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v3.26.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Feb. 20, 2026
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Derivative [Line Items]            
Accumulated Other Comprehensive Income (Loss), Net of Tax   $ (733)   $ (733)   $ (762)
Corporate, Non-Segment | Notes Payable to Banks            
Derivative [Line Items]            
Derivative, Notional Amount $ 775          
Derivative, cash received on hedge 6          
PECO Energy Co            
Derivative [Line Items]            
Incremental collateral for loss of investment grade credit rating   26   26    
Baltimore Gas and Electric Company            
Derivative [Line Items]            
Incremental collateral for loss of investment grade credit rating   14   14    
Delmarva Power and Light Company            
Derivative [Line Items]            
Incremental collateral for loss of investment grade credit rating   10   10    
InterestRateSwapNotionalTerminated | Cash Flow Hedging            
Derivative [Line Items]            
Derivative, Notional Amount 550          
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (4)          
InterestRateSwapNotional5YR | Cash Flow Hedging            
Derivative [Line Items]            
Derivative, Notional Amount   $ 60   60   335
Derivative, term of contract   5 years        
InterestRateSwapNotional10YR | Cash Flow Hedging            
Derivative [Line Items]            
Derivative, Notional Amount   $ 240   240   365
Derivative, term of contract   10 years        
InterestRateSwapNotional10YR | Cash Flow Hedging | Corporate, Non-Segment            
Derivative [Line Items]            
Derivative, Notional Amount   $ 90   90    
Interest Rate Swap | Cash Flow Hedging            
Derivative [Line Items]            
Derivative, Notional Amount   300   300   $ 700
Derivative, Gain (Loss) on Derivative, Net   11 $ 1 13 $ 14  
Derivative, Gain (Loss) on Derivative, Net   $ 11 $ 1 $ 13 $ 14  
X
- Definition

Incremental collateral amount required to be provided related to its financial instruments, including derivatives, non-derivatives, normal purchase normal sales contracts and applicable payables and receivables, if the credit rating is downgraded below investment grade.

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v3.26.3
Related Party Transactions (Tables)
9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
BSC and PHISCO Service Companies
The following table presents the service company costs allocated to the Registrants:
Operating and maintenance from affiliatesCapitalized costs
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20262025202620252026202520262025
Exelon
   BSC$132 $156 $383 $478 
   PHISCO19 29 71 83 
ComEd
   BSC$104 $95 $316 $296 54 63 166 186 
PECO
   BSC55 58 188 178 28 24 69 79 
BGE
   BSC56 60 193 185 21 28 62 92 
PHI
   BSC38 44 154 144 29 41 87 121 
   PHISCO— — — — 19 29 71 83 
Pepco
   BSC32 30 104 93 10 18 35 52 
   PHISCO27 29 94 91 5 14 27 36 
DPL
   BSC20 19 65 58 9 12 27 36 
   PHISCO22 24 73 75 8 8 23 25 
ACE
   BSC16 15 52 47 10 10 23 28 
   PHISCO16 22 67 69 7 7 21 22 
Current Receivables From/Payables To Affiliates
The following tables present Receivables from affiliates and Payables to affiliates:
September 30, 2026
Receivables from affiliates:
Payables to affiliates:ComEdPECOBGEPepcoDPLACEBSCPHISCOOtherTotal
ComEd$— $— $— $— $— $65 $— $3 $68 
PECO$— — — — — 30 — 5 35 
BGE— — — — — 33 — 2 35 
PHI(a)
— — — — — — 6 — 5 11 
Pepco— — — — — 19 13 2 34 
DPL— — — — — 12 9 2 23 
ACE— — — — — 9 8 1 18 
Other5 1 — — 6 1 — — 13 
Total$5 $1 $— $— $6 $1 $174 $30 $20 $237 
December 31, 2025
Receivables from affiliates:
Payables to affiliates:ComEdPECOBGEPepcoDPLACEBSCPHISCOOtherTotal
ComEd$— $— $— $— $— $76 $— $5 $81 
PECO$— — — — — 33 — 2 35 
BGE— — — — — 39 — — 39 
PHI(a)
— — — — — — 5 2 11 18 
Pepco— — — — — 25 11 1 37 
DPL— — — — — 15 10 — 25 
ACE— — — — — 14 10 — 24 
Other5 — 1 — 2 12 — — 20 
Total$5 $— $1 $— $2 $12 $207 $33 $19 $279 
__________
(a)PHI is presented exclusive of Pepco, DPL, and ACE, which are included in the table herein.
Long Term Debt to Financing Trusts
The following table presents Long-term debt to financing trusts:
September 30, 2026December 31, 2025
ExelonComEdPECOExelonComEdPECO
ComEd Financing III$206 $206 $— $206 $206 $— 
PECO Trust III81 — 81 81 — 81 
PECO Trust IV103 — 103 103 — 103 
Total$390 $206 $184 $390 $206 $184 
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v3.26.3
Fair Value of Financial Assets and Liabilities - Fair Value Measurements of Assets and Liabilities, Recurring and Nonrecurring (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Mark-to-market derivative liabilities $ 21 $ 30
Mark-to-market derivative liabilities (noncurrent liabilities) 96 106
Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 1,718 825
Assets, Fair Value Disclosure 2,028 1,106
Deferred Compensation Liability, Current and Noncurrent (67) (71)
Total liabilities 184 206
Fair Value, Net Asset (Liability) 1,844 900
Fair Value, Recurring [Member] | Mark-to-Market Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities (117) (131)
Fair Value, Recurring [Member] | Derivatives Designated as Hedging Instruments Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 (4)
Fair Value, Recurring [Member] | Interest Rate Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 (4)
Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 293 278
Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 110 101
Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 78 71
Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 6 6
Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 99 100
Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 17 3
Fair Value, Recurring [Member] | Interest Rate Derivative Assets    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 17 3
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 1,718 825
Assets, Fair Value Disclosure 1,906 997
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 1,906 997
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mark-to-Market Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Derivatives Designated as Hedging Instruments Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 188 172
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 110 101
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 78 71
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 0 0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Derivative Assets    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 0 0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 103 88
Deferred Compensation Liability, Current and Noncurrent (67) (71)
Total liabilities 67 75
Fair Value, Net Asset (Liability) 36 13
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mark-to-Market Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Derivatives Designated as Hedging Instruments Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 (4)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 (4)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 86 85
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 6 6
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 80 79
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 17 3
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Derivative Assets    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 17 3
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 19 21
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 117 131
Fair Value, Net Asset (Liability) (98) (110)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mark-to-Market Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities (117) (131)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Derivatives Designated as Hedging Instruments Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Derivative Liabilities    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total mark-to-market derivative liabilities 0 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 19 21
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 19 21
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 0 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Derivative Assets    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Total derivative assets 0 0
Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities 0 0
Commonwealth Edison Co    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Mark-to-market derivative liabilities 21 25
Mark-to-market derivative liabilities (noncurrent liabilities) 96 106
Commonwealth Edison Co | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 573 393
Total derivative assets 0  
Assets, Fair Value Disclosure 573 393
Total mark-to-market derivative liabilities (117) (131)
Deferred Compensation Liability, Current and Noncurrent (10) (9)
Total liabilities 127 140
Fair Value, Net Asset (Liability) 446 253
Mark-to-market derivative liabilities 21 25
Mark-to-market derivative liabilities (noncurrent liabilities) 96 106
Commonwealth Edison Co | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Commonwealth Edison Co | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 573 393
Assets, Fair Value Disclosure 573 393
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 573 393
Commonwealth Edison Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Commonwealth Edison Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent (10) (9)
Total liabilities 10 9
Fair Value, Net Asset (Liability) (10) (9)
Commonwealth Edison Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Commonwealth Edison Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Total mark-to-market derivative liabilities (117) (131)
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 117 131
Fair Value, Net Asset (Liability) (117) (131)
Commonwealth Edison Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Commonwealth Edison Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities 0 0
PECO Energy Co | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 81 93
Assets, Fair Value Disclosure 122 131
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent (7) (8)
Total liabilities 7 8
Fair Value, Net Asset (Liability) 115 123
PECO Energy Co | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 41 38
PECO Energy Co | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 3  
PECO Energy Co | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 14 13
PECO Energy Co | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 24 25
PECO Energy Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 81 93
Assets, Fair Value Disclosure 98 106
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 98 106
PECO Energy Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 17 13
PECO Energy Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 3  
PECO Energy Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 14 13
PECO Energy Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
PECO Energy Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 24 25
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent (7) (8)
Total liabilities 7 8
Fair Value, Net Asset (Liability) 17 17
PECO Energy Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 24 25
PECO Energy Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
PECO Energy Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
PECO Energy Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 24 25
PECO Energy Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
PECO Energy Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
PECO Energy Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
PECO Energy Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
PECO Energy Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
PECO Energy Co | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities 0 0
Baltimore Gas and Electric Company | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 834 205
Assets, Fair Value Disclosure 850 215
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent (4) (4)
Total liabilities 4 4
Fair Value, Net Asset (Liability) 846 211
Baltimore Gas and Electric Company | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 16 10
Baltimore Gas and Electric Company | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Baltimore Gas and Electric Company | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 16 10
Baltimore Gas and Electric Company | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 834 205
Assets, Fair Value Disclosure 850 215
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 850 215
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 16 10
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 16 10
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent (4) (4)
Total liabilities 4 4
Fair Value, Net Asset (Liability) (4) (4)
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Total mark-to-market derivative liabilities 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0  
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities 0 0
Pepco Holdings LLC | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 205 83
Assets, Fair Value Disclosure 365 240
Deferred Compensation Liability, Current and Noncurrent (8) (9)
Total liabilities 8 9
Fair Value, Net Asset (Liability) 357 231
Pepco Holdings LLC | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 160 157
Pepco Holdings LLC | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 103 99
Pepco Holdings LLC | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 8 9
Pepco Holdings LLC | Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 6 6
Pepco Holdings LLC | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 43 43
Pepco Holdings LLC | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 205 83
Assets, Fair Value Disclosure 316 191
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 316 191
Pepco Holdings LLC | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 111 108
Pepco Holdings LLC | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 103 99
Pepco Holdings LLC | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 8 9
Pepco Holdings LLC | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 29 29
Deferred Compensation Liability, Current and Noncurrent (8) (9)
Total liabilities 8 9
Fair Value, Net Asset (Liability) 21 20
Pepco Holdings LLC | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 29 29
Pepco Holdings LLC | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 6 6
Pepco Holdings LLC | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 23 23
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 20 20
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 20 20
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 20 20
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 20 20
Pepco Holdings LLC | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities 0 0
Potomac Electric Power Company | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 102 33
Assets, Fair Value Disclosure 247 174
Deferred Compensation Liability, Current and Noncurrent (1) (1)
Total liabilities 1 1
Fair Value, Net Asset (Liability) 246 173
Potomac Electric Power Company | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 145 141
Potomac Electric Power Company | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 103 98
Potomac Electric Power Company | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 42 43
Potomac Electric Power Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 102 33
Assets, Fair Value Disclosure 205 131
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 205 131
Potomac Electric Power Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 103 98
Potomac Electric Power Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 103 98
Potomac Electric Power Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Potomac Electric Power Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 23 23
Deferred Compensation Liability, Current and Noncurrent (1) (1)
Total liabilities 1 1
Fair Value, Net Asset (Liability) 22 22
Potomac Electric Power Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 23 23
Potomac Electric Power Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Potomac Electric Power Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 23 23
Potomac Electric Power Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 19 20
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 19 20
Potomac Electric Power Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 19 20
Potomac Electric Power Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Potomac Electric Power Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 19 20
Potomac Electric Power Company | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities 0 0
Delmarva Power and Light Company | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 74 3
Assets, Fair Value Disclosure 74 3
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 74 3
Delmarva Power and Light Company | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 74 3
Assets, Fair Value Disclosure 74 3
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 74 3
Delmarva Power and Light Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities 0 0
Atlantic City Electric Company | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
Atlantic City Electric Company | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Cash equivalents 0 0
Assets, Fair Value Disclosure 0 0
Deferred Compensation Liability, Current and Noncurrent 0 0
Total liabilities 0 0
Fair Value, Net Asset (Liability) 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Investments, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Assets, Fair Value Disclosure 0 0
Total liabilities $ 0 $ 0
X
- Definition

Fair value portion of asset recognized for present right to economic benefit.

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Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

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Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements. Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.

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No definition available.

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Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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v3.26.3
Accounts Receivable (All Registrants)
9 Months Ended
Sep. 30, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Accounts Receivable (All Registrants) Accounts Receivable (All Registrants)
Allowance for Credit Losses on Accounts Receivable
The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.
Three Months Ended September 30, 2026
Exelon
ComEd(b)(c)
PECO
BGE(d)
PHI
Pepco(e)
DPL
ACE(e)(f)
Balance at June 30, 2026$508 $102 $142 $136 $128 $77 $21 $30 
Plus: Current period provision for expected credit losses
71 22 21 2 26 16 4 6 
Less: Write-offs, net of recoveries(a)
72 19 28 7 18 9 4 5 
Balance at September 30, 2026$507 $105 $135 $131 $136 $84 $21 $31 
Three Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at June 30, 2025$465 $122 $154 $66 $123 $69 $21 $33 
Plus: Current period provision for expected credit losses
82 37 22 8 15 11 3 1 
Less: Write-offs, net of recoveries
96 44 31 6 15 8 4 3 
Balance at September 30, 2025$451 $115 $145 $68 $123 $72 $20 $31 
_________
(a)Recoveries were not material to the Registrants.
(b)For ComEd, the decrease in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of decreased aging of receivables.
(c)For ComEd, the decrease in write-offs, net of recoveries when comparing to three months ended September 30, 2025, is primarily the result of decreased disconnection activities.
(d)For BGE, the decrease in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of increased collection activities.
(e)For Pepco and ACE, the increase in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of increased receivable balances.
(f)For ACE, the increase in write-offs, net of recoveries when comparing to three months ended September 30, 2025, is primarily the result of unfavorable customer behavior.

Nine Months Ended September 30, 2026
Exelon
ComEd(b)
PECO(c)(d)(e)
BGE(f)(g)
PHI
Pepco(f)(h)
DPL(i)
ACE(f)(h)
Balance at December 31, 2025$435 $115 $137 $68 $115 $69 $19 $27 
Plus: Current period provision for expected credit losses
265 49 59 90 67 41 11 15 
Less: Write-offs, net of recoveries(a)
193 59 61 27 46 26 9 11 
Balance at September 30, 2026$507 $105 $135 $131 $136 $84 $21 $31 
Nine Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at December 31, 2024$406 $109 $133 $56 $108 $59 $17 $32 
Plus: Current period provision for expected credit losses
224 66 68 34 56 35 13 8 
Less: Write-offs, net of recoveries
179 60 56 22 41 22 10 9 
Balance at September 30, 2025$451 $115 $145 $68 $123 $72 $20 $31 
_________
(a)Recoveries were not material to ComEd, BGE, Pepco, DPL, or ACE.
(b)For ComEd, the decrease in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of decreased aging of receivables.
(c)For PECO, the decrease in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of decreased receivable balances.
(d)For PECO, the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of increased disconnection activities.
(e)For PECO, the increase in recoveries collected when comparing to nine months ended September 30, 2025, is primarily the result of increased customer repayments.
(f)For BGE, Pepco, and ACE, the increase in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of increased receivable balances.
(g)For BGE, the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of increased receivable balances associated with increased customer billings.
(h)For Pepco and ACE the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of unfavorable customer behavior.
(i)For DPL, the decrease in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of favorable customer behavior.

The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
Three Months Ended September 30, 2026
ExelonComEdPECOBGEPHIPepcoDPL
ACE(b)
Balance at June 30, 2026$94 $25 $18 $3 $48 $25 $11 $12 
Plus: Current period provision for expected credit losses
15 6 3 1 5 1 1 3 
Less: Write-offs, net of recoveries(a)
13 5 5 1 2 — 1 1 
Balance at September 30, 2026$96 $26 $16 $3 $51 $26 $11 $14 
Three Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at June 30, 2025$107 $31 $19 $5 $52 $28 $9 $15 
Plus: Current period provision (benefit) for expected credit losses
7 5 2 1 (1)— — (1)
Less: Write-offs, net of recoveries
16 11 4 1 — — — — 
Balance at September 30, 2025$98 $25 $17 $5 $51 $28 $9 $14 
_________
(a)Recoveries were not material to the Registrants.
(b)For ACE, the increase in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of increased receivable balances.
Nine Months Ended September 30, 2026
Exelon
ComEd(b)
PECOBGEPHIPepco
DPL(b)(c)
ACE(b)
Balance at December 31, 2025$94 $23 $18 $4 $49 $26 $10 $13 
Plus: Current period provision for expected credit losses
32 14 6 3 9 1 3 5 
Less: Write-offs, net of recoveries(a)
30 11 8 4 7 1 2 4 
Balance at September 30, 2026$96 $26 $16 $3 $51 $26 $11 $14 
Nine Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at December 31, 2024$107 $34 $18 $6 $49 $27 $9 $13 
Plus: Current period provision (benefit) for expected credit losses
15 4 9 (1)3 1 — 2 
Less: Write-offs, net of recoveries
24 13 10 — 1 — — 1 
Balance at September 30, 2025$98 $25 $17 $5 $51 $28 $9 $14 
_________
(a)Recoveries were not material to the Registrants.
(b)For ComEd, DPL, and ACE, the increase in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of increased receivable balances.
(c)For DPL, the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of unfavorable customer behavior.

Unbilled Customer Revenue
The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.
Unbilled customer revenues(a)
ExelonComEdPECOBGEPHIPepcoDPLACE
September 30, 2026$887 $313 $160 $180 $234 $122 $59 $53 
December 31, 20251,231 301 278 325 327 155 100 72 
__________
(a)Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets.
Other Purchases of Customer and Other Accounts Receivables
For the nine months ended September 30, 2026 and 2025, the Utility Registrants were required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participated in the utilities' consolidated billing. The following table presents the total receivables purchased.
Total receivables purchased
ExelonComEdPECOBGEPHIPepcoDPLACE
Nine months ended September 30, 2026$3,708 $967 $1,091 $492 $1,158 $745 $209 $204 
Nine months ended September 30, 20253,320 814 954 550 1,002 624 201 177 
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Derivative Financial Instruments - Summary of Notional Amounts of Outstanding Derivative Positions (Details) - Cash Flow Hedging - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
InterestRateSwapNotional5YR    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Notional Amount $ 60 $ 335
InterestRateSwapNotional10YR    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Notional Amount 240 365
Interest Rate Swap    
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Derivative, Notional Amount $ 300 $ 700
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Income Taxes - Allocation of Tax Benefits (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Sep. 30, 2025
Atlantic City Electric Company    
Income Tax Contingency [Line Items]    
Allocation Of Federal Tax Benefit Under Tax Sharing Agreement $ 3 $ 4
Pepco Holdings LLC    
Income Tax Contingency [Line Items]    
Allocation Of Federal Tax Benefit Under Tax Sharing Agreement 21 23
Commonwealth Edison Co    
Income Tax Contingency [Line Items]    
Allocation Of Federal Tax Benefit Under Tax Sharing Agreement 125 20
PECO Energy Co    
Income Tax Contingency [Line Items]    
Allocation Of Federal Tax Benefit Under Tax Sharing Agreement 27 14
Baltimore Gas and Electric Company    
Income Tax Contingency [Line Items]    
Allocation Of Federal Tax Benefit Under Tax Sharing Agreement (3) 12
Potomac Electric Power Company    
Income Tax Contingency [Line Items]    
Allocation Of Federal Tax Benefit Under Tax Sharing Agreement 8 12
Delmarva Power and Light Company    
Income Tax Contingency [Line Items]    
Allocation Of Federal Tax Benefit Under Tax Sharing Agreement $ 9 $ 7
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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - ACE - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
Total operating revenues 7,319 6,705 20,528 18,846
Operating expenses        
Operating and maintenance 1,564 1,172 4,416 3,840
Depreciation and amortization 991 912 2,910 2,717
Taxes other than income taxes 468 429 1,335 1,216
Total operating expenses 5,940 5,205 16,565 14,884
Operating income 1,379 1,500 3,963 3,963
Other income and (deductions)        
Interest expense, net (587) (531) (1,702) (1,560)
Other, net 97 68 256 185
Total other income and (deductions) (496) (470) (1,465) (1,393)
Income before income taxes 883 1,030 2,498 2,570
Income taxes 154 155 454 396
Net income 729 875 2,044 2,174
Related Party        
Other income and (deductions)        
Interest expense to affiliates, net (6) (7) (19) (18)
Atlantic City Electric Company        
Operating revenues        
Revenues from alternative revenue programs (1) 16 (30) 2
Total operating revenues 579 570 1,402 1,328
Operating expenses        
Operating and maintenance 61 55 166 161
Depreciation and amortization 67 61 195 188
Taxes other than income taxes 2 2 8 7
Total operating expenses 437 441 1,156 1,088
Operating income 142 129 246 240
Other income and (deductions)        
Interest expense, net (23) (20) (67) (62)
Other, net 3 2 8 8
Total other income and (deductions) (20) (18) (59) (54)
Income before income taxes 122 111 187 186
Income taxes 32 29 48 48
Net income 90 82 139 138
Comprehensive income 90 82 139 138
Atlantic City Electric Company | Related Party        
Operating revenues        
Operating revenues from affiliates 1 1 4 3
Operating expenses        
Operating and maintenance from affiliates 31 37 119 116
Electricity, US Regulated        
Operating revenues        
Operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
Purchased power and/or fuel 2,865 2,645 7,380 6,640
Electricity, US Regulated | Atlantic City Electric Company        
Operating revenues        
Operating revenues 579 553 1,428 1,323
Operating expenses        
Purchased power and/or fuel 276 286 668 616
Natural Gas, US Regulated        
Operating revenues        
Operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel $ 52 $ 47 $ 524 $ 471
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v3.26.3
Statements of Operations and Comprehensive Income (Unaudited) - DPL - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
Total operating revenues 7,319 6,705 20,528 18,846
Operating expenses        
Operating and maintenance 1,564 1,172 4,416 3,840
Depreciation and amortization 991 912 2,910 2,717
Taxes other than income taxes 468 429 1,335 1,216
Total operating expenses 5,940 5,205 16,565 14,884
Operating income 1,379 1,500 3,963 3,963
Other income and (deductions)        
Interest expense, net (587) (531) (1,702) (1,560)
Other, net 97 68 256 185
Total other income and (deductions) (496) (470) (1,465) (1,393)
Income before income taxes 883 1,030 2,498 2,570
Income taxes 154 155 454 396
Net income 729 875 2,044 2,174
Related Party        
Other income and (deductions)        
Interest expense to affiliates, net (6) (7) (19) (18)
Delmarva Power and Light Company        
Operating revenues        
Revenues from alternative revenue programs (3) (5) (8) (10)
Total operating revenues 556 491 1,632 1,460
Operating expenses        
Operating and maintenance 66 51 200 162
Depreciation and amortization 67 63 200 189
Taxes other than income taxes 16 21 66 63
Total operating expenses 455 397 1,352 1,185
Operating income 101 94 280 275
Other income and (deductions)        
Interest expense, net (28) (26) (81) (75)
Other, net 7 4 14 12
Total other income and (deductions) (21) (22) (67) (63)
Income before income taxes 80 72 213 212
Income taxes 19 17 49 49
Net income 61 55 164 163
Comprehensive income 61 55 164 163
Delmarva Power and Light Company | Related Party        
Operating revenues        
Operating revenues from affiliates 3 2 7 6
Operating expenses        
Operating and maintenance from affiliates 42 43 139 134
Electricity, US Regulated        
Operating revenues        
Electric and natural gas operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
Purchased power and/or fuel 2,865 2,645 7,380 6,640
Electricity, US Regulated | Delmarva Power and Light Company        
Operating revenues        
Electric and natural gas operating revenues 516 467 1,436 1,316
Operating expenses        
Purchased power and/or fuel 245 211 655 580
Natural Gas, US Regulated        
Operating revenues        
Electric and natural gas operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel 52 47 524 471
Natural Gas, US Regulated | Delmarva Power and Light Company        
Operating revenues        
Electric and natural gas operating revenues 40 27 197 148
Operating expenses        
Purchased power and/or fuel $ 19 $ 8 $ 92 $ 57
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v3.26.3
Revenue from Contracts with Customers - Narrative (Details)
Sep. 30, 2026
Oct. 01, 2023
Jul. 01, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Pepco Holdings LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months    
Pepco Holdings LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Pepco Holdings LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Pepco Holdings LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Pepco Holdings LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Potomac Electric Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period     35 years
Potomac Electric Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   31 years  
Potomac Electric Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months    
Potomac Electric Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Potomac Electric Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Potomac Electric Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Potomac Electric Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Delmarva Power and Light Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period     35 years
Delmarva Power and Light Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   31 years  
Delmarva Power and Light Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months    
Delmarva Power and Light Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Delmarva Power and Light Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Delmarva Power and Light Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Delmarva Power and Light Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Atlantic City Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period     35 years
Atlantic City Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   31 years  
Atlantic City Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months    
Atlantic City Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Atlantic City Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Atlantic City Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
Atlantic City Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year    
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v3.26.3
Debt and Credit Agreements (All Registrants) - Summary of Revolving Credit Agreements (Details) - Revolving Credit Facility
$ in Millions
9 Months Ended
Sep. 30, 2026
USD ($)
Commonwealth Edison Co  
Line of Credit Facility [Line Items]  
Line of credit facility, maximum borrowing capacity $ 1,000
Debt instrument, interest rate terms 1.00%
PECO Energy Co  
Line of Credit Facility [Line Items]  
Line of credit facility, maximum borrowing capacity $ 600
Debt instrument, interest rate terms 1.00%
Baltimore Gas and Electric Company  
Line of Credit Facility [Line Items]  
Line of credit facility, maximum borrowing capacity $ 600
Debt instrument, interest rate terms 1.00%
Potomac Electric Power Company  
Line of Credit Facility [Line Items]  
Line of credit facility, maximum borrowing capacity $ 300
Debt instrument, interest rate terms 1.00%
Delmarva Power and Light Company  
Line of Credit Facility [Line Items]  
Line of credit facility, maximum borrowing capacity $ 300
Debt instrument, interest rate terms 1.00%
Atlantic City Electric Company  
Line of Credit Facility [Line Items]  
Line of credit facility, maximum borrowing capacity $ 300
Debt instrument, interest rate terms 1.00%
Corporate, Non-Segment  
Line of Credit Facility [Line Items]  
Line of credit facility, maximum borrowing capacity $ 900
Debt instrument, interest rate terms 1.075%
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v3.26.3
Accounts Receivable (Tables)
9 Months Ended
Sep. 30, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Allowance for credit loss rollforward
The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.
Three Months Ended September 30, 2026
Exelon
ComEd(b)(c)
PECO
BGE(d)
PHI
Pepco(e)
DPL
ACE(e)(f)
Balance at June 30, 2026$508 $102 $142 $136 $128 $77 $21 $30 
Plus: Current period provision for expected credit losses
71 22 21 2 26 16 4 6 
Less: Write-offs, net of recoveries(a)
72 19 28 7 18 9 4 5 
Balance at September 30, 2026$507 $105 $135 $131 $136 $84 $21 $31 
Three Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at June 30, 2025$465 $122 $154 $66 $123 $69 $21 $33 
Plus: Current period provision for expected credit losses
82 37 22 8 15 11 3 1 
Less: Write-offs, net of recoveries
96 44 31 6 15 8 4 3 
Balance at September 30, 2025$451 $115 $145 $68 $123 $72 $20 $31 
_________
(a)Recoveries were not material to the Registrants.
(b)For ComEd, the decrease in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of decreased aging of receivables.
(c)For ComEd, the decrease in write-offs, net of recoveries when comparing to three months ended September 30, 2025, is primarily the result of decreased disconnection activities.
(d)For BGE, the decrease in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of increased collection activities.
(e)For Pepco and ACE, the increase in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of increased receivable balances.
(f)For ACE, the increase in write-offs, net of recoveries when comparing to three months ended September 30, 2025, is primarily the result of unfavorable customer behavior.

