Exelon 2006 Annual Report Download - page 23

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21
Value driven to build value through disciplined
financial management
Protect today’s value
Exelon is transitioning from a more traditional, stable utility to a more
cyclical commodity-driven merchant generator with a sizable utility
presence. As our business profile changes, its financial characteristics
and value proposition to investors also change. We have recently adopted
a new value return policy, with a base dividend that will grow modestly
over time. In the future, excess cash and/or balance sheet capacity will
be returned to shareholders from time to time through share repurchases.
Future dividends and share repurchases are subject to the approval of
our board of directors.
Grow long-term value
As we look forward, we are dedicated to growing future value by taking
the organization to the next level of performance, aligning our financial
policies, evaluating new growth opportunities, and advancing our
environmental strategy. We must find growth opportunities without
sacrificing financial discipline, without getting hung up in protracted
approval proceedings and without trading too much of today’s earnings
for promised future returns. We are open to a variety of opportunities
that meet these criteria.