Total Revenue (Q3 2023 vs Q3 2022)

Declined from $926 million to $516 million (approx. –44%)

Lower energy revenues dropped from $763 million to $600 million due to below‐average PJM on-peak power prices driven by cooler temperatures; this was compounded by an unrealized derivative loss of $128 million (contrast to a gain of $81 million in Q3 2022) and a reduction in capacity revenues from $82 million to $44 million. " " "

Total Revenue (Q3 2024 vs Q3 2023)

Increased by $134 million from $516 million to $650 million

A substantial rebound was driven by a $186 million favorable swing in derivative instrument gains (via better pricing and reversal of earlier mark-to-market losses), a modest increase in capacity revenues (+$6 million), and a $71 million uplift in Nuclear PTC revenue, even as energy and other revenues fell by $95 million. "

PJM Revenues (Q3 2023 vs Q3 2022)

Significant decline (exact numeric gap not provided)

The decline was due to mild summer temperatures that depressed power demand, low natural gas prices reducing power prices, and an unplanned outage at Susquehanna Unit 1 affecting generation, though hedge gains partly offset reduced physical energy margins. "

PJM Revenues (Q3 2024 vs Q3 2023)

Increased from $343 million in Q3 2023 to $575 million in Q3 2024 (improvement of $232 million)

The strong improvement was driven by a considerable $186 million favorable increase on derivative positions (boosted by lower forward power prices), along with additional benefits from a $91 million gain in nuclear decommissioning trust funds and modest contributions from other segments, overcoming the decline in energy and other revenues. " "

Geographic Revenue (Q3 2023)

Not quantified numerically; influenced by mixed market forces

Geographic revenue was affected by contrasting conditions in different regions, with the PJM market seeing lower on-peak power prices due to cool weather and ERCOT experiencing high demand amid operational outages and congestion costs, highlighting the complexity of geographic performance. " "

Geographic Revenue (Q3 2024)

Impact marked by a $198 million decrease in realized energy margins from the ERCOT portfolio

The decline was primarily driven by the sale of the ERCOT generation portfolio in April 2024 and reduced generation at Susquehanna, although gains such as a $73 million favorable hedge result and a $71 million increase in Nuclear PTC revenue helped partially mitigate the drop. "

Operating Income (Q3 2023 vs Q3 2022)

Dropped from $329 million to $7 million (decline of $322 million)

A steep decline resulted from lower operating revenues (capacity revenues fell from $82 million to $44 million and energy revenues from $763 million to $600 million), higher operating expenses (including increases in O&M and G&A costs), additional impairments, and the swing from derivative gains to an unrealized loss, all combining to erode earnings. " "

Operating Income (Q3 2024 vs Q3 2023)

Increased from $7 million to $158 million (improvement of $151 million)

The recovery was largely propelled by a $145 million favorable shift in operating revenues, net of energy expenses driven by improved derivative positions (a $186 million favorable swing) and better hedge performance, along with a $91 million gain in nuclear decommissioning trust funds and an additional $27 million improvement in non-operating income. " "

Net Income (Q3 2023 vs Q3 2022)

Improved from $(300) million to $(76) million (improvement of $224 million)

Improvement in Q3 2023 was achieved by eliminating a significant reorganization expense present in Q3 2022, reducing interest expenses (from $88 million to $68 million), and modestly higher capacity revenues, though partly offset by a $128 million unrealized derivative loss and lower energy revenues. " "

Net Income (Q3 2024 vs Q3 2023)

Increased by $245 million over Q3 2023

The marked improvement in Q3 2024 was driven by a $145 million favorable increase in operating revenues, net of energy expenses (boosted by a $186 million swing in derivative gains and improved hedge results), coupled with a $91 million gain in nuclear decommissioning trust funds and a $27 million boost in other non-operating income, collectively lifting bottom-line performance. "