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Form 8-K EXELON CORP For: Mar 27

March 27, 2015 12:13 PM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

March 27, 2015

Date of Report (Date of earliest event reported)

 

 

 

Commission

File Number

  

Exact Name of Registrant as Specified in Its Charter;

State of Incorporation; Address of Principal Executive Offices; and

Telephone Number

  

IRS Employer
Identification

Number

1-16169    EXELON CORPORATION    23-2990190
  

(a Pennsylvania corporation)

10 South Dearborn Street

P.O. Box 805379

Chicago, Illinois 60680-5379

(312) 394-7398

  
000-16844    PECO ENERGY COMPANY    23-0970240
  

(a Pennsylvania corporation)

P.O. Box 8699

2301 Market Street

Philadelphia, PA 19101-8699

(215) 841-4000

  

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Section 8 – Other Events

Item 8.01. Other Events.

On March 27, 2015, PECO Energy Company (PECO) filed a request with the Pennsylvania Public Utility Commission (PAPUC) seeking approval to increase its electric distribution rates beginning January 1, 2016. PECO has requested an annual increase of $190 million to its annual electric delivery revenues. The requested rate of return on common equity is 10.95 percent. PECO cannot predict how much of the requested increase the PAPUC ultimately will approve.

Attached as Exhibit 99.1 to this Current Report on Form 8-K is PECO’s press release regarding its filing with the PAPUC.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

  

Description

99.1    Press release

* * * * *

This combined Form 8-K is being furnished separately by Exelon Corporation (Exelon) and PECO (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

This presentation contains certain 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 the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, and PECO Energy Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2014 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 22 and (2) other factors discussed in filings with the SEC by the Registrants. 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 Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this presentation.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

EXELON CORPORATION

/S/ Jonathan W. Thayer

Jonathan W. Thayer
Senior Executive Vice President and Chief Financial Officer
Exelon Corporation
PECO ENERGY COMPANY

/S/ Phillip S. Barnett

Phillip S. Barnett
Senior Vice President, Chief Financial Officer and Treasurer
PECO Energy Company

March 27, 2015

 

3


EXHIBIT INDEX

 

Exhibit
No.

  

Description

99.1    Press release

 

4

Exhibit 99.1

 

LOGO

 

Contact: Ben Armstrong FOR IMMEDIATE RELEASE
PECO
2301 Market Street, S14-1
Philadelphia, PA 19103
215-841-5555
[email protected]

PECO Requests PUC Approval to Make Additional Infrastructure Investments & Increase Electric Delivery Rates

PHILADELPHIA (March 27, 2015) – In two filings completed today by PECO, the company requested Pennsylvania Public Utility Commission (PUC) approval of additional work to modernize and weatherize the local electric infrastructure through its System 2020 plan, and increase the rates charged to customers for the delivery of electricity.

The electric delivery rate request will help fund at least $300 million of ongoing system work each year, including replacing equipment and upgrading infrastructure to continue to provide safe and reliable service to customers. In addition, through the new System 2020 plan, an additional $275 million will be spent during the next five years to install advanced equipment and reinforce the local electric system, making it more weather resistant and less vulnerable to storm damage.

Based on the company’s $190 million rate request overall energy delivery rates would increase about 4.4 percent beginning January 1, 2016. Specifically, the total monthly bill for a typical residential electric customer using about 700 kilowatt hours of electricity would increase about $6.55. Bills for a typical small business customer would increase by about $27.72 per month, and monthly bills for a typical large customer would increase by $847.57. Per PUC process, any charges associated with the additional System 2020 work would be submitted for subsequent review by the PUC.

“Our customers depend on us, day in and day out, to provide the electricity they need and we take this responsibility seriously,” said Craig Adams, PECO president and CEO. “These investments are needed to ensure we can continue to keep the lights on for our customers and provide the safe, reliable service they deserve. We will continue to invest in our system to prevent the outages that can be prevented, reduce the amount of time our customers are without power when an outage does occur, and strengthen the portions of our system that have experienced an increased number of outages due to storms.”

PECO is committed to helping customers offset the impact of this increase by continuing to offer programs that help save energy and money. By participating in PECO Smart Ideas, the company’s suite of energy efficiency programs, customers can save:

 

    Up to 20 percent on their energy bills by taking advantage of PECO Smart House Call.


    Up to $150 a year by getting rid of your extra working refrigerators and freezers. With PECO Smart Appliance Recycling we will pick up older working refrigerators and freezers, recycle them, and pay customers $50.

 

    Up to 25 percent of the energy they use for lighting by purchasing deeply discounted CFL and LED lights at hundreds of local stores through PECO Smart Lighting Discounts.

 

    7 percent on the electricity they use by purchasing their electricity from any of the competitive electric generation suppliers participating in PECO Smart Energy Choice.

To find more ways to save energy and money visit peco.com/SmartIdeas.

PECO also offers payment options, like budget billing, to help customers manage their monthly electricity bills. Budget billing makes short-term fluctuation in monthly bills much easier to handle by dividing annual energy costs evenly throughout the year.

Many programs also are available to help low-income customers who are struggling to pay their energy bills. Through our Universal Service programs, we assist more than 150,000 low-income customers each year with reduced rates, free energy-efficiency improvements and Low Income Home Energy Assistance Program (LIHEAP) funding. To learn more about these programs visit peco.com/help.

To learn more about our filings visit peco.com/rates or call 1-800-494-4000.

###

Based in Philadelphia, PECO is an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC). PECO serves 1.6 million electric and more than 500,000 natural gas customers in southeastern Pennsylvania and employs about 2,400 people in the region. PECO delivered 85.7 billion cubic feet of natural gas and 37.8 billion kilowatt-hours of electricity in 2013. Founded in 1881, PECO is one of the Greater Philadelphia Region’s most active corporate citizens, providing leadership, volunteer and financial support to numerous arts and culture, education, environmental, economic development and community programs and organizations. For more information visit PECO.com, and connect with the company on Facebook and Twitter.

If you are a member of the media and would like to receive PECO news releases via e-mail please send your e-mail address to [email protected]



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