Exelon Corporation · NASDAQ:EXC
Exelon — Edison Electric Institute Financial Conference 2015
70 slides from Exelon's conference presentation, November 2015
Slide 1: Edison Electric Institute Financial Conference
Edison Electric Institute Financial Conference November 8–11, 2015
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information 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 mat
Slide 3: 2015: An Exceptional Year of Performance
2015: An Exceptional Year of Performance Our utilities are performing at their best levels, our generation business is world class and our Constellation business maximizes its value. We will deliver earnings between $2.40 - $2.60(1) per share. • On track to invest $3.7 billion this year to make the
Slide 4: Looking Ahead
Looking Ahead • The Exelon Strategy • Addressing Key Immediate Issues 1) Capital Allocation 2) Pepco Holdings Acquisition 3) Extending Clinton One Year 4) Cost Management Initiative • The Foundation for Exelon’s Growth 3 2015 EEI Financial Conference
Slide 5: The Exelon Strategy
The Exelon Strategy <= Exelon.
Slide 6: Our Key Objectives
Our Key Objectives Employ our integrated model to deliver stable growth, sustainable earnings and an attractive dividend • Stable Growth – Grow our regulated and contracted businesses and optimize our existing generation portfolio • Sustainable Earnings – Utilities, contracted assets, and balanced g
Slide 7: How We Will Meet Our Objectives
How We Will Meet Our Objectives We will produce stable earnings growth of 3-5% per year from 2015 to 2018(1) • Investing more than $18 billion in Exelon’s current utilities through 2020 to modernize the grid and better serve our customers ($11 billion from 2016-2018) We will sustain earnings growth
Slide 8: We Are Well Down the Path of Delivering on Our Key Objectives
We Are Well Down the Path of Delivering on Our Key Objectives 2011 2014 2018 (Pre-CEG Merger) (Post-CEG Merger) (Post-PHI Merger) • 5.4M Electric Customers • 6.7M Electric Customers • 8.6M Electric Customers • 0.5M Gas Customers • 1.2M Gas Customers • 1.3M Gas Customers Top Performing • $791M Net In
Slide 9: Addressing Key Immediate Issues
Addressing Key Immediate Issues 1) Capital Allocation 2) Pepco Holdings Acquisition 3) Extending Clinton One Year 4) Cost Management Initiative
Slide 10: Capital Allocation
Capital Allocation <= Exelon.
Slide 11: Delivering Value to Shareholders Through a Principled Capital Allocation Policy
Delivering Value to Shareholders Through a Principled Capital Allocation Policy • Every capital decision is made to maximize value to our customers and shareholders • We are harvesting free cash flow from Exelon Generation to: – First, invest in utilities where we can earn an appropriate return, – I
Slide 12: Redeploying Exelon Generation's Free Cash Flow to Maximize Shareholder Value
Redeploying Exelon Generation’s Free Cash Flow to Maximize Shareholder Value 2016-2018 Exelon Generation Free Cash Flow(1,2,3) and Planned Growth Investment ($M) ~$4,150 ($700) ($750) ~$2,700 Cumulative ExGen Committed Non-Contracted Committed Contracted Available for Investing in FCF 2016-18 Genera
Slide 13: Capital Allocation - Disciplined Commitment to Growth
Capital Allocation - Disciplined Commitment to Growth We will prioritize investment in assets that minimize earnings volatility and support stable earnings growth Exelon Utilities Exelon Generation • Investing in utility infrastructure to • Going forward, we will invest in assets benefit our custome
Slide 14: Pepco Holdings Acquisition
Pepco Holdings Acquisition <= Exelon.
Slide 15: PHI Acquisition Increases Sustainability of Earnings Growth
PHI Acquisition Increases Sustainability of Earnings Growth Projected Earnings Accretion at Various Earned ROE Levels(1,2,3) Base Plan(1) 6% ROE 7% ROE 8% ROE 9% ROE 10% ROE $0.29 Q3 2015 Guidance PHI Accretion $0.25 $0.25 2017 ~$0.00 $0.21 ~$0.20 2018 $0.07 to $0.12 $0.20 2019 $0.15 to $0.20 ~$0.18
Slide 16: BGE: A Proven Track Record of Enhancing Utility Value
BGE: A Proven Track Record of Enhancing Utility Value Delivering value to our customers and regulators by improving reliability while providing investors with predictable cost recovery and earnings growth SAIFI and Customer Satisfaction Index Operating ROE (%) and Net Income ($M) 1.6 8.0 300 10% 7.7
Slide 17: Extending Clinton One Year
Extending Clinton One Year <= Exelon.
Slide 18: We Will Continue to Operate Clinton for Another Year
We Will Continue to Operate Clinton for Another Year “If we do not see a path to sustain profitability for these units . . . we will be forced to retire them.” - Chris Crane, July 31, 2014 What has changed in 2015? • Recent upward movement in MISO capacity prices - $150/MWd in MISO 2015 auction and
Slide 19: More Progress Necessary for Clinton to Operate Beyond 2017
More Progress Necessary for Clinton to Operate Beyond 2017 1) MISO Reforms: • MISO is committed to evaluate Zone 4 market design • Illinois Commerce Commission is holding workshops to examine potential fixes to address Zone 4 • Reforms must provide strong revenues like the PJM reforms effectuated 2)
Slide 20: Cost Management Initiative
Cost Management Initiative <= Exelon.
Slide 21: Aggressive Cost Management Program Supports Earnings Growth
The Sustainability and Growth of Our Earnings Will be Supported by an Aggressive Cost Management Program • Exelon has launched a cost management program to provide sustainable improvement to the Company’s earnings trajectory • The initiative will achieve $300-$350 million of annual cost savings at E
Slide 22: The Foundation for Exelon's Growth
The Foundation for Exelon’s Growth
Slide 23: Financial Data
Financial Data <= Exelon.
Slide 24: 2015 Operating Earnings Guidance
2015 Operating Earnings Guidance $2.25 - $2.55(1) $2.40 - $2.60(1) $0.20 - $0.30 $0.25 - $0.35 $0.35 - $0.45 $0.35 - $0.45 $0.45 - $0.55 $0.45 - $0.55 $1.35 - $1.45 $1.15 - $1.35 ~($0.10) 2015 Initial Guidance 2015 Revised Guidance (Disclosed on Q3 2015 Earnings Call) BGE ComEd BGE ExGen PECO ExGen
Slide 25: Our Capital Plan Drives Stable Earnings Growth
Our Capital Plan Drives Stable Earnings Growth Exelon Utilities ($M) Exelon Generation($M)(1) 3,950 3,800 3,700 3,675 3,575 1,150 3,025 2,225 2,100 700 2,575 2,500 2,400 650 1,950 1,300 100 1,225 1,000 900 825 975 650 550 300 1,225 400 1,100 400 925 950 450 475 350 250 175 2015E 2016E 2017E 2018E 20
Slide 26: Exelon's Existing Utilities Drive Stable Earnings Growth
Exelon’s Existing Utilities Drive Stable Earnings Growth $1,450 $1,425 $1,400 $1,350 $1,350 $1,300 Utility Adjusted Operating Net Income ($M) $1,250 $1,250 $1,275 $1,200 $1,200 $1,150 $1,150 $1,100 $1,100 $1,050 $1,000 $1,000 $0 2015 2016 2017 2018 Projected average earnings growth of ~7-9% per year
Slide 27: Continued Focus on Our Balance Sheet
Continued Focus on Our Balance Sheet Our strong balance sheet supports our disciplined commitment to growth Exelon Consolidated(1) FFO/Debt 21% 20% 20% 20% 20% 19% 18% Exelon Consolidated FFO/Debt S&P Threshold(2) 17% 16% 15% 2016 2017 2018 Solid investment grade credit ratings are a financial prior
Slide 28: Exelon-PHI Debt Maturity Profile
Exelon-PHI Debt Maturity Profile(1) 3,650 As of 10/31/15 ($M) 900 2,925 1,700 1,575 1,600 2,250 1,425 525 950 900 1,275 1,350 700 800 625 600 300 650 425 200 500 500 250 300 250 300 100 25 75 25 2015 2016 2017 2018 2019 2020 2021 2022 2023 ExCorp ExGen EXC Regulated PHI Holdco PHI Regulated Debt Exc
Slide 29: EPS Sensitivities
EPS Sensitivities 2015 2016 2017 2018 Fully Open Henry Hub Natural Gas +$1/MMBtu ($0.00) $0.08 $0.31 $0.46 $0.56 -$1/MMBtu $0.01 ($0.08) ($0.30) ($0.46) ($0.55) ExGen EPS Impact(1) NiHub ATC Energy Price +$5/MWh ($0.00) $0.07 $0.19 $0.28 $0.31 -$5/MWh $0.00 ($0.07) ($0.19) ($0.28) ($0.31) PJM-W ATC
Slide 30: Modeling Combined Exelon & Pepco Holdings Pro Forma EPS
Modeling Combined Exelon & Pepco Holdings Pro Forma EPS 2016 2017 2018 Source of Data Exelon Utilities Net Income $1,175 $1,275 $1,350 Model using midpoint of Net Income ($M) guidance from slide 25 Exelon Generation Net Income $X,XXX $X,XXX $X,XXX Model using Gross Margin disclosure ($M) from slide
Slide 31: Pension and OPEB Update
Pension and OPEB Update Pension Funded Status: % Funded(1) Pension Unfunded Status ($B) December 31, 2014 October 31, 2015 84% $2.9 B 81% $500M $3.4 B December 31, 2014 October 31, 2015 • Exelon’s pension funding and investment strategies have continued to drive improvements in the overall funded st
Slide 32: GAAP to Operating Adjustments
GAAP to Operating Adjustments • Exelon’s 2015 adjusted (non-GAAP) operating earnings exclude the earnings effects of the following: − Mark-to-market adjustments from economic hedging activities − Unrealized losses from NDT fund investments to the extent not offset by contractual accounting as descri
Slide 33: Free Cash Flow GAAP to Non-GAAP Reconciliation
Free Cash Flow GAAP to Non-GAAP Reconciliation 2016-2018 ExGen Free Cash Flow Calculation ($M) 2016-2018 Estimate (1) Adjusted Cash from Operations $10,250 Non-Growth Capital Expenditures ($2,975) Nuclear Fuel Capital Expenditures ($3,125) Free Cash Flow before Growth CapEx and Dividend $4,150 (1) A
Slide 34: Exelon Utilities
Exelon Utilities <= Exelon.
Slide 35: Operational Excellence Drives Value for Customers, Communities, and Shareholders
Operational Excellence Drives Value for Customers, Communities, and Shareholders At CEG Merger (2012) Post CEG Merger (2015) Operations Metric BGE PECO ComEd BGE PECO ComEd OSHA Recordable Rate OSHA Severity Rate Electric Operations 2.5 Beta SAIFI (Outage Frequency) 2.5 Beta CAIDI (Outage Duration)
Slide 36: Exelon Utilities: Capital Plan
Exelon Utilities: Capital Plan 2,425 2,425 2,200 1,900 1,450 1,475 1,625 1,475 950 875 825 700 725 725 700 575 400 475 625 600 350 300 400 475 475 375 350 225 225 200 300 175 100 400 325 75 75 75 175 225 225 250 200 125 175 175 175 125 50 25 50 25 25 25 2015E 2016E 2017E 2018E 2015E 2016E 2017E 2018
Slide 37: Exelon Utilities: Rate Base and ROE Targets
Exelon Utilities: Rate Base(1,4) and ROE Targets 14.2 ($ in billions) 13.4 12.1 3.7 10.8 3.6 3.2 2.8 7.3 6.9 6.5 1.0 6.4 6.0 0.9 5.9 0.9 5.3 1.1 0.8 5.0 1.0 9.8 10.5 8.9 0.6 0.7 8.0 4.4 4.7 3.9 4.2 3.4 3.6 3.1 3.2 1.3 1.4 1.5 1.7 1.2 1.4 1.5 1.6 2015E 2016E 2017E 2018E 2015E 2016E 2017E 2018E 2015E
Slide 38: Exelon Utilities Load
Exelon Utilities Load All Customers Residential Small C&I Large C&I ComEd PECO BGE 0.7% 1.2% 0.5% 0.2% 1.0% 0.2% 0.3% (0.1%) 0.1% 0.1% 0.1% 0.5% 0.0% (0.1%) 0.0% (0.6%) 0.1% (0.3%) (0.7%) (0.8%) (1.3%) (0.8%) (1.2%) (1.6%) 2014 2015E 2014 2015E 2014 2015E Chicago GMP 2.1% Philadelphia GMP 1.8% Balti
Slide 39: ComEd April 2015 Distribution Formula Rate
ComEd April 2015 Distribution Formula Rate The 2015 distribution formula rate filing establishes the net revenue requirement used to set the rates that will take effect in January 2016 after the Illinois Commerce Commission's (ICC’s) review. There are two components to the annual distribution formul
Slide 40: PECO Electric Distribution Rate Case & Proposed Settlement
PECO Electric Distribution Rate Case & Proposed Settlement Docket # R-2015-2468981 Test Year 2016 Calendar Year Requested Revenue Requirement $190M Requested Common Equity Ratio (1) 53.36% Requested Rate of Return ROE: 10.95%; ROR: 8.19% Proposed Rate Base $4.1B Proposed Revenue Requirement Settleme
Slide 41: PECO Electric LTIIP - System 2020
PECO Electric LTIIP - System 2020 • PECO filed its Electric Long Term Infrastructure Improvement Plan (“LTIIP”) along with its associated recovery mechanism the Distribution System Improvement Charge (“DSIC”) on March 27, 2015 (with Electric Distribution Rate Case) o LTIIP includes $275 million in i
Slide 42: PHI Capital Plan and Rate Base
PHI Capital Plan and Rate Base Capital Expenditures ($M)(1,3) Rate Base ($B)(1,2) 1,400 10.2 1,375 1,350 1,300 9.6 325 8.8 2.2 325 275 275 2.1 8.1 1.9 1.7 350 375 3.0 350 350 2.7 2.5 2.4 700 725 700 5.1 675 4.8 4.4 4.0 2015E(2) 2016E 2017E 2018E 2015E 2016E 2017E 2018E ACE DPL Pepco (1) Source: PHI
Slide 43: Pepco Holdings: DCPSC Procedural Timeline
Pepco Holdings: DCPSC Procedural Timeline Settlement Party Public Interest Reply Briefs testimony Hearings Due (Oct 30) (Dec 2-4) (Dec 18) Non- Initial Expected settling Briefs Due PSC Order party (Dec 11) (Q1 2016) testimony (Nov 17) 42 2015 EEI Financial Conference
Slide 44: Exelon Generation
Exelon Generation <= Exelon.
Slide 45: Our Generation to Load Strategy Delivers Sustainable Earnings in Volatile Markets
Our Generation to Load Strategy Delivers Sustainable Earnings in Volatile Markets 2012 Generation Load Match (TWh)(1,2) 2016 Generation Load Match (TWh)(1,2) 118 111 Midwest 97 Midwest 97 25 38 116 95 Mid-Atlantic 75 Mid-Atlantic 63 48 64 43 38 ERCOT 18 ERCOT 17 17 13 30 25 New England 14 New Englan
Slide 46: Exelon Generation – Optimizing the Portfolio and Positioning it for Market Upside
Exelon Generation – Optimizing the Portfolio and Positioning it for Market Upside Gross Margin Category ($M)(1) 2015 2016 2017 2018 Open Gross Margin (including South, West, & Canada hedged GM)(3) $5,150 $5,650 $5,800 $6,100 Mark-to-Market of Hedges(3,4) $2,200 $1,200 $750 $250 Power New Business /
Slide 47: Electric Load Serving Business: Market Landscape
Electric Load Serving Business: Market Landscape Constellation Active Retail Electric Markets Market Landscape(1) Improved competitive landscape observed across many markets • Conditions have improved in many markets as impacts of the Polar Vortex have played out • Some suppliers have taken steps to
Slide 48: Our Electric Load Serving Business Provides Sustainable Earnings
Our Electric Load Serving Business Provides Sustainable Earnings and Stable Earnings Growth 2014 EEI 2015 EEI Commercial Load Projections (1,3) Commercial Load Projections(1) 2015 – 2017 TWh 2015 – 2018 TWh 220 220 210 210 210 200 200 195 15-25% 15-25% 180 180 20-30% 165 165 165 160 160 25-35% 140 2
Slide 49: Our NiHub Strategy Recognizes Lack of Liquidity
Our NiHub Strategy Recognizes the Lack of Liquidity and Disconnect Between our Fundamental View of Prices Forward market heat rates expanded again through 2015 11.0 • Our portfolio is positioned to take advantage of expected 10.5 volatility and power price upside ATC HR - mmBtu/MWh • 2017-2018 avera
Slide 50: Capacity Markets: PJM
Capacity Markets: PJM PJM Capacity Revenues(1,2,3) 16/17 17/18 Cleared Volumes 18/19 Transition Transition (4) Base Auction $200 $1,400 (MWs) Auction Auction CP Price CP Price CP Price Base Price ComEd $1,300 Fossil/Other - $134.00 - $151.50 - $215.00 25 $200.21 $150 Nuclear 9,950 $134.00 9,975 $151
Slide 51: Capacity Markets: ISO-NE, NYISO, MISO
Capacity Markets: ISO-NE, NYISO, MISO 2015/2016 2016/2017 2017/2018 2018/2019 ISO-NE(1) NEMA Capacity(3) (MW) 2,100 2,100 2,100 2,100 Price ($/MWd) $104 $222 $500 $318 SEMA Capacity(3) (MW) 35 35 35 230 Price ($/MWd) $104 $105 $234 $557 NYISO(2) Capacity(3) (MW) 1,100 1,100 1,100 1,100 MISO Zone 4 C
Slide 52: Natural Gas Marketing Platform
Natural Gas Marketing Platform Active Natural Gas Markets Gas Generation Gas Toll Owned gas storage contracts Major office locations Supply ~4-6 Bcf per day delivered in competitive markets growing to 6-8 Bcf by 2018 Transportation Active shipper on more than 45 interstate pipelines on a daily basis
Slide 53: EPA Clean Power Plan: Compliance Pathways
EPA Clean Power Plan: Compliance Pathways Mass Budget Emissions Rate • States distribute allowances equal to the number of CO2 • Emission rate credits (ERCs) are created when incremental emissions allowed nuclear or incremental renewables generate electricity • At the end of each compliance period,
Slide 54: Exelon Nuclear Fleet Overview
Exelon Nuclear Fleet Overview (including CENG and Salem) Spent Fuel Storage/ Type/ Net Generation License Extension Status / License Ownership Date to lose full core Plant Location Containment Capacity (MW)(5) Expiration(1) discharge capacity(2) Braidwood, IL PWR Filed application in May 2013 (decis
Slide 55: World Class Nuclear Operator
World Class Nuclear Operator(1) Nuclear Total Generating Cost ($/MWh)(2) Capacity Factor (%)(3) 80 100% 14% Exelon 2-yr Total Generating Cost ($/MWh, Operator Avg.) 75 1-yr Capacity Factor (Operator Avg.) 70 95% 31% 14% 65 90% 60 55 85% 50 36% 45 80% 40 75% 35 30 $31.37 2014 70% 25 Exelon 20 65% 201
Slide 56: Nuclear Output and Refueling Outages
Nuclear Output and Refueling Outages Nuclear Output Nuclear Refueling Cycle Actual / Forecast • All Exelon-owned units are on a 24 month cycle Target except for Braidwood U1/U2, Byron U1/U2, 155 14 14% # of Refueling Outages Ginna, and Salem U1/U2, which are on 18 150 13 month cycles 31% 12 • Starti
Slide 57: Nuclear Fuel Costs
Nuclear Fuel Costs(1) Projected Exelon Uranium Demand(2) Components of Fuel Expense in 2015 2015 – 2020: 100% hedged in volume Fabrication 11 Enrichment 16% 10 9 32% 8 7 M lbs 6 5 4 2% Tax/Interest 3 Conversion 4% 2 46% 1 0 Uranium 2015E 2016E 2017E 2018E 2019E 2020E Projected Total Nuclear Fuel Spe
Slide 58: CENG Operating Service Agreement Terms
Constellation Energy Nuclear Group (CENG) Operating Service Agreement Terms • Nuclear Operating services agreement • Integrated CENG and their 3 plants into Exelon Nuclear with transfer of operating licenses • Loan to CENG and distributions to EDF/Exelon Generation • CENG $400M special distribution
Slide 59: Exelon Fossil Generation Fleet Overview
Exelon Fossil Generation Fleet Overview Number of Primary Fuel Percent Net Generation Number of Primary Fuel Percent Net Generation Station Location Station Location Units Type Owned(1) Capacity (MW)(2) Units Type Owned(1) Capacity (MW)(2) Colorado Bend Wharton, TX 6 Gas 498 Notch Cliff Baltimore, M
Slide 60: Summer Texas Heat Brings Return of Volatility to ERCOT
Summer Texas Heat Brings Return of Volatility to ERCOT ERCOT Weather: ERCOT Weather:July-September July-September ERCOT Scarcity ERCOT ScarcityIndicators: July-September Indicators: July-September Demand is Growing Generation assets will be valuable going forward • Summer 2015 was hot; record load p
Slide 61: Texas CCGTs: Unique Opportunity to Grow in ERCOT
Texas CCGTs: Unique Opportunity to Grow in ERCOT ERCOT Dispatch Key Facts 100 Sites Wharton County and Granbury, TX 90 Total Capacity ~2,200MW 80 Marginal cost ($/MWh) 70 Construction Cost $1,475M (~$700/kW); $700M remaining Coal Heat Rate ~6,500 mmBtu/MWh 60 50 Gas EPC / OEMs Zachry / GE and Alstom
Slide 62: Exelon Renewable Generation Fleet Overview
Exelon Renewable Generation Fleet Overview Number Primary Percent Net Generation Number Primary Percent Net Generation Station Location Station Location of Units Fuel Type Owned(1) Capacity (MW)(2) of Units Fuel Type Owned(1) Capacity (MW)(2) EXC Wind 1,2,3,4 Hansford Co., TX 62 Wind 110 AgriWind Bu
Slide 63: Exelon Generation Disclosures
Exelon Generation Disclosures September 30, 2015 62 2015 EEI Financial Conference
Slide 64: Portfolio Management Strategy
Portfolio Management Strategy Strategic Policy Alignment Three-Year Ratable Hedging Bull / Bear Program •Aligns hedging program with •Ensure stability in near-term cash •Ability to exercise fundamental financial policies and financial flows and earnings market views to create value within outlook •D
Slide 65: Components of Gross Margin Categories
Components of Gross Margin Categories Gross margin from Gross margin linked to power production and sales other business activities Open Gross MtM of “Power” New “Non Power” “Non Power” Margin Hedges(2) Business Executed New Business •Generation Gross •Mark-to-Market •Retail, Wholesale •Retail, Whol
Slide 66: ExGen Disclosures
ExGen Disclosures (1) Gross Margin Category ($M) 2015 2016 2017 2018 Open Gross Margin (including South, West & Canada hedged (3) GM) $5,150 $5,650 $5,800 $6,100 Mark-to-Market of Hedges(3,4) $2,200 $1,200 $750 $250 Power New Business / To Go $50 $500 $800 $1,000 Non-Power Margins Executed $400 $200
Slide 67: ExGen Disclosures
ExGen Disclosures Generation and Hedges 2015 2016 2017 2018 Exp. Gen (GWh) (1) 186,700 199,400 205,300 206,200 Midwest 96,600 97,300 95,700 96,200 Mid-Atlantic (2) 61,700 63,100 61,200 60,500 ERCOT 11,600 17,200 26,400 31,100 New York (2) 9,300 9,300 9,200 9,100 New England 7,500 12,500 12,800 9,300
Slide 68: ExGen Hedged Gross Margin Sensitivities
ExGen Hedged Gross Margin Sensitivities Gross Margin Sensitivities (With Existing Hedges)(1) 2015 2016 2017 2018 Henry Hub Natural Gas ($/Mmbtu) + $1/Mmbtu - $110 $445 $690 - $1/Mmbtu $20 $(115) $(430) $(680) NiHub ATC Energy Price + $5/MWh - $100 $275 $410 - $5/MWh - $(95) $(275) $(410) PJM-W ATC E
Slide 69: ExGen Hedged Gross Margin Upside/Risk
ExGen Hedged Gross Margin Upside/Risk 11,000 10,500 $10,200 10,000 Approximate Gross Margin ($ million)(1,2,3) 9,500 $9,050 9,000 8,500 $8,250 $7,900 8,000 7,500 $7,800 7,000 $7,350 6,500 $6,900 6,000 $6,150 5,500 5,000 2015 2016 2017 2018 (1) Represents an approximate range of expected gross margin
Slide 70: Illustrative Example of Modeling Exelon Generation 2016 Gross Margin
Illustrative Example of Modeling Exelon Generation 2016 Gross Margin South, West & Row Item Midwest Mid-Atlantic ERCOT New York New England Canada (A) Start with fleet-wide open gross margin $5.65 billion (B) Expected Generation (TWh) 97.3 63.1 17.2 9.3 12.5 (C) Hedge % (assuming mid-point of range)
Exelon — Edison Electric Institute Financial Conference 2015 on 6ix