Exelon Reports Second Quarter 2024 Results
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2024.
"I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results," said President and CEO Calvin Butler. "We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs."
"We delivered second quarter adjusted operating earnings of $0.47 per share this year, $0.06 ahead of results in the second quarter of 2023, driven by increased revenue associated with the investments we are making on behalf of our customers, disciplined cost management and favorable weather conditions," said Exelon Chief Financial Officer Jeanne Jones. "With most of our planned debt financing activity complete for the year and continued progress on our active rate cases, we remain on track to deliver Adjusted (non-GAAP) operating earnings at the midpoint or better of $2.40 to $2.50 per share for the full year."
Second Quarter 2024
Exelon's GAAP net income for the second quarter of 2024 increased to $0.45 per share from $0.34 per share in the second quarter of 2023. Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $0.47 per share from $0.41 per share in the second quarter of 2023. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 3.
GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2024 primarily reflect:
Higher utility earnings primarily due to distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable impacts of the Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. This was partially offset by higher interest expense at PECO and BGE and higher depreciation and amortization expense at PECO, BGE, and PHI. Higher costs at the Exelon holding company due to higher interest expense.Operating Company Results1
ComEd
ComEd's second quarter of 2024 GAAP net income increased to $270 million from $249 million in the second quarter of 2023. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $285 million from $251 million in the second quarter of 2023, primarily due to timing of distribution earnings, higher transmission peak loads, and higher rate base. These were partially offset by a lower allowed ROE and the absence of a return on the pension asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2024 GAAP net income decreased to $90 million from $97 million in the second quarter of 2023. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 decreased to $93 million from $98 million in the second quarter of 2023, primarily due to increases in interest expense and depreciation expense, partially offset by favorable weather.
BGE
BGE’s second quarter of 2024 GAAP net income increased to $44 million from $42 million in the second quarter of 2023. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $45 million from $43 million in the second quarter of 2023, primarily due to distribution rate increases, partially offset by an increase in depreciation and amortization expenses and an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
___________
1 Exelon’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.
PHI
PHI’s second quarter of 2024 GAAP net income increased to $158 million from $103 million in the second quarter of 2023. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $162 million from $115 million in the second quarter of 2023, primarily due to the favorable impacts of the Pepco Maryland multi-year plans including the recognition of the reconciliations, the absence of an increase in environmental liabilities at Pepco, an increase in ACE and DPL Delaware electric distribution rates, and higher transmission rates at Pepco and DPL, partially offset by increases in depreciation expense and various operating expenses. 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 Second Quarter Highlights
Dividend: On July 30, 2024, Exelon's Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon's common stock. The dividend is payable on September 13, 2024, to Exelon's shareholders of record as of the close of business on August 12, 2024. Rate Case Developments: Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending March 31, 2025, reflecting an ROE of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026, and the 2027 nine-month extension period. Financing Activities: On March 13, 2024, ComEd issued $800 million of its First Mortgage Bonds, consisting of $400 million of its First Mortgage 5.30% Series Bonds due on June 1, 2034 and $400 million of its First Mortgage 5.65% Series Bonds due on June 1, 2054. ComEd used the proceeds to repay existing indebtedness, outstanding commercial paper obligations, and for general corporate purposes. On June 6, 2024, BGE issued $800 million of its Notes, consisting of $400 million aggregate principal of its 5.30% notes due June 1, 2034 and $400 million aggregate principal of its 5.65% notes due June 1, 2054. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts)
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
2024 GAAP net income
$
0.45
$
448
$
270
$
90
$
44
$
158
Change in environmental liabilities (net of taxes of $0)
—
(1
)
—
—
—
(1
)
Change in FERC audit liability (net of taxes of $5)
0.01
15
14
—
—
—
Cost management charge (net of taxes of $3, $1, $0, and $2, respectively)
0.01
9
—
3
1
5
2024 Adjusted (non-GAAP) operating earnings
$
0.47
$
472
$
285
$
93
$
45
$
162
Adjusted (non-GAAP) operating earnings for the second quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts)
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
2023 GAAP net income
$
0.34
$
343
$
249
$
97
$
42
$
103
Mark-to-market impact of economic hedging activities (net of taxes of $1)
—
3
—
—
—
—
Change in environmental liabilities (net of taxes of $1)
0.01
11
—
—
—
11
SEC matter loss contingency (net of taxes of $0)
0.05
46
—
—
—
—
Separation costs (net of taxes of $2, $1, $0, $0, and $1, respectively)
0.01
5
2
1
1
1
2023 Adjusted (non-GAAP) operating earnings
$
0.41
$
408
$
251
$
98
$
43
$
115
__________
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss second quarter 2024 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 https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 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). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.
