Exelon Reports Second Quarter 2023 Results
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2023.
“In the second quarter, we reported solid financial results, and our local energy companies across the country continue to prove that they are best in class – with three of our four operating companies having best-on-record performance in outage frequency and outage duration last quarter,” said Exelon President and CEO, Calvin Butler. “We deliver this performance while remaining steadfast in our commitment to a sustainable energy future. We are modernizing the grid, enabling further electrification and decarbonization. I’m confident we will continue strengthening Exelon’s financial position while prioritizing the health of our customers and communities.”
“Exelon’s performance remained strong into the second quarter of the year, reporting Adjusted (non-GAAP) Operating Earnings of $0.41 per share, which is in line with expectations,” said Exelon Executive Vice President and CFO Jeanne Jones. “Through the first half of 2023, we have deployed $3.6B of investments needed to lead the energy transformation for our customers. We look forward to closing out the second half of 2023 equally strong executing on the remaining $7.2 billion of investments. We reaffirm our full year Adjusted (non-GAAP) Operating Earnings guidance range of $2.30 to $2.42 per share.”
Second Quarter 2023
Exelon's GAAP Net Income from Continuing Operations for the second quarter of 2023 decreased to $0.34 per share from $0.47 GAAP Net Income from Continuing Operations per share in the second quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 decreased to $0.41 per share from $0.44 per share in the second quarter of 2022. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the second quarter of 2023 primarily reflect:
Consistent utility earnings primarily due to higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in U.S. treasury rates and the impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory asset at ComEd. This was partially offset by unfavorable weather at PECO, higher depreciation expense at PECO, and higher interest expense at BGE. Higher costs at the Exelon holding company primarily due to higher interest expense.Operating Company Results1
ComEd
ComEd's second quarter of 2023 GAAP Net Income increased to $249 million from $227 million in the second quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $251 million from $229 million in the second quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. Treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2023 GAAP Net Income decreased to $97 million from $133 million in the second quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 decreased to $98 million from $134 million in the second quarter of 2022, primarily due to unfavorable weather and an increase in depreciation expense, partially offset by gas distribution rate increases.
BGE
BGE’s second quarter of 2023 GAAP Net Income increased to $42 million from $37 million in the second quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $43 million from $38 million in the second quarter of 2022, primarily due to favorable impacts of the multi-year plans, offset by an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
___________
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.
PHI
PHI’s second quarter of 2023 GAAP Net Income increased to $103 million from $100 million in the second quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2023 increased to $115 million from $101 million in the second quarter of 2022, primarily due to distribution and transmission rate increases. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and Second Quarter Highlights
Pepco Maryland Electric Rate Case: On May 16, 2023, Pepco filed an application for a three-year cumulative multi-year plan for April 1, 2024 through March 31, 2027, with the MDPSC. Pepco requested total electric revenue requirement increases of $74 million, $60 million, and $60 million in 2024, 2025, and 2026, respectively. The plan contains a proposed nine-month extension period with a requested revenue requirement increase of $20 million effective April 1, 2027 through December 31, 2027. The electric revenue requirement increases reflect a requested ROE of 10.5%. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support Maryland's climate and clean energy goals. Financing Activities: On May 9, 2023, ComEd entered into a 364-day term loan agreement for $400 million with a variable rate equal to SOFR plus 1.00% and an expiration date of May 7, 2024. The proceeds from this loan were used to repay outstanding commercial paper obligations and for general corporate purposes. On June 23, 2023, PECO issued $575 million aggregate principal amounts of its First and Refunding Mortgage Bonds, 4.90% Series due June 15, 2033. PECO used the proceeds to refinance existing indebtedness, refinance outstanding commercial paper obligations, and for general corporate purposes. On May 10, 2023, BGE issued $700 million aggregate principal amount of its 5.40% notes due June 1, 2053. BGE used the proceeds to repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes.GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
