Exelon Corporation · NASDAQ:EXC
Exelon — Edison Electric Institute Financial Conference 2014
76 slides from Exelon's conference presentation, Nov 10, 2014
Slide 1: Edison Electric Institute Financial Conference
Exhibit 99.1 * * * * * * * * * * Edison Electric Institute Financial Conference November 12 –13, 2014
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: Our Strategy
Our Strategy ExelonCorporation Exelon Utilities Exelon Generation General Characteristics • Regulated growth • Competitive growth Attributes • Dividend stability • Commodity exposure • Operational excellence • Operational excellence • Earnings growth • Free cash flow growth Value Drivers • Dividend
Slide 4: Driving Value at Exelon Utilities
Driving Value at Exelon Utilities Providing Material EPS Accretion (1) Significant Rate Base Growth (2) $1.70 +15% $1.60 $1.55 +49% $1.50 $34.3 $1.50 $32.0 $29.9 $1.40 $9.6 PHI $1.40 $8.8 $8.1 Exelon $1.30 $1.25 $20.1 $1.20 $1.25 $1.20 $1.10 $24.7 $21.8 $23.2 $1.10 $1.00 $0.90 $0.95 $0.00 2014 2015
Slide 5: Driving Value at Exelon Generation
Driving Value at Exelon Generation Guiding Principles: Preserve the value of our core business . . . Capacity Prices • Operate the nuclear fleet safely and reliably Capacity • Provide clean, reliable and affordable Performance energy Role of Demand • Manage portfolio through hedging and Response gen
Slide 6: IL - Market Based Solution
IL - Market Based Solution Possible Market Based Solutions Benefits of Exelon’s Fleet to Illinois • Illinois could enact legislation to create a Clean Energy Standard (CES) • A CES is a requirement that all customers purchase a minimum percentage of “clean”generation. The concept is similar to a Ren
Slide 7: Exelon is positioned for a strong future
Exelon is positioned for a strong future Core Strength Strategic Actions Strong Integrated Business We leverageour core competenciesto growour regulatedand Model competitivebusinesswhile expandingto adjacentmarkets Operational Excellence Weoperateour nuclearfleet at world classlevels,and deliverfirs
Slide 8: Key Developments
Key Developments <= Exelon.
Slide 9: Capacity Performance (CP) Impact on PJM Fleet
Capacity Performance (CP) Impact on PJM Fleet Exelon’s fleet is well positioned to benefit from Capacity Performance due to significant investments in reliability Source: NorthBridge Analysis; includes FRR resources/Loads; PJM proposal is to fully procure CP for 2016/17 and 2017/18 but to incrementa
Slide 10: Asset Divestitures - $1.4 Billion in Proceeds to Date
Asset Divestitures --$ 1.4 Billion in Proceeds to Date To date, Exelon has signed definitive agreements on five non-core Keystone / Conemaugh assets representing a total of nearly $1.4 billion of after-tax sales proceeds upon closings; This excludes proceeds from Hillabee, Fore River which is curren
Slide 11: ExGen Disclosures - Asset Sale Impacts
ExGen Disclosures -Asset Sale Impacts GrossMargin Category ($M)(1) 2015 2016 2017 (3) Open Gross Margin(including South, West & Canada hedged GM) 6,750 6,500 6,650 Mark to Market of Hedges(3,4) - 150 150 Power New Business / To Go 400 550 750 Non-Power Margins Executed 100 50 50 Non-Power New Busine
Slide 12: State of the Art Combined Cycles in ERCOT
State of the Art Combined Cycles in ERCOT Key Facts Wharton County, TX Wolf Hollow Sites Granbury, TX ~2,200MW Total Capacity (Wolf Hollow: 1,085MW / Colorado NORTH Bend: 1,104MW) WEST Construction Cost ~$700/kW Heat Rate ~6,500 mmBtu/MWh SOUTH HOUSTON OEMs GE and Alstom Colorado Bend EPC Zachry Coo
Slide 13: Distributed Energy Platform
Distributed Energy Platform Distributed Energy is a Fast Growing Business Key Attributes of Financial Value • On-site generation, including solar, quadrupled since 2006 • Design, build and operate energy assets (Wall Street Journal 2013) • Provides renewable energy value or credits, if applicable •
Slide 14: Financial Update
Financial Update <= Exelon.
Slide 15: Financing Strategy
Financing Strategy On Balance Sheet Debt Balance Sheet Equity or Equity- Equity or Equity-Like Products supports core business and/or Like Products support growth projects (both Debt strategic assets on-going and strategic M&A) • Senior Unsecured Notes • Mandatory Convertible Units • Utility First M
Slide 16: Exelon's Strategic and Financial Decisions Enable Growth Across the Enterprise
Exelon’s Strategic and Financial Decisions Enable Growth Across the Enterprise Incremental Sources of Cash A broad spectrum of financing alternatives beyond the 4,275 core financing options can be used to fund growth 300 Alternative Financings 675 Continental Wind o Monetize assets in the portfolio
Slide 17: Over the Last Three Years, Exelon Has Raised Nearly $3 Billion through Project Financing
Over the Last Three Years, Exelon Has Raised Nearly $3 Billion through Project Financing • Exelon uses project financing to: • Maintain upside reward of the project while mitigating the downside risk • Enhance corporate credit metrics and strengthen the balance sheet via non-recourse financing vehic
Slide 18: 2014 Operating Earnings Guidance
2014 Operating Earnings Guidance $2.25 - $2.55 (1) $2.30 - $2.50 (1) $0.20 - $0.30 $0.15 - $0.25 $0.40 - $0.50 $0.35 - $0.45 $0.45 - $0.55 $0.50 - $0.60 $1.10 - $1.30 $1.25 - $1.35 2014 Original Guidance 2014 Revised Guidance (Disclosed on 3Q2014 Earnings Call) BGE ComEd BGE ComEd PECO ExGen PECO Ex
Slide 19: EPS Sensitivities
EPS Sensitivities 2015 2016 2017 Fully Open Henry Hub Natural Gas +$1/MMBtu $0.10 $0.37 $0.66 $0.88 -$1/MMBtu ($0.05) ($0.34) ($0.59) ($0.87) NiHub ATC Energy Price +$5/MWh $0.07 $0.22 $0.31 $0.36 -$5/MWh ($0.07) ($0.22) ($0.31) ($0.36) PJM-W ATC Energy Price +$5/MWh $0.03 $0.14 $0.21 $0.27 -$5/MWh
Slide 20: Capital Expenditure Expectations ($M)
Capital Expenditure Expectations ($M) Exelon Utilities (1) Exelon Generation 3,425 3,250 3,225 3,225 100 50 100 3,050 2,875 2,775 25 75 150 550 100 75 200 1,925 150 675 2,200 125 75 1,600 1,900 2,000 125 100 175 1,125 1,000 1,050 950 650 800 725 650 1,025 1,175 525 425 950 300 250 900 275 275 300 32
Slide 21: 2014 Projected Sources and Uses of Cash
2014 Projected Sources and Uses of Cash Projected Sources & Uses(1) Key Messages(1) ($ in millions) (3) BGE ComEdPECO ExGen Exelon As of 2Q14Variance • Cash from Operations is projected to be $7,475M vs. 2Q14E of (2) Beginning Cash Balance 1,475 1,475 -- $6,975M for a $500M variance. This variance i
Slide 22: Pension and OPEB Contributions and Expense
Pension and OPEB Contributions and Expense 2015 2016 (in $M) Pre-tax Expense (1) Contributions(2) Pre-Tax Expense (1) Contributions(2) Pension(3)(4) $375 $515 $325 $565 OPEB(3)(4) $5 $30 $5 $35 Total $380 $545 $330 $600 (1) Pension and OPEB expenses assume a ~27% and ~28% capitalization rate in 2015
Slide 23: 2015 Pension and OPEB Sensitivities
2015 Pension and OPEB Sensitivities • Tables below provide sensitivities for the combined company’s 2015 pension and OPEB expense and contributions(1) under various discount rate and S&P 500 asset return scenarios 2015 Pension Sensitivity(2) (in $M) S&P Returns in Q4 2014(3) 10% 0% -10% Discount Rat
Slide 24: Exelon-PHI Debt Maturity Profile
Exelon-PHI Debt Maturity Profile(1) Current Moody’s S&P Fitch As of 10/31/14 Ratings (2)(3) Corp Baa2 BBB- BBB+ ComEd A2 A- A- 1,985 PECO Aa3 A- A BGE A3 A- BBB+ Generation Baa2 BBB BBB+ 1,575 1,600 1,600 800 1,450 1,225 525 1,100 925 900 550 1,275 1,350 700 600 600 650 260 425 250 500 200 300 100 2
Slide 25: GAAP to Operating Adjustments
GAAP to Operating Adjustments • Exelon’s 2014 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: - Mark-to-market adjustments from economic hedging activities - Unrealized gains and losses from NDT fund investments to the extent not offset by contractual accountin
Slide 26: Exelon Utilities
Exelon Utilities <= Exelon.
Slide 27: Exelon Utilities Strategy
Exelon Utilities Strategy Strategy Operational Excellence Growth Maintain First Quartile Optimize Existing Operating Performance Infrastructure (get full potential from current businesses) Achieve Financial Invest in Traditional Performance Targets Infrastructure (delivery network investments) Lever
Slide 28: Leveraging Best Practices for Operational Excellence
Leveraging Best Practices for Operational Excellence Performance Q1 Q2 Quartiles Q3 Q4 At Merger (2012) Post Merger (2014) Operations Metric BGE PECO ComEd BGE PECO ComEd OSHA Recordable Rate Electric OSHA Severity Rate Operations 2.5 Beta SAIFI 2.5 Beta CAIDI Customer Satisfaction (MSI) Service Lev
Slide 29: Capital Expenditures
Capital Expenditures 2,150 1,950 1,925 1,750 1,225 1,225 1,000 1,325 750 775 725 650 650 575 550 525 525 350 350 250 350 475 425 350 375 350 325 325 125 200 50 175 225 100 25 350 300 150 50 75 75 50 275 225 25 175 150 175 200 100 125 125 125 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E 2014E 2015
Slide 30: Exelon Utilities: Rate Base and ROE Targets
Exelon Utilities: Rate Base(1) and ROETargets ($ in billions) 12.6 11.5 10.6 3.4 9.6 3.0 2.8 2.5 6.0 6.2 6.3 5.6 5.5 5.8 0.7 0.8 0.8 5.2 0.7 4.9 1.0 1.2 9.2 0.7 0.8 7.8 8.5 7.1 3.9 4.0 4.1 3.7 3.1 3.2 3.2 3.0 1.2 1.3 1.4 1.4 1.2 1.2 1.3 1.4 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E 2014E 2015E
Slide 31: Rate Base Growth
Rate Base Growth (3.8) 9.9 (1.5) $24.7B $20.1B 2014 YE Rate Base CapEx 2015-2017 Depreciation 2015-2017 Other 2015-2017 2017 YE Rate Base Utility CapEx spend outpaces depreciation, thereby growing rate base and earnings 30 2014 EEI Financial Conference
Slide 32: Exelon Utility 2014-17 Adjusted Operating EPS Guidance
Exelon Utility 2014-17 Adjusted Operating EPSGuidance By investing $16B in capital and improving earned ROEs, Exelon Utilities will provide average earnings growth of ~8% per year from 2014-2017 31 2014 EEI Financial Conference
Slide 33: Grand Prairie Gateway Transmission Line
Grand Prairie Gateway Transmission Line Key Facts • Line: 60 mile, 345 kV transmission line connecting ComEd’sByronand Waynesubstations alleviating identified congestionand enhancingreliability • Cost: $260 million • Customer Savings: $250 million within the first 15 yearsof operation – net of all c
Slide 34: ComEd April 2014 Distribution Formula Rate
ComEd April 2014 Distribution Formula Rate The2014 distribution formula rate filing establishes the net revenue requirement used to set the rates that will take effect in January2015 after the Illinois CommerceCommission's(ICC’s)review. Thereare two components to the annual distribution formula rate
Slide 35: BGE Rate Case Settlement
BGE Rate Case Settlement Electric Gas Docket # 9355 Test Year September 2013 A - ugust 2014 Common Equity Ratio (1)(2) 52.3% Authorized Returns (1)(3) ROE: 9.75%; ROR: 7.46% ROE: 9.65%; ROR: 7.41% Requested Rate of Return 7.93% 7.88% Proposed Rate Base (adjusted) $2.9B $1.2B (1)(4) Revenue Requireme
Slide 36: ComEd Load
ComEd Load Weather-Normalized Load Growth Economic Forecast of Drivers that Influence Load 1.7% Driver or Indicator 2015 Outlook 1.4% 1.2% 2.3% growth in real GMP reflects overall Gross Metro better economic conditions than the slower growth in 2014 (Manufacturing and Product (GMP) 0.7% Professional
Slide 37: PECO Load
PECO Load Weather-Normalized Load Growth Economic Forecast of Drivers that Influence Load Driver or Indicator 2015 Outlook 1.3% 1.5% Gross Metro GMP projected to grow at 2.5% for 2015, 1.1% Product (GMP) the same as prerecession levels 1.2% 0.3% 0.3% Resident Resident employment outlook is 1.7% in 0
Slide 38: BGE Load
BGE Load Weather-Normalized Load Growth Economic Forecast of Drivers that Influence Load Driver or Indicator 2015 Outlook 2.0% 2.1% 1.6% Gross Metro GMP is projected to grow at 2.6% for Product (GMP) 2015 0.4% 2.1% growth projected. BGE’s decoupled non-rate case revenue growth is primarily Employmen
Slide 39: PHI Acquisition
PHI Acquisition <= Exelon.
Slide 40: Delivering Value to PHI's Customers and Communities
Delivering Value to PHI’s Customers and Communities 39 2014 EEI Financial Conference
Slide 41: PHI Acquisition Will Create the Leading Mid-Atlantic Utility
PHI Acquisition Will Create the Leading Mid-Atlantic Utility Operating Statistics Combined Service Territory Commonwealth Edison Potomac Electric Power Customers: 3,800,000 Customers: 801,000 Service Territory: 11,400 sq. Service Territory: 640 sq. miles miles Peak Load: 23,753 MW Peak Load: 6,674 M
Slide 42: Transaction Economics
Transaction Economics Earnings Accretive First Full Year (1) Rate Base Growth ($B)(2) PHI +15% Exelon $0.15 - $0.20 +49% $34.3 $32.0 $0.10 - $0.15 $29.9 Achieve run-rate $9.6 $8.1 $8.8 accretion of $0.15-$0.20 $20.1 starting in 2017 $21.8 $23.2 $24.7 2016 2017 2014 2015 2016 2017 Exelon Consolidated
Slide 43: PHI: Capital Expenditures and Rate Base
PHI: Capital Expenditures and Rate Base Capital Expenditures ($M)(1) Rate Base ($B)(1)(3) $1,400 $9.6 $1,375 $1,325 (2) $1,300 $8.8 $325 $2.1 $250 $325 $8.1 $275 $1.9 $7.5 $1.7 $1.6 $350 $350 $2.7 $350 $350 $2.5 $2.4 $2.2 $725 $700 $725 $4.8 $675 $4.4 $4.0 $3.6 2014E (2) 2015E 2016E 2017E 2014E 2015
Slide 44: Opportunity for ROE Improvement at PHI Utilities
Opportunity for ROE Improvement at PHI Utilities Source: Pepco Holdings Inc. 2014 Analyst Conference Presentation, 3/21/14 43 2014EEI 2014 EEIFinancial FinancialConference Conference
Slide 45: Regulatory Approval Timeline Supports a Q2/Q3 2015 Close
Regulatory Approval Timeline Supports a Q2/Q3 2015 Close Application Jurisdiction Key Regulatory Milestones Approved Filing Virginia 3-Jun Approved October 7, 2015 (Case No. PUE-2014-00048) Federal Energy Regulatory Commission 30-May (FERC) (Docket No. EC14-96-000) Department of Justice 6-Aug Reques
Slide 46: Constellation. An Exelon Company
— <= Constellation. An Exelon Company <= Exelon.
Slide 47: Commercial Business Overview
Commercial Business Overview Scale, Scope and Flexibility Across the Energy Value Chain Development and Leading merchant power Industry-leading wholesaleOne of the largest and most exploration of natural gas generation portfolio in the and retail sales and experienced Energy and liquids properties U
Slide 48: Generation to Load Match
Generation to Load Match Generation Capacity, Expected Generation and Expected Load 2015 in TWh(1,2) 111 Midwest 97 27 Generation to Load match provides portfolio management benefits in 108 differing volatility and price Mid-Atlantic 71 environments 49 • During the first quarter, our 38 nuclear base
Slide 49: Electric Load Serving Business: Growth Targets
Electric Load Serving Business: Growth Targets(1) Commercial Load Load Split by Customer Class 2014 – 2017 TWh (2014 TWh) 180 165 165 165 160 150 20-30% Large C&I 35% Wholesale 140 20-30% 35% 30-40% 120 30-40% 100 80 5% 60 70-80% 70-80% 60-70% 15% 10% Mass Markets 60-70% 40 Medium C&I Small C&I 20 C
Slide 50: Electric Load Serving Business: Market Landscape
Electric Load Serving Business: Market Landscape Constellation Active Retail Electric Markets (1) Market Landscape(2) Conditions have improved in many markets as impacts of the Polar Vortex have played out • During 2014, we have experienced improved margins, contract tenors, and renewal rates Compet
Slide 51: Natural Gas Serving Business: Marketing Platform
Natural Gas Serving Business: Marketing Platform Constellation Active Natural Gas Markets Market Landscape 2014 -2015 (1) ThePolarVortexprovidedmultiplesupplyopportunitiesacross the USfor naturalgas NatureGasmarketscontinueto growon boththe consumption and supplyside • Lead by the industrial section
Slide 52: Integrys Energy Services Acquisition
Integrys Energy Services Acquisition • Significantlyincreasesnatural gasportfolio by 150 bcf annually • Increasespowerload by 15 TWh • Manyof the powercustomersservedby Integrysare in regionswhereExelonownssignificantgeneration,providing generationto load match benefit • Mitigates risk of hedgingin
Slide 53: Upstream E&P Assets
Upstream E&P Assets Investment Thesis • Our Upstream Gas business achieves strong returns (>16% after-tax IRR) • $110m (~70% utilized) Reserve Based Lending (RBL) facility in place Non-recourse treatment at S&P • Provides valuable market intelligence in complex natural gas markets Forecasted Product
Slide 54: Mid-Atlantic Gas Basis: Improves Starting 2017
Mid-Atlantic Gas Basis: Improves Starting 2017 • Northeastern U.S. gas production is projected to approach 25 bcf/day by 2018, up from 19 bcf/day in 2015 • Regional demand is projected to reach 18 bcf/day by 2018, up from 15 bcf/day in 2015 • Based upon public announcements, we expect 19 bcf/day of
Slide 55: Northeast Gas Pipeline Expansion Projects
Northeast Gas Pipeline Expansion Projects Almost 19 bcf/day of pipeline expansion projects have been announced for completion by the end of 2018 54 2014 EEI Financial Conference
Slide 56: Power Markets - NiHub
Power Markets -NiHub Forward markets continued their upward trend through 2014 • During 2014, strong spot prices have started to reflect the changing nature of the grid in PJM and new reliance on different resources such as NG supply, demand response, and oil peakers • As a result, we have seen stro
Slide 57: Capacity Markets
Capacity Markets 2013/ 2014/ 2015/ 2016/ 2017/ 2014 2015 2016 2017 2018 PJMRPMCapacityRevenues(1,9) PJM(3,8,9) ComEd Capacity N/A N/A N/A N/A 10,900 Price N/A N/A N/A N/A $120 RTO Capacity 11,500 11,500 11,500 11,250 0 Price $28 $126 $136 $59 $120 EMAAC Capacity(4) 8,900 8,900 8,900 8,900 8,300 Pric
Slide 58: PJM – Working to Address Reliability
PJM – Working to Address Reliability Source: PJM Interconnection, “Analysis of Operational Events and Market Source: PJM Interconnection, Response to Committee Questions of U.S. House of Impacts During the January 2014 Cold Weather,” May 9, 2014, slide 10. Representatives Committee on Energy and Com
Slide 59: PJM's Proposed Solution - Capacity Performance Proposal
PJM’s Proposed Solution -Capacity Performance Proposal • PJM recognizes that generation resources procured through its existing forward capacity market (RPM) may not be sufficient to meet future load conditions, especially at winter peak o Additionally, current revenues and penalty structures are in
Slide 60: Capacity Performance Impact on PJM Fleet
Capacity Performance Impact on PJM Fleet Procurement Quantity Total Potential CP (80% of RPM Resources Reliability Target) Only qualifies with significant cost Qualifies without significant capital cost Exelon’s fleet is well positioned to benefit from Capacity Performance due to significant investm
Slide 61: Exelon Generation Disclosures
Exelon Generation Disclosures As of September 30, 2014 60 20142014 EEI Financial EEI Financial Conference Conference
Slide 62: Portfolio Management Strategy
Portfolio Management Strategy Strategic Policy Alignment Three-Year Ratable Hedging Bull / Bear Program •Aligns hedging program with financial •Ensure stability in near-term cash • Ability to exercise fundamental market policies and financial outlook flows and earnings views to create value within t
Slide 63: 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 Business Executed New Business Hedges(2) •Generation Gross •MtM of power, •Retail, Wholesale •Retail, Whole
Slide 64: ExGen Disclosures
ExGen Disclosures Gross Margin Category ($M)(1) 2014 2015 2016 2017 (3) Open Gross Margin(including South, West & Canada hedged GM) 7,300 6,750 6,500 6,650 Mark to Market of Hedges(3,4) (350) - 150 150 Power New Business / To Go 50 400 550 750 Non-Power Margins Executed 350 100 50 50 Non-Power New B
Slide 65: ExGen Disclosures
ExGen Disclosures (6) Generation and Hedges 2014 2015 2016 2017 Exp. Gen (GWh)(1) 205,300 200,800 202,200 205,000 Midwest 97,000 96,600 97,500 95,800 Mid-Atlantic(2) 74,300 71,300 72,100 68,900 ERCOT 11,400 16,400 16,900 25,300 New York(2) 12,700 9,400 9,300 9,300 New England 9,900 7,100 6,400 5,700
Slide 66: ExGen Hedged Gross Margin Sensitivities
ExGen Hedged Gross Margin Sensitivities Gross Margin Sensitivities (With Existing Hedges)(1) 2014 2015 2016 2017 Henry Hub Natural Gas ($/MMbtu) + $1/Mmbtu $15 $120 $440 $830 - $1/Mmbtu $10 $(60) $(400) $(750) NiHub ATC Energy Price + $5/MWh $- $85 $265 $390 - $5/MWh $- $(85) $(260) $(390) PJM-W ATC
Slide 67: Exelon Generation Hedged Gross Margin Upside/Risk
Exelon Generation Hedged Gross Margin Upside/Risk $8,000 $7,450 $7,300 $7,050 (1) Representsan approximaterangeof expectedgrossmargin,takinginto accounthedgesin place,betweenthe 5th and 95th percentconfidencelevelsassumingall unhedgedsupplyis sold into the spot market;Approximategrossmarginrangesare
Slide 68: Illustrative Example of Modeling Exelon Generation 2015 Gross Margin
Illustrative Example of Modeling Exelon Generation 2015 Gross Margin South, Mid- New Row Item Midwest ERCOT New York West & Atlantic England Canada (A) Start with fleet-wide open gross margin $6.75 billion (B) Expected Generation (TWh) 97.0 71.3 16.4 9.4 7.1 (C) Hedge % (assuming mid-point of range)
Slide 69: Generation
Generation
Slide 70: Exelon Generation Fleet
Exelon Generation Fleet National Scope • Power generation assets in 20 states and Canada • Low-cost generation capacity provides unparalleled leverage to rising commodity prices Large and Diverse • 32 GW of diverse generation (1) — 19 GW of Nuclear — 8 GW of Gas — 2 GW of Hydro — 2 GW of Oil — 1 GW
Slide 71: Exelon Nuclear Fleet Overview (including CENG and Salem)
Exelon Nuclear Fleet Overview (including CENG and Salem) Spent Fuel Storage/ Type/ License Extension Status / License Water Body Ownership Date to lose full core Plant Location Containment Expiration (1) discharge capacity (2) Braidwood, IL PWR Filed application in May 2013 (decision Kankakee River
Slide 72: World Class Nuclear Operator
World Class Nuclear Operator(1) Nuclear Production Cost ($/MWh)(2) Capacity Factor (%)(3) 14% EXC 31% 14% EXC 36% 1,169 1,208 1,104 Exelon is consistently one of the lowest-cost and most efficient producers of electricity in the nation (1) Exelon fleet averages exclude Salem and CENG (2) Source: 201
Slide 73: Nuclear Output and Refueling Outages
Nuclear Output and Refueling Outages Nuclear Output Nuclear Refueling Cycle Actual • All Exelon-owned units are on a 24 month cycle Target except for Braidwood U1/U2, Byron U1/U2, 14% # of Refueling Outages Ginna, and Salem U1/U2, which are on 18 month cycles 31% • Starting in 2015 Clinton will14% b
Slide 74: Nuclear Fuel Costs
Nuclear Fuel Costs(1) Projected Exelon Uranium Demand Components of Fuel Expense in 2014 2014 – 2016: 100% hedged in volume 2017: ~96% hedged in volume Fabrication 2018: ~87% hedged in volume 2019: ~64% hedged in volume 15% 11 Enrichment 10 33% Nuclear Waste 9 6% 8 7 6 5 2% 4 Tax/Interest 4% 3 Conve
Slide 75: Exelon Power Fleet Overview
Exelon Power Fleet Overview(owned generation, excludes wind and solar) 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 1
Slide 76: Investment in New Generation Technology
Investment in New Generation Technology Exelon is investing in an innovative, carbon-free, gas-fired technology through an investment in NET Power to support the development of an 11.4MWe demonstration facility to prove the technology NETPower’ssystemhasthe potentialto transform both the electricity
Exelon — Edison Electric Institute Financial Conference 2014 on 6ix