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Exelon Reports Second Quarter 2024 Results

Earnings Release Highlights

  • GAAP net income of $0.45 per share and Adjusted (non-GAAP) operating earnings of $0.47 per share for the second quarter of 2024
  • Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of $2.40-$2.50 per share
  • Reaffirming fully regulated operating EPS compounded annual growth target of 5-7% through 2027
  • Strong utility reliability performance – achieved top quartile reliability performance at all utilities, with ComEd and Pepco Holdings achieving top decile in both outage frequency and outage duration for the second straight quarter
  • An order in Pepco’s “Climate Ready Pathway MD” multi-year plan was received in June

Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2024.

"I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results," said President and CEO Calvin Butler. "We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs."

"We delivered second quarter adjusted operating earnings of $0.47 per share this year, $0.06 ahead of results in the second quarter of 2023, driven by increased revenue associated with the investments we are making on behalf of our customers, disciplined cost management and favorable weather conditions," said Exelon Chief Financial Officer Jeanne Jones. "With most of our planned debt financing activity complete for the year and continued progress on our active rate cases, we remain on track to deliver Adjusted (non-GAAP) operating earnings at the midpoint or better of $2.40 to $2.50 per share for the full year."

Second Quarter 2024

Exelon's GAAP net income for the second quarter of 2024 increased to $0.45 per share from $0.34 per share in the second quarter of 2023. Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $0.47 per share from $0.41 per share in the second quarter of 2023. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 3.

GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2024 primarily reflect:

  • Higher utility earnings primarily due to distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable impacts of the Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. This was partially offset by higher interest expense at PECO and BGE and higher depreciation and amortization expense at PECO, BGE, and PHI.
  • Higher costs at the Exelon holding company due to higher interest expense.

Operating Company Results1

ComEd

ComEd's second quarter of 2024 GAAP net income increased to $270 million from $249 million in the second quarter of 2023. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $285 million from $251 million in the second quarter of 2023, primarily due to timing of distribution earnings, higher transmission peak loads, and higher rate base. These were partially offset by a lower allowed ROE and the absence of a return on the pension asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

PECO

PECO’s second quarter of 2024 GAAP net income decreased to $90 million from $97 million in the second quarter of 2023. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 decreased to $93 million from $98 million in the second quarter of 2023, primarily due to increases in interest expense and depreciation expense, partially offset by favorable weather.

BGE

BGE’s second quarter of 2024 GAAP net income increased to $44 million from $42 million in the second quarter of 2023. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $45 million from $43 million in the second quarter of 2023, primarily due to distribution rate increases, partially offset by an increase in depreciation and amortization expenses and an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

___________

1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

PHI

PHI’s second quarter of 2024 GAAP net income increased to $158 million from $103 million in the second quarter of 2023. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $162 million from $115 million in the second quarter of 2023, primarily due to the favorable impacts of the Pepco Maryland multi-year plans including the recognition of the reconciliations, the absence of an increase in environmental liabilities at Pepco, an increase in ACE and DPL Delaware electric distribution rates, and higher transmission rates at Pepco and DPL, partially offset by increases in depreciation expense and various operating expenses. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.

Recent Developments and Second Quarter Highlights

  • Dividend: On July 30, 2024, Exelon's Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon's common stock. The dividend is payable on September 13, 2024, to Exelon's shareholders of record as of the close of business on August 12, 2024.
  • Rate Case Developments:
    • Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending March 31, 2025, reflecting an ROE of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026, and the 2027 nine-month extension period.
  • Financing Activities:
    • On March 13, 2024, ComEd issued $800 million of its First Mortgage Bonds, consisting of $400 million of its First Mortgage 5.30% Series Bonds due on June 1, 2034 and $400 million of its First Mortgage 5.65% Series Bonds due on June 1, 2054. ComEd used the proceeds to repay existing indebtedness, outstanding commercial paper obligations, and for general corporate purposes.
    • On June 6, 2024, BGE issued $800 million of its Notes, consisting of $400 million aggregate principal of its 5.30% notes due June 1, 2034 and $400 million aggregate principal of its 5.65% notes due June 1, 2054. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.

Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:

(in millions, except per share amounts)

Exelon

Earnings per

Diluted

Share

Exelon

ComEd

PECO

BGE

PHI

2024 GAAP net income

$

0.45

$

448

 

$

270

$

90

$

44

$

158

 

Change in environmental liabilities (net of taxes of $0)

 

 

(1

)

 

 

 

 

(1

)

Change in FERC audit liability (net of taxes of $5)

 

0.01

 

15

 

 

14

 

 

 

 

Cost management charge (net of taxes of $3, $1, $0, and $2, respectively)

 

0.01

 

9

 

 

 

3

 

1

 

5

 

2024 Adjusted (non-GAAP) operating earnings

$

0.47

$

472

 

$

285

$

93

$

45

$

162

 

Adjusted (non-GAAP) operating earnings for the second quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income:

(in millions, except per share amounts)

Exelon

Earnings per

Diluted

Share

Exelon

ComEd

PECO

BGE

PHI

2023 GAAP net income

$

0.34

$

343

$

249

$

97

$

42

$

103

Mark-to-market impact of economic hedging activities (net of taxes of $1)

 

 

3

 

 

 

 

Change in environmental liabilities (net of taxes of $1)

 

0.01

 

11

 

 

 

 

11

SEC matter loss contingency (net of taxes of $0)

 

0.05

 

46

 

 

 

 

Separation costs (net of taxes of $2, $1, $0, $0, and $1, respectively)

 

0.01

 

5

 

2

 

1

 

1

 

1

2023 Adjusted (non-GAAP) operating earnings

$

0.41

$

408

$

251

$

98

$

43

$

115

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss second quarter 2024 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on August 1, 2024.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 1, 2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 11, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Earnings Release Attachments

Table of Contents

 

Consolidating Statement of Operations

2

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Cash Flows

5

 

 

Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

7

 

 

Statistics

 

ComEd

8

PECO

9

BGE

12

Pepco

15

DPL

16

ACE .

