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EXC · EXELON CORP

30 filings

10-K

EXC 10-K Annual Reports

EXELON CORP - 30 annual reports

Filing record · 2016–202610-K1110-Q328-K189

2025
EXELON CORP Annual Report, Year Ended Dec 31, 2025
Exelon Corporation's 2025 10-K filing highlights a strong financial performance with net income attributable to common shareholders increasing by $308 million year-over-year, reaching $2.768 billion, or $2.73 per diluted share. This growth was primarily driven by favorable rate increases across its key utility subsidiaries (ComEd, PECO, BGE, and PHI), improved regulatory asset returns, and lower storm costs. The company continues its strategic focus on enhancing reliability, improving customer experience, and advancing clean energy initiatives, with significant planned investments of approximately $41 billion over the next four years in infrastructure modernization. Financially, Exelon's capital structure remains robust, with approximately $4 billion in aggregate credit facility commitments providing ample liquidity. The company also successfully issued new debt and utilized its at-the-market equity program, raising $691 million in net proceeds during 2025. While facing ongoing regulatory proceedings and capital expenditures, Exelon's business model, which allows for the recovery of costs and investments through regulated rates, positions it favorably for continued stability and growth. The company also reaffirms its commitment to shareholder returns with a declared quarterly dividend of $0.42 per share for the first quarter of 2026.
Feb 12, 2026
2024
EXELON CORP Annual Report, Year Ended Dec 31, 2024
Exelon Corporation's (EXC) 2025 10-K filing details its primary operations as a utility services holding company, focusing on the transmission and distribution of electricity and natural gas across its six reportable segments: ComEd, PECO, BGE, Pepco, DPL, and ACE. The company's strategy centers on enhancing reliability, improving customer experience, and advancing clean energy initiatives, underpinned by significant capital investments in infrastructure modernization. Exelon reported a notable increase in net income attributable to common shareholders from continuing operations in 2024 compared to 2023, driven by favorable rate increases and operational efficiencies across several subsidiaries. Key financial and operational aspects highlighted include substantial planned capital expenditures of approximately $38 billion over the next four years, aimed at grid modernization and resilience. The company is also actively engaged in environmental initiatives, supporting clean energy policies and aiming to reduce GHG emissions as part of its 'Path to Clean' goal. Regulatory matters remain a significant factor, with Exelon navigating various rate case proceedings and compliance requirements across its jurisdictions, while managing risks related to regulatory changes and operational factors such as cybersecurity and extreme weather events.
Feb 12, 2025
2023
EXELON CORP Annual Report, Year Ended Dec 31, 2023
Exelon Corporation's (Exelon) 2023 Form 10-K details its operations as a utility services holding company primarily engaged in the energy transmission and distribution businesses through its six regulated utility operating companies: ComEd, PECO, BGE, Pepco, DPL, and ACE. Following the separation of its generation business into Constellation Energy Corporation on February 1, 2022, Exelon is now solely focused on its utility operations. The company's strategy centers on improving reliability, enhancing customer experience, and advancing clean energy choices, supported by regulatory mechanisms that ensure fair financial returns on significant capital investments. Exelon is undertaking substantial capital investments, with approximately $35 billion planned over the next four years to modernize its electric and natural gas infrastructure, including smart grid technology and storm hardening. These investments are projected to increase its rate base by approximately $19 billion by the end of 2027. The company is committed to its "Path to Clean" goal to reduce operations-driven GHG emissions by 50% by 2030 (against a 2015 baseline) and reach net-zero operations-driven GHG emissions by 2050, while also supporting customers in their decarbonization efforts through significant energy efficiency programs. Despite these initiatives, Exelon faces ongoing regulatory proceedings and risks related to market, legislative, operational, and cybersecurity factors, which are detailed in the filing.
Feb 21, 2024
2022
EXELON CORP Annual Report, Year Ended Dec 31, 2022
Exelon Corporation (EXC) operates as a utility services holding company engaged in energy distribution and transmission across multiple states. The company completed the separation of its generation business into Constellation Energy Corporation on February 1, 2022, allowing Exelon to focus solely on its utility operations. This strategic move aims to enhance operational excellence, meet financial commitments, and support clean energy initiatives across its service territories. Exelon's utilities are regulated by various state commissions and the FERC, with a significant portion of revenues subject to regulatory recovery mechanisms. The company plans substantial capital investments, approximately $31 billion over the next four years, to modernize infrastructure, improve reliability, and support clean energy goals, projecting an increase to its rate base by $18 billion by the end of 2026. Financially, Exelon demonstrated a strong performance in 2022, with net income attributable to common shareholders from continuing operations increasing by $438 million compared to 2021, driven by higher electric distribution earnings, energy efficiency programs, and favorable rate increases across its subsidiaries. The company also declared a regular quarterly dividend of $0.36 per share for the first quarter of 2023, indicating a stable return to shareholders. Exelon is committed to operational efficiency and strategic investments to enhance customer experience and advance clean energy, navigating a complex regulatory and market environment with a focus on long-term sustainable growth.
