Exelon Corporation (NYSE:EXC) announced second quarter 2015
consolidated earnings as follows:
Second Quarter
2015
2014
Adjusted (non-GAAP) Operating
Results:
Net Income ($ millions)
$508
$440
Diluted Earnings per Share
$0.59
$0.51
GAAP Results:
Net Income ($ millions)
$638
$522
Diluted Earnings per Share
$0.74
$0.60
“All of our businesses continue to deliver best in class
operations, benefiting our customers and shareholders,” said
Christopher M. Crane, Exelon’s president and CEO. “Exelon achieved
earnings above our guidance range this quarter, led by strong
financial performance at Constellation. Based on our results
through June, we are narrowing our full-year operating earnings
guidance to $2.35 to $2.55 per share.”
Second Quarter Operating Results
As shown in the table above, Exelon’s Adjusted (non-GAAP)
Operating Earnings increased to $0.59 per share in the second
quarter of 2015 from $0.51 per share in the second quarter of 2014.
Earnings in the second quarter of 2015 primarily reflected the
following favorable factors:
- Higher revenue net of purchased power
and fuel at Generation as a result of a reduction in the number of
nuclear outage days, favorability from portfolio management
optimization activities, the Integrys acquisition and the
cancellation of the Department of Energy spent nuclear fuel
disposal fees;
- Higher realized NDT fund investment
gains at Generation;
- Lower uncollectible accounts expense at
BGE.
These factors were partially offset by:
- Higher storm costs at PECO;
- Unfavorable weather at ComEd;
- Higher interest expense due to higher
outstanding debt; and
- Higher income tax expenses due to
decreased domestic production activities deduction at Generation
and decreased electric tax repair deductions at PECO.
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2015 do not include the following items (after tax) that were
included in reported GAAP Net Income:
(in millions)
(per diluted share)
Exelon Adjusted (non-GAAP) Operating
Earnings
$508
$0.59
Mark-to-Market Impact of Economic Hedging
Activities
143 0.16 Unrealized Losses Related to NDT Fund Investments (56)
(0.06) Amortization of Commodity Contract Intangibles (9) (0.01)
Merger and Integration Costs (18) (0.02)
Mark-to-Market Impact of PHI Merger
Related Interest Rate Swaps
71 0.08 Long-Lived Asset Impairment (15) (0.02) CENG
Non-Controlling Interest 14 0.02
Exelon GAAP Net Income
$638
$0.74
Adjusted (non-GAAP) Operating Earnings for the second quarter of
2014 do not include the following items (after tax) that were
included in reported GAAP Net Income:
(in millions)
(per diluted share)
Exelon Adjusted (non-GAAP) Operating
Earnings
$440
$0.51
Mark-to-Market Impact of Economic Hedging
Activities
(8) (0.01) Unrealized Gains Related to NDT Fund Investments 76 0.09
Merger and Integration Costs (31) (0.03) Amortization of Commodity
Contract Intangibles (23) (0.03) Long-Lived Asset Impairments (68)
(0.08) Gain on CENG Integration 159 0.18 CENG Non-Controlling
Interest (23) (0.03)
Exelon GAAP Net Income
$522
$0.60
Second Quarter and Recent Highlights
- Pepco Holdings, Inc. Merger: On
May 15, 2015, the Maryland Public Service Commission (MDPSC)
approved the merger after modifying a number of the conditions in
the settlements, including provisions for rate credits, funding for
energy efficiency programs, establishing a green sustainability
fund, renewable generation development, ring-fencing, financial
reporting conditions and increased penalties related to reliability
commitments. On May 18, 2015, Exelon and PHI accepted and committed
to fulfill the conditions. On June 2, 2015, the Delaware Public
Service Commission (DPSC) issued an order approving the merger
between Exelon and PHI. On June 11, 2015, the Maryland Office of
People’s Counsel (OPC), the Sierra Club, and the Chesapeake Climate
Action Network filed their Petitions for Judicial Review of the
MDPSC’s approval of the merger with the Circuit Court for Queen
Anne’s County. On July 1, 2015, Public Citizen, Inc. filed its
Petition for Judicial Review with the Circuit Court for Queen
Anne’s County. On July 10, 2015, Exelon and PHI filed responses to
the Petitions for Review. On July 21, 2015, the OPC filed a motion
to stay the MDPSC order approving the merger and to set a schedule
for discovery and presentation of new evidence. Exelon and PHI
intend to vigorously oppose the motion. The merger continues to be
conditioned upon approval by the Public Service Commission of the
District of Columbia. Exelon and PHI expect the merger to be
completed in the third quarter of 2015.
- Nuclear Operations: Generation’s
nuclear fleet, including its owned output from the Salem Generating
Station and 100 percent of the CENG units, produced 43,805
gigawatt-hours (GWh) in the second quarter of 2015, compared with
41,397 GWh in the second quarter of 2014. Excluding Salem, the
Exelon-operated nuclear plants at ownership achieved a 93.1 percent
capacity factor for the second quarter of 2015, compared with 91.8
percent for the second quarter of 2014. The number of planned
refueling outage days totaled 71 in the second quarter of 2015,
compared with 108 in the second quarter of 2014. There were 18
non-refueling outage days in the second quarter of 2015, compared
with 44 days in the second quarter of 2014.
- Fossil and Renewable Operations:
The Dispatch Match rate for Generation’s gas and hydro fleet was
99.2 percent in the second quarter of 2015, compared with 99.2
percent in the second quarter of 2014. Energy Capture for the wind
and solar fleet was 96.1 percent in the second quarter of 2015,
compared with 94.7 percent in the second quarter of 2014. Energy
Capture performance improvement was attributed to enhancing
reliability, quality assurance and quality control programs.
- Financing Activities:
- On June 1, 2015, Generation completed
remarketing of $435 million in aggregate principal amount of its
tax-exempt pollution control revenue bonds. The net proceeds of the
sale of the bonds will be used for general corporate purposes.
- On June 11, 2015, Exelon issued $4.2
billion in aggregate principal amount of Senior Notes, consisting
of $550 million of 1.550% Notes due 2017, $900 million of 2.850%
Notes due 2020, $1.25 billion of 3.950% Notes due 2025, $500
million of 4.950% Notes due 2035 and $1.0 billion of 5.100% Notes
due 2045. The net proceeds of the issuance will be used to finance
a portion of the pending acquisition of PHI and related costs and
expenses and for general corporate purposes.
- On July 14, 2015, Exelon completed the
settlement of its June 2014 equity offering through the issuance of
57.5 million shares of Exelon common stock. Exelon received net
cash proceeds of $1.87 billion, which was calculated based on a
forward price of $32.48 per share as specified in the forward sale
agreements. Exelon will use the net proceeds to fund the pending
acquisition of PHI and related costs and expenses and for general
corporate purposes.
- Hedging Update: Exelon’s hedging
program involves the hedging of commodity risk for Exelon’s
expected generation, typically on a ratable basis over a three-year
period. 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, which are
calibrated to market quotes for power, fuel, load following
products and options. The proportion of expected generation hedged
as of June 30, 2015, was 98 percent to 101 percent for 2015,
77 percent to 80 percent for 2016 and 46 percent to 49 percent for
2017. The primary objective of Exelon’s hedging program is to
manage market risks and protect the value of its generation and its
investment-grade balance sheet, while preserving its ability to
participate in improving long-term market fundamentals.
Operating Company Results
Generation consists of the generation, physical delivery
and marketing of power across multiple geographical regions through
its customer-facing business, Constellation, which sells
electricity and natural gas to both wholesale and retail customers.
Generation also sells renewable energy and other energy-related
products and services, and engages in natural gas and oil
exploration and production activities (Upstream).
Generation's second quarter 2015 GAAP Net Income was $398
million, compared with net income of $340 million in the second
quarter of 2014. Adjusted (non-GAAP) Operating Earnings for the
second quarter of 2015 and 2014 do not include various items (after
tax) that were included in reported GAAP Net Income:
($ millions)
2Q15
2Q14
Generation Adjusted (non-GAAP)
Operating Earnings
$309
$231
Mark-to-Market Impact of Economic Hedging Activities 145 (8)
Unrealized (Losses) Gains Related to NDT Fund Investments (56) 76
Amortization of Commodity Contract Intangibles (9) (23) Merger and
Integration Costs (5) (19) Long-Lived Asset Impairments — (53) Gain
on CENG Integration — 159 CENG Non-Controlling Interest 14
(23)
Generation GAAP Net Income
$398
$340
Generation’s Adjusted (non-GAAP) Operating Earnings in the
second quarter of 2015 increased $78 million compared with the same
quarter in 2014. This increase primarily reflected higher revenue
net of purchased power and fuel as a result of a reduction in the
number of nuclear outage days, favorability from portfolio
management optimization activities, the Integrys acquisition and
the cancellation of the DOE spent nuclear fuel disposal fee; as
well as higher realized NDT fund gains. These increases were
partially offset by increased interest and income tax expenses.
