Exelon Reports Fourth Quarter and Full Year 2023 Results and Initiates 2024 Financial Outlook
Exelon Corporation (Nasdaq: EXC) reported strong financial results for the fourth quarter and full year 2023, with GAAP Net Income of $0.62 per share and Adjusted Operating Earnings of $0.60 per share for Q4. The company declared a quarterly dividend of $0.38 per share for Q1 2024, projecting to invest $35 billion in capital expenditures over the next four years. Exelon anticipates an operating EPS growth of 5-7% from 2023 to 2027.
Positive
Exelon's financial results for Q4 and full year 2023 were robust, with GAAP Net Income of $0.62 per share and Adjusted Operating Earnings of $0.60 per share for Q4.
The company announced a quarterly dividend of $0.38 per share for Q1 2024, representing a 5.6% increase over the previous quarter.
Exelon plans to invest $35 billion in capital expenditures over the next four years to support customer needs, expecting a 7.5% rate base growth and an operating EPS compound annual growth of 5-7% from 2023 to 2027.
The company anticipates Adjusted Operating Earnings of $2.40-$2.50 per share for 2024, driven by continued investments in energy transformations across its jurisdictions.
Exelon's utilities, including ComEd and PHI, achieved best-on-record performances in outage frequency and duration, with gas utilities maintaining top decile performance in gas odor response for the fourth consecutive quarter.
The company updated its financing plan to include $1.3 billion of additional equity to fund incremental capital expenditures, aligning with a balanced funding strategy.
Exelon Corporation's reported increase in GAAP Net Income and Adjusted Operating Earnings for both the fourth quarter and full year of 2023 indicates a robust financial performance. The company's ability to deliver earnings at the top end of the guidance range, despite challenges such as historically mild weather, demonstrates strong operational efficiency and effective financial management.
The declared dividend growth of 5.6% reflects a positive signal to shareholders, reinforcing the company's commitment to returning value. Moreover, the substantial planned capital expenditures of $35 billion over the next four years, aimed at rate base growth and supporting energy transformation, suggest a strategic focus on long-term infrastructure investment and growth prospects. The anticipated compound annual growth rate of 5-7% in operating EPS through 2027 offers a clear earnings growth trajectory, which is crucial for investor confidence.
However, investors should be mindful of the additional equity issuance of $1.3 billion to fund capital expenditures, as it could potentially dilute existing share value. The balance between equity and debt financing will be key to maintaining a healthy capital structure while pursuing growth opportunities.
The energy sector is increasingly influenced by regulatory outcomes, as evidenced by the rate case developments with ComEd, BGE and ACE. The approved rate increases and multi-year plans are likely to provide revenue predictability and stability, which are favorable for Exelon's business model. The approval of rate increases by regulatory bodies such as the ICC, MDPSC and NJBPU underscores the company's ability to effectively navigate the regulatory environment.
From a market perspective, Exelon's operational milestones, including best-on-record performances in outage frequency and duration and sustained top decile performance in gas odor response, strengthen its market position and reliability as a utility provider. These operational efficiencies can enhance customer satisfaction and retention, contributing positively to the company's reputation and competitive edge.
Exelon's commitment to investing in energy transformation aligns with broader industry trends towards sustainable and efficient energy solutions. The company's strategy to innovate and partner with regulators and stakeholders reflects an adaptive approach to the evolving energy landscape, which includes responding to climate change and shifting regulatory demands.
The reference to the Infrastructure and Investment Jobs Act indicates Exelon's proactive stance in securing federal support for projects, which could enhance its financial position and enable it to undertake large-scale infrastructure improvements with external funding assistance. This strategic leveraging of federal programs can mitigate financial risks associated with capital-intensive projects.
It is also important to note the implications of revenue decoupling for ComEd, BGE and PHI. This mechanism, which separates utility revenue from the volume of electricity or gas sold, provides a stable revenue stream and reduces the financial impact of fluctuating demand, contributing to the financial predictability of these utilities.
02/21/2024 - 06:50 AM
Earnings Release Highlights
GAAP Net Income of $0.62 $0.60
Introducing 2024 Adjusted (non-GAAP) Operating Earnings guidance range of $2.40 -$2.50
Declaring quarterly dividend of $0.38 5.6% growth over 2023 fourth quarter dividend of $0.36
Projecting to invest $35 billion 7.5% and operating EPS compounded annual growth of 5-7% from 2023 to 2027
Updating 4-year financing plan to include $1.3 billion 40% of $3.2 billion
ComEd and PHI ended the year with best-on-record performances in both outage frequency and duration, and all gas utilities sustained top decile performance in gas odor response for the fourth straight quarter
A settlement was approved in November by the New Jersey Board of Public Utilities (NJBPU) in Atlantic City Electric’s base rate case
Orders in ComEd’s Multi-Year Rate Plan (“MRP”) and Multi-Year Grid Plan as well as BGE’s multi-year plan were received in December
CHICAGO --(BUSINESS WIRE)--
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2023.
“Exelon had another strong year in 2023, both financially and operationally,” said President and CEO Calvin Butler. “We delivered in the top half of our guidance range, achieved best-on-record operational performance at multiple utilities, and advocated for a more affordable and equitable energy transformation for our customers. We successfully competed for nearly $200 million
“We delivered strong financial results for the second year in a row, despite the historically mild weather impacting our non-decoupled jurisdictions,” said Exelon Chief Financial Officer Jeanne Jones. “For the full year 2023, we earned $2.34 $2.38 $35 billion 7.5% rate base growth and an expected annualized earnings growth rate of 5% to 7% through 2027, off the midpoint of our 2023 guidance, with an expectation of being at midpoint or better in that range. We expect adjusted (non-GAAP) earnings for 2024 of $2.40 $2.50
Fourth Quarter 2023
Exelon's GAAP Net Income from Continuing Operations for the fourth quarter of 2023 increased to $0.62 $0.43 $0.60 $0.43
GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2023 primarily reflect:
Higher utility earnings primarily due to favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023 at BGE. In addition, there were higher electric distribution earnings from higher allowed electric distribution ROE due to an increase in treasury rates at ComEd and favorable impacts of rate increases at PECO and PHI. This was partially offset by higher contracting costs and interest expense at PHI.
Higher costs at the Exelon holding company primarily due to higher interest expense and realized losses on hedging activity.
