Exelon Reports Third Quarter 2022 Results
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2022.
“As Exelon leads the energy transformation, our commitment to affordability, energy equity and a cleaner future is unwavering, as is our responsibility to our investors,” said Exelon CEO Chris Crane. “Exelon continues its strong operational performance, with ComEd and PECO achieving best on record SAIFI performance. We are on track to invest more than $6.9 billion at our electric and gas companies by year end to enhance reliability and resiliency. This ongoing infrastructure investment in our electric and gas companies is delivering solid financial and customer satisfaction results. Our consistent operational excellence, strategic and equitable investments in our communities, and significant regulatory milestones achieved this quarter will help ensure we deliver on our promise to provide safe, reliable, resilient and affordable service to our more than 10 million customers and value to our investors.”
“Our third-quarter performance remained strong, with adjusted (non-GAAP) earnings of $0.75 per share which, after adjusting for discontinued operations, is $0.14 ahead of the same period last year driven in part by rate adjustments resulting from our continued investments at the utilities to improve reliability and service for customers,” said Jeanne Jones, Exelon executive vice president and chief financial officer. “Our excellent operational performance and progress on the regulatory front through the third quarter – with more on the horizon – is continued evidence that we are on the right path to achieve our long-term goals. To that end, we have narrowed our 2022 EPS guidance range to $2.21 to $2.29 per share, and reaffirmed our 6-8% earnings per share growth from 2021-2025.”
Third Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the third quarter of 2022 increased to $0.68 per share from $0.47 GAAP Net Income from Continuing Operations per share in the third quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $0.75 per share from $0.53 per share in the third quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the third quarter of 2022 primarily reflect:
Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base, rate increases at PECO, BGE, and PHI, and decreases in storm costs at PECO and BGE, partially offset by higher depreciation expense at PECO and PHI. Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results in the third quarter of 2021 as these costs do not qualify as expenses of the discontinued operations per the accounting rules, partially offset by higher interest expense.Operating Company Results1
ComEd
ComEd's third quarter of 2022 GAAP Net Income increased to $291 million from $220 million in the third quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $293 million from $224 million in the third quarter of 2021, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates and the impacts of higher rate base). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s third quarter of 2022 GAAP Net Income increased to $135 million from $111 million in the third quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $174 million from $114 million in the third quarter of 2021, primarily due to distribution rate increases and decreases in storm costs, partially offset by an increase in depreciation expense.
___________
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.
BGE
BGE’s third quarter of 2022 GAAP Net Income decreased to $33 million from $36 million in the third quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $70 million from $40 million in the third quarter of 2021, primarily due to favorable impacts of the multi-year plans and decreases in storm costs. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s third quarter of 2022 GAAP Net Income increased to $289 million from $266 million in the third quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $286 million from $272 million in the third quarter of 2021, primarily due to distribution rate increases, partially offset by an increase in depreciation expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and Third Quarter Highlights
PECO Pennsylvania Natural Gas Distribution Rate Case: On October 27, 2022, the PAPUC issued an order approving a $55 million increase in PECO's annual natural gas distribution revenues. The rate increase was resolved through a settlement agreement, which did not specify an approved ROE. The rates are effective on January 1, 2023. DPL Delaware Natural Gas Base Rate Case: On October 12, 2022, the DEPSC approved an increase in DPL’s annual natural gas distribution rates of $8 million, reflecting an ROE of 9.60%. Interim rates went into effect on August 14, 2022, subject to refund. Rates associated with the approved order are effective on November 1, 2022. Financing Activities: On August 4, 2022, Exelon entered into an agreement with certain underwriters in connection with an underwritten public offering of 12.995 million shares of its common stock, no par value. The net proceeds were $563 million before expenses paid. Exelon used the proceeds, together with available cash balances, to repay $575 million in borrowings under a $1.15 billion term loan credit facility. On August 23, 2022, PECO issued $425 million of its First and Refunding Mortgage Bonds, 4.375% Series, due August 15, 2052. PECO used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes. On September 15, 2022, Pepco issued $225 million of its First Mortgage bonds, 3.35% Series, due September 15, 2032. Pepco 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 third quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2022 GAAP Net Income (Loss) from Continuing Operations