18

 

Consolidating Statements of Operations

(unaudited)

(in millions)

 

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

2,079

 

 

$

891

 

 

$

928

 

 

$

1,471

 

 

$

(8

)

 

$

5,361

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

763

 

 

 

323

 

 

 

343

 

 

 

562

 

 

 

1

 

 

 

1,992

 

Operating and maintenance

 

449

 

 

 

270

 

 

 

250

 

 

 

281

 

 

 

(41

)

 

 

1,209

 

Depreciation and amortization

 

374

 

 

 

107

 

 

 

162

 

 

 

235

 

 

 

16

 

 

 

894

 

Taxes other than income taxes

 

94

 

 

 

52

 

 

 

80

 

 

 

126

 

 

 

8

 

 

 

360

 

Total operating expenses

 

1,680

 

 

 

752

 

 

 

835

 

 

 

1,204

 

 

 

(16

)

 

 

4,455

 

Gain on sale of assets

 

5

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

7

 

Operating income

 

404

 

 

 

141

 

 

 

93

 

 

 

267

 

 

 

8

 

 

 

913

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(123

)

 

 

(57

)

 

 

(53

)

 

 

(92

)

 

 

(158

)

 

 

(483

)

Other, net

 

20

 

 

 

9

 

 

 

8

 

 

 

29

 

 

 

(2

)

 

 

64

 

Total other income and (deductions)

 

(103

)

 

 

(48

)

 

 

(45

)

 

 

(63

)

 

 

(160

)

 

 

(419

)

Income (loss) before income taxes

 

301

 

 

 

93

 

 

 

48

 

 

 

204

 

 

 

(152

)

 

 

494

 

Income taxes

 

31

 

 

 

3

 

 

 

4

 

 

 

46

 

 

 

(38

)

 

 

46

 

Net income (loss) attributable to common shareholders

$

270

 

 

$

90

 

 

$

44

 

 

$

158

 

 

$

(114

)

 

$

448

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

1,901

 

 

$

828

 

 

$

797

 

 

$

1,305

 

 

$

(13

)

 

$

4,818

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

685

 

 

 

302

 

 

 

272

 

 

 

467

 

 

 

1

 

 

 

1,727

 

Operating and maintenance

 

355

 

 

 

239

 

 

 

198

 

 

 

304

 

 

 

101

 

 

 

1,197

 

Depreciation and amortization

 

350

 

 

 

99

 

 

 

158

 

 

 

243

 

 

 

16

 

 

 

866

 

Taxes other than income taxes

 

88

 

 

 

47

 

 

 

76

 

 

 

112

 

 

 

1

 

 

 

324

 

Total operating expenses

 

1,478

 

 

 

687

 

 

 

704

 

 

 

1,126

 

 

 

119

 

 

 

4,114

 

Operating income (loss)

 

423

 

 

 

141

 

 

 

93

 

 

 

179

 

 

 

(132

)

 

 

704

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(120

)

 

 

(48

)

 

 

(44

)

 

 

(81

)

 

 

(134

)

 

 

(427

)

Other, net

 

17

 

 

 

6

 

 

 

5

 

 

 

25

 

 

 

86

 

 

 

139

 

Total other income and (deductions)

 

(103

)

 

 

(42

)

 

 

(39

)

 

 

(56

)

 

 

(48

)

 

 

(288

)

Income (loss) before income taxes

 

320

 

 

 

99

 

 

 

54

 

 

 

123

 

 

 

(180

)

 

 

416

 

Income taxes

 

71

 

 

 

2

 

 

 

12

 

 

 

20

 

 

 

(32

)

 

 

73

 

Net income (loss) attributable to common shareholders

$

249

 

 

$

97

 

 

$

42

 

 

$

103

 

 

$

(148

)

 

$

343

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net income (loss) from 2023 to 2024

$

21

 

 

$

(7

)

 

$

2

 

 

$

55

 

 

$

34

 

 

$

105

 

 

Consolidating Statements of Operations

(unaudited)

(in millions)

 

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

4,174

 

 

$

1,945

 

 

$

2,225

 

 

$

3,077

 

 

$

(18

)

 

$

11,403

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

1,670

 

 

 

727

 

 

 

807

 

 

 

1,197

 

 

 

 

 

 

4,401

 

Operating and maintenance

 

867

 

 

 

563

 

 

 

514

 

 

 

607

 

 

 

(70

)

 

 

2,481

 

Depreciation and amortization

 

737

 

 

 

210

 

 

 

312

 

 

 

481

 

 

 

33

 

 

 

1,773

 

Taxes other than income taxes

 

188

 

 

 

103

 

 

 

169

 

 

 

254

 

 

 

17

 

 

 

731

 

Total operating expenses

 

3,462

 

 

 

1,603

 

 

 

1,802

 

 

 

2,539

 

 

 

(20

)

 

 

9,386

 

Gain on sales of assets

 

5

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Operating income

 

717

 

 

 

346

 

 

 

423

 

 

 

538

 

 

 

2

 

 

 

2,026

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(246

)

 

 

(112

)

 

 

(103

)

 

 

(183

)

 

 

(306

)

 

 

(950

)

Other, net

 

