“In 2023, adjusted O&M at our utilities is projected to be $4.2 billion, representing a 1% or $50 million increase from 2022, a rate well below the expected inflation rate of 4% in 2023 and building on our efficiency efforts in 2022.”

In context

“vesting in innovative technology and processes such as a recent pilot to conduct vegetation management work with the help of specialized drones, reducing a two-day job for a human crew to 45 minutes of drone deployment. It also cut the material acquired by over 90%. We are particularly proud of keeping O&M growth low after the separation. We committed to our customers that they would not see increased costs because of the separation, and I’m proud to say we achieved that. From renegotiating key enterprise wide IT contracts to continually reoptimizing the organizational design for the services our utilities need. Our cost discipline culture ensured that we kept that commitment while executing operationally at top-notch levels and delivering earnings in the upper half of our guidance range. In 2023, adjusted O&M at our utilities is projected to be $4.2 billion, representing a 1% or $50 million increase from 2022, a rate well below the expected inflation rate of 4% in 2023 and building on our efficiency efforts in 2022. We will continue to ensure that our business is appropriately designed to efficiently deliver services as a transmission and distribution only energy delivery company. This study discipline around cost has positioned us very well. In the bottom chart, you can see Exelon’s average electric rates are 23% below the top 20 metropolitan cities in the United States. Beyond cost management, other unique factors contribute to lower bills for our customers, some of which Calvin discussed. But I’d like to highlight the benefit of the carbon mitigation contracts resulting from Illinois’s 2021 Climate and Equitable Jobs Act or CEJA. Based on energy forwards as of January 31, these credits are projected to protect ComEd customers from over $3 billion of additional energy charges between 2022 and 2027.”