$
0.68
$
676
$
291
$
135
$
33
$
289
Asset Retirement Obligation (net of taxes of $2)
—
(4
)
—
—
—
(4
)
Asset Impairments (net of taxes of $10)
0.04
37
—
—
37
—
Separation Costs (net of taxes of $1, $1, $0, $0, and $0, respectively)
—
(3
)
2
1
1
1
Income Tax-Related Adjustments (entire amount represents tax expense)
0.04
38
—
38
—
—
2022 Adjusted (non-GAAP) Operating Earnings
$
0.75
$
745
$
293
$
174
$
70
$
286
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2021 GAAP Net Income (Loss) from Continuing Operations
$
0.47
$
457
$
220
$
111
$
36
$
266
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
—
3
—
—
—
—
Cost Management Program (net of taxes of $0)
—
4
—
1
1
1
COVID-19 Direct Costs (net of taxes of $0)
—
3
—
1
1
1
Asset Retirement Obligation (net of taxes of $1)
—
2
—
—
—
2
Acquisition Related Costs (net of taxes of $2)
0.01
7
—
—
—
—
ERP System Implementation Costs (net of taxes of $1)
—
4
—
—
—
—
Separation Costs (net of taxes of $8, $2, $1, $1, and $1, respectively)
0.02
16
4
2
2
3
Income Tax-Related Adjustments (entire amount represents tax expense)
0.03
26
—
—
—
—
2021 Adjusted (non-GAAP) Operating Earnings
$
0.53
$
522
$
224
$
114
$
40
$
272
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Nov. 3, 2022.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the Registrants' Third Quarter 2022 Quarterly Report on Form 10-Q (to be filed on Nov. 3, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 13, Commitments and Contingencies; and (4) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Earnings Release Attachments
Table of Contents
Consolidating Statement of Operations
1
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
6
Statistics
ComEd
10
PECO
11
BGE
13
Pepco
16
DPL
17
ACE
19
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended September 30, 2022
Operating revenues
$
1,378
$
1,014
$
870
$
1,598
$
(15
)
$
4,845
Operating expenses
Purchased power and fuel
121
403
350
610
—
1,484
Operating and maintenance
355
243
235
277
38
1,148
Depreciation and amortization
333
92
148
238
14
825
Taxes other than income taxes
104
60
77
129
7
377
Total operating expenses
913
798
810
1,254
59
3,834
Loss on sales of assets and businesses
—
—
—
—
—
—
Operating income (loss)
465
216
60
344
(74
)
1,011
Other income and (deductions)
Interest expense, net
(104
)
(45
)
(39
)
(72
)
(105
)
(365
)
Other, net
14
8
5
19
76
122
Total other (deductions) and income
(90
)
(37
)
(34
)
(53
)
(29
)
(243
)
Income (loss) from continuing operations before income taxes
375
179
26
291
(103
)
768
Income taxes
84
44
(7
)
2
(31
)
92
Net income (loss) from continuing operations after income taxes
291
135
33
289
(72
)
676
Net income from discontinued operations after income taxes
—
—
—
—
—
—
Net income (loss)
291
135
33
289
(72
)
676
Net income attributable to noncontrolling interests
—
—
—
—
—
—
Net income (loss) attributable to common shareholders
$
291
$
135
$
33
$
289
$
(72
)
$
676
Three Months Ended September 30, 2021
Operating revenues
$
1,789
$
818
$
770
$
1,470
$
16
$
4,863
Operating expenses
Purchased power and fuel
703
277
290
540
(1
)
1,809
Operating and maintenance
330
263
205
278
111
1,187
Depreciation and amortization
304
86
142
210
16
758
Taxes other than income taxes
91
51
72
127
12
353
Total operating expenses
1,428
677
709
1,155
138
4,107
Operating income (loss)
361
141
61
315
(122
)
756
Other income and (deductions)
Interest expense, net
(98
)
(40
)
(36
)
(67
)
(83
)
(324
)
Other, net
13
7
7
16
17
60
Total other deductions
(85
)
(33
)
(29
)
(51
)
(66
)
(264
)
Income (loss) from continuing operations before income taxes
276
108
32
264
(188
)
492
Income taxes
56
(3
)
(4
)
(2
)
(12
)
35
Net income (loss) from continuing operations after income taxes
220
111
36
266
(176
)
457
Net income from discontinued operations after income taxes
—
—
—
—
772
772
Net income
220
111
36
266
596
1,229
Net income attributable to noncontrolling interests
—
—
—
—
26
26
Net income attributable to common shareholders
$
220
$
111
$
36
$
266
$
570
$
1,203
Change in Net income from continuing operations 2021 to 2022
$
71
$
24
$
(3
)
$
23
$
104
$
219
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Nine Months Ended September 30, 2022
Operating revenues
$
4,536
$
2,877
$
2,810
$
4,223
$
(34
)
$
14,412
Operating expenses
Purchased power and fuel
1,041
1,093
1,093
1,609
(1
)
4,835
Operating and maintenance
1,045
705
658
867
161
3,436
Depreciation and amortization
982
277
470
697
46
2,472
Taxes other than income taxes
289
155
225
362
30
1,061
Total operating expenses
3,357
2,230
2,446
3,535
236
11,804
Loss on sales of assets and businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
1,177
647
364
688
(270
)
2,606
Other income and (deductions)
Interest expense, net
(308
)
(129
)
(110
)
(216
)
(300
)
(1,063
)
Other, net
40
23
16
56
300
435
Total other (deductions) and income
(268
)
(106
)
(94
)
(160
)
—
(628
)
Income (loss) from continuing operations before income taxes
909
541
270
528