41

 

 

 

18

 

 

 

16

 

 

 

57

 

 

 

7

 

 

 

139

 

Total other income and (deductions)

 

(205

)

 

 

(94

)

 

 

(87

)

 

 

(126

)

 

 

(299

)

 

 

(811

)

Income (loss) before income taxes

 

512

 

 

 

252

 

 

 

336

 

 

 

412

 

 

 

(297

)

 

 

1,215

 

Income taxes

 

49

 

 

 

13

 

 

 

28

 

 

 

86

 

 

 

(67

)

 

 

109

 

Net income (loss) attributable to common shareholders

$

463

 

 

$

239

 

 

$

308

 

 

$

326

 

 

$

(230

)

 

$

1,106

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

3,568

 

 

$

1,940

 

 

$

2,053

 

 

$

2,841

 

 

$

(22

)

 

$

10,380

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

1,172

 

 

 

786

 

 

 

764

 

 

 

1,094

 

 

 

2

 

 

 

3,818

 

Operating and maintenance

 

692

 

 

 

510

 

 

 

419

 

 

 

613

 

 

 

113

 

 

 

2,347

 

Depreciation and amortization

 

688

 

 

 

197

 

 

 

325

 

 

 

484

 

 

 

33

 

 

 

1,727

 

Taxes other than income taxes

 

182

 

 

 

97

 

 

 

159

 

 

 

232

 

 

 

9

 

 

 

679

 

Total operating expenses

 

2,734

 

 

 

1,590

 

 

 

1,667

 

 

 

2,423

 

 

 

157

 

 

 

8,571

 

Operating income (loss)

 

834

 

 

 

350

 

 

 

386

 

 

 

418

 

 

 

(179

)

 

 

1,809

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(237

)

 

 

(97

)

 

 

(88

)

 

 

(157

)

 

 

(261

)

 

 

(840

)

Other, net

 

34

 

 

 

15

 

 

 

8

 

 

 

51

 

 

 

141

 

 

 

249

 

Total other income and (deductions)

 

(203

)

 

 

(82

)

 

 

(80

)

 

 

(106

)

 

 

(120

)

 

 

(591

)

Income (loss) before income taxes

 

631

 

 

 

268

 

 

 

306

 

 

 

312

 

 

 

(299

)

 

 

1,218

 

Income taxes

 

142

 

 

 

5

 

 

 

65

 

 

 

54

 

 

 

(60

)

 

 

206

 

Net income (loss) attributable to common shareholders

$

489

 

 

$

263

 

 

$

241

 

 

$

258

 

 

$

(239

)

 

$

1,012

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net income (loss) from 2023 to 2024

$

(26

)

 

$

(24

)

 

$

67

 

 

$

68

 

 

$

9

 

 

$

94

 

__________

(a)

Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

 

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

 

 

 

June 30, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

934

 

 

$

445

 

Restricted cash and cash equivalents

 

 

530

 

 

 

482

 

Accounts receivable

 

 

 

 

Customer accounts receivable

 

 

3,053

 

 

 

2,659

 

Customer allowance for credit losses

 

 

(372

)

 

 

(317

)

Customer accounts receivable, net

 

 

2,681

 

 

 

2,342

 

Other accounts receivable

 

 

1,136

 

 

 

1,101

 

Other allowance for credit losses

 

 

(108

)

 

 

(82

)

Other accounts receivable, net

 

 

1,028

 

 

 

1,019

 

Inventories, net

 

 

 

 

Fossil fuel

 

 

53

 

 

 

94

 

Materials and supplies

 

 

771

 

 

 

707

 

Regulatory assets

 

 

1,945

 

 

 

2,215

 

Other

 

 

615

 

 

 

473

 

Total current assets

 

 

8,557

 

 

 

7,777

 

Property, plant, and equipment, net

 

 

75,646

 

 

 

73,593

 

Deferred debits and other assets

 

 

 

 

Regulatory assets

 

 

8,703

 

 

 

8,698

 

Goodwill

 

 

6,630

 

 

 

6,630

 

Receivable related to Regulatory Agreement Units

 

 

3,840

 

 

 

3,232

 

Investments

 

 

270

 

 

 

251

 

Other

 

 

1,467

 

 

 

1,365

 

Total deferred debits and other assets

 

 

20,910

 

 

 

20,176

 

Total assets

 

$

105,113

 

 

$

101,546

 

 

 

 

 

 

 

 

June 30, 2024

 

December 31, 2023

Liabilities and shareholders’ equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term borrowings

 

$

1,454

 

 

$

2,523

 

Long-term debt due within one year

 

 

1,308

 

 

 

1,403

 

Accounts payable

 

 

2,810

 

 

 

2,846

 

Accrued expenses

 

 

1,241

 

 

 

1,375

 

Payables to affiliates

 

 

5

 

 

 

5

 

Customer deposits

 

 

425

 

 

 

411

 

Regulatory liabilities

 

 

433

 

 

 

389

 

Mark-to-market derivative liabilities

 

 

23

 

 

 

74

 

Unamortized energy contract liabilities

 

 

7

 

 

 

8

 

Other

 

 

569

 

 

 

557

 

Total current liabilities

 

 

8,275

 

 

 

9,591

 

Long-term debt

 

 

43,039

 

 

 

39,692

 

Long-term debt to financing trusts

 

 

390

 

 

 

390

 

Deferred credits and other liabilities

 

 

 

 

Deferred income taxes and unamortized investment tax credits

 

 

12,358

 

 

 

11,956

 

Regulatory liabilities

 

 

10,198

 

 

 

9,576

 

Pension obligations

 

