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

		Exact Name of Registrant as Specified in Its
		Charter; State of Incorporation; Address of		IRS Employer
Commission File		Principal Executive Offices; and Telephone		Identification
Number		Number		Number
1-16169		EXELON CORPORATION		23-2990190
		(a Pennsylvania corporation)
		10 South Dearborn Street
		P.O. Box 805379
		Chicago, Illinois 60680-5379
		(312) 394-7398
333-85496		EXELON GENERATION COMPANY, LLC		23-3064219
		(a Pennsylvania limited liability company)
		300 Exelon Way
		Kennett Square, Pennsylvania 19348-2473
		(610) 765-5959
1-1839		COMMONWEALTH EDISON COMPANY		36-0938600
		(an Illinois corporation)
		440 South LaSalle Street
		Chicago, Illinois 60605-1028
		(312) 394-4321
000-16844		PECO ENERGY COMPANY		23-0970240
		(a Pennsylvania corporation)
		P.O. Box 8699
		2301 Market Street
		Philadelphia, Pennsylvania 19101-8699
		(215) 841-4000

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 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

On July 25, 2007, Exelon Corporation (Exelon) announced via press release Exelon’s results for the second quarter ended June 30, 2007. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to the Current Report on Form 8-K is a market snapshot of select commodity prices and heat rates, and the results of the Reliability Pricing Model (RPM) capacity auctions. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission (SEC).

* * * * *

This combined Form 8-K is being furnished separately by Exelon, Exelon Generation Company, LLC (Generation), Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) (Registrants). 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.

This Current Report includes 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 these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s Second Quarter 2007 Quarterly Report on Form 10-Q (to be filed on July 25, 2007) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Current Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press release and earnings release attachments
99.2		Market snapshot of select commodity prices and heat rates, and the results of the RPM capacity auctions

SIGNATURES

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

		EXELON CORPORATION
		EXELON GENERATION COMPANY, LLC
		PECO ENERGY COMPANY
		/s/ John F. Young   John F. Young
		Executive Vice President, Finance and Markets and Chief Financial Officer
		Exelon Corporation
		COMMONWEALTH EDISON COMPANY
		/s/ Robert K. McDonald   Robert K. McDonald
		Senior Vice President, Chief Financial Officer, Treasurer and Chief Risk Officer
		Commonwealth Edison Company

July 25, 2007

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press release and earnings release attachments
99.2		Market snapshot of select commodity prices and heat rates, and the results of the RPM capacity auctions

Contact:		Chaka Patterson		FOR IMMEDIATE RELEASE
		Investor Relations
		312-394-7234
		Jennifer Medley
		Corporate Communications
		312-394-7189

Exelon Announces Second Quarter Results;
Reaffirms Full Year 2007 Operating Earnings Guidance and Revises GAAP Guidance;
Commonwealth Edison Announces Illinois Electric Rate Settlement

CHICAGO (July 25, 2007) — Exelon Corporation’s (Exelon) second quarter 2007 consolidated earnings prepared in accordance with GAAP were $702 million, or $1.03 per diluted share, compared with earnings of $644 million, or $0.95 per diluted share, in the second quarter of 2006.

Exelon’s adjusted (non-GAAP) operating earnings for the second quarter of 2007 were $700 million, or $1.03 per diluted share, compared with $577 million, or $0.85 per diluted share, for the same period in 2006. The increase in adjusted (non-GAAP) operating earnings per share was primarily due to higher margins on energy sales at Exelon Generation Company, LLC (Generation) and the effects of favorable weather conditions as compared with last year in the Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) service territories. These positive factors were partially offset by lower nuclear output reflecting more refueling outage days, significantly lower net income at ComEd primarily due to the end of its nearly ten-year regulatory transition period and associated transition revenues, and higher operating and maintenance expense and increased depreciation and amortization across Exelon’s operating companies, including the scheduled higher competitive transition charge (CTC) amortization at PECO.

Adjusted (non-GAAP) operating earnings for the second quarter of 2007 do not include the following items that are included in reported GAAP earnings (all after tax):

	•		Mark-to-market losses of $13 million, or $0.02 per diluted share, primarily from Generation’s economic hedging activities.
	•		Earnings of $27 million, or $0.04 per diluted share, associated with investments in synthetic fuel-producing facilities, including the impact of mark-to-market losses associated with the related derivatives.

•

A charge of $14 million, or $0.02 per diluted share, for the costs associated with ComEd’s initial Rate Relief and Assistance Initiative.

