-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T33uYixaE318yUrD50yg9LB4d1AUQiY9UQvdMe68VsHYe4pHkW499KT7HQDelBbc YU6XHskAu2a0TZlsRQP7mw== 0000950159-02-000464.txt : 20020802 0000950159-02-000464.hdr.sgml : 20020802 20020802122104 ACCESSION NUMBER: 0000950159-02-000464 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020731 ITEM INFORMATION: Other events ITEM INFORMATION: FILED AS OF DATE: 20020802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXELON GENERATION CO LLC CENTRAL INDEX KEY: 0001168165 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 233064219 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-85496 FILM NUMBER: 02718078 MAIL ADDRESS: STREET 1: 10 S DEARBORN STREET STREET 2: 37TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60690 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PECO ENERGY CO CENTRAL INDEX KEY: 0000078100 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 230970240 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16844 FILM NUMBER: 02718079 BUSINESS ADDRESS: STREET 1: 2301 MARKET ST STREET 2: P O BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101 BUSINESS PHONE: 2158414000 FORMER COMPANY: FORMER CONFORMED NAME: PHILADELPHIA ELECTRIC CO DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON CO CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01839 FILM NUMBER: 02718080 BUSINESS ADDRESS: STREET 1: ONE FIRST NATIONAL PLZ 37TH FL STREET 2: P O BOX 767 CITY: CHICAGO STATE: IL ZIP: 60690 BUSINESS PHONE: 3123944321 MAIL ADDRESS: STREET 1: 10 SOUTH DEARBORN STREET STREET 2: 37TH FLOOR CITY: CHICAGO STATE: IL ZIP: 606900767 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXELON CORP CENTRAL INDEX KEY: 0001109357 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 232990190 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16169 FILM NUMBER: 02718081 BUSINESS ADDRESS: STREET 1: 10 S DEARBORN ST 37TH FLR STREET 2: PO BOX A-3005 CITY: CHICAGO STATE: IL ZIP: 60690-3005 BUSINESS PHONE: 3123947399 MAIL ADDRESS: STREET 1: P O BOX 767 CITY: CHICAGO STATE: IL ZIP: 60690 8-K 1 exelon8k8-102.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 July 31, 2002 (Date of earliest event reported)
Commission File Name of Registrant; State of Incorporation; Address of IRS Employer Number Principal Executive Offices; and Telephone Number Identification Number - --------------------- ---------------------------------------------------------- ------------------------ 1-16169 EXELON CORPORATION 23-2990190 (a Pennsylvania corporation) 10 South Dearborn Street - 37th Floor P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-7398 1-1839 COMMONWEALTH EDISON COMPANY 36-0938600 (an Illinois corporation) 10 South Dearborn Street - 37th Floor P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-4321 1-1401 PECO ENERGY COMPANY 23-0970240 (a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000 333-85496 EXELON GENERATION COMPANY, LLC 23-3064219 (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348 (610) 765-8200
Item 5. Other Events. On July 31, 2002, Exelon Corporation issued a press release disclosing its second quarter 2002 earnings results. The press release is attached as Exhibit 99.1. Also included in this report are the sales statistics by quarter for Energy Delivery, Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) for 2001. These schedules are attached as Exhibit 99.2. Item 9. Regulation FD Disclosure As previously announced, on July 31, 2002 Exelon Corporation conducted its Second Quarter Earnings Conference Call. Members of management participating in the call included Chairman and CEO John W. Rowe, Senior Vice President and Chief Financial Officer, Ruth Ann M. Gillis, CEO of Exelon Delivery, Pamela B. Strobel, President of Enterprises, George H. Gilmore and Executive Vice President, Ian McLean. The call was open to all on a listen-only basis and was audio web-cast. Telephone replays will be available through August 15, 2002. The U.S. call-in number is 877.519.4471 and the international call-in number is 973.341.3080. The confirmation code is 3391011. In addition, the call will be archived on Exelon's web site, www.exeloncorp.com; please choose the Investor Relations page. During the call management reviewed issues outlined in the press release. Management indicated that the process for preparing to certify the Exelon financial statements filed with the SEC is nearly complete, and that the certifications are expected to be filed at the time of the second quarter 10-Q filing. Management indicated that wholesale market prices for energy continue to be weaker than expected, with average around-the-clock prices for July through December projected to be $28 per MWh in PJM and $22 per MWh in MAIN. These average price projections are about $3 per MWh lower than previous price projections. Management further observed that the around the clock price projections for the summer months are about $15 per MWh lower than previous projections and that those months are more sensitive to price changes because the portfolio is least hedged in those months. Previously provided estimates of a $0.03 per share sensitivity to each $1/MWh change in the average around the clock price still holds over the course of a year, but cannot be applied to individual months, such as July and August due to the higher than average level of price sensitivity in those months. Management indicated that it expected savings from the Cost Management Initiative to exceed plan and, coupled with warmer than normal weather in July, help to offset the effect of the lower wholesale prices. Management stated that a number of potentially offsetting factors will affect 2003 earnings: o wholesale energy price forecasts which are lower than previous projections o potential increases in pension costs due to equity market performance, o the impact of implementing FAS 143, which is currently being evaluated o the release of a portion of the energy option contract with Edison Mission Energy which will affect 2003 earnings. Management indicated that the Enterprises business segment is expected to break even on an operating basis in the second half of 2002, exclusive of any gains or losses which could be incurred if businesses or investments are sold. Management also discussed ComEd's Provider of Last Resort proposal recently filed with the Illinois Commerce Commission. ComEd is seeking permission to limit the availability of its bundled fixed rate for electricity to 350 customers representing 2,500 MW's of load, of which customers representing approximately 1,600 MW's of load are currently obtaining service from Alternative Retail Electric Suppliers. Exhibit Index Exhibit No. Description 99.1 Exelon Second Quarter Earning Press Release 99.2 Energy Delivery 2001 Sales Statistics by Quarter This combined Form 8-K is being filed separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Registrants). Information contained herein relating to any individual registrant has been filed by such registrant on its own behalf. No registrant makes any representation as to information relating to any other registrant. Except for the historical information contained herein, certain of the matters discussed in this Report are forward-looking statements that are subject to risks and uncertainties. The factors that could cause actual results to differ materially include those discussed herein as well as those listed in Note 7 of Notes to Condensed Consolidated Financial Statements, those discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations--Outlook" in Exelon Corporation's 2001 Annual Report, those discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Exelon Generation Company, LLC's Registration Statement on Form S-4, Reg. No. 333-85496 and other factors discussed in filings with the Securities and Exchange Commission by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. The Registrants undertake no obligation to publicly release any revision to forward-looking statements to reflect events or circumstances after the date of this Report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EXELON CORPORATION COMMONWEALTH EDISON COMPANY PECO ENERGY COMPANY EXELON GENERATION COMPANY, LLC /S/ Ruth Ann M. Gillis ----------------------------------- Ruth Ann M. Gillis Senior Vice President and Chief Financial Officer Exelon Corporation August 2, 2002 EX-99 3 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 [EXELON LOGO] News Release From: Exelon Corporation FOR IMMEDIATE RELEASE --------------------- Corporate Communications July 31, 2002 P.O. Box 805379 Chicago, IL 60680-5379 Contact: Linda Marsicano, Media Relations 312.394.3099 Linda Byus, CFA, Investor Relations 312.394.7696 Exelon Announces Second Quarter Operating Earnings of $1.14 Before Gain on Sale of Investment Chicago (July 31, 2002) - Exelon Corporation (NYSE: EXC) today reported consolidated earnings of $485 million, or $1.50 per share (diluted), for the second quarter of 2002. Operating earnings were $369 million, or $1.14 per share, before a $116 million, or $0.36 per share, after-tax gain related to Exelon Enterprises' sale of its 49% interest in AT&T Wireless PCS of Philadelphia. The transaction closed on April 1, 2002. Operating earnings in the second quarter of 2002 were up 18% compared with second quarter 2001 earnings of $0.97 per share. Improved operating results were due to increased weather related kWh deliveries, lower interest expense and lower operating and maintenance expense in the quarter compared to second quarter 2001. The Cost Management Initiative achieved $93 million of savings in the second quarter and $104 million year-to-date. The estimated net impact of favorable weather is $0.09 per share in the second quarter compared to the prior year and also $0.09 per share relative to the normal weather that was incorporated in Exelon's guidance. The cessation of goodwill amortization contributed $0.12 per share for the quarter relative to the second quarter of 2001. John W. Rowe, Exelon Chairman and CEO, stated, "Our strong second quarter earnings are the result of the efforts of Exelon employees to live up to our commitments and perform at world-class levels. Our Cost Management Initiative, led by Oliver Kingsley, is producing results. Based on everything we know today, we expect to meet or exceed the current consensus estimate of $4.65 per share. However, with the current economic and wholesale power price volatility, it is difficult to project earnings in a narrow range." 