Exelon's Genco Propels Strong First Quarter Performance

Apr 24, 2001, 01:00 ET from Exelon Corporation

    CHICAGO, April 24 /PRNewswire Interactive News Release/ -- Recording a
 strong first full quarter of operation since the completion of its merger,
 Exelon Corporation (NYSE:   EXC) today reported earnings of $399 million, or
 $1.23 per share, for the first quarter of 2001.  First quarter 2001 earnings
 include non-cash goodwill amortization of $34 million ($0.10 per share).
     Operating earnings of $387 million, or $1.19 per share, exclude a
 $12 million after-tax benefit ($0.04 per share) from the implementation of a
 new accounting standard on accounting for derivatives.
     While earnings were fueled by outstanding performance in its generation
 and power marketing operations, the Company said that the success of the
 merger, which created Exelon in October 2000, was apparent on a corporate-wide
 basis.  Exelon highlighted the following first quarter events:
 
     -- Total energy sales of 45,750 GWhs.
     -- A 98.8% capacity factor for the company's 17 nuclear units, which
        produced 30,500 GWhs.
     -- The addition of 1,150 MWs to the wholesale marketing (Power Team)
        supply portfolio.
     -- Realization of $70 million in merger-related revenue enhancements and
        cost synergies.
     -- Significant improvement in ComEd's distribution system reliability and
        delivery performance.
     -- Tentative agreement on a three-year contract with IBEW Local 15.
 
     Corbin A. McNeill, Jr., Exelon Co-CEO and Chairman, said, "This quarter
 illustrates our focus on delivering on our commitments.  We succeeded in
 completing our merger in record time and are moving ahead in executing our
 business plans.  We are clearly on track to meet our 2001 earnings target of
 $4.50 per share."
     John W. Rowe, Co-CEO and President, noted, "We are ready for summer 2001
 in Philadelphia and in Chicago.  The generating plants have performed in an
 exceptional manner and, with our purchase power agreements in place, we will
 have sufficient energy to meet extreme heat peak demand.  On the distribution
 side, ComEd's substantial capital construction program has brought that
 distribution system to its best condition in recent years, and work continues
 in Philadelphia to maintain high levels of reliable service."
     Exelon's first quarter 2001 revenues were $3,823 million compared to
 revenues for the prior year period of $1,353 million, representing the results
 of PECO Energy and not reflecting the effects of the October 20, 2000 merger
 with Unicom Corporation.  Pro forma first quarter 2000 revenues, assuming the
 merger occurred on January 1, 2000, were $2,987 million.  The higher 2001
 revenues are due primarily to increases in wholesale and unregulated revenues.
     Exelon's earnings before interest and taxes were $941 million,
 approximately three-fourth's of which was contributed by Exelon Energy
 Delivery.  The balance, partially offset by a loss in Enterprises, was
 contributed by Exelon Generation.
     First quarter 2001 operating earnings compare to operating earnings for
 the prior year period of $0.96 per share (excluding the non-recurring
 cumulative effect of a change in accounting principle), which represent the
 results of PECO Energy and do not reflect the effects of the Unicom merger.
 Pro forma first quarter 2000 operating earnings per share, assuming the merger
 occurred on January 1, 2000, were $1.10 per share.
     In January 2001, Exelon undertook a corporate restructuring to separate
 its generation and other competitive businesses from the regulated energy
 delivery businesses of PECO Energy and ComEd.  The business segments will be
 reported in Exelon's quarterly reports filed with the Securities and Exchange
 Commission as Generation, Energy Delivery and Enterprises.  Other significant
 operational results are noted below.
 
     Generation
     Exelon Generation experienced a $21 million ($0.07 per share) non-cash,
 after-tax charge to operating earnings as a result of the discontinuance of
 regulatory accounting for decommissioning costs following the transfer of
 ComEd's generating units to Exelon Generation.
     The ComEd and PECO power marketing operations were consolidated in
 February in Exelon Generation and commenced operation at Power Team's
 state-of-the-art facility in Pennsylvania.
     Exelon Nuclear reported progress in the first quarter toward achieving its
 goal of an annual "all-in" cost of 2 cents per kWh.
 
