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

May 1, 2013

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
1-1910		BALTIMORE GAS AND ELECTRIC COMPANY (a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201 (410) 234-5000		52-0280210

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

 

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

 

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

 

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

 

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

 

 

 

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Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

On May 1, 2013, Exelon Corporation (Exelon) announced via press release its results for the first quarter ended March 31, 2013. A copy of the press release and related attachments is 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 2013 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 11:00 AM ET (10:00 AM CT) on May 1, 2013. The call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is 973-935-8753. If requested, the conference ID number is 30841403. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site: www.exeloncorp.com. (Please select the Investors page.)

Telephone replays will be available until May 15, 2013. The U.S. and Canada call-in number for replays is 800-585-8367, and the international call-in number is 404-537-3406. The conference ID number is 33703408.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit No.		Description
99.1		Press release and earnings release attachments
99.2		Earnings conference call presentation slides

* * * * *

This combined Form 8-K is being furnished separately by Exelon, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, and Baltimore Gas and 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 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 2012 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 19; 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.

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SIGNATURES

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

 

May 1, 2013

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press release and earnings release attachments
99.2		Earnings conference call presentation slides

						Exhibit 99.1
Contact:		Ravi Ganti Investor Relations 312-394-2348   Paul Adams Corporate Communications 410-470-4167				FOR IMMEDIATE RELEASE

EXELON ANNOUNCES FIRST QUARTER 2013 RESULTS

CHICAGO (May 1, 2013) — Exelon Corporation (NYSE: EXC) announced first quarter 2013 consolidated earnings as follows:

 

		First Quarter
		2013				2012
Adjusted (non-GAAP) Operating Results:
Net Income (Loss) ($ millions)		$	602			$	603
Diluted Earnings per Share		$	0.70			$	0.85
GAAP Results:
Net Income (Loss) ($ millions)		$	(4	)		$	200
Diluted Earnings per Share		$	(0.01	)		$	0.28

“Exelon delivered earnings at the top end of our guidance range and our nuclear fleet achieved a 96.4 percent capacity factor this quarter, highlighting our commitment to financial discipline and operational excellence,” said Christopher M. Crane, Exelon’s president and CEO.

First Quarter Operating Results

First quarter 2013 earnings include financial results for Constellation Energy and Baltimore Gas and Electric Company (BGE) while first quarter 2012 earnings only contains the financial results for those companies from March 12, 2012 to March 31, 2012. Therefore, the composition of results of operations from 2013 and 2012 are not comparable for Exelon Generation Company, LLC (Generation), BGE and Exelon.

As shown in the table above, Exelon’s adjusted (non-GAAP) operating earnings declined to $0.70 per share in the first quarter of 2013 from $0.85 per share in the first quarter of 2012. Earnings in first quarter 2013 primarily reflected the following negative factors:

 

•

Lower energy margins at Generation, resulting from decreased capacity pricing related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market, higher nuclear fuel costs and lower realized market prices for the sale of energy across all regions;

 

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•

Higher operating and maintenance expenses, including increased labor, contracting and materials costs;

 

•

Increased depreciation and amortization expense due to ongoing capital expenditures; and

 

•

Impact of increased average diluted common shares outstanding as a result of the merger.

These factors were partially offset by:

 

•

The addition of Constellation Energy’s contribution to Generation’s energy margins;

 

•

The addition of a full quarter of BGE’s financial results;

 

•

Higher nuclear volume due to fewer planned and unplanned outage days; and

 

•

Impact of favorable weather in the ComEd and PECO territories.

Adjusted (non-GAAP) operating earnings for the first quarter of 2013 do not include the following items (after tax) that were included in reported GAAP earnings:

 

		(in millions)				(per diluted share)
Exelon Adjusted (non-GAAP) Operating Earnings		$	602			$	0.70
Mark-to-Market Impact of Economic Hedging Activities			(235	)			(0.27	)
Unrealized Gains Related to NDT (Nuclear Decommissioning Trust) Fund Investments			35				0.04
Plant Retirements and Divestitures			13				0.02
Constellation Merger and Integration Costs			(27	)			(0.03	)
Amortization of Commodity Contract Intangibles			(117	)			(0.14	)
Amortization of the Fair Value of Certain Debt			3				—
Re-measurement of Like-Kind Exchange Tax Position			(265	)			(0.31	)
Nuclear Uprate Project Cancellation			(13	)			(0.02	)
Exelon GAAP Net Income (Loss)		$	(4	)		$	(0.01	)

 

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Adjusted (non-GAAP) operating earnings for the first quarter of 2012 do not include the following items (after tax) that were included in reported GAAP earnings:

 

		(in millions)				(per diluted share)
Exelon Adjusted (non-GAAP) Operating Earnings		$	603			$	0.85
Mark-to-Market Impact of Economic Hedging Activities			43				0.06
Unrealized Gains Related to NDT Fund Investments			36				0.05
Plant Retirements and Divestitures			(6	)			(0.01	)
Constellation Merger and Integration Costs			(113	)			(0.16	)
Maryland Commitments			(227	)			(0.32	)
Amortization of Commodity Contract Intangibles			(78	)			(0.11	)
FERC Settlement			(172	)			(0.25	)
Non-Cash Re-measurement of Deferred Income Taxes			117				0.17
Other Acquisition Costs			(3	)			—
Exelon GAAP Net Income (Loss)		$	200			$	0.28

First Quarter and Recent Highlights

 

•

Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station, produced 36,031 gigawatt-hours (GWh) in the first quarter of 2013, compared with 35,262 GWh in the first quarter of 2012. The output data excludes the units owned by Constellation Energy Nuclear Group LLC (CENG). Excluding Salem and the units owned by CENG, the Exelon-operated nuclear plants achieved a 96.4 percent capacity factor for the first quarter of 2013, compared with 93.6 percent for the first quarter of 2012. The number of planned refueling outage days totaled 49 in the first quarter of 2013 versus 67 days in the first quarter of 2012. The number of non-refueling outage days totaled six days in the first quarter of 2013, compared with 16 days in the first quarter of 2012.

 

•

Fossil and Renewables Operations: The dispatch match rate for Generation’s fossil and hydro fleet was 98.4 percent in the first quarter of 2013, compared with 87.8 percent in the first quarter of 2012. The 2013 results include former Constellation plants and Exelon hydro plants, whereas the 2012 data includes only legacy Exelon fossil plants. The performance in 2012 was driven by an outage at one of the peaking units in Texas. Energy capture for the wind and solar fleet was 94.9 percent in the first quarter of 2013, compared with 94.4 percent in the first quarter of 2012.

Dispatch match is used to measure market responsiveness. Expressed as a percentage, it reflects the unit’s revenue capture when it is called upon for generation. Factors that impact dispatch match adversely include forced outages, derates and failure to operate to the desired generation signal.

 

•

Illinois Senate Bill 9: During March 2013, the Illinois House and Senate each passed Senate Bill 9 (SB9) with supermajority votes to clarify the intent of the Energy Infrastructure Modernization Act (EIMA) on three major issues: average versus year-end rate base and capital structure, return on pension asset, and a weighted average

 

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cost of capital interest rate on the prior year reconciliation. In addition, SB9 provides for accelerated advanced metering infrastructure (AMI) deployment that would commence earlier than 2015.

On March 21, 2013, SB9 was sent to the governor for his consideration. The governor has 60 days to approve or veto the legislation. If the governor does nothing, the bill becomes law after 60 days. If he vetoes the bill, the legislature will have the opportunity to override the veto with supermajority votes in each house, at which time it becomes law. If the legislation becomes law by June 15, 2013, ComEd will update certain elements of its AMI deployment schedule to provide for an accelerated deployment as called for by SB9.