Adjusted (non-GAAP) operating earnings for the second quarter of 2006 do not include the following items that are included in reported GAAP earnings (all after tax):

	•		Income of $89 million, or $0.13 per diluted share, resulting from decreases in decommissioning obligations primarily related to the AmerGen nuclear plants.
	•		A net charge of $55 million, or $0.08 per diluted share, for an impairment related to the write-off of the intangible asset associated with investments in synthetic fuel-producing facilities, net of earnings from the investments, including the impact of mark-to-market gains associated with the related derivatives.
	•		Mark-to-market gains of $38 million, or $0.06 per diluted share, primarily from Generation’s economic hedging activities.
	•		A net charge of $5 million, or $0.01 per diluted share, related to certain integration costs associated with the now terminated merger with Public Service Enterprise Group Incorporated (PSEG) and Generation’s prior investment in Sithe Energies, Inc. (Sithe), which is reflected as discontinued operations.

ComEd and Generation Announce Comprehensive Settlement of Electric Rates and Policy in Illinois

In a news release yesterday, ComEd announced that it agreed to participate in a statewide, comprehensive settlement regarding electric rates and related policy matters. Other participants in the settlement include Generation, Ameren, Dynegy, Midwest Generation and MidAmerican. Reached after months of negotiations with Illinois Senate President Emil Jones, House Speaker Mike Madigan and the Attorney General Lisa Madigan, the settlement preserves the competitive electric market in Illinois while providing a multi-year, $1 billion rate relief package for Illinois residential electric consumers, a range of related electric industry policy changes including a new state power agency and an alternative method of purchasing power for consumers. It also eliminates the need for any further consideration of rate freeze or generation tax legislation. In order to avoid a generation tax, which would have been harmful to the state and to the company, and to preserve the competitive market, Generation will provide a significant portion of the $1 billion funding to offer relief to Illinois customers. It is a one-time contribution to help customers transition to market rates. The settlement will be effective only after enactment of proposed legislation that includes certain electric industry policy provisions.

For additional details of the settlement, please refer to the Form 8-K filed by Exelon Corporation, Commonwealth Edison Company, and Exelon Generation Company, LLC with the United States Securities and Exchange Commission on July 24, 2007.

2007 Earnings Outlook

Exelon affirmed its adjusted (non-GAAP) operating earnings guidance range for 2007 of $4.00 to $4.30 per share. The following table indicates guidance ranges by operating company contribution to 2007 adjusted (non-GAAP) operating earnings per Exelon share, excluding Exelon holding company.

	Generation:			$3.40 to $3.60
	ComEd:			$0.10 to $0.20
	PECO:			$0.60 to $0.65

The outlook for 2007 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

	•		costs associated with the Illinois electric rate settlement, including ComEd’s previously announced customer Rate Relief and Assistance Initiative
	•		mark-to-market adjustments from economic hedging activities
	•		investments in synthetic fuel-producing facilities
	•		significant impairments of intangible assets, including goodwill
	•		significant changes in decommissioning obligation estimates
	•		other unusual items
	•		any future changes to GAAP

Giving consideration to these factors, Exelon estimates GAAP earnings in 2007 will fall in the range of $3.70 to $4.00 per share. This range is lower than the previous estimate of $4.10 to $4.40 per share primarily reflecting the costs of the recently announced Illinois electric rate settlement. Both Exelon’s operating earnings and GAAP earnings guidance are based on the assumption of normal weather.

Second Quarter and Recent Highlights

	•		Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station operated by PSEG Nuclear LLC, produced 34,350 GWhs in the second quarter of 2007, compared with 35,442 GWhs in the second quarter of 2006. The Exelon-operated nuclear plants achieved a 93.6 percent capacity factor for the second quarter of 2007 compared with 95.5 percent for the second quarter of 2006. The Exelon-operated nuclear plants completed three scheduled refueling outages in the second quarter of 2007 (55 days), compared with completing two refueling outages in the second quarter of 2006 (35 days). The co-owned Salem Generating Station completed a scheduled refueling outage in the second quarter of 2007, and the station did not have a scheduled refueling outage in the second quarter of 2006. Partially offsetting the decreased generation due to the additional refueling outage days was an improvement in the number of non-refueling outage days, 18 in the second quarter of 2007 versus 24 days in 2006.
	•		Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 93.3 percent in the second quarter of 2007, compared with 93.7 percent in the second quarter of 2006. The equivalent availability factor for the hydro facilities was 91.0 percent in the second quarter

