exc-20240221
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)872-200000011093570000022606000007810000000094660001135971000007973200000278790000008192FalseFalseFalseFalseFalseFalseFalseFalse00011093572024-02-212024-02-210001109357exc:CommonwealthEdisonCoMember2024-02-212024-02-210001109357exc:PepcoHoldingsLLCMember2024-02-212024-02-210001109357exc:PotomacElectricPowerCompanyMember2024-02-212024-02-210001109357exc:PecoEnergyCoMember2024-02-212024-02-210001109357exc:DelmarvaPowerandLightCompanyMember2024-02-212024-02-210001109357exc:AtlanticCityElectricCompanyMember2024-02-212024-02-210001109357exc:BaltimoreGasAndElectricCompanyMember2024-02-212024-02-210001109357exc:PotomacElectricPowerCompanyMemberstpr:DC2024-02-212024-02-210001109357stpr:VAexc:PotomacElectricPowerCompanyMember2024-02-212024-02-210001109357stpr:DEexc:DelmarvaPowerandLightCompanyMember2024-02-212024-02-210001109357stpr:VAexc:DelmarvaPowerandLightCompanyMember2024-02-212024-02-21

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
February 21, 2024
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 February 21, 2024, Exelon Corporation (Exelon) announced via press release its results for the fourth quarter ended December 31, 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 fourth 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 February 21, 2024. 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 (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
February 21, 2024




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/cbe943a6f8ba5e1a8108aa6b65b053dc-exelonlogo.jpg
Contact:  James Gherardi
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345
EXELON REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS AND INITIATES 2024 FINANCIAL OUTLOOK
Earnings Release Highlights
GAAP Net Income of $0.62 per share and Adjusted (non-GAAP) Operating Earnings of $0.60 per share for the fourth quarter of 2023
Introducing 2024 Adjusted (non-GAAP) Operating Earnings guidance range of $2.40-$2.50 per share
Declaring quarterly dividend of $0.38 per share for the first quarter of 2024, representing 5.6% growth over 2023 fourth quarter dividend of $0.36 per share
Projecting to invest $35 billion of capital expenditures over the next four years to meet customer needs, resulting in expected rate base growth of 7.5% and operating EPS compounded annual growth of 5-7% from 2023 to 2027
Updating 4-year financing plan to include $1.3 billion of additional equity to fund approximately 40% of $3.2 billion of incremental capital expenditures in line with a balanced funding strategy
ComEd and PHI ended the year with best-on-record performances in both outage frequency and duration, and all gas utilities sustained top decile performance in gas odor response for the fourth straight quarter
A settlement was approved in November by the New Jersey Board of Public Utilities (NJBPU) in Atlantic City Electric’s base rate case
Orders in ComEd’s Multi-Year Rate Plan (“MRP”) and Multi-Year Grid Plan as well as BGE’s multi-year plan were received in December

CHICAGO (Feb. 21, 2024) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2023.

“Exelon had another strong year in 2023, both financially and operationally,” said President and CEO Calvin Butler. “We delivered in the top half of our guidance range, achieved best-on-record operational performance at multiple utilities, and advocated for a more affordable and equitable energy transformation for our customers. We successfully competed for nearly $200 million in project grants benefiting our customers, supported by the Infrastructure and Investment Jobs Act. In 2024, we will continue to innovate and partner with regulators and stakeholders across Exelon’s jurisdictions to support our shared energy and environmental goals, while demonstrating the power of impact for our customers and communities.”
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“We delivered strong financial results for the second year in a row, despite the historically mild weather impacting our non-decoupled jurisdictions,” said Exelon Chief Financial Officer Jeanne Jones. “For the full year 2023, we earned $2.34 per share on a GAAP basis and $2.38 per share on a non-GAAP basis, results that are at the top end of our narrowed guidance range. Over the next four years, Exelon will invest $35 billion to serve our customers, resulting in 7.5% rate base growth and an expected annualized earnings growth rate of 5% to 7% through 2027, off the midpoint of our 2023 guidance, with an expectation of being at midpoint or better in that range. We expect adjusted (non-GAAP) earnings for 2024 of $2.40 to $2.50 per share, driven by continued investment in our jurisdictions’ energy transformations and doing so as affordably and efficiently as possible.” 
Fourth Quarter 2023
Exelon's GAAP Net Income from Continuing Operations for the fourth quarter of 2023 increased to $0.62 per share from $0.43 per share in the fourth quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $0.60 per share from $0.43 per share in the fourth 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 4.
GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2023 primarily reflect:
Higher utility earnings primarily due to favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023 at BGE. In addition, there were higher electric distribution earnings from higher allowed electric distribution ROE due to an increase in treasury rates at ComEd and favorable impacts of rate increases at PECO and PHI. This was partially offset by higher contracting costs and interest expense at PHI.
Higher costs at the Exelon holding company primarily due to higher interest expense and realized losses on hedging activity.

