The document discusses a presentation by John F. Young, CFO of Exelon, at the Edison Electric Institute Conference in Orlando, Florida on November 5-6, 2007. It outlines Exelon's strategic positioning and financial outlook over the next 5 years, focusing on its utility and generation businesses. Key points include Exelon's transition to competitive markets in Pennsylvania, regulatory recovery plans at ComEd to reduce earnings lag, and Exelon Generation's large nuclear fleet which is well-positioned in a carbon-constrained environment. Projected earnings growth from 2007-2012 reflects improving market fundamentals and the expiration of below-market contracts.
EMA 2009 - 2012 & Beyond: Operating in a Carbon Constrained Environment -...fijigeorge
Presentation reviews potential legislative and regulatory issues that could impact operations of a natural gas company. Also, provides organizational response to upcoming carbon legislation/regulation
El Paso Corporation is focused on growing its pipeline and E&P businesses in a sustainable manner over the long term. The company has a large committed growth backlog for its pipeline segment of nearly $4 billion. In its E&P segment, El Paso expects 8-12% production growth from 2007-2010 through development of its multi-year drilling inventory. Overall, El Paso aims to deliver meaningful and sustainable long-term growth through its pipeline and E&P operations.
el paso 09_04LehmanBrothersConference_FINALfinance49
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company focuses on developing a culture where it is the best place to work, a good neighbor, and a company worth owning. El Paso has leading positions in interstate pipelines and exploration and production. The interstate pipelines are the cornerstone of the company and provide stable earnings growth. El Paso is also improving its exploration and production business through portfolio upgrades and increased drilling activity. The company is making financial progress through debt reduction and expects an excellent outlook.
This document provides an overview and 2Q results presentation by Petrobras CFO Almir Barbassa. Some key points:
- Petrobras' investment plan from 2007-2011 totals $87.1 billion, with 56% going to E&P to focus on growth in light oil and natural gas production and reserves.
- Financial targets include average return on capital employed of 16% from 2007-2011 and maintaining net debt to equity ratio below 25%.
- Major production growth projects through 2011 include the P-50, P-34 and other platforms that will contribute an additional 560,000 bpd of capacity in 2007 alone.
- From 2011-2015, 15 large projects are planned to
El Paso Corporation provides natural gas and related energy products safely and reliably. The company focuses on developing a positive culture as the place to work, neighbor to have, and company to own. El Paso's interstate pipelines are the cornerstone of its business, with the largest franchise in the U.S., $2.2 billion in new projects, and expected 4-6% annual growth. The company plans to launch an MLP IPO for part of its pipeline business in the fourth quarter of 2007.
El Paso Corporation provides natural gas and related energy products across North America. It has two core businesses: interstate pipelines and exploration and production. The company has a $3 billion growth backlog for its pipeline business and expects 6-8% annual EBIT growth. Its E&P business is focused on resource plays in the US and exploration internationally. El Paso expects 8-12% annual production growth through high-grading its portfolio and $1.7 billion capital investment in 2008. It enters the year with solid hedge positions on natural gas and oil.
El Paso Corporation is a major natural gas company that owns pipelines and conducts exploration and production. The presentation discusses the implications of carbon regulation for natural gas companies and El Paso's strategies. Regulations could significantly increase costs for natural gas. El Paso aims to make its new Ruby Pipeline project carbon neutral through offsets, efficiency measures, and allowing trading. The company also commits to assessing and reducing its emissions footprint to prepare for a carbon constrained future. Natural gas may play a bridging role but its role depends on regulation stringency and other energy sources.
- Entrée Gold is developing two major copper projects, the Oyu Tolgoi copper-gold-molybdenum mine in Mongolia and the Ann Mason copper-molybdenum deposit in Nevada, USA.
- At Oyu Tolgoi, Phase I construction is 94% complete and production from the Hugo North Extension deposit is expected to begin in 2015.
- The Ann Mason deposit in Nevada contains over 8 billion pounds of copper in the indicated resource category and over 7 billion pounds in inferred. A PEA is underway to evaluate development options at Ann Mason.
- Entrée also has a portfolio of exploration properties in Nevada, Mongolia, Australia and Peru targeting copper and gold mineral
EMA 2009 - 2012 & Beyond: Operating in a Carbon Constrained Environment -...fijigeorge
Presentation reviews potential legislative and regulatory issues that could impact operations of a natural gas company. Also, provides organizational response to upcoming carbon legislation/regulation
El Paso Corporation is focused on growing its pipeline and E&P businesses in a sustainable manner over the long term. The company has a large committed growth backlog for its pipeline segment of nearly $4 billion. In its E&P segment, El Paso expects 8-12% production growth from 2007-2010 through development of its multi-year drilling inventory. Overall, El Paso aims to deliver meaningful and sustainable long-term growth through its pipeline and E&P operations.
el paso 09_04LehmanBrothersConference_FINALfinance49
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company focuses on developing a culture where it is the best place to work, a good neighbor, and a company worth owning. El Paso has leading positions in interstate pipelines and exploration and production. The interstate pipelines are the cornerstone of the company and provide stable earnings growth. El Paso is also improving its exploration and production business through portfolio upgrades and increased drilling activity. The company is making financial progress through debt reduction and expects an excellent outlook.
This document provides an overview and 2Q results presentation by Petrobras CFO Almir Barbassa. Some key points:
- Petrobras' investment plan from 2007-2011 totals $87.1 billion, with 56% going to E&P to focus on growth in light oil and natural gas production and reserves.
- Financial targets include average return on capital employed of 16% from 2007-2011 and maintaining net debt to equity ratio below 25%.
- Major production growth projects through 2011 include the P-50, P-34 and other platforms that will contribute an additional 560,000 bpd of capacity in 2007 alone.
- From 2011-2015, 15 large projects are planned to
El Paso Corporation provides natural gas and related energy products safely and reliably. The company focuses on developing a positive culture as the place to work, neighbor to have, and company to own. El Paso's interstate pipelines are the cornerstone of its business, with the largest franchise in the U.S., $2.2 billion in new projects, and expected 4-6% annual growth. The company plans to launch an MLP IPO for part of its pipeline business in the fourth quarter of 2007.
El Paso Corporation provides natural gas and related energy products across North America. It has two core businesses: interstate pipelines and exploration and production. The company has a $3 billion growth backlog for its pipeline business and expects 6-8% annual EBIT growth. Its E&P business is focused on resource plays in the US and exploration internationally. El Paso expects 8-12% annual production growth through high-grading its portfolio and $1.7 billion capital investment in 2008. It enters the year with solid hedge positions on natural gas and oil.
El Paso Corporation is a major natural gas company that owns pipelines and conducts exploration and production. The presentation discusses the implications of carbon regulation for natural gas companies and El Paso's strategies. Regulations could significantly increase costs for natural gas. El Paso aims to make its new Ruby Pipeline project carbon neutral through offsets, efficiency measures, and allowing trading. The company also commits to assessing and reducing its emissions footprint to prepare for a carbon constrained future. Natural gas may play a bridging role but its role depends on regulation stringency and other energy sources.
- Entrée Gold is developing two major copper projects, the Oyu Tolgoi copper-gold-molybdenum mine in Mongolia and the Ann Mason copper-molybdenum deposit in Nevada, USA.
- At Oyu Tolgoi, Phase I construction is 94% complete and production from the Hugo North Extension deposit is expected to begin in 2015.
- The Ann Mason deposit in Nevada contains over 8 billion pounds of copper in the indicated resource category and over 7 billion pounds in inferred. A PEA is underway to evaluate development options at Ann Mason.
- Entrée also has a portfolio of exploration properties in Nevada, Mongolia, Australia and Peru targeting copper and gold mineral
el paso 03_27Leland_CreditSuisse_FINAL(Web)finance49
The document provides an overview of El Paso Corporation, including its two core businesses of interstate pipelines and exploration and production. It summarizes El Paso's leading pipeline network in North America, well-positioned assets, committed growth backlog approaching $4 billion, and focus on sustainable long-term growth through pipeline infrastructure investments and 8-12% annual production growth from E&P. The document also reviews El Paso's leveraged finance position and management of capital costs for major projects.
AEP's dividend policy and expected EPS growth rate are detailed in this handout, which was shared at the Greater Chicagoland Coalition of Better Investing.
This presentation reflects conditions at the time it was delivered and do not include later developments. Updated information about current conditions can be found in the companies' filings with the Securities and Exchange Commission. AEP has not undertaken an obligation to update the presentation on this page.
el paso 11_20_Hopper_BofACreditConferenceFINALv2(Web)finance49
El Paso Corporation provides natural gas and related energy products. The presentation discusses El Paso's plans to meet its 2009 debt maturities through reduced capital spending and potential asset sales while executing its $8 billion pipeline backlog. It also summarizes El Paso's significant unproved natural gas resources and lower-risk development programs. The presentation concludes that El Paso's long-term growth potential remains intact despite challenges from the credit crisis.
General Moly at Credit Suisse Small Mid Cap ConferenceCompany Spotlight
The document summarizes General Moly's mining projects. It discusses the company's near-term Mt. Hope molybdenum project in Nevada, which is described as large-scale with high molybdenum grades and low costs. It also mentions General Moly's follow-on Liberty molybdenum and copper project. The document notes that the company has significant strategic partnerships and financing arrangements in place and is awaiting key permits in the second half of 2012 to begin production.
8º Foro Latibex - Strategic Plan and 3rd Quarter ResultsPetrobras
This document contains a presentation by Petrobras executives discussing the company's strategic plan and 3rd quarter results for 2006. The presentation outlines Petrobras' key drivers and business strategies, including expanding natural gas and downstream operations. It provides macroeconomic assumptions for 2007-2011 and details Petrobras' $87 billion investment plan over that period focused on exploration and production, downstream activities, and international expansion. Production targets, main projects, and financial targets are also summarized.
The document discusses Entrée Gold's Ann Mason copper-molybdenum porphyry deposit in Nevada. It contains over 8 billion pounds of copper in the indicated resource category and over 5 billion pounds in inferred. A preliminary economic assessment shows the project could have a net present value over $1 billion and internal rate of return around 15% at a copper price of $3/lb. The deposit remains open at depth and along strike. The document also briefly discusses Entrée's Blue Hill deposit located near Ann Mason, which contains over 500 million pounds of copper in the inferred category.
