Similarly, in JPMorgan’s Treasury client survey, short positioning is most stretched since 2017.Consistent with that, the Bank of America survey also detected a rising pain threshold for Treasury yields, with 51% saying the economy can tolerate a 10-year yield up to 2.25%, up from 47% in the April survey.A bearish stance on U.S. rates -- which Bank of America advocates -- also was reflected in the survey’s findings on when the Federal Reserve is likely to signal a reduction in the pace of its asset purchases. View source version on businesswire.com: https://www.businesswire.com/news/home/20210505005403/en/, Paul AdamsCorporate Communications410-245-8717Emily DuncanInvestor Relations312-394-2345. GAAP Net Loss of $(0.30) per share and Adjusted (non-GAAP) Operating Loss of $(0.06) per share for the first quarter of 2021, Affirming range for full year 2021 adjusted (non-GAAP) operating earnings guidance of $2.60-$3.00 per share, Strong utility reliability performance - all gas utilities achieved top decile in gas odor response and every utility achieved top quartile in outage frequency and outage duration, Generation’s nuclear fleet capacity factor was 95.3% (owned and operated units). Adjustment to exclude reorganization related to cost management programs. The entity has historical hype elasticity of 0.01 and average elasticity to hype of competition of 0.0. The notes are expected to be rated BBB by Japan Credit Rating Agency Ltd. and price within a range of 2.45% to 3.05% in June, according to SoftBank.The company plans to issue bonds that mature in 35 years but which are callable after five. Earnings Releases Show all. U.S. e-commerce sales rose 37%, the slowest online growth since the coronavirus outbreak. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. As of March 31, 2021, the percentage of expected generation hedged is 94%-97% for 2021. Kenneth Cornew plans to retire as senior executive vice president and chief commercial officer of Exelon Corp. and as president and CEO of Exelon Generation Co. LLC on March 31, 2021. Virtual Meeting. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. ComEd's first quarter of 2021 GAAP Net Income increased to $197 million from $168 million in the first quarter of 2020. In the crypto version of perpetual futures -- where no underlying asset is delivered and speculation is the main purpose -- the return is tied to the funding rate, which generally moves up and down depending on the sentiment.When demand is strong, a bull would go long on the perpetual futures and trade against someone like Chalk. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Financial Statements: Note 14, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Bitcoin is still up more than 20% this year even with this month’s plunge.“The extreme end of funding rates has definitely been tamed because a lot of people have cashed out,” said Oliver Chalk, who trades these derivatives at Proxima Capital, a crypto fund he co-founded.In Sydney, Australia, Chalk has cashed out of most basis trades, a popular strategy that goes short on the futures and long the spot. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. Adjusted (non-GAAP) Operating Earnings (Loss) for the first quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income (Loss): Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $46 and $45, respectively), Unrealized Losses Related to Nuclear Decommissioning Trust (NDT) Fund Investments (net of taxes of $40), Plant Retirements and Divestitures (net of taxes of $103), Cost Management Program (net of taxes of $0), Change in Environmental Liabilities (net of taxes of $1), COVID-19 Direct Costs (net of taxes of $4, $1, $0, and $3, respectively), Acquisition Related Costs (net of taxes of $2), ERP System Implementation Costs (net of taxes of $1, $0, $0, $0, and $1, respectively), Planned Separation Costs (net of taxes of $2, $0, $0, $0, and $1, respectively), Income Tax-Related Adjustments (entire amount represents tax expense), Noncontrolling Interests (net of taxes of $6), 2021 Adjusted (non-GAAP) Operating Earnings (Loss). Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Stay up-to-date with the latest Exelon news as well as find press releases, fact sheets, images, and more. ComEd used the proceeds to repay existing indebtedness and for general corporate purposes. The BOE is signaling it will tolerate an increase in inflation and that it doesn’t intend to move until there’s a more sustained pickup in prices.“We think inflation could go above target a bit temporarily later this year for these base effects. Adjustment to exclude elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to unrealized gains and losses on NDT fund investments for CENG units. Adjustment to exclude reorganization costs related to cost management programs. Generation had a GAAP Net Loss of $(793) million in the first quarter of 2021 compared with GAAP Net Income of $45 million in the first quarter of 2020. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s stock price has collected 1.68% of gains in the last five trading sessions. At one point during the meltdown, nearly $1 trillion was wiped off the cryptocurrency's market capitalization. GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation. Adjusted (non-GAAP) Operating Loss for the first quarter of 2021 decreased to $(0.06) per share from $0.87 Adjusted (non-GAAP) Operating Earnings per share in the first quarter of 2020. Crypto markets shift from buy, buy, bitcoin to bye, bye bitcoin, in a nanosecond --- and market technicians say that the digital asset may have more room to fall in the near-term as a monthslong bullish trend unravels. Bitcoin's smaller rivals are eroding its share of the $2 trillion digital currency market. “Our utility businesses performed at a high level both financially and operationally during the first quarter, and we continue to invest in customer service and grid modernization across our six utilities,” said Christopher M. Crane, president and CEO of Exelon. Adjustment to exclude reorganization costs related to cost management programs and direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees. In both cases, the BOE stuck with its stimulus to support the economy after the financial crisis.“We’re very vigilant to any sense that inflation expectations would de-anchor,” BOE Deputy Governor Dave Ramsden told lawmakers Tuesday. PECO used the proceeds for general corporate purposes. Adjustment to exclude the impact of net unrealized losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The average yield on investment-grade yen corporate debt is less than 0.4%, according to data compiled by Bloomberg.The funds from the current offering will be used for the redemption of existing debt, according to SoftBank’s statement on Wednesday. On March 25, 2021, Exelon filed a request for a private letter ruling with the Internal Revenue Service (IRS) to confirm the tax-free treatment of the planned separation. But we expect the upturn to prove temporary, allowing the central bank to overlook it.”--Dan Hanson, senior U.K. economist. For the once sizzling-hot Dogecoin, it dropped from 41% to negative 13%. The strong utility results and continued cost-savings measures at Generation reduced our adjusted (non-GAAP) operating loss for the quarter to $0.06 cents per share and we are affirming our full-year adjusted (non-GAAP) operating earnings guidance of $2.60 to $3.00 per share.”. The revenue requirement for 2022 provides for a weighted average debt and equity return on distribution rate base of 5.72%, inclusive of an allowed ROE of 7.36%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey, and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco subsidiaries. On March 9, 2021, ComEd issued $700 million of its First Mortgage 3.13% Bonds, Series 130, due March 15, 2051. Adjustment to exclude elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to unrealized gains and losses on NDT fund investments for CENG units. Generation had an Adjusted (non-GAAP) Operating Loss of $(571) million in the first quarter of 2021 compared with Adjusted (non-GAAP) Operating Earnings of $312 million in the first quarter of 2020, primarily due to the impacts of the February 2021 extreme cold weather event. Your access to Member Features is limited. Adjustment to exclude costs related to a multi-year Enterprise Resource Program (ERP) system implementation. Positioning has become a “sea of uncertainty,” he said.Response to the weak U.S. employment report for April, released May 7, was a case in point. “Additional sampling is being conducted on the affected … Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. "What is causing the decline, no surprise to anybody, is the worry about inflation and interest rates," said Sam Stovall, chief investment strategist at CFRA Research in New York. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. At a regular interval, either the contract would have converged with the spot rate, or Chalk would receive an interest for the premium.But now, speculators are getting nervous about paying up for bullish bets, driving premiums to narrow or even turn into discounts in some cases.Funding RatesOn the FTX exchange, the rate for Bitcoin has dropped to an average annualized 12% over the past 24 hours, compared with a 90-day average of 32%. https://ift.tt/3lOFHVF Still, the situation seemed tense two weeks ago when Exelon reported the incident to the Illinois Environmental Protection Agency. In addition, those weather conditions drove increased demand for service, dramatically increased wholesale power prices, and also increased gas prices in certain regions. Therefore, such charges are not included in the estimated full year earnings impact. Adjustment to exclude income tax-related adjustments. Start a discussion below. Risk Factors, (b) Part I, ITEM 2. Fossil and Renewables Operations: The Dispatch Match rate for Generation’s gas and hydro fleet was 68.5% in the first quarter of 2021, compared with 98.2% in the first quarter of 2020. Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2021. In 2021, adjustment to exclude accelerated depreciation and amortization associated with Generation's decision in the third quarter of 2020 to early retire Byron and Dresden nuclear facilities in 2021 and Mystic Units 8 and 9 in 2024, partially offset by a gain on sale of Generation's solar business. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2021 Quarterly Report on Form 10-Q (to be filed on May 5, 2021) in (a) Part II, ITEM 1A. Adjusted (non-GAAP) Operating Loss in the first quarter of 2021 primarily reflect: ComEd's first quarter of 2021 GAAP Net Income increased to $197 million from $168 million in the first quarter of 2020. CHICAGO--(BUSINESS WIRE)-- Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2021. In response to the high demand and significantly reduced total generation on the system, the Public Utility Commission of Texas (PUCT) directed ERCOT to use an administrative price cap of $9,000 per megawatt hour during firm load shedding events.The estimated impact to Exelon’s and Generation’s Net income for the first quarter of 2021 arising from these market and weather conditions was a reduction of approximately $880 million. For the reconciliations of GAAP Net Loss to Adjusted (non-GAAP) Operating Loss, refer to the tables beginning on page 6. Exelon Corporation is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and … powered by Microsoft News. The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 120.0% and 10.0% for the three months ended March 31, 2021 and 2020, respectively. Recently in News on May 15, 2021, EXELON INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Exelon Corporation – EXC. Friday, May 14, 2021 ... CEO Chris Crane has said [the governor’s proposed $70 million a year subsidy for two of Exelon’s nuclear power plants is] not nearly enough. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. As people approach retirement, they tend to add up their financial resources — Social Security benefits, defined benefit pensions, defined contribution balances, and other assets. GAAP Consolidated Statements of Operations and, Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments, Equity in losses of unconsolidated affiliates, Net income (loss) attributable to noncontrolling interests, Net income (loss) attributable to common shareholders. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Energy Capture for the wind and solar fleet was 96.4% in the first quarter of 2021, compared with 94.7% in the first quarter of 2020. PECO’s first quarter of 2021 GAAP Net Income increased to $167 million from $140 million in the first quarter of 2020. The reading was in step with economists’ expectations.The April figures were mainly driven by a jump in domestic energy prices and clothing. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns. Exelon Corporation published this content on 05 May 2021 and is solely responsible for the information contained therein. SoftBank reported net income of 1.93 trillion yen for the three months ended March 31, with essentially all of that coming from its investment in the newly public Coupang Inc.Masayoshi Son’s technology investment giant has seen a sharp upturn in fortunes over the past twelve months, with SoftBank’s Vision Fund investment arm driving recent profits after being the source of its biggest loss a year ago. The warning from China's central bank was posted on its WeChat account, according to analysts and media reports. Adjustment to exclude costs related to the planned separation primarily comprised of third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation as well as employee-related severance costs. The payments will reach more than 65 million children, according to senior administration officials. Disney Slides After Streaming Subscriptions Come Up Short. Exelon Corp Q1 2021 Earnings Call May 5, 2021, 10:00 a.m. On March 30, 2021, DPL issued $125 million of its First Mortgage Bonds, 3.24% Series due March 30, 2051. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. "Our utility businesses performed at a high level both financially and operationally during the first quarter, and we continue to invest in customer service and grid modernization across our six utilities," said Christopher M. Crane, president and CEO of Exelon. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2020 do not include the following items (after tax) that were included in reported GAAP Net Income: Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $32 and $33, respectively), Unrealized Losses Related to NDT Fund Investments (net of taxes of $405), Plant Retirements and Divestitures (net of taxes of $4), Cost Management Program (net of taxes of $3, $0, $1, and $3, respectively), Noncontrolling Interests (net of taxes of $30), 2020 Adjusted (non-GAAP) Operating Earnings. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Noted value fund manager GMO points to increased supply of stock being a signal of an imminent bust in the speculative tier of equities. The notes also include a step-up-interest provision so that the interest rate increases after five years.The company priced 177 billion yen of notes in an institutional debt offering in January, which was its first bond sale in more than a year at the time. 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The so-called 10-year breakeven rate -- a gauge derived from the difference between conventional gilt yields and those linked to retail-price inflation -- has risen more than 50 basis points this year.Concerns about inflation are mounting globally. In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. Adjustment to exclude direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2020 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Adjustment to exclude reorganization costs related to cost management programs. Adjustment to exclude direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees. The effective tax rates for the unrealized losses related to NDT fund investments were 48.0% and 45.5% for the three months ended March 31, 2021 and 2020, respectively.
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