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

April 9, 2010

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))

---

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

On April 9, 2010, Exelon Corporation (Exelon) made its 2009 Fact Book available to investors by posting it on the Investors homepage on Exelon’s website at www.exeloncorp.com. The 2009 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		2009 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 2009 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; and (2) 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.

---

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.

 

April 9, 2010

---

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		2009 Exelon Fact Book

EXHIBIT 99.1

Sustainable Performance

Exelon Corporation 2009 Fact Book

---

		Table of Contents
		Introduction		1
		Exelon at a Glance
		Profile, Vision and Quick Facts		2
		Company Overview
		Corporate Structure and Operating Company Summary		3
		State Regulation
		Illinois Commerce Commission and Commonwealth Edison Company
		Electric Distribution Rate Cases		4
		Pennsylvania Public Utility Commission, PECO Energy Company
		Electric and Gas Rate Cases, Electric Transition Plan and
		System Average Electric Rates		5
		Federal Regulation
		Federal Energy Regulatory Commission and ComEd Electric
		Transmission Rate Cases		6
		Exelon – Financial and Operating Highlights		7
		Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP
		Consolidated Statements of Operations
		Exelon Corporation		8
		Exelon Generation Company		10
		Commonwealth Edison Company		11
		PECO Energy Company		12
		Exelon and Operating Companies
		Capital Structure, Capitalization Ratios and Credit Ratings		13
		Long-Term Debt Outstanding
		Exelon Corporate		14
		Exelon Generation		14
		Commonwealth Edison		15
		PECO Energy		16
		Exelon and Operating Companies – Credit Facilities and Commercial Paper		16
		Map of Exelon Service Area and Selected Generating Assets		17
		Exelon Generation
		Generating Resources – Sources of Electric Supply, Type of Capacity   and Long-Term Contracts		18
		Nuclear Generating Capacity		19
		Total Electric Generating Capacity		20
		Fossil Emissions and Reduction Technology Summary		22
		Annual Electric Supply and Sales Statistics and   ComEd Financial Swap Agreement		24
		Electric Supply and Sales Statistics by Quarter		25
		Electric Sales Statistics, Revenue and Customer Detail
		Commonwealth Edison		26
		PECO Energy		28
		Gas Sales Statistics, Revenue and Customer Detail – PECO Energy		30

---

 

---

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 $17 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-levels class
>		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 2009				Market Highlights

 

$17.3		6,848		660 million
billion in revenues		circuit miles of electric transmission lines		common shares outstanding
$49.2
billion in assets		12,441		$2.10
5.4		miles of gas pipelines		current annual dividend rate per share(a)
million electric customers		31,003		51%
0.5		MWs total U.S. generating resources		2009 dividend pay out ratio
million gas customers		19,329 employees		4.3 %
				dividend yield(b)
93,396
circuit miles of electric distribution lines

(a) Dividends are subject to declaration by the board of directors each quarter.

(b) Based on common stock price of $48.87 on December 31, 2009.

 

2

---

Company Overview

 

Nuclear Generation Fossil Generation Renewable/Hydro Generation Power Marketing				Illinois Utility		Pennsylvania Utility
				2009		2009
				(in millions)		(in millions)
				Revenues: $5,774		Revenues: $5,311
2009				Assets: $20,697		Assets: $9,019
(in millions)
Revenues: $9,703
Assets: $22,406

Operating Companies

 

 

Exelon Generation Company		Exelon Transmission Company		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 through Exelon Energy. Exelon Nuclear Partners offers Exelon’s industry-leading nuclear generation experience to other nuclear operators and those looking to develop new nuclear capabilities.		Exelon Transmission Company was formed in October 2009 as a national venture seeking to capitalize on the growing market for new transmission lines.		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 combined service area in southeastern Pennsylvania, including the City of Philadelphia, of approximately 2,100 square miles and an estimated population of 3.7 million. PECO has approximately 1.6 million electric customers and 486,000 natural customers.

Our Strategic Direction

 

 

Protect today’s value

+

Grow long-term value

>

Deliver superior operating performance

>

Drive the organization to the next level of performance

>

Advance competitive markets

>

Adapt and advance Exelon 2020

>

Exercise financial discipline and maintain financial flexibility

>

Rigorously evaluate and pursue new growth opportunities in clean technologies and transmission

>

Build healthy, self-sustaining delivery companies

>

Build the premier, enduring competitive generation company

 

3

---

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
Manuel Flores (Acting Chairman)(a)		Democrat		1/10		1/14		Attorney; member of Chicago City Council;
								prosecutor in the Cook County State’s
								Attorney’s Office
John T. Colgan (Acting)(a)		Democrat		11/09		1/10		Member of Illinois Association of Community
								Action Agencies; executive director of the
								Illinois Hunger Coalition
Sherman J. Elliott		Republican		1/08		1/12		Manager of State Regulatory Affairs for
								MISO; policy advisor to ICC Commissioners;
								ICC senior economist
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

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

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)		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.

 

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
2009		6.94		39.29			67.77			3.02			117.02

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

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

 

4

---

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)(a)		Democrat		6/05		4/10		Attorney; majority counsel to the Pennsylvania Senate Consumer Affairs Committee
Tyrone Christy (Vice Chairman)		Democrat		6/07		4/11		Executive at Americas Power Partners/ Armstrong Services; board member of Pennsylvania Energy Development Authority; vice chairman of PUC’s Independent Power Committee
Vacant						4/12
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)

(a) Reappointment not yet confirmed by Senate.

PECO Electric Distribution Rate Case

 

($ in millions)		Date		Revenue Increase		Test Year		Rate Base		Overall Rate of Return		Return on Equity		Equity Ratio
PECO Request		3/31/10		$316		2010		$3,236		8.95%		11.75%		53.18%
PECO Gas Delivery Rate Cases
($ in millions)		Date		Revenue Increase		Test Year		Rate Base		Overall Rate of Return		Return on Equity		Equity Ratio
PECO Request		3/31/10		$44		2010		$1,100		8.95%		11.75%		53.18%
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
2010		1,032		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
1/1/2010		$4.60		$29.20		$30.10		$51.20		$115.10

 

5

---

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
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
John R. Norris		Democrat		1/10		6/12		Attorney; Chief of Staff to Secretary Tom Vilsack of the U.S. Department of Agriculture; Chairman of the Iowa Utilities Board; President of the Organization of MISO States
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		$1,986		9.43%		11.50%		57%
						pro forma
ComEd Update(b)		5/15/08		$65		2007		$1,980		9.37%		11.50%		58%
						pro forma
FERC Order(c)		1/08		$120(d)		2005		$1,847		9.40%		11.50%(e)		58%(f)
						pro forma
ComEd Request		3/1/07		$147(d)		2005		$1,898		9.87%		12.20%(g)		58%
						pro forma

 

(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.

