Exelon(EXC)2024-05-02 19:00Financial Performance - Exelon's net income attributable to common shareholders for Q1 2024 was $658 million, a decrease of $11 million compared to $669 million in Q1 2023[356]. - Diluted earnings per share decreased to $0.66 in Q1 2024 from $0.67 in Q1 2023, primarily due to higher interest expenses and storm costs[357]. - Adjusted (non-GAAP) operating earnings for Q1 2024 were $685 million, down from $696 million in Q1 2023, reflecting a decrease in operational performance[364]. - ComEd's net income for Q1 2024 decreased by $48 million (19.9%) to $193 million, primarily due to lower electric distribution earnings[381]. - PECO's net income for Q1 2024 decreased by $17 million (10.2%) to $149 million, driven by higher storm costs and increased interest expense[393]. - Net income for BGE increased by $64 million to $264 million in Q1 2024, driven by favorable impacts from multi-year plans[407]. - DPL's net income for the three months ended March 31, 2024, was $66 million, an increase of $6 million from $60 million in 2023, driven by higher Delaware electric distribution rates[440]. Revenue and Expenses - ComEd's operating revenues for Q1 2024 were $2.095 billion, an increase of $428 million (25.7%) compared to Q1 2023[381]. - PECO's operating revenues for Q1 2024 were $1.054 billion, a decrease of $58 million (5.2%) compared to Q1 2023, attributed to increased operating expenses[393]. - Operating revenues for BGE rose by $40 million to $1,297 million in Q1 2024 compared to $1,257 million in Q1 2023[407]. - Pepco's operating revenues for the three months ended March 31, 2024, were $759 million, an increase of $49 million from $710 million in 2023[425]. - DPL's operating revenues for the three months ended March 31, 2024, were $491 million, reflecting a $17 million increase from $474 million in 2023[440]. - Total operating expenses for Pepco increased to $640 million for the three months ended March 31, 2024, up from $610 million in 2023, reflecting a $30 million increase[425]. - Operating and maintenance expenses for BGE increased by $42 million in Q1 2024, largely due to storm-related costs and regulatory required programs[416]. Regulatory and Compliance - Exelon is currently involved in regulatory proceedings that may impact future financial statements, including base rate cases and FERC audits[363]. - ComEd's completed distribution base rate case proceedings included a requested revenue requirement increase of $1.487 billion, with an approved increase of $501 million effective January 1, 2024[366]. - The increase in operating revenues for DPL included a $21 million rise from regulatory required programs, despite a $28 million decrease in other regulatory programs[441]. - Distribution revenue increased due to higher electric distribution rates effective July 2023 and Maryland's multi-year plan effective January 2024[450]. Customer Growth - The number of electric customers increased to 1,341,840 in Q1 2024 from 1,336,321 in Q1 2023, reflecting a growth in residential and commercial segments[409]. - The total number of electric customers increased to 946,982 as of March 31, 2024, up from 936,355 in 2023, representing a growth of approximately 1.3%[427]. - The number of natural gas customers for BGE grew to 703,136 in Q1 2024 from 701,104 in Q1 2023[410]. - The number of Delaware natural gas customers rose to 140,788 in 2024, up from 140,123 in 2023, reflecting an increase in residential customers to 130,427[448]. - The total number of electric customers for ACE increased to 572,118 in 2024, up from 569,246 in 2023[461]. Capital and Investment - Projected capital expenditures for 2024 total $7,425 million, with ComEd contributing $2,150 million, PECO $1,700 million, and BGE $1,600 million[491]. - Capital expenditures for Exelon were $114 million, while ComEd reported $23 million in Q1 2024[480]. - Exelon has $858 million of common stock available for sale under its ATM equity distribution program as of December 31, 2023[488]. - The Registrants had $4.0 billion in total credit facility commitments, with $2.7 billion available for commercial paper as of March 31, 2024[486]. Interest and Tax Rates - The marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%, affecting the reconciliation of GAAP net income and adjusted operating earnings[361]. - Effective income tax rates for ComEd were 9.0% for Q1 2024, down from 22.8% in Q1 2023[391]. - Effective income tax rates for BGE were 8.3% in Q1 2024, down from 20.6% in Q1 2023[419]. - The effective income tax rates were 15.7% for the three months ended March 31, 2024, compared to 15.6% in 2023[438]. - The effective income tax rate for the three months ended March 31, 2024, was 20.5%, compared to 16.7% in 2023[456]. Debt and Financing - Short-term borrowings increased by $963 million for Exelon and $296 million for ComEd in Q1 2024[482]. - Long-term debt decreased by $1,344 million for Exelon and $975 million for ComEd in Q1 2024[482]. - Exelon has entered into 20-year floating-to-fixed renewable energy swap contracts to hedge against commodity price risk[514]. - Exelon utilizes hedging programs to mitigate exposure to energy and natural gas price volatility, with costs fully recovered through regulatory-approved mechanisms[511]. - The Registrants' outstanding long-term debt is primarily fixed-rate, significantly reducing interest rate risk[515]. Operational Efficiency - Cash flows from operating activities increased by $508 million for Exelon and $672 million for ComEd in Q1 2024 compared to the same period in 2023[476]. - Non-cash operating activities adjustments totaled $129 million for Exelon and $115 million for ComEd in Q1 2024[476]. - Energy efficiency spending for ComEd was $80 million in Q1 2024, compared to $72 million in Q1 2023[478].