Exelon Corporation · NASDAQ:EXC
Exelon — Q4 2020 Earnings Presentation
78 slides from Exelon's earnings presentation, Feb 24, 2021
Slide 1: Earnings Conference Call Fourth Quarter 2020
Earnings Conference Call Fourth Quarter 2020 February 24, 2021
Slide 2: Cautionary Statements Regarding Forward-Looking Information
2 Q4 2020 Earnings Release Slides Cautionary Statements Regarding Forward-Looking Information This presentation contains certain written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties includin
Slide 3: Non-GAAP Financial Measures
3 Q4 2020 Earnings Release Slides Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GA
Slide 4: Non-GAAP Financial Measures Continued
4 Q4 2020 Earnings Release Slides Non-GAAP Financial Measures Continued This information is intended to enhance an investor’s overall understanding of period over period financial results and provide an indication of Exelon’s baseline operating performance by excluding items that are considered by m
Slide 5: February Severe Weather Event
5 Q4 2020 Earnings Release Slides February Severe Weather Event • Texas experienced an unprecedented weather event with sustained temperatures below zero and we experienced operational issues at our Colorado Bend, Wolf Hollow, and Handley plants in ERCOT • As a result, the plants were not available
Slide 6: Utility Operating Highlights
6 Q4 2020 Earnings Release Slides Operations Metric At CEG Merger (2012) 2015 2020 BGE ComEd PECO PHI BGE ComEd PECO PHI Electric Operations OSHA Recordable Rate 2.5 Beta SAIFI (Outage Frequency) 2.5 Beta CAIDI (Outage Duration) Customer Operations Customer Satisfaction N/A Abandon Rate Gas Operatio
Slide 7: Best-in-Class Nuclear and Retail
7 Q4 2020 Earnings Release Slides Best-in-Class Nuclear and Retail 79% retail power customer renewal rate 29% power new customer win rate 91% natural gas customer retention rate 21-month average power contract term Average customer duration of more than 6 years Stable Retail Margins Nuclear Operatio
Slide 8: 2020 Financial Results
8 Q4 2020 Earnings Release Slides 2020 Financial Results • Adjusted (non-GAAP) operating earnings drivers versus original full year guidance of $3.00 - $3.30 per share: Full Year 2020 EPS Results $0.45 $0.66 $0.51 $0.52 $0.46 $0.47 $0.36 $0.37 $0.60 $1.44 ($0.36) ($0.24) FY GAAP Earnings FY Adjusted
Slide 9: Separation Overview
9 Q4 2020 Earnings Release Slides Separation Overview
Slide 10: Strategic Rationale Aligns With Investor Preferences
10 Q4 2020 Earnings Release Slides Strategic Rationale Aligns With Investor Preferences • Creates two best-in-class companies with continually demonstrated operational expertise and financial discipline – Nation’s largest regulated transmission & distribution (T&D) only utility with high growth and
Slide 11: Creating Two Premier Businesses
11 Q4 2020 Earnings Release Slides Creating Two Premier Businesses ConstellationGeneration ✓ 100% regulated transmission and distribution utility ✓ High-growth utility targeting 6-8% regulated earnings growth ✓ Leading operational track record and customer focus ✓ Diversified rate base with ~100% of
Slide 12: Transaction Overview
12 Q4 2020 Earnings Release Slides Transaction Overview Structure Approvals and Timing • Spin-off of ExGen designed to be tax-free • Immediately after closing, EXC shareholders: – Retain current EXC shares – Receive pro rata distribution of SpinCo shares • Targeting Q1 2022 close • Required approval