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 from Continuing Operations:
(in millions, except per share amounts)
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
2023 GAAP Net Income from Continuing Operations
$
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
Adjusted (non-GAAP) Operating Earnings for the second 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)
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
2022 GAAP Net Income from Continuing Operations
$
0.47
$
465
$
227
$
133
$
37
$
100
Separation Costs (net of taxes of $4, $1, $0, $0, and $1, respectively)
0.01
10
2
1
1
2
Income Tax-Related Adjustments (entire amount represents tax expense)
(0.04
)
(43
)
—
—
—
—
2022 Adjusted (non-GAAP) Operating Earnings
$
0.44
$
433
$
229
$
134
$
38
$
101
Note: Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss second quarter 2023 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 250 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 19,000 Exelon employees dedicate their time and expertise to supporting our 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 Aug. 2, 2023.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2023 Quarterly Report on Form 10-Q (to be filed on Aug. 2, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Earnings Release Attachments
Table of Contents
Consolidating Statement of Operations
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
9
PECO
10
BGE
13
Pepco
16
DPL
17
ACE
19
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
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)
249
97
42
103
(148
)
343
Net income (loss) attributable to common shareholders
$
249
$
97
$
42
$
103
$
(148
)
$
343
Three Months Ended June 30, 2022
Operating revenues
$
1,425
$
816
$
786
$
1,221
$
(9
)
$
4,239
Operating expenses
Purchased power and fuel
283
283
289
420
(1
)
1,274
Operating and maintenance
338
215
205
292
59
1,109
Depreciation and amortization
328
93
152
240
17
830
Taxes other than income taxes
90
48
71
114
7
330
Total operating expenses
1,039
639
717
1,066
82
3,543
Loss on sale of assets and businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
384
177
69
155
(91
)
694
Other income and (deductions)
Interest expense, net
(104
)
(43
)
(36
)
(73
)
(102
)
(358
)
Other, net
13
8
5
19
130
175
Total other income and (deductions)
(91
)
(35
)
(31
)
(54
)
28
(183
)
Income (loss) before Income taxes
293
142
38
101
(63
)
511
Income taxes
66
9
1
1
(31
)
46
Net income (loss)
227
133
37
100
(32
)
465
Net income (loss) attributable to common shareholders
$
227
$
133
$
37
$
100
$
(32
)
$
465
Change in Net income from 2022 to 2023
$
22
$
(36
)
$
5
$
3
$
(116
)
$
(122
)
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
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) from continuing operations before Income taxes
631
268
306
312
(299
)
1,218
Income taxes
142
5
65
54
(60
)
206
Net income (loss) from continuing operations after income taxes
489
263
241
258
(239
)
1,012
Net income from discontinued operations after income taxes
—
—
—
—
—
—
Net income (loss)
489
263
241
258
(239
)
1,012
Net income attributable to noncontrolling interests
—
—
—
—
—
—
Net income (loss) attributable to common shareholders
$
489
$
263
$
241
$
258
$
(239
)
$
1,012
Six Months Ended June 30, 2022
Operating revenues
$
3,158
$
1,863
$
1,940
$
2,626
$
(21
)
$
9,566
Operating expenses
Purchased power and fuel
921
689
743
999
—
3,352
Operating and maintenance
689
463
423
591
122
2,288
Depreciation and amortization
649
185
322
459
32
1,647
Taxes other than income taxes
185
95
148
233
23
684
Total operating expenses
2,444
1,432
1,636
2,282
177
7,971
Loss on sale of assets and businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
712
431
304
344
(198
)
1,593
Other income and (deductions)
Interest expense, net
(204
)
(84
)
(71
)
(143
)
(195
)
(697
)
Other, net
26
16
11
37
223
313
Total other income and (deductions)
(178
)
(68
)
(60
)
(106
)
28
(384
)
Income (loss) from continuing operations before Income taxes
534
363
244
238
(170
)
1,209
Income taxes
119
24
10
8
102
263
Net income (loss) from continuing operations after income taxes
415
339
234
230
(272
)
946
Net income from discontinued operations after income taxes
—
—
—
—
117
117
Net income (loss)
415
339
234
230
(155
)
1,063
Net income attributable to noncontrolling interests
—
—
—
—
1
1
Net income (loss) attributable to common shareholders
$
415
$
339
$
234
$
230
$
(156
)
$
1,062
Change in Net income from continuing operations 2022 to 2023
$
74
$
(76
)
$
7
$
28
$
33
$
66
__________
(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, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
399
$
407
Restricted cash and cash equivalents
435
566
Accounts receivable
Customer accounts receivable
2,333
2,544
Customer allowance for credit losses
(323
)
(327
)
Customer accounts receivable, net
2,010
2,217
Other accounts receivable
1,107
1,426
Other allowance for credit losses
(87
)
(82
)
Other accounts receivable, net
1,020
1,344
Inventories, net
Fossil fuel
88
208
Materials and supplies
622
547
Regulatory assets
2,505
1,641
Other
463
406
Total current assets
