Exhibit 99.1
News Release
| Contact: | Nick Alexopulos Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345 | |||||||
EXELON REPORTS THIRD QUARTER 2022 RESULTS
Earnings Release Highlights
•GAAP Net Income of $0.68 per share and Adjusted (non-GAAP) Operating Earnings of $0.75 per share for the third quarter of 2022
•Narrowing guidance range for full year 2022 Adjusted (non-GAAP) Operating Earnings from $2.18-$2.32 per share to $2.21-$2.29 per share
•Strong utility reliability performance – every utility achieved top quartile in outage duration with ComEd continuing to deliver best-on-record CAIDI performance for the third straight quarter
•ComEd announces intent to file its first multi-year plan with the Illinois Commerce Commission (ICC) in January 2023 in accordance with the Climate and Equitable Jobs Act (CEJA)
•Settlements were approved by the Delaware Public Service Commission (DEPSC) and the Pennsylvania Public Utility Commission (PAPUC) in Delmarva Power’s and PECO's gas distribution rate cases in October
CHICAGO (Nov. 3, 2022) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2022.
“As Exelon leads the energy transformation, our commitment to affordability, energy equity and a cleaner future is unwavering, as is our responsibility to our investors,” said Exelon CEO Chris Crane. “Exelon continues its strong operational performance, with ComEd and PECO achieving best on record SAIFI performance. We are on track to invest more than $6.9 billion at our electric and gas companies by year end to enhance reliability and resiliency. This ongoing infrastructure investment in our electric and gas companies is delivering solid financial and customer satisfaction results. Our consistent operational excellence, strategic and equitable investments in our communities, and significant regulatory milestones achieved this quarter will help ensure we deliver on our promise to provide safe, reliable, resilient and affordable service to our more than 10 million customers and value to our investors."
"Our third-quarter performance remained strong, with adjusted (non-GAAP) earnings of $0.75 per share which, after adjusting for discontinued operations, is $0.14 ahead of the same period last year driven in part by rate adjustments resulting from our continued investments at the utilities to improve reliability and service for customers,” said Jeanne Jones, Exelon executive vice president and chief financial officer. “Our excellent operational performance and progress on the regulatory front through the third quarter –
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with more on the horizon – is continued evidence that we are on the right path to achieve our long-term goals. To that end, we have narrowed our 2022 EPS guidance range to $2.21 to $2.29 per share, and reaffirmed our 6-8% earnings per share growth from 2021-2025.”
Third Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the third quarter of 2022 increased to $0.68 per share from $0.47 GAAP Net Income from Continuing Operations per share in the third quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $0.75 per share from $0.53 per share in the third quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the third quarter of 2022 primarily reflect:
•Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base, rate increases at PECO, BGE, and PHI, and decreases in storm costs at PECO and BGE, partially offset by higher depreciation expense at PECO and PHI.
•Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results in the third quarter of 2021 as these costs do not qualify as expenses of the discontinued operations per the accounting rules, partially offset by higher interest expense.
Operating Company Results1
ComEd
ComEd's third quarter of 2022 GAAP Net Income increased to $291 million from $220 million in the third quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $293 million from $224 million in the third quarter of 2021, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates and the impacts of higher rate base). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s third quarter of 2022 GAAP Net Income increased to $135 million from $111 million in the third quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $174 million from $114 million in the third quarter of 2021, primarily due to distribution rate increases and decreases in storm costs, partially offset by an increase in depreciation expense.
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1Exelon’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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BGE
BGE’s third quarter of 2022 GAAP Net Income decreased to $33 million from $36 million in the third quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $70 million from $40 million in the third quarter of 2021, primarily due to favorable impacts of the multi-year plans and decreases in storm costs. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s third quarter of 2022 GAAP Net Income increased to $289 million from $266 million in the third quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $286 million from $272 million in the third quarter of 2021, primarily due to distribution rate increases, partially offset by an increase in depreciation expense. 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 Third Quarter Highlights
•PECO Pennsylvania Natural Gas Distribution Rate Case: On October 27, 2022, the PAPUC issued an order approving a $55 million increase in PECO's annual natural gas distribution revenues. The rate increase was resolved through a settlement agreement, which did not specify an approved ROE. The rates are effective on January 1, 2023.
•DPL Delaware Natural Gas Base Rate Case: On October 12, 2022, the DEPSC approved an increase in DPL’s annual natural gas distribution rates of $8 million, reflecting an ROE of 9.60%. Interim rates went into effect on August 14, 2022, subject to refund. Rates associated with the approved order are effective on November 1, 2022.
•Financing Activities:
◦On August 4, 2022, Exelon entered into an agreement with certain underwriters in connection with an underwritten public offering of 12.995 million shares of its common stock, no par value. The net proceeds were $563 million before expenses paid. Exelon used the proceeds, together with available cash balances, to repay $575 million in borrowings under a $1.15 billion term loan credit facility.
◦On August 23, 2022, PECO issued $425 million of its First and Refunding Mortgage Bonds, 4.375% Series, due August 15, 2052. PECO used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
◦On September 15, 2022, Pepco issued $225 million of its First Mortgage bonds, 3.35% Series, due September 15, 2032. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.
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GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 0.68 | $ | 676 | $ | 291 | $ | 135 | $ | 33 | $ | 289 | ||||||||
| Asset Retirement Obligation (net of taxes of $2) | — | (4) | — | — | — | (4) | ||||||||||||||
| Asset Impairments (net of taxes of $10) | 0.04 | 37 | — | — | 37 | — | ||||||||||||||
| Separation Costs (net of taxes of $1, $1, $0, $0, and $0, respectively) | — | (3) | 2 | 1 | 1 | 1 | ||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | 0.04 | 38 | — | 38 | — | — | ||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings | $ | 0.75 | $ | 745 | $ | 293 | $ | 174 | $ | 70 | $ | 286 | ||||||||
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
| (in millions, except per share amounts) | Exelon Earnings per Diluted Share | Exelon | ComEd | PECO | BGE | PHI | ||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 0.47 | $ | 457 | $ | 220 | $ | 111 | $ | 36 | $ | 266 | ||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | 3 | — | — | — | — | ||||||||||||||
| Cost Management Program (net of taxes of $0) | — | 4 | — | 1 | 1 | 1 | ||||||||||||||
| COVID-19 Direct Costs (net of taxes of $0) | — | 3 | — | 1 | 1 | 1 | ||||||||||||||
| Asset Retirement Obligation (net of taxes of $1) | — | 2 | — | — | — | 2 | ||||||||||||||
| Acquisition Related Costs (net of taxes of $2) | 0.01 | 7 | — | — | — | — | ||||||||||||||
| ERP System Implementation Costs (net of taxes of $1) | — | 4 | — | — | — | — | ||||||||||||||
| Separation Costs (net of taxes of $8, $2, $1, $1, and $1, respectively) | 0.02 | 16 | 4 | 2 | 2 | 3 | ||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) | 0.03 | 26 | — | — | — | — | ||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings | $ | 0.53 | $ | 522 | $ | 224 | $ | 114 | $ | 40 | $ | 272 | ||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations 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
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income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2022 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 www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 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). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
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: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Nov. 3, 2022.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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.
