ComEd 2015 Annual Report Download - page 142

Table of Contents
Results of Operations—PECO
2015 2014
Favorable
(unfavorable)
2015 vs. 2014
variance 2013
Favorable
(unfavorable)
2014 vs. 2013
variance
Operating revenue $3,032 $3,094 $ (62) $3,100 $ (6)
Purchased power and fuel 1,190 1,261 71 1,300 39
Revenue net of purchased power and fuel expense 1,842 1,833 9 1,800 33
Other operating expenses
Operating and maintenance 794 866 72 748 (118)
Depreciation and amortization 260 236 (24) 228 (8)
Taxes other than income 160 159 (1) 158 (1)
Total other operating expenses 1,214 1,261 47 1,134 (127)
Gain on sale of assets 2 — 2 — —
Operating income 630 572 58 666 (94)
Other income and (deductions)
Interest expense, net (114) (113) (1) (115) 2
Other, net 5 7 (2) 6 1
Total other income and (deductions) (109) (106) (3) (109) 3
Income before income taxes 521 466 55 557 (91)
Income taxes 143 114 (29) 162 48
Net income 378 352 26 395 (43)
Preferred security dividends and redemption — — — 7 7
Net income attributable to common shareholder $ 378 $ 352 $ 26 $ 388 $ (36)
(a) PECO 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.
PECO believes revenue net of purchased power expense and revenue net of fuel expense are useful measurements of its performance because they provide information that
can be used to evaluate its net revenue from operations. PECO has included the analysis below as a complement to the financial information provided in accordance with GAAP.
However, revenue net of purchased power expense and revenue net of 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.
Net Income Attributable to Common Shareholder
 PECO’s net income attributable to common shareholder for
the year ended December 31, 2015 was higher than the same period in 2014, primarily due to a decrease in Operating and maintenance expense
due to a decrease in storm costs.
 PECO’s net income attributable to common shareholder for
the year ended December 31, 2014 was lower than the same period in 2013, primarily due to an increase in Operating and maintenance expense
due to an increase in storm costs partially offset by an increase in Operating revenue net of purchase power and fuel expense and a decrease in
Income tax expense.
135
(a)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.