EXC - Earnings call 3 2023 | Exelon Corporation

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Operator

Hello, and welcome to Exelon's Third Quarter Earnings Call. My name is Gigi, and I'll be your event specialist today. [Operator Instructions]. Please note that today's webcast is being recorded. [Operator Instructions]. pleasure President today's of my Andrew over now Vice Plunge, Investor is to program turn to It Relations. The floor is yours.

Andrew Plenge

and answer us third Chief Executive Thank have in Calvin the Gigi, good President We're are everyone. you, our and Exelon's pleased call and Officer; Jones, Financial Chief senior remarks. Exelon's and you be they today with earnings Exelon's with will for are quarter XXXX following team also Officer. management your available to Butler, Jeanne prepared our us call. Leading Other today morning, to questions members of

Today's release Relations forward-looking and earnings release can section subject information which with uncertainties. you also presentation, Investor website. the be associated are Exelon's remind along presentation would We our and other statements, to today's contain of the materials risks like earnings found and in to financial that

or today's can SEC filings. cautionary X You the find of on these Slide in our on risks presentation statements

and adjusted over the appendix turn In addition, equivalent Exelon's now release. in is can found today's presentation earnings the be and and these call Butler, GAAP to presentation measures. to my It measures nearest of the includes operating between measures pleasure to in other Calvin earnings our and references President our non-GAAP CEO.

Calvin Butler

and last and August in out in first months in laid of X delivered appreciate Thank earnings you and earnings mild historically from with call. listening we good storms line We Andrew, morning, everyone. expectations earnings quarter the you, Despite to our our the call. third September, pressures right year

$X.XX share earned $X.XX see on GAAP a can non-GAAP X, per basis quarter, we a as we the you For basis. share on per and Slide

very With impacted will across summer performance have and and the to also and hour XXX-mile more year. performance that guidance financial financial behind the quarter expected Operational make quartile remained talk season not wind continue to Jeanne about in days for event share per narrowed the record With continued of strong the that third X.X $X.XX our we storms for in we almost and results customers, track our the platform we progress customer XXXX. critical our for track safety the brought performance, to satisfaction. $X.XX range us, our we gust top quarter. of but on kept reliability per to million plan XX major balance only

has for pension prudent capitalization $X with the below investment alignment provides well level. an of base a Beginning received across The ALJ in continues quarter active Jersey the continued execution average. key a the made recognize on investment. our we appropriate for third which multiyear Illinois, Delaware, significant on equity stakeholders. of And recognize almost date largely meeting and make plan rate brought the order its that with It encouraged and order cost Illinois employees rate to ComEd, milestones proposed from underway allow Columbia. in not does below and and customers groundbreaking of Act grid also District in decarbonization Climate will we our and not returns of Maryland, its New the 'XX. a plan fair the generate to cases Jobs X It not has return saved ratios equity national that the does supports billion follows to ComEd's set But and require broad financing that have recognizes our it ComEd proposed the does significant a an a investment goals order savings of group by has that electrification Equitable ambitious We're and it is business, that October customers. investments on

developed record the with expect of disappointed our we are the elements final make when stakeholders. writing order. the commission case its proposed order, we we but will So continue full with And consider to

in a the order receive final to we reminder, expect As mid-December.

all BGE, their Commission we the XX. to filed on pertains December expected it from parties Public briefs a have As Maryland and Service final now order await

forward of aligned our customers the that needs energy out a investment optimistic in supports put transformation. Solutions laid strong that goals plan outcome will state's commission Climate to the a the and goals address have the Now with We advance Act. the state's We that the is constructive to appropriately remain ambitious customers our reach

from is continue Jeanne, Pepco case along where stipulation our longer-term Atlantic to the the hear Electric we As existing and rate well. multiyear in you guidance. outlook, reaffirm with Maryland Electric Delmarva progress of Pepco Power City a our rate made approval. progressing awaits The we as case, and plans. will settlement rate also final DC On

support their We in expect to at our line our of is of grow what with better be the those and annualized that or drives growth to earnings. our midpoint customers the capital earnings energy X% needs to the X% to growth. in dividend are across we investing jurisdictions transformation ranges The

