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Unicom 1996 Summary Annual Rept
	ML20134Q055
Person / Time
Site:	Dresden, Byron, Braidwood, Quad Cities, Zion, LaSalle
Issue date:	12/31/1996
From:	Hogan J; AFFILIATION NOT ASSIGNED
To:	; NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
	NUDOCS 9702260231
	Download: ML20134Q055 (26)
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~ ' o s s February 21,1997 Director of Division Reactor Licensing U.S. Nuclear Regulatory Commission Attn: Document Control Distribution 'I Washington,DC 20555

Dear Sir or Madam:

Pursuant to the provisions of Se: tion 50.71 of 10CFR, there is enclosed a copy of our 1996 Sununary Annual Report for each reactor, as follows: Dresden 50-10 50-237 50-249 1 i ) Quad Cities Station 50-254 50-265 Zion Station 50-295 50-304 LaSalle County Station 50-373 I 50-374 I d Byron Station 50-454 ) 50-455 Braidwood Station 50-456 50-547 The second section of the Annual Report, containing Management's Discussion and Analysis of Financial Condition and Results of Operations, more detkiled financial data and other traditional information will be sent to you at the time Unicom releases its Proxy Statement. Sincerely ~%y h 99n ohn F. Hogan Secretary's Office 9702260231 961231 PDR ADOCK 05000010 R ppg ) Enclosures

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AT A LANCE Comed Engaged principally in se production, purchase, transmission, distribution, and sale of electricity to both wholesale and retail customers. The geographical area in which Comed prmides retail senice extends across one-fifth of the state of Illinois and includes the city of Chicago. Comed serves about 3.4 million customers, representing 8 million people or approximately 70 percent of the state's population. Unicom Resources Inc. l'ocusing on the development of power projects and other business ventures. Unicom Enterprises Inc. An unregulated subsidiary devoted to energy senice acti;ities. Unicom Enterprises' wholly owned subsidiary, Unicom Thermai feel:nologies Inc., prmides district cooling and other energy related senices in North America. Its other wholly owned subsidiary, Unicom Technology Development Inc., pursues advanced technologies and other research and development opportunities for commercial application in the power industry. esp <a>> <sim> i. O

r FINANCIAL OVERVIEW Financial and Operating Summary Unicom comoraion and subsidiaries Increase / 1996 1995 (Decrease) Operating Revenues (millions).... S 6,937 6,910 0.4% Net income (millions)... 5 666 640 4.1 - Earnings Per Common Share... ...... S 3.09 2.98 3.7 Return on Average Common Equity.... 11.2 % 11.4 % Ratio of Earnings to Fixed Charges of Comed..... 2.90 x 2.79 x Book Value Per Common Share. ...5 28.27 26.80 Kilowattheur Sales by Comed (millions): Residential. 22,310 23,303 (4.3) Small Commercial and Industrial. 25,131 25,313 (0.7) Large Commercial and Industrial.. 23,896 23,777 0.5 Public Authorities and Electric Railroads.. 7,760 7,548 2.8 Total Sales to Citimate Consumers.. 79,097 79,941 (1.1) i' Municipalities. 1,513 1,491 1.5 other Utilities... 10,665 9,921 7.5 Total Sales for Resale.. 12,178 11,412 6.7 Total Kilowatthour Sales.. 91,275 91,353 (0.1) Off-System Sales Number Total Debt / (1000's MWh) of Employees Total Capital (%) r a r 3 r m 14.000 22,500 60% 12,000 10,000 20,(XK) 55% 8.000 6,000 17,500 50 % 4,000 2.000 0 t s 15,000 ( 45% t 92 93 94 95 % 92 93 91 95 % 92 93 94 95 % l O

HIGHLIGHTS 7-Shareholders in Action g ( Shareholders respond enthusiastically to the Q)mpany's imitation to join a new organization, the Shareholders Action Alliance, with more than 57,0(N) signing on by the end of 1996. The Alliance keeps shareholders infornml of u 4 d i y developments in ek ctric energy deregulation. Mf

p Ahoy, Mates N # _

Comed joins the Nani (To develop a comprehensise energy conservation program w p=i for Great Iakes Naval Training Center near l_f North Chicago.) The Q)mEd/Nasy team is ^ D working to cut energy use at the center 30% by 2005, compared to 1985. What a Convention! To meet the needs of the 1996 Democratic National Comention,0)mEd delivers enough Energy Partners extra power to chicago's L:nited Center to serve more than 3,500 single family homes. Year-long preparations help key a successful event. . 8 Comed partners with Walgreens' Energy Team inimAmmMmmonsi@g- _ r _{. $ -~ '- management controls system in a new store in a llellwmxt. This new system will help Walgreens sre up to 15% in energy costs annitally and may become the model for future locations. ~ " Celebrating Excellence The occupational llealth Senices contingent, shown here, is one of more than 70 groups from across the Company which helps make Teamrest 11 bigger, better attended and y more enthusiastic than the 1995 installment. Teamrest celebrates employee group efforts to cut costs, increase p revenue and improve customer satisfaction. 7, e Caring for the Environment \\- For the second tear in a row, Comed wins a Pollution On a Sunny, Breezy Day ;i /:'@" Prevention Award from Illinois GovernorJim IMgar. The .f award honors companies for reducing hazardous waste Wind and solar power technologies are now on display ' 4 and todc air emissions. Q)mEd earmi similar rnognition at The Power flouse, Comed s energy education center from the l!.S. Emironmental Protection Agency, .m in Zion. A wind turbine and a concentrating solar array provide performance data to Comed, w hile showing sisitors how each technology can be used. ._2 O

