EX-99.2 3 dex992.htm 2006-2007 EXELON FACT BOOK 2006-2007 Exelon Fact Book

Exhibit 99.2

LOGO


Table of Contents

 

Introduction

   1

Exelon at a Glance

  

Profile, Vision and Quick Facts

   2

Company Overview

  

Corporate Structure and Operating Company Summary

   3

State Regulation

  

Illinois Commerce Commission and ComEd Electric Distribution Rate Case

   4

Pennsylvania Public Utility Commission, PECO Electric Transition Plan and System Average Electric Rates

   5

Federal Regulation

  

Federal Energy Regulatory Commission and ComEd Electric Transmission Rate Case

   6

Exelon – Financial and Operating Highlights

   7

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP

  

Consolidated Statements of Operations

  

Exelon Corporation

   8

Exelon Generation Company

   10

Commonwealth Edison Company (ComEd)

   11

PECO Energy Company (PECO)

   12

Exelon and Operating Companies

  

Capital Structure, Capitalization Ratios and Credit Ratings

   13

Long-Term Debt Outstanding

  

Exelon Corporation

   14

Exelon Generation

   14

ComEd

   15

PECO

   16

Map of Exelon Service Area and Selected Generating Assets

   17

Exelon Generation

  

Generating Resources – Sources of Electric Supply, Type of Capacity and Long-Term Contracts

   18

Nuclear Generating Capacity

   19

Total Electric Generating Capacity

   20

Fossil Emissions Reduction Summary

   22

Annual Electric Supply and Sales Statistics

   24

Electric Supply and Sales Statistics by Quarter

   25

Electric Sales Statistics, Revenue and Customer Detail

  

ComEd

   26

PECO

   28

Gas Sales Statistics, Revenue and Customer Detail – PECO

   30


To the Financial Community,

The Exelon Fact Book is intended to provide historical financial and operating information to assist in the analysis of Exelon and its operating companies. Please refer to the SEC filings of Exelon and its subsidiaries, including the annual Form 10-K and quarterly Form 10-Q, for more comprehensive financial statements and information.

For more information about Exelon and to send e-mail inquiries, visit our website at www.exeloncorp.com.

 

Investor Information    Stock Symbol: EXC
Exelon Corporation    Common stock is listed on the
Investor Relations    New York, Chicago and Philadelphia stock exchanges.
10 South Dearborn Street   
Chicago, IL 60603   
312.394.2345   
312.394.4082 (fax)   

Information in this Fact Book is current as of August 31, 2007 unless otherwise noted.

This publication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s Second Quarter 2007 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Exelon Generation Company LLC, Commonwealth Edison Company, and PECO Energy Company (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this publication. None of the Companies undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this publication.


Exelon at a Glance

Company Profile

Exelon Corporation, headquartered in Chicago, Illinois, is one of the largest electric utilities in the U.S. with approximately 5.4 million customers and more than $15 billion in annual revenues. The company has one of the largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic.

Our Vision

Exelon will be the best group of electric generation and electric and gas delivery companies in the United States – providing superior value for our customers, employees, investors and the communities we serve.

Our Goals

 

 

Keep the lights on and the gas flowing

 

 

Run the nuclear fleet at world-class levels

 

 

Capitalize on environmental leadership and clean nuclear energy

 

 

Create a challenging and rewarding workplace

 

 

Enhance the value of our generation

 

 

Build value through disciplined financial management

Our Values

Safety – for our employees, our customers and our communities

Integrity – the highest ethical standards in what we say and what we do

Diversity – in ethnicity, gender, experience and thought

Respect – trust and teamwork through open and honest communication

Accountability – for our commitments, actions and results

Continuous improvement – stretch goals and measured results

 

Exelon Quick Facts at year-end 2006         Market Highlights
$15.7    6,765    670 million
billion in revenues    circuit miles of electric transmission lines    common shares outstanding
$44.3    12,052    $1.76
billion in assets    miles of gas pipelines    current annual dividend rate per share(a)
5.4    33,234    50%
million electric customers    MWs total U.S. generating resources    2006 dividend payout ratio(b)
0.5    17,200    2.8%
million gas customers    employees    dividend yield
106,149      
circuit miles of electric distribution lines      

 

(a) Dividend rate increased in December 2006. Dividends are subject to declaration by the board of directors each quarter.

 

(b) Based on $1.60 dividend per share paid in 2006.

 

2


Company Overview

LOGO

 

Nuclear Generation    Illinois Utility    Pennsylvania Utility
Fossil Generation   

 

2006

  

 

2006

Renewable/Hydro Generation    (in millions)    (in millions)
Power Marketing    Revenues: $6,101    Revenues: $5,168

 

2006

   Assets: $17,774    Assets: $9,773
(in millions)      
Revenues: $9,143      
Assets: $18,909      

Operating Companies

     

Exelon Generation

   Commonwealth Edison Company    PECO Energy Company
Exelon Generation engages in competitive electric generation operations, including owned and contracted-for generating facilities, and power marketing activities through Power Team.    Commonwealth Edison (ComEd) is a regulated electricity transmission and distribution company with a service area in northern Illinois, including the City of Chicago, of approximately 11,300 square miles and an estimated population of 8 million. ComEd has approximately 3.8 million customers.    PECO Energy (PECO) is a regulated electricity transmission and distribution company and natural gas distribution company with a service area in southeastern Pennsylvania, including the City of Philadelphia, of approximately 2,100 square miles and an estimated population of 3.8 million. PECO has approximately 1.6 million electric customers and 480,000 natural gas customers.

 

3


State Regulation

Illinois Commerce Commission (ICC)

(www.icc.illinois.gov)

The ICC has five full-time members, each appointed by the Governor (Rod Blagojevich, Democrat; term began in January 2003 and ends in January 2011) and confirmed by the Illinois State Senate. The Commissioners serve for five-year, staggered terms. Under Illinois law, no more than three Commissioners may belong to the same political party. The Chairman is designated by the Governor.

 

Commissioner

   Party Affiliation    Service Began    Term Ends   

Professional Experience

Charles E. Box (Chairman)

   Democrat    1/06    1/09    Attorney; mayor of Rockford, IL; city administrator and legal director

Lula M. Ford

   Democrat    1/03    1/08    Assistant superintendent, Chicago Public Schools; teacher; assistant director, Central Management Service

Erin O’Connell-Diaz

   Republican    4/03    1/08    Attorney; ICC Administrative Law Judge; assistant attorney general

Robert F. Lieberman

   Democrat    2/05    1/10    CEO, Center for Neighborhood Technology; positions at Illinois Department of Natural Resources and Office of Coal Development

Vacant

           

ComEd Electric Distribution Rate Case

 

($ in millions)

   Date    Revenue
Increase
   Test Year    Rate Base    Overall Rate
of Return
    Return on
Equity
    Equity Ratio  

ComEd Request

   8/31/05    $ 317    2004    $ 6,187    8.94 %   11.00 %   54.20 %

ICC Order(a)

   12/20/06    $ 83    2004    $ 5,521    8.01 %   10.045 %   42.86 %

 

(a) The ICC issued an order on rehearing that increased the amount previously approved on July 26, 2006 by approximately $74 million. ComEd and other parties appealed the rate order; the timing of a court ruling is uncertain.

 

4


State Regulation

Pennsylvania Public Utility Commission (PUC)

(www.puc.state.pa.us)

The PUC has five full-time members, each appointed by the Governor (Ed Rendell, Democrat; term began in January 2003 and ends in January 2011) and confirmed by the Pennsylvania State Senate. The Commissioners serve for five-year, staggered terms. Under Pennsylvania law, no more than three Commissioners may belong to the same political party as the Governor. The Chairman and Vice Chairman are designated by the Governor.

 

Commissioner

   Party Affiliation    Service Began    Term Ends   

Professional Experience

Wendell F. Holland (Chairman)

   Democrat    9/03    4/08    Attorney; retired judge; executive at American Water Works Company

James H. Cawley (Vice Chairman)

   Democrat    6/05    4/10    Attorney; majority counsel to the Pennsylvania Senate Consumer Affairs Committee

Kim Pizzingrilli

   Republican    2/02    4/12    Secretary of the Commonwealth; positions at the Department of State and Treasury Department

Terrance J. Fitzpatrick

   Republican    6/05    4/09    Attorney; PUC Commissioner 1999–2004 and former Chairman; PUC assistant counsel; member of the state Environmental Hearing Board

Tyrone Christy

   Democrat    7/07    4/11    Executive at Americas Power Partners/ Armstrong Services; board member of Pennsylvania Energy Development Authority; vice chairman of PUC’s Independent Power Committee

PECO Energy – Electric Transition Plan

The PUC authorized recovery in PECO’s 1998 settlement of $5.3 billion of stranded costs, or competitive transition charges (CTC) regulatory asset, with a return on the unamortized balance of 10.75%, through 2010. The PUC authorized amortization of the regulatory asset through 2010.

 

($ in millions)

Year

  

Estimated

CTC Revenue

   Estimated Stranded
Cost Amortization

2007

   $ 910    $ 619

2008

     917      697

2009

     924      783

2010

     932      883

PECO Energy – Schedule of System Average Electric Rates

Transmission rates are regulated by the Federal Energy Regulatory Commission. The CTC rate is subject to annual reconciliation for actual retail sales. Rates increased from the original PUC settlement to reflect the roll-in of increased gross receipts tax and Universal Service Fund charge and nuclear decommissioning cost adjustment.