Slide 13: RemainCo Overview
13 Q4 2020 Earnings Release Slides RemainCo Overview
Slide 14: RemainCo: High-Quality, Premium Utility
14 Q4 2020 Earnings Release Slides RemainCo: High-Quality, Premium Utility Constructive Regulatory Environments Attractive ESG Story Disciplined Financial Policy Best-in-Class Operations Strong Fully Regulated Growth • ~100% of rate base growth recovered through alternative recovery mechanisms like
Slide 15: RemainCo Has a Strong Growth Trajectory
15 Q4 2020 Earnings Release Slides RemainCo Has a Strong Growth Trajectory Capital Expenditures 6,550 6,725 6,725 6,725 2024E $ in millions 2023E2022E2021E Note: CapEx numbers are rounded to nearest $25M and numbers may not sum due to rounding (1) Rate base reflects year-end estimates (2) Source: Ed
Slide 16: Geographically Diverse, Fully Regulated T&D Utility
16 Q4 2020 Earnings Release Slides Geographically Diverse, Fully Regulated T&D Utility with Constructive Recovery Mechanisms (1) Represents 2021E rate base (2) Other includes long-term regulatory assets, which generally earn a return consistent with rate base, including Energy Efficiency and the Sol
Slide 17: Best-in-Class Utility Operations and Customer Satisfaction
17 Q4 2020 Earnings Release Slides Best-in-Class Utility Operations and Customer Satisfaction 0.78 0.65 0.72 0.67 0.59 2016 20192017 20202018 Top Quartile(3) 91 84 86 87 80 2016 2017 Top Quartile(3) 2018 2019 2020 2.5 Beta SAIFI (Outage Frequency)(1,2) 2.5 Beta CAIDI (Outage Duration)(2,4) 9 9 .9 9
Slide 18: Continued Commitment to ESG
18 Q4 2020 Earnings Release Slides Continued Commitment to ESG • Committed to investments that drive a more dynamic and resilient utility system where customers have more choice and control over their energy use and facilitate the transition to a clean, low-carbon energy future • Continued partnersh
Slide 19: SpinCo Overview
19 Q4 2020 Earnings Release Slides SpinCo Overview
Slide 20: SpinCo: America's Leading Clean Energy Company
20 Q4 2020 Earnings Release Slides SpinCo: America’s Leading Clean Energy Company World Class Operations Disciplined Financial Policy Industry-Leading Customer Business Committed to a Clean Energy Future • Industry-leading nuclear capacity factor of ~94% or higher since 2013; ~4% better than industr
Slide 21: SpinCo is the Largest Producer of Clean Electricity in the United States
21 Q4 2020 Earnings Release Slides SpinCo is the Largest Producer of Clean Electricity in the United States Note: SpinCo data does not reflect retirement impacts of Byron and Dresden (1) Reflects 2018 regulated and non-regulated generation. Source: Benchmarking Air Emissions, July 2020; https://www.
Slide 22: SpinCo's Generation is Essential for States to Meet Clean Energy Goals
22 Q4 2020 Earnings Release Slides SpinCo’s Generation is Essential for States to Meet Clean Energy Goals New York 100% carbon free electricity by 2040(3) 10% 22% 7%12% 49% Nine Mile Point Fitzpatrick Ginna 82% 14% 3% Calvert Cliffs Exelon Renewables(2) 18% 13% 18% 17%7% 14% 13% Byron LaSalle Dresde
Slide 23: Constellation is Enabling a Clean Energy Future for Our Customers
23 Q4 2020 Earnings Release Slides Constellation is Enabling a Clean Energy Future for Our Customers • Constellation offsite renewables (CORe) product matches customers’ retail power supply contract with a local offsite renewable energy asset • Purchase of renewable energy credits (RECs) and emissio
