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E
ExelonCorporation
P.O.Box805398
Chicago,IL60680-5398
www.exeloncorp.com
©2010Exelon
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ExelonCorporation2009SummaryAnnualReport
SustainablePerformance
Table of contents
-
Page 1
Exelon฀Corporation฀2009฀Summary฀Annual฀Report฀ Sustainable฀Performance -
Page 2
...Talent Exelon฀at฀a฀Glance Executive฀Committee Board฀of฀Directors Financial฀Section On฀the฀cover:฀PECO฀has฀been฀displaying฀messages฀atop฀its฀headquarters...well฀as฀those฀discussed฀in฀(1)฀Exelon's฀2009฀Annual฀Report฀on฀Form฀10-K฀in฀฀ (a)฀... -
Page 3
...฀know฀about฀energy฀policy?฀We฀know฀that฀our฀energy฀฀ supplies฀must฀continue฀to฀become฀cleaner฀and฀greener,฀and฀we฀฀ know...these฀goals฀in฀a฀฀ cost-effective฀way. Beyond฀what฀Exelon฀is฀doing,฀or฀can฀do,฀this฀nation฀needs฀a฀... -
Page 4
...In฀2009,฀our฀economy฀struggled฀through฀one฀of฀the฀worst฀recessions฀ in฀memory.฀Though฀signs฀of฀recovery฀have฀begun฀to฀appear,฀Exelon฀ was฀challenged฀by฀the฀nation's฀economic฀weakness฀-฀as฀was฀nearly฀ every฀major฀corporation.฀In... -
Page 5
...฀2009.฀The฀Exelon...Exelon's฀future฀earnings฀and฀share฀price฀appreciation฀are฀ of฀regulation฀impact฀our฀competitors,฀Exelon...corporations฀ to฀be฀named฀by฀Forbes฀as฀one฀of฀"America's฀Best฀Companies."฀We฀were฀ranked฀seventh฀on฀BusinessWeek... -
Page 6
...Exelon's฀"Energy฀for฀the฀Community"฀ the฀second฀year฀in฀a฀row฀by฀VolunteerMatch฀as฀the฀Corporate...฀report฀that฀Exelon฀turned฀in฀top-quartile฀safety฀performance฀in฀2009.฀฀...on฀the฀South฀Side฀of฀Chicago.฀ retire฀Cromby฀Station฀and฀... -
Page 7
....฀While฀ComEd฀and฀PECO฀escaped฀the฀ evidence...200฀million฀in฀savings.฀In฀2009,฀we฀completed฀a฀ Chris฀Crane฀...Exelon฀Business฀ Services฀Company฀(BSC)฀provided฀top-quality฀legal,฀information฀technology,฀supply฀and฀human฀resource฀ services... -
Page 8
...smart฀grid฀infrastructure฀in฀the฀coming฀years.฀PECO฀was฀one฀of฀six฀utilities฀ selected...฀Chicago's฀West฀Side฀and฀adjacent฀suburbs. •฀ ฀ Third,฀we฀created฀the฀Exelon฀... to฀the฀country's฀population฀centers.฀ETC฀gives฀us฀a฀means฀to... -
Page 9
...Exelon฀2020฀that฀would฀effectively฀eliminate฀our฀carbon฀footprint.฀As฀of฀2009,฀we฀ of฀the฀carbon฀dioxide฀(CO2)฀emissions฀of฀1฀million฀cars...become฀฀ John฀W.฀Rowe Chairman฀and฀Chief฀Executive฀Officer Exelon฀Corporation March฀8,฀2010 7 -
Page 10
...฀companies฀in฀the฀United฀States - providing฀superior฀ Exelon฀City฀Solar,฀the฀largest฀urban฀solar฀power฀ plant...megawatt฀ installation฀located฀on฀a฀41-acre฀brownfield฀in฀ Chicago's฀West฀Pullman฀neighborhood.฀Its฀32,292฀ solar฀photovoltaic฀... -
Page 11
our฀goals >฀฀ Keep฀the฀lights฀on฀and฀the฀gas฀flowing >฀Run฀the฀nuclear฀fleet฀at฀world-class฀levels >฀Capitalize฀on฀environmental฀leadership฀and฀clean฀nuclear฀energy >฀Create฀a฀challenging฀and฀rewarding฀workplace >฀Enhance฀the฀value... -
