ML21272A278
| ML21272A278 | |
| Person / Time | |
|---|---|
| Site: | Calvert Cliffs, Dresden, Peach Bottom, Salem, Nine Mile Point, Byron, Three Mile Island, Braidwood, Limerick, Ginna, Clinton, Quad Cities, Zion, FitzPatrick, LaSalle, 07200077  |
| Issue date: | 09/29/2021 |
| From: | Exelon Generation Co |
| To: | Office of Nuclear Material Safety and Safeguards, Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML21272A276 | List: |
| References | |
| Download: ML21272A278 (31) | |
Text
INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
ENCLOSURE 1
UPDATED PROJECTED FINANCIAL STATEMENTS FOR SPINCO CONSOLIDATED (NON-PROPRIETARY VERSIONS)
INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A Enclosure 1 (Non-Proprietary)
Page 1 of 7 Updated Projected Financial Statements for SpinCo Consolidated Pro Forma Financial Statements
($ in millions, except where noted)
SpinCo 2022 2023 2024 2025 2026
x Income Statement - Financials are in GAAP unless otherwise stated Net Operating Revenue Fuel and Purchased Energy RNF
Operating and Maintenance Expense TOTI EBITDA
Depreciation Expense Total D&A
Operating EBIT Gain/(Loss) on Disposal of Assets Other Net Operating (Loss) Income Total Interest Expense Interest Income Interest Expense, Net Income Before Taxes Current Income Taxes Deferred Taxes Income Taxes Income After Taxes Earnings from Investments: Equity Preferred Dividends Net Income - GAAP
Minority Interests Net Income Attributable to Membership Interests
GAAP Income/(Expense) excl. from Operating Net Income Net Income - Operating
Shares Outstanding EPS - Operating x Balance Sheet
Cash and Marketable Securities Restricted Cash Net Accounts Receivable Other Current Assets Total Current Assets Net PP&E Deferred Tax Asset INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A Enclosure 1 (Non-Proprietary)
Page 2 of 7 Updated Projected Financial Statements for SpinCo Consolidated Pro Forma Financial Statements
($ in millions, except where noted)
SpinCo 2022 2023 2024 2025 2026
Goodwill Regulatory Assets Investments: Equity Method Investments: Cost Method Decommissioning Trust Fund Long-Term Notes Receivable Pension Asset Other Non-Current Assets Total Assets
Notes Payable Accounts Payable Other Current Liabilities Total Current Liabilities Long-Term Debt & Capital Leases Deferred Tax Liability Asset Retirement Obligation OPEB Other Non-Current Liabilities Total Liabilities Minority Interest Other Equity Total Equity Total Liabilities & Equity
x Statement of Cash Flows
Net Income Depreciation Expense Nuclear Fuel Amortization Amortization of Regulatory Assets Change in Asset Retirement Obligation Earnings from Investments: Equity AFUDC - Debt & Equity Change in Deferred Taxes Change in Current Assets (excl. Cash & Marketable Securities)
Change in Non-Current Assets Change in Current Liabilities Change in Non-Current Liabilities Other Operating Cash Flow from Operations
Capital Expenditures Other Investing Cash Flow from Investing INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9. 17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A Enclosure 1 (Non-Proprietary)
Page 3 of 7 Updated Projected Financial Statements for SpinCo Consolidated Pro Forma Financial Statements
($ in millions, except where noted)
SpinCo 2022 2023 2024 2025 2026
Change in Notes Payable Change in Long-Term Debt & Capital Leases Change in Common Stock (Net of Treasury)
Common Dividends Other Financing Cash Flow from Financing
Net (Decrease) Increase In Cash and Equivalents Cash and Equivalents at Beginning of Year Cash and Marketable Securities at End of Year INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A Enclosure 1 (Non-Proprietary)
Page 4 of 7 Updated Projected Financial Statements for SpinCo Consolidated (Stress Case)
Pro Forma Financial Statements
($ in millions, except where noted)
SpinCo 2022 2023 2024 2025 2026
x Income Statement - Financials are in GAAP unless otherwise stated Net Operating Revenue Fuel and Purchased Energy RNF
Operating and Maintenance Expense TOTI EBITDA
Depreciation Expense Total D&A