TO OUR SHAREHOLDERS i

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? f 4 14 'I k % a y . **4 Sam Skinner, Jim O'Connor and Leo Mullm. The par 1996 witnessed a huge step forward in the esolution of the electric utility business to the competitive marketplace. L'ricom subsidiary Commonwealth Edison was in the vanguard of those organizations uhich put a proposal before the Illinois General Assembly for an orderly transition that will provide benefits to all customers while continuing to maintain the reliability of the system. This proposal will be considered in the 1997 legislatise session, and the outcome of deliberations will affect the energy business in Illinois for decades to come. In the meantime, l'nicom's businesses produced earnings per share of $109 compared with $2.98 for 1995. The 1995 results included charges related to employee separation plans and the early redemption of long-term debt. Resenues in 1996 were up OA percent compared with 1995. Kilowatthour sales to retail customers were down 1.1 percent from 1995, due in large part to cooler than normal summer weather this year compared to the excessive heat experienced in 1995. Operation and maintenance expenses for 1996 included additional expenditures related to our ongoing nuclear imprmement program. As we enter 1997, we face challenges to oui nuclear generating program that we are committed to meet. OnJanuan 29,1997, the Nuckar Regulatory Commission determined that Dresden Station should remain on the NRC's list of plants requiring close monitoring and that Zion and LaSalle County stations should be added to that list. Although the NRC recognized that we had significantly upgraded our nuclear management team and had accomplished a number of imprmements in our nuclear operations, the Commission expressed concern with specific performance issues at each of those three stations. The NRC has also required us to submit information it can use to determine what actions, if any, should be taken to assure that we can safely operate al! our nuck-ar stations w hile sustaining performance improvements at each site. We recognize that the NRC expects and insists on the highest standards of operating performance for all utilities. Those are our goals, too. Our highest priority at Comed is the safe, productise operation of our nuclear fleet. O

"The proposal supponed tw Comed and its unalition Pannmh a WM Ahhough these plants are safe to operate, the NRC has made it clear that it expects mm e of us. We accept the challenge. Success will require additional imestment and a lot of 2PProd to &nguhon hard work. We are prepared to do whatever it takes. As disappointing as the NRC armouncement was, we already had a head start in making the improvements necessary. tha@ p'an h In 1996, we initiated an in-depth response plan that we are committed to pursue. Our progress at Dresden, which has been noted by the NRC, is one measure of our ability to and customers what iin successfully address our operating challenges. An 11 percent increase in nuch ar operation e and maintenance expenses in 1997 will ensure that we have the financial resources to

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make the necessary improvements at all plants. f - As we address our nuclear imprmement program, we will also continue to pursue our pn( incn ased choice. N vision of the future - to become a leading national energy senices provider while maintaining our strong leadership position in northern Illinois. We will pursue this vision and rehable seny I by strengthening our ties to our current customer base, offering a wider range of products f and senices and initiating new business venturm related to the energy industry. Our view of the future is one of challenge and opportunity. In this regard, we enthusiastically support the formation of a restructured electric energy industry that prmides benefits Sam Skinner for all, treats everyone fairly and preserves the reliability of a system on which more than 12 million people in Illinois depend. Comed and our partners in the lilinois coalition for Responsible Electricity Choice have asked the Illinois General Assembly to conpder ~ ~' a propose at offers consumers uhat they clearly want - lower prices and increased choice, uiimut jeopardizing safe, reliable senice. Passage of this legislation in 1997 is a high strategic priority for the Company. In preparing for a more competithe fuhre :narket emironment, emphasis is being placed on improved performance in all area 3 of our operation. We have targeted aggressive production increases by our generating stations that will provide more kilowatthours for wholesale electricity transactions, w hich we expect to increase dramatically. In our home Return territory, we are implementing a broad portfolio of strategies to sharpen our customer on Equity focus, retain our valued customers and stimulate revenue growth. For instance, more than half of our 100 largest customers are now participating in customized senice ofr ings to better meet their energy needs. Our territory I.es at the heart of the region m er that leads the nation in economic expansion. Forget the Rust Belt. The Midwest is now ~ I the Growth lielt, llousing starts, personal income, exports, and automobile output are helping to power the comeback. These indicators bode well for the future of the region g and its people. un. l Our 16,900 employe( are faced with unprecedented responsibility ae4pportunity. To succeed in the competitive marketplace, they understand that they must provide the reliability, senice, innovation, and economic power that customers demand. o w i / W / y James J. O'Connor Leo F. Mullin Samuel K. Skinner Chairman and Vice Chairman President m, Chief Executive Officer 92 93 94 95 % a