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: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on August 1, 2024.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws 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' 2023 Annual Report on Form 10-K filed with the SEC 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' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 1, 2024) 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 11, 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 to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
7
Statistics
ComEd
8
PECO
9
BGE
12
Pepco
15
DPL
16
ACE .
18
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Three Months Ended June 30, 2024
Operating revenues
$
2,079
$
891
$
928
$
1,471
$
(8
)
$
5,361
Operating expenses
Purchased power and fuel
763
323
343
562
1
1,992
Operating and maintenance
449
270
250
281
(41
)
1,209
Depreciation and amortization
374
107
162
235
16
894
Taxes other than income taxes
94
52
80
126
8
360
Total operating expenses
1,680
752
835
1,204
(16
)
4,455
Gain on sale of assets
5
2
—
—
—
7
Operating income
404
141
93
267
8
913
Other income and (deductions)
Interest expense, net
(123
)
(57
)
(53
)
(92
)
(158
)
(483
)
Other, net
20
9
8
29
(2
)
64
Total other income and (deductions)
(103
)
(48
)
(45
)
(63
)
(160
)
(419
)
Income (loss) before Income taxes
301
93
48
204
(152
)
494
Income taxes
31
3
4
46
(38
)
46
Net income (loss) attributable to common shareholders
$
270
$
90
$
44
$
158
$
(114
)
$
448
Three Months Ended June 30, 2023
Operating revenues
$
1,901
$
828
$
797
$
1,305
$
(13
)
$
4,818
Operating expenses
Purchased power and fuel
685
302
272
467
1
1,727
Operating and maintenance
355
239
198
304
101
1,197
Depreciation and amortization
350
99
158
243
16
866
Taxes other than income taxes
88
47
76
112
1
324
Total operating expenses
1,478
687
704
1,126
119
4,114
Operating income (loss)
423
141
93
179
(132
)
704
Other income and (deductions)
Interest expense, net
(120
)
(48
)
(44
)
(81
)
(134
)
(427
)
Other, net
17
6
5
25
86
139
Total other income and (deductions)
(103
)
(42
)
(39
)
(56
)
(48
)
(288
)
Income (loss) before Income taxes
320
99
54
123
(180
)
416
Income taxes
71
2
12
20
(32
)
73
Net income (loss) attributable to common shareholders
$
249
$
97
$
42
$
103
$
(148
)
$
343
Change in net income (loss) from 2023 to 2024
$
21
$
(7
)
$
2
$
55
$
34
$
105
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Six Months Ended June 30, 2024
Operating revenues
$
4,174
$
1,945
$
2,225
$
3,077
$
(18
)
$
11,403
Operating expenses
Purchased power and fuel
1,670
727
807
1,197
—
4,401
Operating and maintenance
867
563
514
607
(70
)
2,481
Depreciation and amortization
737
210
312
481
33
1,773
Taxes other than income taxes
188
103
169
254
17
731
Total operating expenses
3,462
1,603
1,802
2,539
(20
)
9,386
Gain on sales of assets
5
4
—
—
—
9
Operating income
717
346
423
538
2
2,026
Other income and (deductions)
Interest expense, net
(246
)
(112
)
(103
)
(183
)
(306
)
(950
)
Other, net
41
18
16
57
7
139
Total other income and (deductions)
(205
)
(94
)
(87
)
(126
)
(299
)
(811
)
Income (loss) before Income taxes
512
252
336
412
(297
)
1,215
Income taxes
49
13
28
86
(67
)
109
Net income (loss) attributable to common shareholders
$
463
$
239
$
308
$
326
$
(230
)
$
1,106
Six Months Ended June 30, 2023
Operating revenues
$
3,568
$
1,940
$
2,053
$
2,841
$
(22
)
$
10,380
Operating expenses
Purchased power and fuel
1,172
786
764
1,094
2
3,818
Operating and maintenance
692
510
419
613
113
2,347
Depreciation and amortization
688
197
325
484
33
1,727
Taxes other than income taxes
182
97
159
232
9
679
Total operating expenses
2,734
1,590
1,667
2,423
157
8,571
Operating income (loss)
834
350
386
418
(179
)
1,809
Other income and (deductions)
Interest expense, net
(237
)
(97
)
(88
)
(157
)
(261
)
(840
)
Other, net
34
15
8
51
141
249
Total other income and (deductions)
(203
)
(82
)
(80
)
(106
)
(120
)
(591
)
Income (loss) before Income taxes
631
268
306
312
(299
)
1,218
Income taxes
142
5
65
54
(60
)
206
Net income (loss) attributable to common shareholders
$
489
$
263
$
241
$
258
$
(239
)
$
1,012
Change in net income (loss) from 2023 to 2024
$
(26
)
$
(24
)
$
67
$
68
$
9
$
94
__________
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
Consolidated Balance Sheets
(unaudited)
(in millions)
June 30, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
934
$
445
Restricted cash and cash equivalents
530
482
Accounts receivable
