We're encouraged by the expression of support that continued -- for the continued operation of the nuclear plants. I mean I just were curious if this is going to turn into a San Diego situation or not. Okay. Inclusion is based upon an in-depth analysis of economic, environmental and social criteria, such as climate change strategies, energy consumption, human resources development, knowledge management, stakeholder relations and corporate governance. I think the most important thing for the city, and they've been very clear about this, is making the city reliable and resilient against some of the storms. And I will now turn back the call to Chris for his closing remarks. Today's presentation also includes references to adjusted operating earnings and other non-GAAP measures. But it is a process. As we emerge from the formula and we come to a more normalized ROE, there will be an opportunity for expanded earnings at ComEd. Excluding the impacts of the February weather event, gross margin is flat to last quarter. We have a lot to offer. I mean, I think the issue is when you have a national carbon price, you would see a high pass-through rate given the amount of fossil that's still in the stack. Anything on expectations you can share? Thank you, Sir. 24. And we continue to expect that to happen in the future as we manage our business. The event was unprecedented. It's a pure energy market only. And we also know that we'll be penalized if we don't produce in PJM. Webcast Presentation. So if we need a little bit extra time, whether in the New York case or at the NRC, we have accounted for that. We understand this move within the fabric of the negotiations that we've been having with the city. You want to cover that? That's expected to close on May 28. And so you would -- it is much more complicated than just a couple of oil tanks to make sure that the resiliency is there. And your next question comes from Shar Pourreza with Guggenheim. Our mission, vision and values guide the committeeâs decisions.â Thanks for the question. We’re motley! It is now my pleasure to turn today's program over to Dan Eggers, Senior Vice President of Corporate Finance. The administration's infrastructure proposal, the American Jobs Plan, would enact policies to help reach the goal. To date, electric vehicle programs have been approved in Maryland, D.C., Delaware, and New Jersey, with approval pending in Pennsylvania, as part of PECO's recent rate case filing. We've got to pay pensions. We do expect to be in our targeted range of 9% to 10% by year-end. You can't necessarily rely on ERCOT or the PUCT to act quickly and make market design changes. There are sort of two avenues where that's being discussed. Motley Fool Transcribers | May 5, 2021. They were due at the end of the month. And one of the concerns I have about just returning to traditional rate-making is we don't have that year-over-year clarity. EXC earnings call for the period ending March 31, 2021. Often, they've been very reticent to do so. This includes both the installation of publicly available charging stations and investment in the system to support this infrastructure. Add to Outlook. We had to ask for action by the end of the year, and we think the agency is capable of acting in that period. But just curious, it strikes me it looks like it's a little less likely that the state may go in the direction of sort of fixed resiliency or capacity light payments. Stephen Byrd -- Morgan Stanley -- Analyst. And that's resulted in billions of dollars of savings for our customers over that period of time. But it would give people a good understanding of what we're trying to do, what we're trying to invest in the system as we integrate renewables and build on the resilience of the system. It's more expensive. But just curious what you're sort of seeing and what direction you think we may take in terms of market design. And if you're not getting rewarded for that and the market doesn't prioritize that, it would be difficult to do. This is Calvin. No. We've got commitments. Exelon will discuss fourth quarter 2020 earnings in a conference call scheduled for Wednesday, February 24, 2020, at 9:00 AM Central Time (10:00 AM Eastern Time). Got it. Exelon Corp (EXC) Q3 2020 Earnings Call Transcript. Sure. So thank you all for joining us. As Chris mentioned, we recorded a loss of $0.06 per share on a non-GAAP basis for the first quarter, driven by the losses from the February weather event. Join the webcast here. We're not only top decile in SAIFI and CAIDI, but I think, best-in-class in both categories, first time for this company to achieve that. And because these systems were built in an interconnected way, we anticipate that there would be about $5 billion or more in separation costs that would take upwards of a decade to complete new substations, control centers, computer platforms alike. So it's obviously helpful that there is a growing focus on the fact that the existing nuclear fleet is integral to getting to any of the carbon targets that have been set. But of course, we need to see what the comments are. The following slide deck was published by Exelon Corporation in conjunction with their 2020 Q4 earnings call. And I think those are the issues they're worried about as well. So where do you guys kind of see the potential uplift in power prices in its early stages, understanding the final market structure is yet to be determined? Joe Dominguez, do you want to cover that? However, the details really matter. ET. More details on our rate cases can be found on Slides 20 through 28 of the appendix. You mentioned the San Diego process. So the bottom line is that it's a small portion of our total capital investment, but it is on our plan to continue to grow. Our team is working to get the separation done. But just going from The Street analyst opinion and what we've seen, its starting point is not adequate to keep the plants continued operations going. Just one last question. At Exelon Utilities, we will prudently and effectively deploy nearly $6.6 billion of capital to benefit our customers and help meet the needs of our states' energy policy goals. We will complete preparations to separate the businesses, including the regulatory approvals. Exelon Reports First Quarter 2021 Results, Exelon Reports Fourth Quarter and Full Year 2020 Results and Initiates 2021 Financial Outlook, Exelon to Separate Its Utility and Competitive Energy Businesses Into Two Industry-Leading Companies, Q1 2021 Exelon Corporation Earnings Conference Call, Q1 2021 Earnings Call Presentation Slides, 2019 Exelon EEO-1 Employer Information Report. The company, Exelon, is set to host investors and clients on a conference call on 2/24/2021 10:23:33 PM. We made those investments in PJM. Our clean electric transportation programs aim to support nearly 100,000 current electric vehicle drivers across our service territories, aligned with state climate goals and improve overall air quality for all our customers and communities. I wanted to just get your latest thoughts on ERCOT and market design. And I guess I wouldn't say that it's less likely that the state will ultimately choose to go down the path of setting a reliability standard. As a reminder, the calculation is backward-looking. [Operator Instructions]. We have talked on these calls about some of the storms we've experienced. And then just to be clear on Illinois, in the event that maybe they just can't get a build on this session, and they try to go to the veto session. Are we going to continue to see volatility from rate case to rate case? Yes. Earnings Release Highlights GAAP Net Income of $0.37 per share and Adjusted (non-GAAP) Operating Earnings of $0.76 per share in the fourth quarter of 2020 Exelon to separate its utility and competitive energy businesses, creating two industry-leading companies Exelon introduces 2021 adjusted (non-GAAP) operating earnings guidance range of $2.60 … But just one Reuters story is not enough to -- we have to make decisions based on current economics and current policy. We also executed $50 million in non-power new business during the quarter. Right now, the design of ERCOT does not compensate for reliability, availability. That's on the table. May 5, 2021 at 9:00 AM CDT. And then the question will be how the votes line up at the commission once that filing is made. Just the -- there was a story, I think, in -- on Bloomberg this morning, talking about a nuclear obscurity being discussed in the Biden -- with the Biden administration and legislators. All right. The same voices that are arguing in Illinois that our plants are profitable were overruled in New Jersey's decision. Thank you, Chris, and good morning, everyone. And then there are other ideas out there as well. Cumulative Growth of a $10,000 Investment in Stock Advisor, Exelon Corp (EXC) Q1 2021 Earnings Call Transcript @themotleyfool #stocks $EXC, 3 Stocks Set to Benefit From Corporate Clean Energy Demand, 3 Takeaways From New York's Ambitious Climate Change Plan, Pennsylvania's Nuclear Fumble Will Be a Costly Climate Mistake, Exelon Corp (EXC) Q1 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. Good morning and thanks for taking my question. We are providing 2021 adjusted operating earnings guidance of $2.60 to … As you laid out, 50% of our fleet will be electrified internally by 2030. Yes, I think there are a number of ideas under discussion in the legislature. We've certainly seen a lot of activity. And we want to continue that relationship. On the 29th of April, S&P came out and updated some commentary on ExGen and affirm their investment-grade rating and the stable outlook. We saw the story this morning as well. But the question is how, and they've laid out a proposal, and they'll be taking comments and working toward the FERC filing in the summer to express their view of how it should be reformed. The plants are designed for a gradient of