EXELON CORPORATION Exelon Reports First Quarter 2019 Results | Page 1 of 8 | ||
https://www.exeloncorp.com/newsroom/exelon-reports-first-quarter-2019-results6/26/2019
Exelon Reports First Quarter 2019 Results | Page 2 of 8 |
The Adjusted (non-GAAP) Operating Earnings in the first quarter of 2019 reflect lower realized energy prices and the absence of the revenue recognized in the first quarter of 2018 related to Zero Emissions Credits (ZECs) generated in Illinois from June through December 2017, partially offset by increased capacity prices at Generation. On the utility side, the Adjusted (non- GAAP) Operating Earnings reflect higher utility earnings due to regulatory rate increases at PECO, BGE and PHI and lower storm costs at PECO and BGE.
PECO's first quarter of 2019 GAAP Net Income increased to $168 million from $113 million in the first quarter of 2018. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2019 increased to $169 million from $114 million in the first quarter of 2018, primarily due to regulatory rate increases and the absence of the March 2018 winter storm costs.
BGE's first quarter of 2019 GAAP Net Income increased to $160 million from $128 million in the first quarter of 2018. BGE's Adjusted (non-GAAP) Operating Earnings for the first
PHI's first quarter of 2019 GAAP Net Income increased to $117 million from $65 million in the first quarter of 2018. PHI's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2019 increased to $118 million from $65 million in the first quarter of 2018, primarily due to regulatory rate increases. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns.
Generation's first quarter of 2019 GAAP Net Income increased to $363 million from $136 million in the first quarter of 2018. Generation's Adjusted (non-GAAP) Operating Earnings
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Exelon Reports First Quarter 2019 Results | Page 3 of 8 |
The proportion of expected generation hedged as of March 31, 2019, was 90 percent to 93 percent for 2019, 64 percent to 67 percent for 2020 and 38 percent to 41 percent for 2021.
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Exelon Reports First Quarter 2019 Results | Page 4 of 8 |
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Adjusted (non-GAAP) Operating Earnings for the first quarter of 2019 do not include the following items (after tax) that were included in reported GAAP Net Income:
Exelon Earnings per Diluted
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Exelon Reports First Quarter 2019 Results | Page 5 of 8 |
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https://www.exeloncorp.com/newsroom/exelon-reports-first-quarter-2019-results6/26/2019
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Exelon Corporation published this content on 25 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 June 2019 20:25:05 UTC
