Exelon Corporation · NASDAQ:EXC
Exelon — Investor Day (August 2004)
93 slides from Exelon's investor day presentation, Aug 19, 2004
Slide 1: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking
Slide 2: Leading The Way
Leading The Way John Rowe Chairman & Chief Executive Officer Exelon Investor Conference New York City August 19, 2004
Slide 3: Today's Agenda
Today's Agenda Leading The Way 8:00 a.m.-8:30 a.m. John Rowe - Introduction and Federal Regulatory Overview 8:30 a.m.-9:15 a.m. Oliver Kingsley, Jack Skolds, Chris Crane - Leading Operations 9:15 a.m.-9:45 a.m. Ian McLean, Ken Cornew - Power Marketing Update 9:45 a.m.-10:00 a.m. Break 10:00 a.m.-10:
Slide 4: Exelon
Exelon * Operating capacity at 12/31/03; includes long-term contracts and excludes Sithe and New England assets Sources: Company reports, Thomson Financial, Bloomberg
Slide 5: Total Return Comparisons
Total Return Comparisons 1/1/00 - 7/31/04 Source: Bloomberg
Slide 6: Peer Comparisons
Peer Comparisons Sources: Thomson Financial, Bloomberg Market data as of 8/6/04 CAGR = Compound annual growth rate *Exelon estimates: excludes transition debt interest, EXC coverage ratio also excludes Boston Generating Facility debt ** Edison International reinstated dividend 1/04. Note: See presen
Slide 7: Steady Growth Despite Volatile Markets
Steady Growth Despite Volatile Markets - Without Rate Increases Note: See presentation appendix for reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS.
Slide 8: Metropolitan Residential Electric Rates
Example Example Example Metropolitan Residential Electric Rates Source: EEI Typical Bill and Average Rate report - Winter 2004 (2003 data)
Slide 9: An Environmental Asset
An Environmental Asset 2002 Generation by Fuel Source
Slide 10: Leading Operations
Leading Operations Oliver D. Kingsley, Jr., President & Chief Operating Officer John L. Skolds, President, Exelon Energy Delivery Christopher M. Crane, President, Exelon Nuclear Exelon Investor Conference New York City August 19, 2004
Slide 11: Foundation for Leading Operations
Foundation for Leading Operations A defined management model that drives sustainable performance in Operational excellence Productivity improvement Cost management Depth of talent and experience Structured leadership development and recruiting A bench capable of meeting current and future challenges
Slide 12: Exelon Way Driving Improvement
Exelon Way Driving Improvement Process improvements driven by Exelon Way support sustainability of financial results. IT operational improvements, consolidation, and control Supplier consolidation, enhanced competition, renegotiated contracts Outsourcing of non-core functions Organization alignment
Slide 13: Energy Delivery Management Model
Energy Delivery Management Model Comprehensive framework for consistent execution of all we do Provides alignment around our vision, beliefs, strategic focus areas, and key business elements Drives real performance improvement via an actionable business planning process Playbook for driving standard
Slide 14: Building the Foundation
Building the Foundation A team of proven leaders with successful track records is in place. Energy Delivery Management Team - recent changes include a mix of proven leaders from across Exelon John Costello, Sr. VP Technical Services - former Sr. VP of Customer and Marketing Services, leading new Tec
Slide 15: Building the Foundation: Focusing on the Fundamentals
Building the Foundation Focusing on the Fundamentals Productivity Improvement Changes to field work planning and scheduling "Cycle Plan", in order to improve productivity by 10-15% Cost Management Application of new distribution capacity planning tools - $30M in reduced capital construction for 2005
Slide 16: System Reliability
System Reliability 2003 Northeast Blackout - completed transmission operations self-assessment Immediate corrective actions completed June 1 Longer term plan for operational enhancements Material Condition Improvement Plan - underway External, independent assessment completed Stringent review of pow
Slide 17: Cost Reduction
Cost Reduction Total cost per customer continues to improve. Exelon Way process improvements continue to increase productivity and streamline operations "Completing the merger" eliminated more than 550 positions in past 12 months
Slide 18: Growing Customer Base and Usage
Customer base is growing and using more energy Year EED 1999 4.97 2000 5.02 2001 5.09 2002 5.12 2003 5.15 2004 forecast 5.2 1999 8042 2000 8069 2001 8299 2002 8926 2003 8518 2004 forecast 8855 Customer base is growing steadily - 4.7% since 1999 Residential electric usage is increasing Residential sa
Slide 19: Nuclear Performance - Production
Nuclear Performance - Production Consistent growth in generation output Consistently high capacity factors Consistent performance and industry leadership in refueling outage execution Nuclear production performance is consistently good.