temperatures. The only hint Crane has given came in a May 5 earnings call with analysts when he pointed to a recent decision in New Jersey to subsidize nukes there. We performed well across our businesses outside of the challenges from five days in February due to the Texas weather event. We kind of continue to invest in poles, wires, smart devices, those sorts of things over the course of years. Q1. Company Participants. All three of them have Generation rated investment grade currently. Q1 2021 Exelon Corporation Earnings Conference Call. Exelon introduced a guidance range for 2021 Adjusted (non-GAAP) Operating Earnings of $2.60-$3.00 per share. Chris alluded to the $6.6 billion that we will execute this year, and it's just scratching the surface. Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during this call. All Rights Reserved. For example, the labor proposals would have us produce reports every four years, showing all the investments that we're going to make. That's -- just trying to think the outcomes. The infrastructure is expensive doing any work in the city is expensive just because of the density of existing infrastructure. But short of getting something done, we'll have to start to proceed what we are already doing the planning proceed for the shutdown. So we continue to have dialogue with each of the agencies. Cleaner vehicles on the road help our cities and states meet their environmental goals, reduce their carbon footprint, bring cleaner air to communities, and create economic opportunity through job creation and reduced energy costs. That's really helpful. I think we all know this, that serving cities alone is a pretty expensive proposition. At the same time, one of the things we very much liked about the formula is our ability to plan work for years in advance. But when it's a single state, it's just -- our estimates are that there would be a very small impact on carbon energy prices due to out-of-state plants running more frequently. And then maybe going to PJM and FERC. I think the common thread in all of them is that we would come out of the formula rate. Stock Advisor list price is $199 per year. It's clear to me that to continue the level of reliability that we've been able to attain and meet the challenge of these storms, integrate renewables, integrate fleets of electric cars, trucks, and buses, we're going to need to continue to invest in the system the way we have been investing in those technologies. I can take that. Got it. ET, Hello, and welcome to Exelon's First Quarter Earnings Call. ComEd was top quartile and PHI just missed top quartile but improved year-over-year. As you could imagine, we've had numerous contacts with the agencies since the event in February. And we'll see what ideas come out of that process. We expect to receive an order by early December. Both ExGen and the Utilities are well positioned to benefit from these policies and the transition to a clean energy economy. I mean all of you have written on the economics of the plants and the reality of what the bill is starting at. There's a lot of different proposals at this point, Michael. Earnings Releases Show all. Reaffirming 2021 Adjusted Operating Earnings* of $2.60 - $3.00 per share (1) Note: Amounts may not sum due to rounding 2021 earnings guidance based on expected average outstanding shares of 979M These offsets will occur primarily at ExGen through a combination of enhanced revenue opportunities, deferral of selected nonessential maintenance, and primarily onetime cost savings, and are mostly expected in the second half of this year. The spring has been active -- switching to policy. On. Exelon was named to this index for 15â consecutive years, in recognition of the company's corporate sustainability performance. Okay. So the city, I think, is rightfully concerned about the changing weather from the climate crisis. As I said earlier, we're going to make payroll. So this is going to be a long road if the city goes in that direction. We filed our applications for regulatory approval at FERC, the NRC, New York Public Service Commission in February. And in any case, it will be too late to reverse the retirement decisions for Byron and Dresden. Yes. The fleet capacity factor of 95.3% was what we reached for the quarter. My name is Amanda, and I'll be your event specialist today. How you monitor that and how you tax on it is a very difficult thing in an island. And I'll give you an example. And it would give stakeholders an opportunity to take a look at that. And your next question comes from James Thalacker with BMO Capital Markets. There are some who think it should move forward and set some expectations and let the PUCT work on a market design over the balance of the year, whereas others are thinking maybe they'll wait and do it later in the year. Our programs are designed to reduce common barriers to electric vehicle adoption, including range anxiety, total cost of vehicle ownership, and