CEO José Sergio Gabrielli de Azevedo - Presentation to the "Comitê de Coopera...Petrobras
The document discusses Japan's reliance on natural resource imports and Brazil's leadership in deepwater oil and gas discoveries and production technology. Key points:
- Japan imports almost all of its natural resources like oil, LNG, coal and iron ore. It relies on international partnerships for supply.
- Over the past 5 years, Brazil accounted for 1/3 of global deepwater oil and gas discoveries. It expects to double proven reserves by 2020.
- Brazil's state-run Petrobras has decades of experience in deepwater production, operating the first floating production systems as early as 1977. It is now a global leader in deepwater technologies.
John Hopper presented at the Deutsche Bank High Yield Conference on September 28, 2005. The presentation summarized El Paso Corporation's progress in turning around its business, reducing debt, and positioning itself for future growth. Key points included stabilizing production, focusing more investment onshore, improving the Texas Gulf Coast business, and having significant leverage to rising natural gas prices in 2006. Cost reductions were also continuing across the company. The presentation demonstrated that El Paso had made rapid progress in its turnaround.
PRT is the largest producer of container grown forest seedlings in North America. While its financial performance has been impacted by the downturn in the forest industry, it maintains a strong competitive position and low-risk business model. As housing markets recover and reforestation needs increase, PRT is well positioned to capitalize on growth opportunities through its scale, reliability and diversified operations.
Doug Foshee, President and CEO of El Paso Corporation, presented at an annual investor conference on September 20, 2005. He summarized that El Paso has made significant progress in turning the company around, reducing net debt from $20.5 billion to $15.9 billion through asset sales and debt reduction. Production has stabilized at around 900 million cubic feet equivalent per day, and the company is well positioned with natural gas assets. El Paso expects substantial leverage to higher natural gas prices in 2006, with every $1 increase in gas prices above $5 providing around $200 million in additional cash flow.
The document provides an investor presentation for PVA's 2012 Annual Meeting of Shareholders. It includes forward-looking statements and discusses risks and uncertainties in the oil and gas industry. Specifically, it notes that global oil prices have remained high while natural gas prices have hit 10-year lows. The industry is shifting capital from gas to oil and liquids-rich plays due to the gas price collapse. Gas production has grown 30% since 2007 despite declining rig counts recently, as new shale gas plays have kept supply high.
Banco Santander reported its 1Q09 results on April 29th, 2009. The presentation provided an overview of Brazil's macroeconomic scenario, noting that while GDP growth slowed in 2009 due to the global crisis, Brazil's fundamentals remain strong. It discussed how Brazil's financial system is well-capitalized and more resilient compared to previous crises. Finally, it summarized Santander's strategy and franchise in Brazil, highlighting the progress of its integration and how the combined network provides better service and access for its over 9 million customers.
Dgc 13 02_24-27_bmo metals and mining conferenceDetourGold
Detour Gold Corporation is Canada's next intermediate gold producer. It owns the Detour Lake mine in Ontario, Canada, which began commercial gold production in February 2013. Detour Gold's objectives for 2013 include commissioning a second production line at Detour Lake, securing a $90 million credit facility, achieving commercial production, and producing over 350,000 ounces of gold. It also plans to complete a pre-feasibility study on the Block A expansion at Detour Lake and advance evaluation of mine expansion scenarios. Detour Gold is focused on responsible mining practices and supporting local communities.
UBS Natural Gas, Electric Power & Coal Conferencefinance14
This presentation was given at a natural gas, electric power, and coal conference in Lost Pines, Texas on March 6, 2008. It discusses Exelon Corporation, the parent company of several major utilities, and provides an outlook for 2008. Key points include Exelon estimating 2008 operating earnings between $4.00-$4.40 per share. It also discusses capital expenditure and operation and maintenance expectations for Exelon and its utilities through 2012. Additionally, it provides an overview of regulatory proceedings and investments planned for ComEd, one of Exelon's major utilities, in 2008.
Exelon Presents at the Edison Electric Institute Financial Conferencefinance14
This document discusses a potential merger between Exelon Corporation and NRG. It outlines that the merger would be an all-stock transaction that is accretive and creates value through synergies. The combined company would have a large, diverse, and predominantly low-cost fuel portfolio. Exelon aims to reduce debt at the combined company to strengthen its credit metrics.
Exelon Corporation at Morgan Stanley Global Electricity & Energy Conferencefinance14
This document summarizes Matthew Hilzinger's presentation at the Morgan Stanley Global Electricity & Energy Conference on April 3, 2008. Some key points include:
- Exelon is well positioned for continued strong performance in 2008 and beyond due to its large nuclear fleet and incremental cash flows.
- Generation is benefiting from improving market fundamentals.
- ComEd is progressing constructively in distribution rate case negotiations.
- Exelon is fully engaged in discussions regarding Harrisburg and poised to launch a low carbon strategy.
Exelon Corporation at Sanford Bernstein, CO2 Emissions Limits and the Power S...finance14
This document provides contact information for Exelon Corporation's investor relations department. It also contains forward-looking statements about Exelon's estimated 2007 operating earnings and earnings per share guidance. Additionally, it summarizes key details about Exelon's business segments and operating companies, and outlines Exelon's strategic direction, goals, and position on climate change and environmental leadership.
Merrill Lynch Global Power and Gas Conferencefinance14
This document summarizes Merrill Lynch's presentation at the 2008 Power & Gas Leaders Conference in New York on September 23, 2008. Some key points:
- Exelon is well positioned financially, with strong operations, a robust hedging program, and ample liquidity.
- Exelon's 2009 operating EPS is expected to be flat compared to 2008, as higher earnings from ComEd offset lower earnings from Exelon Generation.
- Exelon is uniquely positioned for sustainable value through its large nuclear fleet, competitive markets, and opportunities for growth.
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
Exelon reported lower third quarter 2008 earnings compared to third quarter 2007. Earnings were impacted by higher operating expenses, unfavorable weather, and economic factors. However, Generation saw higher energy margins. Exelon expects full-year 2008 earnings near the bottom of its guidance range. It also announced a 5% increase to its fourth quarter common stock dividend and provided operating earnings outlooks for its subsidiaries in 2008.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
This document summarizes a presentation given by Tom O'Neill of Exelon Generation on the potential for a nuclear renaissance in the United States. It notes that while cost estimates for new nuclear plants range from $2400/kw to $4500/kw, a study showed that the levelized cost of electricity from new nuclear could be competitive even against other low-carbon alternatives. However, it acknowledges there is significant uncertainty around construction costs and timelines for new plants. Exelon advocates for policies that can help reduce risks and support long-term planning for new nuclear as one strategy in the nation's energy portfolio.
el paso 03_27Leland_CreditSuisse_FINAL(Web)finance49
The document provides an overview of El Paso Corporation, including its two core businesses of interstate pipelines and exploration and production. It summarizes El Paso's leading pipeline network in North America, well-positioned assets, committed growth backlog approaching $4 billion, and focus on sustainable long-term growth through pipeline infrastructure investments and 8-12% annual production growth from E&P. The document also reviews El Paso's leveraged finance position and management of capital costs for major projects.
AEP's dividend policy and expected EPS growth rate are detailed in this handout, which was shared at the Greater Chicagoland Coalition of Better Investing.
This presentation reflects conditions at the time it was delivered and do not include later developments. Updated information about current conditions can be found in the companies' filings with the Securities and Exchange Commission. AEP has not undertaken an obligation to update the presentation on this page.
el paso 11_20_Hopper_BofACreditConferenceFINALv2(Web)finance49
El Paso Corporation provides natural gas and related energy products. The presentation discusses El Paso's plans to meet its 2009 debt maturities through reduced capital spending and potential asset sales while executing its $8 billion pipeline backlog. It also summarizes El Paso's significant unproved natural gas resources and lower-risk development programs. The presentation concludes that El Paso's long-term growth potential remains intact despite challenges from the credit crisis.
General Moly at Credit Suisse Small Mid Cap ConferenceCompany Spotlight
The document summarizes General Moly's mining projects. It discusses the company's near-term Mt. Hope molybdenum project in Nevada, which is described as large-scale with high molybdenum grades and low costs. It also mentions General Moly's follow-on Liberty molybdenum and copper project. The document notes that the company has significant strategic partnerships and financing arrangements in place and is awaiting key permits in the second half of 2012 to begin production.
8º Foro Latibex - Strategic Plan and 3rd Quarter ResultsPetrobras
This document contains a presentation by Petrobras executives discussing the company's strategic plan and 3rd quarter results for 2006. The presentation outlines Petrobras' key drivers and business strategies, including expanding natural gas and downstream operations. It provides macroeconomic assumptions for 2007-2011 and details Petrobras' $87 billion investment plan over that period focused on exploration and production, downstream activities, and international expansion. Production targets, main projects, and financial targets are also summarized.
The document discusses Entrée Gold's Ann Mason copper-molybdenum porphyry deposit in Nevada. It contains over 8 billion pounds of copper in the indicated resource category and over 5 billion pounds in inferred. A preliminary economic assessment shows the project could have a net present value over $1 billion and internal rate of return around 15% at a copper price of $3/lb. The deposit remains open at depth and along strike. The document also briefly discusses Entrée's Blue Hill deposit located near Ann Mason, which contains over 500 million pounds of copper in the inferred category.
CEO José Sergio Gabrielli de Azevedo - Presentation to the "Comitê de Coopera...Petrobras
The document discusses Japan's reliance on natural resource imports and Brazil's leadership in deepwater oil and gas discoveries and production technology. Key points:
- Japan imports almost all of its natural resources like oil, LNG, coal and iron ore. It relies on international partnerships for supply.
- Over the past 5 years, Brazil accounted for 1/3 of global deepwater oil and gas discoveries. It expects to double proven reserves by 2020.
- Brazil's state-run Petrobras has decades of experience in deepwater production, operating the first floating production systems as early as 1977. It is now a global leader in deepwater technologies.
