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

June 8, 2009

Date of Report (Date of earliest event reported)

 

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

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:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Section 7 – Regulation FD

Item 7.01.  Regulation FD Disclosure.

On June 8, 2009, Exelon Corporation (Exelon) published its 2008 Fact Book on the Investor Relations homepage on Exelon’s website at www.exeloncorp.com. The 2008 Exelon Fact Book is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.		Description
99.1		2008 Exelon Fact Book

* * * * *

This combined Form 8-K is being furnished separately by Exelon, Exelon Generation Company, LLC, Commonwealth Edison Company and PECO Energy Company (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 2008 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 First Quarter 2009 Quarterly Report on Form 10-Q 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 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.

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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.

 

June 8, 2009

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		2008 Exelon Fact Book

Table of Contents

Exhibit 99.1

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Table of Contents

 

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Table of Contents

Exelon at a Glance

Company Profile

 

Exelon Corporation, headquartered in Chicago, Illinois, is one of the largest electric utilities in the U.S. with approximately 5.4 million customers and $19 billion in annual revenues. The company has one of the largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic.

Our Vision

 

Exelon will be the best group of electric generation and electric and gas delivery companies in the United States – providing superior value for our customers, employees, investors and the communities we serve.

Our Goals

 

> Keep the lights on and the gas flowing

> Run the nuclear fleet at world-class levels

> Capitalize on environmental leadership and clean nuclear energy

> Create a challenging and rewarding workplace

> Enhance the value of our generation

> Build value through disciplined financial management

Our Values

 

Safety – for our employees, our customers and our communities

Integrity – the highest ethical standards in what we say and what we do

Diversity – in ethnicity, gender, experience and thought

Respect – trust and teamwork through open and honest communication

Accountability – for our commitments, actions and results

Continuous improvement – stretch goals and measured results

 

Exelon Quick Facts at year-end 2008				Market Highlights
$18.9 billion in revenues   $47.8 billion in assets   5.4 million electric customers   0.5 million gas customers   109,881 circuit miles of electric distribution lines		6,823 circuit miles of electric transmission lines   12,310 miles of gas pipelines   31,292 MWs total U.S. generating resources   19,610 employees		658 million common shares outstanding   $2.10 current annual dividend rate per share(a)   48% 2008 dividend payout ratio(b)   3.8% dividend yield(c)

 

(a)	Dividend rate increased in December 2008. Dividends are subject to declaration by the board of directors each quarter.

(b)	Based on $2.03 dividend per share paid in 2008.

(c)	Based on common stock price of $55.61 on December 31, 2008.

 

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Table of Contents

Company Overview

 

Nuclear Generation Fossil Generation Renewable/Hydro Generation Power Marketing   2008 (in millions) Revenues: $10,754 Assets: $20,355		Illinois Utility   2008 (in millions) Revenues: $6,136 Assets: $19,237		Pennsylvania Utility   2008 (in millions) Revenues: $5,567 Assets: $9,169

Operating Companies

 

 

Exelon Generation		Commonwealth Edison Company		PECO Energy Company
Exelon Generation (Generation) engages in competitive electric generation operations, including owned and contracted-for generating facilities, power marketing activities through Power Team, and competitive retail energy sales.		Commonwealth Edison (ComEd) is a regulated electricity transmission and distribution company with a service area in northern Illinois, including the City of Chicago, of approximately 11,300 square miles and an estimated population of 8 million. ComEd has approximately 3.8 million customers.		PECO Energy (PECO) is a regulated electricity transmission and distribution company and natural gas distribution company with a service area in south- eastern Pennsylvania, including the City of Philadelphia, of approximately 2,100 square miles and an estimated population of 3.9 million. PECO has approximately 1.6 million electric customers and 485,000 natural gas customers.

Our Strategic Direction

 

 

Protect today’s value		+		Grow long-term value
>  Deliver superior operating performance   >  Advance competitive markets   >  Exercise financial discipline and maintain financial flexibility   >  Build healthy, self-sustaining delivery companies				>  Drive the organization to the next level of performance   >  Adapt and advance Exelon 2020   >  Rigorously evaluate and pursue growth opportunities and advancements in clean technology   >  Build the premier, enduring competitive generation company

 

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Table of Contents

State Regulation

Illinois Commerce Commission (ICC)

(www.icc.illinois.gov)

The ICC has five full-time members, each appointed by the Governor (Pat Quinn, Democrat; term began in January 2009 and ends in January 2011) and confirmed by the Illinois State Senate. The Commissioners serve for five-year, staggered terms. Under Illinois law, no more than three Commissioners may belong to the same political party. The Chairman is designated by the Governor.

 

Commissioner		Party Affiliation		Service Began		Term Ends		Professional Experience
Charles E. Box (Chairman)		Democrat		1/06		1/09(a)		Attorney; mayor of Rockford, IL; city administrator and legal director
Lula M. Ford		Democrat		1/03		1/13		Assistant superintendent, Chicago Public Schools; teacher; assistant director, Central Management Service
Erin O’Connell-Diaz		Republican		4/03		1/13		Attorney; ICC Administrative Law Judge; assistant attorney general
Sherman J. Elliott		Republican		1/08		1/12		Manager of State Regulatory Affairs for MISO; policy advisor to ICC Commissioners; ICC senior economist

Vacant

(a) No action has been taken on the appointment.

Previous ComEd Electric Distribution Rate Cases

 

($ in millions)		Date		Revenue Increase		Test Year		Rate Base		Overall Rate of Return		Return on Equity		Equity Ratio
ComEd Request		10/17/07		$345(a)		2006		$6,951(a)		8.57%(a)		10.75%		45.04%(a)
ICC Order(b)		9/10/08		$274		2006		$6,694		8.36%		10.30%		45.04%
ComEd Request		8/31/05		$317		2004		$6,187		8.94%		11.00%		54.20%
ICC Order(b),(c)		12/20/06		$83		2004		$5,521		8.01%		10.045%		42.86%

(a) Reflects ComEd surrebuttal testimony filed on April 21, 2008. Original rate request included a $361 million revenue increase.

(b) ComEd and other parties appealed the rate order; the timing of a court ruling is uncertain.

(c) The ICC issued an order on rehearing that increased the amount previously approved on July 26, 2006 by approximately $74 million.

 

 

ComEd – Average Total Residential Rates

($/MWh)

Year		Transmission		Distribution		Energy		Other(a)		Total
2006		$      -		$        -		$        -		$      -		$86.59(b)
2007		3.47		30.40		71.76		1.98		107.61
2008		6.90		33.77		72.55		2.46		115.68

(a) Primarily includes taxes and environmental cost recovery and energy efficiency riders.

(b) Rates for services were bundled prior to 2007.

 

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State Regulation

Pennsylvania Public Utility Commission (PUC)

(www.puc.state.pa.us)

The PUC has five full-time members, each appointed by the Governor (Ed Rendell, Democrat; term began in January 2003 and ends in January 2011) and confirmed by the Pennsylvania State Senate. The Commissioners serve for five-year, staggered terms. Under Pennsylvania law, no more than three Commissioners may belong to the same political party as the Governor. The Chairman is designated by the Governor, and the Vice Chairman is selected by the PUC commissioners.

 

Commissioner		Party Affiliation		Service Began		Term Ends		Professional Experience
James H. Cawley (Chairman)		Democrat		6/05		4/10		Attorney; majority counsel to the Pennsylvania Senate Consumer Affairs Committee
Tyrone Christy (Vice Chairman)		Democrat		7/07		4/11		Executive at Americas Power Partners/ Armstrong Services; board member of Pennsylvania Energy Development Authority; vice chairman of PUC’s Independent Power Committee
Kim Pizzingrilli		Republican		2/02		4/12		Secretary of the Commonwealth; positions at the Department of State and Treasury Department
Wayne E. Gardner		Democrat		6/08		4/13		Consultant in power generation technologies; executive at Franklin Fuel Cells, Inc.; executive at PECO Energy
Robert F. Powelson		Republican		6/08		4/14		President/CEO of Chester County Chamber of Business and Industry; staff assistant to former U.S. Representative Curt Weldon (PA)

PECO Previous Gas Rate Case

 

($ in millions)		Date		Revenue Increase		Test Year		Rate Base		Overall Rate of Return		Return on Equity		Equity Ratio
PECO Request(a)		3/31/08		$98		2008		$1,104		8.87%		11.50%		54.34%
PUC Order(b)		10/23/08		$77		2008

(a) Per original filing.