Feb 14, 2023
2021
EXELON CORP Annual Report, Year Ended Dec 31, 2021
Exelon Corporation's 2021 10-K filing details a significant corporate restructuring with the successful separation of its utility and generation businesses into two distinct publicly traded entities, completed on February 1, 2022. The company's utility operations, comprising ComEd, PECO, BGE, Pepco, DPL, and ACE, continue to provide energy delivery services across various states, focusing on infrastructure improvements and modernization with significant planned investments. The financial performance in 2021 showed a decrease in net income attributable to common shareholders compared to 2020, primarily due to impacts from the February 2021 extreme cold weather event in Texas, accelerated depreciation related to prior plant retirement decisions (later reversed), and various impairments. Despite these factors, the utility segments demonstrated resilience, with several reporting higher net income driven by rate base growth, favorable regulatory outcomes, and increased allowed returns. Exelon highlights its ongoing commitment to operational excellence, customer experience enhancement, and advancing clean energy choices.
Feb 25, 2022
2020
EXELON CORP Annual Report, Year Ended Dec 31, 2020
Exelon Corporation's 2021 10-K filing details a year of significant strategic decisions, including the approved plan to separate its utility and generation businesses into two distinct publicly traded companies. This move aims to unlock value by allowing each entity to focus on its core strategy and customer needs, with regulatory approvals being a key factor for completion. Financially, the company navigated the impacts of COVID-19, which led to an estimated impact on net income for Generation and Utility Registrants, partially offset by cost savings initiatives. The company's diversified operations include regulated utility services through subsidiaries like ComEd and PECO, and energy generation and marketing through Exelon Generation. The filing highlights ongoing investments in infrastructure modernization and smart grid technology by the utilities, while Generation continues to manage its competitive energy portfolio, including a pending sale of a significant portion of its solar business. The report also notes the company's commitment to operational excellence, financial performance, and corporate responsibility.
Feb 24, 2021
2019
EXELON CORP Annual Report, Year Ended Dec 31, 2019
Exelon Corporation's (EXC) 2019 10-K filing reveals a company with diverse operations across energy generation, delivery, and marketing. The report highlights a robust utility segment providing a stable earnings foundation, complemented by Generation's competitive businesses which generate free cash flow. Exelon's strategy is focused on leveraging its integrated business model to navigate industry changes, emphasizing operational excellence and financial discipline. The company is committed to investing in its regulated utilities for improved reliability and customer experience, while Generation aims to create value through innovative energy solutions and hedging strategies to mitigate market volatility.
Feb 11, 2020
2018
EXELON CORP Annual Report, Year Ended Dec 31, 2018
Exelon Corporation's 2018 10-K filing highlights a company with a diversified energy business, comprising both regulated utility operations across several states and a significant competitive energy generation segment. The utility segment, encompassing ComEd, PECO, BGE, Pepco, DPL, and ACE, serves millions of customers in densely populated areas. The generation segment, through Exelon Generation Company, LLC (Generation), is one of the largest competitive electricity generators in the U.S., with a substantial nuclear fleet and growing renewable energy assets. The company's financial performance in 2018 reflected a decrease in net income attributable to common shareholders compared to 2017, primarily due to the one-time remeasurement of deferred income taxes in 2017 related to the Tax Cuts and Jobs Act, net unrealized losses on Nuclear Decommissioning Trust (NDT) funds, and accelerated depreciation from early plant retirements. Financially, Exelon maintained its commitment to shareholder returns with a dividend increase, while continuing significant capital investments in its utility infrastructure aimed at improving reliability and modernization. The company's strategy involves leveraging the stable earnings of its regulated utilities to fund investments and support its competitive generation business. Exelon also focused on cost management initiatives to drive efficiency across its operations. Key risks and operational factors include managing commodity price volatility in competitive markets, navigating evolving regulatory and legislative environments, and ensuring the safe and reliable operation of its nuclear facilities, including managing decommissioning obligations. The company's operational performance remains strong, particularly its nuclear fleet's high capacity factors, but it faces ongoing challenges related to market pricing and regulatory policy. Exelon's diversified business model, with a strong regulated utility foundation and a competitive generation arm, positions it to adapt to the changing energy landscape.
