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 andPepco 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
"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
"We delivered second quarter adjusted operating earnings of
Second Quarter 2024
Exelon's GAAP net income for the second quarter of 2024 increased to
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
PECO
PECO’s second quarter of 2024 GAAP net income decreased to
BGE
BGE’s second quarter of 2024 GAAP net income increased to
___________
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern |
PHI
PHI’s second quarter of 2024 GAAP net income increased to
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 onSeptember 13, 2024 , to Exelon's shareholders of record as of the close of business onAugust 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 endingMarch 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.
-
Pepco Maryland Electric Distribution Rate Case: On
-
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 onJune 1, 2034 and$400 million of its First Mortgage 5.65% Series Bonds due onJune 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 dueJune 1, 2034 and$400 million aggregate principal of its 5.65% notes dueJune 1, 2054 . BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
-
On
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 |
|
— |
|
(1 |
) |
|
— |
|
— |
|
— |
|
(1 |
) |
||||
Change in |
|
0.01 |
|
15 |
|
|
14 |
|
— |
|
— |
|
— |
|
||||
Cost management charge (net of taxes of |
|
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 |
|
— |
|
3 |
|
— |
|
— |
|
— |
|
— |
||||||
Change in environmental liabilities (net of taxes of |
|
0.01 |
|
11 |
|
— |
|
— |
|
— |
|
11 |
||||||
|
|
0.05 |
|
46 |
|
— |
|
— |
|
— |
|
— |
||||||
Separation costs (net of taxes of |
|
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
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 —
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in
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
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 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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) |
||||||||
|
|
|
|
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
934 |
|
|
$ |
445 |
|
Restricted cash and cash equivalents |
|
|
530 |
|
|
|
482 |
|
Accounts receivable |
|
|
|
|
||||
Customer accounts receivable |
|
|
3,053 |
|
|
|
2,659 |
|
Customer allowance for credit losses |
|
|
(372 |
) |
|
|
(317 |
) |
Customer accounts receivable, net |
|
|
2,681 |
|
|
|
2,342 |
|
Other accounts receivable |
|
|
1,136 |
|
|
|
1,101 |
|
Other allowance for credit losses |
|
|
(108 |
) |
|
|
(82 |
) |
Other accounts receivable, net |
|
|
1,028 |
|
|
|
1,019 |
|
Inventories, net |
|
|
|
|
||||
Fossil fuel |
|
|
53 |
|
|
|
94 |
|
Materials and supplies |
|
|
771 |
|
|
|
707 |
|
Regulatory assets |
|
|
1,945 |
|
|
|
2,215 |
|
Other |
|
|
615 |
|
|
|
473 |
|
Total current assets |
|
|
8,557 |
|
|
|
7,777 |
|
Property, plant, and equipment, net |
|
|
75,646 |
|
|
|
73,593 |
|
Deferred debits and other assets |
|
|
|
|
||||
Regulatory assets |
|
|
8,703 |
|
|
|
8,698 |
|
|
|
|
6,630 |
|
|
|
6,630 |
|
Receivable related to Regulatory Agreement Units |
|
|
3,840 |
|
|
|
3,232 |
|
Investments |
|
|
270 |
|
|
|
251 |
|
Other |
|
|
1,467 |
|
|
|
1,365 |
|
Total deferred debits and other assets |
|
|
20,910 |
|
|
|
20,176 |
|
Total assets |
|
$ |
105,113 |
|
|
$ |
101,546 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
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 |
|
|
|
|
(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 |
||||||
|
|
|
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 (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 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Change in environmental liabilities (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