Full Year 2023
Exelon's GAAP Net Income from Continuing Operations for 2023 increased to $2.34 $2.08 $2.38 $2.27
GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings for the full year 2023 primarily reflect:
Higher utility earnings primarily due to higher electric distribution and transmission earnings from higher allowed ROE due to an increase in treasury rates and higher rate base at ComEd and favorable impacts of rate increases at PECO, BGE, and PHI. In addition, at BGE, there were favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023 and favorable carrying costs related to the carbon mitigation credit (CMC) regulatory asset at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense and interest expense at PECO, BGE and PHI, higher contracting costs at PHI, and higher storm costs at PECO and BGE.
Higher costs at the Exelon holding company primarily due to higher interest expense and realized losses on hedging activity. This was partially offset by certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results in 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
Operating Company Results1
ComEd
ComEd's fourth quarter of 2023 GAAP Net Income increased to $268 million $211 million $269 million $211 million
PECO
PECO’s fourth quarter of 2023 GAAP Net Income increased to $153 million $102 million $154 million $102 million
BGE
BGE’s fourth quarter of 2023 GAAP Net Income increased to $199 million $113 million $199 million $114 million
PHI
PHI’s fourth quarter of 2023 GAAP Net Income increased to $101 million $90 million $102 million $90 million
Initiates Annual Guidance for 2024
Exelon introduced a guidance range for 2024 Adjusted (non-GAAP) Operating Earnings of $2.40 -$2.50
___________
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 .
Recent Developments and Fourth Quarter Highlights
Dividend: On February 21, 2024, Exelon’s Board of Directors declared a regular quarterly dividend of $0.38
Rate Case Developments:
ComEd Multi-Year Rate Plan: On December 14, 2023, the Illinois Commerce Commission (ICC) issued a final order on ComEd's MRP for 2024-2027. The ICC approved total requested revenue requirement increases of $451 million $14 million $6 million $30 million 8.905% , and an equity ratio of 50% .
BGE Electric and Gas Multi-Year Plan: On December 14, 2023, the Maryland Public Service Commission (MDPSC) issued an order on BGE's multi-year plans. The MDPSC order provides for an electric rate increase of approximately $41 million $113 million $25 million 9.50% . Additionally, the MDPSC order provides for a natural gas rate increase of approximately $126 million $62 million $41 million 9.45% .
ACE Electric Base Rate Case: On November 17, 2023, the NJBPU approved an increase in ACE's annual electric distribution base rates of $45 million New Jersey sales and use tax), reflecting an ROE of 9.60% . The order approved incremental increases in ACE's electric distribution base rates of $36 million $9 million
Financing Activities: On November 8, 2023, DPL issued $340 million $75 million $110 million 5.45% , 5.55% , and 5.72% Series, due November 8, 2033, November 8, 2038, and November 8, 2053, respectively. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)
Exelon
Earnings
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2023 GAAP Net Income from Continuing Operations
0.62
$
617
$
268
$
153
$
199
$
101
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $6
(0.02
)
(17
)
—
—
—
—
Separation Costs (net of taxes of $1 $1 $0 $0 $0
—
3
1
1
1
1
2023 Adjusted (non-GAAP) Operating Earnings
0.60
$
603
$
269
$
154
$
199
$
102
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)
Exelon
Earnings
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2022 GAAP Net Income from Continuing Operations
$
0.43
$
432
$
211
$
102
$
113
$
90
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1
—
4
—
—
—
—
Asset Impairments (net of taxes of $0
—
1
—
—
1
—
Separation Costs (net of taxes of $0
—
(1
)
—
—
—
—
Income Tax-Related Adjustments (entire amount represents tax expense)
(0.01
)
(8
)
—
—
—
—
2022 Adjusted (non-GAAP) Operating Earnings
$
0.43
$
428
$
211
$
102
$
114
$
90
Adjusted (non-GAAP) Operating Earnings for the full year of 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)
Exelon
Earnings
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2023 GAAP Net Income from Continuing Operations
$
2.34
$
2,328
$
1,090
$
563
$
485
$
590
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1
—
(4
)
—
—
—
—
Change in Environmental Liabilities (net of taxes of $8
0.03
29
—
—
—
29
Asset Retirement Obligations (net of taxes of $1
—
(1
)
—
—
—
(1
)
SEC Matter Loss Contingency (net of taxes of $0
0.05
46
—
—
—
—
Separation Costs (net of taxes of $7 $3 $1 $1 $2
0.02
22
8
4
4
6
Change in FERC Audit Liability (net of taxes of $4
0.01
11
11
—
—
—
Income Tax-Related Adjustments (entire amount represents tax expense)
(0.05
)
(54
)
—
—
—
—
2023 Adjusted (non-GAAP) Operating Earnings
$
2.38
$
2,377
$
1,108
$
566
$
489
$
624
Adjusted (non-GAAP) Operating Earnings for the full year of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)
Exelon
Earnings
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2022 GAAP Net Income from Continuing Operations
$
2.08
$
2,054
$
917
$
576
$
380
$
608
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1
—
4
—
—
—
—
ERP System Implementation Costs (net of taxes of $0
—
1
—
—
—
—
Asset Retirement Obligations (net of taxes of $2
—
(4
)
—
—
—
(4
)
Asset Impairments (net of taxes of $10
0.04
38
—
—
38
—
Separation Costs (net of taxes of $10 $4 $2 $2 $3
0.02
24
9
4
4
7
Income Tax-Related Adjustments (entire amount represents tax expense)
0.12
122
—
38
—
3
2022 Adjusted (non-GAAP) Operating Earnings
$
2.27
$
2,239
$
926
$
619
$
423
$
614
__________
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 fourth 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 10.5 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). More than 19,500 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