(b) PUC approved a joint settlement; no allowed return was specified. Increase was effective January 1, 2009.

PECO Energy – Electric Transition Plan

The PUC authorized recovery in PECO’s 1998 settlement of $5.3 billion of stranded costs, or competitive transition charges (CTC) regulatory asset, with a return on the unamortized balance of 10.75%, through 2010. The PUC authorized amortization of the regulatory asset through 2010.

 

($ in millions) Year		Estimated CTC Revenue		Estimated Stranded Cost Amortization
2009		924		783
2010		932		883

PECO Energy – Schedule of System Average Electric Rates

Transmission rates are regulated by the Federal Energy Regulatory Commission. The CTC rate is subject to annual reconciliation for actual retail sales. Any CTC adjustment is offset by an Energy and Capacity adjustment in a like amount. Rates increased from the original PUC settlement to reflect the roll-in of increased gross receipts tax and Universal Service Fund charge.

 

($/MWh) Effective Date		Transmission		Distribution		CTC		Energy and Capacity		Total
1/1/2009		$4.60		$26.20		$27.00		$54.30		$112.10
1/1/2010		4.60		26.20		27.00		54.30		112.10

 

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Table of Contents

Federal Regulation

Federal Energy Regulatory Commission (FERC)

(www.ferc.gov)

The FERC has five full-time members, each appointed by the President of the United States and confirmed by the U.S. Senate.

The Commissioners serve for five-year, staggered terms. No more than three Commissioners may belong to the same political party. The Chairman is designated by the President.

 

Commissioner		Party Affiliation		Service Began		Term Ends		Professional Experience
Jon Wellinghoff (Chairman)		Democrat		7/06		6/13		Attorney, practice focused on energy law and utility regulation; staff advisor to several state utility commissions; Nevada State Consumer Advocate
Suedeen G. Kelly		Democrat		11/03		6/09		Attorney; professor of law; Chair of the New Mexico Public Service Commission; counsel to the California Independent System Operator
Philip D. Moeller		Republican		7/06		6/10		Energy policy advisor to former U.S. Senator Slade Gorton (WA); staff coordinator for the WA State Senate Committee on Energy, Utilities and Telecommunications; Alliant Energy Corporation
Marc Spitzer		Republican		7/06		6/11		Attorney; Chair of the Arizona Corporation Commission; Arizona State Senator and Chair of the Judiciary and Finance Committees
Vacant

ComEd Electric Transmission Rate Cases

 

($ in millions)

Date

Revenue Adjustment

Test Year

Rate Base

Overall Rate of Return

Return on Equity

Equity Ratio

ComEd Update(a)

5/15/09

$(16)

2008 pro forma

$1,986

9.43%

11.50%

57%

ComEd Update(b)

5/15/08

$65

2007 pro forma

$1,980

9.37%

11.50%

58%

FERC Order(c)

1/08

$120(d)

2005 pro forma

$1,847

9.40%

11.50%(e)

58%(f)

ComEd Request

3/1/07

$147(d)

2005 pro forma

$1,898

9.87%

12.20%(g)

58%

 

(a)	Annual update filing based on the formula rate; rate effective June 1, 2009 through May 31, 2010. The revenue requirement decrease primarily reflects a lower true-up amount for the prior year.

(b)	Annual update filing based on the formula rate; rate effective June 1, 2008 through May 31, 2009.

(c)	On January 16, 2008, FERC issued an order that approved ComEd’s proposal to implement a formula-based transmission rate, effective May 1, 2007. On January 18, 2008, FERC issued an order on rehearing that approved incentive rate treatment for West Loop Phase II project, including a 1.50% ROE adder.

(d)	Year 1 increase.

(e)	FERC approved the 0.50% RTO adder. ROE is fixed and not subject to annual updating.

(f)	Equity cap of 58% for 2 years, declining to 55% by 2011.

(g)	Reflects base ROE of 11.70% plus requested 0.50% adder for participation in a Regional Transmission Organization (RTO).

Additionally, an incentive adder of 1.50% on major new projects was requested.

 

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Table of Contents

Exelon Corporation – Financial and Operating Highlights

 

		For the Years ended December 31,
(in millions, except per share data and where indicated)		2008		2007		2006
Operating revenues		$18,859		$18,916		$15,655
Net income		$2,737		$2,736		$1,592
Electric deliveries (in GWhs)(a)		131,282		133,390		128,748
Gas deliveries (in million cubic feet (mmcf))		83,734		86,600		76,105
Total available electric supply resources (MWs)		31,292		32,332		33,464
Cash flows from operating activities		$6,551		$4,496		$4,835
Capital expenditures		$3,117		$2,674		$2,418
Common Stock Data
Average common shares outstanding – diluted (in millions)		662		676		676
GAAP earnings per share (diluted)		$4.13		$4.05		$2.35
Adjusted (non-GAAP) operating earnings per share (diluted)		$4.20		$4.32		$3.22
Dividends paid per common share		$2.03		$1.76		$1.60
New York Stock Exchange common stock price (per share)
High		$91.64		$86.83		$63.62
Low		$45.00		$58.74		$51.13
Year end		$55.61		$81.64		$61.89
Book value per share		$16.78		$15.34		$14.94
Total market capitalization (year end)		$36,603		$53,956		$41,460
Common shares outstanding (year end)		658.2		660.9		669.9

 

(a)	One GWh is the equivalent of one million kilowatthours (kWh).

Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Share to GAAP

		2008			2007			2006
GAAP Earnings per Diluted Share		$4.13			$4.05			$2.35
Impairment of ComEd’s goodwill								1.15
Investments in synthetic fuel-producing facilities					(0.14	)		0.04
Mark-to-market impact of economic hedging activities		(0.41	)		0.15			(0.09	)
Decommissioning obligation reduction		(0.02	)		(0.03	)		(0.13	)
Impact of the 2007 Illinois electric rate settlement		0.22			0.41
Costs associated with ComEd’s City of Chicago settlement		0.02			0.02
Income associated with termination of Generation’s State Line Energy, L.L.C. (State Line) PPA					(0.19	)
Loss associated with Generation’s tolling agreement with Georgia Power related to the Tenaska Georgia Partners, LP (Tenaska) contract					0.11
Gain on sale of Generation’s investments in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP)					(0.01	)
Non-cash deferred tax items					(0.04	)
Recovery of debt costs at ComEd								(0.08	)
Recovery of severance costs at ComEd								(0.14	)
Charges related to the now-terminated merger with Public Service Enterprise Group Incorporated (PSEG)								0.09
Severance charges								0.03
Resolution of tax matters at Generation related to Sithe Energies, Inc. (Sithe)		(0.03	)		(0.01	)
External costs associated with the proposed aquisition of NRG Energy, Inc. (NRG)		0.02
Unrealized losses related to nuclear decomissioning trust (NDT) fund investments		0.27
Adjusted (non-GAAP) Operating Earnings per Diluted Share		$4.20			$4.32			$3.22

Note: PPA = power purchase agreement

 

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Table of Contents

Exelon Corporation – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2008									Twelve Months Ended December 31, 2007
(in millions, except per share data)		GAAP(a)			Adjustments			Adjusted Non-GAAP			GAAP(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$18,859			$245	(b),(h)		$19,104			$18,916			$236	(b),(c),(h),(j)		$19,152
Operating expenses
Purchased power		4,270			414	(c)		4,684			5,282			(378	)(c),(j)		4,904
Fuel		2,312			38	(c)		2,350			2,360			81	(c)		2,441
Operating and maintenance		4,566			–	(b),(d),(f)		4,566			4,289			(72	)(b),(d),(i)		4,217
Depreciation and amortization		1,634			–			1,634			1,520			–			1,520
Taxes other than income		778			–			778			797			–			797
Total operating expenses		13,560			452			14,012			14,248			(369	)		13,879
Operating income		5,299			(207	)		5,092			4,668			605			5,273
Other income and deductions
Interest expense, net		(832	)		–			(832	)		(850	)		7	(i)		(843	)
Equity in losses of unconsolidated affiliates and investments		(26	)		–			(26	)		(106	)		93	(i)		(13	)
Other, net		(407	)		524	(g)		117			460			(196	)(i),(l)		264
Total other income and deductions		(1,265	)		524			(741	)		(496	)		(96	)		(592	)
Income from continuing operations before income taxes		4,034			317			4,351			4,172			509			4,681
Income taxes		1,317			253	(b),(c),(d),(f),(g),(h)		1,570			1,446			317	(b),(c),(d),(h),(i ), (j),(k),(l),(m)		1,763
Income from continuing operations		2,717			64			2,781			2,726			192			2,918
Income from discontinued operations		20			(20	)(e)		–			10			(5	)(e)		5
Net income		$2,737			$44			$2,781			$2,736			$187			$2,923

 

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b)	Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(d)	Adjustment to exclude the decrease in Generation’s decommissioning obligation liability.