7,542
7,336
Property, plant, and equipment, net
71,300
69,076
Deferred debits and other assets
Regulatory assets
7,972
8,037
6,630
6,630
Receivable related to Regulatory Agreement Units
3,120
2,897
Investments
238
232
Other
1,278
1,141
Total deferred debits and other assets
19,238
18,937
Total assets
$
98,080
$
95,349
June 30, 2023
December 31, 2022
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings
$
1,236
$
2,586
Long-term debt due within one year
1,505
1,802
Accounts payable
2,506
3,382
Accrued expenses
1,220
1,226
Payables to affiliates
5
5
Regulatory liabilities
439
437
Mark-to-market derivative liabilities
31
8
Unamortized energy contract liabilities
8
10
Other
986
1,155
Total current liabilities
7,936
10,611
Long-term debt
39,492
35,272
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
11,547
11,250
Regulatory liabilities
9,406
9,112
Pension obligations
1,061
1,109
Non-pension postretirement benefit obligations
510
507
Asset retirement obligations
273
269
Mark-to-market derivative liabilities
109
83
Unamortized energy contract liabilities
30
35
Other
2,247
1,967
Total deferred credits and other liabilities
25,183
24,332
Total liabilities
73,001
70,605
Commitments and contingencies
Shareholders’ equity
Common stock
20,941
20,908
Treasury stock, at cost
(123
)
(123
)
Retained earnings
4,891
4,597
Accumulated other comprehensive loss, net
(630
)
(638
)
Total shareholders’ equity
25,079
24,744
Total liabilities and shareholders’ equity
$
98,080
$
95,349
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Six Months Ended June 30,
2023
2022
Cash flows from operating activities
Net income
$
1,012
$
1,063
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization
1,727
1,854
Gain on sales of assets and businesses
—
(8
)
Deferred income taxes and amortization of investment tax credits
94
143
Net fair value changes related to derivatives
4
(59
)
Net realized and unrealized losses on NDT funds
—
205
Net unrealized losses on equity investments
—
16
Other non-cash operating activities
(222
)
276
Changes in assets and liabilities:
Accounts receivable
387
(795
)
Inventories
44
12
Accounts payable and accrued expenses
(734
)
544
Option premiums paid, net
—
(39
)
Collateral (paid) received, net
(187
)
1,689
Income taxes
97
23
Regulatory assets and liabilities, net
(516
)
(376
)
Pension and non-pension postretirement benefit contributions
(85
)
(585
)
Other assets and liabilities
140
(723
)
Net cash flows provided by operating activities
1,761
3,240
Cash flows from investing activities
Capital expenditures
(3,685
)
(3,507
)
Proceeds from NDT fund sales
—
488
Investment in NDT funds
—
(516
)
Collection of DPP
—
169
Proceeds from sales of assets and businesses
—
16
Other investing activities
10
4
Net cash flows used in investing activities
(3,675
)
(3,346
)
Cash flows from financing activities
Changes in short-term borrowings
(1,600
)
(597
)
Proceeds from short-term borrowings with maturities greater than 90 days
400
1,150
Repayments on short-term borrowings with maturities greater than 90 days
(150
)
(350
)
Issuance of long-term debt
5,200
5,151
Retirement of long-term debt
(1,209
)
(1,707
)
Dividends paid on common stock
(717
)
(663
)
Proceeds from employee stock plans
19
17
Transfer of cash, restricted cash, and cash equivalents to Constellation
—
(2,594
)
Other financing activities
(84
)
(84
)
Net cash flows provided by financing activities
1,859
323
(Decrease) increase in cash, restricted cash, and cash equivalents
(55
)
217
Cash, restricted cash, and cash equivalents at beginning of period
1,090
1,619
Cash, restricted cash, and cash equivalents at end of period
$
1,035
$
1,836
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2023 and 2022
(unaudited)
(in millions, except per share data)
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
2022 GAAP Net Income (Loss) from Continuing Operations
$
0.47
$
227
$
133
$
37
$
100
$
(32
)
$
465
Separation Costs (net of taxes of $1, $0, $0, $1, $1, and $4, respectively) (1)
0.01
2
1
1
2
4
10
Income Tax-Related Adjustments (entire amount represents tax expense) (2)
(0.04
)
—
—
—
—
(43
)
(43
)
2022 Adjusted (non-GAAP) Operating Earnings (Loss)
$
0.44
$
229
$
134
$
38
$
101
$
(69
)
$
433
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather
$
(0.03
)
$
—
(b)
$
(27
)
$
—
(b)
$
(4
)
(b)
$
—
$
(31
)
Load
—
—
(b)
(3
)
—
(b)
—
(b)
—
(3
)
Distribution and Transmission Rates (3)
0.04
14
(c)
9
(c)
13
(c)
7
(c)
—
43
Other Energy Delivery (4)
0.07
39
(c)
16
(c)
(4
)
(c)
16
(c)
—
67
Operating and Maintenance Expense (5)
(0.03
)
(15
)
(19
)
7
4
(12
)
(35
)
Pension and Non-Pension Postretirement Benefits
—
3
—
(1
)
(4
)
(1
)
(3
)
Depreciation and Amortization Expense (6)
(0.03
)
(15
)
(5
)
(2
)
(2
)
(1
)
(25
)
Interest Expense and Other (7)
(0.04
)
(4
)
(7
)
(8
)
(3
)
(16
)
(38
)
Share Differential (8)
(0.01
)
—
—
—
—
—
—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings
$
(0.03
)
$
22
$
(36
)
$
5
$
14
$
(30
)
$
(25
)
2023 GAAP Net Income (Loss) from Continuing Operations
$
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
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)
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.