2002 Earnings Outlook Exelon's 2002 earnings outlook has been updated to incorporate year-to-date events including first half operating results and our expectations for the balance of the year. Exelon's guidance for consolidated 2002 earnings from operations excluding unusual items remains in the range of $4.55 to $4.85 per diluted share based on the assumption of normal weather for the balance of the year. Earnings from operations exclude the second quarter gain from the sale of the AT&T investment and first quarter goodwill impairment and severance costs. Third quarter earnings are expected to represent about 30% of the full year earnings. Page 2 Second Quarter Highlights o Exelon Generation's nuclear group completed two scheduled refueling outages during the second quarter of 2002, the same as in the second quarter of 2001. The average refueling outage duration for the first half of 2002 was 23 days compared to 25 days for the first half of 2001. In the second quarter of 2002, there was a planned maintenance outage (non-refueling outage) at LaSalle Station with a duration of 15 days. Power uprate modifications were installed during both of the second quarter 2002 refueling outages, adding a total of 129 MWs of additional capacity. Exelon Generation's nuclear fleet, excluding AmerGen, produced 28,353 GWhs output for the second quarter of 2002, compared to 28,443 GWhs output for the second quarter of 2001. The fleet, including AmerGen, achieved a capacity factor of 92.1% for the second quarter of 2002, compared to 93.6% for the second quarter 2001. o Exelon Generation's fossil operations continued their strong performance in the second quarter with 98.9% on-time delivery and 94.2% dispatch availability. o Exelon Generation's power marketing organization, Power Team, mitigated the impact of depressed wholesale power prices during the second quarter with hedging activities. The average realized wholesale market price, excluding trading, for the quarter was $31/MWh, significantly higher than the average observed around-the-clock spot price of approximately $25/MWh in its two primary generation supply regions of MAIN and PJM. The average realized market price, excluding trading, in second quarter of 2001 was $38/MWh. o On April 25, 2002, Exelon Generation acquired two natural-gas and oil-fired plants from TXU Corp. (TXU) for an aggregate purchase price of $443 million. The purchase includes the 893-megawatt Mountain Creek Steam Electric Station in Dallas and the 1,441-megawatt Handley Steam Electric Station in Fort Worth. o Exelon Enterprises completed the sale of its 49% interest in AT&T Wireless PCS of Philadelphia, LLC to a subsidiary of AT&T Wireless Services for $285 million in cash. The transaction closed on April 1, 2002. The after-tax gain was $116 million with a resulting $0.36 earnings per share (diluted) gain included in reported earnings for the quarter but excluded from operating income. o On June 27, Exelon Generation announced an agreement to purchase Sithe New England Holdings, a subsidiary of Sithe Energies, Inc., in exchange for a $543 million note, plus the assumption of approximately $1.15 billion of project debt. If the transaction closing conditions are met and Federal Energy Regulatory Commission (FERC) and other approvals are received, the transaction could be completed in November 2002. o On July 1, 2002, Exelon Generation notified Midwest Generation of the exercise of its call options under the existing Coal Generation Purchase Power Agreement. Exelon Generation exercised options on 1,265 MWs of capacity and did not exercise options on 2,684 MWs of capacity. In 2003, Exelon Generation will take 1,696 MWs of non-option capacity and 1,265 MWs of option capacity under the existing contract. Page 3 o On July 19, Exelon Energy Delivery's Illinois operating company, ComEd, filed a request with the Illinois Commerce Commission (ICC) to revise the Provider of Last Resort (POLR) obligation in Illinois. ComEd is seeking permission from the ICC to limit the availability by June 2006 of Rate 6L for its largest energy customers, those with demands of at least 3 megawatts, which typically include heavy industrial plants, large office buildings, government facilities and a variety of other businesses. Rate 6L is a bundled fixed rate offered to about 370 customers representing 2,500 MWs of load. The ICC has 120 days to act on the filing or it will be deemed approved. Other items: Exelon early adopted new accounting guidance issued by the Emerging Issues Task Force of the Financial Accounting Standards Board (EITF 02-3) in June, which requires that revenues and expenses related to energy trading contracts be presented on a net basis in the income statement. Prior to the second quarter of 2002, Exelon's trading revenues and costs were presented on a gross basis. For comparative purposes, page 14 of the attachment provides the impact of netting trading expenses with revenues for prior quarters. BUSINESS UNIT RESULTS Exelon Corporation's consolidated net income for the second quarter of 2002 was $485 million compared with net income of $315 million in the second quarter of 2001. Exelon Energy Delivery consists of the retail electricity transmission and distribution operations of ComEd and PECO Energy and the natural gas distribution business of PECO Energy. Energy Delivery's net income in the second quarter of 2002 was $322 million compared with net income of $264 million in the second quarter of 2001, primarily due to cost savings and increased weather-related kWh sales in 2002. Cooling degree days in the ComEd service territory were up 29% relative to last year and 33% above normal. In the PECO service territory cooling degree days were up 1% compared with 2001 and 36% above normal. Total retail KWh deliveries rose 2.2% for ComEd, with a 12% increase in deliveries to the weather-sensitive residential customer class. PECO's retail KWh deliveries increased 3.0% overall. Energy Delivery's total revenues for the second quarter of 2002 of $2,476 million were up 2% from $2,436 million in 2001, offset by a $31 million net increase in fuel and purchased power. Operating and maintenance expense decreased $23 million reflecting lower uncollectable accounts expense and Cost Management Initiative savings. The absence of the amortization of goodwill and lower interest expense contributed to the increase in Energy Delivery's operating results. The impact of the warmer summer weather increased Energy Delivery's second quarter 2002 earnings per share (diluted) by approximately $0.05 relative to 2001 and $0.06 relative to the normal weather that was incorporated in our earnings guidance. Page 4 Exelon Generation consists of Exelon's electric generation operations and power marketing and trading functions. Generation's second quarter 2002 net income of $84 million was up from second quarter 2001 net income of $71 million. The increase is due to the positive impacts of Exelon's Cost Management Initiative, lower interest expense and lower depreciation expense, partially offset by higher trading portfolio losses. Energy sales for the second quarter of 2002 totaled 50,238 GWhs, exclusive of trading volumes, compared with 48,068 GWhs in 2001. Generation's second quarter 2002 revenue of $1,559 million includes a net trading portfolio loss of $16 million compared to second quarter 2001 revenue of $1,583 million, which includes a net trading portfolio loss of $6 million. As noted above, second quarter 2001 revenues have been revised to reflect the adoption of EITF 02-3, which requires that trading-related expenses be netted against trading revenues. Revenues, excluding the net trading portfolio losses, decreased 2.2% from the second quarter of 2001, reflecting lower market prices for energy. The average realized price excluding trading activity in the second quarter of 2002 was $31 per MWh compared with $33 per MWh in 2001. The average realized price reflects a higher proportion ot Generation's total sales being to Exelon Energy Delivery as a result of favorable weather conditions, which partially offset the impact of lower market prices during the second quarter of 2002 as compared to the second quarter of 2001. Revenue net fuel decreased $2 million to $630 million for the second quarter of 2002 as compared to the second quarter of 2001 as a result of the factors noted above. The second quarter 2002 revenue net fuel includes net mark-to-market losses of $5 million including non-cash mark-to-market gains on non-trading activities of $4 million and non-cash mark-to-market trading losses of $9 million. Operating and maintenance expenses increased $6 million reflecting the addition of the plants acquired from TXU, which are offset by savings generated by Exelon's Cost Management Initiative efforts. Depreciation and amortization decreased $10 million for the second quarter of 2002 as compared to the second quarter of 2001 due primarily to plant life extensions, which were incorporated in the depreciation calculation beginning in the latter half of 2001. Interest expense of $11 million was $15 million lower for the second quarter of 2002 as compared to the second quarter of 2001 due primarily to lower interest rates on borrowings and higher capitalized interest. Exelon Enterprises consists of Exelon's competitive retail energy sales, Energy Solutions and infrastructure services, venture capital investments and related businesses. Enterprises reported second quarter 2002 net income of $83 million, which includes the $116 million after-tax gain on the sale of the AT&T Wireless investment. Excluding that gain, second quarter 2002 results were a loss of $33 million. Second quarter 2001 results were a loss of $5 million. Enterprises second quarter 2001 results included an $18 million gain on investments. The $28 million decrease in 2002 earnings compared to 2001 is primarily due to $36 million of investment writedowns and $4 million of other net asset writedowns in the second quarter of 2002, partially offset by the cessation of goodwill amortization, lower interest expense and the absence of AT&T Wireless operating losses after the April sale. Enterprises revenues and operating expenses were each lower by approximately $70 million compared to 2001, as a result of reduced project activity at Energy Solutions, reduced construction activity at InfraSource due to the continued decline in the telecommunications industry, reduced gas prices, and Enterprises' unregulated Exelon Energy's exit from the retail energy business in the PJM region, partially offset by higher electric revenues from the Illinois energy market. Page 5 Other items: Conference call information: Exelon has scheduled a Conference Call for 11 AM ET (10 AM CT) on July 31. The call-in number in the U.S. is 877/691-0877 the international call-in number is 973/582-2785. No password is required. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon's web site: www.exeloncorp.com. (Please select the Investor Relations page.) Telephone replays will be available through August 15. The U.S. call-in number is 877/519-4471 the international call-in number is 973/341-3080. The confirmation code is 3391011. ================================================================================ This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements herein include statements about future financial and operating results of Exelon. Economic, business, competitive and/or regulatory factors affecting Exelon's businesses generally could cause actual results to differ materially from those described herein. For a discussion of the factors that could cause actual results to differ materially, please see Exelon's filings with the Securities and Exchange Commission, particularly those factors discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Outlook" in Exelon's 2001 Annual Report and "Risk Factors" in Exelon Generation Company's Registration Statement on Form S-4, file number 333-85496. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Exelon does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release. ### Exelon Corporation is one of the nation's largest electric utilities with approximately 5 million customers and more than $15 billion in annual revenues. The company has one of the industry's largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5 million customers in Illinois and Pennsylvania and gas to more than 440,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.
