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:
|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.