 

•

ComEd Distribution Formula Rate Case: On April 29, 2013, ComEd filed its 2013 annual distribution formula rate update, which establishes the net revenue requirement used to set the rates that will take effect in January 2014 after review by the Illinois Commerce Commission (ICC). The revenue requirement requested in the filing is based on 2012 actual costs and forecasted 2013 capital additions as well as an annual reconciliation of the revenue requirement in effect in 2012 to the actual costs incurred for that year. ComEd requested a total increase to the net revenue requirement of $311 million, reflecting an increase of $169 million for the initial revenue requirement for 2013 and an increase of $142 million for the annual reconciliation for 2012.

Rates effective in 2013 as a result of the 2012 distribution formula rate update are subject to a reconciliation to actual 2013 costs, which will be filed with the ICC in 2014. This reconciliation will be reflected in customer rates beginning in January 2015. Throughout each year, ComEd records regulatory assets or regulatory liabilities and corresponding increases or decreases to revenue for any differences between the revenue requirement in effect and its best estimate of the probable increase or decrease in the revenue requirement expected to ultimately be approved by the ICC in that year’s reconciliation proceedings based on the year’s actual costs incurred.

The filing does not reflect the SB9 legislation. If that legislation becomes law, an update to the distribution formula will be filed with the ICC shortly thereafter to reflect the passage of such legislation.

 

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•

BGE Gas and Electric Distribution Rate Case: On Feb. 22, 2013, the Maryland Public Service Commission (MDPSC) issued Order No. 85374 related to the application filed by BGE on July 27, 2012 seeking an increase in electric and gas base rates. Under the MDPSC’s Order, BGE is authorized to increase annual electric base rates by $81 million, which is approximately 62 percent of the $131 million requested in the application and annual gas base rates by $32 million, which is approximately 71 percent of the $45 million requested. The electric distribution rate increase was set using an allowed return on equity of 9.75 percent and the gas distribution rate increase was set using an allowed return on equity of 9.60 percent. The new electric and natural gas distribution rates took effect for services rendered on or after Feb. 23, 2013.

 

•

PECO Preferred Stock Redemption: On March 25, 2013, PECO announced that it issued a notice of redemption for all of the following series of preferred stock:

 

Series		CUSIP No.				Redemption Price Per Share
$3.80 Series A (NYSE: PEPRA)			693304206			$	106.00
$4.30 Series B (NYSE: PEPRB)			693304305			$	102.00
$4.40 Series C (NYSE: PEPRC)			693304404			$	112.50
$4.68 Series D (NYSE: PEPRD)			693304503			$	104.00

The redemption date for each of the above series of preferred stock is May 1, 2013. The total amount of preferred stock being redeemed is $87 million in stated value. The redemption price per share of each series of preferred stock shown above equals the stated value per share plus a premium, if applicable, plus accrued and unpaid dividends to, but excluding, the redemption date, less the previously announced quarterly dividend that will be paid separately on May 1, 2013, to shareholders of record as of the close of business on March 28, 2013. No dividends on the preferred stock being redeemed will accrue on or after the redemption date, nor will any interest accrue on amounts held to pay the redemption price.

 

•

Antelope Valley Solar Ranch One Project: Three additional blocks of the Antelope Valley Solar Ranch One Project totaling 69 megawatts (MW) became operational in the first quarter of 2013, bringing the total capacity in operation to 98 MW. The remaining phases of the project are on track to be completed by the original planned commercial operation date of December 2013.

 

•

Hedging Update: Exelon’s hedging program involves the hedging of commodity risk for Exelon’s expected generation, typically on a ratable basis over a three-year period. Expected generation represents the amount of energy estimated to be generated or purchased through owned or contracted-for capacity. The proportion of expected generation hedged as of March 31, 2013, is 98 to 101 percent for 2013, 70 to 73 percent for 2014, and 33 to 36 percent for 2015. The primary objective of Exelon’s hedging program is to manage market risks and protect the value of its generation and its investment-grade balance sheet, while preserving its ability to participate in improving long-term market fundamentals.

 

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Operating Company Results

Generation consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products, risk management services and natural gas exploration and production activities.

First quarter 2013 GAAP net loss was $18 million, compared with net income of $168 million in the first quarter of 2012. Adjusted (non-GAAP) operating earnings for the first quarter of 2013 and 2012 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income (Loss) is in the table below:

 

($ millions)		1Q13				1Q12
Generation Adjusted (non-GAAP) Operating Earnings		$	336			$	409
Mark-to-Market Impact of Economic Hedging Activities			(246	)			36
Unrealized Gains Related to NDT Fund Investments			35				36
Plant Retirements and Divestitures			13				(6	)
Constellation Merger and Integration Costs			(29	)			(45	)
Maryland Commitments			—				(22	)
Amortization of Commodity Contract Intangibles			(117	)			(78	)
FERC Settlement			—				(172	)
Non-Cash Re-measurement of Deferred Income Taxes			—				13
Other Acquisition Costs			—				(3	)
Amortization of the Fair Value of Certain Debt			3				—
Nuclear Uprate Project Cancellation			(13	)			—
Generation GAAP Net Income (Loss)		$	(18	)		$	168

Generation’s Adjusted (non-GAAP) Operating Earnings in the first quarter of 2013 decreased $73 million compared with the same quarter in 2012. This decrease primarily reflected:

 

•

Lower energy margins at Generation, resulting from decreased capacity pricing related to RPM for the PJM market, higher nuclear fuel costs and lower realized market prices for the sale of energy across all regions;

 

•

Higher operating and maintenance expenses; and

 

•

Increased depreciation and amortization expense due to ongoing capital expenditures.

These items were partially offset by contribution to Generation’s energy margins from the addition of Constellation Energy to Generation’s operations and higher nuclear volume due to fewer planned and unplanned outage days.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $27.23 per megawatt-hour (MWh) in the first quarter of 2013, compared with $32.57 per MWh in the first quarter of 2012.

 

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

ComEd recorded GAAP net loss of $81 million in the first quarter of 2013, compared with net income of $87 million in the first quarter of 2012. Adjusted (non-GAAP) operating earnings for the first quarter of 2013 and 2012 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income (Loss) is in the table below:

 

($ millions)		1Q13				1Q12
ComEd Adjusted (non-GAAP) Operating Earnings		$	89			$	88
Re-measurement of Like-Kind Exchange Tax Position			(170	)			—
Constellation Merger and Integration Costs			—				(1	)
ComEd GAAP Net Income (Loss)		$	(81	)		$	87

ComEd’s Adjusted (non-GAAP) Operating Earnings in the first quarter of 2013 were up $1 million from the same quarter in 2012, primarily due to favorable weather in ComEd’s service territory partially offset by lower realized prices resulting from changes in customer mix.

For the first quarter of 2013, heating degree-days in the ComEd service territory were up 36.7 percent relative to the same period in 2012 and were 3.0 percent above normal. Total retail electric deliveries increased 2.9 percent quarter over quarter.

Weather-normalized retail electric deliveries decreased 1.2 percent in the first quarter of 2013 relative to 2012, reflecting decreases in deliveries to both small and large commercial and industrial (C&I) customers. For ComEd, weather had favorable after-tax effect of $10 million on first quarter 2013 earnings relative to 2012 and a favorable after-tax effect of $2 million relative to normal weather.

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

PECO’s GAAP net income in the first quarter of 2013 was $121 million, compared with $96 million in the first quarter of 2012. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2013 and 2012 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:

 

($ millions)		1Q13				1Q12
PECO Adjusted (non-GAAP) Operating Earnings		$	123			$	100
Constellation Merger and Integration Costs			(2	)			(4	)
PECO GAAP Net Income (Loss)		$	121			$	96

PECO’s Adjusted (non-GAAP) Operating Earnings in the first quarter of 2013 increased $23 million from the same quarter in 2012, primarily due to favorable weather in PECO’s service territory.

For the first quarter of 2013, heating degree-days in the PECO service territory were up 27.5 percent relative to the same period in 2013 and were 1.5 percent below normal. Total retail electric deliveries were up 4.3 percent quarter over quarter. On the gas side, deliveries in the first quarter of 2013 were up 23.6 percent from the first quarter of 2012.

