EX-99 3 exhibit99.txt EXHIBIT 99 EXELON CORPORATION Earnings Release Attachments Table of Contents
Consolidating Statements of Income - Three Months Ended September 30, 2003 and 2002 1 Consolidating Statements of Income - Nine Months Ended September 30, 2003 and 2002 2 Business Segment Comparative Income Statements - Energy Delivery and Generation 3 Business Segment Comparative Income Statements - Enterprises and Corporate and Eliminations 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Reconciliation of Adjusted (Non-GAAP) Operating Earnings to Consolidated Statements of Income - Three Months Ended September 30, 2003 and 2002 7 Reconciliation of Adjusted (Non-GAAP) Operating Earnings to Consolidated Statements of Income - Nine Months Ended September 30, 2003 and 2002 8 Reconciliation of Adjusted (Non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings (Loss) Per Diluted Share 9 Reconciliation of Adjusted (Non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share 10 Electric Sales Statistics 11 Energy Delivery Sales Statistics - Three Months Ended September 30, 2003 and 2002 12 Energy Delivery Sales Statistics - Nine Months Ended September 30, 2003 and 2002 13 Exelon Generation Power Marketing Statistics 14
EXELON CORPORATION Consolidating Statements of Income (unaudited) (in millions) Three Months Ended September 30, 2003 ----------------------------------------------------------------------- Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated ----------- ----------- ----------- ---------- --------------- Operating revenues $ 2,886 $ 2,537 $ 437 $ (1,419) $ 4,441 Operating expenses Purchased power 1,373 1,240 69 (1,370) 1,312 Fuel 28 449 75 (1) 551 Impairment of Exelon Boston Generating, LLC - 945 - - 945 Operating and maintenance 491 530 263 (58) 1,226 Depreciation and amortization 231 51 3 8 293 Taxes other than income 99 28 3 1 131 ----------- ----------- ----------- ---------- --------------- Total operating expenses 2,222 3,243 413 (1,420) 4,458 ----------- ----------- ----------- ---------- --------------- Operating income (loss) 664 (706) 24 1 (17) Other income and deductions Interest expense (182) (25) (2) (8) (217) Distributions on preferred securities of subsidiaries (8) - - - (8) Equity in earnings (losses) of unconsolidated affiliates - 53 (1) (3) 49 Other, net 5 (30) 5 (1) (21) ----------- ----------- ----------- ---------- --------------- Total other income and deductions (185) (2) 2 (12) (197) ----------- ----------- ----------- ---------- --------------- Income (loss) before income taxes 479 (708) 26 (11) (214) Income taxes 176 (280) 10 (18) (112) ----------- ----------- ----------- ---------- --------------- Net income (loss) $ 303 $ (428) $ 16 $ 7 $ (102) =========== =========== =========== ========== =============== Three Months Ended September 30, 2002 ------------------------------------------------------------------------ Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated ----------- ---------- ----------- ---------- --------------- Operating revenues $ 3,162 $ 2,213 $ 509 $ (1,514) $ 4,370 Operating expenses Purchased power 1,485 1,257 73 (1,478) 1,337 Fuel 40 273 60 - 373 Operating and maintenance 407 391 349 (33) 1,114 Depreciation and amortization 256 68 11 10 345 Taxes other than income 162 37 1 1 201 ----------- ---------- ----------- ---------- --------------- Total operating expenses 2,350 2,026 494 (1,500) 3,370 ----------- ---------- ----------- ---------- --------------- Operating income (loss) 812 187 15 (14) 1,000 Other income and deductions Interest expense (215) (23) (3) (8) (249) Distributions on preferred securities of subsidiaries (11) - - - (11) Equity in earnings (losses) of unconsolidated affiliates - 87 8 (3) 92 Other, net 5 14 - (3) 16 ----------- ---------- ----------- ---------- --------------- Total other income and deductions (221) 78 5 (14) (152) ----------- ---------- ----------- ---------- --------------- Income (loss) before income taxes 591 265 20 (28) 848 Income taxes 221 102 5 (31) 297 ----------- ---------- ----------- ---------- --------------- Net income $ 370 $ 163 $ 15 $ 3 $ 551 =========== ========== =========== ========== ===============
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EXELON CORPORATION Consolidating Statements of Income (unaudited) (in millions) Nine Months Ended September 30, 2003 ----------------------------------------------------------------------- Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated --------- ------------- ----------- ----------- ------------- Operating revenues $ 7,850 $ 6,301 $ 1,459 $ (3,374) $ 12,236 Operating expenses Purchased power 3,291 2,881 187 (3,284) 3,075 Fuel 285 1,156 467 - 1,908 Impairment of Exelon Boston Generating, LLC - 945 - - 945 Operating and maintenance 1,234 1,473 834 (103) 3,438 Depreciation and amortization 657 142 23 20 842 Taxes other than income 358 115 8 8 489 --------- ------------- ----------- ----------- ------------- Total operating expenses 5,825 6,712 1,519 (3,359) 10,697 --------- ------------- ----------- ----------- ------------- Operating income (loss) 2,025 (411) (60) (15) 1,539 Other income and deductions Interest expense (565) (63) (8) (25) (661) Distributions on preferred securities of subsidiaries (30) - - - (30) Equity in earnings (losses) of unconsolidated affiliates - 90 - (8) 82 Other, net 48 (164) (31) (6) (153) --------- ------------- ----------- ----------- ------------- Total other income and deductions (547) (137) (39) (39) (762) --------- ------------- ----------- ----------- ------------- Income (loss) before income taxes and cumulative effect of change in accounting principle 1,478 (548) (99) (54) 777 Income taxes 558 (209) (37) (54) 258 --------- ------------- ----------- ----------- ------------- Income (loss) before cumulative effect of change in accounting principle 920 (339) (62) - 519 Cumulative effect of change in accounting principle, net of income taxes 5 108 (1) - 112 --------- ------------- ----------- ----------- ------------- Net income (loss) $ 925 $ (231) $ (63) $ - $ 631 ========= ============= =========== =========== ============= Nine Months Ended September 30, 2002 ---------------------------------------------------------------------- Energy Exelon Delivery Generation Enterprises Corp/Elim Consolidated --------- ------------- ----------- ---------- ------------ Operating revenues $ 7,973 $ 5,233 $ 1,475 $ (3,436) $ 11,245 Operating expenses Purchased power 3,331 2,581 181 (3,330) 2,763 Fuel 228 706 294 5 1,233 Operating and maintenance 1,131 1,234 983 (96) 3,252 Depreciation and amortization 745 197 46 24 1,012 Taxes other than income 430 126 6 6 568 --------- ------------- ----------- ---------- ------------ Total operating expenses 5,865 4,844 1,510 (3,391) 8,828 --------- ------------- ----------- ---------- ------------ Operating income (loss) 2,108 389 (35) (45) 2,417 Other income and deductions Interest expense (654) (51) (11) (23) (739) Distributions on preferred securities of subsidiaries (34) - - - (34) Equity in earnings (losses) of unconsolidated affiliates - 119 3 (8) 114 Other, net 35 54 158 (8) 239 --------- ------------- ----------- ---------- ------------ Total other income and deductions (653) 122 150 (39) (420) --------- ------------- ----------- ---------- ------------ Income (loss) before income taxes and cumulative effect of change in accounting principle 1,455 511 115 (84) 1,997 Income taxes 547 198 46 (67) 724 --------- ------------- ----------- ---------- ------------ Income (loss) before cumulative effect of change in accounting principle 908 313 69 (17) 1,273 Cumulative effect of change in accounting principle, net of income taxes - 13 (243) - (230) --------- ------------- ----------- ---------- ------------ Net income (loss) $ 908 $ 326 $ (174) $ (17) $ 1,043 ========= ============= =========== ========== ============
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EXELON CORPORATION Business Segment Comparative Income Statements (unaudited) (in millions) Energy Delivery ---------------------------------------------------------------------- Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- --------------------------------- 2003 2002 Variance 2003 2002 Variance ------- ------- -------- ------- ------- ---------- Operating revenues $ 2,886 $ 3,162 $ (276) $ 7,850 $ 7,973 $ (123) Operating expenses Purchased power 1,373 1,485 (112) 3,291 3,331 (40) Fuel 28 40 (12) 285 228 57 Operating and maintenance 491 407 84 1,234 1,131 103 Depreciation and amortization 231 256 (25) 657 745 (88) Taxes other than income 99 162 (63) 358 430 (72) ------- ------- ------- ------- ------- ------- Total operating expenses 2,222 2,350 (128) 5,825 5,865 (40) ------- ------- ------- ------- ------- ------- Operating income 664 812 (148) 2,025 2,108 (83) Other income and deductions Interest expense (182) (215) 33 (565) (654) 89 Distributions on preferred securities of subsidiaries (8) (11) 3 (30) (34) 4 Other, net 5 5 - 48 35 13 ------- ------- ------- ------- ------- ------- Total other income and deductions (185) (221) 36 (547) (653) 106 ------- ------- ------- ------- ------- ------- Income before income taxes and cumulative effect of change in accounting principle 479 591 (112) 1,478 1,455 23 Income taxes 176 221 (45) 558 547 11 ------- ------- ------- ------- ------- ------- Income before cumulative effect of change in accounting principle 303 370 (67) 920 908 12 Cumulative effect of change in accounting principle, net of income taxes - - - 5 - 5 ------- ------- ------- ------- ------- ------- Net income $ 303 $ 370 $ (67) $ 925 $ 908 $ 17 ======= ======= ======= ======= ======= ======= Generation ---------------------------------------------------------------------- Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- --------------------------------- 2003 2002 Variance 2003 2002 Variance ------- ------- -------- ------- ------- ---------- Operating revenues $ 2,537 $ 2,213 $ 324 $ 6,301 $ 5,233 $ 1,068 Operating expenses Purchased power 1,240 1,257 (17) 2,881 2,581 300 Fuel 449 273 176 1,156 706 450 Impairment of Exelon Boston Generating, LLC 945 - 945 945 - 945 Operating and maintenance 530 391 139 1,473 1,234 239 Depreciation and amortization 51 68 (17) 142 197 (55) Taxes other than income 28 37 (9) 115 126 (11) ------- ------- ------- ------- ------- ------- Total operating expenses 3,243 2,026 1,217 6,712 4,844 1,868 ------- ------- ------- ------- ------- ------- Operating income (706) 187 (893) (411) 389 (800) Other income and deductions Interest expense (25) (23) (2) (63) (51) (12) Equity in earnings of unconsolidated affiliates 53 87 (34) 90 119 (29) Other, net (30) 14 (44) (164) 54 (218) ------- ------- ------- ------- ------- ------- Total other income and deductions (2) 78 (80) (137) 122 (259) ------- ------- ------- ------- ------- ------- Income (loss) before income taxes and cumulative effect of changes in accounting principles (708) 265 (973) (548) 511 (1,059) Income taxes (280) 102 (382) (209) 198 (407) ------- ------- ------- ------- ------- ------- Income (loss) before cumulative effect of changes in accounting principles (428) 163 (591) (339) 313 (652) Cumulative effect of changes in accounting principles, net of income taxes - - - 108 13 95 ------- ------- ------- ------- ------- ------- Net income (loss) $ (428) $ 163 $ (591) $ (231) $ 326 $ (557) ======= ======= ======= ======= ======= =======
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EXELON CORPORATION Business Segment Comparative Income Statements (unaudited) (in millions) Enterprises -------------------------------------------------------------------- Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- -------------------------------- 2003 2002 Variance 2003 2002 Variance ------- ------- --------- ------- ------- -------- Operating revenues $ 437 $ 509 $ (72) $ 1,459 $ 1,475 $ (16) Operating expenses Purchased power 69 73 (4) 187 181 6 Fuel 75 60 15 467 294 173 Operating and maintenance 263 349 (86) 834 983 (149) Depreciation and amortization 3 11 (8) 23 46 (23) Taxes other than income 3 1 2 8 6 2 ------- ------- ------- ------- ------- ------- Total operating expenses 413 494 (81) 1,519 1,510 9 ------- ------- ------- ------- ------- ------- Operating income (loss) 24 15 9 (60) (35) (25) Other income and deductions Interest expense (2) (3) 1 (8) (11) 3 Equity in earnings (losses) of unconsolidated affiliates (1) 8 (9) - 3 (3) Other, net 5 - 5 (31) 158 (189) ------- ------- ------- ------- ------- ------- Total other income and deductions 2 5 (3) (39) 150 (189) ------- ------- ------- ------- ------- ------- Income (loss) before income taxes and cumulative effect of changes in accounting principles 26 20 6 (99) 115 (214) Income taxes 10 5 5 (37) 46 (83) ------- ------- ------- ------- ------- ------- Income (loss) before cumulative effect of changes in accounting principles 16 15 1 (62) 69 (131) Cumulative effect of changes in accounting principles, net of income taxes - - - (1) (243) 242 ------- ------- ------- ------- ------- ------- Net income (loss) $ 16 $ 15 $ 1 $ (63) $ (174) $ 111 ======= ======= ======= ======= ======= ======= Corporate and Eliminations -------------------------------------------------------------------- Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- -------------------------------- 2003 2002 Variance 2003 2002 Variance ------- ------- --------- ------- ------- -------- Operating revenues $(1,419) $(1,514) $ 95 $(3,374) $(3,436) $ 62 Operating expenses Purchased power (1,370) (1,478) 108 (3,284) (3,330) 46 Fuel (1) - (1) - 5 (5) Operating and maintenance (58) (33) (25) (103) (96) (7) Depreciation and amortization 8 10 (2) 20 24 (4) Taxes other than income 1 1 - 8 6 2 ------- ------- ------- ------- ------- ------- Total operating expenses (1,420) (1,500) 80 (3,359) (3,391) 32 ------- ------- ------- ------- ------- ------- Operating income (loss) 1 (14) 15 (15) (45) 30 Other income and deductions Interest expense (8) (8) - (25) (23) (2) Equity in earnings (losses) of unconsolidated affiliates (3) (3) - (8) (8) - Other, net (1) (3) 2 (6) (8) 2 ------- ------- ------- ------- ------- ------- Total other income and deductions (12) (14) 2 (39) (39) - ------- ------- ------- ------- ------- ------- Income (loss) before income taxes (11) (28) 17 (54) (84) 30 Income taxes (18) (31) 13 (54) (67) 13 ------- ------- ------- ------- ------- ------- Net income (loss) $ 7 $ 3 $ 4 $ - $ (17) $ 17 ======= ======= ======= ======= ======= =======
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EXELON CORPORATION Consolidated Balance Sheets (unaudited) (in millions) September 30, December 31, 2003 2002 ------------------- ------------------- Current assets Cash and cash equivalents $ 604 $ 469 Restricted cash 318 396 Accounts receivable, net Customers 1,952 2,076 Other 270 284 Receivable from unconsolidated affiliate - 39 Inventories - fossil fuel 198 175 Inventories - materials and supplies 289 306 Other 429 380 Assets held for sale 109 - ------------------- ------------------- Total current assets 4,169 4,125 ------------------- ------------------- Property, plant and equipment, net 19,476 17,126 Deferred debits and other assets Regulatory assets 5,304 5,993 Nuclear decommissioning trust funds 3,404 3,053 Investments 1,198 1,403 Goodwill 4,734 4,992 Other 859 793 ------------------- ------------------- Total deferred debits and other assets 15,499 16,234 ------------------- ------------------- Total assets $ 39,144 $ 37,485 =================== =================== Liabilities and shareholders' equity Current liabilities Notes payable $ 82 $ 681 Notes payable to unconsolidated affiliate 326 534 Long-term debt due within one year 2,067 1,402 Accounts payable 1,692 1,607 Accrued expenses 1,242 1,354 Other 287 296 Liabilities held for sale 57 - ------------------- ------------------- Total current liabilities 5,753 5,874 ------------------- ------------------- Long-term debt 12,468 13,127 Long-term debt to affiliate 103 - Mandatorily redeemable preferred securities 422 - Deferred credits and other liabilities Deferred income taxes 3,798 3,702 Unamortized investment tax credits 291 301 Nuclear decommissioning liability for retired plants - 1,395 Asset retirement obligation 2,481 - Pension obligation 1,609 1,959 Non-pension postretirement benefits obligation 1,033 877 Spent nuclear fuel obligation 865 858 Regulatory liabilities 880 - Other 1,026 978 ------------------- ------------------- Total deferred credits and other liabilities 11,983 10,070 ------------------- ------------------- Minority interest of consolidated subsidiaries 1 77 Preferred securities of subsidiaries 87 595 Shareholders' equity Common stock 7,226 7,059 Deferred compensation - (1) Retained earnings 2,210 2,042 Accumulated other comprehensive income (loss) (1,109) (1,358) ------------------- ------------------- Total shareholders' equity 8,327 7,742 ------------------- ------------------- Total liabilities and shareholders' equity $ 39,144 $ 37,485 =================== ===================
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EXELON CORPORATION Consolidated Statements of Cash Flows (unaudited) (in millions) Nine Months Ended September 30, ------------------------------------- 2003 2002 ------------------ ------------------ Cash flows from operating activities Net income $ 631 $ 1,043 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization and accretion, including nuclear fuel 1,290 1,284 Cumulative effect of changes in accounting principles (net of income taxes) (112) 230 Gain on sale of investments - (199) Provision for uncollectible accounts 72 107 Deferred income taxes (363) 293 Equity in earnings of unconsolidated affiliates (82) (114) Impairment of investments 295 46 Impairment of goodwill and long-lived assets 950 - Employee severance related expenses 152 - Pension and non-pension postretirement curtailment costs 26 - Net realized (gains) losses on nuclear decommissioning trust funds (9) 32 Other operating activities 91 56 Changes in assets and liabilities: Accounts receivable (19) (358) Inventories (55) (25) Accounts payable, accrued expenses and other current liabilities 50 1 Changes in payables and receivables from unconsolidated affiliates 18 46 Other current assets (100) 68 Pension and non-pension postretirement benefits obligations (241) 22 Other noncurrent assets and liabilities (41) 131 ------------------ ------------------ Net cash flows provided by operating activities 2,553 2,663 ------------------ ------------------ Cash flows from investing activities Capital expenditures (1,501) (1,534) Proceeds from liquidated damages 92 - Proceeds from nuclear decommissioning trust funds 1,880 1,184 Investment in nuclear decommissioning trust funds (2,043) (1,330) Note receivable from unconsolidated affiliate 35 (42) Proceeds from sale of investments 