ComEd consists of electricity transmission and
distribution operations in Northern Illinois.
ComEd's second quarter 2015 GAAP Net Income was $99 million,
compared with net income of $111 million in the second quarter of
2014. Adjusted (non-GAAP) Operating Earnings for the second quarter
of 2015 do not include merger and integration costs that were
included in reported GAAP Net Income:
($ millions)
2Q15
2Q14
ComEd Adjusted (non-GAAP) Operating
Earnings
$101
$111
Merger and Integration Costs (2) —
ComEd GAAP Net Income
$99
$111
ComEd’s Adjusted (non-GAAP) Operating Earnings in the second
quarter of 2015 decreased $10 million from the same quarter in 2014
primarily as a result of unfavorable weather offset by increased
electric distribution earnings, reflecting the impacts of increased
capital investment, partially offset by lower allowed return on
common equity due to a decrease in treasury rates.
For the second quarter of 2015, heating degree-days in the ComEd
service territory were down 1.3 percent relative to the same period
in 2014 and were 10.3 percent below normal. Cooling degree days
were down 34.0 percent from prior year and 21.6 percent below
normal. Total retail electric deliveries decreased 3.8 percent in
the second quarter of 2015 compared with the same period in
2014.
Weather-normalized retail electric deliveries decreased 1.2
percent in the second quarter of 2015 compared with the same period
in 2014.
PECO consists of electricity transmission and
distribution operations and retail natural gas distribution
operations in Southeastern Pennsylvania.
PECO’s second quarter 2015 GAAP Net Income was $70 million,
compared with net income of $84 million in the second quarter of
2014. Adjusted (non-GAAP) Operating Earnings for the second quarter
of 2015 do not include merger and integration costs that were
included in reported GAAP Net Income:
($ millions)
2Q15
2Q14
PECO Adjusted (non-GAAP) Operating
Earnings
$71
$84
Merger and Integration Costs (1) —
PECO GAAP Net Income
$70
$84
PECO’s Adjusted (non-GAAP) Operating Earnings in the second
quarter of 2015 decreased $13 million from the same quarter in 2014
primarily due to increased storm costs.
For the second quarter of 2015, heating degree-days in the PECO
service territory were down 16.0 percent relative to the same
period in 2014 and were 29.2 percent below normal. Cooling degree
days were up 36.8 percent from the prior year and 47.4 percent
above normal. Total retail electric deliveries were up 2.7 percent
compared with the second quarter of 2014. Natural gas deliveries
(including both retail and transportation segments) in the second
quarter of 2015 were down 5.7 percent compared with the same period
in 2014.
Weather-normalized retail electric and gas deliveries decreased
0.7 percent and increased 1.6 percent, respectively, in the second
quarter of 2015 compared with the same period in 2014.
BGE consists of electricity transmission and distribution
operations and retail natural gas distribution operations in
Central Maryland.
BGE’s second quarter 2015 GAAP Net Income was $44 million,
compared with net income of $16 million in the second quarter of
2014. Adjusted (non-GAAP) Operating Earnings for the second quarter
of 2015 do not include merger and integration costs that were
included in reported GAAP Net Income:
($ millions) 2Q15
2Q14
BGE Adjusted (non-GAAP) Operating
Earnings
$45
$16
Merger and Integration Costs (1) —
BGE GAAP Net Income
$44
$16
BGE’s Adjusted (non-GAAP) Operating Earnings in the second
quarter of 2015 increased $29 million from the same quarter in
2014, primarily due to decreased uncollectible accounts expense and
increased distribution revenues pursuant to increased rates
effective in December 2014. Due to decoupling, BGE's distribution
revenues are not affected by actual weather.
