Financial News

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

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 – 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.

___________

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.

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.

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 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.

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.

 

Earnings Release Attachments

Table of Contents

 

Consolidating Statement of Operations

1

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Cash Flows

5

 

 

Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

6

 

 

Statistics

 

ComEd

10

PECO

11

BGE

13

Pepco

16

DPL

17

ACE

19

 

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

 

 

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

 

__________

(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)

 

 

 

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

 

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

 

 

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

 

 

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.

(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.

 

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

 

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.

(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 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.

 

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.

 

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

%

 

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.

 

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

%

 

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