exc-20220509
PA10 South Dearborn StreetP.O. Box 805379ChicagoIL60680-5379(800)483-3220IL10 South Dearborn Street49th FloorChicagoIL60603-2300(312)394-4321PAP.O. Box 86992301 Market StreetPhiladelphiaPA19101-8699(215)841-4000MD2 Center Plaza110 West Fayette StreetBaltimoreMD21201-3708(410)234-5000DE701 Ninth Street, N.W.Washington, District of Columbia20068-0001(202)872-2000DCVA701 Ninth Street, N.W.Washington, District of Columbia20068-0001(202)872-2000DEVA500 North Wakefield DriveNewarkDE19702-5440(202)872-2000NJ500 North Wakefield DriveNewarkDE19702-5440(202)872-2000Common stock, without par valueEXCNasdaqEXC/28NYSECumulative Preferred Security, Series D,00011093570000022606000007810000000094660001135971000007973200000278790000008192False00011093572022-05-092022-05-090001109357exc:CommonwealthEdisonCoMember2022-05-092022-05-090001109357exc:PecoEnergyCoMember2022-05-092022-05-090001109357exc:BaltimoreGasAndElectricCompanyMember2022-05-092022-05-090001109357exc:PepcoHoldingsLLCMember2022-05-092022-05-090001109357exc:PotomacElectricPowerCompanyMember2022-05-092022-05-090001109357exc:DelmarvaPowerandLightCompanyMember2022-05-092022-05-090001109357exc:AtlanticCityElectricCompanyMember2022-05-092022-05-090001109357exc:PotomacElectricPowerCompanyMemberstpr:DC2022-05-092022-05-090001109357exc:PotomacElectricPowerCompanyMemberstpr:VA2022-05-092022-05-090001109357stpr:DEexc:DelmarvaPowerandLightCompanyMember2022-05-092022-05-090001109357exc:DelmarvaPowerandLightCompanyMemberstpr:VA2022-05-092022-05-09

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 9, 2022
Date of Report (Date of earliest event reported)
Commission
File Number
Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number
001-16169EXELON CORPORATION23-2990190
(a Pennsylvania corporation)
10 South Dearborn Street
P.O. Box 805379
Chicago, Illinois 60680-5379
(800) 483-3220
001-01839COMMONWEALTH EDISON COMPANY36-0938600
(an Illinois corporation)
10 South Dearborn Street
49th Floor
Chicago, Illinois 60603-2300
(312) 394-4321
000-16844PECO ENERGY COMPANY23-0970240
(a Pennsylvania corporation)
P.O. Box 8699
2301 Market Street
Philadelphia, Pennsylvania 19101-8699
(215) 841-4000
001-01910BALTIMORE GAS AND ELECTRIC COMPANY52-0280210
(a Maryland corporation)
2 Center Plaza
110 West Fayette Street
Baltimore, Maryland 21201-3708
(410) 234-5000
001-31403PEPCO HOLDINGS LLC52-2297449
(a Delaware limited liability company)
701 Ninth Street, N.W.
Washington, District of Columbia 20068-0001
(202) 872-2000
001-01072POTOMAC ELECTRIC POWER COMPANY53-0127880
(a District of Columbia and Virginia corporation)
701 Ninth Street, N.W.
Washington, District of Columbia 20068-0001
(202) 872-2000
001-01405DELMARVA POWER & LIGHT COMPANY51-0084283
(a Delaware and Virginia corporation)
500 North Wakefield Drive
Newark, Delaware 19702-5440
(202) 872-2000
001-03559ATLANTIC CITY ELECTRIC COMPANY21-0398280
(a New Jersey corporation)
500 North Wakefield Drive
Newark, Delaware 19702-5440
(202) 872-2000



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))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
EXELON CORPORATION:
Common Stock, without par valueEXCThe Nasdaq Stock Market LLC
PECO ENERGY COMPANY:
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy CompanyEXC/28New York Stock Exchange

Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
    


Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Condition.
Section 7 - Regulation FD
Item 7.01. Regulation FD Disclosure.
 
