exc-20221103
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,00011093570000022606000007810000000094660001135971000007973200000278790000008192False00011093572022-11-032022-11-030001109357exc:CommonwealthEdisonCoMember2022-11-032022-11-030001109357exc:PecoEnergyCoMember2022-11-032022-11-030001109357exc:BaltimoreGasAndElectricCompanyMember2022-11-032022-11-030001109357exc:PepcoHoldingsLLCMember2022-11-032022-11-030001109357exc:PotomacElectricPowerCompanyMember2022-11-032022-11-030001109357exc:DelmarvaPowerandLightCompanyMember2022-11-032022-11-030001109357exc:AtlanticCityElectricCompanyMember2022-11-032022-11-030001109357stpr:DCexc:PotomacElectricPowerCompanyMember2022-11-032022-11-030001109357exc:PotomacElectricPowerCompanyMemberstpr:VA2022-11-032022-11-030001109357stpr:DEexc:DelmarvaPowerandLightCompanyMember2022-11-032022-11-030001109357stpr:VAexc:DelmarvaPowerandLightCompanyMember2022-11-032022-11-03

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
November 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 November 3, 2022, Exelon Corporation (Exelon) announced via press release its results for the third quarter ended September 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 third 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 November 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,” “should,” 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' Third Quarter 2022 Quarterly Report on Form 10-Q (to be filed on November 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 13, 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/ Jeanne M. Jones
Jeanne M. Jones
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
November 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/b6f4398ab55a89b5273666c30c14aacf-exelonlogoa.jpg
Contact:  Nick Alexopulos
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345
EXELON REPORTS THIRD QUARTER 2022 RESULTS
Earnings Release Highlights
GAAP Net Income of $0.68 per share and Adjusted (non-GAAP) Operating Earnings of $0.75 per share for the third quarter of 2022
Narrowing guidance range for full year 2022 Adjusted (non-GAAP) Operating Earnings from $2.18-$2.32 per share to $2.21-$2.29 per share
Strong utility reliability performance – every utility achieved top quartile in outage duration with ComEd continuing to deliver best-on-record CAIDI performance for the third straight quarter
ComEd announces intent to file its first multi-year plan with the Illinois Commerce Commission (ICC) in January 2023 in accordance with the Climate and Equitable Jobs Act (CEJA)
Settlements were approved by the Delaware Public Service Commission (DEPSC) and the Pennsylvania Public Utility Commission (PAPUC) in Delmarva Power’s and PECO's gas distribution rate cases in October

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

“As Exelon leads the energy transformation, our commitment to affordability, energy equity and a cleaner future is unwavering, as is our responsibility to our investors,” said Exelon CEO Chris Crane. “Exelon continues its strong operational performance, with ComEd and PECO achieving best on record SAIFI performance. We are on track to invest more than $6.9 billion at our electric and gas companies by year end to enhance reliability and resiliency. This ongoing infrastructure investment in our electric and gas companies is delivering solid financial and customer satisfaction results. Our consistent operational excellence, strategic and equitable investments in our communities, and significant regulatory milestones achieved this quarter will help ensure we deliver on our promise to provide safe, reliable, resilient and affordable service to our more than 10 million customers and value to our investors."

"Our third-quarter performance remained strong, with adjusted (non-GAAP) earnings of $0.75 per share which, after adjusting for discontinued operations, is $0.14 ahead of the same period last year driven in part by rate adjustments resulting from our continued investments at the utilities to improve reliability and service for customers,” said Jeanne Jones, Exelon executive vice president and chief financial officer. “Our excellent operational performance and progress on the regulatory front through the third quarter –
1


