Exelon Corp Files Q3 2024 10-Q

Ticker: EXC · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1109357

Exelon CORP 10-Q Filing Summary
FieldDetail
CompanyExelon CORP (EXC)
Form Type10-Q
Filed DateOct 30, 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 Q3 2024 10-Q is in. Utilities like BGE and ComEd are part of the report.

AI Summary

Exelon Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational updates. Exelon, along with its subsidiaries Baltimore Gas & Electric Co. and Commonwealth Edison Co., are involved in the electric and gas utility sector.

Why It Matters

This filing provides investors and stakeholders with a detailed look at Exelon's financial health and operational status for the third quarter of 2024, impacting investment decisions.

Risk Assessment

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

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 September 30, 2024.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted on October 30, 2024.

Which major subsidiaries of Exelon Corporation are mentioned in the filing header?

The filing header mentions Exelon Corporation's subsidiaries: Baltimore Gas & Electric Co. and Commonwealth Edison Co.

What is the Standard Industrial Classification (SIC) code for Exelon Corporation?

The Standard Industrial Classification (SIC) code for Exelon Corporation is 4931, which corresponds to Electric & Other Services Combined.

In which state is Exelon Corporation incorporated?

Exelon Corporation is incorporated in Pennsylvania (PA).

Filing Stats: 4,587 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-10-30 15:19:28

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 15 Consolidated Statements of Cash Flows 16 Consolidated Balance Sheets 17 Consolidated Statements of Changes in Shareholders' Equity 19 PECO Energy Company Consolidated Statements of Operations and Comprehensive Income 20 Consolidated Statements of Cash Flows 21 Consolidated Balance Sheets 22 Consolidated Statements of Changes in Shareholder's Equity 24 Baltimore Gas and Electric Company 25 26 Balance Sheets 27 29 Pepco Holdings LLC Consolidated Statements of Operations and Comprehensive Income 30 Consolidated Statements of Cash Flows 31 Consolidated Balance Sheets 32 Consolidated Statements of Changes in Member's Equity 34 1 Page No. Potomac Electric Power Company 35 36 Balance Sheets 37 39 Delmarva Power & Light Company 40 41 Balance Sheets 42 44 Atlantic City Electric Company Consolidated Statements of Operations and Comprehensive Income 45 Consolidated Statements of Cash Flows 46 Consolidated Balance Sheets 47 Consolidated Statements of Changes in Shareholder's Equity 49 Combined Notes to Consolidated Financial Statements 1. Significant Accounting Policies 50 2. Regulatory Matters 51 3. Revenue from Contracts with Customers 59 4. Segment Information 61

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 107 Exelon Corporation 107 Executive Overview 107 Financial Results of Operations 107 Significant 2024 Transactions and Developments 110 Other Key Business Drivers and Management Strategies 112 Critical Accounting Policies and Estimates 113 Results of Operations By Registrant 114 Commonwealth Edison Company 114 PECO Energy Company 117 Baltimore Gas and Electric Company 121 Pepco Holdings LLC 124 Potomac Electric Power Company 125 Delmarva Power & Light Company 128 Atlantic City Electric Company 133 Liquidity and Capital Resources 136 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 144 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 145 PART II. OTHER INFORMATION 145 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 145 ITEM 1A.

RISK FACTORS

RISK FACTORS 145 ITEM 5. OTHER INFORMATION 146 ITEM 6. EXHIBITS 146

SIGNATURES

SIGNATURES 149 Exelon Corporation 149 Commonwealth Edison Company 150 PECO Energy Company 151 Baltimore Gas and Electric Company 152 Pepco Holdings LLC 153 Potomac Electric Power Company 154 Delmarva Power & Light Company 155 Atlantic City Electric Company 156 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 September 30, Nine Months Ended September 30, (In millions, except per share data) 2024 2023 2024 2023 Operating revenues Electric operating revenues $ 6,012 $ 5,684 $ 16,379 $ 14,579 Natural gas operating revenues 196 188 1,207 1,268 Revenues from alternative revenue programs ( 54 ) 108 ( 29 ) 513 Total operating revenues 6,154 5,980 17,557 16,360 Operating expenses Purchased power 2,349 2,364 6,483 5,766 Purchased fuel 34 33 301 449 Operating and maintenance 1,275 1,187 3,756 3,535 Depreciation and amortization 908 890 2,681 2,616 Taxes other than income taxes 395 383 1,127 1,063 Total operating expenses 4,961 4,857 14,348 13,429 Gain on sale of assets 3 — 12 — Operating income 1,196 1,123 3,221 2,931 Other income and (deductions) Interest expense, net ( 490 ) ( 431 ) ( 1,428 ) ( 1,259 ) Interest expense to affiliates ( 6 ) ( 6 ) ( 18 ) ( 18 ) Other, net 57 81 196 331 Total other income and (deductions) ( 439 ) ( 356 ) ( 1,250 ) ( 946 ) Income before income taxes 757 767 1,971 1,985 Income taxes 50 67 158 274 Net income attributable to common shareholders $ 707 $ 700 $ 1,813 $ 1,711 Comprehensive income, net of income taxes Net income $ 707 $ 700 $ 1,813 $ 1,711 Other comprehensive (loss) income, net of income taxes Pension and non-pension postretirement benefit plans: Actuarial losses reclassified to periodic benefit cost 5 16 15 22 Pension and non-pension postretirement benefit plans valuation adjustments — ( 3 ) ( 26 ) ( 16 ) Unrealized (loss) gain on cash flow hedges ( 29 ) 21 1 36 Other comprehensive (loss) income ( 24 ) 34 ( 10 ) 42 Comprehensive income attributable to common shareholders $ 683 $ 734 $ 1,803 $ 1,753 Average shares of common stock outstanding: Basic 1,003 996 1,002 996 Assumed exercise and/or distributions

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing