exc-20231102
Pennsylvania10 South Dearborn StreetP.O. Box 805379ChicagoIllinois60680-5379(800)483-3220Illinois10 South Dearborn StreetChicagoIllinois60603-2300(312)394-4321PennsylvaniaP.O. Box 86992301 Market StreetPhiladelphiaPennsylvania19101-8699(215)841-4000Cumulative Preferred Security, Series DMaryland2 Center Plaza110 West Fayette StreetBaltimoreMaryland21201-3708(410)234-5000Delaware701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000District of ColumbiaVirginia701 Ninth Street, N.W.WashingtonDistrict of Columbia20068-0001(202)872-2000DelawareVirginia500 North Wakefield DriveNewarkDelaware19702-5440(202)872-2000New Jersey500 North Wakefield DriveNewarkDelaware19702-5440(202)872-200000011093570000022606000007810000000094660001135971000007973200000278790000008192False00011093572023-11-022023-11-020001109357exc:CommonwealthEdisonCoMember2023-11-022023-11-020001109357exc:PecoEnergyCoMember2023-11-022023-11-020001109357exc:BaltimoreGasAndElectricCompanyMember2023-11-022023-11-020001109357exc:PepcoHoldingsLLCMember2023-11-022023-11-020001109357exc:PotomacElectricPowerCompanyMember2023-11-022023-11-020001109357exc:PotomacElectricPowerCompanyMemberstpr:DC2023-11-022023-11-020001109357stpr:VAexc:PotomacElectricPowerCompanyMember2023-11-022023-11-020001109357exc:DelmarvaPowerandLightCompanyMember2023-11-022023-11-020001109357stpr:DEexc:DelmarvaPowerandLightCompanyMember2023-11-022023-11-020001109357stpr:VAexc:DelmarvaPowerandLightCompanyMember2023-11-022023-11-020001109357exc:AtlanticCityElectricCompanyMember2023-11-022023-11-02

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




Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
EXELON CORPORATION:
Common Stock, without par valueEXCThe Nasdaq Stock Market LLC
PECO ENERGY COMPANY:
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy Company
EXC/28New York Stock Exchange

Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Condition.
Section 7 - Regulation FD
Item 7.01. Regulation FD Disclosure.
 
On November 2, 2023, Exelon Corporation (Exelon) announced via press release its results for the third quarter ended September 30, 2023. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used at the third quarter 2023 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

Exelon has scheduled the conference call for 9:00 AM CT (10:00 AM ET) on November 2, 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
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104Cover 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 federal securities laws 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' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Third Quarter 2023 Quarterly Report on Form 10-Q (to be filed on November 2, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the Securities and Exchange Commission 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 Current Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.



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/ Joshua S. Levin
Joshua S. Levin
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
November 2, 2023




EXHIBIT INDEX
Exhibit No.Description
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


Document


Exhibit 99.1
News Release

https://cdn.kscope.io/7a76fd34d1103831b1e10d80a592cecb-exelonlogoa.jpg
Contact:  James Gherardi
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345
EXELON REPORTS THIRD QUARTER 2023 RESULTS
Earnings Release Highlights
GAAP Net Income of $0.70 per share and Adjusted (non-GAAP) Operating Earnings of $0.67 per share for the third quarter of 2023
Narrowing guidance range for full year 2023 Adjusted (non-GAAP) Operating Earnings from $2.30-$2.42 per share to $2.32-$2.40 per share
Reaffirming fully regulated operating EPS compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range
Strong utility reliability performance – every utility achieved top quartile in outage duration and outage frequency, and ComEd and PHI delivered best-on-record performance for the third straight quarter

CHICAGO (Nov. 2, 2023) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2023.
“In the third quarter we continued to see strong execution of our financial plan and our strategy to lead the energy transformation, achieving top-quartile service reliability and key milestones in our six active rate reviews,” said Exelon President and CEO Calvin Butler. “As power generation decarbonizes and demand increases from development of major data center hubs, we are embarking on interstate transmission projects selected to meet reliability requirements, including PJM’s most recent recommendation to include our proposal to build needed transmission in Maryland and Pennsylvania. We also will be key partners in facilitating two of the recently announced national hydrogen hubs located in Exelon’s service areas, and three of our operating companies were also selected for federal grants through the landmark Infrastructure Investment and Jobs Act to improve reliability and connectivity in the communities we serve and expand benefits for our customers. We continue to be excited by the progress toward the aggressive goals we’ve set to build a sustainable energy future for our customers and communities.”
“Despite an active summer storm season, Exelon’s third quarter performance remained in line with expectations, as we recorded Adjusted (non-GAAP) Operating Earnings of $0.67 per share,” said Exelon Executive Vice President and CFO Jeanne Jones. “We’re also continuing to execute on the $7.2 billion capital investment planned for 2023, designed to address the needs of tomorrow’s grid. We are narrowing
1


our 2023 EPS guidance range to $2.32 to $2.40 per share. We look forward to ending the year strong and further establishing our position as the nation’s leading transmission and delivery company.”
Third Quarter 2023
Exelon's GAAP Net Income from Continuing Operations for the third quarter of 2023 increased to $0.70 per share from $0.68 GAAP Net Income from Continuing Operations per share in the third quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the third quarter of 2023 decreased to $0.67 per share from $0.75 per share in the third quarter of 2022. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 3.
Adjusted (non-GAAP) Operating Earnings in the third quarter of 2023 primarily reflect:
Lower utility earnings primarily due to increased operating expense as a result of higher storm costs at PECO, BGE and PHI, unfavorable weather at PECO, increased depreciation expense at BGE and PHI, and increased interest expense at BGE. This was partially offset by higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in U.S. treasury rates and the impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory asset at ComEd.
Higher costs at the Exelon holding company primarily due to higher interest expense.
Operating Company Results1
ComEd
ComEd's third quarter of 2023 GAAP Net Income increased to $333 million from $291 million in the third quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2023 increased to $338 million from $293 million in the third quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. Treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s third quarter of 2023 GAAP Net Income increased to $146 million from $135 million in the third quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2023 decreased to $149 million from $174 million in the third quarter of 2022, primarily due to unfavorable weather and an increase in storm costs, partially offset by gas distribution rate increases.
___________
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.










2


BGE
BGE’s third quarter of 2023 GAAP Net Income increased to $45 million from $33 million in the third quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2023 decreased to $47 million from $70 million in the third quarter of 2022, primarily due to an increase in depreciation expense, interest expense, and storm costs, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s third quarter of 2023 GAAP Net Income decreased to $232 million from $289 million in the third quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2023 decreased to $234 million from $286 million in the third quarter of 2022, primarily due to an increase in depreciation expense and storm costs. This is partially offset by distribution and transmission rate increases. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and Third Quarter Highlights
Dividend: On November 1, 2023, Exelon’s Board of Directors declared a regular quarterly dividend of $0.36 per share on Exelon’s common stock for the fourth quarter of 2023. The dividend is payable on Friday, December 8, 2023, to shareholders of record of Exelon as of 5 p.m. Eastern time on Wednesday, November 15, 2023.
Financing Activities:
On September 13, 2023, Pepco issued $100 million of First Mortgage Bonds, 5.35% Series, due September 13, 2033. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)Exelon
Earnings per
Diluted
Share
ExelonComEdPECOBGEPHI
2023 GAAP Net Income from Continuing Operations
$0.70 $700 $333 $146 $45 $232 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $4)
0.01 12 — — — — 
Asset Retirement Obligation (net of taxes of $1)
— (1)— — — (1)
Separation Costs (net of taxes of $5, $2, $1, $1, and $1, respectively)
0.01 14 
Income Tax-Related Adjustments (entire amount represents tax expense)(0.05)(54)— — — — 
2023 Adjusted (non-GAAP) Operating Earnings
$0.67 $671 $338 $149 $47 $234 

3


Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts)Exelon
Earnings per
Diluted
Share
ExelonComEdPECOBGEPHI
2022 GAAP Net Income from Continuing Operations
$0.68 $676 $291 $135 $33 $289 
Asset Retirement Obligation (net of taxes of $2)
— (4)— — — (4)
Asset Impairments (net of taxes of $10)
0.04 37 — — 37 — 
Separation Costs (net of taxes of $1, $1, $0, $0, and $0, respectively)
— (3)
Income Tax-Related Adjustments (entire amount represents tax expense)0.04 38 — 38 — — 
2022 Adjusted (non-GAAP) Operating Earnings
$0.75 $745 $293 $174 $70 $286 
__________
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 2023 and 2022 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2023 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 250 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 19,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on X, formerly known as 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
4


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: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Nov. 2, 2023.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws 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' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Third Quarter 2023 Quarterly Report on Form 10-Q (to be filed on Nov. 2, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
5