with more on the horizon – is continued evidence that we are on the right path to achieve our long-term goals. To that end, we have narrowed our 2022 EPS guidance range to $2.21 to $2.29 per share, and reaffirmed our 6-8% earnings per share growth from 2021-2025.”
Third Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the third quarter of 2022 increased to $0.68 per share from $0.47 GAAP Net Income from Continuing Operations per share in the third quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $0.75 per share from $0.53 per share in the third 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 third 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, rate increases at PECO, BGE, and PHI, and decreases in storm costs at PECO and BGE, partially offset by higher depreciation expense at PECO and PHI.
Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results in the third 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 third quarter of 2022 GAAP Net Income increased to $291 million from $220 million in the third quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $293 million from $224 million in the third 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 third quarter of 2022 GAAP Net Income increased to $135 million from $111 million in the third quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $174 million from $114 million in the third quarter of 2021, primarily due to distribution rate increases and decreases in storm costs, partially offset by an increase in depreciation expense.
___________
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 third quarter of 2022 GAAP Net Income decreased to $33 million from $36 million in the third quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $70 million from $40 million in the third quarter of 2021, primarily due to favorable impacts of the multi-year plans and decreases in storm costs. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s third quarter of 2022 GAAP Net Income increased to $289 million from $266 million in the third quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $286 million from $272 million in the third quarter of 2021, primarily due to distribution rate increases, partially offset by an increase in depreciation expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and Third Quarter Highlights
PECO Pennsylvania Natural Gas Distribution Rate Case: On October 27, 2022, the PAPUC issued an order approving a $55 million increase in PECO's annual natural gas distribution revenues. The rate increase was resolved through a settlement agreement, which did not specify an approved ROE. The rates are effective on January 1, 2023.
DPL Delaware Natural Gas Base Rate Case: On October 12, 2022, the DEPSC approved an increase in DPL’s annual natural gas distribution rates of $8 million, reflecting an ROE of 9.60%. Interim rates went into effect on August 14, 2022, subject to refund. Rates associated with the approved order are effective on November 1, 2022.
Financing Activities:
On August 4, 2022, Exelon entered into an agreement with certain underwriters in connection with an underwritten public offering of 12.995 million shares of its common stock, no par value. The net proceeds were $563 million before expenses paid. Exelon used the proceeds, together with available cash balances, to repay $575 million in borrowings under a $1.15 billion term loan credit facility.
On August 23, 2022, PECO issued $425 million of its First and Refunding Mortgage Bonds, 4.375% Series, due August 15, 2052. PECO used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
On September 15, 2022, Pepco issued $225 million of its First Mortgage bonds, 3.35% Series, due September 15, 2032. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.





3


GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the third 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$0.68 $676 $291 $135 $33 $289 
Asset Retirement Obligation (net of taxes of $2)— (4)— — — (4)
Asset Impairments (net of taxes of $10)0.04 37 — — 37 — 
Separation Costs (net of taxes of $1, $1, $0, $0, and $0, respectively)— (3)
Income Tax-Related Adjustments (entire amount represents tax expense)0.04 38 — 38 — — 
2022 Adjusted (non-GAAP) Operating Earnings$0.75 $745 $293 $174 $70 $286 
Adjusted (non-GAAP) Operating Earnings for the third 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$0.47 $457 $220 $111 $36 $266 
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)— — 
Asset Retirement Obligation (net of taxes of $1)— — — — 
Acquisition Related Costs (net of taxes of $2)0.01 — — — — 
ERP System Implementation Costs (net of taxes of $1)— — — — — 
Separation Costs (net of taxes of $8, $2, $1, $1, and $1, respectively)0.02 16 
Income Tax-Related Adjustments (entire amount represents tax expense)0.03 26 — — — — 
2021 Adjusted (non-GAAP) Operating Earnings$0.53 $522 $224 $114 $40 $272 

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


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

Webcast Information
Exelon will discuss third quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery 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 powering a cleaner and brighter future for our customers and 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 Nov. 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,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
5


The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K 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' Third Quarter 2022 Quarterly Report on Form 10-Q (to be filed on Nov. 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 13, 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 September 30, 2022
Operating revenues$1,378 $1,014 $870 $1,598 $(15)$4,845 
Operating expenses
Purchased power and fuel121 403 350 610 — 1,484 
Operating and maintenance355 243 235 277 38 1,148 
Depreciation and amortization333 92 148 238 14 825 
Taxes other than income taxes104 60 77 129 377 
Total operating expenses913 798 810 1,254 59 3,834 
Loss on sales of assets and businesses— — — — — — 
Operating income (loss)465 216 60 344 (74)1,011 
Other income and (deductions)
Interest expense, net(104)(45)(39)(72)(105)(365)
Other, net14 19 76 122 
Total other (deductions) and income(90)(37)(34)(53)(29)(243)
Income (loss) from continuing operations before income taxes375 179 26 291 (103)768 
Income taxes84 44 (7)(31)92 
Net income (loss) from continuing operations after income taxes291 135 33 289 (72)676 
Net income from discontinued operations after income taxes— — — — — — 
Net income (loss)291 135 33 289 (72)676 
Net income attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to common shareholders$291 $135 $33 $289 $(72)$676 
Three Months Ended September 30, 2021
Operating revenues$1,789 $818 $770 $1,470 $16 $4,863 
Operating expenses
Purchased power and fuel703 277 290 540 (1)1,809 
Operating and maintenance330 263 205 278 111 1,187 
Depreciation and amortization304 86 142 210 16 758 
Taxes other than income taxes91 51 72 127 12 353 
Total operating expenses1,428 677 709 1,155 138 4,107 
Operating income (loss)361 141 61 315 (122)756 
Other income and (deductions)
Interest expense, net(98)(40)(36)(67)(83)(324)
Other, net13 16 17 60 
Total other deductions(85)(33)(29)(51)(66)(264)
Income (loss) from continuing operations before income taxes276 108 32 264 (188)492 
Income taxes56 (3)(4)(2)(12)35 
Net income (loss) from continuing operations after income taxes220 111 36 266 (176)457 
Net income from discontinued operations after income taxes— — — — 772 772 
Net income220 111 36 266 596 1,229 
Net income attributable to noncontrolling interests— — — — 26 26 
Net income attributable to common shareholders$220 $111 $36 $266 $570 $1,203 
Change in Net income from continuing operations 2021 to 2022$71 $24 $(3)$23 $104 $219 

