Exelon 2009 Annual Report Download - page 7
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Please find page 7 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.almostflattothosein2008,despitepowerprices40%lower.Thosehedgescontributedtothe$5.8
billionincashfromoperations(non-GAAP)generatedacrossthebusinessesandhelpedustoreturn
$1.4billiontoshareholdersthroughourdividend.
BothPECOandComEdcontinuedtodeliversuperioroperatingandfinancialperformance.Outage
frequencyatbothcompaniesandoutagedurationatComEdwerethelowesteverrecorded.Customer
satisfactionforbothcompanieswasalsoatornearrecordlevels.WhileComEdandPECOescapedthe
excessiveheatandpowerfulsummerstormsseeninyearspast,theimprovedperformancemetricsare
evidencethatthereliabilityinvestmentsmadebybothcompaniesarepayingoff.DenisO’Brienand
CraigAdamsatPECOandAnnePramaggioreandTerryDonnellyatComEdaretobecommendedfor
theseaccomplishments.Bothdeliverycompaniesmaintainedtheirfinancialhealththroughcareful
managementofcosts.PECOreducedexpensesbelow2008levels,allowingittoincreaseitsnetincome
despitedecliningdemand.AtComEd,FrankClark’sdiligentcommitmenttomanagingexpenses,
increasingrevenuesandimprovingefficiencyresultedinanincreaseintheearnedreturn-on-equity
(ROE)from5.5%in2008to8.5%in2009.ComEdistargetinganROEofatleast10.0%in2010.
Theweakeconomyrequiredevenmorefinancialdisciplinethanusual.Acompany-wideeffortledby
ChrisCraneenabledustonotonlymeetourcommitmenttokeepoperatingandmaintenanceexpenses
flatto2008levelsbutalsotorealizeanadditional$200millioninsavings.In2009,wecompleteda
restructuringeffortthatinvolvedtheeliminationofroughly500positions.Thatprocesswasdifficultfor
meandforouremployees,butitwasnecessaryandcreatedmuch-neededefficiencies.Ourfocusoncosts
willcontinuein2010.Wealsotookstepstosubstantiallyincreaseourfinancialflexibility.TheFinance
group,ledbyBillVonHoeneandMattHilzinger,tookadvantageoffavorableinterestratestorefinance
$1.2billionindebtmaturingin2011andused$350millionincashonhandtomakeadiscretionarypension
contributionthatwilldecreaseexpected2011mandatorycontributionsby$1billion.TheExelonBusiness
ServicesCompany(BSC)providedtop-qualitylegal,informationtechnology,supplyandhumanresource
servicestotheoperatingcompanieswhilerealizingsignificantcostsavings.RuthAnnGillis,AndreaZopp,
DanHill,BridgetReidy,SonnyGargandtheirgroupsperformedsuperblyandwereessentialinhelpingto
keepthelightsonandthegasflowing.
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