Summary
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.
Financial Highlights
50 data points| Revenue | $17.94B |
| Operating Expenses | $15.26B |
| Operating Income | $2.68B |
| Net Income | $1.71B |
| EPS (Basic) | $1.74 |
| EPS (Diluted) | $1.74 |
| Shares Outstanding (Basic) | 979.00M |
| Shares Outstanding (Diluted) | 980.00M |
Key Highlights
- 1Completion of the separation of the utility and generation businesses into two independent public companies on February 1, 2022.
- 2Net income attributable to common shareholders decreased by $257 million in 2021 compared to 2020, largely due to impacts from the February 2021 extreme cold weather event and other charges.
- 3Utility operations generally performed well, with positive contributions from rate base growth, improved allowed returns, and favorable regulatory adjustments.
- 4Significant capital expenditure plans are in place, with approximately $29 billion anticipated over the next four years for infrastructure improvements and modernization.
- 5The company announced a 'path to clean' goal to reduce operations-driven emissions by 50% by 2030 from a 2015 baseline, with an anticipated investment of $4.8 billion towards this goal over the next decade.
- 6Exelon's common stock performance over the five years ending December 31, 2021, showed an investment value increase from $100 to $192.94, outperforming the S&P 500 and S&P Utility Index in terms of cumulative total returns.