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Recent Rate Cases

The following resources provide facts about active rate case proceedings at the state level for all operating companies held by Exelon. Please note that they do not include all of the activities that might impact Exelon’s future results of operations, financial condition and cash flows.

Delaware

DPL DE (Electric) Distribution Rate Case
Docket #: 16-0649

Test Year
2015 Calendar Year
Black Box Settlement Terms

Test Period
12 months actual
Common Equity Ratio 
49.44%
Rate of Return
ROE: 10.60%; ROR: 7.19%
ROE: 9.70%
Rate Base
$839M
Revenue Requirement Increase
(Updated on March 8, 2017)(1,2)
$60.2M
$31.5M
Revenue increase includes approx. $7.5M of new depreciation and amortization expense

Residential Total Bill % Increase
7.25%
TBD
Notes
  • 5/17/16 DPL DE filed application with the Delaware Public Service Commission (DPSC) seeking increase in electric distribution base rates
  • 18 month forward-looking reliability and other plant additions from January 2016 through June 2017 ($8.4M of Revenue Requirement based on 10.60% ROE) included in revenue requirement request
  • Includes the Pay as You Go Program, a proposed pilot program that would be cooperatively designed to use the capability of the AMI meters to offer a voluntary pre-paid metering option for customers
  • 3/8/17 Unanimous settlement filed with the DPSC
  • New depreciation rates included in the revenue increase
  • Recovery of $28.6M of direct load control and dynamic pricing regulatory assets to be amortized over 10 years
  • Approval to establish regulatory asset for costs to achieve synergy savings, amortized over 5 years
  • Actual synergy savings and costs to achieve will be reviewed in next base rate proceeding
  • Rates will go into effect 30 days after DPSC approval

(1) As permitted by Delaware law, Delmarva Power implemented interim rate increases of $2.5 million on July 16, 2016, and implemented an incremental $29.6M on December 17, 2016, subject to refund
(2) Revenue requirement includes changes in depreciation and amortization expense, which have no impact on pre-tax earnings


DPL DE (Gas) Distribution Rate Case
Docket #: 16-0650

Test Year
2015 Calendar Year
Black Box Settlement Terms
Test Period
12 months actual
Common Equity Ratio 
49.44%
Rate of Return
ROE: 10.60%; ROR: 7.19%
ROE: 9.70%
Rate Base
$362M
Revenue Requirement Increase(1,2)
$22.2M
$4.9M
Revenue increase includes net reduction of $4.8M in new depreciation and amortization expense
Residential Total Bill % Increase
10.40%
TBD
Notes
  • 5/17/16 DPL DE filed application with the DPSC seeking increase in gas distribution base rates

    Intervenor Positions:
  • Staff revenue decrease of $3.1M based on 9.20% ROE
  • Division of the Public Advocate (DPA) revenue decrease of $2.1M based on 9.00% ROE
  • 4/6/17 Unanimous settlement filed with the DPSC
  • New depreciation rates included in the revenue increase
  • Incremental labor costs for the Interface Management Unit (IMU) battery replacement project deferred into a regulatory asset for review in a future proceeding
  • Approval to establish regulatory asset for costs to achieve synergy savings, amortized over 5 years
  • Projected synergy savings and costs to achieve will be reviewed against actuals in next base rate proceeding
  • Rates will go into effect 30 days after DPSC approval

(1) As permitted by Delaware law, Delmarva Power implemented interim rate increases of $2.5 million on July 16, 2016, and implemented an incremental $10.4M on December 17, 2016, subject to refund
(2) Revenue requirement includes changes in depreciation and amortization expense, which have no impact on pre-tax earnings


Illinois

ComEd April 2016 Distribution Formula Rate
Docket #: 17-0196


Filing Year
2016 Calendar Year Actual Costs and 2017 Projected Net Plant Additions are used to set the rates for calendar year 2018.  Rates currently in effect (docket 16-0259) for calendar year 2017 were based on 2015 actual costs and 2016 projected net plant additions.