On May 9, 2022, Exelon Corporation (Exelon) announced via press release its results for the first quarter ended March 31, 2022. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used at the first quarter 2022 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

Exelon has scheduled the conference call for 9:00 AM CT (10:00 AM ET) on May 9, 2022. The call-in number in the U.S. and Canada is 833-397-0944. If requested, the conference ID number is 5895167. Media representatives are invited to participate on a listen-only basis. The call will be webcast and archived on the Investor Relations page of Exelon’s website: www.exeloncorp.com.

Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits

(d)    Exhibits.
Exhibit No.Description
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from the Current Report on Form 8-K, formatted as Inline XBRL.

* * * * *
This combined Current Report on Form 8-K is being furnished separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric 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 report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by the Registrants include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2022 Quarterly Report on Form 10-Q (to be filed on May 9, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this 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 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.
EXELON CORPORATION
/s/ Joseph Nigro
Joseph Nigro
Senior Executive Vice President and Chief Financial Officer
Exelon Corporation
COMMONWEALTH EDISON COMPANY
/s/ Elisabeth J. Graham
Elisabeth J. Graham
Senior Vice President, Chief Financial Officer and Treasurer
Commonwealth Edison Company
PECO ENERGY COMPANY
/s/ Robert J. Stefani
Robert J. Stefani
Senior Vice President, Chief Financial Officer and Treasurer
PECO Energy Company
BALTIMORE GAS AND ELECTRIC COMPANY
/s/ David M. Vahos
David M. Vahos
Senior Vice President, Chief Financial Officer and Treasurer
Baltimore Gas and Electric Company



PEPCO HOLDINGS LLC
/s/ Phillip S. Barnett
Phillip S. Barnett
Senior Vice President, Chief Financial Officer and Treasurer
Pepco Holdings LLC
POTOMAC ELECTRIC POWER COMPANY
/s/ Phillip S. Barnett
Phillip S. Barnett
Senior Vice President, Chief Financial Officer and Treasurer
Potomac Electric Power Company
DELMARVA POWER & LIGHT COMPANY
/s/ Phillip S. Barnett
Phillip S. Barnett
Senior Vice President, Chief Financial Officer and Treasurer
Delmarva Power & Light Company
ATLANTIC CITY ELECTRIC COMPANY
/s/ Phillip S. Barnett
Phillip S. Barnett
Senior Vice President, Chief Financial Officer and Treasurer
Atlantic City Electric Company
May 9, 2022




EXHIBIT INDEX
Exhibit No.Description
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from the Current Report on Form 8-K, formatted as Inline XBRL.


Document


Exhibit 99.1
News Release

https://cdn.kscope.io/3dc1d79568f828bf3a4766c5cd32ef56-exelonlogo.jpg
Contact:  Elizabeth Keating
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345
EXELON REPORTS FIRST QUARTER 2022 RESULTS
Earnings Release Highlights
Exelon completed the separation of Constellation Energy Corporation (Constellation), Exelon’s former power generation and competitive energy business, becoming the nation’s premier transmission and distribution utility company
GAAP Net Income from Continuing Operations of $0.49 per share and Adjusted (non-GAAP) Operating Earnings of $0.64 per share for the first quarter of 2022; Constellation’s results have been reclassified to discontinued operations
Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share
Continued strong utility operational performance, including ComEd delivering the most reliable service for customers in the first three months of the year for any year on record
A settlement was approved by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s electric distribution rate case in March
PECO filed a gas distribution rate case with the Pennsylvania Public Utility Commission (PAPUC) in March, seeking an increase in base rates to support significant investments in infrastructure to provide safe and reliable natural gas service and reduce methane emissions
ComEd filed its last annual distribution formula rate update with the Illinois Commerce Commission (ICC) in April seeking an increase in base rates for 2023 to support investments needed to sustain record-level reliability performance and increase the integration of renewable energy into the system

CHICAGO (May 9, 2022) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2022.

