exc-20220803
PA10 South Dearborn StreetP.O. Box 805379ChicagoIL60680-5379(800)483-3220IL10 South Dearborn StreetChicagoIL60603-2300(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,00011093570000022606000007810000000094660001135971000007973200000278790000008192False00011093572022-08-032022-08-030001109357exc:CommonwealthEdisonCoMember2022-08-032022-08-030001109357exc:PecoEnergyCoMember2022-08-032022-08-030001109357exc:BaltimoreGasAndElectricCompanyMember2022-08-032022-08-030001109357exc:PepcoHoldingsLLCMember2022-08-032022-08-030001109357exc:PotomacElectricPowerCompanyMember2022-08-032022-08-030001109357exc:DelmarvaPowerandLightCompanyMember2022-08-032022-08-030001109357exc:AtlanticCityElectricCompanyMember2022-08-032022-08-030001109357exc:PotomacElectricPowerCompanyMemberstpr:DC2022-08-032022-08-030001109357stpr:VAexc:PotomacElectricPowerCompanyMember2022-08-032022-08-030001109357stpr:DEexc:DelmarvaPowerandLightCompanyMember2022-08-032022-08-030001109357stpr:VAexc:DelmarvaPowerandLightCompanyMember2022-08-032022-08-03

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
August 3, 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
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 August 3, 2022, Exelon Corporation (Exelon) announced via press release its results for the second quarter ended June 30, 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 second 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 August 3, 2022. Participants who would like to join the call to ask a question may register at the link found on the Investor Relations page of Exelon's website: www.exeloncorp.com. Media representatives are invited to participate on a listen-only basis. The call will be archived and available for replay.

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 Current 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' Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the Registrants' Second Quarter 2022 Quarterly Report on Form 10-Q (to be filed on August 3, 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 (4) 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 Current Report.



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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
August 3, 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/118575b5c0d32701fbda4cb919a1668b-exelonlogo.jpg
Contact:  Nick Alexopulos
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345
EXELON REPORTS SECOND QUARTER 2022 RESULTS
Earnings Release Highlights
GAAP Net Income of $0.47 per share and Adjusted (non-GAAP) Operating Earnings of $0.44 per share for the second quarter of 2022
Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share
In line with previously announced plans, Exelon anticipates issuing up to $1.0 billion of registered shares of common stock through 2025. Exelon plans to establish a $1.0 billion at-the-market (ATM) program and anticipates issuing $500 million in 2022 through the ATM, a one-time common equity offering, or a combination of these methods.
Strong utility reliability performance – every utility achieved top quartile in outage duration with ComEd specifically delivering their best-on-record CAIDI performance
ComEd filed with the Illinois Commerce Commission (ICC) a proposed plan to promote beneficial electrification efforts in its service area
DPL filed its first multi-year plan with the Maryland Public Service Commission (MDPSC) in May seeking an increase in base rates to support significant investments in the local energy grid and other customer experience improvements during the years 2023 to 2025

CHICAGO (Aug. 3, 2022) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2022.

“Exelon is the leading transmission and distribution utility company in the nation, consistently delivering reliable results, and the second quarter is no exception,” said Chris Crane, Exelon President and CEO. “Our earnings and strong reliability from our energy companies were delivered despite challenging storms. At the same time, our ability to power a cleaner and brighter future for our customers and communities signifies how essential environmental, social and governance principles are to our company and our work leading the energy transformation.”