, g--.--. glf N j t -y, x 7 ,g y x .? \\ !h ~ z L;- p 1 - i AN D; LP;RlOlD)UlCfT I V E S AtFf E ta c ] One ofour Company's highet priostein is to itsche the seguinny conoems fadng'our rum %r geneting i program l We havp devotal and will condnde to.demte signi8 cant resoumes to the manapsnent and ) opention of our nudear edians, but the NIIC's'aalon inJanumy 1997 lutnip gmaer symcy to our cH' rts. o Omrthepastnew Jyens,wheetakenanumberofstepstoimpsesaidyandg.'.-; .c. Forone, we have ira J and reinforced station management with managens. drawn fmm'other udlities whidi have resobed simdar operadonal and perfonnance issues.[0ur six nuclear stadons now hae site vice presidents who hoe won industry-wide recognhion for their success whh other nudcar pmgrams. In l 1996, we laundux! a series of dgosws independsat asemmesas by temus ofindumy expens and Q)mEd operators. Their nazion was to addras operadng axi performanx issues. l e O PJEERfATILO1N: I- : S THE Based on'their assesmans,"we hae inidated impnements in operalins and pmannd procedures and are repairing and nyladng equipment. Also on'the basis of thee findingp, we have already begun to address some of the concems dial by the NilC injanusy.'.NitC odidals hme iecognhed the sipiacant managenent changesaiulp4.. -zimpuemmesatDresdmbutisonedthatthedeahenessofdiangessiZionand LaSalle County stations needs to be' deuxmstraed and sustained. Additional initiatives are being i implemented in 1997, our nuclear operating and maintenance budget is being increased by 11 percent, or appmximately $100 milhon, mer 1996. This. increase will be used to address previously .I ~ identified operational issues, including those mentioned by the NRC at Drexlen, Zion l and LaSalle County,j and to achieveltheLlonger term. benefit"offimproved:capacityffactors. T O L Ps, LP RVILO' R L.l5TEY. TALT: i 'A L L 4 + Immediately after the NRC's announcement, our management team began pirparing $ detailed response to the Commission's directive. We are confident that we can demonstrate to the NRC that we can run our r.uclear generating units safely while improving performance at all sites. A significant advantage of our nuclear generating Geet is its low marginal cost of generadon, an i advantage that will increase as we achieve higher capacity factors and pmduce more kilowa6ours to sell in' the competitive market. Together with our strong lineup of fossil-fueled generatig stations, which accounted for' 33 percent of our 1996 production, our Nuclear Division will succeed in meeting customer demand for reliable, economic dectricity? ..I l N... -l N UL C L E A..R P. L A ~ N T. S I T..E S J ('- 5 +b ,p;. O

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I g e.. Y% v.. 4 [ m 1 h.V. U W EL ' R-E O F F E R I N' G' A Q)m&l and other Qialition members have presented the Illinois Geneml Assembly with a road map for taking decric energyin Illinois into the 21st Centmy like any good map, the Qxdition's is dearly marka! and lays out the safest direct mute to the final destination - fair competition among paniden and wide-mnging choice for all customem our map calls for a phased-in transition beginning in 1997, when Illinois utilities would be allowul to & sign fruxnative billing and pricing experiments for customers. The following >utr, experiments with direct acass to the dectricity grid unuld begin. R O A'D MAP TO THE 1 hen, permanent dintt access would be phased in, beginning with customen that hme the highest demand. Eventual $ direct access would be available to all Illinois customers. Our map would also ensure flut no single class of customer would be requimi to subsidize senia to any other dass of customer because base rates for all Q)m&l customers would be fmzen tlunugh 1999. In 2000, we propose that mtes begin to dan:ase by one and a half percent each yutr thmugh 20% for a cumulative mluction of more than som percent, or about 34 perrent bdow 1997 lads, a>nsidening anticipated inflation.1he Onlition pmp> sal also aducites a statewide solution lxtsed on a m! venal fund to panide pmtation forlowinmme customers. COMPETITIVE FUTURE 1he final segmmt of our map would panide for setdement of the regul.uory bargain that mpiired utilities to buikt and maintain a sistem to meet the needs of all prtsmt and pmjectal customers.1 hose who switdi to altemale dectricity paniden would be subject to a transition durge to hdp pay their fair share of the msts to coastnxt that s> stent 1his, bridh is the nnd map ourQulition has hdped dadop.1his proposal, if adopted by the Illinois General Assenb8 would treat au)one fairly and make Illiaois a modd for datric utilityregulatoryrtform. O F ELECTR I CITY O

