Exhibit 99.1
News Release
| Contact: | James Gherardi Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345 | |||||||
EXELON REPORTS SECOND QUARTER 2024 RESULTS
Earnings Release Highlights
•GAAP net income of $0.45 per share and Adjusted (non-GAAP) operating earnings of $0.47 per share for the second quarter of 2024
•Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of $2.40-$2.50 per share
•Reaffirming fully regulated operating EPS compounded annual growth target of 5-7% through 2027
•Strong utility reliability performance – achieved top quartile reliability performance at all utilities, with ComEd and Pepco Holdings achieving top decile in both outage frequency and outage duration for the second straight quarter
•An order in Pepco’s “Climate Ready Pathway MD” multi-year plan was received in June
CHICAGO (August 1, 2024) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2024.
"I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results," said President and CEO Calvin Butler. "We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs."
"We delivered second quarter adjusted operating earnings of $0.47 per share this year, $0.06 ahead of results in the second quarter of 2023, driven by increased revenue associated with the investments we are making on behalf of our customers, disciplined cost management and favorable weather conditions," said Exelon Chief Financial Officer Jeanne Jones. "With most of our planned debt financing activity complete for the year and continued progress on our active rate cases, we remain on track to deliver Adjusted (non-GAAP) operating earnings at the midpoint or better of $2.40 to $2.50 per share for the full year."
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Second Quarter 2024
Exelon's GAAP net income for the second quarter of 2024 increased to $0.45 per share from $0.34 per share in the second quarter of 2023. Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $0.47 per share from $0.41 per share in the second quarter of 2023. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 3.
GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2024 primarily reflect:
•Higher utility earnings primarily due to distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable impacts of the Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. This was partially offset by higher interest expense at PECO and BGE and higher depreciation and amortization expense at PECO, BGE, and PHI.
•Higher costs at the Exelon holding company due to higher interest expense.
Operating Company Results1
ComEd
ComEd's second quarter of 2024 GAAP net income increased to $270 million from $249 million in the second quarter of 2023. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $285 million from $251 million in the second quarter of 2023, primarily due to timing of distribution earnings, higher transmission peak loads, and higher rate base. These were partially offset by a lower allowed ROE and the absence of a return on the pension asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2024 GAAP net income decreased to $90 million from $97 million in the second quarter of 2023. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 decreased to $93 million from $98 million in the second quarter of 2023, primarily due to increases in interest expense and depreciation expense, partially offset by favorable weather.
BGE
BGE’s second quarter of 2024 GAAP net income increased to $44 million from $42 million in the second quarter of 2023. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $45 million from $43 million in the second quarter of 2023, primarily due to distribution rate increases, partially offset by an increase in depreciation and amortization expenses and an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
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1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.
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PHI
PHI’s second quarter of 2024 GAAP net income increased to $158 million from $103 million in the second quarter of 2023. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $162 million from $115 million in the second quarter of 2023, primarily due to the favorable impacts of the Pepco Maryland multi-year plans including the recognition of the reconciliations, the absence of an increase in environmental liabilities at Pepco, an increase in ACE and DPL Delaware electric distribution rates, and higher transmission rates at Pepco and DPL, partially offset by increases in depreciation expense and various operating expenses. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and Second Quarter Highlights
•Dividend: On July 30, 2024, Exelon's Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon's common stock. The dividend is payable on September 13, 2024, to Exelon's shareholders of record as of the close of business on August 12, 2024.
•Rate Case Developments:
◦Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending March 31, 2025, reflecting an ROE of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026, and the 2027 nine-month extension period.
•Financing Activities:
◦On March 13, 2024, ComEd issued $800 million of its First Mortgage Bonds, consisting of $400 million of its First Mortgage 5.30% Series Bonds due on June 1, 2034 and $400 million of its First Mortgage 5.65% Series Bonds due on June 1, 2054. ComEd used the proceeds to repay existing indebtedness, outstanding commercial paper obligations, and for general corporate purposes.