|
|
0.05 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
46 |
|
Separation costs (net of taxes of |
|
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 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Change in |
|
0.01 |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
15 |
|
Cost management charge (net of taxes of |
|
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 |
(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 (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 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Change in environmental liabilities (net of taxes of |
|
0.03 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
29 |
|
|
|
0.05 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
46 |
|
Change in |
|
0.01 |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Separation costs (net of taxes of |
|
— |
|
|
|
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 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Change in |
|
0.04 |
|
|
|
40 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
42 |
|
Cost management charge (net of taxes of |
|
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 |
(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 |
(7) |
Primarily represents severance and reorganization costs related to cost management. |
ComEd Statistics
Three Months Ended |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather -
|
|
|
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 |
% |
||
|
|
|
|
|
|
|
|
|
$ |
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 |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather -
|
|
|
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 |
% |
||
|
|
|
|
|
|
|
|
|
$ |
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 |
(d) |
Includes alternative revenue programs and late payment charges. |
PECO Statistics
Three Months Ended |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
)% |
||
|
|
|
|
|
|
$ |
891 |
|
$ |
828 |
|
7.6 |
% |
|||||
|
|
|
|
|
|
|
|
|
$ |
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 |
||||||||||||||||||
|
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 |
% |
|||||
|
|
|
|
|
|
|
|
|
$ |
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 |
(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 |
BGE Statistics
Three Months Ended |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
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 |
% |
|||||
|
|
|
|
|
|
|
|
|
$ |
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 |
||||||||||||||||||
|
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 |
% |
|||||
|
|
|
|
|
|
|
|
|
$ |
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 |
(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 |
Pepco Statistics
Three Months Ended |
||||||||||||||||||
|
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 |
% |
||
|
|
|
|
|
|
|
|
|
$ |
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 |
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
3,868 |
|
3,561 |
|
8.6 |
% |
|
(3.9 |
)% |
|
$ |
659 |
|
$ |
549 |
|
20.0 |
% |
Small commercial & industrial |
550 |
|
516 |
|
6.6 |
% |
|
0.5 |
% |
|
|
89 |
|
|
80 |
|
11.3 |
% |
Large commercial & industrial |
6,701 |
|
6,323 |
|
6.0 |
% |
|
1.9 |
% |
|
|
513 |
|
|
535 |
|
(4.1 |
)% |
Public authorities & electric railroads |
290 |
|
267 |
|
8.6 |
% |
|
7.9 |
% |
|
|
18 |
|
|
16 |
|
12.5 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
138 |
|
|
120 |
|
15.0 |
% |
Total electric revenues(c) |
11,409 |
|
10,667 |
|
7.0 |
% |
|
(0.1 |
)% |
|
|
1,417 |
|
|
1,300 |
|
9.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
42 |
|
|
51 |
|
(17.6 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
1,459 |
|
$ |
1,351 |
|
8.0 |
% |
||
|
|
|
|
|
|
|
|
|
$ |
514 |
|
$ |
462 |
|
11.3 |
% |
