Exelon(US:EXC)2023-02-13 16:00Investment and Infrastructure - Exelon plans to invest approximately $31 billion over the next four years in electric and natural gas infrastructure improvements, which is projected to increase the current rate base by approximately $18 billion by the end of 2026[65]. - Estimated customer program energy efficiency investments across Utility Registrants from 2023 to 2026 total $3.5 billion[84]. - BGE announced plans to invest $500 million in infrastructure upgrades over the next three years to enhance service reliability[110]. Environmental Goals and Emissions - Exelon aims to collectively reduce its operations-driven GHG emissions by 50% by 2030 against a 2015 baseline and achieve net zero operations-driven GHG emissions by 2050[66]. - In 2021, Exelon's Scope 1 and 2 GHG emissions were over 5.7 million metric tons CO2 equivalent, with 91% being indirect emissions from electricity distribution[83]. - Exelon is collaborating with national labs and universities to research and develop clean technologies necessary for achieving its GHG reduction goals[84]. - The U.S. has set a target to reduce net GHG emissions by 50-52% below 2005 levels by 2030, which influences Exelon's operational strategies[89]. - Exelon is subject to various state and regional GHG reduction programs, impacting its compliance and operational costs[92]. - The Inflation Reduction Act aims to promote clean energy projects, requiring Exelon to modernize its infrastructure to integrate new resources[90]. Operational Performance and Financials - Exelon reported a significant increase in revenue, reaching $14.5 billion for the fiscal year, a 10% increase compared to the previous year[106]. - The company achieved a net income of $2.1 billion, reflecting a 15% growth year-over-year[106]. - PECO's operational efficiency improved, resulting in a 5% reduction in operational costs, totaling $1.5 billion[109]. - The company expects earnings per share (EPS) guidance for the next fiscal year to be in the range of $3.00 to $3.20, indicating a growth of 8% to 12%[106]. Customer Engagement and Service - ComEd's customer base expanded by 3%, adding approximately 100,000 new customers in the last quarter[108]. - Exelon plans to enhance its customer service operations, aiming for a 90% customer satisfaction rate by the end of the next fiscal year[106]. - New technology initiatives are underway, including smart grid advancements aimed at improving energy efficiency and customer engagement[110]. Workforce and Diversity - Approximately 44% of Exelon's employees participate in collective bargaining agreements (CBAs), with a total of 8,379 employees covered by CBAs as of December 31, 2022[76]. - The Utility Registrants' turnover rates for retirement age employees averaged 3.71% from 2020 to 2022, with voluntary turnover at 2.79%[75]. - Exelon is committed to creating a diverse and inclusive workplace, with a total of 19,063 employees, including 5,300 females and 7,519 people of color as of December 31, 2022[71]. Strategic Initiatives - Exelon focuses on maintaining operational excellence and meeting financial commitments while supporting clean energy policies that advance clean energy targets[62]. - Exelon seeks to leverage its scale and expertise across utilities to achieve improved operational and financial results through enhanced standardization and sharing of resources[63]. - Exelon is exploring strategic acquisitions to expand its market presence, particularly in the renewable sector[106].