Exelon Reports Fourth Quarter and Full Year 2022 Results and Initiates 2023 Financial Outlook
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, 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.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.
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. 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
Adjusted (non-GAAP) Operating Earnings for the fourth quarter 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
$
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
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 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.
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.
Earnings Release Attachments
Table of Contents
Consolidating Statement of Operations
1
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
10
PECO
11
BGE
13
Pepco
16
DPL
17
ACE
19
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
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.
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
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
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
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.
(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.
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
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 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.
(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.
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.
(c)
Includes operating revenues from affiliates totaling $2 million and $22 million for the three months ended December 31, 2022 and 2021, respectively, and $16 million and $41 million for the twelve months ended December 31, 2022 and 2021, respectively.
(d)
Includes alternative revenue programs and late payment charges.
PECO Statistics
Three Months Ended December 31, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
3,175
3,061
3.7
%
(1.2
)%
$
488
$
379
28.8
%
Small commercial & industrial
1,812
1,801
0.6
%
(0.8
)%
135
110
22.7
%
Large commercial & industrial
3,355
3,376
(0.6
)%
(0.2
)%
70
60
16.7
%
Public authorities & electric railroads
149
134
11.2
%
10.9
%
7
7
—
%
Other(b)
—
—
n/a
n/a
69
62
11.3
%
Total electric revenues(c)
8,491
8,372
1.4
%
(0.5
)%
769
618
24.4
%
Other Revenues(d)
6
7
(14.3
)%
Total Electric Revenues
775
625
24.0
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
13,895
11,635
19.4
%
0.6
%
177
121
46.3
%
Small commercial & industrial
7,211
6,144
17.4
%
0.6
%
61
42
45.2
%
Large commercial & industrial
11
21
(47.6
)%
8.1
%
—
—
n/a
Transportation
6,503
6,607
(1.6
)%
(4.6
)%
7
7
—
%
Other(f)
—
—
n/a
n/a
5
3
66.7
%
Total natural gas revenues(g)
27,620
24,407
13.2
%
(0.6
)%
250
173
44.5
%
Other Revenues(d)
1
—
100.0
%
Total Natural Gas Revenues
251
173
45.1
%
Total Electric and Natural Gas Revenues
$
1,026
$
798
28.6
%
Purchased Power and Fuel
$
442
$
282
56.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
1,503
1,236
1,544
21.6
%
(2.7
)%
Cooling Degree-Days
18
69
30
(73.9
)%
(40.0
)%
Twelve Months Ended December 31, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
14,379
14,262
0.8
%
(1.8
)%
$
2,026
$
1,704
18.9
%
Small commercial & industrial
7,701
7,597
1.4
%
0.4
%
521
422
23.5
%
Large commercial & industrial
14,046
14,003
0.3
%
—
%
299
243
23.0
%
Public authorities & electric railroads
638
559
14.1
%
14.1
%
30
31
(3.2
)%
Other(b)
—
—
n/a
n/a
271
229
18.3
%
Total electric revenues(c)
36,764
36,421
0.9
%
(0.4
)%
3,147
2,629
19.7
%
Other Revenues(d)
18
30
(40.0
)%
Total Electric Revenues
3,165
2,659
19.0
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
42,135
39,580
6.5
%
3.0
%
512
372
37.6
%
Small commercial & industrial
23,449
21,361
9.8
%
6.0
%
186
136
36.8
%
Large commercial & industrial
31
34
(8.8
)%
12.3
%
—
—
n/a
Transportation
25,011
25,081
(0.3
)%
(1.8
)%
26
24
8.3
%
Other(f)
—
—
n/a
n/a
12
7
71.4
%
Total natural gas revenues(g)
90,626
86,056
5.3
%
2.4
%
736
539
36.5
%
Other Revenues(d)
2
—
100.0
%
Total Natural Gas Revenues
738
539
36.9
%
Total Electric and Natural Gas Revenues
$
3,903
$
3,198
22.0
%
Purchased Power and Fuel
$
1,535
$
1,081
42.0
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
4,135
3,946
4,408
4.8
%
(6.2
)%
Cooling Degree-Days
1,743
1,586
1,443
9.9
%
20.8
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,525,635
1,517,806
Residential
502,944
497,873
Small commercial & industrial
155,576
155,308
Small commercial & industrial
44,957
44,815
Large commercial & industrial
3,121
3,107
Large commercial & industrial
9
6
Public authorities & electric railroads
10,393
10,306
Transportation
655
670
Total
1,694,725
1,686,527
Total
548,565
543,364
__________
(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 $2 million and $15 million for the three months ended December 31, 2022 and 2021, respectively, and $7 million and $20 million for the twelve months ended December 31, 2022 and 2021, 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 less than $1 million and less than $1 million for the three months ended December 31, 2022 and 2021, respectively, and less than $1 million and $1 million for the twelve months ended December 31, 2022 and 2021, respectively.
