Summary
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.
Financial Highlights
53 data points| Revenue | $17.32B |
| Operating Expenses | $12.57B |
| Operating Income | $4.75B |
| Interest Expense | $654.00M |
| Net Income | $2.71B |
| EPS (Basic) | $4.10 |
| EPS (Diluted) | $4.09 |
| Shares Outstanding (Basic) | 659.00M |
| Shares Outstanding (Diluted) | 662.00M |
Key Highlights
- 1Exelon's net income for 2009 was $2.71 billion, a slight decrease from $2.74 billion in 2008, primarily due to lower revenues at Generation.
- 2Generation experienced a $136 million decrease in income from continuing operations due to unfavorable market conditions and decreased hedging gains.
- 3ComEd's net income increased by $173 million, driven by higher distribution rates and lower operating expenses, despite reduced load.
- 4PECO's net income increased by $28 million, primarily due to higher gas distribution rates and cost savings, partially offset by reduced electric load.
- 5Exelon is investing in nuclear plant upgrades (uprates) expected to add 1,300-1,500 MW of capacity over eight years.
- 6PECO is planning significant investments in smart meter and smart grid infrastructure, potentially supported by $200 million in federal grant funds.
- 7Exelon established Exelon Transmission in 2009 to capitalize on the growing market for new transmission lines.
- 8The company implemented a company-wide cost savings initiative, achieving approximately $200 million in savings in 2009.
- 9Exelon's Generation segment is subject to commodity price risk in the wholesale power market, though hedging policies are in place to mitigate this.