Page 12
...฀of฀Limerick's฀units฀are฀boiling฀water฀ reactors฀that฀together฀can฀produce฀enough฀clean,฀ greenhouse฀gas฀emission-free฀energy฀to฀power฀ more฀than฀2฀million฀average฀American฀homes. 10 -
Page 13
...฀confronting฀our฀entire฀economy฀and฀ reflecting฀the฀commodity-driven฀nature฀of฀Exelon฀Generation's฀revenues.฀ The฀company฀significantly฀exceeded฀its฀2009฀cost฀reduction฀goals฀by฀ reducing฀positions฀and฀increasing฀efficiencies. The฀hedging... -
Page 14
...฀experienced฀by฀customers.฀PECO฀invested฀ approximately฀$400฀million฀in฀infrastructure฀improvements฀and฀new฀ facilities฀last฀year฀and฀enjoyed฀its฀third-best฀year฀for฀outage฀frequencies. And฀Exelon฀Business฀Services฀Company฀again฀provided... -
Page 15
... created฀multiple฀sources฀of฀supply฀for฀other฀ downtown฀Chicago฀substations฀and฀substantially฀ improved฀reliability฀for฀downtown฀businesses฀and฀ neighborhoods.฀ComEd฀serves฀3.8฀million฀customers฀ in฀a฀retail฀service฀area฀of฀11,300฀square... -
Page 16
...฀located฀on฀the฀Susquehanna฀River฀in฀ northern฀Maryland.฀Exelon฀wishes฀to฀maintain฀this฀ virtually฀emissions-free฀generating...฀and฀ its฀electrical฀output,฀and฀on฀March฀12,฀2009,฀filed฀ a฀Notification฀of฀Intent฀with฀the฀Federal฀Energy... -
Page 17
...Services฀Company฀led฀the฀way฀toward฀a฀16฀percent฀reduction฀ in฀energy฀use฀across฀our฀commercial฀facilities.฀During฀2009,฀the฀U.S.฀ Department฀of฀Energy฀annouced฀its฀intent฀to฀award฀PECO...฀in฀2009.฀Exelon฀Power's฀Chicago฀City฀Solar... -
Page 18
...฀Talent The฀sustainable฀performance฀reported฀...history.฀ That฀level฀of฀excellence฀extends฀beyond฀the฀tasks฀involved฀in฀generating,฀ transmitting฀and฀delivering฀power.฀Exelon's฀"Energy฀for฀the฀Community"฀ volunteer฀program฀was฀named฀Corporate... -
Page 19
...฀Operations฀center฀in฀ Philadelphia,฀operators฀keep฀close฀watch฀on฀the฀฀ regional฀electric฀grid.฀PECO฀will฀...projects฀in฀2010฀to฀maintain฀ its฀reliable฀service฀to฀PECO฀customers.฀PECO฀serves฀ 1.6฀million฀electric฀customers฀and฀485,... -
Page 20
...an฀ annual฀basis฀...Exelon฀2020,฀PECO฀exceeded฀its฀targets฀for฀reduction฀of฀ greenhouse฀gases,฀expanded฀its฀fleet฀of฀cleaner,฀alternative-fueled฀vehicles,฀and฀made฀ significant฀energy฀efficiency฀improvements฀at฀five฀service฀centers.฀ PECO... -
Page 21
...generation.฀In฀2009,฀Exelon฀Power's฀fleet฀reported฀record฀...exelon฀business฀services฀company Exelon฀Business฀Services฀Company,฀LLC฀(BSC),฀is฀a฀direct,฀wholly-owned฀subsidiary฀ of฀Exelon฀Corporation฀providing฀quality฀products฀and฀services... -
Page 22
... Ruth฀Ann฀M.฀Gillis Executive฀Vice฀President฀and฀Chief฀Administrative฀฀ and฀Diversity฀Officer,฀Exelon฀and฀President,฀฀ Exelon฀Business฀Services฀Company Elizabeth฀A.฀Moler Executive฀Vice฀President,฀Government฀Affairs฀฀ and฀Public฀Policy... -