 

6

---

Exelon Corporation – Financial and Operating Highlights

For the Years ended December 31,

 

(in millions, except per share data and where indicated)		2009		2008		2007
Operating revenues		$17,318		$18,859		$18,916
Net income		$2,707		$2,737		$2,736
Electric deliveries (in GWhs)(a)		124,828		131,282		133,390
Gas deliveries (in million cubic feet (mmcf))		84,309		83,734		86,600
Total available electric supply resources (MWs)		31,003		31,292		32,332
Cash flows from operating activities		$6,094		$6,551		$4,496
Capital expenditures		$3,273		$3,117		$2,674
Common Stock Data
Average common shares outstanding – diluted (in millions)		662		662		676
GAAP earnings per share (diluted)		$4.09		$4.13		$4.05
Adjusted (non-GAAP) operating earnings per share (diluted)		$4.12		$4.20		$4.32
Dividends paid per common share		$2.10		$2.03		$1.76
New York Stock Exchange common stock price (per share)
High		$58.98		$92.13		$86.83
Low		$38.41		$41.23		$58.74
Year end		$48.87		$55.61		$81.64
Book value per share		$19.16		$16.78		$15.34
Total market capitalization (year end)		$32,244		$36,603		$53,956
Common shares outstanding (year end)		659.8		658.2		660.9

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

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

 

		2009			2008			2007
GAAP Earnings per Diluted Share		$4.09			$4.13			$4.05
Investments in synthetic fuel-producing facilities		–			–			(0.14	)
Mark-to-market impact of economic hedging activities		(0.16	)		(0.41	)		0.15
Decommissioning obligation reduction		(0.05	)		(0.02	)		(0.03	)
Impact of the 2007 Illinois electric rate settlement		0.10			0.22			0.41
Costs associated with ComEd’s City of Chicago settlement		0.01			0.02			0.02
Income associated with termination of Generation’s State Line Energy, L.L.C. PPA		–			–			(0.19	)
Loss associated with Generation’s tolling agreement with Georgia Power related to the Tenaska Georgia Partners, LP contract		–			–			0.11
Gain on sale of Generation’s investments in Termoeléctrica del Golfo and Termoeléctrica Peñoles		–			–			(0.01	)
Non-cash deferred tax items		–			–			(0.04	)
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)		0.03			0.02			–
Unrealized (gains) losses related to nuclear decommissioning trust (NDT) fund investments		(0.19	)		0.27			–
Impairment of certain generating assets		0.20			–			–
2009 restructuring charges		0.03			–			–
Non-cash remeasurement of income tax uncertainties and reassessment of state deferred income taxes		(0.10	)		–			–
Costs associated with early debt retirements		0.11			–			–
Retirement of fossil generating units		0.05			–			–
Adjusted (non-GAAP) Operating Earnings per Diluted Share		$4.12			$4.20			$4.32

Note: PPA = power purchase agreement

 

7

---

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

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2009											Twelve Months Ended December 31, 2008
(in millions, except per share data)		GAAP(a)			Adjustments			Adjusted Non-GAAP					GAAP(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$17,318			$114	(c),(d)		$17,432					$18,859			$245	(c),(d)		$19,104
Operating expenses
Purchased power		3,215			94	(e)		3,309					4,270			414	(e)		4,684
Fuel		2,066			87	(e)		2,153					2,312			38	(e)		2,350
Operating and maintenance		4,612			(265	)(c),(f).(g),(h),(i),(j)		4,347					4,538			–	(c),(f),(i)		4,538
Operating and maintenance for regulatory required programs(b)		63			–			63					28			–			28
Depreciation and amortization		1,834			(32	)(j)		1,802					1,634			–			1,634
Taxes other than income		778			–			778					778			–			778
Total operating expenses		12,568			(116	)		12,452					13,560			452			14,012
Operating income		4,750			230			4,980					5,299			(207	)		5,092
Other income and deductions
Interest expense, net		(731	)		12	(k),(l)		(719	)				(832	)		–			(832	)
Equity in losses of unconsolidated affiliates and investments		(27	)		–			(27	)				(26	)		–			(26	)
Other, net		426			(324	)(k),(l),(m)		102					(407	)		524	(m)		117
Total other income and deductions		(332	)		(312	)		(644	)				(1,265	)		524			(741	)
Income from continuing operations before income taxes		4,418			(82	)		4,336					4,034			317			4,351
Income taxes		1,712			(98	)(c),(d),(e),(f),(g),		1,614					1,317			253	(c),(d),(e),(f),(i),(m)		1,570
						(h),(i),(j),(k),(l),(m)
Income from continuing operations		2,706			16			2,722					2,717			64			2,781
Income from discontinued operations		1			–			1					20			(20	)(n)		–
Net income		$2,707			$16			$2,723					$2,737			$44			$2,781

 

(a)		Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)		Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.
(c)		Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.
(d)		Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.
(e)		Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.
(f)		Adjustment to exclude external costs associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.
(g)		Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.
(h)		Adjustment to exclude 2009 restructuring charges.
(i)		Adjustment to exclude the reduction in Generation’s decommissioning obligation.
(j)		Adjustment to exclude costs associated with the planned retirement of fossil generating units.
(k)		Adjustment to exclude 2009 remeasurements of income tax uncertainties and a change in state deferred income taxes.
(l)		Adjustment to exclude 2009 costs associated with early debt retirements.
(m)		Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.
(n)		Adjustment to exclude the resolution of tax matters at Generation related to Sithe.

 

8

---

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

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2009						Twelve Months Ended December 31, 2008
(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		$4.10		$0.03		$4.13		$4.13		$0.10			$4.23
Income from discontinued operations		–		–		–		0.03		(0.03	)		–
Net income		$4.10		$0.03		$4.13		$4.16		$0.07			$4.23
Diluted:
Income from continuing operations		$4.09		$0.03		$4.12		$4.10		$0.10			$4.20
Income from discontinued operations		–		–		–		0.03		(0.03	)		–
Net income		$4.09		$0.03		$4.12		$4.13		$0.07			$4.20
Average common shares outstanding
Basic		659				659		658					658
Diluted		662				662		662					662

(a) Results reported in accordance with GAAP.

