ComEd 2005 Annual Report Download - page 32

Download and view the complete annual report

Please find page 32 of the 2005 ComEd annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 42

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42

Discussion of Financial Results – PECO
Results of Operations – PECO
2005 2004
Favorable
(unfavorable)
variance
Operating revenues $4,910 $4,487 $ 423
Operating expenses
Purchased power 2,515 2,172 (343)
Operating and maintenance 549 547 (2)
Depreciation and amortization 566 518 (48)
Taxes other than income 231 236 5
Total operating expense 3,861 3,473 (388)
Operating income 1,049 1,014 35
Other income and deductions
Interest expense (280) (303) 23
Equity in losses of unconsolidated affiliates (16) (25) 9
Other, net 14 18 (4)
Total other income and deductions (282) (310) 28
Income before income taxes and cumulative effect of a change in accounting principle 767 704 63
Income taxes 247 249 2
Income before cumulative effect of a change in accounting principle 520 455 65
Cumulative effect of a change in accounting principle (3) – (3)
Net income 517 455 62
Preferred stock dividends 4 3 (1)
Net income on common stock $ 513 $ 452 $ 61
PECO’s net income in 2005 increased primarily as a result of higher revenues, net of related purchased power expense, due to
favorable weather and lower interest expense due to the scheduled retirement of debt owed to the PECO Energy Transition
Trust, partially offset by higher CTC regulatory asset amortization.
30 EXELON CORPORATION AND SUBSIDIARY COMPANIES