Feb 8, 2019
2017
EXELON CORP Annual Report, Year Ended Dec 31, 2017
This 10-K filing for Exelon Corporation (EXC) on February 9, 2018, details the company's operations as a utility services holding company. Exelon is engaged in both energy generation through Exelon Generation Company, LLC (Generation) and energy delivery through its subsidiaries: Commonwealth Edison Company (ComEd), PECO Energy Company (PECO), Baltimore Gas and Electric Company (BGE), Pepco Holdings LLC (PHI), Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL), and Atlantic City Electric Company (ACE). The company's business model leverages its regulated utility operations for stable earnings and its competitive generation business for free cash flow, which is reinvested in utilities and long-term contracted assets. Key financial highlights from 2017 show a significant increase in net income attributable to common shareholders compared to 2016, largely driven by the inclusion of PHI's operations for the full year and the acquisition of the FitzPatrick nuclear generating station. The company also announced an updated dividend policy, increasing it by 5% annually from 2018 through 2020. Exelon's strategy focuses on improving utility reliability and customer experience, alongside pursuing growth opportunities in competitive energy businesses through optimal asset structure and stable revenues. The company anticipates significant future investments in its regulated utility infrastructure.
Feb 9, 2018
2016
EXELON CORP Annual Report, Year Ended Dec 31, 2016
Exelon Corporation's (EXC) 2016 10-K filing highlights a significant year marked by the completion of the Pepco Holdings Inc. (PHI) merger, which expanded its regulated utility customer base to over 10 million. Financially, the company reported a net income attributable to common shareholders of $1,134 million, a decrease from $2,269 million in 2015, primarily impacted by merger-related costs and early nuclear plant retirement decisions which were later reversed for some facilities due to new state legislation. Exelon's generation segment faced challenging competitive energy markets with depressed prices, impacting its results, while its regulated utilities benefited from increased capital investments in infrastructure and modernization programs, such as smart meter deployments. The company maintains a strategy focused on stable earnings from its regulated utilities, free cash flow generation from its competitive businesses to fund investments and debt reduction, and financial discipline to maintain investment-grade credit metrics.
Feb 13, 2017
2015
EXELON CORP Annual Report, Year Ended Dec 31, 2015
Exelon Corporation, a utility services holding company, reported its 2015 annual results, highlighting a strong performance driven by its generation segment and regulated utilities. The company's strategic focus on operational excellence and financial discipline continues to yield positive results, with net income attributable to common shareholders increasing to $2,269 million in 2015 from $1,623 million in 2014. This improvement was largely due to higher revenues net of purchased power and fuel expenses at its Generation segment, benefiting from the full-year consolidation of CENG and favorable market conditions, alongside a decrease in operating and maintenance expenses primarily due to lower impairment charges. The company's regulated utilities, ComEd, PECO, and BGE, also demonstrated resilience, with increased distribution and transmission revenues driven by capital investments in infrastructure modernization and smart grid initiatives. Exelon's pending merger with Pepco Holdings, Inc. (PHI) is progressing with key regulatory approvals secured, though still awaiting a final decision from the DCPSC. The company is actively managing its capital structure, maintaining investment-grade credit metrics, and returning value to shareholders through dividends, with a revised policy to increase dividends by 2.5% annually over the next three years. Exelon remains focused on strategic growth opportunities in both its regulated and competitive businesses, while navigating evolving market and regulatory landscapes.
Feb 10, 2016
2014
EXELON CORP Annual Report, Year Ended Dec 31, 2014
Exelon Corporation's 2014 10-K filing highlights a year of significant operational integration, including the full consolidation of CENG's nuclear fleet and the acquisition of Integrys Energy Services. The company is progressing with its proposed merger with Pepco Holdings, Inc. (PHI), having received several key regulatory approvals and anticipating closure in the second or third quarter of 2015. Exelon's utility businesses (ComEd, PECO, BGE) are focused on infrastructure modernization and smart grid deployments, supported by performance-based regulatory frameworks that allow for capital recovery and provide stable returns. Generation's diverse portfolio, with a strong emphasis on nuclear power, navigates competitive energy markets while managing commodity price risks through a robust hedging strategy. The company's financial performance in 2014 saw a slight decrease in net income attributable to common shareholders compared to 2013, primarily due to higher operating and maintenance expenses, including long-lived asset impairments, partially offset by gains on asset sales and the consolidation of CENG. Exelon remains committed to maintaining investment-grade credit metrics and returning value to shareholders through a sustainable dividend and earnings growth.
