Exelon 2001 Annual Report Download - page 5

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3
Dear Fellow Shareholders
No one in the energy industry will forget 2001. It began with California’s capacity shortages—rolling blackouts and
electricity costs that burdened the state with tens of billions of dollars in long term expense. It ended with Enron’s
collapse —$70 billion of lost market capitalization and countless congressional inquiries. A frustrated Federal Energy
Regulatory Commission (FERC) proposed draconian measures to mitigate market power, threatening to retroactively
revoke virtually all generators’ authority to sell power at market based rates, at least until rapid progress is made with
respect to regional transmission organizations.
At Exelon, we faced the challenge of putting our two companies together while meeting our corporate goals and
financial commitments. We worked towards these goals in the face of lower than expected wholesale electricity
prices and demand—driven by unusual weather patterns, a slowing economy, and a trend toward excess generating
capacity. Exelon Enterprises faced the collapse of large segments of the telecommunications industry.
Yes, 2001 was a challenge, but we are proud of the results we achieved.
2001 Commitments—How Did We Do?
Acting as One
WE MET THIS OBJECTIVE Our first year as a company has been a great success. The Unicom/PECO Energy no-premium
“merger of equals” transformed two medium-large utilities into a premier national energy company. The most
telling testament to the difficulty of this feat is the failure of so many others to repeat it. Our success of first
conceiving and then executing the merger is indicative of one of Exelon’s greatest strengths—a management team
committed to creating shareholder value in both the near and long term. By working together, by leveraging our
individual strengths, and by helping others expand their strengths, we have met our synergy commitments and
taken a giant step toward our vision of being “the most recognized and admired utility services company in the world.”