			of 2007, compared with 95.2 percent in the second quarter of 2006, primarily due to a planned maintenance outage at the Muddy Run Pumped Storage Facility in 2007.
	•		Reliability Pricing Model (RPM) Auction: In December 2006, the Federal Energy Regulatory Commission (FERC) approved a new RPM capacity market for PJM. RPM is designed to procure capacity on a three-year forward basis and compensate those capacity resources based on the locational need for that capacity. Earlier this month, PJM conducted the second of three auctions that will be held in 2007 under this new market design. The first auction was held in April to procure capacity for the period June 2007 through May 2008, and the third will be conducted in October to procure capacity for the period June 2009 through May 2010. Exelon’s generation located within the PJM footprint was bid into the auctions. The payments based on the locational clearing prices that will be received as a result of the auctions may be offset by forward sales and bilateral contracts made against Generation’s generating portfolio prior to the auctions. The results of the most recent RPM auction, for capacity during the June 1, 2008 to May 31, 2009 time period, and of the April 2007 auction are as follows:

	($per MW-day)			June 2007 - May 2008					June 2008 - May 2009
	Eastern Mid-Atlantic Area Council (MAAC)			$	197.67				$	148.80
	Southwest MAAC			$	188.54				$	210.11
	Rest of Market			$	40.80				$	111.92

			The last of these transitional auctions will occur in January 2008 for the period June 2010 to May 2011. Subsequent auctions will take place 36 months ahead of the scheduled delivery year.
	•		Marginal-Loss Pricing: On June 1, 2007, PJM implemented marginal-loss dispatch and settlement for its competitive wholesale electric market. In so doing, PJM has revised its methodology in considering transmission losses from using average losses to the use of marginal losses in the determination of generation dispatch and calculation of locational marginal pricing. Marginal-loss dispatch recognizes the varying delivery costs of transmitting electricity from individual generator locations to the places where customers consume the energy. Prior to the implementation of marginal-loss dispatch, PJM had used average losses in dispatch and in the calculation of locational marginal prices. Locational marginal prices in PJM now include the real-time impact of transmission losses from individual sources to loads. PJM believes that the marginal-loss approach is more efficient because the cost of energy that is lost in transmission lines is reduced compared with the former average loss method. Exelon and Generation continue to evaluate the impact that marginal-loss pricing in PJM will have on the results of operations. On the whole, Exelon and Generation expect to see an increase in the cost of delivering energy from the generating plant locations to customer load zones due to the implementation of marginal-loss pricing.
	•		ComEd Transmission Rate Case: On March 1, 2007, ComEd filed a request with FERC, seeking approval to increase its annual revenue requirement for transmission services by $147 million. On June 5, 2007, FERC issued an order that conditionally approved ComEd’s proposal to implement a formula-based transmission rate, effective May 1, 2007 subject to refund, and provides that further hearing and settlement procedures be conducted to determine the reasonableness of certain elements of ComEd’s formula rate. The issues set for hearing include the 11.70% base return on equity proposed by ComEd and various elements of rate base. The order denied ComEd’s request for incentive rate treatment on investments in two new

			transmission projects and the inclusion of construction work in progress in rate base. The new rate would increase the annual revenue requirement by $116 million and raise an average residential customer bill by approximately 1 percent, depending on the outcome of the hearing and settlement procedures. It is uncertain when the hearing and settlement proceedings will be completed. The formula-based rate would be updated annually to assure that customers pay the actual costs of transmission services. The FERC order approved a 0.5% adder to the base return on equity for participating in a regional transmission organization. ComEd’s transmission rate was last updated based on costs from 2003. Between 2003 and the end of 2007, ComEd will have invested more than $800 million in transmission-related plant to meet increasing demand and improve reliability.
	•		Pennsylvania Provider of Last Resort (POLR) Regulations: On May 10, 2007, the Pennsylvania Public Utility Commission (PAPUC) issued final regulations that provide guidance to electric distribution companies, such as PECO, on acceptable methods of procuring electricity supplies for default service customers when their generation rate caps expire. Specifically, the PAPUC’s approval of final default service regulations will provide the framework for utilities like PECO who must purchase energy for customers who do not choose to receive electric supply from an independent energy marketer. PECO’s electric restructuring transition period terminates at the end of 2010. The regulations will help PECO’s customers manage the transition to market-based pricing in 2011 following the expiration of more than 10 years of capped rates. The PAPUC’s actions provide:

	•		The option for residential and commercial customers to defer some portion of a rate increase if it exceeds 25%.
	•		The ability for utilities to purchase energy on behalf of customers in ways that are best for each individual service territory — for example, securing energy through staggered purchases and competitive auctions.
	•		Recovery of procurement supply costs.
	•		Funding for a statewide consumer-education campaign.

