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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 (and growing) 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 Second Quarter 2020 ResultsExelon Reports Second Quarter 2020 Results<div> <strong>Earnings Release Highlights</strong></div><div><ul><li>GAAP Net Income of $0.53 per share and Adjusted (non-GAAP) Operating Earnings of $0.55 per share for the second quarter of 2020<br></li><li>Reaffirming full year 2020 adjusted (non-GAAP) operating earnings guidance of $2.80-$3.10 per share<br></li><li>Strong utility reliability and customer operations performance - every utility achieved top quartile in outage frequency & duration, customer satisfaction, abandon rate, and gas odor response<br></li><li>Generation’s nuclear fleet capacity factor of 95.4% was the highest Q2 value in over a decade<br></li><li>First Multi-Year Plan rate filing in Maryland was filed by BGE in May; filing proposes flat rates through 2022<br></li><li>The annual Benchmarking Air Emissions report published in July showed that Exelon continues to have the lowest carbon intensity among major electricity producers in the United States with an intensity that is 90 percent lower than the industry average.<br></li><li>Exelon Utilities announced that by 2025, 30 percent of vehicle fleets will be electrified.  By 2030, that number will increase to 50 percent.<br></li></ul></div><div> <br> <div> <strong>CHICAGO </strong>— Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2020.<br></div><div> <br> </div><div>“From a financial and operational standpoint, we finished the quarter strong, with each of our utilities maintaining high reliability in the face of a particularly active storm season and our nuclear fleet delivering its highest capacity factor in a decade,” said Christopher M. Crane, president and CEO of Exelon. “We also reached an agreement with the U.S. Attorney’s Office to resolve its investigation into ComEd’s past lobbying practices in Illinois. The conduct cited in the agreement did not live up to our values, and we took immediate action to identify deficiencies and implement new policies to ensure it won’t happen again. As we go forward, our employees remain focused on doing their essential work safely during this pandemic, and serving our customers and communities with the highest standards of ethics, integrity and performance.”<br></div><div> <br> </div><div>“Accelerated cost savings at Exelon Generation helped offset the impact of damaging storms that affected utility earnings in the mid-Atlantic, resulting in solid adjusted (non-GAAP) earnings of $0.55 per share, which exceeded our guidance range of $0.35 to $0.45 per share,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “Despite challenges caused by the pandemic, we continue to move forward with capital projects at our utilities, investing $1.5 billion during the second quarter to improve infrastructure, increase reliability and deliver better service to customers.”</div><div> <br> <h3>Second Quarter 2020<br></h3><div> <br> </div><div>Exelon's GAAP Net Income for the second quarter of 2020 increased to $0.53 per share from $0.50 per share in the second quarter of 2019. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $0.55 per share from  $0.60 per share in the second quarter of 2019. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 5.<br></div><div> <br> </div><div><p>Adjusted (non-GAAP) Operating Earnings in the second quarter of 2020 primarily reflect:</p><ul><li>Lower utility earnings primarily due to higher storm costs at PECO related to the June 2020 storms, higher credit loss expense at PECO and PHI that includes the impact of COVID-19, and distribution formula rate timing at ComEd, partially offset by favorable weather conditions at PECO; and<br></li><li>Higher Generation earnings due to lower operating and maintenance expense, partially offset by lower capacity revenues and reduction in load due to COVID-19.<br></li></ul></div><div><h3> <br> </h3><h3>Operating Company Results<sup class="ms-rteFontSize-3">1</sup><br></h3><div> <br> </div><div> <strong>ComEd</strong></div><div> <strong> <br></strong></div><div>ComEd had a GAAP Net Loss of  $61 million in the second quarter of 2020 compared with GAAP Net Income of $186 million in the second quarter of 2019. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $150 million from $186 million in the second quarter of 2019, primarily due to distribution formula rate timing. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.</div><div> <br> </div><div> <strong>PECO</strong></div><div> <br> </div><div>PECO’s second quarter of 2020 GAAP Net Income decreased to $39 million from $102 million in the second quarter of 2019. PECO’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $44 million from $103 million in the second quarter of 2019, primarily due to increased storm costs related to the June 2020 storms and credit loss expense that includes the impacts of COVID-19, partially offset by favorable weather conditions.</div><div> <br> </div><div> <strong>BGE</strong></div><div> <strong> <br></strong></div><div>BGE’s second quarter of 2020 GAAP Net Income and Adjusted (non-GAAP) Operating Earnings remained relatively consistent with the second quarter of 2019. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.</div><div> <br> </div><div> <strong>PHI</strong></div><div> <strong> <br></strong></div><div>PHI’s second quarter of 2020 GAAP Net Income decreased to $94 million from $106 million in the second quarter of 2019. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $98 million from $107 million in the second quarter of 2019, primarily due to credit loss expense that includes the impacts of COVID-19. 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.</div><div> <br> <div> <strong>Generation</strong></div><div> <strong> <br></strong></div><div>Generation's second quarter of 2020 GAAP Net Income increased to $476 million from $108 million in the second quarter of 2019. Generation’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 increased to $252 million from $202 million in the second quarter of 2019, primarily due to lower operating and maintenance expense, partially offset by lower capacity revenues and reduction in load due to COVID-19.</div><div> <br> </div><div>As of June 30, 2020, the percentage of expected generation hedged is 98%-101% and 76%-79% for 2020 and 2021, respectively.</div><div> <br> <sup>1</sup><sub> </sub><sub>Exelon’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> <br></sub></div> <br> </div><h3>Recent Developments and Second Quarter Highlights<br></h3><p> <br> </p><div><p></p><ul><li> <strong>COVID-19:</strong> Exelon continues to monitor developments related to the global outbreak (pandemic) of the 2019 novel coronavirus (COVID-19) pandemic and has taken proactive measures to protect the health and safety of employees, contractors and customers. As a provider of critical resources, Exelon has robust plans and contingencies in place to ensure business and operational continuity across a wide range of potentially disruptive events, including extensive preparedness for major public health crises. Exelon and its operating companies are working in close coordination with designated state and local emergency preparedness and health officials, and at the federal level through the Electric Subsector Coordinating Council. All Exelon employees have access to up-to-date information and resources and are following Centers for Disease Control guidelines to ensure safety. In addition, Exelon utilities have established incident command centers to address emergent customer and employee needs in real time. <br>The estimated impact of COVID-19 to Exelon utilities’ and Generation’s GAAP Net income as a result of COVID-19 is approximately $100 million and $50 million, respectively, for the second quarter of 2020 and primarily reflects the impact of reduction in load, incremental credit loss expense and direct costs related to COVID-19. Direct costs related to COVID-19 are excluded from Adjusted (non-GAAP) Operating Earnings. The Utility Registrants and Generation also expect a reduction in operating revenues for the second half of 2020 due to expected reduction in electric load. Further, Generation expects an increase in credit loss expense in the second half of 2020. There remains significant uncertainty in the economic forecast for the remainder of the year and its impact on Exelon’s operating revenues.  However, Exelon identified and is pursuing approximately $250 million in cost savings across its operating companies to offset part of the expected unfavorable impacts on operating revenues.</li><li> <strong>BGE Maryland Electric and Natural Gas Rate Case: </strong>On May 15, 2020, BGE filed an application for a three-year cumulative multi-year plan for 2021 through 2023 with the Maryland Public Service Commission (MDPSC) to increase its electric distribution rates by $140 million and natural gas distribution rates by $95 million in 2023 to recover capital investments made in late 2019 and planned capital investments from 2020 to 2023, reflecting an ROE of 10.1%. BGE currently expects a decision in the fourth quarter of 2020 but cannot predict if the MDPSC will approve the application as filed or the requested schedule.<br></li><li> <strong>DPL Maryland Electric Distribution Rate Case:</strong> On July 14, 2020, the MDPSC approved an increase in DPL's annual electric distribution rates of $12 million with an effective date of July 16, 2020 and reflecting an ROE of 9.6%.<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 43,416 gigawatt-hours (GWhs) in the second quarter of 2020, compared with 44,748 GWhs in the second quarter of 2019. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 95.4% capacity factor for the second quarter of 2020, compared with 95.1% for the second quarter of 2019. The number of planned refueling outage days in the second quarter of 2020 totaled 92, compared with 56 in the second quarter of 2019. There were no non-refueling outage days in the second quarter of 2020 and 28 in the second quarter of 2019.