Release Date: February 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you provide more color on the reconciliation decision in Maryland and its impact on future rate case filings? A: Calvin Butler, President and CEO, stated that the process is progressing well, with costs incurred deemed prudent. Jeanne Jones, CFO, added that the reconciliation is expected to conclude in the first half of the year, with initial proposals aligning with prior reconciliations. The multiyear plans have provided strong alignment with state policy and competitive distribution rates, which are beneficial for cost control and affordability.
Q: What are your latest thoughts on the 205 docket with FERC, and are there any discussions with stakeholders? A: Colette Honorable, EVP of Public Policy and Chief External Affairs Officer, mentioned that they are awaiting a decision in the 205 docket and continue to engage with stakeholders, including PJM, to find solutions that work for customers and investors. They are optimistic about a positive result and are actively working on resource adequacy and energy security issues.
Q: How should we think about the growth into 2027 as shown on Slide 18? A: Jeanne Jones, CFO, explained that the growth is calculated year-over-year off the prior year's midpoint, focusing on how Exelon grows from the 2024 midpoint of $2.45 per share through 2028, aiming for the midpoint or better of the 5% to 7% growth range over the four-year period.
Q: Can you comment on the legislative priorities in Maryland and Pennsylvania regarding generation and rate-based solutions? A: Calvin Butler, President and CEO, noted that there are over 45 bills being tracked across jurisdictions, focusing on affordability, energy security, and adequate generation. Carim Khouzami, CEO of BGE, added that Maryland is focused on increasing in-state generation, while Dave Velazquez, CEO of PECO, mentioned active legislative sessions in Pennsylvania addressing resource adequacy and potential alternatives to PJM capacity markets.
Q: How do you view the potential for settlements in PJM policy discussions, and what is the impact of data center deposits on rate base growth? A: Calvin Butler, President and CEO, emphasized the importance of affordability and equitable cost-sharing. Jeanne Jones, CFO, noted that meaningful deposits are being received, indicating real load growth. The 2024 rate base was about $400 million lower due to deposits, which protect customers and signal the need for further investment to accommodate new load.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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