EXELON CORPORATION Consolidated Statements of Income (unaudited) (in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, -------------------------- ------------------------- 2002 2001 2002 2001 ------------------------ ------------------------ Operating Revenues $ 3,519 $ 3,616 $ 6,876 $ 7,439 Operating Expenses Purchased Power 759 766 1,427 1,407 Fuel 364 409 860 1,098 Operating and Maintenance 1,070 1,134 2,137 2,192 Depreciation and Amortization 332 362 667 740 Taxes Other Than Income 181 153 367 321 ------- ------- ------- ------- Total Operating Expenses 2,706 2,824 5,458 5,758 ------- ------- ------- ------- Operating Income 813 792 1,418 1,681 Other Income and Deductions Interest Expense (241) (289) (490) (581) Distributions on Preferred Securities of Subsidiaries (11) (12) (23) (23) Equity in Earnings of Unconsolidated Affiliates, net 9 7 22 25 Other, net 194 44 222 99 ------- ------- ------- ------- Total Other Income and Deductions (49) (250) (269) (480) ------- ------- ------- ------- Income Before Income Taxes and Cumulative Effect of Changes in Acounting Principles 764 542 1,149 1,201 Income Taxes 279 227 427 499 ------- ------- ------- ------- Income Before Cumulative Effect of Changes in Accounting Principles 485 315 722 702 Cumulative Effect of Changes in Accounting Principles, Net of Income Taxes -- -- (230) 12 ------- ------- ------- ------- Net Income $ 485 $ 315 $ 492 $ 714 ======= ======= ======= ======= Average Common Shares Outstanding Basic: 322 321 322 320 Diluted: 323 324 324 323 Earnings per Average Common Share: Basic: Income before Cumulative Effect of Changes in Accounting Principles $ 1.50 $ 0.98 $ 2.24 $ 2.19 Cumulative Effect of Changes in Accounting Principles -- -- (0.71) 0.04 ------- ------- ------- ------- Net Income $ 1.50 $ 0.98 $ 1.53 $ 2.23 ======= ======= ======= ======= Diluted: Income before Cumulative Effect of Changes in Accounting Principles $ 1.50 $ 0.97 $ 2.23 $ 2.17 Cumulative Effect of Changes in Accounting Principles -- -- (0.71) 0.04 ------- ------- ------- ------- Net Income $ 1.50 $ 0.97 $ 1.52 $ 2.21 ======= ======= ======= ======= Unusual Items included in Diluted Earnings per Common Share Gains/(Losses): Transition loss on implementation of FAS 141 and 142 $ -- $ -- $ (0.71) $ -- Gain on Sale of AT&T Wireless 0.36 -- 0.36 -- Employee severance costs -- -- (0.04) -- CTC prepayment -- 0.02 -- 0.02 Wholesale rate settlement -- 0.01 -- 0.01 Gain on investment -- 0.04 -- 0.05 Implementation of FAS 133 -- -- -- 0.04 Settlement of Transition Bond Swap -- -- -- 0.01 ------- ------- ------- ------- Total Unusual Items $ 0.36 $ 0.07 $ (0.39) $ 0.13 ======= ======= ======= =======
1 EXELON CORPORATION Earnings Per Diluted Share Reconciliation Second Quarter 2002 vs. Second Quarter 2001 2001 Earnings per Diluted Share $ 0.97 Unusual Items included in 2001 Earnings: Gain on Investment (1) (0.04) CTC prepayment (0.02) Wholesale Rate Settlement (0.01) ---------- 2001 Earnings Excluding Unusual Items 0.90 Year Over Year Effects on Earnings: Lower Energy Margins - Excluding Weather (2) (0.04) Higher Energy Margins - Weather Impact (3) 0.09 Cessation of Goodwill Amortization 0.12 Investment and Asset Write-Downs (4) (0.07) Lower Operating and Maintenance Expense (O&M) (5) 0.02 Lower Interest Expense (6) 0.09 Higher Taxes Other Than Income (7) (0.05) Higher Depreciation and Amortization Expense (8) (0.02) Lower Effective Income Tax Rate (9) 0.07 Other 0.03 ---------- 2002 Earnings Before Gain on sale of AT&T 1.14 Gain on the Sale of AT&T Wireless 0.36 ---------- 2002 Earnings per Diluted Share $ 1.50 ========= (1) Realized gains on distributions on Enterprises investments. (2) Primarily reflects higher PJM ancillary costs, lower margins on energy trading activity and rate reductions at EED, partially offset by a stronger economy in Chicago in 2002 compared to 2001. ComEd's 5% residential customer rate reflects a reduction of $0.05 per share. (3) Primarily related to warmer summer weather in the second quarter of 2002 compared to 2001. Additionally, because retail electricity sales were up due to weather, the Power Team sold less electricity at wholesale prices. The estimated net impact of weather is an increase to earnings per share of $0.05, $0.02 and $0.02 at Energy Delivery, Generation and Enterprises, respectively. (4) Reflects $36 million of investment write-downs and $4 million of net asset writedowns at Enterprises. (5) Lower O&M's primarily relate to decreased Generation O&M's, offset by increased Energy Delivery O&M's reflecting uncollectible accounts and claims expenses and costs associated with the deployment of automatic meter reading technology. Reductions in InfraSource and Exelon Services O&M's resulting from lower business activity of $51 million is excluded from this effect. The earnings effect of lower InfraSource and Exelon Services O&M's is offset by lower nfraSource and Exelon Services revenue. (6) Reflects lower debt outstanding and lower interest rates due to refinancing at Energy Delivery and a lower rate on Generation's spent nuclear fuel obligation. (7) Primarily reflects a higher gross receipts tax rate at PECO. (8) Depreciation and amortization expense, excluding goodwill amortization, was higher primarily related to the effect of increased CTC amortization at PECO and increased depreciation related to higher depreciable plant partially offset by the extension of the estimated service lives of the generating stations in 2001. (9) Primarily relates to lower state income tax rates. 2 EXELON CORPORATION Earnings Per Diluted Share Reconciliation Six Months Ended June 30, 2002 vs. Six Months Ended June 30, 2001 2001 Earnings per Diluted Share $ 2.21 Unusual Items included in 2001 Earnings: Cumulative Effect of Adopting SFAS 133 (0.04) Gain on Investment (1) (0.05) CTC Prepayment (0.02) Wholesale Rate Settlement (0.01) Settlement of Transition Bond Swap (0.01) --------- 2001 Earnings Excluding Unusual Items 2.08 Year Over Year Effects on Earnings: Lower Energy Margins - Excluding Weather (2) (0.43) Lower Energy Margins - Weather Impact (3) (0.05) Higher Nuclear Outage Operating and Maintenance Costs (4) (0.10) Investment and Asset Write-Downs (5) (0.08) Cessation of Goodwill Amortization 0.24 Lower Operating and Maintenance Expense (O&M) (6) 0.08 Lower Interest Expense (7) 0.17 Higher Taxes Other Than Income (8) (0.09) Lower Depreciation and Amortization Expense (9) 0.01 Lower Equity in Earnings of Unconsolidated Affiliates (0.01) Lower Effective Income Tax Rate (10) 0.09 2002 Earnings Before Cumulative Effect of Adopting SFAS 142, the Gain on the AT&T Sale and Severance 1.91 Cumulative Effect of Adopting SFAS 142 (0.71) Gain on the Sale of AT&T Wireless 0.36 Severance (11) (0.04) --------- 2002 Earnings per Diluted Share $ 1.52 ========= (1) Realized gains on distributions on Enterprises investments. (2) Primarily reflects lower market prices for energy, PJM ancillary costs, margins on energy trading activity and rate reductions at EED, partially offset by a stronger economy in Chicago in 2002 compared to 2001. ComEd's 5% residential customer rate reflects a reduction of $0.10 per share. (3) Primarily related to warmer winter weather in Chicago and Philadelphia, offset by warmer summer weather in Chicago in 2002 compared to 2001. (4) Relates to five nuclear refueling outages in 2002 as compared to two refueling outages in 2001. (5) Reflects $38 million of investment write-downs and $4 million of net asset write-downs at Enterprises. (6) Lower O&M's, excluding outage costs, severance costs and lower InfraSource and Exelon Services activity, primarily relate to Exelon's Cost Management Initiative and decreased Generation O&M's. (7) Reflects lower debt outstanding and lower interest rates due to refinancing at Energy Delivery and a lower rate on Generation's spent nuclear fuel obligation. (8) Primarily reflects a higher gross receipts tax rate at PECO. (9) Depreciation and amortization expense, excluding goodwill amortization, was lower primarily related to the effect of the extension of the estimated service lives of the generating stations in 2001, partially offset by increased CTC amortization at PECO, higher amortization of capitalized software at Enterprises and increased depreciation related to higher depreciable plant. (10) Primarily relates to lower state income tax rates. (11) Executive severance costs partially offset by favorable adjustments to previous severance estimates. A portion of the executive severance is not tax deductible. As a result, the after-tax impact on earnings is $0.04 per share. 3
