Exhibit 99.1
NYSE:EXC
Exelon Corporation
A Measure of Our Strengths
John W. Rowe
President
Morgan Stanley Global Electricity & Energy Conference, New York City
March 5, 2002
[logo for Exelon]
Forward-Looking Statements
This presentation contains certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from the
expectations contained herein. The forward-looking statements herein include
statements about future financial and operating results of Exelon. Economic,
business, competitive and/or regulatory factors affecting Exelon's businesses
generally could cause actual results to differ materially from those described
herein. For a discussion of the factors that could cause actual results to
differ materially, please see Exelon's filings with the Securities and Exchange
Commission, particularly those discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operations -- Outlook" in
Exelon's 2000 Annual Report. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date of this
presentation. Exelon does not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances
after the date of this presentation.
[logo for Exelon]
Exelon's Integrated Business Portfolio
Portfolio includes mix of energy-related businesses.
o 40,000+ MW supply portfolio balanced by fuel type, dispatch flexibility
and geography
o Retail base of about 5 million customers in 2 major metropolitan areas
of the U.S.
o High performance culture across business units
o Management skills to shape the evolution of regulatory and industry
structures
[logo for Exelon]
Balanced Supply Portfolio
Energy supply portfolio totals more than 40,000 MWs.
Portfolio profiles (estimates):
o Fuel mix: 36% nuclear, 20% coal, 4% hydro, and 40% gas/oil
o Geographic mix: 60% in MAIN, 26% in PJM, and the balance in 6 different
regions
o Dispatch mix: 55% base load, 15% intermediate and 30% peaking
o Ownership mix: 50% owned and 50% contracted
Note: Data includes owned and contracted generation.
[logo for Exelon]
Diverse Retail Customer Base
Serve approximately 5 million customers in 2 major metropolitan areas of the
U.S.
o ComEd customers
- 3.5 million electric customers in an 11,300 square-mile service
area with an estimated population of about 8 million including
the City of Chicago
o PECO customers
- 1.5 million electric customers in a nearly 2,000 square-mile
service area with a population of about 3.6 million including the
City of Philadelphia
- 425,000 natural gas customers in a nearly 1,500 square-mile
service area with a population of about 1.9 million in
southeastern Pennsylvania
[logo for Exelon]
High Performance Culture
Operating expertise extends across all business units.
o Delivery: Reasonable return and robust cash flow with improving key
performance measures
o Nuclear: Reduced all-in cost to 2.04 cents per kWh and achieved 94.4%
capacity factor in 2001
o Fossil: Profitable and efficient with 97% on-time delivery and 94.4%
dispatch availability in 2001
o Power Team: Effective hedging and active management of supply portfolio
[logo for Exelon]
Effective Management Skills
Management shaping the evolution of regulatory and industry structures.
o PECO transition: Recovery of stranded costs under a rate cap through
2010
o ComEd transition: Recovery of transition costs through 2006 with a rate
freeze through 2004
o POLR initiative: Shaping the appropriate development of supply
competition
o FERC activities: Promoting practical RTO standards and broader market
power test
[logo for Exelon]
2001 Successes
o Created powerful new company
o Focused on operating excellence
o Achieved merger synergies
o Recorded 15% EPS growth
o Demonstrated balance sheet strength
[logo for Exelon]
2002 Opportunities
o Federal and State regulatory initiatives
o Optimize supply portfolio
o Company-wide cost management initiative
o Growth through disciplined investment
o Optimize value of Exelon Enterprises portfolio
[logo for Exelon]
Enterprises Portfolio Optimization
o Announced sale of 49% interest in AT&T Wireless joint venture for $285
million in cash
o Anticipate transaction to close in the first half of 2002
o Expect to record after-tax gain of about $120 million or $0.37/share
o Consistent with strategy to optimize portfolio value
[logo for Exelon]
2002 Expectations
Our integrated businesses support:
o A strong balance sheet
o Robust cash flow
o Risk management opportunities
o Maximization of asset value
o A low-cost generation position
[logo for Exelon]