Slide 24: Best-in-Class Nuclear Operations
24 Q4 2020 Earnings Release Slides Best-in-Class Nuclear Operations • Industry-leading clean energy company, with one of the largest merchant fleets in the nation • Nuclear capacity factor has been ~4% better than industry average each year since 2013 • Average nuclear refueling outage duration has
Slide 25: Industry-Leading Customer-Facing Business
25 Q4 2020 Earnings Release Slides Industry-Leading Customer-Facing Business NRG+ Direct Energy(2) EDF Energy Services TWh Calpine Energy Solutions SpinCo Gexa Energy Vistra Energy ENGIE AEP Energy Shell Energy 164 161 90 56 44 38 28 23 23 (1) Reflects 2019 annualized retail load volumes under contr
Slide 26: SpinCo is Committed to a Strong Balance Sheet
26 Q4 2020 Earnings Release Slides SpinCo is Committed to a Strong Balance Sheet SpinCo Financial Policy Optimize Free Cash Flow • Stable customer-facing business • Effective cost management, more than $1.1B cut since 2015 • Disciplined risk-mitigation policies including ratable hedging strategy • C
Slide 27: 2021E Financial Guidance
27 Q4 2020 Earnings Release Slides 2021E Financial Guidance
Slide 28: 2021 Adjusted Operating Earnings Guidance
28 Q4 2020 Earnings Release Slides $0.66 $0.52 $0.47 $0.37 $1.44 ($0.24) 2020 Actuals 2021 Guidance $0.55 - $0.65 $0.55 - $0.85 ($0.25) $0.40 - $0.50 $0.75 - $0.85 $0.45 - $0.55 $3.22(1) $2.60 - $3.00(2) 2021 Adjusted Operating Earnings* Guidance Key Year-over-Year Drivers • ExGen: Weather event imp
Slide 29: 2021 Business Priorities and Commitments
29 Q4 2020 Earnings Release Slides 2021 Business Priorities and Commitments Meet or exceed our financial commitments Effectively deploy ~$6.6B of utility capex Ensure timely recovery on investments to enable customer benefits Support enactment of clean energy policies Continued demonstration of corp
Slide 30: Additional Disclosures
30 Q4 2020 Earnings Release Slides Additional Disclosures
Slide 31: 2020 Accomplishments
31 Q4 2020 Earnings Release Slides 2020 Accomplishments Maintain industry leading operational excellence Effectively deploy ~$6.5B of 2020 utility capex Ensure timely recovery on investments to enable customer benefits Grow dividend at 5% rate Continued commitment to corporate responsibility • Best-
Slide 32: RemainCo is Targeting EPS Growth of 6-8% to 2024
32 Q4 2020 Earnings Release Slides RemainCo is Targeting EPS Growth of 6-8% to 2024 Q4 2019 Operating Earnings* Q4 2020 Operating Earnings* $2.70 $0.00 $1.80 $1.90 $2.20 $2.00 $2.10 $2.30 $2.40 $2.50 $2.60 2021E $2.25 2023E2020E 2022E $2.10 $2.50 $2.60 $2.70 $0.00 $0.10 $1.70 $1.90 $1.80 $2.10 $2.20
Slide 33: Exelon Utilities Trailing Twelve Month Earned ROEs
33 Q4 2020 Earnings Release Slides Exelon Utilities Trailing Twelve Month Earned ROEs* Exelon Utilities’ Consolidated Trailing Twelve Month Earned ROEs* 9.4% 9.3% 9.4% 9.6% 9.6% 10.2% 10.2% 10.1% 10.0% 9.7% 9.1% 8.9% 8.7% Q3 2019Q1 2019Q3 2018Q4 2017 Q2 2018 Q3 2020Q1 2018 Q4 2018 Q2 2019 Q4 2019 Q1
Slide 34: Utility Highlights
34 Q4 2020 Earnings Release Slides Utility Highlights ComEd PECO BGE Pepco Delmarva ACE 2020 Electric Customer Mix (% of Revenues) (1) Commercial & Industrial (C&I) 32% 24% 28% 41% 23% 27% Residential 52% 66% 58% 47% 58% 55% Public Authorities/Other 16% 10% 14% 12% 18% 18% 2020 Electric Customer Mix
Slide 35: Utility Capex and Rate Base vs. Previous Disclosure