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,006 |
|
1,829 |
|
2,374 |
|
9.7 |
% |
|
(15.5 |
)% |
Cooling Degree-Days |
651 |
|
390 |
|
516 |
|
66.9 |
% |
|
26.2 |
% |
Number of Electric Customers |
2024 |
|
2023 |
Residential |
871,009 |
|
860,014 |
Small commercial & industrial |
54,080 |
|
54,016 |
Large commercial & industrial |
23,057 |
|
22,904 |
Public authorities & electric railroads |
207 |
|
204 |
Total |
948,353 |
|
937,138 |
__________
(a) |
Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling |
(d) |
Includes alternative revenue programs and late payment charge revenues. |
DPL Statistics
Three Months Ended |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
1,122 |
|
987 |
|
13.7 |
% |
|
(0.6 |
)% |
|
$ |
202 |
|
$ |
161 |
|
25.5 |
% |
Small commercial & industrial |
564 |
|
547 |
|
3.1 |
% |
|
(1.0 |
)% |
|
|
60 |
|
|
57 |
|
5.3 |
% |
Large commercial & industrial |
1,027 |
|
1,027 |
|
— |
% |
|
(3.0 |
)% |
|
|
31 |
|
|
33 |
|
(6.1 |
)% |
Public authorities & electric railroads |
10 |
|
10 |
|
— |
% |
|
1.2 |
% |
|
|
4 |
|
|
4 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
64 |
|
|
61 |
|
4.9 |
% |
Total electric revenues(c) |
2,723 |
|
2,571 |
|
5.9 |
% |
|
(1.6 |
)% |
|
|
361 |
|
|
316 |
|
14.2 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
4 |
|
(75.0 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
362 |
|
|
320 |
|
13.1 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
852 |
|
794 |
|
7.3 |
% |
|
(6.7 |
)% |
|
|
15 |
|
|
16 |
|
(6.3 |
)% |
Small commercial & industrial |
531 |
|
497 |
|
6.8 |
% |
|
(5.4 |
)% |
|
|
7 |
|
|
7 |
|
— |
% |
Large commercial & industrial |
402 |
|
371 |
|
8.4 |
% |
|
8.5 |
% |
|
|
1 |
|
|
1 |
|
— |
% |
Transportation |
1,340 |
|
1,328 |
|
0.9 |
% |
|
(1.5 |
)% |
|
|
4 |
|
|
4 |
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
1 |
|
|
1 |
|
— |
% |
Total natural gas revenues |
3,125 |
|
2,990 |
|
4.5 |
% |
|
(2.7 |
)% |
|
|
28 |
|
|
29 |
|
(3.4 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
28 |
|
|
29 |
|
(3.4 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
390 |
|
$ |
349 |
|
11.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
$ |
156 |
|
$ |
139 |
|
12.2 |
% |
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
391 |
|
322 |
|
442 |
|
21.4 |
% |
|
(11.5 |
)% |
Cooling Degree-Days |
398 |
|
252 |
|
352 |
|
57.9 |
% |
|
13.1 |
% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
404 |
|
318 |
|
483 |
|
27.0 |
% |
|
(16.4 |
)% |
Six Months Ended |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
2,610 |
|
2,373 |
|
10.0 |
% |
|
(0.4 |
)% |
|
$ |
458 |
|
$ |
371 |
|
23.5 |
% |
Small commercial & industrial |
1,121 |
|
1,081 |
|
3.7 |
% |
|
(0.1 |
)% |
|
|
122 |
|
|
119 |
|
2.5 |
% |
Large commercial & industrial |
2,000 |
|
1,984 |
|
0.8 |
% |
|
(1.4 |
)% |
|
|
60 |
|
|
66 |
|
(9.1 |
)% |
Public authorities & electric railroads |
20 |
|
22 |
|
(9.1 |
)% |
|
(9.5 |
)% |
|
|
8 |
|
|
8 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
126 |
|
|
119 |
|
5.9 |
% |
Total electric revenues(c) |
5,751 |
|
5,460 |
|
5.3 |
% |
|
(0.7 |
)% |
|
|
774 |
|
|
683 |
|
13.3 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
6 |
|
|
14 |
|
(57.1 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
780 |
|
|
697 |
|
11.9 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
4,764 |
|
4,368 |
|
9.1 |
% |
|
(2.3 |
)% |
|
|
61 |
|
|
76 |
|
(19.7 |
)% |
Small commercial & industrial |
2,244 |
|
2,142 |
|
4.8 |
% |
|
(6.5 |
)% |
|
|
24 |
|
|
33 |
|
(27.3 |
)% |
Large commercial & industrial |
834 |
|
787 |
|
6.0 |
% |
|
5.8 |
% |
|
|
3 |
|
|
2 |
|
50.0 |
% |
Transportation |
3,301 |
|
3,231 |
|
2.2 |
% |
|
(1.7 |
)% |
|
|
9 |
|
|
8 |
|
12.5 |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
3 |
|
|
7 |
|
(57.1 |
)% |
Total natural gas revenues |
11,143 |
|
10,528 |
|
5.8 |
% |
|
(2.5 |
)% |
|
|
100 |
|
|
126 |
|