Full Year 2023

Exelon's GAAP Net Income from Continuing Operations for 2023 increased to $2.34 per share from $2.08 per share in 2022. Adjusted (non-GAAP) Operating Earnings for 2023 increased to $2.38 per share from $2.27 per share in 2022.

GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings for the full year 2023 primarily reflect:
Higher utility earnings primarily due to higher electric distribution and transmission earnings from higher allowed ROE due to an increase in treasury rates and higher rate base at ComEd and favorable impacts of rate increases at PECO, BGE, and PHI. In addition, at BGE, there were favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023 and favorable carrying costs related to the carbon mitigation credit (CMC) regulatory asset at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense and interest expense at PECO, BGE and PHI, higher contracting costs at PHI, and higher storm costs at PECO and BGE.
Higher costs at the Exelon holding company primarily due to higher interest expense and realized losses on hedging activity. This was partially offset by 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 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

2


Operating Company Results1

ComEd
ComEd's fourth quarter of 2023 GAAP Net Income increased to $268 million from $211 million in the fourth quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $269 million from $211 million in the fourth quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s fourth quarter of 2023 GAAP Net Income increased to $153 million from $102 million in the fourth quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $154 million from $102 million in the fourth quarter of 2022, primarily due to distribution rate increases and favorable impacts from lower storm costs.
BGE
BGE’s fourth quarter of 2023 GAAP Net Income increased to $199 million from $113 million in the fourth quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $199 million from $114 million in the fourth quarter of 2022, primarily due to favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s fourth quarter of 2023 GAAP Net Income increased to $101 million from $90 million in the fourth quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $102 million from $90 million in the fourth quarter of 2022, primarily due to distribution and transmission rate increases and timing of excess deferred tax amortization, partially offset by increases in contracting costs and interest 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 2024
Exelon introduced a guidance range for 2024 Adjusted (non-GAAP) Operating Earnings of $2.40-$2.50 per share. There are no adjustments between 2024 projected GAAP Earnings and Adjusted (non-GAAP) Operating Earnings currently.
___________
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.



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Recent Developments and Fourth Quarter Highlights
Dividend: On February 21, 2024, Exelon’s Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon’s common stock for the first quarter of 2024. The dividend is payable on Friday, March 15, 2024, to shareholders of record of Exelon as of 5 p.m. Eastern time on Monday, March 4, 2024.
Rate Case Developments:
ComEd Multi-Year Rate Plan: On December 14, 2023, the Illinois Commerce Commission (ICC) issued a final order on ComEd's MRP for 2024-2027. The ICC approved total requested revenue requirement increases of $451 million effective January 1, 2024, $14 million effective January 1, 2025, $6 million effective January 1, 2026, and $30 million effective January 1, 2027, based on an ROE of 8.905%, and an equity ratio of 50%.
BGE Electric and Gas Multi-Year Plan: On December 14, 2023, the Maryland Public Service Commission (MDPSC) issued an order on BGE's multi-year plans. The MDPSC order provides for an electric rate increase of approximately $41 million, $113 million, and $25 million in 2024, 2025, and 2026, respectively, based on an ROE of 9.50%. Additionally, the MDPSC order provides for a natural gas rate increase of approximately $126 million, $62 million, and $41 million in 2024, 2025, and 2026, respectively, based on an ROE of 9.45%.
ACE Electric Base Rate Case: On November 17, 2023, the NJBPU approved an increase in ACE's annual electric distribution base rates of $45 million (before New Jersey sales and use tax), reflecting an ROE of 9.60%. The order approved incremental increases in ACE's electric distribution base rates of $36 million and $9 million effective December 1, 2023 and February 1, 2024, respectively.
Financing Activities: On November 8, 2023, DPL issued $340 million, $75 million, and $110 million of First Mortgage Bonds, 5.45%, 5.55%, and 5.72% Series, due November 8, 2033, November 8, 2038, and November 8, 2053, respectively. DPL 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 fourth 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$0.62 $617 $268 $153 $199 $101 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $6)
(0.02)(17)— — — — 
Separation Costs (net of taxes of $1, $1, $0, $0, and $0, respectively)
— 
2023 Adjusted (non-GAAP) Operating Earnings$0.60 $603 $269 $154 $199 $102 
4