EXELON CORPORATION Consolidating Statements of Income (unaudited) (in millions) Three Months Ended June 30, 2002 ---------------------------------------------------------------- Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated ---------------------------------------------------------------- Operating Revenues $ 2,476 $ 1,559 $ 476 $ (992) $ 3,519 Operating Expenses Purchased Power 958 705 56 (960) 759 Fuel 53 224 82 5 364 Operating and Maintenance 351 411 334 (26) 1,070 Depreciation and Amortization 242 65 17 8 332 Taxes Other Than Income 136 41 2 2 181 ------- ------- ------- ------- ------- Total Operating Expenses 1,740 1,446 491 (971) 2,706 ------- ------- ------- ------- ------- Operating Income 736 113 (15) (21) 813 Other Income and Deductions Interest Expense (218) (11) (3) (9) (241) Distributions on Preferred Securities of Subsidiaries (11) -- -- -- (11) Equity in Earnings (Losses) of Unconsolidated Affiliates, net -- 9 2 (2) 9 Other, net 15 24 158 (3) 194 ------- ------- ------- ------- ------- Total Other Income and Deductions (214) 22 157 (14) (49) ------- ------- ------- ------- ------- Income Before Income Taxes and Cumulative Effect of Change in Acounting Principle 522 135 142 (35) 764 Income Taxes 200 51 59 (31) 279 ------- ------- ------- ------- ------- Income Before Cumulative Effect of Change in Accounting Principle 322 84 83 (4) 485 Cumulative Effect of Change in Accounting Principle, Net of Income Taxes -- -- -- -- -- ------- ------- ------- ------- ------- Net Income $ 322 $ 84 $ 83 $ (4) $ 485 ======= ======= ======= ======= ======= Three Months Ended June 30, 2001 ---------------------------------------------------------------- Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated ---------------------------------------------------------------- Operating Revenues $ 2,436 $ 1,583 $ 546 $ (949) $ 3,616 Operating Expenses Purchased Power 901 721 61 (917) 766 Fuel 79 230 100 -- 409 Operating and Maintenance 374 405 382 (27) 1,134 Depreciation and Amortization 267 75 16 4 362 Taxes Other Than Income 110 39 3 1 153 ------- ------- ------- ------- ------- Total Operating Expenses 1,731 1,470 562 (939) 2,824 ------- ------- ------- ------- ------- Operating Income 705 113 (16) (10) 792 Other Income and Deductions Interest Expense (260) (26) (9) 6 (289) Distributions on Preferred Securities of Subsidiaries (12) -- -- -- (12) Equity in Earnings (Losses) of Unconsolidated Affiliates, net -- 13 (6) -- 7 Other, net 24 14 21 (15) 44 ------- ------- ------- ------- ------- Total Other Income and Deductions (248) 1 6 (9) (250) ------- ------- ------- ------- ------- Income Before Income Taxes and Cumulative Effect of Change in Acounting Principle 457 114 (10) (19) 542 Income Taxes 193 43 (5) (4) 227 ------- ------- ------- ------- ------- Income Before Cumulative Effect of Change in Accounting Principle 264 71 (5) (15) 315 Cumulative Effect of Change in Accounting Principle, Net of Income Taxes -- -- -- -- -- ------- ------- ------- ------- ------- Net Income $ 264 $ 71 $ (5) $ (15) $ 315 ======= ======= ======= ======= =======
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EXELON CORPORATION Consolidating Statements of Income (unaudited) (in millions) Six Months Ended June 30, 2002 --------------------------------------------------------------- Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated --------------------------------------------------------------- Operating Revenues $ 4,811 $ 3,020 $ 966 $(1,921) $ 6,876 Operating Expenses Purchased Power 1,846 1,323 108 (1,850) 1,427 Fuel 188 433 234 5 860 Operating and Maintenance 724 844 634 (65) 2,137 Depreciation and Amortization 489 128 35 15 667 Taxes Other Than Income 268 90 5 4 367 ------- ------- ------- ------- ------- Total Operating Expenses 3,515 2,818 1,016 (1,891) 5,458 ------- ------- ------- ------- ------- Operating Income 1,296 202 (50) (30) 1,418 Other Income and Deductions Interest Expense (439) (28) (8) (15) (490) Distributions on Preferred Securities of Subsidiaries (23) -- -- -- (23) Equity in Earnings (Losses) of Unconsolidated Affiliates, net -- 32 (5) (5) 22 Other, net 30 40 158 (6) 222 ------- ------- ------- ------- ------- Total Other Income and Deductions (432) 44 145 (26) (269) ------- ------- ------- ------- ------- Income Before Income Taxes and Cumulative Effect of Change in Acounting Principle 864 246 95 (56) 1,149 Income Taxes 326 96 40 (35) 427 ------- ------- ------- ------- ------- Income Before Cumulative Effect of Change in Accounting Principle 538 150 55 (21) 722 Cumulative Effect of Change in Accounting Principle, Net of Income Taxes -- 13 (243) -- (230) ------- ------- ------- ------- ------- Net Income $ 538 $ 163 $ (188) $ (21) $ 492 ======= ======= ======= ======= ======= Six Months Ended June 30, 2001 --------------------------------------------------------------- Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated --------------------------------------------------------------- Operating Revenues $ 4,933 $ 3,211 $ 1,213 $(1,918) $ 7,439 Operating Expenses Purchased Power 1,793 1,320 157 (1,863) 1,407 Fuel 284 449 365 -- 1,098 Operating and Maintenance 724 809 705 (46) 2,192 Depreciation and Amortization 535 167 31 7 740 Taxes Other Than Income 225 85 7 4 321 ------- ------- ------- ------- ------- Total Operating Expenses 3,561 2,830 1,265 (1,898) 5,758 ------- ------- ------- ------- ------- Operating Income 1,372 381 (52) (20) 1,681 Other Income and Deductions Interest Expense (506) (59) (22) 6 (581) Distributions on Preferred Securities of Subsidiaries (23) -- -- -- (23) Equity in Earnings (Losses) of Unconsolidated Affiliates, net -- 39 (14) -- 25 Other, net 71 18 38 (28) 99 ------- ------- ------- ------- ------- Total Other Income and Deductions (458) (2) 2 (22) (480) ------- ------- ------- ------- ------- Income Before Income Taxes and Cumulative Effect of Change in Acounting Principle 914 379 (50) (42) 1,201 Income Taxes 384 150 (20) (15) 499 ------- ------- ------- ------- ------- Income Before Cumulative Effect of Change in Accounting Principle 530 229 (30) (27) 702 Cumulative Effect of Change in Accounting Principle, Net of Income Taxes -- 12 -- -- 12 ------- ------- ------- ------- ------- Net Income $ 530 $ 241 $ (30) $ (27) $ 714 ======= ======= ======= ======= ======= 5
EXELON CORPORATION Business Segment Comparative Income Statements (Unaudited) (in millions) Energy Delivery --------------------------------------------------------------------------- Three Months Ended June 30, Six Months Ended June 30, ------------------- -------------------- 2002 2001 Variance 2002 2001 Variance ------- ------- ------- ------- ------- ------- Operating Revenues $ 2,476 $ 2,436 $ 40 $ 4,811 $ 4,933 $ (122) Operating Expenses Purchased Power 958 901 57 1,846 1,793 53 Fuel 53 79 (26) 188 284 (96) Operating and Maintenance 351 374 (23) 724 724 -- Depreciation and Amortization 242 267 (25) 489 535 (46) Taxes Other Than Income 136 110 26 268 225 43 ------- ------- ------- ------- ------- ------- Total Operating Expenses 1,740 1,731 9 3,515 3,561 (46) ------- ------- ------- ------- ------- ------- Operating Income 736 705 31 1,296 1,372 (76) Other Income and Deductions Interest Expense (218) (260) 42 (439) (506) 67 Distributions on Preferred Securities of Subsidiaries (11) (12) 1 (23) (23) -- Other, net 15 24 (9) 30 71 (41) ------- ------- ------- ------- ------- ------- Total Other Income and Deductions (214) (248) 34 (432) (458) 26 ------- ------- ------- ------- ------- ------- Income Before Income Taxes 522 457 65 864 914 (50) Income Taxes 200 193 7 326 384 (58) ------- ------- ------- ------- ------- ------- Net Income $ 322 $ 264 $ 58 $ 538 $ 530 $ 8 ======= ======= ======= ======= ======= ======= Generation --------------------------------------------------------------------------- Three Months Ended June 30, Six Months Ended June 30, ------------------- -------------------- 2002 2001 Variance 2002 2001 Variance ------- ------- ------- ------- ------- ------- Operating Revenues $ 1,559 $ 1,583 $ (24) $ 3,020 $ 3,211 $ (191) Operating Expenses Purchased Power 705 721 (16) 1,323 1,320 3 Fuel 224 230 (6) 433 449 (16) Operating and Maintenance 411 405 6 844 809 35 Depreciation and Amortization 65 75 (10) 128 167 (39) Taxes Other Than Income 41 39 2 90 85 5 ------- ------- ------- ------- ------- ------- Total Operating Expenses 1,446 1,470 (24) 2,818 2,830 (12) ------- ------- ------- ------- ------- ------- Operating Income 113 113 -- 202 381 (179) Other Income and Deductions Interest Expense (11) (26) 15 (28) (59) 31 Equity in Earnings of Unconsolidated Affiliates, net 9 13 (4) 32 39 (7) Other, net 24 14 10 40 18 22 ------- ------- ------- ------- ------- ------- Total Other Income and Deductions 22 1 21 44 (2) 46 ------- ------- ------- ------- ------- ------- Income Before Income Taxes and Cumulative Effect of Changes in Acounting Principles 135 114 21 246 379 (133) Income Taxes 51 43 8 96 150 (54) ------- ------- ------- ------- ------- ------- Income Before Cumulative Effect of Changes in Accounting Principles 84 71 13 150 229 (79) Cumulative Effect of Changes in Accounting Principles, Net of Income Taxes -- -- -- 13 12 1 ------- ------- ------- ------- ------- ------- Net Income $ 84 $ 71 $ 13 $ 163 $ 241 $ (78) ======= ======= ======= ======= ======= =======