(20.6 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
100 |
|
|
126 |
|
(20.6 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
880 |
|
$ |
823 |
|
6.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
$ |
370 |
|
$ |
360 |
|
2.8 |
% |
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,503 |
|
2,197 |
|
2,807 |
|
13.9 |
% |
|
(10.8 |
)% |
Cooling Degree-Days |
398 |
|
252 |
|
353 |
|
57.9 |
% |
|
12.7 |
% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,608 |
|
2,269 |
|
2,959 |
|
14.9 |
% |
|
(11.9 |
)% |
Number of Electric Customers |
2024 |
|
2023 |
|
Number of Natural Gas Customers |
2024 |
|
2023 |
Residential |
488,089 |
|
483,760 |
|
Residential |
130,678 |
|
129,538 |
Small commercial & industrial |
64,549 |
|
63,913 |
|
Small commercial & industrial |
10,100 |
|
10,060 |
Large commercial & industrial |
1,256 |
|
1,234 |
|
Large commercial & industrial |
14 |
|
16 |
Public authorities & electric railroads |
595 |
|
594 |
|
Transportation |
163 |
|
163 |
Total |
554,489 |
|
549,501 |
|
Total |
140,955 |
|
139,777 |
__________
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling |
(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 |
||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential |
1,049 |
|
775 |
|
35.4 |
% |
|
4.0 |
% |
|
$ |
229 |
|
|
$ |
155 |
|
|
47.7 |
% |
Small commercial & industrial |
365 |
|
347 |
|
5.2 |
% |
|
(3.0 |
)% |
|
|
55 |
|
|
|
46 |
|
|
19.6 |
% |
Large commercial & industrial |
723 |
|
743 |
|
(2.7 |
)% |
|
(8.8 |
)% |
|
|
47 |
|
|
|
50 |
|
|
(6.0 |
)% |
Public authorities & electric railroads |
9 |
|
9 |
|
— |
% |
|
(1.9 |
)% |
|
|
5 |
|
|
|
4 |
|
|
25.0 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
68 |
|
|
|
63 |
|
|
7.9 |
% |
Total electric revenues(c) |
2,146 |
|
1,874 |
|
14.5 |
% |
|
(2.1 |
)% |
|
|
404 |
|
|
|
318 |
|
|
27.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(21 |
) |
|
|
(1 |
) |
|
2,000.0 |
% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
383 |
|
|
$ |
317 |
|
|
20.8 |
% |
||
|
|
|
|
|
|
|
|
|
$ |
172 |
|
|
$ |
124 |
|
|
38.7 |
% |
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
465 |
|
519 |
|
525 |
|
(10.4 |
)% |
|
(11.4 |
)% |
Cooling Degree-Days |
415 |
|
155 |
|
303 |
|
167.7 |
% |
|
37.0 |
% |
Six Months Ended |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
1,889 |
|
1,535 |
|
23.1 |
% |
|
2.2 |
% |
|
$ |
404 |
|
|
$ |
301 |
|
34.2 |
% |
Small commercial & industrial |
726 |
|
718 |
|
1.1 |
% |
|
(4.8 |
)% |
|
|
105 |
|
|
|
105 |
|
— |
% |
Large commercial & industrial |
1,464 |
|
1,532 |
|
(4.4 |
)% |
|
(8.2 |
)% |
|
|
96 |
|
|
|
113 |
|
(15.0 |
)% |
Public authorities & electric railroads |
23 |
|
23 |
|
— |
% |
|
(2.3 |
)% |
|
|
10 |
|
|
|
9 |
|
11.1 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
134 |
|
|
|
126 |
|
6.3 |
% |
Total electric revenues(c) |
4,102 |
|
3,808 |
|
7.7 |
% |
|
(3.1 |
)% |
|
|
749 |
|
|
|
654 |
|
14.5 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(9 |
) |
|
|
16 |
|
(156.3 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
740 |
|
|
$ |
670 |
|
10.4 |
% |
||
|
|
|
|
|
|
|
|
|
$ |
312 |
|
|
$ |
273 |
|
14.3 |
% |
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,666 |
|
2,527 |
|
2,950 |
|
5.5 |
% |
|
(9.6 |
)% |
Cooling Degree-Days |
415 |
|
155 |
|
304 |
|
167.7 |
% |
|
36.5 |
% |
Number of Electric Customers |
|
2024 |
|
2023 |
Residential |
|
506,358 |
|
503,918 |
Small commercial & industrial |
|
62,717 |
|
62,307 |
Large commercial & industrial |
|
2,878 |
|
3,007 |
Public authorities & electric railroads |
|
701 |
|
727 |
Total |
|
572,654 |
|
569,959 |
__________
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling |
(d) |
Includes alternative revenue programs. |
(e) |
Includes alternative revenue programs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801173992/en/
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