 

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Weather-normalized retail electric deliveries were flat in the first quarter of 2013 relative to 2012, reflecting declines in deliveries to small C&I customers offset by increases in deliveries to large C&I and residential customers. Weather-normalized gas deliveries were up 2.0 percent in the first quarter of 2013. For PECO, weather had favorable after-tax effect of $27 million on first quarter 2013 earnings relative to 2012 and an unfavorable after-tax effect of $4 million relative to normal weather.

BGE consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland.

For the first quarter of 2013, BGE’s GAAP net income was $77 million and adjusted (non-GAAP) Operating Earnings were $74 million.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from NDT fund investments, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached. Additional earnings release attachments, which include the reconciliation on page 8 are posted on Exelon’s Web site: www.exeloncorp.com and have been furnished to the Securities and Exchange Commission on Form 8-K on May 1, 2013.

Cautionary Statements Regarding Forward-Looking Information

This news 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. 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 and Exelon Generation Company, LLC (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2012 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 19; and (2) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. 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 news release.

# # #

 

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Exelon Corporation is the nation’s leading competitive energy provider, with 2012 revenues of approximately $23.5 billion. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with approximately 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon’s utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).

 

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Earnings Release Attachments

Table of Contents

 

Consolidating Statements of Operations - Three Months Ended March 31, 2013 and 2012			1
Business Segment Comparative Statements of Operations - Generation and ComEd - Three Months Ended March 31, 2013 and 2012			2
Business Segment Comparative Statements of Operations - PECO and BGE - Three Months Ended March 31, 2013 and 2012			3
Business Segment Comparative Statements of Operations - Other - Three Months Ended March 31, 2013 and 2012			4
Consolidated Balance Sheets - March 31, 2013 and December 31, 2012			5
Consolidated Statements of Cash Flows - Three Months Ended March 31, 2013 and 2012			6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended March 31, 2013 and 2012			7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended March 31, 2013 and 2012			8
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three Months Ended March 31, 2013 and 2012			9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three Months Ended March 31, 2013 and 2012			10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three Months Ended March 31, 2013 and 2012			11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - BGE - Three Months Ended March 31, 2013 and March 12, 2012 through March 31, 2012.			12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three Months Ended March 31, 2013 and 2012			13
Exelon Generation Statistics - Three Months Ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012			14
ComEd Statistics - Three Months Ended March 31, 2013 and 2012			15
PECO Statistics - Three Months Ended March 31, 2013 and 2012			16
BGE Statistics - Three Months Ended March 31, 2013 and March 12, 2012 through March 31, 2012.			17

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EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

 

		Three Months Ended March 31, 2013
		Generation				ComEd				PECO				BGE				Other (a)				Exelon Consolidated
Operating revenues		$	3,533			$	1,160			$	895			$	880			$	(386	)		$	6,082
Operating expenses
Purchased power and fuel			2,169				382				406				426				(402	)			2,981
Operating and maintenance			1,112				328				188				143				(7	)			1,764
Depreciation, amortization, accretion and depletion			214				167				57				93				12				543
Taxes other than income			93				74				41				55				14				277
Total operating expenses			3,588				951				692				717				(383	)			5,565
Equity in losses of unconsolidated affiliates			(9	)			—				—				—				—				(9	)
Operating income (loss)			(64	)			209				203				163				(3	)			508
Other income and deductions
Interest expense			(82	)			(353	)			(29	)			(33	)			(126	)			(623	)
Other, net			128				5				3				5				31				172
Total other income and deductions			46				(348	)			(26	)			(28	)			(95	)			(451	)
Income (loss) before income taxes			(18	)			(139	)			177				135				(98	)			57
Income taxes			(1	)			(58	)			55				55				5				56
Net income (loss)			(17	)			(81	)			122				80				(103	)			1
Net income attributable to noncontrolling interests, preferred security dividends and preference stock dividends			1				—				1				3				—				5
Net income (loss) on common stock		$	(18	)		$	(81	)		$	121			$	77			$	(103	)		$	(4	)

 

		Three Months Ended March 31, 2012 (b)
		Generation				ComEd				PECO				BGE				Other (a)				Exelon Consolidated
Operating revenues		$	2,743			$	1,388			$	875			$	52			$	(368	)		$	4,690
Operating expenses
Purchased power and fuel			1,044				620				411				68				(378	)			1,765
Operating and maintenance			1,179				318				203				60				208				1,968
Depreciation, amortization, accretion and depletion			153				149				53				19				8				382
Taxes other than income			73				75				31				9				6				194
Total operating expenses			2,449				1,162				698				156				(156	)			4,309
Equity in losses of unconsolidated affiliates			(22	)			—				—				—				—				(22	)
Operating income (loss)			272				226				177				(104	)			(212	)			359
Other income and deductions
Interest expense			(54	)			(82	)			(31	)			(8	)			(20	)			(195	)
Other, net			178				4				2				1				9				194
Total other income and deductions			124				(78	)			(29	)			(7	)			(11	)			(1	)
Income (loss) before income taxes			396				148				148				(111	)			(223	)			358
Income taxes			230				61				51				(46	)			(138	)			158
Net income (loss)			166				87				97				(65	)			(85	)			200
Net income (loss) attributable to noncontrolling interests, preferred security dividends and preference stock dividends			(2	)			—				1				1				—				—
Net income (loss) on common stock		$	168			$	87			$	96			$	(66	)		$	(85	)		$	200

 

(a)	Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(b)	Includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

 

1

---

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

 

		Generation
		Three Months Ended March 31,
		2013				2012 (a)				Variance
Operating revenues		$	3,533			$	2,743			$	790
Operating expenses
Purchased power and fuel			2,169				1,044				1,125
Operating and maintenance			1,112				1,179				(67	)
Depreciation, amortization, accretion and depletion			214				153				61
Taxes other than income			93				73				20
Total operating expenses			3,588				2,449				1,139
Equity in losses of unconsolidated affiliates			(9	)			(22	)			13
Operating income (loss)			(64	)			272				(336	)
Other income and deductions
Interest expense			(82	)			(54	)			(28	)
Other, net			128				178				(50	)
Total other income and deductions			46				124				(78	)
Income (loss) before income taxes			(18	)			396				(414	)
Income taxes			(1	)			230				(231	)
Net income (loss)			(17	)			166				(183	)
Net income (loss) attributable to noncontrolling interests			1				(2	)			3
Net income (loss) on common stock		$	(18	)		$	168			$	(186	)

 

(a)	Includes financial results for Constellation beginning on March 12, 2012, the date the merger was completed.

 

		ComEd
		Three Months Ended March 31,
		2013				2012				Variance
Operating revenues		$	1,160			$	1,388			$	(228	)
Operating expenses
Purchased power			382				620				(238	)
Operating and maintenance			328				318				10
Depreciation and amortization			167				149				18
Taxes other than income			74				75				(1	)
Total operating expenses			951				1,162				(211	)
Operating income			209				226				(17	)
Other income and deductions
Interest expense			(353	)			(82	)			(271	)
Other, net			5				4				1
Total other income and deductions			(348	)			(78	)			(270	)
Income (loss) before income taxes			(139	)			148				(287	)
Income taxes			(58	)			61				(119	)
Net income (loss)		$	(81	)		$	87			$	(168	)

 

2

---

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

 

		PECO
		Three Months Ended March 31,
		2013				2012				Variance
Operating revenues		$	895			$	875			$	20
Operating expenses
Purchased power and fuel			406				411				(5	)
Operating and maintenance			188				203				(15	)
Depreciation and amortization			57				53				4
Taxes other than income			41				31				10
Total operating expenses			692				698				(6	)
Operating income			203				177				26
Other income and deductions
Interest expense			(29	)			(31	)			2
Other, net			3				2				1
Total other income and deductions			(26	)			(29	)			3
Income before income taxes			177				148				29
Income taxes			55				51				4
Net income			122				97				25
Preferred security dividends			1				1				—
Net income on common stock		$	121			$	96			$	25
		BGE
		Three Months Ended March 31,
		2013				2012(a)				Variance
Operating revenues		$	880			$	52			$	828
Operating expenses
Purchased power and fuel			426				68				358
Operating and maintenance			143				60				83
Depreciation and amortization			93				19				74
Taxes other than income			55				9				46
Total operating expenses			717				156				561
Operating income (loss)			163				(104	)			267
Other income and deductions
Interest expense			(33	)			(8	)			(25	)
Other, net			5				1				4
Total other income and deductions			(28	)			(7	)			(21	)
Income (loss) before income taxes			135				(111	)			246
Income taxes			55				(46	)			101
Net income (loss)			80				(65	)			145
Preference stock dividends			3				1				2
Net income (loss) on common stock		$	77			$	(66	)		$	143

 

(a)	Includes financial results for BGE beginning on March 12, 2012, the date the merger was completed.