(e)	Adjustment to exclude the resolution of tax matters at Generation related to Sithe.

(f)	Adjustment to exclude external costs in 2008 associated with Exelon’s proposed acquisition of NRG.

(g)	Adjustment to exclude the unrealized losses associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(h)	Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

(i)	Adjustment to exclude the 2007 financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the mark-to-market gains (losses) associated with the related derivatives.

(j)	Adjustment to exclude the income associated with the termination of Generation’s PPA with State Line.

(k)	Adjustment to exclude the loss associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska.

(l)	Adjustment to exclude the gain related to the sale of Generation’s ownership interest in TEG and TEP.

(m)	Adjustment to exclude non-cash deferred tax items.

 

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Table of Contents

Exelon Corporation – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2008							Twelve Months Ended December 31, 2007
(in millions, except per share date)		GAAP(a)		Adjustments			Adjusted Non-GAAP		GAAP(a)		Adjustments			Adjusted Non-GAAP
Earnings per average common share
Basic:
Income from continuing operations		$4.13		$0.10			$4.23		$4.06		$0.29			$4.35
Income from discontinued operations		0.03		(0.03	)		–		0.02		(0.01	)		0.01
Net income		$4.16		$0.07			$4.23		$4.08		$0.28			$4.36
Diluted:
Income from continuing operations		$4.10		$0.10			$4.20		$4.03		$0.28			$4.31
Income from discontinued operations		0.03		(0.03	)		–		0.02		(0.01	)		0.01
Net income		$4.13		$0.07			$4.20		$4.05		$0.27			$4.32
Average common shares outstanding
Basic		658					658		670					670
Diluted		662					662		676					676

 

(a)	Results reported in accordance with GAAP.

 

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Table of Contents

Exelon Generation Company – Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2008									Twelve Months Ended December 31, 2007
(in millions)		Adjusted GAAP(a)			Adjustments			Non-GAAP			Adjusted GAAP(a)			Adjustments			Non-GAAP
Operating revenues		$10,754			$221	(b)		$10,975			$10,749			$185	(b),(f)		$10,934
Operating expenses
Purchased power		1,867			414	(c)		2,281			2,705			(378	)(c),(f),(g)		2,327
Fuel		1,705			38	(c)		1,743			1,746			81	(c)		1,827
Operating and maintenance		2,717			25	(i)		2,742			2,454			29	(i)		2,483
Depreciation and amortization		274			–			274			267			–			267
Taxes other than income		197			–			197			185			–			185
Total operating expenses		6,760			477			7,237			7,357			(268	)		7,089
Operating income		3,994			(256	)		3,738			3,392			453			3,845
Other income and deductions
Interest expense, net		(136	)		–			(136	)		(161	)		4	(h)		(157	)
Equity in earnings (losses) of investments		(1	)		–			(1	)		1			–			1
Other, net		(469	)		524	(d)		55			155			(18	)(j)		137
Total other income and deductions		(606	)		524			(82	)		(5	)		(14	)		(19	)
Income before income taxes		3,388			268			3,656			3,387			439			3,826
Income taxes		1,130			233	(b),(c),(d),(i)		1,363			1,362			132	(b),(c),(f),(g),(h),(i),(j)		1,494
Income from continuing operations		2,258			35			2,293			2,025			307			2,332
Income (loss) from discontinued operations		20			(20	)(e)		–			4			(5	)(e)		(1	)
Net income		$2,278			$15			$2,293			$2,029			$302			$2,331

 

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c)	Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.

(d)	Adjustment to exclude the unrealized losses associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(e)	Adjustment to exclude the resolution of tax matters at Generation related to Sithe.

(f)	Adjustment to exclude the income associated with the termination of Generation’s PPA with State Line.

(g)	Adjustment to exclude the loss associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska.

(h)	Adjustment to exclude a non-cash deferred tax item.

(i)	Adjustment to exclude the decrease in Generation’s decommissioning obligation liability.

(j)	Adjustment to exclude the gain related to the sale of Generation’s ownership interest in TEG and TEP.

 

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Commonwealth Edison Company – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2008									Twelve Months Ended December 31, 2007
(in millions)		GAAP(a)			Adjustments			Adjusted Non-GAAP			GAAP(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$6,136			$24	(b),(d)		$6,160			$6,104			$51	(b),(c),(d)		$6,155
Operating expenses
Purchased power		3,582			–			3,582			3,747			–			3,747
Operating and maintenance		1,125			(7	)(b)		1,118			1,091			(8	)(b)		1,083
Depreciation and amortization		464			–			464			440			–			440
Taxes other than income		298			–			298			314			–			314
Total operating expenses		5,469			(7	)		5,462			5,592			(8	)		5,584
Operating income		667			31			698			512			59			571
Other income and deductions
Interest expense, net		(348	)		–			(348	)		(318	)		–			(318	)
Equity in losses of unconsolidated affiliates		(8	)		–			(8	)		(7	)		–			(7	)
Other, net		18			–			18			58			–			58
Total other income and deductions		(338	)		–			(338	)		(267	)		–			(267	)
Income before income taxes		329			31			360			245			59			304
Income taxes		128			13	(b),(d)		141			80			24	(b),(c),(d)		104
Net income		$201			$18			$219			$165			$35			$200

 

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c)	Adjustment to exclude the mark-to-market impact of ComEd’s economic hedging activities.

(d)	Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

 

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PECO Energy Company – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2008								Twelve Months Ended December 31, 2007
(in millions)		GAAP(a)			Adjustments		Adjusted Non-GAAP			GAAP(a)			Adjustments		Adjusted Non-GAAP
Operating revenues		$5,567			$  –		$5,567			$5,613			$  –		$5,613
Operating expenses
Purchased power		2,411			–		2,411			2,366			–		2,366
Fuel		607			–		607			617			–		617
Operating and maintenance		731			–		731			630			–		630
Depreciation and amortization		854			–		854			773			–		773
Taxes other than income		265			–		265			280			–		280
Total operating expenses		4,868			–		4,868			4,666			–		4,666
Operating income		699			–		699			947			–		947
Other income and deductions
Interest expense, net		(226	)		–		(226	)		(248	)		–		(248	)
Equity in losses of unconsolidated affiliates		(16	)		–		(16	)		(7	)		–		(7	)
Other, net		18			–		18			45			–		45
Total other income and deductions		(224	)		–		(224	)		(210	)		–		(210	)
Income before income taxes		475			–		475			737			–		737
Income taxes		150			–		150			230			–		230
Net income		$325			$  –		$325			$507			$  –		$507

 

(a)	Results reported in accordance with GAAP.

 

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Exelon and Operating Companies – Capital Structure and Capitalization Ratios

 

(at December 31)		2008						2007						2006
Exelon (consolidated)		(in millions)		(in percent)		(in percent)(a)		(in millions)		(in percent)		(in percent)(a)		(in millions)		(in percent)		(in percent)(a)
Total Debt		$13,151		54.1		51.9		$13,687		57.2		53.3		$13,045		56.4		49.8
Preferred Securities of Subsidiaries		87		0.4		0.4		87		0.4		0.4		87		0.4		0.4
Total Shareholders’ Equity		11,047		45.5		47.7		10,137		42.4		46.3		10,007		43.2		49.7
Total Capitalization		$24,285						$23,911						$23,139
Transition Debt		$1,124						$2,006						$3,051
Exelon Generation
Total Debt(b)		$2,514		27.7				$2,525		36.6				$1,790		24.6
Total Members’ Equity		6,565		72.3				4,369		63.4				5,483		75.4
Total Capitalization		$9,079						$6,894						$7,273
ComEd
Total Debt		$4,992		42.6				$5,150		44.1		42.8		$4,648		42.5		38.8
Total Shareholders’ Equity		6,735		57.4				6,528		55.9		57.2		6,298		57.5		61.2
Total Capitalization		$11,727						$11,678						$10,946
Transition Debt		$  –						$274						$648
PECO Energy
Total Debt(b)		$3,374		59.8		49.8		$3,789		64.2		49.4		$4,197		69.9		49.8
Total Shareholders’ Equity		2,269		40.2		50.2		2,110		35.8		50.6		1,809		30.1		50.2
Total Capitalization		$5,643						$5,899						$6,006
Transition Debt(c)		$1,124						$1,733						$2,404

 

(a)	Excluding ComEd and PECO transition debt.