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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' 2021 Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the Registrants' Third Quarter 2022 Quarterly Report on Form 10-Q (to be filed on Nov. 3, 2022) 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 13, Commitments and Contingencies; and (4) 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 September 30, 2022 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 1,378 | $ | 1,014 | $ | 870 | $ | 1,598 | $ | (15) | $ | 4,845 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 121 | 403 | 350 | 610 | — | 1,484 | |||||||||||||||||||||||||||||
| Operating and maintenance | 355 | 243 | 235 | 277 | 38 | 1,148 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 333 | 92 | 148 | 238 | 14 | 825 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 104 | 60 | 77 | 129 | 7 | 377 | |||||||||||||||||||||||||||||
| Total operating expenses | 913 | 798 | 810 | 1,254 | 59 | 3,834 | |||||||||||||||||||||||||||||
| Loss on sales of assets and businesses | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Operating income (loss) | 465 | 216 | 60 | 344 | (74) | 1,011 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (104) | (45) | (39) | (72) | (105) | (365) | |||||||||||||||||||||||||||||
| Other, net | 14 | 8 | 5 | 19 | 76 | 122 | |||||||||||||||||||||||||||||
| Total other (deductions) and income | (90) | (37) | (34) | (53) | (29) | (243) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 375 | 179 | 26 | 291 | (103) | 768 | |||||||||||||||||||||||||||||
| Income taxes | 84 | 44 | (7) | 2 | (31) | 92 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 291 | 135 | 33 | 289 | (72) | 676 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net income (loss) | 291 | 135 | 33 | 289 | (72) | 676 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 291 | $ | 135 | $ | 33 | $ | 289 | $ | (72) | $ | 676 | |||||||||||||||||||||||
| Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 1,789 | $ | 818 | $ | 770 | $ | 1,470 | $ | 16 | $ | 4,863 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 703 | 277 | 290 | 540 | (1) | 1,809 | |||||||||||||||||||||||||||||
| Operating and maintenance | 330 | 263 | 205 | 278 | 111 | 1,187 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 304 | 86 | 142 | 210 | 16 | 758 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 91 | 51 | 72 | 127 | 12 | 353 | |||||||||||||||||||||||||||||
| Total operating expenses | 1,428 | 677 | 709 | 1,155 | 138 | 4,107 | |||||||||||||||||||||||||||||
| Operating income (loss) | 361 | 141 | 61 | 315 | (122) | 756 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (98) | (40) | (36) | (67) | (83) | (324) | |||||||||||||||||||||||||||||
| Other, net | 13 | 7 | 7 | 16 | 17 | 60 | |||||||||||||||||||||||||||||
| Total other deductions | (85) | (33) | (29) | (51) | (66) | (264) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 276 | 108 | 32 | 264 | (188) | 492 | |||||||||||||||||||||||||||||
| Income taxes | 56 | (3) | (4) | (2) | (12) | 35 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 220 | 111 | 36 | 266 | (176) | 457 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 772 | 772 | |||||||||||||||||||||||||||||
| Net income | 220 | 111 | 36 | 266 | 596 | 1,229 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 26 | 26 | |||||||||||||||||||||||||||||
| Net income attributable to common shareholders | $ | 220 | $ | 111 | $ | 36 | $ | 266 | $ | 570 | $ | 1,203 | |||||||||||||||||||||||
| Change in Net income from continuing operations 2021 to 2022 | $ | 71 | $ | 24 | $ | (3) | $ | 23 | $ | 104 | $ | 219 | |||||||||||||||||||||||
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Consolidating Statements of Operations
(unaudited)
(in millions)
| ComEd | PECO | BGE | PHI | Other (a) | Exelon | ||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 4,536 | $ | 2,877 | $ | 2,810 | $ | 4,223 | $ | (34) | $ | 14,412 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 1,041 | 1,093 | 1,093 | 1,609 | (1) | 4,835 | |||||||||||||||||||||||||||||
| Operating and maintenance | 1,045 | 705 | 658 | 867 | 161 | 3,436 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 982 | 277 | 470 | 697 | 46 | 2,472 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 289 | 155 | 225 | 362 | 30 | 1,061 | |||||||||||||||||||||||||||||
| Total operating expenses | 3,357 | 2,230 | 2,446 | 3,535 | 236 | 11,804 | |||||||||||||||||||||||||||||
| Loss on sales of assets and businesses | (2) | — | — | — | — | (2) | |||||||||||||||||||||||||||||
| Operating income (loss) | 1,177 | 647 | 364 | 688 | (270) | 2,606 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (308) | (129) | (110) | (216) | (300) | (1,063) | |||||||||||||||||||||||||||||
| Other, net | 40 | 23 | 16 | 56 | 300 | 435 | |||||||||||||||||||||||||||||
| Total other (deductions) and income | (268) | (106) | (94) | (160) | — | (628) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 909 | 541 | 270 | 528 | (270) | 1,978 | |||||||||||||||||||||||||||||
| Income taxes | 203 | 67 | 3 | 10 | 73 | 356 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 706 | 474 | 267 | 518 | (343) | 1,622 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 117 | 117 | |||||||||||||||||||||||||||||
| Net income (loss) | 706 | 474 | 267 | 518 | (226) | 1,739 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 706 | $ | 474 | $ | 267 | $ | 518 | $ | (227) | $ | 1,738 | |||||||||||||||||||||||
| Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 4,840 | $ | 2,399 | $ | 2,426 | $ | 3,854 | $ | (5) | $ | 13,514 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Purchased power and fuel | 1,728 | 800 | 840 | 1,414 | (1) | 4,781 | |||||||||||||||||||||||||||||
| Operating and maintenance | 969 | 706 | 595 | 790 | 280 | 3,340 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 893 | 259 | 434 | 614 | 53 | 2,253 | |||||||||||||||||||||||||||||
| Taxes other than income taxes | 243 | 143 | 211 | 349 | 37 | 983 | |||||||||||||||||||||||||||||
| Total operating expenses | 3,833 | 1,908 | 2,080 | 3,167 | 369 | 11,357 | |||||||||||||||||||||||||||||
| Gain on sales of assets and businesses | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||