			PECO’s current electricity supply rates will remain the same until January 1, 2011. PECO expects to file its electricity procurement plan for default service customers with the PAPUC by year-end 2008.
	•		Pennsylvania Energy Independence Plan and Legislative/Regulatory Update: During its recent session, the Pennsylvania General Assembly introduced bills that would enable Governor Edward Rendell to enact elements of the Energy Independence Plan that he announced in February 2007. Two of these bills were passed by the Pennsylvania House of Representatives and the State Senate and were signed into law by the Governor on July 17. House Bill 1203 amends the Alternative Energy Portfolio Standards Act of 2004 (AEPS Act), including requirements related to the purchase of solar energy by electric distribution and supply companies. House Bill 1530 relates to provisions for electric distribution and supply companies to negotiate long-term contracts for certain large retail customers. The legislative session recently ended. Other energy-related issues are expected to be addressed in a special legislative session planned for September 17, 2007. In preparation for this session, legislative hearings could be scheduled during the summer. PECO will continue to work with all stakeholders to develop sound energy policy in Pennsylvania that is in the best interests of its customers, shareholders and the company.

			PECO’s March 2007 filing, which took the first step in fulfilling the requirements of the AEPS Act, is awaiting action by the PAPUC. If approved, PECO would be the first utility in the state to take action on the AEPS Act, continuing to demonstrate the company’s environmental leadership. It is estimated that the total impact of this requirement on a customer’s monthly energy bill beginning in 2011 would be less than 1 percent.
	•		Credit Rating Actions: On June 1, 2007, Standard & Poor’s Ratings Services lowered ComEd’s ratings due to continued regulatory and political uncertainty in Illinois. The credit ratings for Exelon, Generation and PECO are unchanged and all, including ComEd, remain on CreditWatch with negative implications.
			On June 12, 2007, Fitch Ratings (Fitch) changed PECO’s commercial paper rating to “F2” from “F1” due to a policy revision. According to Fitch, the ratings “... do not reflect any deterioration of PECO’s liquidity profile”, rather, they reflect a change to Fitch’s short-term and long-term rating linkage practices. The credit ratings and outlook for Exelon, Generation and ComEd remain unchanged.

OPERATING COMPANY RESULTS

Exelon Generation consists of Exelon’s electric generation operations, power marketing and trading functions, and competitive retail sales.

Second quarter 2007 net income was $578 million compared with $500 million in the second quarter of 2006. Second quarter 2007 net income included (all after tax) mark-to-market losses of $13 million and a gain of $2 million related to the sale of Generation’s 49.5 percent ownership interests in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP), two generating facilities in Mexico. Second quarter 2006 net income included (all after tax) income of $89 million resulting from decreases in decommissioning obligations primarily related to the AmerGen nuclear plants, mark-to-market gains of $36 million, expenses of $2 million related to certain integration costs associated with the now terminated merger with PSEG and income of $2 million related to Generation’s prior investment in Sithe, which is reflected as discontinued operations. Excluding the impact of these items, Generation’s net income of $589 million in the second quarter of 2007 increased $214 million compared with the same quarter last year, primarily due to higher revenue, net of purchased power and fuel expense, more than offsetting increased nuclear refueling outage expense and inflationary cost pressures.

Generation’s revenue, net of purchased power and fuel expense, increased by $376 million in the second quarter of 2007 compared with the second quarter of 2006 excluding the mark-to-market impact in both years. The increase in revenue, net of purchased power and fuel expense, was driven by higher average margins primarily due to the end of the below-market price PPA with ComEd at year-end 2006 and the contractual increase in the prices associated with Generation’s PPA with PECO, partially offset by lower nuclear output reflecting more refueling outage days. Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $35.97 per MWh in the second quarter of 2007 compared with $26.43 per MWh in the second quarter of 2006.

ComEd consists of the retail and wholesale electricity transmission and distribution operations in northern Illinois.

ComEd recorded net income in the second quarter of 2007 of $29 million, a substantial reduction from net income of $127 million in the second quarter of 2006. Second quarter 2007 net income included an after-tax charge of $14 million for costs associated with ComEd’s Rate Relief and Assistance Initiative. Second quarter 2006 net income included (all after tax) mark-to-market gains of $2 million from economic hedging activities at ComEd and expenses of $1 million related to certain integration costs associated with the now terminated merger with PSEG. Excluding the impact of these items, ComEd’s net income in the second quarter of 2007 decreased $83 million compared with the same quarter last year, primarily due to the end of its regulatory transition period and associated transition revenues, the end of its below-market price PPA with Generation in 2006 and higher operating and maintenance expense partially due to increased communications and other costs related to the end of ComEd’s rate freeze. These items were partially offset by the effects of favorable weather, the FERC-approved transmission rate increase which is subject to refund, and an ICC-authorized increase in delivery service rates.

