And you saw, after the announcement on our fourth quarter call of separation, they all -- that Moody's and S&P published some preliminary thoughts on both Generation and on the RemainCo or Exelon. So we continue to have dialogue with each of the agencies. You want to cover that? The formula gave us a clearer path for doing that. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. I just have a follow-up. Okay. We will complete preparations to separate the businesses, including the regulatory approvals. And we continue to look at working with each of our jurisdictions to encourage them in that way in investing in infrastructure. We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Exelon's website. And you all gave some prepared remarks on that. And then maybe going to PJM and FERC. Moving on to Slide 10. Thanks for taking my question. And with that, we'll open it up for questions. The floor is yours. We have targeted close in the first quarter of next year. That's inclusive of existing nuclear and is technology-neutral. My name is Amanda, and I'll be your event specialist today. And it's just the reality, we cannot continue to run uneconomic plants and challenge the balance sheets of the Genco or the Holdco. Got it. The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations. So we will go backwards in that area. So it gives us more capacity on the circuits to allow the customers to get the services they want. The cost was a significant impact for that particular plant. Joseph Nigro -- Senior Executive Vice President and Chief Financial Officer. We are providing 2021 adjusted operating earnings guidance of $2.60 to … How to reform MOPR, they have direction from their Board that they should reform it. We're leaning in on the city's priorities around energy efficiency, jobs, support for low-income families, clean and renewable energy, and more. 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 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. Good morning. Exelon Corp (NASDAQ:EXC)Q1 2021 Earnings CallMay 5, 2021, 10:00 a.m. But again, we think that acting by the end of the year is doable in New York. What are the things in there that could be a headwind if implemented to ComEd's earnings? Joe Dominguez, do you want to cover that? 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. Most state or legislative bodies, the work comes to an end toward the end of the session. In the meantime, we are continuing with the discussions around the new franchise agreement. There's a lot of different proposals at this point, Michael. Without adequate policy, as I've stated to you that we will retire uneconomic plants beginning this fall. Good morning. Hey. As you could imagine, we've had numerous contacts with the agencies since the event in February. The NRC has indicated that our application is complete, and they expect to rule by November 30. And we're penalized if we don't produce. A portion of this loss is due to some penalties or charges associated with our natural gas business, that we ultimately expect to be reduced through waivers and/or recovered from customers later in this year. Looking at our utility returns on a consolidated basis, our trailing 12-month ROE as of the first quarter has improved to 8.9% from 8.7% last quarter. Turning to clean energy policy in Pennsylvania. And we're pretty confident that ComEd is going to be successful at the end. We've certainly seen a lot of activity. Thank you, guys, for all the detailed answers. Yes. Time: 9:00 AM CST. On the federal level, the Biden administration has set out an ambitious goal to reduce greenhouse gas emissions by 50% to 52% by 2030. James Thalacker -- BMO Capital Markets -- Analyst. One, some of the potential draft Illinois legislative approaches have pretty decent changes to how Commonwealth Edison's rate-making process would work. Is that prohibitively expensive relative, I guess, if I were to compare it to what just happened? We saw unprecedented flooding coming off the lake in the summer. And Chris, I think it was -- no, Joe outlined in detail what we're doing in each of our jurisdictions in terms of EV adoption, charging infrastructure, and the like. This is Kathleen, Michael. I know it's early. You can't necessarily rely on ERCOT or the PUCT to act quickly and make market design changes. Exelon Corp Q1 2021 Earnings Call May 5, 2021, 10:00 a.m. Thanks, Dan, and good morning, everybody, and thanks for joining us. Yes. The following slide deck was published by Exelon Corporation in conjunction with their 2021 Q1 earnings call. ComEd also has several ongoing educational and outreach initiatives, and several of the bills Chris spoke about would provide incentives for EV infrastructure. In New York, comments are due on May 24, and we requested that the commission rule no later than their December 16 meeting. Yes. Electrifying 50% of the fleet could avoid more than 65,000 metric tons of emissions cumulatively from 2020 to 2030. So thank you all for joining us. 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. Dan Eggers - Senior Vice President of Corporate Finance. We're encouraged by the expression of support that continued -- for the continued operation of the nuclear plants. And I'll give you an example. And with that, I'll close out the call. They were due at the end of the month. And our final question comes from Michael Lapides with Goldman Sachs. So if we need a little bit extra time, whether in the New York case or at the NRC, we have accounted for that. And that's resulted in billions of dollars of savings for our customers over that period of time. And then just lastly, there's been some noise building on the Chicago franchise agreement. Slide 12 provides one example of how Exelon Utilities are working with our regulators and states to make investments that will address the climate crisis and help our customers. All right. And your next question comes from James Thalacker with BMO Capital Markets. Our mark-to-market of hedges were down $200 million due to our hedge position, offsetting the increase in open gross margin partially offset by the execution of $100 million of power new business. I'll now turn the call over to Chris Crane, Exelon's CEO. I mean, especially as we're sort of thinking about the stand-alone ExGen entity and maintaining IG ratings post-spin. And we will be very fortunate to be able to continue to serve this great city. So I think those are the puts and takes, at least as I see the legislation right now. Yes. Thank you, Sir. And obviously, we understand that the metrics are extremely healthy. We wouldn't necessarily get an approval from that. 