EXELON CORPORATION
Earnings Release Attachments
Table of Contents
Consolidating Statements of Income - Three Months Ended September 30, 2003 and 2002 1
Consolidating Statements of Income - Nine Months Ended September 30, 2003 and 2002 2
Business Segment Comparative Income Statements - Energy Delivery and Generation 3
Business Segment Comparative Income Statements - Enterprises and Corporate and Eliminations 4
Consolidated Balance Sheets 5
Consolidated Statements of Cash Flows 6
Reconciliation of Adjusted (Non-GAAP) Operating Earnings to Consolidated Statements of Income -
Three Months Ended September 30, 2003 and 2002 7
Reconciliation of Adjusted (Non-GAAP) Operating Earnings to Consolidated Statements of Income -
Nine Months Ended September 30, 2003 and 2002 8
Reconciliation of Adjusted (Non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings
(Loss) Per Diluted Share 9
Reconciliation of Adjusted (Non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share 10
Electric Sales Statistics 11
Energy Delivery Sales Statistics - Three Months Ended September 30, 2003 and 2002 12
Energy Delivery Sales Statistics - Nine Months Ended September 30, 2003 and 2002 13
Exelon Generation Power Marketing Statistics 14
EXELON CORPORATION
Consolidating Statements of Income
(unaudited)
(in millions)
Three Months Ended September 30, 2003
-----------------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
----------- ----------- ----------- ---------- ---------------
Operating revenues $ 2,886 $ 2,537 $ 437 $ (1,419) $ 4,441
Operating expenses
Purchased power 1,373 1,240 69 (1,370) 1,312
Fuel 28 449 75 (1) 551
Impairment of Exelon Boston Generating, LLC - 945 - - 945
Operating and maintenance 491 530 263 (58) 1,226
Depreciation and amortization 231 51 3 8 293
Taxes other than income 99 28 3 1 131
----------- ----------- ----------- ---------- ---------------
Total operating expenses 2,222 3,243 413 (1,420) 4,458
----------- ----------- ----------- ---------- ---------------
Operating income (loss) 664 (706) 24 1 (17)
Other income and deductions
Interest expense (182) (25) (2) (8) (217)
Distributions on preferred securities of subsidiaries (8) - - - (8)
Equity in earnings (losses) of unconsolidated affiliates - 53 (1) (3) 49
Other, net 5 (30) 5 (1) (21)
----------- ----------- ----------- ---------- ---------------
Total other income and deductions (185) (2) 2 (12) (197)
----------- ----------- ----------- ---------- ---------------
Income (loss) before income taxes 479 (708) 26 (11) (214)
Income taxes 176 (280) 10 (18) (112)
----------- ----------- ----------- ---------- ---------------
Net income (loss) $ 303 $ (428) $ 16 $ 7 $ (102)
=========== =========== =========== ========== ===============
Three Months Ended September 30, 2002
------------------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
----------- ---------- ----------- ---------- ---------------
Operating revenues $ 3,162 $ 2,213 $ 509 $ (1,514) $ 4,370
Operating expenses
Purchased power 1,485 1,257 73 (1,478) 1,337
Fuel 40 273 60 - 373
Operating and maintenance 407 391 349 (33) 1,114
Depreciation and amortization 256 68 11 10 345
Taxes other than income 162 37 1 1 201
----------- ---------- ----------- ---------- ---------------
Total operating expenses 2,350 2,026 494 (1,500) 3,370
----------- ---------- ----------- ---------- ---------------
Operating income (loss) 812 187 15 (14) 1,000
Other income and deductions
Interest expense (215) (23) (3) (8) (249)
Distributions on preferred securities of subsidiaries (11) - - - (11)
Equity in earnings (losses) of unconsolidated affiliates - 87 8 (3) 92
Other, net 5 14 - (3) 16
----------- ---------- ----------- ---------- ---------------
Total other income and deductions (221) 78 5 (14) (152)
----------- ---------- ----------- ---------- ---------------
Income (loss) before income taxes 591 265 20 (28) 848
Income taxes 221 102 5 (31) 297
----------- ---------- ----------- ---------- ---------------
Net income $ 370 $ 163 $ 15 $ 3 $ 551
=========== ========== =========== ========== ===============
1
EXELON CORPORATION
Consolidating Statements of Income
(unaudited) (in millions)
Nine Months Ended September 30, 2003
-----------------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
--------- ------------- ----------- ----------- -------------
Operating revenues $ 7,850 $ 6,301 $ 1,459 $ (3,374) $ 12,236
Operating expenses
Purchased power 3,291 2,881 187 (3,284) 3,075
Fuel 285 1,156 467 - 1,908
Impairment of Exelon Boston Generating, LLC - 945 - - 945
Operating and maintenance 1,234 1,473 834 (103) 3,438
Depreciation and amortization 657 142 23 20 842
Taxes other than income 358 115 8 8 489
--------- ------------- ----------- ----------- -------------
Total operating expenses 5,825 6,712 1,519 (3,359) 10,697
--------- ------------- ----------- ----------- -------------
Operating income (loss) 2,025 (411) (60) (15) 1,539
Other income and deductions
Interest expense (565) (63) (8) (25) (661)
Distributions on preferred securities of subsidiaries (30) - - - (30)
Equity in earnings (losses) of unconsolidated affiliates - 90 - (8) 82
Other, net 48 (164) (31) (6) (153)
--------- ------------- ----------- ----------- -------------
Total other income and deductions (547) (137) (39) (39) (762)
--------- ------------- ----------- ----------- -------------
Income (loss) before income taxes and cumulative effect
of change in accounting principle 1,478 (548) (99) (54) 777
Income taxes 558 (209) (37) (54) 258
--------- ------------- ----------- ----------- -------------
Income (loss) before cumulative effect of change in
accounting principle 920 (339) (62) - 519
Cumulative effect of change in accounting
principle, net of income taxes 5 108 (1) - 112
--------- ------------- ----------- ----------- -------------
Net income (loss) $ 925 $ (231) $ (63) $ - $ 631
========= ============= =========== =========== =============
Nine Months Ended September 30, 2002
----------------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
--------- ------------- ----------- ---------- ------------
Operating revenues $ 7,973 $ 5,233 $ 1,475 $ (3,436) $ 11,245
Operating expenses
Purchased power 3,331 2,581 181 (3,330) 2,763
Fuel 228 706 294 5 1,233
Operating and maintenance 1,131 1,234 983 (96) 3,252
Depreciation and amortization 745 197 46 24 1,012
Taxes other than income 430 126 6 6 568
--------- ------------- ----------- ---------- ------------
Total operating expenses 5,865 4,844 1,510 (3,391) 8,828
--------- ------------- ----------- ---------- ------------
Operating income (loss) 2,108 389 (35) (45) 2,417
Other income and deductions
Interest expense (654) (51) (11) (23) (739)
Distributions on preferred securities of subsidiaries (34) - - - (34)
Equity in earnings (losses) of unconsolidated affiliates - 119 3 (8) 114
Other, net 35 54 158 (8) 239
--------- ------------- ----------- ---------- ------------
Total other income and deductions (653) 122 150 (39) (420)
--------- ------------- ----------- ---------- ------------
Income (loss) before income taxes and cumulative effect
of change in accounting principle 1,455 511 115 (84) 1,997
Income taxes 547 198 46 (67) 724
--------- ------------- ----------- ---------- ------------
Income (loss) before cumulative effect of change in
accounting principle 908 313 69 (17) 1,273
Cumulative effect of change in accounting
principle, net of income taxes - 13 (243) - (230)
--------- ------------- ----------- ---------- ------------
Net income (loss) $ 908 $ 326 $ (174) $ (17) $ 1,043
========= ============= =========== ========== ============
2
EXELON CORPORATION
Business Segment Comparative Income Statements
(unaudited)
(in millions)
Energy Delivery
----------------------------------------------------------------------
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- ---------------------------------
2003 2002 Variance 2003 2002 Variance
------- ------- -------- ------- ------- ----------
Operating revenues $ 2,886 $ 3,162 $ (276) $ 7,850 $ 7,973 $ (123)
Operating expenses
Purchased power 1,373 1,485 (112) 3,291 3,331 (40)
Fuel 28 40 (12) 285 228 57
Operating and maintenance 491 407 84 1,234 1,131 103
Depreciation and amortization 231 256 (25) 657 745 (88)
Taxes other than income 99 162 (63) 358 430 (72)
------- ------- ------- ------- ------- -------
Total operating expenses 2,222 2,350 (128) 5,825 5,865 (40)
------- ------- ------- ------- ------- -------
Operating income 664 812 (148) 2,025 2,108 (83)
Other income and deductions
Interest expense (182) (215) 33 (565) (654) 89
Distributions on preferred securities of subsidiaries (8) (11) 3 (30) (34) 4
Other, net 5 5 - 48 35 13
------- ------- ------- ------- ------- -------
Total other income and deductions (185) (221) 36 (547) (653) 106
------- ------- ------- ------- ------- -------
Income before income taxes and cumulative effect
of change in accounting principle 479 591 (112) 1,478 1,455 23
Income taxes 176 221 (45) 558 547 11
------- ------- ------- ------- ------- -------
Income before cumulative effect of change in
accounting principle 303 370 (67) 920 908 12
Cumulative effect of change in accounting
principle, net of income taxes - - - 5 - 5
------- ------- ------- ------- ------- -------
Net income $ 303 $ 370 $ (67) $ 925 $ 908 $ 17
======= ======= ======= ======= ======= =======
Generation
----------------------------------------------------------------------
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- ---------------------------------
2003 2002 Variance 2003 2002 Variance
------- ------- -------- ------- ------- ----------
Operating revenues $ 2,537 $ 2,213 $ 324 $ 6,301 $ 5,233 $ 1,068
Operating expenses
Purchased power 1,240 1,257 (17) 2,881 2,581 300
Fuel 449 273 176 1,156 706 450
Impairment of Exelon Boston Generating, LLC 945 - 945 945 - 945
Operating and maintenance 530 391 139 1,473 1,234 239
Depreciation and amortization 51 68 (17) 142 197 (55)
Taxes other than income 28 37 (9) 115 126 (11)
------- ------- ------- ------- ------- -------
Total operating expenses 3,243 2,026 1,217 6,712 4,844 1,868
------- ------- ------- ------- ------- -------
Operating income (706) 187 (893) (411) 389 (800)
Other income and deductions
Interest expense (25) (23) (2) (63) (51) (12)
Equity in earnings of unconsolidated affiliates 53 87 (34) 90 119 (29)
Other, net (30) 14 (44) (164) 54 (218)
------- ------- ------- ------- ------- -------
Total other income and deductions (2) 78 (80) (137) 122 (259)
------- ------- ------- ------- ------- -------
Income (loss) before income taxes and cumulative effect
of changes in accounting principles (708) 265 (973) (548) 511 (1,059)
Income taxes (280) 102 (382) (209) 198 (407)
------- ------- ------- ------- ------- -------
Income (loss) before cumulative effect of changes in
accounting principles (428) 163 (591) (339) 313 (652)
Cumulative effect of changes in accounting
principles, net of income taxes - - - 108 13 95
------- ------- ------- ------- ------- -------
Net income (loss) $ (428) $ 163 $ (591) $ (231) $ 326 $ (557)
======= ======= ======= ======= ======= =======
3
EXELON CORPORATION
Business Segment Comparative Income Statements
(unaudited)
(in millions)
Enterprises
--------------------------------------------------------------------
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- --------------------------------
2003 2002 Variance 2003 2002 Variance
------- ------- --------- ------- ------- --------
Operating revenues $ 437 $ 509 $ (72) $ 1,459 $ 1,475 $ (16)
Operating expenses
Purchased power 69 73 (4) 187 181 6
Fuel 75 60 15 467 294 173
Operating and maintenance 263 349 (86) 834 983 (149)
Depreciation and amortization 3 11 (8) 23 46 (23)
Taxes other than income 3 1 2 8 6 2
------- ------- ------- ------- ------- -------
Total operating expenses 413 494 (81) 1,519 1,510 9
------- ------- ------- ------- ------- -------
Operating income (loss) 24 15 9 (60) (35) (25)
Other income and deductions
Interest expense (2) (3) 1 (8) (11) 3
Equity in earnings (losses) of unconsolidated affiliates (1) 8 (9) - 3 (3)
Other, net 5 - 5 (31) 158 (189)
------- ------- ------- ------- ------- -------
Total other income and deductions 2 5 (3) (39) 150 (189)
------- ------- ------- ------- ------- -------
Income (loss) before income taxes and cumulative
effect of changes in accounting principles 26 20 6 (99) 115 (214)
Income taxes 10 5 5 (37) 46 (83)
------- ------- ------- ------- ------- -------
Income (loss) before cumulative effect of
changes in accounting principles 16 15 1 (62) 69 (131)
Cumulative effect of changes in accounting
principles, net of income taxes - - - (1) (243) 242
------- ------- ------- ------- ------- -------
Net income (loss) $ 16 $ 15 $ 1 $ (63) $ (174) $ 111
======= ======= ======= ======= ======= =======
Corporate and Eliminations
--------------------------------------------------------------------
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- --------------------------------
2003 2002 Variance 2003 2002 Variance
------- ------- --------- ------- ------- --------
Operating revenues $(1,419) $(1,514) $ 95 $(3,374) $(3,436) $ 62
Operating expenses
Purchased power (1,370) (1,478) 108 (3,284) (3,330) 46
Fuel (1) - (1) - 5 (5)
Operating and maintenance (58) (33) (25) (103) (96) (7)
Depreciation and amortization 8 10 (2) 20 24 (4)
