

 

16.9

%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

474

 

$

431

 

 

10.0

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

221

 

$

189

 

 

16.9

%

Electric Service Territory

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

1,875

 

2,264

 

2,407

 

(17.2

)%

 

(22.1

)%

Cooling Degree-Days

 

4

 

1

 

(100.0

)%

 

(100.0

)%

Natural Gas Service Territory

 

 

 

 

 

 

% Change

Heating Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

1,952

 

2,355

 

2,497

 

(17.1

)%

 

(21.8

)%

Number of Electric Customers

2023

 

2022

 

Number of Natural Gas Customers

2023

 

2022

Residential

482,979

 

478,009

 

Residential

129,791

 

128,695

Small commercial & industrial

63,794

 

63,296

 

Small commercial & industrial

10,158

 

10,097

Large commercial & industrial

1,236

 

1,221

 

Large commercial & industrial

16

 

17

Public authorities & electric railroads

595

 

603

 

Transportation

158

 

159

Total

548,604

 

543,129

 

Total

140,123

 

138,968

__________

(a)

 

Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.

(b)

 

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

 

Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2023 and 2022, respectively.

(d)

 

Includes alternative revenue programs and late payment charges.

(e)

 

Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.

(f)

 

Includes revenues primarily from off-system sales.

ACE Statistics

Three Months Ended March 31, 2023 and 2022

 

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2023

 

2022

 

% Change

 

Weather -

Normal

% Change

 

2023

 

2022

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

760

 

918

 

(17.2

)%

 

(9.4

)%

 

$

146

 

$

170

 

(14.1

)%

Small commercial & industrial

371

 

339

 

9.4

%

 

13.9

%

 

 

59

 

 

47

 

25.5

%

Large commercial & industrial

789

 

703

 

12.2

%

 

14.3

%

 

 

63

 

 

44

 

43.2

%

Public authorities & electric railroads

13

 

14

 

(7.1

)%

 

0.1

%

 

 

5

 

 

4

 

25.0

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

63

 

 

81

 

(22.2

)%

Total electric revenues(c)

1,933

 

1,974

 

(2.1

)%

 

3.1

%

 

 

336

 

 

346

 

(2.9

)%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

17

 

 

3

 

466.7

%

Total Electric Revenues

 

 

 

 

 

 

 

 

$

353

 

$

349

 

1.1

%

Purchased Power

 

 

 

 

 

 

 

 

$

148

 

$

178

 

(16.9

)%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2023

 

2022

 

Normal

 

From 2022

 

From Normal

Heating Degree-Days

2,008

 

2,436

 

2,467

 

(17.6

)%

 

(18.6

)%

Cooling Degree-Days

 

2

 

1

 

(100.0

)%

 

(100.0

)%

Number of Electric Customers

 

2023

 

2022

Residential

 

503,260

 

500,511

Small commercial & industrial

 

62,230

 

62,124

Large commercial & industrial

 

3,030

 

3,124

Public authorities & electric railroads

 

726

 

724

Total

 

569,246

 

566,483

__________

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2023 and 2022.

(d)

Includes alternative revenue programs.

 

Contacts

Donna Sitkiewicz
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345

Contacts

Donna Sitkiewicz
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345