| Operating income (loss) | 1,007 | 491 | 346 | 687 | (371) | 2,160 | |||||||||||||||||||||||||||||
| Other income and (deductions) | |||||||||||||||||||||||||||||||||||
| Interest expense, net | (292) | (119) | (103) | (201) | (252) | (967) | |||||||||||||||||||||||||||||
| Other, net | 35 | 20 | 23 | 52 | 60 | 190 | |||||||||||||||||||||||||||||
| Total other (deductions) | (257) | (99) | (80) | (149) | (192) | (777) | |||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 750 | 392 | 266 | 538 | (563) | 1,383 | |||||||||||||||||||||||||||||
| Income taxes | 141 | 9 | (24) | 3 | (53) | 76 | |||||||||||||||||||||||||||||
| Net income (loss) from continuing operations after income taxes | 609 | 383 | 290 | 535 | (510) | 1,307 | |||||||||||||||||||||||||||||
| Net income from discontinued operations after income taxes | — | — | — | — | 134 | 134 | |||||||||||||||||||||||||||||
| Net income (loss) | 609 | 383 | 290 | 535 | (376) | 1,441 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | 126 | 126 | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 609 | $ | 383 | $ | 290 | $ | 535 | $ | (502) | $ | 1,315 | |||||||||||||||||||||||
| Change in Net income from continuing operations 2021 to 2022 | $ | 97 | $ | 91 | $ | (23) | $ | (17) | $ | 167 | $ | 315 | |||||||||||||||||||||||
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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)
| September 30, 2022 | December 31, 2021 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 446 | $ | 672 | ||||||||||
| Restricted cash and cash equivalents | 744 | 321 | ||||||||||||
| Accounts receivable | ||||||||||||||
| Customer accounts receivable | 2,129 | 2,189 | ||||||||||||
| Customer allowance for credit losses | (341) | (320) | ||||||||||||
| Customer accounts receivable, net | 1,788 | 1,869 | ||||||||||||
| Other accounts receivable | 1,726 | 1,068 | ||||||||||||
| Other allowance for credit losses | (84) | (72) | ||||||||||||
| Other accounts receivable, net | 1,642 | 996 | ||||||||||||
| Inventories, net | ||||||||||||||
| Fossil fuel | 235 | 105 | ||||||||||||
| Materials and supplies | 522 | 476 | ||||||||||||
| Regulatory assets | 1,300 | 1,296 | ||||||||||||
| Other | 378 | 387 | ||||||||||||
| Current assets of discontinued operations | — | 7,835 | ||||||||||||
| Total current assets | 7,055 | 13,957 | ||||||||||||
| Property, plant, and equipment, net | 67,572 | 64,558 | ||||||||||||
| Deferred debits and other assets | ||||||||||||||
| Regulatory assets | 8,224 | 8,224 | ||||||||||||
| Goodwill | 6,630 | 6,630 | ||||||||||||
| Receivable related to Regulatory Agreement Units | 2,658 | — | ||||||||||||
| Investments | 230 | 250 | ||||||||||||
| Other | 1,086 | 885 | ||||||||||||
| Property, plant, and equipment, deferred debits, and other assets of discontinued operations | — | 38,509 | ||||||||||||
| Total deferred debits and other assets | 18,828 | 54,498 | ||||||||||||
| Total assets | $ | 93,455 | $ | 133,013 | ||||||||||
3
| September 30, 2022 | December 31, 2021 | |||||||||||||
| Liabilities and shareholders’ equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Short-term borrowings | $ | 1,690 | $ | 1,248 | ||||||||||
| Long-term debt due within one year | 1,300 | 2,153 | ||||||||||||
| Accounts payable | 2,693 | 2,379 | ||||||||||||
| Accrued expenses | 1,213 | 1,137 | ||||||||||||
| Payables to affiliates | 5 | 5 | ||||||||||||
| Regulatory liabilities | 493 | 376 | ||||||||||||
| Mark-to-market derivative liabilities | — | 18 | ||||||||||||
| Unamortized energy contract liabilities | 10 | 89 | ||||||||||||
| Other | 1,313 | 766 | ||||||||||||
| Current liabilities of discontinued operations | — | 7,940 | ||||||||||||
| Total current liabilities | 8,717 | 16,111 | ||||||||||||
| Long-term debt | 35,283 | 30,749 | ||||||||||||
| Long-term debt to financing trusts | 390 | 390 | ||||||||||||
| Deferred credits and other liabilities | ||||||||||||||
| Deferred income taxes and unamortized investment tax credits | 11,113 | 10,611 | ||||||||||||
| Regulatory liabilities | 8,844 | 9,628 | ||||||||||||
| Pension obligations | 1,366 | 2,051 | ||||||||||||
| Non-pension postretirement benefit obligations | 796 | 811 | ||||||||||||
| Asset retirement obligations | 266 | 271 | ||||||||||||
| Mark-to-market derivative liabilities | 67 | 201 | ||||||||||||
| Unamortized energy contract liabilities | 37 | 146 | ||||||||||||
| Other | 1,994 | 1,573 | ||||||||||||
| Long-term debt, deferred credits, and other liabilities of discontinued operations | — | 25,676 | ||||||||||||
| Total deferred credits and other liabilities | 24,483 | 50,968 | ||||||||||||
| Total liabilities | 68,873 | 98,218 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Shareholders’ equity | ||||||||||||||
| Common stock | 20,895 | 20,324 | ||||||||||||
| Treasury stock, at cost | (123) | (123) | ||||||||||||
| Retained earnings | 4,502 | 16,942 | ||||||||||||
| Accumulated other comprehensive loss, net | (692) | (2,750) | ||||||||||||
| Total shareholders’ equity | 24,582 | 34,393 | ||||||||||||
| Noncontrolling interests | — | 402 | ||||||||||||
| Total equity | 24,582 | 34,795 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 93,455 | $ | 133,013 | ||||||||||
4
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
| Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 1,739 | $ | 1,441 | ||||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||||||||||
| Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 2,679 | 6,204 | ||||||||||||
| Asset impairments | 46 | 541 | ||||||||||||
| Gain on sales of assets and businesses | (8) | (147) | ||||||||||||
| Deferred income taxes and amortization of investment tax credits | 256 | (45) | ||||||||||||
| Net fair value changes related to derivatives | (59) | (1,244) | ||||||||||||
| Net realized and unrealized losses (gains) on NDT funds | 205 | (383) | ||||||||||||
| Net unrealized losses on equity investments | 16 | 83 | ||||||||||||
| Other non-cash operating activities | 265 | (293) | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Accounts receivable | (1,049) | (254) | ||||||||||||
| Inventories | (121) | (101) | ||||||||||||
| Accounts payable and accrued expenses | 823 | 354 | ||||||||||||