In the ComEd service territory in the second quarter of 2007, cooling degree-days were up 43 percent relative to the same period in 2006 and were 40 percent above normal. ComEd’s total retail kWh deliveries increased 4 percent in 2007 as compared with 2006, with a 4 percent increase in deliveries to the residential customer class, largely due to favorable weather. ComEd’s second quarter 2007 revenues were $1,420 million, down 2 percent from $1,453 million in 2006 primarily due to customers switching to alternative electric generation suppliers and the impact of ComEd’s Rate Relief and Assistance Initiative. For ComEd, weather had a favorable after-tax impact of $14 million on second quarter 2007 earnings relative to 2006 and had a favorable after-tax impact of $10 million relative to normal weather, which was incorporated in earnings guidance.

The number of customers being served in the ComEd region has increased 1.5 percent since the second quarter of 2006, and weather-normalized kWh retail deliveries increased 1.0 percent compared with the second quarter of 2006.

PECO consists of the retail electricity transmission and distribution operations and the retail natural gas distribution business in southeastern Pennsylvania.

PECO’s net income in the second quarter of 2007 was $96 million, an increase from net income of $93 million in the second quarter of 2006. Second quarter 2006 net income included after-tax expenses of $3 million related to certain integration costs associated with the now terminated merger with PSEG. Excluding the impact of these items, PECO’s net income in the second quarter of 2007 was unchanged compared with the same quarter last year.

In the PECO service territory in the second quarter of 2007, cooling degree-days were up 22 percent from 2006 and were 26 percent above normal. PECO’s total electric retail kWh deliveries increased 6 percent, with residential deliveries up 9 percent. Total gas retail deliveries were up 15 percent from the 2006 period. PECO’s second quarter 2007 revenues were $1,269 million, up from $1,148 million in 2006, primarily due to the effects of favorable weather and an authorized electric generation rate increase under the 1998 restructuring settlement, partially offset by a decrease in average gas rates effective through PAPUC-approved changes to the purchased gas adjustment clause. For PECO, weather had a favorable after-tax impact of $14 million on second quarter 2007 earnings relative to 2006 and a favorable after-tax impact of $9 million relative to normal weather, which was incorporated in earnings guidance. Higher CTC amortization expense, which was in accordance with PECO’s 1998

restructuring settlement with the PAPUC, partially offset higher operating revenues for the second quarter.

The number of electric customers being served in the PECO region has increased 0.1 percent since the second quarter of 2006, with weather-normalized kWh growth of 2.8 percent compared with the second quarter of 2006.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations and mark-to-market adjustments from economic hedging activities, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliations of GAAP to adjusted (non-GAAP) operating earnings for historical periods are attached. Additional earnings release attachments, which include the reconciliations on pages 7 and 8, are posted on Exelon’s Web site: www.exeloncorp.com and have been filed with the Securities and Exchange Commission on Form 8-K on July 25, 2007.

Conference call information: Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on July 25, 2007. The call-in number in the U.S. is 800-690-3108, and the international call-in number is 973-935-8753. No password is required. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site: www.exeloncorp.com. (Please select the Investor Relations page.)

Telephone replays will be available until August 8. The U.S. call-in number for replays is 877-519-4471, and the international call-in number is 973-341-3080. The confirmation code is 8962952.

This news release includes 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 these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s Second Quarter 2007 Quarterly Report on Form 10-Q (to be filed on July 25, 2007) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. None of the Companies undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this news release.

###

Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million customers and more than $15 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in Illinois and Pennsylvania and natural gas to more than 480,000 customers in southeastern Pennsylvania. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