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). That's the equivalent to the carbon removed by one million trees planted and grown for 10 years. We're investing philanthropically in the city. 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. 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. ComEd was top quartile and PHI just missed top quartile but improved year-over-year. Exelon Corp (EXC) Q1 2021 Earnings Call Transcript. Learn More, Dow Jones Sustainability North America Index 2006-2020. So the city, I think, is rightfully concerned about the changing weather from the climate crisis. The other three, less transparent in terms of how they would vote. Any sense on timeline? Good morning, everyone, and thank you for joining our first quarter 2021 earnings conference call. One final question on nuclear. The Executive Committee is responsible for setting strategy and direction for Exelon. Open gross margin is up $300 million relative to our prior disclosure, primarily due to higher prices in NiHub and West Hub. [Operator Instructions] And your first question comes from Stephen Byrd with Morgan Stanley. In PJM, it's a very resilient market. Our states are also advancing clean energy policies. We continue to investigate the multiple complex factors that led to our plant outages, and we are working with ERCOT regulators and other stakeholders to ensure an event like this does not happen again. Yes. Exelon Corp (EXC) Q3 2020 Earnings Call Transcript. So going to a dual fuel, going to a different design basis for temperatures can be an expensive proposition. Thanks, everybody, for joining the call today. Is there sort of a path forward there? Does a bill need to be drafted that would be consistent with reconciliation? Overall, our first quarter GAAP loss was $0.30 per share and our non-GAAP loss was $0.06 per share. And then one quick follow-up, unrelated, on taxes. The same voices that are arguing in Illinois that our plants are profitable were overruled in New Jersey's decision. Thanks, Joe. We will deliver or exceed our financial commitments, delivering earnings within our guidance range and to maintain strong balance sheet. Two questions for you, actually unrelated. I think you covered it. All Rights Reserved. Turning to Slide 14. We would have to take into consideration, as ERCOT and the commission continues to deliberate on what the design could be is what we could afford to invest into those plants for that resiliency. You tend to have more of a concentration of low-income customers in the city for a variety of reasons. But we're almost out of time, and we'll prematurely retire these assets in the fall if the policy reforms are not passed in this session. Leading the call today are Chris Crane, Exelon's President and Chief Executive Officer; and Joe Nigro, Exelon's Chief Financial Officer. We also executed $50 million in non-power new business during the quarter. We continue to work on mitigating this approximately $1 billion loss and expect to offset the loss by $410 million to $490 million after taxes through a combination of mostly onetime cost reductions and deferral of nonessential maintenance and revenue opportunities. Right now, the design of ERCOT does not compensate for reliability, availability. And we continue to expect that to happen in the future as we manage our business. We will not continue to weather risk like that, that could challenge the balance sheet and the investment-grade ratings. Additionally, we continue to make investments and make the power grid more resilient to severe storms, such as those experienced in Northern Illinois last year. 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. Today, I will cover our first-quarter results, quarterly financial updates, and our hedge disclosures. 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. 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. The outlook for 2021 Adjusted (non-GAAP) Operating Earnings for Exelon and its subsidiaries excludes the following items: Mark-to-market adjustments from economic hedging activities; We've been advocating for policy changes in Illinois for more than two years because I feel that we have a duty to our customers to preserve every opportunity to correct flawed policies and keep these critical energy resources running. As you saw in our 8-K last week, we updated our full-year losses at $150 million due to the updated load meter data in ERCOT default payments that differed from our original estimate. Market data powered by FactSet and Web Financial Group. Thanks. And I think those are the issues they're worried about as well. 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. And I think as Chris said, the policymakers have been meeting routinely on that. The call-in number is: They are going to explore all their options. At ExGen, we lost $0.58 per share overall, with the February weather event costing $0.90 per share in the first quarter. Exelon Utilities performed well operationally and financially during the quarter, delivering $0.72 per share, which is $0.11 better than the first quarter last year. Our mission, vision and values guide the committeeâs decisions.â Exelon will discuss first quarter 2021 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). But is there -- at what point does this become a significant portion of capex opportunity? 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.
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