Exelon 2009 Annual Report Download - page 33
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Please find page 33 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-PECO
ResultsofOperations–PECO
Favorable
(Unfavorable)
(Dollarsinmillions) 2009 2008 Variance
Operatingrevenues $ 5,311 $ 5,567 $ (256)
Purchasedpowerexpenseandfuelexpense 2,7463,018 272
Revenuenetofpurchasedpowerexpenseandfuelexpense 2,5652,549 16
Otheroperatingexpenses
Operatingandmaintenance 640 731 91
Depreciationandamortization 952 854 (98)
Taxesotherthanincome 276 265 (11)
Totalotheroperatingexpenses 1,8681,850 (18)
Operatingincome 697 699 (2)
Otherincomeanddeductions
Interestexpense,net (187) (226) 39
Equityinlossesofunconsolidatedafliates (24) (16) (8)
Other,net 13 18 (5)
Totalotherincomeanddeductions (198) (224) 26
Incomebeforeincometaxes 499 475 24
Incometaxes 146 150 4
Netincome 353 325 28
Preferredstockdividends 4 4 –
Netincomeoncommonstock $ 349 $ 321 $ 28
Theincreaseinnetincomewasdrivenprimarilybyincreasedoperatingrevenuenetofpurchasedpowerandfuelexpenseanddecreasedinterestexpense,whichwas
partiallyoffsetbyincreasedoperatingexpenses.Theincreaseinrevenuenetofpurchasedpowerandfuelexpensewasprimarilyrelatedtoincreasedgasdistribution
rateseffectiveJanuary1,2009,whichwerepartiallyoffsetbyreducedelectricdeliveryvolumeandunfavorableweatherconditions.
PECO’soperatingexpensesincreasedasaresultofincreasedscheduledCTCamortizationexpenseandpensionandotherpostretirementbenetsexpenseduetolower
thanexpectedpensionandpostretirementplanassetreturnsin2008.Theincreasedoperatingexpenseswerepartiallyoffsetbydecreasedallowanceforuncollectible
accountsexpense.
PECOalsoexperiencedadecreaseingrossreceiptstaxexpenseprimarilyduetoaratereduction.
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