Sign In

Home

A DIVERSE PORTFOLIO WITH CLEAN ENERGY AT THE CENTER

Exelon Generation

Exelon Generation is America’s leading provider of zero-carbon nuclear energy. We generate power that’s reliable, every minute of the day. Exelon has a balanced portfolio of natural gas, hydro, wind, and solar. Customers count on us daily for reliable, efficient, often innovative energy production.

Exelon has one of the nation’s largest, cleanest, lowest-cost power generation fleets. Learn more about our energy footprint here.

 

 

Exelon Reports Fourth Quarter and Full Year 2020 Results And Initiates 2021 Financial OutlookExelon Reports Fourth Quarter and Full Year 2020 Results And Initiates 2021 Financial Outlook<div> <strong>Earnings Release Highlights<br></strong> <div><ul><li>GAAP Net Income of $0.37 per share and Adjusted (non-GAAP) Operating Earnings of $0.76 per share in the fourth quarter of 2020</li><li>Exelon to separate its utility and competitive energy businesses, creating two industry-leading companies </li><li>Exelon introduces 2021 adjusted (non-GAAP) operating earnings guidance range of $2.60-$3.00 per share, reflecting growth in Utilities, offset by impacts of the February severe weather event, lower realized energy and capacity revenues at Generation</li><li>Exelon Utilities project capital expenditures of $27 billion over the next four years to benefit its customers, supporting 7.6% annual rate base growth</li><li>All four utilities ended the year with their best performance ever on customer satisfaction; ComEd and PHI had their best-on-record performances in SAIFI and all utilities ended the year in the top decile</li><li>BGE received the first multi-year plan order from the Maryland PSC approving BGE’s proposed plan for 2021-2023 to recover capital investments and keep customer rates flat for the first year</li><li>Generation’s nuclear fleet capacity factor of 95.4% was the company's second highest ever (owned and operated units)<br></li></ul></div></div><div> <br> </div><div><div> <strong>CHICAGO</strong> — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2020.<br></div><div> <br> </div><div></div><div>“Our financial and operational performance remained solid through year-end, with each of our utilities reporting top-quartile reliability and record customer satisfaction scores, our zero-carbon nuclear fleet achieving a near-record capacity factor and our relationships with retail customers remaining durable as we continue to be a leading provider of clean and sustainable energy solutions,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “We also reached $400 million in cost savings -- $150 million more than planned – and reported full-year adjusted earnings above the midpoint of our original guidance range at $3.22 per share. While we are proud of these results, looking ahead we must reckon with the impact of the devastating winter storms that overwhelmed the electric grid and disrupted millions of lives across Texas last week. Though our gas plants routinely plan and train for harsh weather, this was an unprecedented and sustained winter event that caused periodic outages and severe financial impacts. As a result of these and other conditions, we are setting our 2021 earnings guidance range at $2.60-$3.00 per share.”</div><div> <br> <h3>FOURTH Quarter 2020</h3><div>Exelon's GAAP Net Income for the fourth quarter of 2020 decreased to $0.37 per share from $0.79 per share in the fourth quarter of 2019. Adjusted (non-GAAP) Operating Earnings decreased to $0.76 per share in the fourth quarter of 2020 from $0.83 per share in the fourth quarter of 2019. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 8.<br></div><div> <br> </div><div>Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2020 primarily reflect:<br></div><div><ul><li>Lower utility earnings due to lower allowed electric distribution ROE due to a decrease in treasury rates at ComEd; and unfavorable weather conditions at PECO; partially offset by regulatory rate increases at BGE and PHI; and<br></li><li><div>Lower Generation earnings due to lower realized energy prices; a reduction in load due to COVID-19; increased nuclear outage days; and the absence of research and development income tax benefits recognized in the fourth quarter of 2019; partially offset by higher capacity revenues; lower operating and maintenance expense; and unrealized gains resulting from equity investments that became publicly traded entities in the fourth quarter of 2020.<br></div></li></ul> <br> </div><div><h3>FULL YEAR 2020<br></h3><div>Exelon's GAAP Net Income for 2020 decreased to $2.01 per share from $3.01 per share in 2019. Exelon's Adjusted (non-GAAP) Operating Earnings for 2020 remained consistent with 2019 at $3.22 per share.<br><br>Adjusted (non-GAAP) Operating Earnings for the full year 2020 primarily reflect:<br></div><div><ul><li>Lower utility earnings due to lower electric distribution earnings from lower allowed ROE due to a decrease in treasury rates, partially offset by higher rate base at ComEd; unfavorable weather conditions at PECO and PHI; higher storm costs related to the June and August 2020 storms at PECO, net of tax repairs, and August 2020 storm at PHI; and higher depreciation and amortization expense at PECO, BGE and PHI due primarily to ongoing capital expenditures; partially offset by regulatory rate increases at BGE and PHI; and an increase in tax repairs deduction at PECO; and</li><li>Higher Generation earnings due to lower nuclear fuel costs; lower operating and maintenance expense; and unrealized gains resulting from equity investments that became publicly traded entities in the fourth quarter of 2020; partially offset by a reduction in load due to COVID-19; lower realized energy prices; lower capacity revenues; and increased nuclear outage days.<br></li></ul></div></div><div> <br> </div><h3>Operating Company Results<sup class="ms-rteFontSize-4">1</sup><br></h3><div> <strong>ComEd</strong></div><div>ComEd's fourth quarter of 2020 GAAP Net Income and (non-GAAP) Operating Earnings decreased to $134 million from $144 million in the fourth quarter of 2019, primarily due to lower allowed electric distribution ROE due to a decrease in treasury rates. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.