“The first quarter was a milestone for Exelon as we successfully completed our separation of the generation business and embarked on our path as the nation’s premier transmission and distribution utility company,” said Exelon’s President and CEO Chris Crane. “At the same time, our focus on the fundamentals of operational and financial execution continued. Beyond delivering reliable and safe energy to our over 10 million customers, we also continued to live our core values. We awarded $2.4 million in scholarships to 24 students attending Historically Black Colleges and Universities, and opened applications for our $36 million Racial Equity Capital Fund to increase access to funding for small, minority-owned businesses in under-served communities.”
1


“Adjusted (non-GAAP) Operating Earnings of $0.64 per share in the first quarter was driven in part by the recovery of costs associated with ongoing infrastructure investments to improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future,” said Exelon CFO Joe Nigro. “Our grid modernization investments, enabled by constructive regulatory relationships, continue to drive solid operational results and stable earnings across our utilities. For the remainder of the year, we will continue to deliver on our financial commitments and reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share.”
First Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2022 decreased to $0.49 per share from $0.53 GAAP Net Income from Continuing Operations per share in the first quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $0.64 per share from $0.55 per share in the first quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the first quarter of 2022 primarily reflect:
Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates and rate increases at PECO, BGE, and PHI, partially offset by higher depreciation expense at BGE and PHI.
Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules; one month of costs included in the first quarter of 2022 for the period prior to separation compared to three months of costs included in the first quarter of 2021.

Operating Company Results1
ComEd
ComEd's first quarter of 2022 GAAP Net Income decreased to $188 million from $197 million in the first quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $193 million from $198 million in the first quarter of 2021, primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement, partially offset by increases in electric distribution formula rate earnings (reflecting the impacts of higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s first quarter of 2022 GAAP Net Income increased to $206 million from $167 million in the first quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $208 million from $170 million in the first quarter of 2021, primarily due to distribution rate increases.
___________
1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.
2


BGE
BGE’s first quarter of 2022 GAAP Net Income decreased to $198 million from $209 million in the first quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $200 million from $211 million in the first quarter of 2021, primarily due an increase in depreciation and various expenses, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s first quarter of 2022 GAAP Net Income increased to $130 million from $128 million in the first quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $136 million from $130 million in the first quarter of 2021, primarily due to distribution and transmission rate increases, partially offset by an increase in storm costs and depreciation expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and First Quarter Highlights
ComEd Distribution Formula Rate: On April 15, 2022, ComEd filed its annual distribution formula rate update with the ICC. The ICC approval is due by December 2022 and the rates will take effect in January 2023. The filing request includes an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing, which sunsets at the end of 2022.
PECO Pennsylvania Natural Gas Distribution Rate Case: On March 31, 2022, PECO filed an application with the PAPUC to increase its annual natural gas rates by $82 million, reflecting an ROE of 10.95%. PECO currently expects a decision in the fourth quarter of 2022 but cannot predict if the PAPUC will approve the application as filed.
DPL Maryland Electric Base Rate Case: On March 2, 2022, the MDPSC issued an order approving a $13 million increase in in DPL's annual electric distribution revenues, reflecting an ROE of 9.60%. The rates were effective on March 2, 2022.
Financing Activities:
On March 7, 2022, Exelon Corporate issued $2,000 million of notes, consisting of $650 million of its 2.75% notes due March 15, 2027, $650 million of its 3.35% notes due March 15, 2032, and $700 million of its 4.10% notes due March 15, 2052. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes.
On March 15, 2022, ComEd issued $750 million of First Mortgage Bonds, consisting of $300 million of its First Mortgage 3.15% Bonds, Series 132, due March 15, 2032 and $450 million of its First Mortgage 3.85% Bonds, Series 133, due March 15, 2052. ComEd used the proceeds to repay a portion of outstanding commercial paper obligations and to fund other general corporate purposes.
3