Adjusted (non-GAAP) Operating Earnings
Adjusted (non-GAAP) operating earnings, which generally exclude
significant one-time charges or credits that are not normally
associated with ongoing operations, mark-to-market adjustments from
economic hedging activities and unrealized gains and losses from
NDT fund investments, are provided as a supplement to results
reported in accordance with GAAP. Management uses such adjusted
(non-GAAP) operating earnings measures internally to evaluate the
company’s performance and manage its operations. Reconciliation of
GAAP Net Income to adjusted (non-GAAP) operating earnings for
historical periods is attached. Additional earnings release
attachments, which include the reconciliation on page 8, are posted
on Exelon’s Web site: www.exeloncorp.com and have been furnished to the
Securities and Exchange Commission on Form 8-K on July 29,
2015.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, that are subject to risks and uncertainties. The factors
that could cause actual results to differ materially from the
forward-looking statements made by Exelon Corporation, Commonwealth
Edison Company, PECO Energy Company, Baltimore Gas and Electric
Company and Exelon Generation Company, LLC (Registrants) include
those factors discussed herein, as well as the items discussed in
(1) Exelon’s 2014 Annual Report on Form 10-K in (a) ITEM 1A. Risk
Factors, (b) ITEM 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (c) ITEM 8.
Financial Statements and Supplementary Data: Note 22; (2) Exelon’s
Second Quarter 2015 Quarterly Report on Form 10-Q (to be filed on
July 29, 2015) in (a) Part II, Other Information, ITEM 1A.
Risk Factors; (b) Part 1, Financial Information, ITEM 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and (c) Part I, Financial Information, ITEM
1. Financial Statements: Note 19; and (3) other factors discussed
in filings with the SEC by the Registrants. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which apply only as of the date of this press release. None of the
Registrants undertakes any obligation to publicly release any
revision to its forward-looking statements to reflect events or
circumstances after the date of this press release.
Exelon Corporation (NYSE: EXC) is the nation’s
leading competitive energy provider, with 2014 revenues of
approximately $27.4 billion. Headquartered in Chicago, Exelon does
business in 48 states, the District of Columbia and Canada. Exelon
is one of the largest competitive U.S. power generators, with more
than 32,000 megawatts of owned capacity comprising one of the
nation’s cleanest and lowest-cost power generation fleets. The
company’s Constellation business unit provides energy products and
services to more than 2.5 million residential, public sector and
business customers, including more than two-thirds of the Fortune
100. Exelon’s utilities deliver electricity and natural gas to more
than 7.8 million customers in central Maryland (BGE), northern
Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow
Exelon on Twitter @Exelon.
EXELON CORPORATION Reconciliation of Adjusted (non-GAAP)
Operating Earnings to GAAP Consolidated Statements of
Operations
(unaudited)
(in millions, except per share data)
Three Months Ended June 30, 2015
Three Months Ended June 30, 2014 GAAP (a)
Adjustments
AdjustedNon-GAAP
GAAP (a) Adjustments
AdjustedNon-GAAP
Operating revenues $ 6,514 $ (7 ) (b),(c) $ 6,507 $ 6,024 $
170 (b),(c) $ 6,194
Operating expenses Purchased power and
fuel 2,449 214 (b),(c) 2,663 2,412 108 (b),(c) 2,520 Operating and
maintenance 2,042 (41 ) (d),(e) 2,001 2,166 (137 ) (d),(e) 2,029
Depreciation and amortization 602 — 602 590 — 590 Taxes other than
income 294 — 294 288 — 288
Total operating expenses 5,387 173 5,560 5,456 (29 )
5,427
Gain on sale of assets 7 — 7 13 — 13
Gain on
consolidation and acquisition of businesses — — —
261 (261 ) (i) —
Operating income 1,134
(180 ) 954 842 (62 ) 780
Other
income and (deductions) Interest expense (155 ) (104 ) (d),(f)
(259 ) (238 ) 8 (d) (230 ) Other, net (17 ) 127 (g) 110
230 (162 ) (g) 68
Total other income and
(deductions) (172 ) 23 (149 ) (8 ) (154 ) (162 )
Income before income taxes 962 (157 ) 805 834 (216 ) 618
Income taxes 327 (41 )
(b),(c),(d),(e),(f),(g)
286 277 (111 )
(b),(c),(d),(e),(i),(g)
166