John Hopper presented at the Deutsche Bank High Yield Conference on September 28, 2005. The presentation summarized El Paso Corporation's progress in turning around its business, reducing debt, and positioning itself for future growth. Key points included stabilizing production, focusing more investment onshore, improving the Texas Gulf Coast business, and having significant leverage to rising natural gas prices in 2006. Cost reductions were also continuing across the company. The presentation demonstrated that El Paso had made rapid progress in its turnaround.
PRT is the largest producer of container grown forest seedlings in North America. While its financial performance has been impacted by the downturn in the forest industry, it maintains a strong competitive position and low-risk business model. As housing markets recover and reforestation needs increase, PRT is well positioned to capitalize on growth opportunities through its scale, reliability and diversified operations.
Doug Foshee, President and CEO of El Paso Corporation, presented at an annual investor conference on September 20, 2005. He summarized that El Paso has made significant progress in turning the company around, reducing net debt from $20.5 billion to $15.9 billion through asset sales and debt reduction. Production has stabilized at around 900 million cubic feet equivalent per day, and the company is well positioned with natural gas assets. El Paso expects substantial leverage to higher natural gas prices in 2006, with every $1 increase in gas prices above $5 providing around $200 million in additional cash flow.
The document provides an investor presentation for PVA's 2012 Annual Meeting of Shareholders. It includes forward-looking statements and discusses risks and uncertainties in the oil and gas industry. Specifically, it notes that global oil prices have remained high while natural gas prices have hit 10-year lows. The industry is shifting capital from gas to oil and liquids-rich plays due to the gas price collapse. Gas production has grown 30% since 2007 despite declining rig counts recently, as new shale gas plays have kept supply high.
Banco Santander reported its 1Q09 results on April 29th, 2009. The presentation provided an overview of Brazil's macroeconomic scenario, noting that while GDP growth slowed in 2009 due to the global crisis, Brazil's fundamentals remain strong. It discussed how Brazil's financial system is well-capitalized and more resilient compared to previous crises. Finally, it summarized Santander's strategy and franchise in Brazil, highlighting the progress of its integration and how the combined network provides better service and access for its over 9 million customers.
Dgc 13 02_24-27_bmo metals and mining conferenceDetourGold
Detour Gold Corporation is Canada's next intermediate gold producer. It owns the Detour Lake mine in Ontario, Canada, which began commercial gold production in February 2013. Detour Gold's objectives for 2013 include commissioning a second production line at Detour Lake, securing a $90 million credit facility, achieving commercial production, and producing over 350,000 ounces of gold. It also plans to complete a pre-feasibility study on the Block A expansion at Detour Lake and advance evaluation of mine expansion scenarios. Detour Gold is focused on responsible mining practices and supporting local communities.
UBS Natural Gas, Electric Power & Coal Conferencefinance14
This presentation was given at a natural gas, electric power, and coal conference in Lost Pines, Texas on March 6, 2008. It discusses Exelon Corporation, the parent company of several major utilities, and provides an outlook for 2008. Key points include Exelon estimating 2008 operating earnings between $4.00-$4.40 per share. It also discusses capital expenditure and operation and maintenance expectations for Exelon and its utilities through 2012. Additionally, it provides an overview of regulatory proceedings and investments planned for ComEd, one of Exelon's major utilities, in 2008.
Exelon Presents at the Edison Electric Institute Financial Conferencefinance14
This document discusses a potential merger between Exelon Corporation and NRG. It outlines that the merger would be an all-stock transaction that is accretive and creates value through synergies. The combined company would have a large, diverse, and predominantly low-cost fuel portfolio. Exelon aims to reduce debt at the combined company to strengthen its credit metrics.
Exelon Corporation at Morgan Stanley Global Electricity & Energy Conferencefinance14
This document summarizes Matthew Hilzinger's presentation at the Morgan Stanley Global Electricity & Energy Conference on April 3, 2008. Some key points include:
- Exelon is well positioned for continued strong performance in 2008 and beyond due to its large nuclear fleet and incremental cash flows.
- Generation is benefiting from improving market fundamentals.
- ComEd is progressing constructively in distribution rate case negotiations.
- Exelon is fully engaged in discussions regarding Harrisburg and poised to launch a low carbon strategy.
Exelon Corporation at Sanford Bernstein, CO2 Emissions Limits and the Power S...finance14
This document provides contact information for Exelon Corporation's investor relations department. It also contains forward-looking statements about Exelon's estimated 2007 operating earnings and earnings per share guidance. Additionally, it summarizes key details about Exelon's business segments and operating companies, and outlines Exelon's strategic direction, goals, and position on climate change and environmental leadership.
Merrill Lynch Global Power and Gas Conferencefinance14
This document summarizes Merrill Lynch's presentation at the 2008 Power & Gas Leaders Conference in New York on September 23, 2008. Some key points:
- Exelon is well positioned financially, with strong operations, a robust hedging program, and ample liquidity.
- Exelon's 2009 operating EPS is expected to be flat compared to 2008, as higher earnings from ComEd offset lower earnings from Exelon Generation.
- Exelon is uniquely positioned for sustainable value through its large nuclear fleet, competitive markets, and opportunities for growth.
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
Exelon reported lower third quarter 2008 earnings compared to third quarter 2007. Earnings were impacted by higher operating expenses, unfavorable weather, and economic factors. However, Generation saw higher energy margins. Exelon expects full-year 2008 earnings near the bottom of its guidance range. It also announced a 5% increase to its fourth quarter common stock dividend and provided operating earnings outlooks for its subsidiaries in 2008.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
This document summarizes a presentation given by Tom O'Neill of Exelon Generation on the potential for a nuclear renaissance in the United States. It notes that while cost estimates for new nuclear plants range from $2400/kw to $4500/kw, a study showed that the levelized cost of electricity from new nuclear could be competitive even against other low-carbon alternatives. However, it acknowledges there is significant uncertainty around construction costs and timelines for new plants. Exelon advocates for policies that can help reduce risks and support long-term planning for new nuclear as one strategy in the nation's energy portfolio.
This document provides a summary of Exelon Corporation's second quarter 2007 financial results and outlook. Key points include:
- Reported GAAP earnings of $702 million compared to $644 million in Q2 2006. Adjusted operating earnings were $700 million compared to $577 million.
- Affirmed full-year 2007 adjusted operating earnings guidance of $4.00-$4.30 per share. Revised GAAP earnings guidance to $3.70-$4.00 per share.
- Announced a comprehensive electric rate settlement in Illinois that provides $1 billion in rate relief for customers over multiple years. Generation will contribute funding as a one-time transition to market rates.
Exelon announced its third quarter 2007 results, reporting GAAP earnings of $780 million compared to a loss of $44 million in third quarter 2006. Adjusted operating earnings were $823 million compared to $690 million in third quarter 2006, driven by higher energy margins and nuclear output. Exelon reaffirmed its 2007 adjusted operating earnings guidance range of $4.15-$4.30 per share and raised its GAAP earnings guidance range to $3.90-$4.20 per share. Key events in the quarter included an Illinois electric rate settlement providing $1 billion in customer rate relief over four years and Exelon initiating a $1.25 billion share repurchase program.
Exelon Corporation at Lehman Brothers CEO Energy Conferencefinance14
This document provides an overview of Exelon Corporation and its competitive position in the energy industry. Exelon has a large, low-cost nuclear fleet that provides over half of its generating capacity. It also has a diverse fossil and hydro fleet. Exelon has delivered strong financial performance and shareholder returns. It aims to protect existing value while pursuing growth opportunities through competitive operations, supporting markets, financial discipline, and evaluating new projects. Key challenges include addressing climate change and supporting various energy policies.
Exelon Corporation at Credit Suisse Group Energy Summitfinance14
This document discusses Exelon's offer to acquire NRG Energy through an exchange offer where NRG shareholders would receive 0.485 Exelon shares for each NRG share. It notes that Exelon launched the exchange offer in November 2008 by filing documents with the SEC. The offer represents a 37% premium to NRG's stock price in October 2008. The document emphasizes that Exelon is committed to executing the transaction and integrating the companies, though it warns that various risks and uncertainties could impact the synergies and integration plans.
Exelon announced its third quarter 2007 results, reporting GAAP earnings of $780 million compared to a loss of $44 million in the third quarter of 2006. Adjusted operating earnings for the third quarter of 2007 were $823 million compared to $690 million for the same period in 2006, driven by higher energy margins and weather conditions. Exelon reaffirmed its full year 2007 adjusted operating earnings guidance range of $4.15 to $4.30 per share and raised its GAAP earnings guidance range to $3.90 to $4.20 per share. Key events in the quarter included an Illinois electric rate settlement providing $1 billion in rate relief over four years and Exelon's board approving a $
Exelon Details the Value Creation Opportunities in an Exelon-NRG Combinationfinance14
The document discusses a potential merger between Exelon and NRG that would create value through synergies and growth opportunities. It argues the merger would be accretive to earnings based on analyst estimates and projected cost savings of $180-300 million per year. The combined company would have a large platform and presence in attractive markets, supported by a strong balance sheet. NRG shareholders would benefit from participating in the future growth potential. Regulatory approval may pose some challenges but are viewed as manageable.
Merrill Lynch Global Power & Gas Leaders Presentationfinance14
The document is a presentation by Exelon Corporation to investors at the Merrill Lynch Power & Gas Leaders Conference on September 25, 2007. It summarizes Exelon's strategic direction of protecting current value while growing long-term value through operational excellence, supporting competitive markets, and evaluating new growth opportunities. It highlights Exelon's strong financial performance with 12% annual operating EPS growth since 2000, and expectations for continued growth through 2011 driven by its generation business and ComEd's regulatory recovery plan. The presentation also reviews Exelon's financial policies and balance sheet capacity, positioning it well for future opportunities.
Introduction to NIST Cybersecurity FrameworkTuan Phan
This document provides an introduction to the NIST Cybersecurity Framework. It discusses the goals and key parts of the Framework, including the Framework Core with its functions, categories and subcategories. It also covers the Framework Profile and Implementation Tiers. The document then demonstrates how Trusted Integration's software maps to the Framework and can be used to assess an organization's cybersecurity activities.