     Energy Delivery
     ComEd is continuing to strengthen its distribution system and delivery
 performance, and has reduced the average outage duration by 46% and outage
 frequency by 38% compared to 1998 levels, which has contributed to improving
 customer satisfaction.  ComEd continues to monitor its capital investments
 carefully and expects its 2001 infrastructure improvement spending to be on
 target with previously announced capital expenditure projections.
     PECO Energy is continuing its preventive maintenance efforts that made its
 electric reliability performance in 2000 its best in more than 10 years.  On
 February 7, 2001, PECO Energy successfully met the challenge of the fifth
 worst winter storm in its history, improving both restoration times for the
 185,000 customers who had lost service, and management of the expenditures
 related to the recovery effort.
 
     Enterprises
     Enterprises' operations were negatively impacted by higher gas prices at
 Exelon Energy.  Enterprise companies performed in accordance with their
 business plans.
 
                          Quarterly Guidance for 2001
 
     Exelon previously announced targeted earnings per share of $4.50 for 2001.
 Exelon expects earnings to have the following quarterly distribution:
 
     Quarter 1: 20-30%
     Quarter 2: 15-20%
     Quarter 3: 30-40%
     Quarter 4: 15-20%
 
     Conference call information:
     Exelon has scheduled a First Quarter Earnings Conference Call for 1 PM
 CDT; (2 PM EDT) on April 24.  The call in number in the US is: 877.601.3547;
 the international call in number is 712.257.0403.  The password is EXELON.
 The call will be audio web-cast and archived on Exelon's web site:
 http://www.exeloncorp.com .  (Please choose the Investor Relations page.)
     Telephone replays will be available after 4 PM on April 24 through
 April 30.  The U.S. call in number is 800.678.0740; the international call-in
 number is 402.988.0871.  No password is required.
     Except for the reported historical information, matters discussed in this
 release are forward-looking statements that are subject to risks and
 uncertainties.  The factors that could cause actual results to differ
 materially include future events affecting the demand for, and the supply of,
 energy, including weather and economic conditions and the availability of
 generating units, and other factors discussed in Exelon's filings with the
 SEC.  Readers are cautioned not to place undue reliance on these forward-
 looking statements, which speak only as of the date of this release.  Exelon
 undertakes no obligation to publicly release any revision to these forward-
 looking statements to reflect events or circumstances after the date of this
 release.
 
     Exelon Corporation is one of the nation's largest electric utilities with
 approximately five million customers and more than $15 billion in annual
 revenues.  The company has one of the industry's largest portfolios of
 electricity generation capacity, with a nationwide reach and strong positions
 in the Midwest and Mid-Atlantic.  Exelon distributes electricity to
 approximately five million customers in Illinois and Pennsylvania and gas to
 425,000 customers in the Philadelphia area.  The company also has holdings in
 such competitive businesses as energy, infrastructure services and energy
 services.  Exelon is headquartered in Chicago and trades on the NYSE under the
 ticker EXC.
 
 
                               EXELON CORPORATION
                                Earnings Summary
 
     (in millions, except per share data)         Three Months Ended March 31,
                                                      2001               2000
     Revenue
        Electric - Retail                            $2,171               $779
        Electric - Wholesale                            739                262
        Gas                                             558                208
        Services                                        302                100
        Other                                            53                  4
                                                     $3,823             $1,353
 
     Earnings Before Interest and Income
      Taxes                                            $941               $365
 
        Interest Income                                  22                 12
        Interest Expense & Preferred
         Dividends                                     (304)              (109)
        Income Taxes                                   (272)              (101)
 
        Cumulative Effect of Change in
         Accounting
              Principle, Net of Income
               Taxes                                     12                 24
 
     Net Income                                        $399               $191
 
     Average Common Shares Outstanding
        Basic                                           320                181
        Diluted                                         324                183
 
     Earnings Per Common Share - Reported
        Basic                                         $1.25              $1.06
        Diluted                                       $1.23              $1.04
 
     Earnings Per Common Share -
      Operating
        Basic                                         $1.21              $0.97
        Diluted                                       $1.19              $0.96
 
     Pro Forma EPS for Merger as of
      1/1/00                                             NA              $1.10
 
