SEC Filing | Exelon Corporation

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exc-20230214


			UNITED STATES SECURITIES AND EXCHANGE COMMISSION
			Washington, D.C. 20549
			FORM			8-K


			CURRENT REPORT
			Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			February 14, 2023
			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 Number	IRS Employer Identification Number

001-16169	EXELON CORPORATION	23-2990190
	(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220




001-01839	COMMONWEALTH EDISON COMPANY	36-0938600
	(an Illinois corporation) 10 South Dearborn Street Chicago, Illinois 60603-2300 (312) 394-4321

000-16844	PECO ENERGY COMPANY	23-0970240
	(a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000

001-01910	BALTIMORE GAS AND ELECTRIC COMPANY	52-0280210
	(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000

001-31403	PEPCO HOLDINGS LLC	52-2297449
	(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000

001-01072	POTOMAC ELECTRIC POWER COMPANY	53-0127880
	(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000

001-01405	DELMARVA POWER & LIGHT COMPANY	51-0084283
	(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000

001-03559	ATLANTIC CITY ELECTRIC COMPANY	21-0398280
	(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 class

Trading Symbol(s)

Name of each exchange on which registered

EXELON CORPORATION:

Common Stock, without par value

EXC

The 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 Company

EXC/28

New 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 February 14, 2023, Exelon Corporation (Exelon) announced via press release its results for the fourth quarter ended December 31, 2022. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used at the fourth 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 February 14, 2023. 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
99.1			Press release and earnings release attachments
99.2			Earnings conference call presentation slides
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* * * * *

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 (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/ Marissa Humphrey
			Marissa Humphrey
			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

February 14, 2023

EXHIBIT INDEX


Exhibit No.			Description
99.1			Press release and earnings release attachments
99.2			Earnings conference call presentation slides
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Document

Exhibit 99.1

News Release

https://cdn.kscope.io/0125017d1ad62272aafa4859ba649006-exelonlogoa.jpg


Contact:						Elizabeth Keating Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345

EXELON REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS AND INITIATES 2023 FINANCIAL OUTLOOK

Earnings Release Highlights

•GAAP Net Income and Adjusted (non-GAAP) Operating Earnings of $0.43 per share for the fourth quarter of 2022

•Introducing 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share, reflecting continued growth in the utilities

•Declaring quarterly dividend of $0.36 per share for the first quarter of 2023, representing 6.7% growth over 2022 fourth quarter dividend of $0.3375 per share

•Projecting to invest $31.3 billion of capital expenditures over the next four years to meet customer needs, resulting in expected rate base growth of 7.9% and a fully regulated operating EPS* compounded annual growth of 6-8% from 2022 to 2026 off the midpoint of 2022 guidance

•ComEd, PECO, and PHI ended the year with their best-on-record performances in SAIFI, and all gas utilities sustained top decile performance in gas odor response for the fourth straight quarter

•Delmarva Power filed an electric distribution rate case with the Delaware Public Service Commission (DEPSC) in December, seeking an increase in base rates to support significant infrastructure investments to maintain safety, reliability, and service for customers

•A settlement was approved in December by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s first electric distribution Multi-Year Plan case

•ComEd filed a Multi-Year Integrated Grid Plan and a Multi-Year Rate Plan with the Illinois Commerce Commission (ICC) in January, seeking an increase in base rates over the period of 2024 to 2027 to support the decarbonization goals under the state’s Climate and Equitable Jobs Act (CEJA) and to ensure the transition to cleaner energy is reliable and equitable for all 9 million customers

CHICAGO (Feb. 14, 2023) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2022.

“In 2022, Exelon showcased our ability as a pure transmission and distribution company to deliver on our financial and operational commitments. Because of the partnership with our customers and communities, Exelon is ready to lead the energy transition to a cleaner and brighter future,” said Calvin Butler, Exelon president and CEO. “Our teams are focused on the things that matter to our customers: safety, reliability,

sustainability and affordability, while ensuring our actions are grounded in taking an equitable and inclusive approach to the communities we serve. It’s a strong foundation for 2023 and beyond.”

“We delivered strong financial results in our first year as a new company,” said Jeanne Jones, executive vice president and CFO. “For the full year 2022, we earned $2.08 per share on a GAAP basis and $2.27 on a non-GAAP basis, results that are in the upper half of our guidance range. Over the next four years, Exelon will invest $31 billion to support our jurisdictions’ energy transitions, growing the rate base by 7.9%, and results in our expectations for 6% to 8% annualized growth in operating earnings per share through 2026, off the midpoint of our 2022 guidance. We expect adjusted (non-GAAP) earnings for 2023 of $2.30 - $2.42 per share, in line with the direction provided in our third-quarter earnings call.”

Fourth Quarter 2022

Exelon's GAAP Net Income from Continuing Operations for the fourth quarter of 2022 increased to $0.43 per share from $0.31 GAAP Net Income from Continuing Operations per share in the fourth quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 increased to $0.43 per share from $0.39 per share in the fourth 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 5.

Adjusted (non-GAAP) Operating Earnings in the fourth 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. This was partially offset by higher interest expense at PECO, and higher depreciation expense and credit loss expense at PECO and PHI.

•Lower earnings at Exelon Corporate primarily due to higher interest expense.

Full Year 2022

Exelon's GAAP Net Income from Continuing Operations for 2022 increased to $2.08 per share from $1.65 GAAP Net Income from Continuing Operations per share in 2021. Adjusted (non-GAAP) Operating Earnings for 2022 increased to $2.27 per share from $1.83 per share in 2021.

Adjusted (non-GAAP) Operating Earnings for the full year 2022 primarily reflect:

•Higher utility earnings primarily due to higher electric distribution and transmission 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 decreased storm costs at PECO and BGE. This was partially offset by higher depreciation expense, credit loss expense, and interest expense at PECO, BGE, and PHI, and higher storm costs at PHI.

•Higher earnings at Exelon Corporate 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 fourth 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 fourth quarter of 2022 GAAP Net Income increased to $211 million from $133 million in the fourth quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 increased to $211 million from $138 million in the fourth 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 fourth quarter of 2022 GAAP Net Income decreased to $102 million from $122 million in the fourth quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 decreased to $102 million from $125 million in the fourth quarter of 2021, primarily due to increases in depreciation expense, credit loss expense, and interest expense, partially offset by distribution rate increases.

BGE

BGE’s fourth quarter of 2022 GAAP Net Income decreased to $113 million from $117 million in the fourth quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 decreased to $114 million from $121 million in the fourth quarter of 2021, primarily due to an increase in various expenses, 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 fourth quarter of 2022 GAAP Net Income increased to $90 million from $26 million in the fourth quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 increased to $90 million from $64 million in the fourth quarter of 2021, primarily due to distribution rate increases, lower contracting costs, and timing of excess deferred tax amortization, partially offset by increases in depreciation expense and credit loss 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.

Initiates Annual Guidance for 2023

Exelon introduced a guidance range for 2023 Adjusted (non-GAAP) Operating Earnings of $2.30-$2.42 per share. The outlook for 2023 Adjusted (non-GAAP) Operating Earnings for Exelon and its subsidiaries excludes costs related to the separation.

___________

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.

Recent Developments and Fourth Quarter Highlights

•Dividend: On February 14, 2023, Exelon’s Board of Directors declared a regular quarterly dividend of $0.36 per share on Exelon’s common stock for the first quarter of 2023. The dividend is payable on Friday, March 10, 2023, to shareholders of record of Exelon as of 5 p.m. Eastern time on Monday, February 27, 2023.

•ComEd Electric Base Rate Case: On January 17, 2023, ComEd filed an application for a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027 with the ICC to increase its electric distribution rates by $877 million effective January 1, 2024, $175 million effective January 1, 2025, $217 million effective January 1, 2026, and $203 million effective January 1, 2027, based on forecasted revenue requirements. The revenue requirement will provide for a weighted average debt and equity return on distribution rate base of 7.43% in 2024, 7.50% in 2025, 7.62% in 2026, and 7.70% in 2027, inclusive of an allowed ROE of 10.50% in 2024, 10.55% in 2025, 10.60% in 2026, and 10.65% in 2027. The requested revenue requirements are based on capital structures that reflect between 50.58% and 51.19% common equity. ComEd’s MRP also includes a proposed rate phase-in to defer approximately $307 million of the $877 million year-over-year increase for 2024 revenue from 2024 to 2026. ComEd currently expects a decision in the fourth quarter of 2023, but cannot predict if the ICC will approve the application as filed.

•ComEd Distribution Formula Rate: On November 17, 2022, the ICC approved ComEd's electric distribution formula rate of $199 million, which will take effect on January 1, 2023. ComEd’s 2023 approved revenue requirement above reflects an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94% inclusive of an allowed ROE of 7.85%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points.

•DPL Maryland Electric Base Rate Case: On December 14, 2022, the MDPSC approved DPL’s three-year multi-year plan for January 1, 2023 through December 31, 2025. The order approved an incremental increase in DPL’s electric distribution rates of $17 million, $6 million, and $6 million for 2023, 2024, and, 2025, respectively, reflecting an ROE of 9.60%.

•DPL Delaware Electric Base Rate Case: On December 15, 2022, DPL Delaware filed an application with the DEPSC to increase its annual electric distribution rates by $60 million, reflecting an ROE of 10.50%. DPL currently expects a decision in the second quarter of 2024 but cannot predict if the DEPSC will approve the application as filed.

•Financing Activities:

◦On October 4, 2022, ComEd entered into a 364-day term loan agreement for $150 million with a variable rate equal to SOFR plus 0.75% and an expiration date of October 3, 2023. The proceeds from this loan were used to repay outstanding commercial paper obligations.

◦On October 7, 2022, Exelon Corporate entered into an 18-month term loan agreement for $500 million with a variable rate equal to SOFR plus 0.85% and an expiration date of April 7, 2024. In conjunction with this loan, Exelon repaid the remaining $575 million in borrowings on the $1.15 billion term loan entered into on January 24, 2022.

◦On January 3, 2023, ComEd entered into a purchase agreement of First Mortgage Bonds of $400 million and $575 million at 4.90% and 5.30% due on February 1, 2033 and February 1, 2053, respectively. The closing date of the issuance occurred on January 10, 2023.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the fourth 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		Exelon		ComEd		PECO		BGE		PHI
2022 GAAP Net Income (Loss) from Continuing Operations	$	0.43	$	432	$	211	$	102	$	113	$	90
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)	—		4		—		—		—		—



Asset Impairments (net of taxes of $0)	—		1		—		—		1		—


Separation Costs (net of taxes of $0)	—		(1)		—		—		—		—
Income Tax-Related Adjustments (entire amount represents tax expense)	(0.01)		(8)		—		—		—		—
2022 Adjusted (non-GAAP) Operating Earnings	$	0.43	$	428	$	211	$	102	$	114	$	90

Adjusted (non-GAAP) Operating Earnings for the fourth 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		Exelon		ComEd		PECO		BGE		PHI
2021 GAAP Net Income (Loss) from Continuing Operations	$	0.31	$	309	$	133	$	122	$	117	$	26


COVID-19 Direct Costs (net of taxes of $2, $0, $0, and $1, respectively)	0.01		7		—		1		1		2


ERP System Implementation Costs (net of taxes of $1)	—		3		—		—		—		—
Separation Costs (net of taxes of $8, $2, $1, $1, and $1, respectively)	0.03		27		5		2		3		4
Income Tax-Related Adjustments (entire amount represents tax expense)	0.04		39		—		—		—		32
2021 Adjusted (non-GAAP) Operating Earnings	$	0.39	$	385	$	138	$	125	$	121	$	64

Adjusted (non-GAAP) Operating Earnings for the full year 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		Exelon		ComEd		PECO		BGE		PHI
2022 GAAP Net Income (Loss) from Continuing Operations	$	2.08	$	2,054	$	917	$	576	$	380	$	608
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)	—		4		—		—		—		—


Asset Retirement Obligation (net of taxes of $2)	—		(4)		—		—		—		(4)
Asset Impairments (net of taxes of $10)	0.04		38		—		—		38		—

ERP System Implementation Costs (net of taxes of $0)	—		1		—		—		—		—
Separation Costs (net of taxes of $10, $4, $2, $2, and $3, respectively)	0.02		24		9		4		4		7
Income Tax-Related Adjustments (entire amount represents tax expense)	0.12		122		—		38		—		3
2022 Adjusted (non-GAAP) Operating Earnings	$	2.27	$	2,239	$	926	$	619	$	423	$	614

Adjusted (non-GAAP) Operating Earnings for the full year 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		Exelon		ComEd		PECO		BGE		PHI
2021 GAAP Net Income (Loss) from Continuing Operations	$	1.65	$	1,616	$	742	$	504	$	408	$	561
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $3)	—		4		—		—		—		—
Cost Management Program (net of taxes of $1, $0, $0, and $0)	0.01		6		—		1		1		1
COVID-19 Direct Costs (net of taxes of $6, $2, $1, and $2, respectively)	0.01		14		—		4		3		4
Asset Retirement Obligation (net of taxes of $1)	—		2		—		—		—		2
Acquisition Related Costs (net of taxes of $5)	0.02		15		—		—		—		—
ERP System Implementation Costs (net of taxes of $4, $0, $0, and $0)	0.01		13		—		1		1		1
Separation Costs (net of taxes of $21, $5, $2, $3, and $3, respectively)	0.06		58		12		6		7		9
Income Tax-Related Adjustments (entire amount represents tax expense)	0.06		62		—		—		—		32
2021 Adjusted (non-GAAP) Operating Earnings	$	1.83	$	1,791	$	754	$	516	$	419	$	609

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 fourth 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 Feb. 14, 2023.

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.

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 (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.