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' 2022 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' Third Quarter 2023 Quarterly Report on Form 10-Q (filed on Nov. 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
10
PECO
11
BGE
13
Pepco
15
DPL
16
ACE
18
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended December 31, 2023
Operating revenues
$
2,008
$
917
$
1,041
$
1,411
$
(9
)
$
5,368
Operating expenses
Purchased power and fuel
748
347
387
544
—
2,026
Operating and maintenance
373
217
109
336
(11
)
1,024
Depreciation and amortization
358
100
167
249
16
890
Taxes other than income taxes
87
46
80
121
11
345
Total operating expenses
1,566
710
743
1,250
16
4,285
Gain on sales of assets and businesses
—
—
—
9
—
9
Operating income (loss)
442
207
298
170
(25
)
1,092
Other income and (deductions)
Interest expense, net
(120
)
(53
)
(47
)
(84
)
(148
)
(452
)
Other, net
24
10
5
28
10
77
Total other income and (deductions)
(96
)
(43
)
(42
)
(56
)
(138
)
(375
)
Income (loss) before income taxes
346
164
256
114
(163
)
717
Income taxes
78
11
57
13
(59
)
100
Net income (loss)
268
153
199
101
(104
)
617
Net income (loss) attributable to common shareholders
$
268
$
153
$
199
$
101
$
(104
)
$
617
Three Months Ended December 31, 2022
Operating revenues
$
1,225
$
1,026
$
1,086
$
1,342
$
(12
)
$
4,667
Operating expenses
Purchased power and fuel
68
442
474
554
—
1,538
Operating and maintenance
368
288
220
292
69
1,237
Depreciation and amortization
341
95
161
240
15
852
Taxes other than income taxes
84
47
77
114
8
330
Total operating expenses
861
872
932
1,200
92
3,957
Operating income (loss)
364
154
154
142
(104
)
710
Other income and (deductions)
Interest expense, net
(106
)
(48
)
(41
)
(75
)
(115
)
(385
)
Other, net
14
8
5
22
52
101
Total other income and (deductions)
(92
)
(40
)
(36
)
(53
)
(63
)
(284
)
Income (loss) before income taxes
272
114
118
89
(167
)
426
Income taxes
61
12
5
(1
)
(83
)
(6
)
Net income (loss)
211
102
113
90
(84
)
432
Net income (loss) attributable to common shareholders
$
211
$
102
$
113
$
90
$
(84
)
$
432
Change in net income (loss) from 2022 to 2023
$
57
$
51
$
86
$
11
$
(20
)
$
185
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Twelve Months Ended December 31, 2023
Operating revenues
$
7,844
$
3,894
$
4,027
$
6,026
$
(64
)
$
21,727
Operating expenses
Purchased power and fuel
2,816
1,544
1,531
2,348
2
8,241
Operating and maintenance
1,450
1,003
741
1,289
76
4,559
Depreciation and amortization
1,403
397
654
990
62
3,506
Taxes other than income taxes
369
202
319
487
31
1,408
Total operating expenses
6,038
3,146
3,245
5,114
171
17,714
Gain on sales of assets and businesses
—
—
—
9
1
10
Operating income (loss)
1,806
748
782
921
(234
)
4,023
Other income and (deductions)
Interest expense, net
(477
)
(201
)
(182
)
(323
)
(546
)
(1,729
)
Other, net
75
36
18
108
171
408
Total other income and (deductions)
(402
)
(165
)
(164
)
(215
)
(375
)
(1,321
)
Income (loss) from continuing operations before income taxes
1,404
583
618
706
(609
)
2,702
Income taxes
314
20
133
116
(209
)
374
Net income (loss) from continuing operations after income taxes
1,090
563
485
590
(400
)
2,328
Net income from discontinued operations after income taxes
—
—
—
—
—
—
Net income (loss)
1,090
563
485
590
(400
)
2,328
Net income (loss) attributable to common shareholders
$
1,090
$
563
$
485
$
590
$
(400
)
$
2,328
Twelve Months Ended December 31, 2022
Operating revenues
$
5,761
$
3,903
$
3,895
$
5,565
$
(46
)
$
19,078
Operating expenses
Purchased power and fuel
1,109
1,535
1,567
2,164
(2
)
6,373
Operating and maintenance
1,412
992
877
1,157
235
4,673
Depreciation and amortization
1,323
373
630
938
61
3,325
Taxes other than income taxes
374
202
302
475
37
1,390
Total operating expenses
4,218
3,102
3,376
4,734
331
15,761
Loss on sales of assets and businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
1,541
801
519
831
(377
)
3,315
Other income and (deductions)
Interest expense, net
(414
)
(177
)
(152
)
(292
)
(412
)
(1,447
)
Other, net
54
31
21
78
351
535
Total other income and (deductions)
(360
)
(146
)
(131
)
(214
)
(61
)
(912
)
Income (loss) from continuing operations before income taxes
1,181
655
388
617
(438
)
2,403
Income taxes
264
79
8
9
(11
)
349
Net income (loss) from continuing operations after income taxes
917
576
380
608
(427
)
2,054
Net income from discontinued operations after income taxes
—
—
—
—
117
117
Net income (loss)
917
576
380
608
(310
)
2,171
Net income attributable to noncontrolling interests
—
—
—
—
1
1
Net income (loss) attributable to common shareholders
$
917
$
576
$
380
$
608
$
(311
)
$
2,170
Change in net income (loss) from continuing operations 2022 to 2023
$
173
$
(13
)
$
105
$
(18
)
$
27
$
274
__________
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
445
$
407
Restricted cash and cash equivalents
482
566
Accounts receivable
Customer accounts receivable
2,659
2,544
Customer allowance for credit losses
(317
)
(327
)
Customer accounts receivable, net
2,342
2,217
Other accounts receivable
1,101
1,426
Other allowance for credit losses
(82
)
(82
)
Other accounts receivable, net
1,019
1,344
Inventories, net
Fossil fuel
94
208
Materials and supplies
707
547
Regulatory assets
2,215
1,641
Other
473
406
Total current assets
7,777
7,336
Property, plant, and equipment, net
73,593
69,076
Deferred debits and other assets
Regulatory assets
8,698
8,037
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement Units
3,232
2,897
Investments
251
232
Other
1,365
1,141
Total deferred debits and other assets
20,176
18,937
Total assets
$
101,546
$
95,349
Liabilities and Shareholders' Equity
Current liabilities
Short-term borrowings
$
2,523
$
2,586
Long-term debt due within one year
1,403
1,802
Accounts payable
2,846
3,382
Accrued expenses
1,375
1,226
Payables to affiliates
5
5
Regulatory liabilities
389
437
Mark-to-market derivative liabilities
74
8
Unamortized energy contract liabilities
8
10
Other
968
1,155
Total current liabilities
9,591
10,611
Long-term debt
39,692
35,272
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
11,956
11,250
Regulatory liabilities
9,576
9,112