 

 

3

---

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

 

		Other (a)
		Three Months Ended March 31,
		2013				2012 (b)				Variance
Operating revenues		$	(386	)		$	(368	)		$	(18	)
Operating expenses
Purchased power and fuel			(402	)			(378	)			(24	)
Operating and maintenance			(7	)			208				(215	)
Depreciation and amortization			12				8				4
Taxes other than income			14				6				8
Total operating expenses			(383	)			(156	)			(227	)
Operating loss			(3	)			(212	)			209
Other income and deductions
Interest expense			(126	)			(20	)			(106	)
Other, net			31				9				22
Total other income and deductions			(95	)			(11	)			(84	)
Loss before income taxes			(98	)			(223	)			125
Income taxes			5				(138	)			143
Net loss		$	(103	)		$	(85	)		$	(18	)

 

(a)	Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(b)	Includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

 

4

---

EXELON CORPORATION

Consolidated Balance Sheets

(in millions)

 

		March 31, 2013				December 31, 2012
		(unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	679			$	1,411
Cash and cash equivalents of variable interest entities			93				75
Restricted cash and investments			83				86
Restricted cash and investments of variable interest entities			65				47
Accounts receivable, net
Customer			2,835				2,789
Other			1,110				1,147
Accounts receivable, net, variable interest entities			285				292
Mark-to-market derivative assets			666				938
Unamortized energy contract assets			727				886
Inventories, net
Fossil fuel			122				246
Materials and supplies			791				768
Deferred income taxes			331				131
Regulatory assets			765				764
Other			722				560
Total current assets			9,274				10,140
Property, plant and equipment, net			45,784				45,186
Deferred debits and other assets
Regulatory assets			6,521				6,497
Nuclear decommissioning trust (NDT) funds			7,559				7,248
Investments			1,181				1,184
Investments in affiliates			22				22
Investment in CENG			1,883				1,849
Goodwill			2,625				2,625
Mark-to-market derivative assets			706				937
Unamortized energy contracts assets			968				1,073
Pledged assets for Zion Station decommissioning			580				614
Other			1,140				1,186
Total deferred debits and other assets			23,185				23,235
Total assets		$	78,243			$	78,561
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings		$	233			$	—
Short-term notes payable - accounts receivable agreement			210				210
Long-term debt due within one year			2,085				975
Long-term debt due within one year of variable interest entities			79				72
Accounts payable			2,198				2,446
Accounts payable of variable interest entities			188				202
Accrued expenses			1,430				1,800
Deferred income taxes			29				58
Regulatory liabilities			418				368
Dividends payable			1				4
Mark-to-market derivative liabilities			181				352
Unamortized energy contract liabilities			410				455
Other			859				849
Total current liabilities			8,321				7,791
Long-term debt			16,210				17,190
Long-term debt to financing trusts			648				648
Long-term debt of variable interest entity			497				508
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			11,315				11,551
Asset retirement obligations			5,149				5,074
Pension obligations			3,161				3,428
Non-pension postretirement benefit obligations			2,672				2,662
Spent nuclear fuel obligation			1,020				1,020
Regulatory liabilities			4,115				3,981
Mark-to-market derivative liabilities			259				281
Unamortized energy contract liabilities			466				528
Payable for Zion Station decommissioning			372				432
Other			2,625				1,650
Total deferred credits and other liabilities			31,154				30,607
Total liabilities			56,830				56,744
Commitments and contingencies
Preferred securities of subsidiary			87				87
Shareholders’ equity
Common stock			16,652				16,632
Treasury stock, at cost			(2,327	)			(2,327	)
Retained earnings			9,437				9,893
Accumulated other comprehensive loss, net			(2,673	)			(2,767	)
Total shareholders’ equity			21,089				21,431
BGE preference stock not subject to mandatory redemption			193				193
Noncontrolling interest			44				106
Total equity			21,326				21,730
Total liabilities and shareholders’ equity		$	78,243			$	78,561

 

5

---

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

 

		Three Months Ended March 31,
		2013				2012 (a)
Cash flows from operating activities
Net income		$	1				200
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization			1,017				776
Deferred income taxes and amortization of investment tax credits			(610	)			101
Net fair value changes related to derivatives			388				(73	)
Net realized and unrealized gains on nuclear decommissioning trust fund investments			(66	)			(103	)
Other non-cash operating activities			231				530
Changes in assets and liabilities:
Accounts receivable			(70	)			394
Inventories			101				104
Accounts payable, accrued expenses and other current liabilities			(542	)			(1,176	)
Option premiums paid, net			(3	)			(100	)
Counterparty collateral received (posted), net			(186	)			340
Income taxes			632				178
Pension and non-pension postretirement benefit contributions			(267	)			(55	)
Other assets and liabilities			233				(122	)
Net cash flows provided by operating activities			859				994
Cash flows from investing activities
Capital expenditures			(1,447	)			(1,496	)
Proceeds from nuclear decommissioning trust fund sales			677				3,680
Investment in nuclear decommissioning trust funds			(729	)			(3,726	)
Cash and restricted cash acquired from Constellation			—				964
Change in restricted cash			(12	)			(8	)
Other investing activities			40				(54	)
Net cash flows used in investing activities			(1,471	)			(640	)
Cash flows from financing activities
Changes in short-term debt			233				141
Issuance of long-term debt			149				—
Retirement of long-term debt			(1	)			(451	)
Dividends paid on common stock			(450	)			(350	)
Proceeds from employee stock plans			12				12
Other financing activities			(45	)			(1	)
Net cash flows used in financing activities			(102	)			(649	)
Decrease in cash and cash equivalents			(714	)			(295	)
Cash and cash equivalents at beginning of period			1,486				1,016
Cash and cash equivalents at end of period		$	772			$	721

 

(a)	Includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

 

6

---

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)

 