Customer accounts receivable
3,053
2,659
Customer allowance for credit losses
(372
)
(317
)
Customer accounts receivable, net
2,681
2,342
Other accounts receivable
1,136
1,101
Other allowance for credit losses
(108
)
(82
)
Other accounts receivable, net
1,028
1,019
Inventories, net
Fossil fuel
53
94
Materials and supplies
771
707
Regulatory assets
1,945
2,215
Other
615
473
Total current assets
8,557
7,777
Property, plant, and equipment, net
75,646
73,593
Deferred debits and other assets
Regulatory assets
8,703
8,698
6,630
6,630
Receivable related to Regulatory Agreement Units
3,840
3,232
Investments
270
251
Other
1,467
1,365
Total deferred debits and other assets
20,910
20,176
Total assets
$
105,113
$
101,546
June 30, 2024
December 31, 2023
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings
$
1,454
$
2,523
Long-term debt due within one year
1,308
1,403
Accounts payable
2,810
2,846
Accrued expenses
1,241
1,375
Payables to affiliates
5
5
Customer deposits
425
411
Regulatory liabilities
433
389
Mark-to-market derivative liabilities
23
74
Unamortized energy contract liabilities
7
8
Other
569
557
Total current liabilities
8,275
9,591
Long-term debt
43,039
39,692
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
12,358
11,956
Regulatory liabilities
10,198
9,576
Pension obligations
1,562
1,571
Non-pension postretirement benefit obligations
524
527
Asset retirement obligations
272
267
Mark-to-market derivative liabilities
121
106
Unamortized energy contract liabilities
23
27
Other
2,199
2,088
Total deferred credits and other liabilities
27,257
26,118
Total liabilities
78,961
75,791
Commitments and contingencies
Shareholders’ equity
Common stock
21,152
21,114
Treasury stock, at cost
(123
)
(123
)
Retained earnings
5,835
5,490
Accumulated other comprehensive loss, net
(712
)
(726
)
Total shareholders’ equity
26,152
25,755
Total liabilities and shareholders’ equity
$
105,113
$
101,546
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Six Months Ended June 30,
2024
2023
Cash flows from operating activities
Net income
$
1,106
$
1,012
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion
1,774
1,727
Gain on sales of assets
(9
)
—
Deferred income taxes and amortization of investment tax credits
72
94
Net fair value changes related to derivatives
—
4
Other non-cash operating activities
246
(222
)
Changes in assets and liabilities:
Accounts receivable
(443
)
387
Inventories
(25
)
44
Accounts payable and accrued expenses
(120
)
(734
)
Collateral received (paid), net
13
(187
)
Income taxes
(39
)
97
Regulatory assets and liabilities, net
265
(516
)
Pension and non-pension postretirement benefit contributions
(125
)
(85
)
Other assets and liabilities
(261
)
140
Net cash flows provided by operating activities
2,454
1,761
Cash flows from investing activities
Capital expenditures
(3,466
)
(3,685
)
Other investing activities
(1
)
10
Net cash flows used in investing activities
(3,467
)
(3,675
)
Cash flows from financing activities
Changes in short-term borrowings
(670
)
(1,600
)
Proceeds from short-term borrowings with maturities greater than 90 days
150
400
Repayments on short-term borrowings with maturities greater than 90 days
(549
)
(150
)
Issuance of long-term debt
4,225
5,200
Retirement of long-term debt
(903
)
(1,209
)
Dividends paid on common stock
(761
)
(717
)
Proceeds from employee stock plans
22
19
Other financing activities
(67
)
(84
)
Net cash flows provided by financing activities
1,447
1,859
Increase (decrease) in cash, restricted cash, and cash equivalents
434
(55
)
Cash, restricted cash, and cash equivalents at beginning of period
1,101
1,090
Cash, restricted cash, and cash equivalents at end of period
$
1,535
$
1,035
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2024 and 2023
(unaudited)
(in millions, except per share data)
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
2023 GAAP net income (loss)
$
0.34
$
249
$
97
$
42
$
103
$
(148
)
$
343
Mark-to-market impact of economic hedging activities (net of taxes of $1)
—
—
—
—
—
3
3
Change in environmental liabilities (net of taxes of $1)
0.01
—
—
—
11
—
11
SEC matter loss contingency (net of taxes of $0)
0.05
—
—
—
—
46
46
Separation costs (net of taxes of $1, $0, $0, $1, and $2, respectively) (1)
0.01
2
1
1
1
—
5
2023 Adjusted (non-GAAP) operating earnings (loss)
$
0.41
$
251
$
98
$
43
$
115
$
(99
)
$
408
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
0.04
$
—
(b)
$
35
$
—
(b)
$
6
(b)
$
—
$
41
Load
0.01
—
(b)