<br></div><div> <br> </div><div> <strong>PECO</strong></div><div>PECO’s fourth quarter of 2020 GAAP Net Income increased to $130 million from $118 million in the fourth quarter of 2019. PECO’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2020 increased to $133 million from $119 million in the fourth quarter of 2019, primarily due to favorable volume and an increase in tax repairs deduction, partially offset by unfavorable weather conditions.</div><div> <br> </div><div> <strong>BGE</strong></div><div>BGE’s fourth quarter of 2020 GAAP Net Income decreased to $77 million from $99 million in the fourth quarter of 2019. BGE’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2020 decreased to $79 million from $101 million in the fourth quarter of 2019, primarily due to increased charitable contributions as a result of a commitment in the fourth quarter of 2020 to a multi-year small business grants program and due to various other activity, partially offset by regulatory rate increases. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.<br></div><div> <br> </div><div> <strong>PHI</strong></div><div>PHI’s fourth quarter of 2020 GAAP Net Income increased to $78 million from $65 million in the fourth quarter of 2019. PHI’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2020 increased to $81 million from $68 million in the fourth quarter of 2019, primarily due to regulatory rate increases. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns.<br></div><div> <br> <div> <strong>Generation</strong></div><div></div><div><div>Generation's fourth quarter of 2020 GAAP Net Income decreased to $19 million from $397 million in the fourth quarter of 2019. Generation’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2020 decreased to $391 million from $427 million in the fourth quarter of 2019, primarily due to lower realized energy prices, a reduction in load due to COVID-19, increased nuclear outage days, and the absence of research and development income tax benefits recognized in the fourth quarter of 2019, partially offset by higher capacity revenues, lower operating and maintenance expense, and unrealized gains resulting from equity investments that became publicly traded entities in the fourth quarter of 2020.<br><br></div><div>The proportion of expected generation hedged for the Mid-Atlantic, Midwest, New York and ERCOT reportable segments as of Dec. 31, 2020, was 94.0% to 97.0% for 2021.</div><div><br></div></div><div> <sub>1Exelon’s five 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; 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; and Generation, which consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.</sub><br></div><div> <sub> </sub></div></div><h3> <br>INITIATES ANNUAL GUIDANCE FOR 2021<br></h3><div>Exelon introduced a guidance range for 2021 Adjusted (non-GAAP) Operating Earnings of $2.60-$3.00 per share. The outlook for 2021 Adjusted (non-GAAP) Operating Earnings for Exelon and its subsidiaries excludes the following items:<br></div><div><div><ul><li>Mark-to-market adjustments from economic hedging activities;</li><li>Unrealized gains and losses from NDT funds to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements;  </li><li>Certain costs related to plant retirements; </li><li>Certain costs incurred to achieve cost management program savings;</li><li>Direct costs related to the novel coronavirus (COVID-19) pandemic; </li><li>Certain acquisition-related costs; </li><li>Costs related to a multi-year Enterprise Resource Program (ERP) system implementation; </li><li>Other items not directly related to the ongoing operations of the business; and</li><li>Generation's noncontrolling interest related to exclusion items.</li></ul></div><div> <br> </div></div><h3>Recent Developments and FOURTH Quarter Highlights<br></h3><div><ul><li> <strong>Planned Separation:</strong> Exelon announced on Feb. 24, 2021 that its Board of Directors approved a plan to separate its utilities business, comprised of the company’s six regulated electric and gas utilities, and Generation, its competitive power generation and customer-facing energy businesses, creating two publicly traded companies with the resources necessary to best serve customers and sustain long-term investment and operating excellence. The separation gives each company the financial and strategic independence to focus on its specific customer needs, while executing its core business strategy. Exelon is targeting to complete the separation in the first quarter of 2022, subject to final approval by Exelon’s Board of Directors, a Form 10 registration statement being declared effective by the SEC, regulatory approvals, and satisfaction of other conditions.  <br><br></li><li> <strong>Impacts of February 2021 Weather Events and Texas-based Generating Assets Outages:</strong> Beginning on Feb. 15, 2021, Generation’s Texas-based generating assets within the Electric Reliability Council of Texas (ERCOT) market, specifically Colorado Bend II, Wolf Hollow II, and Handley, experienced periodic outages as a result of historically severe cold weather conditions. In addition, those weather conditions drove increased demand for service, limited the availability of natural gas to fuel power plants, and dramatically increased wholesale power and gas prices.  <br></li></ul></div></div></div><blockquote style="margin:0px 0px 0px 40px;border:none;padding:0px;"><div><div><div><div>Exelon and Generation estimate the impact to their Net income for the first quarter of 2021 arising from these market and weather conditions to be approximately $560 million to $710 million. The estimated impact includes favorable results in certain regions within Generation’s wholesale gas business. The ultimate impact to Exelon’s and Generation’s consolidated financial statements may be affected by a number of factors, including final settlement data, the impacts of customer and counterparty credit losses, any state sponsored solutions to address the financial challenges caused by the event, and litigation and contract disputes which may result. Exelon expects to offset between $410 million and $490 million of this impact primarily at Generation through a combination of enhanced revenue opportunities, deferral of selected non-essential maintenance, and primarily one-time cost savings.   </div></div></div></div></blockquote><div><div><div><div> <br> </div></div></div></div><blockquote style="margin:0px 0px 0px 40px;border:none;padding:0px;"><div><div><div><div>Generation used a combination of commercial paper and letters of credit to manage collateral needs and has posted approximately $1.4 billion of collateral with ERCOT as of Feb. 22, 2021. Generation continues to believe it has sufficient cash on hand and available capacity on its revolver, which was $2.4 billion as of Feb. 22, 2021, to meet its liquidity requirements.     <br></div></div></div></div></blockquote><div><div><div><ul><li> <strong>Dividend</strong>: On Feb. 21, 2021, Exelon’s Board of Directors declared a regular quarterly dividend of $0.3825 per share on Exelon’s common stock for the first quarter of 2021. The dividend is payable on Monday, March 15, 2021, to shareholders of record of Exelon as of 5 p.m. Eastern time on Monday, March 8, 2021. The Board of Directors of Exelon approved an updated dividend policy for 2021. The 2021 quarterly dividend will remain the same as the 2020 dividend of $0.3825 per share.<br><br></li><li> <strong>Agreement for Sale of Generation’s Solar Business:</strong> On Dec. 8, 2020, Generation entered into an agreement with an affiliate of Brookfield Renewable Partners L.P. (“Brookfield Renewable”), for the sale of a significant portion of Generation’s solar business, including 360 megawatts of generation in operation or under construction across more than 600 sites across the United States. Generation will retain certain solar assets not included in this agreement, primarily Antelope Valley. Under the terms of the transaction, the purchase price is $810 million, subject to certain working capital and other post-closing adjustments. The transaction is expected to result in an estimated pre-tax gain ranging from $75 million to $125 million. Completion of the transaction contemplated by the sale agreement is subject to the satisfaction of several closing conditions and is expected to occur in the first half of 2021. <br><br></li><li> <strong>ComEd Distribution Formula Rate:</strong> On Dec. 9, 2020, the Illinois Commerce Commission issued an order approving ComEd’s 2021 revenue requirement. The order resulted in a $14 million decrease to the revenue requirement, reflecting a $50 million increase for the initial year revenue requirement for 2021 and a $64 million decrease related to the annual reconciliation for 2019. The revenue requirement for 2021 and the annual reconciliation for 2019 provide for a weighted average debt and equity return on distribution rate base of 6.28%, inclusive of an allowed ROE of 8.38%. The rates were effective on Jan. 1, 2021.<br><br></li><li> <strong>BGE Maryland Electric and Natural Gas Rate Case:</strong> On Dec. 16, 2020, the Maryland Public Service Commission (MDPSC) approved BGE’s three-year cumulative multi-year plan for 2021 through 2023 to recover capital investments made in late 2019 and planned capital investments from 2020 to 2023. The MDPSC offset the awarded electric and natural gas revenue increases in 2021 with certain tax benefits so customers would see no change in rates. The MDPSC’s order approved an increase in BGE’s electric distribution rates of $39 million in 2022 and $42 million in 2023 reflecting an ROE of 9.5% and an increase in BGE’s annual natural gas distribution rates of $11 million in 2022 and $10 million in 2023 reflecting an ROE of 9.65%. These rates are effective on Jan. 1, 2021. The MDPSC has deferred a decision on whether to use the tax benefits to offset the revenue requirement increases in 2022 and 2023 and BGE cannot predict the outcome.<br><br></li><li> <strong>DPL Delaware Natural Gas Base Rate Case:</strong> On Jan. 6, 2021, the Delaware Public Service Commission approved an increase in DPL’s annual natural gas distribution rates of $2 million with an effective date of Sept. 21, 2020 and reflecting an ROE of 9.6%. <br><br></li><li> <strong>ACE New Jersey Electric Distribution Base Rate Case:</strong> On Dec. 9, 2020, ACE filed an application with the New Jersey Board of Public Utilities (NJBPU) to increase its annual electric distribution rates by $67 million (before New Jersey sales and use tax), reflecting a requested ROE of 10.3%. ACE currently expects a decision in the fourth quarter of 2021 but cannot predict if the NJBPU will approve the application as filed. ACE intends to put rates into effect on Sept. 8, 2021, subject to refund.<br><br></li><li> <strong>Nuclear Operations:</strong> Generation’s nuclear fleet, including its owned output from the Salem generating station and 100% of the CENG units, produced 44,230 gigawatt-hours (GWhs) in the fourth quarter of 2020, compared with 44,647 GWhs in the fourth quarter of 2019. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 96.2% capacity factor for the fourth quarter of 2020, compared with 95.0% for the fourth quarter of 2019. Excluding Salem, the number of planned refueling outage days in the fourth quarter of 2020 totaled 57, compared with 64 in the fourth quarter of 2019. There were four non-refueling outage days in the fourth quarter of 2020, compared with eight in the fourth quarter of 2019.<br><br></li><li> <strong>Fossil and Renewables Operations:</strong> The Dispatch Match rate for Generation’s gas and hydro fleet was 98.8% in the fourth quarter of 2020, compared with 98.6% in the fourth quarter of 2019.</li></ul></div></div></div><blockquote style="margin:0px 0px 0px 40px;border:none;padding:0px;"><div><div><div><div><div>Energy Capture for the wind and solar fleet was 94.2% in the fourth quarter of 2020, compared with 96.2% in the fourth quarter of 2019. The lower performance in the quarter was driven by delays in turbine maintenance at some wind sites.</div></div></div></div></div></blockquote><div><div><div><p></p><ul><li> <strong>Financing Activities:</strong></li><ul><li>On Dec. 18, 2020, ExGen Renewables IV (EGR IV), an indirect subsidiary of Generation, entered into a financing agreement for a $750 million nonrecourse senior secured term loan credit facility scheduled to mature on Dec. 15, 2027. The term loan bears interest at a variable rate equal to LIBOR plus 2.75%, subject to a 1.00% LIBOR floor. Generation used the proceeds to repay EGR IV's Nov. 2017 non-recourse senior secured term loan credit facility and to settle the related interest rate swap.