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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Exelon Corporation | NASDAQ:EXC | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.18 | 0.47% | 38.15 | 37.18 | 38.72 | 136 | 09:27:47 |
From Nov 2023 to Nov 2024
Earnings Release Highlights
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2024.
"Through the first quarter, Exelon is on track for another year of operational excellence while delivering on our financial guidance," said President and CEO Calvin Butler. "We are encouraged that we are making progress on the regulatory front, with ComEd's rehearing process complete almost two months early. Additionally, our Exelon team is leading the industry with our innovative approach on safety, now measuring our performance through a Serious Injury Incidence Rate, reaffirming our commitment to the safety of our employees and community members."
"We delivered first quarter 2024 adjusted operating earnings of $0.68 per share while maintaining strong operational performance," said Exelon Chief Financial Officer Jeanne Jones. "Despite mild weather and a challenging storm season, we remain on track to deliver full-year operating earnings of $2.40 to $2.50 per share in 2024 and continue to affirm our sustained growth over the coming years to support the energy transformation in our communities, projecting annualized earnings per share (EPS) growth of 5% to 7% through 2027."
First Quarter 2024
Exelon's GAAP Net Income for the first quarter of 2024 decreased to $0.66 per share from $0.67 per share in the first quarter of 2023. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $0.68 per share from $0.70 per share in the first quarter of 2023. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.
GAAP Net Income and Adjusted (non-GAAP) Operating Earnings in the first quarter of 2024 primarily reflect:
Operating Company Results1
ComEd
ComEd's first quarter of 2024 GAAP Net Income decreased to $193 million from $241 million in the first quarter of 2023. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $219 million from $251 million in the first quarter of 2023, primarily due to decreases in electric distribution earnings (reflecting lower allowed ROE due to U.S. Treasury rates no longer applying to distribution revenue) and carrying costs related to the CMC regulatory asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s first quarter of 2024 GAAP Net Income decreased to $149 million from $166 million in the first quarter of 2023. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $149 million from $166 million in the first quarter of 2023, primarily due to an increase in storm costs partially offset by less unfavorable weather.
___________ 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.
BGE
BGE’s first quarter of 2024 GAAP Net Income increased to $264 million from $200 million in the first quarter of 2023. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 increased to $264 million from $199 million in the first quarter of 2023, primarily due to increased revenue due to distribution rate increases. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s first quarter of 2024 GAAP Net Income increased to $168 million from $155 million in the first quarter of 2023. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $168 million from $173 million in the first quarter of 2023, primarily due to increase in interest expense and operating expenses, partially offset by distribution rate increases. 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 First Quarter Highlights
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions, except per share amounts)
Exelon Earnings per Diluted Share
Exelon
ComEd
PECO
BGE
PHI
2024 GAAP Net Income
$
0.66
$
658
$
193
$
149
$
264
$
168
Change in FERC Audit Liability (net of taxes of $9)
0.03
27
26
—
—
—
2024 Adjusted (non-GAAP) Operating Earnings
$
0.68
$
685
$
219
$
149
$
264
$
168
Adjusted (non-GAAP) Operating Earnings for the first 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
$
0.67
$
669
$
241
$
166
$
200
$
155
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0)
—
(1
)
—
—
—
—
Change in Environmental Liabilities (net of taxes of $7)
0.02
18
—
—
—
18
Change in FERC Audit Liability (net of taxes of $4)
0.01
11
11
—
—
—
Separation Costs (net of taxes of $0)
—
(1
)
—
—
—
—
2023 Adjusted (non-GAAP) Operating Earnings
$
0.70
$
696
$
251
$
166
$
199
$
173
__________
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 first 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 250 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) 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 May 2, 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' First Quarter 2024 Quarterly Report on Form 10-Q (to be filed on May 2, 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.