Taxes other than income 1 1 - 8 6 2
------- ------- ------- ------- ------- -------
Total operating expenses (1,420) (1,500) 80 (3,359) (3,391) 32
------- ------- ------- ------- ------- -------
Operating income (loss) 1 (14) 15 (15) (45) 30
Other income and deductions
Interest expense (8) (8) - (25) (23) (2)
Equity in earnings (losses) of
unconsolidated affiliates (3) (3) - (8) (8) -
Other, net (1) (3) 2 (6) (8) 2
------- ------- ------- ------- ------- -------
Total other income and deductions (12) (14) 2 (39) (39) -
------- ------- ------- ------- ------- -------
Income (loss) before income taxes (11) (28) 17 (54) (84) 30
Income taxes (18) (31) 13 (54) (67) 13
------- ------- ------- ------- ------- -------
Net income (loss) $ 7 $ 3 $ 4 $ - $ (17) $ 17
======= ======= ======= ======= ======= =======
4
EXELON CORPORATION
Consolidated Balance Sheets
(unaudited)
(in millions)
September 30, December 31,
2003 2002
------------------- -------------------
Current assets
Cash and cash equivalents $ 604 $ 469
Restricted cash 318 396
Accounts receivable, net
Customers 1,952 2,076
Other 270 284
Receivable from unconsolidated affiliate - 39
Inventories - fossil fuel 198 175
Inventories - materials and supplies 289 306
Other 429 380
Assets held for sale 109 -
------------------- -------------------
Total current assets 4,169 4,125
------------------- -------------------
Property, plant and equipment, net 19,476 17,126
Deferred debits and other assets
Regulatory assets 5,304 5,993
Nuclear decommissioning trust funds 3,404 3,053
Investments 1,198 1,403
Goodwill 4,734 4,992
Other 859 793
------------------- -------------------
Total deferred debits and other assets 15,499 16,234
------------------- -------------------
Total assets $ 39,144 $ 37,485
=================== ===================
Liabilities and shareholders' equity
Current liabilities
Notes payable $ 82 $ 681
Notes payable to unconsolidated affiliate 326 534
Long-term debt due within one year 2,067 1,402
Accounts payable 1,692 1,607
Accrued expenses 1,242 1,354
Other 287 296
Liabilities held for sale 57 -
------------------- -------------------
Total current liabilities 5,753 5,874
------------------- -------------------
Long-term debt 12,468 13,127
Long-term debt to affiliate 103 -
Mandatorily redeemable preferred securities 422 -
Deferred credits and other liabilities
Deferred income taxes 3,798 3,702
Unamortized investment tax credits 291 301
Nuclear decommissioning liability for retired plants - 1,395
Asset retirement obligation 2,481 -
Pension obligation 1,609 1,959
Non-pension postretirement benefits obligation 1,033 877
Spent nuclear fuel obligation 865 858
Regulatory liabilities 880 -
Other 1,026 978
------------------- -------------------
Total deferred credits and other liabilities 11,983 10,070
------------------- -------------------
Minority interest of consolidated subsidiaries 1 77
Preferred securities of subsidiaries 87 595
Shareholders' equity
Common stock 7,226 7,059
Deferred compensation - (1)
Retained earnings 2,210 2,042
Accumulated other comprehensive income (loss) (1,109) (1,358)
------------------- -------------------
Total shareholders' equity 8,327 7,742
------------------- -------------------
Total liabilities and shareholders' equity $ 39,144 $ 37,485
=================== ===================
5
EXELON CORPORATION
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended
September 30,
-------------------------------------
2003 2002
------------------ ------------------
Cash flows from operating activities
Net income $ 631 $ 1,043
Adjustments to reconcile net income to net cash flows
provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel 1,290 1,284
Cumulative effect of changes in accounting principles (net of income taxes) (112) 230
Gain on sale of investments - (199)
Provision for uncollectible accounts 72 107
Deferred income taxes (363) 293
Equity in earnings of unconsolidated affiliates (82) (114)
Impairment of investments 295 46
Impairment of goodwill and long-lived assets 950 -
Employee severance related expenses 152 -
Pension and non-pension postretirement curtailment costs 26 -
Net realized (gains) losses on nuclear decommissioning trust funds (9) 32
Other operating activities 91 56
Changes in assets and liabilities:
Accounts receivable (19) (358)
Inventories (55) (25)
Accounts payable, accrued expenses and other current liabilities 50 1
Changes in payables and receivables from unconsolidated affiliates 18 46
Other current assets (100) 68
Pension and non-pension postretirement benefits obligations (241) 22
Other noncurrent assets and liabilities (41) 131
------------------ ------------------
Net cash flows provided by operating activities 2,553 2,663
------------------ ------------------
Cash flows from investing activities
Capital expenditures (1,501) (1,534)
Proceeds from liquidated damages 92 -
Proceeds from nuclear decommissioning trust funds 1,880 1,184
Investment in nuclear decommissioning trust funds (2,043) (1,330)
Note receivable from unconsolidated affiliate 35 (42)
Proceeds from sale of investments 186 287
Acquisition of generating plants - (443)
Other investing activities 50 19
------------------ ------------------
Net cash flows used in investing activities (1,301) (1,859)
------------------ ------------------
Cash flows from financing activities
Issuance of long-term debt 2,105 956
Retirement of long-term debt (2,075) (1,946)
Change in short-term debt (599) 428
Issuance of debt to affiliate 103 -
Issuance of mandatorily redeemable preferred securities 200 -
Retirement of mandatorily redeemable preferred securities (250) (18)
Retirement of preferred stock (50) -
Dividends paid on common stock (461) (420)
Payment on acquisition note payable to Sithe Energies, Inc. (210) -
Proceeds from employee stock plans 139 64
Contribution from minority interest of consolidated subsidiary - 43
Change in restricted cash 78 81
Other financing activities (85) (16)
------------------ ------------------
Net cash flows used in financing activities (1,105) (828)
------------------ ------------------
Increase (decrease) in cash and cash equivalents 147 (24)
Cash and cash equivalents at beginning of period 469 485
------------------ ------------------
Cash and cash equivalents including cash classified as held for sale 616 461
Cash classified as held for sale on the consolidated balance sheet (12) -
------------------ ------------------
Cash and cash equivalents at end of period $ 604 $ 461
================== ==================
6
EXELON CORPORATION
Reconciliation of Adjusted (Non-GAAP) Operating Earnings to GAAP
Consolidated Statements of Income
(unaudited)
(in millions, except per share data)
Three Months Ended September 30, 2003 Three Months Ended September 30, 2002
------------------------------------- -------------------------------------
Adjusted Adjusted
GAAP (a) Adjustments (Non-GAAP) GAAP (a) Adjustments (Non-GAAP)
--------- ----------- ---------- -------- ----------- ----------
Operating revenues $ 4,441 $ - $ 4,441 $ 4,370 $ - $ 4,370
Operating expenses
Purchased power 1,312 - 1,312 1,337 - 1,337
Fuel 551 - 551 373 - 373
Impairment of Exelon Boston Generating, LLC 945 (945)(b) - - - -
Operating and maintenance 1,226 (123)(c), (d) 1,103 1,114 - 1,114
Depreciation and amortization 293 - 293 345 - 345
Taxes other than income 131 74 (e) 205 201 - 201
--------- ----------- ---------- -------- ----------- ----------
Total operating expenses 4,458 (994) 3,464 3,370 - 3,370
--------- ----------- ---------- -------- ----------- ----------
Operating income (loss) (17) 994 977 1,000 - 1,000
Other income and deductions
Interest expense (217) - (217) (249) - (249)
Distributions on preferred securities
of subsidiaries (8) - (8) (11) - (11)
Equity in earnings of unconsolidated
affiliates 49 3 (d) 52 92 - 92
Other, net (21) 55 (f) 34 16 - 16
--------- ----------- ---------- -------- ----------- ----------
Total other income and deductions (197) 58 (139) (152) - (152)
--------- ----------- ---------- -------- ----------- ----------
Income (loss) before income taxes (214) 1,052 838 848 - 848
Income taxes (112) 415 303 297 - 297
--------- ----------- ---------- -------- ----------- ----------
Net income (loss) $ (102) $ 637 $ 535 $ 551 $ - $ 551
========= =========== ========== ======== =========== ==========
Earnings (loss) per average common share
Basic $ (0.31) $ 1.95 $ 1.64 $ 1.71 $ - $ 1.71
Diluted $ (0.31) $ 1.94 $ 1.63 $ 1.70 $ - $ 1.70
Average common shares outstanding
Basic 326 326 323 323
Diluted 326 329 324 324
Effect of adjustments on earnings (loss)
per average diluted common share recorded in
accordance with GAAP:
EBG impairment $ (1.74)
Severance (0.32)
Property tax accrual reductions 0.14
Impairment of investment in Sithe Energies, Inc. (0.11)
Sale of InfraSource 0.09
-----------
Total adjustments $ (1.94)
===========
<FN>
(a) Results reported in accordance with accounting principles generally
accepted in the United States (GAAP).
(b) Adjustment for the EBG impairment recorded during the third
quarter of 2003.
(c) Adjustment for the sale of InfraSource to GFI during the third
quarter of 2003.
(d) Adjustment for severance and severance-related costs recorded
during the third quarter of 2003.
(e) Adjustment for the reduction of property tax accruals at PECO and
Generation recorded during the third quarter of 2003.
(f) Adjustment for the impairment of Exelon's investment in Sithe
Energies, Inc. recorded during the third quarter of 2003.
</FN>
7
EXELON CORPORATION
Reconciliation of Adjusted (Non-GAAP) Operating Earnings to GAAP
Consolidated Statements of Income
(unaudited)
(in millions, except per share data)
Nine Months Ended September 30, 2003 Nine Months Ended September 30, 2002
------------------------------------ ------------------------------------
Adjusted Adjusted
GAAP (a) Adjustments (Non-GAAP) GAAP (a) Adjustments (Non-GAAP)
-------- ----------- --------- ------- ----------- ----------
Operating revenues $ 12,236 $ - $ 12,236 $ 11,245 $ - $ 11,245
Operating expenses
Purchased power 3,075 - 3,075 2,763 - 2,763
Fuel 1,908 - 1,908 1,233 - 1,233
Impairment of Exelon Boston Generating, LLC 945 (945)(b) - - - -
Operating and maintenance 3,438 (212)(c),(d),(e) 3,226 3,252 (10)(i) 3,242
Depreciation and amortization 842 - 842 1,012 - 1,012
Taxes other than income 489 74 (f) 563 568 - 568
-------- ----------- --------- -------- ----------- ----------
Total operating expenses 10,697 (1,083) 9,614 8,828 (10) 8,818
-------- ----------- --------- -------- ----------- ----------
Operating income 1,539 1,083 2,622 2,417 10 2,427
Other income and deductions
Interest expense (661) - (661) (739) - (739)
Distributions on preferred securities
of subsidiaries (30) - (30) (34) - (34)
Equity in earnings of unconsolidated
affiliates 82 3 (e) 85 114 - 114
Other, net (153) 242 (c),(g) 89 239 (198)(j) 41
-------- ----------- --------- -------- ----------- ----------
Total other income and deductions (762) 245 (517) (420) (198) (618)
-------- ----------- --------- -------- ----------- ----------
Income before income taxes and cumulative
effect of changes in accounting principles 777 1,328 2,105 1,997 (188) 1,809
Income taxes 258 514 772 724 (84) 640
-------- ----------- --------- -------- ----------- ----------
Income before cumulative effect of changes
in accounting principles 519 814 1,333 1,273 (104) 1,169
Cumulative effect of changes in accounting
principles, net of income taxes 112 (112)(h) - (230) 230 (k) -
-------- ----------- --------- -------- ----------- ----------
Net income $ 631 $ 702 $ 1,333 $ 1,043 $ 126 $ 1,169
======== =========== ========= ======== =========== ==========
Earnings per average common share
Basic:
Income before cumulative effect of
changes in accounting principles $ 1.60 $ 2.50 $ 4.10 $ 3.95 $ (0.32) $ 3.63
Cumulative effect of changes in accounting
principles, net of income taxes 0.34 (0.34) - (0.71) 0.71 -
-------- ----------- --------- -------- ----------- ----------
Net income $ 1.94 $ 2.16 $ 4.10 $ 3.24 $ 0.39 $ 3.63
======== =========== ========= ======== =========== ==========
Diluted:
Income before cumulative effect of
changes in accounting principles $ 1.59 $ 2.48 $ 4.07 $ 3.93 $ (0.32) $ 3.61
Cumulative effect of changes in accounting
principles, net of income taxes 0.34 (0.34) - (0.71) 0.71 -
-------- ----------- --------- -------- ----------- ----------
Net income $ 1.93 $ 2.14 $ 4.07 $ 3.22 $ 0.39 $ 3.61
======== =========== ========= ======== =========== ==========
Average common shares outstanding
Basic 325 325 322 322
Diluted 328 328 324 324
Effect of adjustments on earnings per
average diluted common share recorded in
accordance with GAAP:
EBG impairment $ (1.74) $ -
Impairment of Exelon's investment in Sithe Energies, Inc. (0.51) -
Cumulative effect of adopting SFAS No. 143 0.34 -
Exelon Way severance (0.32) -
Property tax accrual reductions 0.14 -
March 3 ComEd Settlement Agreement (0.05) -
Net gain on the sale of InfraSource - -
Employee severance costs - (0.04)
Gain on sale of investment in AT&T Wireless - 0.36
Cumulative effect of adopting SFAS No. 141 and SFAS No. 14 - (0.71)
----------- -----------
Total adjustments $ (2.14) $ (0.39)
=========== ===========
<FN>
(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b) Adjustment for the EBG impairment recorded during the third quarter of 2003.