BGE Statistics
Three Months Ended December 31, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
3,038
2,862
6.1
%
(0.9
)%
$
406
$
330
23.0
%
Small commercial & industrial
655
641
2.2
%
(0.8
)%
88
65
35.4
%
Large commercial & industrial
3,123
3,155
(1.0
)%
(0.5
)%
148
118
25.4
%
Public authorities & electric railroads
49
55
(10.9
)%
(8.8
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
101
102
(1.0
)%
Total electric revenues(c)
6,865
6,713
2.3
%
(0.8
)%
750
622
20.6
%
Other Revenues(d)
(1
)
17
(105.9
)%
Total Electric Revenues
749
639
17.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
13,569
10,961
23.8
%
2.6
%
229
164
39.6
%
Small commercial & industrial
2,999
2,427
23.6
%
8.4
%
35
24
45.8
%
Large commercial & industrial
11,777
10,962
7.4
%
1.1
%
55
44
25.0
%
Other(f)
1,735
4,079
(57.5
)%
n/a
20
27
(25.9
)%
Total natural gas revenues(g)
30,080
28,429
5.8
%
2.5
%
339
259
30.9
%
Other Revenues(d)
(2
)
17
(111.8
)%
Total Natural Gas Revenues
337
276
22.1
%
Total Electric and Natural Gas Revenues
$
1,086
$
915
18.7
%
Purchased Power and Fuel
$
474
$
336
41.1
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
1,595
1,290
1,646
23.6
%
(3.1
)%
Cooling Degree-Days
20
59
28
(66.1
)%
(28.6
)%
Twelve Months Ended December 31, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
13,024
12,908
0.9
%
(0.6
)%
$
1,564
$
1,375
13.7
%
Small commercial & industrial
2,781
2,770
0.4
%
—
%
327
267
22.5
%
Large commercial & industrial
13,213
13,209
—
%
0.5
%
567
459
23.5
%
Public authorities & electric railroads
201
204
(1.5
)%
(0.5
)%
27
27
—
%
Other(b)
—
—
n/a
n/a
398
371
7.3
%
Total electric revenues(c)
29,219
29,091
0.4
%
(0.1
)%
2,883
2,499
15.4
%
Other Revenues(d)
(12
)
6
(300.0
)%
Total Electric Revenues
2,871
2,505
14.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
41,951
36,719
14.2
%
5.5
%
678
518
30.9
%
Small commercial & industrial
9,894
8,654
14.3
%
7.3
%
111
83
33.7
%
Large commercial & industrial
43,631
40,521
7.7
%
5.7
%
183
147
24.5
%
Other(f)
7,206
13,203
(45.4
)%
n/a
68
68
—
%
Total natural gas revenues(g)
102,682
99,097
3.6
%
5.8
%
1,040
816
27.5
%
Other Revenues(d)
(16
)
20
(180.0
)%
Total Natural Gas Revenues
1,024
836
22.5
%
Total Electric and Natural Gas Revenues
$
3,895
$
3,341
16.6
%
Purchased Power and Fuel
$
1,567
$
1,175
33.4
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
4,333
3,998
4,604
8.4
%
(5.9
)%
Cooling Degree-Days
1,010
1,097
900
(7.9
)%
12.2
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,204,429
1,195,929
Residential
655,373
651,589
Small commercial & industrial
115,524
115,049
Small commercial & industrial
38,207
38,300
Large commercial & industrial
12,839
12,637
Large commercial & industrial
6,233
6,179
Public authorities & electric railroads
266
268
Total
699,813
696,068
Total
1,333,058
1,323,883
__________
(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 and $3 million for the three months ended December 31, 2022 and 2021, respectively, and $7 million and $13 million for the twelve months ended December 31, 2022 and 2021, respectively.