Nine Months Ended September 30, 2026
Exelon
ComEd(b)
PECO(c)(d)(e)
BGE(f)(g)
PHI
Pepco(f)(h)
DPL(i)
ACE(f)(h)
Balance at December 31, 2025$435 $115 $137 $68 $115 $69 $19 $27 
Plus: Current period provision for expected credit losses
265 49 59 90 67 41 11 15 
Less: Write-offs, net of recoveries(a)
193 59 61 27 46 26 9 11 
Balance at September 30, 2026$507 $105 $135 $131 $136 $84 $21 $31 
Nine Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at December 31, 2024$406 $109 $133 $56 $108 $59 $17 $32 
Plus: Current period provision for expected credit losses
224 66 68 34 56 35 13 8 
Less: Write-offs, net of recoveries
179 60 56 22 41 22 10 9 
Balance at September 30, 2025$451 $115 $145 $68 $123 $72 $20 $31 
_________
(a)Recoveries were not material to ComEd, BGE, Pepco, DPL, or ACE.
(b)For ComEd, the decrease in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of decreased aging of receivables.
(c)For PECO, the decrease in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of decreased receivable balances.
(d)For PECO, the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of increased disconnection activities.
(e)For PECO, the increase in recoveries collected when comparing to nine months ended September 30, 2025, is primarily the result of increased customer repayments.
(f)For BGE, Pepco, and ACE, the increase in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of increased receivable balances.
(g)For BGE, the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of increased receivable balances associated with increased customer billings.
(h)For Pepco and ACE the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of unfavorable customer behavior.
(i)For DPL, the decrease in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of favorable customer behavior.

The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
Three Months Ended September 30, 2026
ExelonComEdPECOBGEPHIPepcoDPL
ACE(b)
Balance at June 30, 2026$94 $25 $18 $3 $48 $25 $11 $12 
Plus: Current period provision for expected credit losses
15 6 3 1 5 1 1 3 
Less: Write-offs, net of recoveries(a)
13 5 5 1 2 — 1 1 
Balance at September 30, 2026$96 $26 $16 $3 $51 $26 $11 $14 
Three Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at June 30, 2025$107 $31 $19 $5 $52 $28 $9 $15 
Plus: Current period provision (benefit) for expected credit losses
7 5 2 1 (1)— — (1)
Less: Write-offs, net of recoveries
16 11 4 1 — — — — 
Balance at September 30, 2025$98 $25 $17 $5 $51 $28 $9 $14 
_________
(a)Recoveries were not material to the Registrants.
(b)For ACE, the increase in current period provision for expected credit losses when comparing to three months ended September 30, 2025, is primarily the result of increased receivable balances.
Nine Months Ended September 30, 2026
Exelon
ComEd(b)
PECOBGEPHIPepco
DPL(b)(c)
ACE(b)
Balance at December 31, 2025$94 $23 $18 $4 $49 $26 $10 $13 
Plus: Current period provision for expected credit losses
32 14 6 3 9 1 3 5 
Less: Write-offs, net of recoveries(a)
30 11 8 4 7 1 2 4 
Balance at September 30, 2026$96 $26 $16 $3 $51 $26 $11 $14 
Nine Months Ended September 30, 2025
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at December 31, 2024$107 $34 $18 $6 $49 $27 $9 $13 
Plus: Current period provision (benefit) for expected credit losses
15 4 9 (1)3 1 — 2 
Less: Write-offs, net of recoveries
24 13 10 — 1 — — 1 
Balance at September 30, 2025$98 $25 $17 $5 $51 $28 $9 $14 
_________
(a)Recoveries were not material to the Registrants.
(b)For ComEd, DPL, and ACE, the increase in current period provision for expected credit losses when comparing to nine months ended September 30, 2025, is primarily the result of increased receivable balances.
(c)For DPL, the increase in write-offs, net of recoveries when comparing to nine months ended September 30, 2025, is primarily the result of unfavorable customer behavior.
Unbilled customer revenue
The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.
Unbilled customer revenues(a)
ExelonComEdPECOBGEPHIPepcoDPLACE
September 30, 2026$887 $313 $160 $180 $234 $122 $59 $53 
December 31, 20251,231 301 278 325 327 155 100 72 
__________
(a)Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets.
Purchases of accounts receivable
For the nine months ended September 30, 2026 and 2025, the Utility Registrants were required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participated in the utilities' consolidated billing. The following table presents the total receivables purchased.
Total receivables purchased
ExelonComEdPECOBGEPHIPepcoDPLACE
Nine months ended September 30, 2026$3,708 $967 $1,091 $492 $1,158 $745 $209 $204 
Nine months ended September 30, 20253,320 814 954 550 1,002 624 201 177 
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v3.26.3
Changes in Accumulated Other Comprehensive Income (Tables)
9 Months Ended
Sep. 30, 2026
Changes in Accumulated Other Comprehensive Income [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following table presents changes in Exelon's AOCI, net of tax, by component:
Three Months Ended September 30, 2026 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at June 30, 2026$28 $(778)$(750)
OCI before reclassifications12 — 12 
Amounts reclassified from AOCI(2)7 5 
Net current-period OCI10 7 17 
Balance at September 30, 2026$38 $(771)$(733)
Three Months Ended September 30, 2025 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at June 30, 2025$31 $(749)$(718)
OCI before reclassifications(1)— (1)
Amounts reclassified from AOCI(1)5 4 
Net current-period OCI(2)5 3 
Balance at September 30, 2025$29 $(744)$(715)

Nine Months Ended September 30, 2026 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at December 31, 2025$33 $(795)$(762)
OCI before reclassifications10 3 13 
Amounts reclassified from AOCI(5)21 16 
Net current-period OCI5 24 29 
Balance at September 30, 2026$38 $(771)$(733)

Nine Months Ended September 30, 2025 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at December 31, 2024$45 $(765)$(720)
OCI before reclassifications(11)5 (6)
Amounts reclassified from AOCI(5)16 11 
Net current-period OCI(16)21 5 
Balance at September 30, 2025$29 $(744)$(715)
______
(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. See Note 12 — Retirement Benefits of the 2025 Form 10-K and Note 8 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.
Schedule of Income Taxes Allocated to Other Comprehensive Income (Loss) Components
The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Pension and non-pension postretirement benefit plans:
Actuarial losses reclassified to periodic benefit cost$(2)$(2)$(6)$(6)
Pension and non-pension postretirement benefit plans valuation adjustments— — (1)(2)
Unrealized (losses) gains on cash flow hedges(3)2 (3)4 
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v3.26.3
Segment Information - Reconciliation to Consolidated Financial Statements (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]                  
Total operating revenues $ 7,319     $ 6,705     $ 20,528 $ 18,846  
Operating and maintenance 1,564     1,172     4,416 3,840  
Taxes, Miscellaneous 468     429     1,335 1,216  
Gain on sale of assets 0     0     0 1  
Interest Expense, 587     531     1,702 1,560  
Other, net 97     68     256 185  
Income taxes 154     155     454 396  
Net income (loss) attributable to common shareholders 729 $ 396 $ 919 875 $ 391 $ 908 2,044 2,174  
Total assets 122,237           122,237   $ 116,570
Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Total operating revenues 2,260     2,051     6,002 5,408  
Operating and maintenance 510     290     1,212 876  
Taxes, Miscellaneous 150     150     445 426  
Gain on sale of assets 0     0     0 1  
Interest Expense, 110     102     323 303  
Other, net 23     18     62 54  
Income taxes 46     85     125 184  
Net income (loss) attributable to common shareholders 187 $ 109 $ 169 291 $ 143 $ 194 465 628  
Total assets 30,317           30,317   29,715
Related Party                  
Segment Reporting [Line Items]                  
Interest expense to affiliates, net 6     7     19 18  
Related Party | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 39     45     157 148  
Operating revenues from affiliates 5     2     10 7  
Interest expense to affiliates, net 1     0     3 2  
Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 7,319     6,705     20,528 18,846  
Operating and maintenance 1,564     1,172     4,416 3,840  
Depreciation and amortization 991     912     2,910 2,717  
Taxes, Miscellaneous 468     429     1,335 1,216  
Gain on sale of assets             0 (1)  
Interest Expense, 587     531     1,702 1,560  
Other, net (97)     (68)     (256) (185)  
Income taxes 154     155     454 396  
Net income (loss) attributable to common shareholders 729     875     2,044 2,174  
Capital expenditures 2,243     2,136     6,799 6,095  
Total assets 122,237           122,237   116,570
Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 0     0     0 0  
Interest expense to affiliates, net 6     7     19 18  
Intersegment Eliminations                  
Segment Reporting [Line Items]                  
Total operating revenues (484)     (457)     (1,474) (1,423)  
Operating and maintenance (227)     (202)     (613) (618)  
Depreciation and amortization 0     0     0 0  
Taxes, Miscellaneous 0     0     0 0  
Gain on sale of assets             0 0  
Interest Expense, 0     0     0 0  
Other, net 12     13     33 41  
Income taxes (1)     0     0 0  
Net income (loss) attributable to common shareholders (1)     0     0 0  
Capital expenditures 0     0     0 0  
Total assets (4,135)           (4,135)   (4,146)
Intersegment Eliminations | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Total operating revenues (107)     (108)     (342) (329)  
Operating and maintenance 0     0     0 0  
Depreciation and amortization 0     0     0 0  
Taxes, Miscellaneous 0     0     0 0  
Gain on sale of assets             0 0  
Interest Expense, 0     0     0 0  
Other, net 0     0     (1) 0  
Income taxes 0     0     0 0  
Net income (loss) attributable to common shareholders 0     0     0 0  
Capital expenditures 0     0     0 0  
Total assets (59)           (59)   (36)
Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates (267)     (270)     (894) (844)  
Operating revenues from affiliates 0     0     0 0  
Interest expense to affiliates, net 0     2     0 (2)  
Intersegment Eliminations | Related Party | Intersubsegment Eliminations                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates (479)     (453)     (1,464) (1,415)  
Intersegment Eliminations | Related Party | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates (108)     (108)     (342) (329)  
Operating revenues from affiliates (107)     (109)     (342) (329)  
Interest expense to affiliates, net 1     (1)     1 0  
Commonwealth Edison Co | Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 2,470     2,275     6,368 6,176  
Operating and maintenance 359     313     1,033 958  
Depreciation and amortization 438     395     1,258 1,162  
Taxes, Miscellaneous 133     107     345 303  
Gain on sale of assets             0 0  
Interest Expense, 146     132     418 385  
Other, net (43)     (33)     (116) (86)  
Income taxes 140     83     324 201  
Net income (loss) attributable to common shareholders 406     373     965 903  
Capital expenditures 851     781     2,522 1,970  
Total assets 50,538           50,538   48,285
Commonwealth Edison Co | Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 105     96     317 296  
Interest expense to affiliates, net 3     3     10 10  
Commonwealth Edison Co | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 2     2     15 19  
PECO Energy Co | Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 1,240     1,180     3,794 3,513  
Operating and maintenance 258     183     760 690  
Depreciation and amortization 126     115     373 336  
Taxes, Miscellaneous 73     69     204 183  
Gain on sale of assets             0 0  
Interest Expense, 74     63     213 179  
Other, net (15)     (11)     (39) (29)  
Income taxes 8     5     31 23  
Net income (loss) attributable to common shareholders 165     250     562 652  
Capital expenditures 505     502     1,469 1,334  
Total assets 21,314           21,314   19,362
PECO Energy Co | Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 55     58     189 182  
Interest expense to affiliates, net 2     2     6 9  
PECO Energy Co | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 5     3     13 9  
Baltimore Gas and Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 1,363     1,209     4,409 3,791  
Operating and maintenance 236     179     716 621  
Depreciation and amortization 161     155     496 473  
Taxes, Miscellaneous 100     93     301 273  
Gain on sale of assets             0 0  
Interest Expense, 73     64     202 183  
Other, net (26)     (15)     (64) (35)  
Income taxes 23     23     119 108  
Net income (loss) attributable to common shareholders 90     82     443 398  
Capital expenditures 402     407     1,224 1,211  
Total assets 18,441           18,441   17,184
Baltimore Gas and Electric Company | Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 56     60     194 186  
Interest expense to affiliates, net 0     0     0 0  
Baltimore Gas and Electric Company | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 2     2     7 6  
Pepco Holdings LLC | Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 2,260     2,051     6,002 5,408  
Operating and maintenance 510     290     1,212 876  
Depreciation and amortization 250     234     741 701  
Taxes, Miscellaneous 150     150     445 426  
Gain on sale of assets             0 (1)  
Interest Expense, 110     102     323 303  
Other, net (23)     (18)     (62) (54)  
Income taxes 46     85     125 184  
Net income (loss) attributable to common shareholders 187     291     465 628  
Capital expenditures 461     444     1,521 1,552  
Total assets 30,317           30,317   29,715
Pepco Holdings LLC | Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 39     45     157 148  
Interest expense to affiliates, net 1     0     3 2  
Pepco Holdings LLC | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 5     2     10 7  
Potomac Electric Power Company | Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 1,127     992     2,975 2,626  
Operating and maintenance 294     95     564 282  
Depreciation and amortization 115     110     343 321  
Taxes, Miscellaneous 128     122     359 344  
Gain on sale of assets             0 (1)  
Interest Expense, 58     53     169 159  
Other, net (13)     (11)     (37) (31)  
Income taxes (4)     41     29 89  
Net income (loss) attributable to common shareholders 40     156     173 337  
Capital expenditures 231     221     747 690  
Total assets 12,984           12,984   12,728
Potomac Electric Power Company | Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 60     59     198 184  
Interest expense to affiliates, net (1)     0     (1) 0  
Potomac Electric Power Company | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 3     2     7 4  
Delmarva Power and Light Company | Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 556     491     1,632 1,460  
Operating and maintenance 66     51     200 162  
Depreciation and amortization 67     63     200 189  
Taxes, Miscellaneous 16     21     66 63  
Gain on sale of assets             0 0  
Interest Expense, 28     26     81 75  
Other, net (7)     (4)     (14) (12)  
Income taxes 19     17     49 49  
Net income (loss) attributable to common shareholders 61     55     164 163  
Capital expenditures 129     125     429 402  
Total assets 6,981           6,981   6,789
Delmarva Power and Light Company | Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 42     43     139 134  
Interest expense to affiliates, net 0     0     0 0  
Delmarva Power and Light Company | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 3     2     7 6  
Atlantic City Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 579     570     1,402 1,328  
Operating and maintenance 61     55     166 161  
Depreciation and amortization 67     61     195 188  
Taxes, Miscellaneous 2     2     8 7  
Gain on sale of assets             0 0  
Interest Expense, 23     20     67 62  
Other, net (3)     (2)     (8) (8)  
Income taxes 32     29     48 48  
Net income (loss) attributable to common shareholders 90     82     139 138  
Capital expenditures 99     96     339 292  
Total assets 5,834           5,834   5,632
Atlantic City Electric Company | Operating Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 31     37     119 116  
Interest expense to affiliates, net 0     0     0 0  
Atlantic City Electric Company | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 1     1     4 3  
Corporate and Other | Corporate, Non-Segment                  
Segment Reporting [Line Items]                  
Total operating revenues 470     447     1,429 1,381  
Operating and maintenance 428     409     1,308 1,313  
Depreciation and amortization 16     13     42 45  
Taxes, Miscellaneous 12     10     40 31  
Gain on sale of assets             0 0  
Interest Expense, 184     170     546 510  
Other, net (2)     (4)     (8) (22)  
Income taxes (62)     (41)     (145) (120)  
Net income (loss) attributable to common shareholders (118)     (121)     (391) (407)  
Capital expenditures 24     2     63 28  
Total assets 5,762           5,762   6,170
Corporate and Other | Corporate, Non-Segment | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Total operating revenues 105     106     335 323  
Operating and maintenance 89     89     282 271  
Depreciation and amortization 1     0     3 3  
Taxes, Miscellaneous 4     5     12 12  
Gain on sale of assets             0 0  
Interest Expense, 1     3     6 7  
Other, net 0     (1)     (2) (3)  
Income taxes (1)     (2)     (1) (2)  
Net income (loss) attributable to common shareholders (4)     (2)     (11) (10)  
Capital expenditures 2     2     6 168  
Total assets 4,577           4,577   $ 4,602
Corporate and Other | Corporate, Non-Segment | Related Party                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 12     11     37 32  
Interest expense to affiliates, net 0     0     0 (1)  
Corporate and Other | Corporate, Non-Segment | Related Party | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Operating and maintenance from affiliates 14     14     43 43  
Interest expense to affiliates, net 1     1     3 2  
Corporate and Other | Intersegment Eliminations | Related Party                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 465     444     1,419 1,374  
Corporate and Other | Intersegment Eliminations | Related Party | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Operating revenues from affiliates 105     106     334 323  
Rate-regulated electric revenues                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 7,103     6,690     18,971 17,872  
Purchased power and/or fuel 2,865     2,645     7,380 6,640  
Rate-regulated electric revenues | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 2,218     2,016     5,846 5,280  
Purchased power and/or fuel 971     864     2,501 2,138  
Rate-regulated electric revenues | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 7,079     6,478     18,852 17,283  
Purchased power and/or fuel 2,865     2,645     7,380 6,640  
Rate-regulated electric revenues | Intersegment Eliminations                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues (8)     (6)     (32) (30)  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated electric revenues | Intersegment Eliminations | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues (7)     (5)     (17) (13)  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated electric revenues | Commonwealth Edison Co | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 2,470     2,275     6,368 6,176  
Purchased power and/or fuel 783     806     1,814 2,044  
Rate-regulated electric revenues | PECO Energy Co | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 1,155     1,097     3,178 2,933  
Purchased power and/or fuel 475     428     1,278 1,093  
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 1,247     1,091     3,543 2,951  
Purchased power and/or fuel 636     547     1,787 1,365  
Rate-regulated electric revenues | Pepco Holdings LLC | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 2,215     2,021     5,795 5,253  
Purchased power and/or fuel 971     864     2,501 2,138  
Rate-regulated electric revenues | Potomac Electric Power Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 1,127     992     2,975 2,626  
Purchased power and/or fuel 450     367     1,178 942  
Rate-regulated electric revenues | Delmarva Power and Light Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 516     464     1,435 1,312  
Purchased power and/or fuel 245     211     655 580  
Rate-regulated electric revenues | Atlantic City Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 579     570     1,402 1,328  
Purchased power and/or fuel 276     286     668 616  
Rate-regulated electric revenues | Corporate and Other | Corporate, Non-Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated electric revenues | Corporate and Other | Corporate, Non-Segment | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated natural gas revenues                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 251     235     1,695 1,595  
Purchased power and/or fuel 52     47     524 471  
Rate-regulated natural gas revenues | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 40     27     197 148  
Purchased power and/or fuel 19     8     92 57  
Rate-regulated natural gas revenues | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 240     227     1,676 1,563  
Purchased power and/or fuel 52     47     524 471  
Rate-regulated natural gas revenues | Intersegment Eliminations                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues (1)     (1)     (3) (5)  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated natural gas revenues | Intersegment Eliminations | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated natural gas revenues | Commonwealth Edison Co | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated natural gas revenues | PECO Energy Co | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 85     83     616 580  
Purchased power and/or fuel 19     18     217 195  
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 116     118     866 840  
Purchased power and/or fuel 14     21     215 219  
Rate-regulated natural gas revenues | Pepco Holdings LLC | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 40     27     197 148  
Purchased power and/or fuel 19     8     92 57  
Rate-regulated natural gas revenues | Potomac Electric Power Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated natural gas revenues | Delmarva Power and Light Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 40     27     197 148  
Purchased power and/or fuel 19     8     92 57  
Rate-regulated natural gas revenues | Atlantic City Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated natural gas revenues | Corporate and Other | Corporate, Non-Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Rate-regulated natural gas revenues | Corporate and Other | Corporate, Non-Segment | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Purchased power and/or fuel 0     0     0 0  
Shared service and other revenues | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Shared service and other revenues | Intersegment Eliminations                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues (475)     (450)     (1,439) (1,388)  
Shared service and other revenues | Intersegment Eliminations | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues (100)     (103)     (325) (316)  
Shared service and other revenues | Commonwealth Edison Co | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Shared service and other revenues | PECO Energy Co | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Shared service and other revenues | Baltimore Gas and Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Shared service and other revenues | Pepco Holdings LLC | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 5     3     10 7  
Shared service and other revenues | Potomac Electric Power Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Shared service and other revenues | Delmarva Power and Light Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Shared service and other revenues | Atlantic City Electric Company | Operating Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 0     0     0 0  
Shared service and other revenues | Corporate and Other | Corporate, Non-Segment                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues 470     447     1,429 1,381  
Shared service and other revenues | Corporate and Other | Corporate, Non-Segment | Pepco Holdings LLC                  
Segment Reporting [Line Items]                  
Electric and natural gas operating revenues $ 105     $ 106     $ 335 $ 323  
X
- Definition

Related Party Transaction Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses

+ References

No definition available.

+ Details
Name: exc_RelatedPartyTransactionUtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses
Namespace Prefix: exc_
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: duration
X
- Definition

Revenues from Related Parties

+ References

No definition available.