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( p7 l ( .c 1 ....I \\ l { S E R V ITC-E-R E L I AL B I 1. I T Y Customets and prosiume customers wi2 be able to judge mmpedag eneig suppliers in a variety of mys; one is on the basis of rdiability In an independent study of electric senice widiin large cities, Oiicago ranked second among 24 cities in fewest number of service interruptions per year. In a separate study of i 1 lag;e urban areas, Comed's average number ofinterruptions per customer per ) car us lower dian allof theothersfor10) cars. IS WHAT C.UES T O. M E R S Nordmtst of diicigo, in the lake Zunch area, fne 3 cars of planning and building culminated with the Dow of power through a new substadon buik to accommodate substantal gnmth and rdieve the load on smaller substations / "1his substation represents a solution to power pmbens we were hming in lake Zurich," dedared Mayor Deborah Vasels. "We are already recching the benefits in terms of fewer storm related outages. It's pleasing to have these cooperative elfons between the community and the utility." New substations have also been placed in senice in Mokena and South 13 gin to serve additional areas whidi are experiencingrapid growth. WANT A'N D T H. ALT /' S To supply these new facilities, we have ir6talled 17 circuit miles of 138,0004uh lines, while in lyanston, we hme completed a major renomtion of an existing substation. Ahogether, in subudran and rural areas, we have mstalled 20 new distribution center tnutsformers to meet localload gmwth and have compksti alxxa tw-thinis of a comprdrashe pmgram to upgrade a miennze system designal to protttt transmission system reliabdity Oxnni's goal in all these kx:anons is the same-pimide for increased customer demand, reduce the number of senim interruptions and imprme rdiability. f W H 'A T WE PROVIDE

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S-ENERGY Our D crgy Partnership Pmgram,f which fonns the foundation of our transition to an open marketplace, offers benefits to all our malor dasses of customers. For example, in IMmnge, Delons Kohlstedt, like a lot of homeowners, uns interested in sasing enefgv and mon (y on hot suusner days. She signed up for Nature First, a pmgram antilable to all single family residential customers with centml air conditioning.

P A. R T .N. E R S H I P 'this pmgram piraides up to $ 10 in monthly bill crtdits during the four summer months to customers who allow Oxalil to c>de their air conditioner during hours of peak domand. Under the most popular option, the participating customer's air conditioner cumpnssor is c>ded off for 15 minutes per half hour thmugh use of a suitdi outside the home, on the air conditioning unit. The switch, installed free of charge, is activakd by a paging signal from the Company when er ergy use is high. PROGRAM OFFERS "I really believe this pmgram should be the coming thing," said Mrs Kohlstedt. "It saves money on my summer electricity bills, and I was comfortable emn during very hot weather." Comed activated this conservation tool three times during sununer 1996, the first year of conunercial rollout, and eight times during the scorcher of 1993, when the program was in its p!!ot stage. About 12,000 of the 900,000 customers eligible are enrolled, and Comed is looking for additional participants in 1997. For more information, homeowners with central air conditioning may call 1-800-986-0070. B E N E F I T S-OF CHOICE O

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o / U lh I C.O:lM' T H:'E-R M -A L Expansion --in Oiicago, elsewilere in the United States and across the border in Canada - continues to be the b>woni of Uniaxn Thermal Technologies Inc., our subsidcuy which prmicks enemyidited senices in North America; Folkming commitment to a distrid cooling splem in downtown Boston in cady 17)6, Unicom Thennal Tedinologies entered into a joint venture with Ontario II)dro to panide heatin', cooling g and other senices in downtown 41ndsor, Ontario, Canada. T E:: C H. N

O; L

O. G I E S Then, along with IIIAP Liergy Senias, a subsidiary ofIlouston Industries, Unicom Thermal'Teclinok>gies will be forming Nortimind Ilouston, which wiu deliser district cooling to llouston's centnd busines district. Unicom Thermal Technologies' second Otictgo plant at Fninklin and Van Buren Streets lxgin opemtion in summer 1996, making our netwurk the lagest ice-based district cooling sptem in the world. This addition increased total capacity on-line to 45,500 tons, enough to cool 18,200 single family homes. IS E X P A N D I.N G

I T S Plant number 3, in the new Blue Cross and IMue Shield ofillinois bm1 ding at Columbus Ihive and Randolph Street, is scheduled to begin operation in 1997, as will an expanded distribution sptem which wiu allou customers north of the Chicago River to enjoy the benefits of ice-based district cooling.