186 287 Acquisition of generating plants - (443) Other investing activities 50 19 ------------------ ------------------ Net cash flows used in investing activities (1,301) (1,859) ------------------ ------------------ Cash flows from financing activities Issuance of long-term debt 2,105 956 Retirement of long-term debt (2,075) (1,946) Change in short-term debt (599) 428 Issuance of debt to affiliate 103 - Issuance of mandatorily redeemable preferred securities 200 - Retirement of mandatorily redeemable preferred securities (250) (18) Retirement of preferred stock (50) - Dividends paid on common stock (461) (420) Payment on acquisition note payable to Sithe Energies, Inc. (210) - Proceeds from employee stock plans 139 64 Contribution from minority interest of consolidated subsidiary - 43 Change in restricted cash 78 81 Other financing activities (85) (16) ------------------ ------------------ Net cash flows used in financing activities (1,105) (828) ------------------ ------------------ Increase (decrease) in cash and cash equivalents 147 (24) Cash and cash equivalents at beginning of period 469 485 ------------------ ------------------ Cash and cash equivalents including cash classified as held for sale 616 461 Cash classified as held for sale on the consolidated balance sheet (12) - ------------------ ------------------ Cash and cash equivalents at end of period $ 604 $ 461 ================== ==================
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EXELON CORPORATION Reconciliation of Adjusted (Non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income (unaudited) (in millions, except per share data) Three Months Ended September 30, 2003 Three Months Ended September 30, 2002 ------------------------------------- ------------------------------------- Adjusted Adjusted GAAP (a) Adjustments (Non-GAAP) GAAP (a) Adjustments (Non-GAAP) --------- ----------- ---------- -------- ----------- ---------- Operating revenues $ 4,441 $ - $ 4,441 $ 4,370 $ - $ 4,370 Operating expenses Purchased power 1,312 - 1,312 1,337 - 1,337 Fuel 551 - 551 373 - 373 Impairment of Exelon Boston Generating, LLC 945 (945)(b) - - - - Operating and maintenance 1,226 (123)(c), (d) 1,103 1,114 - 1,114 Depreciation and amortization 293 - 293 345 - 345 Taxes other than income 131 74 (e) 205 201 - 201 --------- ----------- ---------- -------- ----------- ---------- Total operating expenses 4,458 (994) 3,464 3,370 - 3,370 --------- ----------- ---------- -------- ----------- ---------- Operating income (loss) (17) 994 977 1,000 - 1,000 Other income and deductions Interest expense (217) - (217) (249) - (249) Distributions on preferred securities of subsidiaries (8) - (8) (11) - (11) Equity in earnings of unconsolidated affiliates 49 3 (d) 52 92 - 92 Other, net (21) 55 (f) 34 16 - 16 --------- ----------- ---------- -------- ----------- ---------- Total other income and deductions (197) 58 (139) (152) - (152) --------- ----------- ---------- -------- ----------- ---------- Income (loss) before income taxes (214) 1,052 838 848 - 848 Income taxes (112) 415 303 297 - 297 --------- ----------- ---------- -------- ----------- ---------- Net income (loss) $ (102) $ 637 $ 535 $ 551 $ - $ 551 ========= =========== ========== ======== =========== ========== Earnings (loss) per average common share Basic $ (0.31) $ 1.95 $ 1.64 $ 1.71 $ - $ 1.71 Diluted $ (0.31) $ 1.94 $ 1.63 $ 1.70 $ - $ 1.70 Average common shares outstanding Basic 326 326 323 323 Diluted 326 329 324 324 Effect of adjustments on earnings (loss) per average diluted common share recorded in accordance with GAAP: EBG impairment $ (1.74) Severance (0.32) Property tax accrual reductions 0.14 Impairment of investment in Sithe Energies, Inc. (0.11) Sale of InfraSource 0.09 ----------- Total adjustments $ (1.94) =========== (a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP). (b) Adjustment for the EBG impairment recorded during the third quarter of 2003. (c) Adjustment for the sale of InfraSource to GFI during the third quarter of 2003. (d) Adjustment for severance and severance-related costs recorded during the third quarter of 2003. (e) Adjustment for the reduction of property tax accruals at PECO and Generation recorded during the third quarter of 2003. (f) Adjustment for the impairment of Exelon's investment in Sithe Energies, Inc. recorded during the third quarter of 2003.
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EXELON CORPORATION Reconciliation of Adjusted (Non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income (unaudited) (in millions, except per share data) Nine Months Ended September 30, 2003 Nine Months Ended September 30, 2002 ------------------------------------ ------------------------------------ Adjusted Adjusted GAAP (a) Adjustments (Non-GAAP) GAAP (a) Adjustments (Non-GAAP) -------- ----------- --------- ------- ----------- ---------- Operating revenues $ 12,236 $ - $ 12,236 $ 11,245 $ - $ 11,245 Operating expenses Purchased power 3,075 - 3,075 2,763 - 2,763 Fuel 1,908 - 1,908 1,233 - 1,233 Impairment of Exelon Boston Generating, LLC 945 (945)(b) - - - - Operating and maintenance 3,438 (212)(c),(d),(e) 3,226 3,252 (10)(i) 3,242 Depreciation and amortization 842 - 842 1,012 - 1,012 Taxes other than income 489 74 (f) 563 568 - 568 -------- ----------- --------- -------- ----------- ---------- Total operating expenses 10,697 (1,083) 9,614 8,828 (10) 8,818 -------- ----------- --------- -------- ----------- ---------- Operating income 1,539 1,083 2,622 2,417 10 2,427 Other income and deductions Interest expense (661) - (661) (739) - (739) Distributions on preferred securities of subsidiaries (30) - (30) (34) - (34) Equity in earnings of unconsolidated affiliates 82 3 (e) 85 114 - 114 Other, net (153) 242 (c),(g) 89 239 (198)(j) 41 -------- ----------- --------- -------- ----------- ---------- Total other income and deductions (762) 245 (517) (420) (198) (618) -------- ----------- --------- -------- ----------- ---------- Income before income taxes and cumulative effect of changes in accounting principles 777 1,328 2,105 1,997 (188) 1,809 Income taxes 258 514 772 724 (84) 640 -------- ----------- --------- -------- ----------- ---------- Income before cumulative effect of changes in accounting principles 519 814 1,333 1,273 (104) 1,169 Cumulative effect of changes in accounting principles, net of income taxes 112 (112)(h) - (230) 230 (k) - -------- ----------- --------- -------- ----------- ---------- Net income $ 631 $ 702 $ 1,333 $ 1,043 $ 126 $ 1,169 ======== =========== ========= ======== =========== ========== Earnings per average common share Basic: Income before cumulative effect of changes in accounting principles $ 1.60 $ 2.50 $ 4.10 $ 3.95 $ (0.32) $ 3.63 Cumulative effect of changes in accounting principles, net of income taxes 0.34 (0.34) - (0.71) 0.71 - -------- ----------- --------- -------- ----------- ---------- Net income $ 1.94 $ 2.16 $ 4.10 $ 3.24 $ 0.39 $ 3.63 ======== =========== ========= ======== =========== ========== Diluted: Income before cumulative effect of changes in accounting principles $ 1.59 $ 2.48 $ 4.07 $ 3.93 $ (0.32) $ 3.61 Cumulative effect of changes in accounting principles, net of income taxes 0.34 (0.34) - (0.71) 0.71 - -------- ----------- --------- -------- ----------- ---------- Net income $ 1.93 $ 2.14 $ 4.07 $ 3.22 $ 0.39 $ 3.61 ======== =========== ========= ======== =========== ========== Average common shares outstanding Basic 325 325 322 322 Diluted 328 328 324 324 Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP: EBG impairment $ (1.74) $ - Impairment of Exelon's investment in Sithe Energies, Inc. (0.51) - Cumulative effect of adopting SFAS No. 143 0.34 - Exelon Way severance (0.32) - Property tax accrual reductions 0.14 - March 3 ComEd Settlement Agreement (0.05) - Net gain on the sale of InfraSource - - Employee severance costs - (0.04) Gain on sale of investment in AT&T Wireless - 0.36 Cumulative effect of adopting SFAS No. 141 and SFAS No. 14 - (0.71) ----------- ----------- Total adjustments $ (2.14) $ (0.39) =========== =========== (a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP). (b) Adjustment for the EBG impairment recorded during the third quarter of 2003. (c) Adjustment for the March 3 ComEd Settlement Agreement. (d) Adjustment for the impairment of Exelon Enterprises' InfraSource goodwill and subsequent gain on the sale of InfraSource to GFI. (e) Adjustment for severance and severance-related costs recorded during the third quarter of 2003. (f) Adjustment for the reduction of property tax accruals at PECO and Generation recorded during the third quarter of 2003. (g) Adjustment for the impairments of Generation's investment in Sithe Energies, Inc. recorded during the first and third quarters of 2003. (h) Adjustment for the cumulative effect of adopting SFAS No. 143. (i) Adjustment for severance costs of $10 million pre-tax primarily related to executive severance. Not all of the severance expense was tax deductible. (j) Adjustment for the sale of investment in AT&T Wireless. (k) Adjustment for the cumulative effect of adopting SFAS No. 141 and SFAS No. 142 reflecting the impairment of Exelon Enterprises' goodwill and the benefit of AmerGen's negative goodwill.
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EXELON CORPORATION Reconciliation of Adjusted (Non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings (Loss) Per Diluted Share Three Months Ended September 30, 2003 vs. Three Months Ended September 30, 2002 2002 GAAP Earnings per Diluted Share $ 1.70 Year Over Year Effects on Earnings: Energy Margins: Weather Impact (1) (0.14) Lower CTCs Recovered (2) (0.09) Generation (3) 0.17 Other (0.01) Higher Operating and Maintenance Expense (O&M) - Storm Costs (4) (0.07) Lower O&M - Other (5) 0.11 Lower Non-Energy Margins at Enterprises (6) (0.10) Lower Interest Expense (7) 0.08 Lower Equity in Earnings of Unconsolidated Subsidiaries (8) (0.04) ENE Acquisition Effect (9) (0.02) Other 0.04 ----------- 2003 Adjusted (Non-GAAP) Operating Earnings 1.63 2003 Adjusted (Non-GAAP) Operating Earnings Adjustments: Exelon Boston Generating (EBG) Impairment (10) (1.74) Severance (11) (0.32) Property Tax Accrual Reductions (12) 0.14 Impairment of Investment in Sithe Energies, Inc. (13) (0.11) Sale of InfraSource (14) 0.09 ----------- 2003 GAAP Loss per Diluted Share $(0.31) =========== (1) Primarily related to cooler summer weather in 2003 as compared to 2002. (2) Reflects a decrease in the CTC rates recovered by ComEd due to increased wholesale market price of electricity, net of increased mitigation factors. (3) Primarily related to increased market sales of electricity at higher prices by Generation along with reductions in capacity payments to Midwest Generation. Excludes the effect of the acquisition of Sithe New England (currently known as Exelon New England (ENE)) in November 2002. (4) Reflects increased storm costs in the Energy Delivery service territories. (5) Reflects reduced operating expenses, excluding severance charges, storm costs at Energy Delivery, gain on the sale of InfraSource and the effect of the acquisition of ENE, primarily due to decreased salaries and wages at Energy Delivery, decreased environmental reserves at ComEd and the deployment of automated meter reading technology at PECO. (6) Reflects lower non-energy margins at Enterprises, primarily InfraSource, due to an overall decline in revenue. (7) Reflects lower interest expense, excluding the effect of the acquisition of ENE, due to refinancing of existing debt at lower interest rates and the gradual retirement of ComEd's Transitional Trust Notes. (8) Reflects lower equity in earnings of unconsolidated affiliates, excluding the effect of the acquisition of ENE in November 2002, related to AmerGen and Sithe Energies, Inc. (9) Reflects the effect on net income of the acquisition of ENE, excluding the impairments of EBG and Sithe Energies, Inc. (10) Reflects the impairment of the EBG assets recorded by Generation during the third quarter of 2003. (11) Reflects severance and severance-related costs recorded during the third quarter of 2003. (12) Reflects the reduction of certain property tax accruals at PECO and Generation during the third quarter of 2003. (13) Reflects an additional impairment of the investment held by Generation in Sithe Energies, Inc. recorded during the third quarter of 2003. (14) Reflects a gain on the sale of the electric construction and services, underground and telecom businesses of InfraSource Inc. recorded during the third quarter of 2003.