1

Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEdPECOBGEPHIOther (a)Exelon
Nine Months Ended September 30, 2022
Operating revenues$4,536 $2,877 $2,810 $4,223 $(34)$14,412 
Operating expenses
Purchased power and fuel1,041 1,093 1,093 1,609 (1)4,835 
Operating and maintenance1,045 705 658 867 161 3,436 
Depreciation and amortization982 277 470 697 46 2,472 
Taxes other than income taxes289 155 225 362 30 1,061 
Total operating expenses3,357 2,230 2,446 3,535 236 11,804 
Loss on sales of assets and businesses(2)— — — — (2)
Operating income (loss)1,177 647 364 688 (270)2,606 
Other income and (deductions)
Interest expense, net(308)(129)(110)(216)(300)(1,063)
Other, net40 23 16 56 300 435 
Total other (deductions) and income(268)(106)(94)(160)— (628)
Income (loss) from continuing operations before income taxes909 541 270 528 (270)1,978 
Income taxes203 67 10 73 356 
Net income (loss) from continuing operations after income taxes706 474 267 518 (343)1,622 
Net income from discontinued operations after income taxes— — — — 117 117 
Net income (loss)706 474 267 518 (226)1,739 
Net income attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common shareholders$706 $474 $267 $518 $(227)$1,738 
Nine Months Ended September 30, 2021
Operating revenues$4,840 $2,399 $2,426 $3,854 $(5)$13,514 
Operating expenses
Purchased power and fuel1,728 800 840 1,414 (1)4,781 
Operating and maintenance969 706 595 790 280 3,340 
Depreciation and amortization893 259 434 614 53 2,253 
Taxes other than income taxes243 143 211 349 37 983 
Total operating expenses3,833 1,908 2,080 3,167 369 11,357 
Gain on sales of assets and businesses— — — — 
Operating income (loss)1,007 491 346 687 (371)2,160 
Other income and (deductions)
Interest expense, net(292)(119)(103)(201)(252)(967)
Other, net35 20 23 52 60 190 
Total other (deductions)(257)(99)(80)(149)(192)(777)
Income (loss) from continuing operations before income taxes750 392 266 538 (563)1,383 
Income taxes141 (24)(53)76 
Net income (loss) from continuing operations after income taxes609 383 290 535 (510)1,307 
Net income from discontinued operations after income taxes— — — — 134 134 
Net income (loss)609 383 290 535 (376)1,441 
Net income attributable to noncontrolling interests— — — — 126 126 
Net income (loss) attributable to common shareholders$609 $383 $290 $535 $(502)$1,315 
Change in Net income from continuing operations 2021 to 2022$97 $91 $(23)$(17)$167 $315 
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
2

Table of Contents
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
September 30, 2022December 31, 2021
Assets
Current assets
Cash and cash equivalents$446 $672 
Restricted cash and cash equivalents744 321 
Accounts receivable
Customer accounts receivable2,1292,189
Customer allowance for credit losses(341)(320)
Customer accounts receivable, net1,788 1,869 
Other accounts receivable1,7261,068
Other allowance for credit losses(84)(72)
Other accounts receivable, net1,642 996 
Inventories, net
Fossil fuel235 105 
Materials and supplies522 476 
Regulatory assets1,300 1,296 
Other378 387 
Current assets of discontinued operations— 7,835 
Total current assets7,055 13,957 
Property, plant, and equipment, net67,572 64,558 
Deferred debits and other assets
Regulatory assets8,224 8,224 
Goodwill6,630 6,630 
Receivable related to Regulatory Agreement Units2,658 — 
Investments230 250 
Other1,086 885 
Property, plant, and equipment, deferred debits, and other assets of discontinued operations— 38,509 
Total deferred debits and other assets18,828 54,498 
Total assets$93,455 $133,013 
3