(b)	Debt includes borrowings from intercompany money pool; as of January 10, 2006, ComEd suspended participation in the intercompany money pool.

(c)	PECO transition debt maturities (in millions): 2009 - $319, 2010 - $805.

Note: Amounts may not add due to rounding.

Credit Ratings as of May 31, 2009

 

		Moody’s Investors Service(a)		Standard & Poor’s Corporation(b)		Fitch Ratings(c)
Exelon Corporation
Senior Unsecured Debt		Baa1		BBB-		BBB+
Commercial Paper		P2		A2		F2
Exelon Generation
Senior Unsecured Debt		A3		BBB		BBB+
Commercial Paper		P2		A2		F2
ComEd
Senior Secured Debt		Baa2		BBB+		BBB
Senior Unsecured Debt		Baa3		BBB-		BBB-
Commercial Paper		P3		A3		B
PECO Energy
Senior Secured Debt		A2		A-		A
Senior Unsecured Debt		A3		BBB		A-
Commercial Paper		P1		A2		F2

 

(a)	Exelon, Generation and PECO ratings are under review for possible downgrade; ComEd’s rating outlook is stable.

(b)	Exelon, Generation, ComEd and PECO ratings on CreditWatch with negative implications.

(c)	Exelon and Generation on Rating Watch Negative.

 

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Table of Contents

Exelon Corporate – Long-Term Debt Outstanding as of December 31, 2008

 

Series		Interest Rate		Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
Senior Notes Payable
2005 Senior Notes Payable		4.45%		6/9/05		6/15/10		$400			$0		$400
2005 Senior Notes Payable		4.90%		6/9/05		6/15/15		800			0		800
2005 Senior Notes Payable		5.625%		6/9/05		6/15/35		500			0		500
2001 Senior Notes Payable		6.75%		5/8/01		5/1/11		500			0		500
Total Senior Notes Payable								$2,200			$0		$2,200
Unamortized Debt Discount & Premium, Net								(2	)		0		(2	)
Total Long-Term Debt								$2,198			$0		$2,198

 

Maturities
2009		$0		2012		0
2010		400		2013		0
2011		500

Exelon Generation – Long-Term Debt Outstanding as of December 31, 2008

 

Series		Interest Rate		Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
Senior Notes
2001 Senior Unsecured Notes		6.95%		6/14/01		6/15/11		$700			$0		$700
2003 Senior Unsecured Notes		5.35%		12/19/03		1/15/14		500			0		500
2007 Senior Unsecured Notes		6.20%		9/28/07		1/01/17		700			0		700
Total Senior Unsecured Notes								$1,900			$0		$1,900
Unsecured Pollution Control Notes
Montgomery Co. 2001 Ser. B		var. rate		9/5/01		10/1/30		69			0		69
Delaware Co. 2001 Ser. A		var. rate		4/25/01		4/1/21		39			0		39
Montgomery Co. 2001 Ser. A		var. rate		4/25/01		10/1/34		13			0		13
Delaware Co. 1993 Ser. A		var. rate		8/24/93		8/1/16		24			0		24
Salem Co. 1993 Ser. A		var. rate		9/9/93		3/1/25		23			0		23
Montgomery Co. 1994 Ser. A		var. rate		2/14/95		6/1/29		83			0		83
Montgomery Co. 1994 Ser. B		var. rate		7/2/95		6/1/29		13			0		13
York County 1993 Ser. A		var. rate		8/24/93		8/1/16		18			0		18
Montgomery Co. 1996 Ser. A		var. rate		3/27/96		3/1/34		34			0		34
Montgomery Co. 2002 Ser. A		var. rate		7/24/02		12/1/29		30			0		30
Indiana Co. 2003 A		var. rate		6/3/03		6/1/27		17			0		17
Delaware Co. 1999 Ser. A		var. rate		10/1/04		4/1/21		51			0		51
Montgomery Co. 1999 Ser. A		var. rate		10/1/04		10/1/30		92			0		92
Montgomery Co. 1999 Ser. B		var. rate		10/1/04		10/1/34		14			0		14
Armstrong Co. 2007 A		var. rate		12/31/07		12/1/42		46			0		46
Total Unsec. Pollution Control Notes								$566			$0		$566
AmerGen Notes Payable - Oyster Creek		6.33%				8/8/09		$10			$10		$0
Capital Leases								$40			$2		$38
Unamortized Debt Discount & Premium, Net								(2	)		0		(2	)
Total Long-Term Debt								$2,514			$12		$2,502

 

Maturities
2009		$12		2012		2
2010		2		2013		2
2011		703

 

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ComEd – Long-Term Debt Outstanding as of December 31, 2008

 

Series		Interest Rate		Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
First Mortgage Bonds
Pollution Control-1994B		5.70%		1/15/94		1/15/09		$     16			$  16		$       0
102		4.74%		8/25/03		8/15/10		212			0		212
105		5.40%		12/19/06		12/15/11		345			0		345
98		6.15%		3/13/02		3/15/12		450			0		450
92		7.625%		4/15/93		4/15/13		125			0		125
94		7.50%		7/1/93		7/1/13		127			0		127
Pollution Control-1994C		5.85%		1/15/94		1/15/14		17			0		17
101		4.70%		4/7/03		4/15/15		260			0		260
104		5.95%		8/28/06		8/15/16		415			0		415
IL Fin. Authority Series 2008 F		var. rate		5/9/08		3/1/17		91			0		91
106		6.15%		9/10/07		9/15/17		425			0		425
108		5.80%		3/27/08		3/15/18		700			0		700
IL Fin. Authority Series 2008 D		var. rate		5/9/08		3/1/20		50			0		50
IL Fin. Authority Series 2008 E		var. rate		6/27/08		5/1/21		50			0		50
100		5.875%		1/22/03		2/1/33		254			0		254
103		5.90%		3/6/06		3/15/36		625			0		625
107		6.45%		1/16/08		1/15/38		450			0		450
Total First Mortgage Bonds								$4,612			$16		$4,596
Sinking Fund Debentures
Sinking Fund Debenture(a)		4.625%		1/1/59		1/1/09		0			0		0
Sinking Fund Debenture		4.75%		12/1/61		12/1/11		3			1		2
Total Sinking Fund Debentures								$4			$1		$2
Notes Payable
Notes Payable		6.95%		7/16/98		7/15/18		140			0		140
Total Notes Payable								$140			$0		$140
Long-Term Debt To Financing Trusts
Subordinated Debentures to ComEd Financing III		6.35%		3/17/03		3/15/33		206			0		206
Total Long-Term Debt to Financing Trusts								$206			$0		$206
Unamortized Debt Disc. & Prem. & Settled Fair-Value Hedge, Net								(30	)		0		(30	)
Total Long-Term Debt								$4,932			$17		$4,914

 

Maturities
2009		$	17
2010			213
2011			347
2012			450
2013			252

 

(a)	As of December 31, 2008, there was $400,000 outstanding.

Note: Amounts may not add due to rounding.