Operating EBIT Gain/(Loss) on Disposal of Assets Other Net Operating (Loss) Income Total Interest Expense Interest Income Interest Expense, Net Income Before Taxes Current Income Taxes Deferred Taxes Income Taxes Income After Taxes Earnings from Investments: Equity Preferred Dividends Net Income - GAAP
Minority Interests Net Income Attributable to Membership Interests
GAAP Income/(Expense) excl. from Operating Net Income Net Income - Operating
Shares Outstanding EPS - Operating x Balance Sheet
Cash and Marketable Securities Restricted Cash Net Accounts Receivable Other Current Assets Total Current Assets Net PP&E Deferred Tax Asset INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9. 17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A Enclosure 1 (Non-Proprietary)
Page 5 of 7 Updated Projected Financial Statements for SpinCo Consolidated (Stress Case)
Pro Forma Financial Statements
($ in millions, except where noted)
SpinCo 2022 2023 2024 2025 2026
Goodwill Regulatory Assets Investments: Equity Method Investments: Cost Method Decommissioning Trust Fund Long-Term Notes Receivable Pension Asset Other Non-Current Assets Total Assets
Notes Payable Accounts Payable Other Current Liabilities Total Current Liabilities Long-Term Debt & Capital Leases Deferred Tax Liability Asset Retirement Obligation OPEB Other Non-Current Liabilities Total Liabilities Minority Interest Other Equity Total Equity Total Liabilities & Equity
x Statement of Cash Flows
Net Income Depreciation Expense Nuclear Fuel Amortization Amortization of Regulatory Assets Change in Asset Retirement Obligation Earnings from Investments: Equity AFUDC - Debt & Equity Change in Deferred Taxes Change in Current Assets (excl. Cash & Marketable Securities)
Change in Non-Current Assets Change in Current Liabilities Change in Non-Current Liabilities Other Operating Cash Flow from Operations
Capital Expenditures Other Investing Cash Flow from Investing INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 6 of 7 Updated Projected Financial Statements for SpinCo Consolidated (Stress Case)
Pro Forma Financial Statements
($ in millions, except where noted)
SpinCo 2022 2023 2024 2025 2026
Change in Notes Payable Change in Long-Term Debt & Capital Leases Change in Common Stock (Net of Treasury)
Common Dividends Other Financing Cash Flow from Financing
Net (Decrease) Increase In Cash and Equivalents Cash and Equivalents at Beginning of Year Cash and Marketable Securities at End of Year INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
(Non-Proprietary)
Page 7 of 7
Enclosure 1 Updated Notes for Projected Financial Statements for SpinCo Consolidated
- 1. All financial projections are based on updates to Exelon Generations internal long-rang e plan update for the period 2021 - 2025, including power prices as of July 31, 2021.
- 2. Projections for 2026 were developed by applying a standard 3% escalation rate to the 2025 revenues and expenses (other than interest and tax expenses which were calculated based on earnings before taxes).
- 3. Exelon Generation fully consolidates its directly owned and indirectly owned nuclear plants, including its Subsidiary Owner LLCs, in its financials based on ownership interest.
See also the Notes for the Nuclear Fleet and Subsidiary Owner LLCs financial statements.
- 4. The sensitivity analysis (stress case) assumes a 10% reduction in the market prices for energy for the nuclear generating units only and a 10% reduction in the market prices for only nuclear generating unit capacity where auctions have not been held.
- 5. Operating & Maintenance Expenses in the Projected Income Statement include direct and allocated overhead, corporate governance, and oversight expenses for the nuclear fleet.
Property tax expenses are included in Taxes Other Than Income.
- 6. Projections reflect the EDF Put closing on August 6, 2021 and Exelon Generations 100%
ownership interest in Calvert LLC, Ginna LLC, and NMP LLC. The purchase price to acquire EDFs ownership interest in these Facilities is accounted for in these updated financial statements.
- 7. Projections assume continued operation of all Exelon Generation nuclear units currently in operation, including Byron Units 1 and 2, Dresden Units 2 and 3, Braidwood Units 1 and 2, and LaSalle Units 1 and 2.
- 8. Addition and subtraction errors are due to rounding.
INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
ENCLOSURE 3
UPDATED PROJECTED FINANCIAL STATEMENTS FOR NUCLEAR FLEET AND SUBSIDIARY OWNER LLCS (NON-PROPRIETARY VERSION)
INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 1 of 22 Updated Projected Financial Statements for Nuclear Fleet Projected Income Statement
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes Purchased Fuel and Energy and Cost of Sales Depreciation and Amortization INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 2 of 22
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 3 of 22
Updated Projected Financial Statements for New Fitzpatrick, LLC Projected Income Statement
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes Purchased Fuel and Energy and Cost of Sales INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 4 of 22
Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 5 of 22
Updated Projected Financial Statements for Calvert Cliffs Nuclear Power Plant, LLC Projected Income Statement
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes Purchased Fuel and Energy and Cost of Sales INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 6 of 22
Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 7 of 22
Updated Projected Financial Statememts for R.E. Ginna Nuclear Power Plant, LLC Projected Income Statement
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes Purchased Fuel and Energy and Cost of Sales INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 8 of 22
Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 9 of 22
Updated Projected Financial Statements for Nine Mile Point Nuclear Station, LLC
Projected Income Statement
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 10 of 22
Purchased Fuel and Energy and Cost of Sales Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 11 of 22
Updated Projected Financial Statements for Nuclear Fleet (Stress Case)
Projected Income S tatement A ssumes 1 0% R eduction in Market R evenue
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes Purchased Fuel and Energy and Cost of Sales INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 12 of 22
Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
(Non-Proprietary)
Page 13 of 22
Updated Projected Financial Statements for New FitzPatrick, LLC (Stress Case)
Projected Income Statement Assumes 10% Reduction in Market Revenue
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
(Non-Proprietary)
Page 14 of 22
Purchased Fuel and Energy and Cost of Sales Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
(Non-Proprietary)
Page 15 of 22
Updated Projected Financial Statements for Calvert Cliffs Nuclear Power Station, LLC (Stress Case)
Projected Income Statement Assumes 10% Reduction in Market Revenue
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
(Non-Proprietary)
Page 16 of 22
Purchased Fuel and Energy and Cost of Sales Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 17 of 22
Updated Projected Financial Statements for R.E. Ginna Nuclear Power Plant, LLC (Stress Case)
Projected Income Statement Assumes 10% Reduction in Market Revenue
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes Purchased Fuel and Energy and Cost of Sales INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 18 of 22
Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
(Non-Proprietary)
Page 19 of 22
Updated Projected Financial Statements for Nine Mile Point Nuclear Station, LLC (Stress Case)
Projected Income Statement Assumes 10% Reduction in Market Revenue
($ in millions, rounded) 2022 2023 2024 2025 2026
Revenue Market Revenue ZEC/Contract Revenue Total Revenues
Operating Expenses Purchased Fuel and Energy and Cost of Sales O&M Non-Outage O&M Outage O&M Nuclear Direct Overhead O&M Nuclear Allocated Overhead ExGen Overhead Property Taxes Depreciation and Amortization Total Operating Expenses
Pretax Income (Loss)
Income Taxes
Net Income (Loss)
Add Back:
Income Taxes INCLUDES PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A
(Non-Proprietary)
Page 20 of 22
Purchased Fuel and Energy and Cost of Sales Depreciation and Amortization
Less:
Tax Depreciation and Amortization + Other Cash Taxes
Profit After Taxes
Less:
Tax Depreciation and Amortization + Other Capital Projects Capital Fuel Change in Inventory
Net Cash Flow INCLUDES NON-PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 21 of 22
Enclosure 3 Updated Projected Financial Statements for Nuclear Fleet and Subsidiary Owner LLCs
- 1. Projections are based on updates to Exelon Generations internal long-range plan update for the nuclear units for the period 2021 - 2025.
- 2. Market revenues for 202 2 through 2025 were calculated using forward prices as of July 31, 2021 and Exelon Generations internal projections for expected generation at each operating nuclear unit directly or indirectly owned by Exelon Generation (including Exelon Generations ownership interest in Salem Units 1 and 2).
- 3. The sensitivity analysis (stress case) assumes a 10% reduction in the market prices for energy for the nuclear generating units and a 10% reduction in the market prices for nuclear generating unit capacity where auctions have not been held.
- 4. ZEC revenues refer to payments received by the FitzPatrick, Ginna, NMP, Quad Cities, Clinton, and Salem units under programs in New York, Illinois, and New Jersey that compensate those units for the environmental attributes of those units (also referred to as zero emission credits). Contract revenues refer to payments anticipated to be received by the Braidwood, Byron, and Dresden units as of June 1, 2022 under a new program in Illinois to compensate those units for their carbon free emission attributes (also referred to as carbon mitigation credits or CMC). Revenues were calculated using Exelon Generations internal projections for expected generation for each of these units and the ZEC or CMC contract price under the applicable program.
- 5. Projections for 2026 were based on a bottom-up build of costs, accounting for outage timing and a 2.5% inflation rate, generation as predicted for 2026, and 2025 prices escalated at 3%.
- 6. Projections for the Nuclear Fleet include revenues and costs for Exelon Generations directly owned nuclear units (including its ownership interest in Salem) and the nuclear units owned by its Subsidiary Owner LLCs.
- 7. Projections reflect the EDF Put closing on August 6, 2021 and that Exelon Generation, through its subsidiaries, owns a 100% interest in Calvert LLC, Ginna LLC, and NMP LLC.
- 8. Projections assume continued operation of all Exelon Generation nuclear units current ly in operation, including Byron Units 1 and 2, Dresden Units 2 and 3, Braidwood Units 1 and 2, and LaSalle Units 1 and 2.
- 9. O&M Nuclear Direct Overhead, O&M Nuclear Allocated, and ExGen Overhead includes direct sites costs that are managed by Exelon Generations corporate functions (e.g. insurance) and corporate governance and oversight expenses.
INCLUDES NON-PROPRIETARY INFORMATION - WITHHOLD UNDER 10 CFR 2.390 AND 9.17(a)(4)
Unrestricted Upon Removal of Enclosures 1A and 3A (Non-Proprietary)
Page 22 of 22
- 10. Property taxes are estimated based on, if applicable, tax payments set forth in a property tax agreement, ((
)).
- 11. Addition and subtraction errors are due to rounding.