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Earnings Release Attachments

Table of Contents


Consolidating Statement of Operations			1

Consolidated Balance Sheets			3

Consolidated Statements of Cash Flows			5

Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings			6










Statistics
ComEd			10
PECO			11
BGE			13
Pepco			15
DPL			16
ACE			18

Table of Contents

Consolidating Statements of Operations

(unaudited)

(in millions)



	ComEd		PECO		BGE		PHI		Other (a)		Exelon
Three Months Ended December 31, 2022
Operating revenues	$	1,225	$	1,026	$	1,086	$	1,342	$	(12)	$	4,667
Operating expenses
Purchased power and fuel	68		442		474		554		—		1,538
Operating and maintenance	368		288		220		292		69		1,237
Depreciation and amortization	341		95		161		240		15		852
Taxes other than income taxes	84		47		77		114		8		330
Total operating expenses	861		872		932		1,200		92		3,957



Operating income (loss)	364		154		154		142		(104)		710
Other income and (deductions)
Interest expense, net	(106)		(48)		(41)		(75)		(115)		(385)
Other, net	14		8		5		22		52		101
Total other (deductions)	(92)		(40)		(36)		(53)		(63)		(284)
Income (loss) from continuing operations before income taxes	272		114		118		89		(167)		426
Income taxes	61		12		5		(1)		(83)		(6)

Net income (loss) from continuing operations after income taxes	211		102		113		90		(84)		432
Net income from discontinued operations after income taxes	—		—		—		—		—		—
Net income (loss)	211		102		113		90		(84)		432
Net income attributable to noncontrolling interests	—		—		—		—		—		—
Net income (loss) attributable to common shareholders	$	211	$	102	$	113	$	90	$	(84)	$	432

Three Months Ended December 31, 2021
Operating revenues	$	1,567	$	798	$	915	$	1,187	$	(43)	$	4,424
Operating expenses
Purchased power and fuel	544		282		336		444		(2)		1,604
Operating and maintenance	387		227		215		313		65		1,207
Depreciation and amortization	311		89		157		207		16		780
Taxes other than income taxes	77		41		72		109		9		308
Total operating expenses	1,319		639		780		1,073		88		3,899
Loss on sales of assets and businesses	—		—		—		—		(3)		(3)


Operating income (loss)	248		159		135		114		(134)		522
Other income and (deductions)
Interest expense, net	(97)		(41)		(35)		(66)		(83)		(322)
Other, net	13		7		7		16		28		71
Total other (deductions)	(84)		(34)		(28)		(50)		(55)		(251)
Income (loss) from continuing operations before income taxes	164		125		107		64		(189)		271
Income taxes	31		3		(10)		38		(100)		(38)

Net income (loss) from continuing operations after income taxes	133		122		117		26		(89)		309
Net income from discontinued operations after income taxes	—		—		—		—		79		79
Net income (loss)	133		122		117		26		(10)		388
Net loss attributable to noncontrolling interests	—		—		—		—		(3)		(3)
Net income (loss) attributable to common shareholders	$	133	$	122	$	117	$	26	$	(7)	$	391

Change in Net income from continuing operations 2021 to 2022	$	78	$	(20)	$	(4)	$	64	$	5	$	123

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Consolidating Statements of Operations

(unaudited)

(in millions)


	ComEd		PECO		BGE		PHI		Other (a)		Exelon
Twelve Months Ended December 31, 2022
Operating revenues	$	5,761	$	3,903	$	3,895	$	5,565	$	(46)	$	19,078
Operating expenses
Purchased power and fuel	1,109		1,535		1,567		2,164		(2)		6,373
Operating and maintenance	1,412		992		877		1,157		235		4,673
Depreciation and amortization	1,323		373		630		938		61		3,325
Taxes other than income taxes	374		202		302		475		37		1,390
Total operating expenses	4,218		3,102		3,376		4,734		331		15,761
Loss on sales of assets and businesses	(2)		—		—		—		—		(2)


Operating income (loss)	1,541		801		519		831		(377)		3,315
Other income and (deductions)
Interest expense, net	(414)		(177)		(152)		(292)		(412)		(1,447)
Other, net	54		31		21		78		351		535
Total other (deductions)	(360)		(146)		(131)		(214)		(61)		(912)
Income (loss) from continuing operations before income taxes	1,181		655		388		617		(438)		2,403
Income taxes	264		79		8		9		(11)		349

Net income (loss) from continuing operations after income taxes	917		576		380		608		(427)		2,054

Net income from discontinued operations after income taxes	—		—		—		—		117		117
Net income (loss)	917		576		380		608		(310)		2,171
Net income attributable to noncontrolling interests	—		—		—		—		1		1
Net income (loss) attributable to common shareholders	$	917	$	576	$	380	$	608	$	(311)	$	2,170

Twelve Months Ended December 31, 2021
Operating revenues	$	6,406	$	3,198	$	3,341	$	5,041	$	(48)	$	17,938
Operating expenses
Purchased power and fuel	2,271		1,081		1,175		1,857		1		6,385
Operating and maintenance	1,355		934		811		1,104		343		4,547
Depreciation and amortization	1,205		348		591		821		68		3,033
Taxes other than income taxes	320		184		283		458		46		1,291
Total operating expenses	5,151		2,547		2,860		4,240		458		15,256



Operating income (loss)	1,255		651		481		801		(506)		2,682
Other income and (deductions)
Interest expense, net	(389)		(161)		(138)		(267)		(334)		(1,289)
Other, net	48		26		30		69		88		261
Total other (deductions)	(341)		(135)		(108)		(198)		(246)		(1,028)
Income (loss) from continuing operations before income taxes	914		516		373		603		(752)		1,654
Income taxes	172		12		(35)		42		(153)		38

Net income (loss) from continuing operations after income taxes	742		504		408		561		(599)		1,616
Net income from discontinued operations after income taxes	—		—		—		—		213		213
Net income (loss)	742		504		408		561		(386)		1,829
Net income attributable to noncontrolling interests	—		—		—		—		123		123
Net income (loss) attributable to common shareholders	$	742	$	504	$	408	$	561	$	(509)	$	1,706

Change in Net income from continuing operations 2021 to 2022	$	175	$	72	$	(28)	$	47	$	172	$	438

__________

(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)


	December 31, 2022		December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	407	$	672
Restricted cash and cash equivalents	566		321

Accounts receivable
Customer accounts receivable	2,544		2,189
Customer allowance for credit losses	(327)		(320)
Customer accounts receivable, net	2,217		1,869
Other accounts receivable	1,426		1,068
Other allowance for credit losses	(82)		(72)
Other accounts receivable, net	1,344		996


Inventories, net
Fossil fuel	208		105
Materials and supplies	547		476
Regulatory assets	1,641		1,296
Other	406		387
Current assets of discontinued operations	—		7,835
Total current assets	7,336		13,957
Property, plant, and equipment, net	69,076		64,558
Deferred debits and other assets
Regulatory assets	8,037		8,224

Goodwill	6,630		6,630
Receivable related to Regulatory Agreement Units	2,897		—
Investments	232		250
Other	1,141		885
Property, plant, and equipment, deferred debits, and other assets of discontinued operations	—		38,509
Total deferred debits and other assets	18,937		54,498
Total assets	$	95,349	$	133,013

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	December 31, 2022		December 31, 2021
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	2,586	$	1,248
Long-term debt due within one year	1,802		2,153
Accounts payable	3,382		2,379
Accrued expenses	1,226		1,137
Payables to affiliates	5		5
Regulatory liabilities	437		376
Mark-to-market derivative liabilities	8		18
Unamortized energy contract liabilities	10		89
Other	1,155		766
Current liabilities of discontinued operations	—		7,940
Total current liabilities	10,611		16,111
Long-term debt	35,272		30,749
Long-term debt to financing trusts	390		390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	11,250		10,611
Regulatory liabilities	9,112		9,628
Pension obligations	1,109		2,051
Non-pension postretirement benefit obligations	507		811
Asset retirement obligations	269		271
Mark-to-market derivative liabilities	83		201
Unamortized energy contract liabilities	35		146
Other	1,967		1,573
Long-term debt, deferred credits, and other liabilities of discontinued operations	—		25,676
Total deferred credits and other liabilities	24,332		50,968
Total liabilities	70,605		98,218
Commitments and contingencies
Shareholders’ equity
Common stock	20,908		20,324
Treasury stock, at cost	(123)		(123)
Retained earnings	4,597		16,942
Accumulated other comprehensive loss, net	(638)		(2,750)
Total shareholders’ equity	24,744		34,393
Noncontrolling interests	—		402
Total equity	24,744		34,795
Total liabilities and shareholders’ equity	$	95,349	$	133,013

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Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)


	Twelve Months Ended December 31,
	2022		2021
Cash flows from operating activities
Net income	$	2,171	$	1,829
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	3,533		7,573
Asset impairments	48		552
Gain on sales of assets and businesses	(8)		(201)
Deferred income taxes and amortization of investment tax credits	255		18
Net fair value changes related to derivatives	(53)		(568)
Net realized and unrealized gains on NDT funds	205		(586)
Net unrealized losses on equity investments	16		160
Other non-cash operating activities	370		(200)
Changes in assets and liabilities:
Accounts receivable	(1,222)		(703)
Inventories	(121)		(141)
Accounts payable and accrued expenses	1,318		440
Option premiums paid, net	(39)		(338)
Collateral received (posted), net	1,248		(74)
Income taxes	(4)		327
Regulatory assets and liabilities, net	(1,326)		(634)
Pension and non-pension postretirement benefit contributions	(616)		(665)
Other assets and liabilities	(905)		(3,777)
Net cash flows provided by operating activities	4,870		3,012
Cash flows from investing activities
Capital expenditures	(7,147)		(7,981)
Proceeds from NDT fund sales	488		6,532
Investment in NDT funds	(516)		(6,673)
Collection of DPP	169		3,902

Proceeds from sales of assets and businesses	16		877

Other investing activities	—		26
Net cash flows used in investing activities	(6,990)		(3,317)
Cash flows from financing activities

Changes in short-term borrowings	986		269
Proceeds from short-term borrowings with maturities greater than 90 days	1,300		1,380
Repayments on short-term borrowings with maturities greater than 90 days	(1,500)		(350)
Issuance of long-term debt	6,309		3,481
Retirement of long-term debt	(2,073)		(1,640)


Issuance of common stock	563		—
Dividends paid on common stock	(1,334)		(1,497)

Acquisition of CENG noncontrolling interest	—		(885)
Proceeds from employee stock plans	36		80
Transfer of cash, restricted cash, and cash equivalents to Constellation	(2,594)		—
Other financing activities	(102)		(80)
Net cash flows provided by financing activities	1,591		758
(Decrease) increase in cash, restricted cash, and cash equivalents	(529)		453
Cash, restricted cash, and cash equivalents at beginning of period	1,619		1,166
Cash, restricted cash, and cash equivalents at end of period	$	1,090	$	1,619

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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 December 31, 2022 and 2021

(unaudited)

(in millions, except per share data)


	Exelon Earnings per Diluted Share		ComEd			PECO			BGE			PHI			Other (a)		Exelon
2021 GAAP Net Income (Loss) from Continuing Operations	$	0.31	$	133		$	122		$	117		$	26		$	(89)	$	309


COVID-19 Direct Costs (net of taxes of $0, $0, $1, $0 and $2 respectively) (1)	0.01		—			1			1			2			3		7


ERP System Implementation Costs (net of taxes of $1) (2)	—		—			—			—			—			3		3
Separation Costs (net of taxes of $2, $1, $1, $1, $3 and $8, respectively) (3)	0.03		5			2			3			4			13		27
Income Tax-Related Adjustments (entire amount represents tax (expense) (4)	0.04		—			—			—			32			7		39
2021 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.39	$	138		$	125		$	121		$	64		$	(63)	$	385

Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	0.02	$	—	(b)	$	18		$	—	(b)	$	2	(b)	$	—	$	20
Load	—		—		(b)	(4)			—		(b)	—		(b)	—		(4)
Distribution and Transmission Rates (6)	0.10		46		(c)	21		(c)	9		(c)	19		(c)	—		95
Other Energy Delivery (7)	0.09		50		(c)	16		(c)	8		(c)	16		(c)	—		90
Operating and Maintenance Expense (8)	(0.08)		3			(51)			(7)			9			(37)		(83)
Pension and Non-Pension Postretirement Benefits	0.02		6			2			2			—			7		17
Depreciation and Amortization Expense (9)	(0.05)		(22)			(5)			(3)			(24)			1		(53)
Other (10)	(0.05)		(10)			(20)			(16)			4			3		(39)
Share Differential (11)	(0.01)		—			—			—			—			—		—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.04	$	73		$	(23)		$	(7)		$	26		$	(26)	$	43

2022 GAAP Net Income (Loss) from Continuing Operations	$	0.43	$	211		$	102		$	113		$	90		$	(84)	$	432
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)	—		—			—			—			—			4		4



Asset Impairments (net of taxes of $0) (5)	—		—			—			1			—			—		1


Separation Costs (net of taxes of $0) (3)	—		—			—			—			—			(1)		(1)
Income Tax-Related Adjustments (entire amount represents tax expense) (4)	(0.01)		—			—			—			—			(8)		(8)
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.43	$	211		$	102		$	114		$	90		$	(89)	$	428

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 costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.

(3)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.

(4)In 2021, for PHI, primarily reflects the recognition of a valuation allowance against a deferred tax asset associated with Delaware net operating loss carryforwards due to a change in Delaware tax law. In 2022, for Corporate, in connection with the separation, Exelon recorded an income tax benefit related to deductible transaction costs.

(5)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.

(6)For ComEd, reflects increased 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 and increased revenues collected related to the Energy Transition Assistance Charge rider that are offset in Other. For PHI, includes the regulatory asset amortization of the ACE Purchase Power 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 absence of the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For PECO, includes higher contracting costs, an increase in charitable contributions, and an increase in credit loss expense. For BGE, primarily reflects an increase in charitable contributions. For PHI, primarily reflects lower 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). For Corporate, also reflects an increase in charitable contributions.

(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 Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.

(10)For ComEd, includes an increase in taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in interest expense. For PHI, reflects the timing of tax expense driven by the timing of excess deferred tax amortization, which reversed at year-end. 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 and an increase in interest expense.

(11)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.

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Exelon

Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

Twelve Months Ended December 31, 2022 and 2021

(unaudited)

(in millions, except per share data)


	Exelon Earnings per Diluted Share		ComEd			PECO			BGE			PHI			Other (a)		Exelon
2021 GAAP Net Income (Loss) from Continuing Operations	$	1.65	$	742		$	504		$	408		$	561		$	(599)	$	1,616
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $3)	—		—			—			—			—			4		4
Cost Management Program (net of taxes of $0, $0, $0, $1, and $1)	0.01		—			1			1			1			3		6
COVID-19 Direct Costs (net of taxes of $2, $1, $2, $1, and $6, respectively) (1)	0.01		—			4			3			4			3		14
Asset Retirement Obligation (net of taxes of $1)	—		—			—			—			2			—		2
Acquisition Related Costs (net of taxes of $5) (2)	0.02		—			—			—			—			15		15
ERP System Implementation Costs (net of taxes of $0, $0, $0, $4 and $4, respectively) (3)	0.01		—			1			1			1			10		13
Separation Costs (net of taxes of $5, $2, $3, $3, $8 and $21, respectively) (4)	0.06		12			6			7			9			24		58
Income Tax-Related Adjustments (entire amount represents tax expense) (5)	0.06		—			—			—			32			30		62
2021 Adjusted (non-GAAP) Operating Earnings (Loss)	$	1.83	$	754		$	516		$	419		$	609		$	(507)	$	1,791

Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	0.03	$	—	(b)	$	32		$	—	(b)	$	—	(b)	$	—	$	32
Load	(0.01)		—		(b)	(10)			—		(b)	(4)		(b)	—		(14)
Distribution and Transmission Rates (7)	0.40		132		(c)	122		(c)	55		(c)	87		(c)	—		396
Other Energy Delivery (8)	0.40		238		(c)	44		(c)	37		(c)	75		(c)	—		394
Operating and Maintenance Expense (9)	(0.21)		(66)			(59)			(29)			(52)			(5)		(211)
Pension and Non-Pension Postretirement Benefits	0.06		21			7			9			—			18		55
Depreciation and Amortization Expense (10)	(0.22)		(84)			(19)			(28)			(84)			1		(214)
Other (11)	—		(69)			(14)			(40)			(17)			150		10
Share Differential (12)	(0.01)		—			—			—			—			—		—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.44	$	172		$	103		$	4		$	5		$	164	$	448

2022 GAAP Net Income (Loss) from Continuing Operations	$	2.08	$	917		$	576		$	380		$	608		$	(427)	$	2,054
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)	—		—			—			—			—			4		4


Asset Retirement Obligation (net of taxes of $2)	—		—			—			—			(4)			—		(4)
Asset Impairments (net of taxes of $10) (6)	0.04		—			—			38			—			—		38

ERP System Implementation Costs (net of taxes of $0) (3)	—		—			—			—			—			1		1
Separation Costs (net of taxes of $4, $2, $2, $3, and $10, respectively) (4)	0.02		9			4			4			7			—		24
Income Tax-Related Adjustments (entire amount represents tax expense) (5)	0.12		—			38			—			3			81		122
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	2.27	$	926		$	619		$	423		$	614		$	(343)	$	2,239

Note:

Amounts may not sum due to rounding.

(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.

(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.

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(5)In 2021, for PHI, primarily reflects the recognition of a valuation allowance against a deferred tax asset associated with Delaware net operating loss carryforwards due to a change in Delaware tax law. In 2021, for Corporate, reflects the adjustment to deferred income taxes due to changes in forecasted apportionment. In 2022, for PECO, primarily 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 income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the 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)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.

(7)For ComEd, reflects increased distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base and increased transmission rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.

(8)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and increased revenues collected related to the Energy Transition Assistance Charge rider that are offset in Other. For PHI, includes the regulatory asset amortization of the ACE Purchase Power 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, reflects higher contracting costs. For PECO, primarily reflects an increase in charitable contributions, an increase in credit loss expense, an increase in contracting and materials costs, and an increase in other various expenses, partially offset by a decrease in storm costs. For BGE, reflects an increase in charitable contributions and an increase in credit loss expense, offset by a decrease in storm costs. For PHI, includes an increase in storm costs and an increase in credit loss expense. 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 (2022 includes one month of costs for the period prior to the separation compared to twelve months of costs included in 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). For Corporate, also reflects an increase in charitable contributions.

(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 Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.

(11)For ComEd, includes an increase in 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, offset by an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. 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 and 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.

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ComEd Statistics

Three Months Ended December 31, 2022 and 2021



	Electric Deliveries (in GWhs)						Revenue (in millions)
	2022	2021	% Change		Weather - Normal % Change		2022		2021		% Change
Electric Deliveries and Revenues(a)
Residential	5,984	6,116	(2.2)	%	(4.1)	%	$	695	$	754	(7.8)	%
Small commercial & industrial	7,061	7,097	(0.5)	%	(1.7)	%	220		395		(44.3)	%
Large commercial & industrial	6,543	6,464	1.2	%	0.7	%	(43)		139		(130.9)	%
Public authorities & electric railroads	250	242	3.3	%	1.3	%	7		12		(41.7)	%
Other(b)	—	—	n/a		n/a		237		250		(5.2)	%
Total electric revenues(c)	19,838	19,919	(0.4)	%	(1.6)	%	1,116		1,550		(28.0)	%
Other Revenues(d)							110		16		587.5	%
Total Electric Revenues							$	1,226	$	1,566	(21.7)	%
Purchased Power							$	68	$	544	(87.5)	%



				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	2,091	1,783	2,139	17.3	%	(2.2)	%
Cooling Degree-Days	19	59	14	(67.8)	%	35.7	%

Twelve Months Ended December 31, 2022 and 2021


	Electric Deliveries (in GWhs)						Revenue (in millions)
	2022	2021	% Change		Weather - Normal % Change		2022		2021		% Change
Electric Deliveries and Revenues(a)
Residential	27,819	28,344	(1.9)	%	(1.2)	%	$	3,304	$	3,233	2.2	%
Small commercial & industrial	29,766	29,707	0.2	%	—	%	1,173		1,571		(25.3)	%
Large commercial & industrial	26,904	26,420	1.8	%	1.9	%	5		559		(99.1)	%
Public authorities & electric railroads	909	940	(3.3)	%	(3.7)	%	29		45		(35.6)	%
Other(b)	—	—	n/a		n/a		955		926		3.1	%
Total electric revenues(c)	85,398	85,411	—	%	0.2	%	5,466		6,334		(13.7)	%
Other Revenues(d)							295		72		309.7	%
Total Electric Revenues							$	5,761	$	6,406	(10.1)	%
Purchased Power							$	1,109	$	2,271	(51.2)	%



				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	6,044	5,415	6,000	11.6	%	0.7	%
Cooling Degree-Days	1,174	1,316	1,002	(10.8)	%	17.2	%


Number of Electric Customers	2022	2021
Residential	3,723,282	3,708,729
Small commercial & industrial	391,298	390,546
Large commercial & industrial	1,890	1,870
Public authorities & electric railroads	4,858	4,832
Total	4,121,328	4,105,977

__________

(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 $2 million and $22 million for the three months ended December 31, 2022 and 2021, respectively, and $16 million and $41 million for the twelve months ended December 31, 2022 and 2021, respectively.

(d)Includes alternative revenue programs and late payment charges.

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PECO Statistics

Three Months Ended December 31, 2022 and 2021


	Electric and Natural Gas Deliveries						Revenue (in millions)
	2022	2021	% Change		Weather- Normal % Change		2022		2021		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	3,175	3,061	3.7	%	(1.2)	%	$	488	$	379	28.8	%
Small commercial & industrial	1,812	1,801	0.6	%	(0.8)	%	135		110		22.7	%
Large commercial & industrial	3,355	3,376	(0.6)	%	(0.2)	%	70		60		16.7	%
Public authorities & electric railroads	149	134	11.2	%	10.9	%	7		7		—	%
Other(b)	—	—	n/a		n/a		69		62		11.3	%
Total electric revenues(c)	8,491	8,372	1.4	%	(0.5)	%	769		618		24.4	%
Other Revenues(d)							6		7		(14.3)	%
Total Electric Revenues							775		625		24.0	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	13,895	11,635	19.4	%	0.6	%	177		121		46.3	%
Small commercial & industrial	7,211	6,144	17.4	%	0.6	%	61		42		45.2	%
Large commercial & industrial	11	21	(47.6)	%	8.1	%	—		—		n/a
Transportation	6,503	6,607	(1.6)	%	(4.6)	%	7		7		—	%
Other(f)	—	—	n/a		n/a		5		3		66.7	%
Total natural gas revenues(g)	27,620	24,407	13.2	%	(0.6)	%	250		173		44.5	%
Other Revenues(d)							1		—		100.0	%
Total Natural Gas Revenues							251		173		45.1	%
Total Electric and Natural Gas Revenues							$	1,026	$	798	28.6	%
Purchased Power and Fuel							$	442	$	282	56.7	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	1,503	1,236	1,544	21.6	%	(2.7)	%
Cooling Degree-Days	18	69	30	(73.9)	%	(40.0)	%

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Twelve Months Ended December 31, 2022 and 2021


	Electric and Natural Gas Deliveries						Revenue (in millions)
	2022	2021	% Change		Weather- Normal % Change		2022		2021		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	14,379	14,262	0.8	%	(1.8)	%	$	2,026	$	1,704	18.9	%
Small commercial & industrial	7,701	7,597	1.4	%	0.4	%	521		422		23.5	%
Large commercial & industrial	14,046	14,003	0.3	%	—	%	299		243		23.0	%
Public authorities & electric railroads	638	559	14.1	%	14.1	%	30		31		(3.2)	%
Other(b)	—	—	n/a		n/a		271		229		18.3	%
Total electric revenues(c)	36,764	36,421	0.9	%	(0.4)	%	3,147		2,629		19.7	%
Other Revenues(d)							18		30		(40.0)	%
Total Electric Revenues							3,165		2,659		19.0	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	42,135	39,580	6.5	%	3.0	%	512		372		37.6	%
Small commercial & industrial	23,449	21,361	9.8	%	6.0	%	186		136		36.8	%
Large commercial & industrial	31	34	(8.8)	%	12.3	%	—		—		n/a
Transportation	25,011	25,081	(0.3)	%	(1.8)	%	26		24		8.3	%
Other(f)	—	—	n/a		n/a		12		7		71.4	%
Total natural gas revenues(g)	90,626	86,056	5.3	%	2.4	%	736		539		36.5	%
Other Revenues(d)							2		—		100.0	%
Total Natural Gas Revenues							738		539		36.9	%
Total Electric and Natural Gas Revenues							$	3,903	$	3,198	22.0	%
Purchased Power and Fuel							$	1,535	$	1,081	42.0	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	4,135	3,946	4,408	4.8	%	(6.2)	%
Cooling Degree-Days	1,743	1,586	1,443	9.9	%	20.8	%


Number of Electric Customers	2022	2021	Number of Natural Gas Customers	2022	2021
Residential	1,525,635	1,517,806	Residential	502,944	497,873
Small commercial & industrial	155,576	155,308	Small commercial & industrial	44,957	44,815
Large commercial & industrial	3,121	3,107	Large commercial & industrial	9	6
Public authorities & electric railroads	10,393	10,306	Transportation	655	670
Total	1,694,725	1,686,527	Total	548,565	543,364

__________

(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $2 million and $15 million for the three months ended December 31, 2022 and 2021, respectively, and $7 million and $20 million for the twelve months ended December 31, 2022 and 2021, respectively.

(d)Includes alternative revenue programs and late payment charges.

(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

(f)Includes revenues primarily from off-system sales.

(g)Includes operating revenues from affiliates totaling less than $1 million and less than $1 million for the three months ended December 31, 2022 and 2021, respectively, and less than $1 million and $1 million for the twelve months ended December 31, 2022 and 2021, respectively.

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BGE Statistics

Three Months Ended December 31, 2022 and 2021


	Electric and Natural Gas Deliveries						Revenue (in millions)
	2022	2021	% Change		Weather- Normal % Change		2022		2021		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	3,038	2,862	6.1	%	(0.9)	%	$	406	$	330	23.0	%
Small commercial & industrial	655	641	2.2	%	(0.8)	%	88		65		35.4	%
Large commercial & industrial	3,123	3,155	(1.0)	%	(0.5)	%	148		118		25.4	%
Public authorities & electric railroads	49	55	(10.9)	%	(8.8)	%	7		7		—	%
Other(b)	—	—	n/a		n/a		101		102		(1.0)	%
Total electric revenues(c)	6,865	6,713	2.3	%	(0.8)	%	750		622		20.6	%
Other Revenues(d)							(1)		17		(105.9)	%
Total Electric Revenues							749		639		17.2	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	13,569	10,961	23.8	%	2.6	%	229		164		39.6	%
Small commercial & industrial	2,999	2,427	23.6	%	8.4	%	35		24		45.8	%
Large commercial & industrial	11,777	10,962	7.4	%	1.1	%	55		44		25.0	%
Other(f)	1,735	4,079	(57.5)	%	n/a		20		27		(25.9)	%
Total natural gas revenues(g)	30,080	28,429	5.8	%	2.5	%	339		259		30.9	%
Other Revenues(d)							(2)		17		(111.8)	%
Total Natural Gas Revenues							337		276		22.1	%
Total Electric and Natural Gas Revenues							$	1,086	$	915	18.7	%
Purchased Power and Fuel							$	474	$	336	41.1	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	1,595	1,290	1,646	23.6	%	(3.1)	%
Cooling Degree-Days	20	59	28	(66.1)	%	(28.6)	%

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Twelve Months Ended December 31, 2022 and 2021


	Electric and Natural Gas Deliveries						Revenue (in millions)
	2022	2021	% Change		Weather- Normal % Change		2022		2021		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	13,024	12,908	0.9	%	(0.6)	%	$	1,564	$	1,375	13.7	%
Small commercial & industrial	2,781	2,770	0.4	%	—	%	327		267		22.5	%
Large commercial & industrial	13,213	13,209	—	%	0.5	%	567		459		23.5	%
Public authorities & electric railroads	201	204	(1.5)	%	(0.5)	%	27		27		—	%
Other(b)	—	—	n/a		n/a		398		371		7.3	%
Total electric revenues(c)	29,219	29,091	0.4	%	(0.1)	%	2,883		2,499		15.4	%
Other Revenues(d)							(12)		6		(300.0)	%
Total Electric Revenues							2,871		2,505		14.6	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	41,951	36,719	14.2	%	5.5	%	678		518		30.9	%
Small commercial & industrial	9,894	8,654	14.3	%	7.3	%	111		83		33.7	%
Large commercial & industrial	43,631	40,521	7.7	%	5.7	%	183		147		24.5	%
Other(f)	7,206	13,203	(45.4)	%	n/a		68		68		—	%
Total natural gas revenues(g)	102,682	99,097	3.6	%	5.8	%	1,040		816		27.5	%
Other Revenues(d)							(16)		20		(180.0)	%
Total Natural Gas Revenues							1,024		836		22.5	%
Total Electric and Natural Gas Revenues							$	3,895	$	3,341	16.6	%
Purchased Power and Fuel							$	1,567	$	1,175	33.4	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	4,333	3,998	4,604	8.4	%	(5.9)	%
Cooling Degree-Days	1,010	1,097	900	(7.9)	%	12.2	%


Number of Electric Customers	2022	2021	Number of Natural Gas Customers	2022	2021
Residential	1,204,429	1,195,929	Residential	655,373	651,589
Small commercial & industrial	115,524	115,049	Small commercial & industrial	38,207	38,300
Large commercial & industrial	12,839	12,637	Large commercial & industrial	6,233	6,179
Public authorities & electric railroads	266	268	Total	699,813	696,068
Total	1,333,058	1,323,883

__________

(a)Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $2 million and $3 million for the three months ended December 31, 2022 and 2021, respectively, and $7 million and $13 million for the twelve months ended December 31, 2022 and 2021, respectively.

(d)Includes alternative revenue programs and late payment charges.

(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(f)Includes revenues primarily from off-system sales.

(g)Includes operating revenues from affiliates totaling $1 million and $7 million for the three months ended December 31, 2022 and 2021, respectively, and $8 million and $18 million for the twelve months ended December 31, 2022 and 2021.

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Pepco Statistics

Three Months Ended December 31, 2022 and 2021


	Electric Deliveries (in GWhs)						Revenue (in millions)
	2022	2021	% Change		Weather- Normal % Change		2022		2021		% Change
Electric Deliveries and Revenues(a)
Residential	1,772	1,789	(1.0)	%	(3.2)	%	$	250	$	218	14.7	%
Small commercial & industrial	258	253	2.0	%	0.2	%	38		34		11.8	%
Large commercial & industrial	3,298	3,320	(0.7)	%	(0.4)	%	277		229		21.0	%
Public authorities & electric railroads	166	111	49.5	%	49.5	%	9		7		28.6	%
Other(b)	—	—	n/a		n/a		51		51		—	%
Total electric revenues(c)	5,494	5,473	0.4	%	(0.3)	%	625		539		16.0	%
Other Revenues(d)							(13)		(1)		1,200.0	%
Total Electric Revenues							$	612	$	538	13.8	%
Purchased Power							$	228	$	153	49.0	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	1,376	1,111	1,341	23.9	%	2.6	%
Cooling Degree-Days	25	94	53	(73.4)	%	(52.8)	%

Twelve Months Ended December 31, 2022 and 2021


	Electric Deliveries (in GWhs)						Revenue (in millions)
	2022	2021	% Change		Weather- Normal % Change		2022		2021		% Change
Electric Deliveries and Revenues(a)
Residential	8,162	8,284	(1.5)	%	(1.9)	%	$	1,076	$	1,003	7.3	%
Small commercial & industrial	1,113	1,137	(2.1)	%	(2.6)	%	155		135		14.8	%
Large commercial & industrial	13,797	13,411	2.9	%	2.8	%	1,083		844		28.3	%
Public authorities & electric railroads	617	617	—	%	0.1	%	34		31		9.7	%
Other(b)	—	—	n/a		n/a		208		205		1.5	%
Total electric revenues(c)	23,689	23,449	1.0	%	0.8	%	2,556		2,218		15.2	%
Other Revenues(d)							(25)		56		(144.6)	%
Total Electric Revenues							$	2,531	$	2,274	11.3	%
Purchased Power							$	834	$	624	33.7	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	3,732	3,454	3,770	8.0	%	(1.0)	%
Cooling Degree-Days	1,746	1,817	1,749	(3.9)	%	(0.2)	%


Number of Electric Customers	2022	2021
Residential	856,037	841,831
Small commercial & industrial	54,339	54,216
Large commercial & industrial	22,841	22,568
Public authorities & electric railroads	197	181
Total	933,414	918,796

__________

(a)Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2022 and 2021, and $5 million for both the twelve months ended December 31, 2022 and 2021.

(d)Includes alternative revenue programs and late payment charge revenues.

Table of Contents

DPL Statistics

Three Months Ended December 31, 2022 and 2021


	Electric and Natural Gas Deliveries						Revenue (in millions)
	2022	2021	% Change		Weather - Normal % Change		2022		2021		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	1,189	1,168	1.8	%	(2.4)	%	$	180	$	158	13.9	%
Small commercial & industrial	553	553	—	%	(0.9)	%	63		48		31.3	%
Large commercial & industrial	1,043	1,061	(1.7)	%	(1.4)	%	37		24		54.2	%
Public authorities & electric railroads	11	11	—	%	1.5	%	4		4		—	%
Other(b)	—	—	n/a		n/a		60		57		5.3	%
Total electric revenues(c)	2,796	2,793	0.1	%	(1.7)	%	344		291		18.2	%
Other Revenues(d)							(5)		(1)		400.0	%
Total Electric Revenues							339		290		16.9	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	2,899	2,408	20.4	%	3.2	%	49		30		63.3	%
Small commercial & industrial	1,294	1,100	17.6	%	2.7	%	20		13		53.8	%
Large commercial & industrial	438	432	1.4	%	1.5	%	3		2		50.0	%
Transportation	1,762	1,781	(1.1)	%	(5.5)	%	4		4		—	%
Other(g)	—	—	n/a		n/a		4		1		300.0	%
Total natural gas revenues	6,393	5,721	11.7	%	0.4	%	80		50		60.0	%
Other Revenues(f)							—		—		n/a
Total Natural Gas Revenues							80		50		60.0	%
Total Electric and Natural Gas Revenues							$	419	$	340	23.2	%
Purchased Power and Fuel							$	199	$	137	45.3	%


Electric Service Territory				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	1,547	1,323	1,559	16.9	%	(0.8)	%
Cooling Degree-Days	13	56	35	(76.8)	%	(62.9)	%


Natural Gas Service Territory				% Change
Heating Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	1,600	1,391	1,647	15.0	%	(2.9)	%

Table of Contents

Twelve Months Ended December 31, 2022 and 2021


	Electric and Natural Gas Deliveries						Revenue (in millions)
	2022	2021	% Change		Weather - Normal % Change		2022		2021		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	5,446	5,413	0.6	%	(0.6)	%	$	750	$	694	8.1	%
Small commercial & industrial	2,362	2,340	0.9	%	0.6	%	235		193		21.8	%
Large commercial & industrial	4,250	4,206	1.0	%	1.1	%	137		94		45.7	%
Public authorities & electric railroads	44	45	(2.2)	%	(3.1)	%	15		14		7.1	%
Other(b)	—	—	n/a		n/a		227		201		12.9	%
Total rate-regulated electric revenues(c)	12,102	12,004	0.8	%	0.2	%	1,364		1,196		14.0	%
Other Revenues(d)							(7)		16		(143.8)	%
Total Electric Revenues							1,357		1,212		12.0	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	8,709	7,914	10.0	%	4.2	%	127		97		30.9	%
Small commercial & industrial	4,176	3,747	11.4	%	7.0	%	55		42		31.0	%
Large commercial & industrial	1,697	1,679	1.1	%	1.1	%	12		7		71.4	%
Transportation	6,696	6,778	(1.2)	%	(2.3)	%	15		14		7.1	%
Other(f)	—	—	n/a		n/a		29		8		262.5	%
Total rate-regulated natural gas revenues	21,278	20,118	5.8	%	2.4	%	238		168		41.7	%
Other Revenues(d)							—		—		n/a
Total Natural Gas Revenues							238		168		41.7	%
Total Electric and Natural Gas Revenues							$	1,595	$	1,380	15.6	%
Purchased Power and Fuel							$	706	$	539	31.0	%


Electric Service Territory				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	4,271	4,062	4,448	5.1	%	(4.0)	%
Cooling Degree-Days	1,405	1,432	1,295	(1.9)	%	8.5	%


Natural Gas Service Territory				% Change
Heating Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	4,428	4,239	4,676	4.5	%	(5.3)	%


Number of Electric Customers	2022	2021	Number of Natural Gas Customers	2022	2021
Residential	481,688	476,260	Residential	129,502	128,121
Small commercial & industrial	63,738	63,195	Small commercial & industrial	10,144	10,027
Large commercial & industrial	1,235	1,218	Large commercial & industrial	17	20
Public authorities & electric railroads	597	604	Transportation	156	158
Total	547,258	541,277	Total	139,819	138,326

__________

(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.

(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(c)Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended December 31, 2022 and 2021, and $6 million and $7 million for the twelve months ended December 31, 2022 and 2021, respectively.

(d)Includes alternative revenue programs and late payment charges.

(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.

(f)Includes revenues primarily from off-system sales.

Table of Contents

ACE Statistics

Three Months Ended December 31, 2022 and 2021


	Electric Deliveries (in GWhs)						Revenue (in millions)
	2022	2021	% Change		Weather - Normal % Change		2022		2021		% Change
Electric Deliveries and Revenues(a)
Residential	838	777	7.9	%	7.4	%	$	152	$	141	7.8	%
Small commercial & industrial	320	336	(4.8)	%	(5.5)	%	47		47		—	%
Large commercial & industrial	707	795	(11.1)	%	(11.2)	%	50		46		8.7	%
Public authorities & electric railroads	13	13	—	%	6.5	%	4		3		33.3	%
Other(b)	—	—	n/a		n/a		63		71		(11.3)	%
Total electric revenues(c)	1,878	1,921	(2.2)	%	(2.5)	%	316		308		2.6	%
Other Revenues(d)							(5)		1		(600.0)	%
Total Electric Revenues							$	311	$	309	0.6	%
Purchased Power							$	127	$	154	(17.5)	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	1,623	1,373	1,565	18.2	%	3.7	%
Cooling Degree-Days	12	38	32	(68.4)	%	(62.5)	%

Twelve Months Ended December 31, 2022 and 2021


	Electric Deliveries (in GWhs)						Revenue (in millions)
	2022	2021	% Change		Weather - Normal % Change		2022		2021		% Change
Electric Deliveries and Revenues(a)
Residential	4,131	4,220	(2.1)	%	(2.4)	%	$	764	$	744	2.7	%
Small commercial & industrial	1,499	1,409	6.4	%	6.2	%	217		193		12.4	%
Large commercial & industrial	3,103	3,146	(1.4)	%	(1.5)	%	202		185		9.2	%
Public authorities & electric railroads	47	46	2.2	%	1.8	%	15		13		15.4	%
Other(b)	—	—	n/a		n/a		252		229		10.0	%
Total electric revenues(c)	8,780	8,821	(0.5)	%	(0.7)	%	1,450		1,364		6.3	%
Other Revenues(d)							(19)		24		(179.2)	%
Total Electric Revenues							$	1,431	$	1,388	3.1	%
Purchased Power							$	624	$	694	(10.1)	%


				% Change
Heating and Cooling Degree-Days	2022	2021	Normal	From 2021		From Normal
Heating Degree-Days	4,629	4,256	4,589	8.8	%	0.9	%
Cooling Degree-Days	1,243	1,284	1,210	(3.2)	%	2.7	%


Number of Electric Customers	2022	2021
Residential	502,247	499,628
Small commercial & industrial	62,246	61,900
Large commercial & industrial	3,051	3,156
Public authorities & electric railroads	734	717
Total	568,278	565,401

__________

(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, 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 less than $1 million and $1 million for the three months ended December 31, 2022 and 2021, respectively, and $2 million for both the twelve months ended December 31, 2022 and 2021.

(d)Includes alternative revenue programs.

exc-20230214ex992

February 14, 2023 Earnings Conference Call Fourth Quarter 2022

2 Cautionary Statements Regarding Forward-Looking Information This presentation 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. Any reference to “E” after a year or time period indicates the information for that year or time period is an estimate. Any reference to expected average outstanding shares is exclusive of any equity offerings. 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 (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 presentation. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this presentation.

3 Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Historical results were revised from amounts previously reported to reflect only Exelon continuing operations. Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including: • Adjusted operating earnings exclude certain items that are considered by management to be not directly related to the ongoing operations of the business as described in the Appendix • Adjusted operating and maintenance expense excludes regulatory operating and maintenance costs for the utility businesses and certain excluded items as set forth in the reconciliation in the Appendix • Operating ROE is calculated using operating net income divided by average equity for the period. The operating income reflects all lines of business for the utility business (Electric Distribution, Gas Distribution, Transmission). • Adjusted cash from operations primarily includes cash flows from operating activities adjusted for common dividends and change in cash on hand Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available, as management is unable to project all of these items for future periods. This information is intended to enhance an investor’s overall understanding of period over period financial results and provide an indication of Exelon’s baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this information 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. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies’ presentations. Exelon has provided these non- GAAP financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in the materials presented. Non-GAAP financial measures are identified by the phrase “non-GAAP” or an asterisk (*). Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in the appendices and attachments to this presentation.

4 Exelon is Powering a Cleaner and Brighter Future Exelon’s T&D platform is leading the energy transformation, creating value for customers and communities, and supports a projected risk-adjusted ~9-11% total return(1) for shareholders ❖ Delivering Customer Value ❖ Strengthening Our Infrastructure ❖ Modernizing Energy Delivery Systems ❖ Investing in Communities (1) Reflects total return proposition as of market close on 12/31/2022.

5 Key Messages Financial and Operational Excellence Rate Case Execution Long-Term Outlook Updates • Earned $2.27 per share in 2022, beating guidance(1) by $0.02 per share - ~8% growth off 2021 guidance midpoint(2) • Projecting 2023 dividend of $1.44 per share(3) – ~7% growth off 2022 dividend paid • Best-on-record reliability performance at ComEd, PECO and PHI (1) Based off the midpoint of Exelon’s 2022 Adjusted EPS* guidance range of $2.18 - $2.32 as disclosed at Analyst Day in January 2022. (2) Based off the midpoint of Exelon’s 2021 Adjusted EPS* guidance range of $2.06 - $2.14 as disclosed at Analyst Day in January 2022. (3) Dividend is subject to approval by Board of Directors. (4) 2023 earnings guidance based on expected average outstanding shares of 996M. ComEd’s 2023 earnings guidance is based on a forward 30-year Treasury yield as of 1/31/2023. • In 2022, successfully completed 4 distribution rate cases across DPL, PECO, and ComEd • DPL DE filed an electric distribution rate case on December 14, 2022 • ComEd filed its first multi-year plan (MYP) on January 17, 2023 • Second MYP filing for BGE with associated reconciliation expected in February 2023 • Second MYP filings for Pepco MD and DC with associated reconciliation filings in 1H 2023 • Investing ~$31B of capital over 2023-2026 to meet customer needs, driving expected rate base growth of ~8% through 2026 • No incremental equity in plan beyond $425M of remaining commitment • Projecting 2022 - 2026 Adjusted Operating Earnings* CAGR of 6 - 8%(1) • Initiating projected 2023 EPS* of $2.30 - $2.42 per share(4) - ~5% growth off 2022 guidance midpoint(1)

• Employees volunteered 126,500 hours and donated $6.7M • Operated more than 75 workforce development programs across our 6 utilities • Connected income-eligible customers to ~$590M of financial assistance, a ~25% increase from 2021 • Funded $22M to support schools and students across company-sponsored programs • Invested $7.2B of capital for the benefit of customers • Earned 9.4% operating ROE*, highest since 2019 • Completed $575M of $1B equity commitment to support our investment plan through 2026 • Completed separation of Constellation Energy Corp, unlocking significant value for shareholders • 100% regulated T&D operations across 7 diverse jurisdictions • Best-on-record SAIFI performance at ComEd, PECO and PHI • BGE, ComEd and PECO delivered top quartile performance in customer satisfaction • Completed 4 electric and gas distribution rate cases • Delivered adjusted operating earnings* of $2.27 per share, exceeding the midpoint of guidance • Distributed common dividend of $1.35 per share, providing dividend yield of 3.1% as of 12/31/2022 6 2022 Commitments Met Leading ESG Profile Financial Excellence Industry-Leading Platform Execution in 2022 solidified Exelon’s value proposition as the premier T&D utility Value Proposition Commitments Met Operational Excellence Sustainable Results

7 Operating Highlights Quartile Q1 Q2 Q3 Q4 Operations Metric 2022 BGE ComEd PECO PHI Electric Operations OSHA Recordable Rate(1) 2.5 Beta SAIFI (Outage Frequency)(2) 2.5 Beta CAIDI (Outage Duration)(3) Customer Operations Customer Satisfaction(4) Gas Operations Gas Odor Response(5) No Gas Operations • Reliability remains strong: ― ComEd, PECO and PHI achieved best-on-record SAIFI performance in the top decile ― ComEd continues to deliver best-on-record CAIDI performance and is sustaining its top decile scores, while BGE, PECO, and PHI attained top quartile • Continue to deliver on key customer operations metrics: ― BGE, ComEd and PECO remain top quartile in customer satisfaction • For the fourth consecutive quarter, BGE, PECO, and PHI sustained top decile performance in gas odor response, with BGE delivering its best-on-record performance • ComEd maintains strong safety performance in OSHA at top quartile, and we remain focused on improving BGE, PECO, and PHI Note: quartiles are calculated using results reported in 2020 by a panel of peer companies that are deemed most comparable to Exelon’s utilities (1) Reflects the number of work-related injuries or illnesses requiring more than first-aid treatment, per 100 employees (source: EEI Safety Survey, T&D Peer Panel only). (2) Reflects the average number of interruptions per customer as YE actuals (sources: First Quartile (1QC) T&D, PSE&G Electric Peer Panel Survey, or EIA). (3) Reflects the average time to restore service to customer interruptions (sources: First Quartile (1QC) T&D, PSE&G Electric Peer Panel Survey, or EIA). (4) Reflects the measurements of perceptions of reliability, customer service, price and management reputation by residential and small business customers reported to Escalent. (5) Reflects the percentage of calls responded to in 1 hour or less (sources: PSE&G Peer Panel Gas Survey and AGA Best Practices Survey).

8 2022 Financial Results Fourth Quarter 2022 EPS Results $0.21 $0.21 $0.09 $0.09 $0.10 $0.10 $0.11 $0.12 ($0.08) Q4 GAAP Earnings ($0.09) $0.43 Q4 Adjusted Operating Earnings* $0.43 Note: amounts may not sum due to rounding (1) 2022 earnings guidance based on expected average outstanding shares of 983M. ComEd’s 2022E original earnings guidance was based on a forward 30-year Treasury yield as of 12/31/2021. Adjusted (non-GAAP) operating earnings* drivers versus $2.25 per share midpoint of full year guidance(1): ComEd ROE* Favorable weather and storm activity Strong cost control Proactive reinvestment in business Financing costs Full Year 2022 EPS Results $0.93 $0.94 $0.62 $0.62 $0.58 $0.63 $0.39 $0.43 ($0.42) ($0.33) FY GAAP Earnings $2.27 ($0.02) ($0.02) $2.08 FY Adjusted Operating Earnings* PHI BGE Corp ComEd PECO Discontinued Ops Adj 2022 operating earnings* results exceed the midpoint of our guidance

9 Exelon’s Annual Earned Operating ROEs* 9.5% 9.4% 9.6% 10.0% 8.7% 9.2% 9.4% 2022202020182016 20192017 2021 Note: Represents the twelve-month periods December 31, 2016-2022 for Exelon’s utilities (excludes Corp). Earned operating ROEs* represent weighted average across all lines of business (Electric Distribution, Gas Distribution, and Electric Transmission). Gray-shaded area represents Exelon’s 9-10% targeted range. Delivered 2022 operating ROE* within our 9-10% targeted range

10 2023 Adjusted Operating Earnings* Guidance Key Year-over-Year DriversAdjusted Operating Earnings* Guidance(1) Incremental investments in utility infrastructure Discontinued operations adjustment not applicable in post-separation results BGE and PHI MYP 1 reconciliation in process Return to normal storm activity and weather Incremental debt at Corporate and other financing costs 2022 Original Guidance 2023 Original Guidance $2.18 - $2.32(2) $2.30 - $2.42(3) (1) Includes after-tax interest expense associated with debt held at Corporate (2) 2022 earnings guidance based on expected average outstanding shares of 983M. ComEd’s 2022E earnings guidance was based on a forward 30-year Treasury yield as of 12/31/2021. (3) 2023 earnings guidance based on expected average outstanding shares of 996M. ComEd’s 2023E earnings guidance is based on a forward 30-year Treasury yield as of 1/31/2023. 2023 operating EPS* growth of ~5% from 2022 guidance midpoint to 2023 guidance midpoint

11 Customer Needs and Industry Trends Continue to Support Investment Growth $22.9B $26.0B $26.7B $29.0B $20.8B $6.7B $3.9B 2021 - 2024E2019 - 2022E 2023 - 2026E2020 - 2023E $31.3B 2022 - 2025E … and translates to higher rate base(2) growth 4-year capital investment(1) profile drives benefits for our customers... (1) 4-year capital outlook for 2022-2025E reflects capital forecast as presented at Analyst Day 2022; forecast for 2023-2026E as of Q4 2022 earnings call. (2) Reflects current year end rate base projections. Exelon’s $31.3B low-risk capital plan from 2023 to 2026 results in expected rate base growth of 7.9% $51.4B $56.2B $60.8B $65.0B $44.8B $14.2B $10.6B 2022 2023E 2025E2024E 2026E $69.6B 7.9% Electric DistributionGas Delivery Electric Transmission Goodings Grove 345kV Transmission $111 million from 2023-2026 Elkins Park Building Substation $45 million from 2023-2026 Erdman to Summerfield Transmission Expansion $301 million from 2023-2026 Downtown 34-69kV Resupply $231 million from 2023-2026 Largest T&D Projects in 2023-2026 Capital Plan

12 Managing Costs Well Below the Rate of Inflation $ in millions ❖ Exelon is well positioned to manage inflationary pressures • Working with business partners to mitigate price increases and avoid long lead times through negotiations, utilizing alternative suppliers, and purchasing in bulk • World-class Supply organization leveraging economies of scale • 44% of labor force is represented, with contract renewals over 2023 to 2027 ❖ Since 2016, adjusted O&M* is projected to increase at an annualized rate of 1.7% through 2023, which is well below the rate of inflation, benefitting customer bills by avoiding $500M+ of inflationary impacts(4) ❖ Beyond Exelon’s proven cost management discipline, other elements contribute to efforts to keep total customer bills affordable • Carbon Mitigation Credit (CMC) contracts in Illinois • Financial assistance programs for income-eligible customers • Energy efficiency programs Addressing Customer Affordability Across Multiple Dimensions (1) Reflects adjusted O&M* for Exelon’s utilities which includes allocated costs from the shared services company; numbers rounded to the nearest $25M. (2) 2022 actual adjusted O&M includes $34M of CEJA-related costs at ComEd that were treated as regulatory asset spend in 2022 but reclassified to adjusted operating O&M beginning in 2023. (3) Source: Edison Electric Institute Typical Bills and Average Rates report for Summer 2022; reflects residential average rates for the 12-month period ending 6/30/2022. Los Angeles and Boston residential average rate data for the 12-month period ending 6/30/2022 sourced from Energy Information Administration (EIA-861M). High-population cities that do not provide data (e.g., Houston) are excluded from analysis. Chart reflects a sample of the top 20 cities for illustrative purposes. (4) Assuming an average annual 3.2% rate of inflation based on consumer price index as reported by the Bureau of Labor Statistics and IHS across 2016-2023, adjusted O&M costs would have increased by ~$1B over the same time period. $3,725 $3,725 $3,900 $3,800 $3,950 $3,950 $4,150 $4,200 20222016 2017 2020 20212018 2019 2023E 1.7% Rates 23% Below Largest U.S. Metro Cities 1 8 .0 7 1 4 .4 1 1 4 .2 0 1 4 .1 2 1 3 .6 3 1 3 .1 9 1 2 .7 8 1 2 .4 4 1 2 .1 9 1 1 .1 02 1 .6 8 3 1 .6 6 S a n D ie g o 2 1 .9 4 2 8 .4 2 L o s A n g e le s W a s h in g to n , D .C . 2 6 .5 0 N e w Y o rk B o s to n S a n F ra n c is c o Top 20 City Average: 17.04 D e tr o it M in n e a p o lis C h ic a g o A tl a n ta P h o e n ix B a lt im o re P h ila d e lp h ia U.S. Average: 14.39 M ia m i S t. L o u is Exelon Service Territory cents/kWh(3) Adjusted O&M ($M)*(1)(2) Focused on Managing Costs to Support Affordability

13 Advancing an Equitable Transition to Cleaner Energy in Illinois Proposed investments at ComEd help ensure the safety, resiliency and security of the grid while meeting the demands of evolving customer needs – all with a focus on equity and affordability Key Priorities, Provisions and Goals of the Climate & Equitable Jobs Act (CEJA) …Drives the Proposed Investment in ComEd’s Multi-Year Integrated Grid Plan Filing 16% 16% 10% 14% 37% 7% IT Projects Capacity Expansion Corrective Maintenance System Performance New Business Other(2) Major Investment Categories(1) 100% Carbon-free electricity by 2045 50% Renewable Portfolio Standard by 2040 $180M Annual energy transition fund $50M Clean energy access in low-income communities annually 13 Clean Jobs Workforce Network Program Hubs 3 Climate Works Hubs $550M Annual funding for renewables 1M EVs expected by 2030 (1) Investment Plan categories sourced from the Multi-Year Integrated Grid Plan (MYIGP) filed with the Illinois Commerce Commission on January 17, 2023. (2) Other investment categories include Facility Relocation, Preventative Maintenance, Real Estate, Administrative & General, Shared Services, Vehicles, and Tools. ComEd Multi-Year Plan Case Detail (2024 – 2027) Proposed Common Equity Ratio 50.58% - 51.19% Proposed Return on Equity 10.50% - 10.65% Expected Final Order No later than December 20, 2023 Proposed Revenue Requirement Adjustment 35% of 2024 accrued revenue requirement collected in 2026

14 Advancing an Equitable Transition to Cleaner Energy in Maryland Proposed investments at BGE help ensure the safety, reliability, and resiliency of our systems while meeting the demands of evolving customer needs – all with a focus on setting a foundation for the utility of the future Key Priorities, Provisions and Goals of the Climate Solutions Now Act (CSNA) and the Impact of the BGE Multi-Year Plan(1) …Drives the Proposed Investment in BGE’s Multi-Year Plan (MYP) Filing 9% 10% 8% 12% 41% 19% Capacity Expansion Corrective Maintenance IT Projects System Performance New Business Other(3) Major Investment Categories(2) 100% Net zero electricity by 2045 $8B In labor income $50M Rebates authorized to partner with local school boards to incentivize EV bus adoption 72k Jobs supported 5 Work groups and taskforces created $36B In economic impact (1) Study conducted by the Regional Economic Studies Institute at Towson University. (2) Major investment categories sourced from the BGE Electric & Gas Multi-Year Plan to be filed in February 2023. (3) Other investment categories include Shared Services, Customer Operations, Facilities Relocation, Fleet, Outdoor Lighting, Real Estate and Facilities, Storm, Tools, Training, and Other items. BGE Multi-Year Plan Case Detail (2024 – 2026) Expected Filing Date February 2023 Proposed Common Equity Ratio 52% Proposed Return on Equity 10.40% Expected Order Date per Statute December 2023