 

(¢/kWh)

Effective Date

   Transmission    Distribution    CTC    Energy and
Capacity
   Total

1/1/2006

   0.46    2.59    2.70    4.92    10.67

1/1/2007

   0.46    2.59    2.70    5.43    11.18

1/1/2008

   0.46    2.59    2.70    5.43    11.18

1/1/2009

   0.46    2.59    2.70    5.43    11.18

1/1/2010

   0.46    2.59    2.70    5.43    11.18

 

5


Federal Regulation

Federal Energy Regulatory Commission (FERC)

(www.ferc.gov)

The FERC has five full-time members, each appointed by the President of the United States and confirmed by the U.S. Senate. The Commissioners serve for five-year, staggered terms. No more than three Commissioners may belong to the same political party. The Chairman is designated by the President.

 

Commissioner

   Party Affiliation    Service Began    Term Ends  

Professional Experience

Joseph T. Kelliher (Chairman)

   Republican    11/03    6/07(a)   Attorney; senior policy advisor to Secretary of Energy; majority counsel to House Committee on Commerce for energy legislation

Suedeen G. Kelly

   Democrat    11/03    6/09   Attorney; professor of law; Chair of the New Mexico Public Service Commission; counsel to the California Independent System Operator

Philip D. Moeller

   Republican    7/06    6/10   Energy policy advisor to former U.S. Senator Slade Gorton (WA); staff coordinator for the WA State Senate Committee on Energy, Utilities and Telecommunications; Alliant Energy Corporation

Marc Spitzer

   Republican    7/06    6/11   Attorney; Chair of the Arizona Corporation Commission; Arizona State Senator and Chair of the Judiciary and Finance Committees

Jon Wellinghoff

   Democrat    7/06    6/08   Attorney, practice focused on energy law and utility regulation; staff advisor to several state utility commissions; Nevada State Consumer Advocate

 

(a) Chairman Kelliher has been renominated by the President for a new term, subject to Senate confirmation.

ComEd Electric Transmission Rate Case

 

($ in millions)

   Date    Revenue
Increase
   Test Year    Rate Base    Overall Rate
of Return
    Return on
Equity
    Equity Ratio  

ComEd Request

   3/1/07    $ 147    2005
pro forma
   $ 1,898    9.87 %   12.20 %(a)   58.3 %

FERC Order (b)

   6/5/07    $ 116    2005    $ 1,745    9.87 %   12.20 %(c)   58.3 %

 

(a) Reflects base ROE of 11.70% plus requested 0.50% adder for participation in a Regional Transmission Organization (RTO). Additionally, an incentive adder of 1.50% on major new projects was requested.

 

(b) FERC issued an order that conditionally approved ComEd’s proposal to implement a formula-based transmission rate, effective May 1, 2007, subject to refund. FERC denied ComEd’s request for incentives on major projects. The FERC order provides that further hearing and settlement procedures be conducted on certain issues; the timing of completion is uncertain. Revenue requirement aspects of the order are subject to change pending these procedures.

 

(c) FERC approved the 0.50% RTO adder; the base ROE and other items were set for hearing.

 

6


Exelon Corporation – Financial and Operating Highlights

 

     For the Years ended December 31,  

(in millions, except per share data and where indicated)

   2006     2005     2004  

Operating revenues

   $ 15,655     $ 15,357     $ 14,133  

Net income

   $ 1,592     $ 923     $ 1,864  

Electric deliveries (in GWhs)(a)

     128,748       131,021       124,861  

Gas deliveries (in million cubic feet (mmcf))

     76,105       85,061       87,097  

Total available electric supply resources (MWs)

     33,464       33,520       34,687  

Capital expenditures

   $ 2,418     $ 2,165     $ 1,921  

Common Stock Data

      

Average common shares outstanding – diluted (in millions)

     676       676       669  

GAAP earnings per share (diluted)

   $ 2.35     $ 1.36     $ 2.78  

Adjusted (non-GAAP) operating earnings per share (diluted)

   $ 3.22     $ 3.10     $ 2.78  

Dividends paid per common share

   $ 1.60     $ 1.60     $ 1.26  

New York Stock Exchange common stock price (per share)

      

High

   $ 63.62     $ 57.46     $ 44.90  

Low

   $ 51.13     $ 41.77     $ 30.92  

Year end

   $ 61.89     $ 53.14     $ 44.07  

Book value per share

   $ 14.89     $ 13.69     $ 14.29  

Total market capitalization (year end)

   $ 41,460     $ 35,412     $ 29,271  

Common shares outstanding (year end)

     669.9       666.4       664.2  

(a)    One GWh is the equivalent of one million kilowatthours (kWh).

      
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Share to GAAP       
      2006     2005     2004  

GAAP Earnings per Diluted Share

   $ 2.35     $ 1.36     $ 2.78  

Impairment of ComEd’s goodwill

     1.15       1.78    

Investments in synthetic fuel-producing facilities

     0.04       (0.10 )     (0.10 )

Mark-to-market adjustments from economic hedging activities

     (0.09 )    

Nuclear decommissioning obligation reduction

     (0.13 )    

Recovery of debt costs at ComEd

     (0.08 )    

Recovery of severance costs at ComEd

     (0.14 )    

Cumulative effect of adopting FIN 47

       0.06    

Charges related to the now-terminated merger with Public Service Enterprise Group Incorporated (PSEG)

     0.09       0.03       0.01  

Financial impact of Generation’s investment in Sithe Energies, Inc. (Sithe)

       (0.03 )     0.02  

Charges associated with debt repurchases

         0.12  

Severance charges

     0.03         0.07  

Cumulative effect of adopting FIN 46-R

         (0.05 )

Settlement associated with the storage of spent nuclear fuel

         (0.04 )

Financial impact of Boston Generating investment

         (0.03 )
                        

Adjusted (non-GAAP) Operating Earnings per Diluted Share

   $ 3.22     $ 3.10     $ 2.78  

 

7


Exelon Corporation – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

     Twelve Months Ended December 31, 2006     Twelve Months Ended December 31, 2005  

(in millions, except per share date)

   GAAP(a)     Adjustments     Adjusted
Non-GAAP
    GAAP(a)     Adjustments     Adjusted
Non-GAAP
 

Operating revenues

   $ 15,655     $ 5 (b)   $ 15,660     $ 15,357     $ —       $ 15,357  

Operating expenses

            

Purchased power

     2,683       179 (b)     2,862       3,162       (12 )(b)     3,150  

Fuel

     2,549       (77 )(b)     2,472       2,508       (4 )(b)     2,504  

Operating and maintenance

     3,868       23 (b),(c),(d),(e),(f),(g)     3,891       3,694       (82 )(c),(d),(f)     3,612  

Impairment of goodwill

     776       (776 )(j)     —         1,207       (1,207 )(j)     —    

Depreciation and amortization

     1,487       (37 )(c),(d)     1,450       1,334       (77 )(c),(d)     1,257  

Taxes other than income

     771       —         771       728       —         728  
                                                

Total operating expenses

     12,134       (688 )     11,446       12,633       (1,382 )     11,251  
                                                

Operating income

     3,521       693       4,214       2,724       1,382       4,106  
                                                

Other income and deductions

            

Interest expense, net

     (880 )     16 (c),(m)     (864 )     (829 )     14 (c)     (815 )

Equity in losses of unconsolidated affiliates

     (111 )     83 (c)     (28 )     (134 )     104 (c)     (30 )

Other, net

     266       (151 )(b),(c),(d),(i),(l)     115       134       —         134  
                                                

Total other income and deductions

     (725 )     (52 )     (777 )     (829 )     118       (711 )
                                                

Income from continuing operations before income taxes

     2,796       641       3,437       1,895       1,500       3,395  

Income taxes

     1,206       54 (b),(c),(d),(e),(f),(g),(i),(l),(m)     1,260       944       350 (b),(c),(d),(f)     1,294  
                                                

Income from continuing operations

     1,590       587       2,177       951       1,150       2,101  

Income (loss) from discontinued operations

     2       (4 )(h)     (2 )     14       (18 )(h)     (4 )
                                                

Income before cumulative effect of changes in accounting principles

     1,592       583       2,175       965       1,132       2,097  

Cumulative effect of changes in accounting principles, net of

     —         —         —         (42 )     42 (k)     —    
                                                

Net income

   $ 1,592     $ 583     $ 2,175     $ 923     $ 1,174     $ 2,097  
                                                

 

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

 

(b) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

 

(c) Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.

 

(d) Adjustment to exclude certain costs associated with Exelon’s merger with PSEG which was terminated in September 2006.

 

(e) Adjustment to exclude the decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen Energy Company, LLC nuclear plants.

 

(f) Adjustment to exclude severance charges.

 

(g) Adjustment to exclude a one-time benefit to recover previously incurred severance costs approved by the December 2006 amended ICC rate order.

 

(h) Adjustment to exclude the financial impact of Generation’s prior investment in Sithe (sold in January 2005).

 

(i) Adjustment to exclude a one-time benefit to recover previously incurred debt costs approved by the July 2006 ICC rate order.

 

(j) Adjustment to exclude the impairments of ComEd’s goodwill.

 

(k) Adjustment for the cumulative effect of adopting FIN 47.

 

(l) Adjustment to exclude an impairment charge related to Generation’s investments in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP), the sale of which closed on February 9, 2007.

 

(m) Adjustment to exclude the settlement of a tax matter at Generation related to Sithe.