+ Details
Name: exc_RevenuesFromRelatedParties
Namespace Prefix: exc_
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: duration
X
- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
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v3.26.3
Regulatory Matters - Narrative (Details)
$ in Millions
9 Months Ended 48 Months Ended
Oct. 01, 2026
USD ($)
May 15, 2026
USD ($)
Dec. 19, 2024
USD ($)
Jan. 17, 2023
USD ($)
Sep. 30, 2026
USD ($)
Dec. 31, 2027
Oct. 20, 2026
USD ($)
Jul. 13, 2026
Aug. 06, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commonwealth Edison Co                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Maximum increase of revenue requirement         105.00%          
Commonwealth Edison Co | Carbon Mitigation Credit rider                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Regulatory Liabilities         $ 9          
Commonwealth Edison Co | Nuclear Production Tax Credits                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Regulatory Assets             $ 155     $ 804
Commonwealth Edison Co | Illinois 2023 Electric Distribution Base Rate Case                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Approved Revenue Requirement Increase (Decrease)     $ 1,045              
Public Utilities, Requested Rate Increase (Decrease), Amount       $ 1,487            
Commonwealth Edison Co | Illinois 2023 Electric Distribution Base Rate Case | 2026                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Approved Revenue Requirement Increase (Decrease)     102              
Commonwealth Edison Co | Illinois 2023 Electric Distribution Base Rate Case | 2027                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Approved Revenue Requirement Increase (Decrease)     $ 111              
Commonwealth Edison Co | 2026 Transmission Formula Rate Annual Update                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Basis points for Transmission Formula Rate   0.0050                
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 31                
Commonwealth Edison Co | Illinois 2025 MRP Reconciliation Rate Case                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Public Utilities, Requested Rate Increase (Decrease), Amount $ 205                  
Commonwealth Edison Co | Forecast [Member] | Illinois 2023 Electric Distribution Base Rate Case                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Public Utilities, Approved Debt Capital Structure, Percentage           50.00%        
Baltimore Gas and Electric Company | Legislative Energy Relief Refund                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Regulatory Liabilities                 $ 49  
Baltimore Gas and Electric Company | 2026 Transmission Formula Rate Annual Update                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Basis points for Transmission Formula Rate   0.0050                
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 16                
Potomac Electric Power Company | Legislative Energy Relief Refund                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Regulatory Liabilities                 21  
Potomac Electric Power Company | 2026 Transmission Formula Rate Annual Update                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Basis points for Transmission Formula Rate   0.0050                
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 12                
Delmarva Power and Light Company                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Non-mandatory Capital Spend               70    
Non-mandatory capital spend eligible to be recovered in rates after 2028               5.00%    
Percentage of proposed rates to be implemented 7 months after filing               50.00%    
Percentage of proposed rates to be implemented 12 months after filing               75.00%    
Delmarva Power and Light Company | Legislative Energy Relief Refund                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Regulatory Liabilities                 $ 8  
Delmarva Power and Light Company | 2026 Transmission Formula Rate Annual Update                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Basis points for Transmission Formula Rate   0.0050                
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 3                
Atlantic City Electric Company | 2026 Transmission Formula Rate Annual Update                    
Regulatory Matters Additional Narrative Information [Line Items]                    
Basis points for Transmission Formula Rate   0.0050                
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 1                
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v3.26.3
Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - MWh
MWh in Millions
1 Months Ended 3 Months Ended
Jun. 30, 2012
Sep. 30, 2026
Commonwealth Edison Co    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Long-term Purchase Commitment, Minimum Energy Volume Required 1.3  
PECO Energy Co    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Estimated Percent of Gas Purchases Being Hedged   10.00%
Delmarva Power and Light Company    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Estimated Percent of Gas Purchases Being Hedged   50.00%
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Supplemental Financial Information - Taxes Other Than Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
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Utility taxes $ 287 $ 269 $ 816 $ 765
Property 132 119 381 341
Payroll 38 34 108 101
Commonwealth Edison Co        
Supplemental Statement of Operations Information [Line Items]        
Utility taxes 93 85 264 244
Property 20 9 40 27
Payroll 12 9 29 26
PECO Energy Co        
Supplemental Statement of Operations Information [Line Items]        
Utility taxes 62 58 171 156
Property 5 6 15 15
Payroll 5 4 14 14
Baltimore Gas and Electric Company        
Supplemental Statement of Operations Information [Line Items]        
Utility taxes 29 27 92 85
Property 67 61 193 175
Payroll 4 5 13 14
Pepco Holdings LLC        
Supplemental Statement of Operations Information [Line Items]        
Utility taxes 103 99 288 280
Property 39 43 132 123
Payroll 8 8 25 22
Potomac Electric Power Company        
Supplemental Statement of Operations Information [Line Items]        
Utility taxes 94 91 260 255
Property 32 29 92 84
Payroll 2 2 5 5
Delmarva Power and Light Company        
Supplemental Statement of Operations Information [Line Items]        
Utility taxes 8 7 25 22
Property 7 13 37 37
Payroll 1 1 3 3
Atlantic City Electric Company        
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Property 0 1 2 2
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Property, Plant, and Equipment (Exelon and BGE)
9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment Property, Plant, and Equipment (Exelon and BGE)
Project Impairments
In the third quarter of 2026, BGE canceled two capital projects and wrote off $37 million of related costs previously recorded in Property, plant and equipment to Operating and maintenance expense in Exelon's and BGE's Consolidated Statement of Operations and Comprehensive Income.
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Consolidated Statements of Cash Flows (Unaudited) - PHI - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 2,912 2,719
Gain (Loss) on Disposition of Property Plant Equipment 0 (1)
Asset disallowances, impairments and write-offs 232 0
Deferred income taxes and amortization of investment tax credits 564 293
Other non-cash operating activities 594 1,088
Changes in assets and liabilities:    
Accounts receivable 379 (422)
Inventories (96) (41)
Accounts payable and accrued expenses (1) 165
Collateral received, net 39 (25)
Income taxes (136) 19
Regulatory assets and liabilities, net (1,063) (390)
Pension and non-pension postretirement benefit contributions (370) (313)
Other assets and liabilities 306 (259)
Net cash flows provided by operating activities 5,404 5,010
Cash flows from investing activities    
Capital expenditures (6,799) (6,095)
Proceeds from sales of assets 0 2
Other investing activities 12 (7)
Net cash flows used in investing activities (6,787) (6,100)
Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Issuance of long-term debt 4,425 4,925
Retirement of long-term debt (1,600) (807)
Other financing activities (71) (75)
Net cash flows provided by financing activities 2,302 2,249
Increase (decrease) in cash, restricted cash, and cash equivalents 919 1,159
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Decrease in capital expenditures not paid (4) (12)
Pepco Holdings LLC    
Cash flows from operating activities    
Net income 465 628
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 741 703
Gain (Loss) on Disposition of Property Plant Equipment 0 (1)
Asset disallowances, impairments and write-offs 195 0
Deferred income taxes and amortization of investment tax credits 78 93
Other non-cash operating activities 188 172
Changes in assets and liabilities:    
Accounts receivable (52) (28)
Receivables from and payables to affiliates, net (8) (17)
Inventories (20) (36)
Accounts payable and accrued expenses 28 21
Collateral received, net 38 1
Income taxes (2) (13)
Regulatory assets and liabilities, net (16) (88)
Pension and non-pension postretirement benefit contributions (59) (47)
Other assets and liabilities 43 (20)
Net cash flows provided by operating activities 1,619 1,368
Cash flows from investing activities    
Capital expenditures (1,521) (1,552)
Proceeds from sales of assets 0 2
Other investing activities 5 0
Net cash flows used in investing activities (1,516) (1,550)
Cash flows from financing activities    
Changes in short-term borrowings (612) (364)
Issuance of long-term debt 550 500
Changes in Exelon intercompany money pool 16 1
Distributions to member (410) (548)
Contributions from member 486 569
Other financing activities (21) (19)
Net cash flows provided by financing activities 9 139
Increase (decrease) in cash, restricted cash, and cash equivalents 112 (43)
Cash, restricted cash, and cash equivalents at beginning of period 141 163
Cash, restricted cash, and cash equivalents at end of period 253 120
Supplemental cash flow information    
Decrease in capital expenditures not paid $ (132) $ (92)
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v3.26.3
Balance Sheets (Unaudited) - DPL - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash and cash equivalents 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventories, net    
Fossil fuel 99 88
Materials and supplies 863 780
Regulatory assets 1,278 1,359
Prepaid renewable energy credits 466 563
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Regulatory liabilities 551 1,128
Renewable energy credit obligations 364 473
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Asset retirement obligations 318 321
Non-pension postretirement benefit obligations 572 546
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Shareholders’ equity    
Common stock 22,663 22,106
Retained earnings 8,325 7,577
Total shareholders’ equity 30,132 28,798
Total liabilities and shareholders’ equity 122,237 116,570
Related Party    
Current liabilities    
Accounts payable 5 5
Nonrelated Party    
Current liabilities    
Accounts payable 3,711 3,721
Delmarva Power and Light Company    
Current assets    
Cash and cash equivalents 79 9
Restricted cash and cash equivalents 2 3
Accounts receivable    
Customer accounts receivable 194 253
Customer allowance for credit losses (21) (19)
Customer accounts receivable, net 173 234
Other accounts receivable 73 75
Other allowance for credit losses (11) (10)
Other accounts receivable, net 62 65
Inventories, net    
Fossil fuel 10 9
Materials and supplies 108 107
Prepaid utility taxes 7 29
Regulatory assets 76 72
Prepaid renewable energy credits 24 30
Other 13 13
Total current assets 560 573
Property, plant and equipment, net 6,066 5,855
Deferred debits and other assets    
Regulatory assets 218 214
Other 137 147
Total deferred debits and other assets 355 361
Total assets 6,981 6,789
Current liabilities    
Short-term borrowings 0 161
Long-term debt due within one year 63 53
Accrued expenses 82 70
Customer deposits 40 36
Regulatory liabilities 49 42
Renewable energy credit obligations 48 49
Total current liabilities 492 676
Long-term debt 2,435 2,291
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 1,040 996
Regulatory liabilities 323 316
Asset retirement obligations 13 12
Other 149 127
Total deferred credits and other liabilities 1,525 1,451
Total liabilities 4,452 4,418
Commitments and contingencies
Shareholders’ equity    
Common stock 1,835 1,722
Retained earnings 694 649
Total shareholders’ equity 2,529 2,371
Total liabilities and shareholders’ equity 6,981 6,789
Delmarva Power and Light Company | Related Party    
Accounts receivable    
Receivables from affiliates 6 2
Current liabilities    
Accounts payable 23 25
Delmarva Power and Light Company | Nonrelated Party    
Current liabilities    
Accounts payable 164 218
Other $ 23 $ 22
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v3.26.3
Significant Accounting Policies (All Registrants)
9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies (All Registrants) Significant Accounting Policies (All Registrants)
Description of Business (All Registrants)
Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE.
Name of Registrant  Business  Service Territories
Commonwealth Edison CompanyPurchase and regulated retail sale of electricityNorthern Illinois, including the City of Chicago (and, through its subsidiary, Commonwealth Edison Company of Indiana, transmission of electricity in a small portion of northwestern Indiana)
Transmission and distribution of electricity to retail customers
PECO Energy CompanyPurchase and regulated retail sale of electricity and natural gasSoutheastern Pennsylvania, including the City of Philadelphia (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customersPennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric CompanyPurchase and regulated retail sale of electricity and natural gasCentral Maryland, including the City of Baltimore (electricity and natural gas)
Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLCUtility services holding company engaged, through its reportable segments Pepco, DPL, and ACEService Territories of Pepco, DPL, and ACE
Potomac Electric 
Power Company
  Purchase and regulated retail sale of electricity  District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland
Transmission and distribution of electricity to retail customers
Delmarva Power &
Light Company
Purchase and regulated retail sale of electricity and natural gasPortions of Delaware and Maryland (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customersPortions of New Castle County, Delaware (natural gas)
Atlantic City Electric CompanyPurchase and regulated retail sale of electricityPortions of Southern New Jersey
Transmission and distribution of electricity to retail customers
Prior Period Adjustments (ACE)
In the first quarter of 2026, management identified an error in the historical rate classification for a limited number of ACE customers that resulted in the overstatement of Regulatory assets and Revenues from alternative revenue programs. Management has concluded that the error was not material to previously issued or to the current period financial statements.
The impact of the error correction recognized in the first quarter of 2026 was a $14 million decrease to ACE’s Revenues from alternative revenue programs, a $4 million decrease to Income taxes, and a corresponding decrease of $14 million in Regulatory assets. The overall impact on ACE’s Operating income was a decrease of $14 million, and the impact on ACE’s Net income was $10 million. The error did not impact any net cash flow subtotal for the three months ended March 31, 2026.
Basis of Presentation (All Registrants)
This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrants' Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated.
Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and
PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed.
The accompanying consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 are unaudited but, in the opinion of each Registrant's management, the Registrants include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2025 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2026. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.
New Accounting Standards (All Registrants)
New Accounting Standards Issued and Not Yet Adopted as of September 30, 2026: The following new authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of September 30, 2026. Unless otherwise indicated, the Registrants are currently assessing the impacts such guidance may have (which could be material) in their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures, as well as the potential to early adopt where applicable. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting.
Disaggregation of Income Statement Expenses (Issued November 2024). Provides additional disclosure requirements related to relevant expense captions of income statement expense line items. The revised guidance requires a new tabular disclosure of disaggregated income statement expenses including a break out of (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil and gas producing activities included in each relevant expense line item on the income statement. The tabular disaggregation should include certain amounts already required to be disclosed under GAAP elsewhere. Any remaining amounts not separately disaggregated quantitatively should include a qualitative description. Additionally, on an annual basis, the standard requires disclosure of management’s definition of selling expenses and the amount of expense. The standard is effective for annual reporting periods beginning January 1, 2027, and for interim reporting periods within annual reporting periods beginning January 1, 2028. Early adoption is permitted. Exelon will adopt the guidance upon the applicable effective dates.
Environmental Credits and Environmental Credit Obligations (Issued May 2026). Establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and compliance obligations that may be settled by using environmental credits. The guidance is effective for annual and interim periods beginning January 1, 2028 with early adoption permitted. The guidance is adopted on a retrospective basis by recognizing a cumulative effect adjustment to retained earnings at the date of initial application.
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v3.26.3
Consolidated Statements of Changes in Shareholders Equity - Exelon (Parentheticals) - $ / shares
3 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]            
Common stock dividends (in dollars per share) $ 0.42 $ 0.42 $ 0.42 $ 0.40 $ 0.40 $ 0.40
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v3.26.3
Statements of Changes in Shareholders Equity (Unaudited) - Pepco - USD ($)
$ in Millions
Total
Retained Earnings
Potomac Electric Power Company
Potomac Electric Power Company
Common Stock
Potomac Electric Power Company
Retained Earnings
Beginning Balance at Dec. 31, 2024     $ 4,435 $ 3,335 $ 1,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 908 $ 908 97   97
Common stock dividends (403) (403) (66)   (66)
Contributions from parent     157 157  
Ending Balance at Mar. 31, 2025     4,623 3,492 1,131
Beginning Balance at Dec. 31, 2024     4,435 3,335 1,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,174   337    
Ending Balance at Sep. 30, 2025     4,697 3,527 1,170
Beginning Balance at Mar. 31, 2025     4,623 3,492 1,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
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Consolidated Statements of Changes in Shareholders Equity (Unaudited) - PECO - USD ($)
$ in Millions
Total
Retained Earnings
PECO Energy Co
PECO Energy Co
Common Stock
PECO Energy Co
Retained Earnings
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Beginning Balance at Dec. 31, 2024     6,815 4,645 2,170
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Derivative Financial Instruments - Summary of Counterparty Collateral (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other $ 675 $ 577
External Counterparties | Commodity Contract [Member] | Collateral [Member]    
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Other 312 223
External Counterparties | Commodity Contract [Member] | Collateral [Member] | Commonwealth Edison Co    
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Other 231 192
External Counterparties | Commodity Contract [Member] | Collateral [Member] | PECO Energy Co    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other 18 6
External Counterparties | Commodity Contract [Member] | Collateral [Member] | Baltimore Gas and Electric Company    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other 4 4
External Counterparties | Commodity Contract [Member] | Collateral [Member] | Pepco Holdings LLC    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other 59 21
External Counterparties | Commodity Contract [Member] | Collateral [Member] | Potomac Electric Power Company    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other 21 13
External Counterparties | Commodity Contract [Member] | Collateral [Member] | Delmarva Power and Light Company    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other 2 3
External Counterparties | Commodity Contract [Member] | Collateral [Member] | Atlantic City Electric Company    
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Other $ 36 $ 5
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Consolidated Statements of Changes in Shareholders Equity (Unaudited) - ComEd - USD ($)
$ in Millions
Total
Retained Earnings
Commonwealth Edison Co
Commonwealth Edison Co
Common Stock
Commonwealth Edison Co
Other Paid-In Capital
Commonwealth Edison Co
Retained Earnings
Beginning Balance at Dec. 31, 2024     $ 14,880 $ 1,588 $ 10,628 $ 2,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 908 $ 908 302     302
Common stock dividends (403) (403) (203)     (203)
Contributions from parent     87   87  
Ending Balance at Mar. 31, 2025     15,066 1,588 10,715 2,763
Beginning Balance at Dec. 31, 2024     14,880 1,588 10,628 2,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 2,174   903      
Ending Balance at Sep. 30, 2025     15,281 1,588 10,736 2,957
Beginning Balance at Mar. 31, 2025     15,066 1,588 10,715 2,763
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 391 391 228     228
Common stock dividends (405) (405) (204)     (204)
Contributions from parent     0   0  
Ending Balance at Jun. 30, 2025     15,090 1,588 10,715 2,787
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 875 875 373     373
Common stock dividends (405) (405) (203)     (203)
Contributions from parent     21   21  
Ending Balance at Sep. 30, 2025     15,281 1,588 10,736 2,957
Beginning Balance at Dec. 31, 2025 28,798   15,605 1,588 11,019 2,998
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 919 919 310     310
Common stock dividends (431) (431) (218)     (218)
Contributions from parent     256   256  
Ending Balance at Mar. 31, 2026     15,953 1,588 11,275 3,090
Beginning Balance at Dec. 31, 2025 28,798   15,605 1,588 11,019 2,998
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 2,044   965      
Ending Balance at Sep. 30, 2026 30,132   16,296 1,588 11,399 3,309
Beginning Balance at Mar. 31, 2026     15,953 1,588 11,275 3,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 396 396 249     249
Common stock dividends (430) (430) (219)     (219)
Contributions from parent     0   0  
Ending Balance at Jun. 30, 2026     15,983 1,588 11,275 3,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 729 729 406     406
Common stock dividends (435) $ (435) (217)     (217)
Contributions from parent     124   124  
Ending Balance at Sep. 30, 2026 $ 30,132   $ 16,296 $ 1,588 $ 11,399 $ 3,309
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v3.26.3
Regulatory Matters - Schedule of Completed Rate Cases (Details) - USD ($)
$ in Millions
Aug. 28, 2026
Apr. 16, 2026
Dec. 17, 2025
Nov. 21, 2025
Sep. 05, 2025
Dec. 19, 2024
Dec. 12, 2024
Nov. 26, 2024
Nov. 21, 2024
Oct. 31, 2024
Sep. 11, 2024
Jun. 10, 2024
Apr. 18, 2024
Mar. 28, 2024
Feb. 27, 2024
Feb. 23, 2024
Dec. 14, 2023
Sep. 29, 2023
Feb. 17, 2023
Jan. 17, 2023
Dec. 14, 2022
May 19, 2022
Illinois 2023 Electric Distribution Base Rate Case | Commonwealth Edison Co                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount                                       $ 1,487    
Approved Revenue Requirement Increase (Decrease)           $ 1,045                                
Public Utilities, Approved Return on Equity, Percentage           8.905%                                
Illinois 2024 Electric Distribution Reconciliation Rate Case | Commonwealth Edison Co                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities Requested Rate Increase (Decrease), Prior Year Annual Reconciliation                     $ 624                      
Approved Revenue Requirement Increase (Decrease)                   $ 623                        
Public Utilities, Approved Return on Equity, Percentage                   9.89%                        
Pennsylvania 2024 Electric Distribution Base Rate Case | PECO Energy Co                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount                           $ 464                
Approved Revenue Requirement Increase (Decrease)             $ 354                              
Pennsylvania 2024 Gas Distribution Base Rate Case | PECO Energy Co                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount                           $ 111                
Approved Revenue Requirement Increase (Decrease)             $ 78                              
Maryland 2023 Electric Distribution Base Rate Case | Baltimore Gas and Electric Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount                                     $ 313      
Approved Revenue Requirement Increase (Decrease)                                 $ 179          
Public Utilities, Approved Return on Equity, Percentage                                 9.50%          
Maryland 2023 Gas Distribution Base Rate Case | Baltimore Gas and Electric Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount                                     $ 289      
Approved Revenue Requirement Increase (Decrease)                                 $ 229          
Public Utilities, Approved Return on Equity, Percentage                                 9.45%          
District of Columbia 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                             $ 186              
Approved Revenue Requirement Increase (Decrease)               $ 123                            
Public Utilities, Approved Return on Equity, Percentage               9.50%                            
Pepco Maryland 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                               $ 111            
Approved Revenue Requirement Increase (Decrease)                       $ 45                    
Public Utilities, Approved Return on Equity, Percentage                       9.50%                    
Pepco MD 2025 Electric Distribution Base Rate Case | Potomac Electric Power Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 120                                        
Approved Revenue Requirement Increase (Decrease) $ 51                                          
Public Utilities, Approved Return on Equity, Percentage 9.40%                                          
Maryland 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount                                           $ 38
Approved Revenue Requirement Increase (Decrease)                                         $ 29  
Public Utilities, Approved Return on Equity, Percentage                                         9.60%  
Delaware 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                                   $ 39        
Approved Revenue Requirement Increase (Decrease)                         $ 28                  
Public Utilities, Approved Return on Equity, Percentage                         9.60%                  
DPL 2024 Natural Gas Distribution Base Rate Case | Delmarva Power and Light Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount         $ 37                                  
Approved Revenue Requirement Increase (Decrease)     $ 22                                      
Public Utilities, Approved Return on Equity, Percentage     9.60%                                      
New Jersey 2024 Electric Distribution Base Rate Case | Atlantic City Electric Company                                            
Regulatory Matters Completed Rate Cases [Line Items]                                            
Public Utilities, Requested Rate Increase (Decrease), Amount                 $ 109                          
Approved Revenue Requirement Increase (Decrease)       $ 54                                    
Public Utilities, Approved Return on Equity, Percentage       9.60%                                    
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v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - Exelon - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 2,912 2,719
Gain on sales of assets 0 (1)
Asset disallowances, impairments and write-offs 232 0
Deferred income taxes and amortization of investment tax credits 564 293
Net fair value changes related to derivatives 0 3
Other non-cash operating activities 594 1,088
Changes in assets and liabilities:    
Accounts receivable 379 (422)
Inventories (96) (41)
Accounts payable and accrued expenses (1) 165
Collateral received, net 39 (25)
Income taxes (136) 19
Regulatory assets and liabilities, net (1,063) (390)
Pension and non-pension postretirement benefit contributions (370) (313)
Other assets and liabilities 306 (259)
Net cash flows provided by operating activities 5,404 5,010
Cash flows from investing activities    
Capital expenditures (6,799) (6,095)
Proceeds from sales of assets 0 2
Other investing activities 12 (7)
Net cash flows used in investing activities (6,787) (6,100)
Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Proceeds from short-term borrowings with maturities greater than 90 days 500 0
Issuance of long-term debt 4,425 4,925
Retirement of long-term debt (1,600) (807)
Issuance of common stock 483 173
Dividends paid on common stock (1,294) (1,212)
Proceeds from employee stock plans 37 24
Other financing activities (71) (75)
Net cash flows provided by financing activities 2,302 2,249
Increase in cash, restricted cash, and cash equivalents 919 1,159
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Decrease in capital expenditures not paid (4) (12)
Decrease in PP&E related to ARO update $ (4) $ (5)
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v3.26.3
Consolidated Balance Sheets (Unaudited) - ACE - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventory, net    
Regulatory assets 1,278 1,359
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Regulatory liabilities 551 1,128
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Non-pension postretirement benefit obligations 572 546
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Shareholders’ equity    
Common stock 22,663 22,106
Retained earnings 8,325 7,577
Total shareholders’ equity 30,132 28,798
Total liabilities and shareholders’ equity 122,237 116,570
Related Party    
Current liabilities    
Accounts payable 5 5
Nonrelated Party    
Current liabilities    
Accounts payable 3,711 3,721
Atlantic City Electric Company    
Current assets    
Cash and cash equivalents 15 22
Restricted cash 4 2
Accounts receivable    
Customer accounts receivable 256 239
Customer allowance for credit losses (31) (27)
Customer accounts receivable, net 225 212
Other accounts receivable 86 64
Other allowance for credit losses (14) (13)
Other accounts receivable, net 72 51
Inventory, net    
Inventories, net 79 76
Prepaid utility taxes 14 0
Regulatory assets 70 93
Other 8 8
Total current assets 488 476
Property, plant and equipment, net 4,683 4,556
Deferred debits and other assets    
Regulatory assets 608 559
Other 55 41
Total deferred debits and other assets 663 600
Total assets 5,834 5,632
Current liabilities    
Short-term borrowings 0 148
Long-term debt due within one year 5 5
Accrued expenses 55 64
Customer deposits 27 26
Regulatory liabilities 103 48
Total current liabilities 439 496
Long-term debt 2,131 2,028
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 927 869
Regulatory liabilities 130 137
Other 76 74
Total deferred credits and other liabilities 1,133 1,080
Total liabilities 3,703 3,604
Commitments and contingencies
Shareholders’ equity    
Common stock 2,106 2,013
Retained earnings 25 15
Total shareholders’ equity 2,131 2,028
Total liabilities and shareholders’ equity 5,834 5,632
Atlantic City Electric Company | Related Party    
Accounts receivable    
Receivables from affiliates 1 12
Current liabilities    
Accounts payable 18 24
Other 24 0
Atlantic City Electric Company | Nonrelated Party    
Current liabilities    
Accounts payable 161 168
Other $ 46 $ 13
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Statements of Changes in Shareholders Equity (Unaudited) - DPL - USD ($)
$ in Millions
Total
Retained Earnings
Delmarva Power and Light Company
Delmarva Power and Light Company
Common Stock
Delmarva Power and Light Company
Retained Earnings
Beginning Balance at Dec. 31, 2024     $ 2,242 $ 1,615 $ 627
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 908 $ 908 69   69
Common stock dividends (403) (403) (46)   (46)
Contributions from parent     99 99  
Ending Balance at Mar. 31, 2025     2,364 1,714 650
Beginning Balance at Dec. 31, 2024     2,242 1,615 627
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,174   163    
Ending Balance at Sep. 30, 2025     2,363 1,722 641
Beginning Balance at Mar. 31, 2025     2,364 1,714 650
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 391 391 39   39
Common stock dividends (405) (405) (44)   (44)
Contributions from parent     0 0  
Ending Balance at Jun. 30, 2025     2,359 1,714 645
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 875 875 55   55
Common stock dividends (405) (405) (59)   (59)
Contributions from parent     8 8  
Ending Balance at Sep. 30, 2025     2,363 1,722 641
Beginning Balance at Dec. 31, 2025 28,798   2,371 1,722 649
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 919 919 77   77
Common stock dividends (431) (431) (50)   (50)
Contributions from parent     45 45  
Ending Balance at Mar. 31, 2026     2,443 1,767 676
Beginning Balance at Dec. 31, 2025 28,798   2,371 1,722 649
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,044   164    
Ending Balance at Sep. 30, 2026 30,132   2,529 1,835 694
Beginning Balance at Mar. 31, 2026     2,443 1,767 676
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 396 396 26   26
Common stock dividends (430) (430) (36)   (36)
Contributions from parent     0 0  
Ending Balance at Jun. 30, 2026     2,433 1,767 666
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 729 729 61   61
Common stock dividends (435) $ (435) (33)   (33)
Contributions from parent     68 68  
Ending Balance at Sep. 30, 2026 $ 30,132   $ 2,529 $ 1,835 $ 694
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v3.26.3
Segment Information (All Registrants)
9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information (All Registrants) Segment Information (All Registrants)
Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer.
Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. The CODMs of Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions.
An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three and nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended September 30, 2026 and 2025
ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations
Exelon
Operating revenues(b):
2026
Electric revenues$2,470 $1,155 $1,247 $2,215 $— $(8)$7,079 
Natural gas revenues— 85 116 40 — (1)240 
Shared service and other revenues— — — 5 470 (475)— 
Total operating revenues$2,470 $1,240 $1,363 $2,260 $470 $(484)$7,319 
2025
Electric revenues$2,275 $1,097 $1,091 $2,021 $— $(6)$6,478 
Natural gas revenues— 83 118 27 — (1)227 
Shared service and other revenues— — — 3 447 (450)— 
Total operating revenues$2,275 $1,180 $1,209 $2,051 $447 $(457)$6,705 
Less:
Purchased power
2026$783 $475 $636 $971 $— $— $2,865 
2025806 428 547 864 — — 2,645 
Purchased fuel
2026$— $19 $14 $19 $— $— $52 
2025— 18 21 8 — — 47 
Operating and maintenance
2026$359 $258 $236 $510 $428 $(227)$1,564 
2025313 183 179 290 409 (202)1,172 
Operating and maintenance from affiliates
2026$105 $55 $56 $39 $12 $(267)$— 
202596 58 60 45 11 (270)— 
Depreciation and amortization
2026$438 $126 $161 $250 $16 $— $991 
2025395 115 155 234 13 — 912 
Taxes other than income taxes
2026$133 $73 $100 $150 $12 $— $468 
2025107 69 93 150 10 — 429 
Interest expense, net(c)
2026$146 $74 $73 $110 $184 $— $587 
2025132 63 64 102 170 — 531 
Interest expense to affiliates, net(c)
2026$3 $2 $— $1 $— $— $6 
20253 2 — — — 2 7 
Other, net
2026$(43)$(15)$(26)$(23)$(2)$12 $(97)
2025(33)(11)(15)(18)(4)13 (68)
Income Taxes
2026$140 $8 $23 $46 $(62)$(1)$154 
202583 5 23 85 (41)— 155 
Net income (loss) attributable to common shareholders
2026$406 $165 $90 $187 $(118)$(1)$729 
2025373 250 82 291 (121)— 875 
Supplemental segment information
Intersegment revenues(d)
2026$2 $5 $2 $5 $465 $(479)$— 
20252 3 2 2 444 (453)— 
Capital Expenditures
2026$851 $505 $402 $461 $24 $— $2,243 
2025781 502 407 444 2 — 2,136 
__________
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)See Note 16 — Related Party Transactions for additional information on intersegment revenues.

PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations
PHI
Operating revenues(b):
2026
Electric revenues$1,127 $516 $579 $— $(7)$2,215 
Natural gas revenues— 40 — — — 40 
Shared service and other revenues— — — 105 (100)5 
Total operating revenues$1,127 $556 $579 $105 $(107)$2,260 
2025
Electric revenues$992 $464 $570 $— $(5)$2,021 
Natural gas revenues— 27 — — — 27 
Shared service and other revenues— — — 106 (103)3 
Total operating revenues$992 $491 $570 $106 $(108)$2,051 
Less:
Purchased power
2026$450 $245 $276 $— $— $971 
2025367 211 286 — — 864 
Purchased fuel
2026$— $19 $— $— $— $19 
2025— 8 — — — 8 
Operating and maintenance
2026$294 $66 $61 $89 $— $510 
202595 51 55 89 — 290 
Operating and maintenance from affiliates
2026$60 $42 $31 $14 $(108)$39 
202559 43 37 14 (108)45 
Depreciation and amortization
2026$115 $67 $67 $1 $— $250 
2025110 63 61 — — 234 
Taxes other than income taxes
2026$128 $16 $2 $4 $— $150 
2025122 21 2 5 — 150 
Interest expense, net(c)
2026$58 $28 $23 $1 $— $110 
202553 26 20 3 — 102 
Interest expense to affiliates, net(c)
2026$(1)$— $— $1 $1 $1 
2025— — — 1 (1)— 
Other, net
2026$(13)$(7)$(3)$— $— $(23)
2025(11)(4)(2)(1)— (18)
Income Taxes
2026$(4)$19 $32 $(1)$— $46 
202541 17 29 (2)— 85 
Net income (loss) attributable to common shareholders
2026$40 $61 $90 $(4)$— $187 
2025156 55 82 (2)— 291 
Supplemental segment information
Intersegment revenues(d)
2026$3 $3 $1 $105 $(107)$5 
20252 2 1 106 (109)2 
Capital Expenditures
2026$231 $129 $99 $2 $— $461 
2025221 125 96 2 — 444 
__________
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Electric and Gas Revenue by Customer Class (Utility Registrants):
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
Three Months Ended September 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,377 $796 $795 $1,283 $583 $319 $381 
Small commercial & industrial621 173 130 230 60 81 89 
Large commercial & industrial184 82 200 445 370 34 41 
Public authorities & electric railroads12 8 8 20 11 4 5 
Other(a)
280 89 115 241 99 80 64 
Total electric revenues(b)
$2,474 $1,148 $1,248 $2,219 $1,123 $518 $580 
Natural gas revenues
Residential$— $54 $67 $15 $— $15 $— 
Small commercial & industrial— 20 14 8 — 8 — 
Large commercial & industrial— — 41 1 — 1 — 
Transportation— 9 — 5 — 5 — 
Other(c)
— 2 6 11 — 11 — 
Total natural gas revenues(d)
$— $85 $128 $40 $— $40 $— 
Total revenues from contracts with customers$2,474 $1,233 $1,376 $2,259 $1,123 $558 $580 
Other revenues
Revenues from alternative revenue programs$(15)$1 $(18)$(3)$1 $(3)$(1)
Other electric revenues(e)
11 6 5 4 3 1 — 
Other natural gas revenues(e)
— — — — — — — 
Total other revenues$(4)$7 $(13)$1 $4 $(2)$(1)
Total revenues for reportable segments$2,470 $1,240 $1,363 $2,260 $1,127 $556 $579 
Three Months Ended September 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,365 $735 $684 $1,147 $501 $283 $363 
Small commercial & industrial645 167 113 210 56 72 82 
Large commercial & industrial217 101 172 406 331 32 43 
Public authorities & electric railroads14 8 8 16 8 4 4 
Other(a)
229 78 122 235 98 77 62 
Total electric revenues(b)
$2,470 $1,089 $1,099 $2,014 $994 $468 $554 
Natural gas revenues
Residential$— $50 $68 $13 $— $13 $— 
Small commercial & industrial— 23 14 7 — 7 — 
Large commercial & industrial— 1 37 1 — 1 — 
Transportation— 7 — 4 — 4 — 
Other(c)
— 1 6 2 — 2 — 
Total natural gas revenues(d)
$— $82 $125 $27 $— $27 $— 
Total revenues from contracts with customers$2,470 $1,171 $1,224 $2,041 $994 $495 $554 
Other revenues
Revenues from alternative revenue programs$(206)$2 $(20)$6 $(5)$(5)$16 
Other electric revenues(e)
11 6 4 4 3 1 — 
Other natural gas revenues(e)
— 1 1 — — — — 
Total other revenues$(195)$9 $(15)$10 $(2)$(4)$16 
Total revenues for reportable segments$2,275 $1,180 $1,209 $2,051 $992 $491 $570 
__________
(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$2 million, $2 million at ComEd
•$4 million, $2 million at PECO
•$1 million, $1 million at BGE
•$5 million, $2 million at PHI
•$3 million, $2 million at Pepco
•$3 million, $2 million at DPL
•$1 million, $1 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$1 million, $1 million at PECO
•$1 million, $1 million at BGE
(e)Includes late payment charge revenues

Nine Months Ended September 30, 2026 and 2025

ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations
Exelon
Operating revenues(b):
2026
Electric revenues$6,368 $3,178 $3,543 $5,795 $— $(32)$18,852 
Natural gas revenues— 616 866 197 — (3)1,676 
Shared service and other revenues— — — 10 1,429 (1,439)— 
Total operating revenues$6,368 $3,794 $4,409 $6,002 $1,429 $(1,474)$20,528 
2025
Electric revenues$6,176 $2,933 $2,951 $5,253 $— $(30)$17,283 
Natural gas revenues— 580 840 148 — (5)1,563 
Shared service and other revenues— — — 7 1,381 (1,388)— 
Total operating revenues$6,176 $3,513 $3,791 $5,408 $1,381 $(1,423)$18,846 
Less:
Purchased power
2026$1,814 $1,278 $1,787 $2,501 $— $— $7,380 
20252,044 1,093 1,365 2,138 — — 6,640 
Purchased fuel
2026$— $217 $215 $92 $— $— $524 
2025— 195 219 57 — — 471 
Operating and maintenance
2026$1,033 $760 $716 $1,212 $1,308 $(613)$4,416 
2025958 690 621 876 1,313 (618)3,840 
Operating and maintenance from affiliates
2026$317 $189 $194 $157 $37 $(894)$— 
2025296 182 186 148 32 (844)— 
Depreciation and amortization
2026$1,258 $373 $496 $741 $42 $— $2,910 
20251,162 336 473 701 45 — 2,717 
Taxes other than income taxes
2026$345 $204 $301 $445 $40 $— $1,335 
2025303 183 273 426 31 — 1,216 
(Gain) on sale of assets
2026$— $— $— $— $— $— $— 
2025— — — (1)— — (1)
Interest expense, net(c)
2026$418 $213 $202 $323 $546 $— $1,702 
2025385 179 183 303 510 — 1,560 
Interest expense to affiliates, net(c)
2026$10 $6 $— $3 $— $— $19 
202510 9 — 2 (1)(2)18 
Other, net
2026$(116)$(39)$(64)$(62)$(8)$33 $(256)
2025(86)(29)(35)(54)(22)41 (185)
Income taxes
2026$324 $31 $119 $125 $(145)$— $454 
2025201 23 108 184 (120)— 396 
Net income (loss) attributable to common shareholders
2026$965 $562 $443 $465 $(391)$— $2,044 
2025903 652 398 628 (407)— 2,174 
Supplemental segment information
Intersegment revenues(d)
2026$15 $13 $7 $10 $1,419 $(1,464)$— 
202519 9 6 7 1,374 (1,415)— 
Capital expenditures
2026$2,522 $1,469 $1,224 $1,521 $63 $— $6,799 
20251,970 1,334 1,211 1,552 28 — 6,095 
Total assets
September 30, 2026$50,538 $21,314 $18,441 $30,317 $5,762 $(4,135)$122,237 
December 31, 202548,285 19,362 17,184 29,715 6,170 (4,146)116,570 
__________
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)See Note 16 — Related Party Transactions for additional information on intersegment revenues.
PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations
PHI
Operating revenues(b):
2026
Electric revenues$2,975 $1,435 $1,402 $— $(17)$5,795 
Natural gas revenues— 197 — — — 197 
Shared service and other revenues— — — 335 (325)10 
Total operating revenues$2,975 $1,632 $1,402 $335 $(342)$6,002 
2025
Electric revenues$2,626 $1,312 $1,328 $— $(13)$5,253 
Natural gas revenues— 148 — — — 148 
Shared service and other revenues— — — 323 (316)7 
Total operating revenues$2,626 $1,460 $1,328 $323 $(329)$5,408 
Less:
Purchased power
2026$1,178 $655 $668 $— $— $2,501 
2025942 580 616 — — 2,138 
Purchased fuel
2026$— $92 $— $— $— $92 
2025— 57 — — — 57 
Operating and maintenance
2026$564 $200 $166 $282 $— $1,212 
2025282 162 161 271 — 876 
Operating and maintenance from affiliates
2026$198 $139 $119 $43 $(342)$157 
2025184 134 116 43 (329)148 
Depreciation and amortization
2026$343 $200 $195 $3 $— $741 
2025321 189 188 3 — 701 
Taxes other than income taxes
2026$359 $66 $8 $12 $— $445 
2025344 63 7 12 — 426 
(Gain) on sale of assets
2026$— $— $— $— $— $— 
2025(1)— — — — (1)
Interest expense, net(c)
2026$169 $81 $67 $6 $— $323 
2025159 75 62 7 — 303 
Interest expense to affiliates, net(c)
2026$(1)$— $— $3 $1 $3 
2025— — — 2 — 2 
Other, net
2026$(37)$(14)$(8)$(2)$(1)$(62)
2025(31)(12)(8)(3)— (54)
Income taxes
2026$29 $49 $48 $(1)$— $125 
202589 49 48 (2)— 184 
Net income (loss) attributable to common shareholders
2026$173 $164 $139 $(11)$— $465 
2025337 163 138 (10)— 628 
Supplemental segment information
Intersegment revenues(d)
2026$7 $7 $4 $334 $(342)$10 
20254 6 3 323 (329)7 
Capital expenditures
2026$747 $429 $339 $6 $— $1,521 
2025690 402 292 168 — 1,552 
Total assets
September 30, 2026$12,984 $6,981 $5,834 $4,577 $(59)$30,317 
December 31, 202512,728 6,789 5,632 4,602 (36)29,715 
__________
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Electric and Gas Revenue by Customer Class (Utility Registrants):
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
Nine Months Ended September 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$3,501 $2,122 $2,254 $3,244 $1,485 $879 $880 
Small commercial & industrial1,632 502 368 603 163 218 222 
Large commercial & industrial436 254 541 1,239 1,012 98 129 
Public authorities & electric railroads35 25 25 59 32 12 15 
Other(a)
785 244 353 698 286 233 186 
Total electric revenues(b)
$6,389 $3,147 $3,541 $5,843 $2,978 $1,440 $1,432 
Natural gas revenues
Residential$— $422 $561 $106 $— $106 $— 
Small commercial & industrial— 145 95 46 — 46 — 
Large commercial & industrial— — 182 7 — 7 — 
Transportation— 35 — 15 — 15 — 
Other(c)
— 12 42 23 — 23 — 
Total natural gas revenues(d)
$— $614 $880 $197 $— $197 $— 
Total revenues from contracts with customers$6,389 $3,761 $4,421 $6,040 $2,978 $1,637 $1,432 
Other revenues
Revenues from alternative revenue programs$(62)$10 $(35)$(51)$(13)$(8)$(30)
Other electric revenues(e)
41 21 18 13 10 3 — 
Other natural gas revenues(e)
— 2 5 — — — — 
Total other revenues$(21)$33 $(12)$(38)$(3)$(5)$(30)
Total revenues for reportable segments$6,368 $3,794 $4,409 $6,002 $2,975 $1,632 $1,402 
Nine Months Ended September 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$3,452 $1,921 $1,829 $2,847 $1,273 $792 $782 
Small commercial & industrial1,799 484 311 548 155 200 193 
Large commercial & industrial689 260 456 1,144 911 92 141 
Public authorities & electric railroads43 26 25 56 29 13 14 
Other(a)
688 231 352 688 274 224 196 
Total electric revenues(b)
$6,671 $2,922 $2,973 $5,283 $2,642 $1,321 $1,326 
Natural gas revenues
Residential$— $396 $555 $86 $— $86 $— 
Small commercial & industrial— 140 100 35 — 35 — 
Large commercial & industrial— 1 178 6 — 6 — 
Transportation— 28 — 13 — 13 — 
Other(c)
— 13 37 8 — 8 — 
Total natural gas revenues(d)
$— $578 $870 $148 $— $148 $— 
Total revenues from contracts with customers$6,671 $3,500 $3,843 $5,431 $2,642 $1,469 $1,326 
Other revenues
Revenues from alternative revenue programs$(525)$(6)$(63)$(27)$(19)$(10)$2 
Other electric revenues(e)
30 17 9 4 3 1 — 
Other natural gas revenues(e)
— 2 2 — — — — 
Total other revenues$(495)$13 $(52)$(23)$(16)$(9)$2 
Total revenues for reportable segments$6,176 $3,513 $3,791 $5,408 $2,626 $1,460 $1,328 
__________
(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$15 million, $19 million at ComEd
•$11 million, $7 million at PECO
•$5 million, $4 million at BGE
•$10 million, $7 million at PHI
•$7 million, $4 million at Pepco
•$7 million, $6 million at DPL
•$4 million, $3 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$2 million, $2 million at PECO
•$2 million, $2 million at BGE
(e)Includes late payment charge revenues.
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Balance Sheets (Unaudited) - Pepco (Parentheticals) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Statement [Line Items]    
Accumulated depreciation and amortization $ 21,437 $ 20,080
Potomac Electric Power Company    
Statement [Line Items]    
Accumulated depreciation and amortization $ 4,995 $ 4,784
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v3.26.3
Segment Information - Electric and Gas Revenue by Customer Class (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates $ (35) $ (220) $ (138) $ (621)
Total operating revenues 7,319 6,705 20,528 18,846
Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 7,319 6,705 20,528 18,846
Commonwealth Edison Co        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates (15) (206) (62) (525)
Total operating revenues 2,470 2,275 6,368 6,176
Commonwealth Edison Co | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 2 2 15 19
Commonwealth Edison Co | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 2,474 2,470 6,389 6,671
Commonwealth Edison Co | Other Regulated Revenue        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues (4) (195) (21) (495)
PECO Energy Co        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates 1 2 10 (6)
Total operating revenues 1,240 1,180 3,794 3,513
PECO Energy Co | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 5 3 13 9
PECO Energy Co | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 1,233 1,171 3,761 3,500
PECO Energy Co | Other Regulated Revenue        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 7 9 33 13
Baltimore Gas and Electric Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates (18) (20) (35) (63)
Total operating revenues 1,363 1,209 4,409 3,791
Baltimore Gas and Electric Company | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 2 2 7 6
Baltimore Gas and Electric Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 1,376 1,224 4,421 3,843
Baltimore Gas and Electric Company | Other Regulated Revenue        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues (13) (15) (12) (52)
Pepco Holdings LLC        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates (3) 6 (51) (27)
Total operating revenues 2,260 2,051 6,002 5,408
Pepco Holdings LLC | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 5 2 10 7
Pepco Holdings LLC | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 2,259 2,041 6,040 5,431
Pepco Holdings LLC | Other Regulated Revenue        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 1 10 (38) (23)
Potomac Electric Power Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates 1 (5) (13) (19)
Total operating revenues 1,127 992 2,975 2,626
Potomac Electric Power Company | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 3 2 7 4
Potomac Electric Power Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 1,123 994 2,978 2,642
Potomac Electric Power Company | Other Regulated Revenue        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 4 (2) (3) (16)
Delmarva Power and Light Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates (3) (5) (8) (10)
Total operating revenues 556 491 1,632 1,460
Delmarva Power and Light Company | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 3 2 7 6
Delmarva Power and Light Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 558 495 1,637 1,469
Delmarva Power and Light Company | Other Regulated Revenue        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues (2) (4) (5) (9)
Atlantic City Electric Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates (1) 16 (30) 2
Total operating revenues 579 570 1,402 1,328
Atlantic City Electric Company | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 1 1 4 3
Atlantic City Electric Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues 580 554 1,432 1,326
Atlantic City Electric Company | Other Regulated Revenue        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Total operating revenues (1) 16 (30) 2
Rate-regulated electric revenues        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 7,103 6,690 18,971 17,872
Rate-regulated electric revenues | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 7,079 6,478 18,852 17,283
Rate-regulated electric revenues | Commonwealth Edison Co        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 2,483 2,479 6,415 6,682
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 2,474 2,470 6,389 6,671
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 2 2 15 19
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 11 11 41 30
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,377 1,365 3,501 3,452
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 621 645 1,632 1,799
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 184 217 436 689
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation | Public authorities & electric railroads        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 12 14 35 43
Rate-regulated electric revenues | Commonwealth Edison Co | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 280 229 785 688
Rate-regulated electric revenues | PECO Energy Co        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,150 1,093 3,157 2,932
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,148 1,089 3,147 2,922
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 4 2 11 7
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 6 6 21 17
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 796 735 2,122 1,921
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 173 167 502 484
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 82 101 254 260
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation | Public authorities & electric railroads        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 8 8 25 26
Rate-regulated electric revenues | PECO Energy Co | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 89 78 244 231
Rate-regulated electric revenues | Baltimore Gas and Electric Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,252 1,102 3,554 2,978
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,248 1,099 3,541 2,973
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 1 1 5 4
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 5 4 18 9
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 795 684 2,254 1,829
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 130 113 368 311
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 200 172 541 456
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation | Public authorities & electric railroads        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 8 8 25 25
Rate-regulated electric revenues | Baltimore Gas and Electric Company | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 115 122 353 352
Rate-regulated electric revenues | Pepco Holdings LLC        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 2,218 2,016 5,846 5,280
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 2,219 2,014 5,843 5,283
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 5 2 10 7
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 4 4 13 4
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,283 1,147 3,244 2,847
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 230 210 603 548
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 445 406 1,239 1,144
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation | Public authorities & electric railroads        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 20 16 59 56
Rate-regulated electric revenues | Pepco Holdings LLC | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 241 235 698 688
Rate-regulated electric revenues | Potomac Electric Power Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,123 995 2,981 2,641
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1,123 994 2,978 2,642
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 3 2 7 4
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 3 3 10 3
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 583 501 1,485 1,273
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 60 56 163 155
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 370 331 1,012 911
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation | Public authorities & electric railroads        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 11 8 32 29
Rate-regulated electric revenues | Potomac Electric Power Company | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 99 98 286 274
Rate-regulated electric revenues | Delmarva Power and Light Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 516 467 1,436 1,316
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 518 468 1,440 1,321
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 3 2 7 6
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 1 1 3 1
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 319 283 879 792
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 81 72 218 200
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 34 32 98 92
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation | Public authorities & electric railroads        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 4 4 12 13
Rate-regulated electric revenues | Delmarva Power and Light Company | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 80 77 233 224
Rate-regulated electric revenues | Atlantic City Electric Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 579 553 1,428 1,323
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 580 554 1,432 1,326
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 1 1 4 3
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 381 363 880 782
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 89 82 222 193
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 41 43 129 141
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation | Public authorities & electric railroads        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 5 4 15 14
Rate-regulated electric revenues | Atlantic City Electric Company | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 64 62 186 196
Rate-regulated natural gas revenues        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 251 235 1,695 1,595
Rate-regulated natural gas revenues | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 240 227 1,676 1,563
Rate-regulated natural gas revenues | Commonwealth Edison Co | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | Commonwealth Edison Co | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | Commonwealth Edison Co | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | Commonwealth Edison Co | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | Commonwealth Edison Co | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | Commonwealth Edison Co | Regulated Operation | Transportation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | Commonwealth Edison Co | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | PECO Energy Co        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 84 82 614 578
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 85 82 614 578
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 1 1 2 2
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 1 2 2
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 54 50 422 396
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 20 23 145 140
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 1 0 1
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation | Transportation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 9 7 35 28
Rate-regulated natural gas revenues | PECO Energy Co | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 2 1 12 13
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 127 125 883 870
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 128 125 880 870
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation | Related Party        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Operating revenues from affiliates 1 1 2 2
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation | Operating Segment        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 1 5 2
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation | Residential        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 67 68 561 555
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation | Small commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 14 14 95 100
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation | Large commercial & industrial        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 41 37 182 178
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation | Transportation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 0 0 0 0
Rate-regulated natural gas revenues | Baltimore Gas and Electric Company | Regulated Operation | Other        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 6 6 42 37
Rate-regulated natural gas revenues | Pepco Holdings LLC        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Electric and natural gas operating revenues 40 27 197 148
Rate-regulated natural gas revenues | Pepco Holdings LLC | Regulated Operation        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
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Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
True-up adjustments to decoupling mechanisms and formula rates (3) (5) (8) (10)
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Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
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v3.26.3
Segment Information (Tables)
9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Analysis and reconciliation of reportable segment information
An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three and nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended September 30, 2026 and 2025
ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations
Exelon
Operating revenues(b):
2026
Electric revenues$2,470 $1,155 $1,247 $2,215 $— $(8)$7,079 
Natural gas revenues— 85 116 40 — (1)240 
Shared service and other revenues— — — 5 470 (475)— 
Total operating revenues$2,470 $1,240 $1,363 $2,260 $470 $(484)$7,319 
2025
Electric revenues$2,275 $1,097 $1,091 $2,021 $— $(6)$6,478 
Natural gas revenues— 83 118 27 — (1)227 
Shared service and other revenues— — — 3 447 (450)— 
Total operating revenues$2,275 $1,180 $1,209 $2,051 $447 $(457)$6,705 
Less:
Purchased power
2026$783 $475 $636 $971 $— $— $2,865 
2025806 428 547 864 — — 2,645 
Purchased fuel
2026$— $19 $14 $19 $— $— $52 
2025— 18 21 8 — — 47 
Operating and maintenance
2026$359 $258 $236 $510 $428 $(227)$1,564 
2025313 183 179 290 409 (202)1,172 
Operating and maintenance from affiliates
2026$105 $55 $56 $39 $12 $(267)$— 
202596 58 60 45 11 (270)— 
Depreciation and amortization
2026$438 $126 $161 $250 $16 $— $991 
2025395 115 155 234 13 — 912 
Taxes other than income taxes
2026$133 $73 $100 $150 $12 $— $468 
2025107 69 93 150 10 — 429 
Interest expense, net(c)
2026$146 $74 $73 $110 $184 $— $587 
2025132 63 64 102 170 — 531 
Interest expense to affiliates, net(c)
2026$3 $2 $— $1 $— $— $6 
20253 2 — — — 2 7 
Other, net
2026$(43)$(15)$(26)$(23)$(2)$12 $(97)
2025(33)(11)(15)(18)(4)13 (68)
Income Taxes
2026$140 $8 $23 $46 $(62)$(1)$154 
202583 5 23 85 (41)— 155 
Net income (loss) attributable to common shareholders
2026$406 $165 $90 $187 $(118)$(1)$729 
2025373 250 82 291 (121)— 875 
Supplemental segment information
Intersegment revenues(d)
2026$2 $5 $2 $5 $465 $(479)$— 
20252 3 2 2 444 (453)— 
Capital Expenditures
2026$851 $505 $402 $461 $24 $— $2,243 
2025781 502 407 444 2 — 2,136 
__________
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)See Note 16 — Related Party Transactions for additional information on intersegment revenues.

PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations
PHI
Operating revenues(b):
2026
Electric revenues$1,127 $516 $579 $— $(7)$2,215 
Natural gas revenues— 40 — — — 40 
Shared service and other revenues— — — 105 (100)5 
Total operating revenues$1,127 $556 $579 $105 $(107)$2,260 
2025
Electric revenues$992 $464 $570 $— $(5)$2,021 
Natural gas revenues— 27 — — — 27 
Shared service and other revenues— — — 106 (103)3 
Total operating revenues$992 $491 $570 $106 $(108)$2,051 
Less:
Purchased power
2026$450 $245 $276 $— $— $971 
2025367 211 286 — — 864 
Purchased fuel
2026$— $19 $— $— $— $19 
2025— 8 — — — 8 
Operating and maintenance
2026$294 $66 $61 $89 $— $510 
202595 51 55 89 — 290 
Operating and maintenance from affiliates
2026$60 $42 $31 $14 $(108)$39 
202559 43 37 14 (108)45 
Depreciation and amortization
2026$115 $67 $67 $1 $— $250 
2025110 63 61 — — 234 
Taxes other than income taxes
2026$128 $16 $2 $4 $— $150 
2025122 21 2 5 — 150 
Interest expense, net(c)
2026$58 $28 $23 $1 $— $110 
202553 26 20 3 — 102 
Interest expense to affiliates, net(c)
2026$(1)$— $— $1 $1 $1 
2025— — — 1 (1)— 
Other, net
2026$(13)$(7)$(3)$— $— $(23)
2025(11)(4)(2)(1)— (18)
Income Taxes
2026$(4)$19 $32 $(1)$— $46 
202541 17 29 (2)— 85 
Net income (loss) attributable to common shareholders
2026$40 $61 $90 $(4)$— $187 
2025156 55 82 (2)— 291 
Supplemental segment information
Intersegment revenues(d)
2026$3 $3 $1 $105 $(107)$5 
20252 2 1 106 (109)2 
Capital Expenditures
2026$231 $129 $99 $2 $— $461 
2025221 125 96 2 — 444 
__________
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations
Exelon
Operating revenues(b):
2026
Electric revenues$6,368 $3,178 $3,543 $5,795 $— $(32)$18,852 
Natural gas revenues— 616 866 197 — (3)1,676 
Shared service and other revenues— — — 10 1,429 (1,439)— 
Total operating revenues$6,368 $3,794 $4,409 $6,002 $1,429 $(1,474)$20,528 
2025
Electric revenues$6,176 $2,933 $2,951 $5,253 $— $(30)$17,283 
Natural gas revenues— 580 840 148 — (5)1,563 
Shared service and other revenues— — — 7 1,381 (1,388)— 
Total operating revenues$6,176 $3,513 $3,791 $5,408 $1,381 $(1,423)$18,846 
Less:
Purchased power
2026$1,814 $1,278 $1,787 $2,501 $— $— $7,380 
20252,044 1,093 1,365 2,138 — — 6,640 
Purchased fuel
2026$— $217 $215 $92 $— $— $524 
2025— 195 219 57 — — 471 
Operating and maintenance
2026$1,033 $760 $716 $1,212 $1,308 $(613)$4,416 
2025958 690 621 876 1,313 (618)3,840 
Operating and maintenance from affiliates
2026$317 $189 $194 $157 $37 $(894)$— 
2025296 182 186 148 32 (844)— 
Depreciation and amortization
2026$1,258 $373 $496 $741 $42 $— $2,910 
20251,162 336 473 701 45 — 2,717 
Taxes other than income taxes
2026$345 $204 $301 $445 $40 $— $1,335 
2025303 183 273 426 31 — 1,216 
(Gain) on sale of assets
2026$— $— $— $— $— $— $— 
2025— — — (1)— — (1)
Interest expense, net(c)
2026$418 $213 $202 $323 $546 $— $1,702 
2025385 179 183 303 510 — 1,560 
Interest expense to affiliates, net(c)
2026$10 $6 $— $3 $— $— $19 
202510 9 — 2 (1)(2)18 
Other, net
2026$(116)$(39)$(64)$(62)$(8)$33 $(256)
2025(86)(29)(35)(54)(22)41 (185)
Income taxes
2026$324 $31 $119 $125 $(145)$— $454 
2025201 23 108 184 (120)— 396 
Net income (loss) attributable to common shareholders
2026$965 $562 $443 $465 $(391)$— $2,044 
2025903 652 398 628 (407)— 2,174 
Supplemental segment information
Intersegment revenues(d)
2026$15 $13 $7 $10 $1,419 $(1,464)$— 
202519 9 6 7 1,374 (1,415)— 
Capital expenditures
2026$2,522 $1,469 $1,224 $1,521 $63 $— $6,799 
20251,970 1,334 1,211 1,552 28 — 6,095 
Total assets
September 30, 2026$50,538 $21,314 $18,441 $30,317 $5,762 $(4,135)$122,237 
December 31, 202548,285 19,362 17,184 29,715 6,170 (4,146)116,570 
__________
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)See Note 16 — Related Party Transactions for additional information on intersegment revenues.
PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations
PHI
Operating revenues(b):
2026
Electric revenues$2,975 $1,435 $1,402 $— $(17)$5,795 
Natural gas revenues— 197 — — — 197 
Shared service and other revenues— — — 335 (325)10 
Total operating revenues$2,975 $1,632 $1,402 $335 $(342)$6,002 
2025
Electric revenues$2,626 $1,312 $1,328 $— $(13)$5,253 
Natural gas revenues— 148 — — — 148 
Shared service and other revenues— — — 323 (316)7 
Total operating revenues$2,626 $1,460 $1,328 $323 $(329)$5,408 
Less:
Purchased power
2026$1,178 $655 $668 $— $— $2,501 
2025942 580 616 — — 2,138 
Purchased fuel
2026$— $92 $— $— $— $92 
2025— 57 — — — 57 
Operating and maintenance
2026$564 $200 $166 $282 $— $1,212 
2025282 162 161 271 — 876 
Operating and maintenance from affiliates
2026$198 $139 $119 $43 $(342)$157 
2025184 134 116 43 (329)148 
Depreciation and amortization
2026$343 $200 $195 $3 $— $741 
2025321 189 188 3 — 701 
Taxes other than income taxes
2026$359 $66 $8 $12 $— $445 
2025344 63 7 12 — 426 
(Gain) on sale of assets
2026$— $— $— $— $— $— 
2025(1)— — — — (1)
Interest expense, net(c)
2026$169 $81 $67 $6 $— $323 
2025159 75 62 7 — 303 
Interest expense to affiliates, net(c)
2026$(1)$— $— $3 $1 $3 
2025— — — 2 — 2 
Other, net
2026$(37)$(14)$(8)$(2)$(1)$(62)
2025(31)(12)(8)(3)— (54)
Income taxes
2026$29 $49 $48 $(1)$— $125 
202589 49 48 (2)— 184 
Net income (loss) attributable to common shareholders
2026$173 $164 $139 $(11)$— $465 
2025337 163 138 (10)— 628 
Supplemental segment information
Intersegment revenues(d)
2026$7 $7 $4 $334 $(342)$10 
20254 6 3 323 (329)7 
Capital expenditures
2026$747 $429 $339 $6 $— $1,521 
2025690 402 292 168 — 1,552 
Total assets
September 30, 2026$12,984 $6,981 $5,834 $4,577 $(59)$30,317 
December 31, 202512,728 6,789 5,632 4,602 (36)29,715 
__________
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
Three Months Ended September 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,377 $796 $795 $1,283 $583 $319 $381 
Small commercial & industrial621 173 130 230 60 81 89 
Large commercial & industrial184 82 200 445 370 34 41 
Public authorities & electric railroads12 8 8 20 11 4 5 
Other(a)
280 89 115 241 99 80 64 
Total electric revenues(b)
$2,474 $1,148 $1,248 $2,219 $1,123 $518 $580 
Natural gas revenues
Residential$— $54 $67 $15 $— $15 $— 
Small commercial & industrial— 20 14 8 — 8 — 
Large commercial & industrial— — 41 1 — 1 — 
Transportation— 9 — 5 — 5 — 
Other(c)
— 2 6 11 — 11 — 
Total natural gas revenues(d)
$— $85 $128 $40 $— $40 $— 
Total revenues from contracts with customers$2,474 $1,233 $1,376 $2,259 $1,123 $558 $580 
Other revenues
Revenues from alternative revenue programs$(15)$1 $(18)$(3)$1 $(3)$(1)
Other electric revenues(e)
11 6 5 4 3 1 — 
Other natural gas revenues(e)
— — — — — — — 
Total other revenues$(4)$7 $(13)$1 $4 $(2)$(1)
Total revenues for reportable segments$2,470 $1,240 $1,363 $2,260 $1,127 $556 $579 
Three Months Ended September 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,365 $735 $684 $1,147 $501 $283 $363 
Small commercial & industrial645 167 113 210 56 72 82 
Large commercial & industrial217 101 172 406 331 32 43 
Public authorities & electric railroads14 8 8 16 8 4 4 
Other(a)
229 78 122 235 98 77 62 
Total electric revenues(b)
$2,470 $1,089 $1,099 $2,014 $994 $468 $554 
Natural gas revenues
Residential$— $50 $68 $13 $— $13 $— 
Small commercial & industrial— 23 14 7 — 7 — 
Large commercial & industrial— 1 37 1 — 1 — 
Transportation— 7 — 4 — 4 — 
Other(c)
— 1 6 2 — 2 — 
Total natural gas revenues(d)
$— $82 $125 $27 $— $27 $— 
Total revenues from contracts with customers$2,470 $1,171 $1,224 $2,041 $994 $495 $554 
Other revenues
Revenues from alternative revenue programs$(206)$2 $(20)$6 $(5)$(5)$16 
Other electric revenues(e)
11 6 4 4 3 1 — 
Other natural gas revenues(e)
— 1 1 — — — — 
Total other revenues$(195)$9 $(15)$10 $(2)$(4)$16 
Total revenues for reportable segments$2,275 $1,180 $1,209 $2,051 $992 $491 $570 
__________
(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$2 million, $2 million at ComEd
•$4 million, $2 million at PECO
•$1 million, $1 million at BGE
•$5 million, $2 million at PHI
•$3 million, $2 million at Pepco
•$3 million, $2 million at DPL
•$1 million, $1 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$1 million, $1 million at PECO
•$1 million, $1 million at BGE
(e)Includes late payment charge revenues
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
Nine Months Ended September 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$3,501 $2,122 $2,254 $3,244 $1,485 $879 $880 
Small commercial & industrial1,632 502 368 603 163 218 222 
Large commercial & industrial436 254 541 1,239 1,012 98 129 
Public authorities & electric railroads35 25 25 59 32 12 15 
Other(a)
785 244 353 698 286 233 186 
Total electric revenues(b)
$6,389 $3,147 $3,541 $5,843 $2,978 $1,440 $1,432 
Natural gas revenues
Residential$— $422 $561 $106 $— $106 $— 
Small commercial & industrial— 145 95 46 — 46 — 
Large commercial & industrial— — 182 7 — 7 — 
Transportation— 35 — 15 — 15 — 
Other(c)
— 12 42 23 — 23 — 
Total natural gas revenues(d)
$— $614 $880 $197 $— $197 $— 
Total revenues from contracts with customers$6,389 $3,761 $4,421 $6,040 $2,978 $1,637 $1,432 
Other revenues
Revenues from alternative revenue programs$(62)$10 $(35)$(51)$(13)$(8)$(30)
Other electric revenues(e)
41 21 18 13 10 3 — 
Other natural gas revenues(e)
— 2 5 — — — — 
Total other revenues$(21)$33 $(12)$(38)$(3)$(5)$(30)
Total revenues for reportable segments$6,368 $3,794 $4,409 $6,002 $2,975 $1,632 $1,402 
Nine Months Ended September 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$3,452 $1,921 $1,829 $2,847 $1,273 $792 $782 
Small commercial & industrial1,799 484 311 548 155 200 193 
Large commercial & industrial689 260 456 1,144 911 92 141 
Public authorities & electric railroads43 26 25 56 29 13 14 
Other(a)
688 231 352 688 274 224 196 
Total electric revenues(b)
$6,671 $2,922 $2,973 $5,283 $2,642 $1,321 $1,326 
Natural gas revenues
Residential$— $396 $555 $86 $— $86 $— 
Small commercial & industrial— 140 100 35 — 35 — 
Large commercial & industrial— 1 178 6 — 6 — 
Transportation— 28 — 13 — 13 — 
Other(c)
— 13 37 8 — 8 — 
Total natural gas revenues(d)
$— $578 $870 $148 $— $148 $— 
Total revenues from contracts with customers$6,671 $3,500 $3,843 $5,431 $2,642 $1,469 $1,326 
Other revenues
Revenues from alternative revenue programs$(525)$(6)$(63)$(27)$(19)$(10)$2 
Other electric revenues(e)
30 17 9 4 3 1 — 
Other natural gas revenues(e)
— 2 2 — — — — 
Total other revenues$(495)$13 $(52)$(23)$(16)$(9)$2 
Total revenues for reportable segments$6,176 $3,513 $3,791 $5,408 $2,626 $1,460 $1,328 
__________
(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$15 million, $19 million at ComEd
•$11 million, $7 million at PECO
•$5 million, $4 million at BGE
•$10 million, $7 million at PHI
•$7 million, $4 million at Pepco
•$7 million, $6 million at DPL
•$4 million, $3 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$2 million, $2 million at PECO
•$2 million, $2 million at BGE
(e)Includes late payment charge revenues.
X
- Definition

Tabular disclosure of extent of reliance on customer if it is not provided as part of reportable segment information. Includes, but is not limited to, revenue from transaction with single customer that is 10 percent or more than consolidated revenue and segment reporting revenue from such customer.

+ References

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v3.26.3
Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table provides a summary of the Utility Registrants’ primary derivative hedging instruments, listed by commodity and accounting treatment.
RegistrantCommodityAccounting TreatmentHedging Instrument
ComEdElectricityNPNSFixed price contracts based on all requirements in the IPA procurement plans.
Electricity
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a)
20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year.
PECOElectricityNPNSFixed price contracts for default supply requirements through full requirements contracts.
GasNPNS
Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales.
BGEElectricityNPNSFixed price contracts for all SOS requirements through full requirements contracts.
GasNPNSFixed price purchases associated with forecasted gas supply requirements.
PepcoElectricityNPNSFixed price contracts for all SOS requirements through full requirements contracts.
DPLElectricityNPNSFixed price contracts for all SOS requirements through full requirements contracts.
GasNPNSFixed and index priced contracts through full requirements contracts.
Gas
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b)
Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections.
ACEElectricityNPNSFixed price contracts for all BGS requirements through full requirements contracts.
__________
(a)See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information.
(b)The fair value of the DPL economic hedge is not material at September 30, 2026 and December 31, 2025.
Schedule of Interest Rate Derivatives
Below is a summary of the interest rate hedge balances at September 30, 2026 and December 31, 2025.
Derivatives Designated
as Hedging Instruments
September 30, 2026December 31, 2025
Other current assets$— $3 
Other deferred debits (noncurrent assets)17 — 
Total derivative assets17 3 
Mark-to-market derivative liabilities (current liabilities)— (4)
Mark-to-market derivative liabilities (noncurrent liabilities)— — 
Total mark-to-market derivative liabilities— (4)
Total mark-to-market derivative net assets (liabilities)$17 $(1)
Schedule of Notional Amounts of Outstanding Derivative Positions The following table provides the notional amounts outstanding held by Exelon at September 30, 2026 and December 31, 2025.
September 30, 2026December 31, 2025
5-year maturity floating-to-fixed swaps$60 $335 
10-year maturity floating-to-fixed swaps240 365 
Total$300 $700 
Cash collateral held with external counterparties The following table reflects the Registrants' cash collateral held from external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, at September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Exelon$312 $223 
ComEd231 192 
PECO18 6 
BGE4 4 
PHI59 21 
Pepco21 13 
DPL2 3 
ACE36 5 
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v3.26.3
Balance Sheets (Unaudited) - BGE - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash and cash equivalents 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventories, net    
Fossil fuel 99 88
Materials and supplies 863 780
Regulatory assets 1,278 1,359
Prepaid renewable energy credits 466 563
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Investments 336 312
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Regulatory liabilities 551 1,128
Renewable energy credit obligations 364 473
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Asset retirement obligations 318 321
Non-pension postretirement benefit obligations 572 546
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Shareholders’ equity    
Common stock 22,663 22,106
Retained earnings 8,325 7,577
Total shareholders’ equity 30,132 28,798
Total liabilities and shareholders’ equity 122,237 116,570
Related Party    
Current liabilities    
Accounts payable 5 5
Nonrelated Party    
Current liabilities    
Accounts payable 3,711 3,721
Baltimore Gas and Electric Company    
Current assets    
Cash and cash equivalents 842 217
Restricted cash and cash equivalents 3 3
Accounts receivable    
Customer accounts receivable 889 887
Customer allowance for credit losses (131) (68)
Customer accounts receivable, net 758 819
Other accounts receivable 147 100
Other allowance for credit losses (3) (4)
Other accounts receivable, net 144 96
Inventories, net    
Fossil fuel 44 36
Materials and supplies 88 74
Prepaid utility taxes 76 126
Regulatory assets 90 175
Prepaid renewable energy credits 135 189
Other 18 14
Total current assets 2,198 1,750
Property, plant and equipment, net 15,172 14,385
Deferred debits and other assets    
Regulatory assets 790 804
Investments 15 10
Prepaid pension asset 213 194
Total deferred debits and other assets 1,071 1,049
Total assets 18,441 17,184
Current liabilities    
Long-term debt due within one year 0 350
Accrued expenses 231 352
Customer deposits 121 125
Regulatory liabilities 48 31
Renewable energy credit obligations 143 194
Total current liabilities 1,310 1,770
Long-term debt 6,610 5,691
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 2,509 2,242
Regulatory liabilities 553 595
Asset retirement obligations 33 36
Non-pension postretirement benefit obligations 137 144
Other 113 104
Total deferred credits and other liabilities 3,345 3,121
Total liabilities 11,265 10,582
Commitments and contingencies
Shareholders’ equity    
Common stock 4,486 4,014
Retained earnings 2,690 2,588
Total shareholders’ equity 7,176 6,602
Total liabilities and shareholders’ equity 18,441 17,184
Baltimore Gas and Electric Company | Related Party    
Accounts receivable    
Receivables from affiliates 0 1
Current liabilities    
Accounts payable 35 39
Baltimore Gas and Electric Company | Nonrelated Party    
Deferred debits and other assets    
Other 53 41
Current liabilities    
Accounts payable 670 640
Other $ 62 $ 39
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v3.26.3
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:
Three Months Ended September 30, 2026(a)(b)
ExelonComEd
PECO(c)
BGE
U.S. Federal statutory rate$186 21.0 %$115 21.0 %$36 21.0 %$24 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
48 5.4 40 7.3 (2)(1.2)7 6.2 
Tax credits(1)(0.1)1 0.2 — — (1)(0.9)
Change in Unrecognized Tax Benefits
2 0.2 — — — — — — 
Nontaxable or nondeductible items
(10)(1.1)1 0.2 — — — — 
Other Adjustments
Plant Basis differences(36)(4.0)(6)(1.1)(24)(13.9)(2)(1.8)
Excess deferred tax
(35)(4.0)(10)(1.8)(2)(1.3)(5)(4.1)
Amortization of ITC, net deferred taxes
— — (1)(0.2)— — — — 
Effective Tax Rate
$154 17.4 %$140 25.6 %$8 4.6 %$23 20.4 %
Three Months Ended September 30, 2026(a)(b)
PHI
PEPCO(d)
DPLACE
U.S. Federal statutory rate$49 21.0 %$7 21.0 %$17 21.0 %$25 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
17 7.3 2 5.6 4 5.0 8 6.6 
Tax credits(1)(0.4)(1)(2.8)— — — — 
Change in Unrecognized Tax Benefits
— — — — — — — — 
Nontaxable or nondeductible items
— — — — — — — — 
Other Adjustments
Plant Basis differences(3)(1.3)(2)(5.6)— — — — 
Excess deferred tax
(16)(6.9)(10)(29.3)(2)(2.2)(1)(1.4)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$46 19.7 %$(4)(11.1)%$19 23.8 %$32 26.2 %

Three Months Ended September 30, 2025(a)(b)
Exelon
ComEd(e)
PECO(c)
BGE
U.S. Federal statutory rate$217 21.0 %$96 21.0 %$54 21.0 %$22 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
58 5.6 34 7.5 (3)(1.2)7 6.7 
Tax credits(4)(0.4)(1)(0.2)— — — — 
Nontaxable or nondeductible items
4 0.4 1 0.2 — — — — 
Other Adjustments
Plant Basis differences(52)(5.0)(4)(0.9)(41)(15.8)(1)(1.0)
Excess deferred tax
(68)(6.6)(42)(9.2)(5)(2.0)(5)(4.8)
Amortization of ITC, net deferred taxes
— — (1)(0.2)— — — — 
Effective Tax Rate
$155 15.0 %$83 18.2 %$5 2.0 %$23 21.9 %
Three Months Ended September 30, 2025(a)(b)
PHIPEPCODPLACE
U.S. Federal statutory rate$78 21.0 %$41 21.0 %$15 21.0 %$23 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
25 6.6 13 6.6 5 6.9 8 7.2 
Tax credits(1)(0.3)— — (1)(1.4)(1)(0.9)
Nontaxable or nondeductible items
— — (1)(0.5)— — — — 
Other Adjustments
Plant Basis differences(2)(0.5)(2)(1.0)— — — — 
Excess deferred tax
(15)(4.2)(10)(5.3)(2)(2.9)(1)(1.2)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$85 22.6 %$41 20.8 %$17 23.6 %$29 26.1 %
__________
(a)Positive amounts and percentages represent income tax expense. Negative amounts and percentages represent income tax benefit.
(b)The Registrants had no adjustments to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax Law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, and Changes in Valuation Allowances.
(c)For PECO, the lower effective tax rate is primarily related to state income taxes, net of federal income tax benefit and plant basis differences attributable to tax repair deductions.
(d)For Pepco, the lower effective tax rate is primarily attributable to lower pre-tax earnings due to the unfavorable impacts of the Pepco Electric Base Rate Case’s disallowance of capitalized costs.
(e)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits being provided to customers.

Nine Months Ended September 30, 2026(a)(b)
ExelonComEd
PECO(c)
BGE
U.S. Federal statutory rate$525 21.0 %$271 21.0 %$124 21.0 %$118 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
142 5.7 95 7.4 (6)(1.0)34 6.0 
Tax credits(6)(0.2)(2)(0.2)— — (2)(0.4)
Change in Unrecognized Tax Benefits
(15)(0.6)(2)(0.2)— — (1)(0.2)
Nontaxable or nondeductible items
6 0.2 2 0.3 1 0.2 1 0.3 
Other Adjustments
Plant Basis differences(110)(4.4)(15)(1.2)(79)(13.3)(10)(1.8)
Excess deferred tax
(87)(3.5)(24)(1.9)(9)(1.7)(21)(3.7)
Amortization of ITC, net deferred taxes
(1)— (1)(0.1)— — — — 
Effective Tax Rate
$454 18.2 %$324 25.1 %$31 5.2 %$119 21.2 %
Nine Months Ended September 30, 2026(a)(b)
PHI
PEPCO(d)
DPLACE
U.S. Federal statutory rate$124 21.0 %$42 21.0 %$45 21.0 %$39 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
40 6.8 12 5.9 13 6.1 13 7.0 
Tax credits(2)(0.3)(1)(0.5)— — — — 
Change in Unrecognized Tax Benefits
— — — — — — — — 
Nontaxable or nondeductible items
1 0.2 — — — — — — 
Other Adjustments
Plant Basis differences(6)(1.0)(4)(2.0)(1)(0.5)— — 
Excess deferred tax
(32)(5.5)(20)(10.0)(8)(3.6)(4)(2.3)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$125 21.2 %$29 14.4 %$49 23.0 %$48 25.7 %

Nine Months Ended September 30, 2025(a)(b)
Exelon
ComEd(e)
PECO(c)
BGE
U.S. Federal statutory rate$540 21.0 %$232 21.0 %$142 21.0 %$106 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
143 5.6 83 7.5 (15)(2.2)32 6.3 
Tax credits(11)(0.5)(5)(0.5)— — (2)(0.4)
Nontaxable or nondeductible items
9 0.4 1 0.1 1 0.1 — — 
Other Adjustments
Plant Basis differences(118)(4.6)(10)(0.9)(94)(13.9)(7)(1.4)
Excess deferred tax
(166)(6.5)(99)(8.9)(11)(1.6)(21)(4.2)
Amortization of ITC, net deferred taxes
(1)— (1)(0.1)— — — — 
Effective Tax Rate
$396 15.4 %$201 18.2 %$23 3.4 %$108 21.3 %