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s e As we submit this Summary Annual Report to our Shareholders, it is not possible to predict the final definition of the ruks that will open up electric senice to competition in Illinois. We and our partners in the Illinois Coalition for Responsible 13ectricity Choice are continuing to make the strongest case possible for a proposal which we believe is responsible, workable and treats all stakeWaers fairly. To those of you who have made your own voices heard, please accept my deepest gratitude. To those of you who have not yet become involved, again, please accept my imitation to join our Shareholders Action Alliance. Unicom and Comed shareholders already~ have made a profound impact on the deregulation process, but our quest for a better future is not finished. Keep informed, stay involved, speak out. Unicom and Comed have been preparing for the competitive marketplace for several years, imprming senice, streamlining work pr ocesses, getting ready for the day when customers will choose us because we provide what they want. Stand with us. The coming months will be critical. 5"' James J. O'Connor Chairman and Chief Executive Officer O

l

SUMMARY

OF SELECTED CONSOLIDATED FINANCIAL DATA t:nicom corporation and subsidiaries ) (millions of dollats except per share data) 1996 1995 1994 1993 1992 Operating Resenues. S 6,937 $ 6,910 $ 6,278 $ 5,260 $ 6,026 355 $ 462 $ 443 Net income. S 666 $ 640 8 Earnings Per Common Share. S 3.09 $ 2.98 i $ 1.66 $ 0.222 $ 2.08 Cash Disidends Declared Per Q)mmon Share. 1.60 $ 1.60 $ 1.60 $ 1.60 $ 2.30 $ 23,388 $ 23,250 $ 23,121 $ 24,383 $ 20,993 Total Assets (at end of year)... Long-Term Obligations at End of Year Excluding Current Portion: 1.ong-Tenn Debt, Preference Stock and Preferred Securities Subject to Mandatoly Redemption Requirements. S 6,487 $ 7,011 $ 7,745 $ 7,861 $ 7,913 Accrued Spent Nuclear Fuel Disposal Fee and Related interest. S 657 $ 624 $ 590 $ 567 $ 549 Capital Lease Obligations.. S 477 $ 376 $ 433 $ 323 $ 347 Other Long-Term 0bligations. S 1,989 $ 1,826 $ 1,754 $ 1,718 $ 666 I M t income in 1995 includes an extraordmary loss related to the early redemption oflong-term debt of $20 million or $0.09 per common share. 2 Net income in 1993 includes the cumulatne effect of change in accounting for income taxes of $ 10 million or $0.05 per common share. PRICE RANGE

AND CASH DIVIDENDS PAID PER SHARE OF COMMON STOCK 1996 (by quarters) 1995 (by quarters)

Fourth Third Second First fourth Third Second First Price Range: liigh.. 28 1/2 28 1/8 29 35 3/8 33 7/8 30 1/2 27 3/4 26 1/8 Low. 24 7/8 22 5/8 26 27 30 1/4 26 1/4 23 5/8 23 1/4 Cash Dividends Paid.. 40c 40c 40c 40c 40( 40t 40( 404

As reponed as M sE Composite Transactions.

l'nicom's common stock is traded on the New York. Cineago and Pacific stock exchanges, with the ticker s3mbol l'CM. At December 31,1996. there were approximately 161.000 holden of record of l'nicom's common stock. 1996 CONSOLIDATED REVENUES AND SALES Increase / Increase / Operating (Decrease) KWh (Decrease) Increase Revenues Over Sales Over Over (nullions) 1995 (millions) 1995 Customers 1995 l Residential.. S 2,542 (3.0)% 22,310 (4.3)% 3,102,101 0.7% Small Commercial and Industrial.. 2,114 1.9 25,131 (0.7) 289,803 0.3 Large Commercial and Industrial.. 1,446 1.4 23,896 0.5 1,550 0.7 Public Authorities. 503 3.3 7,336 2.5 12,142 0.9 Electric Railroads. 29 10.3 424 8.7 2 Ultimate C<msumers.. S 6,634 79,097 (l.1)% 3,405,598 0.7% l Sales for Resale. 235 12,178 44 Other Revenues. 68 Total.. 5 6,937 0.4% 91,275 (0.1)% 3,405,642 0.7h see the Notes to condensed Consabdated Financi.d statements on page 20 and consohdated Gnancial statemeats and related docussion in the IW Pnny statemem appendn. O

CONDENSED STATEMENTS OF CONSOLIDATED INCOME t'nicom corporation and subsidiaries (millions of dollars except per share data) 1996 1995 1994 Operating Revenues... S 6,937 $ 6,910 $ 6,278 Operating Expenses and Taxes: Fuel and Energy Costs.... $ 1,303 $ 1,151 $ 1,111 Operation and Maintenance Expenses. 2,162 2,176 2,095 Depreciation and Amortization.. 969 913 903 Taxes (except ir.come).. 784 833 788 Income Taxes... 456 498 298 Total... S 5,674 $ 5,571 $ 5,195 Operating income.. 5 1,263 $ 1,339 $ 1,082 Other income and (Deductions): Interest on Debt. (529) $ (591) $ (622) Other.. (68) (88) (106) Total.. S (597) $ (679) $ (728) f N:t income Before Extraordinary item... S 666 & 660 $ 355 Extraordinary Loss Related to Early Redemption of Long-Tenn Debt, less Applicable Income Taas.. (20) N:t income.. S 666 $ 640 $ 355 Av: rage Number of Common Shares Outstanding (millions).. 216 215 214 Errnings Per Common Share Before Extraordinary item.. S 3.09 $ 3.07 $ 1.66 Extraordinary loss Related to Early Redemption of Long-Tenn Debt, Less Applicable Income Taxes.. (0.09) Errnings Per Common Share.. S 3.09 $ 2.98 $ 1.66 See the Notes to Qindensed consolidated Financial Statanents on page 20 and consolidated financial statements and rdated discussion in the IW7 Prog st / O