 

9

---

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

Earnings to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
(in millions)		GAAP(a)			Adjustments			Adjusted Non-GAAP			GAAP(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$9,703			$98	(b)		$9,801			$10,754			$221	(b)		$10,975
Operating expenses
Purchased power		1,338			94	(c)		1,432			1,867			414	(c)		2,281
Fuel		1,594			87	(c)		1,681			1,705			38	(c)		1,743
Operating and maintenance		2,938			(207	)(d),(h),(i),(j)		2,731			2,717			25	(j)		2,742
Depreciation and amortization		333			(32	)(d)		301			274			–			274
Taxes other than income		205			–			205			197			–			197
Total operating expenses		6,408			(58	)		6,350			6,760			477			7,237
Operating income		3,295			156			3,451			3,994			(256	)		3,738
Other income and deductions
Interest expense, net		(113	)		2	(e)		(111	)		(136	)		–			(136	)
Equity in losses of investments		(3	)		–			(3	)		(1	)		–			(1	)
Other, net		376			(320	)(e),(f),(j)		56			(469	)		524	(f)		55
Total other income and deductions		260			(318	)		(58	)		(606	)		524			(82	)
Income from continuing operations before income taxes		3,555			(162	)		3,393			3,388			268			3,656
Income taxes		1,433			(132	)(b),(c),(d),(e),		1,301			1,130			233	(b),(c),(f),(j)		1,363
						(f),(h),(i),(j),(k)
Income from continuing operations		2,122			(30	)		2,092			2,258			35			2,293
Income from discontinued operations		–			–			–			20			(20	)(g)		–
Net income		$2,122			$(30	)		$2,092			$2,278			$15			$2,293

 

(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 costs associated with the planned retirement of fossil generating units.
(e)		Adjustment to exclude 2009 costs associated with early debt retirements.
(f)		Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.
(g)		Adjustment to exclude the resolution of tax matters at Generation related to Sithe.
(h)		Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.
(i)		Adjustment to exclude 2009 restructuring charges.
(j)		Adjustment to exclude the reduction in Generation’s decommissioning obligation.
(k)		Adjustment to exclude a change in state deferred income taxes.

 

10

---

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

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
(in millions)		GAAP(a)			Adjustments			Adjusted Non-GAAP			GAAP(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$5,774			$16	(c),(d)		$5,790			$6,136			$24	(c),(d)		$6,160
Operating expenses
Purchased power		3,065			–			3,065			3,582			–			3,582
Operating and maintenance		1,028			(20	)(c),(e)		1,008			1,097			(7	)(c)		1,090
Operating and maintenance for regulatory required programs(b)		63			–			63			28						28
Depreciation and amortization		494			–			494			464			–			464
Taxes other than income		281			–			281			298			–			298
Total operating expenses		4,931			(20	)		4,911			5,469			(7	)		5,462
Operating income		843			36			879			667			31			698
Other income and deductions
Interest expense, net		(319	)		(6	)(f)		(325	)		(348	)		–			(348	)
Equity in losses of unconsolidated affiliates		–			–			–			(8	)		–			(8	)
Other, net		79			(60	)(f)		19			18			–			18
Total other income and deductions		(240	)		(66	)		(306	)		(338	)		–			(338	)
Income before income taxes		603			(30	)		573			329			31			360
Income taxes		229			(12	)(c),(d),(e),(f)		217			128			13	(c),(d)		141
Net income		$374			$(18	)		$356			$201			$18			$219

 

(a)		Results reported in accordance with GAAP.
(b)		Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.
(c)		Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.
(d)		Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.
(e)		Adjustment to exclude 2009 restructuring charges.
(f)		Adjustment to exclude 2009 remeasurements of income tax uncertainties.

 

11

---

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

to GAAP Consolidated Statements of Operations (unaudited)

 

		Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
(in millions)		GAAP(a)			Adjustments			Adjusted Non-GAAP			GAAP(a)			Adjustments		Adjusted Non-GAAP
Operating revenues		$5,311			$ –			$5,311			$5,567			$ –		$5,567
Operating expenses
Purchased power		2,274			–			2,274			2,411			–		2,411
Fuel		472			–			472			607			–		607
Operating and maintenance		640			(3	)(b)		637			731			–		731
Depreciation and amortization		952			–			952			854			–		854
Taxes other than income		276			–			276			265			–		265
Total operating expenses		4,614			(3	)		4,611			4,868			–		4,868
Operating income		697			3			700			699			–		699
Other income and deductions
Interest expense, net		(187	)		–			(187	)		(226	)		–		(226	)
Equity in losses of unconsolidated affiliates		(24	)		–			(24	)		(16	)		–		(16	)
Other, net		13			–			13			18			–		18
Total other income and deductions		(198	)		–			(198	)		(224	)		–		(224	)
Income before income taxes		499			3			502			475			–		475
Income taxes		146			2	(b)		148			150			–		150
Net income		$353			$ 1			$354			$325			$ –		$325

 

(a)		Results reported in accordance with GAAP.
(b)		Adjustment to exclude 2009 restructuring charges.

 

12

---

Exelon and Operating Companies – Capital Structure and Capitalization Ratios

 

(at December 31)		2009									2008									2007
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		$12,594			49.7			48.9			$13,151			54.1			51.9			$13,687			57.2			53.3
Preferred Securities of Subsidiaries		87			0.3			0.3			87			0.4			0.4			87			0.4			0.4
Total Shareholders’ Equity		12,640			49.9			50.8			11,047			45.5			47.7			10,137			42.4			46.3
Total Capitalization		$25,321									$24,285									$23,911
Transition Debt		$415									$1,124									$2,006
Exelon Generation
Total Debt		$2,993			30.6						$2,514			27.7						$2,525			36.6
Total Equity		6,792			69.4						6,566			72.3						4,369			63.4
Total Capitalization		$9,785									$9,080									$6,894
ComEd
Total Debt		$5,072			42.4						$4,992			42.6						$5,150			44.1			42.8
Total Shareholders’ Equity		6,882			57.6						6,735			57.4						6,528			55.9			57.2
Total Capitalization		$11,954									$11,727									$11,678
Transition Debt		$ –									$ –									$274
PECO Energy
Total Debt		$2,820			51.5			47.6			$3,374			59.8			49.8			$3,789			64.2			49.3
Preferred Securities		87			1.6			1.7			87			1.5			1.9			87			1.5			2.1
Total Shareholders’ Equity		2,565			46.9			50.7			2,182			38.7			48.3			2,023			34.3			48.6
Total Capitalization		$5,472									$5,643									$5,899
Transition Debt(b)		$415									$1,124									$1,733

 

(a) Excluding ComEd and PECO transition debt. (b) PECO transition debt maturities: 2010 – $415 million. Note: Amounts may not add due to rounding.   Credit Ratings as of March 31, 2010

Moody’s Investors Service

(a)

Standard & Poor’s Corporation

(b)

Fitch Ratings

(b)

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

Baa1

A-

BBB+

Commercial Paper

P3

A2

F3

PECO Energy

Senior Secured Debt

A2

A-

A

Commercial Paper

P2

A2

F2

(a) Rating outlook for PECO is negative; rating outlook for Exelon, Generation and ComEd is stable.