Feb 13, 2015
2013
EXELON CORP Annual Report, Year Ended Dec 31, 2013
In Exelon Corporation's (EXC) 2013 10-K filing, the company outlined its business operations and financial performance, highlighting a diversified portfolio of regulated utilities (ComEd, PECO, BGE) and a significant competitive energy generation business (Generation). The company completed its merger with Constellation Energy Group, Inc. in March 2012, integrating generation and customer supply operations with its utility businesses. The filing detailed substantial investments in infrastructure modernization, smart grid technology, and renewable energy projects as part of its Exelon 2020 initiative. Exelon's financial strategy focused on maintaining investment-grade credit metrics and returning value to shareholders through dividends and earnings growth. Key financial results for 2013 showed an increase in net income attributable to common shareholders, primarily driven by the full-year inclusion of Constellation and BGE operations, improved utility returns, and realized post-merger synergies. However, the competitive energy generation market faced challenges from declining realized power and gas prices, impacting Generation's profitability. Management emphasized its commitment to operational excellence and financial discipline while navigating market and regulatory risks.
Feb 14, 2014
2012
EXELON CORP Annual Report, Year Ended Dec 31, 2012
Exelon Corporation's 2012 10-K filing details a pivotal year marked by the significant acquisition of Constellation Energy Group, Inc., which broadened its operational footprint and diversified its energy portfolio. The company operates through its core segments: Exelon Generation, providing competitive energy generation and customer supply services, and Exelon Utilities, encompassing ComEd (Illinois), PECO (Pennsylvania), and BGE (Maryland), which focus on energy delivery. The company highlights its large, low-carbon generating fleet, particularly its nuclear assets, which are noted for high capacity factors. Exelon is actively investing in transmission and distribution infrastructure modernization, smart grid technologies, and renewable energy projects, such as the Antelope Valley Solar Ranch One. The report also discusses the company's strategic focus on maintaining investment-grade credit metrics, returning value to shareholders through dividends, and pursuing growth opportunities in competitive markets. However, Exelon faces various risks including market and financial risks tied to wholesale power price volatility, regulatory and legislative changes impacting competitive markets and cost recovery, and operational risks inherent in managing a large nuclear fleet and complex distribution systems. The company is proactively managing these through hedging strategies and operational excellence.
Feb 22, 2013
2011
EXELON CORP Annual Report, Year Ended Dec 31, 2011
Exelon Corporation, in its 2011 annual report, highlighted a stable financial performance with net income of $2.5 billion, or $3.75 per diluted share, a slight decrease from 2010's $2.6 billion. The company is strategically navigating a transitional period, notably with the pending merger with Constellation Energy Group, Inc., announced in April 2011, which is anticipated to be accretive to earnings post-completion. Exelon Generation continues to be a strong performer, operating the largest nuclear fleet in the U.S. and demonstrating high capacity factors, while the regulated utilities, ComEd and PECO, are investing heavily in infrastructure modernization, supported by new legislation in Illinois (EIMA) and ongoing rate case approvals in Pennsylvania. Key strategic initiatives include the nuclear uprate program, expansion into renewable energy projects, and a focus on cost management and operational excellence across all business segments. The company's outlook for 2012 and beyond remains positive, contingent on the successful closure of the Constellation merger and continued regulatory support.
Feb 9, 2012
2010
EXELON CORP Annual Report, Year Ended Dec 31, 2010
Exelon Corporation's 2010 10-K filing highlights a stable operational year with solid performance across its regulated utility businesses, ComEd and PECO, which benefited from favorable weather conditions and recovery of regulatory program costs. The Generation segment, while facing some market and portfolio headwinds, demonstrated resilience through its predominantly nuclear fleet and effective hedging strategies. The company is actively investing in growth opportunities, including a significant nuclear uprate program and the acquisition of Exelon Wind, signaling a strategic shift towards renewable energy. Exelon also emphasized its commitment to managing costs, liquidity, and capital expenditures to ensure continued shareholder value while navigating a dynamic regulatory and market environment.
Feb 10, 2011
2009
EXELON CORP Annual Report, Year Ended Dec 31, 2009
Exelon Corporation, a utility services holding company, operates through its principal subsidiaries: Generation, ComEd, and PECO. Generation is a major competitive electric generator with a significant nuclear fleet, while ComEd and PECO are regulated energy delivery companies serving northern Illinois and southeastern Pennsylvania, respectively. In 2009, Exelon reported net income of $2.71 billion, a slight decrease from $2.74 billion in 2008, primarily impacted by lower revenue net of purchased power and fuel expense at Generation due to unfavorable market conditions and reduced hedging gains. ComEd saw improved net income due to higher distribution rates, while PECO experienced a slight increase in net income driven by higher gas distribution rates, though offset by reduced load. Key strategic initiatives for 2010 include pursuing nuclear plant upgrades, expanding smart meter deployment at PECO with potential federal grant funding, and developing Exelon Transmission to capitalize on the growing national market for new transmission lines. The company continues to focus on cost management, having achieved $200 million in savings in 2009 through various efficiency initiatives.