8
—
(b)
(1
)
(b)
—
7
Distribution and transmission rates (2)
0.06
(7
)
(c)
(8
)
(c)
34
(c)
46
(c)
—
65
Other energy delivery (3)
0.10
86
(c)
(4
)
(c)
2
(c)
12
(c)
—
96
Operating and maintenance expense (4)
0.01
(24
)
(19
)
(19
)
7
67
12
Pension and non-pension postretirement benefits
(0.01
)
(5
)
(2
)
—
1
(1
)
(7
)
Depreciation and amortization expense (5)
(0.03
)
(17
)
(6
)
(8
)
(3
)
—
(34
)
Interest expense and other (6)
(0.12
)
1
(9
)
(7
)
(21
)
(80
)
(116
)
Total year over year effects on Adjusted (non-GAAP) Operating Earnings
$
0.06
$
34
$
(5
)
$
2
$
47
$
(14
)
$
64
2024 GAAP net income (loss)
$
0.45
$
270
$
90
$
44
$
158
$
(114
)
$
448
Change in environmental liabilities (net of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC audit liability (net of taxes of $5)
0.01
14
—
—
—
1
15
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7)
0.01
—
3
1
5
—
9
2024 Adjusted (non-GAAP) operating earnings (loss)
$
0.47
$
285
$
93
$
45
$
162
$
(113
)
$
472
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the 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 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 and Other, net.
(2)
For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
(3)
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other.
(4)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, includes favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, reflects decreased 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).
(5)
Reflects ongoing capital expenditures across all utilities.
(6)
For PHI, reflects an increase in taxes other than income. For Corporate, 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.
(7)
Primarily represents severance and reorganization costs related to cost management.
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2024 and 2023
(unaudited)
(in millions, except per share data)
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
2023 GAAP net income (loss)
$
1.02
$
489
$
263
$
241
$
258
$
(239
)
$
1,012
Mark-to-market impact of economic hedging activities (net of taxes of $1)
—
—
—
—
—
2
2
Change in environmental liabilities (net of taxes of $8)
0.03
—
—
—
29
—
29
SEC matter loss contingency (net of taxes of $0)
0.05
—
—
—
—
46
46
Change in FERC audit liability (net of taxes of $4)
0.01
11
—
—
—
—
11
Separation costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (1)
—
2
1
1
1
(1
)
4
2023 Adjusted (non-GAAP) operating earnings (loss)
$
1.11
$
501
$
264
$
242
$
288
$
(191
)
$
1,104
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
0.06
$
—
(b)
$
53
$
—
(b)
$
10
(b)
$
—
$
63
Load
—
—
(b)
4
—
(b)
(1
)
(b)
—
3
Distribution and transmission rates (2)
0.17
(17
)
(c)
(3
)
(c)
119
(c)
68
(c)
—
167
Other energy delivery (3)
0.16
141
(c)
(5
)
(c)
(8
)
(c)
31
(c)
—
159
Operating and maintenance expense (4)
(0.06
)
(78
)
(34
)
(23
)
(17
)
94
(58
)
Pension and non-pension postretirement benefits
(0.01
)
(9
)
(3
)
—
1
(2
)
(13
)
Depreciation and amortization expense (5)
(0.07
)
(35
)
(10
)
(11
)
(13
)
(1
)
(70
)
Interest expense and other (6)
(0.20
)
—
(24
)
(10
)
(37
)
(128
)
(199
)
Total year over year effects on Adjusted (non-GAAP) operating earnings
$
0.05
$
2
$
(22
)
$
67
$
42
$
(37
)
$
52
2024 GAAP net income (loss)
$
1.10
$
463
$
239
$
308
$
326
$
(230
)
$
1,106
Change in environmental liabilities (net of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC audit liability (net of taxes of $13)
0.04
40
—
—
—
2
42
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7)
0.01
—
3
1
5
—
9
2024 Adjusted (non-GAAP) operating earnings (loss)
$
1.16
$
503
$
242
$
309
$
330
$
(228
)
$
1,156
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the 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 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 and Other, net.
(2)
For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases.
(3)
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(4)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For PHI, reflects an increase in contracting and storm costs partially offset by favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, primarily reflects 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 TSA.
(5)
Reflects ongoing capital expenditures across all utilities.
(6)
For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and 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.
(7)
Primarily represents severance and reorganization costs related to cost management.