Sysmon is a Windows system service and tool that monitors process creation and other system events. It provides visibility into process activity through logging process command lines, parent processes, file and network activity. The summary discusses how to deploy Sysmon, collect its logs, and analyze the logs for detections related to abnormal processes, applications, network connections, process injections and loaded drivers. It concludes with discussing rulesets for detections and future work.
An Enterprise Risk Management (ERM) programme can help organizations achieve strategic objectives more effectively by taking a systematic approach to identifying, assessing, and addressing risks across the whole organization rather than operating in silos. Key aspects of an effective ERM programme include linking risk strategy to business strategy, establishing clear risk management responsibilities, and using risk information to improve decision-making and investment choices. Regular risk assessment and monitoring can optimize risk management and control activities while supporting organizational learning and competitiveness.
This document summarizes a presentation given by Dick Kelly, the CEO of Xcel Energy, at a financial conference in 2007. The presentation addresses Xcel Energy's strategy for achieving financial success through environmental leadership as climate change policies emerge. Key points include:
1) Xcel Energy is positioning itself to be a leader in addressing climate change by stabilizing or reducing its carbon emissions by 2020 through investments in renewables, energy efficiency, nuclear and cleaner generation.
2) This strategy is expected to reduce regulatory risk, meet customer and political expectations, and demonstrate environmental leadership which could open investment opportunities.
3) Financial projections show rate base growth of 7.5% annually through 2011 which Xcel Energy expects to
This document summarizes a presentation given by Dick Kelly, the Chairman, President and CEO of Xcel Energy, at the 2007 EEI Financial Conference. The presentation discusses Xcel Energy's strategy to address climate change and carbon regulation by stabilizing or reducing carbon emissions from electric service by 2020. This will be achieved through increasing renewable energy, upgrading nuclear plants, expanding energy efficiency programs, and replacing inefficient generation. The strategy positions Xcel Energy for regulatory success and continued leadership in environmental stewardship.
Exelon Corporation and Public Service Enterprise Group provided an overview of their 2005 performance and 2006 outlook at the Morgan Stanley 13th Annual Global Electricity & Energy Conference. Key points included:
- Both companies reported strong standalone performance in 2005 and expect continued growth in 2006 driven by improving power markets and operations.
- The proposed merger between Exelon and PSEG is progressing towards closing in the second or third quarter of 2006 and would create a uniquely positioned generation business with a large, low-cost nuclear fleet.
- Exelon's 2005 earnings growth was driven by improved operations and commodity risk management. It expects further earnings growth in 2006 and 2007 from the end of below-market contracts and recontract
Exelon Corporation and Public Service Enterprise Group provided an overview of their 2005 performance and 2006 outlook at the Morgan Stanley 13th Annual Global Electricity & Energy Conference. Key highlights included continued strong standalone performance in 2005, progress towards closing their merger in the second or third quarter of 2006, and positioning in a large, low-cost nuclear fleet. Both companies expect earnings growth to continue in 2006 driven by improving power market fundamentals and operations.
This document summarizes Xcel Energy's business operations and growth strategy. It outlines Xcel's plans to reduce carbon emissions through investments in renewable energy, smart grid technology, and energy efficiency. These initiatives are expected to lower Xcel's carbon emissions by 22% in Minnesota and 10% in Colorado by 2020 and 2017 respectively. The document also discusses Xcel's constructive regulatory environment which allows recovery of major capital investments, and projected rate base growth of 7.5% annually through 2011. This growth strategy coupled with environmental leadership is expected to deliver sustainable annual earnings growth of 5-7% and dividend growth of 2-4% for shareholders.
This document summarizes Xcel Energy's business operations and growth strategy. It outlines Xcel's plans to reduce carbon emissions through investments in renewable energy, smart grid technology, and energy efficiency. These initiatives are expected to lower Xcel's carbon emissions 22% by 2020 in Minnesota and 10% by 2017 in Colorado. The document also describes Xcel's constructive regulatory environment which allows recovery of major capital investments. This supports Xcel's goal of delivering 5-7% annual earnings growth and 2-4% annual dividend growth through continued investment in its rate base.
xcel energy 2008 June_EurpopeanInvestor854finance26
This document summarizes Xcel Energy's business profile, environmental leadership initiatives, regulatory framework, growth opportunities, and financial performance. Xcel Energy is a major utility operating in 8 states, focusing on reducing carbon emissions through renewable energy investments and technology pilots. The company expects to grow earnings 5-7% annually through rate base investments and has a track record of increasing its dividend by 2-4% per year.
xcel energy 2008 June_EurpopeanInvestor854finance26
This document summarizes Xcel Energy's business profile, environmental leadership initiatives, regulatory framework, growth opportunities, and financial performance. Xcel Energy is a major utility operating across 8 states in the Midwest and Plains regions, focusing on electric and gas delivery. The company aims to reduce carbon emissions through investments in renewable energy, smart grid technologies, and energy efficiency. It has a track record of earning returns allowed by constructive regulation and expects to continue delivering earnings and dividend growth through ongoing capital expenditures.
This document provides an overview and summary of Xcel Energy's strategy to reduce carbon emissions while growing earnings. Key points include:
- Xcel aims to achieve annual EPS growth of 5-7% and increase its dividend by 2-4% annually while reducing carbon emissions 30% by 2020.
- Resource plans in Minnesota and Colorado seek approval for increasing renewable energy, demand side management programs, and natural gas generation to reduce carbon emissions.
- Constructive regulation and a pipeline of investment opportunities in areas like transmission, renewables and environmental upgrades provide earnings growth potential.
- Xcel is well positioned geographically and through its diverse portfolio to comply with potential climate change legislation and be an environmental leader.
This document provides an overview and summary of Xcel Energy's strategy to reduce carbon emissions while growing earnings. Key points include:
- Xcel aims to achieve annual EPS growth of 5-7% and increase its dividend by 2-4% annually while reducing carbon emissions 30% by 2020 through investments in renewables, energy efficiency, and environmental upgrades.
- Resource plans for Minnesota and Colorado outline specific goals and investments to reduce emissions through increased wind and solar generation, gas plant additions, and efficiency programs.
- Constructive regulation and riders support recovery of capital investments in areas like transmission, renewables and environmental upgrades.
- A track record of meeting earnings and dividend growth targets demonstrates the company's ability
xcel energy BAC_Presentation_112007_Finalfinance26
Ben Fowke, Vice President and CFO of Xcel Energy, discusses the company's strategy to achieve financial success through environmental leadership. Xcel aims to stabilize or reduce carbon emissions from electricity by 2020 through renewable energy, energy efficiency, upgrading plants, and evaluating carbon capture technology. This strategy positions the company for anticipated climate regulation while maintaining reasonable customer rates and regulatory support for investments. Fowke outlines capital spending projections and enhanced recovery mechanisms that can deliver earnings and dividend growth.
xcel energy BAC_Presentation_112007_Finalfinance26
Ben Fowke, CFO of Xcel Energy, discusses the company's strategy to achieve financial success through environmental leadership and addressing climate change. Xcel plans to stabilize or reduce carbon emissions by 2020 through increasing renewable energy, upgrading plants, expanding energy efficiency programs, and potentially carbon capture technology. This strategy positions the company for continued regulatory approval and investment opportunities under future carbon regulation.
This document summarizes Xcel Energy's strategy to reduce carbon emissions while growing earnings. Key points include:
- Xcel aims to reduce carbon emissions 20-30% by 2020-2025 while achieving 5-7% annual EPS growth and increasing dividends 2-4% annually.
- Plans for Minnesota and Colorado include adding significant renewable energy like wind and solar, retiring some coal plants, and expanding energy efficiency programs.
- Xcel has constructive regulation allowing recovery of investment in areas like transmission, renewables and environmental upgrades.
- The company expects to invest $2-2.5 billion annually through 2011 to grow its rate base 7.5% annually and deliver earnings growth.
This document summarizes Xcel Energy's strategy to reduce carbon emissions while growing earnings. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and invest in new natural gas generation and transmission. Specific resource plans for Minnesota and Colorado are detailed that would reduce carbon emissions through 2020. The company expects constructive regulation to support capital investments and rate base growth of 7.5% annually through 2011.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
This document summarizes Xcel Energy's strategy to achieve financial success through environmental leadership. It plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It forecasts strong earnings growth of 5-7% annually through 2020 by investing over $2 billion per year in its regulated utilities, with enhanced regulatory recovery mechanisms. This is expected to drive rate base growth of 7.5% annually and sustainable dividend growth of 2-4% per year, providing an attractive total return profile.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable customer rates and regulatory approval of resource plans. The strategy also aims to deliver annual EPS growth of 5-7% through rate cases and recovery of capital investments in transmission and generation projects.
This document summarizes Xcel Energy's strategy to achieve financial success through environmental leadership. Key points include:
1) Xcel Energy aims to reduce carbon emissions by 2020 while maintaining reasonable customer rates and ensuring appropriate regulatory treatment for investments.
2) The company's plans in Minnesota and Colorado aim to significantly reduce carbon emissions through increasing renewable energy and energy efficiency.
3) Xcel Energy forecasts strong capital investment and earnings growth through 2020 by investing in clean energy, transmission infrastructure, and environmental upgrades.
This document summarizes Xcel Energy's strategy to achieve financial success through environmental leadership. Key points include:
1) Xcel Energy aims to reduce carbon emissions by 2020 while maintaining reasonable customer rates and ensuring appropriate regulatory treatment for investments.
2) The company's plans in Minnesota and Colorado aim to significantly reduce carbon emissions through investments in renewables, energy efficiency, and natural gas generation to replace coal plants.
3) Xcel Energy forecasts strong capital investment and earnings growth through 2020 by successfully executing its carbon reduction and renewable energy strategies. This includes annual EPS growth of 5-7% and dividend growth of 2-4%.
