Exelon 2014 Annual Report Download - page 94

As of December 31,
Number of Gas Customers 2014 2013 2012
Residential .......................................................................... 462,663 458,356 454,502
Commercial & industrial ................................................................ 42,686 42,174 41,836
Total retail 505,349 500,530 496,338
Transportation ........................................................................ 855 909 903
Total 506,204 501,439 497,241
Gas revenue 2014 2013
% Change
2014 vs. 2013 2012
% Change
2013 vs. 2012
Retail Sales (a)
Retail sales ........................................................ $608 $562 8.2% $509 10.4%
Transportation and other ............................................. 38 38 — % 37 2.7%
Total gas revenue ................................................... $646 $600 7.7% $546 9.9%
(a) Reflects delivery volumes and revenue from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural
gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflect the cost of natural gas.
Results of Operations—BGE
2014 2013
Favorable
(unfavorable)
2014 vs. 2013
variance 2012
Favorable
(unfavorable)
2013 vs. 2012
variance
Operating revenue ............................................. $3,165 $3,065 $ 100 $2,735 $ 330
Purchased power and fuel expense ................................ 1,417 1,421 4 1,369 (52)
Revenue net of purchased power and fuel expense (a) .............. 1,748 1,644 104 1,366 278
Other operating expenses
Operating and maintenance .................................. 717 634 (83) 728 94
Depreciation and amortization ................................ 371 348 (23) 298 (50)
Taxes other than income ..................................... 221 213 (8) 208 (5)
Total other operating expenses ............................ 1,309 1,195 (114) 1,234 39
Operating income ............................................. 439 449 (10) 132 317
Other income and (deductions)
Interest expense, net ........................................ (106) (122) 16 (144) 22
Other, net ................................................. 18 17 1 23 (6)
Total other income and (deductions) (88) (105) 17 (121) 16
Income before income taxes .................................... 351 344 7 11 333
Income taxes ................................................. 140 134 (6) 7 (127)
Net income ................................................... 211 210 1 4 206
Preference stock dividends ....................................... 13 13 — 13 —
Net income (loss) attributable to common shareholder ............. $ 198 $ 197 $ 1 $ (9) $206
(a) BGE evaluates its operating performance using the measures of revenue net of purchased power expense for electric sales and revenue net of fuel expense for gas
sales. BGE believes revenue net of purchased power and fuel expense are useful measurements of its performance because they provide information that can be
used to evaluate its net revenue from operations. BGE has included the analysis below as a complement to the financial information provided in accordance with
GAAP. However, revenue net of purchased power and fuel expense figures are not a presentation defined under GAAP and may not be comparable to other
companies’ presentations or more useful than the GAAP information provided elsewhere in this report.
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