ComEd Statistics
Three Months Ended June 30, 2024 and 2023
Electric Deliveries (in GWhs)
Revenue (in millions)
2024
2023
% Change
Weather -
Normal %
Change
2024
2023
% Change
Electric Deliveries and Revenues(a)
Residential
6,996
5,783
21.0
%
5.5
%
$
982
$
861
14.1
%
Small commercial industrial
6,473
6,834
(5.3
)%
(0.8
)%
560
461
21.5
%
Large commercial industrial
6,740
6,502
3.7
%
2.1
%
269
205
31.2
%
Public authorities electric railroads
159
185
(14.1
)%
(15.7
)%
14
13
7.7
%
Other(b)
—
—
n/a
n/a
298
234
27.4
%
Total electric revenues(c)
20,368
19,304
5.5
%
1.9
%
2,123
1,774
19.7
%
Other Revenues(d)
(44
)
127
(134.6
)%
Total electric revenues
$
2,079
$
1,901
9.4
%
Purchased Power
$
763
$
685
11.4
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
445
581
697
(23.4
)%
(36.2
)%
Cooling Degree-Days
358
298
266
20.1
%
34.6
%
Six Months Ended June 30, 2024 and 2023
Electric Deliveries (in GWhs)
Revenue (in millions)
2024
2023
% Change
Weather -
Normal %
Change
2024
2023
% Change
Electric Deliveries and Revenues(a)
Residential
13,210
12,017
9.9
%
2.5
%
$
1,900
$
1,698
11.9
%
Small commercial industrial
13,717
14,032
(2.2
)%
(0.6
)%
1,154
823
40.2
%
Large commercial industrial
13,674
13,061
4.7
%
2.3
%
589
290
103.1
%
Public authorities electric railroads
379
412
(8.0
)%
(8.7
)%
32
22
45.5
%
Other(b)
—
—
n/a
n/a
523
450
16.2
%
Total electric revenues(c)
40,980
39,522
3.7
%
1.2
%
4,198
3,283
27.9
%
Other Revenues(d)
(24
)
285
(108.4
)%
Total electric revenues
$
4,174
$
3,568
17.0
%
Purchased Power
$
1,670
$
1,172
42.5
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
3,013
3,252
3,750
(7.3
)%
(19.7
)%
Cooling Degree-Days
358
298
266
20.1
%
34.6
%
Number of Electric Customers
2024
2023
Residential
3,722,798
3,729,428
Small commercial industrial
395,951
391,380
Large commercial industrial
2,060
1,866
Public authorities electric railroads
5,798
4,791
Total
4,126,607
4,127,465
__________
(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 $2 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $5 million for the six months ended June 30, 2024 and 2023, respectively.
(d)
Includes alternative revenue programs and late payment charges.
PECO Statistics
Three Months Ended June 30, 2024 and 2023
Electric and Natural Gas Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
3,296
2,694
22.3
%
3.8
%
$
522
$
444
17.6
%
Small commercial industrial
1,856
1,703
9.0
%
3.5
%
128
132
(3.0
)%
Large commercial industrial
3,408
3,331
2.3
%
(0.9
)%
61
64
(4.7
)%
Public authorities electric railroads
135
144
(6.3
)%
(6.3
)%
7
8
(12.5
)%
Other(b)
—
—
n/a
n/a
75
71
5.6
%
Total electric revenues(c)
8,695
7,872
10.5
%
1.7
%
793
719
10.3
%
Other Revenues(d)
4
—
n/a
Total Electric Revenues
797
719
10.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
4,525
4,373
3.5
%
0.4
%
63
69
(8.7
)%
Small commercial industrial
3,321
3,743
(11.3
)%
(12.3
)%
25
32
(21.9
)%
Large commercial industrial
—
6
(100.0
)%
(10.7
)%
—
—
n/a
Transportation
5,117
5,190
(1.4
)%
(3.5
)%
5
5
—
%
Other(f)
—
—
n/a
n/a
—
2
(100.0
)%
Total natural gas revenues(g)
12,963
13,312
(2.6
)%
(4.6
)%
93
108
(13.9
)%
Other Revenues(d)
1
1
—
%
Total Natural Gas Revenues
94
109
(13.8
)%
Total Electric and Natural Gas Revenues
$
891
$
828
7.6
%
Purchased Power and Fuel
$
323
$
302
7.0
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
351
330
421
6.4
%
(16.6
)%
Cooling Degree-Days
537
233
391
130.5
%
37.3
%
Six Months Ended June 30, 2024 and 2023
Electric and Natural Gas Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
6,751
6,052
11.5
%
1.0
%
$
1,042
$
963
8.2
%
Small commercial industrial
3,747
3,546
5.7
%
0.8
%
254
267
(4.9
)%
Large commercial industrial
6,763
6,568
3.0
%
0.8
%
118
129
(8.5
)%
Public authorities electric railroads
314
312
0.6
%
0.9
%
14
16
(12.5
)%
Other(b)
—
—
n/a
n/a
147
139
5.8
%
Total electric revenues(c)
17,575
16,478
6.7
%
0.9
%
1,575
1,514
4.0
%
Other Revenues(d)
2
—
n/a
Total electric revenues
1,577
1,514
4.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
23,420
21,563
8.6
%
0.6
%
256
292
(12.3
)%
Small commercial industrial
12,809
12,442
2.9
%
(3.8
)%
89
107
(16.8
)%
Large commercial industrial
16
35
(54.3
)%
(11.6
)%
—
1
(100.0
)%
Transportation
12,016
12,204
(1.5
)%
(3.2
)%
13
13
—
%
Other(f)
—
—
n/a
n/a
9
11
(18.2
)%
Total natural gas revenues(g)