Similar to Exelon Corporation at Edison Electric Institute 42nd EEI Financial Conference (20)
freeport-mcmoran copper& gold Public Policy Committeefinance14
This document outlines the charter of the Public Policy Committee of Freeport-McMoRan Copper & Gold Inc.'s Board of Directors. The committee assists the board in overseeing the company's environmental, social, health and safety policies and programs. It meets at least quarterly and is responsible for reviewing the company's policies in these areas, receiving updates on compliance, and approving charitable contributions. The committee has authority to retain consultants and annually reviews its own performance and the adequacy of its charter.
The document outlines the charter of the Nominating and Corporate Governance Committee of Freeport-McMoRan Copper & Gold Inc. The committee assists the board in identifying and recommending qualified individuals to serve as directors. It monitors board composition, evaluates board effectiveness, and maintains corporate governance guidelines. The committee is comprised of independent directors and meets at least twice annually. It has authority to oversee director nominations, board composition, committee structure, compensation, and annual performance evaluations.
The document outlines the charter of the Corporate Personnel Committee of Freeport-McMoRan Copper & Gold Inc.'s Board of Directors. The committee is responsible for overseeing compensation and benefits for executive officers and employees, administering incentive plans, producing an executive compensation report, and ensuring compliance with regulations. The committee must be comprised of independent directors and meet at least quarterly. It is authorized to retain outside advisors and review its own performance annually.
The document is the charter of the Audit Committee of Freeport-McMoRan Copper & Gold Inc.'s Board of Directors, dated January 30, 2007. It outlines the committee's responsibilities which include overseeing the company's financial reporting and auditing processes, internal controls, compliance with legal and regulatory requirements, and qualifications and independence of external and internal auditors. The charter describes the committee's composition, meeting requirements, and powers to carry out its oversight duties. It also requires the committee to annually review its own performance and the charter.
The document is a notice for Freeport-McMoRan Copper & Gold Inc.'s annual meeting of stockholders to be held on May 6, 2004. The purpose of the meeting is to elect five directors, ratify the appointment of auditors, vote on a new director compensation plan, and address any other business. The record date for determining stockholders eligible to vote is March 12, 2004. The meeting will take place at Hotel du Pont in Wilmington, Delaware. Stockholders are encouraged to vote by proxy whether attending or not.
The document is a notice for Freeport-McMoRan Copper & Gold Inc.'s annual meeting of stockholders to be held on May 5, 2005. The purpose of the meeting is to elect nine directors, ratify the appointment of independent auditors, vote on a new annual incentive plan, and vote on two potential stockholder proposals. The record date for determining stockholders eligible to vote is March 9, 2005. Stockholders are encouraged to vote by proxy card whether or not they attend the meeting.
The document is a notice for Freeport-McMoRan Copper & Gold Inc.'s annual meeting of stockholders to be held on May 4, 2006. The purpose of the meeting is to elect eleven directors, ratify the appointment of independent auditors, vote on a new stock incentive plan, and vote on any stockholder proposals. Stockholders of record as of March 7, 2006 are eligible to vote. The meeting will take place at Hotel du Pont in Wilmington, Delaware and will include reports on the annual proceedings and financial statements.
The document provides notice of Freeport-McMoRan Copper & Gold Inc.'s annual meeting of stockholders to be held on July 10, 2007. The purpose of the meeting is to elect directors, ratify the appointment of auditors, adopt amendments to the stock incentive plan, and conduct any other business properly brought before the meeting. Stockholders of record as of May 25, 2007 are entitled to attend and vote. The meeting will take place at the Hotel du Pont in Wilmington, Delaware and stockholders are encouraged to vote by proxy.
This document is a notice for Freeport-McMoRan Copper & Gold Inc.'s annual meeting of stockholders to be held on June 5, 2008. The purpose of the meeting is to elect sixteen directors, ratify the appointment of the independent auditors, and vote on increasing the number of authorized shares of common stock. The record date for determining stockholders eligible to vote is April 15, 2008. Stockholders are encouraged to vote by proxy prior to the meeting. The meeting will take place at the Hotel du Pont in Wilmington, Delaware and stockholders must bring proper identification and proof of ownership of shares to attend.
This presentation provides an overview of HighMount Exploration & Production (E&P), a natural gas company recently acquired by Loews. HighMount believes that natural gas will remain an important part of the US energy supply. It has large, long-life natural gas reserves in key basins like the Sonora Field that were acquired at attractive prices. HighMount aims to maximize value through operational excellence and cost management while positioning itself for growth through developing its existing assets and acquiring new assets and areas when opportunities arise.
The document provides an overview of Loews Corporation's 2008 investor meeting. It summarizes CNA Financial Corporation's solid financial performance including improved operating earnings, a strong balance sheet, and steady core securities income. It also discusses CNA's property and casualty operations which drive the company's results, and how its controlled, orderly run-off operations mitigate earnings risks. Additionally, it outlines CNA's highly diversified insurance portfolio, market leadership in specialty businesses, and disciplined underwriting approach.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
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Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
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https://www.britannica.com/event/Expo-Shanghai-2010
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Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
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During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
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✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
In World Expo 2010 Shanghai – the most visited Expo in the World History
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Exelon Corporation at Edison Electric Institute 42nd EEI Financial Conference
1. Value Driven
John F. Young
Executive Vice President & Chief
Financial Officer
Edison Electric Institute Conference
Orlando, Florida
November 5-6, 2007
2. Forward-Looking Statements
This presentation includes forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause
actual results to differ materially from these forward-looking statements include those discussed herein
as well as those discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk
Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s
Third Quarter 2007 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk
Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (3) other
factors discussed in filings with the Securities and Exchange Commission by Exelon Corporation,
Exelon Generation Company, LLC, Commonwealth Edison Company, and PECO Energy Company
(Companies). Readers are cautioned not to place undue reliance on these forward-looking
statements, which apply only as of the date of this presentation. None of the Companies undertakes
any obligation to publicly release any revision to its forward-looking statements to reflect events or
circumstances after the date of this presentation.
This presentation includes references to adjusted (non-GAAP) operating earnings that exclude the
impact of certain factors. We believe that these adjusted operating earnings are representative of the
underlying operational results of the company. Please refer to the Appendix to the presentation for a
reconciliation of adjusted (non-GAAP) operating earnings to GAAP earnings. 2
3. Agenda
Industry & Market Dynamics
PECO
ComEd
Exelon Generation
Exelon •• O&M and Capital Expenditure Expectations
O&M and Capital Expenditure Expectations
•• Pennsylvania Legislative/Regulatory Snapshot
Pennsylvania Legislative/Regulatory Snapshot
Appendix •• ComEd Transmission Settlement and Distribution Case Summaries
ComEd Transmission Settlement and Distribution Case Summaries
•• Generation Portfolio Characteristics and Hedging Targets
Generation Portfolio Characteristics and Hedging Targets
•• Required Break-Even Cost by Technology (Illustrative)
Required Break-Even Cost by Technology (Illustrative)
•• Nuclear Fleet Details
Nuclear Fleet Details
•• Exelon and Climate Change
Exelon and Climate Change
Today’s discussion will focus on Exelon’s five-year outlook
Today’s discussion will focus on Exelon’s five-year outlook
3
4. With Numerous Forces Driving
the Industry…
Exelon Position
Macro Trends Market Response
Macro Trends Market Response
>80% EPS from unregulated
Environmental / Continued high fossil
generation
climate change fuel prices
concerns
Largest, lowest-cost nuclear fleet in
Massive capital
competitive markets
investment
Continued strong
global growth in Complementary and flexible fossil
Political /
Increasing cost of regulatory
energy consumption and hydro fleet
new build pressures
Executing regulatory recovery plan
Technology
at ComEd
Energy dependency / improvements
geopolitical concerns
Managing transition to competitive
Increasing heat rates
markets in Pennsylvania
Increasing capacity Increasingly strong cash flows and
Declining US reserve prices
balance sheet
margins
4
5. …Exelon Is Uniquely Positioned for
Continued Strong Value Creation
2012
(2)
rowth
EP S G
~65%
owth 2007
PS Gr
E
~75% PE
)
R (1 CO
15% TS
2002 ~3
ComEd ExGen
PECO
ExGen
ExGen
PECO
Ed
Com
ComEd
Operating EPS Guidance (3):
Operating EPS (3):
$2.41 $4.15 – $4.30
~10%+ Compound Annual Growth Rate in EPS from 2007 to 2012
~10%+ Compound Annual Growth Rate in EPS from 2007 to 2012
(1) Total Shareholder Return for the period 12/31/01 – 10/31/07.
5
(2) ~65% EPS growth assumes $10/tonne carbon and equates to ~10%+ CAGR; ~13%+ CAGR assuming $20/tonne carbon; 1 tonne = 2,205 lbs.
(3) See Appendix for reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS.
7. PECO – Moving Forward
Average Annual Rate Base (1)
Average Annual Rate Base (1)
Actively Engaged in Transition
Actively Engaged in Transition ($ in Billions)
($ in Billions)
Competitive Transition Charge (CTC)
6.9
Transitioning through an orderly Rate Base (Transmission, Distribution & Gas)
6.3
structure to market-based rates
• Increasing CTC amortization
2.7
results in declining rate base 5.0
2.0
and net income through 2010
Working proactively with the Governor,
Legislature, and PAPUC for post-
transition rates and structure
5.0
Supporting plans to implement energy 4.3
4.2
efficiency and renewable programs
Preparing power procurement filing for
2008 to address post-transition plan
beginning in 2011 2007 (Guidance) (2) 2008 (Preliminary) 2012 (Illustrative) (3)
Equity ~50%
Not applicable due to
transition rate structure ~10 – 11%
ROE
Net Income $435 – $470M $360 – $400M ~$250 – $270M
PECO provides a predictable source of earnings to Exelon through the remainder
PECO provides a predictable source of earnings to Exelon through the remainder
of the transition period
of the transition period
(1) Rate base details provided in Appendix.
7
(2) 2007 Operating Earnings Guidance; see Appendix for reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS.
(3) Provided solely to illustrate possible future outcomes that are based on a number of different assumptions, all of which are subject to uncertainties and should not be relied
upon as a forecast of future results.
