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Yahoo
03-05-2025
- Business
- Yahoo
Exelon data center pipeline doubles to 36 GW since year-end
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Exelon utilities are studying data center and other 'high density' load interconnection requests totaling 16 GW to go with an additional 16 GW of 'high probability' projects seeking to connect to the grid at the end of last year, company officials said Thursday during an earnings conference call. Of the 16 GW of load requests with paid deposits, Exelon expects about 10% of the load will be online by 2028, a third by 2030, three-fourths by 2034 and the remainder after that, Jeanne Jones, Exelon executive vice president and chief financial officer, said. It can take roughly 36 months to connect a large customer to the grid, she said. The pending data center contributes to Exelon's expectation that it will spend up to $15 billion on transmission that isn't included in the utility company's $38 billion, four-year capital spending plan, Calvin Butler, Exelon president and CEO, said. The potential for new load on Exelon's system comes as the Chicago-based utility company and its customers face economic uncertainty, according to Butler. 'Some of our customers are broadly struggling with economic uncertainty as we all navigate updated tariff policies, federal budget reprioritization and increased energy supply costs,' Butler said. Exelon gets about 90% of its supplies domestically, and estimates that the Trump administration's planned import tariffs would increase the cost of its $38 billion capital plan and operations and maintenance plan by about 1.5%, according to Butler. 'With our size, scale and deconcentrated investment plan and the culture of cost discipline, we expect to be able to manage any tariff-related impacts,' he said. Exelon is advocating for continuing the Inflation Reduction Act's clean energy tax credits and their transferability but wouldn't be directly affected if they are reduced, according to Butler. Exelon utilities are helping their customers manage rising electricity bills, partly through energy efficiency programs, suspending disconnections, extended payment plans and removing any additional charges, he said. On the issue of resource adequacy in the PJM Interconnection, where Exelon's utilities operate, Butler called for a 'portfolio approach' that doesn't limit power supply options. 'We should be looking at everything,' including delaying power plant retirements and allowing utilities to own power plants, Butler said. PJM has warned it faces looming supply shortfalls — a contributing factor to a sharp jump in capacity prices, which has caused a backlash in states such as Maryland, New Jersey and Pennsylvania where ratepayers face rate hikes in the 20% range. Butler highlighted energy bills that passed the Maryland Legislature and are waiting to be signed by the state's governor. One of the bills requires the Maryland Public Service Commission to begin solicitations by October for 3 GW of dispatchable generating, including nuclear, gas, offshore wind and battery storage, according to Exelon. Selected projects would receive a fast-track review by the PSC. It also requires 1.6 GW of transmission-connected storage, which can be owned by utilities. The legislation directs the PSC to study power purchase agreements, utility-owned generation and other procurement models for in-state generation, Exelon said. In addition, the legislation allows for 150 MW of energy storage — with up to 70% utility ownership — to connect to the distribution system. The bill authorizes the PSC to approve forward-looking, multiyear utility rate plans. On the financial front, Exelon's first-quarter income jumped 38% to $908 million, or 90 cents/share, from $658 million, or 66 cents/share, a year ago, the company said in a press release. Rate increases and favorable weather helped drive the increase in income, the company said. Revenue grew 12% in the first quarter to $6.7 billion from $6 billion in the year-ago period. Exelon's utilities — Atlantic City Electric, Baltimore Gas and Electric, Commonwealth Edison, Delmarva Power & Light, PECO Energy Co. and Potomac Electric Power Co. — have about 10.7 million customers. Recommended Reading Exelon data center pipeline jumps to 17 GW as load forecast turns positive
Business Wire