 

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PECO Energy – Long-Term Debt Outstanding as of December 31, 2008

 

Series		Interest Rate		Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
First Mortgage Bonds
FMB		5.95%		11/1/01		11/1/11		250			0		250
FMB		4.75%		9/23/02		10/1/12		225			0		225
FMB		5.60%		10/2/08		10/15/13		300			0		300
FMB		5.35%		3/4/08		3/1/18		500			0		500
FMB		5.90%		4/23/04		5/1/34		75			0		75
FMB		5.95%		9/25/06		10/1/36		300			0		300
FMB		5.70%		3/19/07		3/15/37		175			0		175
Total First Mortgage Bonds								$1,825			$0		$1,825
Mortgage-Backed Pollution Control Notes
Delaware Co. 2008 Ser. A		4.00%		3/5/08		12/1/12		150			0		150
Total Mortgage-Backed Pollution Control Notes								$150			$0		$150
Long-Term Debt to Financing Trusts
PETT(a) Series 2000 A-4		7.65%		5/2/00		9/1/09		319			319		0
PETT Series 2001 A-1		6.52%		3/1/01		9/1/10		805			0		805
PECO Energy Capital Trust III		7.38%		4/6/98		4/6/28		81			0		81
PECO Energy Capital Trust IV		5.75%		6/24/03		6/15/33		103			0		103
Total Long-Term Debt to Financing Trusts								$1,308			$319		$989
Unamortized Debt Discount & Premium, Net								(4	)		0		(4	)
Total Long-Term Debt								$3,279			$319		$2,960
(a) PETT = PECO Energy Transition Trust

 

Maturities
2009		$	319
2010			805
2011			250
2012			375
2013			300

Exelon and Operating Companies – Credit Facilities and Short-Term Borrowings as of December 31, 2008

 

		Generation			ComEd			PECO			Exelon Corporate			Total
(in millions)
Unsecured Revolving Credit Facilities(a)		$4,834			$952			$574			$957			$7,317
Outstanding Facility Draws		–			(60	)		–			–			(60	)
Outstanding Letters of Credit		(127	)		(141	)		(93	)		(5	)		(366	)
Available Capacity under Facilities(b)		4,707			751			481			952			6,891
Outstanding Commercial Paper		–			–			(95	)		(56	)		(151	)
Available Capacity less Outstanding Comm. Paper		$4,707			$751			$386			$896			$6,740

 

(a)	Equals aggregate bank commitments under revolving credit agreements.

(b)	Represents unused bank commitments under the borrower’s credit agreements net of outstanding letters of credit and credit facility draws. The amount of commercial paper outstanding does not reduce the available capacity under the credit agreements.

 

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Exelon Service Area and Selected Generating Assets*

 

Illinois		Pennsylvania				2008 Exelon Generation – Ownership Equity
A    Exelon Corporate HQ A    ComEd HQ B    Exelon Nuclear HQ 1    Braidwood (N) 2    Byron (N) 3    Clinton (N) 4    Dresden (N) 5    LaSalle (N) 6    Quad Cities (N) 7    Southeast Chicago (F)           Maine 8    Wyman (F)   Maryland 9    Conowingo (R)   Massachusetts 10  Framingham (F) 11  New Boston (F) 12  West Medway (F)   New Jersey 13  Oyster Creek (N) 14  Salem (N)		C    Exelon Power Team HQ C    Exelon Power HQ C    Exelon Generation HQ D    PECO HQ 15  Conemaugh (F) 16  Cromby (F) 17  Eddystone (F) 18  Fairless Hills (R) 19  Keystone (F) 20  Limerick (N) 21  Muddy Run (R) 22  Peach Bottom (N) 23  Schuylkill (F) 24  Three Mile Island (N)   Texas 25  Handley (F) 26  LaPorte (F) 27  Mountain Creek (F)
						Output in Megawatt Hours (MWh)				Capacity in Megawatts (MW)
						Nuclear		92%		68%
						Coal		5%		6%
						Oil		<1%		8%
						Gas		<1%		11%
						Renewables		2%		7%
						*     Map does not show 8 sites in the Philadelphia area where Exelon has peaking combustion turbines.

 

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Table of Contents

Exelon Generation – Generating Resources

 

Sources of Electric Supply
(GWhs)		2008		2007		2006
Nuclear units		139,342		140,359		139,610
Purchases – non-trading portfolio(a)		26,263		38,021		38,297
Fossil and hydroelectric units		10,569		11,270		12,773
Total supply		176,174		189,650		190,680
Type of Capacity
(MWs) At December 31,		2008		2007		2006
Owned generation assets
Nuclear		16,983		16,969		16,945
Fossil		6,184		6,197		6,992
Hydroelectric		1,642		1,642		1,606
Owned generation assets		24,809		24,808		25,543
Long-term contracts		6,483		7,524		7,691
TEG and TEP(b)		–		–		230
Total generating resources		31,292		32,332		33,464

 

(a)	Reflects all power purchased under long-term contracts.

(b)	Generation, through its investments in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP), owned a 49.5% interest in two facilities in Mexico, each with a capacity of 230 MWs. On February 9, 2007, Generation sold its ownership interests in TEG and TEP.

Long-Term Contracts

 

(At December 31, 2008)

ISO Region

Dispatch Type

Location

Seller

Fuel Type

Delivery Term

Capacity (MW)

PJM

Base-load

Kincaid, IL

Kincaid Generation, LLC

Coal

1998 – 2013

1,108

SERC

Peaking

Franklin, GA

Tenaska Georgia

Oil/Gas

2001 – 2030

942

Partners, LP(a)

ERCOT

Intermediate

Shiro, TX

Tenaska Frontier Partners, Ltd.

Oil/Gas

2000 – 2020

830

SPP

Intermediate

Jenks, OK

Green Country

Oil/Gas

2002 – 2022

795

Energy, LLC(b)

PJM

Peaking

Elwood, IL

Elwood Energy, LLC

Oil/Gas

2001 – 2012

775

PJM

Peaking

Manhattan, IL

Lincoln Generating

Oil/Gas

2003 – 2011

664

Facility, LLC

ERCOT

Intermediate

Granbury, TX

Wolf Hollow 1, LP

Oil/Gas

2003 – 2023

350

PJM

Peaking

East Dundee, IL

Dynegy Power

Oil/Gas

2001 – 2009

330

Marketing, Inc.

PJM

Base-load

McLean, IL

Old Trail Windfarm, LLC

Wind

2008 – 2026

198

PJM

Peaking

Philadelphia, PA

Trigen-Philadelphia Energy Corp.

Oil/Gas(c)

1997 – 2017

150

PJM

Peaking

Morris, IL

Morris Cogeneration, LLC

Oil/Gas

2001 – 2011

100

PJM

Base-load

Thomas, WV

FPL Energy, LLC

Wind

2002 – 2022

66

PJM

Base-load

Wayne County, PA

FPL Energy, LLC

Wind

2003 – 2023

64

PJM

Peaking

Kincaid, IL

Kincaid Generation, LLC

Coal

2001 – 2013

50

PJM

NUG

W. Conshohocken, PA

Montenay Montgomery, LP

Municipal waste

1991 – 2011

28

PJM

Base-load

Mill Run, PA

FPL Energy, LLC

Wind

2001 – 2021

16

PJM

Base-load

Somerset, PA

FPL Energy, LLC

Wind

2001 – 2021

9

PJM

Base-load

Bellefontaine, OH

Bellefontaine Gas

Landfill gas

2009 – 2018

5

Producers, LLC

PJM

Peaking

Morrisville, PA

Epuron LLC

Solar

2008 – 2028

3

Total

6,483

ISO = Independent System Operator

NUG = Non-utility generator

 

(a)	On April 4, 2007, Exelon Generation agreed to sell its rights to all of the capacity, energy and ancillary services supplied from this contract through a tolling agreement with Georgia Power, commencing June 1, 2010 and lasting for 20 years.

(b)	On April 21, 2009, Exelon Generation agreed to sell its rights to 520 MW of the capacity, energy and ancillary services supplied from this contract through a PPA with Public Service Company of Oklahoma, commencing June 1, 2012 and continuing through February 28, 2022.

(c)	Cogeneration facility with a 32 MW steam turbine and 118 MW combustion turbine.

 

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Exelon Generation – Nuclear Generating Capacity

Exelon Nuclear Fleet^(a)

 

(At December 31, 2008)

Last Refueling Completed by Unit

2008 Generation (GWh)

Station

Number of Units

Plant Type

NSSS Vendor

Net Annual Mean Rating (MW)

Start Date

License Expires

Ownership

Braidwood

2

PWR

W

1,194/1,166

1988

2026/2027

100%

Apr-09/May-08(b)

19,786

Byron

2

PWR

W

1,183/1,153

1985/1987

2024/2026

100%

Apr-08/Oct-08(b)

19,358

Clinton

1

BWR

GE

1,065

1987

2026

100%

Feb-08(c)

8,549

Dresden

2

BWR

GE

869/871

1970/1971

2029/2031

100%

Nov-07/Nov-08(c)

14,385

LaSalle

2

BWR

GE

1,138/1,150

1984

2022/2023

100%

Feb-08/Feb-09(c)

18,848

Limerick

2

BWR

GE

1,149/1,146

1986/1990

2024/2029

100%

Mar-08/Apr-09(c)

19,004

Oyster Creek

1

BWR

GE

625

1969

2029

100%

Nov-08(c)

4,664

Peach Bottom

2

BWR

GE

1,140/1,140

1974

2033/2034

50% Exelon, 50% PSEG Nuclear

Oct-08/Oct-07(c)

9,268

Quad Cities

2

BWR

GE

866/871

1973

2032/2032

75% Exelon, 25% Mid-American Energy Holdings

May-09/Mar-08(c)

10,669

Three Mile Island

1

PWR

B&W

837

1974

2014(d)

100%

Nov-07(c)

7,365

Total

17

17,563

15,989 MW owned

131,895

(a)	Does not include Exelon Generation’s 42.59%, 994 MW, interest in Salem Units 1 and 2 (PWRs). Last refueling outages: Salem Unit 1 completed November 2008 and Unit 2 completed May 2008 (18-month cycle). 2008 generation data is at ownership.