◦On June 6, 2024, BGE issued $800 million of its Notes, consisting of $400 million aggregate principal of its 5.30% notes due June 1, 2034 and $400 million aggregate principal of its 5.65% notes due June 1, 2054. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
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| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
2024 GAAP net income | $ | 0.45 | $ | 448 | $ | 270 | $ | 90 | $ | 44 | $ | 158 | ||||||||
Change in environmental liabilities (net of taxes of $0) | — | (1) | — | — | — | (1) | ||||||||||||||
Change in FERC audit liability (net of taxes of $5) | 0.01 | 15 | 14 | — | — | — | ||||||||||||||
Cost management charge (net of taxes of $3, $1, $0, and $2, respectively) | 0.01 | 9 | — | 3 | 1 | 5 | ||||||||||||||
2024 Adjusted (non-GAAP) operating earnings | $ | 0.47 | $ | 472 | $ | 285 | $ | 93 | $ | 45 | $ | 162 | ||||||||
Adjusted (non-GAAP) operating earnings for the second quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
2023 GAAP net income | $ | 0.34 | $ | 343 | $ | 249 | $ | 97 | $ | 42 | $ | 103 | ||||||||
Mark-to-market impact of economic hedging activities (net of taxes of $1) | — | 3 | — | — | — | — | ||||||||||||||
Change in environmental liabilities (net of taxes of $1) | 0.01 | 11 | — | — | — | 11 | ||||||||||||||
| SEC matter loss contingency (net of taxes of $0) | 0.05 | 46 | — | — | — | — | ||||||||||||||
Separation costs (net of taxes of $2, $1, $0, $0, and $1, respectively) | 0.01 | 5 | 2 | 1 | 1 | 1 | ||||||||||||||
2023 Adjusted (non-GAAP) operating earnings | $ | 0.41 | $ | 408 | $ | 251 | $ | 98 | $ | 43 | $ | 115 | ||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss second quarter 2024 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP)
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operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on August 1, 2024.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 1, 2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 11, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
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Earnings Release Attachments
Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2024 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 2,079 | $ | 891 | $ | 928 | $ | 1,471 | $ | (8) | $ | 5,361 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 763 | 323 | 343 | 562 | 1 | 1,992 | |||||||||||||||||||||||||||||
| Operating and maintenance | 449 | 270 | 250 | 281 | (41) | 1,209 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 374 | 107 | 162 | 235 | 16 | 894 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 94 | 52 | 80 | 126 | 8 | 360 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,680 | 752 | 835 | 1,204 | (16) | 4,455 | |||||||||||||||||||||||||||||
| Gain on sale of assets | 5 | 2 | — | — | — | 7 | |||||||||||||||||||||||||||||
| Operating income | 404 | 141 | 93 | 267 | 8 | 913 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (123) | (57) | (53) | (92) | (158) | (483) | |||||||||||||||||||||||||||||
| Other, net | 20 | 9 | 8 | 29 | (2) | 64 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (103) | (48) | (45) | (63) | (160) | (419) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 301 | 93 | 48 | 204 | (152) | 494 | |||||||||||||||||||||||||||||
| Income taxes | 31 | 3 | 4 | 46 | (38) | 46 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 270 | $ | 90 | $ | 44 | $ | 158 | $ | (114) | $ | 448 | |||||||||||||||||||||||
| Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 1,901 | $ | 828 | $ | 797 | $ | 1,305 | $ | (13) | $ | 4,818 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 685 | 302 | 272 | 467 | 1 | 1,727 | |||||||||||||||||||||||||||||
| Operating and maintenance | 355 | 239 | 198 | 304 | 101 | 1,197 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 350 | 99 | 158 | 243 | 16 | 866 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 88 | 47 | 76 | 112 | 1 | 324 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,478 | 687 | 704 | 1,126 | 119 | 4,114 | |||||||||||||||||||||||||||||
| Operating income (loss) | 423 | 141 | 93 | 179 | (132) | 704 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (120) | (48) | (44) | (81) | (134) | (427) | |||||||||||||||||||||||||||||
| Other, net | 17 | 6 | 5 | 25 | 86 | 139 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (103) | (42) | (39) | (56) | (48) | (288) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 320 | 99 | 54 | 123 | (180) | 416 | |||||||||||||||||||||||||||||
| Income taxes | 71 | 2 | 12 | 20 | (32) | 73 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 249 | $ | 97 | $ | 42 | $ | 103 | $ | (148) | $ | 343 | |||||||||||||||||||||||
| Change in net income (loss) from 2023 to 2024 | $ | 21 | $ | (7) | $ | 2 | $ | 55 | $ | 34 | $ | 105 | |||||||||||||||||||||||
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Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2024 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 4,174 | $ | 1,945 | $ | 2,225 | $ | 3,077 | $ | (18) | $ | 11,403 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 1,670 | 727 | 807 | 1,197 | — | 4,401 | |||||||||||||||||||||||||||||
| Operating and maintenance | 867 | 563 | 514 | 607 | (70) | 2,481 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 737 | 210 | 312 | 481 | 33 | 1,773 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 188 | 103 | 169 | 254 | 17 | 731 | |||||||||||||||||||||||||||||
| Total operating expenses | 3,462 | 1,603 | 1,802 | 2,539 | (20) | 9,386 | |||||||||||||||||||||||||||||
| Gain on sales of assets | 5 | 4 | — | — | — | 9 | |||||||||||||||||||||||||||||