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
ExelonComEdPECOBGEPHI
2022 GAAP Net Income from Continuing Operations$0.43 $432 $211 $102 $113 $90 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
— — — — — 
Asset Impairments (net of taxes of $0)
— — — — 
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 full year 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$2.34 $2,328 $1,090 $563 $485 $590 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
— (4)— — — — 
Change in Environmental Liabilities (net of taxes of $8)
0.03 29 — — — 29 
Asset Retirement Obligations (net of taxes of $1)
— (1)— — — (1)
SEC Matter Loss Contingency (net of taxes of $0)
0.05 46 — — — — 
Separation Costs (net of taxes of $7, $3, $1, $1, and $2, respectively)
0.02 22 
Change in FERC Audit Liability (net of taxes of $4)
0.01 11 11 — — — 
Income Tax-Related Adjustments (entire amount represents tax expense)(0.05)(54)— — — — 
2023 Adjusted (non-GAAP) Operating Earnings$2.38 $2,377 $1,108 $566 $489 $624 









5


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
ExelonComEdPECOBGEPHI
2022 GAAP Net Income from Continuing Operations$2.08 $2,054 $917 $576 $380 $608 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
— — — — — 
ERP System Implementation Costs (net of taxes of $0)
— — — — — 
Asset Retirement Obligations (net of taxes of $2)
— (4)— — — (4)
Asset Impairments (net of taxes of $10)
0.04 38 — — 38 — 
Separation Costs (net of taxes of $10, $4, $2, $2, and $3, respectively)
0.02 24 
Income Tax-Related Adjustments (entire amount represents tax expense)0.12 122 — 38 — 
2022 Adjusted (non-GAAP) Operating Earnings$2.27 $2,239 $926 $619 $423 $614 
__________
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 fourth 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 10.5 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 19,500 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.
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,
6


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: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Feb. 21, 2024.
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 filed with the SEC 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 (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.

7

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 December 31, 2023
Operating revenues$2,008 $917 $1,041 $1,411 $(9)$5,368 
Operating expenses
Purchased power and fuel748 347 387 544 — 2,026 
Operating and maintenance373 217 109 336 (11)1,024 
Depreciation and amortization358 100 167 249 16 890 
Taxes other than income taxes87 46 80 121 11 345 
Total operating expenses1,566 710 743 1,250 16 4,285 
Gain on sales of assets and businesses— — — — 
Operating income (loss)442 207 298 170 (25)1,092 
Other income and (deductions)
Interest expense, net(120)(53)(47)(84)(148)(452)
Other, net24 10 28 10 77 
Total other income and (deductions)(96)(43)(42)(56)(138)(375)
Income (loss) before income taxes346 164 256 114 (163)717 
Income taxes78 11 57 13 (59)100 
Net income (loss)268 153 199 101 (104)617 
Net income (loss) attributable to common shareholders$268 $153 $199 $101 $(104)$617 
Three Months Ended December 31, 2022
Operating revenues$1,225 $1,026 $1,086 $1,342 $(12)$4,667 
Operating expenses
Purchased power and fuel68 442 474 554 — 1,538 
Operating and maintenance368 288 220 292 69 1,237 
Depreciation and amortization341 95 161 240 15 852 
Taxes other than income taxes84 47 77 114 330 
Total operating expenses861 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, net14 22 52 101 
Total other income and (deductions)(92)(40)(36)(53)(63)(284)
Income (loss) before income taxes272 114 118 89 (167)426 
Income taxes61 12 (1)(83)(6)
Net income (loss)211 102 113 90 (84)432 
Net income (loss) attributable to common shareholders$211 $102 $113 $90 $(84)$432 
Change in net income (loss) from 2022 to 2023$57 $51 $86 $11 $(20)$185 