Table of Contents
September 30, 2022December 31, 2021
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings$1,690 $1,248 
Long-term debt due within one year1,300 2,153 
Accounts payable2,693 2,379 
Accrued expenses1,213 1,137 
Payables to affiliates
Regulatory liabilities493 376 
Mark-to-market derivative liabilities— 18 
Unamortized energy contract liabilities10 89 
Other1,313 766 
Current liabilities of discontinued operations— 7,940 
Total current liabilities8,717 16,111 
Long-term debt35,283 30,749 
Long-term debt to financing trusts390 390 
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits11,113 10,611 
Regulatory liabilities8,844 9,628 
Pension obligations1,366 2,051 
Non-pension postretirement benefit obligations796 811 
Asset retirement obligations266 271 
Mark-to-market derivative liabilities67 201 
Unamortized energy contract liabilities37 146 
Other1,994 1,573 
Long-term debt, deferred credits, and other liabilities of discontinued operations— 25,676 
Total deferred credits and other liabilities24,483 50,968 
Total liabilities 68,873 98,218 
Commitments and contingencies
Shareholders’ equity
Common stock20,895 20,324 
Treasury stock, at cost(123)(123)
Retained earnings4,502 16,942 
Accumulated other comprehensive loss, net(692)(2,750)
Total shareholders’ equity24,582 34,393 
Noncontrolling interests— 402 
Total equity24,582 34,795 
Total liabilities and shareholders’ equity$93,455 $133,013 
4

Table of Contents
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended September 30,
 20222021
Cash flows from operating activities
Net income$1,739 $1,441 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization2,679 6,204 
Asset impairments46 541 
Gain on sales of assets and businesses(8)(147)
Deferred income taxes and amortization of investment tax credits256 (45)
Net fair value changes related to derivatives(59)(1,244)
Net realized and unrealized losses (gains) on NDT funds205 (383)
Net unrealized losses on equity investments16 83 
Other non-cash operating activities265 (293)
Changes in assets and liabilities:
Accounts receivable(1,049)(254)
Inventories(121)(101)
Accounts payable and accrued expenses823 354 
Option premiums paid, net(39)(186)
Collateral received, net1,456 2,111 
Income taxes250 
Regulatory assets and liabilities, net(689)(367)
Pension and non-pension postretirement benefit contributions(596)(602)
Other assets and liabilities(786)(3,221)
Net cash flows provided by operating activities4,141 4,141 
Cash flows from investing activities
Capital expenditures(5,179)(5,970)
Proceeds from NDT fund sales488 5,766 
Investment in NDT funds(516)(5,900)
Collection of DPP169 3,052 
Proceeds from sales of assets and businesses16 801 
Other investing activities36 40 
Net cash flows used in investing activities(4,986)(2,211)
Cash flows from financing activities
Changes in short-term borrowings(335)(744)
Proceeds from short-term borrowings with maturities greater than 90 days1,150 1,380 
Repayments on short-term borrowings with maturities greater than 90 days(925)— 
Issuance of long-term debt5,801 3,406 
Retirement of long-term debt(2,067)(1,618)
Issuance of common stock563 — 
Dividends paid on common stock(999)(1,121)
Acquisition of CENG noncontrolling interest— (885)
Proceeds from employee stock plans26 63 
Transfer of cash, restricted cash, and cash equivalents to Constellation(2,594)— 
Other financing activities(121)(93)
Net cash flows provided by financing activities499 388 
(Decrease) increase in cash, restricted cash, and cash equivalents(346)2,318 
Cash, restricted cash, and cash equivalents at beginning of period1,619 1,166 
Cash, restricted cash, and cash equivalents at end of period$1,273 $3,484 