Nine Months Ended September 30, 2025(a)(b)
PHIPEPCODPLACE
U.S. Federal statutory rate$170 21.0 %$89 21.0 %$45 21.0 %$39 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
54 6.7 27 6.3 14 6.6 13 7.0 
Tax credits(3)(0.4)(1)(0.2)(1)(0.5)(1)(0.5)
Nontaxable or nondeductible items
1 0.1 — — — — — — 
Other Adjustments
Plant Basis differences(5)(0.6)(4)(0.9)(1)(0.5)— — 
Excess deferred tax
(33)(4.1)(22)(5.3)(8)(3.5)(3)(1.7)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$184 22.7 %$89 20.9 %$49 23.1 %$48 25.8 %
__________
(a)Positive amounts and percentages represent income tax expense. Negative amounts and percentages represent income tax benefit.
(b)The Registrants had no adjustments to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax Law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, and Changes in Valuation Allowances.
(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.
(d)For Pepco, the lower effective tax rate is primarily attributable to lower pre-tax earnings due to the unfavorable impacts of the Pepco Electric Base Rate Case’s disallowance of capitalized costs.
(e)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits.
State and Local Jurisdictions
The state and local jurisdictions that comprise the majority of the effect of the state and local income tax, net of federal income taxes category by Registrant are presented below:
20262025
ExelonIL, MDIL, MD
ComEdILIL
PECOPAPA
BGEMDMD
PHIMD, NJMD, NJ
PepcoMDMD
DPLDEDE
ACENJNJ
Schedule of Unrecognized Tax Benefits Roll Forward
Exelon, PHI and DPL have the following unrecognized tax benefits at September 30, 2026 and December 31, 2025. ComEd's, PECO's, BGE's, Pepco's, and ACE's amounts are not material.
Exelon(a)
PHIDPL
September 30, 2026$88 $54 $18 
December 31, 2025100 48 11 
__________
(a)At September 30, 2026 and December 31, 2025, Exelon's unrecognized tax benefits are inclusive of $20 million and $31 million, respectively, related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $20 million and $31 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.
Allocation of Federal Tax Benefit Under Tax Sharing Agreement
The following table presents the allocation of tax benefits from Exelon under the Tax Sharing Agreement, for the three and nine months ended September 30, 2026, and 2025.
ComEdPECOBGEPHIPepcoDPLACE
September 30, 2026$125 $27 $(3)$21 $8 $9 $3 
September 30, 202520 14 12 23 12 7 4 
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Supplemental Financial Information - Operations (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Other, Net [Abstract]        
AFUDC - Equity $ 66 $ 49 $ 186 $ 130
Non-service net periodic benefit cost (12) (13) (33) (39)
Commonwealth Edison Co        
Other, Net [Abstract]        
AFUDC - Equity 25 19 71 45
Non-service net periodic benefit cost 0 0 0 0
PECO Energy Co        
Other, Net [Abstract]        
AFUDC - Equity 12 9 33 26
Non-service net periodic benefit cost 0 0 0 0
Baltimore Gas and Electric Company        
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AFUDC - Equity 17 11 47 29
Non-service net periodic benefit cost 0 0 0 0
Pepco Holdings LLC        
Other, Net [Abstract]        
AFUDC - Equity 12 10 35 30
Non-service net periodic benefit cost 0 0 0 0
Potomac Electric Power Company        
Other, Net [Abstract]        
AFUDC - Equity 9 8 27 23
Non-service net periodic benefit cost 0 0 0 0
Delmarva Power and Light Company        
Other, Net [Abstract]        
AFUDC - Equity 2 1 5 4
Non-service net periodic benefit cost 0 0 0 0
Atlantic City Electric Company        
Other, Net [Abstract]        
AFUDC - Equity 1 1 3 3
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v3.26.3
Retirement Benefits (All Registrants)
9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Retirement Benefits (All Registrants) Retirement Benefits (All Registrants)
Defined Benefit Pension and OPEB
The majority of the 2026 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 5.42%. The majority of the 2026 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50% for funded plans and a discount rate of 5.34%.
During the first quarter of 2026, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2026. This valuation resulted in an increase to the pension obligation of $6 million and an increase to the OPEB obligation of $10 million and a decrease to the asset of $2 million, respectively. Additionally, AOCI decreased by $4 million (after-tax) and regulatory assets increased by $23 million and liabilities increased by $1 million.
A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three and nine months ended September 30, 2026 and 2025.
Pension BenefitsOPEB
Three Months Ended September 30,Three Months Ended September 30,
2026202520262025
Components of net periodic benefit cost
Service cost$40 $38 $6 $7 
Interest cost143 146 25 26 
Expected return on assets(176)(179)(21)(21)
Amortization of:
Prior service cost (credit)1 1 (2)(2)
Actuarial loss (gain)51 53 — (1)
Net periodic benefit cost$59 $59 $8 $9 
Pension BenefitsOPEB
Nine Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Components of net periodic benefit cost
Service cost$120 $115 $20 $19 
Interest cost428 439 75 76 
Expected return on assets(528)(535)(64)(63)
Amortization of:
Prior service cost (credit)2 2 (6)(6)
Actuarial loss (gain)151 159 (1)(2)
Net periodic benefit cost$173 $180 $24 $24 
The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For PHI and each of the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
Three Months Ended September 30,Nine Months Ended September 30,
Pension and OPEB Costs2026202520262025
Exelon$67 $68 $196 $204 
ComEd26 22 80 64 
PECO5 2 13 5 
BGE7 16 21 46 
PHI21 23 62 72 
Pepco9 8 23 26 
DPL4 4 11 12 
ACE2 3 7 10 
Defined Contribution Savings Plan
The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three and nine months ended September 30, 2026 and 2025.
Three Months Ended September 30,Nine Months Ended September 30,
Savings Plan Employer Contributions2026202520262025
Exelon$33 $30 $97 $86 
ComEd17 12 41 34 
PECO5 4 14 12 
BGE3 3 9 9 
PHI3 5 15 15 
Pepco1 1 4 4 
DPL1 1 3 3 
ACE— 1 2 2 
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Consolidated Statements of Cash Flows (Unaudited) - ACE - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
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Depreciation, amortization, and accretion 2,912 2,719
Deferred income taxes and amortization of investment tax credits 564 293
Other non-cash operating activities 594 1,088
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Accounts receivable 379 (422)
Inventories (96) (41)
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Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Issuance of long-term debt 4,425 4,925
Repayments of Long-Term Debt (1,600) (807)
Dividends paid on common stock (1,294) (1,212)
Other financing activities (71) (75)
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Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Decrease in capital expenditures not paid (4) (12)
Atlantic City Electric Company    
Cash flows from operating activities    
Net income 139 138
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Deferred income taxes and amortization of investment tax credits 52 32
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Changes in assets and liabilities:    
Accounts receivable (41) 9
Receivables from and payables to affiliates, net 5 (8)
Inventories (3) (10)
Accounts payable and accrued expenses (4) 5
Collateral received, net 30 0
Income taxes 1 3
Regulatory assets and liabilities, net (30) (14)
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Cash flows from investing activities    
Capital expenditures (339) (292)
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Changes in PHI intercompany money pool 24 0
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Other financing activities (5) (5)
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Increase (decrease) in cash, restricted cash, and cash equivalents (5) 14
Cash, restricted cash, and cash equivalents at beginning of period 24 14
Cash, restricted cash, and cash equivalents at end of period 19 28
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v3.26.3
Regulatory Matters (All Registrants)
9 Months Ended
Sep. 30, 2026
Regulated Operations [Abstract]  
Regulatory Matters (All Registrants) Regulatory Matters (All Registrants)
As discussed in Note 2 — Regulatory Matters of the 2025 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2026 and updates to the 2025 Form 10-K.
Distribution Base Rate Case Proceedings
The following tables show the completed and pending distribution base rate case proceedings in 2026.
Completed Distribution Base Rate Case Proceedings
Registrant/JurisdictionFiling DateServiceRequested Revenue Requirement IncreaseApproved Revenue Requirement IncreaseApproved ROEApproval DateRate Effective Date
ComEd - IllinoisJanuary 17, 2023Electric$1,487 $1,045 8.905%December 19, 2024January 1, 2024
April 26, 2024 (amended on September 11, 2024)Electric$624 $623 9.89%October 31, 2024January 1, 2025
PECO - PennsylvaniaMarch 28, 2024Electric$464 $354 N/ADecember 12, 2024January 1, 2025
Natural Gas$111 $78 
BGE - MarylandFebruary 17, 2023Electric$313 $179 9.50%December 14, 2023January 1, 2024
Natural Gas$289 $229 9.45%
Pepco - District of ColumbiaApril 13, 2023 (amended February 27, 2024)Electric$186 $123 9.50%November 26, 2024January 1, 2025
Pepco - MarylandMay 16, 2023 (amended February 23, 2024)Electric$111 $45 9.50%June 10, 2024April 1, 2024
October 14, 2025 (amended April 16, 2026)Electric$120 $51 9.40%August 28, 2026August 10, 2026
DPL - MarylandMay 19, 2022Electric$38 $29 9.60%December 14, 2022January 1, 2023
DPL - DelawareDecember 15, 2022 (amended September 29, 2023)Electric$39 $28 9.60%April 18, 2024July 15, 2023
September 20, 2024 (amended September 5, 2025)Natural Gas$37 $22 9.60%December 17, 2025January 1, 2026
ACE - New JerseyNovember 21, 2024Electric$109 $54 9.60%November 21, 2025December 1, 2025
Pending Distribution Base Rate Case Proceedings
Registrant/JurisdictionFiling DateServiceRequested Revenue Requirement IncreaseRequested ROEExpected Approval Timing
DPL - Delaware(a)
December 9, 2025 (amended August 31, 2026)Electric$53 10.50%Third quarter of 2027
BGE - MarylandJuly 2, 2026
(amended October 16, 2026)
Electric$151 10.40%First quarter of 2027
__________
(a)DPL implemented interim rates on July 9, 2026, subject to refund.
ComEd Distribution Base Rate Case Proceedings
The ICC approved ComEd's four-year MRP for the period January 1, 2024 through December 31, 2027. The MRP was originally approved by the ICC on December 14, 2023 and was subsequently amended on January 10, 2024, April 18, 2024 and December 19, 2024. The December 19, 2024 order provided a total revenue requirement increase of $1.045 billion inclusive of rate increases of approximately $752 million in 2024, $80 million in 2025, $102 million in 2026, and $111 million in 2027.
On December 18, 2025, the ICC approved ComEd's 2024 MRP Reconciliation reflecting a revenue increase of $243 million, including the tax benefit of NOLCs. While NOLCs are included in the MRP Reconciliation per the final order, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 7 — Income Taxes for additional information on NOLCs.
On March 20, 2026, ComEd filed its annual revenue balancing reconciliation for 2025. The July 16, 2026 order approved the reconciliation, which is a component of revenue decoupling, reflecting a revenue reduction of $128 million. The reconciliation is effective January 1, 2027.
On May 1, 2026, ComEd filed its 2025 MRP Reconciliation reflecting a revenue increase of $234 million, which includes the tax benefit of NOLCs. While NOLCs were included in the MRP Reconciliation, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 7 — Income Taxes for additional information on NOLCs. On October 1, 2026, ComEd filed an agreed draft proposed order in the proceeding reflecting a proposed revenue increase of approximately $205 million, including the tax benefit of NOLCs. A final order must be issued by December 20, 2026.
PECO Distribution Base Rate Case Proceedings
On December 12, 2024, the PAPUC issued their Opinions and Orders which approved the non-unanimous partial settlements with limited modifications for both the electric and natural gas base rate cases, and denied the Weather Normalization Adjustment requested in the natural gas base rate case.
PECO’s approved annual electric revenue requirement increase of $354 million is partially offset by a one-time credit of $64 million in 2025. In addition, the PAPUC approved the recovery of storm damage costs incurred by PECO in January 2024, up to $23 million, subject to review for reasonableness and prudency in PECO’s next distribution rate case.
BGE Distribution Base Rate Case Proceedings
In February 2023, BGE filed its three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 to the MDPSC, which was approved in December 2023 and went into effect on January 1, 2024. The MDSPC awarded BGE electric revenue requirement increases of $41 million, $113 million, and $25 million with an approved ROE of 9.50% in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $126 million, $62 million, and $41 million with an approved ROE of 9.45% in 2024, 2025, and 2026, respectively. The requested revenue requirement increases will be used to recover capital investments designed
to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives.
The MDPSC also approved a portion of the requested 2021 and 2022 reconciliation amounts, which were recovered through separate electric and gas riders between March 2024 and February 2025. As such, the reconciliation amounts are not included in the approved revenue increases. The 2021 reconciliation amounts are $13 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $39 million and $15 million for electric and gas, respectively. In April 2024, BGE filed with the MDPSC its request for recovery of the 2023 reconciliation amounts of $79 million and $73 million for electric and gas, respectively, with supporting testimony and schedules. In December 2025, the MDPSC authorized BGE to recover $31 million and $46 million for electric and gas, respectively, beginning in February 2026 and extending through December 2027, in the reconciliation rider. In addition to the amounts approved in the reconciliation rider, the MDPSC provided for additional regulatory assets related to minor storms of $24 million (to be recovered over 5 years) and the Baltimore City conduit of $4 million. Recovery of these two regulatory assets was requested in BGE's recent MDPSC rate case filing submitted on July 2, 2026.
Pepco District of Columbia Distribution Base Rate Case Proceedings
On April 13, 2023, Pepco filed an electric base rate case with the DCPSC (amended February 27, 2024) requesting a total revenue requirement increase of $186 million and an ROE of 10.50%. The DCPSC issued an order approving the two-year cumulative multi-year plan on November 26, 2024, which included a total revenue requirement increase of $123 million with an ROE of 9.50% effective January 1, 2025. The DCPSC approved Pepco's electric incremental revenue requirement increases of $99 million and $24 million for 2025 and 2026, respectively. Subsequent to DCPSC approval of the order, interveners appealed the order on several grounds including that the DCPSC did not hold evidentiary hearings. On March 5, 2026, the District of Columbia Court of Appeals remanded the November 26, 2024, order back to the DCPSC to hold evidentiary hearings. On May 8, 2026, the DCPSC issued an order adopting a revised procedural schedule which additionally reaffirmed that current rates should remain in effect during the remand period and refunds for previous amounts collected are not required at this time. On June 30, 2026, the Commission issued a subsequent order revising the procedural schedule to update the due date for final briefs and on October 2, 2026, the DCPSC rescheduled the evidentiary hearing to December 7-8, 2026. Pepco is preparing for the proceeding and will continue to monitor developments. On July 20, 2026, the District of Columbia Office of People’s Counsel (DCOPC) appealed to the District of Columbia Court of Appeals (Court) the DCPSC’s May 8, 2026 order specifying that current rates should remain in effect, as well as filed at the DCPSC a motion to stay that May 8 order, pending the Court’s review. The Court appeal and the motion to stay at the DCPSC remain pending.
Pepco Maryland Distribution Base Rate Case Proceedings
On May 16, 2023, Pepco filed an electric base rate case with the MDPSC (amended February 23, 2024) requesting a total revenue requirement increase of $111 million (before offsets) and an ROE of 10.50%. The MDPSC issued an order on June 10, 2024 awarding Pepco a one-year multi-year plan for April 1, 2024 through March 31, 2025 which included an incremental revenue requirement increase of $45 million and an ROE of 9.50%. The MDPSC did not adopt the requested revenue requirement increases of $80 million (before offsets), $51 million, and $14 million as filed for 2025, 2026, and the 2027 nine-month extension period, respectively. The MDPSC also approved the requested reconciliation amounts for the 12-month periods ending March 31, 2022, and March 31, 2023, which will be recovered through a rider between August 2024 through March 2026. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The reconciliation amounts are $1 million and $7 million, for the 12-month periods ending March 31, 2022, and March 31, 2023, respectively. In July 2024, Pepco filed its request with the MDPSC, for recovery of the reconciliation amounts of $31 million for the 12-month period ended March 31, 2024, with supporting testimony and schedules. On March 31, 2026, the MDPSC issued an order authorizing Pepco to recover approximately $13 million through the reconciliation rider. This will be recovered through rates between May 2026 through April 2027. Additionally, the order disallowed the recovery of various assets. The order resulted in the write off of $11 million of Regulatory assets and $15 million of Property, plant and equipment with a total of $26 million recorded in Operating and maintenance expense.
On October 14, 2025, Pepco filed an electric base rate case with the MDPSC (amended April 16, 2026) requesting a total revenue requirement increase of $120 million and an ROE of 10.50%. The MDPSC issued an order on August 28, 2026, awarding Pepco a total revenue requirement increase of $51 million and an ROE of
9.40%, effective August 10, 2026. Additionally, the order resulted in the write off of $180 million of Property, plant and equipment, which was recorded in Operating and maintenance expense.
DPL Maryland Distribution Base Rate Case Proceedings
On May 19, 2022, DPL filed an electric base rate case with the MDPSC requesting a total revenue requirement increase of $38 million based on an ROE of 10.25%. On December 14, 2022, the MDPSC issued an order awarding DPL a total revenue requirement increase of $29 million with an ROE of 9.60%. The order reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025, with rates remaining in effect subsequent to the multi-year plan period. The MDPSC awarded DPL electric incremental revenue requirement increases of $17 million, $6 million, and $6 million for 2023, 2024, and 2025, respectively.
DPL Delaware Distribution Base Rate Case Proceedings
On December 15, 2022, DPL filed an electric base rate case with the DEPSC (amended September 29, 2023) requesting a total revenue requirement increase of $39 million and an ROE of 10.50%. On April 18, 2024, the DEPSC issued an order awarding DPL a total revenue requirement increase of $28 million with an ROE of 9.60%, effective July 15, 2023. As part of the approved order, the DEPSC approved the Significant Storm Expense Rate Rider (Rider SSER) which will allow DPL to recover expenses associated with qualified storms. A qualified storm will be an individual storm for which DPL incurs expenses between $5 million and $15 million. The Rider SSER allows DPL to recover significant storm damage expenses for the previous 12-month period over a future 24-month period. For individual storm events for which DPL incurs expenses of more than $15 million, the future recovery period will be evaluated on a case-by-case basis and the unamortized balance will earn a return at DPL's authorized long-term cost of debt. The Rider SSER will have an annual true-up filing, subject to DEPSC review and approval.
ACE New Jersey Distribution Base Rate Case Proceedings
On November 21, 2024, ACE filed an electric base rate case with the NJBPU requesting a total revenue requirement increase of $109 million, before NJ sales and use tax, and an ROE of 10.70%. On November 21, 2025, the NJBPU issued an order awarding ACE an electric revenue requirement increase, before NJ sales and use tax, of $54 million effective December 1, 2025, with an ROE of 9.60%. In addition, the NJBPU approved the recovery through a regulatory asset of work stoppage costs that were incurred by ACE in 2023 of $38 million.
Transmission Formula Rates
The Utility Registrants' transmission rates are each established based on a FERC-approved formula. ComEd, BGE, Pepco, DPL, and ACE are required to file an annual update to the FERC-approved formula on or before May 15, and PECO is required to file on or before May 31, with the resulting rates effective on June 1 of the same year. The annual update for ComEd is based on prior year actual costs and current year projected capital additions (initial year revenue requirement). The annual update for PECO is based on prior year actual costs and current year projected capital additions, accumulated depreciation, and accumulated deferred income taxes. The annual update for BGE, Pepco, DPL, and ACE is based on prior year actual costs and current year projected capital additions, accumulated depreciation, depreciation and amortization expense, and accumulated deferred income taxes. The update for ComEd, PECO, BGE, Pepco, DPL, and ACE also reconciles any differences between the actual costs and actual revenues for the calendar year (annual reconciliation).
For 2026, the following increases/(decreases) were included in the Utility Registrants' electric transmission formula rate updates:
Registrant(a)
Initial Revenue Requirement Increase (Decrease)Annual Reconciliation (Decrease) Increase
Total Revenue Requirement (Decrease) Increase(b)
Allowed Return on Rate Base(c)
Allowed ROE(d)
ComEd$31 $(52)$(21)8.15 %11.50 %
PECO$20 $20 $40 7.62 %10.35 %
BGE$16 $(40)$(30)(e)7.51 %10.50 %
Pepco$12 $(21)$(9)7.72 %10.50 %
DPL$3 $1 $4 7.53 %10.50 %
ACE$1 $16 $17 7.26 %10.50 %
__________
(a)All rates are effective June 1, 2026 - May 31, 2027, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariffs.
(b)For the Utility Registrants, except for PECO, while the transmission filing reflects the tax benefit of NOLCs, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 7 — Income Taxes for additional information on NOLCs.
(c)Represents the weighted average debt and equity return on transmission rate base.
(d)The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a voluntary member of an RTO. Recently passed legislation in Maryland and New Jersey requires utilities to become a member of an RTO.
(e)The decrease in BGE's transmission revenue requirement includes a $6 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.
Other State Regulatory Matters
Illinois Regulatory Matters
CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics.
ComEd Electric Distribution Rates
Beginning in 2024, ComEd recovers from retail customers, subject to certain exceptions, the costs it incurs to provide electric delivery services either through its electric distribution rate or other recovery mechanisms authorized by CEJA. On January 17, 2023, ComEd filed a petition with the ICC seeking approval of a MRP for 2024-2027. The MRP supports a multi-year grid plan (2024-2027 Grid Plan), also filed on January 17, covering planned investments on the electric distribution system within ComEd’s service area through 2027. Costs incurred during each year of the MRP are subject to ICC review and the plan’s revenue requirement for each year will be reconciled with the actual costs that the ICC determines are prudently and reasonably incurred for that year. The reconciliation is subject to adjustment for certain costs, including a limitation on recovery of costs
that are more than 105% of certain costs in the previously approved MRP revenue requirement, absent a modification of the rate plan itself. Thus, for example, the rate adjustments necessary to reconcile 2024 revenues to ComEd’s actual 2024 costs incurred would take effect in January 2026 after the ICC’s review during 2025.
On December 14, 2023, the ICC issued a final order. The ICC rejected ComEd’s 2024-2027 Grid Plan as non-compliant with certain requirements of CEJA and required ComEd to file a revised 2024-2027 Grid Plan. On January 10, 2024, ComEd filed an appeal in the Illinois Appellate Court of portions of the ICC's December 2023 order, including but not limited to the allowed ROE, 50% equity ratio, and denial of a return on ComEd’s pension asset. On March 13, 2024, ComEd filed its Refiled 2024-2027 Grid Plan with supporting testimony and schedules with the ICC and subsequently on March 15, 2024, ComEd also filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled 2024-2027 Grid Plan. On December 19, 2024, the ICC approved the Refiled 2024-2027 Grid Plan and adjusted the approved MRP with rates effective on January 1, 2025. The final approved MRP, as adjusted, which reflects the Refiled Grid Plan, resulted in a total cumulative revenue requirement increase of $1.045 billion over the 2024-2027 plan years and remains subject to annual reconciliations in accordance with CEJA. ComEd filed timely requests for rehearing and an appeal of the MRP order, again limited to the issues on which rehearing of the December 2023 order was denied, including the allowed ROE, 50% equity ratio, and denial of a return on ComEd's pension asset. On September 30, 2026, the Illinois Appellate Court affirmed the ICC's decision on the appealed issues.
On January 16, 2026, ComEd filed a multi-year integrated grid plan (2028-2031 Grid Plan), seeking approval for planned investments on the electric distribution system within ComEd's service area in 2028-2031. The ICC must issue an order by December 15, 2026.
Carbon Mitigation Credit
CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear power generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. On October 31, 2025, the seller provided notification to ComEd and the IPA that it has reflected on its 2024 federal tax return $804 million of nuclear production tax credits associated with its participating nuclear power generating facilities. These amounts were collected from the seller through an adjustment to the CMC price paid by ComEd and returned to customers in 2026. As of December 31, 2025, Exelon and ComEd's Consolidated Balance Sheets reflected these amounts as a receivable from the seller with an offsetting balance within the Carbon mitigation credit regulatory liability. These adjustments had no net impact on Exelon and ComEd’s Consolidated Statements of Operations and Comprehensive Income. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. Beginning with the June 2022 monthly billing period, ComEd began issuing credits and/or charges to its retail customers under its CMC rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). A regulatory asset or liability is recorded for the difference between ComEd's costs associated with the procurement of CMCs from participating nuclear power generating facilities and revenues received from customers. The balance of the asset as of September 30, 2026 is $9 million.
On October 20, 2026, the seller provided notification to ComEd and the IPA that it has reflected on its 2025 federal income tax return $155 million of nuclear production tax credits associated with its participating nuclear power generating facilities. These amounts will be collected from the seller through an adjustment to the CMC price to be paid by ComEd and returned to customers in 2027. In the fourth quarter of 2026, Exelon and ComEd's Consolidated Balance Sheets will reflect these additional amounts as a receivable from the seller with an offsetting regulatory liability.
On February 2, 2024, ComEd filed a petition with the ICC to initiate the reconciliation proceeding for the costs incurred in connection with the procurement of CMC’s during the delivery year beginning June 1, 2022 and extending through May 31, 2023. While both Staff and the Administrative Law Judge's proposed order supported ComEd’s proposed reconciliation adjustment, on September 4, 2025, the ICC issued its final order rejecting the proposed reconciliation adjustment. Specifically, the order disallowed portions of the administrative costs as well as a portion of ComEd's interest costs on the balance of credit extended to customers under the applicable tariff
that were not yet funded by payments from the generator. The CMC costs themselves were not disallowed. The order resulted in an immaterial impact to the financial statements and on October 3, 2025 ComEd filed its Application for Rehearing. On October 16, 2025, the ICC denied ComEd's Application. On October 17, 2025, ComEd filed its appeal with the Illinois Appellate Court for review of the ICC's order and its denial of rehearing.
Energy Efficiency
CEJA extends ComEd’s current cumulative annual energy efficiency MWh savings goals through 2040, adds expanded electrification measures to those goals, increases low-income commitments, and adds a new performance adjustment to the energy efficiency formula rate. ComEd expects its annual spend to increase through 2040 to achieve these energy efficiency MWh savings goals, which is deferred as a separate regulatory asset that is recovered through the energy efficiency formula rate over the weighted average useful life, as approved by the ICC, of the related energy efficiency measures.
Energy Efficiency Formula Rate (Exelon and ComEd). In 2026, Illinois enacted the CRGA, which makes certain changes to the energy efficiency framework established under CEJA.
CRGA modifies the manner in which ComEd’s energy efficiency savings goals are calculated by establishing a flat incremental annual savings requirement that applies indefinitely. CRGA also increases energy efficiency budget and low‑income commitments from levels established under CEJA, expands the categories of savings that may be credited toward annual goals, and revises the return on equity applicable to the energy efficiency regulatory asset to align with the distribution return on equity.
ComEd filed its annual energy efficiency formula rate update with the ICC on May 29, 2026. The filing establishes the revenue requirement used to set the rates that will take effect in January 2027, subject to the ICC's review and approval. The requested revenue requirement update is based on a reconciliation of the 2025 actual costs plus projected 2027 expenditures.
Initial Revenue Requirement IncreaseAnnual Reconciliation DecreaseTotal Revenue Requirement Decrease
Requested Return on Rate Base(a)
Requested ROE
$28 $(56)$(28)6.62 %8.905 %
__________
(a)The requested revenue requirement increase provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 6.62% inclusive of an allowed ROE of 8.905%. For the 2025 reconciliation year, the requested revenue requirement provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.67% inclusive of an allowed ROE of 11.0%, which includes an upward performance adjustment that increased the ROE. The performance adjustment can either increase or decrease the ROE based upon the achievement of energy efficiency savings goals.