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Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEdPECOBGEPHIOther (a)Exelon
Twelve Months Ended December 31, 2023
Operating revenues$7,844 $3,894 $4,027 $6,026 $(64)$21,727 
Operating expenses
Purchased power and fuel2,816 1,544 1,531 2,348 8,241 
Operating and maintenance1,450 1,003 741 1,289 76 4,559 
Depreciation and amortization1,403 397 654 990 62 3,506 
Taxes other than income taxes369 202 319 487 31 1,408 
Total operating expenses6,038 3,146 3,245 5,114 171 17,714 
Gain on sales of assets and businesses— — — 10 
Operating income (loss)1,806 748 782 921 (234)4,023 
Other income and (deductions)
Interest expense, net(477)(201)(182)(323)(546)(1,729)
Other, net75 36 18 108 171 408 
Total other income and (deductions)(402)(165)(164)(215)(375)(1,321)
Income (loss) from continuing operations before income taxes1,404 583 618 706 (609)2,702 
Income taxes314 20 133 116 (209)374 
Net income (loss) from continuing operations after income taxes1,090 563 485 590 (400)2,328 
Net income from discontinued operations after income taxes— — — — — — 
Net income (loss)1,090 563 485 590 (400)2,328 
Net income (loss) attributable to common shareholders$1,090 $563 $485 $590 $(400)$2,328 
Twelve Months Ended December 31, 2022
Operating revenues$5,761 $3,903 $3,895 $5,565 $(46)$19,078 
Operating expenses
Purchased power and fuel1,109 1,535 1,567 2,164 (2)6,373 
Operating and maintenance1,412 992 877 1,157 235 4,673 
Depreciation and amortization1,323 373 630 938 61 3,325 
Taxes other than income taxes374 202 302 475 37 1,390 
Total operating expenses4,218 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, net54 31 21 78 351 535 
Total other income and (deductions)(360)(146)(131)(214)(61)(912)
Income (loss) from continuing operations before income taxes1,181 655 388 617 (438)2,403 
Income taxes264 79 (11)349 
Net income (loss) from continuing operations after income taxes917 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— — — — 
Net income (loss) attributable to common shareholders$917 $576 $380 $608 $(311)$2,170 
Change in net income (loss) from continuing operations 2022 to 2023$173 $(13)$105 $(18)$27 $274 
__________
(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, 2023December 31, 2022
Assets
Current assets
Cash and cash equivalents$445 $407 
Restricted cash and cash equivalents482 566 
Accounts receivable
Customer accounts receivable2,6592,544
Customer allowance for credit losses(317)(327)
Customer accounts receivable, net2,342 2,217 
Other accounts receivable1,1011,426
Other allowance for credit losses(82)(82)
Other accounts receivable, net1,019 1,344 
Inventories, net
Fossil fuel94 208 
Materials and supplies707 547 
Regulatory assets2,215 1,641 
Other473 406 
Total current assets7,777 7,336 
Property, plant, and equipment, net73,593 69,076 
Deferred debits and other assets
Regulatory assets8,698 8,037 
Goodwill6,630 6,630 
Receivable related to Regulatory Agreement Units3,232 2,897 
Investments251 232 
Other1,365 1,141 
Total deferred debits and other assets20,176 18,937 
Total assets$101,546 $95,349 
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December 31, 2023December 31, 2022
Liabilities and Shareholders' Equity
Current liabilities
Short-term borrowings$2,523 $2,586 
Long-term debt due within one year1,403 1,802 
Accounts payable2,846 3,382 
Accrued expenses1,375 1,226 
Payables to affiliates
Regulatory liabilities389 437 
Mark-to-market derivative liabilities74 
Unamortized energy contract liabilities10 
Other968 1,155 
Total current liabilities9,591 10,611 
Long-term debt39,692 35,272 
Long-term debt to financing trusts390 390 
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits11,956 11,250 
Regulatory liabilities9,576 9,112 
Pension obligations1,571 1,109 
Non-pension postretirement benefit obligations527 507 
Asset retirement obligations267 269 
Mark-to-market derivative liabilities106 83 
Unamortized energy contract liabilities27 35 
Other2,088 1,967 
Total deferred credits and other liabilities26,118 24,332 
Total liabilities75,791 70,605 
Commitments and contingencies
Shareholders’ equity
Common stock21,114 20,908 
Treasury stock, at cost(123)(123)
Retained earnings5,490 4,597 
Accumulated other comprehensive loss, net(726)(638)
Total shareholders’ equity25,755 24,744 
Total liabilities and shareholders' equity$101,546 $95,349 
    
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Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Twelve Months Ended December 31,
 20232022
Cash flows from operating activities
Net income$2,328 $2,171 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization3,506 3,533 
Asset impairments— 48 
Gain on sales of assets and businesses(10)(8)
Deferred income taxes and amortization of investment tax credits319 255 
Net fair value changes related to derivatives22 (53)
Net realized and unrealized losses on NDT funds— 205 
Net unrealized losses on equity investments— 16 
Other non-cash operating activities(335)370 
Changes in assets and liabilities:
Accounts receivable(37)(1,222)
Inventories(45)(121)
Accounts payable and accrued expenses(191)1,318 
Option premiums paid, net— (39)
Collateral (paid) received, net(146)1,248 
Income taxes48 (4)
Regulatory assets and liabilities, net(439)(1,326)
Pension and non-pension postretirement benefit contributions(129)(616)
Other assets and liabilities(188)(905)
Net cash flows provided by operating activities4,703 4,870 
Cash flows from investing activities
Capital expenditures(7,408)(7,147)
Proceeds from NDT fund sales— 488 
Investment in NDT funds— (516)
Collection of DPP— 169 
Proceeds from sales of assets and businesses25 16 
Other investing activities— 
Net cash flows used in investing activities(7,375)(6,990)
Cash flows from financing activities
Changes in short-term borrowings(313)986 
Proceeds from short-term borrowings with maturities greater than 90 days400 1,300 
Repayments on short-term borrowings with maturities greater than 90 days(150)(1,500)
Issuance of long-term debt5,825 6,309 
Retirement of long-term debt(1,713)(2,073)
Issuance of common stock140 563 
Dividends paid on common stock(1,433)(1,334)
Proceeds from employee stock plans41 36 
Transfer of cash, restricted cash, and cash equivalents to Constellation— (2,594)
Other financing activities(114)(102)
Net cash flows provided by financing activities2,683 1,591 
Increase (decrease) in cash, restricted cash, and cash equivalents11 (529)
Cash, restricted cash, and cash equivalents at beginning of period1,090 1,619 
Cash, restricted cash, and cash equivalents at end of period$1,101 $1,090 