48,261
46,244
4.4
%
(1.6
)%
367
424
(13.4
)%
Other Revenues(d)
1
2
(50.0
)%
Total natural gas revenues
368
426
(13.6
)%
Total electric and natural gas revenues
$
1,945
$
1,940
0.3
%
Purchased Power and Fuel
$
727
$
786
(7.5
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,440
2,218
2,831
10.0
%
(13.8
)%
Cooling Degree-Days
537
233
392
130.5
%
37.0
%
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,533,909
1,529,499
Residential
506,193
504,723
Small commercial industrial
156,036
155,845
Small commercial industrial
44,697
44,793
Large commercial industrial
3,162
3,112
Large commercial industrial
7
10
Public authorities electric railroads
10,712
10,423
Transportation
644
642
Total
1,703,819
1,698,879
Total
551,541
550,168
__________
(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 $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $3 million for the six months ended June 30, 2024 and 2023, 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 $1 million for the three months ended June 30, 2024 and 2023, respectively, and $1 million and $1 million for the six months ended June 30, 2024 and 2023, respectively.
BGE Statistics
Three Months Ended June 30, 2024 and 2023
Electric and Natural Gas Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
2,836
2,454
15.6
%
3.4
%
$
464
$
363
27.8
%
Small commercial industrial
648
609
6.4
%
3.4
%
88
75
17.3
%
Large commercial industrial
3,272
3,102
5.5
%
2.2
%
139
119
16.8
%
Public authorities electric railroads
52
48
8.3
%
7.9
%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
101
103
(1.9
)%
Total electric revenues(c)
6,808
6,213
9.6
%
2.9
%
800
667
19.9
%
Other Revenues(d)
(18
)
5
(460.0
)%
Total electric revenues
782
672
16.4
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
4,299
3,909
10.0
%
3.5
%
89
71
25.4
%
Small commercial industrial
1,219
1,156
5.4
%
2.4
%
17
15
13.3
%
Large commercial industrial
8,316
8,059
3.2
%
—
%
40
30
33.3
%
Other(f)
145
78
85.9
%
n/a
4
5
(20.0
)%
Total natural gas revenues(g)
13,979
13,202
5.9
%
1.4
%
150
121
24.0
%
Other Revenues(d)
(4
)
4
(200.0
)%
Total natural gas revenues
146
125
16.8
%
Total electric and natural gas revenues
$
928
$
797
16.4
%
Purchased Power and Fuel
$
343
$
272
26.1
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
362
381
486
(5.0
)%
(25.5
)%
Cooling Degree-Days
339
210
262
61.4
%
29.4
%
Six Months Ended June 30, 2024 and 2023
Electric and Natural Gas Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
6,165
5,560
10.9
%
1.1
%
$
999
$
796
25.5
%
Small commercial industrial
1,346
1,283
4.9
%
1.8
%
178
167
6.6
%
Large commercial industrial
6,386
6,149
3.9
%
1.4
%
271
268
1.1
%
Public authorities electric railroads
104
103
1.0
%
0.9
%
15
14
7.1
%
Other(b)
—
—
n/a
n/a
194
198
(2.0
)%
Total electric revenues(c)
14,001
13,095
6.9
%
1.3
%
1,657
1,443
14.8
%
Other Revenues(d)
7
42
(83.3
)%
Total electric revenues
1,664
1,485
12.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
22,280
20,697
7.6
%
(2.6
)%
360
349
3.2
%
Small commercial industrial
5,212
4,924
5.8
%
(2.6
)%
65
56
16.1
%
Large commercial industrial
21,832
21,273
2.6
%
(1.6
)%
112
100
12.0
%
Other(f)
897
1,686
(46.8
)%
n/a
8
24
(66.7
)%
Total natural gas revenues(g)
50,221
48,580
3.4
%
(2.2
)%
545
529
3.0
%
Other Revenues(d)
16
39
(59.0
)%
Total natural gas revenues
561
568
(1.2
)%
Total electric and natural gas revenues
$
2,225
$
2,053
8.4
%
Purchased Power and Fuel
$
807
$
764
5.6
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,381
2,155
2,840
10.5
%
(16.2
)%
Cooling Degree-Days
339
210
262
61.4
%
29.4
%
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,212,331
1,206,763
Residential
656,690
655,181
Small commercial industrial
115,384
115,594
Small commercial industrial
37,859
38,077
Large commercial industrial
13,156
12,975
Large commercial industrial
6,340
6,275
Public authorities electric railroads
260
265
Total
1,341,131
1,335,597
Total
700,889
699,533
__________
(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 $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $2 million for the six months ended June 30, 2024 and 2023, 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 $1 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $2 million for the six months ended June 30, 2024 and 2023, respectively.