(270
)
1,978
Income taxes
203
67
3
10
73
356
Net income (loss) from continuing operations after income taxes
706
474
267
518
(343
)
1,622
Net income from discontinued operations after income taxes
—
—
—
—
117
117
Net income (loss)
706
474
267
518
(226
)
1,739
Net income attributable to noncontrolling interests
—
—
—
—
1
1
Net income (loss) attributable to common shareholders
$
706
$
474
$
267
$
518
$
(227
)
$
1,738
Nine Months Ended September 30, 2021
Operating revenues
$
4,840
$
2,399
$
2,426
$
3,854
$
(5
)
$
13,514
Operating expenses
Purchased power and fuel
1,728
800
840
1,414
(1
)
4,781
Operating and maintenance
969
706
595
790
280
3,340
Depreciation and amortization
893
259
434
614
53
2,253
Taxes other than income taxes
243
143
211
349
37
983
Total operating expenses
3,833
1,908
2,080
3,167
369
11,357
Gain on sales of assets and businesses
—
—
—
—
3
3
Operating income (loss)
1,007
491
346
687
(371
)
2,160
Other income and (deductions)
Interest expense, net
(292
)
(119
)
(103
)
(201
)
(252
)
(967
)
Other, net
35
20
23
52
60
190
Total other (deductions)
(257
)
(99
)
(80
)
(149
)
(192
)
(777
)
Income (loss) from continuing operations before income taxes
750
392
266
538
(563
)
1,383
Income taxes
141
9
(24
)
3
(53
)
76
Net income (loss) from continuing operations after income taxes
609
383
290
535
(510
)
1,307
Net income from discontinued operations after income taxes
—
—
—
—
134
134
Net income (loss)
609
383
290
535
(376
)
1,441
Net income attributable to noncontrolling interests
—
—
—
—
126
126
Net income (loss) attributable to common shareholders
$
609
$
383
$
290
$
535
$
(502
)
$
1,315
Change in Net income from continuing operations 2021 to 2022
$
97
$
91
$
(23
)
$
(17
)
$
167
$
315
__________
(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)
September 30, 2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
$
446
$
672
Restricted cash and cash equivalents
744
321
Accounts receivable
Customer accounts receivable
2,129
2,189
Customer allowance for credit losses
(341
)
(320
)
Customer accounts receivable, net
1,788
1,869
Other accounts receivable
1,726
1,068
Other allowance for credit losses
(84
)
(72
)
Other accounts receivable, net
1,642
996
Inventories, net
Fossil fuel
235
105
Materials and supplies
522
476
Regulatory assets
1,300
1,296
Other
378
387
Current assets of discontinued operations
—
7,835
Total current assets
7,055
13,957
Property, plant, and equipment, net
67,572
64,558
Deferred debits and other assets
Regulatory assets
8,224
8,224
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement Units
2,658
—
Investments
230
250
Other
1,086
885
Property, plant, and equipment, deferred debits, and other assets of discontinued operations
—
38,509
Total deferred debits and other assets
18,828
54,498
Total assets
$
93,455
$
133,013
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings
$
1,690
$
1,248
Long-term debt due within one year
1,300
2,153
Accounts payable
2,693
2,379
Accrued expenses
1,213
1,137
Payables to affiliates
5
5
Regulatory liabilities
493
376
Mark-to-market derivative liabilities
—
18
Unamortized energy contract liabilities
10
89
Other
1,313
766
Current liabilities of discontinued operations
—
7,940
Total current liabilities
8,717
16,111
Long-term debt
35,283
30,749
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
11,113
10,611
Regulatory liabilities
8,844
9,628
Pension obligations
1,366
2,051
Non-pension postretirement benefit obligations
796
811
Asset retirement obligations
266
271
Mark-to-market derivative liabilities
67
201
Unamortized energy contract liabilities
37
146
Other
1,994
1,573
Long-term debt, deferred credits, and other liabilities of discontinued operations
—
25,676
Total deferred credits and other liabilities
24,483
50,968
Total liabilities
68,873
98,218
Commitments and contingencies
Shareholders’ equity
Common stock
20,895
20,324
Treasury stock, at cost
(123
)
(123
)
Retained earnings
4,502
16,942
Accumulated other comprehensive loss, net
(692
)
(2,750
)
Total shareholders’ equity
24,582
34,393
Noncontrolling interests
—
402
Total equity
24,582
34,795
Total liabilities and shareholders’ equity
$
93,455
$
133,013
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended September 30,
2022
2021
Cash flows from operating activities
Net income
$
1,739
$
1,441
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization
2,679
6,204
Asset impairments
46
541
Gain on sales of assets and businesses
(8
)
(147
)
Deferred income taxes and amortization of investment tax credits
256
(45
)
Net fair value changes related to derivatives
(59
)
(1,244
)
Net realized and unrealized losses (gains) on NDT funds
205
(383
)
Net unrealized losses on equity investments
16
83
Other non-cash operating activities
265
(293
)
Changes in assets and liabilities:
Accounts receivable
(1,049
)
(254
)
Inventories
(121
)
(101
)
Accounts payable and accrued expenses
823
354
Option premiums paid, net
(39
)
(186
)
Collateral received, net
1,456
2,111
Income taxes
3
250
Regulatory assets and liabilities, net
(689
)
(367
)
Pension and non-pension postretirement benefit contributions
(596
)
(602
)
Other assets and liabilities
(786
)
(3,221
)
Net cash flows provided by operating activities
4,141
4,141
Cash flows from investing activities
Capital expenditures
(5,179
)
(5,970
)
Proceeds from NDT fund sales
488
5,766
Investment in NDT funds
(516
)