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EXELON CORPORATION Business Segment Comparative Income Statements (unaudited) (in millions) Enterprises ---------------------------------------------------------------------------------- Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- 2002 2001 Variance 2002 2001 Variance ------- ------- ------- ------- ------- ------- Operating Revenues $ 476 $ 546 $ (70) $ 966 $ 1,213 $ (247) Operating Expenses Purchased Power 56 61 (5) 108 157 (49) Fuel 82 100 (18) 234 365 (131) Operating and Maintenance 334 382 (48) 634 705 (71) Depreciation and Amortization 17 16 1 35 31 4 Taxes Other Than Income 2 3 (1) 5 7 (2) ------- ------- ------- ------- ------- ------- Total Operating Expenses 491 562 (71) 1,016 1,265 (249) ------- ------- ------- ------- ------- ------- Operating Income (15) (16) 1 (50) (52) 2 Other Income and Deductions Interest Expense (3) (9) 6 (8) (22) 14 Equity in Earnings (Losses) of Unconsolidated Affiliates, net 2 (6) 8 (5) (14) 9 Other, net 158 21 137 158 38 120 ------- ------- ------- ------- ------- ------- Total Other Income and Deductions 157 6 151 145 2 143 ------- ------- ------- ------- ------- ------- Income Before Income Taxes and Cumulative Effect of Change in Acounting Principle 142 (10) 152 95 (50) 145 Income Taxes 59 (5) 64 40 (20) 60 ------- ------- ------- ------- ------- ------- Income Before Cumulative Effect of Changes in Accounting Principle 83 (5) 88 55 (30) 85 Cumulative Effect of Change in Accounting Principle, Net of Income Taxes -- -- -- (243) -- (243) ------- ------- ------- ------- ------- ------- Net Income $ 83 $ (5) $ 88 $ (188) $ (30) $ (158) ======= ======= ======= ======= ======= ======= Corporate and Eliminations ---------------------------------------------------------------------------------- Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- 2002 2001 Variance 2002 2001 Variance ------- ------- ------- ------- ------- ------- Operating Revenues $ (992) $ (949) $ (43) $(1,921) $(1,918) $ (3) Operating Expenses Purchased Power (960) (917) (43) (1,850) (1,863) 13 Fuel 5 -- 5 5 -- 5 Operating and Maintenance (26) (27) 1 (65) (46) (19) Depreciation and Amortization 8 4 4 15 7 8 Taxes Other Than Income 2 1 1 4 4 -- ------- ------- ------- ------- ------- ------- Total Operating Expenses (971) (939) (32) (1,891) (1,898) 7 ------- ------- ------- ------- ------- ------- Operating Income (21) (10) (11) (30) (20) (10) Other Income and Deductions Interest Expense (9) 6 (15) (15) 6 (21) Equity in Earnings (Losses) of Unconsolidated Affiliates, net (2) -- (2) (5) -- (5) Other, net (3) (15) 12 (6) (28) 22 ------- ------- ------- ------- ------- ------- Total Other Income and Deductions (14) (9) (5) (26) (22) (4) ------- ------- ------- ------- ------- ------- Income Before Income Taxes (35) (19) (16) (56) (42) (14) Income Taxes (31) (4) (27) (35) (15) (20) ------- ------- ------- ------- ------- ------- Net Income $ (4) $ (15) $ 11 $ (21) $ (27) $ 6 ======= ======= ======= ======= ======= =======
7 EXELON CORPORATION Consolidated Balance Sheets (unaudited) (in millions)
June 30, December 31, 2002 2001 -------- -------- Current Assets Cash and Cash Equivalents $ 713 $ 485 Restricted Cash 398 372 Accounts Receivable, net Customers 1,978 1,687 Other 196 428 Receivable from Unconsolidated Affiliate 107 44 Inventories - Fossil Fuel 206 222 Inventories - Materials and Supplies 308 249 Deferred Income Taxes 76 23 Other Current Assets 354 272 -------- -------- Total Current Assets 4,336 3,782 -------- -------- Property Plant and Equipment, net 14,654 13,781 Deferred Debits and Other Assets Regulatory Assets 6,237 6,423 Nuclear Decommissioning Trust Funds 3,060 3,165 Investments 1,658 1,666 Goodwill, net 4,971 5,335 Other Noncurrent Assets 705 708 -------- -------- Total Deferred Debits and Other Assets 16,631 17,297 -------- -------- Total Assets $ 35,621 $ 34,860 ======== ======== Liabilities and Shareholders' Equity Current Liabilities Notes Payable $ 470 $ 360 Long-Term Debt Due within One Year 1,772 1,406 Accounts Payable 1,164 964 Accrued Expenses 1,339 1,182 Other 527 505 -------- -------- Total Current Liabilities 5,272 4,417 -------- -------- Long-Term Debt 12,591 12,879 Deferred Credits and Other Liabilities Deferred Income Taxes 4,204 4,303 Unamortized Investment Tax Credits 308 316 Nuclear Decommissioning Liability for Retired Plants 1,379 1,353 Pension Obligation 313 334 Non-Pension Postretirement Benefits Obligation 878 847 Spent Nuclear Fuel Obligation 851 843 Other 866 725 -------- -------- Total Deferred Credits and Other Liabilities 8,799 8,721 -------- -------- Preferred Securities of Subsidiaries 613 613 Shareholders' Equity Common Stock 6,990 6,930 Deferred Compensation (1) (2) Retained Earnings 1,421 1,200 Accumulated Other Comprehensive Income (64) 102 -------- -------- Total Shareholders' Equity 8,346 8,230 -------- -------- Total Liabilities and Shareholders' Equity $ 35,621 $ 34,860 ======== ========
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EXELON CORPORATION Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended Six Months Ended June 30, June 30, ----------------------- ----------------------- 2002 2001 2002 2001 ------- ------- ------- ------- Cash Flows From Operating Activities Net Income $ 485 $ 315 $ 492 $ 714 Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: Depreciation and Amortization, including nuclear fuel 421 449 848 939 Cumulative Effect of Changes in Accounting Principles (net of income taxes) -- -- 230 (12) Provision for Uncollectible Accounts 30 30 67 60 Deferred Income Taxes (77) (58) (10) 7 Deferred Energy Costs 15 36 49 7 Equity in Earnings of Unconsolidated Affiliates, net (9) (7) (22) (25) Net Realized Losses on Nuclear Decommissioning Trust Funds 11 9 21 24 Pre-Tax Gain on the Sale of Investments, net (199) -- (199) -- Other Operating Activities 2 (45) 115 (78) Changes in Working Capital: Accounts Receivable (308) 11 (259) 68 Inventories (55) (72) (42) (12) Accounts Payable, Accrued Expenses, & Other Current Liabilities 349 444 342 280 Changes in Receivables and Payables to Unconsolidated Affiliates, net (5) -- 12 -- Other Current Assets 145 44 (6) (19) ------- ------- ------- ------- Net Cash Flows Provided by Operating Activities 805 1,156 1,638 1,953 ------- ------- ------- ------- Cash Flows From Investing Activities Capital Expenditures (439) (490) (1,028) (937) Acquisition of Generating Plants (443) -- (443) -- Enterprises Acquisitions, net of cash acquired -- (1) -- (39) Proceeds from Nuclear Decommissioning Trust Funds 309 288 889 621 Investment in Nuclear Decommissioning Trust Funds (338) (301) (943) (655) Note Receivable from Unconsolidated Affiliate (29) -- (75) -- Proceeds from the Sale of Investment 285 -- 285 -- Other Investing Activities 24 23 47 12 ------- ------- ------- ------- Net Cash Flows Used in Investing Activities (631) (481) (1,268) (998) ------- ------- ------- ------- Cash Flows From Financing Activities Issuance of Long-Term Debt 293 1,231 701 2,058 Retirement of Long-Term Debt (226) (124) (697) (1,153) Change in Short-Term Debt 32 (1,206) 110 (949) Dividends on Common Stock (139) (136) (280) (312) Change in Restricted Cash (161) (120) (26) (16) Proceeds from Employee Stock Plans 42 15 60 51 Other Financing Activities 2 -- (10) -- ------- ------- ------- ------- Net Cash Flows Used in Financing Activities (157) (340) (142) (321) ------- ------- ------- ------- Increase in Cash and Cash Equivalents 17 335 228 634 Cash and Cash Equivalents at Beginning of Period 696 825 485 526 ------- ------- ------- ------- Cash and Cash Equivalents at End of Period $ 713 $ 1,160 $ 713 $ 1,160 ======= ======= ======= ======= 9
EXELON CORPORATION Electric Sales Statistics
Three Months Ended June 30, ------------------------------------- (in GWhs) 2002 2001 % Change - --------------------------------------------------- ----------------- ------------------ --------------- Supply Nuclear, excluding AmerGen 28,353 28,443 (0.3%) Purchased power - Generation (1) 18,220 16,392 11.2% Fossil, excluding Sithe and Hydro 3,665 3,233 13.4% ----------------- ------------------ Power Team Supply 50,238 48,068 4.5% Purchased power - Other 157 284 (44.7%) ----------------- ------------------ Total electric supply available for sale 50,395 48,352 4.2% Less: Line loss and company use 2,175 3,377 (35.6%) ----------------- ------------------ Total Energy Sales 48,220 44,975 7.2% ================= ================== Energy Sales Retail Sales (2) 30,670 29,853 2.7% Power Team Market Sales (1) 20,589 18,548 11.0% Interchange sales and sales to other utilities 514 669 (23.2%) ----------------- ------------------ 51,773 49,070 5.5% Less: Distribution Only Sales (3,553) (4,095) (13.2%) ----------------- ------------------ Total Energy Sales 48,220 44,975 7.2% ================= ================== Six Months Ended June 30, ------------------------------------- (in GWhs) 2002 2001 % Change - --------------------------------------------------- ----------------- ------------------ --------------- Supply Nuclear, excluding AmerGen 55,886 58,410 (4.3%) Purchased power - Generation (1) 36,314 31,954 13.6% Fossil, excluding Sithe and Hydro 6,362 5,958 6.8% ----------------- ------------------ Power Team Supply 98,562 96,322 2.3% Purchased power - Other 325 344 (5.5%) ----------------- ------------------ Total electric supply available for sale 98,887 96,666 2.3% Less: Line loss and company use 4,210 5,826 (27.7%) ----------------- ------------------ Total Energy Sales 94,677 90,840 4.2% ================= ================== Energy Sales Retail Sales (2) 60,584 61,952 (2.2%) Power Team Market Sales (1) 39,913 36,007 10.8% Interchange sales and sales to other utilities 1,252 1,258 (0.5%) ----------------- ------------------ 101,749 99,217 2.6% Less: Distribution Only Sales (7,072) (8,377) (15.6%) ----------------- ------------------ Total Energy Sales 94,677 90,840 4.2% ================= ================== (1) Purchased power and market sales do not include trading volume of 8,566 MWhs and 454 MWhs for the three months ended June 30, 2002 and 2001, respectively and 22,805 MWhs and 454 MWhs for the six months ended June 30, 2002 and 2001, respectively. months ended June 30, 2002 and 2001, respectively. (2) Includes Exelon Energy sales of 1,221,239 MWh and 1,104,063 MWh for the three months ended June 30, 2002 and 2001, respectively and and 2,326,386 MWh and 3,217,739 MWh for the six months ended June 30, 2002 and 2001, respectively.