		Three Months Ended March 31, 2013												Three Months Ended March 31, 2012 (a)
		GAAP (b)				Adjustments				Adjusted Non-GAAP				GAAP (b)				Adjustments				Adjusted Non-GAAP
Operating revenues		$	6,082			$	812	(c),(d)		$	6,894			$	4,690			$	147	(c),(d),(e),(k)		$	4,837
Operating expenses
Purchased power and fuel			2,981				253	(c),(d)			3,234				1,765				1	(c),(d),(e),(f)			1,766
Operating and maintenance			1,764				(38	)(e),(f),(g)			1,726				1,968				(574	)(e),(f),(k),(l),(m)			1,394
Depreciation, amortization, accretion and depletion			543				(1	)(f)			542				382				(16	)(e)			366
Taxes other than income			277				—				277				194				1	(e),(k)			195
Total operating expenses			5,565				214				5,779				4,309				(588	)			3,721
Equity in earnings (losses) of unconsolidated affiliates			(9	)			18	(d)			9				(22	)			8	(d)			(14	)
Operating income			508				616				1,124				359				743				1,102
Other income and deductions
Interest expense			(623	)			285	(f),(g),(h),(i)			(338	)			(195	)			(1	)(d)			(196	)
Other, net			172				(30	)(e),(f),(h),(j)			142				194				(119	)(j)			75
Total other income and deductions			(451	)			255				(196	)			(1	)			(120	)			(121	)
Income before income taxes			57				871				928				358				623				981
Income taxes			56				265	(c),(d),(e),(f),   (g),(h),(i),(j)			321				158				220	(c),(d),(e),(f),   (j),(k),(l),(m),(n)			378
Net income			1				606				607				200				403				603
Net income attributable to noncontrolling interests, preferred security dividends and preference stock dividends			5				—				5				—				—				—
Net income (loss) on common stock		$	(4	)		$	606			$	602			$	200			$	403			$	603
Effective tax rate			98.2	%							34.6	%			44.1	%							38.5	%
Earnings per average common share
Basic		$	(0.01	)		$	0.71			$	0.70			$	0.28			$	0.57			$	0.85
Diluted		$	(0.01	)		$	0.71			$	0.70			$	0.28			$	0.57			$	0.85
Average common shares outstanding
Basic			855								855				705								705
Diluted			859								859				707								707
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (c)						$	0.27											$	(0.06	)
Amortization of commodity contract intangibles (d)							0.14												0.11
Plant retirements and divestitures (e)							(0.02	)											0.01
Constellation merger and integration costs (f)							0.03												0.16
Nuclear uprate project cancellation (g)							0.02												—
Remeasurement of like-kind exchange tax position (h)							0.31												—
Amortization of the fair value of certain debt (i)							—												—
Unrealized (gains) related to NDT fund investments (j)							(0.04	)											(0.05	)
Maryland commitments (k)							—												0.32
Federal Regulatory Energy Commission (FERC) settlement (l)							—												0.25
Other acquisition costs (m)							—												—
Non-cash remeasurement of deferred income taxes (n)							—												(0.17	)
Total adjustments						$	0.71											$	0.57

 

(a)	For the three months ended March 31, 2012, includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

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

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

(d)	Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(e)	Adjustment to exclude the impacts associated with the sale or retirement of generating stations.

(f)

Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies, partially offset in 2013 by a one-time benefit pursuant to the February 22, 2013 order for BGE’s 2012 electric and gas distribution rate case for the recovery of previously incurred integration costs.

(g)	Adjustment to exclude a 2013 charge to earnings related to Generation’s cancellation of previously capitalized nuclear uprate projects.

(h)	Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(i)	Adjustment to exclude the non-cash amortization of certain debt recorded at fair value at the merger date expected to be retired in 2013.

(j)	Adjustment to exclude the unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(k)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

(l)	Adjustment to exclude costs associated with a March 2012 settlement with the FERC to resolve a dispute related to Constellation’s prior period hedging and risk management transactions.

(m)	Adjustment to exclude certain costs associated with various acquisitions.

(n)	Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

 

7

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EXELON CORPORATION (a)

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Three Months Ended March 31, 2013 and 2012

 

		Exelon Earnings per Diluted Share				Generation				ComEd				PECO				BGE				Other (b)				Exelon
2012 GAAP Earnings (Loss)		$	0.28			$	168			$	87			$	96			$	(66	)		$	(85	)		$	200
2012 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities			(0.06	)			(36	)			—				—				—				(7	)			(43	)
Unrealized Gains Related to NDT Fund Investments (1)			(0.05	)			(36	)			—				—				—				—				(36	)
Plant Retirements and Divestitures (2)			0.01				6				—				—				—				—				6
Constellation Merger and Integration Costs (3)			0.16				45				1				4				1				62				113
Maryland Commitments (4)			0.32				22				—				—				83				122				227
Amortization of Commodity Contract Intangibles (5)			0.11				78				—				—				—				—				78
FERC Settlement (6)			0.25				172				—				—				—				—				172
Non-Cash Remeasurement of Deferred Income Taxes (7)			(0.17	)			(13	)			—				—				—				(104	)			(117	)
Other Acquisition Costs			—				3				—				—				—				—				3
2012 Adjusted (non-GAAP) Operating Earnings (Loss)			0.85				409				88				100				18				(12	)			603
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Volume (8)			0.01				12				—				—				—				—				12
Nuclear Fuel Costs (9)			(0.02	)			(16	)			—				—				—				—				(16	)
Capacity Pricing (10)			(0.03	)			(29	)			—				—				—				—				(29	)
Market and Portfolio Conditions (11)			0.19				162				—				—				—				—				162
ComEd, PECO and BGE Margins:
Weather			0.04				—				11				27				—	(c)			—				38
Load			—				—				(2	)			—				—	(c)			—				(2	)
Other Energy Delivery (12)			0.23				—				(4	)			(10	)			214				—				200
Operating and Maintenance Expense:
Labor, Contracting and Materials (13)			(0.17	)			(100	)			(10	)			3				(40	)			—				(147	)
Planned Nuclear Refueling Outages (14)			0.02				18				—				—				—				—				18
Pension and Non-Pension Postretirement Benefits (15)			(0.01	)			(4	)			(4	)			2				(4	)			—				(10	)
Other Operating and Maintenance (16)			(0.08	)			(55	)			7				3				(27	)			1				(71	)
Depreciation and Amortization Expense (17)			(0.13	)			(50	)			(11	)			(3	)			(44	)			(2	)			(110	)
Equity in Earnings of Unconsolidated Affiliates (18)			0.02				14				—				—				—				—				14
Income Taxes (19)			0.04				27				2				6				(2	)			(1	)			32
Interest Expense, Net (20)			(0.03	)			(18	)			9				1				(15	)			(3	)			(26	)
Other (21)			(0.08	)			(34	)			3				(6	)			(26	)			(3	)			(66	)
Share Differential (22)			(0.15	)			—				—				—				—				—				—
2013 Adjusted (non-GAAP) Operating Earnings (Loss)			0.70				336				89				123				74				(20	)			602
2013 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities			(0.27	)			(246	)			—				—				—				11				(235	)
Unrealized Gains Related to NDT Fund Investments (1)			0.04				35				—				—				—				—				35
Plant Retirements and Divestitures (2)			0.02				13				—				—				—				—				13
Constellation Merger and Integration Costs (3)			(0.03	)			(29	)			—				(2	)			3				1				(27	)
Amortization of Commodity Contract Intangibles (5)			(0.14	)			(117	)			—				—				—				—				(117	)
Amortization of the Fair Value of Certain Debt (23)			—				3				—				—				—				—				3
Remeasurement of Like-Kind Exchange Tax Position (24)			(0.31	)			—				(170	)			—				—				(95	)			(265	)
Nuclear Uprate Project Cancellation (25)			(0.02	)			(13	)			—				—				—				—				(13	)
2013 GAAP Earnings (Loss)		$	(0.01	)		$	(18	)		$	(81	)		$	121			$	77			$	(103	)		$	(4	)

 

(a)

For the three months ended March 31, 2012, includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed. Therefore, the results of operations from 2013 and 2012 are not comparable for Generation, BGE, Other and Exelon. The explanations below identify any other significant or unusual items affecting the results of operations.

(b)	Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(c)	As approved by the Maryland PSC, BGE records a monthly adjustment to rates for residential and the majority of its commercial and industrial customers to eliminate the effect of abnormal weather and usage patterns per customer on distribution volumes.

---

(1)	Reflects the impact of unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2)	Reflects the impacts associated with the sale or retirement of generating stations.

(3)

Reflects certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies, partially offset in 2013 by a one-time benefit pursuant to the February 22, 2013 order for BGE’s 2012 electric and gas distribution rate case for the recovery of previously incurred integration costs.