Table of Contents

Earnings Release Attachments
Table of Contents


Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEdPECOBGEPHIOther (a)Exelon
Three Months Ended September 30, 2023
Operating revenues$2,268 $1,037 $932 $1,773 $(30)$5,980 
Operating expenses
Purchased power and fuel896 411 380 710 — 2,397 
Operating and maintenance385 277 214 339 (28)1,187 
Depreciation and amortization357 100 161 257 15 890 
Taxes other than income taxes100 59 80 134 10 383 
Total operating expenses1,738 847 835 1,440 (3)4,857 
Operating income (loss)530 190 97 333 (27)1,123 
Other income and (deductions)
Interest expense, net(119)(52)(47)(80)(139)(437)
Other, net16 11 28 20 81 
Total other income and (deductions)(103)(41)(41)(52)(119)(356)
Income (loss) before income taxes427 149 56 281 (146)767 
Income taxes94 11 49 (90)67 
Net income (loss)333 146 45 232 (56)700 
Net income (loss) attributable to common shareholders$333 $146 $45 $232 $(56)$700 
Three Months Ended September 30, 2022
Operating revenues$1,378 $1,014 $870 $1,598 $(15)$4,845 
Operating expenses
Purchased power and fuel121 403 350 610 — 1,484 
Operating and maintenance355 243 235 277 38 1,148 
Depreciation and amortization333 92 148 238 14 825 
Taxes other than income taxes104 60 77 129 377 
Total operating expenses913 798 810 1,254 59 3,834 
Operating income (loss)465 216 60 344 (74)1,011 
Other income and (deductions)
Interest expense, net(104)(45)(39)(72)(105)(365)
Other, net14 19 76 122 
Total other income and (deductions)(90)(37)(34)(53)(29)(243)
Income (loss) before income taxes375 179 26 291 (103)768 
Income taxes84 44 (7)(31)92 
Net income (loss)291 135 33 289 (72)676 
Net income (loss) attributable to common shareholders$291 $135 $33 $289 $(72)$676 
Change in net income (loss) from 2022 to 2023$42 $11 $12 $(57)$16 $24 

1

Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEdPECOBGEPHIOther (a)Exelon
Nine Months Ended September 30, 2023
Operating revenues$5,836 $2,977 $2,986 $4,615 $(54)$16,360 
Operating expenses
Purchased power and fuel2,068 1,197 1,145 1,805 — 6,215 
Operating and maintenance1,077 786 632 952 88 3,535 
Depreciation and amortization1,045 297 487 741 46 2,616 
Taxes other than income taxes282 156 239 366 20 1,063 
Total operating expenses4,472 2,436 2,503 3,864 154 13,429 
Operating income (loss)1,364 541 483 751 (208)2,931 
Other income and (deductions)
Interest expense, net(357)(149)(135)(238)(398)(1,277)
Other, net50 26 14 80 161 331 
Total other income and (deductions)(307)(123)(121)(158)(237)(946)
Income (loss) from continuing operations before income taxes1,057 418 362 593 (445)1,985 
Income taxes235 76 103 (148)274 
Net income (loss) from continuing operations after income taxes822 410 286 490 (297)1,711 
Net income from discontinued operations after income taxes— — — — — — 
Net income (loss)822 410 286 490 (297)1,711 
Net income attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to common shareholders$822 $410 $286 $490 $(297)$1,711 
Nine Months Ended September 30, 2022
Operating revenues$4,536 $2,877 $2,810 $4,223 $(34)$14,412 
Operating expenses
Purchased power and fuel1,041 1,093 1,093 1,609 (1)4,835 
Operating and maintenance1,045 705 658 867 161 3,436 
Depreciation and amortization982 277 470 697 46 2,472 
Taxes other than income taxes289 155 225 362 30 1,061 
Total operating expenses3,357 2,230 2,446 3,535 236 11,804 
Loss on sale of assets and businesses(2)— — — — (2)
Operating income (loss)1,177 647 364 688 (270)2,606 
Other income and (deductions)
Interest expense, net(308)(129)(110)(216)(300)(1,063)
Other, net40 23 16 56 300 435 
Total other income and (deductions)(268)(106)(94)(160)— (628)
Income (loss) from continuing operations before income taxes909 541 270 528 (270)1,978 
Income taxes203 67 10 73 356 
Net income (loss) from continuing operations after income taxes706 474 267 518 (343)1,622 
Net income from discontinued operations after income taxes— — — — 117 117 
Net income (loss)706 474 267 518 (226)1,739 
Net income attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common shareholders$706 $474 $267 $518 $(227)$1,738 
Change in net income (loss) from continuing operations from 2022 to 2023$116 $(64)$19 $(28)$46 $89 
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
2