lack of education and awareness among consumers. We have an RFI that's been issued. Good morning. Right now, it is not a significant piece of our capital plan. And because of the size and location of these valves, we had to design and deploy special welding and machining tools to make the necessary repairs which were required prior to returning that unit to service. We'll participate in that RFI. Exelon (EXC) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of $0.34. And it's important to note that they've also delinked them from the corporation effectively from the standpoint of the fact that we have announced separation. So I think those are the puts and takes, at least as I see the legislation right now. Time: 9:00 a.m. CT Location: Webcast presentation * Webcast Exelon will discuss first quarter 2020 earnings in a forty-five-minute conference call scheduled for Friday, May 8, 2020, at 9:00 AM Central Time (10:00 AM Eastern Time). Our states are also advancing clean energy policies. And with that, we'll open it up for questions. Steve Fleishman -- Wolfe Research -- Analyst. Yes. And then you've got to make sure that you're being compensated, like PJM does, for those investments. One way we aim to help address this is by advocating for and helping to usher in cleaner, zero-emission transportation, particularly in underserved communities. That unit has since been returned to service. In the meantime, we are continuing with the discussions around the new franchise agreement. The Senate is moving forward on a bill that would set a state goal for transportation, electrification, low interest, and authorized electric utilities to develop EV infrastructure and plans authorize a recovery for these investments. And in the meantime, as I said, we're going to lean into it. On the generation front, in the face of extreme temperatures, winter storms, our nuclear plants provided 37 terawatt hours of reliable, resilient, and clean to the grid of the citizens of Illinois, Pennsylvania, New York, and Maryland. Could you just give an update on what you think the puts and takes are? Is there anything you're thinking about doing, either from a contracting standpoint or something physical at the plant, aka maybe backup generation on-site with storage tanks or something like that to forestall potential risk like what just played out happening in the future? So it's a little bit early to tell how those conversations are going to land. We've been real clear about that, but we're still optimistic. We also continue to expect to offset between $550 million and $650 million pre-tax or $410 million and $490 million after-tax for the full year 2021. The call-in number is: Most state or legislative bodies, the work comes to an end toward the end of the session. Exelon introduced a guidance range for 2021 Adjusted (non-GAAP) Operating Earnings of $2.60-$3.00 per share. Exelon Corp (EXC) Q1 2021 Earnings Call Transcript. Add to Google Calendar. Open gross margin is up $300 million relative to our prior disclosure, primarily due to higher prices in NiHub and West Hub. However, specific to the weather event, we occurred -- we incurred a loss in the first quarter of $0.90 per share. We're compensated. Additionally, Exelon's Utilities are leading by example in setting an aggressive goal to electrify our fleet, including both light and heavy-duty vehicles. We'll work with our regulators to ensure timely recovery on these investments. But I think the concept of setting, as all the other markets do, a reliability standard and letting the market operator design a market-based way to get there is still under active discussion. Returns as of 05/19/2021. What are the things that could actually be a benefit to ComEd's earnings power? We added ratio in August, where we had 110-mile per hour hurricane and force winds our service territory. Appreciate it. And obviously, we understand that the metrics are extremely healthy. You can't order fuel. Yes. They're joined by other members of Exelon's management team who will be available to answer your questions during our -- following our prepared remarks. I'll now turn the call over to Chris Crane, Exelon's CEO. In addition, the filing proposes customer relief offerings for eligible residential and small business customers, and we expect an order in December of this year. Learn More, Dow Jones Sustainability North America Index 2006-2020. I mean we haven't even seen comments yet on the New York application. As you know, the franchise agreement continues until a new one is approved or until a new franchise -- or franchisee is selected. Appreciate it. The NRC has indicated that our application is complete, and they expect to rule by November 30. Is there sort of a path forward there? And we continue to look at working with each of our jurisdictions to encourage them in that way in investing in infrastructure. First, on March 30, PECO filed an electric distribution case with the Pennsylvania