PECO Energy Company
Philadelphia, Pennsylvania, USA
PECO is an energy company founded in 1881 and incorporated in 1929. It became part of Exelon Corporation (NYSE: EXC) in 2000 when it merged with Unicom. The company has approximately 2,300 employees; its call center and field craft personnel are members of IBEW Local 614. PECO serves 1.6 million electric and 485,000 natural gas customers; it is the largest combination utility in Pennsylvania, and has a franchise utility service area of 2,100 square miles (5,400 km2) with a population of 3.8 million people.
PECO’s total assets are valued at $9.8 billion. The company delivered 87,700,000,000 cubic feet (2.5×109 m3) of natural gas and 39.5 billion kilowatt-hours of electricity in 2008, generating $5.5 billion in revenue.
PECO’s utility business is capital intensive and requires significant investments for the electric and gas delivery systems to ensure adequate capacity and reliability for customers. PECO’s anticipated capital expenditures for 2009 are estimated at $400 million—about three-fourths for the electric business, nearly 20 percent for gas, and the rest is common.The company pays about $510 million in local, state and federal income and other taxes annually.
PECO's peak electric load occurred on August 3, 2006 and was 8,932 megawatts (MWs) and its highest peak load in the winter season occurred on December 20, 2004 and was 6,838 MW. Residential electric usage makes up about 35 percent of PECO’s total electric delivery and half of the annual electric revenue.
PECO’s electric sales tend to peak in the summer and winter seasons, driven by air conditioning and heating load when extreme temperatures create greater demand. The company's natural gas sales are generally higher during the winter periods when cold temperatures create demand for heating. The company’s highest gas sales occurred on Jan. 17, 2000 and was 718,000,000,000 cubic feet (2.0×1010 m3) of gas. Gas usage by residential customers is approximately half of PECO’s total deliveries.
The PECO transition period for the competitive electric generation market ended on Dec. 31, 2010, when caps on retail rates and competitive transition charges on customer bills ended. PECO electric rates had been capped for 12 years. PECO expects to purchase all of its wholesale electricity from competitive market sources subsequent to 2010 with retail customers charged the actual costs of procurement.
PECO owns, maintains and operates 1,067 miles (1,720 km) of higher-voltage transmission lines, 15,260 square miles (39,500 km2) of underground distribution cable, and 12,933 miles (20,810 km) of aerial distribution lines. On the gas side, PECO owns, maintains and operates 12,157 miles (19,560 km) of transmission, distribution and service pipes.
PECO has a liquefied natural gas storage facility in West Conshohocken, Pa. with capacity of 1,200,000,000 cubic feet (34,000,000 m3) and a propane-air plant in Chester, Pa. with storage capacity of 1,980,000 US gallons (7,500 m3). The company also owns 29 natural gas city gate stations at locations that link with various interstate pipelines.
They built the Chester Waterside Station of the Philadelphia Electric Company, and it was listed on the National Register of Historic Places in 2007.
- Exelon Corporate annual report to shareholders, 2008/2009
According to Exelon SEC Form 10-k for the year 2012:
nuclear energy supplied 53% of power supplied fossils and renewables provided 12% of power supplied purchased power provided 35% of power supplied
Wainwright, Nicholas B. History of the Philadelphia Electric Company 1881-1961 Published by the Philadelphia Electric Company