9. ComEd – Moving Forward
Executing Regulatory Average Annual Rate Base
Executing Regulatory Average Annual Rate Base 10.7
Recovery Plan ($ in Billions)
Recovery Plan ($ in Billions)
2.3
8.6
Implementing progressive formula Transmission
transmission rate upon FERC 7.8 Distribution
2.0
approval of settlement 1.8
Supporting recently filed
distribution rate case
Actively promoting/implementing 8.4
efficiency, renewable energy, and 6.6
6.0
demand-side management
programs
Studying innovative future test
year approach for distribution rate
2007 (Guidance) (1) 2008 (Preliminary) 2012 (Illustrative) (3)
filing in 2009
Equity (2) 44% 45% ~45%
ROE ~3.8 – 4.8% ~5.5 – 6.5% ~10 – 11%
$220M – $260M (4)
Net Income $130M – $165M ~$490M – $530M
After 2007, ComEd’s earnings are expected to increase as regulatory lag is reduced over
After 2007, ComEd’s earnings are expected to increase as regulatory lag is reduced over
time through regular rate requests, putting ComEd on a path toward appropriate returns
time through regular rate requests, putting ComEd on a path toward appropriate returns
(1) 2007 Operating Earnings Guidance; see Appendix for reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS.
(2) Equity based on definition provided in most recent ICC distribution rate case order (book equity less goodwill). Projected book equity ratio in 2007 is 58%.
9
(3) Provided solely to illustrate possible future outcomes that are based on a number of different assumptions, all of which are subject to uncertainties and should not be
relied upon as a forecast of future results.
(4) Assumes full $361M revenue increase granted in current distribution rate case.
11. Exelon Generation
Average Capacity Factor
Protect Value
Continue to focus on operating excellence,
cost management, and market discipline
Value Proposition Support competitive markets
Large, low-cost, low-emissions,
Pursue nuclear & hydro plant relicensing
exceptionally well-run nuclear fleet
and strategic investment in material
Complementary and flexible fossil and condition
hydro fleet
Maintain industry-leading talent
Improving power market fundamentals
(commodity prices, heat rates, and Grow Value
capacity values)
Pursue nuclear plant uprates (~200MW by
End of below-market contracts in 2012) and investigate potential for more
Pennsylvania beginning 2011
Pursue nuclear Construction and
Potential carbon restrictions
Operating License in Texas and Mountain
Creek expansion
Capture increased value of low-carbon
generation portfolio
Exelon Generation is the premier unregulated generation company – positioned to
Exelon Generation is the premier unregulated generation company – positioned to
capture market opportunities and manage risk
capture market opportunities and manage risk 11
12. World-Class Nuclear Operator
Range of Fleet 2-Yr Avg Capacity Factor (2002-2006)
Average Capacity Factor Range of Fleet 2-Yr Avg Capacity Factor (2002-2006)
Average Capacity Factor
100% 100
EXC 93.2%
90%
95
80%
90
70%
60%
85
50%
Percent
80
40%
30% 75
20%
70 Range 5-Year Average
10%
0% 65 EXC (17)
ETR (11)
TVA (5)
PGN (5)
CEG (5)
SO (6)
FPL (6)
DUK (7)
D (7)
Non-Fleet Operated (21)
NMC (6)
PEG (3)
FE (4)
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Exelon Industry Operator (# of Reactors)
Sustained production excellence
Sustained production excellence
Note: Exelon data prior to 2000 represent ComEd-only nuclear fleet.
12
Sources: Platt’s, Nuclear News, Nuclear Energy Institute and Energy Information Administration (Department of Energy).
13. Positively Exposed to Market Dynamics
Reserve Margins Declining Natural Gas Prices Remaining High
Reserve Margins Declining Natural Gas Prices Remaining High
$10
30%
25%
PJM-West $9
20%
Henry Hub ($/MMBtu)
ERCOT NYMEX
Reserve Margin
15%
$8
10%
Various
NI-Hub
3rd party
5%
estimates
$7
0%
-5%
$6
-10% PJM-East
-15% $5
2007 2008 2009 2010 2011 2012 2008 2010 2012 2014 2016 2018 2020
Construction Costs Escalating Carbon Legislation Progressing
Construction Costs Escalating Carbon Legislation Progressing
Increase in ExGen‘s Pre-tax Income ($M)
4,500
New Generation Installed Cost Europe Carbon-Trading
Europe Carbon-Trading
2012: $35.50/tonne
3,000 30
2012: $35.50/tonne
Increase in ATC Price ($/MWh)
4,000
Combined Cycle Coal Nuclear
Gas Turbine 3,500 25
2,500
3,000
20
2,000
$ / kW
2,500
Bingaman-Specter
Bingaman-Specter
EIA Carbon Case
2012: $12/tonne EIA Carbon Case
2012: $12/tonne 15
2,000 2010: $31/tonne
1,500 2010: $31/tonne
1,500
10
1,000
1,000 Lieberman-Warner
Lieberman-Warner
Possible $20 to $40/tonne 5
Possible $20 to $40/tonne
500
500
0 0
0 0 5 10 15 20 25 30 35 40 45
13
2006 2007 2006 2007 2006 2007 Carbon Credit ($/Tonne)
Note: Refer to the Appendix for additional information.
Note: Illustrative estimate. Overnight, all-in capital cost without interest during construction.
14. Long-Run Marginal Cost of Electricity
140
IGCC – No CO2
Recapture
120
Pulverized Coal
100
CCGT
2008 $/MWh
80
Nuclear
60
40
20
0
0 5 10 15 20 25 30 35 40 45 50
CO2 Price ($/Metric Ton)
CCGT = Combined Cycle Gas Turbine; IGCC = Integrated Gasification Combined Cycle
Excluding energy efficiency, nuclear is the least expensive generation option
Excluding energy efficiency, nuclear is the least expensive generation option
in a carbon-constrained environment
in a carbon-constrained environment 14
15. Exelon Generation – Long-Term Value
2009 – 2012 Earnings Drivers
2009 – 2012 Earnings Drivers
End of PECO PPA (2011+)
End of PECO PPA (2011+)
Carbon (2012+)
Carbon (2012+)
Market conditions
Market conditions
--Heat rate
Heat rate
$2,320M - $2,385M
- Capacity prices
-Capacity prices
2008 Earnings Drivers --New build costs
New build costs
2008 Earnings Drivers
Nuclear uprates
Market conditions Nuclear uprates
Market conditions
Higher O&M costs
--Capacity prices
Capacity prices Higher O&M costs
Higher nuclear fuel costs
--Marginal losses
Marginal losses Higher nuclear fuel costs
Higher interest and
More nuclear outages Higher interest and
More nuclear outages
depreciation expense
depreciation expense
Higher nuclear fuel costs
Higher nuclear fuel costs
Higher O&M costs
Higher O&M costs
State Line buyout
State Line buyout
Higher interest and
Higher interest and
depreciation expense
depreciation expense
2007 Guidance (1) 2008 2012
Exelon Generation is poised for significant earnings growth driven by improving market
Exelon Generation is poised for significant earnings growth driven by improving market
fundamentals, the end of the Pennsylvania transition period, and carbon legislation
fundamentals, the end of the Pennsylvania transition period, and carbon legislation
15
(1) 2007 Operating Earnings Guidance; see Appendix for reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS.
16. Impact of Refueling Outages
Refueling Outage Duration
Refueling Outage Duration
45
Exelon
40
Nuclear Refueling Cycle
Industry
35
18 or 24 months
30
Duration: ~24 days
Days
25
20
15
2008 Refueling Outage Impact
10
5
2008 is an exception:
0
• Salem steam generator
2000 2001 2002 2003 2004 2005 2006 Sept '07
replacement
YTD
• 3 more outages than 2007
Nuclear Output
Nuclear Output
145 13
Actual • ~2,600 GWh less than 2007
143
Estimate
$100-$110M negative after-tax
12
141
# of Refueling Outages
Target
impact
139
11
’000 GWh
137
135 10
Based on the refueling cycle, we
Based on the refueling cycle, we
133
will conduct 12 refueling outages
will conduct 12 refueling outages
9
131
in 2008, versus 9 in 2007, and
in 2008, versus 9 in 2007, and
129
8
10 to 11 in a typical year
10 to 11 in a typical year
127
125 7
2004 2005 2006 2007 2008 2009 2010 2011 2012
16
Note: Net nuclear generation data based on ownership interest; includes Salem.
17. Effectively Managing Nuclear Fuel Costs
All charts exclude Salem, except Projected Total Nuclear Fuel Spend.
Projected Exelon Uranium Demand
Projected Exelon Uranium Demand Components of Fuel Expense in 2007
Components of Fuel Expense in 2007
2007 – 2011: 100% hedged in volume Refer to Appendix for uranium price sensitivities.
2012: ~40% hedged in volume
10.0 Fabrication
17%
9.0 Enrichment
38%
8.0
7.0
M lbs
6.0
5.0
4.0
3.0
Nuclear Waste
2.0 Tax/Interest
Fund
Conversion
1.0 2% Uranium
23%
3% 17%
0.0
2007 2008 2009 2010 2011 2012
Projected Total Nuclear Fuel Spend
Projected Exelon Average Uranium Cost vs. Market Projected Total Nuclear Fuel Spend
Projected Exelon Average Uranium Cost vs. Market 1,400
100% Nuclear Fuel Expense (Amortization + Spent Fuel)
1,200
90% Nuclear Fuel Capex
80% 1,000
70%
800
60%
$M
50%
600
40%
400
30%
20%
200
10%
0% 0
2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012
17
Exelon Average Reload Price Projected Market Price (Term) Note: Excludes costs reimbursed under the settlement agreement with the DOE.
Market source: UxC composite forecasts.
