EXELON CORP
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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FY2024 · Filed Feb 12, 2025
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Significant 2024 Transactions and Developments
At-the-Market Program
In the third quarter 2024, Exelon issued approximately 4 million shares of Common Stock at an average gross price of $37.60 per share. The net proceeds from the 2024 issuances were $148 million, which were used for general corporate purposes. See Note 19 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information.
Distribution Base Rate Case Proceedings
The Utility Registrants file base rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution, and gas distribution rates to recover their costs and earn a fair return on their investments. The outcomes of these regulatory proceedings impact the Utility Registrants’ current and future financial statements.
The following tables show the Utility Registrants’ completed and pending distribution base rate case proceedings in 2024. See Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on these and other regulatory proceedings.
Completed Distribution Base Rate Case Proceedings
| Registrant/Jurisdiction · Filing Date · Service · Requested Revenue Requirement Increase · Approved Revenue Requirement Increase · Approved ROE · Approval Date · Rate Effective Date | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ComEd - Illinois | January 17, 2023 | Electric | $1,487 | $1,045 | 8.905% | December 19, 2024 | January 1, 2024 | |||||||||
| April 26, 2024 (amended on September 11, 2024) | Electric | $624 | $623 | 9.89% | October 31, 2024 | January 1, 2025 | ||||||||||
| PECO - Pennsylvania | March 28, 2024 | Electric | $464 | $354 | N/A | December 12, 2024 | January 1, 2025 | |||||||||
| Natural Gas | $111 | $78 | ||||||||||||||
| BGE - Maryland | February 17, 2023 | Electric | $313 | $179 | 9.50% | December 14, 2023 | January 1, 2024 | |||||||||
| Natural Gas | $289 | $229 | 9.45% | |||||||||||||
| Pepco - District of Columbia | April 13, 2023 (amended February 27, 2024) | Electric | $186 | $123 | 9.50% | November 26, 2024 | January 1, 2025 | |||||||||
| Pepco - Maryland | October 26, 2020 (amended March 31, 2021) | Electric | $104 | $52 | 9.55% | June 28, 2021 | June 28, 2021 | |||||||||
| May 16, 2023 (amended February 23, 2024) | Electric | $111 | $45 | 9.50% | June 10, 2024 | April 1, 2024 | ||||||||||
| DPL - Maryland | May 19, 2022 | Electric | $38 | $29 | 9.60% | December 14, 2022 | January 1, 2023 | |||||||||
| DPL - Delaware | December 15, 2022 (amended September 29, 2023) | Electric | $39 | $28 | 9.60% | April 18, 2024 | July 15, 2023 | |||||||||
| ACE - New Jersey | February 15, 2023 (amended August 21, 2023) | Electric | $92 | $45 | 9.60% | November 17, 2023 | December 1, 2023 | |||||||||
Pending Distribution Base Rate Case Proceedings
| Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement Increase | Requested ROE | Expected Approval Timing |
|---|---|---|---|---|---|
| DPL - Delaware | September 20, 2024 | Natural Gas | $39 | 10.50% | First quarter of 2026 |
| ACE - New Jersey | November 21, 2024 | Electric | $109 | 10.70% | Fourth quarter of 2025 |
Transmission Formula Rates
The following total increases/(decreases) were included in the Utility Registrants' 2024 annual electric transmission formula rate updates. All rates are effective June 1, 2024 to May 31, 2025, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariff. See Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
| Registrant | Initial Revenue Requirement Increase | Annual Reconciliation (Decrease) Increase | Total Revenue Requirement Increase | Allowed Return on Rate Base | Allowed ROE |
|---|---|---|---|---|---|
| ComEd | $32 | $(12) | $20 | 8.14% | 11.50% |
| PECO | $2 | $3 | $5 | 7.45% | 10.35% |
| BGE | $42 | $13 | $53 | 7.47% | 10.50% |
| Pepco | $58 | $15 | $73 | 7.62% | 10.50% |
| DPL | $7 | $17 | $24 | 7.23% | 10.50% |
| ACE | $14 | $18 | $32 | 7.11% | 10.50% |
ComEd's FERC Audit
The Utility Registrants are subject to periodic audits and investigations by FERC. FERC’s Division of Audits and Accounting initiated a nonpublic audit of ComEd in April 2021 evaluating ComEd’s compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit period extended back to January 1, 2017.
On July 27, 2023, FERC issued a final audit report which included, among other things, findings and recommendations related to ComEd's methodology regarding the allocation of certain overhead costs to capitalized construction costs under FERC regulations, including a suggestion that refunds may be due to customers for amounts collected in previous years. On August 28, 2023, ComEd filed a formal notice of the issues it contested within the audit report. On December 14, 2023, FERC appointed a settlement judge for the contested overhead allocation findings and set the matter for a trial-type hearing. That hearing process was held in abeyance while a formal settlement process, which began in February 2024, took place.
On July 30, 2024, ComEd reached an agreement in principle on the contested overhead allocation finding. As a result of the settlement process, ComEd recorded a charge for the probable disallowance of $70 million of certain currently capitalized construction costs to operating expenses, which are not expected to be recovered in future rates. The final settlement is subject to FERC approval. The existing loss estimate is reflected in Exelon and ComEd's financial statements as of December 31, 2024. ComEd and FERC staff jointly filed the settlement agreement with FERC for approval on February 11, 2025.
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