Slide 20: Nuclear Performance - Cost
Nuclear Performance - Cost Exelon Nuclear is consistently cost competitive Consistent improvement in production cost Consistent improvement in all-in cost Exelon's 5 big dual unit sites are the 5 lowest cost plants in the U.S. -- they define the top decile of performance Exelon Nuclear's low cost ge
Slide 21: Nuclear Leadership in Operations
Nuclear Leadership in Operations The management model is fully implemented in Exelon Nuclear Standard best programs and processes fleet-wide Proven templates to get work done right Standardization of tools and methods to capture synergies, share resources Standard budgets and cost management tools a
Slide 22: Exelon Power Improvements
Exelon Power Improvements Condition-based overhauls are resulting in production improvements and economic gains Production improvements: coal unit mill performance, steam unit boiler reliability, turbine reliability, feedwater heaters, condensers >350 MW gained or recaptured through uprates and mate
Slide 23: Power Marketing Update
Power Marketing Update Ian P. McLean President, Power Team Kenneth W. Cornew Senior Vice President, Power Team Exelon Investor Conference New York City August 19, 2004
Slide 24: Power Team: Value Added Intermediary
Power Team: Value Added Intermediary Nuclear Fossil Hydro Generation Power Team ComEd PECO Wholesale Power & Fuel Markets Affiliates Supply Contracts Power Team manages the interaction between the generation portfolio and the wholesale customers and markets in order to reduce risk and optimize Exelo
Slide 25: Portfolio Management Process
Portfolio Management Process Approach to Portfolio Management Over Time Time Before Expiration of Contract % Hedged % Hedged High End of Profit Low End of Profit Load Only Long View Long-Term Portfolio Balancing Portfolio Optimization and Risk Management Operating Profit ($ Million) Develop a set of
Slide 26: The Wholesale Market Is Still Evolving
The Wholesale Market Is Still Evolving Lack of "Organized Markets" Bilateral markets as another source of value Despite regions having surplus, there are customers with significant unmet needs in the next several years Contract expiration Load growth Very few active and creditworthy players Increase
Slide 27: Coordinated Marketing Strategy
Coordinated Marketing Strategy Generation marketing strategy is aimed at delivering results Improving margins Securing long-term customer base Managing earnings risk Long-term focus on strategy, planning and analysis All unregulated operations under one roof Coordinated use of short, mid, and long-t
Slide 28: Midwest Portfolio Characteristics
Midwest Portfolio Characteristics Indiana Illinois Chicago Portfolio Opportunities / Challenges Recent integration into PJM market has added liquidity to the standard and structured product markets Length from base-load units to participate in higher market prices Load following capability is purcha
Slide 29: Midwest: Key Elements
Midwest: Key Elements Significant Insignificant Portfolio Management 2004 Hedged for the remainder of the year around the clock Manage operational risk of baseload length in the off peak hours Portfolio Management in 2005 Includes changes in generation stack due to roll off of PPAs Length remains in
Slide 30: Mid-Atlantic Portfolio Characteristics
Pennsylvania Maryland New Jersey Delaware Mid-Atlantic Portfolio Characteristics Plant 2005 Capacity (MW) Average Variable Cost ($/Mwh) Nuclear 5,767 5.00 Hydro 1,618 NA Coal 1,441 $34.00 LFG/Cogen/Contract 406 $50.00 Resid Oil and Peakers* 1,975 $65 resid oil / $100 gas Total Capacity 11,207 Demand
Slide 31: Mid-Atlantic: Key Elements
Mid-Atlantic: Key Elements Significant Insignificant Commodity Impact Comments Natural Gas Prices Gas is increasingly on the margin We have a substantial amount of base-load capacity. Therefore, gas price movements drive the power market and affect our margins. Oil Prices Oil on the margin a signifi
Slide 32: ERCOT/South Portfolio Characteristics
ERCOT/South Portfolio Characteristics Plant Capacity Average Variable Cost ($/Mwh) Combined Cycle* 1,975 MW $50.50 Peakers* 3,394 MW $75.00 Total Capacity 5,369 MW Summer Toll** 2,334 MW * Assuming $6.30/MMBtu gas price ** TXU tolling deal totaling 2,334 MW Texas Oklahoma Georgia Portfolio Opportuni
Slide 33: ERCOT/South: Key Elements
ERCOT/South: Key Elements Significant Insignificant Minimal oil capacity Oil Spark The entire portfolio is spark based; 40% are high efficiency combined-cycle units Gas Spark Oil not on the margin in the region Oil Prices Gas on the margin a significant proportion of the time; however, spark determi
Slide 34: Portfolio Sensitivities for Generation Co.