“During the second quarter, we continued to invest capital for the benefit of our customers and communities and delivered on earnings expectations, generating Adjusted (non-GAAP) Operating Earnings of $0.44 per share,” said Joe Nigro, Exelon’s Chief Financial Officer. “These investments will improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean
1


energy future. We reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share. We also are working hard to support our jurisdictions’ more vulnerable customers in making this transition to a cleaner future. Our industry-leading efforts to connect communities to financial assistance are a testament to those efforts.”
Second Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the second quarter of 2022 increased to $0.47 per share from $0.33 GAAP Net Income from Continuing Operations per share in the second quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $0.44 per share from $0.36 per share in the second 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 second quarter of 2022 primarily reflect:
Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base and rate increases at PECO, BGE, and PHI, partially offset by the absence of favorable weather and volume at ACE as ACE became decoupled effective July 1, 2021, higher depreciation expense at BGE and PHI, and higher credit loss expense at 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 in the second quarter of 2021 as these costs do not qualify as expenses of the discontinued operations per the accounting rules, partially offset by higher interest expense.

Operating Company Results1
ComEd
ComEd's second quarter of 2022 GAAP Net Income increased to $227 million from $192 million in the second quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $229 million from $195 million in the second quarter of 2021, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates and the impacts of higher rate base). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2022 GAAP Net Income increased to $133 million from $104 million in the second quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $134 million from $107 million in the second 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 second quarter of 2022 GAAP Net Income decreased to $37 million from $45 million in the second quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 decreased to $38 million from $48 million in the second quarter of 2021, primarily due to an increase in depreciation expense, 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 second quarter of 2022 GAAP Net Income decreased to $100 million from $141 million in the second quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 decreased to $101 million from $144 million in the second quarter of 2021, primarily due to the absence of favorable weather and volume at ACE as ACE became decoupled effective July 1, 2021, an increase in depreciation expense, credit loss expense, contracting costs partially due to timing of maintenance projects, and timing of excess deferred tax amortization, partially offset by distribution rate increases. 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 Second Quarter Highlights
DPL Maryland Electric Base Rate Case: On May 19, 2022, DPL filed an application for a three-year cumulative multi-year plan for January 1, 2023 through Dec. 31, 2025 with the MDPSC to increase its electric distribution rates by $23 million effective Jan. 1, 2023, $8 million effective January 1, 2024, and $7 million effective January 1, 2025, to recover capital investments made in 2021 and planned capital investments through the end of 2025, reflecting an ROE of 10.25%. DPL is proposing the acceleration of refunds for certain tax benefits to partially offset the customer rate increases by $12 million and $8 million in 2023 and 2024, respectively. DPL currently expects a decision in the fourth quarter of 2022, but cannot predict if the MDPSC will approve the application as filed.
Financing Activities:
On May 24, 2022, PECO issued $350 million aggregate principal amount of its First and Refunding Mortgage Bonds, 4.600% Series due May 15, 2052. PECO used the proceeds to repay existing indebtedness and for general corporate purposes.
On June 6, 2022, BGE issued $500 million aggregate principal amount of its 4.550% notes due June 1, 2052. BGE used the proceeds to repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes.
Exelon anticipates issuing up to $1.0 billion of registered shares of common stock through 2025. Exelon plans to establish a $1.0 billion ATM program, under which Exelon can issue registered shares of common stock through designated broker-dealers at prevailing market prices. Exelon anticipates issuing $500 million in 2022 through the ATM, a one-time common equity offering, or a combination of these methods.




3


GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the second 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$0.47 $465 $227 $133 $37 $100 
Separation Costs (net of taxes of $3, $1, $0, $0, and $1, respectively)0.01 10 
Income Tax-Related Adjustments (entire amount represents tax expense)(0.04)(43)— — — — 
2022 Adjusted (non-GAAP) Operating Earnings$0.44 $433 $229 $134 $38 $101 
Adjusted (non-GAAP) Operating Earnings for the second 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$0.33 $326 $192 $104 $45 $141 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)— — — — — 
Cost Management Program (net of taxes of $0)— — — — — 
COVID-19 Direct Costs (net of taxes of $1, $0, $0, and $1, respectively)— — 
Acquisition Related Costs (net of taxes of $1)— — — — — 
ERP System Implementation Costs (net of taxes of $1)— — — — — 
Separation Costs (net of taxes of $6, $1, $1, $1, and $1, respectively)0.01 10 
2021 Adjusted (non-GAAP) Operating Earnings$0.36 $348 $195 $107 $48 $144 

