EXHIBIT 99.1
Slide 1
[Exelon logo]
Exelon Corporation
Positioned for Success
John W. Rowe
Chairman, President and CEO
Morgan Stanley Global Electricity & Energy Conference, New York City
March 13, 2003
Slide 2
[Exelon logo]
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 factors discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Business Outlook and
the Challenges in Managing Our Business" in Exelon's 2002 Annual Report included
in current report on Form 8-K filed on 2/21/03, those discussed in "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Exelon Generation Company's Registration Statement on
Form S-4, Reg. No. 333-85496, those discussed in "Risk Factors" in PECO Energy
Company's Registration Statement on Form S-3, Reg. No. 333-99361, and those
discussed in "Risk Factors" in Commonwealth Edison Company's Registration
Statement on Form S-3, Reg. No. 333-99363. 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.
Slide 3
[Exelon logo]
What Is Exelon?
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2002
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U.S. Electric
Exelon Companies
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Retail Electric Customers 5.1 million 1st
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Nuclear Capacity 15.8K MWs* 1st
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U.S. Capacity Resources 42.7K MWs** Among largest
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Revenues $15.0 billion 2nd
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Net Income $1.4 billion 1st
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Market Cap (as of 3/6/03) $16.0 billion 3rd
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*Includes AmerGen investment.
**Includes AmerGen and Sithe investments.
Note: Data based on results reported through 3/6/03.
Slide 4
[Exelon logo]
Just Being Big Is Not Enough
o Integrated delivery and generation operations
o World-class nuclear operations
o Constructive regulatory relationships
o Critical mass
Slide 5
[Exelon logo]
Accomplishments - Creating Real Value
Since Exelon was created in 2000
o Provided average annual growth of 12% in operating EPS and 4.3% in
dividends
o Retired $1.2 billion of transition debt and refinanced $2.8 billion of
debt, resulting in total interest expense reduction of about $120
million
o Achieved 93.5% average annual nuclear capacity factor
o Improved energy delivery reliability by 26% in Outage Duration and 18%
in Outage Frequency
o Ongoing regulatory progress in Illinois and Pennsylvania
Slide 6
[Exelon logo]
Key Strengths
o Low cost generation portfolio
o Large stable customer base
o No material trading or international exposure
o Strong balance sheet / credit profile
o Earnings and dividend growth
Slide 7
[Exelon logo]
Opportunities and Challenges for 2003
o Enterprises (rationalize investment)
o Exelon New England plants (operate, integrate and optimize)
o Sithe Energies investment (buy, sell, restructure)
o Variable gas and wholesale market prices
o The Exelon Way
o Far-reaching Illinois regulatory agreement
Slide 8
[Exelon logo]
Power Team Strategy in Variable Markets
o Optimize value of generation supply portfolio
o Reduce earnings risk and volatility
o Prepared to capture benefit of long-term price recovery
Slide 9
[Exelon logo]
Far-reaching Illinois Regulatory Agreement
If approved would:
1. Constructively conclude ComEd Residential Delivery Services rate case
2. Modify calculation of CTC revenue for shopping customers
3. Facilitate extension of full-requirements PPA between ComEd and
Generation through 2006
4. Facilitate continued collection of decommissioning charge revenue
through 2006
5. Support Provider of Last Resort (POLR) provisions
6. Provide funding for energy-related programs in Illinois
Slide 10
Positioned for Success
- - Well positioned for growth in depressed energy market
o Strong balance sheet
o No credit / liquidity issues
o Declining cost basis in generation
o The Exelon Way initiative expected to reduce costs and enhance free
cash flow
- - Well positioned for upside when markets recover
o Low cost generation fleet
o Stable customer and load mix
o Well placed generation in our regional markets