Exelon 2009 Annual Report Download - page 32
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Please find page 32 of the 2009 Exelon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.DiscussionofFinancialResults-ComEd
30
ResultsofOperations–ComEd
Favorable
(Unfavorable)
(Dollarsinmillions) 2009 2008 Variance
Operatingrevenues $ 5,774 $ 6,136 $ (362)
Purchasedpowerexpense 3,0653,582 517
Revenuenetofpurchasedpowerexpense 2,7092,554 155
Otheroperatingexpenses
Operatingandmaintenance 1,0281,097 69
Operatingandmaintenanceforregulatoryrequiredprograms 63 28 (35)
Depreciationandamortization 494 464 (30)
Taxesotherthanincome 281 298 17
Totalotheroperatingexpenses 1,8661,887 21
Operatingincome 843 667 176
Otherincomeanddeductions
Interestexpense,net (319) (348) 29
Equityinlossesofunconsolidatedafliates – (8) 8
Other,net 79 18 61
Totalotherincomeanddeductions (240) (338) 98
Incomebeforeincometaxes 603 329 274
Incometaxes 229 128 (101)
Netincome $ 374 $ 201 $ 173
TheincreaseinComEd’snetincomewasdrivenprimarilybyhigherrevenuenetofpurchasedpowerexpense,reectingincreaseddistributionrateseffectiveSeptember
16,2008, partially offsetbya decline inelectricdeliveries, primarily resulting fromunfavorable weather conditions andreduced load in 2009.In addition, ComEd’s
increaseinnetincomereectsloweroperatingandmaintenanceexpenses,lowerinterestexpense,andhigherinterestincomerelatedtothe2009remeasurementof
uncertainincometaxpositions.
ThereductioninoperatingandmaintenanceexpensereectsExelon’scompany-widecostsavingsinitiativein2009.Theinitiativeincludedjobreductions,forwhichComEd
recordedachargeforseveranceexpenseasacosttoachievethesesavings.ComEdalsobenetedfromdecreasedstormexpenses.Operationandmaintenanceexpensereect
increasedpensionandotherpostretirementbenetsexpenseduetolowerthanexpectedpensionandpostretirementplanassetreturnsin2008.IntheSeptember2008rate
caseruling,theICCmandatedxedassetdisallowanceswhileallowingcertainregulatoryassets,whichwererecordedasanetone-timechargein2008.
DepreciationandamortizationexpensesincreasedduetohigherplantbalancesandnewdepreciationrateseffectiveJanuary1,2009.ComEdexperiencedadecrease
ininterestexpenseprimarilyduetoloweroutstandingdebtin2009.ComEdalsorecordedhigherinterestincomerelatedtotheremeasurementin2009ofuncertain
incometaxpositions.