 

1,562

 

 

 

1,571

 

Non-pension postretirement benefit obligations

 

 

524

 

 

 

527

 

Asset retirement obligations

 

 

272

 

 

 

267

 

Mark-to-market derivative liabilities

 

 

121

 

 

 

106

 

Unamortized energy contract liabilities

 

 

23

 

 

 

27

 

Other

 

 

2,199

 

 

 

2,088

 

Total deferred credits and other liabilities

 

 

27,257

 

 

 

26,118

 

Total liabilities

 

 

78,961

 

 

 

75,791

 

Commitments and contingencies

 

 

 

 

Shareholders’ equity

 

 

 

 

Common stock

 

 

21,152

 

 

 

21,114

 

Treasury stock, at cost

 

 

(123

)

 

 

(123

)

Retained earnings

 

 

5,835

 

 

 

5,490

 

Accumulated other comprehensive loss, net

 

 

(712

)

 

 

(726

)

Total shareholders’ equity

 

 

26,152

 

 

 

25,755

 

Total liabilities and shareholders’ equity

 

$

105,113

 

 

$

101,546

 

 

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

 

Net income

 

$

1,106

 

 

$

1,012

 

Adjustments to reconcile net income to net cash flows provided by operating activities:

 

 

 

 

Depreciation, amortization, and accretion

 

 

1,774

 

 

 

1,727

 

Gain on sales of assets

 

 

(9

)

 

 

 

Deferred income taxes and amortization of investment tax credits

 

 

72

 

 

 

94

 

Net fair value changes related to derivatives

 

 

 

 

 

4

 

Other non-cash operating activities

 

 

246

 

 

 

(222

)

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(443

)

 

 

387

 

Inventories

 

 

(25

)

 

 

44

 

Accounts payable and accrued expenses

 

 

(120

)

 

 

(734

)

Collateral received (paid), net

 

 

13

 

 

 

(187

)

Income taxes

 

 

(39

)

 

 

97

 

Regulatory assets and liabilities, net

 

 

265

 

 

 

(516

)

Pension and non-pension postretirement benefit contributions

 

 

(125

)

 

 

(85

)

Other assets and liabilities

 

 

(261

)

 

 

140

 

Net cash flows provided by operating activities

 

 

2,454

 

 

 

1,761

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

 

(3,466

)

 

 

(3,685

)

Other investing activities

 

 

(1

)

 

 

10

 

Net cash flows used in investing activities

 

 

(3,467

)

 

 

(3,675

)

Cash flows from financing activities

 

 

 

 

Changes in short-term borrowings

 

 

(670

)

 

 

(1,600

)

Proceeds from short-term borrowings with maturities greater than 90 days

 

 

150

 

 

 

400

 

Repayments on short-term borrowings with maturities greater than 90 days

 

 

(549

)

 

 

(150

)

Issuance of long-term debt

 

 

4,225

 

 

 

5,200

 

Retirement of long-term debt

 

 

(903

)

 

 

(1,209

)

Dividends paid on common stock

 

 

(761

)

 

 

(717

)

Proceeds from employee stock plans

 

 

22

 

 

 

19

 

Other financing activities

 

 

(67

)

 

 

(84

)

Net cash flows provided by financing activities

 

 

1,447

 

 

 

1,859

 

Increase (decrease) in cash, restricted cash, and cash equivalents

 

 

434

 

 

 

(55

)

Cash, restricted cash, and cash equivalents at beginning of period

 

 

1,101

 

 

 

1,090

 

Cash, restricted cash, and cash equivalents at end of period

 

$

1,535

 

 

$

1,035

 

 

Exelon

Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Three Months Ended June 30, 2024 and 2023

(unaudited)

(in millions, except per share data)

 

 

Exelon

Earnings per

Diluted

Share

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

2023 GAAP net income (loss)

$

0.34

 

 

$

249

 

 

$

97

 

 

$

42

 

 

$

103

 

 

$

(148

)

 

$

343

 

Mark-to-market impact of economic hedging activities (net of taxes of $1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Change in environmental liabilities (net of taxes of $1)

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

SEC matter loss contingency (net of taxes of $0)

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

46

 

Separation costs (net of taxes of $1, $0, $0, $1, and $2, respectively) (1)

 

0.01

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

 

 

 

5

 

2023 Adjusted (non-GAAP) operating earnings (loss)

$

0.41

 

 

$

251

 

 

$

98

 

 

$

43

 

 

$

115

 

 

$

(99

)

 

$

408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year over year effects on Adjusted (non-GAAP) operating earnings:

Weather

$

0.04

 

 

$

 

(b)

$

35

 

 

$

 

(b)

$

6

 

(b)

$

 

 

$

41

 

Load

 

0.01

 

 

 

 

(b)

 

8

 

 

 

 

(b)

 

(1

)

(b)

 

 

 

 

7

 

Distribution and transmission rates (2)

 

0.06

 

 

 

(7

)

(c)

 

(8

)

(c)

 

34

 

(c)

 

46

 

(c)

 

 

 

 

65

 

Other energy delivery (3)

 

0.10

 

 

 

86

 

(c)

 

(4

)

(c)

 

2

 

(c)

 

12

 

(c)

 

 

 

 

96

 

Operating and maintenance expense (4)

 

0.01

 

 

 

(24

)

 

 

(19

)

 

 

(19

)

 

 

7

 

 

 

67

 

 

 

12

 

Pension and non-pension postretirement benefits

 

(0.01

)

 

 

(5

)

 

 

(2

)

 

 

 

 

 

1

 

 

 

(1

)

 

 

(7

)

