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August 02, 2015 8:26 AM ET

Electric Utilities

Company Overview of Commonwealth Edison Company

Company Overview

Commonwealth Edison Company engages in the purchase and regulated retail sale of electricity. The company provides electricity distribution and transmission services to residential, commercial, and industrial customers in northern Illinois. As of December 31, 2014, its electric distribution system consisted of 35,464 circuit miles of overhead lines and 30,778 circuit miles of underground lines. The company was founded in 1887 and is based in Chicago, Illinois. Commonwealth Edison Company is a subsidiary of Exelon Corporate.

440 South LaSalle Street

Chicago, IL 60605

United States

Founded in 1887

6,403 Employees

Phone:

312-394-4321

Key Executives for Commonwealth Edison Company

Chief Executive Officer, President, Director and Member of Executive Committee
Age: 56
Chief Financial Officer, Senior Vice President and Treasurer
Age: 45
Chief Operating Officer and Executive Vice President
Age: 54
Chairman, Member of Executive Committee, Chief Executive Officer of Exelon Corporation and President of Exelon Corporation
Age: 56
Senior Vice President of Regulatory & Energy Policy and General Counsel
Age: 52
Compensation as of Fiscal Year 2015.

Commonwealth Edison Company Key Developments

ComEd Announces $400 Million Bond Sale

ComEd announced that it has priced $400 million of First Mortgage Bonds maturing on March 1, 2045, with a coupon of 3.70%. ComEd will use the net proceeds from the sale of the bonds to refinance at maturity the company's First Mortgage 4.70% Bonds, Series 101, due April 15, 2015, and to use the remainder to repay a portion of the company's outstanding commercial paper obligations and for general corporate purposes. The sale is scheduled to close on March 2.

Commonwealth Edison Company Reports Unaudited Earnings Results for the Third Quarter Ended September 30, 2014

Commonwealth Edison Company reported unaudited earnings results for the third quarter ended September 30, 2014. For the quarter, the company reported GAAP net income of $126 million in the third quarter of both 2014 and 2013. Adjusted (non-GAAP) operating earnings were $126 million compared with $127 million in the third quarter of 2013. Company’s adjusted (non-GAAP) operating earnings in the third quarter of 2014 were down $1 million from the same quarter in 2013, primarily reflecting unfavorable weather, partially offset by higher distribution and transmission revenue due to increased capital investment.

ICC Approves ComEd's Grand Prairie Gateway Project

The Illinois Commerce Commission announced it has approved Commonwealth Edison Company's (ComEd) Grand Prairie Gateway Project, a new transmission line that will extend for 60 miles across Ogle, Dekalb, Kane and DuPage Counties. The new line will create immediate customer savings by reducing grid congestion, increasing customers' access to lower-cost generation, including wind power, and will reduce carbon emissions by 473,000 tons over 15 years. Construction is scheduled to begin in the second quarter of next year and the line is expected to be in service in 2017. The line will expand ComEd customers' access to generation by approximately 1,000 megawatts, providing greater access to clean energy. The 345,000 volt (345kV) electric transmission line will be constructed between ComEd's existing substations near the communities of Byron and Wayne. The route would begin at the Byron substation and run east until east of Plato Center in Kane County, where the line would run southeast along railroad corridors to the substation near Wayne. The project adds a third major transmission path across the ComEd territory, which also enhances reliability, particularly during extreme weather events. The need for the Project was first identified as part of the annual regional planning process managed by PJM, the independent Regional Transmission Organization that plans and operates the ComEd transmission system. PJM is responsible for ensuring that the competitive wholesale market operates appropriately and fairly for customers and it's regulated by the Federal Energy Regulatory Commission (FERC).

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