</li></ul></ul><p></p></div><div> <br> </div><h3>GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliations<br></h3><div>Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2020 do not include the following items (after tax) that were included in reported GAAP Net Income:<br></div><div> <br> <table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>(in millions)</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"><div> <strong>Exelon</strong></div><div> <strong>Earnings per</strong></div><div> <strong>Diluted</strong></div><div> <strong>Share</strong><br></div></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>Exelon</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>ComEd</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PECO</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>BGE</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PHI</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>Generation</strong><br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"> <strong>2020 GAAP Net Income (Loss)</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$0.37</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$360 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$134 </strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$130 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$77</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$78 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$19</strong><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $39 and $38, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.12<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">116<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">115<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Funds (net of taxes of $248)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.27)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(264)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(264)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $127)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.38 <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">370<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">370<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $3, $0, $1, and $2, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.01 <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">10<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">2<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">7<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">COVID-19 Direct Costs (net of taxes of $4, $1, $0, $0, and $3, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.01<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">14<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">2<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">10<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Asset Retirement Obligation (net of taxes of $15)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.05<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">45<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">45<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Acquisition Related Costs (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">— <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">2<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="text-align:center;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="text-align:center;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">2<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">ERP System Implementation Costs (net of taxes of $1, $0, and $1, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">1<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">2<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Income Tax-Related Adjustments (entire amount represents tax expense)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.01 <br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">5<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">— <br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span>— </span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span>— </span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span>— </span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;">—</span><br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Noncontrolling Interests (net of taxes of $17)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.09<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">85<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">85<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3"> <strong>2020 Adjusted (non-GAAP) Operating Earnings</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$0.76</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$746</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$134 </strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$133</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$79</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$81</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$391</strong><br></td></tr></tbody></table> <br> </div> <br> </div>Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2019 do not include the following items (after tax) that were included in reported GAAP Net Income:</div><div> <br> </div><div><table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>(in millions)</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"><div> <strong>Exelon</strong></div><div> <strong>Earnings per</strong></div><div> <strong>Diluted</strong></div><div> <strong>Share</strong><br></div></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>Exelon</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>ComEd</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PECO</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>BGE</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PHI</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>Generation</strong><br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"> <strong>2019 GAAP Net Income</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$0.79 </strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$773 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$144 </strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$118 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$99</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$65</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$397 </strong><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $35 and $32, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.10<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">101<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">95<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Gains Related to NDT Funds (net of taxes of $102)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.12)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(119)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(119)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Asset Impairments (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="text-align:center;">—</span> <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">4<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span> <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">3<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $6, $0, $0, $1, and $4, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.02 <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">21<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1 <br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">2 <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">13<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Change in Environmental Liabilities (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">4<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Income Tax-Related Adjustments (entire amount represents tax expense)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.01) <br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(8)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="background-color:#d8d8d8;"> <span style="text-align:center;"> <span style="text-align:center;"> <span style="text-align:center;">—</span></span></span></span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="background-color:#d8d8d8;"> <span style="text-align:center;">—</span></span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(2)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Noncontrolling Interests (net of taxes of $8)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.03<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">33<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">33<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3"> <strong>2019 Adjusted (non-GAAP) Operating Earnings</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$0.83</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$810 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$144</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$119</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$101 </strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$68 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$427</strong> <br></td></tr></tbody></table> <br><br>Adjusted (non-GAAP) Operating Earnings for the full year 2020 do not include the following items (after tax) that were included in reported GAAP Net Income:<br><br></div><div><table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>(in millions)</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"><div> <strong>Exelon</strong></div><div> <strong>Earnings per</strong></div><div> <strong>Diluted</strong></div><div> <strong>Share</strong><br></div></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>Exelon</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>ComEd</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PECO</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>BGE</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PHI</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>Generation</strong><br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"> <strong>2020 GAAP Net Income</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$2.01</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$1,963 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$438</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$447 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$349</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$495</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$589</strong><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $73 and $79, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.22)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(213)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(234)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Gains Related to NDT Funds (net of taxes of $278)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.26)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(256)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(256)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Asset Impairments (net of taxes of $135, $4, and $130, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.41<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">396<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">11<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">385<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $244)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.74<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">718<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">718<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $14, $1, $1, $3, and $10, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.05<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">45<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">8<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">31<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Change in Environmental Liabilities (net of taxes of $6)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.02<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">18<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">18<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Deferred Prosecution Agreement Payments (net of taxes of $0)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.20</td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">200<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">200</td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">COVID-19 Direct Costs (net of taxes of $19, $4, $2, $2, and $11, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.05<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">50<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="text-align:center;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">9<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">33<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Asset Retirement Obligation (net of taxes of $16, $1, and $15, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.05<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">48<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">45<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Acquisition Related Costs (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;">— </span> <br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">— <br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span>— </span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span>— </span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span>— </span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">4<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">ERP System Implementation Costs (net of taxes of $1, $0, and $1, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">1<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">2<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Income Tax-Related Adjustments (entire amount represents tax expense)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.07<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">71<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;">— </span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;">— </span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;">— </span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(1)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(28)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Noncontrolling Interests (net of taxes of $19)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.11<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">103<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">103<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"> <strong>2020 Adjusted (non-GAAP) Operating Earnings</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$3.22</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$3,149</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$648 </strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$460</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$358</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$509</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$1,410</strong><br></td></tr></tbody></table> <br> </div> <br>Adjusted (non-GAAP) Operating Earnings for the full year 2019 do not include the following items (after tax) that were included in reported GAAP Net Income:<br> <p></p><div><table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>(in millions)</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"><div> <strong>Exelon</strong></div><div> <strong>Earnings per</strong></div><div> <strong>Diluted</strong></div><div> <strong>Share</strong><br></div></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>Exelon</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>ComEd</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PECO</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>BGE</strong><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <strong>PHI</strong><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <strong>Generation</strong><br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"> <strong>2019 GAAP Net Income</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$3.01</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$2,936 </strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$688</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$528</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$360</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$477</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$1,125</strong><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $66 and $58, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.20<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">197<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">175<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Gains Related to NDT Funds (net of taxes of $269)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.31)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(299)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(299)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Asset Impairments (net of taxes of $56)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.13</td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">123<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">123</td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $9)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.12 <br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">118<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">118<br><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $17, $1, $1, $3, and $11, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.05<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">51<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="text-align:center;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">7<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">35<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Litigation Settlement Gain (net of taxes of $7)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.02)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(19)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(19)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Asset Retirement Obligation (net of taxes of $9)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.09)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(84)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;"><span style="font-size:11pt;font-family:"times new roman", serif;color:black;">—</span></span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(84)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Change in Environmental Liabilities (net of taxes of $8, $6, and $2, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.02<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">20</td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;background-cohttps://www.exeloncorp.com/newsroom/Exelon-Reports-Fourth-Quarter-and-Full-Year-2020-Results2/24/2021 10:50:00 AM