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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, 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$0.43 $211 $102 $113 $90 $(84)$432 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
— — — — — 
Asset Impairments (net of taxes of $0) (1)
— — — — — 
Separation Costs (net of taxes of $0) (2)
— — — — — (1)(1)
Income Tax-Related Adjustments (entire amount represents tax (expense) (3)(0.01)— — — — (8)(8)
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$0.43 $211 $102 $114 $90 $(89)$428 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$(0.01)$— (b)$(13)$— (b)$— (b)$— $(13)
Load(0.01)— (b)(2)— (b)(4)(b)— (6)
Distribution and Transmission Rates (4)0.06 19 (c)21 (c)10 (c)21 (c)(16)55 
Other Energy Delivery (5)0.0654 (c)(17)(c)(7)(c)32 (c)— 62 
Operating and Maintenance Expense (6)0.14 (4)54 81 (27)50 154 
Pension and Non-Pension Postretirement Benefits— — (1)(4)— (3)
Depreciation and Amortization Expense (7)(0.02)(12)(4)(4)(4)— (24)
Interest Expense and Other (8)(0.05)(1)13 (2)(66)(50)
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$0.17 $58 $52 $85 $12 $(32)$175 
2023 GAAP Net Income (Loss) from Continuing Operations$0.62 $268 $153 $199 $101 $(104)$617 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $6)
(0.02)— — — — (17)(17)
Separation Costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (2)
— (1)
2023 Adjusted (non-GAAP) Operating Earnings (Loss)$0.60 $269 $154 $199 $102 $(121)$603 
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.
(3)In 2022, in connection with the separation, Exelon recorded an income tax benefit related to deductible transaction costs.
(4)For ComEd, reflects an increase in distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates. For PECO, reflects an increase in revenue primarily due to higher gas distribution rates charged to customers, coupled with higher overall effective rates for both electric and gas attributable to decreased usage. For BGE, reflects an increase in revenue due to distribution rate increases. For PHI, reflects an increase in revenue primarily due to distribution and transmission rate increases. For Corporate, reflects an increase in realized losses from hedging activity.
(5)For ComEd, primarily reflect an increase in electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PECO, reflects a decrease in 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 fully offset in Interest expense and Other. For PHI, also reflects higher transmission revenues due to increased Income taxes, Depreciation and amortization, and Operating and maintenance expense, which are fully offset in a combination of Operating and maintenance expense, Depreciation and amortization expense, and Interest expense and Other.
(6)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects a decrease in other operating expenses, a decrease in program costs related to regulatory required programs, and a decrease in storm costs. For BGE, primarily reflects a decrease in other operating expense due to favorable impacts from the multi-year plan reconciliations. For PHI, primarily reflects an increase in contracting costs primarily due to the ACE employee strike. For Corporate, primarily reflects a decrease in Operating and maintenance
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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 and higher depreciation rates effective January 2023 for ComEd.
(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.
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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, 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$2.08 $917 $576 $380 $608 $(427)$2,054 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
— — — — — 
ERP System Implementation Costs (net of taxes of $0 ) (1)
— — — — — 
Asset Retirement Obligations (net of taxes of $2)
— — — — (4)— (4)
Asset Impairments (net of taxes of $10) (2)
0.04 — — 38 — — 38 
Separation Costs (net of taxes of $4, $2, $2, $3, and $10, respectively) (3)
0.02 — 24 
Income Tax-Related Adjustments (entire amount represents tax expense) (4)0.12 — 38 — 81 122 
2022 Adjusted (non-GAAP) Operating Earnings (Loss)$2.27 $926 $619 $423 $614 $(343)$2,239 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather$(0.12)$— (b)$(105)$— (b)$(12)(b)$— $(117)
Load(0.01)— (b)— (b)(8)(b)— (6)
Distribution and Transmission Rates (5)0.28 117 (c)62 (c)42 (c)80 (c)(16)285 
Other Energy Delivery (6)0.29 162 (c)28 (c)(10)(c)109 (c)— 289 
Operating and Maintenance Expense (7)0.07 (37)(10)67 (51)104 73 
Pension and Non-Pension Postretirement Benefits(0.02)(4)(16)(13)(22)
Depreciation and Amortization Expense (8)(0.12)(57)(18)(13)(28)(3)(119)
Interest Expense and Other (9)(0.25)(12)(14)(16)(64)(139)(245)
Share Differential (10)(0.02)— — — — — — 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings$0.11 $182 $(53)$66 $10 $(67)$138 
2023 GAAP Net Income (Loss) from Continuing Operations$2.34 $1,090 $563 $485 $590 $(400)$2,328 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)
— — — — — (4)(4)
Change in Environmental Liabilities (net of taxes of $8)
0.03 — — — 29 — 29 
Asset Retirement Obligations (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, and $7, respectively) (3)
0.02 — 22 
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)$2.38 $1,108 $566 $489 $624 $(410)$2,377 
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 Program (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, 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. 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 due to changes in forecasted apportionment.
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(5)For ComEd, reflects an increase in distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects an increase in revenue primarily due to higher gas distribution rates charged to customers, coupled with higher overall effective rates for both electric and gas attributable to decreased usage. For BGE, reflects an increase in revenue due to distribution and transmission rate increases. For PHI, reflects an increase in revenue primarily due to distribution and transmission rate increases. For Corporate, reflects an increase in realized losses from hedging activity.
(6)For ComEd, reflects an increase in 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 an increase in transmission and energy efficiency revenues due to regulatory required programs. For PHI, primarily reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is fully 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. For PHI, also reflects higher transmission revenues due to increased Income taxes, Depreciation and amortization, and Operating and maintenance expense, which are fully offset in a combination of Operating and maintenance expense, Depreciation and amortization expense, and Interest expense and Other.
(7)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an increase in credit loss expense. For PECO, primarily reflects an increase in storm costs, an increase in program costs related to regulatory required programs, partially offset by a decrease in other operating expenses. For BGE, primarily reflects a decrease due to favorable impacts resulting from the multi-year plan reconciliations, partially offset by an increase in storm costs. For PHI, reflects an increase in contracting costs primarily due to the ACE employee strike. 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 (2023 includes no costs compared to one month of costs for the period prior to the separation for 2022), and 3) an increase in costs for 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 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, 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.
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ComEd Statistics
Three Months Ended December 31, 2023 and 2022
 Electric Deliveries (in GWhs)Revenue (in millions)
 20232022% ChangeWeather - Normal % Change20232022% Change
Electric Deliveries and Revenues(a)
Residential5,806 5,984 (3.0)%(1.4)%$821 $695 18.1 %
Small commercial & industrial6,852 7,061 (3.0)%(1.1)%494 220 124.5 %
Large commercial & industrial6,607 6,543 1.0 %1.2 %271 (43)(730.2)%
Public authorities & electric railroads233 250 (6.8)%(4.4)%18 157.1 %
Other(b)
— — n/an/a250 237 5.5 %
Total electric revenues(c)
19,498 19,838 (1.7)%(0.5)%1,854 1,116 66.1 %
Other Revenues(d)
154 110 40.0 %
Total Electric Revenues$2,008 $1,226 63.8 %
Purchased Power$748 $68 1,000.0 %
   % Change
Heating and Cooling Degree-Days20232022NormalFrom 2022From Normal
Heating Degree-Days1,747 2,091 2,139 (16.5)%(18.3)%
Cooling Degree-Days56 19 14 194.7 %300.0 %