Portfolio Sensitivities for Generation Co. Gas Price Sensitivity 1 ($ million pre-tax) Gas +20% Gas -20% 2004 $13 ($13) 2005 $15 $4 Power Price Sensitivity 2 ($ million pre-tax) Power +$1.00 Power -$1.00 2004 $5 ($4) 2005 $22 ($20) Coal Price Sensitivity 3 ($ million pre-tax) PRB 4 Coal +$1.00 PRB 4
Slide 35: Generation: Strategic Overview and Economic Drivers
Generation: Strategic Overview and Economic Drivers John F. Young President, Exelon Generation Exelon Investor Conference New York City August 19, 2004
Slide 36: Exelon Generation: An Overview
Exelon Generation: An Overview Exelon Generation Competitive Energy Supply Business Exelon Nuclear Operates and maintains Exelon's nuclear assets Nuclear Capacity: 16.6 GW Exelon Power Operates and maintains Exelon's fossil and hydro units Fossil Capacity: 7.1 GW Hydro Capacity: 1.6 GW Power Team Op
Slide 37: Our Regional Positions
Nuclear 44% Oil 3% Renewable 1% Peaking 21% CCGT 11% Hydro 4% Coal 16% Capacity ~38 GW* *Includes long-term contracts CCGT = combined-cycle gas turbine Our Regional Positions Owned Generation: 2.5 GW Contracted Generation: 2.9 GW TXU Tolling Contract: 2.3 GW ERCOT & South Owned Generation: 11.2 GW C
Slide 38: Drivers of Our Business
Drivers of Our Business Exelon Generation Regional Reserves Fuel Load Growth Operations Regulatory Framework Competition Economic Growth Market Forecasts Customers Environmental Exelon understands its business drivers.