| Option premiums paid, net | (39) | (186) | ||||||||||||
| Collateral received, net | 1,456 | 2,111 | ||||||||||||
| Income taxes | 3 | 250 | ||||||||||||
| Regulatory assets and liabilities, net | (689) | (367) | ||||||||||||
| Pension and non-pension postretirement benefit contributions | (596) | (602) | ||||||||||||
| Other assets and liabilities | (786) | (3,221) | ||||||||||||
| Net cash flows provided by operating activities | 4,141 | 4,141 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Capital expenditures | (5,179) | (5,970) | ||||||||||||
| Proceeds from NDT fund sales | 488 | 5,766 | ||||||||||||
| Investment in NDT funds | (516) | (5,900) | ||||||||||||
| Collection of DPP | 169 | 3,052 | ||||||||||||
| Proceeds from sales of assets and businesses | 16 | 801 | ||||||||||||
| Other investing activities | 36 | 40 | ||||||||||||
| Net cash flows used in investing activities | (4,986) | (2,211) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Changes in short-term borrowings | (335) | (744) | ||||||||||||
| Proceeds from short-term borrowings with maturities greater than 90 days | 1,150 | 1,380 | ||||||||||||
| Repayments on short-term borrowings with maturities greater than 90 days | (925) | — | ||||||||||||
| Issuance of long-term debt | 5,801 | 3,406 | ||||||||||||
| Retirement of long-term debt | (2,067) | (1,618) | ||||||||||||
| Issuance of common stock | 563 | — | ||||||||||||
| Dividends paid on common stock | (999) | (1,121) | ||||||||||||
| Acquisition of CENG noncontrolling interest | — | (885) | ||||||||||||
| Proceeds from employee stock plans | 26 | 63 | ||||||||||||
| Transfer of cash, restricted cash, and cash equivalents to Constellation | (2,594) | — | ||||||||||||
| Other financing activities | (121) | (93) | ||||||||||||
| Net cash flows provided by financing activities | 499 | 388 | ||||||||||||
| (Decrease) increase in cash, restricted cash, and cash equivalents | (346) | 2,318 | ||||||||||||
| Cash, restricted cash, and cash equivalents at beginning of period | 1,619 | 1,166 | ||||||||||||
| Cash, restricted cash, and cash equivalents at end of period | $ | 1,273 | $ | 3,484 | ||||||||||
5
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended September 30, 2022 and 2021
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 0.47 | $ | 220 | $ | 111 | $ | 36 | $ | 266 | $ | (176) | $ | 457 | |||||||||||||||||||||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||
| Cost Management Program (net of taxes of $0) | — | — | 1 | 1 | 1 | 1 | 4 | ||||||||||||||||||||||||||||||||||
| COVID-19 Direct Costs (net of taxes of $0) (1) | — | — | 1 | 1 | 1 | — | 3 | ||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation (net of taxes of $1) | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||
| Acquisition Related Costs (net of taxes of $2) (2) | 0.01 | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $1) (3) | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $2, $1, $1, $1, $3 and $8, respectively) (4) | 0.02 | 4 | 2 | 2 | 3 | 5 | 16 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax (expense) (5) | 0.03 | — | — | — | — | 26 | 26 | ||||||||||||||||||||||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.53 | $ | 224 | $ | 114 | $ | 40 | $ | 272 | $ | (128) | $ | 522 | |||||||||||||||||||||||||||
| Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.02 | $ | — | (b) | $ | 21 | $ | — | (b) | $ | 1 | (b) | $ | — | $ | 22 | ||||||||||||||||||||||||
| Load | (0.02) | — | (b) | (17) | — | (b) | (1) | (b) | — | (18) | |||||||||||||||||||||||||||||||
| Distribution and Transmission Rates (7) | 0.12 | 39 | (c) | 35 | (c) | 26 | (c) | 21 | (c) | — | 121 | ||||||||||||||||||||||||||||||
| Other Energy Delivery (8) | 0.12 | 83 | (c) | 14 | (c) | 2 | (c) | 18 | (c) | — | 117 | ||||||||||||||||||||||||||||||
| Operating and Maintenance Expense (9) | 0.01 | (27) | 10 | 8 | (7) | 23 | 7 | ||||||||||||||||||||||||||||||||||
| Pension and Non-Pension Postretirement Benefits | 0.01 | 6 | 2 | 2 | (1) | 5 | 14 | ||||||||||||||||||||||||||||||||||
| Depreciation and Amortization Expense (10) | (0.05) | (22) | (5) | (4) | (20) | 2 | (49) | ||||||||||||||||||||||||||||||||||
| Other (11) | 0.01 | (10) | — | (4) | 3 | 20 | 9 | ||||||||||||||||||||||||||||||||||
| Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.22 | $ | 69 | $ | 60 | $ | 30 | $ | 14 | $ | 50 | $ | 223 | |||||||||||||||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 0.68 | $ | 291 | $ | 135 | $ | 33 | $ | 289 | $ | (72) | $ | 676 | |||||||||||||||||||||||||||
| Asset Retirement Obligation (net of taxes of $2) | — | — | — | — | (4) | — | (4) | ||||||||||||||||||||||||||||||||||
| Asset Impairments (net of taxes of $10) (6) | 0.04 | — | — | 37 | — | — | 37 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $1, $0, $0, $0, $2, and $1, respectively) (4) | — | 2 | 1 | 1 | 1 | (8) | (3) | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (5) | 0.04 | — | 38 | — | — | — | 38 | ||||||||||||||||||||||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 0.75 | $ | 293 | $ | 174 | $ | 70 | $ | 286 | $ | (78) | $ | 745 | |||||||||||||||||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations 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 2022 and 2021 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)For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all 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 direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)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.
6
(5)In 2022, for PECO, reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. In 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
(8)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(9)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects higher contracting costs. For PECO, primarily reflects decreased storm costs, partially offset by increases in various expenses. For BGE, primarily reflects decreased storm costs. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(10)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs.
(11)For ComEd, includes increased charges related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense, partially offset by an increase in interest expense.