Pension obligations
1,571
1,109
Non-pension postretirement benefit obligations
527
507
Asset retirement obligations
267
269
Mark-to-market derivative liabilities
106
83
Unamortized energy contract liabilities
27
35
Other
2,088
1,967
Total deferred credits and other liabilities
26,118
24,332
Total liabilities
75,791
70,605
Commitments and contingencies
Shareholders’ equity
Common stock
21,114
20,908
Treasury stock, at cost
(123
)
(123
)
Retained earnings
5,490
4,597
Accumulated other comprehensive loss, net
(726
)
(638
)
Total shareholders’ equity
25,755
24,744
Total liabilities and shareholders' equity
$
101,546
$
95,349
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Twelve Months Ended December 31,
2023
2022
Cash flows from operating activities
Net income
$
2,328
$
2,171
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization
3,506
3,533
Asset impairments
—
48
Gain on sales of assets and businesses
(10
)
(8
)
Deferred income taxes and amortization of investment tax credits
319
255
Net fair value changes related to derivatives
22
(53
)
Net realized and unrealized losses on NDT funds
—
205
Net unrealized losses on equity investments
—
16
Other non-cash operating activities
(335
)
370
Changes in assets and liabilities:
Accounts receivable
(37
)
(1,222
)
Inventories
(45
)
(121
)
Accounts payable and accrued expenses
(191
)
1,318
Option premiums paid, net
—
(39
)
Collateral (paid) received, net
(146
)
1,248
Income taxes
48
(4
)
Regulatory assets and liabilities, net
(439
)
(1,326
)
Pension and non-pension postretirement benefit contributions
(129
)
(616
)
Other assets and liabilities
(188
)
(905
)
Net cash flows provided by operating activities
4,703
4,870
Cash flows from investing activities
Capital expenditures
(7,408
)
(7,147
)
Proceeds from NDT fund sales
—
488
Investment in NDT funds
—
(516
)
Collection of DPP
—
169
Proceeds from sales of assets and businesses
25
16
Other investing activities
8
—
Net cash flows used in investing activities
(7,375
)
(6,990
)
Cash flows from financing activities
Changes in short-term borrowings
(313
)
986
Proceeds from short-term borrowings with maturities greater than 90 days
400
1,300
Repayments on short-term borrowings with maturities greater than 90 days
(150
)
(1,500
)
Issuance of long-term debt
5,825
6,309
Retirement of long-term debt
(1,713
)
(2,073
)
Issuance of common stock
140
563
Dividends paid on common stock
(1,433
)
(1,334
)
Proceeds from employee stock plans
41
36
Transfer of cash, restricted cash, and cash equivalents to Constellation
—
(2,594
)
Other financing activities
(114
)
(102
)
Net cash flows provided by financing activities
2,683
1,591
Increase (decrease) in cash, restricted cash, and cash equivalents
11
(529
)
Cash, restricted cash, and cash equivalents at beginning of period
1,090
1,619
Cash, restricted cash, and cash equivalents at end of period
$
1,101
$
1,090
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended December 31, 2023 and 2022
(unaudited)
(in millions, except per share data)
Exelon
Earnings
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2022 GAAP Net Income (Loss) from Continuing Operations
$
0.43
$
211
$
102
$
113
$
90
$
(84
)
$
432
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1
—
—
—
—
—
4
4
Asset Impairments (net of taxes of $0
—
—
—
1
—
—
1
Separation Costs (net of taxes of $0
—
—
—
—
—
(1
)
(1
)
Income Tax-Related Adjustments (entire amount represents tax (expense) (3)
(0.01
)
—
—
—
—
(8
)
(8
)
2022 Adjusted (non-GAAP) Operating Earnings (Loss)
$
0.43
$
211
$
102
$
114
$
90
$
(89
)
$
428
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather
$
(0.01
)
$
—
(b)
$
(13
)
$
—
(b)
$
—
(b)
$
—
$
(13
)
Load
(0.01
)
—
(b)
(2
)
—
(b)
(4
)
(b)
—
(6
)
Distribution and Transmission Rates (4)
0.06
19
(c)
21
(c)
10
(c)
21
(c)
(16
)
55
Other Energy Delivery (5)
0.06
54
(c)
(17
)
(c)
(7
)
(c)
32
(c)
—
62
Operating and Maintenance Expense (6)
0.14
(4
)
54
81
(27
)
50
154
Pension and Non-Pension Postretirement Benefits
—
2
—
(1
)
(4
)
—
(3
)
Depreciation and Amortization Expense (7)
(0.02
)
(12
)
(4
)
(4
)
(4
)
—
(24
)
Interest Expense and Other (8)
(0.05
)
(1
)
13
6
(2
)
(66
)
(50
)
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings
$
0.17
$
58
$
52
$
85
$
12
$
(32
)
$
175
2023 GAAP Net Income (Loss) from Continuing Operations
$
0.62
$
268
$
153
$
199
$
101
$
(104
)
$
617
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $6
(0.02
)
—
—
—
—
(17
)
(17
)
Separation Costs (net of taxes of $1 $0 $0 $0 $0 $1
—
1
1
1
1
(1
)
3
2023 Adjusted (non-GAAP) Operating Earnings (Loss)
$
0.60
$
269
$
154
$
199
$
102
$
(121
)
$
603
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 the impairment of an office building at BGE, 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 2022, in connection with the separation, Exelon recorded an income tax benefit related to deductible transaction costs.
(4)
For ComEd, reflects an increase in distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates. For PECO, reflects an increase in revenue primarily due to higher gas distribution rates charged to customers, coupled with higher overall effective rates for both electric and gas attributable to decreased usage. For BGE, reflects an increase in revenue due to distribution rate increases. For PHI, reflects an increase in revenue primarily due to distribution and transmission rate increases. For Corporate, reflects an increase in realized losses from hedging activity.
(5)
For ComEd, primarily reflect an increase in electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PECO, reflects a decrease in transmission and energy efficiency revenues due to regulatory required programs. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is fully offset in Interest expense and Other. For PHI, also reflects higher transmission revenues due to increased Income taxes, Depreciation and amortization, and Operating and maintenance expense, which are fully offset in a combination of Operating and maintenance expense, Depreciation and amortization expense, and Interest expense and Other.