Pepco Statistics
Three Months Ended June 30, 2024 and 2023
Electric Deliveries (in GWhs)
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric Deliveries and Revenues(a)
Residential
1,770
1,598
10.8
%
(7.7
)%
$
315
$
267
18.0
%
Small commercial industrial
265
249
6.4
%
(1.4
)%
43
41
4.9
%
Large commercial industrial
3,409
3,114
9.5
%
3.2
%
251
254
(1.2
)%
Public authorities electric railroads
128
115
11.3
%
10.7
%
7
7
—
%
Other(b)
—
—
n/a
n/a
75
64
17.2
%
Total electric revenues(c)
5,572
5,076
9.8
%
(0.5
)%
691
633
9.2
%
Other Revenues(d)
9
9
—
%
Total electric revenues
$
700
$
642
9.0
%
Purchased Power
$
234
$
204
14.7
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
218
209
296
4.3
%
(26.4
)%
Cooling Degree-Days
646
388
512
66.5
%
26.2
%
Six Months Ended June 30, 2024 and 2023
Electric Deliveries (in GWhs)
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric Deliveries and Revenues(a)
Residential
3,868
3,561
8.6
%
(3.9
)%
$
659
$
549
20.0
%
Small commercial industrial
550
516
6.6
%
0.5
%
89
80
11.3
%
Large commercial industrial
6,701
6,323
6.0
%
1.9
%
513
535
(4.1
)%
Public authorities electric railroads
290
267
8.6
%
7.9
%
18
16
12.5
%
Other(b)
—
—
n/a
n/a
138
120
15.0
%
Total electric revenues(c)
11,409
10,667
7.0
%
(0.1
)%
1,417
1,300
9.0
%
Other Revenues(d)
42
51
(17.6
)%
Total electric revenues
$
1,459
$
1,351
8.0
%
Purchased Power
$
514
$
462
11.3
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,006
1,829
2,374
9.7
%
(15.5
)%
Cooling Degree-Days
651
390
516
66.9
%
26.2
%
Number of Electric Customers
2024
2023
Residential
871,009
860,014
Small commercial industrial
54,080
54,016
Large commercial industrial
23,057
22,904
Public authorities electric railroads
207
204
Total
948,353
937,138
__________
(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 $2 million for both the three months ended June 30, 2024 and 2023, and $3 million for both the six months ended June 30, 2024 and 2023.
(d)
Includes alternative revenue programs and late payment charge revenues.
DPL Statistics
Three Months Ended June 30, 2024 and 2023
Electric and Natural Gas Deliveries
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
1,122
987
13.7
%
(0.6
)%
$
202
$
161
25.5
%
Small commercial industrial
564
547
3.1
%
(1.0
)%
60
57
5.3
%
Large commercial industrial
1,027
1,027
—
%
(3.0
)%
31
33
(6.1
)%
Public authorities electric railroads
10
10
—
%
1.2
%
4
4
—
%
Other(b)
—
—
n/a
n/a
64
61
4.9
%
Total electric revenues(c)
2,723
2,571
5.9
%
(1.6
)%
361
316
14.2
%
Other Revenues(d)
1
4
(75.0
)%
Total electric revenues
362
320
13.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
852
794
7.3
%
(6.7
)%
15
16
(6.3
)%
Small commercial industrial
531
497
6.8
%
(5.4
)%
7
7
—
%
Large commercial industrial
402
371
8.4
%
8.5
%
1
1
—
%
Transportation
1,340
1,328
0.9
%
(1.5
)%
4
4
—
%
Other(f)
—
—
n/a
n/a
1
1
—
%
Total natural gas revenues
3,125
2,990
4.5
%
(2.7
)%
28
29
(3.4
)%
Other Revenues(d)
—
—
n/a
Total natural gas revenues
28
29
(3.4
)%
Total electric and natural gas revenues
$
390
$
349
11.7
%
Purchased Power and Fuel
$
156
$
139
12.2
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
391
322
442
21.4
%
(11.5
)%
Cooling Degree-Days
398
252
352
57.9
%
13.1
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
404
318
483
27.0
%
(16.4
)%
Six Months Ended June 30, 2024 and 2023
Electric and Natural Gas Deliveries
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
2,610
2,373
10.0
%
(0.4
)%
$
458
$
371
23.5
%
Small commercial industrial
1,121
1,081
3.7
%
(0.1
)%
122
119
2.5
%
Large commercial industrial
2,000
1,984
0.8
%
(1.4
)%
60
66
(9.1
)%