7
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Nine Months Ended September 30, 2022 and 2021
(unaudited)
(in millions, except per share data)
| Exelon Earnings per Diluted Share | ComEd | PECO | BGE | PHI | Other (a) | Exelon | |||||||||||||||||||||||||||||||||||
| 2021 GAAP Net Income (Loss) from Continuing Operations | $ | 1.33 | $ | 609 | $ | 383 | $ | 290 | $ | 535 | $ | (510) | $ | 1,307 | |||||||||||||||||||||||||||
| Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $2) | 0.01 | — | — | — | — | 6 | 6 | ||||||||||||||||||||||||||||||||||
| Cost Management Program (net of taxes of $0) | 0.01 | — | 1 | 1 | 1 | 2 | 5 | ||||||||||||||||||||||||||||||||||
| COVID-19 Direct Costs (net of taxes of $1, $1, $1 and $3, respectively) (1) | 0.01 | — | 3 | 2 | 2 | — | 7 | ||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation (net of taxes of $1) | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||
| Acquisition Related Costs (net of taxes of $5) (2) | 0.02 | — | — | — | — | 15 | 15 | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $0, $0, $0, $2 and $2, respectively) (3) | 0.01 | — | 1 | 1 | 1 | 7 | 10 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $3, $1, $1, $2, $6 and $13, respectively) (4) | 0.03 | 7 | 3 | 4 | 5 | 10 | 29 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (5) | 0.02 | — | — | — | — | 24 | 24 | ||||||||||||||||||||||||||||||||||
| 2021 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 1.43 | $ | 617 | $ | 391 | $ | 298 | $ | 546 | $ | (447) | $ | 1,405 | |||||||||||||||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: | |||||||||||||||||||||||||||||||||||||||||
| Weather | $ | 0.01 | $ | — | (b) | $ | 14 | $ | — | (b) | $ | (2) | (b) | $ | — | $ | 12 | ||||||||||||||||||||||||
| Load | (0.01) | — | (b) | (6) | — | (b) | (4) | (b) | — | (10) | |||||||||||||||||||||||||||||||
| Distribution and Transmission Rates (7) | 0.30 | 82 | (c) | 101 | (c) | 46 | (c) | 68 | (c) | — | 297 | ||||||||||||||||||||||||||||||
| Other Energy Delivery (8) | 0.32 | 192 | (c) | 31 | (c) | 31 | (c) | 59 | (c) | — | 313 | ||||||||||||||||||||||||||||||
| Operating and Maintenance Expense (9) | (0.13) | (68) | (7) | (23) | (64) | 31 | (131) | ||||||||||||||||||||||||||||||||||
| Pension and Non-Pension Postretirement Benefits | 0.04 | 16 | 5 | 7 | 1 | 9 | 38 | ||||||||||||||||||||||||||||||||||
| Depreciation and Amortization Expense (10) | (0.16) | (64) | (14) | (26) | (60) | 3 | (161) | ||||||||||||||||||||||||||||||||||
| Other (11) | 0.05 | (60) | 2 | (25) | (21) | 152 | 48 | ||||||||||||||||||||||||||||||||||
| Share Differential (12) | (0.01) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings | $ | 0.41 | $ | 98 | $ | 126 | $ | 10 | $ | (23) | $ | 195 | $ | 406 | |||||||||||||||||||||||||||
| 2022 GAAP Net Income (Loss) from Continuing Operations | $ | 1.65 | $ | 706 | $ | 474 | $ | 267 | $ | 518 | $ | (343) | $ | 1,622 | |||||||||||||||||||||||||||
| Asset Retirement Obligation (net of taxes of $2) | — | — | — | — | (4) | — | (4) | ||||||||||||||||||||||||||||||||||
| ERP System Implementation Costs (net of taxes of $0) (3) | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
| Asset Impairments (net of taxes of $10) (6) | 0.04 | — | — | 37 | — | — | 37 | ||||||||||||||||||||||||||||||||||
| Separation Costs (net of taxes of $4, $2, $2, $3, $0, and $10, respectively) (4) | 0.03 | 9 | 4 | 4 | 7 | 1 | 25 | ||||||||||||||||||||||||||||||||||
| Income Tax-Related Adjustments (entire amount represents tax expense) (5) | 0.13 | — | 38 | — | 3 | 89 | 130 | ||||||||||||||||||||||||||||||||||
| 2022 Adjusted (non-GAAP) Operating Earnings (Loss) | $ | 1.84 | $ | 715 | $ | 517 | $ | 308 | $ | 523 | $ | (252) | $ | 1,811 | |||||||||||||||||||||||||||
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations 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 2022 and 2021 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)For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all 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 direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)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.
(5)In 2022, for PECO, reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. In 2022, for Corporate, in connection with the separation, Exelon recorded an
8
income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs partially offset by a one-time impact associated with a state tax benefit. In 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
(8)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(9)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, partially reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement and higher contracting costs. For PECO, reflects increases in various expenses, mostly offset by decreased storm costs. For BGE, reflects higher credit loss expense and decreased storm costs. For PHI, includes increased storm costs, increased credit loss expense, and higher contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (YTD Q3 2022 includes one month of costs for the period prior to the separation compared to nine months of costs included in YTD Q3 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(10)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(11)For ComEd, includes increased charges related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in tax repairs deduction. For PHI, primarily reflects increased interest expense and the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense, partially offset by an increase in interest expense.
(12)Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
9
ComEd Statistics
Three Months Ended September 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 8,467 | 8,986 | (5.8) | % | 0.1 | % | $ | 935 | $ | 978 | (4.4) | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 8,003 | 8,243 | (2.9) | % | (1.4) | % | 217 | 433 | (49.9) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6,973 | 7,109 | (1.9) | % | (0.8) | % | (117) | 148 | (179.1) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 216 | 228 | (5.3) | % | (4.8) | % | 3 | 11 | (72.7) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 246 | 245 | 0.4 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 23,659 | 24,566 | (3.7) | % | (0.7) | % | 1,284 | 1,815 | (29.3) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 94 | (26) | (461.5) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 1,378 | $ | 1,789 | (23.0) | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 121 | $ | 703 | (82.8) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 75 | 16 | 79 | 368.8 | % | (5.1) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 778 | 866 | 722 | (10.2) | % | 7.8 | % | ||||||||||||||||||||||
Nine Months Ended September 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 21,835 | 22,228 | (1.8) | % | (0.4) | % | $ | 2,610 | $ | 2,479 | 5.3 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 22,705 | 22,610 | 0.4 | % | 0.6 | % | 953 | 1,176 | (19.0) | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 20,361 | 19,956 | 2.0 | % | 2.3 | % | 48 | 420 | (88.6) | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 659 | 698 | (5.6) | % | (5.5) | % | 22 | 33 | (33.3) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 718 | 676 | 6.2 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 65,560 | 65,492 | 0.1 | % | 0.7 | % | 4,351 | 4,784 | (9.1) | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 185 | 56 | 230.4 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 4,536 | $ | 4,840 | (6.3) | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 1,041 | $ | 1,728 | (39.8) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 3,953 | 3,632 | 3,861 | 8.8 | % | 2.4 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,155 | 1,257 | 988 | (8.1) | % | 16.9 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | |||||||||
| Residential | 3,711,894 | 3,699,376 | |||||||||
| Small commercial & industrial | 390,303 | 389,348 | |||||||||
| Large commercial & industrial | 1,892 | 1,865 | |||||||||
| Public authorities & electric railroads | 4,854 | 4,853 | |||||||||
| Total | 4,108,943 | 4,095,442 | |||||||||
__________
(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 $6 million and $9 million for the three months ended September 30, 2022 and 2021, respectively, and $14 million and $19 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charges.