On maintain Tuesday, among increases the PJM transmission Window Northern submitted and Virginia Pennsylvania significant Maryland, a reliability Exelon's were driven transmission in competitive proposed in X. of by the set areas, proposal proposal project selected load projects Virginia. for solutions to

for and solutions to estimated of million, Delmarva with Power. a BGE and Specifically, Pepco is include cost PECO, recommended that scope $XXX that to work PJM Exelon has a approximately assigned portions suite of

is well will decade this indication another the guidance of future. provides XXXX degree As current that weighted beyond it extend trends the spend back XXXX, with the end and work the in and completion expected require into good that range, the grid of toward the place dates of of

jurisdictions this goals. X that energy developments our note also additional support quarter exciting I'll

affordable coalitions nation's and territories. and energy territories. hub of Exelon clean These way were our First, will and a to in ComEd, clean to accelerating reduction hydrogen service meet receiving creating long carbon thousands in awards PECO hydrogen Pepco the X ambitious part projects goals access jobs go service of toward

electric EPA's PECO negotiation are IIJA award, Utilities in direct growing that award Exelon totaling not awards vulnerable for areas events. National recommended solar will in and to and enhance towards were Energy across its grants installations service are our to award and partnership next-generation PECO million to of in the this total to Exelon jurisdictions Administration, and ComEd resiliency that ComEd Department million awarded of the $XXX and X of program deploy final School resiliency technologies funded enable grid Bus its leveraging amount U.S. the Information to and a vehicles. the PECO $XXX million federally susceptible program. the like mention grant utilities. ComEd is $XX of through a Clean mile And Second, territory its million customers vehicles $XXX year, partners directed approaching submissions with for Telecom middle severe combined by the weather BGE When innovation

for The financial and We to new incorporating energy call quarter critical need the plan. have in earnings on lengthen support to these that ever-increasing grid will investment the energy increasingly affordable on more is investment strengthen federal economy updates all our decades investment annual forward why an to will February. and fourth supporting next base transformation our rate is that equitable is the The last an and update we're will growth. look highlight opportunities impact electricity not our which confident into continue the supply on expansion, resilient The transition. transmission a dependent need that years,

for speak to quarter COMED reduced utility Slide operated metrics. now our companies the the top both and frequency outstanding. performance All Reliability both X. in on shortened remains quartile third in I'll ops performance had operating decile top X operating in outage duration.

we you storm the the fact, when third investments In best for is again, to system we're outage ComEd duration and those making level in the makes dedicated working quarter impressive quarter, a which row this testament is the and particularly PHI companies. X like frequency this a consider the and operating which achieved talented, activity for system. Performance of employees on-record performance, this experienced in

As a than it an across is in of franchise miles one we operational XX us hours example, models makes part and XX to are. faster commitment was did Exelon possible. XX historical the replaced And damaging predicted of storm, BGE key crews and who just excellence transformers, they That keeping decile what PECO quartile, has customer perform while And pace. quartile. utility to to gas satisfaction, operating All gas the second X continued operating top pertains again are companies for progressed it our as of response. companies, first the our X gas at levels in operations continue to wire utility benchmark to

scores. PECO as sunsetting But performance and Our companies pandemic their have benchmark improved at see by been efforts, to the satisfaction mentioned, operating and era those affected utility did reflects relief has the overall in relative year. increases benchmarking inflation we benefits of all

and use customers build satisfaction are our customers reduce are are look focused XXXX. we We manage real, facing bills. their into which their headwinds is on options of energy to aware ensuring The their increasing levels to why on

quarter. Last, safety improvement at performance our second benchmark we saw in versus PHI the

more excellence to our the each focus in safety returns tools awareness most situation all areas across will and industry safely on I discussion the to as of safety we ensure of reinforce and And a are communication every important operations sure underperformance continue do to and our sophisticated push We address employees impactfully areas you we shift. that plans behaviors to scores, efforts action job, rates. improve employee out crew with set focus yielded continuing and we for making which on see you higher the continue procedures, And to XXXX. PHI can home drive around has OSHA to after results. will most also our assure that close we implement partnership of where utility-specific with

to performance to I Jeanne it will regulatory review financial now updates. turn our and