(c) Adjustment for the March 3 ComEd Settlement Agreement.
(d) Adjustment for the impairment of Exelon Enterprises' InfraSource goodwill and subsequent gain on the sale of
InfraSource to GFI.
(e) Adjustment for severance and severance-related costs recorded during the third quarter of 2003.
(f) Adjustment for the reduction of property tax accruals at PECO and Generation recorded during the third quarter of
2003.
(g) Adjustment for the impairments of Generation's investment in Sithe Energies, Inc. recorded during the first and third
quarters of 2003.
(h) Adjustment for the cumulative effect of adopting SFAS No. 143.
(i) Adjustment for severance costs of $10 million pre-tax primarily related to executive severance. Not all of the
severance expense was tax deductible.
(j) Adjustment for the sale of investment in AT&T Wireless.
(k) Adjustment for the cumulative effect of adopting SFAS No. 141 and SFAS No. 142 reflecting the impairment of Exelon
Enterprises' goodwill and the benefit of AmerGen's negative goodwill.
</FN>
8
EXELON CORPORATION
Reconciliation of Adjusted (Non-GAAP) Operating Earnings
Per Diluted Share to GAAP Earnings (Loss) Per Diluted Share
Three Months Ended September 30, 2003 vs. Three Months Ended September 30, 2002
2002 GAAP Earnings per Diluted Share $ 1.70
Year Over Year Effects on Earnings:
Energy Margins:
Weather Impact (1) (0.14)
Lower CTCs Recovered (2) (0.09)
Generation (3) 0.17
Other (0.01)
Higher Operating and Maintenance Expense (O&M) - Storm Costs (4) (0.07)
Lower O&M - Other (5) 0.11
Lower Non-Energy Margins at Enterprises (6) (0.10)
Lower Interest Expense (7) 0.08
Lower Equity in Earnings of Unconsolidated Subsidiaries (8) (0.04)
ENE Acquisition Effect (9) (0.02)
Other 0.04
-----------
2003 Adjusted (Non-GAAP) Operating Earnings 1.63
2003 Adjusted (Non-GAAP) Operating Earnings Adjustments:
Exelon Boston Generating (EBG) Impairment (10) (1.74)
Severance (11) (0.32)
Property Tax Accrual Reductions (12) 0.14
Impairment of Investment in Sithe Energies, Inc. (13) (0.11)
Sale of InfraSource (14) 0.09
-----------
2003 GAAP Loss per Diluted Share $(0.31)
===========
<FN>
(1) Primarily related to cooler summer weather in 2003 as compared to 2002.
(2) Reflects a decrease in the CTC rates recovered by ComEd due to increased wholesale market
price of electricity, net of increased mitigation factors.
(3) Primarily related to increased market sales of electricity at higher prices by Generation
along with reductions in capacity payments to Midwest Generation. Excludes the effect of
the acquisition of Sithe New England (currently known as Exelon New England (ENE)) in
November 2002.
(4) Reflects increased storm costs in the Energy Delivery service territories.
(5) Reflects reduced operating expenses, excluding severance charges, storm costs at Energy
Delivery, gain on the sale of InfraSource and the effect of the acquisition of ENE,
primarily due to decreased salaries and wages at Energy Delivery, decreased environmental
reserves at ComEd and the deployment of automated meter reading technology at PECO.
(6) Reflects lower non-energy margins at Enterprises, primarily InfraSource, due to an overall
decline in revenue.
(7) Reflects lower interest expense, excluding the effect of the acquisition of ENE, due to
refinancing of existing debt at lower interest rates and the gradual retirement of ComEd's
Transitional Trust Notes.
(8) Reflects lower equity in earnings of unconsolidated affiliates, excluding the effect of
the acquisition of ENE in November 2002, related to AmerGen and Sithe Energies, Inc.
(9) Reflects the effect on net income of the acquisition of ENE, excluding the impairments of
EBG and Sithe Energies, Inc.
(10) Reflects the impairment of the EBG assets recorded by Generation during the third quarter
of 2003.
(11) Reflects severance and severance-related costs recorded during the third quarter of 2003.
(12) Reflects the reduction of certain property tax accruals at PECO and Generation during the
third quarter of 2003.
(13) Reflects an additional impairment of the investment held by Generation in Sithe Energies,
Inc. recorded during the third quarter of 2003.
(14) Reflects a gain on the sale of the electric construction and services, underground and
telecom businesses of InfraSource Inc. recorded during the third quarter of 2003.
</FN>
9
EXELON CORPORATION
Reconciliation of Adjusted (Non-GAAP) Operating Earnings
Per Diluted Share to GAAP Earnings Per Diluted Share
Nine Months Ended September 30, 2003 vs. Nine Months Ended September 30, 2002
2002 GAAP Earnings per Diluted Share $ 3.22
2002 Adjusted (Non-GAAP) Operating Earnings Adjustments:
Cumulative Effect of Adopting SFAS No. 142 0.71
Gain on the Sale of Investment in AT&T Wireless (1) (0.36)
Severance (2) 0.04
-------------
2002 Adjusted (Non-GAAP) Operating Earnings 3.61
Year Over Year Effects on Earnings:
Energy Margins:
Generation (3) 0.31
Weather Impact (4) (0.12)
Other (0.04)
Lower Interest Expense (5) 0.18
Lower O&M (6) 0.12
Higher Investment Income (7) 0.09
Lower Non-Energy Margins at Enterprises (8) (0.09)
Lower Depreciation and Amortization Expense (9) 0.08
ENE Acquisition Effect (10) (0.06)
Other (0.01)
-------------
2003 Adjusted (Non-GAAP) Operating Earnings 4.07
2003 Adjusted (Non-GAAP) Operating Earnings Adjustments:
Exelon Boston Generating (EBG) Impairment (11) (1.74)
Impairment of Investment in Sithe Energies, Inc. (12) (0.51)
Cumulative Effect of Adopting SFAS No. 143 0.34
Severance (13) (0.32)
Property Tax Accrual Reductions (14) 0.14
March 3 ComEd Settlement Agreement (15) (0.05)
InfraSource Sale (16) -
-------------
2003 GAAP Earnings per Diluted Share $ 1.93
=============
<FN>
(1) Gain on Exelon Enterprises' sale of its 49% interest in AT&T Wireless PCS of
Philadelphia.