Twelve Months Ended December 31, 2023 and 2022

 Electric Deliveries (in GWhs)Revenue (in millions)
 20232022% ChangeWeather - Normal % Change20232022% Change
Electric Deliveries and Revenues(a)
Residential26,023 27,819 (6.5)%(2.9)%$3,565 $3,304 7.9 %
Small commercial & industrial28,706 29,766 (3.6)%(2.0)%1,857 1,173 58.3 %
Large commercial & industrial26,708 26,904 (0.7)%(0.2)%824 16,380.0 %
Public authorities & electric railroads855 909 (5.9)%(4.7)%51 29 75.9 %
Other(b)
— — n/an/a965 955 1.0 %
Total electric revenues(c)
82,292 85,398 (3.6)%(1.8)%7,262 5,466 32.9 %
Other Revenues(d)
582 295 97.3 %
Total Electric Revenues$7,844 $5,761 36.2 %
Purchased Power$2,816 $1,109 153.9 %
   % Change
Heating and Cooling Degree-Days20232022NormalFrom 2022From Normal
Heating Degree-Days5,014 6,044 5,968 (17.0)%(16.0)%
Cooling Degree-Days1,145 1,174 1,002 (2.5)%14.3 %

Number of Electric Customers20232022
Residential3,744,213 3,723,282 
Small commercial & industrial391,675 391,298 
Large commercial & industrial1,877 1,890 
Public authorities & electric railroads4,807 4,858 
Total4,142,572 4,121,328 
__________
(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 $2 million for the three months ended December 31, 2023 and 2022, respectively, and $16 million and $16 million for the twelve months ended December 31, 2023 and 2022, respectively.
(d)Includes alternative revenue programs and late payment charges.


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Table of Contents
PECO Statistics
Three Months Ended December 31, 2023 and 2022

Electric and Natural Gas DeliveriesRevenue (in millions)
20232022% ChangeWeather-
Normal
% Change
20232022% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential3,076 3,175 (3.1)%(0.3)%$473 $488 (3.1)%
Small commercial & industrial1,751 1,812 (3.4)%(1.0)%111 135 (17.8)%
Large commercial & industrial3,240 3,355 (3.4)%(2.6)%53 70 (24.3)%
Public authorities & electric railroads142 149 (4.7)%(5.1)%— %
Other(b)
— — n/an/a79 69 14.5 %
Total electric revenues(c)
8,209 8,491 (3.3)%(1.4)%723 769 (6.0)%
Other Revenues(d)
(5)(183.3)%
Total Electric Revenues718 775 (7.4)%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential12,145 13,895 (12.6)%(1.6)%138 177 (22.0)%
Small commercial & industrial6,801 7,211 (5.7)%(1.6)%49 61 (19.7)%
Large commercial & industrial12 11 9.1 %0.1 %— — n/a
Transportation6,259 6,503 (3.8)%(2.5)%— %
Other(f)
— — n/an/a— %
Total natural gas revenues(g)
25,217 27,620 (8.7)%(1.8)%199 250 (20.4)%
Other Revenues(d)
— (100.0)%
Total Natural Gas Revenues199 251 (20.7)%
Total Electric and Natural Gas Revenues$917 $1,026 (10.6)%
Purchased Power and Fuel$347 $442 (21.5)%

% Change
Heating and Cooling Degree-Days20232022NormalFrom 2022From Normal
Heating Degree-Days1,351 1,503 1,534 (10.1)%(11.9)%
Cooling Degree-Days48 18