Exhibit 99.1
Exelon Generation Company --
A Measure of Our Strength
Ruth Ann M. Gillis
Senior Vice President and CFO
Salomon Smith Barney
Power & Merchant Energy 2002 Conference
May 14, 2002
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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 2001 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.
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Exelon Corporation
Our Integrated Business Strategy Creates Value and Reduces Risk.
- Exelon Energy Delivery
- Exelon Generation
- Exelon Enterprises
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Exelon Generation Company, LLC
More than 40,000 MWs of Power:
/\
/ \
/ \
/ \
Under Advanced Development / \
(49.9% of Sithe) / 800 MWs \
/------------\
Under Construction / \
(49.9% of Sithe and Calumet) / 1,671 MWs \
/------------------\
/ \
AmerGen & Sithe / 2,881 MWs \
/------------------------\
Long-Term / \
Contracts / 16,245 MWs \
/------------------------------\
Owned / 14,250 MWs Nuclear \
/ 7,799 MWs Fossil and Hydro \
/------------------------------------\
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Just Being Big is Not Enough!
More than 40,000 MWs of Flexible and Diversified Power
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Long-Term Contracts:
Seller Location Capacity (MW) Expiration
Midwest Generation, LLC Various in IL 9,105 2004
Kincaid Generation, LLC Kincaid, IL 1,158 2012
Tenaska Georgia Partners, LP Franklin, GA 900 2029
Tenaska Frontier, Ltd Shiro, TX 830 2020
Others Various 4,252 2002 to 2022
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Total 16,245
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Midwest Gen Contract Provides Flexibility
Midwest Generation Power Purchase Agreement (part 1)
Coal Power Purchase Agreement:
Contract Contracted Available Option
Year Capacity (MW) Capacity (MW)
1 - 2000 5,005 640
2 - 2001 4,535 1,110
3 - 2002 4,013 1,632
4 - 2003 1,696 3,949
5 - 2004 1,696 3,949
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Midwest Gen Contract Provides Flexibility
Midwest Generation Power Purchase Agreement (part 2)
Collins Power Purchase Agreement:
-2,698 MWs under contract
-Term: 2000-2004, subject to earlier termination in whole
or in part by ComEd
-In years 3-5, ComEd has option to drop units from contract
Peaking Unit Power Purchase Agreement:
-943.6 MWs under contract
-Term: 2000-2004, subject to earlier termination in whole
or in part by ComEd
-In years 3-5, ComEd has option to drop units from contract
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Just Being Big is Not Enough!
More that 40,000 MWs of Flexible and Diversified Power
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Generation Portfolio Profile (estimated):
-Fuel mix: 35% nuclear, 19% coal, 3% hydro, and
43% gas/oil
-Geographic mix: 55% in MAIN, 24% in MAAC,
and the balance in 6 different regions
-Dispatch mix: 65% base-load, 16% intermediate
and 19% peaking
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TXU Power Plant Purchase
TXU Asset Purchase is Already Contributing:
- Purchase completed 4/25/02
- 893-MW Mountain Creek Station and 1,441-MW
Handley Station
- 5-year tolling agreement May through September
- Contributed $275,000 to gross margin in April
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Exelon Generation Business Strategy
- Grow our generation portfolio
- Drive cost and operational leadership
through proven fleet management and
economies of scale
- Optimize the value of our low-cost
generation portfolio through our
marketing expertise
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Exelon Generation Competitive Strengths
-Critical mass of generation capacity and economies
of scale
- Competitive low-cost fleet of generating assets
-Strategically integrated
- Fully integrated assets and operations
- Supply and distribution channels are open within one
portfolio
-Asset-backed physical deliveries
-In 2001, less than 4% of sales represented transactions
for trading purposes
-Mark-to-market earnings are not a material earnings factor
-Large affiliate retail hedge
-Strong balance sheet and credit quality
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Exelon Generation Company -
A Measure of our Strength
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