EXELON CORPORATION
Earnings Release Attachments
Table of Contents

Consolidating Statements of Operations — Three Months Ended June 30, 2007 and 2006			1
Consolidating Statements of Operations — Six Months Ended June 30, 2007 and 2006			2
Business Segment Comparative Statements of Operations — Generation and ComEd — Three and Six Months Ended June 30, 2007 and 2006			3
Business Segment Comparative Statements of Operations — PECO and Other — Three and Six Months Ended June 30, 2007 and 2006			4
Consolidated Balance Sheets — June 30, 2007 and December 31, 2006			5
Consolidated Statements of Cash Flows — Six Months Ended June 30, 2007 and 2006			6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Exelon — Three Months Ended June 30, 2007 and 2006			7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Exelon — Six Months Ended June 30, 2007 and 2006			8
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share — Three Months Ended June 30, 2007 and 2006			9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment — Three Months Ended June 30, 2007 and 2006			10
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share — Six Months Ended June 30, 2007 and 2006			11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment — Six Months Ended June 30, 2007 and 2006			12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Generation — Three and Six Months Ended June 30, 2007 and 2006			13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — ComEd — Three and Six Months Ended June 30, 2007 and 2006			14
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — PECO — Three and Six Months Ended June 30, 2007 and 2006			15
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Other — Three and Six Months Ended June 30, 2007 and 2006			16
Exelon Generation Statistics — Three Months Ended June 30, 2007, March 31, 2007, December 31, 2006, September 30, 2006 and June 30, 2006			17
Exelon Generation Statistics — Six Months Ended June 30, 2007 and June 30, 2006			18
ComEd Sales Statistics — Three Months Ended June 30, 2007 and 2006			19
ComEd Sales Statistics — Six Months Ended June 30, 2007 and 2006			20
PECO Sales Statistics — Three Months Ended June 30, 2007 and 2006			21
PECO Sales Statistics — Six Months Ended June 30, 2007 and 2006			22

EXELON CORPORATION
Consolidating Statements of Operations
(unaudited)
(in millions)

		Three Months Ended June 30, 2007
																		Exelon
		Generation				ComEd				PECO				Other				Consolidated
Operating revenues		$	2,641			$	1,420			$	1,269			$	(829	)		$	4,501
Operating expenses
Purchased power			538				838				569				(827	)			1,118
Fuel			436				—				86				—				522
Operating and maintenance			618				266				146				32				1,062
Depreciation and amortization			65				109				185				10				369
Taxes other than income			47				76				71				5				199
Total operating expenses			1,704				1,289				1,057				(780	)			3,270
Operating income (loss)			937				131				212				(49	)			1,231
Other income and deductions
Interest expense, net			(31	)			(87	)			(64	)			(32	)			(214	)
Equity in losses of unconsolidated affiliates			(1	)			(2	)			(2	)			(38	)			(43	)
Other, net			22				5				5				11				43
Total other income and deductions			(10	)			(84	)			(61	)			(59	)			(214	)
Income (loss) from continuing operations before income taxes			927				47				151				(108	)			1,017
Income taxes			349				18				55				(108	)			314
Income from continuing operations			578				29				96				—				703
Loss from discontinued operations			—				—				—				(1	)			(1	)
Net income (loss)		$	578			$	29			$	96			$	(1	)		$	702

		Three Months Ended June 30, 2006
																		Exelon
		Generation				ComEd				PECO				Other				Consolidated
Operating revenues		$	2,214			$	1,453			$	1,148			$	(1,118	)		$	3,697
Operating expenses
Purchased power			418				766				501				(1,114	)			571
Fuel			425				—				76				1				502
Operating and maintenance			440				218				141				82				881
Depreciation and amortization			72				106				172				21				371
Taxes other than income			41				71				53				5				170
Total operating expenses			1,396				1,161				943				(1,005	)			2,495
Operating income (loss)			818				292				205				(113	)			1,202
Other income and deductions
Interest expense, net			(40	)			(77	)			(67	)			(38	)			(222	)
Equity in losses of unconsolidated affiliates			(1	)			(3	)			(2	)			(16	)			(22	)
Other, net			14				1				2				29				46
Total other income and deductions			(27	)			(79	)			(67	)			(25	)			(198	)
Income (loss) from continuing operations before income taxes			791				213				138				(138	)			1,004
Income taxes			294				86				45				(62	)			363
Income (loss) from continuing operations			497				127				93				(76	)			641
Income from discontinued operations			3				—				—				—				3
Net income (loss)		$	500			$	127			$	93			$	(76	)		$	644

EXELON CORPORATION
Consolidating Statements of Operations
(unaudited)
(in millions)

		Six Months Ended June 30, 2007
																		Exelon
		Generation				ComEd				PECO				Other				Consolidated
Operating revenues		$	5,344			$	2,911			$	2,769			$	(1,694	)		$	9,330
Operating expenses
Purchased power			1,131				1,806				1,113				(1,687	)			2,363
Fuel			907				—				385				—				1,292
Operating and maintenance			1,257				510				294				59				2,120
Depreciation and amortization			133				217				370				18				738
Taxes other than income			88				157				142				8				395
Total operating expenses			3,516				2,690				2,304				(1,602	)			6,908
Operating income (loss)			1,828				221				465				(92	)			2,422
Other income and deductions
Interest expense, net			(66	)			(170	)			(126	)			(65	)			(427	)
Equity in earnings (losses) of unconsolidated affiliates and investments			1				(4	)			(4	)			(62	)			(69	)
Other, net			54				7				10				35				106
Total other income and deductions			(11	)			(167	)			(120	)			(92	)			(390	)
Income (loss) from continuing operations before income taxes			1,817				54				345				(184	)			2,032
Income taxes			684				21				121				(178	)			648
Income (loss) from continuing operations			1,133				33				224				(6	)			1,384
Income from discontinued operations			5				—				—				4				9
Net income (loss)		$	1,138			$	33			$	224			$	(2	)		$	1,393