(6)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects a decrease in other operating expenses, a decrease in program costs related to regulatory required programs, and a decrease in storm costs. For BGE, primarily reflects a decrease in other operating expense due to favorable impacts from the multi-year plan reconciliations. For PHI, primarily reflects an increase in contracting costs primarily due to the ACE employee strike. 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 Transition Services Agreement (TSA).
(7)
Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd.
(8)
For PHI, primarily reflects higher income tax expense due to certain EDIT benefits being fully amortized and passed through to customers, with an offsetting increase in Other energy delivery. 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.
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Twelve Months Ended December 31, 2023 and 2022
(unaudited)
(in millions, except per share data)
Exelon
Earnings
per
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2022 GAAP Net Income (Loss) from Continuing Operations
$
2.08
$
917
$
576
$
380
$
608
$
(427
)
$
2,054
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1
—
—
—
—
—
4
4
ERP System Implementation Costs (net of taxes of $0
—
—
—
—
—
1
1
Asset Retirement Obligations (net of taxes of $2
—
—
—
—
(4
)
—
(4
)
Asset Impairments (net of taxes of $10
0.04
—
—
38
—
—
38
Separation Costs (net of taxes of $4 $2 $2 $3 $10
0.02
9
4
4
7
—
24
Income Tax-Related Adjustments (entire amount represents tax expense) (4)
0.12
—
38
—
3
81
122
2022 Adjusted (non-GAAP) Operating Earnings (Loss)
$
2.27
$
926
$
619
$
423
$
614
$
(343
)
$
2,239
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather
$
(0.12
)
$
—
(b)
$
(105
)
$
—
(b)
$
(12
)
(b)
$
—
$
(117
)
Load
(0.01
)
—
(b)
2
—
(b)
(8
)
(b)
—
(6
)
Distribution and Transmission Rates (5)
0.28
117
(c)
62
(c)
42
(c)
80
(c)
(16
)
285
Other Energy Delivery (6)
0.29
162
(c)
28
(c)
(10
)
(c)
109
(c)
—
289
Operating and Maintenance Expense (7)
0.07
(37
)
(10
)
67
(51
)
104
73
Pension and Non-Pension Postretirement Benefits
(0.02
)
9
2
(4
)
(16
)
(13
)
(22
)
Depreciation and Amortization Expense (8)
(0.12
)
(57
)
(18
)
(13
)
(28
)
(3
)
(119
)
Interest Expense and Other (9)
(0.25
)
(12
)
(14
)
(16
)
(64
)
(139
)
(245
)
Share Differential (10)
(0.02
)
—
—
—
—
—
—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings
$
0.11
$
182
$
(53
)
$
66
$
10
$
(67
)
$
138
2023 GAAP Net Income (Loss) from Continuing Operations
$
2.34
$
1,090
$
563
$
485
$
590
$
(400
)
$
2,328
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1
—
—
—
—
—
(4
)
(4
)
Change in Environmental Liabilities (net of taxes of $8
0.03
—
—
—
29
—
29
Asset Retirement Obligations (net of taxes of $1
—
—
—
—
(1
)
—
(1
)
SEC Matter Loss Contingency (net of taxes of $0
0.05
—
—
—
—
46
46
Separation Costs (net of taxes of $3 $1 $1 $2 $7
0.02
8
4
4
6
—
22
Change in FERC Audit Liability (net of taxes of $4
0.01
11
—
—
—
—
11
Income Tax-Related Adjustments (entire amount represents tax expense) (4)
(0.05
)
—
—
—
—
(54
)
(54
)
2023 Adjusted (non-GAAP) Operating Earnings (Loss)
$
2.38
$
1,108
$
566
$
489
$
624
$
(410
)
$
2,377
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 Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(2)
Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.
(3)
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.
(4)
In 2022, for PECO, primarily reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. For Corporate, in connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the 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. In 2023, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(5)
For ComEd, reflects an increase in distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects an increase in revenue primarily due to higher gas distribution rates charged to customers, coupled with higher overall effective rates for both electric and gas attributable to decreased usage. For BGE, reflects an increase in revenue due to distribution and transmission rate increases. For PHI, reflects an increase in revenue primarily due to distribution and transmission rate increases. For Corporate, reflects an increase in realized losses from hedging activity.
(6)
For ComEd, reflects an increase in 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 an increase in transmission and energy efficiency revenues due to regulatory required programs. For PHI, primarily reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is fully offset in Interest expense and Other and the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable. For PHI, also reflects higher transmission revenues due to increased Income taxes, Depreciation and amortization, and Operating and maintenance expense, which are fully offset in a combination of Operating and maintenance expense, Depreciation and amortization expense, and Interest expense and Other.
(7)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an increase in credit loss expense. For PECO, primarily reflects an increase in storm costs, an increase in program costs related to regulatory required programs, partially offset by a decrease in other operating expenses. For BGE, primarily reflects a decrease due to favorable impacts resulting from the multi-year plan reconciliations, partially offset by an increase in storm costs. For PHI, reflects an increase in contracting costs primarily due to the ACE employee strike. For Corporate, includes the following three items: 1) 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, 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 (2023 includes no costs compared to one month of costs for the period prior to the separation for 2022), and 3) an increase in costs for DPA related matters.
(8)
Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. 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.
(9)
For PHI, primarily reflects higher income tax expense due to certain EDIT benefits being fully amortized and passed through to customers, with an offsetting increase in Other energy delivery. 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, partially offset by an increase in other income for the proposed settlement of the DPA related derivative claims.