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 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 second 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.
4


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 Aug. 3, 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.
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 filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the
5


Registrants' Second Quarter 2022 Quarterly Report on Form 10-Q (to be filed on Aug. 3, 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 (4) 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 June 30, 2022
Operating revenues$1,425 $816 $786 $1,221 $(9)$4,239 
Operating expenses
Purchased power and fuel283 283 289 420 (1)1,274 
Operating and maintenance338 215 205 292 59 1,109 
Depreciation and amortization328 93 152 240 17 830 
Taxes other than income taxes90 48 71 114 330 
Total operating expenses1,039 639 717 1,066 82 3,543 
Loss on sales of assets and businesses(2)— — — — (2)
Operating income (loss)384 177 69 155 (91)694 
Other income and (deductions)
Interest expense, net(104)(43)(36)(73)(102)(358)
Other, net13 19 130 175 
Total other (deductions) and income(91)(35)(31)(54)28 (183)
Income (loss) from continuing operations before income taxes293 142 38 101 (63)511 
Income taxes66 (31)46 
Net income (loss) from continuing operations after income taxes227 133 37 100 (32)465 
Net income from discontinued operations after income taxes— — — — — — 
Net income (loss)227 133 37 100 (32)465 
Net income attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to common shareholders$227 $133 $37 $100 $(32)$465 
Three Months Ended June 30, 2021
Operating revenues$1,517 $693 $682 $1,140 $(12)$4,020 
Operating expenses
Purchased power and fuel500 207 219 396 (1)1,321 
Operating and maintenance323 209 193 256 92 1,073 
Depreciation and amortization296 87 141 194 18 736 
Taxes other than income taxes77 49 67 109 12 314 
Total operating expenses1,196 552 620 955 121 3,444 
Gain on sales of assets and businesses— — — — 
Operating income (loss)321 141 62 185 (129)580 
Other income and (deductions)
Interest expense, net(98)(42)(34)(67)(83)(324)
Other, net15 20 22 73 
Total other deductions(83)(35)(25)(47)(61)(251)
Income (loss) from continuing operations before income taxes238 106 37 138 (190)329 
Income taxes46 (8)(3)(34)
Net income (loss) from continuing operations after income taxes192 104 45 141 (156)326 
Net income from discontinued operations after income taxes— — — — 150 150 
Net income (loss)192 104 45 141 (6)476 
Net income attributable to noncontrolling interests— — — — 75 75 
Net income (loss) attributable to common shareholders$192 $104 $45 $141 $(81)$401 
Change in Net income from continuing operations 2021 to 2022$35 $29 $(8)$(41)$124 $139 