Depreciation and amortization expense (5)

 

(0.03

)

 

 

(17

)

 

 

(6

)

 

 

(8

)

 

 

(3

)

 

 

 

 

 

(34

)

Interest expense and other (6)

 

(0.12

)

 

 

1

 

 

 

(9

)

 

 

(7

)

 

 

(21

)

 

 

(80

)

 

 

(116

)

Total year over year effects on Adjusted (non-GAAP) Operating Earnings

$

0.06

 

 

$

34

 

 

$

(5

)

 

$

2

 

 

$

47

 

 

$

(14

)

 

$

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 GAAP net income (loss)

$

0.45

 

 

$

270

 

 

$

90

 

 

$

44

 

 

$

158

 

 

$

(114

)

 

$

448

 

Change in environmental liabilities (net of taxes of $0)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Change in FERC audit liability (net of taxes of $5)

 

0.01

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

15

 

Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7)

 

0.01

 

 

 

 

 

 

3

 

 

 

1

 

 

 

5

 

 

 

 

 

 

9

 

2024 Adjusted (non-GAAP) operating earnings (loss)

$

0.47

 

 

$

285

 

 

$

93

 

 

$

45

 

 

$

162

 

 

$

(113

)

 

$

472

 

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.

 

 

(a)

Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(b)

For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(c)

ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).

(1)

Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.

(2)

For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.

(3)

For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other.

(4)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, includes favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, reflects decreased in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).

(5)

Reflects ongoing capital expenditures across all utilities.

(6)

For PHI, reflects an increase in taxes other than income. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense.

(7)

Primarily represents severance and reorganization costs related to cost management.

 

Exelon

Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Six Months Ended June 30, 2024 and 2023

(unaudited)

(in millions, except per share data)

 

 

Exelon

Earnings

per Diluted

Share

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

2023 GAAP net income (loss)

$

1.02

 

 

$

489

 

 

$

263

 

 

$

241

 

 

$

258

 

 

$

(239

)

 

$

1,012

 

Mark-to-market impact of economic hedging activities (net of taxes of $1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

2

 

Change in environmental liabilities (net of taxes of $8)

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

29

 

SEC matter loss contingency (net of taxes of $0)

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

46

 

Change in FERC audit liability (net of taxes of $4)

 

0.01

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Separation costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (1)

 

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

(1

)

 

 

4

 

2023 Adjusted (non-GAAP) operating earnings (loss)

$

1.11

 

 

$

501

 

 

$

264

 

 

$

242

 

 

$

288

 

 

$

(191

)

 

$

1,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year over year effects on Adjusted (non-GAAP) operating earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Weather

$

0.06

 

 

$

 

(b)

$

53

 

 

$

 

(b)

$

10

 

(b)

$

 

 

$

63

 

Load

 

 

 

 

 

(b)

 

4

 

 

 

 

(b)

 

(1

)

(b)

 

 

 

 

3

 

Distribution and transmission rates (2)

 

0.17

 

 

 

(17

)

(c)

 

(3

)

(c)

 

119

 

(c)

 

68

 

(c)

 

 

 

 

167

 

Other energy delivery (3)

 

0.16

 

 

 

141

 

(c)

 

(5

)

(c)

 

(8

)

(c)

 

31

 

(c)

 

 

 

 

159

 

Operating and maintenance expense (4)

 

(0.06

)

 

 

(78

)

 

 

(34

)

 

 

(23

)

 

 

(17

)

 

 

94

 

 

 

(58

)

Pension and non-pension postretirement benefits

 

(0.01

)

 

 

(9

)

 

 

(3

)

 

 

 

 

 

1

 

 

 

(2

)

 

 

(13

)

Depreciation and amortization expense (5)

 

(0.07

)

 

 

(35

)

 

 

(10

)

 

 

(11

)

 

 

(13

)

 

 

(1

)

 

 

(70

)

Interest expense and other (6)

 

(0.20

)

 

 

 

 

 

(24

)

 

 

(10

)

 

 

(37

)

 

 

(128

)

 

 

(199

)

Total year over year effects on Adjusted (non-GAAP) operating earnings

$

0.05

 

 

$

2

 

 

$

(22

)

 

$

67

 

 

$

42

 

 

$

(37

)

 

$

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 GAAP net income (loss)

$

1.10

 

 

$

463

 

 

$

239

 

 

$

308

 

 

$

326

 

 

$

(230

)

 

$

1,106

 

Change in environmental liabilities (net of taxes of $0)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Change in FERC audit liability (net of taxes of $13)

 

0.04

 

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

42

 

Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7)

 

0.01

 

 

 

 

 

 

3

 

 

 

1

 

 

 

5

 

 

 

 

 

 

9

 

2024 Adjusted (non-GAAP) operating earnings (loss)

$

1.16

 

 

$

503

 

 

$

242

 

 

$

309

 

 

$

330

 

 

$

(228

)

 

$

1,156

 

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.

(a)

Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(b)

For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(c)

ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).

(1)

Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.

(2)

For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases.

(3)

For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

(4)

Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For PHI, reflects an increase in contracting and storm costs partially offset by favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA.

(5)

Reflects ongoing capital expenditures across all utilities.

(6)

For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense.

(7)

Primarily represents severance and reorganization costs related to cost management.