35 Q4 2020 Earnings Release Slides Utility Capex and Rate Base vs. Previous Disclosure We plan to invest $26.7B of capital in utilities from 2021-2024, supporting rate base growth of 7.6% from 2020-2024 4,300 4,075 4,450 4,425 1,325 1,550 1,300 1,300 850 800 800 750 6,450 2022E2020E 2021E 6,475 2023
Slide 36: ComEd Capital Expenditure and Rate Base Forecast
36 Q4 2020 Earnings Release Slides Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. (1) Other includes long-term regulatory assets, which earn a return consistent with rate base, including Energy Efficiency and the Solar Rebate Program Com
Slide 37: PECO Capital Expenditure and Rate Base Forecast
37 Q4 2020 Earnings Release Slides Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. PECO Capital Expenditure and Rate Base Forecast Q4 2020 Capital Expenditures ($M) 850 750 850 925 1,025 175 300 325 300 275 300 2020A 2021E 100 125 2022E 7
Slide 38: BGE Capital Expenditure and Rate Base Forecast
38 Q4 2020 Earnings Release Slides Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. (1) Rate base excludes CWIP per MD MYP Order issued on December 16, 2020 BGE Capital Expenditure and Rate Base Forecast 575 450 475 450 475 300 325 325 375
Slide 39: PHI Consolidated Capital Expenditure and Rate Base Forecast
39 Q4 2020 Earnings Release Slides PHI Consolidated Capital Expenditure and Rate Base Forecast 1,175 1,075 1,125 1,175 1,275 450 525 550 475 475 2022E 75 50 2020A 5075 2023E2021E 75 2024E 1,700 1,700 1,750 1,725 1,825 Project ~$7.0B of capital being invested from 2021-2024 8.2 8.7 9.3 9.7 10.3 3.0 3
Slide 40: ACE Capital Expenditure and Rate Base Forecast
40 Q4 2020 Earnings Release Slides ACE Capital Expenditure and Rate Base Forecast 275 200 200 250 225 175 175 150 125 125 2020A 2021E 450 2023E2022E 2024E 350 350 375 350 Project ~$1.4B of capital being invested from 2021-2024 1.7 1.8 1.9 2.0 2.0 1.0 1.1 1.3 1.3 1.3 2020E 2.7 2021E 2022E 2023E 2024E
Slide 41: Delmarva Capital Expenditure and Rate Base Forecast
41 Q4 2020 Earnings Release Slides Delmarva Capital Expenditure and Rate Base Forecast 250 225 200 225 275 100 100 150 125 125 75 75 50 50 75400 2023E 450 2020A 2024E2021E 2022E 425 425 450 Project ~$1.7B of capital being invested from 2021-2024 1.8 2.0 2.1 2.1 2.2 1.0 1.1 1.1 1.2 1.3 0.5 0.5 0.6 0.
Slide 42: Pepco Capital Expenditure and Rate Base Forecast
42 Q4 2020 Earnings Release Slides Pepco Capital Expenditure and Rate Base Forecast 650 650 725 725 775 175 250 275 200 225825 2024E 1,000 2022E2020A 2021E 2023E 925 925 1,000 Project ~$3.9B of capital being invested from 2021-2024 4.6 5.0 5.4 5.6 6.1 1.1 1.3 1.8 2023E 1.0 2022E2020E 2021E 2024E 5.6
Slide 43: ExGen O&M and Capex vs. Previous Disclosure
43 Q4 2020 Earnings Release Slides 3,700 2021E ExGen O&M and Capex vs. Previous Disclosure 575 650 2021E 25 1,250 BaseCommitted Growth Nuclear Fuel 850 775 825 825 1,800 2020E 125 75 2021E 1,675 4,200 4,150 2021E2020E Adjusted O&M* - Q4 2020 ($M)(1) Capital Expenditures – Q4 2020 ($M)(2,3) Adjusted
Slide 44: Adjusted O&M Forecast
44 Q4 2020 Earnings Release Slides Adjusted O&M* Forecast (1) All amounts rounded to the nearest $25M and may not sum due to rounding (2) ExGen’s adjusted O&M* includes a preliminary estimate of bad debt associated with the severe weather event in Texas that is subject to change $3,975 $3,700 $1,275
Slide 45: Constellation Technology Ventures' Active Investments