 

8


Exelon Corporation – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

    

Twelve Months Ended December 31, 2006

  

Twelve Months Ended December 31, 2005

 

(in millions, except per share date)

   GAAP(a)    Adjustments    Adjusted
Non-GAAP
   GAAP(a)     Adjustments     Adjusted
Non-GAAP
 

Earnings per average common share

               

Basic:

               

Income from continuing operations

   $ 2.37    $ 0.88    $ 3.25    $ 1.42     $ 1.73     $ 3.15  

Income (loss) from discontinued operations

     —        —        —        0.02       (0.03 )     (0.01 )
                                             

Income before cumulative effect of changes in accounting principles

   $ 2.37    $ 0.88    $ 3.25    $ 1.44     $ 1.70     $ 3.14  

Cumulative effect of changes in accounting principles, net of income taxes

     —        —        —        (0.06 )     0.06       —    
                                             

Net income

   $ 2.37    $ 0.88    $ 3.25    $ 1.38     $ 1.76     $ 3.14  
                                             

Diluted:

               

Income from continuing operations

   $ 2.35    $ 0.87    $ 3.22    $ 1.40     $ 1.71     $ 3.11  

Income (loss) from discontinued operations

     —        —        —        0.02       (0.03 )     (0.01 )
                                             

Income before cumulative effect of changes in accounting principles

     2.35      0.87      3.22      1.42       1.68       3.10  

Cumulative effect of changes in accounting principles, net of income taxes

     —        —        —        (0.06 )     0.06       —    
                                             

Net income

   $ 2.35    $ 0.87    $ 3.22    $ 1.36     $ 1.74     $ 3.10  
                                             

Average common shares outstanding

               

Basic

     670         670      669         669  

Diluted

     676         676      676         676  

 

(a) Results reported in accordance with GAAP.

 

9


Exelon Generation Company – Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Consolidated Statements of Operations (unaudited)

 

     Twelve Months Ended December 31, 2006     Twelve Months Ended December 31, 2005  

(in millions)

   GAAP(a)     Adjustments     Adjusted
Non-GAAP
    GAAP(a)     Adjustments     Adjusted
Non-GAAP
 

Operating revenues

   $ 9,143     $ —       $ 9,143     $ 9,046     $ —       $ 9,046  

Operating expenses

            

Purchased power

     2,027       179 (b)     2,206       2,569       (12 )(b)     2,557  

Fuel

     1,951       (77 )(b)     1,874       1,913       (4 )(b)     1,909  

Operating and maintenance

     2,305       121 (b),(c),(d),(h)     2,426       2,288       (9 )(c),(d)     2,279  

Depreciation and amortization

     279       —         279       254       —         254  

Taxes other than income

     185       —         185       170       —         170  
                                                

Total operating expenses

     6,747       223       6,970       7,194       (25 )     7,169  
                                                

Operating income

     2,396       (223 )     2,173       1,852       25       1,877  
                                                

Other income and deductions

            

Interest expense, net

     (159 )     7 (i)     (152 )     (128 )     —         (128 )

Equity in losses of unconsolidated affiliates

     (9 )     —         (9 )     (1 )     —         (1 )

Other, net

     41       9 (b),(c),(g)     50       95       —         95  
                                                

Total other income and deductions

     (127 )     16       (111 )     (34 )     —         (34 )
                                                

Income from continuing operations before income taxes

     2,269       (207 )     2,062       1,818       25       1,843  

Income taxes

     866       (79 )(b),(c),(d),(e),(f),(g),(h)     787       709       10 (b),(c),(d)     719  
                                                

Income from continuing operations

     1,403       (128 )     1,275       1,109       15       1,124  

Income from discontinued operations

     4       (4 )(f)     —         19       (18 )(f)     1  
                                                

Income before cumulative effect of a change in accounting principle

     1,407       (132 )     1,275       1,128       (3 )     1,125  

Cumulative effect of a change in accounting principle, net of income taxes

     —         —         —         (30 )     30 (e)     —    
                                                

Net income

   $ 1,407     $ (132 )   $ 1,275     $ 1,098     $ 27     $ 1,125  
                                                

 

(a) Results reported in accordance with GAAP.

 

(b) Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.

 

(c) Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.

 

(d) Adjustment to exclude severance charges.

 

(e) Adjustment for the cumulative effect of adopting FIN 47.

 

(f) Adjustment to exclude the financial impact of Generation’s investment in Sithe (sold in January 2005).

 

(g) Reflects an impairment charge related to Generation’s investments in TEG and TEP, the sale of which closed on February 9, 2007.

 

(h) Adjustment to exclude the decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen nuclear plants.

 

(i) Adjustment to exclude the settlement of a tax matter at Generation related to Sithe.

 

10


Commonwealth Edison Company – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

     Twelve Months Ended December 31, 2006     Twelve Months Ended December 31, 2005  

(in millions)

   GAAP(a)     Adjustments     Adjusted
Non-GAAP
    GAAP(a)     Adjustments     Adjusted
Non-GAAP
 
Operating revenues    $ 6,101       5 (f)   $ 6,106     $ 6,264     $ —       $ 6,264  
Operating expenses             

Purchased power

     3,292       —         3,292       3,520       —         3,520  

Operating and maintenance

     745       145 (b),(c),(h)     890       833       6 (b),(c)     839  

Impairment of goodwill

     776       (776 )(d)     —         1,207       (1,207 )(d)     —    

Depreciation and amortization

     430       —         430       413       —         413  

Taxes other than income

     303       —         303       303       —         303  
                                                

Total operating expenses

     5,546       (631 )     4,915       6,276       (1,201 )     5,075  
                                                
Operating income (loss)      555       636       1,191       (12 )     1,201       1,189  
                                                
Other income and deductions             

Interest expense, net

     (308 )     —         (308 )     (291 )     —         (291 )

Equity in losses of unconsolidated affiliates

     (10 )     —         (10 )     (14 )     —         (14 )

Other, net

     96       (87 )(g)     9       4       —         4  
                                                

Total other income and deductions

     (222 )     (87 )     (309 )     (301 )     —         (301 )
                                                
Income (loss) before income taxes      333       549       882       (313 )     1,201       888  
Income taxes      445       (91 )(b),(c),(f),(g),(h)     354       363       (2 )(b),(c)     361  
                                                
Income (loss) before cumulative effect of a change in accounting principle      (112 )     640       528       (676 )     1,203       527  
Cumulative effect of a change in accounting principle, net of income taxes      —         —         —         (9 )     9 (e)     —    
                                                
Net income (loss)    $ (112 )   $ 640     $ 528     $ (685 )   $ 1,212     $ 527  
                                                

 

(a) Results reported in accordance with GAAP.

 

(b) Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.

 

(c) Adjustment to exclude severance charges.

 

(d) Adjustment to exclude the impairment of ComEd’s goodwill.

 

(e) Adjustment for the cumulative effect of adopting FIN 47.

 

(f) Adjustment to exclude the mark-to-market impact of one wholesale contract at ComEd.

 

(g) Adjustment to exclude a one-time benefit approved by the July 2006 ICC rate order to recover previously incurred debt expenses to retire debt early.

 

(h) Adjustment to exclude a one-time benefit approved by the December 2006 amended ICC rate order to recover previously incurred severance costs.

 

11


PECO Energy Company – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

     Twelve Months Ended December 31, 2006     Twelve Months Ended December 31, 2005  

(in millions)

   GAAP(a)     Adjustments     Adjusted
Non-GAAP
    GAAP(a)     Adjustments     Adjusted
Non-GAAP
 
Operating revenues    $ 5,168     $ —       $ 5,168     $ 4,910     $ —       $ 4,910  
Operating expenses             

Purchased power

     2,104       —         2,104       1,918       —         1,918  

Fuel

     598       —         598       597         597  

Operating and maintenance

     628       (13 )(b),(c)     615       549       (7 )(b),(c)     542  

Depreciation and amortization

     710       (9 )(b)     701       566       (13 )(b)     553  

Taxes other than income

     262       —         262       231       —         231  
                                                

Total operating expenses

     4,302       (22 )     4,280       3,861       (20 )     3,841  
                                                
Operating income      866       22       888       1,049       20       1,069  
                                                
Other income and deductions             

Interest expense, net

     (266 )     —         (266 )     (279 )     —         (279 )

Equity in losses of unconsolidated affiliates

     (9 )     —         (9 )     (16 )     —         (16 )

Other, net

     30       —         30       13       —         13  
                                                

Total other income and deductions

     (245 )     —         (245 )     (282 )     —         (282 )
                                                
Income before income taxes      621       22       643       767       20       787  
Income taxes      180       8 (b),(c)     188       247       7 (b),(c)     254  
                                                
Income before cumulative effect of a change in accounting principle      441       14       455       520       13       533  
Cumulative effect of a change in accounting principle, net of income taxes      —         —         —         (3 )     3 (d)     —    
                                                
Net income    $ 441     $ 14     $ 455     $ 517     $ 16     $ 533  
                                                

 

(a) Results reported in accordance with GAAP.

 

(b) Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.

 

(c) Adjustment to exclude severance charges.

 

(d) Adjustment for the cumulative effect of adopting FIN 47.