Long-Term Earnings Growth Supports Sustainable Dividend 15 Targeting 6-8% Operating Earnings* CAGR from 2022 - 2026(1)(5) Note: amounts may not sum due to rounding (1) Includes after-tax interest expense associated with debt held at Corporate. (2) Reflects 2022 original earnings guidance based on expected average outstanding shares of 983M. ComEd’s 2022E original earnings guidance was based on a forward 30-year Treasury yield as of 12/31/2021. (3) 2023E earnings guidance based on expected average outstanding shares of 996M. ComEd’s 2023E earnings guidance is based on a forward 30-year Treasury yield as of 1/31/2023. (4) Dividend is subject to approval by the Board of Directors. (5) Based off the midpoint of Exelon’s 2022 Adjusted EPS* guidance range of $2.18 - $2.32 as disclosed at Analyst Day in January 2022. (6) Based off the midpoint of Exelon’s 2021 Adjusted EPS* guidance range of $2.06 - $2.14 as disclosed at Analyst Day in January 2022. Exelon is targeting operating EPS* CAGR of 6-8% from 2022 to 2026, and projecting a ~60% dividend payout ratio of operating earnings* that will grow in-line with the targeted 6-8% EPS* growth $2.30 - $2.42(3) 2022E 2023E $2.18 – $2.32(2) • Reaffirm prior target of 6-8% operating EPS* CAGR from 2021-2025(6), with expectation to be at midpoint or better • Initiate new target of 6-8% operating EPS* CAGR from 2022-2026(5), with expectation to be at midpoint or better • Annual growth in 2024 and beyond projected to be within the 6-8% range, if not above it; slide 16 provides year-over- year growth drivers Expect ~60% dividend payout ratio resulting in dividend growing in-line with targeted 6-8% operating EPS* CAGR through 2026 Projected Dividend Payout(4) 6-8% $1.35 $1.44 2022A 2023E 6-8%

16 Key Modeling Drivers and Assumptions 2023 2024 2025 2026 OpCo Drivers(1) YoY EPS Drivers(1) YoY EPS Drivers(1) YoY EPS Drivers(1) YoY EPS BGE Gas and electric MYP 1 year 3 rates, MYP 1 reconciliation (2021 and 2022), and transmission, offset by MYP 1 regulatory lag Gas and electric MYP 2 year 1 rates, MYP 1 reconciliation (2023), and transmission Gas and electric MYP 2 year 2 rates and transmission Gas and electric MYP 2 year 3 rates and transmission ComEd Distribution and transmission rate base growth; 30-Yr TSY on ROE Distribution and transmission rate base growth (MYP 1 year 1 rates) Distribution and transmission rate base growth (MYP 1 year 2 rates) Distribution and transmission rate base growth (MYP 1 year 3 rates) PECO Return to normal weather and storm, electric year 2 in 3-yr cadence of FPFTY, partially offset by year 1 gas rates, transmission, and electric DSIC tracker(2) Electric year 3 and gas year 2 in 3- yr cadence of FPFTY, offset by transmission and DSIC tracker(2) Year 1 electric rates, transmission, and gas DSIC tracker, partially offset by gas year 3 in 3-yr cadence of FPFTY(2) Electric year 2 in 3-yr cadence of FPFTY, partially offset by year 1 gas rates, transmission, and electric DSIC tracker(2) PHI Pepco MD MYP 1 year 3, DPL MD MYP 1 year 1, DPL DE gas and electric rates, and transmission, partially offset by Pepco DC MYP 1 stay out regulatory lag Pepco DC and MD MYP 2 year 1, DPL MD MYP 1 year 2 rates, and transmission Pepco DC and MD MYP 2 year 2, DPL MD MYP 1 year 3 rates, and transmission Pepco DC and MD MYP 2 year 3, DPL MD MYP 2 year 1 rates, and transmission Corp $1.65B of new debt and other financing costs, partially offset by the absence of disc. ops adj. Portion of $3.4B of 2024-2026 new debt and other financing costs Portion of $3.4B of 2024-2026 new debt and other financing costs Portion of $3.4B of 2024-2026 new debt and other financing costs Total YoY Growth Relative to Range Growth Below Low End of 6-8% Range Growth in Low End of 6-8% Range Growth Above 6-8% Range Growth in Middle of 6-8% Range Note: YoY earnings growth estimates are for illustrative purposes only to provide indicative YoY variability; arrows indicate incremental contribution or drag to YoY operating EPS* growth but not necessarily equivalent in terms of relative impact (1) Reflects publicly known distribution rate cases that Exelon expects to file in the balance of 2022 and 2023. Excludes traditional base rate cases with filing dates that are not yet available to the public. (2) PECO assumes a 3-year rate case cadence of Fully Projected Future Test Year (FPFTY) for long-range planning purposes; i.e., filing in 2024 and 2025 for electric and gas distribution, respectively. (3) 2021-2025 and 2022-2026 EPS CAGRs based off the midpoints of Exelon’s 2021 Adjusted EPS* guidance range of $2.06 - $2.14 and Exelon’s 2022 Adjusted EPS* guidance range of $2.18 - $2.32 as disclosed at 2022 Analyst Day, respectively. Rate case activity and investment plan drives annual growth path towards expectation of being at midpoint or better of expected 6-8% operating EPS* CAGRs(3) for 2021 - 2025 and 2022 - 2026

17 Maintaining a Strong Balance Sheet is a Top Financial Priority S&P FFO / Debt %* and Moody’s CFO (Pre-WC) / Debt %* Credit Ratings(4) ExCorp ComEd PECO BGE ACE DPL Pepco Moody’s Baa2 A1 Aa3 A3 A2 A2 A2 S&P BBB A A A A A A Fitch BBB A A+ A A A A 14% 0% 12% 13% 15% 2023-2026E Average(1,2) 12% Exelon Downgrade Threshold(3) 13-14% Strong balance sheet and low-risk attributes provide strategic and financial flexibility (1) 2023–2026 average internal estimate based on S&P and Moody’s methodology, respectively. (2) Without tax repairs deduction, CAMT cash impact expected to result in 2023–2026 average at the low end of range; with tax repairs deduction, CAMT cash impact expected to result in 2023–2026 average at the high end of range. (3) S&P and Moody’s downgrade thresholds based on their published reports for Exelon Corp. (4) Current senior unsecured ratings for Exelon and BGE and current senior secured ratings for ComEd, PECO, ACE, DPL, and Pepco. • Pure-play T&D utility company operating across 7 different regulatory jurisdictions • Largest T&D utility in the country, serving 10+ million customers • Track record of top quartile reliability performance • Geographically diverse group of utilities in supportive regulatory jurisdictions • ~100% of rate base growth covered by alternative recovery mechanisms and ~73% decoupled from volumetric risk Low-risk Attributes Support a Strong Credit Profile

18 2023 Business Priorities and Commitments Focused on continued execution of operational, regulatory, and financial priorities to build on the strength of Exelon’s value proposition as the premier T&D utility ❖Maintain industry-leading operational excellence ❖ Achieve constructive rate case outcomes for customers and shareholders ❖ Deploy $7.2B of capex for the benefit of the customer ❖ Earn consolidated operating ROE* of 9-10% ❖ Deliver against operating EPS* guidance of $2.30 - $2.42 per share ❖Maintain strong balance sheet and execute on 2023 financing plan Industry-Leading Platform Leading ESG Profile Operational Excellence Financial Discipline Sustainable Value ❖ Continue to advocate for equitable and balanced energy transition ❖ Focus on customer affordability, including through cost management

19 Appendix

20 Delivering Sustainable Value as the Premier T&D Utility Industry-Leading Platform Leading ESG Profile Operational Excellence Financial Discipline Sustainable Value SUSTAINABLE VALUE ✓ Strong Growth Outlook: ~$31.3B of T&D capital from 2023-2026 to meet customer needs, resulting in expected rate base growth of 7.9% and fully regulated T&D operating EPS* growth of 6-8% from 2022-2026(1) ✓ Shareholder Returns: Expect ~60% dividend payout ratio(2) resulting in dividend growing in-line with targeted 6-8% operating EPS* CAGR through 2026 INDUSTRY-LEADING PLATFORM ✓ Size and Scale: Largest T&D utility in the country serving 10+ million customers ✓ Diversified Rate Base: Operate across 7 different regulatory jurisdictions ✓ Large Urban Footprint: Geographically positioned to lead the clean energy buildout in our densely-populated territories OPERATIONAL EXCELLENCE ✓ Safely Powering Reliability and Resilience: Track record of top quartile reliability performance ✓ Delivering a World-Class Customer Experience: Helping customers take control of energy usage while delivering top quartile customer satisfaction results ✓ Constructive Regulatory Environments: ~100% of rate base growth covered by alternative recovery mechanisms and ~73% decoupled from volumetric risk LEADING ESG PROFILE ✓ No Owned Generation Supply: Pure-play T&D utility ✓ Advancing Clean and Affordable Energy Choices: Building a smarter, stronger, and cleaner energy grid with options that meet customer needs at affordable rates ✓ Supporting Communities: Powering the economic health of the diverse communities we serve, while advancing social equity FINANCIAL DISCIPLINE ✓ Strong Balance Sheet: Maintain balance sheet capacity to firmly support investment grade credit ratings ✓ Organic Growth: Reinvestment of free cash to fund utility capital programs with $425M of equity in plan (1) Based off the midpoint of Exelon’s 2022 Adjusted EPS* guidance range of $2.18 - $2.32 as disclosed at Analyst Day in January 2022. (2) Dividend is subject to approval by the Board of Directors.

21 Utility Capex and Rate Base vs. Previous Disclosures Q4 2022 Capital Expenditures ($M) Q4 2022 Rate Base ($B) Analyst Day 2022 Capital Expenditures ($M) Analyst Day 2022 Rate Base ($B) 4,525 4,650 4,875 4,850 1,500 1,525 1,600 1,725 875 900 975 950 7,100 2023E 7,500 2022E 2024E 2025E 6,900 7,450 4,775 4,825 4,975 5,400 5,575 1,450 1,450 1,600 1,825 1,800900 925 975 975 1,000 2024E2023E 2026E2022 7,150 2025E 7,175 7,550 8,200 8,350 31.4 33.9 36.3 39.0 41.3 9.9 10.9 11.6 12.9 14.4 9.3 7.8 6.2 2021E 2024E 60.5 7.2 2022E 2023E 8.6 2025E 52.047.6 55.7 65.0 +8.1% 33.7 36.5 39.3 41.8 44.8 10.5 11.7 12.6 13.4 14.2 8.9 9.8 10.6 7.1 2022 2025E 60.8 2023E 8.0 2024E 2026E 51.4 56.2 65.0 69.6 +7.9% Gas Delivery/Other(1) Electric Transmission Electric Distribution(2) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Other includes long-term regulatory assets, which generally earn a return consistent with rate base, including Energy Efficiency and the Solar Rebate Program. (2) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Planning to invest $31.3B of capital from 2023-2026 for the benefit of our customers, supporting projected rate base growth of 7.9% from 2022-2026

22 ComEd Capital Expenditure Forecast Q4 2022 Capital Expenditures ($M)Analyst Day 2022 Capital Expenditures ($M) Project ~$11.1B of capital being invested from 2023-2026 2,100 2,075 2,025 2,350 2,450 425 475 525 575 650 2026E2022 2023E 2,525 2025E 2,550 2024E 2,550 2,925 3,100 2,025 2,050 2,000 1,975 450 500 575 675 2022E 2025E2023E 2,650 2024E 2,575 2,475 2,550 Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Other includes long-term regulatory assets, which generally earn a return consistent with rate base, including Energy Efficiency and the Solar Rebate Program. (2) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Rate Base 2022: 37% of Total Exelon Rate Base 6% 22% 72% Gas Delivery/Other(1) Electric Transmission Electric Distribution(2) $19.1B

Project ~$6.2B of capital being invested from 2023-2026 23 PECO Capital Expenditure Forecast 875 975 1,150 1,200 1,225 175 75 75 350 325 375 375 350 1,650 2025E2022 1,375 2024E2023E 50 1,575 50 2026E 1,400 1,600 850 950 1,075 1,100 175 75 100 125325 325 375 375 1,550 1,325 2022E 2024E2023E 2025E 1,375 1,575 Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Q4 2022 Capital Expenditures ($M)Analyst Day 2022 Capital Expenditures ($M) Rate Base 2022: 20% of Total Exelon Rate Base 26% 11%63% Gas Delivery/Other Electric Transmission Electric Distribution(1) $10.2B

Project ~$6.0B of capital being invested from 2023-2026 24 BGE Capital Expenditure Forecast 625 525 525 525 525 225 325 425 625 450 475 475 525 525 550 1,475 2026E2022 2023E 1,675 1,325 2024E 1,325 2025E 1,550 500 450 475 500 275 400 400 400 475 475 500 500 2023E2022E 2024E 1,325 1,225 2025E 1,4001,375 Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Q4 2022 Capital Expenditures ($M)Analyst Day 2022 Capital Expenditures ($M) Rate Base 2022: 18% of Total Exelon Rate Base 31% 19% 49% Gas Delivery/Other Electric Transmission Electric Distribution(1) $9.1B

25 PHI Consolidated Capital Expenditure Forecast 1,200 1,225 1,275 1,325 1,375 650 550 575 600 625 125 100 2026E 1,925 2023E 75 2025E2022 2024E 75 75 1,900 1,950 1,975 2,075 1,175 1,200 1,325 1,275 600 525 550 550 100 100 2025E 75 2022E 2023E 2024E 75 1,850 1,825 1,950 1,875 Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Project ~$7.9B of capital being invested from 2023-2026 Q4 2022 Capital Expenditures ($M)Analyst Day 2022 Capital Expenditures ($M) Rate Base 2022: 25% of Total Exelon Rate Base 4% 26% 69% Gas Delivery/Other Electric Transmission Electric Distribution(1) $13.0B

Project ~$1.8B of capital being invested from 2023-2026 26 ACE Capital Expenditure Forecast 275 300 250 275 275 175 150 200 200 200 2022 2026E 425 2023E 2024E 2025E 450 450 475 475 300 300 300 275 175 150 175 175 2024E2022E 475 2023E 2025E 475 450 450 Electric Distribution(1)Electric Transmission Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Q4 2022 Capital Expenditures ($M)Analyst Day 2022 Capital Expenditures ($M) Rate Base 2022: 6% of Total Exelon Rate Base 39% 61% $3.2B

Project ~$2.4B of capital being invested from 2023-2026 27 DPL Capital Expenditure Forecast 250 275 325 300 350 150 175 175 225 20075 125 100 75 75575 2023E 600 2022 2024E 2025E 475 2026E 575 600 250 250 300 275 150 150 150 175 100 100 75 75 525 475 2022E 2023E 525 2024E 500 2025E Electric TransmissionGas Delivery Electric Distribution(1) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Q4 2022 Capital Expenditures ($M)Analyst Day 2022 Capital Expenditures ($M) Rate Base 2022: 7% of Total Exelon Rate Base 15% 31% 54% $3.6B

