April 30, 2014
Exelon Corporation (NYSE: EXC) announced first quarter 2014 consolidated earnings.
First Quarter Operating Results
- As shown in the table above, Exelon’s adjusted (non-GAAP) operating earnings decreased to $0.62 per share in the first quarter of 2014 from $0.70 per share in the first quarter of 2013. Earnings in the first quarter of 2014 primarily reflected the following negative factors:
- Lower realized energy prices and higher procurement costs for replacement power;
- Increased storm costs, primarily at PECO resulting from the February 5, 2014 ice storm; and
- Decreased nuclear and fossil output during 2014 primarily due to outage days.
- These factors were offset by:
- Increased capacity prices related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC market (PJM);
- Increased distribution revenue at BGE, due to the rate case orders for electric and natural gas, and at ComEd due to increased investment and allowed ROE; and
- Favorable weather at PECO and ComEd related to colder than average weather.
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