EXHIBIT 99.1
Slide 1
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Midwest Generation PPA Options
In 2002, we released 4,411 MWs of Midwest Gen options; in 2003, we have 3,043
MWs of options to exercise or release for 2004.
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Coal PPA (MWs) Collins PPA (MWs) Peakers PPA (MWs) Total (MWs)
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Non-option Option
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2002 Capacity 5,645 2,698 807 9,150
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1,696 3,949
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2002 Decision Released 2,684 Released 1,614 Released 113 Released 4,411
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2003 Capacity 2,961 1,084 694 4,739
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1,696 1,265
Pending -------------------------------------- May release up May release up to May release up
2003 Decision May release up to 1,265 to 1,084 694 to 3,043
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Projected 2004 1,696 - 2,961 0 - 1,084 0 - 694 1,696 - 4,739
Capacity
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Note: All Midwest Gen contracts expire after 2004.
Slide 2
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ComEd CTC Calculation
Bundled Base Rate: Average rate by customer class, frozen through 2006 per 1997
Illinois legislation
DST Rate: Average rate for distribution and transmission services per published
tariff
Mitigation Factor: Guaranteed savings for customers, currently the greater of
10% of the bundled rate or $0.005/kWh
MVEC: Market value energy component adjusted annually on June 1
CTC: Competitive transition charge for recovery of investments made prior to
restructuring
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100-400 kW Avg. Demand Cents/kWh
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Bundled Rate 7.428
- DST Rate 1.520 -> Per published tariff by demand class
- Mitigation 0.743 -> Per 1997 Illinois legislation
- MVEC 3.896 -> Avg. 12-month forward energy prices
----- of trade and bid/ask data from
2/24-3/21/03
= CTC 1.269
-----
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Slide 3
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ComEd MVEC - How It Works
Changes in MVEC cause inverse change to CTC (100-400 kW avg. demand):
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June 2001 March 2002 June 2002 March 2003 June 2003
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Bundled 7.428 7.428 7.428
DST 1.368 1.368 Energy Prices 1.520
[increasing]
Mitigation 0.594 Energy Prices 0.594 0.743
[decreasing]
MVEC 5.053 2.660 3.896
CTC 0.413 2.806 1.269
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Customer Impact
o Switching (retail electric suppliers (RES) only) as a
percent of total 2002 GWh:
o Small C&I - 17%
o Large C&I - 35%
o Total - 15%
o Potential reduction in CTC revenue beginning 6/03 from customers who
buy energy from alternate suppliers
o Creates potential switching opportunity for other customers
Slide 4
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Commonwealth Edison Company
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Determination of Residential Customer Transition Charge (Class Summary Page)
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Based on Market Value Defined in Rider PPO - Power Purchase Option (Market Index) Applicable Period A (June 2003 - May 2004)
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(All units are in cents per kilowatt-hour)
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Base Rate Delivery Service Market
Revenue (1) (2) Revenue (3) Value (4) Mitigation Amount(5) June 2003 - May 2004 CTC
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(A) (B) (C) (D) (E)=(A)-(B)-(C)-(D)
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Customer Transition Charge Customer Class
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Residential Delivery Service Customers
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Single Family Without Space Heat 8.715 3.355 3.911 0.610 0.839
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Multi Family Without Space Heat 8.961 4.404 4.057 0.627 0.000
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Single Family With Space Heat 5.836 2.279 3.750 0.409 0.000
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Multi Family With Space Heat 6.169 2.881 3.818 0.432 0.000
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Fixture-included Lighting 8.655 9.853 3.080 0.606 0.000
Residential Delivery Service Customers
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Notes:
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(1) Based on three years of residential historical data ending January 2002
and residential rates in effect beginning October 1, 2001.
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(2) Base rate revenues consist of customer service and energy charges. Base
rate revenues do not include facility, meter, or other equipment rentals,
franchise fees or other franchise cost additions, fuel adjustment clause
charges, decommissioning expense adjustment clause charges, taxes, local
government compliance class charges, compensation for energy generated by
a person or entity other than ComEd, or Renewable Energy Resources and
Coal Technology Development Assistance Charge and Energy Assistance
Charge for the Supplemental Low-Income Energy Assistance Fund.
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(3) The amount of revenue that the Company would receive under Rate RCDS -
Retail Customer Delivery Service (Rate RCDS) and Rider ISS - Interim
Supply Service (Rider ISS) for standard delivery of energy to customers
in the CTC Customer Class.
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(4) The Market Value for a CTC Customer Class has the same value as the per
kilowatt-hour Load Weighted Average Market Value (LWAMV) as defined in
Rider PPO - Power Purchase Option (Market Index) for the applicable
delivery service customer class.
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(5) The residential mitigation amount as defined in Rate CTC is 7% of the base
rate revenue for the calendar years of 2003 and 2004.
