To get the full impact of the irony, you have to know that EXC is a member of USCAP and stands to be one of the biggest beneficiaries of Waxman-Markey. They will receive a multi-billion dollar* windfall should the cap-and-trade bill pass the Senate in it's current form.
First up, the press release and commentary via MarketWatch:
Exelon's quarterly net falls 12% as ComEd, Peco demand dip
Exelon Corp. said Friday second-quarter net income dropped 12% as the power producer scaled back output at two of its key utility companies in the face of the slower economy and unfavorable weather....Now the more detailed explanation from the company (28 page PDF):
...Exelon said it saw a reduced load at both Commonwealth Edison Co. and Peco Energy, primarily driven by current economic conditions and the impact of poor weather conditions in the latter's service territory....
...In the second quarter of 2009, cooling degree-days in the PECO service territory were down 10.4 percent from 2008, but were 6.0 percent above normal. Heating degree-days were up 1.0 percent from 2008 and were 9.6 percent below normal....Translation: it was considerably cooler than last year.
*From the company's 2nd quarter slide-show (p.3):
Lowest carbon intensity in the sector - $1.1 billion(2) and growing annual upside to Exelon revenues from implementation of Waxman-Markey legislationFrom a letter to NRG shareholders during the takeover attempt:
(2) Assumes $15/tonne carbon pricing.
We are offering you securities in a company… whose value rises rather than declines as carbon is priced into the marketplace…Talk about having a vested interest in the legislation!
And warmer weather.