Exelon 2014 Annual Report Download - page 77

Year Ended December 31, 2013 Compared to Year Ended December 31, 2012. The decrease in revenue net of purchased power
and fuel expense in the Mid-Atlantic of $163 million was primarily due to lower realized energy prices and increased nuclear fuel
costs, partially offset by the addition of Constellation in 2012, higher capacity revenues, and higher nuclear revenues.
Midwest
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The increase in revenue net of purchased power
and fuel expense in the Midwest of $8 million was primarily due to higher capacity prices, higher nuclear volumes, and the
cancellation of the DOE spent nuclear fuel disposal fee, partially offset by lower realized energy prices related to executing
Generation’s ratable hedging strategy.
Year Ended December 31, 2013 Compared to Year Ended December 31, 2012. The decrease in revenue net of purchased power
and fuel expense in the Midwest of $412 million was primarily due to lower realized energy prices, increased nuclear fuel costs, and
lower capacity revenues, partially offset by higher nuclear revenues.
New England
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The $166 million increase in revenue net of
purchased power and fuel expense in New England is primarily due to higher realized energy prices and favorable impacts from the
restructuring of a fuel supply contract, partially offset by lower generation volume.
Year Ended December 31, 2013 Compared to Year Ended December 31, 2012. The $11 million decrease in revenue net of
purchased power and fuel expense in New England is primarily due to lower realized energy prices, partially offset by the addition of
Constellation in 2012. Prior to the merger, New England was not a significant contributor to revenue net of purchased power and fuel
expense at Generation.
New York
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The $487 million increase in revenue net of
purchased power and fuel expense in New York was primarily due to the consolidation of CENG.
Year Ended December 31, 2013 Compared to Year Ended December 31, 2012. The $80 million decrease in revenue net of
purchased power and fuel expense in New York was primarily due to decreased realized energy prices, partially offset by the
addition of Constellation. Prior to the merger, New York was not a significant contributor to revenue net of purchased power and fuel
expense at Generation.
ERCOT
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The $119 million decrease in revenue net of
purchased power and fuel expense in ERCOT was primarily due to higher procurement costs for replacement power in the second
quarter of 2014 and the termination of an energy supply contract with a retail power supply company that was previously a
consolidated variable interest entity. As a result of the termination, Generation no longer has a variable interest in the retail supply
company and ceased consolidation of the entity during the third quarter of 2013. The decreases were partially offset by higher
generation volume in the first quarter of 2014.
Year Ended December 31, 2013 Compared to Year Ended December 31, 2012. The $31 million increase in revenue net of
purchased power and fuel expense in ERCOT was primarily due to increased realized energy prices and the addition of
Constellation in 2012, partially offset by a decrease due to the termination of an energy supply contract with a retail power supply
company that was previously a consolidated variable interest entity. As a result of the termination, Generation no longer has a
variable interest in the retail supply company and ceased consolidation of the entity during the third quarter of 2013.
Other Regions
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The $126 million increase in revenue net of
purchased power and fuel expense in Other Regions was primarily due to higher generation volumes and higher realized energy
prices.
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