Beginning in 2027, ComEd expects that implementation of CRGA may result in higher annual energy efficiency spending. Incremental costs incurred in advance of recovery are expected to be deferred as a regulatory asset and recovered through ComEd’s energy efficiency formula rate over the weighted‑average useful life of the related measures, subject to approval by the Illinois Commerce Commission.
Maryland Regulatory Matters
Summer and Winter Rate Mitigation (Exelon, BGE, PHI, Pepco, and DPL). As part of the passing of the Next Generation Energy Act of 2025 by the Maryland General Assembly, the MDPSC issued an order on June 26, 2025, to implement the Legislative Energy Relief Refund program under which bill credits were distributed to residential customers based on their consumption of electricity supply that was subject to the renewable energy portfolio standard. On July 24, 2025, the MDPSC issued an order accepting BGE, Pepco, and DPL's proposal for the implementation of the program. As a result, BGE, Pepco, and DPL received $49 million, $21 million, and $8 million, respectively, from the MDPSC on February 3, 2026. These amounts were used to reduce residential customer account receivable balances within the first quarter of 2026.
Maryland Utility Relief Act (Exelon, BGE, PHI, Pepco, and DPL). On May 12, 2026, the Governor of Maryland signed into law legislation that addresses several matters pertaining to electric and gas utilities, including a moratorium on rate cases with forecasted test years until April 1, 2027. Additionally, BGE, Pepco and DPL are required to participate as a member in an RTO effective July 1, 2026, which resulted in a complaint filed on July
2, 2026 against Maryland Transmission Operators, including BGE, Pepco, and DPL, at FERC for the removal of the 50-basis-point incentive adder in the transmission formula rates. The final outcome and resolution of the complaint filing cannot be predicted and the results are not expected to be material to Exelon, BGE, PHI, Pepco, and DPL financial statements.
Delaware Regulatory Matters
Delaware Senate Bill 326 (Exelon, PHI, and DPL). On July 13, 2026, the Governor of Delaware signed into law legislation that addresses several matters pertaining to public utility companies. As part of the law, DPL’s non-mandatory capital spend eligible to be recovered in rates will be limited to $70 million in each of the years ended 2026 and 2027 unless the spend falls within an exception or the commission orders otherwise. Further, beginning in 2028, DPL’s non-mandatory capital spend eligible to be recovered in rates shall not exceed 5% of DPL’s rate base approved in its most recent base rate case. The legislation also modifies the timing of interim rate recovery in base rate case proceedings. If the DEPSC has not issued a decision within 7 months of a filing, DPL may implement 50% of the proposed rate increase, subject to refund. If no decision has been issued after 12 months, DPL may implement 75% of the proposed increase, also subject to refund. DPL is continuing to evaluate the overall potential impacts of the legislation and will continue to monitor related regulatory developments.
New Jersey Regulatory Matters
New Jersey Repeal RTO Adder Bill (Exelon, PHI, and ACE). On July 7, 2026, the Governor of New Jersey signed into law legislation that addresses several matters pertaining to electric utility companies. As part of the legislation ACE is required to participate as a member in an RTO effective January 1, 2027, which could result in a complaint filed for the removal of the 50-basis-point incentive adder in the transmission formula rates.
Other Federal Regulatory Matters
PJM Cost Allocation Methodology (All Registrants). On October 7, 2026, FERC issued an order providing additional direction on its March 6, 2026 order. The March 6, 2026, order required PJM to eliminate the de minimis threshold exemption used to allocate certain transmission reliability upgrade costs to the rate zones of PJM Transmission Owners, including the Utility Registrants. FERC also directed PJM to recalculate historical cost allocations beginning June 18, 2015, and, as applicable, pass through additional charges or payments to PJM customers, including the Utility Registrants, as applicable, with interest. The October 7th order also directed that hearing and settlement proceedings be held to determine how PJM should reflect changes in market participants during the 15-year refund and surcharge period. An appeal of FERC's March 6th order remains pending before the United States Court of Appeals for the D.C. Circuit.
The final impact of these proceedings cannot be predicted or reasonably estimated at this time, but could be material to the financial statements.
Regulatory Assets and Liabilities
The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2025, unless noted below. See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information on the specific regulatory assets and liabilities.
ComEd. Regulatory assets increased $290 million primarily due to an increase of $137 million in the regulatory asset for Electric distribution significant one-time events, primarily related to storm costs. Regulatory liabilities decreased $86 million primarily due to a decrease of $670 million in the Carbon mitigation credit regulatory liability, partially offset by an increase of $285 million in the Decommissioning the Regulatory Agreement Units regulatory liability and an increase of $159 million in the Renewable portfolio standards costs regulatory liability.
PECO. Regulatory assets increased $194 million primarily due to an increase of $148 million in the Deferred income taxes regulatory asset. Regulatory liabilities increased $144 million primarily due to an increase of $156 million in the Decommissioning the Regulatory Agreement Units.
BGE. Regulatory assets decreased $99 million primarily due to a decrease of $62 million in the Energy efficiency and demand response programs regulatory asset and a decrease of $47 million in the Electric energy and natural gas costs regulatory asset. Regulatory liabilities decreased $25 million primarily due to a decrease of $47 million in the Deferred income taxes regulatory liability.
Pepco. Regulatory assets decreased $40 million primarily due to a decrease of $47 million in the Energy efficiency and demand response programs regulatory asset. Regulatory liabilities decreased $1 million primarily due to a decrease of $36 million in the Deferred income taxes regulatory liability, partially offset by an increase of $22 million in the Removal costs regulatory liability.
DPL. Regulatory assets increased $8 million primarily due to an increase of $13 million in the Removal costs regulatory asset and an increase of $8 million in the Electric energy and natural gas costs regulatory asset, partially offset by a decrease of $21 million in the Energy efficiency and demand response costs regulatory asset.
ACE. Regulatory assets increased $26 million primarily due to an increase of $58 million in the Energy efficiency and demand response programs regulatory asset. Regulatory liabilities increased $48 million primarily due to an increase of $30 million in the Electric energy and natural gas costs regulatory liability and an increase of $24 million in the Zero emissions credit regulatory liability, partially offset by a decrease of $11 million in the Transmission formula rate annual reconciliations regulatory liability.
Capitalized Ratemaking Amounts Not Recognized
The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at September 30, 2026 and December 31, 2025.
Exelon
ComEd(a)
BGE(b)
PHI
Pepco(c)
DPL(d)
ACE(e)
September 30, 2026$67 $10 $31 $26 $11 $— $15 
December 31, 202598 12 47 39 22 1 16 
__________
(a)For the nine months ended September 30, 2026, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rate, distributed generation, and energy efficiency regulatory assets. For the year ended December 31, 2025, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and distributed generation regulatory assets.
(b)BGE's amount capitalized for ratemaking purposes primarily relates to investments in rate base included in the multi-year plan reconciliations.
(c)Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.
(d)DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs.
(e)ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.
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v3.26.3
Related Party Transactions - Current Receivables From/Payables To Affiliates (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Related Party    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current $ 237 $ 279
Accounts payable 5 5
Commonwealth Edison Co | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 68 81
Commonwealth Edison Co | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Commonwealth Edison Co | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Commonwealth Edison Co | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Commonwealth Edison Co | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Commonwealth Edison Co | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Commonwealth Edison Co | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Commonwealth Edison Co | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 5 5
Commonwealth Edison Co | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 68 81
Receivables from affiliates 5 5
PECO Energy Co | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 35 35
PECO Energy Co | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PECO Energy Co | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PECO Energy Co | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PECO Energy Co | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PECO Energy Co | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PECO Energy Co | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PECO Energy Co | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 1 0
PECO Energy Co | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 35 35
Receivables from affiliates 1 0
Baltimore Gas and Electric Company | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 35 39
Baltimore Gas and Electric Company | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Baltimore Gas and Electric Company | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Baltimore Gas and Electric Company | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Baltimore Gas and Electric Company | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Baltimore Gas and Electric Company | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Baltimore Gas and Electric Company | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Baltimore Gas and Electric Company | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 1
Baltimore Gas and Electric Company | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 35 39
Receivables from affiliates 0 1
Pepco Holdings LLC | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 11 18
Pepco Holdings LLC | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 56 71
Receivables from affiliates 7 14
Potomac Electric Power Company | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 34 37
Potomac Electric Power Company | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Potomac Electric Power Company | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Potomac Electric Power Company | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Potomac Electric Power Company | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Potomac Electric Power Company | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Potomac Electric Power Company | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Potomac Electric Power Company | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Potomac Electric Power Company | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 34 37
Receivables from affiliates 0 0
Delmarva Power and Light Company | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 23 25
Delmarva Power and Light Company | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Delmarva Power and Light Company | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Delmarva Power and Light Company | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Delmarva Power and Light Company | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Delmarva Power and Light Company | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Delmarva Power and Light Company | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Delmarva Power and Light Company | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 6 2
Delmarva Power and Light Company | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 23 25
Receivables from affiliates 6 2
Atlantic City Electric Company | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 18 24
Atlantic City Electric Company | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Atlantic City Electric Company | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Atlantic City Electric Company | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Atlantic City Electric Company | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Atlantic City Electric Company | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Atlantic City Electric Company | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Atlantic City Electric Company | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 1 12
Atlantic City Electric Company | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 18 24
Receivables from affiliates 1 12
Business Services Company | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 65 76
Business Services Company | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 30 33
Business Services Company | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 33 39
Business Services Company | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 6 5
Business Services Company | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 19 25
Business Services Company | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 12 15
Business Services Company | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 9 14
Business Services Company | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
Business Services Company | Related Party    
Related Party Transaction [Line Items]    
Receivables from affiliates 174 207
PHI Service Company | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PHI Service Company | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PHI Service Company | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PHI Service Company | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 2
PHI Service Company | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 13 11
PHI Service Company | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 9 10
PHI Service Company | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 8 10
PHI Service Company | Other Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 0 0
PHI Service Company | Related Party    
Related Party Transaction [Line Items]    
Receivables from affiliates 30 33
Other Legal Entities | Affiliated Entity    
Related Party Transaction [Line Items]    
Accounts payable 13 20
Other Legal Entities | Commonwealth Edison Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 3 5
Other Legal Entities | PECO Energy Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 5 2
Other Legal Entities | Baltimore Gas And Electric Company Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 2 0
Other Legal Entities | Pepco Holdings LLC Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 5 11
Other Legal Entities | Potomac Electric Power Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 2 1
Other Legal Entities | Delmarva Power and Light Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 2 0
Other Legal Entities | Atlantic City Electric Co Affiliate    
Related Party Transaction [Line Items]    
Related party transaction, due from (to) related party, current 1 0
Other Legal Entities | Related Party    
Related Party Transaction [Line Items]    
Receivables from affiliates $ 20 $ 19
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
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v3.26.3
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Description of Business and Basis of Presentation (All Registrants)
Description of Business (All Registrants)
Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE.
Name of Registrant  Business  Service Territories
Commonwealth Edison CompanyPurchase and regulated retail sale of electricityNorthern Illinois, including the City of Chicago (and, through its subsidiary, Commonwealth Edison Company of Indiana, transmission of electricity in a small portion of northwestern Indiana)
Transmission and distribution of electricity to retail customers
PECO Energy CompanyPurchase and regulated retail sale of electricity and natural gasSoutheastern Pennsylvania, including the City of Philadelphia (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customersPennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric CompanyPurchase and regulated retail sale of electricity and natural gasCentral Maryland, including the City of Baltimore (electricity and natural gas)
Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLCUtility services holding company engaged, through its reportable segments Pepco, DPL, and ACEService Territories of Pepco, DPL, and ACE
Potomac Electric 
Power Company
  Purchase and regulated retail sale of electricity  District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland
Transmission and distribution of electricity to retail customers
Delmarva Power &
Light Company
Purchase and regulated retail sale of electricity and natural gasPortions of Delaware and Maryland (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customersPortions of New Castle County, Delaware (natural gas)
Atlantic City Electric CompanyPurchase and regulated retail sale of electricityPortions of Southern New Jersey
Transmission and distribution of electricity to retail customers
Prior Period Adjustments (ACE)
In the first quarter of 2026, management identified an error in the historical rate classification for a limited number of ACE customers that resulted in the overstatement of Regulatory assets and Revenues from alternative revenue programs. Management has concluded that the error was not material to previously issued or to the current period financial statements.
The impact of the error correction recognized in the first quarter of 2026 was a $14 million decrease to ACE’s Revenues from alternative revenue programs, a $4 million decrease to Income taxes, and a corresponding decrease of $14 million in Regulatory assets. The overall impact on ACE’s Operating income was a decrease of $14 million, and the impact on ACE’s Net income was $10 million. The error did not impact any net cash flow subtotal for the three months ended March 31, 2026.
Basis of Presentation (All Registrants)
This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrants' Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated.
Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and
PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed.
The accompanying consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 are unaudited but, in the opinion of each Registrant's management, the Registrants include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2025 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2026. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.
New Accounting Standards (All Registrants)
New Accounting Standards (All Registrants)
New Accounting Standards Issued and Not Yet Adopted as of September 30, 2026: The following new authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of September 30, 2026. Unless otherwise indicated, the Registrants are currently assessing the impacts such guidance may have (which could be material) in their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures, as well as the potential to early adopt where applicable. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting.
Disaggregation of Income Statement Expenses (Issued November 2024). Provides additional disclosure requirements related to relevant expense captions of income statement expense line items. The revised guidance requires a new tabular disclosure of disaggregated income statement expenses including a break out of (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil and gas producing activities included in each relevant expense line item on the income statement. The tabular disaggregation should include certain amounts already required to be disclosed under GAAP elsewhere. Any remaining amounts not separately disaggregated quantitatively should include a qualitative description. Additionally, on an annual basis, the standard requires disclosure of management’s definition of selling expenses and the amount of expense. The standard is effective for annual reporting periods beginning January 1, 2027, and for interim reporting periods within annual reporting periods beginning January 1, 2028. Early adoption is permitted. Exelon will adopt the guidance upon the applicable effective dates.
Environmental Credits and Environmental Credit Obligations (Issued May 2026). Establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and compliance obligations that may be settled by using environmental credits. The guidance is effective for annual and interim periods beginning January 1, 2028 with early adoption permitted. The guidance is adopted on a retrospective basis by recognizing a cumulative effect adjustment to retained earnings at the date of initial application.
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The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