Exelon To Separate Its Utility And Competitive Energy Businesses Into Two Industry-Leading CompaniesExelon To Separate Its Utility And Competitive Energy Businesses Into Two Industry-Leading Companies<div><ul><li>Separation will establish the nation’s largest fully regulated transmission and distribution utility company and the largest carbon-free power producer paired with the leading customer-facing platform for clean, sustainable energy solutions<br></li><li>Unlocks strategic flexibility for each company to focus on its core business strategies to better meet evolving customer needs and stakeholder goals<br></li><li>Exelon to discuss separation and fourth quarter 2020 financial results today at 10 a.m. ET<br></li></ul></div><div><br></div><div><strong>CHICAGO </strong>— Exelon Corp. (Nasdaq: EXC) today announced its Board of Directors has approved a plan to separate Exelon Utilities (RemainCo), comprised of the company’s six regulated electric and gas utilities, and Exelon Generation (SpinCo), its competitive power generation and customer-facing energy businesses into two publicly traded companies with the resources necessary to best serve customers and sustain long-term investment and operating excellence. The separation gives each company the financial and strategic independence to focus on its specific customer needs, while executing its core business strategy. <br></div><div><br></div><div><div>It establishes RemainCo as the parent company for Exelon’s fully regulated transmission and distribution utilities, positioning it to deliver smart, clean, reliable and resilient energy to its customers while continuing to foster economic opportunity and equity in the diverse communities it serves. It also launches Spinco, a competitive generation and customer-facing company with the agility to adapt to a rapidly changing energy landscape as the nation’s largest provider of clean energy and leading integrated platform for sustainable energy solutions.</div><div><br></div><div>“Our industry is changing at a rapid pace and our customers expect us to continuously innovate to stay ahead of growing demand for clean energy, evolving business conditions and changing technology,” said Christopher M. Crane, president and CEO of Exelon. “Now is the right time to take this step to best serve our customers, employees, community partners and shareholders. These are two strong, distinct businesses that will benefit from the strategic flexibility to focus on their unique customer, market and community priorities.”</div><div><br></div><div><strong>Two Strong, Publicly Traded Companies</strong></div><div>RemainCo will be the parent company for Exelon’s fully regulated transmission and distribution utilities, delivering electricity and natural gas to more than 10 million customers. With operations across five states and the District of Columbia, its six utilities consistently rank in the top quartile or higher for grid reliability and other key performance metrics, making them among the best-run utilities in the nation. They include Atlantic City Electric in southern New Jersey, BGE in central Maryland, ComEd in northern Illinois, Delmarva Power in Delaware and eastern Maryland, Pepco in Washington, D.C., and central Maryland, and PECO in southeastern Pennsylvania. </div><div><br></div><div>Exelon Utilities has invested $22 billion over the last four years to modernize the grid and improve customer service, resulting in each utility achieving its best-ever customer satisfaction rating in 2020. As a standalone transmission and distribution company, RemainCo will continue that performance track record with an additional $27 billion in investment over the next four years to continue modernizing the grid while managing costs and keeping rates affordable. In addition, each Exelon utility has launched initiatives in their respective jurisdictions to expand transportation electrification and connect customers with options like solar and battery storage to reduce local air pollution, improve the health of the customers they serve and help communities meet their sustainability and climate goals.</div><div><br></div><div>While the structure of the company is changing, its commitment to investing in its communities will remain the same. Exelon Utilities gave $27.6 million to local nonprofits in 2020, and it expects to continue a high level of support for communities. Additionally, the utilities will continue supporting diverse businesses at maintained or increased levels. Exelon’s six utilities spent more than $2 billion with local women- and minority-owned businesses in 2020, setting a new record and helping to sustain jobs and promote diversity, equity and inclusion in its communities.</div><div><br></div><div>SpinCo will be the largest supplier of clean energy and sustainable solutions to homes, businesses and public-sector customers across the continental U.S., backed by more than 31,000 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydro assets. The company will produce about 12 percent of the nation’s carbon-free energy, making it an indispensable partner to businesses and state and local governments that are setting ambitious carbon-reduction goals and seeking long-term solutions to the climate crisis. </div><div><br></div><div>SpinCo’s clean generation fleet will be paired with the nation’s leading retail and wholesale supplier of power, natural gas and clean energy products and services for about two million homes, businesses and public-sector entities across the continental U.S., including three-fourths of the Fortune 100. </div><div><br></div><div>SpinCo will operate the nation’s largest fleet of carbon-free nuclear power plants, which produced 150 million megawatt hours of electricity last year – enough to power 13.6 million homes and avoid more than 106 million metric tons of carbon emissions. The company also operates approximately 12,000 megawatts of hydroelectric, wind, solar, natural gas and oil generation assets, which provide a mix of baseload, intermediate and peak power generation.   