(2)
In connection with the separation, Exelon recorded a one-time impact associated with a state tax benefit.
(3)
For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven and the impacts of by an increase in treasury rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
(4)
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PECO, reflects increased transmission and energy efficiency revenues due to regulatory required programs.
(5)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects increased program costs related to regulatory required programs and increased contracting costs. For Corporate, primarily reflects an increase in costs for Deferred Prosecution Agreement (DPA) related matters. This increase is partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(6)
Reflects ongoing capital expenditures across all utilities.
(7)
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 increase in Operating and maintenance expense. This was partially offset by an increase in other income for the proposed settlement of the DPA related derivative claims.
(8)
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.
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2023 and 2022
(unaudited)
(in millions, except per share data)
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
2022 GAAP Net Income (Loss) from Continuing Operations
$
0.96
$
415
$
339
$
234
$
230
$
(272
)
$
946
ERP System Implementation Costs (net of taxes of $0) (1)
—
—
—
—
—
1
1
Separation Costs (net of taxes of $3, $1, $1, $2, $3 and $11, respectively) (2)
0.03
7
3
4
5
8
27
Income Tax-Related Adjustments (entire amount represents tax expense) (3)
0.09
—
—
—
3
89
92
2022 Adjusted (non-GAAP) Operating Earnings (Loss)
$
1.08
$
422
$
342
$
238
$
238
$
(175
)
$
1,065
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather
$
(0.07
)
$
—
(b)
$
(63
)
$
—
(b)
$
(11
)
(b)
$
—
$
(74
)
Load
(0.01
)
—
(b)
(7
)
—
(b)
(3
)
(b)
—
(10
)
Distribution and Transmission Rates (4)
0.17
59
(c)
35
(c)
26
(c)
50
(c)
—
170
Other Energy Delivery (5)
0.12
64
(c)
20
(c)
(6
)
(c)
45
(c)
—
123
Operating and Maintenance Expense (6)
(0.02
)
(13
)
(39
)
2
15
10
(25
)
Pension and Non-Pension Postretirement Benefits
—
5
2
(2
)
(9
)
(1
)
(5
)
Depreciation and Amortization Expense (7)
(0.06
)
(28
)
(9
)
(1
)
(18
)
(2
)
(58
)
Interest Expense and Other (8)
(0.08
)
(8
)
(17
)
(15
)
(19
)
(23
)
(82
)
Share Differential (9)
(0.02
)
—
—
—
—
—
—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings
$
0.03
$
79
$
(78
)
$
4
$
50
$
(16
)
$
39
2023 GAAP Net Income (Loss) from Continuing Operations
$
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) (2)
—
2
1
1
1
(1
)
4
2023 Adjusted (non-GAAP) Operating Earnings (Loss)
$
1.11
$
501
$
264
$
242
$
288
$
(191
)
$
1,104
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)
Reflects costs related to a multi-year Enterprise Resource Planning (ERP) system implementation, which are recorded in Operating and maintenance expense.
(2)
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(3)
In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs partially offset by a one-time impact associated with a state tax benefit.
(4)
For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
(5)
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PECO, reflects increased transmission and energy efficiency revenues due to regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(6)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects increased program costs related to regulatory required programs and increased contracting costs. For PHI, includes decreased storm costs. For Corporate, includes the following three items: 1) an increase in costs for DPA related matters, 2) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (YTD Q2 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q2 2022), and 3) 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.
(7)
Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For BGE, also reflects decreased amortization for regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(8)
For Corporate, Other primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense, partially offset by an increase in other income for the proposed settlement of the DPA related derivative claims.