Reconciliation Year
Reconciles Revenue Requirement reflected in rates during 2016 to 2016 Actual Costs Incurred.  Revenue requirement for 2016 is based on docket 15-0287 (2014 actual costs and 2015 projected net plant additions) approved in December 2015.
Common Equity Ratio
~46% for both the filing and reconciliation year
ROE
8.40% for the filing year (2016 30-yr Treasury Yield of 2.60% + 580 basis point risk premium) and 8.34% for the reconciliation year (2016 30-yr Treasury Yield of 2.60% + 580 basis point risk premium – 6 basis points performance metrics penalty).  For 2017 and 2018, the actual allowed ROE reflected in net income will ultimately be based on the average of the 30-year Treasury Yield during the respective years plus 580 basis point spread, absent any metric penalties  
Requested Rate of Return
~6.5% for both the filing and reconciliation years
Rate Base
$9,662 million– Filing year (represents projected year-end rate base using 2016 actual plus 2017 projected capital additions).  2017 and 2018 earnings will reflect 2017 and 2018 year-end rate base respectively.
$8,807 million - Reconciliation year (represents year-end rate base for 2016)
Revenue Requirement Increase
$96M increase ($18M increase due to the 2016 reconciliation and collar adjustment in addition to a $78M increase related to the filing year).  The 2016 reconciliation impact on net income was recorded in 2016 as a regulatory asset.
Timeline
  • 04/13/17 Filing Date
  • 240 Day Proceeding

Pennsylvania

PECO Electric Distribution Rate Case & Settlement
Docket #:R-2015-2468981

Fully Projected Future Test Year 2016 Calendar Year
Requested Revenue Requirement$190M
Requested Common Equity Ratio (1)53.36%
Requested Rate of ReturnROE: 10.95%; ROR: 8.19%
Proposed Rate Base$4.1B
Proposed Revenue Requirement Settlement Increase$127M
Authorized Returns (2)N/A
System Average Increase as % of overall bill2.9%
Timeline 
  • 3/27/15 – PECO filed electric distribution rate case with PaPUC
  • 12/17/15 – PaPUC Final Order
  • Increased rates effective on January 1, 2016

Maryland

BGE November Rate Case Filing
Docket #: 9406

Electric

gas

Test YearDecember 2014- November 2015December 2014- November 2015
Common Equity Ratio (1)
51.9%  
51.9%  
Authorized Returns
ROE: 9.75%; ROR: 7.28%
ROE: 9.65%; ROR: 7.23%
Requested Rate of Return
7.95%
7.90%
Rate Base (adjusted)
$2.9B 
$1.2B
Revenue Requirement Increase (1)
$41.7M
$47.8M
Distribution Increase as % of overall bill for residential customer
2%
6%
Notes
  • 11/06/15 BGE filed application with the MDPSC seeking increases in electric & gas distribution base rates; request was subsequently revised in Q1 to reflect impact of additional actual data
  • 6/03/16 PSC Order received 
  • 6/04/16 New rates in effect
  • Order concluded that BGE’s AMI system overall is cost beneficial to customers, however the PSC made decisions in the rate case related to smart meters that made BGE take a $84M write-off (resulting in a Q2 2016 impairment charge). The PSC also disallowed $30M of added costs associated with BGE’s usage of the Baltimore City conduit system.
  • 6/30/16 filed request for rate case re-hearing asking that the PSC reconsider decisions resulting in $84M write-off and the disallowance of $30M of added Baltimore City conduit system; Request would result in no additional increase to customer rates.  The PSC requested and received comments on the rehearing request from the other parties.
  • 7/29/2016 PSC issued order on rehearing granting further increase to electric revenue requirement of $2.4M and gas revenue requirement of $0.1M and to defer post test year smart grid costs in a new regulatory asset so it may seek recovery of the costs in a future base rate proceeding.  The rehearing decision will result in a reversal of the write-off of $32.4M.  The PSC did not revise its decision on the Baltimore City conduit fee increase

DPL MD Distribution Rate Case
Docket #: 9424

Authorized Common Equity Ratio 
49.1%
Authorized Rate of Return
ROE: 9.60%; ROR: 6.74%
Authorized Rate Base (Adjusted)
$707M 
Authorized Revenue Requirement Increase(1)
$38.3M
Revenue increase includes net reduction of $11.8M in new depreciation and amortization expense 
Residential Total Bill % Increase
7.3%
Notes
  • Advanced Metering (“AMI”) system deemed cost-beneficial, and recovery to begin
  • Legacy meter recovery approved over 10 years, with no return
  • Post-test period reliability capital placed in service through September 2016 approved
  • Extension of the Grid Resiliency Program in 2017-2018 was not approved
  • Disallowance of 100% of Supplemental Executive Retirement Plan (SERP)
  • Commission Final Order Received: 2/15/17