| Operating income | 717 | 346 | 423 | 538 | 2 | 2,026 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (246) | (112) | (103) | (183) | (306) | (950) | |||||||||||||||||||||||||||||
| Other, net | 41 | 18 | 16 | 57 | 7 | 139 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (205) | (94) | (87) | (126) | (299) | (811) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 512 | 252 | 336 | 412 | (297) | 1,215 | |||||||||||||||||||||||||||||
| Income taxes | 49 | 13 | 28 | 86 | (67) | 109 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 463 | $ | 239 | $ | 308 | $ | 326 | $ | (230) | $ | 1,106 | |||||||||||||||||||||||
| Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 3,568 | $ | 1,940 | $ | 2,053 | $ | 2,841 | $ | (22) | $ | 10,380 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 1,172 | 786 | 764 | 1,094 | 2 | 3,818 | |||||||||||||||||||||||||||||
| Operating and maintenance | 692 | 510 | 419 | 613 | 113 | 2,347 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 688 | 197 | 325 | 484 | 33 | 1,727 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 182 | 97 | 159 | 232 | 9 | 679 | |||||||||||||||||||||||||||||
| Total operating expenses | 2,734 | 1,590 | 1,667 | 2,423 | 157 | 8,571 | |||||||||||||||||||||||||||||
| Operating income (loss) | 834 | 350 | 386 | 418 | (179) | 1,809 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (237) | (97) | (88) | (157) | (261) | (840) | |||||||||||||||||||||||||||||
| Other, net | 34 | 15 | 8 | 51 | 141 | 249 | |||||||||||||||||||||||||||||
| Total other income and (deductions) | (203) | (82) | (80) | (106) | (120) | (591) | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 631 | 268 | 306 | 312 | (299) | 1,218 | |||||||||||||||||||||||||||||
| Income taxes | 142 | 5 | 65 | 54 | (60) | 206 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 489 | $ | 263 | $ | 241 | $ | 258 | $ | (239) | $ | 1,012 | |||||||||||||||||||||||
| Change in net income (loss) from 2023 to 2024 | $ | (26) | $ | (24) | $ | 67 | $ | 68 | $ | 9 | $ | 94 | |||||||||||||||||||||||
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(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
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Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
| June 30, 2024 | December 31, 2023 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 934 | $ | 445 | ||||||||||
| Restricted cash and cash equivalents | 530 | 482 | ||||||||||||
| Accounts receivable | ||||||||||||||
| Customer accounts receivable | 3,053 | 2,659 | ||||||||||||
| Customer allowance for credit losses | (372) | (317) | ||||||||||||
| Customer accounts receivable, net | 2,681 | 2,342 | ||||||||||||
| Other accounts receivable | 1,136 | 1,101 | ||||||||||||
| Other allowance for credit losses | (108) | (82) | ||||||||||||
| Other accounts receivable, net | 1,028 | 1,019 | ||||||||||||
| Inventories, net | ||||||||||||||
| Fossil fuel | 53 | 94 | ||||||||||||
| Materials and supplies | 771 | 707 | ||||||||||||
| Regulatory assets | 1,945 | 2,215 | ||||||||||||
| Other | 615 | 473 | ||||||||||||
| Total current assets | 8,557 | 7,777 | ||||||||||||
| Property, plant, and equipment, net | 75,646 | 73,593 | ||||||||||||
| Deferred debits and other assets | ||||||||||||||
| Regulatory assets | 8,703 | 8,698 | ||||||||||||
| Goodwill | 6,630 | 6,630 | ||||||||||||
| Receivable related to Regulatory Agreement Units | 3,840 | 3,232 | ||||||||||||
| Investments | 270 | 251 | ||||||||||||
| Other | 1,467 | 1,365 | ||||||||||||
| Total deferred debits and other assets | 20,910 | 20,176 | ||||||||||||
| Total assets | $ | 105,113 | $ | 101,546 | ||||||||||
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| June 30, 2024 | December 31, 2023 | |||||||||||||
| Liabilities and shareholders’ equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Short-term borrowings | $ | 1,454 | $ | 2,523 | ||||||||||
| Long-term debt due within one year | 1,308 | 1,403 | ||||||||||||
| Accounts payable | 2,810 | 2,846 | ||||||||||||
| Accrued expenses | 1,241 | 1,375 | ||||||||||||
| Payables to affiliates | 5 | 5 | ||||||||||||
| Customer deposits | 425 | 411 | ||||||||||||
| Regulatory liabilities | 433 | 389 | ||||||||||||
| Mark-to-market derivative liabilities | 23 | 74 | ||||||||||||
| Unamortized energy contract liabilities | 7 | 8 | ||||||||||||
| Other | 569 | 557 | ||||||||||||
| Total current liabilities | 8,275 | 9,591 | ||||||||||||
| Long-term debt | 43,039 | 39,692 | ||||||||||||
| Long-term debt to financing trusts | 390 | 390 | ||||||||||||
| Deferred credits and other liabilities | ||||||||||||||
| Deferred income taxes and unamortized investment tax credits | 12,358 | 11,956 | ||||||||||||
| Regulatory liabilities | 10,198 | 9,576 | ||||||||||||
| Pension obligations | 1,562 | 1,571 | ||||||||||||
| Non-pension postretirement benefit obligations | 524 | 527 | ||||||||||||
| Asset retirement obligations | 272 | 267 | ||||||||||||
| Mark-to-market derivative liabilities | 121 | 106 | ||||||||||||
| Unamortized energy contract liabilities | 23 | 27 | ||||||||||||
| Other | 2,199 | 2,088 | ||||||||||||
| Total deferred credits and other liabilities | 27,257 | 26,118 | ||||||||||||
| Total liabilities | 78,961 | 75,791 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Shareholders’ equity | ||||||||||||||
| Common stock | 21,152 | 21,114 | ||||||||||||
| Treasury stock, at cost | (123) | (123) | ||||||||||||
| Retained earnings | 5,835 | 5,490 | ||||||||||||
| Accumulated other comprehensive loss, net | (712) | (726) | ||||||||||||
| Total shareholders’ equity | 26,152 | 25,755 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 105,113 | $ | 101,546 | ||||||||||
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Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
| Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 1,106 | $ | 1,012 | ||||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||||||||||
| Depreciation, amortization, and accretion | 1,774 | 1,727 | ||||||||||||
| Gain on sales of assets | (9) | — | ||||||||||||
| Deferred income taxes and amortization of investment tax credits | 72 | 94 | ||||||||||||
| Net fair value changes related to derivatives | — | 4 | ||||||||||||
| Other non-cash operating activities | 246 | (222) | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Accounts receivable | (443) | 387 | ||||||||||||
| Inventories | (25) | 44 | ||||||||||||
| Accounts payable and accrued expenses | (120) | (734) | ||||||||||||
| Collateral received (paid), net | 13 | (187) | ||||||||||||
| Income taxes | (39) | 97 | ||||||||||||
| Regulatory assets and liabilities, net | 265 | (516) | ||||||||||||
| Pension and non-pension postretirement benefit contributions | (125) | (85) | ||||||||||||
| Other assets and liabilities | (261) | 140 | ||||||||||||
| Net cash flows provided by operating activities | 2,454 | 1,761 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Capital expenditures | (3,466) | (3,685) | ||||||||||||
| Other investing activities | (1) | 10 | ||||||||||||
| Net cash flows used in investing activities | (3,467) | (3,675) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Changes in short-term borrowings | (670) | (1,600) | ||||||||||||
| Proceeds from short-term borrowings with maturities greater than 90 days | 150 | 400 | ||||||||||||
| Repayments on short-term borrowings with maturities greater than 90 days | (549) | (150) | ||||||||||||
| Issuance of long-term debt | 4,225 | 5,200 | ||||||||||||
| Retirement of long-term debt | (903) | (1,209) | ||||||||||||
| Dividends paid on common stock | (761) | (717) | ||||||||||||
| Proceeds from employee stock plans | 22 | 19 | ||||||||||||
| Other financing activities | (67) | (84) | ||||||||||||
| Net cash flows provided by financing activities | 1,447 | 1,859 | ||||||||||||
| Increase (decrease) in cash, restricted cash, and cash equivalents | 434 | (55) | ||||||||||||
| Cash, restricted cash, and cash equivalents at beginning of period | 1,101 | 1,090 | ||||||||||||
| Cash, restricted cash, and cash equivalents at end of period | $ | 1,535 | $ | 1,035 | ||||||||||
5
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2024 and 2023
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2023 GAAP net income (loss) | $ | 0.34 | $ | 249 | $ | 97 | $ | 42 | $ | 103 | $ | (148) | $ | 343 | |||||||||||||||||||||||||||
Mark-to-market impact of economic hedging activities (net of taxes of $1) | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||
Change in environmental liabilities (net of taxes of $1) | 0.01 | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||
SEC matter loss contingency (net of taxes of $0) | 0.05 | — | — | — | — | 46 | 46 | ||||||||||||||||||||||||||||||||||
Separation costs (net of taxes of $1, $0, $0, $1, and $2, respectively) (1) | 0.01 | 2 | 1 | 1 | 1 | — | 5 | ||||||||||||||||||||||||||||||||||
| 2023 Adjusted (non-GAAP) operating earnings (loss) | $ | 0.41 | $ | 251 | $ | 98 | $ | 43 | $ | 115 | $ | (99) | $ | 408 | |||||||||||||||||||||||||||
| Year over year effects on Adjusted (non-GAAP) operating earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.04 | $ | — | (b) | $ | 35 | $ | — | (b) | $ | 6 | (b) | $ | — | $ | 41 | ||||||||||||||||||||||||
| Load | 0.01 | — | (b) | 8 | — | (b) | (1) | (b) | — | 7 | |||||||||||||||||||||||||||||||
| Distribution and transmission rates (2) | 0.06 | (7) | (c) | (8) | (c) | 34 | (c) | 46 | (c) | — | 65 | ||||||||||||||||||||||||||||||
| Other energy delivery (3) | 0.10 | 86 | (c) | (4) | (c) | 2 | (c) | 12 | (c) | — | 96 | ||||||||||||||||||||||||||||||
| Operating and maintenance expense (4) | 0.01 | (24) | (19) | (19) | 7 | 67 | 12 | ||||||||||||||||||||||||||||||||||
| Pension and non-pension postretirement benefits | (0.01) | (5) | (2) | — | 1 | (1) | (7) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense (5) | (0.03) | (17) | (6) | (8) | (3) | — | (34) | ||||||||||||||||||||||||||||||||||
| Interest expense and other (6) | (0.12) | 1 | (9) | (7) | (21) | (80) | (116) | ||||||||||||||||||||||||||||||||||
| Total year over year effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.06 | $ | 34 | $ | (5) | $ | 2 | $ | 47 | $ | (14) | $ | 64 | |||||||||||||||||||||||||||
| 2024 GAAP net income (loss) | $ | 0.45 | $ | 270 | $ | 90 | $ | 44 | $ | 158 | $ | (114) | $ | 448 | |||||||||||||||||||||||||||
Change in environmental liabilities (net of taxes of $0) | — | — | — | — | (1) | — | (1) | ||||||||||||||||||||||||||||||||||
Change in FERC audit liability (net of taxes of $5) | 0.01 | 14 | — | — | — | 1 | 15 | ||||||||||||||||||||||||||||||||||
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) | 0.01 | — | 3 | 1 | 5 | — | 9 | ||||||||||||||||||||||||||||||||||
| 2024 Adjusted (non-GAAP) operating earnings (loss) | $ | 0.47 | $ | 285 | $ | 93 | $ | 45 | $ | 162 | $ | (113) | $ | 472 | |||||||||||||||||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.
(2)For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
(3)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other.
(4)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, includes favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, reflects decreased in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(5)Reflects ongoing capital expenditures across all utilities.
(6)For PHI, reflects an increase in taxes other than income. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense.
(7)Primarily represents severance and reorganization costs related to cost management.