CONDENSED CONSOLIDATED BALANCE SHEETS 1:nicom corporauon and subsidiaries (mimons of dollirs) December 31, 1996 1995 Ass:ts Utility Plant: Plant and Et ulpment-Net. $ 16,421 $ 16,488 Nuclear Fue, at Amortized Cost. 805 734 7blal... $ 17,226 $ 17,222 Inv:stments and Other Property: Nuclear Decommissioning Funds.. S 1,457 $ 1,237 Subsidiary Companies.. 114 114 Other.. 146 99 7blal.. $ 1,717 $ 1,450 Current Assets: Cash, Temporary Cash Investments and Short-Term Investments.. S 62 $ 55 Receivables.. 665 735 Fossil Fuel and Materials and Supplies.. 465 463 Other.. 261 199 Total... $ 1,453 $ 1,452 Deferred Charges and Other Noncurrent Assets.. $ 2,992 $ 3,126 Tctal.. $ 23,388 $ 23,250 Capitalization and Liabilities Capitalization: Common Stock. S 4,926 $ 4,913 Retained Earnings.. 1,178 857 Preferred and Preference Stocks of Comed. 725 769 Comed-Obligated Mandatorily Redeemable Preferred Securities of Subsidiary Trust. 200 200 6,070 6,549 Long-Term Debt.. lblal.. $ 13,099 $ 13,288 Current Liabilities: Notes Payable.. S 129 $ 268 Current Portion of Long-Term Obligations and Redeemable Preference Stock of Subsidiaq Companies.. 745 435 other... 1,062 1,237 l 7blal.. S 1,936 $ 1,940 Dr.f:rred Credits and Other Noncurrent Liabilities.. S 8,353 $ 8,022 T:tal.. $ 23,388 $ 23,250 l see the Nok s to condensed Osnsointamd Fmancial statements on page 20 and consohdated Imancial statements and related discussion in the IW7 Prog statement appendit 1 O l L

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS Unicom corporation and subsidiaries (millions of dollars) 1996 1995 <1994 Cash Flow from Operating Activities: Net Income.. 666 $ MO $ 355 Depreciation and Deferred Taxes. 1,121 1,106 1,056 Provisions for Revenue Refunds and Related Interest. 38 Revenue Refunds and Related Interest.. 15 (1,222) Recovery of Regulatog Assets.. 15 15 15 Other-Net. 158 556 412 Total. S 1,960 $ 2,332 $ 654 Cash Flow from Investing Activities: Construction Expenditures.. (963) $ (916) $ (718) Nuclear Fuel Expenditures.. (280) (287) (256) Contributions to Nuclear Decommissioning Funds. (119) (133) (133) Other Im'estments and Special Deposits.. (1) (2) 622 ) Total. $ (1,363) $ (1,338) $ (485) Cash Flow from Financing Activities: Issuance of Securities and Chaage in Borrowings.. 130 $ 549 $ 634 Retirement and Redemption of Securities.. (478) (1,181) (729) Cash Dividends Paid on Common Stock.. (344) (343) (342) Lease of Nuclear Fuel-Net. 105 (45) 97 Total. (587) $ (1,020) $ (340) Increase (Decrease) in Cash and Temporary Cash investments. 5 10 $ (26) $ (171) Cash and Temporary Cash investrnents at Beginning of Year. 51 77 248 Cash and Temporary Cash investments at End of Year. .S 61 51 77 see the Notes to condensed Consohdated rinancial staunents below and consobdated financial statements and related discussion in the 1997 Proxy statement ap[wndit l NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. The condensed consolidated financial statements as of and for the years ended December 31,1996,1995 and 1994 include the accounts of Unicom Corporation and its subsidiary companies and have been derived from the audited consolidated financial l

statements included in the 1997 Proxy Statement appendix. l

2. As more fully described in the consolidated financial statements and related management discussion in the 1997 Proxy Statement appendix, changes in rate regulation and increasing competition could have a significant impact on Unicom's future operating results and financial condition.

3. On January 9,1995, the Illinois Commerce Commission (ICC) issued a rate order which became effective on Januaq 14.1995.