(9)
Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
ComEd Statistics
Three Months Ended June 30, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather - Normal % Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
5,783
6,617
(12.6
)%
(2.4
)%
$
861
$
819
5.1
%
Small commercial industrial
6,834
7,198
(5.1
)%
(3.8
)%
461
312
47.8
%
Large commercial industrial
6,502
6,641
(2.1
)%
(1.8
)%
205
11
1,763.6
%
Public authorities electric railroads
185
186
(0.5
)%
(0.8
)%
13
5
160.0
%
Other(b)
—
—
n/a
n/a
234
234
—
%
Total electric revenues(c)
19,304
20,642
(6.5
)%
(2.7
)%
1,774
1,381
28.5
%
Other Revenues(d)
127
44
188.6
%
Total Electric Revenues
$
1,901
$
1,425
33.4
%
Purchased Power
$
685
$
283
142.0
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
581
713
697
(18.5
)%
(16.6
)%
Cooling Degree-Days
298
377
266
(21.0
)%
12.0
%
Six Months Ended June 30, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather - Normal % Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
12,017
13,368
(10.1
)%
(2.1
)%
$
1,698
$
1,675
1.4
%
Small commercial industrial
14,032
14,702
(4.6
)%
(2.3
)%
823
736
11.8
%
Large commercial industrial
13,061
13,388
(2.4
)%
(1.2
)%
290
165
75.8
%
Public authorities electric railroads
412
443
(7.0
)%
(5.4
)%
22
20
10.0
%
Other(b)
—
—
n/a
n/a
450
472
(4.7
)%
Total electric revenues(c)
39,522
41,901
(5.7
)%
(1.9
)%
3,283
3,068
7.0
%
Other Revenues(d)
285
90
216.7
%
Total Electric Revenues
$
3,568
$
3,158
13.0
%
Purchased Power
$
1,172
$
921
27.3
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,252
3,878
3,750
(16.1
)%
(13.3
)%
Cooling Degree-Days
298
377
266
(21.0
)%
12.0
%
Number of Electric Customers
2023
2022
Residential
3,729,428
3,711,023
Small commercial industrial
391,380
390,357
Large commercial industrial
1,866
1,900
Public authorities electric railroads
4,791
4,853
Total
4,127,465
4,108,133
__________
(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 $3 million for the three months ended June 30, 2023 and 2022, respectively, and $5 million and $8 million for the six months ended June 30, 2023 and 2022, respectively.
(d)
Includes alternative revenue programs and late payment charges.
PECO Statistics
Three Months Ended June 30, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
2,694
3,060
(12.0
)%
(0.1
)%
$
444
$
431
3.0
%
Small commercial industrial
1,703
1,813
(6.1
)%
(2.9
)%
132
126
4.8
%
Large commercial industrial
3,331
3,416
(2.5
)%
(0.6
)%
64
72
(11.1
)%
Public authorities electric railroads
144
135
6.7
%
6.4
%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
71
68
4.4
%
Total electric revenues(c)
7,872
8,424
(6.6
)%
(0.8
)%
719
704
2.1
%
Other Revenues(d)
—
4
(100.0
)%
Total Electric Revenues
719
708
1.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
4,373
5,206
(16.0
)%
(9.8
)%
69
71
(2.8
)%
Small commercial industrial
3,743
3,638
2.9
%
6.8
%
32
29
10.3
%
Large commercial industrial
6
4
50.0
%
(4.0
)%
—
—
n/a
Transportation
5,190
5,707
(9.1
)%
(7.0
)%
5
6
(16.7
)%
Other(f)
—
—
n/a
n/a
2
2
—
%
Total natural gas revenues(g)
13,312
14,555
(8.5
)%
(4.6
)%
108
108
—
%
Other Revenues(d)
1
—
100.0
%
Total Natural Gas Revenues
109
108
0.9
%
Total Electric and Natural Gas Revenues
$
828
$
816
1.5
%
Purchased Power and Fuel
$
302
$
283
6.7
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
330
385
426
(14.3
)%
(22.5
)%
Cooling Degree-Days
233
434
386
(46.3
)%
(39.6
)%
Six Months Ended June 30, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
6,052
6,818
(11.2
)%
(1.7
)%
$
963
$
918
4.9
%
Small commercial industrial
3,546
3,750
(5.4
)%
(0.5
)%
267
237
12.7
%
Large commercial industrial
6,568
6,748
(2.7
)%
(0.2
)%
129
136
(5.1
)%
Public authorities electric railroads
312
317
(1.6
)%
(1.9
)%
16
15
6.7
%
Other(b)
—
—
n/a
n/a
139
130
6.9
%
Total electric revenues(c)
16,478
17,633
(6.6
)%
(0.9
)%
1,514
1,436
5.4
%
Other Revenues(d)
—
13
(100.0
)%
Total Electric Revenues
1,514
1,449
4.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
21,563
26,043
(17.2
)%
(3.8
)%
292
289
1.0
%
Small commercial industrial
12,442
14,184
(12.3
)%
(0.9
)%
107
105
1.9
%
Large commercial industrial
35
14
150.0
%
9.1
%
1
—
n/a
Transportation
12,204
13,346
(8.6
)%
(6.1
)%
13
14
(7.1
)%
Other(f)
—
—
n/a
n/a
11
5
120.0
%
Total natural gas revenues(g)
46,244
53,587
(13.7
