Exelon Corp Files Q2 2024 10-Q Update

Ticker: EXC · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 1109357

Exelon CORP 10-Q Filing Summary
FieldDetail
CompanyExelon CORP (EXC)
Form Type10-Q
Filed DateAug 1, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$12.50, $0.01, $2.25, $3.00
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, utility, financials

TL;DR

Exelon's Q2 10-Q is in. Financials for Exelon, BGE, and ComEd detailed.

AI Summary

Exelon Corporation filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details the company's operations, including those of its subsidiaries like Baltimore Gas & Electric Co. and Commonwealth Edison Co. Exelon's fiscal year ends on December 31st, and this report provides an update on its business activities and financial standing.

Why It Matters

This filing provides investors and analysts with crucial financial data and operational insights into Exelon Corporation and its major utility subsidiaries for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing providing standard operational and financial disclosures.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the period ending June 30, 2024.

Which major subsidiaries are mentioned in the filing details?

The filing details mention Baltimore Gas & Electric Co. and Commonwealth Edison Co. as subsidiaries.

What is Exelon Corporation's fiscal year end?

Exelon Corporation's fiscal year ends on December 31st.

What is the SEC file number for Exelon Corp?

The SEC file number for Exelon Corp is 001-16169.

In which state was Exelon Corporation incorporated?

Exelon Corporation was incorporated in Pennsylvania (PA).

Filing Stats: 4,567 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-01 13:12:47

Key Financial Figures

Filing Documents

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 8 Exelon Corporation Consolidated Statements of Operations and Comprehensive Income 9 Consolidated Statements of Cash Flows 10 Consolidated Balance Sheets 11 Consolidated Statements of Changes in Shareholders' Equity 13 Commonwealth Edison Company Consolidated Statements of Operations and Comprehensive Income 14 Consolidated Statements of Cash Flows 15 Consolidated Balance Sheets 16 Consolidated Statements of Changes in Shareholders' Equity 18 PECO Energy Company Consolidated Statements of Operations and Comprehensive Income 19 Consolidated Statements of Cash Flows 20 Consolidated Balance Sheets 21 Consolidated Statements of Changes in Shareholder's Equity 23 Baltimore Gas and Electric Company 24 25 Balance Sheets 26 28 Pepco Holdings LLC Consolidated Statements of Operations and Comprehensive Income 29 Consolidated Statements of Cash Flows 30 Consolidated Balance Sheets 31 Consolidated Statements of Changes in Member's Equity 33 1 Page No. Potomac Electric Power Company 34 35 Balance Sheets 36 38 Delmarva Power & Light Company 39 40 Balance Sheets 41 43 Atlantic City Electric Company Consolidated Statements of Operations and Comprehensive Income 44 Consolidated Statements of Cash Flows 45 Consolidated Balance Sheets 46 Consolidated Statements of Changes in Shareholder's Equity 48 Combined Notes to Consolidated Financial Statements 1. Significant Accounting Policies 49 2. Regulatory Matters 50 3. Revenue from Contracts with Customers 58 4. Segment Information 60

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 104 Exelon Corporation 104 Executive Overview 104 Financial Results of Operations 104 Significant 2024 Transactions and Developments 106 Other Key Business Drivers and Management Strategies 109 Critical Accounting Policies and Estimates 110 Results of Operations By Registrant 111 Commonwealth Edison Company 111 PECO Energy Company 114 Baltimore Gas and Electric Company 118 Pepco Holdings LLC 121 Potomac Electric Power Company 122 Delmarva Power & Light Company 125 Atlantic City Electric Company 129 Liquidity and Capital Resources 132 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 140 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 141 PART II. OTHER INFORMATION 141 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 141 ITEM 1A.

RISK FACTORS

RISK FACTORS 141 ITEM 5. OTHER INFORMATION 142 ITEM 6. EXHIBITS 142

SIGNATURES

SIGNATURES 145 Exelon Corporation 145 Commonwealth Edison Company 146 PECO Energy Company 147 Baltimore Gas and Electric Company 148 Pepco Holdings LLC 149 Potomac Electric Power Company 150 Delmarva Power & Light Company 151 Atlantic City Electric Company 152 3 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Exelon Corporation and Related Entities Exelon Exelon Corporation ComEd Commonwealth Edison Company PECO PECO Energy Company BGE Baltimore Gas and Electric Company Pepco Holdings or PHI Pepco Holdings LLC Pepco Potomac Electric Power Company DPL Delmarva Power & Light Company ACE Atlantic City Electric Company Registrants Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively Utility Registrants ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively BSC Exelon Business Services Company, LLC Exelon Corporate Exelon in its corporate capacity as a holding company PCI Potomac Capital Investment Corporation and its subsidiaries PECO Trust III PECO Energy Capital Trust III PECO Trust IV PECO Energy Capital Trust IV PHI Corporate PHI in its corporate capacity as a holding company PHISCO PHI Service Company Former Related Entities Constellation Constellation Energy Corporation Generation Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon prior to separation on February 1, 2022) 4 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Other Terms and Abbreviations Note - of the 2023 Form 10-K Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2023 Annual Report on Form 10-K ABO Accumulated Benefit Obligation AFUDC Allowance for Funds Used During Construction AMI Advanced Metering Infrastructure AOCI Accumulated Other Comprehensive Income (Loss) ARO Asset Retirement Obligation ATM At the market BGS Basic Generation Service BSA Bill Stabilization Adjustment CEJA Climate and Equitable Jobs Act; Illinois

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 8 Table of Contents EXELON CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2024 2023 2024 2023 Operating revenues Electric operating revenues $ 5,169 $ 4,434 $ 10,367 $ 8,896 Natural gas operating revenues 272 258 1,011 1,080 Revenues from alternative revenue programs ( 80 ) 126 25 404 Total operating revenues 5,361 4,818 11,403 10,380 Operating expenses Purchased power 1,938 1,669 4,134 3,402 Purchased fuel 54 58 267 416 Operating and maintenance 1,209 1,197 2,481 2,347 Depreciation and amortization 894 866 1,773 1,727 Taxes other than income taxes 360 324 731 679 Total operating expenses 4,455 4,114 9,386 8,571 Gain on sale of assets 7 — 9 — Operating income 913 704 2,026 1,809 Other income and (deductions) Interest expense, net ( 476 ) ( 421 ) ( 938 ) ( 828 ) Interest expense to affiliates ( 7 ) ( 6 ) ( 12 ) ( 12 ) Other, net 64 139 139 249 Total other income and (deductions) ( 419 ) ( 288 ) ( 811 ) ( 591 ) Income before income taxes 494 416 1,215 1,218 Income taxes 46 73 109 206 Net income attributable to common shareholders $ 448 $ 343 $ 1,106 $ 1,012 Comprehensive income, net of income taxes Net income $ 448 $ 343 $ 1,106 $ 1,012 Other comprehensive income, net of income taxes Pension and non-pension postretirement benefit plans: Actuarial losses reclassified to periodic benefit cost 5 3 10 6 Pension and non-pension postretirement benefit plans valuation adjustments ( 2 ) ( 3 ) ( 26 ) ( 13 ) Unrealized (loss) gain on cash flow hedges ( 3 ) 9 30 15 Other comprehensive income — 9 14 8 Comprehensive income attributable to common shareholders $ 448 $ 352 $ 1,120 $ 1,020 Average shares of common stock outstanding: Basic 1,001 995 1,001 995 Assumed exercise and/or distributions of stock-based awards (a) — 1 — 1 Diluted 1,001 996 1,

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing