Exelon Corporation · NASDAQ:EXC

Exelon — Morgan Stanley 2004 Global Electricity & Energy Conference

19 slides from Exelon's conference presentation, Mar 25, 2004

  1. Slide 1: Disciplined Financial Management

    Disciplined Financial Management Robert S. Shapard Executive Vice President and CFO Morgan Stanley 2004 Global Electricity & Energy Conference New York City March 25, 2004 Exelon Corporation

  2. Slide 2: 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 statements made by a regist

  3. Slide 3: Vision Statement

    Vision Statement Energizing - Redefining performance expectations Centralizing - Adopting a single model Optimizing - Working better and smarter Emphasizing - Committing to reliability, safety and the environment Exelon strives to build exceptional value by becoming the best and most consistently pr

  4. Slide 4: Our Assets - Regional Markets

    Our Assets - Regional Markets Note: As of 12/31/03; owned generation excludes Sithe and New England assets. Midwest Owned Generation: Contracted Gen: Total Generation: ComEd Control Area Peak Load: 11,427 MW 9,578 MW 21,005 MW 22,100 MW ERCOT/South Owned Generation: Contracted Gen: Total Generation:

  5. Slide 5: Financial Forecast

    Exelon. Financial Forecast

  6. Slide 6: 2004 Expected EPS Drivers

    2003 Weather/Sales Ent. Losses CTC Depr./Nuc Outages )&M Expenses Pension/OPEB Genco RNF AmerGen Interest Exelon Way 2004 Invisible dataset 5.22 5.39 5.36 5.18 5.06 4.98 4.98 5.15 5.25 5.36 Green 5.22 0.17 0.29 0.32 0.18 0.12 0.08 0.17 0.1 0.11 0.3 5.65 2003 2004E Interest O&M Expenses ComEd CTC Gen

  7. Slide 7: Exelon Way Targets

    Exelon Way Targets ($ millions) 2004 Annual Impact O&M* CapEx Total GenCo $ 80 $ 65 $ 145 $ 115 $ 125 $ 240 EED** 130 135 265 215 295 510 Total $ 210 $ 200 $ 410 $ 330 $ 420 $ 750 Cash Flow Summary 2004 Impacts GenCo $ 50 $ 65 $ 115 $ 71 $ 125 $ 196 EED 81 135 216 133 295 428 Total $ 131 $ 200 $ 331

  8. Slide 8: Sources of Cash 2004-2006

    Sources of Cash 2004-2006 ($ in millions) 2004-2006E The Exelon Way Commitment 1,000+ Resolution of Boston Generating and Sithe 400 Sale of Exelon Enterprises Businesses 200 Synthetic Fuels Investment 120 Total 1,720+

  9. Slide 9: ComEd 2007 Transition

    Exelon. ComEd 2007 Transition

  10. Slide 10: 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 25% increase in wires charges to recover increased investment in transmission and distribution infrastructur

  11. Slide 11: MAIN-Northern IL Projected Supply and Demand

    MWs MAIN-Northern IL Projected Supply and Demand

  12. Slide 12: MAIN Region: Projected Peak Demand vs. Capacity

    2004E 2005E 2006E 2007E 2008E 2009E 2010E (Peak Demand - Interruptibles) + 16% 64069 65518 67068 68761 70233 71791 73190 Capacity 68208 69103 69610 69602 70341 71868 73223 MAIN Region: Projected Peak Demand vs. Capacity Source: Platts

  13. Slide 13: Illinois Commerce Commission Process

    Illinois Commerce Commission Process ICC has committed to sponsor a workshop process on Post 2006 issues Commissioner Erin O'Connell-Diaz has been selected to chair the workshop committee; Commissioner Kevin Wright will serve on the Steering Committee Workshops are scheduled to begin April 29 with k

  14. Slide 14: Building Value

    Exelon. Building Value

  15. Slide 15: Market Capital - Creating Real Value

    Market Capital - Creating Real Value $ 22.1B $ 0.05B $ 7.7B Peak Market Value $ 13.6B $ 67.5B $ 36.4B $ 22.9B $ 21.2B $ 11.2B $ 15.0B 3/19/04 Market Value $ 1.3B $ 20.1B $ 22.0B $ 13.3B $ 20.7B $ 9.7B $ 22.6B $ 13.8B Source: Thomson Financial

  16. Slide 16: Valuation Measures

    Valuation Measures P/E EPS Dividends Paid Yield 2005E (X) 3-Yr CAGR 2000-2003A (%) 3-Yr CAGR 2000-2003A (%) (%) Exelon 11.5 10.6 28.3 3.3 Entergy 12.5 10.6 9.6 3.1 Dominion Res. 12.4 10.6 0 4.0 Progress Energy 13.0 5.8 2.8 4.9 FPL Group 13.2 3.7 3.6 3.7 Cinergy 14.4 0.3 0.7 4.6 Southern 14.8 0.3 1.1

  17. Slide 17: Positioned to Maximize Value

    Positioned to Maximize Value Large, low-cost generation portfolio Nuclear dominated fleet Lowest cost generator in Illinois and Pennsylvania Positioned well for a competitive market Large, stable retail customer base Exelon Way Initiatives Cost reduction initiatives Revenue initiatives Focused finan

  18. Slide 18: Disciplined Financial Management

    Disciplined Financial Management

  19. Slide 19: Appendix: 2004 Earnings Guidance

    Appendix 2004 Earnings Guidance Exelon's adjusted (non-GAAP) operating earnings for 2004 are expected to be in the range of $5.35 to $5.65 per share. Our outlook for adjusted (non-GAAP) operating earnings excludes income resulting from an investment in synthetic fuel producing facilities, possible s

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