Slide 39: Economic Growth Drives Regional Demand for Electricity
Real U.S. GDP is expected to grow at an average of 3.5% over the next five years Economic growth will vary by region Mid-Atlantic 3.4% Midwest 3.2% Texas 4.2% Nationwide, electricity use is expected to grow at about 2.2% per year, strongest growth in the South and West Economic Growth Drives the Reg
Slide 40: International Fuel Markets Impact Domestic Electricity Prices
0% 20% 40% 60% 80% 100% 2005 2007 2005 2007 2005 2007 ComEd ERCOT North PJM East Coal Gas Oil Fuel prices are higher than in the '90's, unlikely to return to the same low levels Strong demand and little excess supply have driven oil prices higher High oil prices and tight domestic supply cause high
Slide 41: Regional and Sub-Regional Reserve Margins Are Declining
Regional and Sub-Regional Reserve Margins Are Declining Exelon's regional and sub-regional (MAIN ComEd, PJM East and ERCOT North) projected planning reserve margins are expected to decline at a faster rate than previously forecasted due to: Economic recovery translating into higher projected electri
Slide 42: Consultant Price Forecasts
PJM Energy and Capacity ($/MWh) MAIN Energy and Capacity ($/MWh) Consultant Price Forecasts Sources: Platts Research and Consulting Outlook For Power in North America (Q2 2004) CERA New Realities, New Risks: North American Power and Gas Scenarios (December 2003) Industry price forecasts are driven b
Slide 43: Exelon Generation: Value Maximization
Exelon Generation: Value Maximization Integrated business model Balanced generation portfolio - fuel diversity, geographic location and dispatch mix Continuous asset rationalization Knowledge of market fundamentals Financial discipline Rigorous performance management Productivity improvement Aggress
Slide 44: Exelon Generation: Sustained Excellence
Exelon Generation: Sustained Excellence Operating plans based on business imperatives Continued focus on performance discipline Experienced leader in risk management Deep bench of talent and experience Effectively integrated portfolio strategy Positioned to capitalize on market dynamics
Slide 45: Illinois Update and POLR Pricing
Illinois Update and POLR Pricing Anne R. Pramaggiore Vice President, ComEd Kenneth W. Cornew Senior Vice President, Power Team Exelon Investor Conference New York City August 19, 2004
Slide 46: Post-2006 Overview
Debate around Post-2006 issues occurring in ICC-sponsored workshop process: Commissioner Erin O'Connell-Diaz serves as Chair of the workshop process Workshops began April 29, 2004, with a kick-off symposium and will end in September 2004 ICC plans to submit Report to Illinois General Assembly on Pos
Slide 47: ICC Workshop Process Timeline
ICC Workshop Process Timeline Education Process Scenario Analysis ICC Process Launch Stakeholder Positions Identified Key Milestones: ICC Workshop Process finalized 4/1 5 Working Groups and Conveners appointed: - Procurement - Rates - Competition - Service Obligations - Energy Assistance Intervenor
Slide 48: ICC Workshop Process Recap
ICC Workshop Process Recap 12 scenarios are being analyzed, most are variations of two basic models: "Full Requirements" procurement model (NJ/MD) "Portfolio Management" procurement model (CA) Strong support for competitive procurement has emerged, with ongoing debate concerning: The specific procur
Slide 49: Current Model
Current Model Utility Genco Base Intermed Peak Customers Hours Genco is sole supplier of customer load through a PPA with ComEd Bundled service for customers >3MW has been declared competitive Genco/ComEd PPA Bundled Rate Customer Load
Slide 50: Competitive Procurement Model
Competitive Procurement Model Competitive Suppliers Utility Genco Base Intermed Peak Customers - - Load up for auction XX% XX% XX% Hours Percentages of System Load Multiple winning bidders would supply customer load in vertical slices (fixed % of hourly energy demand) New rates determined by auction
Slide 51: NJ Auction Design Example
2007 2008 2010 2009 2011 33% 67% 100% 2012 2013 Auction Year 1 1/3 Load 1/3 Load for 3 years % of POLR Load 1/3 Load 1/3 Load 1/3 Load for 3 years 1/3 Load for 3 years NJ auction (example for illustrative purposes) Rate stability concerns can be addressed through staggered purchases of full requirem
Slide 52: BGS Auction
Basic Generation Service (BGS): Over 11,000 MW of load auctioned across 4 utilities in New Jersey in February 2004 Over 15 winners in the auctions Winning bids for POLR product were 50-60% above the standard block product at PJM West Hub Overview Risk management of the BGS full requirement contracts
Slide 53: Full Requirements Contracts
Full Requirements Contracts Components of a Full Requirements Price A. Underlying Energy - Standard Block Energy Price - Load Shape Price - Volume Risk B. Customer Migration Risk C. Capacity Price D. Ancillaries Price E. Other Risks - Transmission (Congestion) - Credit - Regulatory Components of an
Slide 54: Risk Management of Full Requirements
Risk Management of Full Requirements Forecasted Load and Underlying Energy Curve Actual Load and Underlying Energy Curve Standard Block Products Expected Load Shape Long Short Standard Block Products Actual Load Shape Shorter Longer Forecast............. One of numerous realities........ - Regulator
Slide 55: Financial Overview
Financial Overview Robert S. Shapard Executive Vice President & Chief Financial Officer Exelon Investor Conference New York City August 19, 2004
Slide 56: Financial Overview
Financial Overview 2004 Performance and Outlook 2005 Guidance Ongoing Earnings Drivers ComEd Transition 2007 Energy Pricing 2007 Distribution Rates Goodwill Financial Plan Dividend Policy Debt Targets Use of Available Cash
Slide 57: Year-To-Date Results
Year-To-Date Results Note: See presentation appendix for adjusted (non-GAAP) operating EPS and Free Cash Flow reconciliations to GAAP.