6
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2024 and 2023
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2023 GAAP net income (loss) | $ | 1.02 | $ | 489 | $ | 263 | $ | 241 | $ | 258 | $ | (239) | $ | 1,012 | |||||||||||||||||||||||||||
Mark-to-market impact of economic hedging activities (net of taxes of $1) | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||||||||||||||||
Change in environmental liabilities (net of taxes of $8) | 0.03 | — | — | — | 29 | — | 29 | ||||||||||||||||||||||||||||||||||
| SEC matter loss contingency (net of taxes of $0) | 0.05 | — | — | — | — | 46 | 46 | ||||||||||||||||||||||||||||||||||
Change in FERC audit liability (net of taxes of $4) | 0.01 | 11 | — | — | — | — | 11 | ||||||||||||||||||||||||||||||||||
Separation costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (1) | — | 2 | 1 | 1 | 1 | (1) | 4 | ||||||||||||||||||||||||||||||||||
| 2023 Adjusted (non-GAAP) operating earnings (loss) | $ | 1.11 | $ | 501 | $ | 264 | $ | 242 | $ | 288 | $ | (191) | $ | 1,104 | |||||||||||||||||||||||||||
| Year over year effects on Adjusted (non-GAAP) operating earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.06 | $ | — | (b) | $ | 53 | $ | — | (b) | $ | 10 | (b) | $ | — | $ | 63 | ||||||||||||||||||||||||
| Load | — | — | (b) | 4 | — | (b) | (1) | (b) | — | 3 | |||||||||||||||||||||||||||||||
| Distribution and transmission rates (2) | 0.17 | (17) | (c) | (3) | (c) | 119 | (c) | 68 | (c) | — | 167 | ||||||||||||||||||||||||||||||
| Other energy delivery (3) | 0.16 | 141 | (c) | (5) | (c) | (8) | (c) | 31 | (c) | — | 159 | ||||||||||||||||||||||||||||||
| Operating and maintenance expense (4) | (0.06) | (78) | (34) | (23) | (17) | 94 | (58) | ||||||||||||||||||||||||||||||||||
| Pension and non-pension postretirement benefits | (0.01) | (9) | (3) | — | 1 | (2) | (13) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense (5) | (0.07) | (35) | (10) | (11) | (13) | (1) | (70) | ||||||||||||||||||||||||||||||||||
| Interest expense and other (6) | (0.20) | — | (24) | (10) | (37) | (128) | (199) | ||||||||||||||||||||||||||||||||||
| Total year over year effects on Adjusted (non-GAAP) operating earnings | $ | 0.05 | $ | 2 | $ | (22) | $ | 67 | $ | 42 | $ | (37) | $ | 52 | |||||||||||||||||||||||||||
| 2024 GAAP net income (loss) | $ | 1.10 | $ | 463 | $ | 239 | $ | 308 | $ | 326 | $ | (230) | $ | 1,106 | |||||||||||||||||||||||||||
Change in environmental liabilities (net of taxes of $0) | — | — | — | — | (1) | — | (1) | ||||||||||||||||||||||||||||||||||
Change in FERC audit liability (net of taxes of $13) | 0.04 | 40 | — | — | — | 2 | 42 | ||||||||||||||||||||||||||||||||||
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) | 0.01 | — | 3 | 1 | 5 | — | 9 | ||||||||||||||||||||||||||||||||||
| 2024 Adjusted (non-GAAP) operating earnings (loss) | $ | 1.16 | $ | 503 | $ | 242 | $ | 309 | $ | 330 | $ | (228) | $ | 1,156 | |||||||||||||||||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.
(2)For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases.
(3)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(4)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For PHI, reflects an increase in contracting and storm costs partially offset by favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA.
(5)Reflects ongoing capital expenditures across all utilities.
(6)For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense.
(7)Primarily represents severance and reorganization costs related to cost management.
7
ComEd Statistics
Three Months Ended June 30, 2024 and 2023
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather - Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,996 | 5,783 | 21.0 | % | 5.5 | % | $ | 982 | $ | 861 | 14.1 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 6,473 | 6,834 | (5.3) | % | (0.8) | % | 560 | 461 | 21.5 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,740 | 6,502 | 3.7 | % | 2.1 | % | 269 | 205 | 31.2 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 159 | 185 | (14.1) | % | (15.7) | % | 14 | 13 | 7.7 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 298 | 234 | 27.4 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 20,368 | 19,304 | 5.5 | % | 1.9 | % | 2,123 | 1,774 | 19.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (44) | 127 | (134.6) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 2,079 | $ | 1,901 | 9.4 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 763 | $ | 685 | 11.4 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 445 | 581 | 697 | (23.4) | % | (36.2) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 358 | 298 | 266 | 20.1 | % | 34.6 | % | ||||||||||||||||||||||
Six Months Ended June 30, 2024 and 2023
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather - Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 13,210 | 12,017 | 9.9 | % | 2.5 | % | $ | 1,900 | $ | 1,698 | 11.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 13,717 | 14,032 | (2.2) | % | (0.6) | % | 1,154 | 823 | 40.2 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 13,674 | 13,061 | 4.7 | % | 2.3 | % | 589 | 290 | 103.1 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 379 | 412 | (8.0) | % | (8.7) | % | 32 | 22 | 45.5 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 523 | 450 | 16.2 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 40,980 | 39,522 | 3.7 | % | 1.2 | % | 4,198 | 3,283 | 27.9 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (24) | 285 | (108.4) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 4,174 | $ | 3,568 | 17.0 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 1,670 | $ | 1,172 | 42.5 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 3,013 | 3,252 | 3,750 | (7.3) | % | (19.7) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 358 | 298 | 266 | 20.1 | % | 34.6 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2024 | 2023 | |||||||||
| Residential | 3,722,798 | 3,729,428 | |||||||||
| Small commercial & industrial | 395,951 | 391,380 | |||||||||
| Large commercial & industrial | 2,060 | 1,866 | |||||||||
| Public authorities & electric railroads | 5,798 | 4,791 | |||||||||
| Total | 4,126,607 | 4,127,465 | |||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $5 million for the six months ended June 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charges.