(b) Rating outlook for all entities is stable.

 

13

---

Exelon Corporate – Long-Term Debt Outstanding as of December 31, 2009

 

Series		Interest Rate		Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
Senior Notes
2005 Senior Notes		4.45%		6/9/05		6/15/10		$400			$400		$–
2005 Senior Notes		4.90%		6/9/05		6/15/15		800			–		800
2005 Senior Notes		5.625%		6/9/05		6/15/35		500			–		500
Total Senior Notes								$1,700			$400		$1,300
Unamortized Debt Discount & Premium, Net								(2	)		–		(2	)
Total Long-Term Debt								$1,698			$400		$1,298

 

Maturities
2010		$	400		2013		–
2011			–		2014		–
2012			–

Exelon Generation – Long-Term Debt Outstanding as of December 31, 2009

 

Series

Interest Rate

Date Issued

Maturity Date

Total Debt Outstanding

Current Portion

Long-Term Debt

(in millions)

Senior Notes

2003 Senior Unsecured Notes

5.35%

12/19/03

1/15/14

$500

$–

$500

2007 Senior Unsecured Notes

6.20%

9/28/07

10/1/17

700

–

700

2009 Senior Unsecured Notes

5.20%

9/23/09

10/1/19

600

–

600

2009 Senior Unsecured Notes

6.25%

9/23/09

10/1/39

900

–

900

Total Senior Unsecured Notes

$2,700

$–

$2,700

Unsecured Pollution Control Notes

Delaware Co. 1993 Ser. A

var. rate

8/24/93

8/1/16

$24

$24

$–

York County 1993 Ser. A

var. rate

8/24/93

8/1/16

18

–

18

Salem Co. 1993 Ser. A

var. rate

9/9/93

3/1/25

23

–

23

Indiana Co. 2003 A

var. rate

6/3/03

6/1/27

17

–

17

Montgomery Co. 1994 Ser. A

var. rate

2/14/95

6/1/29

83

–

83

Montgomery Co. 1994 Ser. B

var. rate

7/2/95

6/1/29

13

–

13

Montgomery Co. 1996 Ser. A

var. rate

3/27/96

3/1/34

34

–

34

Armstrong Co. 2009 A

5.00%

6/3/09

12/1/42

46

–

46

Total Unsec. Pollution Control Notes

$259

$24

$235

Notes Payable

Capital Leases

$38

$2

$36

Unamortized Debt Discount & Premium, Net

(4

)

–

(4

)

Total Long-Term Debt

$2,993

$26

$2,967

 

Maturities
2010		$	26		2013		3
2011			2		2014		503
2012			3

Note: Amounts may not add due to rounding.

 

14

---

ComEd – Long-Term Debt Outstanding as of December 31, 2009

 

Series		Interest Rate		Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
First Mortgage Bonds
102		4.74%		8/25/03		8/15/10		$212			$212		$–
105		5.40%		12/19/06		12/15/11		345			–		345
98		6.15%		3/13/02		3/15/12		450			–		450
92		7.625%		4/15/93		4/15/13		125			–		125
94		7.50%		7/1/93		7/1/13		127			–		127
Pollution Control-1994C		5.85%		1/15/94		1/15/14		17			–		17
101		4.70%		4/7/03		4/15/15		260			–		260
104		5.95%		8/28/06		8/15/16		415			–		415
IL Fin. Authority Series 2008 F		var. rate		5/9/08		3/1/17		91			–		91
106		6.15%		9/10/07		9/15/17		425			–		425
108		5.80%		3/27/08		3/15/18		700			–		700
IL Fin. Authority Series 2008 D		var. rate		5/9/08		3/1/20		50			–		50
IL Fin. Authority Series 2008 E		var. rate		6/27/08		5/1/21		50			–		50
100		5.875%		1/22/03		2/1/33		254			–		254
103		5.90%		3/6/06		3/15/36		625			–		625
107		6.45%		1/16/08		1/15/38		450			–		450
Total First Mortgage Bonds								$4,596			$212		$4,384
Sinking Fund Debentures
Sinking Fund Debenture		4.75%		12/1/61		12/1/11		2			1		2
Total Sinking Fund Debentures								$2			$1		$2
Notes Payable
Notes Payable		6.95%		7/16/98		7/15/18		140			–		140
Total Notes Payable								$140			$–		$140
Long-Term Debt To Financing Trusts
Subordinated Debentures to ComEd Financing III		6.35%		3/17/03		3/15/33		206			–		206
Total Long-Term Debt to Financing Trusts								$206			$–		$206
Unamortized Debt Disc. & Prem. & Settled Fair-Value Hedge, Net								(27	)		–		(27	)
Total Long-Term Debt								$4,917			$213		$4,704

 

Maturities
2010		$	213
2011			347
2012			450
2013			252
2014			17

Note: Amounts may not add due to rounding.

 

15

---

PECO Energy – Long-Term Debt Outstanding as of December 31, 2009

 

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			$–		$250
FMB		4.75%		9/23/02		10/1/12		225			–		225
FMB		5.60%		10/2/08		10/15/13		300			–		300
FMB		5.00%		3/26/09		10/1/14		250			–		250
FMB		5.35%		3/3/08		3/1/18		500			–		500
FMB		5.90%		4/23/04		5/1/34		75			–		75
FMB		5.95%		9/25/06		10/1/36		300			–		300
FMB		5.70%		3/19/07		3/15/37		175			–		175
Total First Mortgage Bonds								$2,075			$–		$2,075
Mortgage-Backed Pollution Control Notes
Delaware Co. 2008 Ser. A		4.00%		3/5/08		12/1/12		150			–		150
Total Mortgage-Backed Pollution Control Notes								$150			$–		$150
Long-Term Debt to Financing Trusts
PETT(a) Series 2001 A-1		6.52%		3/1/01		9/1/10		$415			$415		$–
PECO Energy Capital Trust III		7.38%		4/6/98		4/6/28		81			–		81
PECO Energy Capital Trust IV		5.75%		6/24/03		6/15/33		103			–		103
Total Long-Term Debt to Financing Trusts								$599			$415		$184
Unamortized Debt Discount & Premium, Net								(4	)		–		(4	)
Total Long-Term Debt								$2,820			$415		$2,405

(a) PETT = PECO Energy Transition Trust

 

Maturities
2010		$	415
2011			250
2012			375
2013			300
2014			250

Exelon and Operating Companies – Credit Facilities and Commercial Paper as of December 31, 2009

 

		Generation			ComEd			PECO			Exelon Corporate			Total
(in millions)
Unsecured Revolving Credit Facilities(a)		$4,834			$952			$574			$957			$7,317
Outstanding Facility Draws		–			(155	)		–			–			(155	)
Outstanding Letters of Credit		(167	)		(251	)		(10	)		(5	)		(433	)
Available Capacity under Facilities(b)		4,667			546			564			952			6,729
Outstanding Commercial Paper		–			–			–			–			–
Available Capacity less Outstanding Comm. Paper		$4,667			$546			$564			$952			$6,729

 

(a)

Equals aggregate bank commitments under revolving credit agreements. Excludes $67 million of credit facility agreements arranged with minority and community banks in October 2009 which are solely utilized to issue letters of credit and expire on October 23, 2010. On March 25, 2010, ComEd entered into a new $1 billion unsecured revolving credit facility to replace the previous $952 million facility.