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EXELON CORPORATION Energy Delivery Sales Statistics For the Three Months Ended June 30, ComEd PECO -------------------------------------------------------------------------------------- Electric Deliveries (MWh) 2002 2001 % Change 2002 2001 % Change ----------------------------------------- ---------------------------------------- Bundled Deliveries (a) Residential 5,862,380 5,231,699 12.1% 2,114,551 1,672,763 26.4% Small Commercial & Industrial 5,599,519 5,802,950 (3.5%) 1,880,890 1,311,548 43.4% Large Commercial & Industrial 2,122,393 2,747,982 (22.8%) 3,927,388 3,172,115 23.8% Public Authorities & Electric Railroads 1,684,740 1,891,021 (10.9%) 200,099 181,665 10.1% ------------------------------ ---------------------------- 15,269,032 15,673,652 (2.6%) 8,122,928 6,338,091 28.2% ------------------------------ ---------------------------- Unbundled Deliveries (b) Alternative Energy Suppliers Residential (c) n/a 556,761 848,220 (34.4%) Small Commercial & Industrial 1,177,493 645,229 82.5% 2,480 524,113 (99.5%) Large Commercial & Industrial 1,621,827 1,250,539 29.7% 12,869 731,738 (98.2%) Public Authorities & Electric Railroads 181,183 93,246 94.3% 37 1,736 (97.9%) ------------------------------ ---------------------------- 2,980,503 1,989,014 49.8% 572,147 2,105,807 (72.8%) ------------------------------ ---------------------------- PPO (ComEd Only) Small Commercial & Industrial 838,533 798,579 5.0% Large Commercial & Industrial 1,391,928 1,517,783 (8.3%) Public Authorities & Electric Railroads 274,202 325,903 (15.9%) ------------------------------ 2,504,663 2,642,265 (5.2%) ------------------------------ Total Unbundled Deliveries 5,485,166 4,631,279 18.4% 572,147 2,105,807 (72.8%) ------------------------------ ---------------------------- Total Retail Deliveries 20,754,198 20,304,931 2.2% 8,695,075 8,443,898 3.0% ============================== ============================ Gas Deliveries (mmcf) (PECO only) 14,286 13,782 3.7% ============================ Revenue (in millions) Bundled Revenue (a) Residential $ 523,423 $ 501,658 4.3% $ 278,103 $ 221,816 25.4% Small Commercial & Industrial 445,087 466,793 (4.7%) 224,143 156,937 42.8% Large Commercial & Industrial 115,665 143,788 (19.6%) 288,135 223,504 28.9% Public Authorities & Electric Railroads 101,645 109,578 (7.2%) 18,924 17,233 9.8% ------------------------------ ---------------------------- 1,185,820 1,221,817 (2.9%) 809,305 619,490 30.6% ------------------------------ ---------------------------- Unbundled Revenue (b) Alternative Energy Suppliers Residential (c) n/a 42,016 67,059 (37.3%) Small Commercial & Industrial 30,189 12,543 140.7% 135 27,737 (99.5%) Large Commercial & Industrial 31,827 21,146 50.5% 359 19,266 (98.1%) Public Authorities & Electric Railroads 5,368 1,343 299.7% 5 203 (97.5%) ------------------------------ ---------------------------- 67,384 35,032 92.3% 42,515 114,265 (62.8%) ------------------------------ ---------------------------- PPO (ComEd Only) Small Commercial & Industrial 55,003 53,197 3.4% Large Commercial & Industrial 76,084 85,817 (11.3%) Public Authorities & Electric Railroads 16,359 18,906 (13.5%) ------------------------------ 147,446 157,920 (6.6%) ------------------------------ Total Unbundled Revenue 214,830 192,952 11.3% 42,515 114,265 (62.8%) ------------------------------ ---------------------------- Total Retail Electric Revenue 1,400,650 1,414,769 (1.0%) 851,820 733,755 16.1% Wholesale Electric Revenue 26,629 39,296 (32.2%) 3,432 4,697 (26.9%) Other Revenue 53,644 76,093 (29.5%) 55,569 55,299 0.5% Gas Revenue n/a n/a 84,315 112,316 (24.9%) ------------------------------ ---------------------------- Total Revenues $ 1,480,923 $ 1,530,158 (3.2%) $ 995,136 $ 906,067 9.8% ============================== ============================ Heating and Cooling Degree Days 2002 2001 Normal 2002 2001 Normal - ------------------------------- --------------------------------------- --------------------------------------- Heating Degree Days 855 667 774 417 418 566 Cooling Degree Days 301 233 226 416 410 306 (a) Bundled service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy and the delivery cost of the transmission and distribution of the energy. PECO's tariffed rates also include a CTC charge. (b) Unbundled service reflects customers electing to receive electric generation service under the ComEd PPO option or an alternative energy supplier. Revenue from customers choosing the ComEd PPO option includes an energy charge at market rates, transmission and distribution charge and a CTC charge. Revenue from customers choosing an alternative energy supplier includes a distribution charge and a CTC charge. Transmission charges received from alternative energy suppliers are included in wholesale and miscellaneous revenue. (c) On May 1, 2002, all ComEd residential customers were eligible to choose their supplier of electricity, however, as of June 30, 2002, no alternative electric supplier has sought approval from the Illinois Commerce Commission (ICC) and no electric utilities have chosen to enter the ComEd residential market for the supply of electricity. n/a - not applicable
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EXELON CORPORATION Energy Delivery Sales Statistics For the Six Months Ended June 30, ComEd PECO ----------------------------------------------------------------------------------------- Electric Deliveries (MWh) 2002 2001 % Change 2002 2001 % Change ----------------------------------------------------------------------------------------- Bundled Deliveries (a) Residential 12,271,063 11,538,292 6.4% 4,170,149 4,131,797 0.9% Small Commercial & Industrial 11,049,153 11,677,768 (5.4%) 3,638,272 2,312,736 57.3% Large Commercial & Industrial 4,078,399 5,638,041 (27.7%) 7,278,457 5,702,844 27.6% Public Authorities & Electric Railroads 3,485,538 3,901,261 (10.7%) 393,446 374,421 5.1% --------------- ---------------- -------------- --------------- 30,884,153 32,755,362 (5.7%) 15,480,324 12,521,798 23.6% --------------- ---------------- -------------- --------------- Unbundled Deliveries (b) Alternative Energy Suppliers Residential (c) n/a 1,348,422 1,375,349 (2.0%) Small Commercial & Industrial 2,181,376 1,107,011 97.1% 99,002 1,416,536 (93.0%) Large Commercial & Industrial 3,007,813 2,413,995 24.6% 115,697 1,920,938 (94.0%) Public Authorities & Electric Railroads 319,226 136,319 134.2% 83 6,479 (98.7%) --------------- ---------------- -------------- --------------- 5,508,415 3,657,325 50.6% 1,563,204 4,719,302 (66.9%) --------------- ---------------- -------------- --------------- PPO (ComEd Only) Small Commercial & Industrial 1,601,757 1,621,488 (1.2%) Large Commercial & Industrial 2,703,008 2,876,354 (6.0%) Public Authorities & Electric Railroads 516,526 583,778 (11.5%) --------------- ---------------- 4,821,291 5,081,620 (5.1%) --------------- ---------------- Total Unbundled Deliveries 10,329,706 8,738,945 18.2% 1,563,204 4,719,302 (66.9%) --------------- ---------------- -------------- --------------- Total Retail Deliveries 41,213,859 41,494,307 (0.7%) 17,043,528 17,241,100 (1.1%) =============== ================ ============== =============== Gas Deliveries (mmcf) (PECO only) 45,643 48,012 (4.9%) ============== =============== Revenue (in thousands) Bundled Revenue (a) Residential $ 1,041,228 $ 1,035,809 0.5% $ 521,550 $ 502,669 3.8% Small Commercial & Industrial 836,171 879,895 (5.0%) 412,865 263,471 56.7% Large Commercial & Industrial 217,771 279,975 (22.2%) 532,467 406,695 30.9% Public Authorities & Electric Railroads 193,300 216,037 (10.5%) 37,076 34,361 7.9% --------------- ---------------- -------------- --------------- 2,288,470 2,411,716 (5.1%) 1,503,958 1,207,196 24.6% --------------- ---------------- -------------- --------------- Unbundled Revenue (b) Alternative Energy Suppliers Residential (c) n/a 96,160 102,821 (6.5%) Small Commercial & Industrial 42,636 26,017 63.9% 4,797 68,157 (93.0%) Large Commercial & Industrial 41,483 47,869 (13.3%) 3,272 54,591 (94.0%) Public Authorities & Electric Railroads 7,195 1,960 267.1% 11 868 (98.7%) --------------- ---------------- -------------- --------------- 91,314 75,846 20.4% 104,240 226,437 (54.0%) --------------- ---------------- -------------- --------------- PPO (ComEd Only) Small Commercial & Industrial 98,063 90,461 8.4% Large Commercial & Industrial 140,185 146,536 (4.3%) Public Authorities & Electric Railroads 29,109 30,662 (5.1%) --------------- ---------------- 267,357 267,659 (0.1%) --------------- ---------------- Total Unbundled Revenue 358,671 343,505 4.4% 104,240 226,437 (54.0%) --------------- ---------------- -------------- --------------- Total Retail Electric Revenue 2,647,141 2,755,221 (3.9%) 1,608,198 1,433,633 12.2% Wholesale Electric Revenue 50,276 96,159 (47.7%) 6,965 7,846 (11.2%) Other Revenue 98,964 125,042 (20.9%) 106,820 108,568 (1.6%) Gas Revenue n/a n/a 292,921 407,095 (28.0%) --------------- ---------------- -------------- --------------- Total Revenues $ 2,796,381 $ 2,976,422 (6.0%) $ 2,014,904 $ 1,957,142 3.0% =============== ================ ============================== Heating and Cooling Degree Days 2002 2001 Normal 2002 2001 Normal --------------- ---------------- --------- -------------- -------------------------- Heating Degree Days 3,720 3,948 4,028 2,484 2,917 3,288 Cooling Degree Days 301 233 227 416 410 306 (a) Bundled service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy and the delivery cost of the transmission and distribution of the energy. PECO's tariffed rates also include a CTC charge. (b) Unbundled service reflects customers electing to receive electric generation service under the ComEd PPO option or an alternative energy supplier. Revenue from customers choosing the ComEd PPO option includes an energy charge at market rates, transmission and distribution charge and a CTC charge. Revenue from customers choosing an alternative energy supplier includes a distribution charge and a CTC charge. Transmission charges received from alternative energy suppliers are included in wholesale and miscellaneous revenue. (c) On May 1, 2002, all ComEd residential customers were eligible to choose their supplier of electricity, however, as of June 30, 2002, no alternative electric supplier has sought approval from the Illinois Commerce Commission (ICC) and no electric utilities have chosen to enter the ComEd residential market for the supply of electricity. n/a - not applicable