8
PECO Statistics
Three Months Ended June 30, 2024 and 2023
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather- Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 3,296 | 2,694 | 22.3 | % | 3.8 | % | $ | 522 | $ | 444 | 17.6 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,856 | 1,703 | 9.0 | % | 3.5 | % | 128 | 132 | (3.0) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,408 | 3,331 | 2.3 | % | (0.9) | % | 61 | 64 | (4.7) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 135 | 144 | (6.3) | % | (6.3) | % | 7 | 8 | (12.5) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 75 | 71 | 5.6 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 8,695 | 7,872 | 10.5 | % | 1.7 | % | 793 | 719 | 10.3 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 4 | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 797 | 719 | 10.8 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,525 | 4,373 | 3.5 | % | 0.4 | % | 63 | 69 | (8.7) | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 3,321 | 3,743 | (11.3) | % | (12.3) | % | 25 | 32 | (21.9) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | — | 6 | (100.0) | % | (10.7) | % | — | — | n/a | ||||||||||||||||||||||||||||||||
| Transportation | 5,117 | 5,190 | (1.4) | % | (3.5) | % | 5 | 5 | — | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | — | 2 | (100.0) | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 12,963 | 13,312 | (2.6) | % | (4.6) | % | 93 | 108 | (13.9) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 1 | 1 | — | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 94 | 109 | (13.8) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 891 | $ | 828 | 7.6 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 323 | $ | 302 | 7.0 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 351 | 330 | 421 | 6.4 | % | (16.6) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 537 | 233 | 391 | 130.5 | % | 37.3 | % | ||||||||||||||||||||||
9
Six Months Ended June 30, 2024 and 2023
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather- Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,751 | 6,052 | 11.5 | % | 1.0 | % | $ | 1,042 | $ | 963 | 8.2 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 3,747 | 3,546 | 5.7 | % | 0.8 | % | 254 | 267 | (4.9) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,763 | 6,568 | 3.0 | % | 0.8 | % | 118 | 129 | (8.5) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 314 | 312 | 0.6 | % | 0.9 | % | 14 | 16 | (12.5) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 147 | 139 | 5.8 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 17,575 | 16,478 | 6.7 | % | 0.9 | % | 1,575 | 1,514 | 4.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 2 | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total electric revenues | 1,577 | 1,514 | 4.2 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 23,420 | 21,563 | 8.6 | % | 0.6 | % | 256 | 292 | (12.3) | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 12,809 | 12,442 | 2.9 | % | (3.8) | % | 89 | 107 | (16.8) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 16 | 35 | (54.3) | % | (11.6) | % | — | 1 | (100.0) | % | |||||||||||||||||||||||||||||||
| Transportation | 12,016 | 12,204 | (1.5) | % | (3.2) | % | 13 | 13 | — | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 9 | 11 | (18.2) | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 48,261 | 46,244 | 4.4 | % | (1.6) | % | 367 | 424 | (13.4) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 1 | 2 | (50.0) | % | |||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 368 | 426 | (13.6) | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 1,945 | $ | 1,940 | 0.3 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 727 | $ | 786 | (7.5) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,440 | 2,218 | 2,831 | 10.0 | % | (13.8) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 537 | 233 | 392 | 130.5 | % | 37.0 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2024 | 2023 | Number of Natural Gas Customers | 2024 | 2023 | |||||||||||||||||||||
| Residential | 1,533,909 | 1,529,499 | Residential | 506,193 | 504,723 | |||||||||||||||||||||
| Small commercial & industrial | 156,036 | 155,845 | Small commercial & industrial | 44,697 | 44,793 | |||||||||||||||||||||
| Large commercial & industrial | 3,162 | 3,112 | Large commercial & industrial | 7 | 10 | |||||||||||||||||||||
| Public authorities & electric railroads | 10,712 | 10,423 | Transportation | 644 | 642 | |||||||||||||||||||||
| Total | 1,703,819 | 1,698,879 | Total | 551,541 | 550,168 | |||||||||||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $3 million for the six months ended June 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $1 million and $1 million for the six months ended June 30, 2024 and 2023, respectively.
10
BGE Statistics
Three Months Ended June 30, 2024 and 2023
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather- Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,836 | 2,454 | 15.6 | % | 3.4 | % | $ | 464 | $ | 363 | 27.8 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 648 | 609 | 6.4 | % | 3.4 | % | 88 | 75 | 17.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,272 | 3,102 | 5.5 | % | 2.2 | % | 139 | 119 | 16.8 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 52 | 48 | 8.3 | % | 7.9 | % | 8 | 7 | 14.3 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 101 | 103 | (1.9) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 6,808 | 6,213 | 9.6 | % | 2.9 | % | 800 | 667 | 19.9 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (18) | 5 | (460.0) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 782 | 672 | 16.4 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,299 | 3,909 | 10.0 | % | 3.5 | % | 89 | 71 | 25.4 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 1,219 | 1,156 | 5.4 | % | 2.4 | % | 17 | 15 | 13.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 8,316 | 8,059 | 3.2 | % | — | % | 40 | 30 | 33.3 | % | |||||||||||||||||||||||||||||||