		Six Months Ended June 30, 2006
																		Exelon
		Generation				ComEd				PECO				Other				Consolidated
Operating revenues		$	4,434			$	2,880			$	2,554			$	(2,309	)		$	7,559
Operating expenses
Purchased power			781				1,628				987				(2,300	)			1,096
Fuel			1,036				—				402				—				1,438
Operating and maintenance			1,108				434				289				75				1,906
Depreciation and amortization			139				205				343				48				735
Taxes other than income			84				152				117				11				364
Total operating expenses			3,148				2,419				2,138				(2,166	)			5,539
Operating income (loss)			1,286				461				416				(143	)			2,020
Other income and deductions
Interest expense, net			(82	)			(153	)			(136	)			(74	)			(445	)
Equity in losses of unconsolidated affiliates and investments			(5	)			(5	)			(6	)			(45	)			(61	)
Other, net			20				1				5				65				91
Total other income and deductions			(67	)			(157	)			(137	)			(54	)			(415	)
Income (loss) from continuing operations before income taxes			1,219				304				279				(197	)			1,605
Income taxes			454				123				93				(106	)			564
Income (loss) from continuing operations			765				181				186				(91	)			1,041
Income from discontinued operations			3				—				—				—				3
Net income (loss)		$	768			$	181			$	186			$	(91	)		$	1,044

EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)

		Generation
		Three Months Ended June 30,												Six Months Ended June 30,
		2007				2006				Variance				2007				2006				Variance
Operating revenues		$	2,641			$	2,214			$	427			$	5,344			$	4,434			$	910
Operating expenses
Purchased power			538				418				120				1,131				781				350
Fuel			436				425				11				907				1,036				(129	)
Operating and maintenance			618				440				178				1,257				1,108				149
Depreciation and amortization			65				72				(7	)			133				139				(6	)
Taxes other than income			47				41				6				88				84				4
Total operating expenses			1,704				1,396				308				3,516				3,148				368
Operating income			937				818				119				1,828				1,286				542
Other income and deductions
Interest expense, net			(31	)			(40	)			9				(66	)			(82	)			16
Equity in earnings (losses) of investments			(1	)			(1	)			—				1				(5	)			6
Other, net			22				14				8				54				20				34
Total other income and deductions			(10	)			(27	)			17				(11	)			(67	)			56
Income from continuing operations before income taxes			927				791				136				1,817				1,219				598
Income taxes			349				294				55				684				454				230
Income from continuing operations			578				497				81				1,133				765				368
Income from discontinued operations			—				3				(3	)			5				3				2
Net income		$	578			$	500			$	78			$	1,138			$	768			$	370

		ComEd
		Three Months Ended June 30,												Six Months Ended June 30,
		2007				2006				Variance				2007				2006				Variance
Operating revenues		$	1,420			$	1,453			$	(33	)		$	2,911			$	2,880			$	31
Operating expenses
Purchased power			838				766				72				1,806				1,628				178
Operating and maintenance			266				218				48				510				434				76
Depreciation and amortization			109				106				3				217				205				12
Taxes other than income			76				71				5				157				152				5
Total operating expenses			1,289				1,161				128				2,690				2,419				271
Operating income			131				292				(161	)			221				461				(240	)
Other income and deductions
Interest expense, net			(87	)			(77	)			(10	)			(170	)			(153	)			(17	)
Equity in losses of unconsolidated affiliates			(2	)			(3	)			1				(4	)			(5	)			1
Other, net			5				1				4				7				1				6
Total other income and deductions			(84	)			(79	)			(5	)			(167	)			(157	)			(10	)
Income from continuing operations before income taxes			47				213				(166	)			54				304				(250	)
Income taxes			18				86				(68	)			21				123				(102	)
Net income		$	29			$	127			$	(98	)		$	33			$	181			$	(148	)

EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)