Page 23
...฀Governor฀of฀Pennsylvania,฀ Health฀Care฀Reform William฀C.฀Richardson,฀Ph.D. President฀and฀Chief฀Executive฀Officer฀Emeritus,฀฀ W.฀K.฀Kellogg฀Foundation฀ Don฀Thompson฀ President฀and฀Chief฀Operating฀Officer McDonald's฀Corporation 21 -
Page 24
...Performance฀Graph Discussion฀of฀Financial฀Results฀-฀Exelon฀ Discussion฀of฀Financial฀Results฀-฀by฀...฀of฀Financial฀Results฀-฀PECO Condensed฀Consolidated฀Financial฀Statements...Comprehensive฀Income 40฀ Management's฀Report฀on฀Internal฀Control฀Over... -
Page 25
...฀31, 2006฀฀ 2005฀ Summary฀Annual฀Report Statement฀of฀Operations฀data:฀ Operating฀revenues...฀of฀common฀stock฀outstanding฀-฀diluted฀ in฀millions,฀except฀for฀per฀share฀data฀ 2009฀ 2008฀฀ 2007฀ 17,318฀ 4,750฀ 2,706฀ 1฀ 2,707฀ ... -
Page 26
...฀Annual฀Report ...฀the฀goodwill฀impairment฀charge฀of฀$776฀million฀in฀2006. in฀millions฀ 2009฀ 2008(c) ฀ 2007(b),(c) ฀ 2006(b),(c) ฀ $฀ 5,441฀ ฀... 1 87 9,125 41,856 (b)฀ Exelon฀and฀Generation฀retrospectively฀reclassified฀certain฀assets฀and... -
Page 27
...Stock฀Index฀and฀the฀S&P฀Utility฀Index฀for฀the฀period฀2005฀through฀2009.฀ This฀performance฀chart฀assumes 100฀invested฀on฀December฀31,฀2004,฀in฀Exelon฀Corporation฀common฀stock,฀in฀the฀S&P฀500฀Stock฀Index฀and฀in฀the฀S&P฀Utility... -
Page 28
...฀as฀compared฀ to฀$4.13฀in฀2008.฀All฀amounts฀presented฀below฀are฀before฀the฀impact฀of฀income฀tax. Exelon's฀2009฀results฀were฀significantly฀affected฀by฀lower฀revenue฀net฀of฀purchased฀power฀and฀fuel฀expense฀at฀Generation฀of฀$411... -
Page 29
...฀conditions฀and฀unfavorable฀ weather,฀which฀reduced฀PECO's฀load฀resulting฀in฀lower฀revenue฀net฀of฀purchased฀power฀and฀fuel฀expense฀of฀$69฀million฀and฀$21฀million,฀respectively. Exelon's฀ 2009฀ results฀ were฀ also฀ affected฀ by฀ higher... -
Page 30
...฀of฀Operations฀by฀Business฀Segment The฀ comparisons฀ of฀ 2009฀ and฀ 2008฀ operating฀ results฀ and฀ other฀ statistical... PECO฀ Other฀(a)฀ Total฀ (a)฀ Other฀primarily฀includes฀corporate฀operations,฀Exelon฀Business฀Service฀Company,฀LLC฀(BSC),฀... -
Page 31
...the฀ settlement฀ of฀ uranium฀supply฀agreements฀in฀2008฀and฀higher฀nuclear฀fuel฀costs฀in฀2009฀due฀to฀rising฀nuclear฀fuel฀prices...2009.฀Operating฀and฀maintenance฀expense฀increases฀were฀partially฀offset฀by฀the฀favorable฀results฀of฀Exelon... -
Page 32
...฀ uncertain฀income฀tax฀positions. The฀reduction฀in฀operating฀and฀maintenance฀expense฀reflects฀Exelon's฀company-wide฀cost฀savings฀initiative฀in฀2009.฀The฀initiative฀included฀job฀reductions,฀for฀which฀ComEd฀ recorded฀a฀charge฀for฀severance... -
Page 33
...฀to฀increased฀gas฀distribution฀ rates฀effective฀January฀1,฀2009,฀which฀were฀partially฀offset฀by฀reduced฀electric฀delivery฀volume฀and฀unfavorable฀weather฀conditions.฀฀฀ PECO's฀operating฀expenses฀increased฀as฀a฀result฀of฀increased... -