Table of Contents
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
September 30, 2023December 31, 2022
Assets
Current assets
Cash and cash equivalents$300 $407 
Restricted cash and cash equivalents435 566 
Accounts receivable
Customer accounts receivable2,5752,544
Customer allowance for credit losses(341)(327)
Customer accounts receivable, net2,234 2,217 
Other accounts receivable1,1681,426
Other allowance for credit losses(88)(82)
Other accounts receivable, net1,080 1,344 
Inventories, net
Fossil fuel105 208 
Materials and supplies657 547 
Regulatory assets2,307 1,641 
Other401 406 
Total current assets7,519 7,336 
Property, plant, and equipment, net72,458 69,076 
Deferred debits and other assets
Regulatory assets8,128 8,037 
Goodwill6,630 6,630 
Receivable related to Regulatory Agreement Units2,923 2,897 
Investments246 232 
Other1,355 1,141 
Total deferred debits and other assets19,282 18,937 
Total assets$99,259 $95,349 
3

Table of Contents
September 30, 2023December 31, 2022
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings$1,720 $2,586 
Long-term debt due within one year1,654 1,802 
Accounts payable2,684 3,382 
Accrued expenses1,315 1,226 
Payables to affiliates
Regulatory liabilities437 437 
Mark-to-market derivative liabilities44 
Unamortized energy contract liabilities10 
Other933 1,155 
Total current liabilities8,800 10,611 
Long-term debt39,431 35,272 
Long-term debt to financing trusts390 390 
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits11,792 11,250 
Regulatory liabilities9,236 9,112 
Pension obligations1,085 1,109 
Non-pension postretirement benefit obligations515 507 
Asset retirement obligations269 269 
Mark-to-market derivative liabilities113 83 
Unamortized energy contract liabilities29 35 
Other2,129 1,967 
Total deferred credits and other liabilities25,168 24,332 
Total liabilities 73,789 70,605 
Commitments and contingencies
Shareholders’ equity
Common stock20,956 20,908 
Treasury stock, at cost(123)(123)
Retained earnings5,233 4,597 
Accumulated other comprehensive loss, net(596)(638)
Total shareholders’ equity25,470 24,744 
Total liabilities and shareholders’ equity$99,259 $95,349 
4

Table of Contents
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended September 30,
 20232022
Cash flows from operating activities
Net income$1,711 $1,739 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization2,616 2,679 
Asset impairments— 46 
Gain on sales of assets and businesses— (8)
Deferred income taxes and amortization of investment tax credits210 256 
Net fair value changes related to derivatives21 (59)
Net realized and unrealized losses on NDT funds— 205 
Net unrealized losses on equity investments— 16 
Other non-cash operating activities(237)265 
Changes in assets and liabilities:
Accounts receivable82 (1,049)
Inventories(8)(121)
Accounts payable and accrued expenses(454)823 
Option premiums paid, net— (39)
Collateral (paid) received, net(183)1,456 
Income taxes50 
Regulatory assets and liabilities, net(395)(689)
Pension and non-pension postretirement benefit contributions(97)(596)
Other assets and liabilities(24)(786)
Net cash flows provided by operating activities3,292 4,141 
Cash flows from investing activities
Capital expenditures(5,540)(5,179)
Proceeds from NDT fund sales— 488 
Investment in NDT funds— (516)
Collection of DPP— 169 
Proceeds from sales of assets and businesses— 16 
Other investing activities25 36 
Net cash flows used in investing activities(5,515)(4,986)
Cash flows from financing activities
Changes in short-term borrowings(1,116)(335)
Proceeds from short-term borrowings with maturities greater than 90 days400 1,150 
Repayments on short-term borrowings with maturities greater than 90 days(150)(925)
Issuance of long-term debt5,300 5,801 
Retirement of long-term debt(1,209)(2,067)
Issuance of common stock— 563 
Dividends paid on common stock(1,074)(999)
Proceeds from employee stock plans30 26 
Transfer of cash, restricted cash, and cash equivalents to Constellation— (2,594)
Other financing activities(101)(121)
Net cash flows provided by financing activities2,080 499 
Decrease in cash, restricted cash, and cash equivalents(143)(346)
Cash, restricted cash, and cash equivalents at beginning of period1,090 1,619 
Cash, restricted cash, and cash equivalents at end of period$947 $1,273 