(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 $7 million for the three months ended December 31, 2022 and 2021, respectively, and $8 million and $18 million for the twelve months ended December 31, 2022 and 2021.
Pepco 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
1,772
1,789
(1.0
)%
(3.2
)%
$
250
$
218
14.7
%
Small commercial & industrial
258
253
2.0
%
0.2
%
38
34
11.8
%
Large commercial & industrial
3,298
3,320
(0.7
)%
(0.4
) %
277
229
21.0
%
Public authorities & electric railroads
166
111
49.5
%
49.5
%
9
7
28.6
%
Other(b)
—
—
n/a
n/a
51
51
—
%
Total electric revenues(c)
5,494
5,473
0.4
%
(0.3
)%
625
539
16.0
%
Other Revenues(d)
(13
)
(1
)
1,200.0
%
Total Electric Revenues
$
612
$
538
13.8
%
Purchased Power
$
228
$
153
49.0
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
1,376
1,111
1,341
23.9
%
2.6
%
Cooling Degree-Days
25
94
53
(73.4
)%
(52.8
)%
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
8,162
8,284
(1.5
)%
(1.9
)%
$
1,076
$
1,003
7.3
%
Small commercial & industrial
1,113
1,137
(2.1
)%
(2.6
)%
155
135
14.8
%
Large commercial & industrial
13,797
13,411
2.9
%
2.8
%
1,083
844
28.3
%
Public authorities & electric railroads
617
617
—
%
0.1
%
34
31
9.7
%
Other(b)
—
—
n/a
n/a
208
205
1.5
%
Total electric revenues(c)
23,689
23,449
1.0
%
0.8
%
2,556
2,218
15.2
%
Other Revenues(d)
(25
)
56
(144.6
)%
Total Electric Revenues
$
2,531
$
2,274
11.3
%
Purchased Power
$
834
$
624
33.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
3,732
3,454
3,770
8.0
%
(1.0
)%
Cooling Degree-Days
1,746
1,817
1,749
(3.9
)%
(0.2
)%
Number of Electric Customers
2022
2021
Residential
856,037
841,831
Small commercial & industrial
54,339
54,216
Large commercial & industrial
22,841
22,568
Public authorities & electric railroads
197
181
Total
933,414
918,796
__________
(a)
Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, 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 December 31, 2022 and 2021, and $5 million for both the twelve months ended December 31, 2022 and 2021.
(d)
Includes alternative revenue programs and late payment charge revenues.
DPL Statistics
Three Months Ended December 31, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
1,189
1,168
1.8
%
(2.4
)%
$
180
$
158
13.9
%
Small commercial & industrial
553
553
—
%
(0.9
)%
63
48
31.3
%
Large commercial & industrial
1,043
1,061
(1.7
)%
(1.4
)%
37
24
54.2
%
Public authorities & electric railroads
11
11
—
%
1.5
%
4
4
—
%
Other(b)
—
—
n/a
n/a
60
57
5.3
%
Total electric revenues(c)
2,796
2,793
0.1
%
(1.7
)%
344
291
18.2
%
Other Revenues(d)
(5
)
(1
)
400.0
%
Total Electric Revenues
339
290
16.9
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
2,899
2,408
20.4
%
3.2
%
49
30
63.3
%
Small commercial & industrial
1,294
1,100
17.6
%
2.7
%
20
13
53.8
%
Large commercial & industrial
438
432
1.4
%
1.5
%
3
2
50.0
%
Transportation
1,762
1,781
(1.1
)%
(5.5
)%
4
4
—
%
Other(g)
—
—
n/a
n/a
4
1
300.0
%
Total natural gas revenues
6,393
5,721
11.7
%
0.4
%
80
50
60.0
%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
80
50
60.0
%
Total Electric and Natural Gas Revenues
$
419
$
340
23.2
%
Purchased Power and Fuel
$
199
$
137
45.3
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
1,547
1,323
1,559
16.9
%
(0.8
)%
Cooling Degree-Days
13
56
35
(76.8
)%
(62.9
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
1,600
1,391
1,647
15.0
%
(2.9
) %
Twelve Months Ended December 31, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
5,446
5,413
0.6
%
(0.6
)%
$
750
$
694
8.1
%
Small commercial & industrial
2,362
2,340
0.9
%
0.6
%
235
193
21.8
%
Large commercial & industrial
4,250
4,206
1.0
%
1.1
%