Slide 58: Year-To-Date Results
Year-To-Date Results Note: RNF = Revenue net Fuel/Purchased power See presentation appendix for adjusted (non-GAAP) operating EPS reconciliation to GAAP.
Slide 59: Exelon 2004 Financial Scorecard
($ in millions, except per share data) Measure To-date (through June) 2004 Target/Estimate Status Adjusted (non-GAAP) Operating EPS Year-to-date $1.29 $2.75 - $2.90 (New Guidance) On track Exelon Way O&M Savings (pre-tax) Program-to-date $227 $210 On track Exelon Way O&M Savings (pre-tax) Year-over-
Slide 60: 2004 Expected EPS Drivers
2003 A 2004 YTD Enterprises CTC Depr./ Amort. & Outages Nuclear Outages AmerGen Interest DOE Sales Growth 2004 Invisible dataset 0 2.61 2.68 2.69 2.67 2.67 2.7 2.75 2.81 2.81 0 Green 2.61 0.07 0.03 0.02 0.03 0.03 0.06 0.05 0.01 0.1 2.91 2003 A 2004 E Interest PECO CTC/ Amort. Depr./ Amort. Stop Ente
Slide 61: 2004 Expected O&M Savings
2004 Expected O&M Savings (Pre-tax $ in Millions) Note: See presentation appendix for The Exelon Way savings and reconciliation to GAAP.
Slide 62: The Exelon Way 2004 O&M Savings
(Pre-tax $ in Millions) The Exelon Way 2004 O&M Savings 2003 ramp-up savings of $163M more than offset inflation assumed in 2003 operating plan 2004 savings of ~$260M versus baseline includes ramp-up savings carried forward plus additional projected year-over-year savings of ~$97M Exelon Way initiat
Slide 63: 2004 Expected Capital Savings
2004 Expected Capital Savings 2004 Expected Cash Benefit CapEx savings forecast on target, despite unplanned cost for added Nuclear security upgrades and higher than planned Energy Delivery growth spend ($ in Millions) ($ in Millions; 38% Tax Rate) Additional cash being generated from other Exelon W
Slide 64: 2005 Guidance
2004 Guidance Weather ComEd CTC Amort. / Depr. Nuclear Outages /Fuel O&M + Pension + All Other Exelon Way Load Growth Other RNF Interest 2005 Guidance Invisible dataset 0 2.807217509 2.796245631 2.746768665 2.697 2.597 2.597 2.71 2.79 2.837 0 Green 2.807217509 0.016342461 0.027314339 0.049476966 0.0
Slide 65: Exelon Consolidated Key Assumptions
Exelon Consolidated Key Assumptions
Slide 66: Ongoing Earnings Drivers
Ongoing Earnings Drivers Operating Earnings Per Share* Time 2003 2004E 2005E 2006E 2007E * See end of presentation material for reconciliation to GAAP data. $2.90 $2.75 $3.05 $2.85 $2.61 Market Prices Load Growth Exelon Way PECO Gen. Cap Inflation Post '06 IL rates Market Prices Load Growth Exelon W
Slide 67: ComEd Bundled Tariff for Mass Market
ComEd Bundled Tariff for Mass Market 2003 Actual* 2007 Estimate RES SCI LCI LCI (< 3 MW) Non-Wires Rate 49 43 49.9 49.9 48.9 28 Line Losses 3 3 Wires Rate 25 31 35.1 15.1 10.1 3 77 77 Assumes increase in wires charges to recover increased investment in transmission and distribution infrastructure an
Slide 68: 2007 ComEd POLR Price Sensitivity to Fuel Prices
2007 ComEd POLR Price Sensitivity to Fuel Prices PRB Coal $/Ton HH Gas $/MMBTU * Fuel prices assumed in CERA's 2007 MAIN ATC price forecast ("Technology Enhanced" scenario) ** POLR price assumed to be 1.5 x CERA's 2007 MAIN ATC price forecast of $32.95 per MWh Assumptions for sensitivity analysis: C
Slide 69: ComEd Delivery Service Investments
ComEd Delivery Service Investments ComEd has made significant investments in Delivery Rate Base and experienced significant increases in costs since the last rate case test year (2000). Note: Financial data is simplified and rounded for illustrative purposes.
