After looking at the cash flow for EXC on Yahoo. It looks like they can continue to pay the dividend for a while. I don't know what there capital expenditures are. Some time may give them the chance they need to improve the revenue stream and turn EXC around back to a real profitable company. I think this company could be a good turn around play. PBI might be another turn around play to.
If you looked at the cash flow on yahoo...did you see the payout ratio on yahoo? Needs to be brought down to at least 1.50 a share. Which is still a good yield. Bringing the ratio down into the 80's %.
EXC dodged a bullet a couple of weeks ago. The ICC pulled much of the up front start up money approved by the Illinois State legislature but was still going to hold EXC to implementing the smart grid system starting in 2013. The ruling will allow EXC to collect a smart grid implementation surcharge from each electric bill starting immediately and will forestall the costs for implementing the system until 2015.