1

Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEdPECOBGEPHIOther (a)Exelon
Six Months Ended June 30, 2022
Operating revenues$3,158 $1,863 $1,940 $2,626 $(21)$9,566 
Operating expenses
Purchased power and fuel921 689 743 999 — 3,352 
Operating and maintenance689 463 423 591 122 2,288 
Depreciation and amortization649 185 322 459 32 1,647 
Taxes other than income taxes185 95 148 233 23 684 
Total operating expenses2,444 1,432 1,636 2,282 177 7,971 
Loss on sales of assets and businesses(2)— — — — (2)
Operating income (loss)712 431 304 344 (198)1,593 
Other income and (deductions)
Interest expense, net(204)(84)(71)(143)(195)(697)
Other, net26 16 11 37 223 313 
Total other (deductions) and income(178)(68)(60)(106)28 (384)
Income (loss) from continuing operations before income taxes534 363 244 238 (170)1,209 
Income taxes119 24 10 102 263 
Net income (loss) from continuing operations after income taxes415 339 234 230 (272)946 
Net income from discontinued operations after income taxes— — — — 117 117 
Net income (loss)415 339 234 230 (155)1,063 
Net income attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common shareholders$415 $339 $234 $230 $(156)$1,062 
Six Months Ended June 30, 2021
Operating revenues$3,052 $1,582 $1,656 $2,384 $(22)$8,652 
Operating expenses
Purchased power and fuel1,025 523 550 874 — 2,972 
Operating and maintenance639 443 390 513 170 2,155 
Depreciation and amortization589 173 293 404 35 1,494 
Taxes other than income taxes153 92 139 222 25 631 
Total operating expenses2,406 1,231 1,372 2,013 230 7,252 
Gain on sales of assets and businesses— — — — 
Operating income (loss)646 351 284 371 (248)1,404 
Other income and (deductions)
Interest expense, net(193)(80)(67)(134)(169)(643)
Other, net22 12 16 36 45 131 
Total other (deductions)(171)(68)(51)(98)(124)(512)
Income (loss) from continuing operations before income taxes475 283 233 273 (372)892 
Income taxes85 12 (21)(39)42 
Equity in earnings of unconsolidated affiliates— — — — 
Net income (loss) from continuing operations after income taxes390 271 254 269 (333)851 
Net (loss) from discontinued operations after income taxes— — — — (640)(640)
Net income (loss)390 271 254 269 (973)211 
Net income attributable to noncontrolling interests— — — — 99 99 
Net income (loss) attributable to common shareholders$390 $271 $254 $269 $(1,072)$112 
Change in Net income from continuing operations 2021 to 2022$25 $68 $(20)$(39)$61 $95 
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
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Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
June 30, 2022December 31, 2021
Assets
Current assets
Cash and cash equivalents$816 $672 
Restricted cash and cash equivalents961 321 
Accounts receivable
Customer accounts receivable2,2192,189
Customer allowance for credit losses(354)(320)
Customer accounts receivable, net1,865 1,869 
Other accounts receivable1,4031,068
Other allowance for credit losses(81)(72)
Other accounts receivable, net1,322 996 
Inventories, net
Fossil fuel133 105 
Materials and supplies491 476 
Regulatory assets1,239 1,296 
Other515 387 
Current assets of discontinued operations— 7,835 
Total current assets7,342 13,957 
Property, plant, and equipment, net66,456 64,558 
Deferred debits and other assets
Regulatory assets8,350 8,224 
Goodwill6,630 6,630 
Receivable related to Regulatory Agreement Units2,265 — 
Investments235 250 
Other1,017 885 
Property, plant, and equipment, deferred debits, and other assets of discontinued operations— 38,509 
Total deferred debits and other assets18,497 54,498 