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Slide 5
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Commonwealth Edison Company Determination of Nonresidential Customer Transition Charge (Summary Page)
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Based on Market Value Defined in Rider PPO - Power Purchase Option (Market Index) Applicable Period A (June 2003 - May 2004)
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(All units are in cents per kilowatt-hour)
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Base Rate Delivery Service Market Mitigation June 2003 - May 2004
Revenue (1) (2) Revenue (1) (3) Value (4) Amount (5) CTC (6) (7)
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(A) (B) (C) (D) (E)=(A)-(B)-(C)-(D)
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Customer Transition Charge Customer Class
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Nonresidential Delivery Service Customers
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With Only Watt-hour Only Meters 11.258 3.756 4.028 1.126 2.348
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0 kW to and including 25 kW Demand 9.288 2.161 3.954 0.929 2.244
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Over 25 kW to and including 100 kW Demand 8.344 1.908 3.944 0.834 1.658
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Over 100 kW to and including 400 kW Demand 7.428 1.520 3.896 0.743 1.269
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Fixture-included Lighting Nonresidential
Delivery Service Customers 13.554 9.754 3.059 1.355 0.000
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Street Lighting Delivery Service Customers
- Dusk to Dawn 3.852 1.801 3.047 0.500 0.000
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Street Lighting Delivery Service Customers
- All Other Lighting 7.172 1.794 3.514 0.717 1.147
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Railroads Delivery Service Customers (8)
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Pumping Delivery Service Customers 6.465 1.418 3.684 0.647 0.716
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Notes:
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(1) Transfer from Column (H) and Column (M) of Determination of Customer
Transition Charge, on Pages 5 to 12 of attached work papers.
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(2) Base rate revenues consist of customer, demand, and energy charges. Base
rate revenues do not include facility, meter, or other equipment
rentals, franchise fees or other franchise cost additions, fuel
adjustment clause charges, decommissioning expense adjustment clause
charges, taxes, local government compliance clause charges, compensation
for energy generated by a person or entity other than ComEd, or
Renewable Energy Resources and Coal Technology Development Assistance
Charge and Energy Assistance Charge for the Supplemental Low-Income
Energy Assistance Fund.
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(3) The amount of revenue that the Company would receive under Rate RCDS -
Retail Customer Delivery Service (Rate RCDS) and Rider ISS - Interim
Supply Service (Rider ISS) for standard delivery of energy to customers
in the CTC Customer Class.
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(4) The Market Value for a CTC Customer Class has the same value as the per
kilowatt-hour Load Weighted Average Market Value (LWAMV) as defined in
Rider PPO - Power Purchase Option (Market Index) for the applicable
customer class for Applicable Period A.
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(5) The mitigation amount as defined in Rate CTC is the greater of 0.5 cents
per kilowatt-hour or 10% of the base rate revenue for the calendar years 2003
and 2004.
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(6) This Applicable Period A Customer Transition Charge (CTC) is not
applicable if you are taking service under a multi-year CTC option under
Rider CTC - MY - Customer Transition Charges - Multi-Year (Rider
CTC-MY). Applicable CTCs under a multi-year CTC option are provided on
pages 2 through 4.
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(7) CTCs are subject to change without specific notice if one of the
components used in the determination of the CTC, as described in Rate
CTC, is modified. If the CTC is equal to zero, this account will not be
eligible for service under Rider PPO - Power Purchase Option (Market
Index) (Rider PPO).
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(8) There are two customers in the Railroads class and each customer will
have a Customer-specific CTC.
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Slide 6
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Exelon Maturity Schedule - 2003
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(Includes issues called to date)
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Refinancing New Issue
Maturity Actual Call Maturity Pricing
Company Type Amount ($M) Coupon Date Date Type Date Amount ($M) Coupon Date
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Jan ComEd FMB 200.0 7.375% 9/15/02
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ComEd FMB 200.0 8.375% 9/15/22 9/16/02
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ComEd Notes 200.0 Variable 9/30/02 FMB 2008 350.0 3.70% 1/14/03
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ComEd Notes 100.0 9.170% 10/15/02 FMB 2033 350.0 5.875% 1/14/03
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Mar ComEd Trust Pfd Sec 200.0 8.48% 9/30/35 3/20/03 Trust Pfd Sec 2033 200.0 6.35% 3/10/03
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Mar ComEd FMB 236.0 8.375% 2/15/23 3/18/03
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ComEd FMB 160.0 8.000% 4/15/23 4/15/03 FMB 2015 395.0 4.70% 3/31/03
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Apr PECO FMB 250.0 6.625% 3/1/03
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PECO FMB 200.0 6.500% 5/1/03 FMB 2008 450.0 3.50% 4/21/03
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ComEd Pollution Pollution
May control bonds 40.0 5.875% 5/15/07 5/15/03 Control bonds 2017 40.0 Variable* 5/8/03
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Remaining Maturities
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Sep ComEd FMB 100.0 6.625% 7/15/03
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ComEd Notes 250.0 Variable 9/30/03
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*The initial 35-day
pricing rate is 1.13%.
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