(b)	18-month refueling cycle.

(c)	24-month refueling cycle.

(d)	In January 2008, an application was submitted for a 20-year license extension.

Notes:

PWR = pressurized water reactor; BWR = boiling water reactor

NSSS Vendor = Nuclear Steam Supply System Vendor

Amounts may not add due to rounding.

Nuclear Operating Data

 

		2008				2007			2006
Fleet capacity factor(a)			93.9%	(b)			94.5%			93.9%
Fleet production cost per MWh(a)		$	15.87			$	14.46		$	13.85

Refueling Outages – 2008

–	Conducted 10 refueling outages(a)

–	Average refueling outage duration: 24 days(a)

–	U.S. average refueling duration: ~40 days

Net Generation – 2008

–	131,895 GWhs, excluding Salem

–	139,342 GWhs, including Salem

Refueling Outages (including Salem)

2007: 9 actual

2008: 12 actual

2009: 10 planned

2010: 10 planned

2011: 11 planned

2012: 11 planned

2013: 9 planned

 

(a)	Excludes Salem; Salem Unit 1 and Unit 2 capacity factors in 2008 were 89.9% and 81.2%, respectively.

(b)	vs. industry average of 89.3%.

Source for industry averages: Exelon Nuclear 2009 Benchmarking Report

 

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Table of Contents

Exelon Generation – Total Electric Generating Capacity

Owned net electric generating capacity by station at December 31, 2008:

Base-load units are plants that normally operate to take all or part of the minimum continuous load of a system, and consequently produce electricity at an essentially constant rate. Intermediate units are plants that normally operate to take load of a system during the daytime higher load hours, and consequently produce electricity by cycling on and off daily. Peaking units consist of low-efficiency, quick response steam units, gas turbines, diesels, and pumped-storage hydroelectric equipment normally used during the maximum load periods.

 

Station

Location

Number of Units

Percent Owned(a)

Primary Fuel Type

Primary Dispatch Type

Net Generation Capacity(b) (MW)

Nuclear (c)

Braidwood

Braidwood, IL

2

Uranium

Base-load

2,360

Byron

Byron, IL

2

Uranium

Base-load

2,336

Clinton

Clinton, IL

1

Uranium

Base-load

1,065

Dresden

Morris, IL

2

Uranium

Base-load

1,740

LaSalle

Seneca, IL

2

Uranium

Base-load

2,288

Limerick

Limerick Twp., PA

2

Uranium

Base-load

2,295

Oyster Creek

Forked River, NJ

1

Uranium

Base-load

625

Peach Bottom

Peach Bottom Twp., PA

2

50.00

Uranium

Base-load

1,140

(d)

Quad Cities

Cordova, IL

2

75.00

Uranium

Base-load

1,303

(d)

Salem

Hancock’s Bridge, NJ

2

42.59

Uranium

Base-load

994

(d)

Three Mile Island

Londonderry Twp, PA

1

Uranium

Base-load

837

16,983

Fossil (Steam Turbines)

Conemaugh

New Florence, PA

2

20.72

Coal

Base-load

352

(d)

Cromby 1

Phoenixville, PA

1

Coal

Intermediate

144

Cromby 2

Phoenixville, PA

1

Oil/Gas

Intermediate

201

Eddystone 1, 2

Eddystone, PA

2

Coal

Intermediate

588

Eddystone 3, 4

Eddystone, PA

2

Oil/Gas

Intermediate

760

Fairless Hills

Falls Twp, PA

2

Landfill Gas

Peaking

60

Handley 4, 5

Fort Worth, TX

2

Gas

Peaking

870

Handley 3

Fort Worth, TX

1

Gas

Intermediate

395

Keystone

Shelocta, PA

2

20.99

Coal

Base-load

357

(d)

Mountain Creek 6, 7

Dallas, TX

2

Gas

Peaking

240

Mountain Creek 8

Dallas, TX

1

Gas

Intermediate

565

Schuylkill

Philadelphia, PA

1

Oil

Peaking

166

Wyman

Yarmouth, ME

1

5.89

Oil

Intermediate

36

(d)

4,734

Fossil (Combustion Turbines)

Chester

Chester, PA

3

Oil

Peaking

39

Croydon

Bristol Twp., PA

8

Oil

Peaking

386

Delaware

Philadelphia, PA

4

Oil

Peaking

56

Eddystone

Eddystone, PA

4

Oil

Peaking

60

Falls

Falls Twp., PA

3

Oil

Peaking

51

Framingham

Framingham, MA

3

Oil

Peaking

29

LaPorte

Laporte, TX

4

Gas

Peaking

152

Medway

West Medway, MA

3

Oil/Gas

Peaking

105

Moser

Lower Pottsgrove Twp., PA

3

Oil

Peaking

51

New Boston

South Boston, MA

1

Oil

Peaking

12

Pennsbury

Falls Twp., PA

2

Landfill Gas

Peaking

6

Richmond

Philadelphia, PA

2

Oil

Peaking

96

Salem

Hancock’s Bridge, NJ

1

42.59

Oil

Peaking

16

(d)

Schuylkill

Philadelphia, PA

2

Oil

Peaking

30

Southeast Chicago

Chicago, IL

8

Gas

Peaking

296

Southwark

Philadelphia, PA

4

Oil

Peaking

52

1,437

 

20

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Table of Contents

Exelon Generation – Total Electric Generating Supply

(continued)

Owned net electric generating capacity by station at December 31, 2008:

 

Station

Location

Number of Units

Percent Owned(a)

Primary Fuel Type

Primary Dispatch Type

Net Generation Capacity(b) (MW)

Fossil (Internal Combustion/Diesel)

Conemaugh

New Florence, PA

4

20.72

Oil

Peaking

2

(d)

Cromby

Phoenixville, PA

1

Oil

Peaking

3

Delaware

Philadelphia, PA

1

Oil

Peaking

3

Keystone

Shelocta, PA

4

20.99

Oil

Peaking

2

(d)

Schuylkill

Philadelphia, PA

1

Oil

Peaking

3

13

Hydroelectric

Conowingo

Harford Co. MD

11

Hydroelectric

Base-load

572

Muddy Run

Lancaster, PA

8

Hydroelectric

Intermediate

1,070

1,642

Total

124

24,809

(a)	100%, unless otherwise indicated.

(b)	For nuclear stations, capacity reflects the annual mean rating. All other stations reflect a summer rating.

(c)	All nuclear stations are boiling water reactors except Braidwood, Byron, Salem and Three Mile Island, which are pressurized water reactors.

(d)	Net generation capacity is stated at proportionate ownership share.

 

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Table of Contents

Fossil Emissions and Reduction Technology Summary

Owned generation as of December 31, 2008. Table does not include station auxiliary equipment or peaking combustion turbines.