Jeanne Jones

financial for Delmarva our morning, schedule. Calvin, & rate our improve you, on the the will cover in along of quarter also I a Power Maryland. will to I Light highlight recently with designed balance Today, XXXX our Eastern for further good case the customers update, XXXX completed and rebuild by project Thank reliability outlook transmission everyone. and progress third

X, Slide we show Starting earnings. quarter-over-quarter adjusted on our operating

XXXX $X.XX the third expected call. lower third period. on quarter third line Results in Exelon with As same full $X.XX the year versus our per quarter of the represent XX% earnings per which over the of share reflecting expectations right mentioned, prior of $X.XX of XXXX, in share provided in the $X.XX Calvin the is in of earned quarter earnings, results

by as and interest primarily from last driven to weather expense higher activity fourth holding our higher of of rise the $X.XX $X.XX incremental Earnings of distribution tax are expected in at in well interest quarter at and to investments, formula to and mitigation $X.XX of with same the distribution the of lower period the credit levels higher timing costs in impact some debt quarter. company transmission the offset carrying reverse balance in in storms 'XX, the normal This the and to associated and returning carbon $X.XX by related up at utilities to partially relative O&M depreciation due rates rate and third $X.XX year, of net summer was the of as rates ComEd.

Despite across of offset we higher impact earnings O&M continue PECO earnings and costs the in with jurisdictions, mild of nondecoupled platform, we ROE, levers combination summer and the year with the impacting weather favorable our weather impacting line and depreciation rates regulatory each ComEd's associated have quarter the of delivered indications year-to-date asset with distribution a balance. carrying treasury storms CMC to the the headwinds full

we the share. per are share XXXX to guidance $X.XX With in from EPS our remaining range one year, to $X.XX $X.XX to $X.XX quarter per narrowing

as our the deploy recovery. is occurred absence range. the for deliver our continued of in midpoint anticipated the the timing of BGE's increase for reconciliation we accounts expectations. base proactive tax capital achieve formula way of December in guidance work that Recall, and XXXX the rate fourth the within distribution plans of Through with along O&M on year we and 'XX, remain reversal earnings the the track of to in customers, onetime across or quarter better the rate benefit derisking and impact full year-to-date managing guidance platform, for under of XXXX the to Our goal

XXXX to X% Lastly, expectation fully range. annual we the X% respectively. XXXX compounded and target reaffirming midpoint better guidance or and be Again, operating at XXXX from growth XXXX, the and growth to plans through EPS are regulated is of of our that

X. Slide to Turning

mentioned, BGE's we federal. and rate established with plan Calvin to December, continue open track, distribution in on procedural key line rate remains rate execute this the final proceedings rate milestones approaching in As X all and quarter, Each ComEd in are the we case cases. case multiyear

with key developments me Let last the since begin call.

to balancing of is is to DPL First, $XX.X clean distribution energy company's million. Delaware rebuttal while intermediary received the establish reliable Delaware and order customer increase and A elements XXXX. support the a necessary of continue continue expected customer Delaware key supporting will DPL testimony that of quarter safe plan goals and in second filed proposed requirement the final revenue meet electric providing affordability. proposed service, expectations the

New Second, the with procedural progress City Atlantic we early the the pleased rate schedule Board on October the BPU place, suspended settlement fourth quarter. Utilities. XX, final with case Electric's October in recommended stipulation administrative with in the judge September. filed On stipulation Jersey XX, settlement the all in ACE with over are of approval ACE law of the parties distribution be in of a approved. was Public case And the the of anticipates the presiding settlement from settlement

request multiyear supplemental commission's testimony to rate from filing by personal benefits multiyear testimony Pepco. afforded XX, the to evidentiary Columbia has the place March to Pepco will traditional schedule mid-XXXX. rate the Service plan, making. the District to hearings for Commission directive commission's this expects accommodate its Similar adjusted order been Public the Pepco's XXXX, Next, the receive December by request now provides from the opportunity in of final demonstrate in take plan procedural DC on to relative Pepco rate expected plans from of with and the intervenor

plan energy March the in to state's set will December Commission plan filed discovery continues June goals. to be a XXXX. proposed detail multiyear of intervenor testimony include its begin its expect the 'XX, While filing, designed Upcoming and XX still Maryland climate phase expected investment by be second April of in Maryland filed Service of clean Briefs the final on hearing in for and the to we advance milestones to and Public order evidentiary staff rate by Pepco and XXXX.