12 EXELON CORPORATION Exelon Generation Power Marketing Statistics
Three Months Ended June 30, Six Months Ended June 30, ------------------------------------ --------------------------------------- 2002 2001 2002 2001 ---------------- --------------- ---------------- ------------------- GWh Sales Energy Delivery 28,294 28,105 56,044 57,309 Exelon Energy 1,355 1,415 2,605 3,006 Market Sales 20,589 18,548 39,913 36,007 ---------------- --------------- ---------------- ------------------- Total Sales (1) 50,238 48,068 98,562 96,322 ================ =============== ================ =================== Average Margin ($/MWh) Average Realized Revenue Energy Delivery $ 31.45 $ 30.09 $ 30.73 $ 29.58 Exelon Energy 44.73 40.11 45.08 39.30 Market Sales 30.69 37.69 29.44 38.66 Total Sales - without trading 31.50 33.32 30.58 33.27 Average Supply Cost - without trading $ 18.79 $ 20.05 $ 17.78 $ 18.75 Average Margin - without trading $ 12.71 $ 13.27 $ 12.80 $ 14.52 Around-the-clock Market Prices ($/MWh) PJM $ 25.50 $ 30.00 $ 23.50 $ 31.50 Main 24.00 27.00 22.50 29.00
- ------------------------------------------------------------------------ July 2002 Earnings Guidance PJM - July through December 2002 $ 28.00 MAIN - July through December 2002 22.00 - ------------------------------------------------------------------------ (1) Total sales do not include trading volume of 8,566 MWhs and 454 MWhs for the three months ended June 30, 2002 and 2001, respectively and 22,805 MWhs and 454 MWhs for the six months ended June 30, 2002 and 2001, respectively. 13
EXELON CORPORATION Effect of Adoption of EITF 02-3 on Results of Trading Book (in millions) EITF 02-3 As Reported Adjustment As Adjusted ---------------- ---------------- ---------------- Three months ended June 30, 2001 Trading Revenue $ 29 $ (35) $ (6) Trading Expense - Fuel 5 (5) - Trading Expense - Purchased Power 30 (30) - ---------------- ---------------- ---------------- Net Trading Margin $ (6) $ - $ (6) ================ ================ ================ Six months ended June 30, 2001 Trading Revenue $ 29 $ (35) $ (6) Trading Expense - Fuel 5 (5) - Trading Expense - Purchased Power 30 (30) - ---------------- ---------------- ---------------- Net Trading Margin $ (6) $ - $ (6) ================ ================ ================ Three months ended September 30, 2001 Trading Revenue $ 105 $ (100) $ 5 Trading Expense - Fuel 7 (7) - Trading Expense - Purchased Power 93 (93) - ---------------- ---------------- ---------------- Net Trading Margin $ 5 $ - $ 5 ================ ================ ================ Nine months ended September 30, 2001 Trading Revenue $ 134 $ (135) $ (1) Trading Expense - Fuel 12 (12) - Trading Expense - Purchased Power 123 (123) - ---------------- ---------------- ---------------- Net Trading Margin $ (1) $ - $ (1) ================ ================ ================ Three months ended December 31, 2001 Trading Revenue $ 96 $ (88) $ 8 Trading Expense - Fuel 3 (3) - Trading Expense - Purchased Power 86 (86) - Trading Expense - Operating and Maintenance (1) 1 - ---------------- ---------------- ---------------- Net Trading Margin $ 8 $ - $ 8 ================ ================ ================ Twelve months ended December 31, 2001 Trading Revenue $ 229 $ (222) $ 7 Trading Expense - Fuel 15 (15) - Trading Expense - Purchased Power 208 (208) - Trading Expense - Operating and Maintenance (1) 1 - ---------------- ---------------- ---------------- Net Trading Margin $ 7 $ (0) $ 7 ================ ================ ================ Three months ended March 31, 2002 Trading Revenue $ 514 $ (513) $ 1 Trading Expense - Fuel 9 (9) - Trading Expense - Purchased Power 504 (504) - ---------------- ---------------- ---------------- Net Trading Margin $ 1 $ - $ 1 ================ ================ ================
14 EX-99 4 exhibitsales.txt EXHIBIT 99.2
Exhibit 99.2 Exelon Energy Delivery Sales Statistics 2001 Three Months Ended --------------------------------------------------------------- Year Ended Retail Deliveries (in MWhs) March 31, June 30, September 30, December 31, December 31, ------------ ------------ ------------ ------------ ------------ Bundled Deliveries (a) Residential 8,765,627 6,904,462 10,573,170 7,111,536 33,354,795 Small Commercial & Industrial 6,876,006 7,114,498 8,298,037 7,144,171 29,432,712 Large Commercial & Industrial 5,420,789 5,920,097 6,340,727 5,583,812 23,265,425 Public Authorities & Electric Railroads 2,202,997 2,072,686 2,298,848 2,070,283 8,644,814 ------------ ------------ ------------ ------------ ------------ 23,265,419 22,011,743 27,510,782 21,909,802 94,697,746 Unbundled Deliveries (b) Alternative Retail Suppliers Residential 527,129 848,220 989,476 739,986 3,104,811 Small Commercial & Industrial 1,354,205 1,169,342 997,594 950,349 4,471,490 Large Commercial & Industrial 2,352,655 1,982,277 1,796,502 1,677,933 7,809,367 Public Authorities & Electric Railroads 47,816 94,982 91,767 137,718 372,283 ------------ ------------ ------------ ------------ ------------ 4,281,805 4,094,821 3,875,339 3,505,986 15,757,951 PPO (ComEd Only) Small Commercial & Industrial 822,909 798,579 826,717 831,286 3,279,491 Large Commercial & Industrial 1,358,571 1,517,783 1,447,428 1,426,213 5,749,995 Public Authorities & Electric Railroads 257,875 325,903 150,187 252,791 986,756 ------------ ------------ ------------ ------------ ------------ 2,439,355 2,642,265 2,424,332 2,510,290 10,016,242 ------------ ------------ ------------ ------------ ------------ Total Unbundled Deliveries 6,721,160 6,737,086 6,299,671 6,016,276 25,774,193 ------------ ------------ ------------ ------------ ------------ Total Retail Deliveries 29,986,579 28,748,829 33,810,453 27,926,078 120,471,939 ============ ============ ============ ============ ============ Gas Deliveries (in mmcf) Gas Deliveries 34,230 13,782 10,525 22,991 81,528 ============ ============ ============ ============ ============ Three Months Ended --------------------------------------------------------------- Year Ended Revenues (in thousands) March 31, June 30, September 30, December 31, December 31, ------------ ------------ ------------ ------------ ------------ Bundled Revenue (a) Residential $ 815,004 $ 723,474 $ 1,120,250 $ 676,625 $ 3,335,353 Small Commercial & Industrial 519,635 623,730 767,151 592,563 2,503,079 Large Commercial & Industrial 319,378 367,292 407,951 356,964 1,451,585 Public Authorities & Electric Railroads 123,586 126,811 137,944 114,390 502,731 ------------ ------------ ------------ ------------ ------------ 1,777,603 1,841,307 2,433,296 1,740,542 7,792,748 Unbundled Revenue (b) ARES Residential 35,762 67,059 81,218 51,346 235,385 Small Commercial & Industrial 53,894 40,280 15,521 19,482 129,177 Large Commercial & Industrial 62,048 40,412 18,515 16,986 137,961 Public Authorities & Electric Railroads 1,282 1,546 1,221 2,349 6,398 ------------ ------------ ------------ ------------ ------------ 152,986 149,297 116,475 90,163 508,921 PPO Small Commercial & Industrial 37,263 53,197 76,832 52,863 220,155 Large Commercial & Industrial 60,719 85,817 120,122 76,458 343,116 Public Authorities & Electric Railroads 11,756 18,906 13,325 14,466 58,453 ------------ ------------ ------------ ------------ ------------ 109,738 157,920 210,279 143,787 621,724 ------------ ------------ ------------ ------------ ------------ Total Unbundled Revenue 262,724 307,217 326,754 233,950 1,130,645 ------------ ------------ ------------ ------------ ------------ Total Retail Revenue 2,040,327 2,148,524 2,760,050 1,974,492 8,923,393 Wholesale and Miscellaneous Revenue 162,230 175,385 134,079 121,463 593,157 Gas Revenue 294,778 112,316 74,674 172,829 654,597 ------------ ------------ ------------ ------------ ------------ Total Revenue $ 2,497,335 $ 2,436,225 $ 2,968,803 $ 2,268,784 $ 10,171,147 ============ ============ ============ ============ ============ (a) Bundled service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy and the delivery cost of the transmission and distribution of the energy. PECO's tariffed rates also include a CTC charge. (b) Unbundled service reflects customers electing to receive electric generation service under the ComEd PPO option or an alternative energy supplier. Revenue from customers choosing the ComEd PPO option includes an energy charge at market rates, transmission and distribution charges and a CTC charges. Revenue from customers choosing an alternative energy supplier includes a distribution charge and a CTC charge. Transmission charges received from alternative energy suppliers are included in wholesale and miscellaneous revenue.
