UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 31, 2005
Date of Report (Date of earliest event reported)

Commission File		Exact Name of Registrant as Specified in Its Charter; State of Incorporation;		IRS Employer
Number		Address of Principal Executive Offices; and Telephone Number		Identification Number
1-16169		EXELON CORPORATION (a Pennsylvania corporation) 10 South Dearborn Street—37th Floor P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-7398		23-2990190
1-1839		COMMONWEALTH EDISON COMPANY (an Illinois corporation) 10 South Dearborn Street – 37th Floor P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-4321		36-0938600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Section 8 – Other Events.
Item 8.01. Other Events.

On August 31, 2005, Commonwealth Edison Company (ComEd), a subsidiary of Exelon Corporation (Exelon), issued a press release regarding the filing of its delivery service rate case. A copy of the press release is attached as Exhibit 99 to this Current Report on Form 8-K.

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This combined Form 8-K is being furnished separately by Exelon and ComEd. Information contained herein relating to any individual registrant has been furnished by such registrant on its own behalf. No registrant makes any representation as to information relating to any other registrant.

Except for the historical information contained herein, certain of the matters discussed in this Report are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by a registrant include those factors discussed herein, as well as the items discussed in (a) the 2004 Annual Report on Form 10-K—ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Outlook and the Challenges in Managing Our Business for each of Exelon and ComEd, (b) the 2004 Annual Report on Form 10-K—ITEM 8. Financial Statements and Supplementary Data: Exelon—Note 20 and ComEd—Note 15 (c) Exelon’s Current Report on Form 8-K filed on May 13, 2005, including those discussed in Exhibit 99.2 “Management’s Discussion and Analysis of Financial Condition and Results of Operation ” and Exhibit 99.3 “Financial Statements and Supplementary Data” and (d) other factors discussed in filings with the SEC by Exelon and ComEd. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Neither Exelon nor ComEd undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

August 31, 2005

Exhibit 99

Contact:		Tabrina Davis ComEd Media Relations 312-394-3500

ComEd Files Rate Case Proposal with Illinois Commerce Commission

CHICAGO (August 31, 2005) ComEd today will file a proposal with the Illinois Commerce Commission (ICC) seeking approval of its first general rate case in nine years. The impact of the delivery service rate request will be reflected as an increase of approximately 6 percent on the average residential customer bill. The request is part of the Illinois electricity restructuring process.

Since 1997, ComEd’s rates for residential customers have been reduced 20 percent and frozen at that level under the Electric Service Customer Choice and Rate Relief Law, established by the Illinois General Assembly. The 20 percent rate cut and freeze, one of the largest and longest in the country, resulted in more than $3 billion of savings for Illinois consumers. However, during that time, ComEd’s cost to deliver electricity has gone up.

“In the last nine years, our costs have risen, the region has grown, and customer demand has increased,” explained Anne Pramaggiore, vice president of regulatory and strategic services for ComEd. “Prices for most other goods and services that people buy—such as gas, groceries, healthcare and housing—have increased considerably. But ComEd’s rates have stayed the same.”

Since 2001, ComEd has spent $3 billion to improve and maintain its system, increase reliability and keep up with growing demand for electricity in northern Illinois. Nearly half of that investment has gone toward expanding the delivery system and adding new capacity to address load growth. ComEd’s investments have improved reliability. Since 1998, ComEd has slashed the number of outages by 44 percent, and the duration of outages has been cut in half.

“We must adjust delivery service rates to continue investing in the system to maintain reliability and to keep pace with the increased demand that comes with our service territory’s growth,” Pramaggiore noted.

The delivery service rate increase request is related only to the costs that ComEd incurs to deliver electricity to its customers. This portion of customers’ bills represents approximately 30 to 40 percent of the total electric bill for residential customers. For an average residential customer with a

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$60 monthly bill, the impact would be about $3.60 per month, a 6 percent increase. Subject to the approval of the ICC, the rate increase would not take effect until Jan. 2, 2007.

The Electric Service Customer Choice and Rate Relief Law fully transitions Illinois to an open and competitive market for electricity by 2007. At that time, ComEd and other Illinois utilities must buy power on the open market. To facilitate this market development, ComEd became a transmission and distribution company and no longer owns any generation. Today, more than 45 percent of ComEd’s large, non-residential customer load is now being served by alternate suppliers. Some of these customers are reporting savings of up to 15 percent.

As a method to purchase power for its customers, ComEd has proposed a competitive bidding process known as a “reverse auction,” which will yield the lowest available market price for power. Under this approach, successive rounds of bidding by qualified wholesale energy suppliers drive the price for energy lower. The process is open and transparent, will be monitored by the ICC and an independent expert, and the lowest bidders win. ComEd’s proposal is now being considered by the ICC.

“We are committed to using the best possible process to obtain the lowest available market price for our customers,” emphasized Frank M. Clark, president of ComEd. “In addition, we are committed to avoiding rate shock for our most vulnerable customers. Towards this end, we are fully prepared to work with various stakeholders to address this critical need.”

Though future market prices are unknown, given current market trends, it is likely that ComEd’s cost to buy energy will increase and may add approximately 10 percent to customers’ bills. ComEd will pass through the energy cost to its customers without mark-up.

Both ComEd’s procurement and rate case filings are part of the transition to the “Post 2006” electricity marketplace.

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Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC) one of the nation’s largest electric utilities with more than $14 billion in revenues and a customer base of five million. ComEd provides service to approximately 3.7 million customers across Northern Illinois, or 70 percent of the state’s population.