 

ComEd Statistics

Three Months Ended June 30, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather -

Normal %

Change

 

 

2024

 

 

2023

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

6,996

 

5,783

 

21.0

%

 

5.5

%

 

$

982

 

 

$

861

 

14.1

%

Small commercial & industrial

6,473

 

6,834

 

(5.3

)%

 

(0.8

)%

 

 

560

 

 

 

461

 

21.5

%

Large commercial & industrial

6,740

 

6,502

 

3.7

%

 

2.1

%

 

 

269

 

 

 

205

 

31.2

%

Public authorities & electric railroads

159

 

185

 

(14.1

)%

 

(15.7

)%

 

 

14

 

 

 

13

 

7.7

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

298

 

 

 

234

 

27.4

%

Total electric revenues(c)

20,368

 

19,304

 

5.5

%

 

1.9

%

 

 

2,123

 

 

 

1,774

 

19.7

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

(44

)

 

 

127

 

(134.6

)%

Total electric revenues

 

 

 

 

 

 

 

 

$

2,079

 

 

$

1,901

 

9.4

%

Purchased Power

 

 

 

 

 

 

 

 

$

763

 

 

$

685

 

11.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2024

 

2023

 

Normal

 

From 2023

 

From Normal

Heating Degree-Days

445

 

581

 

697

 

(23.4

)%

 

(36.2

)%

Cooling Degree-Days

358

 

298

 

266

 

20.1

%

 

34.6

%

 

Six Months Ended June 30, 2024 and 2023

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather -

Normal %

Change

 

 

2024

 

 

2023

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

13,210

 

12,017

 

9.9

%

 

2.5

%

 

$

1,900

 

 

$

1,698

 

11.9

%

Small commercial & industrial

13,717

 

14,032

 

(2.2

)%

 

(0.6

)%

 

 

1,154

 

 

 

823

 

40.2

%

Large commercial & industrial

13,674

 

13,061

 

4.7

%

 

2.3

%

 

 

589

 

 

 

290

 

103.1

%

Public authorities & electric railroads

379

 

412

 

(8.0

)%

 

(8.7

)%

 

 

32

 

 

 

22

 

45.5

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

523

 

 

 

450

 

16.2

%

Total electric revenues(c)

40,980

 

39,522

 

3.7

%

 

1.2

%

 

 

4,198

 

 

 

3,283

 

27.9

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

(24

)

 

 

285

 

(108.4

)%

Total electric revenues

 

 

 

 

 

 

 

 

$

4,174

 

 

$

3,568

 

17.0

%

Purchased Power

 

 

 

 

 

 

 

 

$

1,670

 

 

$

1,172

 

42.5

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2024

 

2023

 

Normal

 

From 2023

 

From Normal

Heating Degree-Days

3,013

 

3,252

 

3,750

 

(7.3

)%

 

(19.7

)%

Cooling Degree-Days

358

 

298

 

266

 

20.1

%

 

34.6

%

Number of Electric Customers

2024

 

2023

Residential

3,722,798

 

3,729,428

Small commercial & industrial

395,951

 

391,380

Large commercial & industrial

2,060

 

1,866

Public authorities & electric railroads

5,798

 

4,791

Total

4,126,607

 

4,127,465

__________

(a)

Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $2 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $5 million for the six months ended June 30, 2024 and 2023, respectively.

(d)

Includes alternative revenue programs and late payment charges.

 

PECO Statistics

Three Months Ended June 30, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather-

Normal

% Change

 

2024

 

2023

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

3,296

 

2,694

 

22.3

%

 

3.8

%

 

$

522

 

$

444

 

17.6

%

Small commercial & industrial

1,856

 

1,703

 

9.0

%

 

3.5

%

 

 

128

 

 

132

 

(3.0

)%

Large commercial & industrial

3,408

 

3,331

 

2.3

%

 

(0.9

)%

 

 

61

 

 

64

 

(4.7

)%

Public authorities & electric railroads

135

 

144

 

(6.3

)%

 

(6.3

)%

 

 

7

 

 

8

 

(12.5

)%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

75

 

 

71

 

5.6

%

Total electric revenues(c)

8,695

 

7,872

 

10.5

%

 

1.7

%

 

 

793

 

 

719

 

10.3

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

4

 

 

 

n/a

 

Total Electric Revenues

 

 

 

 

 

 

 

 

 

797

 

 

719

 

10.8

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

4,525

 

4,373

 

3.5

%

 

0.4

%

 

 

63

 

 

69

 

(8.7

)%

Small commercial & industrial

3,321

 

3,743

 

(11.3

)%

 

(12.3

)%

 

 

25

 

 

32

 

(21.9

)%

Large commercial & industrial

 

6

 

(100.0

)%

 

(10.7

)%

 

 

 

 

 

n/a

 

Transportation

5,117

 

5,190

 

(1.4

)%

 

(3.5

)%

 

 

5

 

 

5

 

%

Other(f)

 

 

n/a

 

 

n/a

 

 

 

 

 

2

 

(100.0

)%

Total natural gas revenues(g)

12,963

 

13,312

 

(2.6

)%

 

(4.6

)%

 

 

93

 

 

108

 

(13.9

)%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

1

 

 

1

 

%

Total Natural Gas Revenues

 

 

 

 

 

 

 

 

 

94

 

 

109

 

(13.8

)%

Total Electric and Natural Gas Revenues

 

 

 

 

 

$

891

 

$

828

 

7.6

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

323

 

$

302

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2024

 

2023

 

Normal

 

From 2023

 

From Normal

Heating Degree-Days

351

 

330

 

421

 

6.4

%

 

(16.6

)%

Cooling Degree-Days

537

 

233

 

391

 

130.5

%

 

37.3

%

 

Six Months Ended June 30, 2024 and 2023

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather-

Normal

% Change

 

2024

 

2023

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

6,751

 

6,052

 

11.5

%

 

1.0

%

 

$

1,042

 

$

963

 