Earnings Release Attachments
Table of Contents
Consolidating Statement of Operations
2
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
6
Statistics
ComEd
7
PECO
7
BGE
9
Pepco
10
DPL
11
ACE
12
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended March 31, 2024
Operating revenues
$
2,095
$
1,054
$
1,297
$
1,606
$
(9
)
$
6,043
Operating expenses
Purchased power and fuel
907
403
464
636
—
2,410
Operating and maintenance
418
293
264
325
(29
)
1,271
Depreciation and amortization
362
104
150
246
17
879
Taxes other than income taxes
94
51
89
128
9
371
Total operating expenses
1,781
851
967
1,335
(3
)
4,931
Gain on sales of assets and businesses
—
2
—
—
—
2
Operating income (loss)
314
205
330
271
(6
)
1,114
Other income and (deductions)
Interest expense, net
(122
)
(55
)
(50
)
(90
)
(151
)
(468
)
Other, net
20
9
8
27
11
75
Total other income and (deductions)
(102
)
(46
)
(42
)
(63
)
(140
)
(393
)
Income (loss) before income taxes
212
159
288
208
(146
)
721
Income taxes
19
10
24
40
(30
)
63
Net income (loss) attributable to common shareholders
$
193
$
149
$
264
$
168
$
(116
)
$
658
Three Months Ended March 31, 2023
Operating revenues
$
1,667
$
1,112
$
1,257
$
1,536
$
(9
)
$
5,563
Operating expenses
Purchased power and fuel
488
484
492
627
—
2,091
Operating and maintenance
337
270
222
309
13
1,151
Depreciation and amortization
338
98
167
241
16
860
Taxes other than income taxes
93
50
83
120
9
355
Total operating expenses
1,256
902
964
1,297
38
4,457
Operating income (loss)
411
210
293
239
(47
)
1,106
Other income and (deductions)
Interest expense, net
(117
)
(48
)
(44
)
(76
)
(127
)
(412
)
Other, net
18
8
3
26
54
109
Total other income and (deductions)
(99
)
(40
)
(41
)
(50
)
(73
)
(303
)
Income (loss) before income taxes
312
170
252
189
(120
)
803
Income taxes
71
4
52
34
(27
)
134
Net income (loss) attributable to common shareholders
$
241
$
166
$
200
$
155
$
(93
)
$
669
Change in net income (loss) from 2023 to 2024
$
(48
)
$
(17
)
$
64
$
13
$
(23
)
$
(11
)
__________ (a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
March 31, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
720
$
445
Restricted cash and cash equivalents
489
482
Accounts receivable
Customer accounts receivable
2,896
2,659
Customer allowance for credit losses
(346
)
(317
)
Customer accounts receivable, net
2,550
2,342
Other accounts receivable
1,131
1,101
Other allowance for credit losses
(96
)
(82
)
Other accounts receivable, net
1,035
1,019
Inventories, net
Fossil fuel
37
94
Materials and supplies
751
707
Regulatory assets
2,035
2,215
Other
595
473
Total current assets
8,212
7,777
Property, plant, and equipment, net
74,604
73,593
Deferred debits and other assets
Regulatory assets
8,701
8,698
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement Units
3,382
3,232
Investments
263
251
Other
1,419
1,365
Total deferred debits and other assets
20,395
20,176
Total assets
$
103,211
$
101,546
March 31, 2024
December 31, 2023
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings
$
2,206
$
2,523
Long-term debt due within one year
503
1,403
Accounts payable
2,814
2,846
Accrued expenses
1,076
1,375
Payables to affiliates
5
5
Customer deposits
419
411
Regulatory liabilities
400
389
Mark-to-market derivative liabilities
29
74
Unamortized energy contract liabilities
7
8
Other
516
557
Total current liabilities
7,975
9,591
Long-term debt
42,271
39,692
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
12,199
11,956
Regulatory liabilities
9,706
9,576
Pension obligations
1,569
1,571
Non-pension postretirement benefit obligations
523
527
Asset retirement obligations
270
267
Mark-to-market derivative liabilities
80
106
Unamortized energy contract liabilities
25
27
Other
2,142
2,088
Total deferred credits and other liabilities
26,514
26,118
Total liabilities
77,150
75,791
Commitments and contingencies
Shareholders’ equity
Common stock
21,129
21,114
Treasury stock, at cost
(123
)
(123
)
Retained earnings
5,767
5,490
Accumulated other comprehensive loss, net
(712
)
(726
)
Total shareholders’ equity
26,061
25,755
Total liabilities and shareholders’ equity
$
103,211
$
101,546
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Three Months Ended March 31,
2024
2023
Cash flows from operating activities
Net income
$
658
$
669
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion
880
860
Gain on sales of assets and businesses
(2
)
—
Deferred income taxes and amortization of investment tax credits
46
113
Net fair value changes related to derivatives
1
—
Other non-cash operating activities
39
(138
)
Changes in assets and liabilities:
Accounts receivable
(309
)
106
Inventories
12
102
Accounts payable and accrued expenses
(238
)
(482
)
Collateral received (paid), net
7
(214
)
Income taxes
21
23
Regulatory assets and liabilities, net
252
(324
)
Pension and non-pension postretirement benefit contributions
(111
)
(44
)
Other assets and liabilities
(264
)
(187
)
Net cash flows provided by operating activities
992
484
Cash flows from investing activities
Capital expenditures
(1,767
)
(1,881
)
Proceeds from sales of assets and businesses
2
—
Other investing activities
(2
)
10
Net cash flows used in investing activities
(1,767
)
(1,871
)
Cash flows from financing activities
Changes in short-term borrowings
(317
)
(1,130
)
Proceeds from short-term borrowings with maturities greater than 90 days
150
—
Repayments on short-term borrowings with maturities greater than 90 days
(150
)
(150
)
Issuance of long-term debt
2,625
3,925
Retirement of long-term debt
(901
)
(857
)
Dividends paid on common stock
(381
)
(358
)
Proceeds from employee stock plans
11
10
Other financing activities
(55
)
(60
)
Net cash flows provided by financing activities
982
1,380
Increase (decrease) in cash, restricted cash, and cash equivalents
207
(7
)
Cash, restricted cash, and cash equivalents at beginning of period
1,101
1,090
Cash, restricted cash, and cash equivalents at end of period
$
1,308
$
1,083
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended March 31, 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)
$
0.67
$
241
$
166
$
200
$
155
$
(93
)
$
669
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0)
—
—
—
—
—
(1
)
(1
)
Change in Environmental Liabilities (net of taxes of $7)
0.02
—
—
—
18
—
18
Change in FERC Audit Liability (net of taxes of $4)
0.01
11
—
—
—
—
11
Separation Costs (net of taxes of $0) (1)
—
—
—
—
—
(1
)
(1
)
2023 Adjusted (non-GAAP) Operating Earnings (Loss)
$
0.70
$
251
$
166
$
199
$
173
$
(93
)
$
696
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather
$
0.02
$
—
(b)
$
18
$
—
(b)
$
4
(b)
$
—
$
22
Load
—
—
(b)
(3
)
—
(b)
(1
)
(b)
—
(4
)
Distribution and Transmission Rates (2)
0.09
(19
)
(c)
3
(c)
85
(c)
24
(c)
—
93
Other Energy Delivery (3)
0.07
64
(c)
(1
)
(c)
(6
)
(c)
17
(c)
—
74
Operating and Maintenance Expense (4)
(0.08
)
(54
)
(15
)
(4
)
(30
)
27
(76
)
Pension and Non-Pension Postretirement Benefits
(0.01
)
(4
)
(2
)
—
—
—
(6
)
Depreciation and Amortization Expense (5)
(0.03
)
(17
)
(5
)
(6
)
(4
)
(1
)
(33
)
Interest Expense and Other (6)
(0.08
)
(2
)
(12
)
(4
)
(15
)
(48
)
(81
)
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings
$
(0.02
)
$
(32
)
$
(17
)
$
65
$
(5
)
$
(22
)
$
(11
)
2024 GAAP Net Income (Loss)
$
0.66
$
193
$
149
$
264
$
168
$
(116
)
$
658
Change in FERC Audit Liability (net of taxes of $9)
0.03
26
—
—
—
1
27
2024 Adjusted (non-GAAP) Operating Earnings (Loss)
$
0.68
$
219
$
149
$
264
$
168
$
(115
)
$
685
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. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution increases.
(3)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and reflects lower carrying cost recovery related to the CMC regulatory asset. For BGE, reflects lower gas revenues due to lower gas prices. For PHI, reflects higher 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 and increased contracting costs. For PECO and BGE, primarily reflects increased storm costs. For PHI, primarily reflects increased contracting costs, storm costs, and credit loss expense. 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.
ComEd Statistics
Three Months Ended March 31, 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
6,214
6,234
(0.3
)%
(0.1
)%
$
918
$
836
9.8
%
Small commercial & industrial
7,244
7,198
0.6
%
(0.4
)%
594
361
64.5
%
Large commercial & industrial
6,934
6,559
5.7
%
2.5
%
320
84
281.0
%
Public authorities & electric railroads
220
227
(3.1
)%
(3.1
)%
17
10
70.0
%
Other(b)
—
—
n/a
n/a
227
217
4.6
%
Total electric revenues(c)
20,612
20,218
1.9
%
0.6
%
2,076
1,508
37.7
%
Other Revenues(d)
19
159
(88.1
)%
Total Electric Revenues
$
2,095
$
1,667
25.7
%
Purchased Power
$
907
$
488
85.9
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,568
2,671
3,053
(3.9) %
(15.9) %
Number of Electric Customers
2024
2023
Residential
3,754,505
3,729,983
Small commercial & industrial
397,715
391,662
Large commercial & industrial
2,023
1,881
Public authorities & electric railroads
5,821
4,790
Total
4,160,064
4,128,316
__________ (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 $3 million for the three months ended March 31, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charges.