Pepco MD Rate Case
Docket #: 9443

Test Year
May 1, 2016 – April 30, 2017
Test Period
8 months actual and 4 months estimated
Requested Common Equity Ratio 
50.15%
Requested Rate of Return
ROE: 10.10%;    ROR: 7.79%
Proposed Rate Base (Adjusted)
$1.71B 
Requested Revenue Requirement Increase(1)
$68.6M
Residential Total Bill % Increase
5.52%
Notes
  • 3/24/17 Pepco MD filed application with the Maryland Public Service Commission (MDPSC ) seeking increase in electric distribution base rates 
  • Size of ask is driven by Continued Investments in the electric distribution system to maintain and increase reliability and customer service
  • Normalization of tax benefits on pre-1981 removal costs
  • 8 month forward looking reliability and other plant additions from May 2017 through December 2017 ($13.3M of Revenue Requirement based on 10.10% ROE) included in revenue requirement request
  • Company is seeking recovery of the restoration portion of the Supplemental Executive Retirement Plan (SERP)

    Procedural Schedule:
  • Intervenor Direct Testimony Due: 6/30/17
  • Rebuttal Testimony Due: 8/1/17
  • Evidentiary Hearings: 9/5/17 – 9/15/17
  • Brief Due: 10/3/17
  • Commission Order Expected: 10/20/17
(1) Revenue requirement includes changes in depreciation and amortization expense, which have no impact on pre-tax earnings


New Jersey

ACE Electric Distribution Rate Case – Settlement
Docket #: ER17030308

Test Year
August 1, 2016 – July 31, 2017
Test Period
5 months actual and 7 months estimated
Requested Common Equity Ratio 
50.14%
Requested Rate of Return
ROE: 10.10%; ROR: 7.83%
Proposed Rate Base (Adjusted)
$1.37B
Requested Revenue Requirement Increase(1)
$70.2M 
Residential Total Bill % Increase
6.57%
Notes

  • 3/30/17 ACE filed application with the New Jersey Board of Public Utilities (NJBPU) seeking increase in electric distribution base rates 
  • Recovery of investment in infrastructure to maintain and harden the electric distribution system 
  • Ratemaking adjustments to address declining sales 
  • 8 month forward-looking reliability and other plant additions from August 2017 through March 2018 ($8.4M of Revenue Requirement based on 10.10% ROE) included in revenue requirement request
  • Proposal of a Non-Incremental System Renewal Recovery Charge for recovery of non-incremental reliability spend over four years (2018-2021) of $376 million

(1) Revenue requirement includes changes in depreciation and amortization expense, which have no impact on pre-tax earnings


Washington D.C.

Pepco DC Distribution Rate Case
Docket #: 1139

Test Year
April 1, 2015 – March 31, 2016
Test Period
12 months actual
Requested Common Equity Ratio 49.14%
Requested Rate of ReturnROE: 10.60%;    ROR: 8.00%
Proposed Rate Base (Adjusted)$1.7B 
Requested Revenue Requirement Increase(1)
(Updated on February 1, 2017)
$76.8M
Residential Total Bill % Increase(2)
4.62%
Notes
  • 6/30/16 Pepco-DC filed application with the District of Columbia Public Service Commission (DCPSC) seeking increase in electric distribution base rates

    Intervenor Positions:
  • Office of the People’s Council (OPC) revenue increase of $25.8M based on 8.60% ROE
  • Apartment and Office Building Association (AOBA) revenue increase of $62.2M based on 9.25% ROE
  • Healthcare Council of the National Capital Area (HCNCA) revenue increase of $16.8M based on 8.75% ROE
  • District of Columbia Water and Sewer Authority (DC Water) revenue increase of $52.7M based on 9.10% ROE

    Remaining Procedural Schedule:
  • Final Briefs Filed: 4/26/17
  • Commission Order Expected: 7/25/17​
(1)Revenue requirement includes changes in depreciation and amortization expense, which have no impact on pre-tax earnings
(2)As proposed by the Company, the full allocation of the CBRC to Residential and MMA customers, along with the proposal for a $1M Incremental Offset for residential customers, will ensure that residential customers do not receive an increase on the distribution portion of their bill until approximately January 2019 (February 2019 for MMA customers). Upon expiration of the CBRC and Incremental Offset proposed by the Company, this rate increase would translate to a 4.62% total bill increase for a residential customer.