</li><li><strong>Fossil and Renewables Operations: </strong>The Dispatch Match rate for Generation’s fossil and hydro fleet was 97.4% in the second quarter of 2020, compared with 99.7% in the second quarter of 2019. The lower performance in the quarter was primarily due to outages at gas units in Texas. Energy Capture for the wind and solar fleet was 92.7% in the second quarter of 2020, compared with 96.0% in the second quarter of 2019. The lower performance in the quarter was attributed to turbines in outage awaiting parts to perform repairs.</li><li><strong>Financing Activities:</strong></li><ul><li>On June 8, 2020, PECO issued $350 million of its First and Refunding Mortgage Bonds, 2.80% Series due June 15, 2050. PECO used the proceeds for general corporate purposes.</li><li>On June 5, 2020, BGE issued $400 million of its 2.90% Senior Notes due June 15, 2050. BGE used the proceeds to repay commercial paper obligations and for general corporate purposes.</li><li>On June 9, 2020, DPL issued $100 million of its First Mortgage Bonds, 2.53% Series due June 9, 2030. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.</li><li>On July 1, 2020, DPL issued $78 million of its 1.05% Tax-Exempt Bonds due January 1, 2031. DPL used the proceeds to repay existing indebtedness.</li><li>On June 2, 2020, ACE issued $23 million of its 2.25% Tax-Exempt First Mortgage Bonds due June 1, 2029. ACE used the proceeds to repay existing indebtedness.</li><li>On June 9, 2020, ACE issued $100 million of its First Mortgage Bonds, 3.24% Series due June 9, 2050. ACE used the proceeds to repay existing indebtedness and for general corporate purposes.</li><li>On May 15, 2020, Generation issued $900 million of its 3.25% Senior Notes due June 1, 2025. Generation used the proceeds to repay existing indebtedness and for general corporate purposes.<br></li></ul></ul><p></p></div><div><h3>GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation<br></h3> <br> <div>Adjusted (non-GAAP) Operating Earnings for the second 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>$0.53</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$521</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$(61)</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$39</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$39</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$94</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$476</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 $18 and $20, 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;">—<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;">(60)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Fund Investments (net of taxes of $275)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.31)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(305)<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;"> <span style="background-color:#d8d8d8;">(305)</span><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Asset Impairments (net of taxes of $7, $4 and $3, 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;">19<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">11<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<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;">8<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $2)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.01<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">7<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;"> <span style="background-color:#d8d8d8;">7</span><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $3, $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;">6<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="font-size:11pt;font-family:"times new roman", serif;color:black;">—</span><span style="color:#000000;font-family:-webkit-standard;font-size:medium;"></span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span style="font-size:11pt;font-family:"times new roman", serif;color:black;">—</span><span style="color:#000000;font-family:-webkit-standard;font-size:medium;"></span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span style="font-size:11pt;font-family:"times new roman", serif;color:black;">—</span><span style="color:#000000;font-family:-webkit-standard;font-size:medium;"></span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">5<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Change in Environmental Liabilities (net of taxes of $0)<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;"> <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;">1<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">COVID-19 Direct Costs (net of taxes of $10, $2, $2, $1 and $6, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.03<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">27<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">5<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">16<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1"> <span>Deferred Prosecution Agreement Payments (net of taxes of $0)</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span>0.20</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <span>200</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <span>200</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>—</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>—</span><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 