Despite the impact of market forces on our earnings, Exelon’s financial results for 2013 were essentially on plan. Each of our three utilities performed well financially, partly as a result of favorable weather and lower storm costs, as well as solid rate recovery and overall cost management. We closed out Exelon/Constellation merger integration on track to deliver more than $550 million in savings annually by the end of this year. Cost management remains a focus. We have aggressively driven costs out of our wholesale and retail operations, while originating more retail business than in any previous year. Last year’s revised dividend policy has had the intended effect of bolstering our balance sheet and cash flow. Our credit metrics are strong, giving us a platform for growth.

Operating Performance

Operational results across the company in 2013 were outstanding.

Each of our three utilities — BGE, ComEd and PECO — had its best operating year ever, tangible proof of the value of scale and the ability to leverage experience and resources. Operating performance in each utility improved over 2012 in all key metrics including safety, reliability, customer service and customer satisfaction. For all three, customer satisfaction and outage frequency are in the top quartile of similar utilities in the U.S.

Our nuclear fleet had one of its best years ever, with a capacity factor of 94.1% and record generation output. The Exelon team managing the operating services agreement at Omaha Public Power District’s Ft. Calhoun nuclear plant restarted the plant after it had been offline for more than 900 days. Exelon Power had a strong year as well, with very high unit reliability in gas, hydro, wind and solar units.