Feb 5, 2010
2008-A
EXELON CORP Annual Report (Amendment), Year Ended Dec 31, 2008
This Form 10-K/A is a limited amendment to Exelon's original FY2008 annual report (filed February 6, 2009), filed jointly by Exelon, Generation, ComEd and PECO. It does not restate any financial statements or change the original financial disclosures. Its purpose is to add required non-employee director compensation disclosure to Item 11 and to update Item 12 security ownership information with Schedule 13G data filed after the original 10-K. For investors, the document is primarily a governance and pay-disclosure update rather than a source of new operating or financial results. The compensation disclosures reveal how the 2008 market downturn affected executive pay. Exelon's stock fell from about $81.64 at year-end 2007 to $55.61 at year-end 2008, leaving 2008 stock options out of the money and reducing the value of performance share payouts (about 153% of target value versus 200% TSR performance). Annual incentive payouts were nonetheless made near target, with adjusted operating EPS of $4.20 against a $4.15 target. CEO John Rowe's 2008 total compensation was $9.06 million, down from $19.49 million in 2007, largely because of lower stock award values. Management also received retention awards and base salary increases in 2008 to address competitiveness concerns. The ownership section shows that Capital World Investors (about 5%) and Capital Research Global Investors (about 6%) are the only disclosed 5%+ holders, based on Schedule 13G filings made February 13, 2009. Directors and executive officers as a group beneficially owned about 2.7 million shares, under 1% of outstanding stock. The amendment also covers ComEd's and PECO's governance arrangements, including ComEd's separate cash-based long-term incentive program and the termination of stock ownership requirements for ComEd officers.
Feb 19, 2009
2008
EXELON CORP Annual Report, Year Ended Dec 31, 2008
Exelon's FY2008 10-K reports net income of $2,737 million (diluted EPS $4.13), flat versus 2007, as higher realized Generation margins, mark-to-market gains and ComEd rate increases offset large non-operating losses on nuclear decommissioning trust funds, a higher bad-debt reserve, and lower PECO earnings. Operating revenues were roughly flat at $18.9 billion, and operating income rose to $5.3 billion. Balance sheet strain increased: pension obligations jumped as plan assets fell about 26% in 2008, adding roughly $3.9 billion to the unfunded status, and total debt rose sharply as the company prepared to fund its proposed acquisition of NRG Energy. The defining item for investors is the all-stock exchange offer for NRG (0.485 Exelon shares per NRG share, about $6.2 billion equity value), which NRG's board opposes. If completed, Exelon's indebtedness would rise from about $13.2 billion to roughly $21.2 billion pro forma, and the company expects to refinance roughly $8.6 billion of NRG obligations. S&P cut Exelon's senior unsecured rating to BBB- in October 2008, and Moody's and S&P have placed ratings on review or watch for possible downgrade. Required regulatory approvals (FERC, NRC, HSR, and several state commissions) remain pending, and Exelon proposes to divest about 2,400 MW of Texas plants and about 1,000 MW in PJM East. The company also faces several notable risks: a potential impairment of ComEd goodwill (about $2.6 billion) if market multiples keep falling, possible IRS challenges to a 1999 fossil-asset sale deferral that could require up to about $1 billion in cash, and an underfunded NRC decommissioning trust position of roughly $185 million across six units. The Pennsylvania rate cap expires December 31, 2010, which carries political and rate-mitigation risk for PECO and Generation. Exelon suspended share repurchases indefinitely in favor of preserving balance sheet capacity, though its dividend was raised to $0.525 per quarter.
Feb 6, 2009
2007
EXELON CORP Annual Report, Year Ended Dec 31, 2007
Exelon Corporation (EXC) reported a strong fiscal 2007 with net income of $2,736 million, or $4.05 diluted EPS, up from $1,592 million ($2.35) in 2006. The improvement was driven mainly by the absence of a $776 million ComEd goodwill impairment in 2006, higher wholesale margins at Generation after the below-market ComEd PPA expired, and favorable weather. Operating revenues rose 21% to $18.9 billion. Generation, the largest contributor at $2,025 million of income from continuing operations, operates 24,808 MW of owned capacity, roughly 93% of its output from nuclear units with a 94.5% fleet capacity factor. The filing also highlights material risks. The Illinois Settlement Legislation of August 2007 requires roughly $800 million in rate relief contributions from Generation and ComEd, and it could be reversed by future legislation. ComEd's credit ratings were downgraded to sub-investment grade at S&P and Moody's in 2007, and ComEd did not pay a dividend in 2006 or 2007. The IRS has challenged a 1999 fossil-asset sale tax deferral, with a potential cash outflow of up to $992 million including interest. Pennsylvania's post-2010 rate cap expiration at PECO is a further policy uncertainty. Shareholder returns were significant. Exelon repurchased $1.2 billion of stock in 2007 under an accelerated share repurchase program and a new $500 million authorization. The quarterly dividend rose to $0.44 in 2007 and was declared at $0.50 for 2008, a value return policy that the board expects to grow modestly over time.