10
PECO Statistics
Three Months Ended September 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,386 | 4,318 | 1.6 | % | (5.6) | % | $ | 620 | $ | 509 | 21.8 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 2,139 | 2,157 | (0.8) | % | (3.3) | % | 149 | 113 | 31.9 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,943 | 3,880 | 1.6 | % | 0.1 | % | 93 | 67 | 38.8 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 172 | 155 | 11.0 | % | 10.5 | % | 8 | 7 | 14.3 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 71 | 61 | 16.4 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 10,640 | 10,510 | 1.2 | % | (2.8) | % | 941 | 757 | 24.3 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | 5 | (100.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 941 | 762 | 23.5 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,197 | 2,244 | (2.1) | % | 0.3 | % | 46 | 36 | 27.8 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 2,054 | 1,926 | 6.6 | % | 9.5 | % | 20 | 13 | 53.8 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 6 | 4 | 50.0 | % | 19.6 | % | — | — | n/a | ||||||||||||||||||||||||||||||||
| Transportation | 5,162 | 5,356 | (3.6) | % | (9.3) | % | 5 | 5 | — | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 2 | 2 | — | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 9,419 | 9,530 | (1.2) | % | (3.1) | % | 73 | 56 | 30.4 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | 100.0 | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 73 | 56 | 30.4 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 1,014 | $ | 818 | 24.0 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 403 | $ | 277 | 45.5 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 19 | 4 | 24 | 375.0 | % | (20.8) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,290 | 1,094 | 1,021 | 17.9 | % | 26.3 | % | ||||||||||||||||||||||
11
Nine Months Ended September 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 11,204 | 11,201 | — | % | (2.0) | % | $ | 1,538 | $ | 1,325 | 16.1 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 5,889 | 5,796 | 1.6 | % | 0.8 | % | 386 | 312 | 23.7 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 10,691 | 10,627 | 0.6 | % | — | % | 229 | 183 | 25.1 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 489 | 425 | 15.1 | % | 15.1 | % | 23 | 24 | (4.2) | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 202 | 167 | 21.0 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 28,273 | 28,049 | 0.8 | % | (0.4) | % | 2,378 | 2,011 | 18.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 12 | 22 | (45.5) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 2,390 | 2,033 | 17.6 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 28,240 | 27,945 | 1.1 | % | 4.1 | % | 335 | 251 | 33.5 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 16,238 | 15,217 | 6.7 | % | 8.5 | % | 125 | 94 | 33.0 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 20 | 13 | 53.8 | % | 14.0 | % | — | — | n/a | ||||||||||||||||||||||||||||||||
| Transportation | 18,508 | 18,474 | 0.2 | % | (0.7) | % | 19 | 17 | 11.8 | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 7 | 4 | 75.0 | % | |||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 63,006 | 61,649 | 2.2 | % | 3.8 | % | 486 | 366 | 32.8 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | 1 | — | 100.0 | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 487 | 366 | 33.1 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 2,877 | $ | 2,399 | 19.9 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 1,093 | $ | 800 | 36.6 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,632 | 2,710 | 2,864 | (2.9) | % | (8.1) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,725 | 1,517 | 1,413 | 13.7 | % | 22.1 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | Number of Natural Gas Customers | 2022 | 2021 | |||||||||||||||||||||
| Residential | 1,523,269 | 1,514,836 | Residential | 500,934 | 495,752 | |||||||||||||||||||||
| Small commercial & industrial | 155,516 | 155,006 | Small commercial & industrial | 46,074 | 44,435 | |||||||||||||||||||||
| Large commercial & industrial | 3,120 | 3,108 | Large commercial & industrial | 9 | 6 | |||||||||||||||||||||
| Public authorities & electric railroads | 10,393 | 10,271 | Transportation | 656 | 670 | |||||||||||||||||||||
| Total | 1,692,298 | 1,683,221 | Total | 547,673 | 540,863 | |||||||||||||||||||||
__________
(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 $3 million and $2 million for the three months ended September 30, 2022 and 2021, and $5 million and $5 million for the nine months ended September 30, 2022 and 2021, 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 for both the three months ended September 30, 2022 and 2021, respectively, and $1 million and $1 million for the nine months ended September 30, 2022 and 2021, respectively.