(2) Executive severance partially offset by favorable adjustments to previous
severance estimates. A portion of the executive severance was not tax
deductible. As a result, the after-tax impact on earnings was $0.04 per share.
(3) Primarily related to increased market sales of electricity at higher prices by
Generation along with reductions in capacity payments to Midwest Generation.
Excludes the effect of the acquisition of Sithe New England (currently known as
Exelon New England (ENE)) in November 2002.
(4) Primarily related to cooler spring and summer weather in 2003 as compared to
2002, partially offset by colder winter weather in 2003 as compared to 2002.
(5) Reflects lower interest expense, excluding the effect of the acquisition of
ENE, due to refinancing of existing debt at lower interest rates and the
gradual retirement of ComEd's Transitional Trust Notes.
(6) Reflects reduced operating expenses, excluding severance charges, the effect of
the acquisition of ENE, the net loss on the sale of InfraSource, Inc.
in the second quarter of 2003 and SFAS No. 143, primarily due to decreased
salaries and wages at Energy Delivery, decreased nuclear refueling outages at
Generation and the deployment of automated meter reading technology at PECO.
These decreases were partially offset by increased pension and postretirement
benefit expense and increased storm costs in the Energy Delivery service
territories.
(7) Primarily reflects the effects of write-downs of communication and
energy-related investments at Enterprises in 2002 and higher investment income
related to nuclear decommissioning trust funds in 2003, partially offset by an
impairment of communication and energy-related investments of Enterprises in
2003.
(8) Reflects lower non-energy margins at Enterprises, primarily InfraSource, due to
an overall decline in revenue.
(9) Depreciation and amortization expense, excluding SFAS No. 143 and the effect of
the acquisition of ENE in November 2002, was lower primarily due to lower
depreciation rates and lower recoverable transition cost amortization at ComEd,
partially offset by increased depreciation related to higher depreciable plant
balances, reflecting Generation's plant acquisitions in 2002 and additions at
Energy Delivery, and higher CTC amortization at PECO.
(10) Reflects the effect on net income of the acquisition of ENE in November 2002,
excluding the impairments of EBG and Sithe Energies, Inc.
(11) Reflects the impairment of the EBG assets recorded by Generation during the
third quarter of 2003.
(12) Impairment of the investment held by Generation in Sithe Energies, Inc.
recorded during the first and third quarters of 2003.
(13) Reflects severance and severance related costs recorded during the third
quarter of 2003.
(14) Reflects the reduction of certain property tax accruals at PECO and Generation
during the third quarter of 2003.
(15) Agreement reached by ComEd and various Illinois suppliers, customers, and
governmental parties regarding several matters affecting ComEd's rates for
electric service during the first quarter of 2003.
(16) Reflects the net impact of an impairment of goodwill related to InfraSource,
Inc. in the second quarter of 2003 and the loss on the sale of the electric
construction and services, underground and telecom businesses of InfraSource
Inc., which closed during the third quarter of 2003.
</FN>
10
EXELON CORPORATION
Electric Sales Statistics
Three Months Ended September 30,
---------------------------------------------
(in GWhs) 2003 2002 % Change
- ------------------------------------------------------ --------------------- --------------------- ---------------
Supply
Nuclear, excluding AmerGen 30,152 29,817 1.1%
Purchased Power - Generation (a) 24,062 23,425 2.7%
Fossil, excluding Sithe Energies, and Hydro (b) 7,636 3,931 94.3%
--------------------- ---------------------
Power Team Supply 61,850 57,173 (c) 8.2%
Purchased Power - Other 691 304 127.3%
--------------------- ---------------------
Total Electric Supply Available for Sale 62,541 57,477 8.8%
Less: Line Loss and Company Use (2,221) (2,697) (17.6%)
--------------------- ---------------------
Total Supply 60,320 54,780 10.1%
===================== =====================
Energy Sales
Retail Sales (d) 35,925 37,498 (4.2%)
Power Team Market Sales (a) 29,613 21,177 39.8%
Interchange Sales and Sales to Other Utilities 849 997 (14.8%)
--------------------- ---------------------
66,387 59,672 11.3%
Less: Distribution Only Sales (6,067) (4,892) 24.0%
--------------------- ---------------------
Total Energy Sales 60,320 54,780 10.1%
===================== =====================
Nine Months Ended September 30,
---------------------------------------------
(in GWhs) 2003 2002 % Change
- ------------------------------------------------------ --------------------- --------------------- ---------------
Supply
Nuclear, excluding AmerGen 89,101 86,127 3.5%
Purchased Power - Generation (a) 63,435 59,496 6.6%
Fossil, excluding Sithe Energies, and Hydro (b) 18,041 10,112 78.4%
--------------------- ---------------------
Power Team Supply 170,577 155,735 (c) 9.5%
Purchased Power - Other 1,242 403 n.m.
--------------------- ---------------------
Total Electric Supply Available for Sale 171,819 156,138 10.0%
Less: Line Loss and Company Use (6,008) (6,875) (12.6%)
--------------------- ---------------------
Total Supply 165,811 149,263 11.1%
===================== =====================
Energy Sales
Retail Sales (d) 97,392 97,917 (0.5%)
Power Team Market Sales (a) 80,877 61,089 32.4%
Interchange Sales and Sales to Other Utilities 2,079 2,221 (6.4%)
--------------------- ---------------------
180,348 161,227 11.9%
Less: Distribution Only Sales (14,537) (11,964) 21.5%
--------------------- ---------------------
Total Energy Sales 165,811 149,263 11.1%
===================== =====================
<FN>
(a) Purchased power and market sales do not include trading volume of 11,086 GWhs and 28,455 GWhs for the three months
ended September 30, 2003 and 2002, respectively, and 28,532 GWhs and 51,260 GWhs for the nine months ended
September 30, 2003 and 2002, respectively.