Feb 7, 2008
2006
EXELON CORP Annual Report, Year Ended Dec 31, 2006
Exelon Corporation's FY2006 Form 10-K (filed February 13, 2007) covers a combined filing for Exelon, Generation, ComEd and PECO. Exelon reported 2006 net income of $1,592 million ($2.35 diluted EPS), up from $923 million ($1.36) in 2005, though the improvement was largely due to lapping a $1.2 billion ComEd goodwill impairment in 2005; 2006 itself included a new $776 million ComEd goodwill impairment in Q3 after the ICC's July 2006 rate order. Generation was the profit engine, earning $1,407 million on higher realized wholesale prices, improved nuclear output (93.9% capacity factor) and a $604 million decrease in its nuclear ARO. ComEd posted a net loss of $112 million, and PECO's earnings declined to $441 million on higher CTC amortization. The dominant investor risk is Illinois regulatory and political uncertainty. ComEd's transition period and rate freeze ended in January 2007, and the company warns that any legislative rate rollback and freeze could produce operating losses of roughly $1.4 billion per year, a projected 2007 cash shortfall of about $1.4 billion, and a possible Chapter 11 filing by ComEd. Moody's, Fitch and S&P have all downgraded ComEd, with S&P placing it at BB+ (below investment grade). Exelon also faces a potential IRS challenge to ComEd's deferral of the 1999 fossil plant sale gain, with up to $960 million of potential cash outflow and $166 million of after-tax interest expense exposure. On the capital-return side, Exelon raised its quarterly dividend to $0.44 per share from $0.40 and adopted a 'value return' policy that contemplates share repurchases, replacing the prior 50-60% payout target. The PSEG merger was terminated in September 2006 after New Jersey regulators failed to approve it, and Exelon recorded about $93 million of related expenses. Generation's long-term supply position is shifting toward market exposure as the ComEd PPA expired and PECO's PPA runs through 2010.
Feb 13, 2007
2005
EXELON CORP Annual Report, Year Ended Dec 31, 2005
This Exelon Corporation (EXC) 10-K filing from February 15, 2006, highlights significant risks and operational details, particularly concerning its utility subsidiaries, ComEd and PECO, and its generation segment. A major theme is regulatory uncertainty, especially for ComEd and PECO as rate freezes and caps approach expiration, with contentious rate-setting processes involving various stakeholders. ComEd faces risks related to buying electricity at potentially higher market rates while selling at capped rates, which could impact its credit rating and access to credit markets. PECO's financial performance may be affected by higher purchased gas costs and fluctuations in electricity and gas usage due to weather. The filing also details Generation's exposure to market risk and price volatility after the expiration of significant power purchase arrangements, alongside operational risks tied to its nuclear facilities, including refueling outages and potential environmental liabilities. Exelon's proposed merger with PSEG is a significant development, carrying integration risks and potential goodwill impairment, alongside transaction and integration costs. The company is also navigating impacts from hurricanes Katrina and Rita and potential phase-outs of synthetic fuel tax credits due to rising oil prices.
Feb 15, 2006
2004
EXELON CORP Annual Report, Year Ended Dec 31, 2004
Exelon Corporation's (EXC) 2004 10-K filing highlights significant improvements in net income, driven by strong performance in its Generation segment, which rebounded from a net loss in 2003 to substantial net income in 2004 due to improved wholesale prices and the absence of significant 2003 impairment charges. The Energy Delivery segment showed a slight decrease in net income, impacted by unfavorable weather and debt retirement charges, though this was partially offset by customer growth and reduced corporate expenses. Financially, Exelon demonstrated a strong balance sheet, supported by internally generated cash flows. The company also announced a significant proposed merger with PSEG, a major step towards expanding its operational footprint and achieving strategic goals. Key financing activities included substantial debt retirements and improved credit facility arrangements. Investors will be closely watching the progress of the PSEG merger and the regulatory approvals required for its completion, as well as the company's ongoing efforts to manage costs and adapt to evolving industry restructurings.