The rate increase is being collected subject to refund as a resuh of subsequent judicial action. As of December 31,1996, electric operating revenues of approximately $651 million (excluding revenue taxes) are subject to refund. Intervenors and Comed have filed appeals of the rate order with the Illinois Appellate Court. In December 1095, Comed announced certain customer initiathes related to its efforts to address competition. Such initiatives include a Sve-year cap on base electric rates at current levels effective December 1995. .%tes la C<mdensed ConscdidatedFin.mcialstatements are continuedon page 21. O

. s NOTES TO CONDENSED CONSOLIDATED FINANCIAt. STATEMENTS (CONCLUDED)

4. Operation imd maintenance expenses reflect $12 million and $97 million in 1996 and 1995, respectively, for separation plans offered to Comed employees. These separation plans reduced net income by $7 million or $0.03 per common share and $59 million or $0.27 per common share in 1996 and 1995, respectively.

5. Net income for 1996 includes the effects of tax refunds related to prior years, which increas 'd 1996 net income by $40 million or $0.19 per common share.

6. In September 1996, the ICC approved Comed's request to increase 1996 depreciation charges on its nuclear generating units by $30 million, which reduced 1996 net income by $20 million or $0.09 per common share.

7. Operation and maintenance expenses in 1994 reflect $34 million of pension expense related to the 1994 carly retirement program. The effect of this increase to pension expense reduced 1994 net income by $20 million or $0.09 per common share.

8. In 1994, Comed recorded a reduction in the carrying value ofits imestments in uranium-related properties after completing a review of various ahernatives and reassessing the long-term recoverability of those investments. The effects of the reduction reduced 1994 net income by $34 million or $0.16 per common share.

REPORT OF MANAGEMENT The management of Unicom Corporation and its subsidiary companies (Unicom) has prepared and is responsible for the condensed consolidated financial statements and the related fm' ancial data contained in this summary armual report and the consolidated financial statements included in the 1997 Proxy Statement appendix. In its opinion, the statements have been prepared in conformity with generally accepted accounting principles. Unicom's financial statements have been audited by Artimr Andersen 11P, independent public accountants, approved by the shareholders. Management has made available to Arthur Andersen 11P all of UnicomY financial records and related data, as well as the minutes of shareholders' and Directors' meetings. Furthennore, management be.ieves that all representations made to Arthur Andersen 11P during their audit were valid and appropriate. To meet its responsibilities for the reliability of the financial statements and the related financial data, Unicom maintains a system ofinternal control over financial reporting including over safeguarding of assets against unauthorized acquisition, use or disposition and supports a program ofinternal audits. The system of internal control contains self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified. Even an effective internal control system, no matter how well designed, has inherent limitations -including the possibility of the circumvention or oveniding of controls - and therefore can provide only reasonable assurance with respect to financial statement preparation and such asset safeguarding. Further, because of changes in conditions, internal control system effectiveness may vary over time. In order to assure that the system is adequately designed and documented and that it is functioning as designed, Unicom routinely reviews its internal control system in relation to criteria for effective internal control over financial reporting described in " Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission. Ilased on this assessment, it is management's opinion that as of December 31,1996, Unicom's system of internal control over financial reporting including over safeguarding of assets against unauthorized acquisition, use or disposition met those criteria. The lloard of Directors carries out its responsibilities for the financial statements and the related financial data through its Audit Committee, which is composed solely of outside directors. The Audit Committee meets periodically with management and the auditors to ensure that each is carrying out its responsibilities, and to discuss auditing, internal accounting control and financial reporting matters. The auditors have free access to the Audit Committee, with and without management present, to discuss the resuhs of their audit work, the adequacy of the internal accounting control and their opinions on other financial matters. &~ & f C$44 JamesJ. O'Connor John C. llekmski Chairman and Chief Executive Officer Vice President and Chief Financial Officer January 31,1997 O

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON INTERNAL ACCOUNTING CONTROLS l To the Audit Committee of the Board of Directors of Unicom Corporation: We have examined management's assertion that Unicom Corporation and subsidiary companies maintained an effective system of internal control mer financial reporting including over safeguarding of assets against unauthorized acquisition, use or disposition as of December 31,1996 included in the accompanying Report of Management. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included obtaining an understanding of the system ofinternal control over financial reporting, testing and evaluating the design and operating effectiveness of the system, and such other procedures as we considered necessary in the circumstances. We believe that our examination prmides a reasonable basis for our opinion. Because ofinherent limitations in any system ofinternal control, errors or irregularities may occur and not be detected. Also, projections of any evaluation of the system to future periods are subject to the risk that the system ofinternal control may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, management's assertion that Unicom Corporation and subsidiary companies maintained an effective system ofinternal control over financial reporting including over safeguarding of assets against unauthorized acquisition, use or disposition as of December 31,1996, is fairly stated, in all material respects, based upon criteria established in " Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission.