pending evidentiary energy parties September perspectives in goals with of to transformation, rate allow filed brief alignment state the as interest. Additionally, gas and case. the Maryland, proposed of goals and hearings multiyear and were to best state's October, BGE's and how electric hearings conducted respectively, their affordability on in the the The customers' part the investments, share balance around and

expected, As the and goals addressing also on Now Maryland reliability safety, affordability. it Solutions continues Commission to the is Climate focused the of And Act. prioritize

full expected from plans final by investment expected in for with to the continue We suited goals aggressive well affordable proceeding energy is to XX. to its believe run The proposed BGE's are meet an clean December its Maryland commission course manner. order the

proceeding. on ComEd's to Moving rate plan multiyear

from heard presiding administrative you judges case proposed Calvin, order As a over the a law issued on October XX.

to proposed environment. goals, ALJ's investments ComEd significant the that recognizes ComEd's energy do While in the not order must to the undertake interest of especially financing does so, clean infrastructure recognize current rate cost it state's meet fairly

requests believe its in for ComEd's We other the and a future among on cleaner record continue structure Illinois. return communities a clear on to energy our and provide in path ROE, factors, supports evidence assets, pension a customers to capital on achieving

you another commission. data in this let disappointed that are the the is we me nonbinding process and point is the remind on proposal, while But in just

final these believe record elements position, supported our the we the scenarios of in are Given on provide the plan, of electrification policy aggressive of to contemplates We which December goals. occur on advocate our ICC that goals. forward and multiyear in participating achieve number the briefs key by A scheduled aligned oral variables the best and interest at to we including final exception by will meeting arguments, to continue fair the year that and due with are is remaining transition the in in November plan which opportunity expected last to the the the anticipate filing decarbonization state's order in and than steps of the a range Each a to current on November. and late state's reply ComEd XX, the customers exception but look in no reasonable November December the XX. energy demonstrate play on avenues XX on order facts of process, X, briefed for will later

the we Relationships interest regulatory across legislators transformation. communities our remain with our energy constructive, our to support stakeholders and in the bodies, remain jurisdictions key and the engagement state across shared in steadfast the

year, X Slides and a in all appendix. resolution clean reminder, affordability their next XX XX a Illinois, on multiyear the D.C., of support equity. Maryland details on As climate we goals and rate cases energy by of More the be on will which to the plans have found respective to ongoing while customer balancing expect and can rate

Slide to X. Moving

the resilience continue quarter, designed our answers of needs set deploy outmoded These heightened a highlight to equipment During third specifically completed are those XXXX. communities. spread: just expanding for to Power's for meet project systems customer few. on we These change, are East to adapt to track upgrade and needs. in mention billion how Delmarva capital for to enhance investments and an also to Market customers Maryland meeting $X.X I our Cambridge, modernize and climate of benefit reliability expected and invest value, to transmission New support tomorrow's deliver challenges recently is like Today, to the would

design and to Construction XX in grid severe number withstand new, transmission reduces of transmission to to element the project conditions, more line climate intensity transmission energy poles contributed increased as reliable structures $XX steel XXX along poles rebuild with designed of also galvanized local vital million the These storms. the equipment the is strengthens upgrading poles, of the fall changes weather new of are This route. poles, a wood coastal included replacing more existing XXXX. installing and longer-lasting wire than miles steel late utility began