 

				Net Generation Available for Sale (GWh)
Fossil Station		Capacity (MW, Summer Rating)		2008		2007		2006
Conemaugh (New Florence, PA)		352		2,376		2,684		2,960
Units: 2 coal units (baseload)
Reduction Technology: SO2 scrubbed
Data reflects Exelon Generation’s 20.72% plant ownership.
Cromby (Phoenixville, PA)		345		679		831		733
Units: 1 coal unit (intermediate), 1 oil/gas steam unit (intermediate)
Reduction Technology: SO2 scrubbed (coal unit) and SNCR NOx
Eddystone (Eddystone, PA)		1,348		2,152		2,961		2,926
Units: 2 coal units (intermediate), 2 oil/gas steam units (intermediate)
Reduction Technology: SO2 scrubbed (coal units), SNCR NOx,and low NOx burners with separate overfire air
Fairless Hills (Falls Township, PA)		60		227		249		237
Units: 2 landfill gas units (peaking)
Reduction Technology: None
Handley (Ft. Worth, TX)		1,265		426		264		715
Units: 3 gas steam units (2 peaking/1 intermediate)
Reduction Technology: SCR NOx (Units 3,4, and 5)
Keystone (Shelocta, PA)		357		2,969		2,577		2,671
Units: 2 coal units (baseload)
Reduction Technology: SCR NOx
Data reflects Exelon Generation’s 20.99% plant ownership.
SO2 scrubbers under construction.
Mountain Creek (Dallas, TX)		805		246		378		530
Units: 3 gas steam units (2 peaking/1 intermediate)
Reduction Technology: Induced flue gas recirculation (Units 6 and 7) and SCR NOx (Unit 8)
New Boston (South Boston, MA)		Unit deactivated		0		13		211
Units: 1 gas steam unit (intermediate)		in 2007
Schuylkill (Philadelphia, PA)		166		28		77		27
Units: 1 oil steam unit (peaking)
Reduction Technology: None

 

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Table of Contents

Fossil Emissions and Reduction Technology Summary

 

Emissions (thousand tons)										Reduction Technology
Type				2008		2007		2006		SO2 Scrubber		Post combustion NOx controls (SCR or SNCR)		Low NOx burners with separated overfire air		Induced flue gas recirculation for NOx
Conemaugh
SO2				1.3		1.4		1.7		X				X
NOx				3.6		4.2		4.8
CO2				2,254.9		2,512.5		2,898.9
Cromby
SO2				3.4		3.4		3.6		X (Coal Unit)
NOx				1.9		2.0		1.7				X (Coal Unit)		X (Coal Unit)
CO2				965.0		1,061.5		971.0
Eddystone
SO2				5.4		6.9		6.5		X (Coal Units)
NOx				4.1		5.5		5.4				X (Coal Units)		X (Coal Units)
CO2				2,827.0		3,855.8		3,720.3
Fairless Hills
SO2				0.1		0.1		0.2
NOx				0.1		0.1		0.1
CO2				373.8		207.1		201.3
Handley
SO2				*		*		*
NOx				*		*		0.1				X (Units 3, 4, 5)
CO2				319.6		216.6		564.3
Keystone
SO2				39.9		35.9		34.5		Under construction
NOx				3.3		2.6		2.7				X		X
CO2				2,867.1		2,497.5		2,575.7
Mountain Creek
SO2				*		*		*
NOx				*		*		0.1				X (Unit 8)				X (Units 6, 7)
CO2				170.0		280.5		377.0
New Boston
SO2				0		0		*
NOx				0		*		0.1
CO2				0		9.0		138.1
Schuylkill
SO2				0.4		0.2		0.1
NOx				*		0.1		*
CO2				28.9		81.0		32.4
*Indicates emissions less than 50 tons.

 

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Table of Contents

Exelon Generation – Annual Electric Supply and Sales Statistics

 

		Twelve Months Ended December 31,
(in GWhs)		2008		2007		2006
Supply
Nuclear		139,342		140,359		139,610
Purchased Power		26,263		38,021		38,297
Fossil and Hydro		10,569		11,270		12,773
Power Team Supply		176,174		189,650		190,680
		Twelve Months Ended December 31,
(in GWhs)		2008		2007		2006
Electric Sales
ComEd(c)		23,200		23,062		79,733
PECO		40,966		41,343		39,621
Market and Retail(c)		112,008		125,245		71,326
Total Electric Sales(a),(b)		176,174		189,650		190,680
Average Margin ($/MWh)
Average Realized Revenue
ComEd(c)		$63.71		$64.04		$35.89
PECO		50.85		49.80		45.73
Market and Retail(c)		59.99		54.59		51.03
Total Electric Sales		58.35		54.70		43.60
Average Purchased Power and Fuel Cost(d),(e)		$19.87		$19.54		$18.54
Average Margin(e)		$38.48		$35.16		$25.06
Around-the-clock (ATC) Market Prices ($/MWh)(f)
PJM West Hub		$68.52		$59.87		$51.07
NIHUB		49.00		45.53		41.42

 

(a)	Excludes retail gas activity, trading portfolio and other operating revenue.

(b)	Total sales do not include trading volume of 8,891 GWhs, 20,323 GWhs and 31,692 GWhs for the twelve months ended December 31, 2008, 2007 and 2006, respectively.

(c)

$2 million of a pre-tax reduction in revenue and $29 million (486 GWhs) of pre-tax revenue during the year ended December 31, 2008, resulting from the settlement of the ComEd swap beginning in June 2008 and sales to ComEd under the request for proposal (RFP) beginning in September 2008, respectively, have been excluded from ComEd and included in Market and Retail sales.

(d)	Excludes the net impact of the $119 million pre-tax loss associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska and costs associated with the termination of the State Line PPA during the twelve months ended December 31, 2007.

(e)	Excludes the mark-to-market impact of Generation’s economic hedging activities.

(f)	Represents the average for the year.

Financial Swap Agreement with ComEd

 

Portion of Term		Fixed Price ($/MWh)		Notional Quantity (MW)(a)
June 1, 2008 – December 31, 2008		$47.93		1,000
January 1, 2009 – May 31, 2009		$49.04		1,000
June 1, 2009 – December 31, 2009		$49.04		2,000
January 1, 2010 – May 31, 2010		$50.15		2,000
June 1, 2010 – December 31, 2010		$50.15		3,000
January 1, 2011 – December 31, 2011		$51.26		3,000
January 1, 2012 – December 31, 2012		$52.37		3,000
January 1, 2013 – May 31, 2013		$53.48		3,000

 

(a)	Market-based contract for ATC baseload energy only; does not include capacity, ancillary services or congestion.

 

24

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Table of Contents

Exelon Generation – Electric Supply and Sales Statistics by Quarter

 

		Three Months Ended
(in GWhs)				March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007		June 30, 2007
Supply
Nuclear				35,382		34,887		36,451		35,069		32,935		34,296		36,356		34,350
Purchased Power				6,077		6,100		8,761		5,575		5,827		9,068		11,689		8,579
Fossil and Hydro				2,765		2,162		2,685		2,910		2,812		2,350		3,067		2,859
Power Team Supply				44,224		43,149		47,897		43,554		41,574		45,714		51,112		45,788
		Three Months Ended
(in GWhs)				March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007		June 30, 2007
Electric Sales
ComEd(c)				5,537		5,261		6,629		5,218		6,092		5,362		6,628		5,146
PECO				10,223		9,760		11,333		9,761		10,112		9,957		11,374		9,732
Market and Retail(c)				28,464		28,128		29,935		28,575		25,370		30,395		33,110		30,910
Total Electric Sales(a),(b)				44,224		43,149		47,897		43,554		41,574		45,714		51,112		45,788
Average Margin ($/MWh)
Average Realized Revenue
ComEd(c)				$63.21		$63.30		$64.41		$63.82		$63.20		$63.22		$64.57		$64.13
PECO				49.30		49.28		53.03		52.04		48.75		49.31		51.96		51.07
Market and Retail(c)				57.12		54.18		65.98		61.91		57.19		54.81		56.00		54.38
Total Electric Sales				56.08		54.18		62.70		59.93		56.02		54.60		56.21		54.77
Average Purchased Power and Fuel Cost(d),(e)				$16.82		$15.90		$26.16		$19.40		$17.25		$18.90		$23.61		$18.80
Average Margin(e)				$39.25		$38.28		$36.54		$40.53		$38.77		$35.70		$32.60		$35.97
Around-the-clock Market Prices ($/MWh)(f)
PJM West Hub				$49.18		$52.62		$77.37		$75.65		$68.53		$58.68		$63.34		$57.61
NIHUB				$34.09		38.06		53.28		51.39		53.35		45.92		47.02		44.39

 

(a)	Excludes retail gas activity, trading portfolio and other operating revenue.

(b)

Total sales do not include trading volume of 2,331 GWhs, 2,153 GWhs, 3,092 GWhs, 1,784 GWhs, 1,862 GWhs, 4,780 GWhs, 5,667 GWhs and 4,775 GWhs for the three months ended March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively.