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;"> <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 $20)<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;">104<span class="Apple-tab-span" style="white-space:pre;"> </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;"> <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;background-color:#d8d8d8;">104</span><span class="Apple-tab-span" style="text-align:center;white-space:pre;"> </span><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1"> <strong>2020 Adjusted (non-GAAP) Operating Earnings</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <strong>$0.55</strong><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <strong>$536</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <strong>$150</strong><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <strong>$44</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <strong>$43</strong><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"> <strong>$98</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"> <strong>$252</strong><br></td></tr></tbody></table> <br> </div> Adjusted (non-GAAP) Operating Earnings for the second quarter of 2019 do not include the following items (after tax) that were included in reported GAAP Net Income:<br></div> <br> </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> <span style="font-family:benton-sans-medium;">Exelon</span></div><div> <span style="font-family:benton-sans-medium;">Earnings per </span></div><div> <span style="font-family:benton-sans-medium;">Diluted </span></div><div> <span style="font-family:benton-sans-medium;">Share</span></div> <br> </td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <span style="font-family:benton-sans-medium;">Exelon</span><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <span style="font-family:benton-sans-medium;">ComEd</span><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <span style="font-family:benton-sans-medium;">PECO</span><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <span style="font-family:benton-sans-medium;">BGE</span><br></td><td class="ms-rteTableEvenCol-3" style="width:12.5%;"> <span style="font-family:benton-sans-medium;">PHI</span><br></td><td class="ms-rteTableOddCol-3" style="width:12.5%;"> <span style="font-family:benton-sans-medium;">Generation</span><br></td></tr><tr class="ms-rteTableOddRow-3" style="text-align:left;"><td class="ms-rteTableEvenCol-3"> <strong>2019 GAAP Net Income</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$0.50</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$484</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$186</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$102</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$45</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <strong>$106</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <strong>$108</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 $22 and $20, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.07<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">68<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;">65<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Losses Related to NDT Fund Investments (net of taxes of $28)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.05<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">52<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;"> <span style="background-color:#d8d8d8;">52</span><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;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<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;">1<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $37 and $38, 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;">(24)<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;">(23)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $1, $0, $0, $0 and $1, 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;">6<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;">1<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">3<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;">—<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;">(19)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Noncontrolling Interests (net of taxes of $3)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.02<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">15<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"> <span>—</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">15<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"><strong>2019 Adjusted (non-GAAP) Operating Earnings</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$</strong><strong>0.60</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><strong>$</strong><strong>583</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$</strong><strong>186</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><strong>$</strong><strong>103</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$</strong><strong>46</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><strong>$</strong><strong>107</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$</strong><strong>202</strong><br></td></tr></tbody></table> <br> </div> <div>Note:</div><div>Amounts may not sum due to rounding.