18. 2008 “Open” EBITDA
Un-Hedged – 2008 (1)
Hedged – 2007 Hedged – 2008 Un-Hedged – 2008 (1)
Hedged – 2007 Hedged – 2008
~$5,350 2008 Open EBITDA (1) Assumptions
Henry Hub Gas Price ($/mmBtu) 8.50
$ Millions
PJM W-Hub ATC Price ($/MWh) 62.90
NI-Hub ATC Price ($/MWh) 47.00
~$4,100
~$3,900 PJM W-Hub Implied Heat Rate (mmBtu/MWh) 6.6
NI-Hub Implied Heat Rate (mmBtu/MWh) 5.6
Rest-of-Market Capacity Price ($/MW-day) 82.30
Eastern MAAC Capacity Price ($/MW-day) 169.20
2008 Open EBITDA (1) Sensitivities
(Pre-Tax Impact)
+/- $1/mmBtu Gas Price ~$560M
+/- 500 Btu/KWh ATC Heat Rate ~$750M
+/- $10/MW-Day Capacity Price ~$80M
+ $10/Tonne Carbon Price ~$1,000M
(3)
2007 2008 2008
EBITDA (2) EBITDA Open EBITDA
(No Carbon)
Un-hedged (“Open”) EBITDA plus upside from energy, capacity, and carbon drives
Un-hedged (“Open”) EBITDA plus upside from energy, capacity, and carbon drives
Exelon Generation’s value
Exelon Generation’s value
(1) Un-hedged EBITDA assumes that existing hedges (including the PECO load, Illinois auction load, ComEd financial swap, and other sales) are priced at market prices as of 7/31/07.
18
(2) Refer to the Appendix for a reconciliation of Net Income to EBITDA.
(3) 1 tonne = 2,205 lbs.
20. Exelon’s Strategic Direction
+
Protect Today’s Value Grow Long-Term Value
Protect Today’s Value Grow Long-Term Value
Deliver superior operating Take the organization to the next
performance level of performance
Support competitive markets Advance an environmental strategy
that leverages our carbon position
Protect the value of our generation
Rigorously evaluate new growth
opportunities
Build healthy, self-sustaining
delivery companies
Align our financial management
policies with the changing profile of
our company
20
21. Advancing Exelon’s Low-Carbon
Strategy
Advocating in favor of climate change legislation that is national,
mandatory and economy-wide
Taking voluntary action to reduce our greenhouse gas (GHG)
emissions 8% by 2008 (1)
Continuing to invest in our low-carbon generation portfolio
Developing a comprehensive low-carbon energy strategy
• Expanding our low-carbon resources
• Providing customers with green products and services
• Being a model of green operations
(1) From 2001 levels
21
22. Potential Nuclear New Build
Intend to file Construction and Operating License (COL) for plant in
Texas by end of 2008
• Preserves option to participate in Energy Policy Act incentives
Texas is attractive market for new nuclear
• Growing demand for baseload power, robust market prices
• State and local support for new nuclear
• Existing Exelon presence in Texas
Exelon’s phased approach allows for go/no-go decisions at major
funding/commitment milestones
Exelon’s conditions for new build remain unchanged: the economics
must be right
Nuclear new build would capitalize on improving fundamentals, high gas prices,
Nuclear new build would capitalize on improving fundamentals, high gas prices,
and Exelon’s core strength in nuclear operations
and Exelon’s core strength in nuclear operations
22
23. Disciplined Financial Management
In December 2006, the Exelon Board approved a new “Value
Return Policy”
The Policy:
• Established a base dividend at $1.76/share, growing modestly over
time
• Returns excess cash and/or balance sheet capacity through share
repurchases
Consistent with the Policy, we executed a $1.25 billion accelerated
share repurchase agreement in September
We expect to ask the Exelon Board to consider a normal increase
in the dividend for 2008 and to consider expanding the 2007 share
repurchase program in the first quarter of 2008
Exelon has an increasingly strong balance sheet that will be deployed both
Exelon has an increasingly strong balance sheet that will be deployed both
to protect and grow shareholder value
to protect and grow shareholder value 23
24. 2007 Exelon Investor Conference
The Waldorf Astoria
The Waldorf Astoria Conference Topics
Conference Topics
New York, NY
New York, NY 2008 earnings guidance by
2008 earnings guidance by
operating company
operating company
December 19th
December 19th
2008 sources & uses of cash
2008 sources & uses of cash
Operational & regulatory
Operational & regulatory
Conference Agenda
Conference Agenda
updates
updates
7:15 AM: Registration & Breakfast
7:15 AM: Registration & Breakfast
Strategic outlook
8:00 AM: Conference Program Strategic outlook
8:00 AM: Conference Program
24
25. Exelon – Value Driven
Continued strong financial and operating performance
>80% EPS from unregulated generation
Largest, lowest-cost nuclear fleet in competitive markets
Executing regulatory recovery plan to put ComEd on a
path toward appropriate returns and solid credit metrics
Managing transition to competitive markets in
Pennsylvania
Increasingly strong cash flows and balance sheet
Implementing value return policy
With numerous forces driving the industry, Exelon is uniquely positioned for
With numerous forces driving the industry, Exelon is uniquely positioned for
continued strong value creation
continued strong value creation 25
28. The Exelon Companies
‘06 Operating Earnings(1): $2.2B
‘07E Operating Earnings(2): $2.8 - $2.9B
‘07 EPS Guidance(2): $4.15 - $4.30
Assets (12/31/06): $44.3B
Total Debt (12/31/06): $13.0B
Credit Rating(4): BBB
Illinois Pennsylvania
Nuclear, Fossil, Hydro & Renewable Generation
Utility Utility
Power Marketing
’06 Earnings(1): $1,275M ’06 Earnings(1): $528M $455M
’07E Earnings(2): $2,320 - $2,385M ’07E Earnings(2): $130 - $165M $435 - $470M
’06 EPS(1): $1.88 ’06 EPS(1): $0.78 $0.67
’07 EPS Guidance(2): $3.45 - $3.55 ’07 EPS Guidance(2): $0.20 - $0.25 $0.65 - $0.70
Total Debt(3): $1.8B Total Debt(3): $4.6B $4.2B
Credit Rating(4): BBB+ Credit Ratings(4): BBB A
(1) 2006 Adjusted (Non-GAAP) Operating Earnings and Operating EPS.
(2) Estimated 2007 Adjusted (Non-GAAP) Operating Earnings and 2007 Operating Earnings Guidance per Exelon share.
(3) As of 12/31/06.
28
(4) Standard & Poor’s senior unsecured debt ratings for Exelon and Generation and senior secured debt ratings for ComEd and PECO as of 10/31/07.
29. Multi-Regional, Diverse Company
Electricity Customers: 3.8M Electricity Customers: 1.6M
Gas Customers: 0.5M
Total Capacity
Owned: 24,746 MW
Contracted: 7,524 MW
Total: 32,270 MW
New England Capacity
Owned: 181MW
Midwest Capacity
Owned: 11,373 MW
Contracted: 4,271 MW Mid-Atlantic Capacity
Total: 15,644 MW Owned: 10,970 MW
Contracted: 336 MW
Total: 11,306 MW
ERCOT/South Capacity
Owned: 2,222 MW
Contracted: 2,917 MW
Total: 5,139 MW Generating Plants
Nuclear
Hydro
Coal/Oil/Gas Base-load
Intermediate
Peaker
Note: Megawatts based on Generation’s ownership as of
10/1/07, using annual mean ratings for nuclear units (excluding
Salem) and summer ratings for Salem and the fossil and hydro
29
units; capacity excludes New Boston Unit 1 and State Line PPA.
Mid-Atlantic contracts include wind and cogeneration projects.
30. Strong Financial Performance
Year-to-Date EPS Results Operating EPS
Sep-06 Sep-07 (3)
e
Rat
h
ow t
Adjusted (non-GAAP) EPS (1) $4.15 - $4.30
l Gr
ua
A nn
nd
Operating $2.50 $3.31
po u
C om
Weather Normalized (2) % $3.22
$2.53 $3.26 ~12 $3.10
$2.78
$2.61
$2.41
$2.24
YTD ‘07 Highlights $1.93
• Solid financial operating EPS results
- Higher generation margins
- Favorable weather
- Strong nuclear performance
• Illinois settlement 2000 2001 2002 2003 2004 2005 2006 2007E
• Value return plan implementation (1) Refer to reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS.
(2) Excludes $0.03 per share unfavorable impact versus normal in 2006 and $0.05 per share
• ComEd regulatory recovery plan execution favorable impact versus normal in 2007, based on Exelon models.
(3) Operating EPS growth rate through 2007 calculated using midpoint of 2007 Operating
EPS guidance range.
YTD 2007 weather-normalized operating earnings are 29% higher than 2006
YTD 2007 weather-normalized operating earnings are 29% higher than 2006
30
31. Illinois Settlement
• Immediate rate relief for customers
• Provisions to help stabilize rates
Customer Focused
Customer Focused • Energy efficiency and demand response programs and
renewable portfolio standards
• Continued ComEd membership in PJM
Protects Competitive
Protects Competitive • Competitive procurement for supply
Markets
Markets • Filed competitive declaration for 100 - 400 kW customers
• Statute mandates cost recovery for purchased power
• Eliminated the IL Attorney General’s challenges to the
Protects Value of
Protects Value of 2006 auction
Generation
Generation • Financial swap at market prices
• No generation tax
Provides Strategic • Reduced uncertainty around conditions for ICC approval
Provides Strategic for strategic transactions such as reorganizations or
Flexibility
Flexibility mergers
31
32. O&M and CapEx Expectations
($ in Millions)
O&M Exelon (1)
2007E $2,450 $1,030 $620 $4,090
2008E $1,010 $650 $4,240
$2,620
2008-2012 CAGR 2-3% 2-3% 2-3% 2-3%
(1)
Nuclear Exelon
Capital Fuel Other
2007E $1,060 $350 $2,740
$580 $720
2008E $1,000 $390 $3,110
$730 $870
2008-2012 CAGR NM (2) 3-4% 1-2% NM (2)
~15%
Note: Reflects operating O&M data and excludes Decommissioning Trust Fund impact.
(1) Includes eliminations and other corporate entities.
32
(2) Due to varying capital investment for the period 2008-2012, the CAGR is not meaningful.