28 Pepco Capital Expenditure Forecast 675 650 725 750 775 325 250 225 175 225 900 2022 2026E2023E 2024E 925 2025E 1,000 900 975 625 650 725 700 275 225 225 200 2023E 900 900 2022E 900 2024E 2025E 950 Electric Transmission Electric Distribution(1) Note: Numbers rounded to nearest $25M and may not sum due to rounding. Rate base reflects year-end estimates. Analyst Day 2022 capex disclosures dated January 10, 2022. Q4 2022 disclosures dated February 14, 2023. (1) Electric distribution rate base includes regulatory assets that earn a full authorized Rate of Return; regulatory asset spend not reflected in capital spend projections. Project ~$3.7B of capital being invested from 2023-2026 Q4 2022 Capital Expenditures ($M)Analyst Day 2022 Capital Expenditures ($M) Rate Base 2022: 12% of Total Exelon Rate Base 17% 83% $6.1B

2023 Financing Plan(1) Capital plan financed with a balanced approach to maintain strong investment grade ratings OpCo Instrument Issuance ($M) Maturity ($M) Issued ($M) Remaining ($M) FMB $975 - $975 - FMB $350 - - $350 FMB $75 - - $75 FMB $650 ($500) - $650 FMB $525 ($50) - $525 Senior Notes $600 ($300) - $600 Senior Notes $2,500 ($850)(2) - $2,500 Equity $425M of equity expected between 2023 and 2025 - - - Note: FMB represents First Mortgage Bonds (1) Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors. (2) Represents $850M of 18-month term loans maturing in July 2023. 29

30 2023-2026 Financing Plan ~$17 ~$31 ~($6) ~$6 ~$13 Utility Investment 2023-2026 Adjusted Cash from Operations*(1) 2023-2026 Debt Maturity Debt Refinance Debt Issuance(2) ~$0.4 Equity Issuance(3) $ in billions Note: Financing plan is subject to change (1) Adjusted Cash from Operations* is net of common dividends and change in cash on hand. (2) Includes both utility and corporate debt. Anticipate maintaining ~51% equity to capital ratio at the utilities. Of the $13B, corporate debt issuances expected to be approximately $5 billion over 2023-2026. (3) Expect to issue the remaining $425 million of equity between 2023 and 2025. Balanced investment and value return strategy results in limited equity needs over the next several years

Exelon Debt Maturity Profile(1,2) Debt Balances (as of 12/31/22)(1,2) Short-Term Debt Long-Term Debt(4) Total Debt BGE $0.4B $4.2B $4.6B ComEd $0.6B $10.7B $11.3B PECO $0.2B $4.8B $5.0B PHI $0.4B $8.1B $8.5B Corp $0.9B(3) $9.6B(4) $10.6B Exelon $2.6B $37.5B $40.1B ($M) As of 12/31/2022 850 500 807 750 650 997 303 1,250 1,178 908 763 295 833 1,430 675 700 600 1,400 650 741 750 1,275 2,150 1,550 750 2,150 700 850 833 500 850 360 600 810 175 1,225 1,200 1,650 2,400 204520242023 20522025 20402026 2027 20462028 20502029 2030 2031 20432032 2033 2034 2035 2036 2037 2038 2039 2041 2042 2044 2047 2048 2049 2051 EXC Regulated ExCorp (1) Maturity profile excludes non-recourse debt, securitized debt, capital leases, fair value adjustments, unamortized debt issuance costs and unamortized discount/premium. (2) Long-term debt balances reflect 2022 Q4 10-K GAAP financials, which include items listed in footnote 1. (3) Includes $500M of 364-day term loan maturing March 2023. (4) Includes $850M and $500M of 18-Month term loans maturing July 2023 and April 2024, respectively. Exelon’s weighted average long-term debt maturity is approximately 17 years 31

Q4 2022 QTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Revised from amounts previously reported to reflect only Exelon continuing operations. (2) Reflects higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base. (3) Includes the Q4 2021 voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. (4) Includes higher contracting costs and operational system upgrades. (5) Includes lower contracting costs partially due to timing of maintenance projects. $0.14 $0.06 $0.07 $0.03 $0.13 $0.12 ($0.06) ($0.03) BGEPECOQ4 2021 ($0.03) ComEd PHI Corp $0.12 $0.10 $0.09 $0.21 ($0.09) Q4 2022 $0.39(1) $0.43 BGE PHI PECO Corp ComEd ($0.03) Interest Expense $0.06 Distribution and Energy Efficiency Rates(2) $0.01 Other(3) $0.02 Distribution Rates ($0.01) Depreciation and Amortization ($0.01) Credit Loss Expense ($0.01) Interest Expense ($0.02) Other(4) $0.01 Distribution Rates ($0.01) Other $0.02 Distribution Rates $0.01 Income Tax Timing ($0.01) Depreciation and Amortization ($0.01) Credit Loss Expense $0.02 Other(5) 32

Q4 2022 YTD Adjusted Operating Earnings* Waterfall Note: Amounts may not sum due to rounding (1) Revised from amounts previously reported to reflect only Exelon continuing operations. (2) Reflects higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base. (3) Reflects certain BSC costs that were historically allocated to ExGen 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. $0.77 $0.62 $0.17 $0.53 $0.24 $0.43 ($0.26) ($0.26) BGEComEdQ4 2021 $0.10 PECO PHI ($0.07) Corp $0.43 $0.63 $0.62 $0.94 ($0.33) ($0.02) Q4 2022 $1.83(1) $2.27 BGE PECO ComEd PHI Corp Discontinued Ops Adjustment(3) $0.24 BSC Allocations Adjustment for Discontinued Operations(3) ($0.06) Interest Expense ($0.01) Other$0.15 Distribution, Transmission, and Energy Efficiency Rates(2) $0.02 Other $0.12 Distribution Rates $0.03 Storm Costs ($0.02) Depreciation and Amortization ($0.01) Credit Loss Expense ($0.01) Interest Expense ($0.01) Other $0.06 Distribution and Transmission Rates $0.01 Storm Costs ($0.03) Depreciation and Amortization ($0.01) Credit Loss Expense ($0.01) Interest Expense ($0.02) Other $0.09 Distribution Rates ($0.04) Depreciation and Amortization ($0.02) Credit Loss Expense ($0.02) Interest Expense ($0.01) Storm Costs 33

34 Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2023E 2024E 30-Year US Treasury Yield (1) $0.03 $0.00 Cost of Debt (2) $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 16.5% 8.9% Exelon Consolidated Cash Tax Rate 9.2% 8.3% . (1) Reflects full year impact to a +50bp increase on the 30-Year US Treasury Yield impacting ComEd’s ROE net of Corporate 30-year swap impacting Exelon’s adjusted operating earnings* as of 1/31/2023. Beyond 2023, Exelon’s sensitivity relates to other ComEd long-term regulatory assets tied to interest rates, including Energy Efficiency and the Solar Rebate Program. (2) Reflects full year impact to a +50bp increase on Corporate debt net of pre-issuance hedges and floating-to-fixed interest rate swaps as of 1/31/2023.

35 Rate Case Details

36 Exelon Distribution Rate Case Updates Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Revenue Requirement Requested/Approved ROE / Equity Ratio Expected/Received Order Date $7.6M (1,2) 9.60% / 49.94% Oct 12, 2022 $54.8M (1,3) N/A / N/A (3) Oct 27, 2022 $28.9M (1,5) 3-Year MYP 9.60% / 50.50% Dec 14, 2022 $198.9M (1,4) 7.85% / 49.45% Nov 17, 2022 $59.9M (1,6) 10.50% / 50.50% Q2 2024 $1.47B (1,7) 4-Year MYP 2024: 10.50% / 50.58% 2025: 10.55% / 50.81% 2026: 10.60% / 51.03% 2027: 10.65% / 51.19% Dec 2023 Rate case filed Rebuttal testimony Initial briefs Final commission order Intervenor direct testimony Evidentiary hearings Reply briefs Settlement agreement CF IT RT EH IB RB FO SA DPL DE Electric ComEd MYP DPL DE Gas SA FO FOPECO Gas DPL MD ComEd FRU FO FO IB RB Note: Unless otherwise noted, based on schedules of Illinois Commerce Commission (ICC), Maryland Public Service Commission (MDPSC), Pennsylvania Public Utility Commission (PAPUC), Delaware Public Service Commission (DPSC), Public Service Commission of the District of Columbia (DCPSC), and New Jersey Board of Public Utilities (NJBPU) that are subject to change (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings (2) Revenue requirement excludes the transfer of $5.8M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. Delmarva Power implemented full proposed rates on August 14, 2022, subject to refund. On October 5, 2022, DPL filed a black box settlement with the DPSC, which did not stipulate on Rate Base. The DPSC approved the settlement without modification on October 12, 2022. (3) Revenue requirement excludes the transfer of $7M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. On October 27, 2022, the Commission approved PECO’s Joint Petition for Settlement. The settlement did not stipulate any ROE, Equity Ratio, or Rate Base. (4) Includes $55M related to the annual reconciliation for 2021, which provides for a ROR of 5.91% and an allowed ROE of 7.78% that reflect a 7bps performance metric penalty. Excludes ~$65M of deferred income tax benefits, which would partially offset the revenue requirement increase. Revenue requirement in initial filing was an increase of $198.8M. Through the discovery period in the current proceeding, ComEd agreed to ~$0.1M in adjustments. (5) Reflects 3-year cumulative multi-year plan. On October 7, 2022, DPL filed a partial settlement with the MDPSC, which included incremental revenue requirement increases of $16.9M, $6.0M and $6.0M with rates effective January 1, 2023, January 1, 2024, and January 1, 2025, respectively. The MDPSC approved the settlement without modification on December 14, 2022. (6) Requested revenue requirement excludes the transfer of $12.4M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. As permitted by Delaware law, Delmarva Power may implement full proposed rates on July 15, 2023, subject to refund. Procedural schedule for DPL DE electric base rate case is expected to be finalized by March 1, 2023 (7) Reflects 4-year cumulative multi-year rate plan. ComEd proposes a phase in plan that accrues revenues but defers recovery of 35% of the 2024 increase of $877M until 2026. Milestones for ComEd MYP are based on a proposed schedule; timeline is subject to change until approved by the Administrative Law Judges. CF CF IT RT EH IB RB

37 Delmarva DE (Gas) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 22-0002 • January 14, 2022, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in gas distribution base rates • October 5, 2022, Delmarva Power filed a black box settlement agreement with the DPSC, which included a revenue requirement increase of $7.6M, but no stipulation on Rate Base • October 12, 2022, the Commission approved the settlement agreement without modification Test Year January 1, 2021 – December 31, 2021 Test Period 12 Months Actual Common Equity Ratio 49.94% Rate of Return ROE: 9.60%; ROR: 6.57% Rate Base (Adjusted) N/A Revenue Requirement Increase $7.6M(1,2) Residential Total Bill % Increase 6.9% Detailed Rate Case Schedule Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Intervenor testimony 8/15/2022Rebuttal testimony Settlement agreement Commission order Filed rate case 1/14/2022 7/1/2022 10/5/2022 10/12/2022 (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Revenue requirement excludes the transfer of $5.8M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. Delmarva Power implemented full proposed rates on August 14, 2022, subject to refund.

38 PECO (Gas) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. R-2022-3031113 • March 31, 2022, PECO filed a general base rate filing with the Pennsylvania Public Utility Commission (PAPUC) seeking an increase in gas distribution base rates • September 19, 2022, PECO filed a Joint Petition for Settlement of Rate Investigation, which included a revenue requirement increase of $54.8M, but no stipulation on ROE, Equity Ratio, or Rate Base • October 11, 2022, the presiding ALJ issued his Recommended Decision in which he found the settlement to be in the public interest and recommended the Settlement be approved without modification • October 27, 2022, the Commission approved the settlement Test Year January 1, 2023 – December 31, 2023 Test Period 12 Months Budget Common Equity Ratio N/A Rate of Return ROE: N/A; ROR: N/A Rate Base (Adjusted) N/A Revenue Requirement Increase $54.8M(1,2) Residential Total Bill % Increase 9.0% Detailed Rate Case Schedule Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Intervenor testimony 7/21/2022 8/11/2022 - 8/12/2022 Rebuttal testimony 9/19/2022 10/27/2022Commission order 6/22/2022 Evidentiary hearings Settlement agreement 3/31/2022Filed rate case (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Revenue requirement excludes the transfer of $7M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates.