</div><div>Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2020 and 2019 ranged from 26.0% to 29.0%. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT fund investments were 47.4% and 35.1% for the three months ended June 30, 2020 and 2019, respectively.<br></div><div><br></div><div><strong>Webcast Information</strong></div><div>Exelon will discuss second quarter 2020 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 <a href="https://investors.exeloncorp.com/" title="Investor Relations" target="_blank">www.exeloncorp.com/investor-relations</a>.</div><div><br><div><strong>Non-GAAP Financial Measures</strong></div><div>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. The Company 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 <a href="/company/Documents/Q2%202020%20Earnings%20Release%20and%20Attachments.pdf" title="Q2 2020 Earnings Attachments" target="_blank">attachments</a>. This press release and earnings release <a href="/company/Documents/Q2%202020%20Earnings%20Release%20and%20Attachments.pdf" title="Q2 2020 Earnings Attachments" target="_blank">attachments</a> 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: <a href="/" target="_blank" title="Exelon">www.exeloncorp.com</a>, and have been furnished to the Securities and Exchange Commission on Form 8-K on Aug. 4, 2020.<br></div><div><br></div><div><strong>Cautionary Statements Regarding Forward-Looking Information</strong></div><div>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 including among others those related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of various governments and regulatory bodies, our customers, and the company, on our business, financial condition and results of operations; any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” 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.</div><div><br></div><div>The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, 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' 2019 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2020 Quarterly Report on Form 10-Q (to be filed on Aug. 4, 2020) 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 14, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.<br></div><div><br></div><div>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.</div><div><br><br></div><br></div><br> </div><p> <br> </p>https://www.exeloncorp.com/newsroom/exelon-reports-second-quarter-2020-results8/4/2020 9:55:00 AM
Nuclear Station Supports Local Libraries During COVID-19Nuclear Station Supports Local Libraries During COVID-19<p><strong>BYRON, Ill.</strong> — As local educators face unprecedented challenges from COVID-19, Exelon Generation’s Byron Station is stepping up to help, providing eight local libraries with $500 each for additional summer reading and educational programs. Byron also awarded Bertolet Memorial Library and the Oregon Public Library funds to upgrade public computer areas in their facilities.</p><p>“We’re a small public library but we have a wonderful group of residents who use our facilities regularly, and the additional funds have come at a perfect time for us,” said Linda Schreiber, director of the Bertolet Library in Leaf River. “We were able to upgrade our computer stations, and we now have seven spots for library users, though it’s down to four due to the pandemic.”</p><p>COVID-19 has caused library districts to rethink summer programs and come up with new ways to allow users to have a great library experience while staying safe. Many libraries have reopened, some with partial service and curbside pickup. Take-home STEM kits are very popular. All libraries are doing the best they can in these unique conditions.</p><p>“Due to the pandemic we shifted our summer reading program to an online format that included games and activities,” said Debbie Herman of the Oregon Public Library. “The donation we received helped us modify the program to include virtual links to Absolute Science shows and prizes for those who complete their reading goals. It has been a challenging but rewarding experience.”</p><p>Since the pandemic began, Byron Station and its employees have been looking for ways to assist affected communities. Last month, employees raised more than $35,000 for two dozen local food banks. Now – the focus shifts to the education of the area’s youth. </p><p>“Our educators are doing a great job coming up with new and inventive ways to give children additional educational opportunities during the pandemic,” said Byron Station Site Vice President Mark Kanavos. “We’re proud to support this effort to keep our local students engaged, interested in reading and participating in all that public libraries have to offer.”</p><p>Byron Generating Station made donations to the following libraries:</p><p>Bertolet Memorial Library (Leaf River), Byron Public Library, Flagg/Rochelle Public Library, Forreston Public Library, Julia Hull Public Library (Stillman Valley/Davis Junction), Mt. Morris Public Library, Oregon Public Library and Polo Public Library.</p><p>Byron Generating Station is in Ogle County, Ill., about 20 miles southwest of Rockford. With both units at full power, the site produces almost 2,500 megawatts, enough electricity to power more than 2 million average American homes.<br></p><p><br></p>https://www.exeloncorp.com/newsroom/nuclear-station-supports-local-libraries-during-covid-197/29/2020 3:00:00 PM