PECO Statistics
Three Months Ended March 31, 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
3,455
3,358
2.9
%
(1.2
)%
$
520
$
519
0.2
%
Small commercial & industrial
1,891
1,843
2.6
%
(1.7
)%
126
135
(6.7
)%
Large commercial & industrial
3,355
3,237
3.6
%
2.5
%
57
65
(12.3
)%
Public authorities & electric railroads
179
168
6.5
%
7.1
%
7
8
(12.5
)%
Other(b)
—
—
n/a
n/a
74
68
8.8
%
Total electric revenues(c)
8,880
8,606
3.2
%
0.2
%
784
795
(1.4
)%
Other Revenues(d)
(2
)
—
n/a
Total Electric Revenues
782
795
(1.6
)%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
18,895
17,190
9.9
%
0.6
%
193
223
(13.5
)%
Small commercial & industrial
9,488
8,699
9.1
%
(0.8
)%
64
75
(14.7
)%
Large commercial & industrial
16
29
(44.8
)%
(12.2
)%
—
1
(100.0
)%
Transportation
6,899
7,014
(1.6
)%
(3.0
)%
8
8
—
%
Other(f)
—
—
n/a
n/a
7
9
(22.2
)%
Total natural gas revenues(g)
35,298
32,932
7.2
%
(0.5
)%
272
316
(13.9
)%
Other Revenues(d)
—
1
(100.0
)%
Total Natural Gas Revenues
272
317
(14.2
)%
Total Electric and Natural Gas Revenues
$
1,054
$
1,112
(5.2
)%
Purchased Power and Fuel
$
403
$
484
(16.7
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,089
1,888
2,410
10.6 %
(13.3) %
Cooling Degree-Days
—
—
1
n/a
(100.0) %
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,540,491
1,529,779
Residential
508,429
504,181
Small commercial & industrial
156,475
155,846
Small commercial & industrial
45,038
45,003
Large commercial & industrial
3,160
3,118
Large commercial & industrial
7
9
Public authorities & electric railroads
10,713
10,401
Transportation
646
650
Total
1,710,839
1,699,144
Total
554,120
549,843
__________ (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 March 31, 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 March 31, 2024 and 2023, respectively.
BGE Statistics
Three Months Ended March 31, 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
3,329
3,106
7.2
%
(0.6
)%
$
534
$
434
23.0
%
Small commercial & industrial
698
674
3.6
%
0.5
%
90
92
(2.2
)%
Large commercial & industrial
3,114
3,047
2.2
%
(0.2
)%
132
149
(11.4
)%
Public authorities & electric railroads
52
55
(5.5
)%
(3.6
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
93
96
(3.1
)%
Total electric revenues(c)
7,193
6,882
4.5
%
(0.3
)%
856
778
10.0
%
Other Revenues(d)
25
36
(30.6
)%
Total Electric Revenues
881
814
8.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
17,981
16,787
7.1
%
(3.9
)%
271
278
(2.5
)%
Small commercial & industrial
3,993
3,768
6.0
%
(3.9
)%
47
41
14.6
%
Large commercial & industrial
13,516
13,214
2.3
%
(2.5
)%
72
70
2.9
%
Other(f)
752
1,608
(53.2
)%
n/a
5
19
(73.7
)%
Total natural gas revenues(g)
36,242
35,377
2.4
%
(3.4
)%
395
408
(3.2
)%
Other Revenues(d)
21
35
(40.0
)%
Total Natural Gas Revenues
416
443
(6.1
)%
Total Electric and Natural Gas Revenues
$
1,297
$
1,257
3.2
%
Purchased Power and Fuel
$
464
$
492
(5.7
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,020
1,774
2,355
13.9 %
(14.2) %
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,213,063
1,207,486
Residential
658,818
656,583
Small commercial & industrial
115,406
115,658
Small commercial & industrial
37,982
38,260
Large commercial & industrial
13,110
12,911
Large commercial & industrial
6,336
6,261
Public authorities & electric railroads
261
266
Total
1,341,840
1,336,321
Total
703,136
701,104
__________ (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 $2 million for the three months ended March 31, 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 March 31, 2024 and 2023, respectively.