(5,900
)
Collection of DPP
169
3,052
Proceeds from sales of assets and businesses
16
801
Other investing activities
36
40
Net cash flows used in investing activities
(4,986
)
(2,211
)
Cash flows from financing activities
Changes in short-term borrowings
(335
)
(744
)
Proceeds from short-term borrowings with maturities greater than 90 days
1,150
1,380
Repayments on short-term borrowings with maturities greater than 90 days
(925
)
—
Issuance of long-term debt
5,801
3,406
Retirement of long-term debt
(2,067
)
(1,618
)
Issuance of common stock
563
—
Dividends paid on common stock
(999
)
(1,121
)
Acquisition of CENG noncontrolling interest
—
(885
)
Proceeds from employee stock plans
26
63
Transfer of cash, restricted cash, and cash equivalents to Constellation
(2,594
)
—
Other financing activities
(121
)
(93
)
Net cash flows provided by financing activities
499
388
(Decrease) increase in cash, restricted cash, and cash equivalents
(346
)
2,318
Cash, restricted cash, and cash equivalents at beginning of period
1,619
1,166
Cash, restricted cash, and cash equivalents at end of period
$
1,273
$
3,484
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended September 30, 2022 and 2021
(unaudited)
(in millions, except per share data)
Exelon
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2021 GAAP Net Income (Loss) from Continuing Operations
$
0.47
$
220
$
111
$
36
$
266
$
(176
)
$
457
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
—
—
—
—
—
3
3
Cost Management Program (net of taxes of $0)
—
—
1
1
1
1
4
COVID-19 Direct Costs (net of taxes of $0) (1)
—
—
1
1
1
—
3
Asset Retirement Obligation (net of taxes of $1)
—
—
—
—
2
—
2
Acquisition Related Costs (net of taxes of $2) (2)
0.01
—
—
—
—
7
7
ERP System Implementation Costs (net of taxes of $1) (3)
—
—
—
—
—
4
4
Separation Costs (net of taxes of $2, $1, $1, $1, $3 and $8, respectively) (4)
0.02
4
2
2
3
5
16
Income Tax-Related Adjustments (entire amount represents tax (expense) (5)
0.03
—
—
—
—
26
26
2021 Adjusted (non-GAAP) Operating Earnings (Loss)
$
0.53
$
224
$
114
$
40
$
272
$
(128
)
$
522
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather
$
0.02
$
—
(b)
$
21
$
—
(b)
$
1
(b)
$
—
$
22
Load
(0.02
)
—
(b)
(17
)
—
(b)
(1
)
(b)
—
(18
)
Distribution and Transmission Rates (7)
0.12
39
(c)
35
(c)
26
(c)
21
(c)
—
121
Other Energy Delivery (8)
0.12
83
(c)
14
(c)
2
(c)
18
(c)
—
117
Operating and Maintenance Expense (9)
0.01
(27
)
10
8
(7
)
23
7
Pension and Non-Pension Postretirement Benefits
0.01
6
2
2
(1
)
5
14
Depreciation and Amortization Expense (10)
(0.05
)
(22
)
(5
)
(4
)
(20
)
2
(49
)
Other (11)
0.01
(10
)
—
(4
)
3
20
9
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings
$
0.22
$
69
$
60
$
30
$
14
$
50
$
223
2022 GAAP Net Income (Loss) from Continuing Operations
$
0.68
$
291
$
135
$
33
$
289
$
(72
)
$
676
Asset Retirement Obligation (net of taxes of $2)
—
—
—
—
(4
)
—
(4
)
Asset Impairments (net of taxes of $10) (6)
0.04
—
—
37
—
—
37
Separation Costs (net of taxes of $1, $0, $0, $0, $2, and $1, respectively) (4)
—
2
1
1
1
(8
)
(3
)
Income Tax-Related Adjustments (entire amount represents tax expense) (5)
0.04
—
38
—
—
—
38
2022 Adjusted (non-GAAP) Operating Earnings (Loss)
$
0.75
$
293
$
174
$
70
$
286
$
(78
)
$
745
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)
Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)
Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)
Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(5)
In 2022, for PECO, reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. In 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)
Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)
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 rate increases.
(8)
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(9)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects higher contracting costs. For PECO, primarily reflects decreased storm costs, partially offset by increases in various expenses. For BGE, primarily reflects decreased storm costs. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(10)
Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs.
(11)
For ComEd, includes increased charges related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense, partially offset by an increase in interest expense.
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Nine Months Ended September 30, 2022 and 2021
(unaudited)
(in millions, except per share data)
Exelon
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2021 GAAP Net Income (Loss) from Continuing Operations
$
1.33
$
609
$
383
$
290
$
535
$
(510
)
$
1,307
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $2)
0.01
—
—
—
—
6
6
Cost Management Program (net of taxes of $0)
0.01
—
1
1
1
2
5
COVID-19 Direct Costs (net of taxes of $1, $1, $1 and $3, respectively) (1)
0.01
—
3
2
2
—
7
Asset Retirement Obligation (net of taxes of $1)
—
—
—
—
2
—
2
Acquisition Related Costs (net of taxes of $5) (2)
0.02
—
—
—
—
15
15
ERP System Implementation Costs (net of taxes of $0, $0, $0, $2 and $2, respectively) (3)
0.01
—
1
1
1
7
10
Separation Costs (net of taxes of $3, $1, $1, $2, $6 and $13, respectively) (4)
0.03
7
3
4
5
10
29
Income Tax-Related Adjustments (entire amount represents tax expense) (5)
0.02
—
—
—
—
24
24
2021 Adjusted (non-GAAP) Operating Earnings (Loss)
$
1.43
$
617
$
391
$
298
$
546
$
(447
)
$