12
BGE Statistics
Three Months Ended September 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 3,664 | 3,736 | (1.9) | % | — | % | $ | 406 | $ | 383 | 6.0 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 754 | 779 | (3.2) | % | — | % | 88 | 73 | 20.5 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,703 | 3,753 | (1.3) | % | (0.6) | % | 158 | 128 | 23.4 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 46 | 52 | (11.5) | % | (9.1) | % | 7 | 7 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 101 | 104 | (2.9) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 8,167 | 8,320 | (1.8) | % | (0.4) | % | 760 | 695 | 9.4 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (3) | (18) | (83.3) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 757 | 677 | 11.8 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,321 | 2,359 | (1.6) | % | (2.4) | % | 70 | 57 | 22.8 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 844 | 902 | (6.4) | % | (6.5) | % | 13 | 10 | 30.0 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 7,943 | 7,296 | 8.9 | % | 10.3 | % | 28 | 22 | 27.3 | % | |||||||||||||||||||||||||||||||
Other(f) | 82 | 612 | (86.6) | % | n/a | 2 | 6 | (66.7) | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 11,190 | 11,169 | 0.2 | % | 5.9 | % | 113 | 95 | 18.9 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | (2) | (100.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 113 | 93 | 21.5 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 870 | $ | 770 | 13.0 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 350 | $ | 290 | 20.7 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 50 | 42 | 71 | 19.0 | % | (29.6) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 711 | 739 | 613 | (3.8) | % | 16.0 | % | ||||||||||||||||||||||
13
Nine Months Ended September 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 9,985 | 10,046 | (0.6) | % | (0.5) | % | $ | 1,158 | $ | 1,044 | 10.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 2,126 | 2,128 | (0.1) | % | 0.3 | % | 239 | 202 | 18.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 10,090 | 10,054 | 0.4 | % | 0.8 | % | 418 | 342 | 22.2 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 152 | 149 | 2.0 | % | 2.9 | % | 20 | 20 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 297 | 269 | 10.4 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 22,353 | 22,377 | (0.1) | % | 0.2 | % | 2,132 | 1,877 | 13.6 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (10) | (11) | (9.1) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 2,122 | 1,866 | 13.7 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 28,382 | 25,758 | 10.2 | % | 7.0 | % | 448 | 354 | 26.6 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 6,895 | 6,226 | 10.7 | % | 6.9 | % | 77 | 59 | 30.5 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 31,854 | 29,559 | 7.8 | % | 7.5 | % | 128 | 103 | 24.3 | % | |||||||||||||||||||||||||||||||
Other(f) | 5,472 | 9,125 | (40.0) | % | n/a | 50 | 41 | 22.0 | % | ||||||||||||||||||||||||||||||||
Total natural gas revenues(g) | 72,603 | 70,668 | 2.7 | % | 7.2 | % | 703 | 557 | 26.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (15) | 3 | (600.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 688 | 560 | 22.9 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 2,810 | $ | 2,426 | 15.8 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 1,093 | $ | 840 | 30.1 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,737 | 2,708 | 2,958 | 1.1 | % | (7.5) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 990 | 1,039 | 872 | (4.7) | % | 13.5 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | Number of Natural Gas Customers | 2022 | 2021 | |||||||||||||||||||||
| Residential | 1,200,786 | 1,194,254 | Residential | 653,413 | 649,745 | |||||||||||||||||||||
| Small commercial & industrial | 115,778 | 114,814 | Small commercial & industrial | 38,128 | 38,216 | |||||||||||||||||||||
| Large commercial & industrial | 12,774 | 12,584 | Large commercial & industrial | 6,222 | 6,167 | |||||||||||||||||||||
| Public authorities & electric railroads | 266 | 268 | ||||||||||||||||||||||||
| Total | 1,329,604 | 1,321,920 | Total | 697,763 | 694,128 | |||||||||||||||||||||
__________
(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 $2 million and $4 million for the three months ended September 30, 2022 and 2021, respectively, and $5 million and $10 million for the nine months ended September 30, 2022 and 2021, 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 $3 million for the three months ended September 30, 2022 and 2021, respectively, and $8 million and $10 million for the nine months ended September 30, 2022 and 2021, respectively.
14
Pepco Statistics
Three Months Ended September 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 2,384 | 2,457 | (3.0) | % | (2.4) | % | $ | 318 | $ | 309 | 2.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 299 | 306 | (2.3) | % | (1.9) | % | 44 | 36 | 22.2 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,866 | 3,862 | 0.1 | % | 0.4 | % | 303 | 244 | 24.2 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 176 | 165 | 6.7 | % | 6.5 | % | 9 | 8 | 12.5 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 57 | 53 | 7.5 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 6,725 | 6,790 | (1.0) | % | (0.5) | % | 731 | 650 | 12.5 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (7) | 10 | (170.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 724 | $ | 660 | 9.7 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 230 | $ | 172 | 33.7 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 19 | — | 7 | n/a | 171.4 | % | |||||||||||||||||||||||
| Cooling Degree-Days | 1,218 | 1,221 | 1,185 | (0.2) | % | 2.8 | % | ||||||||||||||||||||||
Nine Months Ended September 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather- Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 6,390 | 6,495 | (1.6) | % | (1.5) | % | $ | 826 | $ | 785 | 5.2 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 855 | 884 | (3.3) | % | (3.4) | % | 117 | 101 | 15.8 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 10,499 | 10,091 | 4.0 | % | 3.9 | % | 806 | 616 | 30.8 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 451 | 506 | (10.9) | % | (10.8) | % | 25 | 24 | 4.2 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 157 | 154 | 1.9 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 18,195 | 17,976 | 1.2 | % | 1.2 | % | 1,931 | 1,680 | 14.9 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (12) | 56 | (121.4) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 1,919 | $ | 1,736 | 10.5 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 605 | $ | 471 | 28.5 | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,357 | 2,343 | 2,429 | 0.6 | % | (3.0) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,721 | 1,724 | 1,696 | (0.2) | % | 1.5 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | |||||||||
| Residential | 853,873 | 839,574 | |||||||||
| Small commercial & industrial | 54,423 | 53,849 | |||||||||
| Large commercial & industrial | 22,789 | 22,586 | |||||||||
| Public authorities & electric railroads | 196 | 179 | |||||||||
| Total | 931,281 | 916,188 | |||||||||
__________
(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 $2 million for the three months ended September 30, 2022 and 2021, respectively, and $4 million and $4 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charge revenues.
15
DPL Statistics
Three Months Ended September 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,574 | 1,594 | (1.3) | % | (2.7) | % | $ | 207 | $ | 198 | 4.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 667 | 671 | (0.6) | % | (1.2) | % | 65 | 53 | 22.6 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,167 | 1,160 | 0.6 | % | 0.2 | % | 43 | 27 | 59.3 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 10 | 10 | — | % | (1.6) | % | 4 | 4 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 55 | 56 | (1.8) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 3,418 | 3,435 | (0.5) | % | (1.4) | % | 374 | 338 | 10.7 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | (1) | (100.0) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 374 | 337 | 11.0 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 374 | 399 | (6.3) | % | (15.2) | % | 10 | 10 | — | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 331 | 352 | (6.0) | % | (10.2) | % | 6 | 5 | 20.0 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 397 | 395 | 0.5 | % | 0.6 | % | 3 | 2 | 50.0 | % | |||||||||||||||||||||||||||||||