Pepco Statistics
Three Months Ended March 31, 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
2,097
1,963
6.8
%
(0.9
)%
$
345
$
283
21.9
%
Small commercial & industrial
285
267
6.7
%
2.2
%
46
39
17.9
%
Large commercial & industrial
3,293
3,210
2.6
%
0.6
%
262
282
(7.1
)%
Public authorities & electric railroads
162
152
6.6
%
5.8
%
11
8
37.5
%
Other(b)
—
—
n/a
n/a
64
56
14.3
%
Total electric revenues(c)
5,837
5,592
4.4
%
0.3
%
728
668
9.0
%
Other Revenues(d)
31
42
(26.2
)%
Total Electric Revenues
$
759
$
710
6.9
%
Purchased Power
$
281
$
258
8.9
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1,788
1,621
2,078
10.3 %
(14.0) %
Cooling Degree-Days
5
2
3
150.0 %
66.7 %
Number of Electric Customers
2024
2023
Residential
869,606
859,207
Small commercial & industrial
54,177
54,089
Large commercial & industrial
22,992
22,858
Public authorities & electric railroads
207
201
Total
946,982
936,355
__________ (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 and $1 million for the three months ended March 31, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charge revenues.
DPL Statistics
Three Months Ended March 31, 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
1,487
1,386
7.3
%
(0.4
)%
$
256
$
210
21.9
%
Small commercial & industrial
557
535
4.1
%
0.8
%
62
62
—
%
Large commercial & industrial
973
957
1.7
%
0.4
%
29
33
(12.1
)%
Public authorities & electric railroads
9
11
(18.2
)%
(19.3
)%
4
4
—
%
Other(b)
—
—
n/a
n/a
63
58
8.6
%
Total electric revenues(c)
3,026
2,889
4.7
%
—
%
414
367
12.8
%
Other Revenues(d)
5
10
(50.0
)%
Total Electric Revenues
419
377
11.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
3,913
3,581
9.3
%
(1.2
)%
46
60
(23.3
)%
Small commercial & industrial
1,717
1,652
3.9
%
(6.8
)%
17
26
(34.6
)%
Large commercial & industrial
428
414
3.4
%
3.5
%
2
1
100.0
%
Transportation
1,960
1,900
3.2
%
(1.9
)%
5
4
25.0
%
Other(f)
—
—
n/a
n/a
2
6
(66.7
)%
Total natural gas revenues
8,018
7,547
6.2
%
(2.4
)%
72
97
(25.8
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
72
97
(25.8
)%
Total Electric and Natural Gas Revenues
$
491
$
474
3.6
%
Purchased Power and Fuel
$
215
$
221
(2.7
)%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,112
1,875
2,365
12.6 %
(10.7) %
Cooling Degree-Days
—
—
1
— %
(100.0) %
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,204
1,952
2,476
12.9 %
(11.0) %
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
486,950
482,979
Residential
130,427
129,791
Small commercial & industrial
64,338
63,794
Small commercial & industrial
10,182
10,158
Large commercial & industrial
1,260
1,236
Large commercial & industrial
16
16
Public authorities & electric railroads
593
595
Transportation
163
158
Total
553,141
548,604
Total
140,788
140,123
__________ (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 $2 million for both the three months ended March 31, 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.
ACE Statistics
Three Months Ended March 31, 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
841
760
10.7
%
0.3
%
$
174
$
146
19.2
%
Small commercial & industrial
361
371
(2.7
)%
(6.5
)%
50
59
(15.3
)%
Large commercial & industrial
740
789
(6.2
)%
(7.5
)%
49
63
(22.2
)%
Public authorities & electric railroads
14
13
7.7
%
(2.7
)%
5
5
—
%
Other(b)
—
—
n/a
n/a
67
63
6.3
%
Total electric revenues(c)
1,956
1,933
1.2
%
(4.1
)%
345
336
2.7
%
Other Revenues(d)
13
17
(23.5
)%
Total Electric Revenues
$
358
$
353
1.4
%
Purchased Power
$
140
$
148
(5.4
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,201
2,008
2,426
9.6 %
(9.3) %
Cooling Degree-Days
—
—
1
— %
(100.0) %
Number of Electric Customers
2024
2023
Residential
505,793
503,260
Small commercial & industrial
62,704
62,230
Large commercial & industrial
2,893
3,030
Public authorities & electric railroads
728
726
Total
572,118
569,246
__________ (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 March 31, 2024 and 2023.
(d)Includes alternative revenue programs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502154529/en/
James Gherardi Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345
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