5

Table of Contents

Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended September 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$0.47 $220 $111 $36 $266 $(176)$457 
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) (1)— — — 
Asset Retirement Obligation (net of taxes of $1)— — — — — 
Acquisition Related Costs (net of taxes of $2) (2)0.01 — — — — 
ERP System Implementation Costs (net of taxes of $1) (3)— — — — — 
Separation Costs (net of taxes of $2, $1, $1, $1, $3 and $8, respectively) (4)0.02 16 
Income Tax-Related Adjustments (entire amount represents tax (expense) (5)0.03 — — — — 26 26 
2021 Adjusted (non-GAAP) Operating Earnings (Loss)$0.53 $224 $114 $40 $272 $(128)$522 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$0.02 $— (b)$21 $— (b)$(b)$— $22 
Load(0.02)— (b)(17)— (b)(1)(b)— (18)
Distribution and Transmission Rates (7)0.12 39 (c)35 (c)26 (c)21 (c)— 121 
Other Energy Delivery (8)0.1283 (c)14 (c)(c)18 (c)— 117 
Operating and Maintenance Expense (9)0.01 (27)10 (7)23 
Pension and Non-Pension Postretirement Benefits0.01 (1)14 
Depreciation and Amortization Expense (10)(0.05)(22)(5)(4)(20)(49)
Other (11)0.01 (10)— (4)20 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$0.22 $69 $60 $30 $14 $50 $223 
2022 GAAP Net Income (Loss) from Continuing Operations$0.68 $291 $135 $33 $289 $(72)$676 
Asset Retirement Obligation (net of taxes of $2)— — — — (4)— (4)
Asset Impairments (net of taxes of $10) (6)0.04 — — 37 — — 37 
Separation Costs (net of taxes of $1, $0, $0, $0, $2, and $1, respectively) (4)— (8)(3)
Income Tax-Related Adjustments (entire amount represents tax expense) (5)0.04 — 38 — — — 38 
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$0.75 $293 $174 $70 $286 $(78)$745 
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.
6

Table of Contents
(5)In 2022, for PECO, reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. In 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)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.
(8)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(9)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects higher contracting costs. For PECO, primarily reflects decreased storm costs, partially offset by increases in various expenses. For BGE, primarily reflects decreased storm costs. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules 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).
(10)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs.
(11)For ComEd, includes increased charges related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. 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, partially offset by an increase in interest expense.
7

Table of Contents
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Nine Months Ended September 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$1.33 $609 $383 $290 $535 $(510)$1,307 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $2)0.01 — — — — 
Cost Management Program (net of taxes of $0)0.01 — 
COVID-19 Direct Costs (net of taxes of $1, $1, $1 and $3, respectively) (1)0.01 — — 
Asset Retirement Obligation (net of taxes of $1)— — — — — 
Acquisition Related Costs (net of taxes of $5) (2)0.02 — — — — 15 15 
ERP System Implementation Costs (net of taxes of $0, $0, $0, $2 and $2, respectively) (3)0.01 — 10 
Separation Costs (net of taxes of $3, $1, $1, $2, $6 and $13, respectively) (4)0.03 10 29 
Income Tax-Related Adjustments (entire amount represents tax expense) (5)0.02 — — — — 24 24 
2021 Adjusted (non-GAAP) Operating Earnings (Loss)$1.43 $617 $391 $298 $546 $(447)$1,405 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$0.01 $— (b)$14 $— (b)$(2)(b)$— $12 
Load(0.01)— (b)(6)— (b)(4)(b)— (10)
Distribution and Transmission Rates (7)0.30 82 (c)101 (c)46 (c)68 (c)— 297 
Other Energy Delivery (8)0.32 192 (c)31 (c)31 (c)59 (c)— 313 
Operating and Maintenance Expense (9)(0.13)(68)(7)(23)(64)31 (131)
Pension and Non-Pension Postretirement Benefits0.04 16 38 
Depreciation and Amortization Expense (10)(0.16)(64)(14)(26)(60)(161)
Other (11)0.05 (60)(25)(21)152 48 
Share Differential (12)(0.01)— — — — — — 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$0.41 $98 $126 $10 $(23)$195 $406 
2022 GAAP Net Income (Loss) from Continuing Operations$1.65 $706 $474 $267 $518 $(343)$1,622 
Asset Retirement Obligation (net of taxes of $2)— — — — (4)— (4)
ERP System Implementation Costs (net of taxes of $0) (3)— — — — — 
Asset Impairments (net of taxes of $10) (6)0.04 — — 37 — — 37 
Separation Costs (net of taxes of $4, $2, $2, $3, $0, and $10, respectively) (4)0.03 25 
Income Tax-Related Adjustments (entire amount represents tax expense) (5)0.13 — 38 — 89 130 
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$1.84 $715 $517 $308 $523 $(252)$1,811 
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 2022, for PECO, reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. In 2022, for Corporate, in connection with the separation, Exelon recorded an
8