1,405
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather
$
0.01
$
—
(b)
$
14
$
—
(b)
$
(2
)
(b)
$
—
$
12
Load
(0.01
)
—
(b)
(6
)
—
(b)
(4
)
(b)
—
(10
)
Distribution and Transmission Rates (7)
0.30
82
(c)
101
(c)
46
(c)
68
(c)
—
297
Other Energy Delivery (8)
0.32
192
(c)
31
(c)
31
(c)
59
(c)
—
313
Operating and Maintenance Expense (9)
(0.13
)
(68
)
(7
)
(23
)
(64
)
31
(131
)
Pension and Non-Pension Postretirement Benefits
0.04
16
5
7
1
9
38
Depreciation and Amortization Expense (10)
(0.16
)
(64
)
(14
)
(26
)
(60
)
3
(161
)
Other (11)
0.05
(60
)
2
(25
)
(21
)
152
48
Share Differential (12)
(0.01
)
—
—
—
—
—
—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings
$
0.41
$
98
$
126
$
10
$
(23
)
$
195
$
406
2022 GAAP Net Income (Loss) from Continuing Operations
$
1.65
$
706
$
474
$
267
$
518
$
(343
)
$
1,622
Asset Retirement Obligation (net of taxes of $2)
—
—
—
—
(4
)
—
(4
)
ERP System Implementation Costs (net of taxes of $0) (3)
—
—
—
—
—
1
1
Asset Impairments (net of taxes of $10) (6)
0.04
—
—
37
—
—
37
Separation Costs (net of taxes of $4, $2, $2, $3, $0, and $10, respectively) (4)
0.03
9
4
4
7
1
25
Income Tax-Related Adjustments (entire amount represents tax expense) (5)
0.13
—
38
—
3
89
130
2022 Adjusted (non-GAAP) Operating Earnings (Loss)
$
1.84
$
715
$
517
$
308
$
523
$
(252
)
$
1,811
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)
Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)
Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)
Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(5)
In 2022, for PECO, reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. In 2022, for Corporate, in connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the 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 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)
Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)
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 and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
(8)
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(9)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, partially reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement and higher contracting costs. For PECO, reflects increases in various expenses, mostly offset by decreased storm costs. For BGE, reflects higher credit loss expense and decreased storm costs. For PHI, includes increased storm costs, increased credit loss expense, and higher contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (YTD Q3 2022 includes one month of costs for the period prior to the separation compared to nine months of costs included in YTD Q3 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(10)
Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(11)
For ComEd, includes increased charges related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in tax repairs deduction. For PHI, primarily reflects increased interest expense and the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense, partially offset by an increase in interest expense.
(12)
Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
ComEd Statistics
Three Months Ended September 30, 2022 and 2021
Electric Deliveries (in GWhs)
Revenue (in millions)
2022
2021
% Change
Weather - Normal % Change
2022
2021
% Change
Electric Deliveries and Revenues(a)
Residential
8,467
8,986
(5.8
)%
0.1
%
$
935
$
978
(4.4
)%
Small commercial & industrial
8,003
8,243
(2.9
)%
(1.4
)%
217
433
(49.9
)%
Large commercial & industrial
6,973
7,109
(1.9
)%
(0.8
)%
(117
)
148
(179.1
)%
Public authorities & electric railroads
216
228
(5.3
)%
(4.8
)%
3
11
(72.7
)%
Other(b)
—
—
n/a
n/a
246
245
0.4
%
Total electric revenues(c)
23,659
24,566
(3.7
)%
(0.7
)%
1,284
1,815
(29.3
)%
Other Revenues(d)
94
(26
)
(461.5
)%
Total Electric Revenues
$
1,378
$
1,789
(23.0
)%
Purchased Power
$
121
$
703
(82.8
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
75
16
79
368.8
%
(5.1
)%
Cooling Degree-Days
778
866
722
(10.2
)%
7.8
%
Nine Months Ended September 30, 2022 and 2021
Electric Deliveries (in GWhs)
Revenue (in millions)
2022
2021
% Change
Weather - Normal % Change
2022
2021
% Change
Electric Deliveries and Revenues(a)
Residential
21,835
22,228
(1.8
)%
(0.4
)%
$
2,610
$
2,479
5.3
%
Small commercial & industrial
22,705
22,610
0.4
%
0.6
%
953
1,176
(19.0
)%
Large commercial & industrial
20,361
19,956
2.0
%
2.3
%
48
420
(88.6
)%
Public authorities & electric railroads
659
698
(5.6
)%
(5.5
)%
22
33
(33.3
)%
Other(b)
—
—
n/a
n/a
718
676
6.2
%
Total electric revenues(c)
65,560
65,492
0.1
%
0.7
%
4,351
4,784
(9.1
)%
Other Revenues(d)
185
56
230.4
%
Total Electric Revenues
$
4,536
$
4,840
(6.3
)%
Purchased Power
$
1,041
$
1,728
(39.8
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
3,953
3,632
3,861
8.8
%
2.4
%
Cooling Degree-Days
1,155
1,257
988
(8.1
)%
16.9
%
Number of Electric Customers
2022
2021
Residential
3,711,894
3,699,376
Small commercial & industrial
390,303
389,348
Large commercial & industrial
1,892
1,865
Public authorities & electric railroads
4,854
4,853
Total
4,108,943
4,095,442
__________
(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 $6 million and $9 million for the three months ended September 30, 2022 and 2021, respectively, and $14 million and $19 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)
Includes alternative revenue programs and late payment charges.