Total assets$92,295 $133,013 
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June 30, 2022December 31, 2021
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings$2,003 $1,248 
Long-term debt due within one year505 2,153 
Accounts payable2,451 2,379 
Accrued expenses1,057 1,137 
Payables to affiliates
Regulatory liabilities411 376 
Mark-to-market derivative liabilities— 18 
Unamortized energy contract liabilities11 89 
Other1,588 766 
Current liabilities of discontinued operations— 7,940 
Total current liabilities8,031 16,111 
Long-term debt35,789 30,749 
Long-term debt to financing trusts390 390 
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits11,240 10,611 
Regulatory liabilities8,513 9,628 
Pension obligations1,406 2,051 
Non-pension postretirement benefit obligations800 811 
Asset retirement obligations275 271 
Mark-to-market derivative liabilities103 201 
Unamortized energy contract liabilities38 146 
Other2,054 1,573 
Long-term debt, deferred credits, and other liabilities of discontinued operations— 25,676 
Total deferred credits and other liabilities24,429 50,968 
Total liabilities 68,639 98,218 
Commitments and contingencies
Shareholders’ equity
Common stock20,319 20,324 
Treasury stock, at cost(123)(123)
Retained earnings4,161 16,942 
Accumulated other comprehensive loss, net(701)(2,750)
Total shareholders’ equity23,656 34,393 
Noncontrolling interests— 402 
Total equity23,656 34,795 
Total liabilities and shareholders’ equity$92,295 $133,013 
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Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Six Months Ended June 30,
 20222021
Cash flows from operating activities
Net income$1,063 $211 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization1,854 4,180 
Asset impairments— 500 
Gain on sales of assets and businesses(8)(83)
Deferred income taxes and amortization of investment tax credits143 (163)
Net fair value changes related to derivatives(59)(490)
Net realized and unrealized losses (gains) on NDT funds205 (376)
Net unrealized losses (gains) on equity investments16 (96)
Other non-cash operating activities276 (331)
Changes in assets and liabilities:
Accounts receivable(795)(16)
Inventories12 
Accounts payable and accrued expenses544 (87)
Option premiums (paid) received, net(39)
Collateral received, net1,689 957 
Income taxes23 190 
Regulatory assets and liabilities, net(376)(276)
Pension and non-pension postretirement benefit contributions(585)(559)
Other assets and liabilities(723)(2,426)
Net cash flows provided by operating activities3,240 1,138 
Cash flows from investing activities
Capital expenditures(3,507)(4,040)
Proceeds from NDT fund sales488 4,438 
Investment in NDT funds(516)(4,538)
Collection of DPP169 2,209 
Proceeds from sales of assets and businesses16 724 
Other investing activities17 
Net cash flows used in investing activities(3,346)(1,190)
Cash flows from financing activities
Changes in short-term borrowings(597)(666)
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 debt5,151 2,455 
Retirement of long-term debt(1,707)(630)
Dividends paid on common stock(663)(747)
Proceeds from employee stock plans17 47 
Transfer of cash, restricted cash, and cash equivalents to Constellation(2,594)— 
Other financing activities(84)(64)
Net cash flows provided by financing activities323 895 
Increase in cash, restricted cash, and cash equivalents217 843 
Cash, restricted cash, and cash equivalents at beginning of period1,619 1,166 
Cash, restricted cash, and cash equivalents at end of period$1,836 $2,009 