5

Table of Contents
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended September 30, 2023 and 2022
(unaudited)
(in millions, except per share data)
Exelon
Earnings per
Diluted
Share
ComEdPECOBGEPHIOther (a)Exelon
2022 GAAP Net Income (Loss) from Continuing Operations$0.68 $291 $135 $33 $289 $(72)$676 
Asset Retirement Obligation (net of taxes of $2)
— — — — (4)— (4)
Asset Impairments (net of taxes of $10) (1)
0.04 — — 37 — — 37 
Separation Costs (net of taxes of $1, $0, $0, $0, $2, and $1, respectively) (2)
— (8)(3)
Income Tax-Related Adjustments (entire amount represents tax expense) (3)0.04 — 38 — — — 38 
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$0.75 $293 $174 $70 $286 $(78)$745 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$(0.03)$— (b)$(29)$— (b)$(1)(b)$— $(30)
Load0.01 — (b)11 — (b)(1)(b)— 10 
Distribution and Transmission Rates (4)0.06 36 (c)(c)(c)11 (c)— 61 
Other Energy Delivery (5)0.1046 (c)23 (c)(c)31 (c)— 103 
Operating and Maintenance Expense (6)(0.05)(20)(24)(15)(35)44 (50)
Pension and Non-Pension Postretirement Benefits(0.01)— (1)(4)(12)(15)
Depreciation and Amortization Expense (7)(0.04)(17)(6)(10)(12)(1)(46)
Interest Expense and Other (8)(0.11)(2)(6)(8)(41)(50)(107)
Share Differential (9)(0.01)— — — — — — 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$(0.08)$45 $(25)$(23)$(52)$(19)$(74)
2023 GAAP Net Income (Loss) from Continuing Operations$0.70 $333 $146 $45 $232 $(56)$700 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $4)
0.01 — — — — 12 12 
Asset Retirement Obligation (net of taxes of $1)
— — — — (1)— (1)
Separation Costs (net of taxes of $2, $1, $1, $1, and $5, respectively) (2)
0.01 — 14 
Income Tax-Related Adjustments (entire amount represents tax expense) (3)(0.05)— — — — (54)(54)
2023 Adjusted (non-GAAP) Operating Earnings (Loss)$0.67 $338 $149 $47 $234 $(97)$671 
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 2023 and 2022 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)Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.
(2)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 and Other, net.
(3)In 2022, 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 2023, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(4)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
(5)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PECO, reflects increased transmission and energy efficiency revenues due to regulatory required programs. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other.
(6)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects increased storm costs and increased program costs related to regulatory required programs. For BGE, primarily reflects increased storm costs. For PHI, reflects
6

Table of Contents
increased credit loss expense and increased storm costs. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(7)Reflects ongoing capital expenditures across all utilities.
(8)For PHI, primarily reflects higher income tax expense due to certain EDIT benefits being fully amortized and passed through to customers, with an offsetting increase in Other energy delivery. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense.
(9)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.
7