PECO Statistics
Three Months Ended September 30, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
4,386
4,318
1.6
%
(5.6
)%
$
620
$
509
21.8
%
Small commercial & industrial
2,139
2,157
(0.8
)%
(3.3
)%
149
113
31.9
%
Large commercial & industrial
3,943
3,880
1.6
%
0.1
%
93
67
38.8
%
Public authorities & electric railroads
172
155
11.0
%
10.5
%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
71
61
16.4
%
Total electric revenues(c)
10,640
10,510
1.2
%
(2.8
)%
941
757
24.3
%
Other Revenues(d)
—
5
(100.0
)%
Total Electric Revenues
941
762
23.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
2,197
2,244
(2.1
)%
0.3
%
46
36
27.8
%
Small commercial & industrial
2,054
1,926
6.6
%
9.5
%
20
13
53.8
%
Large commercial & industrial
6
4
50.0
%
19.6
%
—
—
n/a
Transportation
5,162
5,356
(3.6
)%
(9.3
)%
5
5
—
%
Other(f)
—
—
n/a
n/a
2
2
—
%
Total natural gas revenues(g)
9,419
9,530
(1.2
)%
(3.1
)%
73
56
30.4
%
Other Revenues(d)
—
—
100.0
%
Total Natural Gas Revenues
73
56
30.4
%
Total Electric and Natural Gas Revenues
$
1,014
$
818
24.0
%
Purchased Power and Fuel
$
403
$
277
45.5
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
19
4
24
375.0
%
(20.8
)%
Cooling Degree-Days
1,290
1,094
1,021
17.9
%
26.3
%
Nine Months Ended September 30, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
11,204
11,201
—
%
(2.0
)%
$
1,538
$
1,325
16.1
%
Small commercial & industrial
5,889
5,796
1.6
%
0.8
%
386
312
23.7
%
Large commercial & industrial
10,691
10,627
0.6
%
—
%
229
183
25.1
%
Public authorities & electric railroads
489
425
15.1
%
15.1
%
23
24
(4.2
)%
Other(b)
—
—
n/a
n/a
202
167
21.0
%
Total electric revenues(c)
28,273
28,049
0.8
%
(0.4
)%
2,378
2,011
18.2
%
Other Revenues(d)
12
22
(45.5
)%
Total Electric Revenues
2,390
2,033
17.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
28,240
27,945
1.1
%
4.1
%
335
251
33.5
%
Small commercial & industrial
16,238
15,217
6.7
%
8.5
%
125
94
33.0
%
Large commercial & industrial
20
13
53.8
%
14.0
%
—
—
n/a
Transportation
18,508
18,474
0.2
%
(0.7
)%
19
17
11.8
%
Other(f)
—
—
n/a
n/a
7
4
75.0
%
Total natural gas revenues(g)
63,006
61,649
2.2
%
3.8
%
486
366
32.8
%
Other Revenues(d)
1
—
100.0
%
Total Natural Gas Revenues
487
366
33.1
%
Total Electric and Natural Gas Revenues
$
2,877
$
2,399
19.9
%
Purchased Power and Fuel
$
1,093
$
800
36.6
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,632
2,710
2,864
(2.9
)%
(8.1
)%
Cooling Degree-Days
1,725
1,517
1,413
13.7
%
22.1
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,523,269
1,514,836
Residential
500,934
495,752
Small commercial & industrial
155,516
155,006
Small commercial & industrial
46,074
44,435
Large commercial & industrial
3,120
3,108
Large commercial & industrial
9
6
Public authorities & electric railroads
10,393
10,271
Transportation
656
670
Total
1,692,298
1,683,221
Total
547,673
540,863
__________
(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 and $2 million for the three months ended September 30, 2022 and 2021, and $5 million and $5 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling less than $1 million for both the three months ended September 30, 2022 and 2021, respectively, and $1 million and $1 million for the nine months ended September 30, 2022 and 2021, respectively.
BGE Statistics
Three Months Ended September 30, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
3,664
3,736
(1.9
)%
—
%
$
406
$
383
6.0
%
Small commercial & industrial
754
779
(3.2
)%
—
%
88
73
20.5
%
Large commercial & industrial
3,703
3,753
(1.3
)%
(0.6
)%
158
128
23.4
%
Public authorities & electric railroads
46
52
(11.5
)%
(9.1
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
101
104
(2.9
)%
Total electric revenues(c)
8,167
8,320
(1.8
)%
(0.4
)%
760
695
9.4
%
Other Revenues(d)
(3
)
(18
)
(83.3
)%
Total Electric Revenues
757
677
11.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
2,321
2,359
(1.6
)%
(2.4
)%
70
57
22.8
%
Small commercial & industrial
844
902
(6.4
)%
(6.5
)%
13
10
30.0
%
Large commercial & industrial
7,943
7,296
8.9
%
10.3
%
28
22
27.3
%
Other(f)
82
612
(86.6
)%
n/a
2
6
(66.7
)%
Total natural gas revenues(g)
11,190
11,169
0.2
%
5.9
%
113
95
18.9
%
Other Revenues(d)
—
(2
)
(100.0
)%
Total Natural Gas Revenues
113
93
21.5
%
Total Electric and Natural Gas Revenues
$
870
$
770
13.0
%