01-05-2025
- Business
- Business Wire
Exelon Reports First Quarter 2025 Results
CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2025. "Exelon is on the path to deliver within our full-year earnings guidance, through our unwavering commitment to safety, reliability and efficient execution of investments for our customers," said Exelon President and Chief Executive Officer Calvin Butler. Share "The first quarter has put us firmly on the path to deliver within our full-year earnings guidance, through our unwavering commitment to safety, reliability and efficient execution of investments for our customers," said Exelon President and Chief Executive Officer Calvin Butler. 'As Exelon celebrates our 25th year, our 20,000 employees continue to work hard to deliver value to our customers and positively impact the communities we serve.' 'I'm pleased to announce first quarter 2025 adjusted operating earnings of $0.92 per share, keeping us on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share,' said Exelon Chief Financial Officer Jeanne Jones. 'In the first quarter of 2025, we also made substantial progress on our financing plan, executing half of our debt financing needs and over 60 percent of our annualized 2025 equity needs. Our balanced funding strategy enables us to invest in our local communities driving top quartile reliability while maintaining a sharp focus on cost efficiency." First Quarter 2025 Exelon's GAAP net income for the first quarter of 2025 increased to $0.90 per share from $0.66 per share in the first quarter of 2024. Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $0.92 per share from $0.68 per share in the first quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4. The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2025 primarily reflect: Higher utility earnings primarily due to distribution and transmission rate increases at ComEd and PHI, distribution rate increases at PECO and BGE, timing of distribution earnings at ComEd, less unfavorable weather and tax timing at PECO, and a higher return on regulatory assets primarily due to an increase in asset balances at ComEd. This was partially offset by lower transmission peak load at ComEd, and higher interest expense at PECO, BGE, and PHI. Utility rate increases are associated with updated recovery of incremental costs and investments to serve customers. Operating Company Results 1 ComEd ComEd's first quarter of 2025 GAAP net income increased to $302 million from $193 million in the first quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $325 million from $219 million in the first quarter of 2024, primarily due to timing of distribution earnings, higher distribution and transmission rate base driven by incremental investments to serve customers, and higher return on regulatory assets primarily due to an increase in asset balances, partially offset by lower transmission peak load. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PECO PECO's first quarter of 2025 GAAP net income increased to $266 million from $149 million in the first quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $265 million from $149 million in the first quarter of 2024, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, normal weather compared to unfavorable weather in the prior period, and the timing of tax repairs deductions, partially offset by an increase in interest and credit loss expense. BGE BGE's first quarter of 2025 GAAP net income decreased to $260 million from $264 million in the first quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 decreased to $260 million from $264 million in the first quarter of 2024, primarily due to an increase in interest expense offset by distribution rates. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns. ___________ 1 Exelon's four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. Expand PHI PHI's first quarter of 2025 GAAP net income increased to $194 million from $168 million in the first quarter of 2024. PHI's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $194 million from $168 million in the first quarter of 2024, primarily due to favorable distribution and transmission rates at Pepco and DPL driven by updated recovery of investments to serve customers, and favorable weather at DPL, partially offset by an increase in interest. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns. Recent Developments and First Quarter Highlights Dividend: On April 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on June 13, 2025, to Exelon's shareholders of record as of the close of business on May 12, 2025. Rate Case Developments: There were no rate case developments in the first quarter. Financing Activities: On February 19, 2025, Exelon Corporate issued $1,000 million of its Junior Subordinated 6.50% notes due March 15, 2055. Exelon used the proceeds to repay outstanding commercial paper obligations, and for general corporate purposes. On February 21, 2025, Exelon Corporate issued $1,000 million of notes, consisting of $500 million of its 5.125% notes due March 15, 2031, and $500 million of its 5.875% notes due March 15, 2055. Exelon used the proceeds to repay outstanding commercial paper obligations, and for general corporate purposes. On March 26, 2025, Pepco issued $200 million of its First Mortgage 5.48% Series Bonds, due March 26, 2040. Pepco used the proceeds to repay outstanding commercial paper, and for general corporate purposes. On March 26, 2025, DPL issued $125 million of its First Mortgage 5.28% Series Bonds, due March 26, 2035. DPL used the proceeds to repay outstanding commercial paper, and for general corporate purposes. On March 26, 2025, ACE issued $100 million aggregate principal amount of its First Mortgage Bonds, 5.28% Series due March 26, 2035. ACE used the proceeds to repay outstanding commercial paper, and for general corporate purposes. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the first quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income: Adjusted (non-GAAP) operating earnings for the first quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income: __________ Note: Amounts may not sum due to rounding. 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, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%. Expand Webcast Information Exelon will discuss first quarter 2025 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 About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation's largest utility companies, serving more than 10.7 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor's overall understanding of period over period operating results and provide an indication of Exelon's baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies' presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon's website: and have been furnished to the Securities and Exchange Commission on Form 8-K on May 1, 2025. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as 'could,' 'may,' 'expects,' 'anticipates,' 'will,' 'targets,' 'goals,' 'projects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'predicts,' 'should,' and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon's and ComEd's reputation and relationships with legislators, regulators, and customers; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural, gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant's credit ratings or other failure to satisfy the credit standards in the Registrants' agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC. 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. Exelon uses its corporate website, investor relations website, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release. Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended March 31, 2025 Operating revenues $ 2,065 $ 1,333 $ 1,554 $ 1,778 $ (16 ) $ 6,714 Operating expenses Purchased power and fuel 689 502 609 722 — 2,522 Operating and maintenance 423 327 305 349 (57 ) 1,347 Depreciation and amortization 380 109 164 234 16 903 Taxes other than income taxes 99 60 96 140 10 405 Total operating expenses 1,591 998 1,174 1,445 (31 ) 5,177 Loss on sale of assets — — — (1 ) — (1 ) Operating income 474 335 380 332 15 1,536 Other income and (deductions) Interest expense, net (128 ) (63 ) (58 ) (100 ) (161 ) (510 ) Other, net 21 8 9 19 (5 ) 52 Total other income and (deductions) (107 ) (55 ) (49 ) (81 ) (166 ) (458 ) Income (loss) before income taxes 367 280 331 251 (151 ) 1,078 Income taxes 65 14 71 57 (37 ) 170 Net income (loss) attributable to common shareholders $ 302 $ 266 $ 260 $ 194 $ (114 ) $ 908 Three Months Ended March 31, 2024 Operating revenues $ 2,095 $ 1,054 $ 1,297 $ 1,606 $ (9 ) $ 6,043 Operating expenses Purchased power and fuel 907 403 464 636 — 2,410 Operating and maintenance 