(b) Includes supply from the acquisition of Exelon New England in November 2002 and plants acquired from TXU in April
2002.
(c) Certain reallocations have been made.
(d) Includes Exelon Energy sales of 1,580 GWhs and 1,678 GWhs for the three months ended September 30, 2003 and 2002,
respectively, and 4,036 GWhs and 3,839 GWhs for the nine months ended September 30, 2003 and 2002, respectively.
n.m. - not meaningful
</FN>
11
EXELON CORPORATION
Energy Delivery Sales Statistics
For the Three Months Ended September 30,
ComEd PECO
--------------------------------- ---------------------------------------
Electric Deliveries (GWh) 2003 2002 % Change 2003 2002 % Change
--------------------------------- ---------------------------------------
Bundled Deliveries (a)
Residential 8,197 9,121 (10.1%) 3,333 3,422 (2.6%)
Small Commercial & Industrial 5,749 6,029 (4.6%) 1,753 2,066 (15.2%)
Large Commercial & Industrial 1,539 2,073 (25.8%) 4,013 4,006 0.2%
Public Authorities & Electric Railroads 1,269 1,612 (21.3%) 217 224 (3.1%)
---------------------- -------------------------
Total Bundled Deliveries 16,754 18,835 (11.0%) 9,316 9,718 (4.1%)
---------------------- -------------------------
Unbundled Deliveries (b)
Alternative Energy Suppliers
Residential (c) (c) 258 371 (30.5%)
Small Commercial & Industrial 1,721 1,640 4.9% 520 154 n.m.
Large Commercial & Industrial 2,934 2,192 33.9% 208 236 (11.9%)
Public Authorities & Electric Railroads 426 299 42.5% - -
---------------------- -------------------------
5,081 4,131 23.0% 986 761 29.6%
---------------------- -------------------------
PPO (ComEd Only)
Small Commercial & Industrial 884 782 13.0%
Large Commercial & Industrial 896 1,249 (28.3%)
Public Authorities & Electric Railroads 428 345 24.1%
----------------------
2,208 2,376 (7.1%)
---------------------- -------------------------
Total Unbundled Deliveries 7,289 6,507 12.0% 986 761 29.6%
---------------------- -------------------------
Total Retail Deliveries 24,043 25,342 (5.1%) 10,302 10,479 (1.7%)
====================== =========================
Gas Deliveries (mmcf) (PECO only) 9,510 11,347 (16.2%)
=========================
Revenue (in millions)
Bundled Electric Revenue (a)
Residential $ 760.0 $ 839.7 (9.5%) $ 466.3 $ 477.8 (2.4%)
Small Commercial & Industrial 487.1 506.7 (3.9%) 210.6 251.3 (16.2%)
Large Commercial & Industrial 81.6 106.1 (23.1%) 291.6 295.8 (1.4%)
Public Authorities & Electric Railroads 82.2 103.6 (20.7%) 19.4 21.4 (9.3%)
---------------------- -------------------------
Total Bundled Electric Revenue 1,410.9 1,556.1 (9.3%) 987.9 1,046.3 (5.6%)
---------------------- -------------------------
Unbundled Electric Revenue (b)
Alternative Energy Suppliers
Residential (c) (c) 20.4 32.5 (37.2%)
Small Commercial & Industrial 33.9 51.1 (33.7%) 27.6 8.5 n.m.
Large Commercial & Industrial 41.3 60.1 (31.3%) 5.4 6.5 (16.9%)
Public Authorities & Electric Railroads 8.1 10.4 (22.1%) - -
---------------------- -------------------------
83.3 121.6 (31.5%) 53.4 47.5 12.4%
---------------------- -------------------------
PPO (ComEd Only)
Small Commercial & Industrial 65.3 57.0 14.6%
Large Commercial & Industrial 55.6 74.2 (25.1%)
Public Authorities & Electric Railroads 25.8 18.6 38.7%
----------------------
146.7 149.8 (2.1%)
---------------------- -------------------------
Total Unbundled Electric Revenue 230.0 271.4 (15.3%) 53.4 47.5 12.4%
---------------------- -------------------------
Total Retail Electric Revenue 1,640.9 1,827.5 (10.2%) 1,041.3 1,093.8 (4.8%)
Wholesale Electric Revenue 39.1 42.7 (8.4%) 3.1 8.2 (62.2%)
Other Revenue 56.8 67.5 (15.9%) 51.6 55.1 (6.4%)
Gas Revenue (PECO only) n/a n/a 53.0 67.0 (20.9%)
---------------------- -------------------------
Total Revenues $ 1,736.8 $ 1,937.7 (10.4%) $ 1,149.0 $ 1,224.1 (6.1%)
====================== =========================
Heating and Cooling Degree-Days 2003 2002 Normal 2003 2002 Normal
-------------------------------- ---------------------------------------
Heating Degree-Days 117 58 127 12 4 38
Cooling Degree-Days 582 776 603 1,019 1,144 900
<FN>
(a) Bundled service reflects deliveries to customers taking electric service under tariffed rates, which include the
cost of energy and the delivery cost of the transmission and distribution of the energy. PECO's tariffed rates also
include a CTC charge.
(b) Unbundled service reflects customers electing to receive electric generation service under the ComEd PPO option or
from an alternative energy supplier. Revenue from customers choosing the ComEd PPO option includes an energy charge
at market rates, transmission and distribution charge and a CTC charge. Revenue from customers choosing an
alternative energy supplier includes a distribution charge and a CTC charge. Transmission charges received from
alternative energy suppliers are included in wholesale and miscellaneous revenue.
(c) On May 1, 2002, all ComEd residential customers were eligible to choose their supplier of electricity; however, as
of September 30, 2003, no alternative electric supplier has sought approval from the Illinois Commerce Commission
and no electric utilities have chosen to enter the ComEd residential market for the supply of electricity.
n/a - not applicable
n.m. - not meaningful
</FN>
12
EXELON CORPORATION
Energy Delivery Sales Statistics
For the Nine Months Ended September 30,
ComEd PECO
----------------------------------------- -------------------------------------------
Electric Deliveries (GWh) 2003 2002 % Change 2003 2002 % Change
----------------------------------------- -------------------------------------------
Bundled Deliveries (a)
Residential 20,246 21,392 (5.4%) 8,723 7,592 14.9%
Small Commercial & Industrial 16,490 17,078 (3.4%) 5,065 5,704 (11.2%)
Large Commercial & Industrial 4,706 6,151 (23.5%) 11,190 11,285 (0.8%)
Public Authorities & Electric Railroads 4,018 5,097 (21.2%) 692 617 12.2%
-------------- -------------- ----------- -------------
Total Bundled Deliveries 45,460 49,718 (8.6%) 25,670 25,198 1.9%
-------------- -------------- ----------- -------------
Unbundled Deliveries (b)
Alternative Energy Suppliers
Residential (c) (c) 708 1,720 (58.8%)
Small Commercial & Industrial 4,327 3,822 13.2% 1,044 253 n.m.