On March 24, 2022, Pepco issued $400 million of its First Mortgage Bonds, 3.97% Series due March 24, 2052. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)Exelon
Earnings per
Diluted
Share
ExelonComEdPECOBGEPHI
2022 GAAP Net Income (Loss) from Continuing Operations$0.49 $481 $188 $206 $198 $130 
ERP System Implementation Costs (net of taxes of $0)— — — — — 
Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively)0.02 17 
Income Tax-Related Adjustments (entire amount represents tax expense)0.14 134 — — — 
2022 Adjusted (non-GAAP) Operating Earnings$0.64 $634 $193 $208 $200 $136 
Adjusted (non-GAAP) Operating Earnings for the first quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)Exelon
Earnings per
Diluted
Share
ExelonComEdPECOBGEPHI
2021 GAAP Net Income (Loss) from Continuing Operations$0.53 $525 $197 $167 $209 $128 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)— (1)— — — — 
COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively)— — — 
Acquisition Related Costs (net of taxes of $2)0.01 — — — — 
ERP System Implementation Costs (net of taxes of $2, $0, $0, and $0, respectively)0.01 — 
Separation Costs (net of taxes of $1, $0, $0, and $0, respectively)0.01 — 
2021 Adjusted (non-GAAP) Operating Earnings$0.55 $542 $198 $170 $211 $130 

Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the
4


income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.

Webcast Information
Exelon will discuss first quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 9, 2022.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
5


The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2022 Quarterly Report on Form 10-Q (to be filed on May 9, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. 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 press release.

6

Table of Contents

Earnings Release Attachments
Table of Contents


Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEdPECOBGEPHIOther (a)Exelon
Three Months Ended March 31, 2022
Operating revenues$1,734 $1,047 $1,154 $1,404 $(12)$5,327 
Operating expenses
Purchased power and fuel638 407 454 579 — 2,078 
Operating and maintenance351 247 218 299 63 1,178 
Depreciation and amortization321 92 171 218 15 817 
Taxes other than income taxes96 47 76 119 16 354 
Total operating expenses1,406 793 919 1,215 94 4,427 
Operating income (loss)328 254 235 189 (106)900 
Other income and (deductions)
Interest expense, net(100)(41)(35)(69)(93)(338)
Other, net12 17 94 137 
Total other income and (deductions)(88)(34)(28)(52)(201)
Income from continuing operations before income taxes240 220 207 137 (105)699 
Income taxes52 14 136 218 
Net income from continuing operations after income taxes188 206 198 130 (241)481 
Net income (loss) from discontinued operations after income taxes— — — — 117 117 
Net income (loss)188 206 198 130 (124)598 
Net income attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common shareholders$188 $206 $198 $130 $(125)$597 
Three Months Ended March 31, 2021
Operating revenues$1,535 $889 $974 $1,244 $(10)$4,632 
Operating expenses
Purchased power and fuel527 316 331 479 (2)1,651 
Operating and maintenance316 234 197 256 80 1,083 
Depreciation and amortization292 86 152 210 17 757 
Taxes other than income taxes75 43 72 113 14 317 
Total operating expenses1,210 679 752 1,058 109 3,808 
Operating income (loss)325 210 222 186 (119)824 
Other income and (deductions)
Interest expense, net(96)(38)(34)(67)(83)(318)
Other, net17 21 58 
Total other income and (deductions)(89)(33)(26)(50)(62)(260)
Income from continuing operations before income taxes236 177 196 136 (181)564 
Income taxes39 10 (13)(5)39 
Net income from continuing operations after income taxes197 167 209 128 (176)525 
Net income (loss) from discontinued operations after income taxes— — — — (789)(789)
Net income (loss)197 167 209 128 (965)(264)
Net income attributable to noncontrolling interests— — — — 25 25 
Net income (loss) attributable to common shareholders$197 $167 $209 $128 $(990)$(289)
Change in Net income from continuing operations 2021 to 2022$(9)$39 $(11)$$(65)$(44)
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
2