(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.

 

16

---

Exelon Service Area and Selected Generating Assets*

 

Illinois

Pennsylvania

2009 Exelon Generation – Ownership Equity

A

Exelon Corporate HQ

C

Exelon Power Team HQ

A

ComEd HQ

C

Exelon Power HQ

Output in

Capacity in

B

Exelon Nuclear HQ

C

Exelon Generation HQ

Megawatt Hours (MWh)

Megawatts (MW)

1

Braidwood (N)

D

PECO HQ

Nuclear

93%

68%

2

Byron (N)

15

Conemaugh (F)

Coal

5%

6%

3

Clinton (N)

16

Cromby (F)

Oil

<1%

8%

4

Dresden (N)

17

Eddystone (F)

Gas

1%

11%

5

LaSalle (N)

18

Fairless Hills (R)

Renewables

1%

7%

6

Quad Cities (N)

19

Keystone (F)

7

Southeast Chicago (F)

20

Limerick (N)

28

City Solar (R)

21

Muddy Run (R)

22

Peach Bottom (N)

Maine

23

Schuylkill (F)

*    Map does not show 8 sites in the Philadelphia area where Exelon has peaking combustion turbines.

8

Wyman (F)

24

Three Mile Island (N)

Maryland

Texas

9

Conowingo (R)

25

Handley (F)

26

LaPorte (F)

Massachusetts

27

Mountain Creek (F)

10

Framingham (F)

11

New Boston (F)

12

West Medway (F)

New Jersey

13

Oyster Creek (N)

14

Salem (N)

 

17

---

Exelon Generation – Generating Resources

Sources of Electric Supply

(GWhs)		2009		2008		2007
Nuclear units		139,670		139,342		140,359
Purchases – non-trading portfolio(a)		23,206		26,263		38,021
Fossil and hydroelectric units		10,189		10,569		11,270
Total supply		173,065		176,174		189,650
Type of Capacity
(MWs) At December 31,		2009		2008		2007
Owned generation assets
Nuclear		17,009		16,983		16,969
Fossil		6,189		6,184		6,197
Hydroelectric		1,652		1,642		1,642
Owned generation assets		24,850		24,809		24,808
Long-term contracts		6,153		6,483		7,524
Total generating resources		31,003		31,292		32,332

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

Long-Term Contracts

(At December 31, 2009)

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 Partners, LP(a)

Oil/Gas

2001 – 2030

942

ERCOT

Intermediate

Shiro, TX

Tenaska Frontier Partners, Ltd.

Oil/Gas

2000 – 2020

830

SPP

Intermediate

Jenks, OK

Green Country Energy, LLC(b)

Oil/Gas

2002 – 2022

795

PJM

Peaking

Elwood, IL

Elwood Energy, LLC

Oil/Gas

2001 – 2012

775

PJM

Peaking

Manhattan, IL

Lincoln Generating Facility, LLC

Oil/Gas

2003 – 2011

664

ERCOT

Intermediate

Granbury, TX

Wolf Hollow 1, LP

Oil/Gas

2003 – 2023

350

PJM

Base-load

McLean, IL

Old Trail Windfarm, LLC

Wind

2008 – 2026

198

PJM

Peaking

Philadelphia, PA

Trigen-Philadelphia Energy Corp.

Oil/Gas

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 Producers, LLC

Landfill gas

2009 – 2018

5

PJM

Peaking

Morrisville, PA

Epuron LLC

Solar

2008 – 2028

3

Total

6,153

ISO = Independent System Operator

NUG = Non-utility generator

 

(a)	Commencing June 1, 2010 and lasting for 20 years, Generation has agreed to sell its rights to 942 MW of capacity, energy, and ancillary services supplied from its existing long-term contract with Tenaska Georgia Partners, LP through a PPA with Georgia Power, a subsidiary of Southern Company.

(b)

Commencing June 1, 2012 and lasting for 10 years, Generation has agreed to sell its rights to 520 MW, or approximately two-thirds, of capacity, energy, and ancillary services supplied from its existing long-term contract with Green Country Energy, LLC through a PPA with Public Service Company of Oklahoma, a subsidiary of American Electric Power Company, Inc.

 

18

---

Exelon Generation – Nuclear Generating Capacity

Exelon Nuclear Fleet^(a)

 

(At December 31, 2009)

Last Refueling

Station

Number of Units

Plant Type

NSSS Vendor

Net Annual Mean Rating (MW)

Start Date

License Expires

Ownership

Completed by Unit

2009 Generation (GWh)

Braidwood

2

PWR

W

1,194/1,166

1988

2026/2027

100%

Apr-09/Oct-09(b)

19,228

Byron

2

PWR

W

1,183/1,153

1985/1987

2024/2026

100%

Oct-09/Oct-08(b)

19,718

Clinton

1

BWR

GE

1,065

1987

2026

100%

Feb-10(c)

8,912

Dresden

2

BWR

GE

869/871

1970/1971

2029/2031

100%

Dec-09/Nov-08(c)

14,267

LaSalle

2

BWR

GE

1,138/1,150

1984

2022/2023

100%

Mar-10/Feb-09(c)

18,755

Limerick

2

BWR

GE

1,148/1,145

1986/1990

2024/2029

100%

Mar-08/Apr-09(c)

19,331

Oyster Creek

1

BWR

GE

625

1969

2029

100%

Nov-08(c)

4,979

Peach Bottom

2

BWR

GE

1,148/1,141

1974

2033/2034

50% Exelon,

Oct-08/Oct-09(c)

9,305

50% PSEG Nuclear

Quad Cities

2

BWR

GE

874/882

1973

2032/2032

75% Exelon,

May-09/Mar-08(c)

10,923

25% Mid-American

Energy Holdings

Three Mile Island

1

PWR

B&W

837

1974

2034

100%

Jan-10(c)

5,885

Total

17

17,589

16,006 MW owned

131,303

Average in-service time = 29 years

Note: Fleet also includes 4 shutdown units: Peach Bottom 1, Dresden 1, Zion 1 and 2.