137
94
45.7
%
Public authorities & electric railroads
44
45
(2.2
)%
(3.1
)%
15
14
7.1
%
Other(b)
—
—
n/a
n/a
227
201
12.9
%
Total rate-regulated electric revenues(c)
12,102
12,004
0.8
%
0.2
%
1,364
1,196
14.0
%
Other Revenues(d)
(7
)
16
(143.8
)%
Total Electric Revenues
1,357
1,212
12.0
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
8,709
7,914
10.0
%
4.2
%
127
97
30.9
%
Small commercial & industrial
4,176
3,747
11.4
%
7.0
%
55
42
31.0
%
Large commercial & industrial
1,697
1,679
1.1
%
1.1
%
12
7
71.4
%
Transportation
6,696
6,778
(1.2
)%
(2.3
)%
15
14
7.1
%
Other(f)
—
—
n/a
n/a
29
8
262.5
%
Total rate-regulated natural gas revenues
21,278
20,118
5.8
%
2.4
%
238
168
41.7
%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
238
168
41.7
%
Total Electric and Natural Gas Revenues
$
1,595
$
1,380
15.6
%
Purchased Power and Fuel
$
706
$
539
31.0
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
4,271
4,062
4,448
5.1
%
(4.0
)%
Cooling Degree-Days
1,405
1,432
1,295
(1.9
)%
8.5
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
4,428
4,239
4,676
4.5
%
(5.3
)%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
481,688
476,260
Residential
129,502
128,121
Small commercial & industrial
63,738
63,195
Small commercial & industrial
10,144
10,027
Large commercial & industrial
1,235
1,218
Large commercial & industrial
17
20
Public authorities & electric railroads
597
604
Transportation
156
158
Total
547,258
541,277
Total
139,819
138,326
__________
(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 $1 million and $2 million for the three months ended December 31, 2022 and 2021, and $6 million and $7 million for the twelve months ended December 31, 2022 and 2021, 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 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
838
777
7.9
%
7.4
%
$
152
$
141
7.8
%
Small commercial & industrial
320
336
(4.8
)%
(5.5
)%
47
47
—
%
Large commercial & industrial
707
795
(11.1
)%
(11.2
)%
50
46
8.7
%
Public authorities & electric railroads
13
13
—
%
6.5
%
4
3
33.3
%
Other(b)
—
—
n/a
n/a
63
71
(11.3
)%
Total electric revenues(c)
1,878
1,921
(2.2
)%
(2.5
)%
316
308
2.6
%
Other Revenues(d)
(5
)
1
(600.0
)%
Total Electric Revenues
$
311
$
309
0.6
%
Purchased Power
$
127
$
154
(17.5
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
1,623
1,373
1,565
18.2
%
3.7
%
Cooling Degree-Days
12
38
32
(68.4
)%
(62.5
)%
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
4,131
4,220
(2.1
)%
(2.4
)%
$
764
$
744
2.7
%
Small commercial & industrial
1,499
1,409
6.4
%
6.2
%
217
193
12.4
%
Large commercial & industrial
3,103
3,146
(1.4
)%
(1.5
)%
202
185
9.2
%
Public authorities & electric railroads
47
46
2.2
%
1.8
%
15
13
15.4
%
Other(b)
—
—
n/a
n/a
252
229
10.0
%
Total electric revenues(c)
8,780
8,821
(0.5
)%
(0.7
)%
1,450
1,364
6.3
%
Other Revenues(d)
(19
)
24
(179.2
)%
Total Electric Revenues
$
1,431
$
1,388
3.1
%
Purchased Power
$
624
$
694
(10.1
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
4,629
4,256
4,589
8.8
%
0.9
%
Cooling Degree-Days
1,243
1,284
1,210
(3.2
)%
2.7
%
Number of Electric Customers
2022
2021
Residential
502,247
499,628
Small commercial & industrial
62,246
61,900
Large commercial & industrial
3,051
3,156
Public authorities & electric railroads
734
717
Total
568,278
565,401
__________
(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 less than $1 million and $1 million for the three months ended December 31, 2022 and 2021, respectively, and $2 million for both the twelve months ended December 31, 2022 and 2021.
(d)
Includes alternative revenue programs.
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