Exelon 2014 Annual Report Download - page 88

Electric Revenue 2014 2013
%
Change
2014 vs
2013 2012
%
Change
2013 vs
2012
Retail Sales (a)
Residential ............................................................ $2,074 $2,073 — % $3,037 (31.7)%
Small commercial & industrial ............................................. 1,335 1,250 6.8% 1,339 (6.6)%
Large commercial & industrial ............................................. 434 427 1.6% 395 8.1%
Public authorities & electric railroads ....................................... 46 48 (4.2)% 44 9.1%
Total retail sales ........................................................ 3,889 3,798 2.4% 4,815 (21.1)%
Other revenue (b) ........................................................ 675 666 1.4% 628 6.1%
Total electric revenue .................................................... $4,564 $4,464 2.2% $5,443 (18.0)%
(a) Reflects delivery revenue and volume from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric
generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenue also reflects the cost of energy and
transmission.
(b) Other revenue primarily includes transmission revenue from PJM. Other items include wholesale revenue, rental revenue, revenue related to late payment charges,
assistance provided to other utilities through mutual assistance programs, recoveries of environmental remediation costs associated with MGP sites, and
intercompany revenue.
Results of Operations—PECO
2014 2013
Favorable
(unfavorable)
2014 vs. 2013
variance 2012
Favorable
(unfavorable)
2013 vs. 2012
variance
Operating revenue ............................................. $3,094 $3,100 $ (6) $3,186 $(86)
Purchased power and fuel ....................................... 1,261 1,300 39 1,375 75
Revenue net of purchased power and fuel expense (a) .............. 1,833 1,800 33 1,811 (11)
Other operating expenses
Operating and maintenance .................................. 866 748 (118) 809 61
Depreciation and amortization ................................ 236 228 (8) 217 (11)
Taxes other than income ..................................... 159 158 (1) 162 4
Total other operating expenses ............................ 1,261 1,134 (127) 1,188 54
Operating income ............................................. 572 666 (94) 623 43
Other income and (deductions)
Interest expense, net ........................................ (113) (115) 2 (123) 8
Other, net ................................................. 7 6 1 8 (2)
Total other income and (deductions) ....................... (106) (109) 3 (115) 6
Income before income taxes .................................... 466 557 (91) 508 49
Income taxes ................................................. 114 162 48 127 (35)
Net income ................................................... 352 395 (43) 381 14
Preferred security dividends and redemption ........................ — 7 7 4 (3)
Net income attributable to common shareholder .................. $ 352 $ 388 $ (36) $ 377 $ 11
(a) PECO evaluates its operating performance using the measures of revenue net of purchased power expense for electric sales and revenue net of fuel expense for gas
sales. PECO believes revenue net of purchased power expense and revenue net of fuel expense are useful measurements of its performance because they provide
information that can be used to evaluate its net revenue from operations. PECO has included the analysis below as a complement to the financial information
provided in accordance with GAAP. However, revenue net of purchased power expense and revenue net of fuel expense figures are not a presentation defined under
GAAP and may not be comparable to other companies’ presentations or more useful than the GAAP information provided elsewhere in this report.
Net Income Attributable to Common Shareholder
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The decrease in Net income attributable to common
shareholder was driven primarily by an increase in Operating and maintenance expense partially offset by an increase in Operating
revenue net of purchase power and fuel expense and a decrease in Income tax expense.
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