| Transportation | 1,284 | 1,303 | (1.5) | % | (2.1) | % | 3 | 3 | — | % | |||||||||||||||||||||||||||||||
Other(g) | — | — | n/a | n/a | 16 | 3 | 433.3 | % | |||||||||||||||||||||||||||||||||
| Total natural gas revenues | 2,386 | 2,449 | (2.6) | % | (5.2) | % | 38 | 23 | 65.2 | % | |||||||||||||||||||||||||||||||
Other Revenues(f) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 38 | 23 | 65.2 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 412 | $ | 360 | 14.4 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 183 | $ | 138 | 32.6 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 31 | 9 | 24 | 244.4 | % | 29.2 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,046 | 998 | 911 | 4.8 | % | 14.8 | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 32 | 11 | 36 | 190.9 | % | (11.1) | % | ||||||||||||||||||||||
16
Nine Months Ended September 30, 2022 and 2021
| Electric and Natural Gas Deliveries | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
| Electric (in GWhs) | |||||||||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 4,257 | 4,245 | 0.3 | % | (0.1) | % | $ | 570 | $ | 535 | 6.5 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,809 | 1,787 | 1.2 | % | 1.1 | % | 173 | 145 | 19.3 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 3,207 | 3,145 | 2.0 | % | 2.0 | % | 99 | 70 | 41.4 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 32 | 34 | (5.9) | % | (4.7) | % | 11 | 11 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 168 | 143 | 17.5 | % | |||||||||||||||||||||||||||||||||
Total rate-regulated electric revenues(c) | 9,305 | 9,211 | 1.0 | % | 0.8 | % | 1,021 | 904 | 12.9 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (2) | 18 | (111.1) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | 1,019 | 922 | 10.5 | % | |||||||||||||||||||||||||||||||||||||
| Natural Gas (in mmcfs) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 5,810 | 5,507 | 5.5 | % | 4.7 | % | 77 | 67 | 14.9 | % | |||||||||||||||||||||||||||||||
| Small commercial & industrial | 2,882 | 2,647 | 8.9 | % | 9.1 | % | 35 | 29 | 20.7 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 1,259 | 1,247 | 1.0 | % | 0.9 | % | 9 | 5 | 80.0 | % | |||||||||||||||||||||||||||||||
| Transportation | 4,934 | 4,997 | (1.3) | % | (1.1) | % | 11 | 11 | — | % | |||||||||||||||||||||||||||||||
Other(f) | — | — | n/a | n/a | 25 | 6 | 316.7 | % | |||||||||||||||||||||||||||||||||
| Total rate-regulated natural gas revenues | 14,885 | 14,398 | 3.4 | % | 3.2 | % | 157 | 118 | 33.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | — | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total Natural Gas Revenues | 157 | 118 | 33.1 | % | |||||||||||||||||||||||||||||||||||||
| Total Electric and Natural Gas Revenues | $ | 1,176 | $ | 1,040 | 13.1 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power and Fuel | $ | 507 | $ | 402 | 26.1 | % | |||||||||||||||||||||||||||||||||||
| Electric Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,724 | 2,739 | 2,889 | (0.5) | % | (5.7) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,392 | 1,376 | 1,260 | 1.2 | % | 10.5 | % | ||||||||||||||||||||||
| Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
| Heating Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 2,828 | 2,848 | 3,029 | (0.7) | % | (6.6) | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | Number of Natural Gas Customers | 2022 | 2021 | |||||||||||||||||||||
| Residential | 480,779 | 476,008 | Residential | 129,005 | 127,740 | |||||||||||||||||||||
| Small commercial & industrial | 63,685 | 62,990 | Small commercial & industrial | 10,044 | 9,935 | |||||||||||||||||||||
| Large commercial & industrial | 1,230 | 1,215 | Large commercial & industrial | 16 | 21 | |||||||||||||||||||||
| Public authorities & electric railroads | 597 | 605 | Transportation | 156 | 158 | |||||||||||||||||||||
| Total | 546,291 | 540,818 | Total | 139,221 | 137,854 | |||||||||||||||||||||
__________
(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 September 30, 2022 and 2021, respectively and $5 million and $6 million for the nine months ended September 30, 2022 and 2021, respectively.
(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.
17
ACE Statistics
Three Months Ended September 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 1,516 | 1,540 | (1.6) | % | (2.8) | % | $ | 283 | $ | 275 | 2.9 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 478 | 435 | 9.9 | % | 10.1 | % | 70 | 61 | 14.8 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 885 | 874 | 1.3 | % | 0.9 | % | 55 | 49 | 12.2 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 9 | 9 | — | % | (1.6) | % | 3 | 3 | — | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 54 | 63 | (14.3) | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 2,888 | 2,858 | 1.0 | % | 0.3 | % | 465 | 451 | 3.1 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (3) | — | n/a | ||||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 462 | $ | 451 | 2.4 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 197 | $ | 230 | (14.3) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 38 | 11 | 30 | 245.5 | % | 26.7 | % | ||||||||||||||||||||||
| Cooling Degree-Days | 955 | 922 | 872 | 3.6 | % | 9.5 | % | ||||||||||||||||||||||
Nine Months Ended September 30, 2022 and 2021
| Electric Deliveries (in GWhs) | Revenue (in millions) | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | % Change | Weather - Normal % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||
Electric Deliveries and Revenues(a) | |||||||||||||||||||||||||||||||||||||||||
| Residential | 3,293 | 3,443 | (4.4) | % | (4.6) | % | $ | 611 | $ | 604 | 1.2 | % | |||||||||||||||||||||||||||||
| Small commercial & industrial | 1,179 | 1,073 | 9.9 | % | 9.8 | % | 171 | 146 | 17.1 | % | |||||||||||||||||||||||||||||||
| Large commercial & industrial | 2,396 | 2,351 | 1.9 | % | 1.8 | % | 151 | 139 | 8.6 | % | |||||||||||||||||||||||||||||||
| Public authorities & electric railroads | 34 | 33 | 3.0 | % | — | % | 11 | 10 | 10.0 | % | |||||||||||||||||||||||||||||||
Other(b) | — | — | n/a | n/a | 190 | 158 | 20.3 | % | |||||||||||||||||||||||||||||||||
Total electric revenues(c) | 6,902 | 6,900 | — | % | (0.2) | % | 1,134 | 1,057 | 7.3 | % | |||||||||||||||||||||||||||||||
Other Revenues(d) | (14) | 23 | (160.9) | % | |||||||||||||||||||||||||||||||||||||
| Total Electric Revenues | $ | 1,120 | $ | 1,080 | 3.7 | % | |||||||||||||||||||||||||||||||||||
| Purchased Power | $ | 497 | $ | 541 | (8.1) | % | |||||||||||||||||||||||||||||||||||
| % Change | |||||||||||||||||||||||||||||
| Heating and Cooling Degree-Days | 2022 | 2021 | Normal | From 2021 | From Normal | ||||||||||||||||||||||||
| Heating Degree-Days | 3,007 | 2,884 | 3,024 | 4.3 | % | (0.6) | % | ||||||||||||||||||||||
| Cooling Degree-Days | 1,231 | 1,246 | 1,178 | (1.2) | % | 4.5 | % | ||||||||||||||||||||||
| Number of Electric Customers | 2022 | 2021 | ||||||||||||
| Residential | 501,869 | 499,775 | ||||||||||||
| Small commercial & industrial | 62,204 | 61,838 | ||||||||||||
| Large commercial & industrial | 3,075 | 3,209 | ||||||||||||
| Public authorities & electric railroads | 731 | 707 | ||||||||||||
| Total | 567,879 | 565,529 | ||||||||||||
__________
(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 less than $1 million and $1 million for the three months ended September 30, 2022 and 2021, respectively, and $2 million for both the nine months ended September 30, 2022 and 2021.
(d)Includes alternative revenue programs.
18