(4)	Reflects costs incurred as part of the Maryland order approving the merger transaction.

(5)	Represents the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(6)	Reflects costs incurred as part of a March 2012 settlement with the FERC to resolve a dispute related to Constellation’s prior period hedging and risk management transactions.

(7)	Reflects the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

(8)	Primarily reflects the impact of decreased planned and unplanned nuclear outage days in 2013, excluding Constellation Energy Nuclear Group, LLC (CENG).

(9)	Primarily reflects the impact of higher nuclear fuel prices during the amortization period, excluding CENG.

(10)	Primarily reflects the impact of decreased capacity prices related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market, partially offset by the inclusion of Constellation’s results for the full quarter in 2013.

(11)	Primarily reflects the inclusion of Constellation’s results for the full quarter in 2013, partially offset by the impact of decreased realized prices for the sale of energy across all regions.

(12)

For ComEd, primarily reflects lower realized prices resulting from changes in customer mix, partially offset by increased distribution revenue due to recovery of increased costs and capital investment pursuant to the formula rate under EIMA. For PECO, primarily reflects the customer refund in 2013 of the tax cash benefit related to gas property distribution repairs (completely offset in income taxes) and decreased cost recovery for regulatory required programs (partially offset in operating and maintenance expense, depreciation expense and income taxes). For BGE, primarily reflects the inclusion of results for the full quarter in 2013, which includes increased distribution revenue pursuant to the February 22, 2013 order for BGE’s 2012 Maryland electric and natural gas distribution rate case.

(13)	Primarily reflects the inclusion of Constellation and BGE’s results for the full quarter in 2013, the impacts of inflation across all operating companies and increased EIMA costs at ComEd, offset by reduced contracting expenses at PECO.

(14)	Primarily reflects the impact of decreased planned nuclear refueling outage days in 2013, excluding Salem and CENG.

(15)

Primarily reflects the impact of lower actuarially assumed discount rates for 2013, partially offset by favorable 2012 asset return experience relative to expectations, and certain 2012 OPEB plan design changes and positive claims experience in 2012. At PECO, also reflects the end of OPEB transition cost amortization in 2012.

(16)	Primarily reflects the inclusion of Constellation and BGE’s results for the full quarter in 2013. For ComEd and PECO, primarily reflects decreased costs associated with regulatory required programs (completely offset by decreased other energy delivery revenues).

(17)

Primarily reflects the inclusion of Constellation and BGE’s results for the full quarter in 2013, increased depreciation expense across the operating companies for ongoing capital expenditures, the non-cash amortization of intangible assets at Generation primarily related to the trade name and retail relationships recorded at fair value at the merger date and increased regulatory asset amortization at ComEd.

(18)	Primarily reflects equity in earnings in CENG, partially offset by the non-cash amortization of the fair value basis difference recorded at the merger date.

(19)	At Generation, primarily reflects an increase in investment tax credit benefits related to the AVSR solar project. At PECO, primarily reflects a benefit for the gas property repairs deduction.

(20)

Primarily reflects the inclusion of Constellation and BGE’s results for the full quarter in 2013. For Generation, also reflects the impact of higher interest expense due to higher outstanding debt during 2013. For ComEd, primarily reflects lower interest expense related to the 1999-2001 IRS settlement.

(21)	Primarily reflects the inclusion of Constellation and BGE’s results for the full quarter in 2013. For PECO, primarily reflects the impact of a 2012 sales and use tax reserve reduction resulting from an audit.

(22)	Reflects the impact on earnings per share due to the increase in Exelon’s average diluted common shares outstanding as a result of the merger.

(23)	Represents the non-cash amortization of certain debt recorded at fair value at the merger date expected to be retired in 2013.

(24)	Represents a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(25)	Reflects a 2013 charge to earnings related to Generation’s cancellation of previously capitalized nuclear uprate projects.

 

8

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EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

 

		Generation
		Three Months Ended March 31, 2013												Three Months Ended March 31, 2012 (a)
		GAAP (b)				Adjustments				Adjusted Non-GAAP				GAAP (b)				Adjustments				Adjusted Non-GAAP
Operating revenues		$	3,533			$	830	(c),(d)		$	4,363			$	2,743			$	45	(c),(d),(e)		$	2,788
Operating expenses
Purchased power and fuel			2,169				253	(c),(d)			2,422				1,044				1	(c),(d),(e),(f)			1,045
Operating and maintenance			1,112				(40	)(e),(f),(g)			1,072				1,179				(321	)(e),(f),(j),(k),(l)			858
Depreciation, amortization, accretion and depletion			214				(1	)(f)			213				153				(16	)(e)			137
Taxes other than income			93				—				93				73				(1	)(e)			72
Total operating expenses			3,588				212				3,800				2,449				(337	)			2,112
Equity in earnings (losses) of unconsolidated affiliates			(9	)			18	(d)			9				(22	)			8				(14	)
Operating income (loss)			(64	)			636				572				272				390				662
Other income and deductions
Interest expense			(82	)			(2	)(f),(g),(h)			(84	)			(54	)			(1	)(d)			(55	)
Other, net			128				(111	)(e),(f),(i)			17				178				(119	)(i)			59
Total other income and deductions			46				(113	)			(67	)			124				(120	)			4
Income (loss) before income taxes			(18	)			523				505				396				270				666
Income taxes			(1	)			169	(c),(d),(e),(f),   (g),(h),(i)			168				230				29	(c),(d),(e),(f),   (i),(j),(k),(l),(m)			259
Net income (loss)			(17	)			354				337				166				241				407
Net income (loss) attributable to noncontrolling interests			1				—				1				(2	)			—				(2	)
Net income (loss) on common stock		$	(18	)		$	354			$	336			$	168			$	241			$	409

 

(a)	Includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

(b)	Results reported in accordance with GAAP.

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

(d)	Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(e)	Adjustment to exclude the impacts associated with the sale or retirement of generating stations.

(f)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

(g)	Adjustment to exclude a 2013 charge to earnings related to Generation’s cancellation of previously capitalized nuclear uprate projects.

(h)	Adjustment to exclude the non-cash amortization of certain debt recorded at fair value at the merger date expected to be retired in 2013.

(i)	Adjustment to exclude the unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(j)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

(k)	Adjustment to exclude certain costs associated with various acquisitions.

(l)	Adjustment to exclude costs incurred as part of a March 2012 settlement with the FERC to resolve a dispute related to Constellation’s prior period hedging and risk management transactions.

(m)	Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

 

9

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EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

 

		ComEd
		Three Months Ended March 31, 2013												Three Months Ended March 31, 2012
		GAAP (a)				Adjustments				Adjusted  Non- GAAP				GAAP (a)				Adjustments				Adjusted  Non- GAAP
Operating revenues		$	1,160			$	—			$	1,160			$	1,388			$	—			$	1,388
Operating expenses
Purchased power			382				—				382				620				—				620
Operating and maintenance			328				—				328				318				(2	)(c)			316
Depreciation and amortization			167				—				167				149				—				149
Taxes other than income			74				—				74				75				—				75
Total operating expenses			951				—				951				1,162				(2	)			1,160
Operating income			209				—				209				226				2				228
Other income and deductions
Interest expense			(353	)			287	(b)			(66	)			(82	)			—				(82	)
Other, net			5				—				5				4				—				4
Total other income and deductions			(348	)			287				(61	)			(78	)			—				(78	)
Income (loss) before income taxes			(139	)			287				148				148				2				150
Income taxes			(58	)			117	(b)			59				61				1	(c)			62
Net income (loss)		$	(81	)		$	170			$	89			$	87			$	1			$	88

 

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(c)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

 

10

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EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

 