Table of Contents
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
March 31, 2022December 31, 2021
Assets
Current assets
Cash and cash equivalents$2,476 $672 
Restricted cash and cash equivalents430 321 
Accounts receivable
Customer accounts receivable2,3652,189
Customer allowance for credit losses(389)(320)
Customer accounts receivable, net1,976 1,869 
Other accounts receivable1,1481,068
Other allowance for credit losses(81)(72)
Other accounts receivable, net1,067 996 
Inventories, net
Fossil fuel and emission allowances39 105 
Materials and supplies473 476 
Regulatory assets1,221 1,296 
Other463 387 
Current assets of discontinued operations— 7,835 
Total current assets8,145 13,957 
Property, plant, and equipment, net65,465 64,558 
Deferred debits and other assets
Regulatory assets8,200 8,224 
Investments244 250 
Goodwill6,630 6,630 
Receivable related to Regulatory Agreement Units2,969 — 
Other1,045 885 
Property, plant, and equipment, deferred debits, and other assets of discontinued operations— 38,509 
Total deferred debits and other assets19,088 54,498 
Total assets$92,698 $133,013 
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March 31, 2022December 31, 2021
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings$1,900 $1,248 
Long-term debt due within one year2,154 2,153 
Accounts payable2,175 2,379 
Accrued expenses1,029 1,137 
Payables to affiliates
Regulatory liabilities394 376 
Mark-to-market derivative liabilities— 18 
Unamortized energy contract liabilities13 89 
Other964 766 
Current liabilities of discontinued operations— 7,940 
Total current liabilities8,635 16,111 
Long-term debt35,008 30,749 
Long-term debt to financing trusts390 390 
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits11,089 10,611 
Asset retirement obligations273 271 
Pension obligations1,447 2,051 
Non-pension postretirement benefit obligations800 811 
Regulatory liabilities9,192 9,628 
Mark-to-market derivative liabilities144 201 
Unamortized energy contract liabilities42 146 
Other2,187 1,573 
Long-term debt, deferred credits, and other liabilities of discontinued operations— 25,676 
Total deferred credits and other liabilities25,174 50,968 
Total liabilities 69,207 98,218 
Commitments and contingencies
Shareholders’ equity
Common stock20,299 20,324 
Treasury stock, at cost(123)(123)
Retained earnings4,028 16,942 
Accumulated other comprehensive loss, net(713)(2,750)
Total shareholders’ equity23,491 34,393 
Noncontrolling interests— 402 
Total equity23,491 34,795 
Total liabilities and shareholders’ equity$92,698 $133,013 
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Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Three Months Ended March 31,
 20222021
Cash flows from operating activities
Net income$598 $(264)
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization1,024 2,104 
Asset impairments— 
Gain on sales of assets and businesses(10)(71)
Deferred income taxes and amortization of investment tax credits110 (142)
Net fair value changes related to derivatives(59)(178)
Net realized and unrealized losses (gains) on NDT funds205 (118)
Net unrealized losses on equity investments16 23 
Other non-cash operating activities232 (170)
Changes in assets and liabilities:
Accounts receivable(711)(372)
Inventories125 77 
Accounts payable and accrued expenses291 (176)
Option premiums (paid) received, net(39)16 
Collateral received, net1,142 273 
Income taxes77 113 
Pension and non-pension postretirement benefit contributions(574)(537)
Other assets and liabilities(645)(1,840)
Net cash flows provided by (used in) operating activities1,782 (1,261)
Cash flows from investing activities
Capital expenditures(1,922)(2,140)
Proceeds from NDT fund sales488 2,908 
Investment in NDT funds(516)(2,939)
Collection of DPP169 1,574 
Proceeds from sales of assets and businesses16 680 
Other investing activities(54)12 
Net cash flows (used in) provided by investing activities(1,819)95 
Cash flows from financing activities
Changes in short-term borrowings(700)597 
Proceeds from short-term borrowings with maturities greater than 90 days1,150 500 
Repayments on short-term borrowings with maturities greater than 90 days(350)— 
Issuance of long-term debt4,301 1,705 
Retirement of long-term debt(6)(79)
Dividends paid on common stock(332)(374)
Proceeds from employee stock plans31 
Transfer of cash, restricted cash, and cash equivalents to Constellation(2,594)— 
Other financing activities(62)(46)
Net cash flows provided by financing activities1,416 2,334 
Increase in cash, restricted cash, and cash equivalents1,379 1,168 
Cash, restricted cash, and cash equivalents at beginning of period1,619 1,166 
Cash, restricted cash, and cash equivalents at end of period$2,998 $2,334 