45 Q4 2020 Earnings Release Slides Constellation Technology Ventures’ Active Investments Note: Constellation’s active technology investments can be found at http://technologyventures.constellation.com/; reflects current portfolio as of February 24, 2021 (1) Green boxes reflect companies that have ex
Slide 46: Exelon Debt Maturity Profile
46 Q4 2020 Earnings Release Slides Exelon’s weighted average LTD maturity is approximately 16 years (1) Maturity profile excludes non-recourse debt, securitized debt, capital leases, fair value adjustments, unamortized debt issuance costs and unamortized discount/premium (2) Long-term debt balances
Slide 47: Exelon Utilities
47 Q4 2020 Earnings Release Slides Exelon Utilities
Slide 48: Exelon Utilities' Distribution Rate Case Updates
48 Q4 2020 Earnings Release Slides Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Revenue Requirement Requested ROE / Equity Ratio Expected Order ($14.0M) (1,2) 8.38% / 48.16% Dec 9, 2020 $213.8M (1,3) 3-Year MYP Electric: 9.50% Gas: 9.65% / 52.00% Dec 16, 2020 $2.3M (1,4) 9.60% / 50.37% Jan 6, 202
Slide 49: ComEd Distribution Rate Case Filing Details
49 Q4 2020 Earnings Release Slides Rate Case Filing Details Notes Docket No. 20-0393 • April 16, 2020, ComEd filed its annual distribution formula rate update with the Illinois Commerce Commission (ICC) seeking a decrease to distribution base rates • October 14, 2020, draft proposed orders were file
Slide 50: BGE Multi-Year Plan Case Filing Details
50 Q4 2020 Earnings Release Slides Multi-Year Plan Case Filing Details Notes Formal Case No. 9645 • May 15, 2020, BGE filed a three-year multi-year plan (MYP) request with the Maryland Public Service Commission (MDPSC) seeking an increase in electric and gas distribution base rates • In light of the
Slide 51: Delmarva DE (Gas) Rate Case Filing Details
51 Q4 2020 Earnings Release Slides Rate Case Filing Details Notes Docket No. 20-0150 – Per Settlement (Black Box) • February 21, 2020, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in gas distribution base rates • Size of ask is driven by
Slide 52: Pepco DC Multi-Year Plan Case Filing Details
52 Q4 2020 Earnings Release Slides Multi-Year Plan Case Filing Details Notes Formal Case No. 1156 • May 30, 2019, Pepco DC filed a three year multi-year plan (MYP) request with the Public Service Commission of the District of Columbia (DCPSC) seeking an increase in electric distribution base rates •
Slide 53: Delmarva DE (Electric) Rate Case Filing Details
53 Q4 2020 Earnings Release Slides Rate Case Filing Details Notes Docket No. 20-0149 • March 6, 2020, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in electric distribution base rates • Size of ask is driven by continued investments in ele
Slide 54: Pepco MD Multi-Year Plan Case Filing Details
54 Q4 2020 Earnings Release Slides Multi-Year Plan Case Filing Details Notes Formal Case No. 9655 • October 26, 2020, Pepco MD filed a three-year multi-year plan (MYP) request with the Maryland Public Service Commission (MDPSC) seeking an increase in electric distribution base rates • MYP proposes f
Slide 55: PECO (Gas) Rate Case Filing Details
55 Q4 2020 Earnings Release Slides Rate Case Filing Details Notes Docket No. R-2020-3018929 • On September 30, 2020, PECO filed a general base rate filing with the Pennsylvania Public Utility Commission (PAPUC) seeking an increase in gas distribution base rates • Size of ask is driven by continued i
Slide 56: ACE Rate Case Filing Details