Feb 23, 2005
2003
EXELON CORP Annual Report, Year Ended Dec 31, 2003
Exelon Corporation's FY2003 combined Form 10-K (filed February 20, 2004) covers four registrants: Exelon (holding company), ComEd, PECO, and Exelon Generation. Exelon's three segments are Energy Delivery (regulated ComEd and PECO), Generation (about 28.5 GW owned, including 16,959 MW nuclear), and Enterprises (non-core businesses being divested). Financial results were mixed. ComEd net income fell 10.5% to $707 million on weather, customer choice, and Exelon Way costs. PECO net income fell 2.7% to $473 million. Generation swung to a net loss of $133 million, driven by a $945 million pre-tax impairment on Boston Generating (about $573 million after tax) and a $255 million Sithe investment impairment. Generation's operating revenues rose 18.6% to $8.1 billion, but the impairments dominated results. The filing highlights a strategic shift. The 'Exelon Way' restructuring targets roughly $300 million of annual cash savings in 2004 rising to about $600 million by 2006, and about 1,500 positions are slated for elimination. Management is exiting Boston Generating and Sithe and pursuing divestitures in Enterprises. Generation bought British Energy's 50% stake in AmerGen for $276.5 million. ComEd faces a material goodwill-impairment risk: its roughly $4.7 billion of goodwill could be impaired in 2004 or later as CTC revenues decline after the 2006 transition period, and management said a 5% cash-flow decline would trigger a roughly $500 million charge. Other risks include the post-2006 rate framework in Illinois and Pennsylvania, PJM integration of ComEd, nuclear decommissioning funding (the GAO challenged shortfalls), and the DOE's delayed spent-fuel acceptance. Capital and balance sheet items to note: Exelon's board declared a 2-for-1 stock split (not reflected in the filing's per-share data) and raised the quarterly dividend to $0.55 per share. PUHCA financing authority of $2.0 billion remained, with an $8 billion application pending. Generation's Boston Generating debt of about $1.0 billion was reclassified as current due to defaults, and its interest-rate swaps were terminated in January 2004 at a net $82 million payable.
Feb 20, 2004
2002-A
EXELON CORP Annual Report (Amendment), Year Ended Dec 31, 2002
This 10-K filing from Exelon Corporation, filed on December 15, 2003, is an amendment providing updated information regarding controls and procedures following SEC comments. The filing details the evaluation of disclosure controls and procedures by the management of Exelon Corporation and its subsidiaries (Commonwealth Edison Company, PECO Energy Company, and Exelon Generation Company, LLC) as of December 31, 2002. These controls were found to be effective in ensuring the accurate and timely reporting of material information, though the inherent limitations of any control system are acknowledged. Key financial statement schedules, particularly those related to valuation and qualifying accounts (allowance for uncollectible accounts, reserves for merger-related costs, injuries and damages, environmental remediation, and obsolete materials) for the years 2000, 2001, and 2002, are also provided for each subsidiary. A comprehensive list of exhibits, including significant agreements, incorporation documents, credit facilities, and various executive employment and benefit plans, is also detailed, providing insight into the company's contractual and operational framework.
Dec 15, 2003
2002
EXELON CORP Annual Report, Year Ended Dec 31, 2002
Exelon Corporation's 2002 10-K filing reveals a company navigating the evolving energy landscape. The report highlights the dual focus on regulated energy delivery through its subsidiaries ComEd and PECO, and its competitive generation business, Exelon Generation. The company is actively managing the impacts of energy market restructuring, including customer choice programs in Illinois and Pennsylvania, and is investing significantly in transmission and distribution infrastructure to improve reliability. Financially, Exelon is working to manage costs and maintain its credit ratings amidst ongoing regulatory proceedings. The Generation segment, a major player in the competitive generation market, is focused on optimizing its diverse fleet of nuclear, fossil, and hydroelectric facilities, while also managing the integration of recent acquisitions and the associated risks. Investors should note the company's capital expenditure plans, its strategic approach to managing energy commodity price risks, and the ongoing efforts to address potential impacts from regulatory changes and market volatility.
Mar 21, 2003
2001-A
EXELON CORP Annual Report (Amendment), Year Ended Dec 31, 2001
This 10-K filing from Exelon Corporation, filed on October 31, 2002, is an amendment to their previous filing for the period ended December 31, 2001. The primary purpose of this amendment is to reflect restatements related to accounting for deferred income taxes on nuclear decommissioning trust fund securities and to adjust Other Comprehensive Income for equity investments. Notably, these restatements, totaling approximately $128 million in Other Comprehensive Income reduction as of December 31, 2001, do not impact earnings per share, net income, or cash flow for the reported periods. For investors, the company's substantial market capitalization of over $15.8 billion as of March 1, 2002, and its outstanding share count of approximately 321.4 million shares, indicate its significant presence in the market. The filing heavily references prior reports and incorporated documents for detailed financial statements and selected financial data, suggesting that the core financial performance and condition are to be found in those referenced materials.