39 Delmarva MD Distribution Rate Case Filing (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Company proposed incremental revenue requirement increases with rates effective January 1, 2023, January 1, 2024, and January 1, 2025, respectively. Multi-Year Plan Case Filing Details Notes Formal Case No. 9681 • May 19, 2022, Delmarva Power filed its first three-year multi- year plan (MYP) request with the Maryland Public Service Commission (MDPSC) seeking an increase in electric distribution base rates • October 7, 2022, Delmarva Power filed a partial settlement agreement with the MDPSC, which included a cumulative revenue requirement increase of $28.9M • December 14, 2022, the MDPSC approved the settlement without modification Test Year January 1 – December 31 Test Period 2023, 2024, 2025 Common Equity Ratio 50.50% Rate of Return ROE: 9.60%; ROR: 6.62% 2023-2025 Rate Base (Adjusted) $921M, $973M, $993M 2023-2025 Revenue Requirement Increase $16.9M, $6.0M, $6.0M(1,2) 2023-2025 Residential Total Bill % Increase 3.0%, 1.0%, 1.0% Detailed Rate Case Schedule May Jun Jul Aug Sep Oct Nov Dec Jan Settlement agreement Rebuttal testimony 11/1/2022 Filed rate case Initial briefs 11/14/2022 Intervenor testimony Reply briefs Commission order 10/7/2022 8/19/2022 5/19/2022 9/19/2022 12/14/2022

40 ComEd Distribution Rate Case Filing (FRU) (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Includes $55M related to the annual reconciliation for 2021, which provides for a ROR of 5.91% and an allowed ROE of 7.78% that reflect a 7bps performance metric penalty. Excludes ~$65M of deferred income tax benefits, which would partially offset the revenue requirement increase. Revenue requirement in initial filing was an increase of $198.8M. Through the discovery period in the current proceeding, ComEd agreed to ~$0.1M in adjustments. Rate Case Filing Details Notes Docket No. 22-0302 • April 15, 2022, ComEd filed its final annual distribution formula rate update with the Illinois Commerce Commission (ICC) • Rate increase amount is driven by higher treasury yields and continued investment in infrastructure that will enhance the reliability of the grid and enable advancement of clean technologies and renewable energy • November 17, 2022, the ICC issued a final order with rates effective January 1, 2023 Test Year January 1, 2021 – December 31, 2021 Test Period 2021 Actual Costs + 2022 Projected Plant Additions Common Equity Ratio 49.45% Rate of Return ROE: 7.85%; ROR: 5.94% Rate Base (Adjusted) $13,883M Revenue Requirement Increase $198.9M(1,2) Residential Total Bill % Increase 2.7% Detailed Rate Case Schedule Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Rebuttal testimony 4/15/2022 6/29/2022 9/14/2022Evidentiary hearings Commission order Intervenor testimony 7/27/2022 11/17/2022 Filed rate case

41 Delmarva DE (Electric) Distribution Rate Case Filing (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Requested revenue requirement excludes the transfer of $12.4M of revenues from the Distribution System Improvement Charge (DSIC) capital tracker into base distribution rates. As permitted by Delaware law, Delmarva Power may implement full proposed rates on July 15, 2023, subject to refund. (3) Procedural schedule for DPL DE electric base rate case is expected to be finalized by March 1, 2023. Rate Case Filing Details Notes Docket No. 22-0897 • December 15, 2022, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in electric distribution rates • This rate increase will support significant investments in infrastructure to maintain safety, reliability and customer service for our customers, as well as address emerging macroeconomic factors, specifically inflationary pressures and increased storm costs Test Year July 1, 2022 – June 30, 2023 Test Period 3 months actual + 9 months estimated Proposed Common Equity Ratio 50.50% Proposed Rate of Return ROE: 10.50%; ROR: 7.44% Proposed Rate Base (Adjusted) $1,079M Requested Revenue Requirement Increase $59.9M(1,2) Residential Total Bill % Increase 8.35% Detailed Rate Case Schedule(3) Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Reply briefs 12/15/2022Filed rate case Intervenor testimony Rebuttal testimony Evidentiary hearings Initial briefs Commission order expected Q2 2024

42 ComEd Distribution Rate Case Filing (MYP) (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings. (2) Reflects the revenue requirement increases without the effects of ComEd’s proposed phase-in approach. ComEd proposes a phase in plan that accrues revenues but defers recovery of 35% of the 2024 increase of $877M until 2026. (3) Includes the effects of the proposed deferral of collecting 35% of the 2024 increase until 2026. (4) Milestones for ComEd MYP are based on a proposed schedule; timeline is subject to change until approved by the Administrative Law Judges. (5) Commission order expected no later than 12/20/2023. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Rebuttal testimony Evidentiary hearings Initial briefs Commission order expected 5/18/2023 Reply briefs 1/17/2023 Intervenor testimony Filed rate case 8/21/2023 9/12/2023 9/27/2023 12/20/2023(5) 6/27/2023 Multi-Year Plan Case Filing Details Notes Formal Case No. 23-0055 • January 17, 2023, ComEd filed a four-year multi-year plan (MYP) request with the Illinois Commerce Commission (ICC) seeking an increase in electric distribution base rates • Proposal aligns with the investments in ComEd MYIGP, which was also filed with the ICC on January 17, 2023. The two cases were consolidated. • The proposal includes a phase-in of new rates, deferring 35% of the first year’s bill impact until 2026, as allowed under the Climate & Equitable Jobs Act (CEJA) Test Year January 1 – December 31 Test Period 2024, 2025, 2026, 2027 Proposed Common Equity Ratio 50.58% in 2024 increasing to 51.19% in 2027 2024-2027 Proposed Rate of Return ROE: 10.50%, 10.55%, 10.60%, 10.65% ROR: 7.43%, 7.50%, 7.62%, 7.70% 2024-2027 Proposed Rate Base (Adjusted) $15.5B; $16.5B; $17.6B; $18.8B 2024-2027 Requested Revenue Requirement Increase $877M, $175M, $217M, $203M(1,2) 2024-2027 Residential Total Bill % Increase 7.2%, 5.7%, 5.9%, (1.45%)(3) Detailed Rate Case Schedule(4)

43 Approved Distribution Rate Case Financials Approved Electric Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date ComEd (Electric) $198.9M 7.85% 49.45% Jan 1, 2023 PECO (Electric) (1) $132.0M N/A N/A Jan 1, 2022 BGE (Electric) (2) $139.9M 9.50% 52.00% Jan 1, 2021 Pepco MD (Electric) (3) $52.2M 9.55% 50.50% Jun 28, 2021 Pepco D.C. (Electric) (4) $108.6M 9.275% 50.68% Jul 1, 2021 DPL MD (Electric) (5) $28.9M 9.60% 50.50% Jan 1, 2023 DPL DE (Electric) $13.5M 9.60% 50.37% Oct 6, 2020 ACE (Electric) $41.0M 9.60% 50.21% Jan 1, 2022 (1) The PaPUC issued an order on November 18, 2021 approving the Joint Petition for Settlement with rates effective on January 1, 2022. The settlement does not stipulate any ROE, Equity Ratio or Rate Base. (2) Reflects a three-year cumulative multi-year plan for 2021 through 2023. The MDPSC awarded BGE electric revenue requirement increases of $59 million, $39 million, and $42 million, before offsets, in 2021, 2022, and 2023, respectively, and natural gas revenue requirement increases of $53 million, $11 million, and $10 million, before offsets, in 2021, 2022, and 2023, respectively. The MDPSC utilized the tax benefits to fully offset the increases in 2021 and January 2022 such that customer rates remained unchanged. For the remainder of 2022, the MDPSC chose to offset only 25% of the cumulative 2021 and 2022 electric revenue requirement increases and 50% of the cumulative gas revenue requirement increases. After deferring a decision on 2023 and asking BGE to make a new proposal, the MDPSC accepted BGE’s recommendation in October 2022 to not use certain tax benefits to offset 2023 revenue requirement increases. (3) Reflects a three-year cumulative multi-year plan for April 1, 2021 through March 31, 2024. The MDPSC awarded Pepco electric incremental revenue requirement increases of $21 million, $16 million, and $15 million, before offsets, for the 12- month periods ending March 31, 2022, 2023, and 2024, respectively. The MDPSC offset customer rate increases through March 31, 2022 with certain accelerated tax benefits, but deferred the decision to use additional tax benefits to offset customer rate increases for the periods after March 31, 2022. (4) Reflects a cumulative multi-year plan with 18-months remaining in 2021 through 2022. The DCPSC awarded Pepco electric incremental revenue requirement increases of $42 million and $67 million, before offsets, for the remainder of 2021 and 2022, respectively. However, the DCPSC utilized the acceleration of refunds for certain tax benefits along with other rate relief to partially offset the customer rate increases by $22 million and $40 million for the remainder of 2021 and 2022, respectively. (5) Reflects 3-year cumulative multi-year plan. On October 7, 2022, DPL filed a partial settlement with the MDPSC, which included incremental revenue requirement increases of $16.9M, $6.0M and $6.0M with rates effective January 1, 2023, January 1, 2024, and January 1, 2025, respectively. The MDPSC approved the settlement without modification on December 14, 2022. Approved Gas Distribution Rate Case Financials Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date PECO (Gas) $54.8M N/A N/A Jan 1, 2023 BGE (Gas) (2) $73.9M 9.65% 52.00% Jan 1, 2021 DPL DE (Gas) $7.6M 9.60% 49.94% Nov 1, 2022

44 Approved Electric Transmission Formula Rate Financials Approved Electric Transmission Formula Rate Financials Revenue Requirement Increase/(Decrease)(1) Allowed ROE(2) Common Equity Ratio Rate Effective Date(3) ComEd - 11.50% 55.00% Jun 1, 2022 PECO $39M 10.35% 53.29% Jun 1, 2022 BGE $16M 10.50% 52.92% Jun 1, 2022 Pepco $31M 10.50% 50.36% Jun 1, 2022 DPL $11M 10.50% 50.52% Jun 1, 2022 ACE $34M 10.50% 50.00% Jun 1, 2022 (1) The increase in BGE's transmission revenue requirement includes a $5 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE. (2) The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a member of a RTO. (3) All rates are effective June 1, 2022 - May 31, 2023, subject to review by interested parties pursuant to review protocols of each tariff.

45 Reconciliation of Non-GAAP Measures

46 Projected GAAP to Operating Adjustments • Exelon’s projected 2023 adjusted (non-GAAP) operating earnings excludes the earnings effects of costs related to the separation.

47 GAAP to Non-GAAP Reconciliations(1) GAAP Operating Income + Depreciation & Amortization = EBITDA - Cash Paid for Interest +/- Cash Taxes +/- Other S&P FFO Adjustments = FFO (a) Long-Term Debt + Short-Term Debt + Underfunded Pension (after-tax) + Underfunded OPEB (after-tax) + Operating Lease Imputed Debt - Cash on Balance Sheet +/- Other S&P Debt Adjustments = Adjusted Debt (b) S&P FFO Calculation(2) S&P Adjusted Debt Calculation(2) Moody’s CFO (Pre-WC)/Debt (3) = CFO (Pre-WC) (c) Adjusted Debt (d) Moody’s CFO (Pre-WC) Calculation(3) Cash Flow From Operations +/- Working Capital Adjustment +/- Other Moody’s CFO Adjustments = CFO (Pre-Working Capital) (c) Long-Term Debt + Short-Term Debt + Underfunded Pension (pre-tax) + Operating Lease Imputed Debt +/- Other Moody’s Debt Adjustments = Adjusted Debt (d) S&P FFO/Debt (2) = FFO (a) Adjusted Debt (b) Moody’s Adjusted Debt Calculation(3) (1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available; therefore, management is unable to reconcile these measures. (2) Calculated using S&P Methodology. (3) Calculated using Moody’s Methodology.

48 Q4 QTD GAAP EPS Reconciliation Three Months Ended December 31, 2022 ComEd PECO BGE PHI Other Exelon 2022 GAAP Earnings (Loss) from Continuing Operations Per Share $0.21 $0.10 $0.11 $0.09 ($0.08) $0.43 Income Tax-Related Adjustments - - - - (0.01) (0.01) 2022 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $0.21 $0.10 $0.12 $0.09 ($0.09) $0.43 Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. (1) Other and Exelon amounts are revised from amounts previously reported to reflect only Exelon continuing operations and include certain BSC costs that were historically allocated to ExGen 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. Three Months Ended December 31, 2021(1) ComEd PECO BGE PHI Other Exelon 2021 GAAP Earnings (Loss) from Continuing Operations Per Share $0.14 $0.12 $0.12 $0.03 ($0.09) $0.31 COVID-19 Direct Costs - - - - - 0.01 Separation costs 0.01 - - - 0.01 0.03 Income Tax-Related Adjustments - - - 0.03 0.01 0.04 2021 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $0.14 $0.13 $0.12 $0.06 ($0.06) $0.39

49 Q4 YTD GAAP EPS Reconciliation Twelve Months Ended December 31, 2022(1) ComEd PECO BGE PHI Other Exelon 2022 GAAP Earnings (Loss) from Continuing Operations Per Share $0.93 $0.58 $0.39 $0.62 ($0.44) $2.08 Asset Impairments - - 0.04 - - 0.04 Separation costs 0.01 - - 0.01 - 0.02 Income tax-related adjustments - 0.04 - - 0.08 0.12 2022 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $0.94 $0.63 $0.43 $0.62 ($0.35) $2.27 Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not sum due to rounding. (1) Other and Exelon include certain BSC costs that were historically allocated to ExGen for January 2022 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. (2) Other and Exelon amounts are revised from amounts previously reported to reflect only Exelon continuing operations and include certain BSC costs that were historically allocated to ExGen 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. Twelve Months Ended December 31, 2021(1,2) ComEd PECO BGE PHI Other Exelon 2021 GAAP Earnings (Loss) from Continuing Operations Per Share $0.76 $0.51 $0.42 $0.57 ($0.61) $1.65 COVID-19 Direct Costs - - - - - 0.01 Acquisition related costs - - - - 0.02 0.02 ERP System Implementation - - - - 0.01 0.01 Cost Management Program - - - - - 0.01 Separation costs 0.01 0.01 0.01 0.01 0.02 0.06 Income Tax-Related Adjustments - - - 0.03 0.03 0.06 2021 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $0.77 $0.53 $0.43 $0.62 ($0.52) $1.83

50 GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)(1) 2016 2017 2018 2019 2020 2021 2022 Net Income (GAAP) $1,103 $1,704 $1,836 $2,065 $1,737 $2,225 $2,501 Operating Exclusions $461 ($24) $32 $30 $246 $82 $96 Adjusted Operating Earnings $1,564 $1,680 $1,869 $2,095 $1,984 $2,307 $2,596 Average Equity (2) $16,523 $17,779 $19,367 $20,913 $22,690 $24,967 $27,479 Operating (Non-GAAP) TTM ROE (Adjusted Operating Earnings/Average Equity) 9.5% 9.4% 9.6% 10.0% 8.7% 9.2% 9.4% (1) Represents the twelve-month periods December 31, 2016-2022 for Exelon’s utilities (excludes Corp and PHI Corp). Earned ROEs* represent weighted average across all lines of business (Electric Distribution, Gas Distribution, and Electric Transmission). Components may not reconcile to other SEC filings due to rounding. (2) Reflects simple average book equity for Exelon’s utilities less goodwill at ComEd and PHI. (3) Reflects utility O&M which includes allocated costs from the shared services company; numbers rounded to the nearest $25M and may not sum due to rounding. Exelon Adjusted O&M Reconciliation ($M)(3) 2016 2017 2018 2019 2020 2021 2022 2023 GAAP O&M $4,300 $4,025 $4,150 $4,000 $4,375 $4,200 $4,475 $4,500 Regulatory Required O&M ($175) ($300) ($200) ($175) ($175) ($175) ($250) ($275) Operating Exclusions ($400) - ($50) ($50) ($275) ($75) ($75) ($25) Adjusted O&M (Non-GAAP) $3,725 $3,725 $3,900 $3,800 $3,950 $3,950 $4,150 $4,200

Thank you Please direct all questions to the Exelon Investor Relations team:  InvestorRelations@ExelonCorp.com  312-394-2345