Equity in losses of unconsolidated affiliates (2 ) —
(2 ) — — —
Net income 633 (116 )
517 557 (105 ) 452
Net income (loss) attributable to
noncontrolling interests and preference stock dividends (5 ) 14
(h) 9 35 (23 ) (h) 12
Net income
attributable to common shareholders $ 638 $ (130 ) $ 508
$ 522 $ (82 ) $ 440
Effective tax rate
34.0 % 35.5 % 33.2 % 26.9 %
Earnings per average common
share Basic $ 0.74 $ (0.15 ) $ 0.59 $ 0.61 $ (0.10 ) $ 0.51
Diluted $ 0.74 $ (0.15 ) $ 0.59 $ 0.60 $ (0.09
) $ 0.51
Average common shares outstanding Basic 863
863 860 860 Diluted 866 866 864 864
Effect of adjustments on
earnings per average diluted common share recorded in accordance
with GAAP:
Mark-to-market impact of economic hedging
activities (b)
$
(0.16
)
$
0.01
Amortization of commodity contract intangibles (c) 0.01 0.03 Merger
and integration costs (d) 0.02 0.03 Long-lived asset impairment (e)
0.02 0.08
Mark-to-market impact of PHI merger
related interest rate swaps (f)
(0.08 ) — Unrealized losses (gains) related to NDT fund investments
(g) 0.06 (0.09 ) CENG Non-controlling interest (h) (0.02 ) 0.03
Gain on CENG integration (i) — (0.18 ) Total adjustments $
(0.15 ) $ (0.09 ) (a) Results reported in accordance with
accounting principles generally accepted in the United States
(GAAP). (b) Adjustment to exclude the mark-to-market impact of
Exelon’s economic hedging activities, net of intercompany
eliminations. (c) Adjustment to exclude the non-cash amortization
of intangible assets, net, related to commodity contracts recorded
at fair value, if and when applicable, related to the Constellation
merger, the CENG integration and the Integrys acquisition. (d)
Adjustment to exclude certain costs associated with the
Constellation merger, pending PHI acquisition, and at Generation,
the CENG integration and Integrys acquisition, including, if and
when applicable, professional fees, employee-related expenses,
integration activities, upfront credit facilities fees, merger
commitments, and certain pre-acquisition contingencies. (e)
Adjustment to exclude a 2015 and 2014 charge to earnings related to
the impairment of investments in long-term leases and a 2014 charge
to earnings related to the impairment of certain wind generating
assets. (f) Adjustment to exclude the mark-to-market impact of
Exelon Corporate's forward-starting interest rate swaps related to
financing for the pending PHI acquisition. (g) Adjustment to
exclude the unrealized gains and losses on NDT fund investments to
the extent not offset by contractual accounting as described in the
notes to the consolidated financial statements. (h) Adjustment to
account for Generation's non-controlling interest related to CENG
exclusion items, primarily related to the impact of unrealized
gains and losses on NDT fund investments in 2015, and in 2014 the
impact of unrealized gains and losses on NDT fund investments,
certain merger and acquisition costs, and non-cash amortization of
intangible assets, net, related to commodity contracts. (i)
Adjustment to exclude the gain recorded upon consolidation of CENG
resulting from the difference in the fair value of CENG’s net
assets and the equity method investment previously recorded on
Generation’s and Exelon’s books and the settlement of pre-existing
commitments between Generation and CENG.
EXELON
CORPORATION Reconciliation of Adjusted (non-GAAP) Operating
Earnings to
GAAP Consolidated Statements of
Operations
(unaudited)
(in millions, except per share data)
Six Months Ended June 30, 2015 Six
Months Ended June 30, 2014 GAAP (a)
Adjustments
AdjustedNon-GAAP
GAAP (a) Adjustments
AdjustedNon-GAAP
Operating revenues $ 15,345 $ (201 ) (b),(c) $ 15,144 $
13,261 $ 1,020 (b),(c),(d) $ 14,281
Operating expenses
Purchased power and fuel 6,919 220 (b),(c) 7,139 6,752 187 (b),(c)
6,939 Operating and maintenance 4,123 (53 ) (d),(e),(f) 4,070 4,024
(149 ) (d),(f) 3,875 Depreciation and amortization 1,212 — 1,212
1,154 — 1,154 Taxes other than income 598 — 598
580 — 580
Total operating
expenses 12,852 167 13,019 12,510 38 12,548
Equity in losses
of unconsolidated affiliates — — — (20 ) 12 (c),(d) (8 )
Gain on sales of assets 8 — 8 18 — 18
Gain on
consolidation of CENG — — — 261
(261 ) (j) —
Operating income 2,501 (368 )
2,133 1,010 733 1,743
Other income
and (deductions) Interest expense, net (501 ) (15 ) (d),(g)