Table of Contents
Exelon
Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Nine Months Ended September 30, 2023 and 2022
(unaudited)
(in millions, except per share data)
Exelon
Earnings 
per Diluted
Share
ComEdPECOBGEPHIOther (a)Exelon
2022 GAAP Net Income (Loss) from Continuing Operations$1.65 $706 $474 $267 $518 $(343)$1,622 
ERP System Implementation Costs (net of taxes of $0) (1)
— — — — — 
Asset Retirement Obligation (net of taxes of $2)
— — — — (4)— (4)
Asset Impairments (net of taxes of $10) (2)
0.04 — — 37 — — 37 
Separation Costs (net of taxes of $4, $2, $2, $3, $0 and $10, respectively) (3)
0.03 25 
Income Tax-Related Adjustments (entire amount represents tax expense) (4)0.13 — 38 — 89 130 
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$1.84 $715 $517 $308 $523 $(252)$1,811 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$(0.10)$— (b)$(92)$— (b)$(12)(b)$— $(104)
Load— — (b)— (b)(4)(b)— — 
Distribution and Transmission Rates (5)0.24 101 (c)41 (c)33 (c)60 (c)— 235 
Other Energy Delivery (6)0.22 105 (c)44 (c)(3)(c)76 (c)— 222 
Operating and Maintenance Expense (7)(0.08)(33)(64)(13)(22)54 (78)
Pension and Non-Pension Postretirement Benefits(0.02)(3)(12)(14)(19)
Depreciation and Amortization Expense (8)(0.10)(45)(15)(10)(25)(4)(99)
Interest Expense and Other (9)(0.20)(12)(24)(23)(62)(73)(194)
Share Differential (10)(0.02)— — — — — — 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$(0.06)$124 $(104)$(19)$(1)$(37)$(37)
2023 GAAP Net Income (Loss) from Continuing Operations$1.72 $822 $410 $286 $490 $(297)$1,711 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $4)
0.01 — — — — 14 14 
Change in Environmental Liabilities (net of taxes of $8)
0.03 — — — 29 — 29 
Asset Retirement Obligation (net of taxes of $1)
— — — — (1)— (1)
SEC Matter Loss Contingency (net of taxes of $0)
0.05 — — — — 46 46 
Separation Costs (net of taxes of $3, $1, $1, $2, $0, and $7, respectively) (3)
0.02 19 
Change in FERC Audit Liability (net of taxes of $4)
0.01 11 — — — — 11 
Income Tax-Related Adjustments (entire amount represents tax expense) (4)(0.05)— — — — (54)(54)
2023 Adjusted (non-GAAP) Operating Earnings (Loss)$1.78 $839 $413 $289 $522 $(289)$1,774 
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 2023 and 2022 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)Reflects costs related to a multi-year Enterprise Resource Planning (ERP) system implementation, which are recorded in Operating and maintenance expense.
(2)Reflects costs related to the impairment of an office building at BGE, 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 and Other, net.
(4)In 2022, for PECO, reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. 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 net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs partially offset by a one-time impact associated with a state tax benefit. In 2023, reflects the adjustment to state deferred income taxes dues to changes in forecasted apportionment.
(5)For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
8

Table of Contents
(6)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PECO, reflects increased transmission and energy efficiency revenues due to regulatory required programs. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other and the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(7)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects increased contracting costs. For PECO, primarily reflects increased storm costs and increased program costs related to regulatory required programs. For BGE, primarily reflects increased storm costs. For PHI, reflects increased contracting costs due to timing. For Corporate, includes the following three items: 1) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA 2) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (YTD Q1 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q1 2022), and 3) an increase in costs for the DPA related matters.
(8)Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. 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.
(9)For PHI, primarily reflects higher income tax expense due to certain EDIT benefits being fully amortized and passed through to customers, with an offsetting increase in Other energy delivery. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. These items are partially offset by an increase in other income for the proposed settlement of the DPA related derivative claims.
(10)Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.
9

Table of Contents

ComEd Statistics
Three Months Ended September 30, 2023 and 2022
 Electric Deliveries (in GWhs)Revenue (in millions)
 20232022% ChangeWeather - Normal % Change20232022% Change
Electric Deliveries and Revenues(a)
Residential8,199 8,467 (3.2)%(5.3)%$1,047 $935 12.0 %
Small commercial & industrial7,822 8,003 (2.3)%(2.3)%540 217 148.8 %
Large commercial & industrial7,039 6,973 0.9 %0.2 %263 (117)(324.8)%
Public authorities & electric railroads209 216 (3.2)%(3.5)%11 266.7 %
Other(b)
— — n/an/a265 246 7.7 %
Total electric revenues(c)
23,269 23,659 (1.6)%(2.6)%2,126 1,284 65.6 %
Other Revenues(d)
142 94 51.1 %
Total Electric Revenues$2,268 $1,378 64.6 %
Purchased Power$896 $121 640.5 %
   % Change
Heating and Cooling Degree-Days20232022NormalFrom 2022From Normal
Heating Degree-Days15 75 79 (80.0)%(81.0)%
Cooling Degree-Days791 778 722 1.7 %9.6 %

Nine Months Ended September 30, 2023 and 2022

 Electric Deliveries (in GWhs)Revenue (in millions)
 20232022% ChangeWeather - Normal % Change20232022% Change
Electric Deliveries and Revenues(a)
Residential20,217 21,835 (7.4)%(3.3)%$2,744 $2,610 5.1 %
Small commercial & industrial21,854 22,705 (3.7)%(2.3)%1,363 953 43.0 %
Large commercial & industrial20,101 20,361 (1.3)%(0.7)%553 48 1,052.1 %
Public authorities & electric railroads622 659 (5.6)%(4.8)%33 22 50.0 %
Other(b)
— — n/an/a716 718 (0.3)%
Total electric revenues(c)
62,794 65,560 (4.2)%(2.2)%5,409 4,351 24.3 %
Other Revenues(d)
427 185 130.8 %
Total Electric Revenues$5,836 $4,536 28.7 %
Purchased Power$2,068 $1,041 98.7 %

