ComEd 2004 Annual Report Download - page 31
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Discussion of Financial Results – Energy Delivery
Results of Operations – Energy Delivery
in millions 2004 2003
Favorable
(Unfavorable)
Variance
Operating revenues $10,290 $10,202 $ 88
Operating expenses
Purchased power and fuel expense 4,760 4,597 (163)
Operating and maintenance 1,444 1,669 225
Depreciation and amortization 928 873 (55)
Taxes other than income 527 440 (87)
Total operating expense 7,659 7,579 (80)
Operating income 2,631 2,623 8
Other income and deductions
Interest expense (672) (747) 75
Distributions on mandatorily redeemable preferred securities (3) (39) 36
Equity in losses of unconsolidated affiliates (44) – (44)
Other, net (78) 51 (129)
Total other income and deductions (797) (735) (62)
Income before income taxes and cumulative effect of a change
in accounting principle 1,834 1,888 (54)
Income taxes 706 718 12
Income before cumulative effect of a change in accounting principle 1,128 1,170 (42)
Cumulative effect of a change in accounting principle – 5 (5)
Net income $ 1,128 $ 1,175 $ (47)
Energy Delivery’s net income in 2004 decreased primarily due to costs associated with ComEd’s accelerated retirement of
long-term debt, reflected in other income and deductions – other, net, offset in part by lower interest expense. Operating
income, while reflecting various changes in operating revenues and expenses, was relatively unchanged between periods.
EXELON CORPORATION AND SUBSIDIARY COMPANIES 29