Public Utility Commission. It involves several hundred people given the difficulty of that work. The other three, less transparent in terms of how they would vote. So I think there's active discussion in both the House and the Senate over whether and when the legislature should act. Moving on to Slide 10. Thank you, Amanda. It's something we're working on now, more for the distributed generation. Yes. In Illinois, six energy policy reform bills have been introduced that would drive the transition to clean energy and address climate change. But of course, their plan does not currently include a PTC for existing nuclear nor has one been introduced in either chamber. And the legislature has a tough job of building a single bill out of six suggested bills and making sure that they take care of their constituents as well as all of the other stakeholders involved in the process. Data Provided by Refinitiv. Any sense on timeline? There's analysis that goes into the circuits to make sure that we're not overloading them, and we're upgrading them as we see the demand go up. In addition, we reaffirmed our full-year guidance of $2.60 to $3 per share. Dan Eggers - Senior Vice President of Corporate Finance. We're investing philanthropically in the city. Time: 9:00 AM CST. Thank you, guys, for all the detailed answers. Hey, Shar. Bryan Hanson, he's our COO of Generation. The midpoint of our current estimate of the gross margin impact from this event is $950 million. Conference Call,Earnings NEW YORK, NY / ACCESSWIRE / May 5, 2021 / Exelon Corp. (NASDAQ:EXC) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 5, 2021 at 10:00 AM Eastern Time. We don't -- as you well know, we don't do radically different things year-to-year. Good morning. Does a bill need to be drafted that would be consistent with reconciliation? Daniel L. Eggers -- Senior Vice President, Corporate Finance. Exelon (NASDAQ:EXC) is scheduled to be releasing its earnings data before the market opens on Wednesday, May 5th. You have two commissioners who are open that they think MOPR should be reformed. So as we pointed out if we shut down those four reactors that we're talking about, they will be replaced by leakage, the energy coming in. It includes a clean electricity standard that would require 100% clean electricity by 2035, with existing nuclear qualifying as clean; incentives to build 500,000 EV charging stations by 2030; and for 20 gigawatts of high-voltage transmission lines to be built to support the renewable build-out. Urban areas, like many of our service territories, are disproportionately affected by air pollution and the negative effects of climate change. So if and when ERCOT decides that availability and reliability of the fleet is a priority, which thus far, they have not, we would be able to participate in that market and make whatever modifications make economic sense to weather the storm. Exelon Utilities have been leaders in this rapidly growing space by expanding charging infrastructure, offering rebates and incentives, and innovative rates, while electrifying public transportation to deliver convenient, affordable, and equally accessible clean transportation options. And you all gave some prepared remarks on that. Utility Stocks - Best Utility Stocks to Buy And looking into the future, we remain focused on delivering strong earned returns at the utilities in supporting our growth targets. Good morning, everyone, and thank you for joining our first quarter 2021 earnings conference call. Obviously, you're targeting to shut the plants before then. I was just thinking, is it materially expensive to add things like fuel oil tanks to some of the gas plants that could store a couple of days for use in emergency only? Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator Hey, Chris. All the utilities achieved first quartile operating performance in outage duration and frequency, BGE, ComEd, and PHI were in top decile in outage duration. It was the second most expensive storm in the U.S. this year. So some of the ideas that have been proposed are aimed at looking at a longer-term transparent investment direction coming out of the company and being reviewed by the commission. And so I think we're investing now. So we think the whole package is going to be valuable. Turning to the next slide, 11. [Indecipherable] on the others. And we'll continue to be optimistic that we can work with the stakeholders and the legislative body and the administration. This was primarily driven by strong operational performance as well as the impacts of distribution rate cases. Thank you, guys, for all the help. I would say we continue to look at EV infrastructure and partner with all of our jurisdictions on how we go about it. So one of the things I worry about coming out of the formula is that planning process. So I think we're doing what we need to do. Thanks for taking my question. And notwithstanding these weather events, Chris reviewed earlier