Power generator Exelon said Friday that the weak economy and the cool summer dragged down its third-quarter profit.
Chicago-based Exelon, one of the nation’s largest power companies with 5.4 million customers, said that its earnings for the quarter ended Sept. 30 fell 10 percent from a year ago.
Like other utilities, Exelon has been working to slash expenses to offset lower demand for power caused by the recession. And a relatively cool summer meant that many people left the air conditioner off.
Exelon says it made $633 million, or 96 cents per share, for the quarter, compared with $706 million, or $1.07 per share, a year ago. Excluding charges, Exelon reported profit of $757 million, or $1.14 per share, for the quarter.
Exelon’s revenue fell to $4.4 billion for the quarter from $5.2 billion a year ago.
“We are achieving our financial commitments despite difficult weather, economic and market conditions,” John Rowe, Exelon’s chairman and CEO, said in a statement.
The Energy Information Administration has projected a 3.3 percent decline in electricity consumption this year with industrial demand especially weak. The agency says the rate of decline is expected to slow in the second half of 2009 and then pick up in 2010 as the economy improves.
To deal with the downturn, many utilities have cut spending. Exelon announced reductions in June that will achieve $350 million in operations and maintenance savings in 2010, a 3.5 percent cut. The company said 500 jobs will be eliminated.
Exelon said lower earnings in the quarter were partially offset by higher rates for its Commonwealth Edison utility customers in the Chicago area and lower uncollectible accounts at its PECO utility in the Philadelphia area.
Exelon said it the region’s coolest summer in 17 years. Electricity delivery fell by 9.8 percent from the second quarter with declines in deliveries to all major customer classes. Hard money training
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