(c)

$31 million, $20 million, $15 million and $7 million of pre-tax revenue resulting from the settlement of the ComEd swap beginning in June 2008 have been excluded from ComEd and included in Market and Retail sales for the quarters ended March 31, 2009, December 31, 2008, September 30, 2008 and June 30, 2008, respectively. Additionally, $58 million (898 Gwhs) and $29 million (486 GWhs) of pre-tax revenue resulting from sales to ComEd under the request for proposal, which began in September 2008, have been excluded from ComEd and included in Market and Retail sales for the quarters ended March 31, 2009 and December 31, 2008, respectively.

(d)	Excludes the net impact of the $119 million pre-tax loss related to Generation’s tolling agreement with Georgia Power for the contract with Tenaska and costs related to the termination of the State Line PPA during the three months ended December 31, 2007.

(e)	Excludes the mark-to-market impact of Generation’s economic hedging activities.

(f)	Represents the average for the quarter.

 

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Table of Contents

ComEd

Electric Sales Statistics and Revenue Detail

Full service reflects deliveries to customers taking electric service under tariffed rates. Delivery only service reflects customers electing to receive electricity from a competitive electric generation supplier. Other revenues include transmission revenue (including revenue from PJM), sales to municipalities, other wholesale energy sales and economic hedge derivative contracts.

 

		2008			2007		2006
Retail Deliveries (in GWhs)
Full service
Residential		28,389			29,374		28,330
Small Commercial & Industrial		14,937			16,468		26,597
Large Commercial & Industrial		1,045			1,949		12,595
Public Authorities & Electric Railroads		578			766		2,254
Total Full Service		44,949			48,557		69,776
Delivery Only
Residential		(a	)		–		–
Small Commercial & Industrial		18,550			17,380		5,505
Large Commercial & Industrial		27,764			27,122		15,282
Public Authorities & Electric Railroads		636			518		–
Total Delivery Only		46,950			45,020		20,787
Total Retail Deliveries		91,899			93,577		90,563
Electric Revenue (in millions)
Full Service
Residential		$3,284			$3,161		$2,453
Small Commercial & Industrial		1,542			1,619		2,060
Large Commercial & Industrial		90			154		700
Public Authorities & Electric Railroads		52			67		137
Total Full Service		4,968			5,001		5,350
Delivery Only
Residential		(a	)		–		–
Small Commercial & Industrial		289			261		85
Large Commercial & Industrial		295			276		155
Public Authorities & Electric Railroads		7			5		–
Total Delivery Only		591			542		240
Total Electric Retail Revenues		5,559			5,543		5,590
Other Revenues		577			561		511
Total Operating Revenues		$6,136			$6,104		$6,101
Electric Revenue ($ / MWh)
Full Service
Residential		$115.68			$107.61		$86.59
Small Commercial & Industrial		103.23			98.31		77.45
Large Commercial & Industrial		86.12			79.01		55.58
Public Authorities & Electric Railroads		89.97			87.47		60.78
Delivery Only
Residential		(a	)		–		–
Small Commercial & Industrial		15.58			15.02		15.44
Large Commercial & Industrial		10.63			10.18		10.14
Public Authorities & Electric Railroads		11.01			9.65		–

 

(a)	Competitive electric generation suppliers began providing electricity to residential customers in 2008. As of December 31, 2008, there was total activity of less than 1 GWh and $1 million.

 

26

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Table of Contents

ComEd

Customers at Year End

 

		2008		2007		2006
Retail Delivery Customers
Full service
Residential		3,437,891		3,436,254		3,406,239
Small Commercial & Industrial		318,023		317,973		334,244
Large Commercial & Industrial		177		137		698
Public Authorities & Electric Railroads		8		30		1,071
Street & Highway Lighting		5,036		5,091		4,773
Wholesale		–		1		4
Total Full Service Customers		3,761,135		3,759,486		3,747,029
Delivery Only
Residential		174		–		–
Small Commercial & Industrial		41,003		42,246		18,374
Large Commercial & Industrial		1,895		1,927		1,227
Public Authorities & Electric Railroads		2		4		–
Street & Highway Lighting		29		10		3
Total Delivery Only		43,103		44,187		19,604
Total Retail Delivery Customers		3,804,238		3,803,673		3,766,633
Heating and Cooling Degree Days
		2008		2007		2006
Heating Degree Days (normal=6,362)		6,680		6,025		5,589
Cooling Degree Days (normal=855)		828		1,111		931
Peak System Load
		2008		2007		2006
Summer
Highest Peak Load (MW)		20,948		21,972		23,613
Winter
Highest Peak Load (MW)		16,104		16,207		15,934

 

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Table of Contents

PECO

Electric Sales Statistics and Revenue Detail

Full service reflects deliveries to customers taking electric service under tariffed rates. Delivery only service reflects customers electing to receive electricity from a competitive electric generation supplier. Other revenue includes transmission revenue from PJM and other wholesale energy sales.

 

		2008		2007		2006
Retail Deliveries (in GWhs)
Full Service
Residential		13,287		13,446		12,796
Small Commercial & Industrial		8,211		8,288		7,818
Large Commercial & Industrial		16,474		16,522		15,898
Public Authorities & Electric Railroads		909		930		906
Total Full Service		38,881		39,186		37,418
Delivery Only
Residential		30		42		61
Small Commercial & Industrial		469		571		671
Large Commercial & Industrial		3		14		35
Total Delivery Only		502		627		767
Total Retail Deliveries		39,383		39,813		38,185
Electric Revenue (in millions)
Full Service
Residential		$1,916		$1,948		$1,780
Small Commercial & Industrial		1,028		1,042		943
Large Commercial & Industrial		1,406		1,386		1,286
Public Authorities & Electric Railroads		87		89		83
Total Full Service		4,437		4,465		4,092
Delivery Only
Residential		2		4		5
Small Commercial & Industrial		25		30		36
Large Commercial & Industrial		–		–		1
Total Delivery Only		27		34		42
Total Electric Retail Revenues		4,464		4,499		4,134
Other Revenue		282		276		238
Total Operating Revenues		$4,746		$4,775		$4,372
Electric Revenue ($ / MWh)
Full Service
Residential		$144.20		$144.88		$139.11
Small Commercial & Industrial		125.20		125.72		120.62
Large Commercial & Industrial		85.35		83.89		80.89
Public Authorities & Electric Railroads		95.71		95.70		91.61
Delivery Only
Residential		66.67		95.24		81.97
Small Commercial & Industrial		53.30		52.54		53.65
Large Commercial & Industrial		–		–		28.57

 

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PECO

Customers at Year End

 

		2008		2007		2006
Retail Delivery Customers
Full service
Residential		1,402,521		1,400,236		1,387,717
Small Commercial & Industrial		134,482		129,301		124,757
Large Commercial & Industrial		3,086		3,078		3,050
Public Authorities & Electric Railroads		1,086		1,087		1,083
Total Full Service Customers		1,541,175		1,533,702		1,516,607
Delivery Only
Residential		2,979		3,754		5,096
Small Commercial & Industrial		21,827		25,392		29,252
Large Commercial & Industrial		2		3		7
Total Delivery Only Customers		24,808		29,149		34,355
Total Retail Delivery Customers		1,565,983		1,562,851		1,550,962
Heating and Cooling Degree Days
		2008		2007		2006
Heating Degree Days (normal=4,638)		4,403		4,560		3,924
Cooling Degree Days (normal=1,292)		1,354		1,513		1,314
Peak System Load
		2008		2007		2006
Summer
Highest Peak Load (MW)		8,824		8,549		8,932
Winter
Highest Peak Load (MW)		6,519		6,835		6,550

 

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PECO

Gas Sales Statistics, Revenue and Customer Detail

 

		2008		2007		2006
Deliveries to Customers (in mmcf)
Retail Sales		56,110		58,968		50,578
Transportation		27,624		27,632		25,527
Total Retail Deliveries		83,734		86,600		76,105
Gas Revenue (in millions)
Retail Sales		$795		$784		$770
Transportation		19		18		16
Resales and Other		7		36		10
Total Gas Revenue		$821		$838		$796
Gas Customers at Year End
		2008		2007		2006
Customers
Residential		443,453		439,934		434,119
Small Commercial & Industrial		41,262		40,867		40,519
Large Commercial & Industrial		2		5		400
Transportation		698		628		518
Total Customers		485,415		481,434		475,556
Gas Maximum Day Sendout
		2008		2007		2006
Winter
Maximum Day Sendout (in thousand cubic feet (mcf))		666,215		674,089		553,083

 

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