418 293 264 325 (29 ) 1,271 Depreciation and amortization 362 104 150 246 17 879 Taxes other than income taxes 94 51 89 128 9 371 Total operating expenses 1,781 851 967 1,335 (3 ) 4,931 Gain on sale of assets — 2 — — 0 2 Operating income (loss) 314 205 330 271 (6 ) 1,114 Other income and (deductions) Interest expense, net (122 ) (55 ) (50 ) (90 ) (151 ) (468 ) Other, net 20 9 8 27 11 75 Total other income and (deductions) (102 ) (46 ) (42 ) (63 ) (140 ) (393 ) Income (loss) before income taxes 212 159 288 208 (146 ) 721 Income taxes 19 10 24 40 (30 ) 63 Net income (loss) attributable to common shareholders $ 193 $ 149 $ 264 $ 168 $ (116 ) $ 658 Expand __________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. Expand Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net income $ 908 $ 658 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 905 880 Loss (gain) on sales of assets 1 (2 ) Deferred income taxes and amortization of investment tax credits 121 46 Net fair value changes related to derivatives 1 1 Other non-cash operating activities 344 39 Changes in assets and liabilities: Accounts receivable (402 ) (309 ) Inventories 17 12 Accounts payable and accrued expenses (397 ) (238 ) Collateral received, net 44 7 Income taxes 59 21 Regulatory assets and liabilities, net 86 252 Pension and non-pension postretirement benefit contributions (292 ) (111 ) Other assets and liabilities (195 ) (264 ) Net cash flows provided by operating activities 1,200 992 Cash flows from investing activities Capital expenditures (1,946 ) (1,767 ) Proceeds from sales of assets — 2 Other investing activities 4 (2 ) Net cash flows used in investing activities (1,942 ) (1,767 ) Cash flows from financing activities Changes in short-term borrowings (775 ) (317 ) Proceeds from short-term borrowings with maturities greater than 90 days — 150 Repayments on short-term borrowings with maturities greater than 90 days — (150 ) Issuance of long-term debt 2,425 2,625 Retirement of long-term debt — (901 ) Issuance of common stock 173 — Dividends paid on common stock (403 ) (381 ) Proceeds from employee stock plans — 11 Other financing activities (35 ) (55 ) Net cash flows provided by financing activities 1,385 982 Increase in cash, restricted cash, and cash equivalents 643 207 Cash, restricted cash, and cash equivalents at beginning of period 939 1,101 Cash, restricted cash, and cash equivalents at end of period $ 1,582 $ 1,308 Expand Exelon Three Months Ended March 31, 2025 and 2024 (unaudited) (in millions, except per share data) Change in FERC audit liability (net of taxes of $9) 0.03 26 — — — 1 27 2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.68 $ 219 $ 149 $ 264 $ 168 $ (115) $ 685 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.04 $ — (b) $ 33 $ — (b) $ 4 (b) $ — $ 37 Load 0.01 — (b) 8 — (b) 2 (b) — 10 Distribution and transmission rates (1) 0.15 8 (c) 83 (c) 21 (c) 36 (c) — 148 Other energy delivery (2) 0.14 97 (c) 21 (c) — (c) 21 (c) — 139 Operating and maintenance expense (3) (0.03) 18 (25) (13) (18) 12 (26) Pension and non-pension postretirement benefits — (1) (1) — 1 — (1) Depreciation and amortization expense (4) (0.01) (13) (4) (3) 9 (1) (12) Interest expense and other (5) (0.05) (3) 1 (9) (29) (8) (48) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.24 $ 106 $ 116 $ (4) $ 26 $ 3 $ 247 2025 GAAP net income (loss) $ 0.90 $ 302 $ 266 $ 260 $ 194 $ (114) $ 908 Regulatory matters (net of taxes of $7) (6) 0.02 21 — — — 1 22 Change in FERC audit liability (net of taxes of $1) — 2 — — — — 2 Cost management charge (net of taxes of $0) (7) — — — — — (1) (1) 2025 Adjusted (non-GAAP) operating earnings (loss) $ 0.92 $ 325 $ 265 $ 260 $ 194 $ (112) $ 932 Expand Note: Amounts may not sum due to rounding. 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, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%. Expand (a) Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). (1) For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution revenue due to higher rates. For PHI, reflects increased distribution and transmission revenue primarily due to higher rates. (2) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and higher return on regulatory assets, partially offset by lower transmission peak load. For PECO, reflects increased energy efficiency revenues due to regulatory required programs, offset in Operating and maintenance expense. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (3) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects a decrease in contracting costs. For PECO, primarily reflects increased credit loss expense and program costs related to regulatory required programs, offset in Other energy delivery. For BGE, reflects increased contracting costs. For PHI, reflects an increase in contracting costs and credit loss expense. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA. (4) Reflects ongoing capital expenditures across all utilities. (5) For PECO, primarily reflects lower income tax expense due to timing of tax repairs deduction partially offset by an increase in interest expense. For BGE, primarily reflects an increase in interest expense. For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an absence of billings to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense. (6) Represents the probable disallowance of certain capitalized costs. Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,985 2,568 3,053 16.2 % (2.2 )% Expand Number of Electric Customers 2025 2024 Residential 3,735,234 3,754,505 Small commercial & industrial 396,639 397,715 Large commercial & industrial 2,473 2,023 Public authorities & electric railroads 5,787 5,821 Total 4,140,133 4,160,064 Expand __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $8 million and $2 million for the three months ended March 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charges. Expand PECO Statistics Three Months Ended March 31, 2025 and 2024 Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 3,859 3,455 11.7 % 3.3 % $ 631 $ 520 21.3 % Small commercial & industrial 1,946 1,891 2.9 % (1.0 )% 162 126 28.6 % Large commercial & industrial 3,425 3,355 2.1 % (0.4 )% 84 57 47.4 % Public authorities & electric railroads 189 179 5.6 % 5.6 % 8 7 14.3 % Other (b) — — n/a n/a 76 74 2.7 % Total electric revenues (c) 9,419 8,880 6.1 % 1.1 % 961 784 22.6 % Other Revenues (d) (5 ) (2 ) 150.0 % Total electric revenues 956 782 22.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 21,834 18,895 15.6 % (0.3 )% 267 193 38.3 % Small commercial & industrial 10,405 9,488 9.7 % (2.2 )% 86 64 34.4 % Large commercial & industrial 12 16 (25.0 )% — % — — n/a Transportation 7,242 6,899 5.0 % 1.0 % 13 8 62.5 % Other (f) — — n/a n/a 10 7 42.9 % Total natural gas revenues (g) 39,493 35,298 11.9 % (0.6 )% 376 272 38.2 % Other Revenues (d) 1 — n/a Total natural gas revenues 377 272 38.6 % Total electric and natural gas revenues $ 1,333 $ 1,054 26.5 % Purchased Power and Fuel $ 502 $ 403 24.6 % Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,351 2,089 2,388 12.5 % (1.5 )% Cooling Degree-Days 1 — 1 n/a — % Expand __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively. Expand BGE Statistics Three Months Ended March 31, 2025 and 2024 Electric Deliveries and Revenues (a) Residential 3,669 3,329 10.2 % (1.1 )% $ 648 $ 534 21.3 % Small commercial & industrial 730 698 4.6 % (1.5 )% 109 90 21.1 % Large commercial & industrial 3,145 3,114 1.0 % (1.5 )% 144 132 9.1 % Public authorities & electric railroads 48 52 (7.7 )% (6.8 )% 8 7 14.3 % Other (b) — — n/a n/a 113 93 21.5 % Total electric revenues (c) 7,592 7,193 5.5 % (1.4 )% 1,022 856 19.4 % Other Revenues (d) (10 ) 25 (140.0 )% Total electric revenues 1,012 881 14.9 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 20,871 17,981 16.1 % (4.4 )% 378 271 39.5 % Small commercial & industrial 4,568 3,993 14.4 % (0.2 )% 63 47 34.0 % Large commercial & industrial 14,378 13,516 6.4 % (1.3 )% 96 72 33.3 % Other (f) 3,845 752 411.3 % n/a 24 5 380.0 % Total natural gas revenues (g) 43,662 36,242 20.5 % (2.8 )% 561 395 42.0 % Other Revenues (d) (19 ) 21 (190.5 )% Total natural gas revenues 542 416 30.3 % Total electric and natural gas revenues $ 1,554 $ 1,297 19.8 % Purchased Power and Fuel $ 609 $ 464 31.3 % Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,303 2,020 2,329 14.0 % (1.1 )% Expand __________ (a) Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2025 and 2024, respectively. Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 1,987 1,788 2,051 11.1 % (3.1 )% Cooling Degree-Days 25 5 3 400.0 % 733.3 % Expand Number of Electric Customers 2025 2024 Residential 882,043 869,606 Small commercial & industrial 54,071 54,177 Large commercial & industrial 23,079 22,992 Public authorities & electric railroads 205 207 Total 959,398 946,982 Expand __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charge revenues. Expand Electric Service Territory % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,354 2,112 2,336 11.5 % 0.8 % Cooling Degree-Days 10 — 1 — % 900.0 % Expand Natural Gas Service Territory % Change Heating Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,399 2,204 2,454 8.8 % (2.2 )% Expand __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2025 and 2024. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. Expand ACE Statistics Three Months Ended March 31, 2025 and 2024 Electric Deliveries and Revenues (a) Residential 902 841 7.3 % 3.5 % $ 196 $ 174 12.6 % Small commercial & industrial 390 361 8.0 % 6.8 % 54 50 8.0 % Large commercial & industrial 713 740 (3.6 )% (4.5 )% 50 49 2.0 % Public authorities & electric railroads 13 14 (7.1 )% (4.9 )% 5 5 — % Other (b) — — n/a n/a 68 67 1.5 % Total electric revenues (c) 2,018 1,956 3.2 % 1.0 % 373 345 8.1 % Other Revenues (d) — 13 (100.0 )% Total electric revenues $ 373 $ 358 4.2 % Purchased Power $ 157 $ 140 12.1 % Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,408 2,201 2,399 9.4 % 0.4 % Cooling Degree-Days — — 1 — % (100.0 )% Expand __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2025 and 2024, respectively. (d) Includes alternative revenue programs. Expand
Yahoo
28-03-2025
- Business
- Yahoo
Exelon to Announce First Quarter Results on May 1
CHICAGO, March 28, 2025--(BUSINESS WIRE)--Exelon (Nasdaq: EXC) will hold its first quarter 2025 earnings conference call at 9:00 a.m. CT/10:00 a.m. ET on Thursday, May 1. The conference call will be led by Exelon President and CEO, Calvin Butler, and Exelon Executive Vice President and CFO, Jeanne Jones. To listen to or view the upcoming earnings presentation, please access the live listen-only webcast here. The audio webcast link will also be available on the Investor Relations page and will be archived and available for replay. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation's largest utility company, serving more than 10.7 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Exelon's 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn. View source version on Contacts James Gherardi312-394-7417 Media Sign in to access your portfolio
Yahoo
13-02-2025
- Business
- Yahoo
Exelon Corp (EXC) Q4 2024 Earnings Call Highlights: Strong Financial Performance and Strategic ...
GAAP Earnings for 2024: $2.45 per share. Adjusted Operating Earnings for 2024: $2.50 per share. 2025 Operating Earnings Guidance: $2.64 to $2.74 per share. Dividend for 2025: Increased to $1.60 per share. Capital Investment Plan (2025-2028): $38 billion. Annualized Earnings Growth (2025-2028): 5% to 7%. Return on Equity for 2024: 9.1%. Rate Base Growth (2024-2028): 7.4% annualized. Credit Rating Upgrade: S&P upgraded to BBB+. Equity Funding Strategy: 40% of incremental capital funded with equity. Projected Transmission Investment Opportunity: $10 billion to $15 billion over the next 5 to 10 years. Warning! GuruFocus has detected 8 Warning Signs with EXC. Release Date: February 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Exelon Corp (NASDAQ:EXC) achieved top quartile reliability performance across all four of its utilities, with three ranking in the top five among peers. The company reported GAAP earnings of $2.45 per share and adjusted operating earnings of $2.50 per share for 2024, meeting or exceeding guidance. Exelon Corp (NASDAQ:EXC) plans to invest $38 billion from 2025 to 2028, with over 80% of the $3.5 billion capital growth attributed to transmission, supporting customer needs and economic development. The company received an upgrade to its credit rating by S&P, reflecting a strong balance sheet and financial health. Exelon Corp (NASDAQ:EXC) is maintaining a balanced funding strategy, with 40% equity financing, supporting a projected annualized earnings growth of 5% to 7% through 2028. Exelon Corp (NASDAQ:EXC) faced challenges with regulatory approvals, such as the $400 million capital not approved in the Illinois grid plan. The company is dealing with significant storm and weather headwinds, impacting operational costs and performance. There is ongoing uncertainty and need for clarity regarding FERC's policy on colocation and network load, which could impact future operations. Exelon Corp (NASDAQ:EXC) is