(10)
Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
ComEd Statistics
Three Months Ended December 31, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather -
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
5,806
5,984
(3.0
)%
(1.4
)%
$
821
$
695
18.1
%
Small commercial & industrial
6,852
7,061
(3.0
)%
(1.1
)%
494
220
124.5
%
Large commercial & industrial
6,607
6,543
1.0
%
1.2
%
271
(43
)
(730.2
)%
Public authorities & electric railroads
233
250
(6.8
)%
(4.4
)%
18
7
157.1
%
Other(b)
—
—
n/a
n/a
250
237
5.5
%
Total electric revenues(c)
19,498
19,838
(1.7
)%
(0.5
)%
1,854
1,116
66.1
%
Other Revenues(d)
154
110
40.0
%
Total Electric Revenues
$
2,008
$
1,226
63.8
%
Purchased Power
$
748
$
68
1,000.0
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,747
2,091
2,139
(16.5
)%
(18.3
)%
Cooling Degree-Days
56
19
14
194.7
%
300.0
%
Twelve Months Ended December 31, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather -
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
26,023
27,819
(6.5
)%
(2.9
)%
$
3,565
$
3,304
7.9
%
Small commercial & industrial
28,706
29,766
(3.6
)%
(2.0
)%
1,857
1,173
58.3
%
Large commercial & industrial
26,708
26,904
(0.7
)%
(0.2
)%
824
5
16,380.0
%
Public authorities & electric railroads
855
909
(5.9
)%
(4.7
)%
51
29
75.9
%
Other(b)
—
—
n/a
n/a
965
955
1.0
%
Total electric revenues(c)
82,292
85,398
(3.6
)%
(1.8
)%
7,262
5,466
32.9
%
Other Revenues(d)
582
295
97.3
%
Total Electric Revenues
$
7,844
$
5,761
36.2
%
Purchased Power
$
2,816
$
1,109
153.9
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
5,014
6,044
5,968
(17.0
)%
(16.0
)%
Cooling Degree-Days
1,145
1,174
1,002
(2.5
)%
14.3
%
Number of Electric Customers
2023
2022
Residential
3,744,213
3,723,282
Small commercial & industrial
391,675
391,298
Large commercial & industrial
1,877
1,890
Public authorities & electric railroads
4,807
4,858
Total
4,142,572
4,121,328
__________
(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 $2 million $16 million $16 million
(d)
Includes alternative revenue programs and late payment charges.
PECO Statistics
Three Months Ended December 31, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
3,076
3,175
(3.1
)%
(0.3
)%
$
473
$
488
(3.1
)%
Small commercial & industrial
1,751
1,812
(3.4
)%
(1.0
)%
111
135
(17.8
)%
Large commercial & industrial
3,240
3,355
(3.4
)%
(2.6
)%
53
70
(24.3
)%
Public authorities & electric railroads
142
149
(4.7
)%
(5.1
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
79
69
14.5
%
Total electric revenues(c)
8,209
8,491
(3.3
)%
(1.4
)%
723
769
(6.0
)%
Other Revenues(d)
(5
)
6
(183.3
)%
Total Electric Revenues
718
775
(7.4
)%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
12,145
13,895
(12.6
)%
(1.6
)%
138
177
(22.0
)%
Small commercial & industrial
6,801
7,211
(5.7
)%
(1.6
)%
49
61
(19.7
)%
Large commercial & industrial
12
11
9.1
%
0.1
%
—
—
n/a
Transportation
6,259
6,503
(3.8
)%
(2.5
)%
7
7
—
%
Other(f)
—
—
n/a
n/a
5
5
—
%
Total natural gas revenues(g)
25,217
27,620
(8.7
)%
(1.8
)%
199
250
(20.4
)%
Other Revenues(d)
—
1
(100.0
)%
Total Natural Gas Revenues
199
251
(20.7
)%
Total Electric and Natural Gas Revenues
$
917
$
1,026
(10.6
)%
Purchased Power and Fuel
$
347
$
442
(21.5
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,351
1,503
1,534
(10.1
)%
(11.9
)%
Cooling Degree-Days
48
18
32
166.7
%
50.0
%
Twelve Months Ended December 31, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
13,262
14,379
(7.8
)%
0.5
%
$
2,090
$
2,026
3.2
%
Small commercial & industrial
7,367
7,701
(4.3
)%
(0.3
)%
526
521
1.0
%
Large commercial & industrial
13,638
14,046
(2.9
)%
(0.8
)%
249
299
(16.7
)%
Public authorities & electric railroads
606
638
(5.0
)%
(5.0
)%
30
30
—
%
Other(b)
—
—
n/a
n/a
298
271
10.0
%
Total electric revenues(c)
34,873
36,764
(5.1
)%
(0.3
)%
3,193
3,147
1.5
%
Other Revenues(d)
9
18
(50.0
)%
Total Electric Revenues
3,202
3,165
1.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
35,842
42,135
(14.9
)%
(3.2
)%
473
512
(7.6
)%
Small commercial & industrial
21,182
23,449
(9.7
)%
(1.7
)%
172
186
(7.5
)%
Large commercial & industrial
51
31
64.5
%
2.7
%
1
—
n/a
Transportation
23,741
25,011
(5.1
)%
(2.4
)%
27
26
3.8
%
Other(f)
—
—
n/a
n/a
17
12
41.7
%
Total natural gas revenues(g)
80,816
90,626
(10.8
)%
(2.6
)%
690
736
(6.3
)%
Other Revenues(d)
2
2
100.0
%
Total Natural Gas Revenues
692
738
(6.2
)%
Total Electric and Natural Gas Revenues
$
3,894
$
3,903
(0.2
)%
Purchased Power and Fuel
$
1,544
$
1,535
0.6
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,587
4,135
4,399
(13.3
)%
(18.5
)%
Cooling Degree-Days
1,345
1,743
1,440
(22.8
)%
(6.6
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,535,927
1,525,635
Residential
507,197
502,944
Small commercial & industrial
156,248
155,576
Small commercial & industrial
45,001
44,957
Large commercial & industrial
3,127
3,121
Large commercial & industrial
9
9
Public authorities & electric railroads
10,417
10,393
Transportation
627
655
Total
1,705,719
1,694,725
Total
552,834
548,565
__________
(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 $3 million $2 million $7 million $7 million