 

12


Exelon and Operating Companies – Capital Structure and Capitalization Ratios

 

(at December 31)

  2006   2005   2004
    (in millions)     (in percent)   (in percent)(a)   (in millions)     (in percent)   (in percent)(a)   (in millions)   (in percent)   (in percent)(a)

Exelon (consolidated)

                 

Total Debt

  $ 13,045     56.5   49.8   $ 13,964     60.3   52.1   $ 13,551   58.6   47.8

Preferred Securities of Subsidiaries

    87     0.4   0.4     87     0.4   0.5     87   0.4   0.5

Total Shareholders’ Equity

    9,973 (d)   43.2   49.7     9,125 (c)   39.4   47.5     9,489   41.0   51.8
                                 

Total Capitalization

    23,105           23,176           23,127    
                                 

Transition Debt

  $ 3,051         $ 3,963         $ 4,797    

Exelon Generation

                 

Total Debt(b)

  $ 1,790     24.6     $ 2,203     35.6     $ 2,913   48.9  

Total Members’ Equity

    5,480     75.4       3,980     64.4       3,039   51.1  
                                 

Total Capitalization

  $ 7,270         $ 6,183         $ 5,952    
                                 

ComEd

                 

Total Debt(b)

  $ 4,648     42.5   38.8   $ 4,775     42.7   37.2   $ 4,875   42.0   34.4

Total Shareholders’ Equity

    6,298 (d)   57.5   61.2     6,396 (c)   57.3   62.8     6,740   58.0   65.6
                                 

Total Capitalization

    10,946           11,171           11,615    
                                 

Transition Debt(e)

  $ 648         $ 987         $ 1,341    

PECO Energy

                 

Total Debt(b)

  $ 4,197     69.9   49.8   $ 4,562     72.8   48.2   $ 4,839   77.6   49.7

Total Shareholders’ Equity

    1,809     30.1   50.2     1,704     27.2   51.8     1,398   22.4   50.3
                                 

Total Capitalization

    6,006           6,266           6,237    
                                 

Transition Debt(f)

  $ 2,404         $ 2,975         $ 3,456    

 

(a) Excluding ComEd and PECO transition debt.

 

(b) Debt includes borrowings from intercompany money pool; as of January 10, 2006, ComEd suspended participation in the intercompany money pool.

 

(c) Reflects $1,207 million charge related to the impairment of ComEd’s goodwill in 2005; goodwill balance totaled $3,475 million at December 31, 2005.

 

(d) Reflects $776 million charge related to the impairment of ComEd’s goodwill in 2006; goodwill balance totaled $2,694 million at December 31, 2006.

 

(e) ComEd transition debt maturities (in millions): 2007 - $308, 2008 - $340.

 

(f) PECO transition debt maturities (in millions): 2007 - $273, 2008 - $625, 2009 - $700, 2010 - $806.

 

  Note: Numbers may not add due to rounding.

Credit Ratings as of August 31, 2007

 

     Moody’s Investors
Service(a)
   Standard & Poor’s
Corporation(b)
   Fitch Ratings(c)

Exelon Corporation

        

Senior Unsecured Debt

   Baa2    BBB    BBB+

Commercial Paper

   P2    A2    F2

Exelon Generation

        

Senior Unsecured Debt

   Baa1    BBB+    BBB+

Commercial Paper

   P2    A2    F2

ComEd

        

Senior Secured Debt

   Baa2    BBB-    BBB

Senior Unsecured Debt

   Ba1    B+    BBB-

Commercial Paper

   Not Prime    B    B

PECO Energy

        

Senior Secured Debt

   A2    A-    A

Senior Unsecured Debt

   A3    BBB    A-

Commercial Paper

   P1    A2    F2

 

(a) ComEd and PECO ratings outlooks are stable; Exelon, and Generation ratings are under review for possible upgrade.

 

(b) Exelon, PECO and Generation ratings outlooks are stable; ComEd ratings outlook is positive.

 

(c) Exelon, ComEd, PECO and Generation ratings outlooks are stable.

 

13


Exelon Corporation – Long-Term Debt Outstanding as of December 31, 2006

 

Series

   Interest
Rate
    Date
Issued
   Maturity
Date
   Total Debt
Outstanding
    Current
Portion
   Long-Term
Debt
 
(in millions)                                  
Senior Notes Payable                

2005 Senior Notes Payable

   4.45 %   6/9/05    6/15/10    $ 400     $ 0    $ 400  

2005 Senior Notes Payable

   4.90 %   6/9/05    6/15/15      800       0      800  

2005 Senior Notes Payable

   5.625 %   6/9/05    6/15/35      500       0      500  

2001 Senior Notes Payable

   6.75 %   5/8/01    5/1/11      500       0      500  
                               

Total Senior Notes Payable

           $ 2,200     $ 0    $ 2,200  
                               

Unamortized Debt Discount

           $ (3 )   $ 0    $ (3 )
                               

Total Long-Term Debt

           $ 2,197     $ 0    $ 2,197  
                               

 

Maturities

    

2007

   $ 0

2008

     0

2009

     0

2010

     400

2011

   $ 500

Exelon Generation – Long-Term Debt Outstanding as of December 31, 2006

 

Series

   Interest
Rate
    Date
Issued
   Maturity
Date
   Total Debt
Outstanding
    Current
Portion
   Long-Term
Debt
 
(in millions)                                  
Senior Notes                

2001 Senior Unsecured Notes

   6.95 %   6/14/01    6/15/11    $ 700     $ 0    $ 700  

2003 Senior Unsecured Notes

   5.35 %   12/16/03    1/15/14      500       0      500  
                               

Total Senior Unsecured Notes

           $ 1,200     $ 0    $ 1,200  
                               
Unsecured Pollution Control Notes                

Montgomery Co. 2001 Ser. B

   var. rate     9/5/01    10/1/30      69       0      69  

Delaware Co. 2001 Ser. A

   var. rate     4/25/01    4/1/21      39       0      39  

Montgomery Co. 2001 Ser. A

   var. rate     4/25/01    10/1/34      13       0      13  

Delaware Co. 1993 Ser. A

   var. rate     8/24/93    8/1/16      24       0      24  

Salem Co. 1993 Ser. A

   var. rate     9/9/93    3/1/25      23       0      23  

Montgomery Co. 1994 Ser. A

   var. rate     2/14/95    6/1/29      83       0      83  

Montgomery Co. 1994 Ser. B

   var. rate     7/2/95    6/1/29      13       0      13  

York County 1993 Ser. A

   var. rate     8/24/93    8/1/16      18       0      18  

Montgomery Co. 1996 Ser. A

   var. rate     3/27/96    3/1/34      34       0      34  

Montgomery Co. 2002 Ser. A

   var. rate     7/24/02    12/1/29      30       0      30  

Indiana Co. 2003 A

   var. rate     6/3/03    6/1/27      17       0      17  

Delaware Co. 1999 Ser. A

   var. rate     10/1/04    4/1/21      51       0      51  

Montgomery Co. 1999 Ser. A

   var. rate     10/1/04    10/1/30      92       0      92  

Montgomery Co. 1999 Ser. B

   var. rate     10/1/04    10/1/34      14       0      14  
                               

Total Unsec. Pollution Control Notes

           $ 520     $ 0    $ 520  
                               
AmerGen Notes Payable - Oyster Creek    6.33 %      8/8/09    $ 29     $ 10    $ 19  
Capital Leases            $ 44     $ 2    $ 42  
                               

Unamortized Debt Discount

           $ (3 )   $ 0    $ (3 )
                               

Total Long-Term Debt

           $ 1,790     $ 12    $ 1,778  
                               

 

Maturities

    

2007

   $ 12

2008

     12

2009

     11

2010

     2

2011

   $ 702

 

14


ComEd – Long-Term Debt Outstanding as of December 31, 2006

 

Series

   Interest
Rate
    Date
Issued
   Maturity
Date
   Total Debt
Outstanding
    Current
Portion
   Long-Term
Debt
 
(in millions)                                  

First Mortgage Bonds

               

99

   3.70 %   1/22/03    2/1/08    $ 295     $ 0    $ 295  

83

   8.00 %   5/15/92    5/15/08      120       0      120  

Pollution Control-1994B

   5.70 %   1/15/94    1/15/09      16       0      16  

102

   4.74 %   8/25/03    8/15/10      212       0      212  

105

   5.40 %   12/19/06    12/15/11      345       0      345  

98

   6.15 %   3/13/02    3/15/12      450       0      450  

92

   7.625 %   4/15/93    4/15/13      125       0      125  

IL Dev. Fin. Authority-2002 A

   var. rate     6/4/02    4/15/13      100       0      100  

94

   7.50 %   7/1/93    7/1/13      127       0      127  

IL Dev. Fin. Authority-2003 D

   var. rate     12/23/03    1/15/14      20       0      20  

Pollution Control-1994C

   5.85 %   1/15/94    1/15/14      17       0      17  

101

   4.70 %   4/7/03    4/15/15      260       0      260  

104

   5.95 %   8/28/06    8/15/16      415       0      415  

IL Fin. Authority-2005

   var. rate     3/17/05    3/1/17      91       0      91  

IL Dev. Fin. Authority-2003 A

   var. rate     5/8/03    5/15/17      40       0      40  

IL Dev. Fin. Authority-2003 B

   var. rate     9/24/03    11/1/19      42       0      42  

IL Dev. Fin. Authority-2003 C

   var. rate     11/19/03    3/1/20      50       0      50  

100

   5.875 %   1/22/03    2/1/33      254       0      254  

103

   5.90 %   3/6/06    3/15/36      325       0      325  
                               

Total First Mortgage Bonds

           $ 3,304     $ 0    $ 3,304  
                               

Sinking Fund Debentures

               