8.2

%

Small commercial & industrial

3,747

 

3,546

 

5.7

%

 

0.8

%

 

 

254

 

 

267

 

(4.9

)%

Large commercial & industrial

6,763

 

6,568

 

3.0

%

 

0.8

%

 

 

118

 

 

129

 

(8.5

)%

Public authorities & electric railroads

314

 

312

 

0.6

%

 

0.9

%

 

 

14

 

 

16

 

(12.5

)%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

147

 

 

139

 

5.8

%

Total electric revenues(c)

17,575

 

16,478

 

6.7

%

 

0.9

%

 

 

1,575

 

 

1,514

 

4.0

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

2

 

 

 

n/a

 

Total electric revenues

 

 

 

 

 

 

 

 

 

1,577

 

 

1,514

 

4.2

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

23,420

 

21,563

 

8.6

%

 

0.6

%

 

 

256

 

 

292

 

(12.3

)%

Small commercial & industrial

12,809

 

12,442

 

2.9

%

 

(3.8

)%

 

 

89

 

 

107

 

(16.8

)%

Large commercial & industrial

16

 

35

 

(54.3

)%

 

(11.6

)%

 

 

 

 

1

 

(100.0

)%

Transportation

12,016

 

12,204

 

(1.5

)%

 

(3.2

)%

 

 

13

 

 

13

 

%

Other(f)

 

 

n/a

 

 

n/a

 

 

 

9

 

 

11

 

(18.2

)%

Total natural gas revenues(g)

48,261

 

46,244

 

4.4

%

 

(1.6

)%

 

 

367

 

 

424

 

(13.4

)%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

1

 

 

2

 

(50.0

)%

Total natural gas revenues

 

 

 

 

 

 

 

 

 

368

 

 

426

 

(13.6

)%

Total electric and natural gas revenues

 

 

 

 

 

$

1,945

 

$

1,940

 

0.3

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

727

 

$

786

 

(7.5

)%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2024

 

2023

 

Normal

 

From 2023

 

From Normal

Heating Degree-Days

2,440

 

2,218

 

2,831

 

10.0

%

 

(13.8

)%

Cooling Degree-Days

537

 

233

 

392

 

130.5

%

 

37.0

%

Number of Electric Customers

2024

 

2023

 

Number of Natural Gas Customers

2024

 

2023

Residential

1,533,909

 

1,529,499

 

Residential

506,193

 

504,723

Small commercial & industrial

156,036

 

155,845

 

Small commercial & industrial

44,697

 

44,793

Large commercial & industrial

3,162

 

3,112

 

Large commercial & industrial

7

 

10

Public authorities & electric railroads

10,712

 

10,423

 

Transportation

644

 

642

Total

1,703,819

 

1,698,879

 

Total

551,541

 

550,168

__________

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $3 million for the six months ended June 30, 2024 and 2023, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $1 million and $1 million for the six months ended June 30, 2024 and 2023, respectively.

 

BGE Statistics

Three Months Ended June 30, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather-

Normal

% Change

 

 

2024

 

 

2023

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

2,836

 

2,454

 

15.6

%

 

3.4

%

 

$

464

 

 

$

363

 

27.8

%

Small commercial & industrial

648

 

609

 

6.4

%

 

3.4

%

 

 

88

 

 

 

75

 

17.3

%

Large commercial & industrial

3,272

 

3,102

 

5.5

%

 

2.2

%

 

 

139

 

 

 

119

 

16.8

%

Public authorities & electric railroads

52

 

48

 

8.3

%

 

7.9

%

 

 

8

 

 

 

7

 

14.3

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

101

 

 

 

103

 

(1.9

)%

Total electric revenues(c)

6,808

 

6,213

 

9.6

%

 

2.9

%

 

 

800

 

 

 

667

 

19.9

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

(18

)

 

 

5

 

(460.0

)%

Total electric revenues

 

 

 

 

 

 

 

 

 

782

 

 

 

672

 

16.4

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

4,299

 

3,909

 

10.0

%

 

3.5

%

 

 

89

 

 

 

71

 

25.4

%

Small commercial & industrial

1,219

 

1,156

 

5.4

%

 

2.4

%

 

 

17

 

 

 

15

 

13.3

%

Large commercial & industrial

8,316

 

8,059

 

3.2

%

 

%

 

 

40

 

 

 

30

 

33.3

%

Other(f)

145

 

78

 

85.9

%

 

n/a

 

 

 

4

 

 

 

5

 

(20.0

)%

Total natural gas revenues(g)

13,979

 

13,202

 

5.9

%

 

1.4

%

 

 

150

 

 

 

121

 

24.0

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

(4

)

 

 

4

 

(200.0

)%

Total natural gas revenues

 

 

 

 

 

 

 

 

 

146

 

 

 

125

 

16.8

%

Total electric and natural gas revenues

 

 

 

 

 

$

928

 

 

$

797

 

16.4

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

343

 

 

$

272

 

26.1

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2024

 

2023

 

Normal

 

From 2023

 

From Normal

Heating Degree-Days

362

 

381

 

486

 

(5.0

)%

 

(25.5

)%

Cooling Degree-Days

339

 

210

 

262

 

61.4

%

 

29.4

%

 

Six Months Ended June 30, 2024 and 2023

 

 

Electric and Natural Gas Deliveries

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather-

Normal

% Change

 

2024

 

2023

 

% Change

Electric (in GWhs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

6,165

 

5,560

 

10.9

%

 

1.1

%

 

$

999

 

$

796

 

25.5

%

Small commercial & industrial

1,346

 

1,283

 

4.9

%

 