(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 $1 million $2 million $1 million
BGE Statistics
Three Months Ended December 31, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
2,864
3,038
(5.7
)%
—
%
$
457
$
406
12.6
%
Small commercial & industrial
633
655
(3.4
)%
(0.5
)%
79
88
(10.2
)%
Large commercial & industrial
3,032
3,123
(2.9
)%
(1.2
)%
116
148
(21.6
)%
Public authorities & electric railroads
51
49
4.1
%
(1.6
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
98
101
(3.0
)%
Total electric revenues(c)
6,580
6,865
(4.2
)%
(0.6
)%
757
750
0.9
%
Other Revenues(d)
29
(1
)
(3,000.0
)%
Total Electric Revenues
786
749
4.9
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
11,769
13,569
(13.3
)%
(1.9
)%
163
229
(28.8
)%
Small commercial & industrial
2,571
2,999
(14.3
)%
(5.4
)%
27
35
(22.9
)%
Large commercial & industrial
11,221
11,777
(4.7
)%
(0.5
)%
43
55
(21.8
)%
Other(f)
1,668
1,735
(3.9
)%
n/a
10
20
(50.0
)%
Total natural gas revenues(g)
27,229
30,080
(9.5
)%
(1.7
)%
243
339
(28.3
)%
Other Revenues(d)
12
(2
)
(700.0
)%
Total Natural Gas Revenues
255
337
(24.3
)%
Total Electric and Natural Gas Revenues
$
1,041
$
1,086
(4.1
)%
Purchased Power and Fuel
$
387
$
474
(18.4
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,395
1,595
1,633
(12.5
)%
(14.6
)%
Cooling Degree-Days
42
20
29
110.0
%
44.8
%
Twelve Months Ended December 31, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
12,026
13,024
(7.7
)%
(0.2
)%
$
1,765
$
1,564
12.9
%
Small commercial & industrial
2,638
2,781
(5.1
)%
(0.7
)%
331
327
1.2
%
Large commercial & industrial
12,844
13,213
(2.8
)%
(1.2
)%
528
567
(6.9
)%
Public authorities & electric railroads
204
201
1.5
%
0.3
%
29
27
7.4
%
Other(b)
—
—
n/a
n/a
402
398
1.0
%
Total electric revenues(c)
27,712
29,219
(5.2
)%
(0.7
)%
3,055
2,883
6.0
%
Other Revenues(d)
54
(12
)
(550.0
)%
Total Electric Revenues
3,109
2,871
8.3
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
34,724
41,951
(17.2
)%
0.1
%
568
678
(16.2
)%
Small commercial & industrial
8,276
9,894
(16.4
)%
(4.0
)%
100
111
(9.9
)%
Large commercial & industrial
40,006
43,631
(8.3
)%
3.0
%
161
183
(12.0
)%
Other(f)
3,361
7,206
(53.4
)%
n/a
37
68
(45.6
)%
Total natural gas revenues(g)
86,367
102,682
(15.9
)%
(1.7
)%
866
1,040
(16.7
)%
Other Revenues(d)
52
(16
)
(425.0
)%
Total Natural Gas Revenues
918
1,024
(10.4
)%
Total Electric and Natural Gas Revenues
$
4,027
$
3,895
3.4
%
Purchased Power and Fuel
$
1,531
$
1,567
(2.3
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,590
4,333
4,575
(17.1
)%
(21.5
)%
Cooling Degree-Days
960
1,010
912
(5.0
)%
5.3
%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,211,889
1,204,429
Residential
657,823
655,373
Small commercial & industrial
115,787
115,524
Small commercial & industrial
37,993
38,207
Large commercial & industrial
13,072
12,839
Large commercial & industrial
6,309
6,233
Public authorities & electric railroads
261
266
Total
702,125
699,813
Total
1,341,009
1,333,058
__________
(a)
Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $2 million $2 million $6 million $7 million
(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 $1 million $3 million $8 million
Pepco Statistics
Three Months Ended December 31, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
1,535
1,772
(13.4
)%
(3.9
)%
$
282
$
250
12.8
%
Small commercial & industrial
240
258
(7.0
)%
(3.4
)%
42
38
10.5
%
Large commercial & industrial
3,195
3,298
(3.1
)%
(2.1
)%
249
277
(10.1
)%
Public authorities & electric railroads
186
166
12.0
%
12.3
%
10
9
11.1
%
Other(b)
—
—
n/a
n/a
70
51
37.3
%
Total electric revenues(c)
5,156
5,494
(6.2
)%
(2.3
)%
653
625
4.5
%
Other Revenues(d)
(3
)
(13
)
(76.9
)%
Total Electric Revenues
$
650
$
612
6.2
%
Purchased Power
$
224
$
228
(1.8
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,190
1,376
1,328
(13.5
)%
(10.4
)%
Cooling Degree-Days
72
25
51
188.0
%
41.2
%
Twelve Months Ended December 31, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather-
Normal
% Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
7,625
8,162
(6.6
)%
(0.8
)%
$
1,236
$
1,076
14.9
%
Small commercial & industrial
1,071
1,113
(3.8
)%
(1.0
)%
176
155
13.5
%
Large commercial & industrial
13,494
13,797
(2.2
)%
(0.6
)%
1,087
1,083
0.4
%
Public authorities & electric railroads
628
617
1.8
%
2.4
%
34
34
—
%
Other(b)
—
—
n/a
n/a
258
208
24.0
%
Total electric revenues(c)
22,818
23,689
(3.7
)%
(0.6
)%
2,791
2,556
9.2
%
Other Revenues(d)
33
(25
)
(232.0
)%
Total Electric Revenues
$
2,824
$
2,531
11.6
%
Purchased Power
$
974
$
834
16.8
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,030
3,732
3,765
(18.8
) %
(19.5
)%
Cooling Degree-Days
1,643
1,746
1,744
(5.9
)%
(5.8
)%
Number of Electric Customers
2023
2022
Residential
866,018
856,037
Small commercial & industrial
54,142
54,339
Large commercial & industrial
22,941
22,841
Public authorities & electric railroads
208
197
Total
943,309
933,414
__________
(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 $4 million $1 million $9 million $5 million
(d)
Includes alternative revenue programs and late payment charge revenues.