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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 June 30, 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$0.33 $192 $104 $45 $141 $(156)$326 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)— — — — — 
Cost Management Program (net of taxes of $0)— — — — — 
COVID-19 Direct Costs (net of taxes of $0, $0, $1, and $1 respectively) (1)— — — 
Acquisition Related Costs (net of taxes of $1) (2)— — — — — 
ERP System Implementation Costs (net of taxes of $1) (3)— — — — — 
Separation Costs (net of taxes of $1, $1, $1, $1, $2 and $6, respectively) (4)0.01 10 
2021 Adjusted (non-GAAP) Operating Earnings (Loss)$0.36 $195 $107 $48 $144 $(146)$348 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$(0.01)$— (b)$(1)$— (b)$(4)(b)$— $(5)
Load(0.01)— (b)— (b)(9)(b)— (8)
Distribution and Transmission Rates (6)0.09 30 (c)27 (c)13 (c)23 (c)— 93 
Other Energy Delivery (7)0.1059 (c)(c)(c)30 (c)— 103 
Operating and Maintenance Expense (8)(0.06)(15)(7)(13)(28)(54)
Pension and Non-Pension Postretirement Benefits0.01 — 12 
Depreciation and Amortization Expense (9)(0.07)(23)(4)(8)(33)— (68)
Other (10)0.01 (22)(12)(22)65 12 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$0.08 $34 $27 $(10)$(43)$77 $85 
2022 GAAP Net Income (Loss) from Continuing Operations$0.47 $227 $133 $37 $100 $(32)$465 
Separation Costs (net of taxes of $1, $0, $0, $1, $1, and $4, respectively) (4)0.01 10 
Income Tax-Related Adjustments (entire amount represents tax expense) (5)(0.04)— — — — (43)(43)
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$0.44 $229 $134 $38 $101 $(69)$433 
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 a one-time impact associated with a state tax benefit.
(6)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
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(7)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(8)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PHI, primarily reflects increased credit loss expense and higher contracting costs partially due to timing of maintenance projects. 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 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. For PHI, also includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(10)For ComEd, includes increased taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PHI, reflects the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. 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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Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 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$0.87 $390 $271 $254 $269 $(333)$851 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)— — — — — 
Cost Management Program (net of taxes of $0)— — — — — 
COVID-19 Direct Costs (net of taxes of $1, $1, $1 and $3, respectively) (1)0.01 — — 
Acquisition Related Costs (net of taxes of $3) (2)0.01 — — — — 
ERP System Implementation Costs (net of taxes of $0, $0, $0, $1 and $1, respectively) (3)0.01 — 
Separation Costs (net of taxes of $1, $1, $1, $1, $2 and $6, respectively) (4)0.02 15 
Income Tax-Related Adjustments (entire amount represents tax expense)— — — — — (2)(2)
2021 Adjusted (non-GAAP) Operating Earnings (Loss)$0.91 $393 $277 $258 $274 $(315)$887 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$(0.01)$— (b)$(7)$— (b)$(3)(b)$— $(10)
Load0.01 — (b)10 — (b)(4)(b)— 
Distribution and Transmission Rates (6)0.17 43 (c)63 (c)19 (c)49 (c)— 174 
Other Energy Delivery (7)0.19 107 (c)16 (c)29 (c)39 (c)— 191 
Operating and Maintenance Expense (8)(0.14)(42)(18)(29)(57)10 (136)
Pension and Non-Pension Postretirement Benefits0.02 10 24 
Depreciation and Amortization Expense (9)(0.11)(42)(9)(21)(40)(111)
Other (10)0.04 (47)(22)(21)123 40 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$0.17 $29 $65 $(20)$(36)$140 $178 
2022 GAAP Net Income (Loss) from Continuing Operations$0.96 $415 $339 $234 $230 $(272)$946 
ERP System Implementation Costs (net of taxes of $0) (3)— — — — — 
Separation Costs (net of taxes of $3, $1, $1, $2, $3, and $11, respectively) (4)0.03 27 
Income Tax-Related Adjustments (entire amount represents tax expense) (5)0.09 — — — 89 92 
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$1.08 $422 $342 $238 $238 $(175)$1,065 
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 partially offset by a one-time impact associated with a state tax benefit.
(6)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. 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 rate increases.
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(7)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(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, increased credit loss expense, and higher contracting costs partially due to timing of maintenance projects. 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 (YTD Q2 2022 includes one month of costs for the period prior to the separation compared to six months of costs included in YTD Q2 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. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(10)For ComEd, includes increased taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in tax repairs deduction. For PHI, primarily reflects increased interest expense and the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. 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 June 30, 2022 and 2021
 Electric Deliveries (in GWhs)Revenue (in millions)
 20222021% ChangeWeather - Normal % Change20222021% Change
Electric Deliveries and Revenues(a)
Residential6,617 6,558 0.9 %(0.1)%$819 $759 7.9 %
Small commercial & industrial7,198 7,101 1.4 %1.1 %312 377 (17.2)%
Large commercial & industrial6,641 6,368 4.3 %4.4 %11 138 (92.0)%
Public authorities & electric railroads186 203 (8.4)%(8.6)%11 (54.5)%
Other(b)
— — n/an/a234 214 9.3 %
Total electric revenues(c)
20,642 20,230 2.0 %1.7 %1,381 1,499 (7.9)%
Other Revenues(d)
44 18 144.4 %
Total Electric Revenues$1,425 $1,517 (6.1)%
Purchased Power$283 $500 (43.4)%
   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days713 627 697 13.7 %2.3 %
Cooling Degree-Days377 391 266 (3.6)%41.7 %