Slide 70: Goodwill Overview
Goodwill Overview ComEd and Exelon currently have $4.7 billion of goodwill which is tested for impairment annually on November 1st If the Enterprise Fair Market Value exceeds Capitalization Value, no impairment occurs As ComEd is not publicly traded, its Enterprise Fair Market Value is determined ba
Slide 71: Optimizing Our Balance Sheet
Optimizing Our Balance Sheet Exelon is committed to maintaining strong credit measures While Exelon's consolidated balance sheet is strong, ComEd's balance sheet needs to be strengthened to provide financial flexibility Our accelerated liability management plan will dramatically strengthen ComEd's b
Slide 72: Projected 2005 Key Credit Ratios
Projected 2005 Key Credit Ratios Exelon FFO / Interest 8.1x Exelon FFO / Debt 35% Under a scenario where 1/2 of ComEd Goodwill is written-off and excluding Securitization Debt: ComEd Equity Ratio 56% Note: See presentation appendix for FFO (Funds from Operations)/Interest and and FFO/Debt reconcilia
Slide 73: PECO Bundled Rates
PECO Bundled Rates PECO's bundled rates (which include charges for transmission & distribution, stranded cost recovery and a capacity and energy charge, or shopping credit) were capped through 2010. The bundled rate is scheduled to increase in 2006 and 2007 with the following estimated impact on Exe
Slide 74: Deploying Our Cash - Forecast
Deploying Our Cash - Forecast (1) Illustrative only - assumes 5% EPS growth (2) See presentation appendix for factors used in reconciliation of earnings guidance to GAAP (3) Assumes middle of the targeted payout range for 2005 and 2006 although no Board action has been taken (4) Available for stock
Slide 75: Conclusion
Conclusion Consistently strong financial results Balance Sheet strong and getting stronger Improving fundamentals Increasing available cash flow Positioned well for competitive markets
Slide 76: Appendix: Financial Overview
APPENDIX Financial Overview
Slide 77: Reconciliation of Adjusted Operating EPS to GAAP EPS
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share Six Months Ended June 30, 2004 vs. Six Months Ended June 30, 2003 2003 GAAP Earnings per Diluted Share $ 1.12 2003 Adjusted (non-GAAP) Operating Earnings Adjustments: Impairment of Investmen
Slide 78: Reconciliation of GAAP and Adjusted Operating EPS
Reconciliation of GAAP Reported and Adjusted (non-GAAP) Operating Earnings per Diluted Share Note: Reflects 2-for-1 stock split effective 5/5/04.