DPL Statistics
Three Months Ended December 31, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather -
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
1,139
1,189
(4.2
)%
(3.6
)%
$
201
$
180
11.7
%
Small commercial & industrial
526
553
(4.9
)%
(5.1
)%
57
63
(9.5
)%
Large commercial & industrial
994
1,043
(4.7
)%
(4.9
)%
28
37
(24.3
)%
Public authorities & electric railroads
13
11
18.2
%
11.9
%
5
4
25.0
%
Other(b)
—
—
n/a
n/a
64
60
6.7
%
Total electric revenues(c)
2,672
2,796
(4.4
)%
(4.3
)%
355
344
3.2
%
Other Revenues(d)
5
(5
)
(200.0
)%
Total Electric Revenues
360
339
6.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
2,544
2,899
(12.2
)%
(9.3
)%
34
49
(30.6
)%
Small commercial & industrial
1,168
1,294
(9.7
)%
(6.4
)%
13
20
(35.0
)%
Large commercial & industrial
420
438
(4.1
)%
(4.1
)%
1
3
(66.7
)%
Transportation
1,654
1,762
(6.1
)%
(4.9
)%
5
4
25.0
%
Other(g)
—
—
n/a
n/a
2
4
(50.0
)%
Total natural gas revenues
5,786
6,393
(9.5
)%
(7.1
)%
55
80
(31.3
)%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
55
80
(31.3
)%
Total Electric and Natural Gas Revenues
$
415
$
419
(1.0
)%
Purchased Power and Fuel
$
176
$
199
(11.6
)%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,451
1,547
1,543
(6.2
)%
(6.0
)%
Cooling Degree-Days
32
13
34
146.2
%
(5.9
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,540
1,600
1,643
(3.8
)%
(6.3
)%
Twelve Months Ended December 31, 2023 and 2022
Electric and Natural Gas Deliveries
Revenue (in millions)
2023
2022
% Change
Weather -
Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
5,132
5,446
(5.8
)%
(1.4
)%
$
827
$
750
10.3
%
Small commercial & industrial
2,291
2,362
(3.0
)%
(1.8
)%
246
235
4.7
%
Large commercial & industrial
4,132
4,250
(2.8
)%
(1.7
)%
126
137
(8.0
)%
Public authorities & electric railroads
44
44
—
%
(0.2
)%
16
15
6.7
%
Other(b)
—
—
n/a
n/a
250
227
10.1
%
Total rate-regulated electric revenues(c)
11,599
12,102
(4.2
)%
(1.6
)%
1,465
1,364
7.4
%
Other Revenues(d)
18
(7
)
(357.1
)%
Total Electric Revenues
1,483
1,357
9.3
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
7,326
8,709
(15.9
)%
(6.4
)%
122
127
(3.9
)%
Small commercial & industrial
3,660
4,176
(12.4
)%
(2.1
)%
53
55
(3.6
)%
Large commercial & industrial
1,588
1,697
(6.4
)%
(6.4
)%
4
12
(66.7
)%
Transportation
6,004
6,696
(10.3
)%
(7.1
)%
16
15
6.7
%
Other(f)
—
—
n/a
n/a
10
29
(65.5
)%
Total rate-regulated natural gas revenues
18,578
21,278
(12.7
)%
(5.7
)%
205
238
(13.9
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
205
238
(13.9
)%
Total Electric and Natural Gas Revenues
$
1,688
$
1,595
5.8
%
Purchased Power and Fuel
$
737
$
706
4.4
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,674
4,271
4,434
(14.0
)%
(17.1
)%
Cooling Degree-Days
1,291
1,405
1,303
(8.1
)%
(0.9
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,845
4,428
4,662
(13.2
)%
(17.5
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
485,713
481,688
Residential
129,903
129,502
Small commercial & industrial
64,220
63,738
Small commercial & industrial
10,133
10,144
Large commercial & industrial
1,260
1,235
Large commercial & industrial
14
17
Public authorities & electric railroads
593
597
Transportation
163
156
Total
551,786
547,258
Total
140,213
139,819
__________
(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 $3 million $1 million $8 million $6 million
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)
Includes revenues primarily from off-system sales.
ACE Statistics
Three Months Ended December 31, 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
892
838
6.4
%
2.1
%
$
182
$
152
19.7
%
Small commercial & industrial
324
320
1.3
%
0.3
%
49
47
4.3
%
Large commercial & industrial
673
707
(4.8
)%
(5.3
)%
43
50
(14.0
)%
Public authorities & electric railroads
10
13
(23.1
)%
(18.9
)%
4
4
—
%
Other(b)
—
—
n/a
n/a
66
63
4.8
%
Total electric revenues(c)
1,899
1,878
1.1
%
(1.1
)%
344
316
8.9
%
Other Revenues(d)
6
(5
)
(220.0
)%
Total Electric Revenues
$
350
$
311
12.5
%
Purchased Power
$
144
$
127
13.4
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,485
1,623
1,555
(8.5
)%
(4.5
)%
Cooling Degree-Days
22
12
30
83.3
%
(26.7
)%
Twelve Months Ended December 31, 2023 and 2022
Electric Deliveries (in GWhs)
Revenue (in millions)
2023
2022
% Change
Weather -
Normal
% Change
2023
2022
% Change
Electric Deliveries and Revenues(a)
Residential
4,013
4,131
(2.9
)%
(1.8
)%
$
782
$
764
2.4
%
Small commercial & industrial
1,551
1,499
3.5
%
4.2
%
229
217
5.5
%
Large commercial & industrial
3,128
3,103
0.8
%
1.3
%
207
202
2.5
%
Public authorities & electric railroads
44
47
(6.4
)%
(6.6
)%
17
15
13.3
%
Other(b)
—
—
n/a
n/a
260
252
3.2
%
Total electric revenues(c)
8,736
8,780
(0.5
)%
0.3
%
1,495
1,450
3.1
%
Other Revenues(d)
27
(19
)
(242.1
)%
Total Electric Revenues
$
1,522
$
1,431
6.4
%
Purchased Power
$
637
$
624
2.1
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
4,043
4,629
4,591
(12.7
)%
(11.9
)%
Cooling Degree-Days
1,029
1,243
1,214
(17.2
)%
(15.2
)%
Number of Electric Customers
2023
2022
Residential
504,919
502,247
Small commercial & industrial
62,646
62,246
Large commercial & industrial
2,909
3,051
Public authorities & electric railroads
727
734
Total
571,201
568,278
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling less than $1 million for both the three months ended December 31, 2023 and 2022, respectively, and $2 million for both the twelve months ended December 31, 2023 and 2022.
(d)
Includes alternative revenue programs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221832808/en/
James Gherardi
Source: Exelon Corporation
Exelon reported a GAAP Net Income of $0.62 per share for the fourth quarter of 2023.
Exelon's Adjusted Operating Earnings were $0.60 per share for the fourth quarter of 2023.
Exelon declared a quarterly dividend of $0.38 per share for the first quarter of 2024.
Exelon plans to invest $35 billion in capital expenditures over the next four years.
Exelon expects a rate base growth of 7.5% and an operating EPS compound annual growth of 5-7% from 2023 to 2027.