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Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended March 31, 2022 and 2021
(unaudited)
(in millions, except per share data)
Exelon
Earnings 
per Diluted
Share
ComEdPECOBGEPHIOther (a)Exelon
2021 GAAP Net Income (Loss) from Continuing Operations$0.53 $197 $167 $209 $128 $(176)$525 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)— — — — — (1)(1)
COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) (1)— — — — 
Acquisition Related Costs (net of taxes of $2) (2)0.01 — — — — 
ERP System Implementation Costs (net of taxes of $0, $0, $0, $1, and $2, respectively) (3)0.01 — 
Separation Costs (net of taxes of $0, $0, $0, $1, and $1, respectively) (4)0.01 — 
2021 Adjusted (non-GAAP) Operating Earnings (Loss)$0.55 $198 $170 $211 $130 $(167)$542 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$(0.01)$— (b)$(6)$— (b)$(b)$— $(5)
Load0.02 — (b)10 — (b)(b)— 15 
Distribution and Transmission Rates (6)0.09 13 (c)36 (c)(c)30 (c)— 85 
Other Energy Delivery (7)0.08 50 (c)(c)20 (c)(c)— 83 
Operating and Maintenance Expense (8)(0.08)(25)(11)(17)(30)— (83)
Pension and Non-Pension Postretirement Benefits0.01 12 
Depreciation and Amortization Expense (9)(0.04)(21)(4)(14)(6)(43)
Other (10)0.02 (27)(8)— 59 28 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$0.09 $(5)$38 $(11)$6 $64 $92 
2022 GAAP Net Income (Loss) from Continuing Operations$0.49 $188 $206 $198 $130 $(241)$481 
ERP System Implementation Costs (net of taxes of $0) (3)— — — — — 
Separation Costs (net of taxes of $2, $1, $1, $1, $1, and $7, respectively) (4)0.02 17 
Income Tax-Related Adjustments (entire amount represents tax expense) (5)0.14 — — — 131 134 
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$0.64 $193 $208 $200 $136 $(103)$634 
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
(3)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(5)In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs.
(6)For ComEd, reflects increased electric distribution revenues due to higher rate base and higher allowed electric distribution ROE driven by an increase in treasury rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
(7)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(8)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For BGE, reflects higher credit loss expense. For PHI, includes increased storm costs. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (Q1 2022 includes one month of costs for the period prior to the separation compared to three
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months of costs included in Q1 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(9)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs.
(10)For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense.
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ComEd Statistics
Three Months Ended March 31, 2022 and 2021

 Electric Deliveries (in GWhs)Revenue (in millions)
 20222021% ChangeWeather - Normal % Change20222021% Change
Rate-Regulated Deliveries and Revenues(a)
Residential6,751 6,685 1.0 %(1.2)%$857 $741 15.7 %
Small commercial & industrial7,504 7,266 3.3 %2.3 %423 367 15.3 %
Large commercial & industrial6,746 6,479 4.1 %3.6 %153 134 14.2 %
Public authorities & electric railroads257 267 (3.7)%(3.8)%14 11 27.3 %
Other(b)
— — n/an/a239 220 8.6 %
Total rate-regulated electric revenues(c)
21,258 20,697 2.7 %1.5 %1,686 1,473 14.5 %
Other Rate-Regulated Revenues(d)
48 62 (22.6)%
Total Electric Revenues$1,734 $1,535 13.0 %
Purchased Power$638 $527 21.1 %
   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days3,165 2,989 3,085 5.9 %2.6 %

Number of Electric Customers20222021
Residential3,713,397 3,696,208 
Small commercial & industrial390,994 388,483 
Large commercial & industrial1,882 1,863 
Public authorities & electric railroads4,838 4,876 
Total4,111,111 4,091,430 
__________
(a)Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $6 million for both the three months ended March 31, 2022 and 2021.
(d)Includes alternative revenue programs and late payment charges.




