		PECO
		Three Months Ended June 30,												Six Months Ended June 30,
		2007				2006				Variance				2007				2006				Variance
Operating revenues		$	1,269			$	1,148			$	121			$	2,769			$	2,554			$	215
Operating expenses
Purchased power			569				501				68				1,113				987				126
Fuel			86				76				10				385				402				(17	)
Operating and maintenance			146				141				5				294				289				5
Depreciation and amortization			185				172				13				370				343				27
Taxes other than income			71				53				18				142				117				25
Total operating expenses			1,057				943				114				2,304				2,138				166
Operating income			212				205				7				465				416				49
Other income and deductions
Interest expense, net			(64	)			(67	)			3				(126	)			(136	)			10
Equity in losses of unconsolidated affiliates			(2	)			(2	)			—				(4	)			(6	)			2
Other, net			5				2				3				10				5				5
Total other income and deductions			(61	)			(67	)			6				(120	)			(137	)			17
Income from continuing operations before income taxes			151				138				13				345				279				66
Income taxes			55				45				10				121				93				28
Net income		$	96			$	93			$	3			$	224			$	186			$	38

		Other (a)
		Three Months Ended June 30,												Six Months Ended June 30,
		2007				2006				Variance				2007				2006				Variance
Operating revenues		$	(829	)		$	(1,118	)		$	289			$	(1,694	)		$	(2,309	)		$	615
Operating expenses
Purchased power			(827	)			(1,114	)			287				(1,687	)			(2,300	)			613
Fuel			—				1				(1	)			—				—				—
Operating and maintenance			32				82				(50	)			59				75				(16	)
Depreciation and amortization			10				21				(11	)			18				48				(30	)
Taxes other than income			5				5				—				8				11				(3	)
Total operating expenses			(780	)			(1,005	)			225				(1,602	)			(2,166	)			564
Operating loss			(49	)			(113	)			64				(92	)			(143	)			51
Other income and deductions
Interest expense, net			(32	)			(38	)			6				(65	)			(74	)			9
Equity in losses of unconsolidated affiliates and investments			(38	)			(16	)			(22	)			(62	)			(45	)			(17	)
Other, net			11				29				(18	)			35				65				(30	)
Total other income and deductions			(59	)			(25	)			(34	)			(92	)			(54	)			(38	)
Loss from continuing operations before income taxes			(108	)			(138	)			30				(184	)			(197	)			13
Income taxes			(108	)			(62	)			(46	)			(178	)			(106	)			(72	)
Loss from continuing operations			—				(76	)			76				(6	)			(91	)			85
Income (loss) from discontinued operations			(1	)			—				(1	)			4				—				4
Net loss		$	(1	)		$	(76	)		$	75			$	(2	)		$	(91	)		$	89

EXELON CORPORATION
Consolidated Balance Sheets
(unaudited)
(in millions)

		June 30,				December 31,
		2007				2006
Current assets
Cash and cash equivalents		$	135			$	224
Restricted cash and investments			98				58
Accounts receivable, net
Customer			2,046				1,747
Other			423				462
Mark-to-market derivative assets			765				1,418
Inventories, at average cost
Fossil fuel			238				300
Materials and supplies			431				431
Other			823				352
Total current assets			4,959				4,992
Property, plant and equipment, net			23,431				22,775
Deferred debits and other assets
Regulatory assets			5,438				5,808
Nuclear decommissioning trust funds			6,777				6,415
Investments			737				810
Goodwill			2,641				2,694
Mark-to-market derivative assets			210				171
Other			1,112				654
Total deferred debits and other assets			16,915				16,552
Total assets		$	45,305			$	44,319
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings		$	653			$	305
Long-term debt due within one year			935				248
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust due within one year			510				581
Accounts payable			1,289				1,382
Mark-to-market derivative liabilities			649				1,015
Accrued expenses			814				1,180
Other			511				1,084
Total current liabilities			5,361				5,795
Long-term debt			8,477				8,896
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust			1,984				2,470
Long-term debt to other financing trusts			545				545
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			5,193				5,340
Asset retirement obligations			3,890				3,780
Pension obligations			725				747
Non-pension postretirement benefits obligations			1,808				1,817
Spent nuclear fuel obligation			974				950
Regulatory liabilities			3,240				3,025
Mark-to-market derivative liabilities			301				78
Other			1,549				782
Total deferred credits and other liabilities			17,680				16,519
Total liabilities			34,047				34,225
Preferred securities of subsidiaries			87				87
Shareholders’ equity
Common stock			8,552				8,314
Treasury stock, at cost			(667	)			(630	)
Retained earnings			4,506				3,426
Accumulated other comprehensive loss			(1,220	)			(1,103	)
Total shareholders’ equity			11,171				10,007
Total liabilities and shareholders’ equity		$	45,305			$	44,319