conditions, XX% upgrades, enhance overall residents blizzard outages which in expected increase Maryland XXXX, in transmission hurricane prevent poles. XXX-mile have than Together, SirkCounty, an for XX% reliability help customers Projects experienced in to placed For to nearly outage steel withstand such May our in were to electric frequency, wood are up Maryland. as winds important to service X last compared years. contributed perspective, poles can this and these the DPL power force XX,XXX of the rebuild of more decrease over

our The effort all our East strategic the grid New project market modernize broader of just energy areas. Cambridge and is of to across strengthen to X example service

congestion requirements, and to transmission investments and renewable and relief, support need energy material supplements service. state operational condition continue more demand needs, performance electrification. on goals to traditional transmission see equipment, We significant including for customer customer This infrastructure resilience, expansion

we forward providing February financial awarded of annual quarter XXXX. inclusive mentioned, spend Calvin orders our to as earnings in and from call PJM look upgrade final as Illinois As update, rate the newly in fourth Maryland on transmission the the well

will of sheet X. I a our with on balance Slide conclude review activity

our basis a to basis consolidated calculation, sheet. As an corporate through a maintaining alternative the reminder, of corporate strong of or to XXX we points repairs mitigated Moody's in range. XXX a points inclusion metrics balance commitment the continue at on for guidance S&P credit thresholds downgrade XX%, XXX to demonstrating cushion we average period of not our is our project being of minimum above anticipate that lower of at If tax end its and

plan cash While assumption that a minimum alternative the implemented way our tax impact. corporate for will remain allow that it will repairs, the optimistic mitigates be we incorporates that the not in

anticipate to guidance minimum treasury continue year-end. corporate issue tax We on before the will the more alternative

in pre-issuance reducing year. planned earnings volatility half all the remind cap will interest last second XXXX debt we of initiated second the for floating programs quarter financing of as rate the In call, volatility, the I and continue our completed needs that you were that we hedging From a year. financing perspective, rate managing the

sizing, regularly continuously achieve future our for strategy and and always In outcomes. to issuance monitor we assess optimal addition, ensure timing, we tranching tenor plans markets capital the

earnings on activity our sensitivities date is the detail hedging Slide Additional on reflective provided to XX in our of appendix.

changes holding been guidance XXXX. to Lastly, there million no in have issue by equity at the $XXX our of company

X% assigned at maintain a jurisdictions the with PJM, further we sheet, needs work turn consistent we Calvin utilities, of for identify ensure with earnings the the company growth we call rate. X% you. to that including annualized As strong by expectations those supporting remarks. Thank our to I'll back his for will and while now T&D our investment continue balance a and premium closing

Calvin Butler

of for Jeanne. I'll XXXX, of you, left With go priorities our in and months with the year. to just couple Thank reminder a goals a conclude

First, benefits communities. our which customers operational excellence, foundation our is and

utility to but operators storms, ready the Indeed, strong close challenges for out just As Consulting have and team to of value the Reliability innovation provides the I the recognizing This industry, of operating they committed award they mentioned, strategy for business. our reliability. to Reliability year in most our do grid prestigious Award, one prove best summer that its and in investment sustained on the always achievement the ComEd a a employees operating it we're XXXX the highlights we honors the electric of awarded National area One customers leadership, the the PA electric with deserve. rose sophisticated plan in executing

you after for and of David want recognize also the moment ComEd. of longtime selection him Chief is in almost Senior leadership who year the Officer. Terry COO a now VP and that continued to as Operating Kionas stepping into role between the in Gil steadfast be Perez, years take of I thank his Donnelley, this Terry at retiring XX Terry just position. of to will end a

that come expect. customers the performance operational expectations date will have they of We deliver have high that continue on to to Illinois

well also are gas ComEd's cases investment as BGE's on have focused electric underway, completing grid multiyear a of rate the as including and rate its systems for we and number We plan plans. multiyear

needed thoughtful goals and shared both reaching in and parties Jobs passed the its a a continue serve leader key make process state approval clean laid multiyear equity believe state's the out Equitable and customers have promise Jobs policy a to in Climate ensuring and we and to with reliably. energy these The in Equitable and Climate follow The energy was the ambitious plans the energy outcomes Act the goals We the first making are in the with certainty of confidence transformation. of investments plan Act. our align that interest while that to in XXXX, to for state cases advance the Illinois moment electric have the