   % Change
Heating and Cooling Degree-Days20232022NormalFrom 2022From Normal
Heating Degree-Days3,267 3,953 3,829 (17.4)%(14.7)%
Cooling Degree-Days1,089 1,155 988 (5.7)%10.2 %

Number of Electric Customers20232022
Residential3,733,678 3,711,894 
Small commercial & industrial391,222 390,303 
Large commercial & industrial1,887 1,892 
Public authorities & electric railroads4,802 4,854 
Total4,131,589 4,108,943 
__________
(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 $9 million and $6 million for the three months ended September 30, 2023 and 2022, respectively, and $14 million and $14 million for the nine months ended September 30, 2023 and 2022, respectively.
(d)Includes alternative revenue programs and late payment charges.

10

Table of Contents

PECO Statistics
Three Months Ended September 30, 2023 and 2022
Electric and Natural Gas DeliveriesRevenue (in millions)
20232022% ChangeWeather-
Normal
% Change
20232022% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential4,134 4,386 (5.7)%4.9 %$654 $620 5.5 %
Small commercial & industrial2,070 2,139 (3.2)%0.8 %148 149 (0.7)%
Large commercial & industrial3,830 3,943 (2.9)%(0.4)%67 93 (28.0)%
Public authorities & electric railroads152 172 (11.6)%(10.8)%(12.5)%
Other(b)
— — n/an/a80 71 12.7 %
Total electric revenues(c)
10,186 10,640 (4.3)%1.7 %956 941 1.6 %
Other Revenues(d)
14 — n/a
Total Electric Revenues970 941 3.1 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential2,134 2,197 (2.9)%(5.4)%43 46 (6.5)%
Small commercial & industrial1,939 2,054 (5.6)%(8.1)%16 20 (20.0)%
Large commercial & industrial(33.3)%(7.1)%— — n/a
Transportation5,278 5,162 2.2 %8.3 %40.0 %
Other(f)
— — n/an/a(50.0)%
Total natural gas revenues(g)
9,355 9,419 (0.7)%1.1 %67 73 (8.2)%
Other Revenues(d)
— — n/a
Total Natural Gas Revenues67 73 (8.2)%
Total Electric and Natural Gas Revenues$1,037 $1,014 2.3 %
Purchased Power and Fuel$411 $403 2.0 %
% Change
Heating and Cooling Degree-Days20232022NormalFrom 2022From Normal
Heating Degree-Days18 19 22 (5.3)%(18.2)%
Cooling Degree-Days1,064 1,290 1,022 (17.5)%4.1 %

























11

Table of Contents
Nine Months Ended September 30, 2023 and 2022
Electric and Natural Gas DeliveriesRevenue (in millions)
20232022% ChangeWeather-
Normal
% Change
20232022% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential10,186 11,204 (9.1)%0.7 %$1,617 $1,538 5.1 %
Small commercial & industrial5,616 5,889 (4.6)%— %415 386 7.5 %
Large commercial & industrial10,398 10,691 (2.7)%(0.3)%196 229 (14.4)%
Public authorities & electric railroads464 489 (5.1)%(5.0)%23 23 — %
Other(b)
— — n/an/a219 202 8.4 %
Total electric revenues(c)
26,664 28,273 (5.7)%0.1 %2,470 2,378 3.9 %
Other Revenues(d)
14 12 16.7 %
Total Electric Revenues2,484 2,390 3.9 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential23,697 28,240 (16.1)%(3.9)%335 335 — %
Small commercial & industrial14,381 16,238 (11.4)%(1.8)%123 125 (1.6)%
Large commercial & industrial39 20 95.0 %3.6 %— n/a
Transportation17,482 18,508 (5.5)%(2.3)%20 19 5.3 %
Other(f)
— — n/an/a12 71.4 %
Total natural gas revenues(g)
55,599 63,006 (11.8)%(2.9)%491 486 1.0 %
Other Revenues(d)
100.0 %
Total Natural Gas Revenues