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PECO Statistics
Three Months Ended March 31, 2022 and 2021
Electric and Natural Gas DeliveriesRevenue (in millions)
20222021% ChangeWeather-
Normal
% Change
20222021% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential3,758 3,767 (0.2)%1.1 %$487 $433 12.5 %
Small commercial & industrial1,937 1,881 3.0 %3.4 %111 100 11.0 %
Large commercial & industrial3,332 3,272 1.8 %1.9 %64 57 12.3 %
Public authorities & electric railroads182 149 22.1 %22.4 %(11.1)%
Other(b)
— — n/an/a62 52 19.2 %
Total rate-regulated electric revenues(c)
9,209 9,069 1.5 %2.2 %732 651 12.4 %
Other Rate-Regulated Revenues(d)
10 (10.0)%
Total Electric Revenues741 661 12.1 %
Natural Gas (in mmcfs)
Rate-Regulated Natural Gas Deliveries and Revenues(e)
Residential20,837 20,674 0.8 %4.3 %218 160 36.3 %
Small commercial & industrial10,546 10,170 3.7 %5.8 %76 59 28.8 %
Large commercial & industrial10 42.9 %10.2 %— — N/A
Transportation7,639 7,650 (0.1)%0.7 %14.3 %
Other(f)
— — n/an/a50.0 %
Total rate-regulated natural gas revenues(g)
39,032 38,501 1.4 %4.0 %305 228 33.8 %
Other Rate-Regulated Revenues(d)
— 100.0 %
Total Natural Gas Revenues306 228 34.2 %
Total Electric and Natural Gas Revenues$1,047 $889 17.8 %
Purchased Power and Fuel$407 $316 28.8 %
% Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days2,228 2,302 2,416 (3.2)%(7.8)%
Cooling Degree-Days(80.0)%— %
Number of Electric Customers20222021Number of Natural Gas Customers20222021
Residential1,521,255 1,512,255 Residential499,188 493,857 
Small commercial & industrial155,485 154,637 Small commercial & industrial44,959 44,604 
Large commercial & industrial3,102 3,109 Large commercial & industrial
Public authorities & electric railroads10,342 10,237 Transportation664 685 
Total1,690,184 1,680,238 Total544,816 539,151 
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling less than $1 million for both the three months ended March 31, 2022 and 2021.
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BGE Statistics
Three Months Ended March 31, 2022 and 2021
 Electric and Natural Gas DeliveriesRevenue (in millions)
 20222021% ChangeWeather-
Normal
% Change
20222021% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential3,569 3,538 0.9 %(1.3)%$417 $362 15.2 %
Small commercial & industrial736 723 1.8 %0.9 %81 69 17.4 %
Large commercial & industrial3,173 3,109 2.1 %2.0 %131 105 24.8 %
Public authorities & electric railroads53 48 10.4 %7.4 %— %
Other(b)
— — n/an/a97 77 26.0 %
Total rate-regulated electric revenues(c)
7,531 7,418 1.5 %0.3 %733 620 18.2 %
Other Rate-Regulated Revenues(d)
12 (75.0)%
Total Electric Revenues736 632 16.5 %
Natural Gas (in mmcfs)
Rate-Regulated Natural Gas Deliveries and Revenues(e)
Residential21,118 18,451 14.5 %10.6 %282 216 30.6 %
Small commercial & industrial4,662 4,019 16.0 %10.3 %45 35 28.6 %
Large commercial & industrial14,743 14,039 5.0 %4.0 %65 54 20.4 %
Other(f)
4,460 7,610 (41.4)% n/a 35 31 12.9 %
Total rate-regulated natural gas revenues(g)
44,983 44,119 2.0 %8.1 %427 336 27.1 %
Other Rate-Regulated Revenues(d)
(9)(250.0)%
Total Natural Gas Revenues418 342 22.2 %
Total Electric and Natural Gas Revenues$1,154 $974 18.5 %
Purchased Power and Fuel$454 $331 37.2 %