Megawatts to Mega Meals! Byron Nuclear Employees Donate More than $35,000 to Local Food PantriesMegawatts to Mega Meals! Byron Nuclear Employees Donate More than $35,000 to Local Food Pantries<p><strong>BYRON, Ill.</strong> — Employees at Exelon Generation’s Byron Generating Station recently set a goal to raise $25,000 for local food pantries to help families affected by the coronavirus pandemic. The nuclear plant’s workers eclipsed that goal, raising more than $35,000 for nearly two dozen area food banks. Approximately half of the amount raised went to Northern Illinois Food Bank.</p><p>“Our essential workforce continues to safely generate carbon-free electricity for the region. But after seeing local job losses and a weakening economy, our employees wanted to do something positive for the region and beyond,” said Mark Kanavos, site vice president at Byron Generating Station. “We all know someone affected in some way by the coronavirus pandemic. Helping to fill food pantry shelves is just one way we can assist in this time of need.”</p><p>Byron Station’s employee resource groups (ERGs) also contributed funds from their respective committees, each of which has a specific focus area like military charity support, nuclear power education and employee goodwill.</p><p>“In these challenging days the donations received by Bread of Life Food Pantry and Soup Kitchen in Stillman Valley are making it possible to feed our neighbors in need,” said Bread of Life board member Alicia Lindholtz. “Exelon Generation has shown itself once again to be generous and community minded. We are very grateful for their support.”</p><p>Byron Generating Station employees donated to the following food banks/pantries:<br></p><p>Aurora Interfaith Food Pantry, Belvidere-Boone County Food Pantry, Bread of Life of Stillman Valley, Community Food Pantry of Dixon, Echo Food Bank of Janesville (Wis.), Feeding America, Freeport Area Church Cooperative, Lifeline & Self Help of Oregon, New Life Community Center of Forreston, Northern Illinois Food Bank, Pecatonica Community Food Pantry, People Helping People of Byron, Rochelle Christian Food Pantry, Rock River Food Pantry, Rockford Rescue Mission, Sauk Valley Food Bank, Sycamore Food Pantry, Sycamore United Methodist Food, and Walworth (Wis.) County Food Pantry.</p><p>Byron Generating Station is in Ogle County, Ill., about 20 miles southwest of Rockford. With both units at full power, the site produces almost 2,500 megawatts, enough electricity to power more than 2 million average American homes.<br></p><p><br></p>https://www.exeloncorp.com/newsroom/megawatts-to-mega-meals-byron-nuclear-employees6/16/2020 3:00:00 PM

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John BarnesGP0|#036d7cad-49e3-4a98-8821-efa704301d6d L0|#0036d7cad-49e3-4a98-8821-efa704301d6d|Exelon Generation GTSet|#bb697efb-4d63-4298-b4d0-ab279caf3fe8 GP0|#143bc214-612e-4c31-9aaf-11127e1cfc32 L0|#0143bc214-612e-4c31-9aaf-11127e1cfc32|Exelon PowerSenior Vice President, Exelon Generation & President, Exelon PowerJohnBarnes<img alt="" src="/leadership-and-governance/executives/PublishingImages/Jonh%20Barnes.jpg?RenditionID=11" style="BORDER:0px solid;" />https://www.exeloncorp.com/leadership-and-governance/executives/john-barnesJohn Barnes
Kenneth W. CornewGP0|#fde14288-abab-499f-a00c-4b9efe367a54 L0|#0fde14288-abab-499f-a00c-4b9efe367a54|Exelon Corporate GTSet|#bb697efb-4d63-4298-b4d0-ab279caf3fe8 GP0|#036d7cad-49e3-4a98-8821-efa704301d6d L0|#0036d7cad-49e3-4a98-8821-efa704301d6d|Exelon GenerationSenior Executive Vice President and Chief Commercial Officer, Exelon Corporation; President and CEO, Exelon GenerationKennethCornew<img alt="Kenneth Cornew Exelon Generation President and CEO" src="/leadership-and-governance/executives/PublishingImages/Exelon-Kenneth-Cornew-2.jpg?RenditionID=11" style="BORDER:0px solid;" />https://www.exeloncorp.com/leadership-and-governance/executives/kenneth-w-cornewKenneth W. Cornew
Bryan HansonGP0|#036d7cad-49e3-4a98-8821-efa704301d6d L0|#0036d7cad-49e3-4a98-8821-efa704301d6d|Exelon Generation GTSet|#bb697efb-4d63-4298-b4d0-ab279caf3fe8Senior Vice President, Exelon Generation, and President and Chief Nuclear Officer, Exelon Nuclear BryanHanson<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
Michael PacilioGP0|#036d7cad-49e3-4a98-8821-efa704301d6d L0|#0036d7cad-49e3-4a98-8821-efa704301d6d|Exelon Generation GTSet|#bb697efb-4d63-4298-b4d0-ab279caf3fe8Executive Vice President and Chief Operating Officer, Exelon GenerationMichaelPacilio<img alt="Mike Pacilio Exelon Generation EVP and COO" src="/leadership-and-governance/executives/PublishingImages/Exelon-Mike-Pacilio.png?RenditionID=11" style="BORDER:0px solid;" />https://www.exeloncorp.com/leadership-and-governance/executives/michael-pacilioMichael Pacilio