)%
(3.5
)%
424
413
2.7
%
Other Revenues(d)
2
1
100.0
%
Total Natural Gas Revenues
426
414
2.9
%
Total Electric and Natural Gas Revenues
$
1,940
$
1,863
4.1
%
Purchased Power and Fuel
$
786
$
689
14.1
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,218
2,613
2,843
(15.1
)%
(22.0
)%
Cooling Degree-Days
233
435
387
(46.4
)%
(39.8
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,529,499
1,521,728
Residential
504,723
499,678
Small commercial industrial
155,845
155,484
Small commercial industrial
44,793
44,726
Large commercial industrial
3,112
3,114
Large commercial industrial
10
10
Public authorities electric railroads
10,423
10,386
Transportation
642
659
Total
1,698,879
1,690,712
Total
550,168
545,073
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended June 30, 2023 and 2022, respectively, and $3 million and $2 million for the six months ended June 30, 2023 and 2022, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and less than a $1 million for the six months ended June 30, 2023 and 2022, respectively.
BGE Statistics
Three Months Ended June 30, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
2,454
2,752
(10.8
)%
(2.1
)%
$
363
$
334
8.7
%
Small commercial industrial
609
637
(4.4
)%
0.2
%
75
70
7.1
%
Large commercial industrial
3,102
3,214
(3.5
)%
(2.1
)%
119
129
(7.8
)%
Public authorities electric railroads
48
53
(9.4
)%
(8.4
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
103
99
4.0
%
Total electric revenues(c)
6,213
6,656
(6.7
)%
(1.9
)%
667
639
4.4
%
Other Revenues(d)
5
(10
)
(150.0
)%
Total Electric Revenues
672
629
6.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
3,909
4,943
(20.9
)%
(5.4
)%
71
96
(26.0
)%
Small commercial industrial
1,156
1,389
(16.8
)%
(9.5
)%
15
18
(16.7
)%
Large commercial industrial
8,059
9,168
(12.1
)%
(8.0
)%
30
35
(14.3
)%
Other(f)
78
931
(91.6
)%
n/a
5
12
(58.3
)%
Total natural gas revenues(g)
13,202
16,431
(19.7
)%
(7.3
)%
121
161
(24.8
)%
Other Revenues(d)
4
(4
)
(200.0
)%
Total Natural Gas Revenues
125
157
(20.4
)%
Total Electric and Natural Gas Revenues
$
797
$
786
1.4
%
Purchased Power and Fuel
$
272
$
289
(5.9
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
381
446
491
(14.6
)%
(22.4
)%
Cooling Degree-Days
210
279
262
(24.7
)%
(19.8
)%
Six Months Ended June 30, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
5,560
6,321
(12.0
)%
0.3
%
$
796
$
752
5.9
%
Small commercial industrial
1,283
1,372
(6.5
)%
0.7
%
167
151
10.6
%
Large commercial industrial
6,149
6,387
(3.7
)%
(1.2
)%
268
260
3.1
%
Public authorities electric railroads
103
106
(2.8
)%
(2.1
)%
14
14
—
%
Other(b)
—
—
n/a
n/a
198
196
1.0
%
Total electric revenues(c)
13,095
14,186
(7.7
)%
(0.4
)%
1,443
1,373
5.1
%
Other Revenues(d)
42
(7
)
(700.0
)%
Total Electric Revenues
1,485
1,366
8.7
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
20,697
26,061
(20.6
)%
1.2
%
349
378
(7.7
)%
Small commercial industrial
4,924
6,050
(18.6
)%
(2.8
)%
56
63
(11.1
)%
Large commercial industrial
21,273
23,911
(11.0
)%
(3.4
)%
100
100
—
%
Other(f)
1,686
5,391
(68.7
)%
n/a
24
47
(48.9
)%
Total natural gas revenues(g)
48,580
61,413
(20.9
)%
(1.2
)%
529
588
(10.0
)%
Other Revenues(d)
39
(14
)
(378.6
)%
Total Natural Gas Revenues
568
574
(1.0
)%
Total Electric and Natural Gas Revenues
$
2,053
$
1,940
5.8
%
Purchased Power and Fuel
$
764
$
743
2.8
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,155
2,688
2,872
(19.8
)%
(25.0
)%
Cooling Degree-Days
210
279
262
(24.7
)%
(19.8
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,206,763
1,200,397
Residential
655,181
653,409
Small commercial industrial
115,594
115,769
Small commercial industrial
38,077
38,227
Large commercial industrial
12,975
12,721
Large commercial industrial
6,275
6,211
Public authorities electric railroads
265
267
Total
1,335,597
1,329,154
Total
699,533
697,847
__________
(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 $2 million for the three months ended June 30, 2023 and 2022, respectively, and $2 million and $3 million for the six months ended June 30, 2023 and 2022, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from 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, 2023 and 2022, respectively, and $2 million and $7 million for the six months ended June 30, 2023 and 2022, respectively.