   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days2,241 2,197 2,388 2.0 %(6.2)%
Number of Electric Customers20222021Number of Natural Gas Customers20222021
Residential1,199,272 1,192,470 Residential653,397 648,824 
Small commercial & industrial115,363 114,819 Small commercial & industrial38,356 38,318 
Large commercial & industrial12,674 12,505 Large commercial & industrial6,193 6,120 
Public authorities & electric railroads268 266 Total697,946 693,262 
Total1,327,577 1,320,060 
__________
(a)Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2022 and 2021.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively.
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Pepco Statistics
Three Months Ended March 31, 2022 and 2021
 Electric Deliveries (in GWhs)Revenue (in millions)
 20222021% ChangeWeather-
Normal
% Change
20222021% Change
Rate-Regulated Deliveries and Revenues(a)
Residential2,287 2,219 3.1 %2.9 %$275 $253 8.7 %
Small commercial & industrial299 298 0.3 %(0.4)%38 33 15.2 %
Large commercial & industrial3,249 3,054 6.4 %5.6 %253 184 37.5 %
Public authorities & electric railroads150 124 21.0 %21.7 %33.3 %
Other(b)
— — n/an/a46 51 (9.8)%
Total rate-regulated electric revenues(c)
5,985 5,695 5.1 %4.6 %620 527 17.6 %
Other Rate-Regulated Revenues(d)
(6)26 (123.1)%
Total Electric Revenues$614 $553 11.0 %
Purchased Power$213 $166 28.3 %

   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days2,013 2,012 2,113 — %(4.7)%
Cooling Degree-Days(14.3)%100.0 %
   
Number of Electric Customers20222021
Residential846,258 835,415 
Small commercial & industrial54,509 53,738 
Large commercial & industrial22,620 22,492 
Public authorities & electric railroads184 174 
Total923,571 911,819 
__________
(a)Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021.
(d)Includes alternative revenue programs and late payment charge revenues.
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DPL Statistics
Three Months Ended March 31, 2022 and 2021
 Electric and Natural Gas DeliveriesRevenue (in millions)
 20222021% ChangeWeather -
Normal
% Change
20222021% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential1,577 1,520 3.8 %2.6 %$207 $190 8.9 %
Small commercial & industrial606 559 8.4 %7.9 %56 46 21.7 %
Large commercial & industrial1,015 919 10.4 %10.2 %26 21 23.8 %
Public authorities & electric railroads12 12 — %5.2 %— %
Other(b)
— — n/an/a56 41 36.6 %
Total rate-regulated electric revenues(c)
3,210 3,010 6.6 %5.9 %349 302 15.6 %
Other Rate-Regulated Revenues(d)
(1)(111.1)%
Total Electric Revenues348 311 11.9 %
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Revenues(e)
Residential4,453 4,394 1.3 %0.3 %51 46 10.9 %
Small commercial & industrial1,983 1,868 6.2 %6.0 %21 18 16.7 %
Large commercial & industrial457 457 — %0.1 %50.0 %
Transportation2,207 2,224 (0.8)%(0.7)%— %
Other(g)
— — n/an/a300.0 %
Total rate-regulated natural gas revenues9,100 8,943 1.8 %1.3 %83 71 16.9 %
Other Rate-Regulated Revenues(f)
— — n/a
Total Natural Gas Revenues83 71 16.9 %
Total Electric and Natural Gas Revenues$431 $382 12.8 %
Purchased Power and Fuel$189 $156 21.2 %

Electric Service Territory   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days2,264 2,269 2,402 (0.2)%(5.7)%
Cooling Degree-Days(20.0)%300.0 %
Natural Gas Service Territory   % Change
Heating Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days2,355 2,358 2,500 (0.1)%(5.8)%

Number of Electric Customers20222021Number of Natural Gas Customers20222021
Residential478,009 473,917 Residential128,695 127,522 
Small commercial & industrial63,296 62,647 Small commercial & industrial10,097 10,043 
Large commercial & industrial1,221 1,208 Large commercial & industrial17 19 
Public authorities & electric railroads603 608 Transportation159 160 
Total543,129 538,380 Total138,968 137,744 
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2022 and 2021.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
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ACE Statistics
Three Months Ended March 31, 2022 and 2021
 Electric Deliveries (in GWhs)Revenue (in millions)
 20222021% ChangeWeather -
Normal
% Change
20222021% Change
Rate-Regulated Deliveries and Revenues(a)
Residential</