Public authorities electric railroads
20
22
(9.1
)%
(9.5
)%
8
8
—
%
Other(b)
—
—
n/a
n/a
126
119
5.9
%
Total electric revenues(c)
5,751
5,460
5.3
%
(0.7
)%
774
683
13.3
%
Other Revenues(d)
6
14
(57.1
)%
Total electric revenues
780
697
11.9
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
4,764
4,368
9.1
%
(2.3
)%
61
76
(19.7
)%
Small commercial industrial
2,244
2,142
4.8
%
(6.5
)%
24
33
(27.3
)%
Large commercial industrial
834
787
6.0
%
5.8
%
3
2
50.0
%
Transportation
3,301
3,231
2.2
%
(1.7
)%
9
8
12.5
%
Other(f)
—
—
n/a
n/a
3
7
(57.1
)%
Total natural gas revenues
11,143
10,528
5.8
%
(2.5
)%
100
126
(20.6
)%
Other Revenues(d)
—
—
n/a
Total natural gas revenues
100
126
(20.6
)%
Total electric and natural gas revenues
$
880
$
823
6.9
%
Purchased Power and Fuel
$
370
$
360
2.8
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,503
2,197
2,807
13.9
%
(10.8
)%
Cooling Degree-Days
398
252
353
57.9
%
12.7
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,608
2,269
2,959
14.9
%
(11.9
)%
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
488,089
483,760
Residential
130,678
129,538
Small commercial industrial
64,549
63,913
Small commercial industrial
10,100
10,060
Large commercial industrial
1,256
1,234
Large commercial industrial
14
16
Public authorities electric railroads
595
594
Transportation
163
163
Total
554,489
549,501
Total
140,955
139,777
__________
(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 June 30, 2024 and 2023, respectively and $3 million for both the six months ended June 30, 2024 and 2023.
(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 June 30, 2024 and 2023
Electric Deliveries (in GWhs)
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric Deliveries and Revenues(a)
Residential
1,049
775
35.4
%
4.0
%
$
229
$
155
47.7
%
Small commercial industrial
365
347
5.2
%
(3.0
)%
55
46
19.6
%
Large commercial industrial
723
743
(2.7
)%
(8.8
)%
47
50
(6.0
)%
Public authorities electric railroads
9
9
—
%
(1.9
)%
5
4
25.0
%
Other(b)
—
—
n/a
n/a
68
63
7.9
%
Total electric revenues(c)
2,146
1,874
14.5
%
(2.1
)%
404
318
27.0
%
Other Revenues(d)
(21
)
(1
)
2,000.0
%
Total electric revenues
$
383
$
317
20.8
%
Purchased Power
$
172
$
124
38.7
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
465
519
525
(10.4
)%
(11.4
)%
Cooling Degree-Days
415
155
303
167.7
%
37.0
%
Six Months Ended June 30, 2024 and 2023
Electric Deliveries (in GWhs)
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric Deliveries and Revenues(a)
Residential
1,889
1,535
23.1
%
2.2
%
$
404
$
301
34.2
%
Small commercial industrial
726
718
1.1
%
(4.8
)%
105
105
—
%
Large commercial industrial
1,464
1,532
(4.4
)%
(8.2
)%
96
113
(15.0
)%
Public authorities electric railroads
23
23
—
%
(2.3
)%
10
9
11.1
%
Other(b)
—
—
n/a
n/a
134
126
6.3
%
Total electric revenues(c)
4,102
3,808
7.7
%
(3.1
)%
749
654
14.5
%
Other Revenues(d)
(9
)
16
(156.3
)%
Total electric revenues
$
740
$
670
10.4
%
Purchased Power
$
312
$
273
14.3
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,666
2,527
2,950
5.5
%
(9.6
)%
Cooling Degree-Days
415
155
304
167.7
%
36.5
%
Number of Electric Customers
2024
2023
Residential
506,358
503,918
Small commercial industrial
62,717
62,307
Large commercial industrial
2,878
3,007
Public authorities electric railroads
701
727
Total
572,654
569,959
__________
(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 June 30, 2024 and 2023, and $1 million for both the six months ended June 30, 2024 and 2023, respectively.
(d)
Includes alternative revenue programs.
(e)
Includes alternative revenue programs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801173992/en/