These characteristics make SpinCo uniquely positioned to advance the nation’s clean energy strategy and priorities.</div><div><br></div><div>To maintain the generation fleet’s legacy of safety, operational excellence and financial stewardship, the company will retire uneconomic assets that negatively affect its ability to provide a reliable source of clean power to tens of millions of American homes and businesses. </div><div><br></div><div><strong>Details of the Separation</strong></div><div>Under the separation plan, Exelon Corporation shareholders will retain their current shares of Exelon stock and receive a pro-rata dividend of shares of the new company’s stock in a transaction that is expected to be tax-free to Exelon and its shareholders for U.S. federal income tax purposes. The actual number of shares to be distributed to Exelon shareholders will be determined prior to closing. Exelon is targeting to complete the separation in the first quarter of 2022.</div><div><br></div><div>Exelon will continue to be led by CEO Chris Crane and the existing management team until the separation is complete through the public listing of SpinCo. Further details about each company will be released in the coming months, including information about senior management teams, board appointments and company names. </div><div> </div><div><strong>Timing and Approvals</strong></div><div>Exelon is targeting to complete the separation in the first quarter of 2022, subject to final approval by the company’s Board of Directors, a Form 10 registration statement being declared effective by the Securities and Exchange Commission, regulatory approvals and satisfaction of other conditions. The transaction is subject to approval by the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and New York Public Service Commission. Exelon shareholder approval is not required. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.</div><div><br></div><div><strong>Strong Fourth Quarter 2020 Results </strong></div><div>Exelon Corporation separately reported today strong fourth quarter 2020 results across its businesses, with more information available at <a href="/">exeloncorp.com</a>.</div><div><br><br></div><br><br></div><p><br></p>https://www.exeloncorp.com/newsroom/exelon-to-separate-its-utility-and-competitive-energy-businesses-into-two-industry-leading-companies2/24/2021 10:00:00 AM
Illinois' Six Nuclear Energy Facilities Operated at Near Full Power During Winter Cold SnapIllinois' Six Nuclear Energy Facilities Operated at Near Full Power During Winter Cold Snap<p><strong>WARRENVILLE, Ill.</strong> — While temperatures plunged across the U.S. last week, Exelon Generation's six Illinois nuclear plants operated around-the-clock, producing enough power to keep 11 million homes and businesses warm. All six nuclear facilities ran at nearly 100 percent output levels last week, providing schools, hospitals, businesses and residences the reliable, carbon-free electricity needed to keep heaters running during the cold snap.</p><p>"We are dedicated to delivering carbon-free, reliable energy for our customers when they need it most,” said Dave Rhoades, Exelon Generation Chief Nuclear Officer.  “We’re grateful to our 4,500 Illinois full-time essential workers for accomplishing that goal while managing frigid temperatures and working safely during the pandemic. Our resiliency and commitment to operational excellence ensures reliability, especially during these extreme conditions.” </p><p>Nuclear produces clean energy 24/7 and is the most reliable form of power generation, especially during extremely cold stretches when demand for electricity is high in Illinois. Despite the weather, the state’s nuclear plants have continuously sent baseload electricity to the grid, keeping families warm and protected from arctic temperatures and essential businesses and services operating across the region.</p><p>Exelon Generation’s Illinois nuclear fleet has proven its reliability year after year during Midwest deep freezes. The six Illinois nuclear plants recorded a near-perfect reliability rate last winter, running nearly 99 percent of their planned operating time, one of many indicators that industry experts use to rate efficiency and performance. Together, the plants generate more than half of Illinois’ electricity and nearly 90 percent of its carbon-free energy.</p><p>Winter resiliency and reliability requires year-long planning and maintenance. Exelon Generation workers spend months ensuring that backup generators and supplemental equipment is ready for inclement weather. Last fall, operators and maintenance personnel inspected freeze protection systems, tested electrical equipment, and properly aligned plant systems to prepare all Exelon Generation facilities for sub-zero temperatures, icy conditions, and heavy snowfall. These efforts are in addition to the many equipment upgrades and winter readiness maintenance activities performed during refueling outages.</p><p>Illinois’ nuclear plants recorded a near-perfect reliability rate last summer as well. During June, July and August of 2020, which was Illinois’ hottest summer on record, the plants operated 98.9 percent of the time. Whether it’s the hottest summer or coldest winter temperatures, Exelon Generation's nuclear fleet delivers carbon-free, baseload power critical for meeting the electricity demands of Illinois homes and businesses.<br></p>https://www.exeloncorp.com/newsroom/illinois-six-nuclear-energy-facilities-operated-at-near-full-power-during-winter-cold-snap2/22/2021 7:00:00 PM

Twitter Rollup

0% 100%

 

 

Bryan HansonGP0|#036d7cad-49e3-4a98-8821-efa704301d6d L0|#0036d7cad-49e3-4a98-8821-efa704301d6d|Exelon Generation GTSet|#bb697efb-4d63-4298-b4d0-ab279caf3fe8Executive Vice President and Chief Generation OfficerBryanHanson<img alt="Bryan Hanson Exelon Generation SVP" src="/leadership-and-governance/executives/PublishingImages/Exelon-Bryan-Hanson.png?RenditionID=11" style="BORDER:0px solid;" />https://www.exeloncorp.com/leadership-and-governance/executives/bryan-hansonBryan Hanson