Other(f) | 145 | 78 | 85.9 | % | n/a | 4 | 5 | (20.0) | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 13,979 | 13,202 | 5.9 | % | 1.4 | % | 150 | 121 | 24.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (4) | 4 | (200.0) | % | |||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 146 | 125 | 16.8 | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 928 | $ | 797 | 16.4 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 343 | $ | 272 | 26.1 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 362 | 381 | 486 | (5.0) | % | (25.5) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 339 | 210 | 262 | 61.4 | % | 29.4 | % | ||||||||||||||||||||||
11
Six Months Ended June 30, 2024 and 2023
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather- Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,165 | 5,560 | 10.9 | % | 1.1 | % | $ | 999 | $ | 796 | 25.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,346 | 1,283 | 4.9 | % | 1.8 | % | 178 | 167 | 6.6 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,386 | 6,149 | 3.9 | % | 1.4 | % | 271 | 268 | 1.1 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 104 | 103 | 1.0 | % | 0.9 | % | 15 | 14 | 7.1 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 194 | 198 | (2.0) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 14,001 | 13,095 | 6.9 | % | 1.3 | % | 1,657 | 1,443 | 14.8 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 7 | 42 | (83.3) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 1,664 | 1,485 | 12.1 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 22,280 | 20,697 | 7.6 | % | (2.6) | % | 360 | 349 | 3.2 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 5,212 | 4,924 | 5.8 | % | (2.6) | % | 65 | 56 | 16.1 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 21,832 | 21,273 | 2.6 | % | (1.6) | % | 112 | 100 | 12.0 | % | |||||||||||||||||||||||||||||||
Other(f) | 897 | 1,686 | (46.8) | % | n/a | 8 | 24 | (66.7) | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 50,221 | 48,580 | 3.4 | % | (2.2) | % | 545 | 529 | 3.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 16 | 39 | (59.0) | % | |||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 561 | 568 | (1.2) | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 2,225 | $ | 2,053 | 8.4 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 807 | $ | 764 | 5.6 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,381 | 2,155 | 2,840 | 10.5 | % | (16.2) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 339 | 210 | 262 | 61.4 | % | 29.4 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2024 | 2023 | Number of Natural Gas Customers | 2024 | 2023 | |||||||||||||||||||||
| Residential | 1,212,331 | 1,206,763 | Residential | 656,690 | 655,181 | |||||||||||||||||||||
| Small commercial & industrial | 115,384 | 115,594 | Small commercial & industrial | 37,859 | 38,077 | |||||||||||||||||||||
| Large commercial & industrial | 13,156 | 12,975 | Large commercial & industrial | 6,340 | 6,275 | |||||||||||||||||||||
| Public authorities & electric railroads | 260 | 265 | ||||||||||||||||||||||||
| Total | 1,341,131 | 1,335,597 | Total | 700,889 | 699,533 | |||||||||||||||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $2 million for the six months ended June 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $2 million for the six months ended June 30, 2024 and 2023, respectively.
12
Pepco Statistics
Three Months Ended June 30, 2024 and 2023
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather- Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,770 | 1,598 | 10.8 | % | (7.7) | % | $ | 315 | $ | 267 | 18.0 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 265 | 249 | 6.4 | % | (1.4) | % | 43 | 41 | 4.9 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,409 | 3,114 | 9.5 | % | 3.2 | % | 251 | 254 | (1.2) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 128 | 115 | 11.3 | % | 10.7 | % | 7 | 7 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 75 | 64 | 17.2 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 5,572 | 5,076 | 9.8 | % | (0.5) | % | 691 | 633 | 9.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 9 | 9 | — | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 700 | $ | 642 | 9.0 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 234 | $ | 204 | 14.7 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 218 | 209 | 296 | 4.3 | % | (26.4) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 646 | 388 | 512 | 66.5 | % | 26.2 | % | ||||||||||||||||||||||
Six Months Ended June 30, 2024 and 2023
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather- Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 3,868 | 3,561 | 8.6 | % | (3.9) | % | $ | 659 | $ | 549 | 20.0 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 550 | 516 | 6.6 | % | 0.5 | % | 89 | 80 | 11.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,701 | 6,323 | 6.0 | % | 1.9 | % | 513 | 535 | (4.1) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 290 | 267 | 8.6 | % | 7.9 | % | 18 | 16 | 12.5 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 138 | 120 | 15.0 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 11,409 | 10,667 | 7.0 | % | (0.1) | % | 1,417 | 1,300 | 9.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 42 | 51 | (17.6) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 1,459 | $ | 1,351 | 8.0 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 514 | $ | 462 | 11.3 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,006 | 1,829 | 2,374 | 9.7 | % | (15.5) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 651 | 390 | 516 | 66.9 | % | 26.2 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2024 | 2023 | |||||||||
| Residential | 871,009 | 860,014 | |||||||||
| Small commercial & industrial | 54,080 | 54,016 | |||||||||
| Large commercial & industrial | 23,057 | 22,904 | |||||||||
| Public authorities & electric railroads | 207 | 204 | |||||||||
| Total | 948,353 | 937,138 | |||||||||
__________
(a)Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2024 and 2023, and $3 million for both the six months ended June 30, 2024 and 2023.
(d)Includes alternative revenue programs and late payment charge revenues.