56 Q4 2020 Earnings Release Slides Rate Case Filing Details Notes Docket No. ER20120746 • December 9, 2020, ACE filed a distribution base rate case with the New Jersey Board of Public Utilities (BPU) to increase distribution base rates • Size of ask is primarily driven by continued investments in el
Slide 57: Exelon Generation Disclosures
57 Q4 2020 Earnings Release Slides Exelon Generation Disclosures
Slide 58: Portfolio Management Strategy
58 Q4 2020 Earnings Release Slides Portfolio Management Strategy Protect Balance Sheet Ensure Earnings Stability Create Value Exercising Market Views % H e d g e d Purely ratable Actual hedge % Market views on timing, product allocation and regional spreads reflected in actual hedge % High End of Pr
Slide 59: Components of Gross Margin
59 Q4 2020 Earnings Release Slides Components of Gross Margin* Categories Open Gross Margin* •Generation Gross Margin* at current market prices, including ancillary revenues, nuclear fuel amortization and fuels expense •Power Purchase Agreement (PPA) Costs and Revenues •Provided at a consolidated le
Slide 60: Exelon Generation: Gross Margin Update
60 Q4 2020 Earnings Release Slides Exelon Generation: Gross Margin* Update (1) Gross margin* categories rounded to nearest $50M (2) Excludes EDF’s equity ownership share of the CENG Joint Venture (3) Mark-to-Market of Hedges assumes mid-point of hedge percentages (4) Based on December 31, 2020 marke
Slide 61: ExGen Disclosures
61 Q4 2020 Earnings Release Slides ExGen Disclosures (1) Expected generation is the volume of energy that best represents our commodity position in energy markets from owned or contracted for capacity based upon a simulated dispatch model that makes assumptions regarding future market conditions, wh
Slide 62: Additional ExGen Modeling Data
62 Q4 2020 Earnings Release Slides Additional ExGen Modeling Data Total Gross Margin Reconciliation (in $M)(1) 2021 Revenue Net of Purchased Power and Fuel Expense*(2,3) $7,150 Other Revenues(4) $(175) Direct cost of sales incurred to generate revenues for certain Constellation and Power businesses
Slide 63: 2020A Earnings Waterfalls
63 Q4 2020 Earnings Release Slides 2020A Earnings Waterfalls
Slide 64: Q4 2020 QTD Adjusted Operating Earnings Waterfall
64 Q4 2020 Earnings Release Slides Q4 2020 QTD Adjusted Operating Earnings* Waterfall $0.83 2019 ($0.01) BGEPECOComEd $0.02 $0.01($0.02) PHI ($0.04) ExGen(6) ($0.02) Corp 2020 ($0.12) Market and Portfolio Conditions(2) ($0.08) Absence of R&D Tax Benefit(3) ($0.02) Nuclear Outages(4) $0.02 Capacity R
Slide 65: Q4 2020 YTD Adjusted Operating Earnings Waterfall
65 Q4 2020 Earnings Release Slides Q4 2020 YTD Adjusted Operating Earnings* Waterfall BGEComEd2019 ($0.05) ($0.08) PECO ExGen(9) $0.00 ($0.01) $0.00 $0.13 PHI Corp 2020 $3.22 $0.18 Lower Operating and Maintenance Expense(4) $0.14 Unrealized Gains on Equity Investments $0.03 Higher Realized NDT Fund
Slide 66: 2021E Earnings Waterfalls
66 Q4 2020 Earnings Release Slides 2021E Earnings Waterfalls
Slide 67: ComEd Adjusted Operating EPS Bridge 2020 to 2021
67 Q4 2020 Earnings Release Slides ComEd Adjusted Operating EPS* Bridge 2020 to 2021 Note: Drivers add up to mid-point of 2021 adjusted operating EPS* range (1) O&M excludes regulatory items that are P&L neutral (2) Shares Outstanding (diluted) are 977M in 2020 and 980M in 2021 (3) Guidance assumes
Slide 68: PECO Adjusted Operating EPS Bridge 2020 to 2021