Sinking Fund Debenture

   3.875 %   1/1/58    1/1/08      2       1      1  

Sinking Fund Debenture

   4.625 %   1/1/59    1/1/09      1       0      1  

Sinking Fund Debenture

   4.75 %   12/1/61    12/1/11      5       1      4  
                               

Total Sinking Fund Debentures

           $ 8     $ 2    $ 6  
                               

Notes Payable

               

Notes Payable

   7.625 %   1/9/97    1/15/07      145       145      0  

Notes Payable

   6.95 %   7/16/98    7/15/18      140       0      140  
                               

Total Notes Payable

           $ 285     $ 145    $ 140  
                               

Long-Term Debt To Financing Trusts

               

Class A-6 Transitional Funding Trust Notes, Series 1998

   5.63 %   12/16/98    6/25/07      138       138      0  

Class A-7 Transitional Funding Trust Notes, Series 1998

   5.74 %   12/16/98    12/25/08      510       170      340  

Subordinated Debentures to ComEd Financing II

   6.35 %   3/17/03    3/15/33      206       0      206  

Subordinated Debentures to ComEd Financing III

   8.50 %   1/24/97    1/15/27      155       0      155  
                               

Total Long-Term Debt to Financing Trusts

           $ 1,009     $ 308    $ 701  
                               

Unamortized Debt Discount

           $ (17 )   $ 0    $ (17 )
                               

Total Long-Term Debt

           $ 4,588     $ 455    $ 4,133  
                               

 

Maturities

    

2007

   $ 455

2008

     757

2009

     17

2010

     213

2011

   $ 347

 

15


PECO Energy – Long-Term Debt Outstanding as of December 31, 2006

 

Series

   Interest
Rate
    Date
Issued
   Maturity
Date
   Total Debt
Outstanding
    Current
Portion
   Long-Term
Debt
 
(in millions)                                  

First Mortgage Bonds

               

FMB

   5.90 %   4/23/04    5/1/34    $ 75     $ 0    $ 75  

FMB

   3.50 %   4/28/03    5/1/08      450       0      450  

FMB

   5.95 %   11/1/01    11/1/11      250       0      250  

FMB

   4.75 %   9/23/02    10/1/12      225       0      225  

FMB

   5.95 %   9/25/06    10/1/36      300       0      300  
                               

Total First Mortgage Bonds

           $ 1,300     $ 0    $ 1,300  
                               

Mortgage-Backed Pollution Control Notes

               

Delaware Co. 1988 Ser. A

   var. rate     4/1/93    12/1/12      50       0      50  

Delaware Co. 1988 Ser. B

   var. rate     4/1/93    12/1/12      50       0      50  

Delaware Co. 1988 Ser. C

   var. rate     4/1/93    12/1/12      50       0      50  

Salem Co. 1988 Ser. A

   var. rate     4/1/93    12/1/12      4       0      4  
                               

Total Mortgage-Backed Pollution Control Notes

           $ 154     $ 0    $ 154  
                               

Notes Payable - Accounts Receivable Agreement

   variable        11/12/10    $ 17     $ 0    $ 17  
                               

Long-Term Debt to PETT(a) and Other Financing Trusts

               

1999 A-7

   6.13 %   3/26/99    9/1/08      848       273      575  

2000 A-3

   7.625 %   5/2/00    3/1/09      399       0      399  

2000 A-4

   7.65 %   5/2/00    9/1/09      351       0      351  

2001 A-1

   6.52 %   3/1/01    9/1/10      805       0      805  

PECO Energy Capital Trust III

   7.38 %   4/6/98    4/6/28      81       0      81  

PECO Energy Capital Trust IV

   5.75 %   6/24/03    6/15/33      103       0      103  
                               

Total Long-Term Debt to PETT and Other Financing Trusts

           $ 2,588     $ 273    $ 2,315  
                               

Unamortized Debt Discount

           $ (2 )   $ 0    $ (2 )
                               

Total Long-Term Debt

           $ 4,057     $ 273    $ 3,784  
                               

 

(a) PETT = PECO Energy Transition Trust

 

Maturities

    

2007

   $ 273

2008

     1,075

2009

     700

2010

     823

2011

   $ 250

 

16


Exelon Service Area and Selected Generating Assets*

LOGO

Illinois

 

A Exelon Corporate HQ
A ComEd HQ
B Exelon Nuclear HQ
1 Braidwood (N)
2 Byron (N)
3 Clinton (N)
4 Dresden (N)
5 LaSalle (N)
6 Quad Cities (N)
7 Southeast Chicago (F)

Maine

 

8 Wyman (F)

Maryland

 

9 Conowingo (R)

Massachusetts

 

10 Framingham (F)
11 New Boston (F)
12 West Medway (F)

New Jersey

 

13 Oyster Creek (N)
14 Salem (N)

Pennsylvania

 

C Exelon Power Team HQ
C Exelon Power HQ
C Exelon Generation HQ
D PECO HQ
15 Conemaugh (F)
16 Cromby (F)
17 Eddystone (F)
18 Fairless Hills (R)
19 Keystone (F)
20 Limerick (N)
21 Muddy Run (R)
22 Peach Bottom (N)
23 Schuylkill (F)
24 Three Mile Island (N)

Texas

 

25 Handley (F)
26 LaPorte (F)
27 Mountain Creek (F)

2006 Exelon Generation – Ownership Equity

     Output Mix
in Megawatt
Hours (MWh)
    Capacity in
Megawatts (MW)
 

Nuclear

   92 %   66 %

Coal

   6 %   6 %

Oil

   <1 %   10 %

Gas

   <1 %   12 %

Renewables

   1 %   6 %

 

* Map does not show 8 sites in the Philadelphia area where Exelon has peaking combustion turbines.

 

17


Exelon Generation – Generating Resources

Sources of Electric Supply

 

(GWhs)

   2006    2005    2004

Nuclear units

   139,610    137,936    136,621

Purchases – non-trading portfolio

   38,297    42,623    48,968

Fossil and hydroelectric units

   12,773    13,778    17,010
              

Total supply

   190,680    194,337    202,599
Type of Capacity         

(MWs) At December 31,

   2006    2005    2004

Owned generation assets

        

Nuclear

   16,945    16,856    16,751

Fossil

   6,992    6,636    6,709

Hydroelectric

   1,606    1,607    1,633
              

Owned generation assets

   25,543    25,099    25,093

Long-term contracts

   7,691    8,191    8,701

TEG and TEP(a)

   230    230    230

Sithe(b)

   —      —      663
              

Total generating resources

   33,464    33,520    34,687

 

(a) Generation, through its investments in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP), owned a 49.5% interest in two facilities in Mexico, each with a capacity of 230 MWs. On February 9, 2007, Generation sold its ownership interests in TEG and TEP.

 

(b) Based on Generation’s 50% ownership of Sithe Energies, Inc; Sithe investment was sold on January 31, 2005.

Long-Term Contracts

(At August 31, 2007)

 

ISO Region

  

Dispatch Type

  

Location

  

Seller

  

Fuel Type

   Delivery Term    Capacity (MW)
PJM    Base-load    Kincaid, IL   

Kincaid Generation, LLC

   Coal    1998 – 2013    1,108
SERC    Peaking    Franklin, GA   

Tenaska Georgia Partners, LP(a)

   Oil/Gas    2001 – 2030    925
ERCOT    Base-load    Shiro, TX   

Tenaska Frontier Partners, LLP

   Oil/Gas    2000 – 2020    830
SPP    Peaking    Jenks, OK   

Green Country Energy, LLC

   Oil/Gas    2002 – 2022    795
PJM    Peaking    Elwood, IL   

Elwood Energy, LLC

   Oil/Gas    2001 – 2012    775
PJM    Peaking    Manhattan, IL   

Lincoln Generating Facility, LLC

   Oil/Gas    2003 – 2011    664
PJM    Peaking    Aurora, IL   

Reliant Energy Wholesale Generation, LLC

   Oil/Gas    2003 – 2008    600
PJM    Base-load    Hammond, IN   

State Line Energy, LLC

   Coal    1997 – 2012    515
ERCOT    Intermediate    Granbury, TX   

Wolf Hollow, LP

   Oil/Gas    2003 – 2023    350
PJM    Peaking    Lee County, IL   

Duke Energy Trading Inc.

   Oil/Gas    2001 – 2008    344
PJM    Peaking    East Dundee, IL   

Dynegy Inc.

(Rocky Road Plant)

   Oil/Gas    2001 – 2009    330
PJM    Peaking    Crete, IL   

DTE Energy Trading and Marketing, LLC

   Oil/Gas    2003 – 2008    294
PJM    Peaking    Morris, IL   

Morris Cogeneration, LLC

   Oil/Gas    2001 – 2011    100
PJM    Peaking    Kincaid, IL   

Kincaid Generation, LLC

   Coal    2001 – 2013    50
                   
Total                   7,680
                   

ISO = Independent System Operator

 

(a) On April 4, 2007, Exelon Generation agreed to sell its rights to all of the capacity, energy and ancillary services supplied from this contract through a tolling agreement with Georgia Power, commencing June 1, 2010 and lasting for 15–20 years, subject to regulatory approval.