Pepco Statistics
Three Months Ended June 30, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
1,598
1,719
(7.0
)%
4.5
%
$
267
$
234
14.1
%
Small commercial industrial
249
257
(3.1
)%
1.4
%
41
35
17.1
%
Large commercial industrial
3,114
3,384
(8.0
)%
(4.5
)%
254
250
1.6
%
Public authorities electric railroads
115
125
(8.0
)%
(7.3
)%
7
8
(12.5
)%
Other(b)
—
—
n/a
n/a
64
54
18.5
%
Total electric revenues(c)
5,076
5,485
(7.5
)%
(1.5
)%
633
581
9.0
%
Other Revenues(d)
9
—
n/a
Total Electric Revenues
$
642
$
581
10.5
%
Purchased Power
$
204
$
162
25.9
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
209
325
308
(35.7
)%
(32.1
)%
Cooling Degree-Days
388
498
506
(22.1
)%
(23.3
)%
Six Months Ended June 30, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
3,561
4,006
(11.1
)%
(0.7
)%
$
549
$
509
7.9
%
Small commercial industrial
516
556
(7.2
)%
(2.4
)%
80
73
9.6
%
Large commercial industrial
6,323
6,633
(4.7
)%
(1.5
)%
535
503
6.4
%
Public authorities electric railroads
267
275
(2.9
)%
(1.8
)%
16
16
—
%
Other(b)
—
—
n/a
n/a
120
100
20.0
%
Total electric revenues(c)
10,667
11,470
(7.0
)%
(1.2
)%
1,300
1,201
8.2
%
Other Revenues(d)
51
(6
)
(950.0
)%
Total Electric Revenues
$
1,351
$
1,195
13.1
%
Purchased Power
$
462
$
375
23.2
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,829
2,338
2,429
(21.8
)%
(24.7
)%
Cooling Degree-Days
390
504
509
(22.6
)%
(23.4
)%
Number of Electric Customers
2023
2022
Residential
860,014
850,569
Small commercial industrial
54,016
54,349
Large commercial industrial
22,904
22,771
Public authorities electric railroads
204
194
Total
937,138
927,883
__________
(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, 2023 and 2022, and $3 million and $2 million for the six months ended June 30, 2023 and 2022, respectively.
(d)
Includes alternative revenue programs and late payment charge revenues.
DPL Statistics
Three Months Ended June 30, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather -
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
987
1,106
(10.8
)%
(1.2
)%
$
161
$
155
3.9
%
Small commercial industrial
547
536
2.1
%
4.8
%
57
51
11.8
%
Large commercial industrial
1,027
1,025
0.2
%
2.7
%
33
30
10.0
%
Public authorities electric railroads
10
10
—
%
(1.2
)%
4
3
33.3
%
Other(b)
—
—
n/a
n/a
61
57
7.0
%
Total electric revenues(c)
2,571
2,677
(4.0
)%
1.5
%
316
296
6.8
%
Other Revenues(d)
4
(1
)
(500.0
)%
Total Electric Revenues
320
295
8.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
794
983
(19.2
)%
(2.1
)%
16
17
(5.9
)%
Small commercial industrial
497
570
(12.8
)%
2.3
%
7
8
(12.5
)%
Large commercial industrial
371
402
(7.7
)%
(7.8
)%
1
3
(66.7
)%
Transportation
1,328
1,444
(8.0
)%
(4.8
)%
4
3
33.3
%
Other(g)
—
—
n/a
n/a
1
6
(83.3
)%
Total natural gas revenues
2,990
3,399
(12.0
)%
(3.1
)%
29
37
(21.6
)%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
29
37
(21.6
)%
Total Electric and Natural Gas Revenues
$
349
$
332
5.1
%
Purchased Power and Fuel
$
139
$
135
3.0
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
322
429
459
(24.9
)%
(29.8
)%
Cooling Degree-Days
252
342
349
(26.3
)%
(27.8
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
318
441
487
(27.9
)%
(34.7
)%
Six Months Ended June 30, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather -
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
2,373
2,683
(11.6
)%
(1.9
)%
$
371
$
362
2.5
%
Small commercial industrial
1,081
1,142
(5.3
)%
(2.2
)%
119
107
11.2
%
Large commercial industrial
1,984
2,040
(2.7
)%
(0.6
)%
66
56
17.9
%
Public authorities electric railroads
22
23
(4.3
)%
(3.9