Illinois We that are the the of seize will opportunity. state optimistic

Third, have meeting we demonstrates and range per in despite $X.XX share we the in year, invest mild the narrowing guidance, range. executing billion consolidated weather $X.XX our this remain track of out confidence capital earned on X% to the ROE will finish financial our to year to the guidance to $X.X we historically XX% and

Lastly, we communities never our responsibility sight to want distribution lose premier customers transmission to the and as our of utility.

on Just a with technologies this to past quarter, DOE of ComEd carbon X and transportation energy procurement program. as is X win most program, community-based which explore Delaware PECO of to technologies assist for from nonprofit partner programs. Clean electrification, creating will freight organizations PECO energized Through were first the utilities Chicago, And region. clean regional in X groups support stewardship BGE project while like Pepco's impactful will part awarded of the organizations, help to Exelon hub its are grid national grants of Pepco ensuring whether substations and plan the low Communities governments in million only local suppliers work our Energy to travel to In to transformation. doing to it's XX of ComEd to forward-looking capital end-to-end, $XX its for the in or support so, Valley streamline environmental community ensuring nation benefits the grid federal this to Maryland that leading underground all was on energy cable focused modernize examples our local providing provide our of show capitals substations support organizations to And and support diverse strengthen or from able facilitating its serving the to transmission our or million complete the $XX to customers, and add is our access purpose work intentional upgrade Pepco greater team the as suppliers part to to actions of direct grid. substation. those and jurisdictions

the XX%. X% goals and premier laid to the communities out that a offering to what These T&D with its for its uplift goals, partners the embraces transformation total opportunity make community, return expectations achieve shareholder are for lead energy the meets of one their utility, investment to jurisdictions

as to your interest. you, Thank it for I'll now questions. your turn for Gigi always,

Operator

Guggenheim question first James Instructions] [Operator from Your Kennedy comes line Partners. of the from

James Kennedy

off, expectations draft will I any record, those trying in your you you've starting the is order. commission a ICC consider guess, the the the order vision make prior of the So I your full that Just final been level. Illinois. guess, mentioned to departures I kind a is and in for ALJ Calvin, with formula realized to construct for precedent confidence the the ALJ? understand prospects while, there from for but here the

Calvin Butler

Yes.

to said. James, precedent. is consider a keep meet going the has proposals record be look ComEd's off, and But by plan the ALJ And there under is come commission taking together multiyear what The for rate plan is question. you thank has to state's your leeway that mind, in an how First also full grid the advisement this goals. the definitely record first to considered the time But separately, the commission. this commission has at

approach look goals, into state's which there's have you'd in X think because add? need do me. a with at difference very opinion will commissioners discussion are what I and to do achieve I they to they this they to that anything in the the we -- And lean will do take they this. know So And have like how specific. consideration to I new all CEO Gil on And Gil, Ciona, comment

Unknown Executive

Yes.

other coming but think to arguments a briefs oral process, X and as also there the -- before Calvin Jeanne this milestone exceptions, the I mentioned, those important are the the really to milestones briefs it's it's key and order. replies up both in note is final that and to commission

that ComEd's what adjustments the will conviction a the said, commissioners they done the we strong issue order. past, corrections feel make before anticipate we As requests. Calvin And on on supports that they based have in evidence and final record

the not the Act economic will an the the commission goals ambitious aspirations. opportunity, the the It the we We historic Jobs order, advancing entirety state's the of record moment once-in-a-lifetime case is of post and only policies will and meet state. the Equitable the in but Climate the development consider believe expect commission of in and

Jeanne Jones

James? answer that question, Does your

James Kennedy

And one Jeanne. just, then Yes. maybe for

on the the I Or for Just timing? get 'XX? in the guess, into mean any does accelerate Just need -- if current clarity remaining minimum looking need tax the you're you don't to equity plan, need color 'XX? IRS, 'XX on the additional would you from

Jeanne Jones

everything corporate given that you assumes tax. No, the minimum we've pay, Yes. we alternative