(516 ) (465 ) 8 (d) (457 ) Other, net 64 78 (h) 142
330 (205 ) (h),(k) 125
Total other income
and (deductions) (437 ) 63 (374 ) (135 ) (197 ) (332 )
Income before income taxes 2,064 (305 ) 1,759 875 536 1,411
Income taxes 690 (104 )
(b),(c),(d),(e),(f),(g),(h)
586 224 201
(b),(c),(d),(f),(h),(j),(k)
425
Equity in losses of unconsolidated affiliates (2 ) —
(2 ) — — —
Net income 1,372 (201
) 1,171 651 335 986
Net income attributable to noncontrolling
interests, preferred security dividends and redemption and
preference stock dividends 41 7 (i) 48 39
(23 ) (i) 16
Net income attributable to common
shareholders $ 1,331 $ (208 ) $ 1,123 $ 612
$ 358 $ 970
Effective tax rate 33.4 %
33.3 % 25.6 % 30.1 %
Earnings per average common share Basic
$ 1.54 $ (0.24 ) $ 1.30 $ 0.71 $ 0.42 $ 1.13 Diluted $ 1.54
$ (0.24 ) $ 1.30 $ 0.71 $ 0.41 $ 1.12
Average common shares outstanding Basic 862 862 860 860
Diluted 866 866 863 863
Effect of adjustments on earnings per
average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (b) $ (0.27 )
$ 0.52 Amortization of commodity contract intangibles (c) (0.02 )
0.06 Merger and integration costs (d) 0.04 0.04 Long-lived asset
impairment (e) 0.02 0.08 Midwest Generation bankruptcy recoveries
(f) (0.01 ) —
Mark-to-market impact of PHI merger
related interest rate swaps (g)
(0.03 ) — Unrealized gains related to NDT fund investments (h) 0.04
(0.10 ) CENG Non-controlling interest (i) (0.01 ) 0.03 Gain on CENG
integration (j) — (0.18 ) Tax settlement (k) — (0.04 ) Total
adjustments $ (0.24 ) 0.41
Note: For the six months ended June 30,
2014, includes the results of operations of CENG beginning April 1,
2014, the date the nuclear operating services agreement was
executed.
(a) Results reported in accordance with GAAP. (b) Adjustment
to exclude the mark-to-market impact of Exelon’s economic hedging
activities, net of intercompany eliminations. (c) Adjustment to
exclude the non-cash amortization of intangible assets, net,
related to commodity contracts recorded at fair value, if and when
applicable, related to the Constellation merger, the CENG
integration and the Integrys acquisition. (d) Adjustment to exclude
certain costs associated with the Constellation merger, pending PHI
acquisition, and at Generation, the CENG integration and Integrys
acquisition, including, if and when applicable, professional fees,
employee-related expenses, integration activities, upfront credit
facilities fees, merger commitments, and certain pre-acquisition
contingencies. (e) Adjustment to exclude a 2015 and 2014 charge to
earnings related to the impairment of investments in long-term
leases and a 2014 charge to earnings related to the impairment of
certain wind generating assets. (f) Adjustment to reflect a benefit
related to the favorable settlement of a long-term railcar lease
agreement pursuant to the Midwest Generation bankruptcy. (g)
Adjustment to exclude the mark-to-market impact of Exelon
Corporate's forward-starting interest rate swaps related to
financing for the pending PHI acquisition. (h) Adjustment to
exclude the unrealized gains on NDT fund investments to the extent
not offset by contractual accounting as described in the notes to
the consolidated financial statements. (i) Adjustment to account
for Generation's non-controlling interest related to CENG exclusion
items, primarily related to the impact of unrealized gains and
losses on NDT fund investments in 2015, and in 2014 the impact of
unrealized gains and losses on NDT fund investments, certain merger
and acquisition costs, and non-cash amortization of intangible
assets, net, related to commodity contracts. (j) Adjustment to
exclude the gain recorded upon consolidation of CENG resulting from
the difference in the fair value of CENG’s net assets and the
equity method investment previously recorded on Generation’s and
Exelon’s books and the settlement of pre-existing commitments
between Generation and CENG. (k) Adjustment to reflect a benefit
related to favorable settlements in 2014 of certain income tax
positions on Constellation’s 2009-2012 tax returns.
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Exelon CorporationFrancis Idehen, 312-394-3967Investor
RelationsPaul Adams, 410-470-4167Corporate Communications
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