33. Industry Is Facing a Capital
Investment Challenge
Current Industry Market Cap ($B) CapEx Spend Next 15 Years ($B)
Current Industry Market Cap ($B) CapEx Spend Next 15 Years ($B)
~$900B
$50B Conservation & Energy Efficiency
~$750B $50B (excl. Carbon) Environmental Retrofits
$150B Transmission
$300B Distribution
Generation for 230+ GWs
$350B
Source: Cambridge Energy Research Associates
Investment required over the next 15 years exceeds the current
Investment required over the next 15 years exceeds the current
market capitalization of the entire electric industry
market capitalization of the entire electric industry
33
34. Ability to Fund Major Investment
Market Cap (1) Cost as % of
($B) Market Cap
$3B Power Plant (2)
Exelon 55 5.5
2nd Largest Investor Owned Utility 32 9.4
3rd Largest Investor Owned Utility 28 10.7
“Average” Investor Owned Utility 20 15.0
(excl. Exelon)
$3B Deep Water
Exxon Mobil 510 0.6
Drilling Platform
Royal Dutch Shell 278 1.1
BP 247 1.2
Large and strong balance sheets will be required for the utility and
Large and strong balance sheets will be required for the utility and
generation infrastructure investment that must occur
generation infrastructure investment that must occur
(1) Market Cap as of 10/31/07.
34
(2) Represents approximate equity investment after taking into account government loan guarantees; includes cost escalation and interest during construction.
36. PECO Average Electric Rates
Post Transition
Post Transition
Electric Projected Rate Increase
Electric Projected Rate Increase
Restructuring Based on PPL Auction
Restructuring Based on PPL Auction
Settlement Results (Illustrative)
Settlement Results (Illustrative)
CTC terminates at year-end 2010
Energy / Capacity price expected
13.65¢ (2)
to increase; price will reflect
+18% associated full requirements costs
Unit Rates (¢/kWh)
11.52¢ (1)
Using latest PPL auction for
2010 as a proxy (10.5¢/kWh)
results in a system average
rate increase of ~18%
6.00 10.54
Energy / Capacity PECO’s 2011 full requirements
price expected to differ from PPL
due, in part, to the timing of the
procurement and locational
Competitive Transition
differences
2.41
Charge (CTC)
Rates will vary by customer class
0.48 0.48
Transmission
and will depend on legislation and
Distribution 2.63 2.63 approved procurement model
2008 – 2010 2011
(1) System Average Rates based upon Restructuring Settlement Rate Caps on Energy and Capacity increased from original settlement by 1.6% to reflect the roll-in of
increased Gross Receipts Tax and $0.02/kWh for Universal Service Fund Charge and Nuclear Decommissioning Cost Adjustment. System Average Rates also
adjusted for sales mix based on current sales forecast. Assumes continuation of current Transmission and Distribution Rates.
36
(2) Energy/Capacity Price is an average of the results for residential (10.51¢/kWh) and small commercial customers (10.58¢/kWh) from the second round of PPL Auction
held 10/07. Assumes continuation of current Transmission and Distribution Rates.
37. PECO Average Annual Rate Base
($ in Billions)
Gas
CTC
6.9
Electric Transmission
6.3
Electric Distribution
1.1 5.8
1.1 5.2
5.0
4.9
1.1
1.1 1.2
2.7
1.2
2.0 1.3
0.5
0.6
0.6
0.6
0.5
0.5
0.5
3.3
3.1
3.0
2.9
2.7
2.6
2007E 2008E 2009E 2010E 2011E 2012E
37
38. Pennsylvania Snapshot
Current State of Play
PECO Actions
Governor Rendell proposed an Energy Independence
Stakeholder outreach
Strategy (EIS) in February 2007
Working with industry coalition
Aimed at reducing energy costs, increasing clean
energy sources, reducing reliance on foreign fuels
Negotiating legislative proposals with
and expanding energy production in PA
Administration and legislative leadership
Funded through a systems benefit charge
Smart meters and real time pricing
Special legislation session on Energy Policy began
Energy efficiency and demand side
September 17th
management programs
Runs through mid-December
Procurement
Contracts for large industrials
Position of Stakeholders Utilities owning generation
Rate increase deferral/phase-in
Legislators concerned with cost of funding Governor's
initiatives, no new taxes
Participating directly or through industry
associations in legislative hearings and
Rate freeze and/or generation tax legislation being
informational meetings
considered
Evaluating alternative proposals
Industry coalition working together to develop a
comprehensive package
38
39. Key Themes of Legislative Proposals
Competitive procurement process utilizing auctions, RFPs, spot purchases
and bilateral contracts
Procurement
Procurement Full and current cost recovery for default service provider (DSP)
DSP must offer residential and small commercial customers a rate that
changes no more frequently than annually with reconciliation for under or
over-recovery
Full deployment of smart meters within 6-10 years
Full recovery for net costs of smart meter deployment through base rates or
Smart Meters
Smart Meters on full and current basis through automatic recovery mechanism
Must submit a time-of-use rate plan with voluntary customer participation by
the end of rate cap period
Must file a rate phase-in plan for all customers with the option to phase-in
Rate Phase-in
Rate Phase-in rate increase if class average total rate increases by more than 15%
Program Phase-in plans are to be opt-in for customer, provide utility with full
Program recovery of carrying costs with return on deferred balance
Securitization of deferred balance and carrying charges authorized
Utility may propose an early phase-in plan
Demand Side
Demand Side Energy efficiency goal of usage reduction of 2% by 2013
Response & Energy
Response & Energy Peak demand reduction goal of 3% by 2012
Efficiency (DSR/EE)
Efficiency (DSR/EE) Utilities may file for cost recovery
39
41. ComEd Transmission Case Settlement (1)
(Docket Nos. ER07-583-000 & EL07-41-000)
Settlement Filing
FERC Filing Preliminary Order
10/5/07 (1)
3/1/07 6/5/07
($ in millions)
Total Revenue Requirement (in year 1) (2) $415 $387 $364
$116 (3)
Revenue Requirement increase (in year 1) $146 $93
$1,672 (4)
Rate Base (in year 1) $1,826 $1,744
58% (5)
Common Equity Ratio 58% 58%
12.20% 12.20% 11.50%
Return on Equity (ROE) (6)
11.70% + 0.50% RTO adder 11.70% + 0.50% RTO adder 11.0% + 0.50% RTO adder
Return on Rate Base (ROR) 9.87% 9.87% 9.40%
Rate settlement establishes reasonable framework for timely recovery of transmission
Rate settlement establishes reasonable framework for timely recovery of transmission
investment on an annual basis through formula rates
investment on an annual basis through formula rates
(5) Equity cap of 58% for 2 years, declining to 55% by 2011.
(1) Subject to final FERC approval.
(6) ROE is fixed and not subject to annual updating.
(2) Included a request for project incentives of $16 million.
41
RTO = Regional Transmission Organization
(3) Rates effective 5/1/07, subject to refund.
(4) Excludes pension asset; 6.51% debt return allowed in operating expenses.
42. Formula Transmission Rate Annual
Update Process (1)
Annual filing by May 15th will update the current year revenue
requirement and true-up prior year to actual:
Update current year
− Estimate current year revenue requirement using updated costs based on prior
year actual data per FERC Form 1 plus projected plant additions for the current
calendar year
True-up prior year
− Perform a true-up of the prior year’s rates by comparing prior year actual data
per FERC Form 1 to the estimate used for that year; over/under-recoveries for
the prior year are collected in the current year
Rates take effect on June 1st
Interested parties have 180 days to submit information requests and
raise concerns; unresolved concerns go before FERC for resolution
The combination of annual updating and true-up virtually eliminates regulatory lag
The combination of annual updating and true-up virtually eliminates regulatory lag
42
(1) Subject to final FERC approval.
43. ComEd Delivery Service
Rate Case Filing
Requested Revenue
Requirement Increase
($ in millions)
Rate Base: $7,071 (1) $215 (2)
Capital Structure (3): ROE - 10.75% /
$50
Common Equity - 45.11% / ROR - 8.55%
Administrative & General expenses (4) $99
O&M expenses $48
Other adjustments (5) $(51)
Total ($2,049 revenue requirement) $361 (6)
Revenue increase needed to recover significant distribution system investment and
Revenue increase needed to recover significant distribution system investment and
represents an important step in ComEd’s regulatory recovery plan
represents an important step in ComEd’s regulatory recovery plan
(1) Based on 2006 test year, including pro forma capital additions through 3Q 2008; represents a $1,550 million increase from 2006 ICC order.
(2) Includes increased depreciation expense associated with capital additions.
(3) Requested cap structure does not include goodwill; ICC docket 05-0597 allowed 10.045% ROE, 42.86% equity ratio and 8.01% ROR (return on rate base).
(4) Primarily includes increases in pension and other post-retirement benefits costs and effects of a reclassification of rental revenue of $20 million, which is offset in
“Other adjustments”.
(5) Includes taxes other than income, regulatory expenses, and reductions for other revenues and load growth.
43
(6) Or approximately $359 million adjusted for normal weather.
44. ComEd Delivery Service
Rate Case Filing – Tentative Schedule
Filed – October 17, 2007
Rebuttal Testimony – February 2008
Hearings – May 2008
Administrative Law Judge (ALJ) Order – July 2008
Final Order Expected – September 2008
Note: Dates are based on typical approach to rate cases but the Illinois Commerce Commission (ICC) will
set the actual schedule.
44
45. Financial Swap Agreement
• Financial Swap Agreement between ComEd and Exelon Generation promotes
price stability for residential and small business customers
• Designed to dovetail with ComEd’s remaining auction contracts for energy,
increasing in volume as the auction contracts expire
– Will cover about 60% of the energy that ComEd’s residential and small business
customers use
• Includes ATC baseload energy only
– Does not include capacity, ancillary services or congestion
Portion of Term Fixed Price ($/MWH) Notional Quantity (MW)
June 1, 2008 - December 31, 2008 $47.93 1,000
January 1, 2009 - May 31, 2009 $49.04 1,000
June 1, 2009 - December 31, 2009 $49.04 2,000
January 1, 2010 - May 31, 2010 $50.15 2,000
June 1, 2010 - December 31, 2010 $50.15 3,000
January 1, 2011 - December 31, 2011 $51.26 3,000
January 1, 2012 - December 31, 2012 $52.37 3,000
January 1, 2013 - May 31, 2013 $53.48 3,000
45