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EXELON CORPORATION Reconciliation of Adjusted (Non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share Nine Months Ended September 30, 2003 vs. Nine Months Ended September 30, 2002 2002 GAAP Earnings per Diluted Share $ 3.22 2002 Adjusted (Non-GAAP) Operating Earnings Adjustments: Cumulative Effect of Adopting SFAS No. 142 0.71 Gain on the Sale of Investment in AT&T Wireless (1) (0.36) Severance (2) 0.04 ------------- 2002 Adjusted (Non-GAAP) Operating Earnings 3.61 Year Over Year Effects on Earnings: Energy Margins: Generation (3) 0.31 Weather Impact (4) (0.12) Other (0.04) Lower Interest Expense (5) 0.18 Lower O&M (6) 0.12 Higher Investment Income (7) 0.09 Lower Non-Energy Margins at Enterprises (8) (0.09) Lower Depreciation and Amortization Expense (9) 0.08 ENE Acquisition Effect (10) (0.06) Other (0.01) ------------- 2003 Adjusted (Non-GAAP) Operating Earnings 4.07 2003 Adjusted (Non-GAAP) Operating Earnings Adjustments: Exelon Boston Generating (EBG) Impairment (11) (1.74) Impairment of Investment in Sithe Energies, Inc. (12) (0.51) Cumulative Effect of Adopting SFAS No. 143 0.34 Severance (13) (0.32) Property Tax Accrual Reductions (14) 0.14 March 3 ComEd Settlement Agreement (15) (0.05) InfraSource Sale (16) - ------------- 2003 GAAP Earnings per Diluted Share $ 1.93 ============= (1) Gain on Exelon Enterprises' sale of its 49% interest in AT&T Wireless PCS of Philadelphia. (2) Executive severance partially offset by favorable adjustments to previous severance estimates. A portion of the executive severance was not tax deductible. As a result, the after-tax impact on earnings was $0.04 per share. (3) Primarily related to increased market sales of electricity at higher prices by Generation along with reductions in capacity payments to Midwest Generation. Excludes the effect of the acquisition of Sithe New England (currently known as Exelon New England (ENE)) in November 2002. (4) Primarily related to cooler spring and summer weather in 2003 as compared to 2002, partially offset by colder winter weather in 2003 as compared to 2002. (5) Reflects lower interest expense, excluding the effect of the acquisition of ENE, due to refinancing of existing debt at lower interest rates and the gradual retirement of ComEd's Transitional Trust Notes. (6) Reflects reduced operating expenses, excluding severance charges, the effect of the acquisition of ENE, the net loss on the sale of InfraSource, Inc. in the second quarter of 2003 and SFAS No. 143, primarily due to decreased salaries and wages at Energy Delivery, decreased nuclear refueling outages at Generation and the deployment of automated meter reading technology at PECO. These decreases were partially offset by increased pension and postretirement benefit expense and increased storm costs in the Energy Delivery service territories. (7) Primarily reflects the effects of write-downs of communication and energy-related investments at Enterprises in 2002 and higher investment income related to nuclear decommissioning trust funds in 2003, partially offset by an impairment of communication and energy-related investments of Enterprises in 2003. (8) Reflects lower non-energy margins at Enterprises, primarily InfraSource, due to an overall decline in revenue. (9) Depreciation and amortization expense, excluding SFAS No. 143 and the effect of the acquisition of ENE in November 2002, was lower primarily due to lower depreciation rates and lower recoverable transition cost amortization at ComEd, partially offset by increased depreciation related to higher depreciable plant balances, reflecting Generation's plant acquisitions in 2002 and additions at Energy Delivery, and higher CTC amortization at PECO. (10) Reflects the effect on net income of the acquisition of ENE in November 2002, excluding the impairments of EBG and Sithe Energies, Inc. (11) Reflects the impairment of the EBG assets recorded by Generation during the third quarter of 2003. (12) Impairment of the investment held by Generation in Sithe Energies, Inc. recorded during the first and third quarters of 2003. (13) Reflects severance and severance related costs recorded during the third quarter of 2003. (14) Reflects the reduction of certain property tax accruals at PECO and Generation during the third quarter of 2003. (15) Agreement reached by ComEd and various Illinois suppliers, customers, and governmental parties regarding several matters affecting ComEd's rates for electric service during the first quarter of 2003. (16) Reflects the net impact of an impairment of goodwill related to InfraSource, Inc. in the second quarter of 2003 and the loss on the sale of the electric construction and services, underground and telecom businesses of InfraSource Inc., which closed during the third quarter of 2003.