 

18


Exelon Generation – Nuclear Generating Capacity

Exelon Nuclear Fleet(a)

(At December 31, 2006)

 

Station

   Number
of Units
   Plant
Type
   NSSS
Vendor
   Net Annual
Mean Rating (MW)
   Start Date    License
Expires
  Ownership   Last Refueling
Completed by Unit
   Refueling
Cycle
Braidwood    2    PWR    W    1,194/1,166    1988    2026/2027   100%   May-06/Nov-06    18 mos.
Byron    2    PWR    W    1,183/1,153    1985/1987    2024/2026   100%   Oct-06/May-07    18 mos.
Clinton    1    BWR    GE    1,048    1987    2026   100%(b)   Feb-06    24 mos.
Dresden    2    BWR    GE    871/871    1970/1971    2029/2031   100%   Nov-05/Nov-06    24 mos.
LaSalle    2    BWR    GE    1,138/1,150    1984    2022/2023   100%   Mar-06/Mar-07    24 mos.
Limerick    2    BWR    GE    1,151/1,151    1986/1990    2024/2029   100%   Mar-06/Apr-07    24 mos.
Oyster Creek    1    BWR    GE    625    1969    2009(c)   100%(b)   Nov-06    24 mos.
Peach Bottom    2    BWR    GE    1,138/1,131    1974    2033/2034   50% Exelon,   Oct-06/Oct-05    24 mos.
                    50% PSEG Nuclear     
Quad Cities    2    BWR    GE    866/871    1973    2032/2032   75% Exelon,   May-07/Apr-06    24 mos.
                    25% Mid-American     
                    Energy Holdings     
Three Mile Island    1    PWR    B&W    837    1974    2014   100%(b)   Nov-05    24 mos.
                              

Total

   17          17,544         15,976 MW owned     
                              

 

(a) Does not include Exelon Generation’s 42.59%, 969 MW, interest in Salem Units 1 and 2 (PWRs). Last refueling outages: Salem Unit 1 completed April 2007 and Unit 2 completed November 2006.

 

(b) Clinton, Oyster Creek and Three Mile Island are operated by AmerGen, wholly owned by Generation.

 

(c) A December 2004 order permits Oyster Creek to operate beyond its license expiration if the NRC has not completed its renewal application review.

 

Notes:  PWR = pressurized water reactor; BWR = boiling water reactor

NSSS Vendor = Nuclear Steam Supply System Vendor

Nuclear Operating Data

 

     2006     2005     2004  

Fleet capacity factor (a)

     93.9 %(b)     93.5 %     93.5 %

Fleet production cost per MWh(a)

   $ 13.85     $ 13.03     $ 12.43  

Refueling Outage Days(a) – 2006

– Conducted ten refueling outages

– Average refueling outage duration: 24 days

– U.S. average refueling duration: ~39 days

Net Generation – 2006

– 131,385 GWhs, excluding Salem

– 139,610 GWhs, including Salem

Refueling Outages (including Salem)

2006: 11 actual

2007: 9 planned

2008: 12 planned

 

(a) Excludes Salem; Salem Unit 1 and Unit 2 capacity factors in 2006 were 100.7% and 93.6%, respectively.

 

(b) vs. industry average of 89.3%.

Source for industry averages: Exelon Nuclear 2007 Benchmarking Report

 

19


Exelon Generation – Total Electric Generating Capacity

Owned net electric generating capacity by station at December 31, 2006; does not include properties held by equity method investments:

Base-load units are plants that normally operate to take all or part of the minimum continuous load of a system, and consequently produce electricity at an essentially constant rate. Intermediate units are plants that normally operate to take load of a system during the daytime higher load hours, and consequently produce electricity by cycling on and off daily. Peaking units are plants that usually house low-efficiency, quick response steam units, gas turbines, diesels, or pumped-storage hydroelectric equipment normally used during the maximum load periods.

 

Station

   Location    Number
of Units
   Percent
Owned(a)
   Primary
Fuel Type
   Primary
Dispatch
Type
   Net
Generation
Capacity(b)
(MW)
 

Nuclear (c)

                 

Braidwood

   Braidwood, IL    2       Uranium    Base-load    2,360  

Byron

   Byron, IL    2       Uranium    Base-load    2,336  

Clinton

   Clinton, IL    1       Uranium    Base-load    1,048  

Dresden

   Morris, IL    2       Uranium    Base-load    1,742  

LaSalle

   Seneca, IL    2       Uranium    Base-load    2,288  

Limerick

   Limerick Twp., PA    2       Uranium    Base-load    2,302  

Oyster Creek

   Forked River, NJ    1       Uranium    Base-load    625  

Peach Bottom

   Peach Bottom Twp., PA    2    50.00    Uranium    Base-load    1,135 (d)

Quad Cities

   Cordova, IL    2    75.00    Uranium    Base-load    1,303 (d)

Salem

   Hancock’s Bridge, NJ    2    42.59    Uranium    Base-load    969 (d)

Three Mile Island

   Londonderry Twp, PA    1       Uranium    Base-load    837  
                     
                  16,945  

Fossil (Steam Turbines)

                 

Conemaugh

   New Florence, PA    2    20.72    Coal    Base-load    352 (d)

Cromby 1

   Phoenixville, PA    1       Coal    Intermediate    147  

Cromby 2

   Phoenixville, PA    1       Oil/Gas    Intermediate    211  

Eddystone 1, 2

   Eddystone, PA    2       Coal    Intermediate    599  

Eddystone 3, 4

   Eddystone, PA    2       Oil/Gas    Intermediate    760  

Fairless Hills

   Falls Twp, PA    2       Landfill Gas    Peaking    60  

Handley 4, 5

   Fort Worth, TX    2       Gas    Peaking    916  

Handley 3

   Fort Worth, TX    1       Gas    Intermediate    400  

Keystone

   Shelocta, PA    2    20.99    Coal    Base-load    357 (d)

Mountain Creek 2, 6, 7

   Dallas, TX    3       Gas    Peaking    273  

Mountain Creek 8

   Dallas, TX    1       Gas    Intermediate    550  

New Boston 1

   South Boston, MA    1       Gas    Intermediate    355  

Schuylkill

   Philadelphia, PA    1       Oil    Peaking    175  

Wyman

   Yarmouth, ME    1    5.89    Oil    Intermediate    36 (d)
                     
                  5,191  

Fossil (Combustion Turbines)

                 

Chester

   Chester, PA    3       Oil    Peaking    54  

Croydon

   Bristol Twp., PA    8       Oil    Peaking    497  

Delaware

   Philadelphia, PA    4       Oil    Peaking    74  

Eddystone

   Eddystone, PA    4       Oil    Peaking    76  

Falls

   Falls Twp., PA    3       Oil    Peaking    60  

Framingham

   Framingham, MA    3       Oil    Peaking    41  

LaPorte

   Laporte, TX    4       Gas    Peaking    160  

Medway

   West Medway, MA    3       Oil    Peaking    172  

Moser

   Lower Pottsgrove Twp., PA    3       Oil    Peaking    60  

New Boston

   South Boston, MA    1       Gas    Peaking    18  

Pennsbury

   Falls Twp., PA    2       Landfill Gas    Peaking    6  

Richmond

   Philadelphia, PA    2       Oil    Peaking    132  

Salem

   Hancock’s Bridge, NJ    1    42.59    Oil    Peaking    16 (d)

Schuylkill

   Philadelphia, PA    2       Oil    Peaking    38  

Southeast Chicago

   Chicago, IL    8       Gas    Peaking    312  

Southwark

   Philadelphia, PA    4       Oil    Peaking    72  
                     
                  1,788  

 

20


Exelon Generation – Total Electric Generating Supply

(continued)

Owned net electric generating capacity by station at December 31, 2005; does not include properties held by equity method investments:

 

Station

   Location    Number
of Units
   Percent
Owned(a)
   Primary
Fuel Type
   Primary
Dispatch
Type
   Net
Generation
Capacity(b)
(MW)
 

Fossil (Internal Combustion/Diesel)

                 

Conemaugh

   New Florence, PA    4    20.72    Oil    Peaking    2 (d)

Cromby

   Phoenixville, PA    1       Oil    Peaking    3  

Delaware

   Philadelphia, PA    1       Oil    Peaking    3  

Keystone

   Shelocta, PA    4    20.99    Oil    Peaking    2 (d)

Schuylkill

   Philadelphia, PA    1       Oil    Peaking    3  
                     
                  13  

Hydroelectric

                 

Conowingo

   Harford Co. MD    11       Hydroelectric    Base-load    536  

Muddy Run

   Lancaster, PA    8       Hydroelectric    Intermediate    1,070  
                     
                  1,606  
                       

Total

      126             25,543  
                       

 

(a) 100%, unless otherwise indicated.

 

(b) For nuclear stations, except Salem, capacity reflects the annual mean rating. All other stations, including Salem, reflect a summer rating.

 

(c) All nuclear stations are boiling water reactors except Braidwood, Byron, Salem and Three Mile Island, which are pressurized water reactors.

 

(d) Net generation capacity is stated at proportionate ownership share.

 

21


Fossil Emissions Reduction Summary

Owned generation as of December 31, 2006. Table does not include station auxiliary equipment, peaking combustion turbines or plants where Exelon owns less than 100 MW.

 

          Net Generation Available for Sale (MWh)

Fossil Station

   Capacity
(MW, Summer Rating)
   2006    2005    2004
Conemaugh (New Florence, PA)    352    2,960,319    2,681,176    2,698,520

Units: 2 coal units (baseload)

           

Reduction Technology: SO2 scrubbed

           

Data reflects Exelon Generation’s 20.72% plant ownership.