(a)		Does not include Exelon Generation’s 42.59%, 1,003 MW, interest in Salem Units 1 and 2 (PWRs). Last refueling outages: Salem Unit 1 completed November 2008 and Unit 2 completed November 2009 (18-month cycle). 2009 capacity and generation data is at ownership.
(b)		18-month refueling cycle.
(c)		24-month refueling cycle.

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

 

		2009		2008		2007
Fleet capacity factor(a)		93.6%(b)		93.9%		94.5%
Fleet production cost per MWh(a)		$16.07		$15.87		$14.46

Refueling Outages – 2009

– Conducted 9 refueling outages^(a)

– Average refueling outage duration: 29 days^(a)

– U.S. average refueling duration: ~43 days (excludes Exelon)

Net Generation – 2009

– 131,303 GWhs, excluding Salem

– 139,670 GWhs, including Salem

Refueling Outages (including Salem)

2008: 12 actual

2009: 10 actual

2010: 10 planned

2011: 11 planned

2012: 11 planned

2013: 9 planned

(a) Excludes Salem; Salem Unit 1 and Unit 2 capacity factors in 2009 were 99.1% and 92.0%, respectively.

(b) vs. industry average of 88.5%.

Source for industry averages: Exelon Nuclear 2010 Benchmarking Report

 

19

---

Exelon Generation – Total Electric Generating Capacity

Owned net electric generating capacity by station at December 31, 2009:

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 (MW)

(b)

Nuclear

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

2,293

Oyster Creek

Forked River, NJ

1

Uranium

Base-load

625

Peach Bottom

Peach Bottom Twp., PA

2

50.00

Uranium

Base-load

1,145

(c)

Quad Cities

Cordova, IL

2

75.00

Uranium

Base-load

1,317

(c)

Salem

Hancock’s Bridge, NJ

2

42.59

Uranium

Base-load

1,003

(c)

Three Mile Island

Londonderry Twp, PA

1

Uranium

Base-load

837

17,009

Fossil (Steam Turbines)

Conemaugh

New Florence, PA

2

20.72

Coal

Base-load

352

(c)

Cromby 1

Phoenixville, PA

1

Coal

Intermediate

144

(d)

Cromby 2

Phoenixville, PA

1

Oil/Gas

Intermediate

201

(d)

Eddystone 1, 2

Eddystone, PA

2

Coal

Intermediate

588

(d)

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

(c)

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

(c)

4,734

Fossil (Combustion Turbines)

Chester

Chester, PA

3

Oil

Peaking

39

Croydon

Bristol Twp., PA

8

Oil

Peaking

391

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

(c)

Schuylkill

Philadelphia, PA

2

Oil

Peaking

30

Southeast Chicago

Chicago, IL

8

Gas

Peaking

296

Southwark

Philadelphia, PA

4

Oil

Peaking

52

1,442

 

20

---

Exelon Generation – Total Electric Generating Supply

(continued)

Owned net electric generating capacity by station at December 31, 2009:

 

Station

Location

Number of Units

Percent Owned

(a)

Primary Fuel Type

Primary Dispatch Type

Net Generation Capacity (MW)

(b)

Fossil (Internal Combustion/Diesel)

Conemaugh

New Florence, PA

4

20.72

Oil

Peaking

2

(c)

Cromby

Phoenixville, PA

1

Oil

Peaking

3

Delaware

Philadelphia, PA

1

Oil

Peaking

3

Keystone

Shelocta, PA

4

20.99

Oil

Peaking

2

(c)

Schuylkill

Philadelphia, PA

1

Oil

Peaking

3

13

Hydroelectric and Renewable

City Solar

Chicago, IL

n.a.

Solar

Base-load

10

(e)

Conowingo

Harford Co. MD

11

Hydroelectric

Base-load

572

Muddy Run

Lancaster, PA

8

Hydroelectric

Intermediate

1,070

1,652

Total

124

24,850

 

(a)		100%, unless otherwise indicated.
(b)		For nuclear stations, capacity reflects the annual mean rating. All other stations reflect a summer rating.
(c)		Net generation capacity is stated at proportionate ownership share.
(d)		On December 2, 2009, Generation announced its intention to permanently retire four of its fossil-fired generating units. Cromby 1 and Eddystone 1 scheduled to retire effective May 31, 2011. Cromby 2 and Eddystone 2 scheduled to retire effective May 31, 2012 and December 31, 2013, respectively, pending receipt of required environmental permits and adequate cost-based compensation through reliability must-run (RMR) agreement.
(e)		Table represents total expected capacity upon project completion. City Solar is 82% complete as of December 31, 2009.

 

21

---

Fossil Emissions and Reduction Technology Summary

Owned generation as of December 31, 2009. Table does not include station auxiliary

equipment or peaking combustion turbines.

 

				Net Generation Available for Sale (GWh)
Fossil Station		Capacity (MW, Summer Rating)		2009		2008		2007
Conemaugh (New Florence, PA) Units: 2 coal units (baseload) Data reflects Exelon Generation’s 20.72% plant ownership.		352		2,517		2,376		2,684
Cromby (Phoenixville, PA) Units: 1 coal unit (intermediate), 1 oil/gas steam unit (intermediate)		345		524		679		831
Eddystone (Eddystone, PA) Units: 2 coal units (intermediate), 2 oil/gas steam units (intermediate)		1,348		2,041		2,152		2,961
Fairless Hills (Falls Township, PA) Units: 2 landfill gas units (peaking)		60		237		227		249
Handley (Ft. Worth, TX) Units: 3 gas steam units (2 peaking/1 intermediate)		1,265		523		426		264
Keystone (Shelocta, PA) Units: 2 coal units (baseload) Data reflects Exelon Generation’s 20.99% plant ownership.		357		2,212		2,969		2,577
Mountain Creek (Dallas, TX) Units: 3 gas steam units (2 peaking/1 intermediate)		805		689		246		378
New Boston (South Boston, MA) Units: 1 gas steam unit (intermediate)		Unit deactivated in 2007		0		0		13
Schuylkill (Philadelphia, PA) Units: 1 oil steam unit (peaking)		166		9		28		77

 

22

---

Fossil Emissions and Reduction Technology Summary

 