Purchased Power and Fuel
$
350
$
290
20.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
50
42
71
19.0
%
(29.6
)%
Cooling Degree-Days
711
739
613
(3.8
)%
16.0
%
Nine Months Ended September 30, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
9,985
10,046
(0.6
)%
(0.5
)%
$
1,158
$
1,044
10.9
%
Small commercial & industrial
2,126
2,128
(0.1
)%
0.3
%
239
202
18.3
%
Large commercial & industrial
10,090
10,054
0.4
%
0.8
%
418
342
22.2
%
Public authorities & electric railroads
152
149
2.0
%
2.9
%
20
20
—
%
Other(b)
—
—
n/a
n/a
297
269
10.4
%
Total electric revenues(c)
22,353
22,377
(0.1
)%
0.2
%
2,132
1,877
13.6
%
Other Revenues(d)
(10
)
(11
)
(9.1
)%
Total Electric Revenues
2,122
1,866
13.7
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
28,382
25,758
10.2
%
7.0
%
448
354
26.6
%
Small commercial & industrial
6,895
6,226
10.7
%
6.9
%
77
59
30.5
%
Large commercial & industrial
31,854
29,559
7.8
%
7.5
%
128
103
24.3
%
Other(f)
5,472
9,125
(40.0
)%
n/a
50
41
22.0
%
Total natural gas revenues(g)
72,603
70,668
2.7
%
7.2
%
703
557
26.2
%
Other Revenues(d)
(15
)
3
(600.0
)%
Total Natural Gas Revenues
688
560
22.9
%
Total Electric and Natural Gas Revenues
$
2,810
$
2,426
15.8
%
Purchased Power and Fuel
$
1,093
$
840
30.1
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,737
2,708
2,958
1.1
%
(7.5
)%
Cooling Degree-Days
990
1,039
872
(4.7
)%
13.5
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,200,786
1,194,254
Residential
653,413
649,745
Small commercial & industrial
115,778
114,814
Small commercial & industrial
38,128
38,216
Large commercial & industrial
12,774
12,584
Large commercial & industrial
6,222
6,167
Public authorities & electric railroads
266
268
Total
1,329,604
1,321,920
Total
697,763
694,128
__________
(a)
Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $2 million and $4 million for the three months ended September 30, 2022 and 2021, respectively, and $5 million and $10 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling $1 million and $3 million for the three months ended September 30, 2022 and 2021, respectively, and $8 million and $10 million for the nine months ended September 30, 2022 and 2021, respectively.
Pepco Statistics
Three Months Ended September 30, 2022 and 2021
Electric Deliveries (in GWhs)
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric Deliveries and Revenues(a)
Residential
2,384
2,457
(3.0
)%
(2.4
)%
$
318
$
309
2.9
%
Small commercial & industrial
299
306
(2.3
)%
(1.9
)%
44
36
22.2
%
Large commercial & industrial
3,866
3,862
0.1
%
0.4
%
303
244
24.2
%
Public authorities & electric railroads
176
165
6.7
%
6.5
%
9
8
12.5
%
Other(b)
—
—
n/a
n/a
57
53
7.5
%
Total electric revenues(c)
6,725
6,790
(1.0
)%
(0.5
)%
731
650
12.5
%
Other Revenues(d)
(7
)
10
(170.0
)%
Total Electric Revenues
$
724
$
660
9.7
%
Purchased Power
$
230
$
172
33.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
19
—
7
n/a
171.4
%
Cooling Degree-Days
1,218
1,221
1,185
(0.2
)%
2.8
%
Nine Months Ended September 30, 2022 and 2021
Electric Deliveries (in GWhs)
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric Deliveries and Revenues(a)
Residential
6,390
6,495
(1.6
)%
(1.5
)%
$
826
$
785
5.2
%
Small commercial & industrial
855
884
(3.3
)%
(3.4
)%
117
101
15.8
%
Large commercial & industrial
10,499
10,091
4.0
%
3.9
%
806
616
30.8
%
Public authorities & electric railroads
451
506
(10.9
)%
(10.8
)%
25
24
4.2
%
Other(b)
—
—
n/a
n/a
157
154
1.9
%
Total electric revenues(c)
18,195
17,976
1.2
%
1.2
%
1,931
1,680
14.9
%
Other Revenues(d)
(12
)
56
(121.4
)%
Total Electric Revenues
$
1,919
$
1,736
10.5
%
Purchased Power
$
605
$
471
28.5
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,357
2,343
2,429
0.6
%
(3.0
)%
Cooling Degree-Days
1,721
1,724
1,696
(0.2
)%
1.5
%
Number of Electric Customers
2022
2021
Residential
853,873
839,574
Small commercial & industrial
54,423
53,849
Large commercial & industrial
22,789
22,586
Public authorities & electric railroads
196
179
Total
931,281
916,188
__________
(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 and $2 million for the three months ended September 30, 2022 and 2021, respectively, and $4 million and $4 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)
Includes alternative revenue programs and late payment charge revenues.