n..,

, 0 -. _> tue Chicago, Illinois January 31,1997 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Shareholders of Unicom Corporation: We have audited, in accordance with generally accepted auditing standards, the consolidated balance sheets and statements of consolidated capitalization of Unicom Corporation (an Illinois corporation) and subsidiary companies (Unicom) as of December 31,1996 and 1995, and the related statements of consolidated income, retained earnings and cash flows for each of the three years in the period ended December 31,1996, appearing in the appendix to the proxy statement for the 1997 Annual Meeting of Shareholders of Unicom (not presented herein). In our report datedJanuary 31,1997, we expressed an unqualified opinion on those consolidated financial statements. As indicated elsewhere in this summary annual report, a copy of Unicom's consolidated financial statements and our report thereon may be obtained directly from Unicom and will also be included in the 1997 Proxy Statement appendix. In our opinion, the information set forth in the accompan>ing condensed consolidated balance sheets as of December 31,1996 and 1995, and the related condensed statements of consolidated income and cash flows for each of the three years in the period crided December 31,1996, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived. f2.,- 3..., 0--) LLP Chicago, Illinois Janway 31,1997 O

e, UNICOM/CcmEd BOARDS OF DIRECTOR 5 Jrmes J. O'Connor James W. Compton Donald P.Jacobs Edward A. Mason - Chairman and President and Dean Retired \\1ce President, Chief becutive Officer Chief hecutive Officer J.L Kellogg Graduate School . Research of thc Company Chicago Urban League ofManagement Amoco Corporation. (Nonprofit agency) Northwestern University ofCounsel Bruce DeMars Edgar D.Jennotta \\1ce Chairman Sonnenschein Admiral (Retired) Senior Director of the Company Nath & Rosenthal United States Navy William Blair.!k Company, LLC. Frank A. Olson Edw rd A.Brennan Sue L. Gin (Investment ban'dng company) Chairman and Retired Chairman and Chairman and Chief necutive Officer Chief necutive Officer Chief necutive Officer George E. Johnson The flertz Corporation Sears, Roebuck and Co. Flying food Fare,Inc. Founder and - (In-flight catering company) Retired Chairman Samuel K. Skinner Johnson Products Company,Inc. President of the Company UNICOMIComEd 0FFICERS 1 Jam:s J. O'Connor Donald A.Petkus John T. Costello Dennis F. 0'Brien I Chairman and Senior Vice President and Vice President Treasurer Chief Becutive Officer President Unicom Thermal Thomas J. McCaffrey David A. Scholz Lco F. Mullin Technologies Inc. Vice President Secretary Vice Chairman John C. Bukovski Roger F. Kovack Simuel K. Skinner Vice President Comptroller President CemEd 0FFICERS l Th: mas J. Maiman Louis O. DelGeorge Harold W. Keiser James A.'Small hecutive Vice President Vice President Vice President Vice President R b:rt J. Manning William H. Downey Emerson W. Lacey Pamela B. Strobel. hecutive Vice President Vice President Vice President Vic( President and General Counsel Michael J.Wallace William H. Dunbar, Jr. Paul D. McCoy Senior Vice President Vice President Vice President Fr:nk M. Clark J. Stanley Graves J. Stephen Perry Vice President. Vice President Vice President and Site Vice President Dresden Station O

sj, OT!HER I N F O R M ATI O N Shareholder inquiries First Chicago Trust Company of New York is Disidend Disbursing Agent, Dividend Reinvestment Agent and Transfer Agent - for all classes of Unicom Corporation and Commonwealth Edison Company stock and warrants. - Questions and communications concerning your account, payment of disidends, the disidend reinvestment plan, and transfer of stock should be directed as follows: By Telephone Toll-free number: 1-800-950-2377 By Mail Walk-in Service .Unicom/ Commonwealth Edison Company Walk-in senice for shareholders in Chicago c/o First Chicago Trust Company of New York is prosided by First Chicago Trust Company Post Officeik)x 2500 of New York at the following location: Jersey City, NewJersey 07303-2500 First Chicago Trust Company of New York One North State Street, Ninth Floor - Additional Information - The 1996 Form 10-K Annual Report to the Securities and thchange Commission and the 1996 Financial Resiew will be 'available in April. To obtain a copy of each, or to receive information about the Shareholders Action Alliance, write to: David A. Scholz, Secretary Unicom Corporation / Comed Post OfficeIk)x A-3005 Chicago, Illinois 60690-3005 - More detailed financial data, Management's Discussion and Analysis of Financial Condition and Results of Operations and other traditionalinformation will be sent to you with the Company's proxy statement. Shareholders who wish to obtain a copy of the additional information prior to the proxy mailing may do so by writing to the Corporate Secretary listed above. .The Company now maintains a telephone information senice known as Shareholder Direct, which enables shareholders to obtain currently available information on financial performance, Company news and shareholder senices. It also allows shareholders to request written information. Shareholders may utilize this senice by calling the Company's regular toll-free number, 1-800-950-2377.' This entire report was printed on recycled paper. t P L

.- h .e t if*. 0 . '. l l e. t t C k wa e: . 5: I f i 'j s. Unicom Corporation - 1 '* - i. One First National Plan P.O.flox A-3005 - Chicago,il 60690-3005 i 1 .}}

ML20134Q055

Text

Dear Sir or Madam:

SUMMARY

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