Slide 79: 2004/2005 Earnings Guidance
2004/2005 Earnings Guidance* Exelon's adjusted (non-GAAP) operating earnings for 2004 are expected to be in the range of $2.75 to $2.90 per share and for 2005 in the range of $2.85 to $3.05 per share. Our outlook for adjusted (non-GAAP) operating earnings excludes income resulting from investments i
Slide 80: Free Cash Flow
Free Cash Flow We define free cash flow as: Cash from operations (which includes pension contributions and the benefit of synthetic fuels investment), less Cash used in investing activities, less Transition debt maturities Common stock dividend payments at 2003 rates Other routine activities (e.g.,
Slide 81: June 2004 Year-to-Date Reconciliation
June 2004 Year-to-Date Reconciliation FFO Calculation and Ratios Net Income Add back non-cash items: + Depreciation, amortization (including nucl fuel amortization), AFUDC/Cap Int + Change in Deferred Taxes + Gain on Sale and Extraordinary Items + Trust-Preferred Interest Expense - Transition Bond P
Slide 82: Strategic Overview / Q&A
Strategic Overview / Q&A John W. Rowe Chairman & Chief Executive Officer Exelon Investor Conference New York City August 19, 2004
Slide 83: Exelon Is Leading The Way
Supplying Low Cost, Low Emissions Generation Ensuring Dependable Service with Increasingly Competitive Rates Promoting Competitive Markets Benefiting from Rising Wholesale Prices Strengthening Our Balance Sheet Delivering Outstanding Financial Performance Exelon Is Leading The Way in Uncertain Times
Slide 84: Additional Information
Exelon. Additional Information
Slide 85: Nuclear Fleet Profile
Nuclear Fleet Profile Number of units Net average annual rating 2004* License expiration date Comments Braidwood 2 2,363 2026, 2027 Byron 2 2,336 2024, 2026 Clinton 1 1,030 2026 Dresden 2 1,742 2009, 2011 License renewal application filed 1/03 LaSalle 2 2,288 2022, 2023 Limerick 2 2,309 2024, 2029 O
Slide 86: Midwest Generation PPA Options
Midwest Generation PPA Options In 2002, we released 4,411 MWs of options; in 2003, we had 3,043 MWs of options to exercise or release for 2004. We released 578 MWs on 6/24/03 and 303 MWs on 10/1/03. Note: All Midwest Gen contracts expire after 2004. Coal PPA (MWs) Coal PPA (MWs) Collins PPA (MWs) Pe
Slide 87: PECO Ratemaking Return on Equity
PECO Ratemaking Return on Equity For illustrative purposes consistent with how PECO currently reports to the PA Public Utility Commission. Stranded asset recovery is considered part of regulated operations and is therefore filed on a combined basis. Data presented here reflects total utility operati
Slide 88: ComEd CTC Calculation
ComEd CTC Calculation Bundled Base Rate Average rate by customer class, frozen through 2006 per 1997 Illinois legislation DST Rate Average rate for distribution and transmission services per published tariff Mitigation Factor Guaranteed savings for customers, currently the greater of 10% of the bund
Slide 89: ComEd MVEC - How It Works
ComEd MVEC - How It Works June 2002 March 2003 June 2003 March 2004 Jun-Dec 2004 Jan 2005 Jan-May 2005 Bundled 7.428 Energy Prices 7.428 Energy Prices 7.428 Mitigation Factor 7.428 DST 1.368 Energy Prices 1.520 Energy Prices 1.577 Mitigation Factor 1.577 Mitigation 0.594 Energy Prices 0.743 Energy P
Slide 90: ComEd ROE Cap - Earnings Sharing Formula
ComEd ROE Cap - Earnings Sharing Formula Applies through the end of the transition period (Dec. 31, 2006) Index Calculation: 12-month simple average of "Monthly Treasury Long-Term Average Rates" Plus: 7% Index Adder Plus: 1.5% Index Margin ComEd's two-year average ROE must exceed the two-year averag
Slide 91: Enterprises Investment and Asset Sales
Initial Investment Asset Sales UPH ECP Net Investment Thermal Eval ECP Energy Closed Ops Other 4/30/02 BV East 2 1.33 0.93 0.47 0.13 0.069 West North 1.33 0.93 0.47 0.13 0.1 0 Original Investment* $2,000 $(670) $(400) $(520) InfraSource $560 Comm $280 Therm $290 Energy $280 UPH $160 ECP $200 Svcs $1
Slide 92: Enterprises - Path to Exit
Enterprises - Path to Exit 2004 Update * Exploring possible sale of Limited Partnerships in Q3 subject to management approval ** Assets held for sale *** Assets held for disposal E = Estimated date Business Unit Agreement Signed Transaction Close Date Exelon Services ESMG (Chicago) Q1, 04 Q1, 04 Met
Slide 93: Securities Ratings for Exelon and its Subsidiary Companies
Securities Ratings for Exelon and its Subsidiary Companies August 1, 2004