		PECO
		Three Months Ended March 31, 2013												Three Months Ended March 31, 2012
		GAAP (a)				Adjustments				Adjusted Non- GAAP				GAAP (a)				Adjustments				Adjusted Non- GAAP
Operating revenues		$	895			$	—			$	895			$	875			$	—			$	875
Operating expenses
Purchased power and fuel			406				—				406				411				—				411
Operating and maintenance			188				(2	)(b)			186				203				(7	)(b)			196
Depreciation and amortization			57				—				57				53				—				53
Taxes other than income			41				—				41				31				—				31
Total operating expenses			692				(2	)			690				698				(7	)			691
Operating income			203				2				205				177				7				184
Other income and deductions
Interest expense			(29	)			—				(29	)			(31	)			—				(31	)
Other, net			3				—				3				2				—				2
Total other income and deductions			(26	)			—				(26	)			(29	)			—				(29	)
Income before income taxes			177				2				179				148				7				155
Income taxes			55				—	(b)			55				51				3	(b)			54
Net income			122				2				124				97				4				101
Preferred security dividends			1				—				1				1				—				1
Net income on common stock		$	121			$	2			$	123			$	96			$	4			$	100

 

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

 

11

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EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

 

		BGE
		Three Months Ended March 31, 2013												March 12, 2012 through March 31, 2012
		GAAP (a)				Adjustments				Adjusted Non- GAAP				GAAP (b)				Adjustments				Adjusted Non- GAAP
Operating revenues		$	880			$	—			$	880			$	52			$	113	(c)		$	165
Operating expenses
Purchased power and fuel			426				—				426				68				—				68
Operating and maintenance			143				5	(b)			148				60				(30	)(b),(c)			30
Depreciation and amortization			93				—				93				19				—				19
Taxes other than income			55				—				55				9				2	(c)			11
Total operating expenses			717				5				722				156				(28	)			128
Operating income (loss)			163				(5	)			158				(104	)			141				37
Other income and deductions
Interest expense			(33	)			—				(33	)			(8	)			—				(8	)
Other, net			5				—				5				1				—				1
Total other income and deductions			(28	)			—				(28	)			(7	)			—				(7	)
Income (loss) before income taxes			135				(5	)			130				(111	)			141				30
Income taxes			55				(2	)(b)			53				(46	)			57	(b),(c)			11
Net income (loss)			80				(3	)			77				(65	)			84				19
Preference stock dividends			3				—				3				1				—				1
Net income (loss) on common stock		$	77			$	(3	)		$	74			$	(66	)		$	84			$	18

 

(a)	Results reported in accordance with GAAP.

(b)

Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies, partially offset in 2013 by a one-time benefit pursuant to the February 22, 2013 order for BGE’s 2012 electric and gas distribution rate case for the recovery of previously incurred integration costs.

(c)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

 

12

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EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

 

		Other (a)
		Three Months Ended March 31, 2013												Three Months Ended March 31, 2012 (b)
		GAAP (c)				Adjustments				Adjusted Non- GAAP				GAAP (c)				Adjustments				Adjusted Non- GAAP
Operating revenues		$	(386	)		$	(18	)(d)		$	(404	)		$	(368	)		$	(11	)(d)		$	(379	)
Operating expenses
Purchased power and fuel			(402	)			—				(402	)			(378	)			—				(378	)
Operating and maintenance			(7	)			(1	)(e)			(8	)			208				(214	)(e),(g)			(6	)
Depreciation and amortization			12				—				12				8				—				8
Taxes other than income			14				—				14				6				—				6
Total operating expenses			(383	)			(1	)			(384	)			(156	)			(214	)			(370	)
Operating loss			(3	)			(17	)			(20	)			(212	)			203				(9	)
Other income and deductions
Interest expense			(126	)			—				(126	)			(20	)			—				(20	)
Other, net			31				81	(f)			112				9				—				9
Total other income and deductions			(95	)			81				(14	)			(11	)			—				(11	)
Loss before income taxes			(98	)			64				(34	)			(223	)			203				(20	)
Income taxes			5				(19	)(d),(e),(f)			(14	)			(138	)			130	(d),(e),(g),(h)			(8	)
Net loss		$	(103	)		$	83			$	(20	)		$	(85	)		$	73			$	(12	)

 

(a)	Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(b)	For the three months ended March 31, 2012, includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

(c)	Results reported in accordance with GAAP.

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

(e)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

(f)	Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(g)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

(h)	Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

 

13

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EXELON CORPORATION

Exelon Generation Statistics

 

		Three Months Ended (a)
		Mar. 31, 2013				Dec. 31, 2012				Sep. 30, 2012				Jun. 30, 2012				Mar. 31, 2012
Supply (in GWhs)
Nuclear Generation (b)
Mid-Atlantic			12,762				11,547				11,449				12,277				12,064
Midwest			23,269				23,335				23,132				22,860				23,198
Total Nuclear Generation			36,031				34,882				34,581				35,137				35,262
Fossil and Renewables (b)
Mid-Atlantic (b)(d)			3,160				2,154				2,547				2,316				1,791
Midwest			581				300				171				228				272
New England			2,392				2,368				3,953				2,755				889
New York			—				—				—				—				—
ERCOT			733				755				2,410				2,177				840
Other (e)			2,254				1,358				1,813				1,923				819
Total Fossil and Renewables			9,120				6,935				10,894				9,399				4,611
Purchased Power
Mid-Atlantic (c)			3,233				4,332				6,811				7,111				2,577
Midwest			1,700				2,661				3,035				1,558				2,552
New England			1,507				2,304				1,961				3,905				1,100
New York (c)			3,511				3,678				4,026				2,818				935
ERCOT			4,199				6,043				7,741				6,686				2,832
Other (e)			3,703				4,172				5,372				6,012				1,769
Total Purchased Power			17,853				23,190				28,946				28,090				11,765
Total Supply/Sales by Region (g)
Mid-Atlantic (f)			19,155				18,033				20,807				21,704				16,432
Midwest (f)			25,550				26,296				26,338				24,646				26,022
New England			3,899				4,672				5,914				6,660				1,989
New York			3,511				3,678				4,026				2,818				935
ERCOT			4,932				6,798				10,151				8,863				3,672
Other (e)			5,957				5,530				7,185				7,935				2,588
Total Supply/Sales by Region			63,004				65,007				74,421				72,626				51,638
		Three Months Ended (a)
		Mar. 31, 2013				Dec. 31, 2012				Sep. 30, 2012				Jun. 30, 2012				Mar. 31, 2012
Average Margin ($/MWh) (h) (i)
Mid-Atlantic (j)		$	44.04			$	48.24			$	43.64			$	40.68			$	46.86
Midwest (j)			28.08				26.09				27.68				31.00				31.40
New England			7.63				3.64				13.70				9.01				19.61
New York			(6.27	)			4.35				3.23				13.84				8.56
ERCOT			20.54				13.39				15.66				13.43				9.26
Other (e)			7.61				7.96				5.85				4.28				5.41
Average Margin - Overall Portfolio		$	27.23			$	26.52			$	25.96			$	26.15			$	32.57
Around-the-clock Market Prices ($/MWh) (k)
PJM West Hub		$	37.53			$	35.94			$	38.13			$	30.40			$	31.10
NiHub			30.93				28.37				34.29				26.02				27.13
New England Mass Hub ATC Spark Spread			(6.63	)			3.07				12.69				7.77				0.80
NYPP Zone A			40.23				34.70				34.56				27.87				27.18
ERCOT North Spark Spread			(0.66	)			(0.27	)			3.60				6.01				3.46
		Three Months Ended (a)
		Mar. 31, 2013				Dec. 31, 2012				Sep. 30, 2012				Jun. 30, 2012				Mar. 31, 2012
Outage Days (l)
Refueling			49				113				43				51				67
Non-refueling			6				1				40				16				16
Total Outage Days			55				114				83				67				83

 

(a)	Includes results for Constellation beginning on March 12, 2012, the date the merger was completed.

(b)	Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and does not include ownership through equity method investments (e.g. CENG).