Table of Contents
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. In 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)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.
(8)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.
(9)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, partially reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement and higher contracting costs. For PECO, reflects increases in various expenses, mostly offset by decreased storm costs. For BGE, reflects higher credit loss expense and decreased storm costs. 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 Q3 2022 includes one month of costs for the period prior to the separation compared to nine months of costs included in YTD Q3 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).
(10)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.
(11)For ComEd, includes increased charges 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, partially offset by an increase in interest expense.
(12)Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
9

Table of Contents

ComEd Statistics
Three Months Ended September 30, 2022 and 2021
 Electric Deliveries (in GWhs)Revenue (in millions)
 20222021% ChangeWeather - Normal % Change20222021% Change
Electric Deliveries and Revenues(a)
Residential8,467 8,986 (5.8)%0.1 %$935 $978 (4.4)%
Small commercial & industrial8,003 8,243 (2.9)%(1.4)%217 433 (49.9)%
Large commercial & industrial6,973 7,109 (1.9)%(0.8)%(117)148 (179.1)%
Public authorities & electric railroads216 228 (5.3)%(4.8)%11 (72.7)%
Other(b)
— — n/an/a246 245 0.4 %
Total electric revenues(c)
23,659 24,566 (3.7)%(0.7)%1,284 1,815 (29.3)%
Other Revenues(d)
94 (26)(461.5)%
Total Electric Revenues$1,378 $1,789 (23.0)%
Purchased Power$121 $703 (82.8)%
   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days75 16 79 368.8 %(5.1)%
Cooling Degree-Days778 866 722 (10.2)%7.8 %

Nine Months Ended September 30, 2022 and 2021

 Electric Deliveries (in GWhs)Revenue (in millions)
 20222021% ChangeWeather - Normal % Change20222021% Change
Electric Deliveries and Revenues(a)
Residential21,835 22,228 (1.8)%(0.4)%$2,610 $2,479 5.3 %
Small commercial & industrial22,705 22,610 0.4 %0.6 %953 1,176 (19.0)%
Large commercial & industrial20,361 19,956 2.0 %2.3 %48 420 (88.6)%
Public authorities & electric railroads659 698 (5.6)%(5.5)%22 33 (33.3)%
Other(b)
— — n/an/a718 676 6.2 %
Total electric revenues(c)
65,560 65,492 0.1 %0.7 %4,351 4,784 (9.1)%
Other Revenues(d)
185 56 230.4 %
Total Electric Revenues$4,536 $4,840 (6.3)%
Purchased Power$1,041 $1,728 (39.8)%
   % Change
Heating and Cooling Degree-Days20222021NormalFrom 2021From Normal
Heating Degree-Days3,953 3,632 3,861 8.8 %2.4 %
Cooling Degree-Days1,155 1,257 988 (8.1)%16.9 %

Number of Electric Customers20222021
Residential3,711,894 3,699,376 
Small commercial & industrial390,303 389,348 
Large commercial & industrial1,892 1,865 
Public authorities & electric railroads4,854 4,853 
Total4,108,943 4,095,442 
__________
(a)Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $6 million and $9 million for the three months ended September 30, 2022 and 2021, respectively, and $14 million and $19 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)Includes alternative revenue programs and late payment charges.


10

Table of Contents
PECO Statistics
Three Months Ended September 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)
Residential4,386 4,318 1.6 %(5.6)%$620 $509 21.8 %
Small commercial & industrial2,139 2,157 (0.8)%(3.3)%149 113 31.9 %
Large commercial & industrial3,943 3,880 1.6 %0.1 %93 67 38.8 %
Public authorities & electric railroads172 155 11.0 %10.5 %14.3 %
Other(b)
— — n/an/a71 61 16.4 %
Total electric revenues(c)
10,640 10,510 1.2 %(2.8)%941 757 24.3 %
Other Revenues(d)
— (100.0)%
Total Electric Revenues941 762 23.5 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential2,197 2,244 (2.1)%0.3 %46 36 27.8 %
Small commercial & industrial2,054 1,926 6.6 %9.5 %20 13 53.8 %
Large commercial & industrial50.0 %19.6 %— — n/a
Transportation5,162 5,356 (3.6)%(9.3)%— %
Other(f)
— — n/an/a— %
Total natural gas revenues(g)
9,419 9,530 (1.2)%(3.1)%73