And how is commitment so our million that now the regardless XXX out, to between XXXX. and of turns do

change doesn't that here. outcome the regardless So of

James Kennedy

the the related debuted quickly, you real transition to right? to today, XXX on just stores, incremental then the And Okay. spend purely last is that call

Jeanne Jones

Yes. There but X are X similar projects. different numbers,

Operator

One for question. next our moment

question Arcaro the from Morgan David from next Our Stanley. line of comes

David Arcaro

on the has that which selected. forward, spending topic, about transmission into and a plan? flow also, think opportunities also? to projects that bid Could on opportunities CapEx elaborate start there are as And into year just future you the Maybe same would you the potential plan you to bit with going PJM that competitive

Calvin Butler

the up David. transmission and who's Yes, working I'll reporting our strategy then I'll here him start, with that over group but opcos. turn with to David to me all it Velazquez, has

David that doing and but not him tremendous only I to you And believe connect robust through. it our only I take the grid. moment let mentioned, opportunity the to plan, not walk doing in to team have reliability a a put I'll As but renewables ability earnings and way together we're his ensures transmission has lengthen our strengthen a growth also and to what buildout

David Velazquez

So has is brand XXXX. talked transmission on the a give in about like, David, to an we the which date we sense, insurers, you was of project quarter, So which by last this in-service have the projects, end Dave

leading preliminary typically is date XX% last 'XX, see 'XX, of so and XX% expenditures this of the And you somewhere X in-service years, of little first figure expenditure. in XX% in Dominion, think to engineering in you'd couple last And the spent years X In years, of yet, to or XX% between spend couple ramp I move I XX% to starting 'XX, year, of a have X liable probably recognize you'd the years, you again the has So to again, like see there, slowly cash into 'XX, which project. think it we're about an in and of somewhere you around part it. next where a you'd of and to the to part leading up that. around that the similar up bit. XX% then profile it it you But is flows

So within lot this period. be on will question, out the there's some has the said, as it I current think of after some current will broader of be whether a we of at can period the we and Calvin opportunities we look our window single by that puts will decisions there out every add competitive do continue We customers think proposals make and presenting and that. for PJM value there. to And

one. commission wind there's there. think of some to In the year. megawatts a Offshore of is Maryland, on bring help to solicitation the other additional opportunities I July also next out has issue by

our the regions territories. We data also continue to There's see our grants a growth lot federal in been in hydrogen that load government have of from centers. awarded around some hubs

Wagner recently also We a announced -- unit some to retirements continue PJM see BGE's retirement in Wagner large of territory. unit generation

that again, to, out invest looking a there continue our at to transmission. different for to So goals lot public for there's in of we're customers policy opportunities and continue

David Arcaro

about do the base needs plan, from as you're like how And plan, of you incremental next CapEx, it specifically ahead higher CapEx some think think Excellent. next financing helpful. then how of looking growth, about of That's also upside here? I which equity the about would you this to of and the growth thinking kind X-year about guess really year current rate sounds some hit thinking CapEx but

Jeanne Jones

Jeanne. it's Yes,

I we've about We and balanced out rolled mix approach internal in and with of about talked financing billion it. call. our last a debt $XX equity. thought cash on how flows always a think We the it's

to And so will cushion be. we X% to I a sheet think continue on growth. that that way and to We'll more the but it we earnings extent finance we meet more maintains in know there the which ensures we our X% target, also that balance that work, see

Operator

our question. moment for One next

line Our from America. Paul next Zimbardo question comes Bank the from of of

Paul Zimbardo

those laying transmission opportunities. And for you all thank out

is Just about incremental Is we you've should current been CapEx? be good these incremental roll way the opportunities, think the as it roll not financing Or but forward, kind forward we think mix? like XX-XX those the very of to thinking different? there about with a of plan, a clear, something

Jeanne Jones

Yes.