68 Q4 2020 Earnings Release Slides $0.47 $0.04 $0.02 2021E(2,3)2020A(2) ($0.01) Revenues D&AO&M(1) Other/Taxes ($0.02) $0.45 - $0.55 PECO Adjusted Operating EPS* Bridge 2020 to 2021 Note: Drivers add up to mid-point of 2021 adjusted operating EPS* range (1) O&M excludes regulatory items that are P&L
Slide 69: BGE Adjusted Operating EPS Bridge 2020 to 2021
69 Q4 2020 Earnings Release Slides $0.37 $0.10 ($0.03) O&M(1)2020A(2) Revenues Other/Taxes $0.00 D&A 2021E(2,3) $0.40 - $0.50 $0.01 BGE Adjusted Operating EPS* Bridge 2020 to 2021 Note: Drivers add up to mid-point of 2021 adjusted operating EPS* range (1) O&M excludes regulatory items that are P&L n
Slide 70: PHI Adjusted Operating EPS Bridge 2020 to 2021
70 Q4 2020 Earnings Release Slides $0.52 $0.11 $0.01 2020A(2) Revenues $0.00 O&M(1) ($0.04) D&A Other/Taxes 2021E(2,3) $0.55 - $0.65 PHI Adjusted Operating EPS* Bridge 2020 to 2021 Note: Drivers add up to mid-point of 2021 adjusted operating EPS* range (1) O&M excludes regulatory items that are P&L
Slide 71: Appendix Reconciliation of Non-GAAP Measures
71 Q4 2020 Earnings Release Slides Appendix Reconciliation of Non-GAAP Measures
Slide 72: Q4 QTD GAAP EPS Reconciliation
72 Q4 2020 Earnings Release Slides Q4 QTD GAAP EPS Reconciliation Three Months Ended December 31, 2020 ComEd PECO BGE PHI ExGen Other Exelon 2020 GAAP Earnings (Loss) Per Share $0.14 $0.13 $0.08 $0.08 $0.02 ($0.08) $0.37 Mark-to-market impact of economic hedging activities - - - - 0.12 - 0.12 Unreal
Slide 73: Q4 QTD GAAP EPS Reconciliation (continued)
73 Q4 2020 Earnings Release Slides Q4 QTD GAAP EPS Reconciliation (continued) Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. Three Months Ended December 31, 2019 ComEd PECO BGE PHI ExGen Other Exelon 2019 GAAP Earnings (
Slide 74: Q4 YTD GAAP EPS Reconciliation
74 Q4 2020 Earnings Release Slides Q4 YTD GAAP EPS Reconciliation Twelve Months Ended December 31, 2020 ComEd PECO BGE PHI ExGen Other Exelon 2020 GAAP Earnings (Loss) Per Share $0.45 $0.46 $0.36 $0.51 $0.60 ($0.36) $2.01 Mark-to-market impact of economic hedging activities - - - - (0.24) 0.02 (0.22
Slide 75: Q4 YTD GAAP EPS Reconciliation (continued)
75 Q4 2020 Earnings Release Slides Q4 YTD GAAP EPS Reconciliation (continued) Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. Twelve Months Ended December 31, 2019 ComEd PECO BGE PHI ExGen Other Exelon 2019 GAAP Earnings
Slide 76: Projected GAAP to Operating Adjustments
76 Q4 2020 Earnings Release Slides Projected GAAP to Operating Adjustments • Exelon’s projected 2021 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: − Mark-to-market adjustments from economic hedging activities; − Unrealized gains and losses from NDT funds to t
Slide 77: GAAP to Non-GAAP Reconciliations: EU Operating TTM ROE
77 Q4 2020 Earnings Release Slides GAAP to Non-GAAP Reconciliations Consolidated EU Operating TTM ROE Reconciliation ($M) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Net Income (GAAP) $1,836 $1,770 $1,724 $1,643 Operating Exclusions $32 $40 $13 $32 Adjusted Operating Earnings $1,869 $1,810 $1,737 $1,675 Average
Slide 78: GAAP to Non-GAAP Reconciliations: ExGen Adjusted O&M
78 Q4 2020 Earnings Release Slides GAAP to Non-GAAP Reconciliations ExGen Adjusted O&M Reconciliation ($M)(1) 2020 2021 GAAP O&M $5,150 $3,900 Decommissioning(2) $25 $50 Byron and Dresden Retirements(3) $75 $450 Mystic 8/9 Retirements(4) ($525) - Direct cost of sales incurred to generate revenues fo