Page 34
Consolidated฀Statements฀of฀Operations Exelon฀Corporation฀and฀Subsidiary฀Companies ฀ Operating฀revenues฀ ...฀millions,฀except฀for฀per฀share฀data)฀ ฀ ฀ ฀ $฀ 17,318฀ 2009฀ For฀the฀Years฀Ended฀December฀31, 2008฀฀ 2007 $฀ 18,859฀ ... -
Page 35
Consolidated฀Statements฀of฀Operations Exelon฀Corporation฀and฀Subsidiary฀Companies ฀ Average฀shares฀of฀common฀stock฀outstanding฀ ฀...in฀the฀Consolidated฀Statements฀of฀Operations฀in฀Exelon's฀2009฀Form฀10-K.฀For฀complete฀consolidated฀financial฀... -
Page 36
...฀Statements฀of฀Cash฀Flows Exelon฀Corporation฀and฀Subsidiary฀Companies ฀ ... 6,094฀ ฀฀ (3,273)฀ 22,905฀ (23,144)฀ 41฀ (28)฀ 35฀ 6฀ (3,458)฀ 2009฀ For฀the฀Years฀Ended฀December฀31, 2008฀฀ 2007 ฀ $฀ 2,737฀ ฀ ฀ 2,308 374฀ ฀... -
Page 37
Consolidated฀Statements฀of฀Cash฀Flows฀ Exelon฀Corporation฀and฀Subsidiary฀Companies Cash฀flows฀from฀financing฀activities฀ ฀ Change฀in฀...฀Consolidated฀Statements฀of฀Cash฀Flows฀in฀Exelon's฀2009฀Form฀10-K.฀For฀complete฀consolidated฀financial... -
Page 38
...Balance฀Sheets Exelon฀Corporation฀and฀Subsidiary฀...fuel฀ ฀ Materials฀and฀supplies฀ Other฀ ฀ Total฀...704฀ ฀ 20฀ ฀ 2,625฀ ฀ 649฀ ฀ 859฀ ฀ 16,398฀ $฀ 49,180฀ 2009฀฀ ฀ December฀31, 2008 1,271 75 1,928 324 480 315 528 209 5,130 25,813 ฀... -
Page 39
...Exelon฀Corporation฀and฀Subsidiary฀Companies ฀ Liabilities฀and฀shareholders'฀equity฀ Current฀liabilities฀ Short-term฀borrowings฀ Long-term฀debt฀due฀within฀one฀year฀ Long-term฀debt฀to฀PECO...)฀ 12,640฀ 49,180฀ 2009฀ ฀ December฀31, 2008 211... -
Page 40
Consolidated฀Statements฀of฀Changes฀in฀Shareholders'฀Equity Exelon฀Corporation฀and฀Subsidiary฀Companies ฀ (Dollars฀in฀millions,฀shares฀in...please฀refer฀to฀pages฀152฀through฀342฀of฀Exelon's฀2009฀Form฀10-K฀filed฀with฀the฀SEC.฀See฀also฀... -
Page 41
...Exelon฀Corporation฀and฀Subsidiary฀Companies Net฀income฀ Other฀comprehensive฀income฀(loss)฀ Pension฀and฀non-pension฀postretirement฀benefit฀plans:฀ Prior฀service...฀to฀pages฀152฀through฀342฀of฀Exelon's฀2009฀Form฀10-K฀filed฀with฀the฀SEC.฀See... -
Page 42
...In฀their฀report฀they฀expressed฀an฀unqualified฀opinion฀that฀those฀consolidated฀financial฀statements฀ present฀fairly,฀in฀all฀material฀respects,฀the฀financial฀position฀of฀Exelon฀Corporation฀and฀its฀subsidiaries฀at฀December฀31,฀2009,฀and... -
Page 43
...฀and฀general฀information Corporate฀Headquarters Exelon฀Corporation P.O.฀Box฀805398 Chicago,฀IL฀60680-5398 Transfer฀Agent BNY฀Mellon 800....common฀stock฀as฀of฀Dec.฀31,฀2009. The฀2009฀Form฀10-K฀Annual฀Report฀to฀the฀Securities฀and฀Exchange฀Commission... -
Page 44
...฀paper฀utilized฀in฀the฀production฀of฀this฀annual฀report฀was฀ manufactured฀by฀Mohawk฀Fine฀Papers฀and...฀ ฀ ฀ 1฀ cars฀off฀the฀road฀ for฀one฀year฀ 1,012฀ trees฀ planted ฀ Exelon฀Corporation P.O.฀Box฀805398 Chicago,฀IL฀60680-5398 www...