What was the main event reported in this 8-K filing?

The primary event reported is the completion of the sale and transfer of ownership of Boston Generating, LLC (BG) to an entity controlled by its lenders on May 10, 2004. This transaction is part of a settlement agreement.

When will Exelon transfer operational control of Boston Generating, LLC?

While ownership has transferred, the operational and power marketing responsibilities are expected to transfer to the lenders' special purpose entity in the third quarter of 2004. This transfer is contingent upon further approval from the Federal Energy Regulatory Commission (FERC).

What is the significance of the unaudited pro forma combined financial statements?

These statements show how Exelon's and Exelon Generation's financial position and results would have looked if the Boston Generating, LLC disposition had occurred earlier. They are provided for illustrative purposes to help investors understand the financial impact of the sale on the combined entity, though they are not necessarily indicative of future performance.

Are there any significant financial impacts excluded from the pro forma statements?

Yes, the pro forma financial statements explicitly state they do not reflect the cost of procuring replacement power if Exelon and Generation had not purchased power from BG, nor do they reflect certain accounting adjustments for guarantees or operating fees earned during the transition period.

EXC 8-K SEC Disclosure

Summary

This Form 8-K filing from Exelon Corporation (EXC), dated June 9, 2004, primarily details the completion of the sale and transfer of ownership of Boston Generating, LLC (BG) to a special purpose entity owned by BG's lenders. This disposition was part of a settlement agreement and received approval from the Federal Energy Regulatory Commission (FERC) on May 10, 2004. While ownership has transferred, the operational and power marketing responsibilities are expected to transfer later in the third quarter of 2004, subject to further FERC approval. Pending this final transfer, Exelon Generation Company, LLC affiliates will continue to manage BG's operations and power marketing. The filing also includes unaudited pro forma combined financial statements for Exelon and Exelon Generation Company, LLC, reflecting the impact of the BG disposition. These statements present financial data as if the transaction had occurred earlier in 2003 and 2004. Investors should note that these pro forma figures are for illustrative purposes and are not necessarily indicative of future financial performance or results. The pro forma statements also exclude potential costs for replacement power and certain accounting adjustments related to guarantees and transition period operating fees.

Key Highlights

1Exelon Corporation completed the sale of Boston Generating, LLC (BG) on May 10, 2004, with ownership transferred to a special purpose entity for BG's lenders.
2The transfer of operational and power marketing responsibilities for BG is anticipated in the third quarter of 2004, pending further regulatory approval.
3Unaudited pro forma combined financial statements are provided, reflecting the financial impact of the BG disposition.
4The pro forma statements are presented for three months ended March 31, 2004, and the year ended December 31, 2003 (income), and as of March 31, 2004 (balance sheet).
5Pro forma net income per basic share for the three months ended March 31, 2004, is $0.59, compared to $0.57 as filed.
6Pro forma net income per basic share for the year ended December 31, 2003, is $2.53, compared to $1.22 as filed.
7The pro forma financial information is presented for illustrative purposes and may not reflect actual future results.
8Certain financial impacts, such as replacement power costs and specific guarantee accounting, are not reflected in the pro forma statements.

EXELON CORP 8-K Report (Jun 9, 2004)

Summary

Key Highlights

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