     NA - Not Applicable
 
 
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SOURCE Exelon Corporation
    CHICAGO, April 24 /PRNewswire Interactive News Release/ -- Recording a
 strong first full quarter of operation since the completion of its merger,
 Exelon Corporation (NYSE:   EXC) today reported earnings of $399 million, or
 $1.23 per share, for the first quarter of 2001.  First quarter 2001 earnings
 include non-cash goodwill amortization of $34 million ($0.10 per share).
     Operating earnings of $387 million, or $1.19 per share, exclude a
 $12 million after-tax benefit ($0.04 per share) from the implementation of a
 new accounting standard on accounting for derivatives.
     While earnings were fueled by outstanding performance in its generation
 and power marketing operations, the Company said that the success of the
 merger, which created Exelon in October 2000, was apparent on a corporate-wide
 basis.  Exelon highlighted the following first quarter events:
 
     -- Total energy sales of 45,750 GWhs.
     -- A 98.8% capacity factor for the company's 17 nuclear units, which
        produced 30,500 GWhs.
     -- The addition of 1,150 MWs to the wholesale marketing (Power Team)
        supply portfolio.
     -- Realization of $70 million in merger-related revenue enhancements and
        cost synergies.
     -- Significant improvement in ComEd's distribution system reliability and
        delivery performance.
     -- Tentative agreement on a three-year contract with IBEW Local 15.
 
     Corbin A. McNeill, Jr., Exelon Co-CEO and Chairman, said, "This quarter
 illustrates our focus on delivering on our commitments.  We succeeded in
 completing our merger in record time and are moving ahead in executing our
 business plans.  We are clearly on track to meet our 2001 earnings target of
 $4.50 per share."
     John W. Rowe, Co-CEO and President, noted, "We are ready for summer 2001
 in Philadelphia and in Chicago.  The generating plants have performed in an
 exceptional manner and, with our purchase power agreements in place, we will
 have sufficient energy to meet extreme heat peak demand.  On the distribution
 side, ComEd's substantial capital construction program has brought that
 distribution system to its best condition in recent years, and work continues
 in Philadelphia to maintain high levels of reliable service."
     Exelon's first quarter 2001 revenues were $3,823 million compared to
 revenues for the prior year period of $1,353 million, representing the results
 of PECO Energy and not reflecting the effects of the October 20, 2000 merger
 with Unicom Corporation.  Pro forma first quarter 2000 revenues, assuming the
 merger occurred on January 1, 2000, were $2,987 million.  The higher 2001
 revenues are due primarily to increases in wholesale and unregulated revenues.
     Exelon's earnings before interest and taxes were $941 million,
 approximately three-fourth's of which was contributed by Exelon Energy
 Delivery.  The balance, partially offset by a loss in Enterprises, was
 contributed by Exelon Generation.
     First quarter 2001 operating earnings compare to operating earnings for
 the prior year period of $0.96 per share (excluding the non-recurring
 cumulative effect of a change in accounting principle), which represent the
 results of PECO Energy and do not reflect the effects of the Unicom merger.
 Pro forma first quarter 2000 operating earnings per share, assuming the merger
 occurred on January 1, 2000, were $1.10 per share.
     In January 2001, Exelon undertook a corporate restructuring to separate
 its generation and other competitive businesses from the regulated energy
 delivery businesses of PECO Energy and ComEd.  The business segments will be
 reported in Exelon's quarterly reports filed with the Securities and Exchange
 Commission as Generation, Energy Delivery and Enterprises.  Other significant
 operational results are noted below.
 
     Generation
     Exelon Generation experienced a $21 million ($0.07 per share) non-cash,
 after-tax charge to operating earnings as a result of the discontinuance of
 regulatory accounting for decommissioning costs following the transfer of
 ComEd's generating units to Exelon Generation.
     The ComEd and PECO power marketing operations were consolidated in
 February in Exelon Generation and commenced operation at Power Team's
 state-of-the-art facility in Pennsylvania.
     Exelon Nuclear reported progress in the first quarter toward achieving its
 goal of an annual "all-in" cost of 2 cents per kWh.
 
