ComEd 2002 Annual Report Download - page 50

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48
The changes in electric retail revenues for 2001, as compared
to 2000, as if the Merger occurred on January 1, 2000, were
attributable to the following:
Variance
Rate Changes $ 217
Customer Choice 131
Weather 98
Revenue Taxes (88)
Other Effects 62
Electric Retail Revenue $ 420
Rate Changes. The increase in revenues attributable to rate
changes reflects the expiration of a 6% reduction in PECO’s
electric rates in effect for 2000 related to PECO’s restructuring
settlement, partially offset by a $60 million PECO rate
reduction in effect for 2001, and a 5% ComEd residential rate
reduction, effective October 1, 2001, required by the Illinois
restructuring legislation.
Customer Choice. All PECO and all ComEd non-residential
customers had the choice to purchase energy from other sup-
pliers throughout 2001. The increase in electric retail revenues
included increased revenues of $276 million from customers in
Pennsylvania who selected or returned to PECO as their electric
generation supplier. This was partially offset by a decrease in
revenues of $145 million from customers in Illinois electing to
purchase energy from an ARES or from ComEd, under the PPO.
Weather. The weather impact was favorable compared to 2000
as a result of warmer summer weather conditions,although the
favorable summer weather conditions were partially offset by
unfavorable winter weather conditions,primarily in the ComEd
service territory.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
exelon corporation and subsidiary companies
Electric Revenue 2001 2000(1) Variance % Change
Bundled Revenues(2)
Residential $ 3,336 $ 3,348 $ (12) (0.4%)
Small Commercial & Industrial 2,503 2,371 132 5.6%
Large Commercial & Industrial 1,452 1,343 109 8.1%
Public Authorities & Electric Railroads 502 471 31 6.6%
Total Bundled Revenues 7,793 7,533 260 3.5%
Unbundled Revenues(3)
Alternative Energy Suppliers
Residential 235 135 100 74.1%
Small Commercial & Industrial 129 216 (87) (40.3%)
Large Commercial & Industrial 138 295 (157) (53.2%)
Public Authorities & Electric Railroads 6 18 (12) (66.7%)
508 664 (156) (23.5%)
PPO (ComEd Only)
Small Commercial & Industrial 220 92 128 139.1%
Large Commercial & Industrial 343 158 185 117.1%
Public Authorities & Electric Railroads 59 56 3 5.4%
622 306 316 103.3%
Total Unbundled Revenues 1,130 970 160 16.5%
Total Electric Retail Revenues 8,923 8,503 420 4.9%
Wholesale and Miscellaneous Revenue(4) 594 644 (50) (7.8%)
Total Electric Revenue $ 9,517 $ 9,147 $ 370 4.0%
(1) Includes the operations of ComEd as if the Merger occurred on January 1, 2000.Total revenues for Energy Delivery recorded in 2000 were $4.5 billion.
(2) Bundled revenue reflects deliveries to customers taking electric service under tariffed rates,which include the cost of energy and the delivery cost of the transmission and the distribution
of the energy. PECO’s tariffed rates also include a CTC charge.
(3) Unbundled revenue reflects revenue from customers electing to receive electric generation service from an alternative energy supplier or ComEd’s PPO.Revenue from customers choosing
an alternative energy supplier includes a distribution charge and a CTC. Revenues from customers choosing ComEd’s PPO includes an energy charge at market rates, transmission, and
distribution charges and a CTC.Transmission charges received from alternative energy suppliers are included in wholesale and miscellaneous revenue.
(4) Wholesale and miscellaneous revenues include sales to alternative energy suppliers, transmission revenue, sales to municipalities and other wholesale energy sales.