Six Months Ended June 30, 2022 and 2021

 Electric Deliveries (in GWhs)Revenue (in millions)
 20222021% ChangeWeather - Normal % Change20222021% Change
Electric Deliveries and Revenues(a)
Residential13,368 13,243 0.9 %(0.7)%$1,675 $1,502 11.5 %
Small commercial & industrial14,702 14,366 2.3 %1.7 %736 744 (1.1)%
Large commercial & industrial13,388 12,847 4.2 %4.0 %165 271 (39.1)%
Public authorities & electric railroads443 470 (5.7)%(5.9)%20 22 (9.1)%
Other(b)
— — n/an/a472 433 9.0 %
Total electric revenues(c)
41,901 40,926 2.4 %1.6 %3,068 2,972 3.2 %
Other Revenues(d)
90 80 12.5 %
Total Electric Revenues$3,158 $3,052 3.5 %
Purchased Power$921 $1,025 (10.1)%
   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days3,878 3,616 3,782 7.2 %2.5 %
Cooling Degree-Days377 391 266 (3.6)%41.7 %

Number of Electric Customers20222021
Residential3,711,023 3,697,515 
Small commercial & industrial390,357 388,877 
Large commercial & industrial1,900 1,852 
Public authorities & electric railroads4,853 4,873 
Total4,108,133 4,093,117 
__________
(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 $3 million and $5 million for the three months ended June 30, 2022 and 2021, respectively, and $8 million and $11 million for the six months ended June 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charges.


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Table of Contents
PECO Statistics
Three Months Ended June 30, 2022 and 2021

Electric and Natural Gas DeliveriesRevenue (in millions)
20222021% ChangeWeather-
Normal
% Change
20222021% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential3,060 3,116 (1.8)%(1.1)%$431 $383 12.5 %
Small commercial & industrial1,813 1,758 3.1 %3.0 %126 99 27.3 %
Large commercial & industrial3,416 3,475 (1.7)%(1.8)%72 59 22.0 %
Public authorities & electric railroads135 121 11.6 %11.9 %(12.5)%
Other(b)
— — n/an/a68 54 25.9 %
Total electric revenues(c)
8,424 8,470 (0.5)%(0.4)%704 603 16.7 %
Other Revenues(d)
(42.9)%
Total Electric Revenues708 610 16.1 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential5,206 5,027 3.6 %4.9 %71 55 29.1 %
Small commercial & industrial3,638 3,121 16.6 %17.2 %29 22 31.8 %
Large commercial & industrial100.0 %12.6 %— — N/A
Transportation5,707 5,468 4.4 %5.7 %20.0 %
Other(f)
— — n/an/a100.0 %
Total natural gas revenues(g)
14,555 13,618 6.9 %8.0 %108 83 30.1 %
Other Revenues(d)
— — 100.0 %
Total Natural Gas Revenues108 83 30.1 %
Total Electric and Natural Gas Revenues$816 $693 17.7 %
Purchased Power and Fuel$283 $207 36.7 %

% Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days385 404 424 (4.7)%(9.2)%
Cooling Degree-Days434 418 391 3.8 %11.0 %






















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Six Months Ended June 30, 2022 and 2021
Electric and Natural Gas DeliveriesRevenue (in millions)
20222021% ChangeWeather-
Normal
% Change
20222021% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential6,818 6,883 (0.9)%0.1 %$918 $816 12.5 %
Small commercial & industrial3,750 3,639 3.1 %3.2 %237 199 19.1 %
Large commercial & industrial6,748 6,747 — %— %136 116 17.2 %
Public authorities & electric railroads317 270 17.4 %17.7 %15 17 (11.8)%
Other(b)
— — n/an/a130 106 22.6 %
Total electric revenues(c)
17,633 17,539 0.5 %1.0 %1,436 1,254 14.5 %
Other Revenues(d)
13 17 (23.5)%
Total Electric Revenues1,449 1,271 14.0 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential26,043 25,701 1.3 %4.4 %289 215 34.4