some of our performance. Despite the extreme cold winters, and the winter storms, the pandemic conditions, our utilities had a strong operational performance, delivering reliability, affordable electricity, and gas for our consumers. Good morning. And with that, I'll close out the call. The earnings release and other matters which we discuss during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. Copyright © Exelon Corporation, 2021. February 1, 2021 Notice to Exelon’s Financial Community: FOURTH QUARTER 2020 EARNINGS RELEASE AND CONFERENCE CALL / WEBCAST SCHEDULE Exelon will discuss fourth quarter 2020 earnings in a conference call scheduled for Wednesday, February 24, 2021, at 9:00 AM Central Time (10:00 AM Eastern Time). What do you think that opportunity is? And I think they are going to follow a blueprint like San Diego used to solicit ideas. Please refer to today's 8-K and Exelon's other SEC filings for discussions of risk factors and other factors, including uncertainties surrounding the planned separation, that may cause results to differ from management's projections, forecasts, and expectations. [Operator Instructions] And your first question comes from Stephen Byrd with Morgan Stanley. But I'm just kind of curious how they're thinking about the business -- maybe a little bit more qualitative factors post the weather event. Feb. 2021. I'll close on our priorities and commitments. We also have several rate cases still in progress, including orders in multiyear plans for Pepco D.C. and Pepco Maryland, which are expected in the second quarter. That idea does have some support and is being discussed openly, as are other changes, for example, to the ORDC curve to sort of lengthen it and lower the cap. We employ approximately 33,400 people nationwide.ââââ Learn More, Exelonâs Executive Committee is made up of our senior leaders from across the enterprise. When the city is part of a broader Chicago system, and the city accounts for about 1/3 of ComEd, we have the ability to use the horsepower and the talent not only within ComEd, but the Exelon family of companies to come in, repair the system when it's damaged as a result of weather. So that would be, I think, helpful so that we have some clarity in the process about where we're going next. We're leaning in on the city's priorities around energy efficiency, jobs, support for low-income families, clean and renewable energy, and more. Joseph Dominguez -- Chief Executive Officer of ComEd. Our Utilities pay -- play a critical role advancing electric vehicles in our communities. That's the equivalent to the carbon removed by one million trees planted and grown for 10 years. And we're penalized if we don't produce. Good morning, everyone, and thank you for joining our first quarter 2021 earnings conference call. I think you covered it. Is that prohibitively expensive relative, I guess, if I were to compare it to what just happened? You can't do capital improvement. Second, ComEd filed its annual distribution formula rate update with the Illinois Commerce Commission on April 16, seeking a $51 million increase to electric distribution base rates. And then you have to look at your return on capital to make the investments for that. And when do you think it really starts to kick in? Exelon Corp (NASDAQ:EXC)Q1 2021 Earnings CallMay 5, 2021, 10:00 a.m. May 2020. Yes. It is possible that this date will be updated in … But is there -- at what point does this become a significant portion of capex opportunity? At 12 times the cost, higher cost than preserving the nuclear plants, it would cost the Illinois consumers over $80 billion more to achieve the same admissions. And we stand up. We have committed to electrify 30% of our fleet by 2025 and 50% by 2030. This is true in Illinois. Holdco recorded a loss of $0.20 per share for the quarter, which was a larger loss than is typical in the first quarter and was driven by a tax adjustment required by GAAP to partially offset the tax benefit recorded at ExGen due to the Texas losses. Q1 2021 Exelon Corporation Earnings Conference Call Exelon will discuss first quarter 2021 earnings in a conference call scheduled for Wednesday, May 5, 2021, at 9:00 AM Central Time (10:00 AM Eastern Time). And we'll continue to partner with the support of our customers and our communities that we serve. The administration is clear that preserving the existing nuclear fleet is key in meeting the goals that they have set. Okay. The legislative leaders are meeting to craft a package from the various bills that can be considered this session. It was an unprecedented weather event that was beyond potentially the design basis of the plants. Analysts expect Exelon to post earnings of $0.75 per share for the quarter. Our Utilities performed ahead of plan for the quarter, delivering a combined $0.72 per share this year, which was $0.11 per share higher than the first quarter of 2020.
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