navigating a complex regulatory environment with multiple rate cases and legislative proposals across its jurisdictions. The company is facing challenges related to energy supply prices and resource adequacy, requiring collaboration with stakeholders and policymakers. Q: Can you provide more color on the reconciliation decision in Maryland and its impact on future rate case filings? A: Calvin Butler, President and CEO, stated that the process is progressing well, with costs incurred deemed prudent. Jeanne Jones, CFO, added that the reconciliation is expected to conclude in the first half of the year, with initial proposals aligning with prior reconciliations. The multiyear plans have provided strong alignment with state policy and competitive distribution rates, which are beneficial for cost control and affordability. Q: What are your latest thoughts on the 205 docket with FERC, and are there any discussions with stakeholders? A: Colette Honorable, EVP of Public Policy and Chief External Affairs Officer, mentioned that they are awaiting a decision in the 205 docket and continue to engage with stakeholders, including PJM, to find solutions that work for customers and investors. They are optimistic about a positive result and are actively working on resource adequacy and energy security issues. Q: How should we think about the growth into 2027 as shown on Slide 18? A: Jeanne Jones, CFO, explained that the growth is calculated year-over-year off the prior year's midpoint, focusing on how Exelon grows from the 2024 midpoint of $2.45 per share through 2028, aiming for the midpoint or better of the 5% to 7% growth range over the four-year period. Q: Can you comment on the legislative priorities in Maryland and Pennsylvania regarding generation and rate-based solutions? A: Calvin Butler, President and CEO, noted that there are over 45 bills being tracked across jurisdictions, focusing on affordability, energy security, and adequate generation. Carim Khouzami, CEO of BGE, added that Maryland is focused on increasing in-state generation, while Dave Velazquez, CEO of PECO, mentioned active legislative sessions in Pennsylvania addressing resource adequacy and potential alternatives to PJM capacity markets. Q: How do you view the potential for settlements in PJM policy discussions, and what is the impact of data center deposits on rate base growth? A: Calvin Butler, President and CEO, emphasized the importance of affordability and equitable cost-sharing. Jeanne Jones, CFO, noted that meaningful deposits are being received, indicating real load growth. The 2024 rate base was about $400 million lower due to deposits, which protect customers and signal the need for further investment to accommodate new load. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Reuters
12-02-2025
- Business
- Reuters
Utility Exelon forecasts 2025 profit above estimates
Feb 12 (Reuters) - Exelon (EXC.O), opens new tab forecast annual profit above Wall Street estimates on Wednesday, as the U.S. utility expects to benefit from higher rates for electricity and natural gas. U.S. utilities have been seeking to raise customer power bills to fund infrastructure upgrades, as the country's electrical grids face extreme weather events and growing demand from industry electrification and data center expansions. Exelon said it plans to invest $38 billion in capital expenditures over the next four years, 10% higher than its previous plan. "With growth in our four-year capital plan driven by investment needs across our regions, we continue to expect 5-7% annualized earning growth through 2028," said CFO Jeanne Jones. Exelon said several of its rate cases had been approved by regulators and came into effect earlier this year. Regulated utilities use rate case proceedings to determine the amount that customers need to pay for electricity and natural gas services. As a result, the Chicago-based company said it expects 2025 adjusted operating earnings to be in the range of $2.64 per share to $2.74 per share, compared with analysts' average estimate of 2.63 per share, according to data compiled by LSEG. Exelon posted adjusted operating earnings of 64 cents per share for the fourth quarter ended December 31, above analysts' estimate of 59 cents per share. The company's shares were up over 1% in trading before the bell. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