(c)

Purchased power includes physical volumes of 2,588 GWhs, 3,255 GWhs, 3,126 GWhs, 3,225 GWhs and 319 GWhs in the Mid-Atlantic and 3,213 GWhs, 2,814 GWhs, 2,997 GWhs, 2,817 GWhs and 722 GWhs in New York as a result of the PPA with CENG for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

(d)	Excludes generation under the reliability-must-run rate schedule and generation of Brandon Shores, H.A. Wagner, and C.P. Crane, the generating facilities divested in Q4 2012 as a result of the Exelon and Constellation merger.

(e)	Other Regions includes South, West and Canada, which are not considered individually significant.

(f)	Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(g)	Total sales do not include physical proprietary trading volumes of 1,572 GWhs, 2,977 GWhs, 4,352 GWhs, 4,248 GWhs, and 1,888 GWhs, for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, and March 31, 2012, respectively.

(h)

Excludes Generation’s other business activities not allocated to a region, including retail and wholesale gas, upstream natural gas, proprietary trading, energy efficiency, energy management and demand response, and the design, construction and operation of renewable energy facilities. Also excludes Generation’s compensation under the reliability-must-run rate schedule, the financial results of Brandon Shores, H.A. Wagner, and C.P. Crane, the generating facilities divested in Q4 2012 as a result of the merger, amortization of certain intangible assets relating to commodity contracts recorded at fair value as a result of the Exelon and Constellation merger and other miscellaneous revenues not allocated to a region.

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

(j)	Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd and settlements of the ComEd swap in the Midwest region.

(k)	Represents the average for the quarter.

(l)	Outage days exclude Salem and CENG.

 

14

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EXELON CORPORATION

ComEd Statistics

Three Months Ended March 31, 2013 and 2012

 

		Electric Deliveries (in GWhs)																Revenue (in millions)
		2013				2012				% Change				Weather- Normal % Change				2013				2012				% Change
Retail Deliveries and Sales (a)
Residential			6,876				6,406				7.3	%			(0.1	)%		$	584			$	775				(24.6	)%
Small Commercial & Industrial			7,873				7,916				(0.5	)%			(3.2	)%			308				348				(11.5	)%
Large Commercial & Industrial			6,840				6,703				2.0	%			(0.4	)%			102				100				2.0	%
Public Authorities & Electric Railroads			373				325				14.8	%			9.7	%			12				12				0.0	%
Total Retail			21,962				21,350				2.9	%			(1.2	)%			1,006				1,235				(18.5	)%
Other Revenue (b)																			154				153				0.7	%
Total Electric Revenue																		$	1,160			$	1,388				(16.4	)%
Purchased Power																		$	382			$	620				(38.4	)%
														% Change
Heating and Cooling Degree-Days		2013				2012				Normal				From 2012				From Normal
Heating Degree-Days			3,259				2,384				3,164				36.7	%			3.0	%
Cooling Degree-Days			—				39				—				(100.0	)%			n/a
Number of Electric Customers		2013				2012
Residential			3,470,659				3,465,669
Small Commercial & Industrial			366,284				365,525
Large Commercial & Industrial			2,001				2,013
Public Authorities & Electric Railroads			4,802				4,790
Total			3,843,746				3,837,997

 

(a)

Reflects delivery volumes and 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, revenue also reflects the cost of energy and transmission.

(b)	Other revenue primarily includes transmission revenue from PJM. Other items include late payment charges and mutual assistance program revenues.

 

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EXELON CORPORATION

PECO Statistics

Three Months Ended March 31, 2013 and 2012

 

		Electric and Gas Deliveries																Revenue (in millions)
		2013				2012				% Change				Weather- Normal %  Change				2013				2012				% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential			3,465				3,166				9.4	%			0.5	%		$	395			$	407				(2.9	)%
Small Commercial & Industrial			2,009				1,951				3.0	%			(4.5	)%			106				118				(10.2	)%
Large Commercial & Industrial			3,646				3,637				0.2	%			1.5	%			59				54				9.3	%
Public Authorities & Electric Railroads			255				237				7.6	%			7.6	%			8				8				0.0	%
Total Retail			9,375				8,991				4.3	%			0.0	%			568				587				(3.2	)%
Other Revenue (b)																			55				56				(1.8	)%
Total Electric Revenue																			623				643				(3.1	)%
Gas (in mmcfs)
Retail Deliveries and Sales
Retail Sales (c)			28,438				22,427				26.8	%			(0.4	)%			260				222				17.1	%
Transportation and Other			8,883				7,766				14.4	%			10.9	%			12				10				20.0	%
Total Gas			37,321				30,193				23.6	%			2.0	%			272				232				17.2	%
Total Electric and Gas Revenues																		$	895			$	875				2.3	%
Purchased Power and Fuel																		$	406			$	411				(1.2	)%
															% Change
Heating and Cooling Degree-Days		2013				2012				Normal				From 2012				From Normal
Heating Degree-Days			2,440				1,914				2,476				27.5	%			(1.5	)%
Cooling Degree-Days			—				4				—				n/a				n/a
Number of Electric Customers		2013				2012				Number of Gas Customers												2013				2012
Residential			1,423,333				1,420,734				Residential												455,979				452,800
Small Commercial & Industrial			148,749				148,756				Commercial & Industrial												41,972				41,577
Large Commercial & Industrial			3,117				3,109				Total Retail												497,951				494,377
Public Authorities & Electric Railroads			9,657				9,688				Transportation												904				888
Total			1,584,856				1,582,287				Total												498,855				495,265

 

(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, revenue also reflects the cost of energy and transmission.

(b)	Other revenue includes transmission revenue from PJM and wholesale electric revenues.

(c)

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.

 

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EXELON CORPORATION

BGE Statistics

Three Months Ended March 31, 2013 and March 12, 2012 Through March 31, 2012

 

		Electric and Gas Deliveries												Revenue (in millions)
		2013				2012				% Change				2013				2012				% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential			3,537				615				n.m.			$	365			$	(13	)			n.m.
Small Commercial & Industrial			3,980				143				n.m.				159				12				n.m.
Large Commercial & Industrial			349				843				n.m.				10				21				n.m.
Public Authorities & Electric Railroads			82				25				n.m.				8				3				n.m.
Total Retail			7,948				1,626				n.m.				542				23				n.m.
Other Revenue (b)															63				17				n.m.
Total Electric Revenue															605				40				n.m.
Gas (in mmcfs)
Retail Deliveries and Sales (c)
Retail Sales			40,261				4,867				n.m.				246				6				n.m.
Transportation and Other (d)			5,651				1,910				n.m.				29				6				n.m.
Total Gas			45,912				6,777				n.m.				275				12				n.m.
Total Electric and Gas Revenues														$	880			$	52				n.m.
Purchased Power and Fuel														$	426			$	68				n.m.
														% Change
Heating and Cooling Degree-Days		2013				2012				Normal				From 2011				From Normal
Heating Degree-Days			2,451				1,717				2,384				42.7	%			2.8	%
Cooling Degree-Days			1				—				—				n.m.				n.m.
Number of Electric Customers		2013				2012				Number of Gas Customers								2013				2012
Residential			1,118,824				1,116,201				Residential								612,065				610,612
Small Commercial & Industrial			119,189				119,227				Commercial & Industrial								44,308				44,170
Large Commercial & Industrial			5,451				5,442				Total Retail								656,373				654,782
Public Authorities & Electric Railroads			318				298				Transportation								—				—
Total			1,243,782				1,241,168				Total								656,373				654,782

 

(a)

Reflects delivery volumes and 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, revenue also reflects the cost of energy and transmission.

(b)	Other revenue includes wholesale transmission revenue and late payment charges.

(c)

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.

(d)	Transportation and other gas revenue includes off-system revenue of 5,650 mmcfs ($24 million) for the three months ended March 31, 2013 and 1,910 mmcfs ($5 million) from March 12, 2012 through March 31, 2012.

 

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