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Exelon Announces Fourth Quarter And Full Year 2012 Results; Introduces 2013 Guidance; Declares First Quarter Dividend And Sets Revised Dividend Policy

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $26.52 per megawatt-hour (MWh) in the fourth quarter of 2012, compared with $39.31 per MWh in the fourth quarter of 2011.

ComEd consists of electricity transmission and distribution operations in northern Illinois.

ComEd recorded GAAP net income of $160 million in the fourth quarter of 2012, compared with net income of $121 million in the fourth quarter of 2011. Adjusted (non-GAAP) operating earnings for the fourth quarter of 2011 and 2012 do not include an item (after tax) that was included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:
($ millions)   4Q12   4Q11
ComEd Adjusted (non-GAAP) Operating Earnings   $162   $121
Constellation Merger and Integration Costs   $(2)   -
ComEd GAAP Net Income   $160   $121

ComEd’s Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2012 were up $41 million from the same quarter in 2011, primarily due to:
  • Impacts of the October 2012 rehearing order issued by the ICC primarily related to ComEd’s recovery of the pension asset;
  • Lower interest expense due to tax settlements; and
  • Lower income taxes.

These items were partially offset by lower distribution revenue due to lower allowed ROE under the provision of the formula rate mechanism and a 2011 credit for the allowed recovery of certain storm costs pursuant to EIMA.

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