           
Cromby (Phoenixville, PA)    358    733,272    1,010,799    928,105

Units: 1 coal unit (intermediate), 1 oil/gas steam unit (intermediate)

           

Reduction Technology: SO2 scrubbed (coal unit) and SNCR NOx

           
Eddystone (Eddystone, PA)    1,359    2,925,962    3,748,334    3,205,674

Units: 2 coal units (intermediate), 2 oil/gas steam units (intermediate)

           

Reduction Technology: SO2 scrubbed (coal units), SNCR NOx, and low NOx burners with separate overfire air

           
Handley(a) (Ft. Worth, TX)    1,316    715,028    803,986    1,017,590

Units: 3 gas steam units (peaking/intermediate)

           

Reduction Technology: SCR NOx (Units 3,4, and 5)

           
Keystone (Shelocta, PA)    357    2,671,192    2,827,950    2,578,620

Units: 2 coal units (baseload)

           

Reduction Technology: SCR NOx

           

Data reflects Exelon Generation’s 20.99% plant ownership.

           

SO2 scrubbers planned for 2009.

           
Mountain Creek(a) (Dallas, TX)    823    530,147    660,123    459,909

Units: 4 gas steam units (peaking/intermediate)

           

Reduction Technology: Induced flue gas recirculation (Units 6 and 7) and SCR NOx (Unit 8)

           
New Boston (South Boston, MA)    355    211,461    246,860    160,563

Units: 1 gas steam unit (intermediate)

           

Reduction Technology: None

           
Schuylkill (Philadelphia, PA)    175    27,204    129,260    70,782

Units: 1 oil steam unit (peaking)

           

Reduction Technology: None

           

 

(a) Handley Units 1 and 2 and Mountain Creek Unit 3 were removed from service in 2005. These units represented a combined 195 MW of capacity.

 

22


Fossil Emissions Reduction Summary

 

Emissions (tons)

  

Reduction Technology

Type

   2006    2005    2004   

SO2
Scrubbed

  

SCR/SNCR
NOx

   Low NOx
burners with
separate
overfire air
  

Induced
flue gas
recirculation

Conemaugh                     
SO2    1,665    1,487    1,493    X         
NOx    4,842    4,074    4,091            
CO2    2,898,948    2,612,601    2,556,113            
Cromby                     
SO2    3,613    4,990    6,873    X (Coal Unit)         
NOx    1,693    2,105    2,057       X      
CO2    970,953    1,221,416    1,249,773            
Eddystone                     
SO2    6,494    8,675    8,242    X (Coal Units)         
NOx    5,409    6,378    5,276       X    X   
CO2    3,720,295    4,617,722    4,172,765            
Handley                     
SO2    3    3    4            
NOx    57    56    206       X (Units 3, 4, 5)      
CO2    564,301    654,284    825,199            
Keystone                     
SO2    34,497    37,523    35,958            
NOx    2,684    2,938    2,850       X      
CO2    2,575,707    2,718,347    2,467,692            
Mountain Creek                     
SO2    2    2    4            
NOx    82    97    78       X (Unit 8)       X (Units 6, 7)
CO2    377,003    489,586    353,462            
New Boston                     
SO2    1    1    1            
NOx    115    132    93            
CO2    138,129    163,798    110,507            
Schuylkill                     
SO2    95    359    407            
NOx    43    180    82            
CO2    32,445    140,475    74,517            

 

23


Exelon Generation – Annual Electric Supply and Sales Statistics

 

     Twelve Months Ended December 31,  

(in GWhs)

   2006     2005     2004  

Supply

      

Nuclear

     139,610       137,936       136,621  

Purchased Power - Generation(a)

     38,297       42,623       48,968  

Fossil and Hydro

     12,773       13,778       17,010  
                        

Power Team Supply

     190,680       194,337       202,599  

Purchased Power - Other

     1,413       878       585  
                        

Total Electric Supply Available for Sale

     192,093       195,215       203,184  

Less: Line Loss and Company Use

     (10,300 )     (10,368 )     (9,264 )
                        

Total Supply

     181,793       184,847       193,920  

Energy Sales

      

Retail Sales

     135,273       137,348       130,945  

Power Team Market Sales(a)

     64,800       66,049       86,049  

Interchange Sales and Sales to Other Utilities

     3,274       2,854       2,470  
                        
     203,347       206,251       219,464  

Less: Delivery Only Sales

     (21,554 )     (21,404 )     (25,544 )
                        

Total Energy Sales

     181,793       184,847       193,920  

(a)    Purchased power and market sales do not include trading volume of 31,692 GWhs, 26,924 GWhs and 24,001 GWhs for the twelve months ended December 31, 2006, 2005 and 2004, respectively.

       

     Twelve Months Ended December 31,  

(in GWhs)

   2006     2005     2004  

Electric Sales

      

ComEd

     79,733       82,798       75,092  

PECO

     39,621       39,163       35,373  

Market(a)

     71,326       72,376       92,134  
                        

Total Electric Sales(b),(c)

     190,680       194,337       202,599  
                        

Average Margin ($/MWh)

      

Average Realized Revenue

      

ComEd

   $ 35.89     $ 37.50     $ 30.66  

PECO

     45.73       42.64       40.91  

Market(d)

     51.03       46.16       35.03  

Total Electric Sales

     43.60       41.76       34.43  

Average Purchased Power and Fuel Cost(e)

   $ 18.02     $ 20.11     $ 17.60  

Average Margin(e)

   $ 25.58     $ 21.65     $ 16.83  

Around-the-clock Market Prices ($/MWh)(f)

      

PJM West Hub

   $ 51.07     $ 60.92     $ 42.34  

NIHUB

     41.42       46.39       31.15  

 

(a) Represents wholesale and retail sales.

 

(b) Excludes retail gas sales, trading portfolio and other operating revenue.

 

(c) Total sales do not include trading volume of 31,692 GWhs, 26,924 GWhs and 24,001 GWhs for the twelve months ended December 31, 2006, 2005 and 2004, respectively.

 

(d) Market and retail sales exclude revenues related to tolling agreements of $86 million, $86 million and $97 million for the twelve months ended December 31, 2006, 2005 and 2004, respectively.

 

(e) Excludes the mark-to-market impact of Generation’s economic hedging activities.

 

(f) Represents the average for the year.

 

24


Exelon Generation – Electric Supply and Sales Statistics by Quarter

 

     Three Months Ended

(in GWhs)

   June 30,
2007
   March 31,
2007
   December 31,
2006
   September 30,
2006
   June 30,
2006
   March 31,
2006
   December 31,
2005
   September 30,
2005

Supply

                       

Nuclear

     34,350      35,357      34,810      35,867      35,442      33,491      34,887      35,584

Purchased Power – Generation

     8,579      8,683      9,085      13,341      8,101      7,770      8,623      15,393

Fossil and Hydro

     2,859      2,994      2,860      3,794      3,148      2,971      3,074      4,321
                                                       

Power Team Supply

     45,788      47,034      46,755      53,002      46,691      44,232      46,584      55,298
                                                       
     Three Months Ended

(in GWhs)

   June 30,
2007
   March 31,
2007
   December 31,
2006
   September 30,
2006
   June 30,
2006
   March 31,
2006
   December 31,
2005
   September 30,
2005

Electric Sales

                       

ComEd

     5,146      5,926      18,173      22,566      18,685      20,309      19,749      24,331

PECO

     9,732      10,279      9,383      11,361      9,262      9,615      9,404      11,442

Market(a)

     30,910      30,829      19,199      19,075      18,744      14,308      17,431      19,525
                                                       

Total Electric Sales(b),(c)

     45,788      47,034      46,755      53,002      46,691      44,232      46,584      55,298
                                                       

Average Margin ($/MWh)

                       

Average Realized Revenue

                       

ComEd

   $ 64.13    $ 64.12    $ 30.26    $ 39.31    $ 35.80    $ 37.22    $ 32.56    $ 39.87

PECO

     51.07      46.70      45.29      47.71      46.32      43.27      42.32      44.84

Market(d)

     54.38      53.07      47.76      54.21      50.31      52.14      49.34      53.16

Total Electric Sales

     54.77      53.07      40.47      46.47      43.71      43.36      40.81      45.61

Average Purchased Power and Fuel Cost(e)

   $ 18.80    $ 16.46    $ 15.66    $ 24.38    $ 17.28    $ 15.94    $ 18.78    $ 27.09

Average Margin(e)

   $ 35.97    $ 36.61    $ 24.81    $ 22.09    $ 26.43    $ 27.42    $ 22.03    $ 18.52

Around-the-clock Market Prices ($/MWh)(f)

                       

PJM West Hub

   $ 57.61    $ 59.82    $ 41.66    $ 58.15    $ 48.07    $ 56.42    $ 73.87    $ 75.33

NIHUB

     44.39      44.80      37.77      46.15      39.28      42.48      52.81      54.75

 

(a) Represents wholesale and retail sales.

 

(b) Excludes retail gas sales, trading portfolio and other operating revenue.

 

(c) Total sales do not include trading volume of 4,775 GWhs, 5,101 GWhs, 8,029 GWhs, 8,909 GWhs, 7,769 GWhs, 6,985 GWhs, 8,756 GWhs and 6,757 GWhs for the three months ended June 30, 2007, March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005 and September 30, 2005, respectively.

 

(d) Represents wholesale and retail sales that exclude revenues related to tolling agreements of $52 million, $34 million and $52 million for the three months ended September 30, 2006, June 30, 2006 and September 30, 2005, respectively.

 

(e) Excludes the mark-to-market impact of Generation’s economic hedging activities.