Emissions (thousand tons)										Reduction Technology
Type		2009		2008		2007				SO2 Scrubber			Post combustion NOx controls (SCR or SNCR)			Low NOx burners with separated overfire air			Induced flue gas recirculation for NOx
Conemaugh
SO2		1.5		1.3		1.4				X
NOx		3.9		3.6		4.2										X
CO2		2,486.0		2,254.9		2,512.5
Cromby
SO2		2.2		3.4		3.4				X
NOx		1.1		1.9		2.0				(Coal Unit	)		X			X
CO2		615.4		965.0		1,061.5							(Coal Unit	)		(Coal Unit	)
Eddystone
SO2		5.3		5.4		6.9				X
NOx		3.8		4.1		5.5				(Coal Units	)		X			X
CO2		2,754.5		2,827.0		3,855.8							(Coal Units	)		(Coal Units	)
Fairless Hills
SO2		0.1		0.1		0.1
NOx		0.1		0.1		0.1
CO2		226.0		373.8		207.1
Handley
SO2		*		*		*
NOx		*		*		*							X
CO2		377.0		319.6		216.6							(Units 3, 4, 5	)
Keystone
SO2		23.7		39.9		35.9				X
NOx		0.8		3.3		2.6							X			X
CO2		2,146.2		2,867.1		2,497.5
Mountain Creek
SO2		*		*		*
NOx		0.1		*		*							X						X
CO2		470.5		170.0		280.5							(Unit 8	)					(Units 6, 7	)
New Boston
SO2		0		0		0
NOx		0		0		*
CO2		0		0		9.0
Schuylkill
SO2		*		0.4		0.2
NOx		*		*		0.1
CO2		14.1		28.9		81.0

                *Indicates emissions less than 50 tons.

 

23

---

Exelon Generation – Annual Electric Supply and Sales Statistics

 

(in GWhs)		Twelve Months Ended December 31,
		2009		2008		2007
Supply
Nuclear		139,670		139,342		140,359
Purchased Power		23,206		26,263		38,021
Fossil and Hydro		10,189		10,569		11,270
Power Team Supply		173,065		176,174		189,650
		Twelve Months Ended December 31,
(in GWhs)		2009		2008		2007
Electric Sales
ComEd(a)		16,830		23,200		23,062
PECO		39,897		40,966		41,343
Market and Retail(a)		116,338		112,008		125,245
Total Electric Sales(b),(c)		173,065		176,174		189,650
Average Margin ($/MWh)
Average Realized Revenue
ComEd(a)		$63.52		$63.71		$64.04
PECO		50.25		50.85		49.80
Market and Retail(a)		54.79		59.99		54.59
Total Electric Sales		54.59		58.35		54.70
Average Purchased Power and Fuel Cost(d)		$16.39		$19.87		$19.54
Average Margin(d)		$38.20		$38.48		$35.16
Around-the-clock (ATC) Market Prices ($/MWh)(e)
PJM West Hub		$38.30		$68.52		$59.87
NIHUB		28.85		49.00		45.53

 

(a)		$292 million of pre-tax revenue, and $2 million of a pre-tax reduction in revenue, resulting from the settlement of the ComEd swap starting in June 2008, have been excluded from ComEd and included in Market and Retail sales for the twelve months ended December 31, 2009 and December 31, 2008, respectively. Additionally, $88 million (1,916 GWhs) and $29 million (486 GWhs) of pre-tax revenue, resulting from sales to ComEd under the RFP, which started in September 2008, have been excluded from ComEd and included in Market and Retail sales for the twelve months ended December 31, 2009 and December 31, 2008, respectively. In addition, renewable energy credits sales to affiliates have been included within Market and Retail sales.
(b)		Excludes retail gas activity, trading portfolio and other operating revenue.
(c)		Total sales do not include trading volume of 7,578 GWhs, 8,891 GWhs and 20,323 GWhs for the twelve months ended December 31, 2009, 2008 and 2007, respectively.
(d)		Excludes the mark-to-market impact of Generation’s economic hedging activities.
(e)		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

---

Exelon Generation – Electric Supply and Sales Statistics by Quarter

 

		Three Months Ended
(in GWhs)		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008
Supply
Nuclear		33,609		35,684		34,995		35,382		34,887		36,451		35,069		32,935
Purchased Power		5,184		6,669		5,276		6,077		6,100		8,761		5,575		5,827
Fossil and Hydro		2,034		2,689		2,701		2,765		2,162		2,685		2,910		2,812
Power Team Supply		40,827		45,042		42,972		44,224		43,149		47,897		43,554		41,574
		Three Months Ended
(in GWhs)		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008
Electric Sales
ComEd(a)		3,439		3,639		4,215		5,537		5,261		6,629		5,218		6,092
PECO		9,588		10,809		9,277		10,223		9,760		11,333		9,761		10,112
Market and Retail(a)		27,800		30,594		29,480		28,464		28,128		29,935		28,575		25,370
Total Electric Sales(b),(c)		40,827		45,042		42,972		44,224		43,149		47,897		43,554		41,574
Average Margin ($/MWh)
Average Realized Revenue
ComEd(a)		$63.39		$64.03		$63.58		$63.21		$63.30		$64.41		$63.82		$63.20
PECO		48.60		51.35		51.74		49.30		49.28		53.03		52.04		48.75
Market and Retail(a)		54.96		52.99		54.27		57.12		54.18		65.98		61.91		57.19
Total Electric Sales		54.18		53.48		54.64		56.08		54.18		62.70		59.93		56.02
Average Purchased Power and Fuel Cost(d)		$15.82		$17.16		$15.68		$16.82		$15.90		$26.16		$19.40		$17.25
Average Margin(d)		$38.36		$36.32		$38.96		$39.25		$38.28		$36.54		$40.53		$38.77
Around-the-clock Market
Prices ($/MWh)(e)
PJM West Hub		$37.31		$33.20		$33.70		$49.18		$52.62		$77.37		$75.65		$68.53
NIHUB		29.61		25.69		26.11		34.09		38.06		53.28		51.39		53.35

 

(a)		$88 million, $104 million, $69 million, $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 December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008 and June 30, 2008, respectively. Additionally, $12 million (411 GWhs), $11 million (397 GWhs), $7 million (209 GWhs), $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 December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009 and December 31, 2008, respectively.
(b)		Excludes retail gas activity, trading portfolio and other operating revenue.
(c)		Total sales do not include trading volume of 1,599 GWhs, 1,645 GWhs, 2,003 GWhs, 2,331 GWhs, 2,153 GWhs, 3,092 GWhs, 1,784 GWhs and 1,862 GWhs for the three months ended December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008, respectively.
(d)		Excludes the mark-to-market impact of Generation’s economic hedging activities.
(e)		Represents the average for the quarter.

 

25

---

ComEd

Electric Sales Statistics and Revenue Detail

Full service reflects deliveries to customers purchasing electricity from ComEd. Delivery only service reflects customers electing to receive electricity from an alternative electric generation supplier. Other revenues primarily include transmission revenues from PJM, late payment charges and mutual assistance program revenues.