     Energy Delivery
     ComEd is continuing to strengthen its distribution system and delivery
 performance, and has reduced the average outage duration by 46% and outage
 frequency by 38% compared to 1998 levels, which has contributed to improving
 customer satisfaction.  ComEd continues to monitor its capital investments
 carefully and expects its 2001 infrastructure improvement spending to be on
 target with previously announced capital expenditure projections.
     PECO Energy is continuing its preventive maintenance efforts that made its
 electric reliability performance in 2000 its best in more than 10 years.  On
 February 7, 2001, PECO Energy successfully met the challenge of the fifth
 worst winter storm in its history, improving both restoration times for the
 185,000 customers who had lost service, and management of the expenditures
 related to the recovery effort.
 
     Enterprises
     Enterprises' operations were negatively impacted by higher gas prices at
 Exelon Energy.  Enterprise companies performed in accordance with their
 business plans.
 
                          Quarterly Guidance for 2001
 
     Exelon previously announced targeted earnings per share of $4.50 for 2001.
 Exelon expects earnings to have the following quarterly distribution:
 
     Quarter 1: 20-30%
     Quarter 2: 15-20%
     Quarter 3: 30-40%
     Quarter 4: 15-20%
 
     Conference call information:
     Exelon has scheduled a First Quarter Earnings Conference Call for 1 PM
 CDT; (2 PM EDT) on April 24.  The call in number in the US is: 877.601.3547;
 the international call in number is 712.257.0403.  The password is EXELON.
 The call will be audio web-cast and archived on Exelon's web site:
 http://www.exeloncorp.com .  (Please choose the Investor Relations page.)
     Telephone replays will be available after 4 PM on April 24 through
 April 30.  The U.S. call in number is 800.678.0740; the international call-in
 number is 402.988.0871.  No password is required.
     Except for the reported historical information, matters discussed in this
 release are forward-looking statements that are subject to risks and
 uncertainties.  The factors that could cause actual results to differ
 materially include future events affecting the demand for, and the supply of,
 energy, including weather and economic conditions and the availability of
 generating units, and other factors discussed in Exelon's filings with the
 SEC.  Readers are cautioned not to place undue reliance on these forward-
 looking statements, which speak only as of the date of this release.  Exelon
 undertakes no obligation to publicly release any revision to these forward-
 looking statements to reflect events or circumstances after the date of this
 release.
 
     Exelon Corporation is one of the nation's largest electric utilities with
 approximately five million customers and more than $15 billion in annual
 revenues.  The company has one of the industry's largest portfolios of
 electricity generation capacity, with a nationwide reach and strong positions
 in the Midwest and Mid-Atlantic.  Exelon distributes electricity to
 approximately five million customers in Illinois and Pennsylvania and gas to
 425,000 customers in the Philadelphia area.  The company also has holdings in
 such competitive businesses as energy, infrastructure services and energy
 services.  Exelon is headquartered in Chicago and trades on the NYSE under the
 ticker EXC.
 
 
                               EXELON CORPORATION
                                Earnings Summary
 
     (in millions, except per share data)         Three Months Ended March 31,
                                                      2001               2000
     Revenue
        Electric - Retail                            $2,171               $779
        Electric - Wholesale                            739                262
        Gas                                             558                208
        Services                                        302                100
        Other                                            53                  4
                                                     $3,823             $1,353
 
     Earnings Before Interest and Income
      Taxes                                            $941               $365
 
        Interest Income                                  22                 12
        Interest Expense & Preferred
         Dividends                                     (304)              (109)
        Income Taxes                                   (272)              (101)
 
        Cumulative Effect of Change in
         Accounting
              Principle, Net of Income
               Taxes                                     12                 24
 
     Net Income                                        $399               $191
 
     Average Common Shares Outstanding
        Basic                                           320                181
        Diluted                                         324                183
 
     Earnings Per Common Share - Reported
        Basic                                         $1.25              $1.06
        Diluted                                       $1.23              $1.04
 
     Earnings Per Common Share -
      Operating
        Basic                                         $1.21              $0.97
        Diluted                                       $1.19              $0.96
 
     Pro Forma EPS for Merger as of
      1/1/00                                             NA              $1.10
 
     NA - Not Applicable
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X23348772
 
 SOURCE  Exelon Corporation