ComEd 2005 Annual Report Download - page 6

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Our financial performance has made Exelon one of the most highly valued
companies in the industry. Exelon’s year-end capitalization exceeded $35 billion,
or almost $9 billion more than our next largest competitor. Our overall stock
price rose nearly 21 percent, from $44.07 on December 31, 2004 to $53.14 on
December 30, 2005. And our total return measured by stock appreciation plus
dividend reinvestment was approximately 25 percent. From the completion
of the Unicom/PECO merger in October 2000 to the end of 2005, Exelon’s
total return was 112 percent; a comparable investment in the companies that
comprise the Philadelphia Utility Index would have yielded a total average
return of 43 percent.
Our continuing financial performance again demonstrates the wisdom of
the original merger between PECO and Unicom. It reaffirms the potential
of the pending merger between Exelon and Public Service Enterprise Group
as well. Now more than ever, in a time of surging energy prices, we need to
create companies that can successfully function in the competitive market-
place, and have the necessary scope, scale and financial strength to build
new infrastructure. The merger with PSEG will create such a company, deliv-
ering substantial benefits not only to customers and shareholders, but to
the people of New Jersey and the region as a whole.
Our success has not gone unnoticed. Fortune magazine recently ranked Exelon
the most admired company in the industry, and one of the most admired
companies in the country for the second year in a row. The Fortune ranking is
based on the opinions of 10,000 executives, directors and analysts, and rates
companies on a wide variety of attributes, including financial soundness and
long-term investments, innovation, social responsibility and quality of man-
agement. Exelon received similar accolades from Platts, who named us the
number one electric utility in the Americas and number three in the world
in its December 2005 list.
I congratulate the Exelon management team and all of our employees for
earning this recognition from Fortune magazine.
vision
We strive to be the very best electric and gas company in the country. To be
the best, we must achieve superior operating performance and deliver world-
class service to our customers, and the communities we serve. We must keep
the lights on and the gas flowing for millions of people at home and work. We
must constantly strive to be a good neighbor, a good environmental steward
and a strong partner in the communities in which we all work and live. We
must provide a diverse and highly competent group of employees with respect,
opportunity and a place to build satisfying careers. And we must remain
committed to safety, integrity, accountability, and continuous improvement.
If we can keep these commitments, we can realize our Vision and secure our
position as the most admired company in the industry, not just in 2005, but
for a generation.
I congratulate the
Exelon management
team and all of our
employees for earning
this recognition from
Fortune magazine.