we'll a mentioned it do in way. with earlier think question, David's balanced as I I

that opportunities. we've got really think some transmission we're incremental We've I pulling a got lot here. together exciting

rate investments We new the from have incremental been cases that filing. we've

more So that should to We have year end give any fourth quarter We'll a all information alternative again we're we that some in pull we're the to going the you is update full cost at get final. together continue of by the all of we as and always separation. finding when embed the minimum of corporate out savings that as additional further tax. do

we'll mentioned, flows as of target our incremental to on make to that of the always we extent but cash mix back to balance we do sheet the necessary reinvesting and capital internal So with that to do any we'll what also business cushion new -- hit earnings X%. the maintain into fund sure a I need X%

So in way. we'll it thoughtful balance, do that

Paul Zimbardo

off. a you little an that Understood. next carbon years CAGR rolls the -- And I the like your ComEd credit the topics then bit. shifting what know customer then bill and case mitigation for is Okay. Do rate estimate Illinois X there's for have

the just curious So is. how trajectory bill

Jeanne Jones

Yes.

the between part was the and I the bill On off? just that roll CAGR the was second second believe call. ask, CMCs your was on the -- X% part question what -- as of somewhere ask it -- the then on was on And X%

Paul Zimbardo

Yes.

bill, an of X Just again, what next trajectory overall years? like like the the you're overall, like, over ComEd customer only part looks bill

Jeanne Jones

Yes.

I around -- case on X it again, rate ask, was, X.X%, the Over think, the next X%.

Calvin Butler

terms average Paul, important it's note, starts the in ComEd But national of below rates. overall to that

of exists. the within I invest One, from the strength to rates move start of as So country. position and utility but lowest the like forward having they credits, think a some the the and state that to because of also in mitigation carbon headroom of because

XX% where in below roughly ComEd's large That's city average. national it's think I

Operator

our -- one for question moment last Our next question.

Our last Securities, question LLC. comes from the line of Jeremy JPMorgan Tonet from

Aidan Kelly

It for is on Jeremy. actually Aidan Kelly

proposed differences Just more could X.XX% then the ultimate ComEd. how as one debate where staff's equity talk and to ratio? between on ROE do back X.XX% the And reconcile pension about Curious assets quick just return going you as the you ALJ's well stands? ROE question the

Calvin Butler

we Yes. step. ALJ's presented series, with. it's we and about, talked of in And this to I saw first the the for the they then think start just coming would the X to we assets. then talking includes tell this as in a long I'll another that continue came process, will step, game. with that's the is we X formula in additional one, data and get you return the as I ALJ, sixth includes just about at in able as world present We're sixth step right? the Staff ruling -- that, so inning, Gil X.X%, respond was pension respond, the commission only of X.XX, we're inning to And laid we ROE, get evidence you not out, on that rate, and and to off were work

a a General return. Illinois, to my return, in an where and about with Attorney minimal of debt warrants the statement, getting a it have talked even come I As we agreement

state's that the the think and forward efficient this, continue so it's there. frame that's we moving and is part And when customers that's productive can I all how why. and -- company the for goals, to we powerful why Jeremy, a move moving of and present beneficial get the we'll And articulate having

this the hear into ourselves in get chance the to piece deeper this full before to be any of of details commission inserting the we'd I has process, a early of -- evidence. So the think other

laid And have what presenting it as next lay out our that on fully be to all them. November when has deal brief on X. out, will and X exceptions we'll As the Gil filing Jeremy, to November we're the why. we The on X, November

Aidan Kelly

X ATM color question the consider you unrelated there. Appreciate on the And quick equity, there? $XXX just follow-on would million then or

Jeanne Jones

have in $X ATM billion We place.

needed. so in And that dollar leverage cost kind of just we as can in average always

Operator

I CEO, closing would Calvin now to back like conference Butler, remarks. to for turn President the and

Calvin Butler

us robust and I, great we're And Conference Jeanne team a in you many conference. concludes CJ, forward of much, our thank as at and deep very engaging Have with much. at to that looking and to thank in manner week. a We always, Thank for everyone seeing look and that you forward today. just you joining Financial you the call. day. you EEI with that, very the a to more

Operator

Thanks This to joining our participants presentation. our all today. for us concludes

You may now disconnect. day. Have a good

Exelon (EXC) 2 Nov 232023 Q3 Earnings call transcript