DPL Statistics
Three Months Ended September 30, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
1,574
1,594
(1.3
)%
(2.7
)%
$
207
$
198
4.5
%
Small commercial & industrial
667
671
(0.6
)%
(1.2
)%
65
53
22.6
%
Large commercial & industrial
1,167
1,160
0.6
%
0.2
%
43
27
59.3
%
Public authorities & electric railroads
10
10
—
%
(1.6
)%
4
4
—
%
Other(b)
—
—
n/a
n/a
55
56
(1.8
)%
Total electric revenues(c)
3,418
3,435
(0.5
)%
(1.4
)%
374
338
10.7
%
Other Revenues(d)
—
(1
)
(100.0
)%
Total Electric Revenues
374
337
11.0
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
374
399
(6.3
)%
(15.2
)%
10
10
—
%
Small commercial & industrial
331
352
(6.0
)%
(10.2
)%
6
5
20.0
%
Large commercial & industrial
397
395
0.5
%
0.6
%
3
2
50.0
%
Transportation
1,284
1,303
(1.5
)%
(2.1
)%
3
3
—
%
Other(g)
—
—
n/a
n/a
16
3
433.3
%
Total natural gas revenues
2,386
2,449
(2.6
)%
(5.2
)%
38
23
65.2
%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
38
23
65.2
%
Total Electric and Natural Gas Revenues
$
412
$
360
14.4
%
Purchased Power and Fuel
$
183
$
138
32.6
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
31
9
24
244.4
%
29.2
%
Cooling Degree-Days
1,046
998
911
4.8
%
14.8
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
32
11
36
190.9
%
(11.1
)%
Nine Months Ended September 30, 2022 and 2021
Electric and Natural Gas Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
4,257
4,245
0.3
%
(0.1
)%
$
570
$
535
6.5
%
Small commercial & industrial
1,809
1,787
1.2
%
1.1
%
173
145
19.3
%
Large commercial & industrial
3,207
3,145
2.0
%
2.0
%
99
70
41.4
%
Public authorities & electric railroads
32
34
(5.9
)%
(4.7
)%
11
11
—
%
Other(b)
—
—
n/a
n/a
168
143
17.5
%
Total rate-regulated electric revenues(c)
9,305
9,211
1.0
%
0.8
%
1,021
904
12.9
%
Other Revenues(d)
(2
)
18
(111.1
)%
Total Electric Revenues
1,019
922
10.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
5,810
5,507
5.5
%
4.7
%
77
67
14.9
%
Small commercial & industrial
2,882
2,647
8.9
%
9.1
%
35
29
20.7
%
Large commercial & industrial
1,259
1,247
1.0
%
0.9
%
9
5
80.0
%
Transportation
4,934
4,997
(1.3
)%
(1.1
)%
11
11
—
%
Other(f)
—
—
n/a
n/a
25
6
316.7
%
Total rate-regulated natural gas revenues
14,885
14,398
3.4
%
3.2
%
157
118
33.1
%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
157
118
33.1
%
Total Electric and Natural Gas Revenues
$
1,176
$
1,040
13.1
%
Purchased Power and Fuel
$
507
$
402
26.1
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,724
2,739
2,889
(0.5
)%
(5.7
)%
Cooling Degree-Days
1,392
1,376
1,260
1.2
%
10.5
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,828
2,848
3,029
(0.7
)%
(6.6
)%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
480,779
476,008
Residential
129,005
127,740
Small commercial & industrial
63,685
62,990
Small commercial & industrial
10,044
9,935
Large commercial & industrial
1,230
1,215
Large commercial & industrial
16
21
Public authorities & electric railroads
597
605
Transportation
156
158
Total
546,291
540,818
Total
139,221
137,854
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended September 30, 2022 and 2021, respectively and $5 million and $6 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)
Includes revenues primarily from off-system sales.
ACE Statistics
Three Months Ended September 30, 2022 and 2021
Electric Deliveries (in GWhs)
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric Deliveries and Revenues(a)
Residential
1,516
1,540
(1.6
)%
(2.8
)%
$
283
$
275
2.9
%
Small commercial & industrial
478
435
9.9
%
10.1
%
70
61
14.8
%
Large commercial & industrial
885
874
1.3
%
0.9
%
55
49
12.2
%
Public authorities & electric railroads
9
9
—
%
(1.6
)%
3
3
—
%
Other(b)
—
—
n/a
n/a
54
63
(14.3
)%
Total electric revenues(c)
2,888
2,858
1.0
%
0.3
%
465
451
3.1
%
Other Revenues(d)
(3
)
—
n/a
Total Electric Revenues
$
462
$
451
2.4
%
Purchased Power
$
197
$
230
(14.3
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
38
11
30
245.5
%
26.7
%
Cooling Degree-Days
955
922
872
3.6
%
9.5
%
Nine Months Ended September 30, 2022 and 2021
Electric Deliveries (in GWhs)
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric Deliveries and Revenues(a)
Residential
3,293
3,443
(4.4
)%
(4.6
)%
$
611
$
604
1.2
%
Small commercial & industrial
1,179
1,073
9.9
%
9.8
%
171
146
17.1
%
Large commercial & industrial
2,396
2,351
1.9
%
1.8
%
151
139
8.6
%
Public authorities & electric railroads
34
33
3.0
%
—
%
11
10
10.0
%
Other(b)
—
—
n/a
n/a
190
158
20.3
%
Total electric revenues(c)
6,902
6,900
—
%
(0.2
)%
1,134
1,057
7.3
%
Other Revenues(d)
(14
)
23
(160.9
)%
Total Electric Revenues
$
1,120
$
1,080
3.7
%
Purchased Power
$
497
$
541
(8.1
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
3,007
2,884
3,024
4.3
%
(0.6
)%
Cooling Degree-Days
1,231
1,246
1,178
(1.2
)%
4.5
%
Number of Electric Customers
2022
2021
Residential
501,869
499,775
Small commercial & industrial
62,204
61,838
Large commercial & industrial
3,075
3,209
Public authorities & electric railroads
731
707
Total
567,879
565,529
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended September 30, 2022 and 2021, respectively, and $2 million for both the nine months ended September 30, 2022 and 2021.
(d)
Includes alternative revenue programs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005600/en/