1.8

%

 

 

178

 

 

167

 

6.6

%

Large commercial & industrial

6,386

 

6,149

 

3.9

%

 

1.4

%

 

 

271

 

 

268

 

1.1

%

Public authorities & electric railroads

104

 

103

 

1.0

%

 

0.9

%

 

 

15

 

 

14

 

7.1

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

194

 

 

198

 

(2.0

)%

Total electric revenues(c)

14,001

 

13,095

 

6.9

%

 

1.3

%

 

 

1,657

 

 

1,443

 

14.8

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

7

 

 

42

 

(83.3

)%

Total electric revenues

 

 

 

 

 

 

 

 

 

1,664

 

 

1,485

 

12.1

%

Natural Gas (in mmcfs)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Deliveries and Revenues(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

22,280

 

20,697

 

7.6

%

 

(2.6

)%

 

 

360

 

 

349

 

3.2

%

Small commercial & industrial

5,212

 

4,924

 

5.8

%

 

(2.6

)%

 

 

65

 

 

56

 

16.1

%

Large commercial & industrial

21,832

 

21,273

 

2.6

%

 

(1.6

)%

 

 

112

 

 

100

 

12.0

%

Other(f)

897

 

1,686

 

(46.8

)%

 

n/a

 

 

 

8

 

 

24

 

(66.7

)%

Total natural gas revenues(g)

50,221

 

48,580

 

3.4

%

 

(2.2

)%

 

 

545

 

 

529

 

3.0

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

16

 

 

39

 

(59.0

)%

Total natural gas revenues

 

 

 

 

 

 

 

 

 

561

 

 

568

 

(1.2

)%

Total electric and natural gas revenues

 

 

 

 

 

$

2,225

 

$

2,053

 

8.4

%

Purchased Power and Fuel

 

 

 

 

 

 

 

 

$

807

 

$

764

 

5.6

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2024

 

2023

 

Normal

 

From 2023

 

From Normal

Heating Degree-Days

2,381

 

2,155

 

2,840

 

10.5

%

 

(16.2

)%

Cooling Degree-Days

339

 

210

 

262

 

61.4

%

 

29.4

%

Number of Electric Customers

2024

 

2023

 

Number of Natural Gas Customers

2024

 

2023

Residential

1,212,331

 

1,206,763

 

Residential

656,690

 

655,181

Small commercial & industrial

115,384

 

115,594

 

Small commercial & industrial

37,859

 

38,077

Large commercial & industrial

13,156

 

12,975

 

Large commercial & industrial

6,340

 

6,275

Public authorities & electric railroads

260

 

265

 

 

 

 

 

Total

1,341,131

 

1,335,597

 

Total

700,889

 

699,533

__________

(a)

Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.

(b)

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)

Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $2 million for the six months ended June 30, 2024 and 2023, respectively.

(d)

Includes alternative revenue programs and late payment charges.

(e)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(f)

Includes revenues primarily from off-system sales.

(g)

Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $2 million for the six months ended June 30, 2024 and 2023, respectively.

 

Pepco Statistics

Three Months Ended June 30, 2024 and 2023

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather-

Normal

% Change

 

2024

 

2023

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

1,770

 

1,598

 

10.8

%

 

(7.7

)%

 

$

315

 

$

267

 

18.0

%

Small commercial & industrial

265

 

249

 

6.4

%

 

(1.4

)%

 

 

43

 

 

41

 

4.9

%

Large commercial & industrial

3,409

 

3,114

 

9.5

%

 

3.2

%

 

 

251

 

 

254

 

(1.2

)%

Public authorities & electric railroads

128

 

115

 

11.3

%

 

10.7

%

 

 

7

 

 

7

 

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

75

 

 

64

 

17.2

%

Total electric revenues(c)

5,572

 

5,076

 

9.8

%

 

(0.5

)%

 

 

691

 

 

633

 

9.2

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

9

 

 

9

 

%

Total electric revenues

 

 

 

 

 

 

 

 

$

700

 

$

642

 

9.0

%

Purchased Power

 

 

 

 

 

 

 

 

$

234

 

$

204

 

14.7

%

 

 

 

 

 

 

 

% Change

Heating and Cooling Degree-Days

2024

 

2023

 

Normal

 

From 2023

 

From Normal

Heating Degree-Days

218

 

209

 

296

 

4.3

%

 

(26.4

)%

Cooling Degree-Days

646

 

388

 

512

 

66.5

%

 

26.2

%

 

Six Months Ended June 30, 2024 and 2023

 

 

Electric Deliveries (in GWhs)

 

Revenue (in millions)

 

2024

 

2023

 

% Change

 

Weather-

Normal

% Change

 

2024

 

2023

 

% Change

Electric Deliveries and Revenues(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

3,868

 

3,561

 

8.6

%

 

(3.9

)%

 

$

659

 

$

549

 

20.0

%

Small commercial & industrial

550

 

516

 

6.6

%

 

0.5

%

 

 

89

 

 

80

 

11.3

%

Large commercial & industrial

6,701

 

6,323

 

6.0

%

 

1.9

%

 

 

513

 

 

535

 

(4.1

)%

Public authorities & electric railroads

290

 

267

 

8.6

%

 

7.9

%

 

 

18

 

 

16

 

12.5

%

Other(b)

 

 

n/a

 

 

n/a

 

 

 

138

 

 

120

 

15.0

%

Total electric revenues(c)

11,409

 

10,667

 

7.0

%

 

(0.1

)%

 

 

1,417

 

 

1,300

 

9.0

%

Other Revenues(d)

 

 

 

 

 

 

 

 

 

42