13
DPL Statistics
Three Months Ended June 30, 2024 and 2023
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather - Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,122 | 987 | 13.7 | % | (0.6) | % | $ | 202 | $ | 161 | 25.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 564 | 547 | 3.1 | % | (1.0) | % | 60 | 57 | 5.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,027 | 1,027 | — | % | (3.0) | % | 31 | 33 | (6.1) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 10 | 10 | — | % | 1.2 | % | 4 | 4 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 64 | 61 | 4.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 2,723 | 2,571 | 5.9 | % | (1.6) | % | 361 | 316 | 14.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 1 | 4 | (75.0) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 362 | 320 | 13.1 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 852 | 794 | 7.3 | % | (6.7) | % | 15 | 16 | (6.3) | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 531 | 497 | 6.8 | % | (5.4) | % | 7 | 7 | — | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 402 | 371 | 8.4 | % | 8.5 | % | 1 | 1 | — | % | |||||||||||||||||||||||||||||||
| Transportation | 1,340 | 1,328 | 0.9 | % | (1.5) | % | 4 | 4 | — | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 1 | 1 | — | % | |||||||||||||||||||||||||||||||||
| Total natural gas revenues | 3,125 | 2,990 | 4.5 | % | (2.7) | % | 28 | 29 | (3.4) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 28 | 29 | (3.4) | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 390 | $ | 349 | 11.7 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 156 | $ | 139 | 12.2 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 391 | 322 | 442 | 21.4 | % | (11.5) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 398 | 252 | 352 | 57.9 | % | 13.1 | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 404 | 318 | 483 | 27.0 | % | (16.4) | % | ||||||||||||||||||||||
14
Six Months Ended June 30, 2024 and 2023
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather - Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,610 | 2,373 | 10.0 | % | (0.4) | % | $ | 458 | $ | 371 | 23.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,121 | 1,081 | 3.7 | % | (0.1) | % | 122 | 119 | 2.5 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 2,000 | 1,984 | 0.8 | % | (1.4) | % | 60 | 66 | (9.1) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 20 | 22 | (9.1) | % | (9.5) | % | 8 | 8 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 126 | 119 | 5.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 5,751 | 5,460 | 5.3 | % | (0.7) | % | 774 | 683 | 13.3 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 6 | 14 | (57.1) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | 780 | 697 | 11.9 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,764 | 4,368 | 9.1 | % | (2.3) | % | 61 | 76 | (19.7) | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 2,244 | 2,142 | 4.8 | % | (6.5) | % | 24 | 33 | (27.3) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 834 | 787 | 6.0 | % | 5.8 | % | 3 | 2 | 50.0 | % | |||||||||||||||||||||||||||||||
| Transportation | 3,301 | 3,231 | 2.2 | % | (1.7) | % | 9 | 8 | 12.5 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 3 | 7 | (57.1) | % | |||||||||||||||||||||||||||||||||
| Total natural gas revenues | 11,143 | 10,528 | 5.8 | % | (2.5) | % | 100 | 126 | (20.6) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total natural gas revenues | 100 | 126 | (20.6) | % | |||||||||||||||||||||||||||||||||||||
| Total electric and natural gas revenues | $ | 880 | $ | 823 | 6.9 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 370 | $ | 360 | 2.8 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,503 | 2,197 | 2,807 | 13.9 | % | (10.8) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 398 | 252 | 353 | 57.9 | % | 12.7 | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,608 | 2,269 | 2,959 | 14.9 | % | (11.9) | % | ||||||||||||||||||||||
| Number of Electric Customers | 2024 | 2023 | Number of Natural Gas Customers | 2024 | 2023 | |||||||||||||||||||||
| Residential | 488,089 | 483,760 | Residential | 130,678 | 129,538 | |||||||||||||||||||||
| Small commercial & industrial | 64,549 | 63,913 | Small commercial & industrial | 10,100 | 10,060 | |||||||||||||||||||||
| Large commercial & industrial | 1,256 | 1,234 | Large commercial & industrial | 14 | 16 | |||||||||||||||||||||
| Public authorities & electric railroads | 595 | 594 | Transportation | 163 | 163 | |||||||||||||||||||||
| Total | 554,489 | 549,501 | Total | 140,955 | 139,777 | |||||||||||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended June 30, 2024 and 2023, respectively and $3 million for both the six months ended June 30, 2024 and 2023.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
15
ACE Statistics
Three Months Ended June 30, 2024 and 2023
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather - Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,049 | 775 | 35.4 | % | 4.0 | % | $ | 229 | $ | 155 | 47.7 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 365 | 347 | 5.2 | % | (3.0) | % | 55 | 46 | 19.6 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 723 | 743 | (2.7) | % | (8.8) | % | 47 | 50 | (6.0) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 9 | 9 | — | % | (1.9) | % | 5 | 4 | 25.0 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 68 | 63 | 7.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 2,146 | 1,874 | 14.5 | % | (2.1) | % | 404 | 318 | 27.0 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (21) | (1) | 2,000.0 | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 383 | $ | 317 | 20.8 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 172 | $ | 124 | 38.7 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 465 | 519 | 525 | (10.4) | % | (11.4) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 415 | 155 | 303 | 167.7 | % | 37.0 | % | ||||||||||||||||||||||
Six Months Ended June 30, 2024 and 2023
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather - Normal % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,889 | 1,535 | 23.1 | % | 2.2 | % | $ | 404 | $ | 301 | 34.2 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 726 | 718 | 1.1 | % | (4.8) | % | 105 | 105 | — | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,464 | 1,532 | (4.4) | % | (8.2) | % | 96 | 113 | (15.0) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 23 | 23 | — | % | (2.3) | % | 10 | 9 | 11.1 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 134 | 126 | 6.3 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 4,102 | 3,808 | 7.7 | % | (3.1) | % | 749 | 654 | 14.5 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (9) | 16 | (156.3) | % | |||||||||||||||||||||||||||||||||||||
| Total electric revenues | $ | 740 | $ | 670 | 10.4 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 312 | $ | 273 | 14.3 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2024 | 2023 | Normal | From 2023 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,666 | 2,527 | 2,950 | 5.5 | % | (9.6) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 415 | 155 | 304 | 167.7 | % | 36.5 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2024 | 2023 | ||||||||||||
| Residential | 506,358 | 503,918 | ||||||||||||
| Small commercial & industrial | 62,717 | 62,307 | ||||||||||||
| Large commercial & industrial | 2,878 | 3,007 | ||||||||||||
| Public authorities & electric railroads | 701 | 727 | ||||||||||||
| Total | 572,654 | 569,959 | ||||||||||||
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2024 and 2023, and $1 million for both the six months ended June 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs.
(e)Includes alternative revenue programs.
16