1 ComEd Sales Statistics 2001
Three Months Ended ------------------------------------------------------------------ Year Ended Retail Deliveries (in MWhs) March 31, June 30, September 30, December 31, December 31, ----------- ----------- ----------- ----------- ----------- Bundled Deliveries (a) Residential 6,306,593 5,231,699 8,397,985 5,345,603 25,281,880 Small Commercial & Industrial 5,874,818 5,802,950 6,308,108 5,449,265 23,435,141 Large Commercial & Industrial 2,890,060 2,747,982 2,505,688 2,161,400 10,305,130 Public Authorities & Electric Railroads 2,010,241 1,891,021 2,105,490 1,872,508 7,879,260 ----------- ----------- ----------- ----------- ----------- 17,081,712 15,673,652 19,317,271 14,828,776 66,901,411 Unbundled Deliveries (b) ARES Small Commercial & Industrial 461,782 645,229 898,218 860,194 2,865,423 Large Commercial & Industrial 1,163,455 1,250,539 1,548,185 1,495,668 5,457,847 Public Authorities & Electric Railroads 43,073 93,246 91,014 137,665 364,998 ----------- ----------- ----------- ----------- ----------- 1,668,310 1,989,014 2,537,417 2,493,527 8,688,268 PPO Small Commercial & Industrial 822,909 798,579 826,717 831,286 3,279,491 Large Commercial & Industrial 1,358,571 1,517,783 1,447,428 1,426,213 5,749,995 Public Authorities & Electric Railroads 257,875 325,903 150,187 252,791 986,756 ----------- ----------- ----------- ----------- ----------- 2,439,355 2,642,265 2,424,332 2,510,290 10,016,242 ----------- ----------- ----------- ----------- ----------- Total Unbundled Deliveries 4,107,665 4,631,279 4,961,749 5,003,817 18,704,510 ----------- ----------- ----------- ----------- ----------- Total Retail Deliveries 21,189,377 20,304,931 24,279,020 19,832,593 85,605,921 =========== =========== =========== =========== =========== Three Months Ended ------------------------------------------------------------------ Year Ended Revenues (in thousands) March 31, June 30, September 30, December 31, December 31, ----------- ----------- ----------- ----------- ----------- Bundled Revenue (a) Residential $ 534,151 $ 501,658 $ 816,048 $ 455,723 $ 2,307,580 Small Commercial & Industrial 413,101 466,793 530,571 410,133 1,820,598 Large Commercial & Industrial 136,187 143,788 125,790 116,971 522,736 Public Authorities & Electric Railroads 106,458 109,578 119,135 95,561 430,732 ----------- ----------- ----------- ----------- ----------- 1,189,897 1,221,817 1,591,544 1,078,388 5,081,646 Unbundled Revenue (b) ARES Small Commercial & Industrial 13,474 12,543 10,195 12,024 48,236 Large Commercial & Industrial 26,723 21,146 11,883 14,082 73,834 Public Authorities & Electric Railroads 617 1,343 1,116 2,340 5,416 ----------- ----------- ----------- ----------- ----------- 40,814 35,032 23,194 28,446 127,486 PPO Small Commercial & Industrial 37,263 53,197 76,832 52,863 220,155 Large Commercial & Industrial 60,719 85,817 120,122 76,458 343,116 Public Authorities & Electric Railroads 11,756 18,906 13,325 14,466 58,453 ----------- ----------- ----------- ----------- ----------- 109,738 157,920 210,279 143,787 621,724 ----------- ----------- ----------- ----------- ----------- Total Unbundled Revenue 150,552 192,952 233,473 172,233 749,210 ----------- ----------- ----------- ----------- ----------- Total Retail Revenue 1,340,449 1,414,769 1,825,017 1,250,621 5,830,856 Wholesale and Miscellaneous Revenue 105,812 115,389 93,068 60,645 374,914 ----------- ----------- ----------- ----------- ----------- Total Revenue $ 1,446,261 $ 1,530,158 $ 1,918,085 $ 1,311,266 $ 6,205,770 =========== =========== =========== =========== =========== (a) Bundled service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy and the delivery cost of the transmission and distribution of the energy. (b) Unbundled service reflects customers electing to receive electric generation service under the ComEd PPO option or an alternative energy supplier. Revenue from customers choosing the ComEd PPO option includes an energy charge at market rates, transmission and distribution charges and a CTC charges. Revenue from customers choosing an alternative energy supplier includes a distribution charge and a CTC charge. Transmission charges received from alternative energy suppliers are included in wholesale and miscellaneous revenue.
2 PECO Sales Statistics 2001
Three Months Ended ----------------------------------------------------------------- Year Ended Retail Deliveries (in MWhs) March 31, June 30, September 30, December 31, December 31, ----------- ----------- ----------- ----------- ----------- Bundled Deliveries (a) Residential 2,459,034 1,672,763 2,175,185 1,765,933 8,072,915 Small Commercial & Industrial 1,001,188 1,311,548 1,989,929 1,694,906 5,997,571 Large Commercial & Industrial 2,530,729 3,172,115 3,835,039 3,422,412 12,960,295 Public Authorities & Electric Railroads 192,756 181,665 193,358 197,775 765,554 ----------- ----------- ----------- ----------- ----------- 6,183,707 6,338,091 8,193,511 7,081,026 27,796,335 Unbundled Deliveries (b) Residential 527,129 848,220 989,476 739,986 3,104,811 Small Commercial & Industrial 892,423 524,113 99,376 90,155 1,606,067 Large Commercial & Industrial 1,189,200 731,738 248,317 182,265 2,351,520 Public Authorities & Electric Railroads 4,743 1,736 753 53 7,285 ----------- ----------- ----------- ----------- ----------- 2,613,495 2,105,807 1,337,922 1,012,459 7,069,683 ----------- ----------- ----------- ----------- ----------- Total Retail Deliveries 8,797,202 8,443,898 9,531,433 8,093,485 34,866,018 Gas Deliveries (in mmcf) Gas Deliveries 34,230 13,782 10,525 22,991 81,528 =========== =========== =========== =========== =========== Three Months Ended ----------------------------------------------------------------- Year Ended Revenue (in thousands) March 31, June 30, September 30, December 31, December 31, ----------- ----------- ----------- ----------- ----------- Bundled Revenue (a) Residential $ 280,853 $ 221,816 $ 304,202 $ 220,902 $ 1,027,773 Small Commercial & Industrial 106,534 156,937 236,580 182,430 682,481 Large Commercial & Industrial 183,191 223,504 282,161 239,993 928,849 Public Authorities & Electric Railroads 17,128 17,233 18,809 18,829 71,999 ----------- ----------- ----------- ----------- ----------- 587,706 619,490 841,752 662,154 2,711,102 Unbundled Revenue (b) Residential 35,762 67,059 81,218 51,346 235,385 Small Commercial & Industrial 40,420 27,737 5,326 7,458 80,941 Large Commercial & Industrial 35,325 19,266 6,632 2,904 64,127 Public Authorities & Electric Railroads 665 203 105 9 982 ----------- ----------- ----------- ----------- ----------- 112,172 114,265 93,281 61,717 381,435 ----------- ----------- ----------- ----------- ----------- Total Retail Revenue 699,878 733,755 935,033 723,871 3,092,537 Wholesale and Miscellaneous Revenue 56,418 59,996 41,011 60,818 218,243 Gas Revenue 294,778 112,316 74,674 172,829 654,597 ----------- ----------- ----------- ----------- ----------- Total Revenue $ 1,051,074 $ 906,067 $ 1,050,718 $ 957,518 $ 3,965,377 =========== =========== =========== =========== =========== (a) Bundled service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy, the delivery cost of the transmission and distribution of the energy and a CTC charge. (b) Unbundled service reflects customers electing to receive electric generation service from an alternative energy supplier. Revenue from customers choosing an alternative energy supplier includes a distribution charge and a CTC charge. Transmission charges received from alternative energy suppliers are included in wholesale and miscellaneous revenue.
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