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EXELON CORPORATION Electric Sales Statistics Three Months Ended September 30, --------------------------------------------- (in GWhs) 2003 2002 % Change ------------------------------------------------------ --------------------- --------------------- --------------- Supply Nuclear, excluding AmerGen 30,152 29,817 1.1% Purchased Power - Generation (a) 24,062 23,425 2.7% Fossil, excluding Sithe Energies, and Hydro (b) 7,636 3,931 94.3% --------------------- --------------------- Power Team Supply 61,850 57,173 (c) 8.2% Purchased Power - Other 691 304 127.3% --------------------- --------------------- Total Electric Supply Available for Sale 62,541 57,477 8.8% Less: Line Loss and Company Use (2,221) (2,697) (17.6%) --------------------- --------------------- Total Supply 60,320 54,780 10.1% ===================== ===================== Energy Sales Retail Sales (d) 35,925 37,498 (4.2%) Power Team Market Sales (a) 29,613 21,177 39.8% Interchange Sales and Sales to Other Utilities 849 997 (14.8%) --------------------- --------------------- 66,387 59,672 11.3% Less: Distribution Only Sales (6,067) (4,892) 24.0% --------------------- --------------------- Total Energy Sales 60,320 54,780 10.1% ===================== ===================== Nine Months Ended September 30, --------------------------------------------- (in GWhs) 2003 2002 % Change ------------------------------------------------------ --------------------- --------------------- --------------- Supply Nuclear, excluding AmerGen 89,101 86,127 3.5% Purchased Power - Generation (a) 63,435 59,496 6.6% Fossil, excluding Sithe Energies, and Hydro (b) 18,041 10,112 78.4% --------------------- --------------------- Power Team Supply 170,577 155,735 (c) 9.5% Purchased Power - Other 1,242 403 n.m. --------------------- --------------------- Total Electric Supply Available for Sale 171,819 156,138 10.0% Less: Line Loss and Company Use (6,008) (6,875) (12.6%) --------------------- --------------------- Total Supply 165,811 149,263 11.1% ===================== ===================== Energy Sales Retail Sales (d) 97,392 97,917 (0.5%) Power Team Market Sales (a) 80,877 61,089 32.4% Interchange Sales and Sales to Other Utilities 2,079 2,221 (6.4%) --------------------- --------------------- 180,348 161,227 11.9% Less: Distribution Only Sales (14,537) (11,964) 21.5% --------------------- --------------------- Total Energy Sales 165,811 149,263 11.1% ===================== ===================== (a) Purchased power and market sales do not include trading volume of 11,086 GWhs and 28,455 GWhs for the three months ended September 30, 2003 and 2002, respectively, and 28,532 GWhs and 51,260 GWhs for the nine months ended September 30, 2003 and 2002, respectively. (b) Includes supply from the acquisition of Exelon New England in November 2002 and plants acquired from TXU in April 2002. (c) Certain reallocations have been made. (d) Includes Exelon Energy sales of 1,580 GWhs and 1,678 GWhs for the three months ended September 30, 2003 and 2002, respectively, and 4,036 GWhs and 3,839 GWhs for the nine months ended September 30, 2003 and 2002, respectively. n.m. - not meaningful
11 EXELON CORPORATION Energy Delivery Sales Statistics For the Three Months Ended September 30,
ComEd PECO --------------------------------- --------------------------------------- Electric Deliveries (GWh) 2003 2002 % Change 2003 2002 % Change --------------------------------- --------------------------------------- Bundled Deliveries (a) Residential 8,197 9,121 (10.1%) 3,333 3,422 (2.6%) Small Commercial & Industrial 5,749 6,029 (4.6%) 1,753 2,066 (15.2%) Large Commercial & Industrial 1,539 2,073 (25.8%) 4,013 4,006 0.2% Public Authorities & Electric Railroads 1,269 1,612 (21.3%) 217 224 (3.1%) ---------------------- ------------------------- Total Bundled Deliveries 16,754 18,835 (11.0%) 9,316 9,718 (4.1%) ---------------------- ------------------------- Unbundled Deliveries (b) Alternative Energy Suppliers Residential (c) (c) 258 371 (30.5%) Small Commercial & Industrial 1,721 1,640 4.9% 520 154 n.m. Large Commercial & Industrial 2,934 2,192 33.9% 208 236 (11.9%) Public Authorities & Electric Railroads 426 299 42.5% - - ---------------------- ------------------------- 5,081 4,131 23.0% 986 761 29.6% ---------------------- ------------------------- PPO (ComEd Only) Small Commercial & Industrial 884 782 13.0% Large Commercial & Industrial 896 1,249 (28.3%) Public Authorities & Electric Railroads 428 345 24.1% ---------------------- 2,208 2,376 (7.1%) ---------------------- ------------------------- Total Unbundled Deliveries 7,289 6,507 12.0% 986 761 29.6% ---------------------- ------------------------- Total Retail Deliveries 24,043 25,342 (5.1%) 10,302 10,479 (1.7%) ====================== ========================= Gas Deliveries (mmcf) (PECO only) 9,510 11,347 (16.2%) ========================= Revenue (in millions) Bundled Electric Revenue (a) Residential $ 760.0 $ 839.7 (9.5%) $ 466.3 $ 477.8 (2.4%) Small Commercial & Industrial 487.1 506.7 (3.9%) 210.6 251.3 (16.2%) Large Commercial & Industrial 81.6 106.1 (23.1%) 291.6 295.8 (1.4%) Public Authorities & Electric Railroads 82.2 103.6 (20.7%) 19.4 21.4 (9.3%) ---------------------- ------------------------- Total Bundled Electric Revenue 1,410.9 1,556.1 (9.3%) 987.9 1,046.3 (5.6%) ---------------------- ------------------------- Unbundled Electric Revenue (b) Alternative Energy Suppliers Residential (c) (c) 20.4 32.5 (37.2%) Small Commercial & Industrial 33.9 51.1 (33.7%) 27.6 8.5 n.m. Large Commercial & Industrial 41.3 60.1 (31.3%) 5.4 6.5 (16.9%) Public Authorities & Electric Railroads 8.1 10.4 (22.1%) - - ---------------------- ------------------------- 83.3 121.6 (31.5%) 53.4 47.5 12.4% ---------------------- ------------------------- PPO (ComEd Only) Small Commercial & Industrial 65.3 57.0 14.6% Large Commercial & Industrial 55.6 74.2 (25.1%) Public Authorities & Electric Railroads 25.8 18.6 38.7% ---------------------- 146.7 149.8 (2.1%) ---------------------- ------------------------- Total Unbundled Electric Revenue 230.0 271.4 (15.3%) 53.4 47.5 12.4% ---------------------- ------------------------- Total Retail Electric Revenue 1,640.9 1,827.5 (10.2%) 1,041.3 1,093.8 (4.8%) Wholesale Electric Revenue 39.1 42.7 (8.4%) 3.1 8.2 (62.2%) Other Revenue 56.8 67.5 (15.9%) 51.6 55.1 (6.4%) Gas Revenue (PECO only) n/a n/a 53.0 67.0 (20.9%) ---------------------- ------------------------- Total Revenues $ 1,736.8 $ 1,937.7 (10.4%) $ 1,149.0 $ 1,224.1 (6.1%) ====================== ========================= Heating and Cooling Degree-Days 2003 2002 Normal 2003 2002 Normal -------------------------------- --------------------------------------- Heating Degree-Days 117 58 127 12 4 38 Cooling Degree-Days 582 776 603 1,019 1,144 900 (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 from 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 September 30, 2003, no alternative electric supplier has sought approval from the Illinois Commerce Commission and no electric utilities have chosen to enter the ComEd residential market for the supply of electricity. n/a - not applicable n.m. - not meaningful