Oct 31, 2002
2001
EXELON CORP Annual Report, Year Ended Dec 31, 2001
Exelon Corporation's 2001 10-K filing details a complex organizational structure with three primary segments: Energy Delivery, Generation, and Enterprises. Following a significant restructuring in January 2001, Exelon separated its regulated energy delivery businesses (ComEd and PECO) from its competitive generation and other businesses. The Energy Delivery segment comprises the transmission and distribution operations in Northern Illinois (ComEd) and Southeastern Pennsylvania (PECO), which are subject to regulatory oversight by state commissions and the FERC. The Generation segment is a major player in electric generation, with a substantial portfolio of owned and controlled capacity, predominantly nuclear and fossil-fueled. This segment is involved in wholesale power marketing and has significant investments in Sithe Energies and AmerGen. The Enterprises segment encompasses various competitive retail energy sales, energy services, communications, and other non-utility investments. The company navigated the evolving regulatory landscape of utility deregulation across its operating regions, with both ComEd and PECO facing rate caps and the need to manage customer choice programs. The report also highlights the impact of the September 11th events on security measures and potential insurance costs.
Apr 1, 2002
2000-A
EXELON CORP Annual Report (Amendment), Year Ended Dec 31, 2000
This 10-K filing for Exelon Corporation (EXC), filed on September 5, 2001, primarily serves as an amendment to provide information regarding Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) in response to specific items in Part III. The filing details directors and executive officers, executive compensation, security ownership, and related transactions for the individual entities and the consolidated Exelon Corporation. Investors can gain insights into the leadership structure, compensation practices, and stock holdings within the Exelon corporate family at the time of this filing, which occurred after the merger of Unicom and PECO in October 2000. The information presented highlights the compensation packages for key executives, including salaries, bonuses, stock options, and long-term incentive plans. It also details the ownership of Exelon common stock by directors and executive officers of PECO and ComEd. The filing also touches upon retirement plans and employment agreements for senior management, providing a glimpse into executive benefits and retention strategies during a period of significant corporate integration. Additionally, it includes a performance graph comparing PECO/Exelon's stock performance against major indices.
Sep 5, 2001
2000
EXELON CORP Annual Report, Year Ended Dec 31, 2000
Exelon Corporation's combined 2000 Form 10-K (filed April 2001, covering Exelon, PECO Energy and ComEd) reflects a company in the middle of a major transformation following its October 20, 2000 merger with Unicom, which was accounted for as a purchase. Exelon's market value of nonaffiliate common equity was roughly $21.0 billion as of March 1, 2001, and it operates through three segments after a January 2001 restructuring: Energy Delivery (regulated distribution and transmission for ComEd and PECO, plus PECO gas), Generation (about 33 GW of owned and contracted capacity including roughly 14 GW of nuclear, plus 50% of AmerGen and 49.9% of Sithe), and Enterprises (competitive retail energy, infrastructure services, and communications investments). Investors should note that this filing is a combined report, and the Exelon-level financial statements are incorporated by reference from an 8-K dated March 16, 2001, so the figures shown in this document are mainly for PECO and ComEd. The financial picture at the subsidiary level is mixed. PECO's 2000 net income on common stock fell to $497 million from $570 million, driven by $248 million of merger-related costs, while its operating revenues rose to $5.95 billion. PECO's stranded-cost securitizations ($5 billion of transition bonds issued since 1999) reduced its equity base and shifted its capital structure toward debt, and its common equity fell to about 24% of capitalization. ComEd's post-merger results are not directly comparable to earlier periods because of purchase accounting, which created roughly $4.8 billion of goodwill and reduced net plant by about $4.8 billion. ComEd reported net income of $599 million for January through October 2000 and $133 million for the post-merger period, and it faces ongoing reliability scrutiny after the summer 1999 outages, class-action litigation, and a pending ICC investigation. The main risks for investors include the transition to competitive markets (ComEd residential customers gain choice in May 2002, and Pennsylvania rate caps run through 2010), nuclear operating and decommissioning exposure (ComEd's decommissioning cost estimate is $5.2 billion and PECO's is $1.7 billion, both transferring to Generation), merger integration and workforce reductions, and the Enterprises segment's exposure to infrastructure services and communications ventures. Exelon's planned 2001 dividend of $1.69 per share was announced but had not yet been declared at filing.
Apr 2, 2001