Large Commercial & Industrial 6,894 5,200 32.6% 610 351 73.8%
Public Authorities & Electric Railroads 954 618 54.4% - -
-------------- -------------- ----------- -------------
12,175 9,640 26.3% 2,362 2,324 1.6%
-------------- -------------- ----------- -------------
PPO (ComEd Only)
Small Commercial & Industrial 2,546 2,384 6.8%
Large Commercial & Industrial 3,646 3,952 (7.7%)
Public Authorities & Electric Railroads 1,497 861 73.9%
-------------- --------------
7,689 7,197 6.8%
-------------- -------------- ----------- -------------
Total Unbundled Deliveries 19,864 16,837 18.0% 2,362 2,324 1.6%
-------------- -------------- ----------- -------------
Total Retail Deliveries 65,324 66,555 (1.8%) 28,032 27,522 1.9%
============== ============== =========== =============
Gas Deliveries (mmcf) (PECO only) 64,137 56,990 12.5%
=========== =============
Revenue (in millions)
Bundled Electric Revenue (a)
Residential $ 1,777.3 $ 1,881.0 (5.5%) $ 1,121.7 $ 999.3 12.2%
Small Commercial & Industrial 1,289.3 1,342.9 (4.0%) 584.9 664.1 (11.9%)
Large Commercial & Industrial 239.8 323.8 (25.9%) 825.1 828.3 (0.4%)
Public Authorities & Electric Railroads 247.2 296.9 (16.7%) 61.8 58.5 5.6%
-------------- -------------- ----------- -------------
Total Bundled Electric Revenue 3,553.6 3,844.6 (7.6%) 2,593.5 2,550.2 1.7%
-------------- -------------- ----------- -------------
Unbundled Electric Revenue (b)
Alternative Energy Suppliers
Residential (c) (c) 51.8 128.6 (59.7%)
Small Commercial & Industrial 106.5 93.8 13.5% 54.3 13.4 n.m.
Large Commercial & Industrial 133.0 101.5 31.0% 16.3 9.7 68.0%
Public Authorities & Electric Railroads 24.8 17.6 40.9% - -
-------------- -------------- ----------- -------------
264.3 212.9 24.1% 122.4 151.7 (19.3%)
-------------- -------------- ----------- -------------
PPO (ComEd Only)
Small Commercial & Industrial 173.7 155.0 12.1%
Large Commercial & Industrial 199.7 214.3 (6.8%)
Public Authorities & Electric Railroads 81.1 47.8 69.7%
-------------- --------------
454.5 417.1 9.0%
-------------- -------------- ----------- -------------
Total Unbundled Electric Revenue 718.8 630.0 14.1% 122.4 151.7 (19.3%)
-------------- -------------- ----------- -------------
Total Retail Electric Revenue 4,272.4 4,474.6 (4.5%) 2,715.9 2,701.9 0.5%
Wholesale Electric Revenue 89.6 92.9 (3.6%) 8.6 15.1 (43.0%)
Other Revenue 159.9 166.6 (4.0%) 154.7 164.0 (5.7%)
Gas Revenue (PECO only) n/a n/a 448.3 358.0 25.2%
-------------- -------------- ----------- -------------
Total Revenues $ 4,521.9 $ 4,734.1 (4.5%) $ 3,327.5 $ 3,239.0 2.7%
============== ============== =========== =============
Heating and Cooling Degree-Days 2003 2002 Normal 2003 2002 Normal
-------------- -------------- ------------ --------------- --------------------------
Heating Degree-Days 4,331 3,778 4,187 3,348 2,489 3,078
Cooling Degree-Days 693 1,077 820 1,269 1,560 1,216
<FN>
(a) Bundled service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy
and the delivery cost of the transmission and distribution of the energy. PECO's tariffed rates also include a CTC charge.
(b) Unbundled service reflects customers electing to receive electric generation service under the ComEd PPO option or from an
alternative energy supplier. Revenue from customers choosing the ComEd PPO option includes an energy charge at market rates,
transmission and distribution charge and a CTC charge. Revenue from customers choosing an alternative energy supplier includes
a distribution charge and a CTC charge. Transmission charges received from alternative energy suppliers are included in
wholesale and miscellaneous revenue.
(c) On May 1, 2002, all ComEd residential customers were eligible to choose their supplier of electricity; however, as of September
30, 2003, no alternative electric supplier has sought approval from the Illinois Commerce Commission and no electric utilities
have chosen to enter the ComEd residential market for the supply of electricity.
n/a - not applicable
n.m. - not meaningful
</FN>
13
EXELON CORPORATION
Exelon Generation Power Marketing Statistics
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
2003 2002 2003 2002
------------- ----------- ------------ ------------
GWh Sales
Energy Delivery and Exelon Energy 32,237 35,996 89,700 94,646
Market Sales 29,613 21,177 80,877 61,089
------------- ----------- ------------ ------------
Total Sales (a) 61,850 57,173 170,577 155,735
============= =========== ============ ============
Average Margin ($/MWh)
Average Realized Revenue
Energy Delivery and Exelon Energy $ 41.51 $ 40.56 $ 35.45 $ 34.86
Market Sales 38.43 35.50 37.11 31.55
Total Sales - without trading 40.03 38.69 36.24 33.56
Average Purchased Power and Fuel Cost - without trading $ 27.31 $ 26.66 $ 23.67 $ 21.04
Average Margin - without trading $ 12.72 $ 12.04 $ 12.57 $ 12.52
Around-the-clock Market Prices ($/MWh)
PJM $ 38.99 $ 34.50 $ 40.39 $ 27.00
MAIN 29.24 27.00 30.07 24.00
- ------------------------------------------------------------
2003 Earnings Guidance - October through December
Around-the-clock Market Prices ($/MWh)
PJM $ 30.50
MAIN 21.00
NEPOOL 44.50
Gas Prices ($/Mmbtu)
Henry Hub $ 4.78
- ------------------------------------------------------------
<FN>
(a) Total sales do not include trading volume of 11,086 GWhs and 28,455 GWhs for the three months ended September 30,
2003 and 2002, respectively, and 28,532 GWhs and 51,260 GWhs for the nine months ended September 30, 2003 and 2002,
respectively. Additionally, total sales include supply from the acquisition of Exelon New England in November 2002
and plants acquired from TXU in April 2002.
</FN>
14