 

(f) Represents the average for the quarter.

 

25


ComEd

Electric Sales Statistics and Revenue Detail

Full service reflects deliveries to customers taking electric service under tariffed rates. The power purchase option (PPO) allows the purchase of electricity from ComEd at market-based prices. Delivery only service reflects customers electing to receive generation service from an alternative supplier. Wholesale and miscellaneous revenues include transmission revenue (including revenue from PJM), sales to municipalities and other wholesale energy sales.

 

     2006     2005    2004

Retail Deliveries (in GWhs)

       

Full service

       

Residential

     28,330       30,042      26,463

Small Commercial & Industrial

     24,122       21,378      21,662

Large Commercial & Industrial

     10,336       7,904      6,913

Public Authorities & Electric Railroads

     2,254       2,133      1,893
                     

Total Full Service

     65,042       61,457      56,931
                     

PPO

       

Small Commercial & Industrial

     2,475       5,591      4,110

Large Commercial & Industrial

     2,259       6,004      5,377
                     

Total PPO

     4,734       11,595      9,487
                     

Delivery Only

       

Small Commercial & Industrial

     5,505       5,677      6,305

Large Commercial & Industrial

     15,282       13,633      14,634
                     

Total Delivery Only

     20,787       19,310      20,939
                     

Total Retail Deliveries

     90,563       92,362      87,357

Electric Revenue (in millions)

       

Full Service

       

Residential

   $ 2,453     $ 2,584    $ 2,295

Small Commercial & Industrial

     1,882       1,671      1,649

Large Commercial & Industrial

     563       408      380

Public Authorities & Electric Railroads

     137       132      126
                     

Total Full Service

     5,035       4,795      4,450
                     

PPO

       

Small Commercial & Industrial

     178       385      274

Large Commercial & Industrial

     137       345      304
                     

Total PPO

     315       730      578
                     

Delivery Only

       

Small Commercial & Industrial

     85       95      128

Large Commercial & Industrial

     155       156      204
                     

Total Delivery Only

     240       251      332
                     

Total Electric Retail Revenues

     5,590       5,776      5,360
                     

Wholesale and Miscellaneous Revenues

     516       488      443

Mark-to-market Contracts

     (5 )     —        —  
                     

Total Operating Revenues

   $ 6,101     $ 6,264    $ 5,803

Electric Revenue ($ / MWh)

       

Full Service

       

Residential

   $ 86.59     $ 86.01    $ 86.72

Small Commercial & Industrial

     78.02       78.16      76.12

Large Commercial & Industrial

     54.47       51.62      54.97

Public Authorities & Electric Railroads

     60.78       61.88      66.56
                     

Total Full Service

     77.41       78.02      78.16
                     

PPO

       

Small Commercial & Industrial

     71.92       68.86      66.67

Large Commercial & Industrial

     60.65       57.46      56.54
                     

Total PPO

     66.54       62.96      60.93
                     

Delivery Only

       

Small Commercial & Industrial

     15.44       16.73      20.30

Large Commercial & Industrial

     10.14       11.44      13.94
                     

Total Delivery Only

     11.55       13.00      15.86
                     

Total Electric Retail Revenues

   $ 61.72     $ 62.54    $ 61.36

 

26


ComEd

Customers at Year End

 

      2006    2005    2004

Retail Delivery Customers

        
Full service         

Residential

   3,406,239    3,358,596    3,330,778

Small Commercial & Industrial

   333,577    324,984    321,994

Large Commercial & Industrial

   654    643    490

Public Authorities & Electric Railroads

   1,071    1,293    1,267

Street & Highway Lighting

   4,773    3,933    3,824

Wholesale

   4    4    4
              

Total Full Service Customers

   3,746,318    3,689,453    3,658,357
              
PPO         

Small Commercial & Industrial

   667    15,078    9,413

Large Commercial & Industrial

   45    614    598

Public Authorities

   0    0    0

Street & Highway Lighting

   0    1    1
              

Total PPO Customers

   712    15,693    10,012
              
Delivery Only         

Small Commercial & Industrial

   18,374    4,954    11,249

Large Commercial & Industrial

   1,226    629    900

Public Authorities

   0    0    0

Street & Highway Lighting

   3    0    0
              

Total Delivery Only

   19,603    5,583    12,149
              

Total Retail Delivery Customers

   3,766,633    3,710,729    3,680,518
Heating and Cooling Degree Days         
     2006    2005    2004

Heating Degree Days (normal=6,498)

   5,589    6,083    6,053
              

Cooling Degree Days (normal=830)

   931    1,166    615
              
Peak System Load         
     2006    2005    2004
Summer         

Highest Peak Load (MW)

   23,613    21,635    19,794
              
Winter         

Highest Peak Load (MW)

   16,207    16,081    15,222
              

 

27


PECO

Electric Sales Statistics and Revenue Detail

Full service reflects deliveries to customers taking electric service under tariffed rates. Delivery only service reflects customers electing to receive generation service from an alternative supplier. Wholesale and miscellaneous revenues include transmission revenue from PJM and other wholesale energy sales.

 

     2006    2005    2004

Retail Deliveries (in GWhs)

        

Full Service

        

Residential

     12,796      13,135      10,349

Small Commercial & Industrial

     7,818      7,263      6,728

Large Commercial & Industrial

     15,898      15,205      14,908

Public Authorities & Electric Railroads

     906      962      914
                    

Total Full Service

     37,418      36,565      32,899
                    

Delivery Only

        

Residential

     61      334      2,158

Small Commercial & Industrial

     671      1,257      1,687

Large Commercial & Industrial

     35      503      760
                    

Total Delivery Only

     767      2,094      4,605
                    

Total Retail Deliveries

     38,185      38,659      37,504

Electric Revenue (in millions)

        

Full Service

        

Residential

   $ 1,780    $ 1,705    $ 1,317

Small Commercial & Industrial

     943      818      756

Large Commercial & Industrial

     1,286      1,173      1,113

Public Authorities & Electric Railroads

     83      84      80
                    

Total Full Service

     4,092      3,780      3,266
                    

Delivery Only

        

Residential

     5      25      164

Small Commercial & Industrial

     36      63      86

Large Commercial & Industrial

     1      13      20
                    

Total Delivery Only

     42      101      270
                    

Total Electric Retail Revenues

     4,134      3,881      3,536
                    

Wholesale and Miscellaneous Revenues

     238      212      203
                    

Total Operating Revenues

   $ 4,372    $ 4,093    $ 3,739

Electric Revenue ($ / MWh)

        

Full Service

        

Residential

   $ 139.11    $ 129.81    $ 127.26

Small Commercial & Industrial

     120.62      112.63      112.37

Large Commercial & Industrial

     80.89      77.15      74.66

Public Authorities & Electric Railroads

     91.61      87.32      87.53
                    

Total Full Service

     109.36      103.38      99.27
                    

Delivery Only

        

Residential

     81.97      74.85      76.00

Small Commercial & Industrial

     53.65      50.12      50.98

Large Commercial & Industrial

     28.57      25.84      26.32
                    

Total Delivery Only

     54.76      48.23      58.63
                    

Total Electric Retail Revenues

   $ 108.26    $ 100.39    $ 94.28

 

28


PECO

Customers at Year End

 

      2006    2005    2004

Retail Delivery Customers

        

Full service

        

Residential

   1,386,554    1,381,426    1,334,169

Small Commercial & Industrial

   124,801    117,663    100,631

Large Commercial & Industrial

   3,092    3,087    2,863

Public Authorities & Electric Railroads

   1,024    1,006    995
              

Total Full Service Customers

   1,515,471    1,503,182    1,438,658
              

Delivery Only

        

Residential

   5,096    8,687    49,134

Small Commercial & Industrial

   29,252    35,735    52,057

Large Commercial & Industrial

   7    32    259
              

Total Delivery Only Customers

   34,355    44,454    101,450
              

Total Retail Delivery Customers

   1,549,826    1,547,636    1,540,108
Heating and Cooling Degree Days         
     2006    2005    2004

Heating Degree Days (normal=4,759)

   3,924    4,758    4,661
              

Cooling Degree Days (normal=1,235)

   1,314    1,539    1,272
              
Peak System Load         
     2006    2005    2004

Summer

        

Highest Peak Load (MW)

   8,932    8,626    7,567
              

Winter

        

Highest Peak Load (MW)

   6,056    6,550    6,838
              

 

29


PECO

Gas Sales Statistics, Revenue and Customer Detail

 

     2006    2005    2004

Deliveries to Customers (in mmcf)

        

Retail Sales

     50,578      59,751      59,949

Transportation

     25,527      25,310      27,148
                    

Total Retail Deliveries

     76,105      85,061      87,097
                    

Gas Revenue (in millions)

        

Retail Sales

   $ 770    $ 783    $ 702

Transportation

     16      16      18

Resales and Other

     10      18      28
                    

Total Gas Revenue

   $ 796    $ 817    $ 748
                    
Gas Customers at Year End         
     2006    2005    2004

Customers

        

Residential

     434,119      430,753      423,858

Small Commercial & Industrial

     40,519      40,293      39,803

Large Commercial & Industrial

     400      379      371

Transportation

     518      561      585
                    

Total Customers

     475,556      471,986      464,617
                    
Gas Maximum Day Sendout         
     2006    2005    2004

Winter

        

Maximum Day Sendout (in thousand cubic feet (mcf))

     553,083      712,704      699,494
                    

 

30