Saturday, October 28, 2006

Exelon Posts Loss

The Chicago Tribune:
Exelon Corp., the largest U.S. utility owner, reported a third-quarter loss of $44 million because of a charge related to a rate decision by Illinois regulators that cut the value of its Chicago operations.

The loss was 7 cents per share, compared with net income of $734 million, or $1.09, a year earlier, Chicago-based Exelon said in a statement today. Sales fell 1.6 percent to $4.4 billion as cooler weather than a year earlier lowered utility sales.

The actions of state regulators caused the loss. Exelon wrote down $776 million after the July decision in Illinois and recorded a $42 million charge for the failed $17.8 billion acquisition of Public Service Enterprise Group, blocked by New Jersey regulators last month. Excluding one-time costs, profit rose 7 percent to $609 million, less than analysts expected.