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Exelon Generation (EXC)

Exelon Corp. operates as a utility services holding company, which engages in the energy generation, power marketing, and energy delivery business. It operates through the following segments: Mid Atlantic, Midwest, New York, Electric Reliability Council of Texas (ERCOT) and other Power Regions. The Mid-Atlantic segment represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia and parts of Pennsylvania and North Carolina. The Midwest segment operates in the western half of PJM, which includes portions of Illinois, Pennsylvania, Indiana, Ohio, Michigan, Kentucky and Tennessee, and the United States footprint of MISO, excluding MISO's Southern Region, which covers all or most of North Dakota, South Dakota, Nebraska, Minnesota, Iowa, Wisconsin, the remaining parts of Illinois, Indiana, Michigan and Ohio not covered by PJM, and parts of Montana, Missouri and Kentucky. The New York (NY) segment provides operations within ISO–NY, which covers the state of New York in its entirety. The ERCOT segment includes operations within Electric Reliability Council of Texas, covering most of the state of Texas. The Other Power Regions consists of the operations in New England, South, West, and Canada. The company was founded in February 1999 and is headquartered in Chicago, IL.

Company profile

Ticker
EXC
Exchange
CEO
Christopher M. Crane
Employees
Location
Fiscal year end
Industry (SIC)
Former names
EXELON GENERATION CO LLC
SEC CIK
Subsidiaries
Exelon Corporation • 2014 ESA HoldCo, LLC • 2014 ESA Project Company, LLC • 2015 ESA Holdco, LLC • 2015 ESA Investco, LLC • 2015 ESA Project Company, LLC • A/C Fuels Company • Albany Green Energy, LLC • AMP Funding, L.L.C. • Annova LNG Brownsville A, LLC ...

Calendar

4 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Sep 21 Jun 21 Mar 21 Dec 20
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Annual (USD) Dec 20 Dec 19 Dec 18 Dec 17
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Financial report summary

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Risks
  • We are exposed to price volatility associated with both the wholesale and retail power markets and the procurement of nuclear and fossil fuels.
  • We are potentially affected by emerging technologies that could over time affect or transform the energy industry.
  • Market performance and other factors could decrease the value of our NDT funds and employee benefit plan assets, which then could require significant additional funding.
  • We could be negatively affected by unstable capital and credit markets and increased volatility in commodity markets.
  • If we were to experience a downgrade in our credit ratings to below investment grade or otherwise fail to satisfy the credit standards in our agreements with our counterparties or regulatory financial requirements, we would be required to provide significant amounts of collateral that could affect our liquidity and we could experience higher borrowing costs.
  • If we fail to meet project-specific financing agreement requirements, we could experience an impairment or loss of the financed project.
  • Our risk management policies cannot fully eliminate the risk associated with our commodity trading activities.
  • Financial performance and load requirements could be negatively affected if we are unable to effectively manage our power portfolio.
  • The impacts of significant economic downturns could lead to decreased volumes delivered and increased expense for uncollectible customer balances.
  • Our results were negatively affected by the impacts of COVID-19.
  • We could be negatively affected by the impacts of weather.
  • Long-lived assets and other assets could become impaired.
  • We could incur substantial costs in the event of non-performance by third-parties under indemnification agreements, or when we have guaranteed their performance. We are exposed to other credit risks in the power markets that are beyond our control.
  • Federal or state legislative or regulatory actions could negatively affect the scope and functioning of the wholesale markets.
  • Our business is highly regulated and could be negatively affected by legislative and/or regulatory actions.
  • NRC actions could negatively affect the operations and profitability of our nuclear generating fleet.
  • We could be subject to higher costs and/or penalties related to mandatory reliability standards.
  • We could incur substantial costs to fulfill our obligations related to environmental and other matters.
  • We could be negatively affected by federal and state RPS and/or energy conservation legislation, along with energy conservation by customers.
  • Our financial performance could be negatively affected by risks arising from our ownership and operation of hydroelectric facilities.
  • We could be negatively affected by challenges to tax positions taken, tax law changes and the inherent difficulty in quantifying potential tax effects of business decisions.
  • Legal proceedings could result in a negative outcome, which we cannot predict.
  • We could be subject to adverse publicity and reputational risks, which make us vulnerable to negative customer perception and could lead to increased regulatory oversight or other consequences.
  • We are subject to risks associated with climate change.
  • Our financial performance could be negatively affected by matters arising from our ownership and operation of nuclear facilities.
  • We are subject to physical security and cybersecurity risks.
  • Our employees, contractors, customers and the general public could be exposed to a risk of injury due to the nature of the energy industry.
  • Natural disasters, war, acts and threats of terrorism, pandemic and other significant events could negatively impact our results of operations, ability to raise capital and future growth.
  • Our business is capital intensive, and our assets could require significant expenditures to maintain and are subject to operational failure, which could result in potential liability.
  • Our performance could be negatively affected if we fail to attract and retain an appropriately qualified workforce.
  • We could make acquisitions or investments in new business initiatives and new markets, which may not be successful or achieve the intended financial results.
  • Following the separation, our financial profile has changed, and we are a smaller, less diversified company than Exelon prior to the separation.
  • We may not achieve some or all the expected benefits of the separation, and the separation may materially adversely affect our business.
  • The terms in our agreements with Exelon could be less beneficial than the terms we may have otherwise received from unaffiliated third parties.
  • Exelon may fail to perform under various transaction agreements that were executed as part of the separation, which could cause us to incur expenses or losses we would not otherwise incur.
  • In connection with the separation into two public companies, we and Exelon indemnified each other for certain liabilities. If we are required to pay under these indemnities to Exelon, our
  • financial results could be negatively impacted. The Exelon indemnities may not be sufficient to hold us harmless from the full amount of liabilities for which Exelon will be allocated responsibility, and Exelon may not be able to satisfy its indemnification obligations in the future.
  • We may fail to have necessary systems and services in place when certain of the transaction agreements expire.
  • We may not be able to engage in desirable strategic transactions or capital-raising following the separation.
  • A trading market for our common stock was only recently initiated following the separation and our stock price may fluctuate significantly.
  • Anti-takeover provisions could enable us to resist a takeover attempt by a third-party.
  • Our amended and restated articles of incorporation designate the state courts of the Commonwealth of Pennsylvania (or if such state courts do not have jurisdiction, the federal district courts located within the Commonwealth of Pennsylvania) as the sole and exclusive
  • forum for certain types of actions and proceedings that may be initiated by our shareholders, and the United States federal district courts as the exclusive forum for claims under the Securities Act, which could limit our shareholders’ ability to obtain what such shareholders believe to be a favorable judicial forum for disputes with us or our directors, officers or employees.
Management Discussion
  • Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021. Net loss attributable to common shareholders increased by $50 million primarily due to:
  • •Unfavorable impacts from nuclear outages.
  • •Lower nuclear fuel costs due to the absence of accelerated amortization of nuclear fuel and lower prices.

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