 

		2009		2008		2007
Retail Deliveries (in GWhs)
Full service
Residential		26,619		28,389		29,374
Small Commercial & Industrial		13,633		14,937		16,468
Large Commercial & Industrial		1,216		1,045		1,949
Public Authorities & Electric Railroads		421		578		766
Total Full Service		41,889		44,949		48,557
Delivery Only
Residential		2		–		–
Small Commercial & Industrial		18,601		18,550		17,380
Large Commercial & Industrial		25,452		27,764		27,122
Public Authorities & Electric Railroads		816		636		518
Total Delivery Only		44,871		46,950		45,020
Total Retail Deliveries		86,760		91,899		93,577
Electric Revenue (in millions)
Full Service
Residential		$3,115		$3,284		$3,161
Small Commercial & Industrial		1,335		1,542		1,619
Large Commercial & Industrial		73		90		154
Public Authorities & Electric Railroads		44		52		67
Total Full Service		4,567		4,968		5,001
Delivery Only
Residential(a)		–		–		–
Small Commercial & Industrial		325		289		261
Large Commercial & Industrial		314		295		276
Public Authorities & Electric Railroads		13		7		5
Total Delivery Only		652		591		542
Total Electric Retail Revenues		5,219		5,559		5,543
Other Revenues		555		577		561
Total Operating Revenues		$5,774		$6,136		$6,104
Electric Revenue ($/MWh)
Full Service
Residential		$117.02		$115.68		$107.61
Small Commercial & Industrial		97.92		103.23		98.31
Large Commercial & Industrial		60.03		86.12		79.01
Public Authorities & Electric Railroads		104.51		89.97		87.47
Delivery Only
Residential		36.60		29.97		–
Small Commercial & Industrial		17.47		15.58		15.02
Large Commercial & Industrial		12.34		10.63		10.18
Public Authorities & Electric Railroads		15.93		11.01		9.65

(a) Total activity of less than $1 million.

 

26

---

ComEd

Customers at Year End

 

		2009		2008		2007
Retail Delivery Customers
Full service
Residential		3,425,395		3,437,891		3,436,254
Small Commercial & Industrial		309,449		318,023		317,973
Large Commercial & Industrial		143		177		137
Public Authorities & Electric Railroads		10		8		30
Street & Highway Lighting		4,967		5,036		5,091
Wholesale		–		–		1
Total Full Service Customers		3,739,964		3,761,135		3,759,486
Delivery Only
Residential		175		174		–
Small Commercial & Industrial		51,330		41,003		42,246
Large Commercial & Industrial		1,842		1,895		1,927
Public Authorities & Electric Railroads		2		2		4
Street & Highway Lighting		29		29		10
Total Delivery Only		53,378		43,103		44,187
Total Retail Delivery Customers		3,793,342		3,804,238		3,803,673
Heating and Cooling Degree Days
		2009		2008		2007
Heating Degree Days (normal=6,362)		6,429		6,680		6,025
Cooling Degree Days (normal=855)		589		828		1,111
Peak System Load
		2009		2008		2007
Summer
Highest Peak Load (MW)		21,218		20,948		21,972
Winter
Highest Peak Load (MW)		16,328		16,104		16,207

 

27

---

PECO

Electric Sales Statistics and Revenue Detail

Full service reflects deliveries to customers purchasing electricity directly from PECO. 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.

 

		2009		2008		2007
Retail Deliveries (in GWhs)
Full Service
Residential		12,871		13,287		13,446
Small Commercial & Industrial		8,044		8,211		8,288
Large Commercial & Industrial		15,832		16,474		16,522
Public Authorities & Electric Railroads		930		909		930
Total Full Service		37,677		38,881		39,186
Delivery Only
Residential		22		30		42
Small Commercial & Industrial		353		469		571
Large Commercial & Industrial		16		3		14
Total Delivery Only		391		502		627
Total Retail Deliveries		38,068		39,383		39,813
Electric Revenue (in millions)
Full Service
Residential		$1,857		$1,916		$1,948
Small Commercial & Industrial		1,015		1,028		1,042
Large Commercial & Industrial		1,307		1,406		1,386
Public Authorities & Electric Railroads		90		87		89
Total Full Service		4,269		4,437		4,465
Delivery Only
Residential		2		2		4
Small Commercial & Industrial		19		25		30
Large Commercial & Industrial		–		–		–
Total Delivery Only		21		27		34
Total Electric Retail Revenues		4,290		4,464		4,499
Other Revenue		259		282		276
Total Operating Revenues		$4,549		$4,746		$4,775
Electric Revenue ($/MWh)
Full Service
Residential		$144.28		$144.20		$144.88
Small Commercial & Industrial		126.18		125.20		125.72
Large Commercial & Industrial		82.55		85.35		83.89
Public Authorities & Electric Railroads		96.77		95.71		95.70
Delivery Only
Residential		90.91		66.67		95.24
Small Commercial & Industrial		53.82		53.30		52.54
Large Commercial & Industrial		–		–		–

 

28

---

PECO

Customers at Year End

 

		2009		2008		2007
Retail Delivery Customers
Full service
Residential		1,401,989		1,402,521		1,400,236
Small Commercial & Industrial		137,400		134,688		129,301
Large Commercial & Industrial		3,121		3,118		3,078
Public Authorities & Electric Railroads		1,033		1,028		1,087
Total Full Service Customers		1,543,543		1,541,355		1,533,702
Delivery Only
Residential		2,562		2,979		3,754
Small Commercial & Industrial		19,169		21,827		25,392
Large Commercial & Industrial		7		2		3
Total Delivery Only Customers		21,738		24,808		29,149
Total Retail Delivery Customers		1,565,281		1,566,163		1,562,851
Heating and Cooling Degree Days
		2009		2008		2007
Heating Degree Days (normal=4,638)		4,534		4,403		4,560
Cooling Degree Days (normal=1,292)		1,246		1,354		1,513
Peak System Load
		2009		2008		2007
Summer
Highest Peak Load (MW)		8,932		8,824		8,549
Winter
Highest Peak Load (MW)		6,838		6,519		6,835

 

29

---

PECO

Gas Sales Statistics, Revenue and Customer Detail

 

		2009		2008		2007
Deliveries to Customers (in mmcf)
Retail Sales		57,103		56,110		58,968
Transportation		27,206		27,624		27,632
Total Retail Deliveries		84,309		83,734		86,600
Gas Revenue (in millions)
Retail Sales		$732		$795		$784
Transportation		21		19		18
Resales and Other		9		7		36
Total Gas Revenue		$762		$821		$838
Gas Customers at Year End
		2009		2008		2007
Customers
Residential		444,850		443,453		439,934
Small Commercial & Industrial		40,959		41,262		40,867
Large Commercial & Industrial		2		2		5
Transportation		807		698		628
Total Customers		486,618		485,415		481,434
Gas Maximum Day Sendout
		2009		2008		2007
Winter
Maximum Day Sendout (in thousand cubic feet (mcf))		681,418		666,215		674,089

 

30