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EXELON CORPORATION Energy Delivery Sales Statistics For the Nine Months Ended September 30, ComEd PECO ----------------------------------------- ------------------------------------------- Electric Deliveries (GWh) 2003 2002 % Change 2003 2002 % Change ----------------------------------------- ------------------------------------------- Bundled Deliveries (a) Residential 20,246 21,392 (5.4%) 8,723 7,592 14.9% Small Commercial & Industrial 16,490 17,078 (3.4%) 5,065 5,704 (11.2%) Large Commercial & Industrial 4,706 6,151 (23.5%) 11,190 11,285 (0.8%) Public Authorities & Electric Railroads 4,018 5,097 (21.2%) 692 617 12.2% -------------- -------------- ----------- ------------- Total Bundled Deliveries 45,460 49,718 (8.6%) 25,670 25,198 1.9% -------------- -------------- ----------- ------------- Unbundled Deliveries (b) Alternative Energy Suppliers Residential (c) (c) 708 1,720 (58.8%) Small Commercial & Industrial 4,327 3,822 13.2% 1,044 253 n.m. Large Commercial & Industrial 6,894 5,200 32.6% 610 351 73.8% Public Authorities & Electric Railroads 954 618 54.4% - - -------------- -------------- ----------- ------------- 12,175 9,640 26.3% 2,362 2,324 1.6% -------------- -------------- ----------- ------------- PPO (ComEd Only) Small Commercial & Industrial 2,546 2,384 6.8% Large Commercial & Industrial 3,646 3,952 (7.7%) Public Authorities & Electric Railroads 1,497 861 73.9% -------------- -------------- 7,689 7,197 6.8% -------------- -------------- ----------- ------------- Total Unbundled Deliveries 19,864 16,837 18.0% 2,362 2,324 1.6% -------------- -------------- ----------- ------------- Total Retail Deliveries 65,324 66,555 (1.8%) 28,032 27,522 1.9% ============== ============== =========== ============= Gas Deliveries (mmcf) (PECO only) 64,137 56,990 12.5% =========== ============= Revenue (in millions) Bundled Electric Revenue (a) Residential $ 1,777.3 $ 1,881.0 (5.5%) $ 1,121.7 $ 999.3 12.2% Small Commercial & Industrial 1,289.3 1,342.9 (4.0%) 584.9 664.1 (11.9%) Large Commercial & Industrial 239.8 323.8 (25.9%) 825.1 828.3 (0.4%) Public Authorities & Electric Railroads 247.2 296.9 (16.7%) 61.8 58.5 5.6% -------------- -------------- ----------- ------------- Total Bundled Electric Revenue 3,553.6 3,844.6 (7.6%) 2,593.5 2,550.2 1.7% -------------- -------------- ----------- ------------- Unbundled Electric Revenue (b) Alternative Energy Suppliers Residential (c) (c) 51.8 128.6 (59.7%) Small Commercial & Industrial 106.5 93.8 13.5% 54.3 13.4 n.m. Large Commercial & Industrial 133.0 101.5 31.0% 16.3 9.7 68.0% Public Authorities & Electric Railroads 24.8 17.6 40.9% - - -------------- -------------- ----------- ------------- 264.3 212.9 24.1% 122.4 151.7 (19.3%) -------------- -------------- ----------- ------------- PPO (ComEd Only) Small Commercial & Industrial 173.7 155.0 12.1% Large Commercial & Industrial 199.7 214.3 (6.8%) Public Authorities & Electric Railroads 81.1 47.8 69.7% -------------- -------------- 454.5 417.1 9.0% -------------- -------------- ----------- ------------- Total Unbundled Electric Revenue 718.8 630.0 14.1% 122.4 151.7 (19.3%) -------------- -------------- ----------- ------------- Total Retail Electric Revenue 4,272.4 4,474.6 (4.5%) 2,715.9 2,701.9 0.5% Wholesale Electric Revenue 89.6 92.9 (3.6%) 8.6 15.1 (43.0%) Other Revenue 159.9 166.6 (4.0%) 154.7 164.0 (5.7%) Gas Revenue (PECO only) n/a n/a 448.3 358.0 25.2% -------------- -------------- ----------- ------------- Total Revenues $ 4,521.9 $ 4,734.1 (4.5%) $ 3,327.5 $ 3,239.0 2.7% ============== ============== =========== ============= Heating and Cooling Degree-Days 2003 2002 Normal 2003 2002 Normal -------------- -------------- ------------ --------------- -------------------------- Heating Degree-Days 4,331 3,778 4,187 3,348 2,489 3,078 Cooling Degree-Days 693 1,077 820 1,269 1,560 1,216 (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 from 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 September 30, 2003, no alternative electric supplier has sought approval from the Illinois Commerce Commission and no electric utilities have chosen to enter the ComEd residential market for the supply of electricity. n/a - not applicable n.m. - not meaningful
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EXELON CORPORATION Exelon Generation Power Marketing Statistics Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- 2003 2002 2003 2002 ------------- ----------- ------------ ------------ GWh Sales Energy Delivery and Exelon Energy 32,237 35,996 89,700 94,646 Market Sales 29,613 21,177 80,877 61,089 ------------- ----------- ------------ ------------ Total Sales (a) 61,850 57,173 170,577 155,735 ============= =========== ============ ============ Average Margin ($/MWh) Average Realized Revenue Energy Delivery and Exelon Energy $ 41.51 $ 40.56 $ 35.45 $ 34.86 Market Sales 38.43 35.50 37.11 31.55 Total Sales - without trading 40.03 38.69 36.24 33.56 Average Purchased Power and Fuel Cost - without trading $ 27.31 $ 26.66 $ 23.67 $ 21.04 Average Margin - without trading $ 12.72 $ 12.04 $ 12.57 $ 12.52 Around-the-clock Market Prices ($/MWh) PJM $ 38.99 $ 34.50 $ 40.39 $ 27.00 MAIN 29.24 27.00 30.07 24.00 ------------------------------------------------------------ 2003 Earnings Guidance - October through December Around-the-clock Market Prices ($/MWh) PJM $ 30.50 MAIN 21.00 NEPOOL 44.50 Gas Prices ($/Mmbtu) Henry Hub $ 4.78 ------------------------------------------------------------ (a) Total sales do not include trading volume of 11,086 GWhs and 28,455 GWhs for the three months ended September 30, 2003 and 2002, respectively, and 28,532 GWhs and 51,260 GWhs for the nine months ended September 30, 2003 and 2002, respectively. Additionally, total sales include supply from the acquisition of Exelon New England in November 2002 and plants acquired from TXU in April 2002.
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