)%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
119
113
5.3
%
Total electric revenues(c)
5,460
5,888
(7.3
)%
(1.5
)%
683
645
5.9
%
Other Revenues(d)
14
(2
)
(800.0
)%
Total Electric Revenues
697
643
8.4
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
4,368
5,436
(19.6
)%
(5.8
)%
76
68
11.8
%
Small commercial industrial
2,142
2,550
(16.0
)%
(0.8
)%
33
29
13.8
%
Large commercial industrial
787
863
(8.8
)%
(8.7
)%
2
6
(66.7
)%
Transportation
3,231
3,650
(11.5
)%
(6.1
)%
8
7
14.3
%
Other(f)
—
—
n/a
n/a
7
10
(30.0
)%
Total natural gas revenues
10,528
12,499
(15.8
)%
(5.0
)%
126
120
5.0
%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
126
120
5.0
%
Total Electric and Natural Gas Revenues
$
823
$
763
7.9
%
Purchased Power and Fuel
$
360
$
324
11.1
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,197
2,693
2,866
(18.4
)%
(23.3
)%
Cooling Degree-Days
252
346
350
(27.2
)%
(28.0
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,269
2,796
2,984
(18.8
)%
(24.0
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
483,760
479,728
Residential
129,538
128,715
Small commercial industrial
63,913
63,574
Small commercial industrial
10,060
10,068
Large commercial industrial
1,234
1,222
Large commercial industrial
16
16
Public authorities electric railroads
594
598
Transportation
163
157
Total
549,501
545,122
Total
139,777
138,956
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2023 and 2022, and $3 million for both the six months ended June 30, 2023 and 2022.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from 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, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather -
Normal
% Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
775
859
(9.8
)%
2.5
%
$
155
$
159
(2.5
)%
Small commercial industrial
347
362
(4.1
)%
(1.2
)%
46
54
(14.8
)%
Large commercial industrial
743
808
(8.0
)%
(6.3
)%
50
52
(3.8
)%
Public authorities electric railroads
9
11
(18.2
)%
(11.8
)%
4
4
—
%
Other(b)
—
—
n/a
n/a
63
55
14.5
%
Total electric revenues(c)
1,874
2,040
(8.1
)%
(1.7
)%
318
324
(1.9
)%
Other Revenues(d)
(1
)
(15
)
(93.3
)%
Total Electric Revenues
$
317
$
309
2.6
%
Purchased Power
$
124
$
123
0.8
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
519
533
539
(2.6
)%
(3.7
)%
Cooling Degree-Days
155
275
304
(43.6
)%
(49.0
)%
Six Months Ended June 30, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather -
Normal
% Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
1,535
1,777
(13.6
)%
(3.6
)%
$
301
$
329
(8.5
)%
Small commercial industrial
718
701
2.4
%
6.1
%
105
101
4.0
%
Large commercial industrial
1,532
1,511
1.4
%
3.3
%
113
96
17.7
%
Public authorities electric railroads
23
25
(8.0
)%
(5.2
)%
9
8
12.5
%
Other(b)
—
—
n/a
n/a
126
136
(7.4
)%
Total electric revenues(c)
3,808
4,014
(5.1
)%
0.7
%
654
670
(2.4
)%
Other Revenues(d)
16
(12
)
(233.3
)%
Total Electric Revenues
$
670
$
658
1.8
%
Purchased Power
$
273
$
301
(9.3
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,527
2,969
3,005
(14.9
)%
(15.9
)%
Cooling Degree-Days
155
277
305
(44.0
)%
(49.2
)%
Number of Electric Customers
2023
2022
Residential
503,918
501,494
Small commercial industrial
62,307
62,291
Large commercial industrial
3,007
3,085
Public authorities electric railroads
727
726
Total
569,959
567,596
__________
(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, 2023 and 2022, and $1 million and $2 million for the six months ended June 30, 2023 and 2022, respectively.
(d)
Includes alternative revenue programs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230802820965/en/