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v3.26.3
Commitments and Contingencies (All Registrants)
9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies (All Registrants) Commitments and Contingencies (All Registrants)
The following is an update to the current status of commitments and contingencies set forth in Note 16 — Commitments and Contingencies of the 2025 Form 10-K.
Commitments
PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at September 30, 2026:
DescriptionExelon PHI Pepco DPLACE
Total commitments$513 $320 $120 $89 $111 
Remaining commitments(a)
20 18 18 — — 
__________
(a)Remaining commitments extend through 2026 and include escrow funds and rate credits.
Commercial Commitments (All Registrants). The Registrants’ commercial commitments at September 30, 2026, representing commitments potentially triggered by future events were as follows:
Expiration within
Total202620272028202920302031 and beyond
Exelon
Letters of credit(a)
$55 $10 $45 $— $— $— $— 
Surety bonds(b)
472 72 235 165 — — — 
Financing trust guarantees(c)
378 — — 78 — — 300 
Guaranteed lease residual values(d)
25 — — 6 4 4 11 
Total commercial commitments $930 $82 $280 $249 $4 $4 $311 
ComEd
Letters of credit(a)
$15 $4 $11 $— $— $— $— 
Surety bonds(b)
144 10 134 — — — — 
Financing trust guarantees(c)
200 — — — — — 200 
Total commercial commitments $359 $14 $145 $— $— $— $200 
PECO
Letters of credit(a)
$4 $— $4 $— $— $— $— 
Surety bonds(b)
19 — 19 — — — — 
Financing trust guarantees(c)
178 — — 78 — — 100 
Total commercial commitments $201 $— $23 $78 $— $— $100 
BGE
Letters of credit(a)
$27 $4 $23 $— $— $— $— 
Surety bonds(b)
93 1 5 87 — — — 
Total commercial commitments $120 $5 $28 $87 $— $— $— 
PHI
Letters of credit(a)
$6 $— $6 $— $— $— $— 
Surety bonds(b)
157 57 22 78 — — — 
Guaranteed lease residual values(d)
25 — — 6 4 4 11 
Total commercial commitments $188 $57 $28 $84 $4 $4 $11 
Pepco
Letters of credit(a)
$3 $— $3 $— $— $— $— 
Surety bonds(b)
143 51 14 78 — — — 
Guaranteed lease residual values(d)
9 — — 2 1 2 4 
Total commercial commitments $155 $51 $17 $80 $1 $2 $4 
DPL
Letters of credit(a)
$1 $— $1 $— $— $— $— 
Surety bonds(b)
8 3 5 — — — — 
Guaranteed lease residual values(d)
9 — — 2 2 1 4 
Total commercial commitments $18 $3 $6 $2 $2 $1 $4 
ACE
Letters of credit(a)
$2 $— $2 $— $— $— $— 
Surety bonds(b)
6 3 3 — — — — 
Guaranteed lease residual values(d)
7 — — 2 1 1 3 
Total commercial commitments $15 $3 $5 $2 $1 $1 $3 
__________
(a)Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties.
(b)Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Historically, payments under the guarantees have not been made and the likelihood of payments being required is remote.
(c)Reflects guarantee of ComEd and PECO securities held by ComEd Financing III, PECO Trust III, and PECO Trust IV.
(d)Represents the maximum potential obligation in the event the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $59 million guaranteed by Exelon and PHI, of which $21 million, $21 million, and $17 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.
Environmental Remediation Matters
General (All Registrants). The Registrants’ operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under federal and state environmental laws, the Registrants are generally liable for the costs of remediating environmental contamination of property now or formerly owned by them and of property contaminated by hazardous substances generated by them. The Registrants own or lease a number of real estate parcels, including parcels on which their operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, the Registrants are currently involved in a number of proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, the Registrants cannot reasonably estimate whether they will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by the Registrants, environmental agencies, or others, or whether such costs will be recoverable from third parties, including customers. Additional costs could have a material, unfavorable impact on the Registrants' financial statements.
MGP Sites (All Registrants). ComEd, PECO, BGE, and DPL have identified sites where former MGP or gas purification activities have or may have resulted in actual site contamination. For some sites, there are additional PRPs that may share responsibility for the ultimate remediation of each location.
•ComEd has 16 sites currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2034.
•PECO has 5 sites currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2030.
•BGE has 4 sites currently requiring some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2027.
•DPL has 1 site currently under study and the required cost at the site is not expected to be material.
The historical nature of the MGP and gas purification sites, and the fact that many of the sites have been buried and built over, impacts the ability to determine a precise estimate of the ultimate costs prior to initial sampling and determination of the exact scope and method of remedial activity. Management determines its best estimate of remediation costs using all available information at the time of each study, including probabilistic and deterministic modeling for ComEd and PECO, and the remediation standards currently required by the applicable state environmental agency. Prior to performing any significant clean up, each site remediation plan is approved by the appropriate state environmental agency.
ComEd, pursuant to an ICC order, and PECO, pursuant to a PAPUC order, are currently recovering environmental remediation costs of former MGP facility sites through customer rates. While BGE and DPL do not have riders for MGP clean-up costs, they have historically received recovery of actual clean-up costs in distribution rates.
During the third quarter of 2026, ComEd and PECO completed an annual study of their future estimated MGP remediation requirements. The study resulted in increases of $12 million and $2 million to the environmental liability and related Regulatory asset for ComEd and PECO, respectively. The increases were primarily due to increased costs resulting from inflation, adjustments to unit costs, and changes in remediation plans.
At September 30, 2026 and December 31, 2025, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:
September 30, 2026December 31, 2025
Total Environmental
Investigation and
Remediation Liabilities
Portion of Total Related to
MGP Investigation and
Remediation
Total Environmental
Investigation and
Remediation Liabilities
Portion of Total Related to
MGP Investigation and
Remediation
Exelon$369 $318 $386 $321 
ComEd295 295 289 289 
PECO16 13 23 22 
BGE13 10 13 10 
PHI44 — 57 — 
Pepco42 — 55 — 
DPL2 — 1 — 
ACE— — 1 — 
Benning Road Site (Exelon, PHI, and Pepco). In September 2010, PHI received a letter from the EPA identifying the Benning Road site as one of six land-based sites potentially contributing to contamination of the lower Anacostia River. A portion of the site, which is owned by Pepco, was formerly the location of an electric generating facility owned by Pepco subsidiary, Pepco Energy Services (PES), which became a part of Constellation following the 2016 merger between PHI and Exelon. This generating facility was deactivated in June 2012. The remaining portion of the site consists of a Pepco transmission and distribution service center that remains in operation. In December 2011, the U.S. District Court for the District of Columbia approved a Consent Decree entered into by Pepco and Pepco Energy Services (hereinafter "Pepco Entities") with the DOEE, which requires the Pepco Entities to conduct a Remedial Investigation and Feasibility Study (RI/FS) for the Benning Road site and an approximately 10 to 15-acre portion of the adjacent Anacostia River. The purpose of this RI/FS is to define the nature and extent of contamination from the Benning Road site and to evaluate remedial alternatives.
Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft “final” RI report which the DOEE approved on February 3, 2020. In October 2022, the DOEE approved dividing the work to complete the landside portion of the FS from the waterside portion to expedite the overall schedule for completion of the project. The landside FS was approved by the DOEE on March 15th, 2024, and the waterside FS was approved by the DOEE on December 16, 2024. The DOEE and Pepco entered into an addendum to the Benning Consent Decree pursuant to which Pepco has agreed to fund or perform the remedial actions to be selected by the DOEE for the landside and waterside areas. This addendum to the Benning Consent Decree was entered by the Court on February 27, 2024 and became effective on that date. Pepco drafted separate proposed plans for the landside and waterside areas, which were approved and issued by the DOEE for public comment on December 16, 2024 and September 4, 2025, respectively. The public comment period for the landside and waterside areas closed on April 18, 2025 and October 31, 2025, respectively. Pepco submitted a matrix of proposed responses to the public comments and a proposed Record of Decision (ROD) to the DOEE for the landside area on August 15, 2025. The DOEE will issue RODs identifying the remedial actions determined to be necessary for the landside and waterside areas, which will be implemented by Pepco in accordance with the Benning Consent Decree.
As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Constellation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above.
Anacostia River Tidal Reach (Exelon, PHI, and Pepco). Contemporaneous with the Benning Road site RI/FS being performed by the Pepco Entities, the DOEE and NPS have been conducting a separate RI/FS focused on
the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The riverwide RI incorporated the results of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by the DOEE’s contractor.
On September 30, 2020, the DOEE released its Interim ROD for the Anacostia River sediments. The Interim ROD reflects an adaptive management approach which will require several identified “hot spots” in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by the DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion.
On July 15, 2022, Pepco received a letter from the District of Columbia's Office of the Attorney General (D.C. OAG) on behalf of the DOEE conveying a settlement offer to resolve all PRPs' liability to the District of Columbia (District) for their past costs and their anticipated future costs to complete the work for the Interim ROD. Pepco responded on July 27, 2022 agreeing to enter into settlement discussions. Pepco and the District entered into another consent decree (the “Anacostia River Consent Decree”) pursuant to which Pepco agreed to pay $47 million to resolve its liability to the District for all past costs to perform the riverwide RI/FS and all future costs to complete the work required by the Interim ROD. This amount was agreed to be paid in four equal annual installments beginning a year after the effective date of the Anacostia River Consent Decree. Pepco paid the first installment of $12 million on April 9, 2025, and the second installment of $12 million on April 7, 2026. The funds were deposited into the DOEE’s Clean Land Fund for the District’s costs of the Interim ROD work. The Anacostia River Consent Decree caps Pepco’s liability for these costs and provides Pepco with the right to seek contributions from other PRPs. The Anacostia River Consent Decree was signed by the judge for the U.S. District Court for the District of Columbia and became effective on April 11, 2024. Exelon, PHI, and Pepco have accrued a liability for Pepco’s payment obligations under the Anacostia Consent Decree and management's best estimate of its share of any other future Anacostia River response costs. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.
In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a NRD assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the early stage of the NRD process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process. Pepco has become aware, however, that the District is pursuing claims against other parties. Specifically, in January 2025, D.C. OAG filed a lawsuit against the United States seeking to declare the United States liable under CERCLA and the District of Columbia’s Brownfield Revitalization Act of 2000 and to recover the District’s response costs associated with its investigation and remediation of Anacostia River sediment contamination and for future NRDs. Pepco is not a party to this suit, but Pepco, the United States, and the District of Columbia have entered mediation discussions to resolve their respective claims against one another under CERCLA and the Brownfield Revitalization Act with respect to the river. The court has put the case on hold pending the outcome of the mediation.
As noted in the Benning Road Site disclosure above, as part of the separation of Exelon and Constellation in February 2022, an assumption agreement was executed transferring any potential future remediation liabilities associated with the Benning Site remediation to a non-utility subsidiary of Exelon. Similarly, any potential future liability associated with the Anacostia River Sediment Project was also assumed by this entity.
Buzzard Point Site (Exelon, PHI, and Pepco). On December 8, 2022, Pepco received a letter from the D.C. OAG, alleging wholly past violations of the District's stormwater discharge and waste disposal requirements related to operations at the Buzzard Point facility, a 9-acre parcel of waterfront property in Washington, D.C. occupied by an active substation and former steam plant building. The letter also alleged wholly past violations by Pepco of stormwater discharge requirements related to its district-wide system of underground vaults. Pepco entered into a Consent Order with the District of Columbia to resolve the alleged violations without any admission of liability. The Consent Order requires Pepco to pay a civil penalty of $10 million. In addition, Pepco has agreed to assess the environmental conditions at its Buzzard Point facility and conduct any remedial actions deemed necessary as a result of the assessment, and also to assess potential environmental impacts associated with the operation of its underground vaults. The Superior Court for the District of Columbia signed and entered the Consent Order, and it became effective on February 2, 2024. Pepco is proceeding through the multi-step environmental investigation and response as outlined in the consent order. Specifically, the DOEE approved Pepco's Preliminary Site Assessment in July 2025. In September 2025, Pepco timely submitted its work plan for the second stage, the Supplemental Investigation Plan, which the DOEE approved in November 2025. Pepco also submitted an environmental assessment to the DOEE of the vault system pursuant to the Consent Order in July 2024. In response to the DOEE's comments, Pepco made revised submissions in May 2025, September 2025, and January 2026. The DOEE approved Pepco's vault system report on February 2, 2026. Exelon, PHI, and Pepco have accrued a liability for the projected costs for the required environmental assessments and remediation. In January 2025, Pepco paid the last installment of the civil penalty. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.
Litigation and Regulatory Matters
DPA and Related Matters (Exelon and ComEd). Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney’s Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. The Companies cooperated fully with the USAO and any government requests or inquiries. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation into its historical state legislative lobbying and related practices in Illinois. The agreement resolved the Department of Justice investigation into both ComEd and Exelon, which included a payment to the U.S. Treasury of $200 million, which was paid in November 2020. The three-year term of the DPA ended on July 17, 2023, and on that same date the court granted the USAO’s motion to dismiss the pending charge against ComEd that had been deferred by the DPA.
Subsequent to Exelon announcing the receipt of the USAO subpoenas, various lawsuits were filed related to the subject of the subpoenas and the conduct described in the DPA. Several putative class actions were brought in federal and state court by ComEd customers. These actions were dismissed prior to discovery or trial and those dismissals were affirmed on appeal. A putative class action alleging misrepresentations and omissions in Exelon's SEC filings related to ComEd's lobbying activities and the related investigations was also brought in federal court against Exelon and ComEd, which was subsequently settled.
In addition, subsequent to Exelon announcing the receipt of the USAO subpoenas, several shareholders sent letters to the Exelon Board of Directors demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (SLC) consisting of disinterested and independent parties to investigate and address these shareholders’ allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC’s investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. Since that date, multiple parties have filed separate derivative lawsuits that were subsequently consolidated. On October 12, 2021, the parties filed an agreed motion to stay the litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. The stay was extended several times. Through mediation efforts, a settlement of the derivative claims was reached by the SLC, the Independent Review Committee of the Board (which had been formed in the third quarter of 2022, to ensure the Board’s consideration of any SLC recommendations would be independent and objective), the Board, and certain of the derivative shareholders. On June 16, 2023, the SLC filed a motion for preliminary approval of the settlement, attaching the Stipulation and Agreement of Settlement
(Stipulation), which contained the terms of the settlement. The settlement terms include but are not limited to: a payment of $40 million to Exelon by Exelon’s insurers; a combined $10 million award for service awards and attorneys' fees and expenses; various compliance and disclosure-related reforms; and certain changes in Board and Committee composition. The non-settling shareholders objected to the settlement and opposed preliminary approval. On September 20, 2024, the court denied without prejudice the SLC’s motion for preliminary approval. The court’s order provided that if the SLC can substantiate or otherwise revise the attorneys’ fees aspect of the settlement, then the SLC could renew its motion for preliminary approval by October 21, 2024. On October 21, 2024, the SLC filed its second renewed motion for preliminary approval, and the Settling Shareholders filed a brief in support of the SLC's second renewed motion for preliminary approval. On November 20, 2024, the non-settling plaintiffs filed an opposition to the renewed motion for preliminary approval. On December 18, 2024, the SLC and Settling Shareholders filed replies in support of the renewed motion for preliminary approval. The court granted the renewed motion for preliminary approval on November 17, 2025, and held the final settlement hearing on May 5, 2026. On September 22, 2026, the court granted final approval of the settlement, approved the related service awards and attorneys’ fees and expenses. On October 21, 2026, the non-settling plaintiffs filed their notice of appeal of the final approval order.
Maryland Sales and Use Tax Refund Claim (Exelon, BGE, PHI, Pepco, and DPL). Maryland imposes a 6% sales tax on the purchase of most goods and services. BGE, Pepco, and DPL have filed or plan to file refund claims that treat electric transmission and distribution machinery and equipment as nontaxable pursuant to the manufacturing exemption available under Maryland law. These claims were initially denied by the Maryland Comptroller.
On November 22, 2024, the Appellate Court of Maryland, in a case involving a regulated electric utility operating in Maryland, ruled that the purchase of certain transmission and distribution equipment qualifies for the sales tax manufacturing exemption. On December 20, 2024, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a motion for reconsideration with the Appellate Court of Maryland. The motion for reconsideration was denied on February 3, 2025.
On February 18, 2025, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a petition with the Maryland Supreme Court requesting review of the Appellate Court of Maryland’s decision, which was granted. On April 24, 2025, the Maryland Supreme Court granted the petition to review the ruling. On October 1, 2025, the Maryland Supreme Court heard oral arguments in the case.
On July 17, 2026, the Supreme Court of Maryland issued a decision affirming that purchases of certain transmission and distribution equipment qualify for the sales tax manufacturing exemption. The Supreme Court of Maryland also concluded that sales tax refund claims are eligible for interest.
As of September 30, 2026, Exelon, BGE, PHI, Pepco, and DPL have filed or plan to file refund claims including interest of $165 million, $110 million, $55 million, $35 million, and $20 million, respectively. The receivable will be recorded in the period that resolution is reached with taxing authorities. The sales tax payments were primarily capitalized; therefore, that portion of the refund would be recorded as a reduction to PP&E included in rate base.
Exelon, BGE, PHI, Pepco, and DPL plan to work collaboratively with the MDPSC and other key stakeholders to determine the optimal approach to reduce customer bills for the sales tax refund. Exelon, BGE, PHI, Pepco, and DPL plan to begin sharing those tax benefits with customers following the receipt of the refund from the Maryland Comptroller.
General (All Registrants). The Registrants are involved in various other litigation matters for personal injury, property damage and other claims that are being defended and handled in the ordinary course of business. The Registrants are also from time to time subject to audits and investigations by the FERC and other regulators. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. The Registrants maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.
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v3.26.3
Supplemental Financial Information - Cash Flow (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     $ 2,419 $ 2,270
Amortization of regulatory assets     491 444
Amortization of intangible assets, net     0 3
Accretion expense     2 2
Depreciation, amortization, and accretion     2,912 2,719
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     196 204
Allowance for credit losses     243 202
True-up adjustments to decoupling mechanisms and formula rates $ (35) $ (220) (138) (621)
Amortization of operating ROU asset     17 22
AFUDC - Equity (66) (49) (186) (130)
Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     140 627
Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     (186) (130)
Commonwealth Edison Co        
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     966 915
Amortization of regulatory assets     292 247
Amortization of intangible assets, net     0 0
Accretion expense     0 0
Depreciation, amortization, and accretion     1,258 1,162
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     80 64
Allowance for credit losses     62 41
True-up adjustments to decoupling mechanisms and formula rates (15) (206) (62) (525)
Amortization of operating ROU asset     0 0
AFUDC - Equity (25) (19) (71) (45)
Commonwealth Edison Co | Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     62 525
Commonwealth Edison Co | Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     (71) (45)
PECO Energy Co        
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     371 333
Amortization of regulatory assets     2 3
Amortization of intangible assets, net     0 0
Accretion expense     0 0
Depreciation, amortization, and accretion     373 336
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     13 5
Allowance for credit losses     70 75
True-up adjustments to decoupling mechanisms and formula rates 1 2 10 (6)
Amortization of operating ROU asset     0 0
AFUDC - Equity (12) (9) (33) (26)
PECO Energy Co | Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     (10) 6
PECO Energy Co | Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     (33) (26)
Baltimore Gas and Electric Company        
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     400 375
Amortization of regulatory assets     96 98
Amortization of intangible assets, net     0 0
Accretion expense     0 0
Depreciation, amortization, and accretion     496 473
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     21 46
Allowance for credit losses     51 20
True-up adjustments to decoupling mechanisms and formula rates (18) (20) (35) (63)
Amortization of operating ROU asset     5 5
AFUDC - Equity (17) (11) (47) (29)
Baltimore Gas and Electric Company | Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     35 63
Baltimore Gas and Electric Company | Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     (47) (29)
Pepco Holdings LLC        
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     640 606
Amortization of regulatory assets     101 95
Amortization of intangible assets, net     0 0
Accretion expense     0 2
Depreciation, amortization, and accretion     741 703
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     62 72
Allowance for credit losses     60 66
True-up adjustments to decoupling mechanisms and formula rates (3) 6 (51) (27)
Amortization of operating ROU asset     8 13
AFUDC - Equity (12) (10) (35) (30)
Pepco Holdings LLC | Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     53 33
Pepco Holdings LLC | Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     (35) (30)
Potomac Electric Power Company        
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     284 268
Amortization of regulatory assets     59 53
Amortization of intangible assets, net     0 0
Accretion expense     0 1
Depreciation, amortization, and accretion     343 322
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     23 26
Allowance for credit losses     28 29
True-up adjustments to decoupling mechanisms and formula rates 1 (5) (13) (19)
Amortization of operating ROU asset     2 4
AFUDC - Equity (9) (8) (27) (23)
Potomac Electric Power Company | Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     13 19
Potomac Electric Power Company | Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     (27) (23)
Delmarva Power and Light Company        
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     180 169
Amortization of regulatory assets     20 20
Amortization of intangible assets, net     0 0
Accretion expense     0 0
Depreciation, amortization, and accretion     200 189
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     11 12
Allowance for credit losses     12 13
True-up adjustments to decoupling mechanisms and formula rates (3) (5) (8) (10)
Amortization of operating ROU asset     3 4
AFUDC - Equity (2) (1) (5) (4)
Delmarva Power and Light Company | Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     8 10
Delmarva Power and Light Company | Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     (5) (4)
Atlantic City Electric Company        
Depreciation, Amortization and Accretion [Abstract]        
Property, plant and equipment     173 166
Amortization of regulatory assets     22 22
Amortization of intangible assets, net     0 0
Accretion expense     0 0
Depreciation, amortization, and accretion     195 188
Other Non-Cash Operating Activities [Abstract]        
Pension and non-pension postretirement benefit costs     7 10
Allowance for credit losses     20 24
True-up adjustments to decoupling mechanisms and formula rates (1) 16 (30) 2
Amortization of operating ROU asset     1 2
AFUDC - Equity $ (1) $ (1) (3) (3)
Atlantic City Electric Company | Other Non-Cash Activity        
Other Non-Cash Operating Activities [Abstract]        
True-up adjustments to decoupling mechanisms and formula rates     32 4
Atlantic City Electric Company | Return on borrowed funds        
Other Non-Cash Operating Activities [Abstract]        
AFUDC - Equity     $ (3) $ (3)
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v3.26.3
Retirement Benefits - Defined Contribution Savings Plans (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions $ 33 $ 30 $ 97 $ 86
Commonwealth Edison Co        
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions 17 12 41 34
PECO Energy Co        
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions 5 4 14 12
Baltimore Gas and Electric Company        
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions 3 3 9 9
Pepco Holdings LLC        
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions 3 5 15 15
Potomac Electric Power Company        
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions 1 1 4 4
Delmarva Power and Light Company        
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions 1 1 3 3
Atlantic City Electric Company        
Defined Benefit Plan Disclosure [Line Items]        
Savings Plan Employer Contributions $ 0 $ 1 $ 2 $ 2
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Related Party Transactions (All Registrants)
9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions (All Registrants) Related Party Transactions (All Registrants)
Service Company Costs for Corporate Support
The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1 — Significant Accounting Policies for additional information regarding BSC and PHISCO.
The following table presents the service company costs allocated to the Registrants:
Operating and maintenance from affiliatesCapitalized costs
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20262025202620252026202520262025
Exelon
   BSC$132 $156 $383 $478 
   PHISCO19 29 71 83 
ComEd
   BSC$104 $95 $316 $296 54 63 166 186 
PECO
   BSC55 58 188 178 28 24 69 79 
BGE
   BSC56 60 193 185 21 28 62 92 
PHI
   BSC38 44 154 144 29 41 87 121 
   PHISCO— — — — 19 29 71 83 
Pepco
   BSC32 30 104 93 10 18 35 52 
   PHISCO27 29 94 91 5 14 27 36 
DPL
   BSC20 19 65 58 9 12 27 36 
   PHISCO22 24 73 75 8 8 23 25 
ACE
   BSC16 15 52 47 10 10 23 28 
   PHISCO16 22 67 69 7 7 21 22 
Receivables from/Payables to Affiliates
The following tables present Receivables from affiliates and Payables to affiliates:
September 30, 2026
Receivables from affiliates:
Payables to affiliates:ComEdPECOBGEPepcoDPLACEBSCPHISCOOtherTotal
ComEd$— $— $— $— $— $65 $— $3 $68 
PECO$— — — — — 30 — 5 35 
BGE— — — — — 33 — 2 35 
PHI(a)
— — — — — — 6 — 5 11 
Pepco— — — — — 19 13 2 34 
DPL— — — — — 12 9 2 23 
ACE— — — — — 9 8 1 18 
Other5 1 — — 6 1 — — 13 
Total$5 $1 $— $— $6 $1 $174 $30 $20 $237 
December 31, 2025
Receivables from affiliates:
Payables to affiliates:ComEdPECOBGEPepcoDPLACEBSCPHISCOOtherTotal
ComEd$— $— $— $— $— $76 $— $5 $81 
PECO$— — — — — 33 — 2 35 
BGE— — — — — 39 — — 39 
PHI(a)
— — — — — — 5 2 11 18 
Pepco— — — — — 25 11 1 37 
DPL— — — — — 15 10 — 25 
ACE— — — — — 14 10 — 24 
Other5 — 1 — 2 12 — — 20 
Total$5 $— $1 $— $2 $12 $207 $33 $19 $279 
__________
(a)PHI is presented exclusive of Pepco, DPL, and ACE, which are included in the table herein.
Borrowings from Exelon/PHI intercompany money pool
To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing both Exelon and PHI operate an intercompany money pool. PECO and PHI Corporate participate in the Exelon intercompany money pool. Pepco, DPL, and ACE participate in the PHI intercompany money pool.
Long-term debt to financing trusts
The following table presents Long-term debt to financing trusts:
September 30, 2026December 31, 2025
ExelonComEdPECOExelonComEdPECO
ComEd Financing III$206 $206 $— $206 $206 $— 
PECO Trust III81 — 81 81 — 81 
PECO Trust IV103 — 103 103 — 103 
Total$390 $206 $184 $390 $206 $184 
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v3.26.3
Debt and Credit Agreements (All Registrants)
9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt and Credit Agreements (All Registrants) Debt and Credit Agreements (All Registrants)
Short-Term Borrowings
Exelon Corporate, ComEd, and BGE meet their short-term liquidity needs primarily through commercial paper issuances. PECO also utilizes commercial paper, supplemented by borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE similarly rely on commercial paper, along with borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity needs through borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.
Commercial Paper
The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at September 30, 2026 and December 31, 2025.
Outstanding Commercial
Paper at
Average Interest Rate on
Commercial Paper Borrowings at
Commercial Paper IssuerSeptember 30, 2026December 31, 2025September 30, 2026December 31, 2025
Exelon(a)
$434 $612 4.19 %3.94 %
ComEd$— $— — %— %
PECO$— $— — %— %
BGE$— $— — %— %
PHI(b)
$— $612 — %3.94 %
Pepco$— $303 — %3.93 %
DPL$— $161 — %3.94 %
ACE$— $148 — %3.94 %
__________
(a)Exelon Corporate had $434 million outstanding commercial paper borrowings at September 30, 2026 and no outstanding commercial paper borrowings at December 31, 2025.
(b)Represents the consolidated amounts of Pepco, DPL, and ACE.
Revolving Credit Agreements
On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facilities, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:
BorrowerAggregate Bank CommitmentInterest Rate
Exelon Corporate$900 
SOFR plus 1.075%
ComEd$1,000 
SOFR plus 1.000%
PECO$600 
SOFR plus 1.000%
BGE$600 
SOFR plus 1.000%
Pepco$300 
SOFR plus 1.000%
DPL$300 
SOFR plus 1.000%
ACE$300 
SOFR plus 1.000%
Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of September 30, 2026.
The Utility Registrants have credit facility agreements, arranged at community banks, which may be utilized to issue letters of credit. The facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. On October 3, 2025, the Utility Registrants amended and extended their credit facilities at community banks. Previously structured as one-year arrangements, the facilities are now two-year terms. These facilities expire on October 1, 2027.
See Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for additional information on the Registrants' credit facilities.
Short-Term Loan Agreements
On March 25, 2026, Exelon Corporate entered into two term loan agreements for $350 million and $150 million. Both agreements mature on March 24, 2027. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.85% and all indebtedness thereunder is unsecured. The loans are reflected in Exelon's Consolidated Balance Sheet within Short-term borrowings.
Long-Term Debt
Issuance of Long-Term Debt
During the nine months ended September 30, 2026, the following long-term debt was issued:
CompanyTypeInterest RateMaturityAmountUse of Proceeds
ExelonSenior Notes4.95%March 15, 2036$775Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds4.55%June 1, 2031600Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds5.85%June 1, 2056825Repay existing indebtedness and for general corporate purposes.
PECOFirst Mortgage Bonds5.00%September 1, 2031750Repay existing indebtedness and for general corporate purposes.
BGENotes5.15%June 1, 2033500Repay existing indebtedness and for general corporate purposes.
BGENotes6.05%June 1, 2056425Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.00%March 19, 2036110Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.30%March 19, 204160Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.74%June 17, 2056130Repay existing indebtedness and for general corporate purposes.
DPLFirst Mortgage Bonds5.74%March 19, 205675Repay existing indebtedness and for general corporate purposes.
DPLFirst Mortgage Bonds5.00%September 16, 203675Repay existing indebtedness and for general corporate purposes.
ACEFirst Mortgage Bonds4.95%March 19, 2036100Repay existing indebtedness and for general corporate purposes.
Convertible Senior Notes
On December 4, 2025, Exelon Corporation issued $1 billion aggregate principal amount of 3.25% Convertible Senior Notes due 2029 (Convertible Senior Notes). The Convertible Senior Notes are reflected as Long-term debt on Exelon’s Consolidated Balance Sheet.

The Convertible Senior Notes are senior, unsecured notes that bear interest at a fixed rate of 3.25% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. The Convertible Senior Notes will mature on March 15, 2029, unless earlier converted or repurchased in accordance with their terms.

Under the following circumstances, holders may convert the Convertible Senior Notes at their option prior to the close of business on the business day preceding December 15, 2028:
•during any calendar quarter beginning after the quarter ending on March 31, 2026, if the last reported sale price of Exelon’s common stock for at least 20 trading days (whether consecutive or not) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately
preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day as determined by Exelon;
•during the five business day period after any ten consecutive trading day period (measurement period) in which the applicable trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day;
•upon the occurrence of certain corporate events specified in the respective supplemental indentures governing the Convertible Senior Notes.

On or after December 15, 2028, a holder may convert for all, or any portion of its Convertible Senior Notes at any time prior to the close of business on the business day immediately preceding the applicable maturity date regardless of the foregoing conditions.

Exelon will settle conversions of the Convertible Senior Notes by paying cash up to the aggregate principal amount to be converted and paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at Exelon’s discretion, in respect of the remainder, if any, of Exelon's conversion obligation in excess of the aggregate principal amount of the Convertible Senior Notes being converted. The Convertible Senior Notes are initially convertible at 18 shares per $1,000 principal amount, which is equivalent to an initial conversion price of approximately 57 per share of common stock. The initial conversion price of the Convertible Senior Notes represents a premium of approximately 25% over the last reported sale price of Exelon’s common stock on the Nasdaq Global Select Market on December 1, 2025. These conversions will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture) Exelon will, in certain circumstances, increase the applicable conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change.

As of September 30, 2026, no shares of the Convertible Senior Notes have been converted.
EPS Impact
Diluted earnings per common shares will also reflect the dilutive effect of potential common shares from share-based awards and convertible notes. The dilutive effect of the Convertible Senior Notes is computed using the if-converted method. For the three and nine months ended September 30, 2026, no incremental shares were assumed converted or included in the diluted earnings per common share resulting from the Convertible Senior Notes.
Tax-Exempt Bonds
As of September 30, 2026, DPL had $78.4 million outstanding of its 3.60% Delaware Economic Development Authority's Gas Facilities Refunding Revenue Bonds, maturing on January 1, 2031. The bonds were previously reoffered in July 2025. There have been no material changes to the terms since December 31, 2025. See Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for additional information on the DPL reoffering of tax-exempt bonds.
Debt Covenants
As of September 30, 2026, the Registrants are in compliance with debt covenants.
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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v3.26.3
Statements of Cash Flows (Unaudited) - DPL - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 2,912 2,719
Deferred income taxes and amortization of investment tax credits 564 293
Other non-cash operating activities 594 1,088
Changes in assets and liabilities:    
Accounts receivable 379 (422)
Inventories (96) (41)
Accounts payable and accrued expenses (1) 165
Collateral received, net 39 (25)
Income taxes (136) 19
Regulatory assets and liabilities, net (1,063) (390)
Payment for Pension and Other Postretirement Benefits (370) (313)
Other assets and liabilities 306 (259)
Net cash flows provided by operating activities 5,404 5,010
Cash flows from investing activities    
Capital expenditures (6,799) (6,095)
Payment for (Proceeds from) Other Investing Activity 12 (7)
Net cash flows used in investing activities (6,787) (6,100)
Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Issuance of long-term debt 4,425 4,925
Repayments of Long-Term Debt (1,600) (807)
Dividends paid on common stock (1,294) (1,212)
Other financing activities (71) (75)
Net cash flows provided by financing activities 2,302 2,249
Increase (decrease) in cash, restricted cash, and cash equivalents 919 1,159
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Decrease in capital expenditures not paid (4) (12)
Delmarva Power and Light Company    
Cash flows from operating activities    
Net income 164 163
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 200 189
Deferred income taxes and amortization of investment tax credits 31 24
Other non-cash operating activities 42 42
Changes in assets and liabilities:    
Accounts receivable 51 20
Receivables from and payables to affiliates, net (6) (3)
Inventories (2) (16)
Accounts payable and accrued expenses (1) 15
Collateral received, net (1) 0
Income taxes (7) (1)
Regulatory assets and liabilities, net 1 (32)
Payment for Pension and Other Postretirement Benefits (1) (1)
Other assets and liabilities 50 23
Net cash flows provided by operating activities 521 423
Cash flows from investing activities    
Capital expenditures (429) (402)
Payment for (Proceeds from) Other Investing Activity 1 0
Net cash flows used in investing activities (428) (402)
Cash flows from financing activities    
Changes in short-term borrowings (161) (111)
Issuance of long-term debt 150 125
Dividends paid on common stock (119) (149)
Contributions from parent 113 107
Other financing activities (7) (8)
Net cash flows provided by financing activities (24) (36)
Increase (decrease) in cash, restricted cash, and cash equivalents 69 (15)
Cash, restricted cash, and cash equivalents at beginning of period 12 23
Cash, restricted cash, and cash equivalents at end of period 81 8
Supplemental cash flow information    
Decrease in capital expenditures not paid $ (37) $ (40)
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Amount of deferred income tax expense (benefit) and income tax credits.

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Amount of cash inflow (outflow) from investing activity, including, but not limited to, discontinued operation. Investing activity includes, but is not limited to, making and collecting loan, acquiring and disposing of debt and equity instruments, property, plant, and equipment, and other productive assets.

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Accounts Receivable - Allowance for Credit Losses Rollforward (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     $ 243 $ 202
Commonwealth Edison Co        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     62 41
PECO Energy Co        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     70 75
Baltimore Gas and Electric Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     51 20
Pepco Holdings LLC        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     60 66
Potomac Electric Power Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     28 29
Delmarva Power and Light Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     12 13
Atlantic City Electric Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Current period provision for expected credit losses     20 24
Customer accounts receivable        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 508 $ 465 435 406
Current period provision for expected credit losses 71 82 265 224
Writeoffs, net of recoveries 72 96 193 179
Ending balance 507 451 507 451
Customer accounts receivable | Commonwealth Edison Co        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 102 122 115 109
Current period provision for expected credit losses 22 37 49 66
Writeoffs, net of recoveries 19 44 59 60
Ending balance 105 115 105 115
Customer accounts receivable | PECO Energy Co        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 142 154 137 133
Current period provision for expected credit losses 21 22 59 68
Writeoffs, net of recoveries 28 31 61 56
Ending balance 135 145 135 145
Customer accounts receivable | Baltimore Gas and Electric Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 136 66 68 56
Current period provision for expected credit losses 2 8 90 34
Writeoffs, net of recoveries 7 6 27 22
Ending balance 131 68 131 68
Customer accounts receivable | Pepco Holdings LLC        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 128 123 115 108
Current period provision for expected credit losses 26 15 67 56
Writeoffs, net of recoveries 18 15 46 41
Ending balance 136 123 136 123
Customer accounts receivable | Potomac Electric Power Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 77 69 69 59
Current period provision for expected credit losses 16 11 41 35
Writeoffs, net of recoveries 9 8 26 22
Ending balance 84 72 84 72
Customer accounts receivable | Delmarva Power and Light Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 21 21 19 17
Current period provision for expected credit losses 4 3 11 13
Writeoffs, net of recoveries 4 4 9 10
Ending balance 21 20 21 20
Customer accounts receivable | Atlantic City Electric Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 30 33 27 32
Current period provision for expected credit losses 6 1 15 8
Writeoffs, net of recoveries 5 3 11 9
Ending balance 31 31 31 31
Other receivables        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 94 107 94 107
Current period provision for expected credit losses 15 7 32 15
Writeoffs, net of recoveries 13 16 30 24
Ending balance 96 98 96 98
Other receivables | Commonwealth Edison Co        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 25 31 23 34
Current period provision for expected credit losses 6 5 14 4
Writeoffs, net of recoveries 5 11 11 13
Ending balance 26 25 26 25
Other receivables | PECO Energy Co        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 18 19 18 18
Current period provision for expected credit losses 3 2 6 9
Writeoffs, net of recoveries 5 4 8 10
Ending balance 16 17 16 17
Other receivables | Baltimore Gas and Electric Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 3 5 4 6
Current period provision for expected credit losses 1 1 3 (1)
Writeoffs, net of recoveries 1 1 4 0
Ending balance 3 5 3 5
Other receivables | Pepco Holdings LLC        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 48 52 49 49
Current period provision for expected credit losses 5 (1) 9 3
Writeoffs, net of recoveries 2 0 7 1
Ending balance 51 51 51 51
Other receivables | Potomac Electric Power Company        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 25 28 26 27
Current period provision for expected credit losses 1 0 1 1
Writeoffs, net of recoveries 0 0 1 0
Ending balance 26 28 26 28
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Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 11 9 10 9
Current period provision for expected credit losses 1 0 3 0
Writeoffs, net of recoveries 1 0 2 0
Ending balance 11 9 11 9
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Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 12 15 13 13
Current period provision for expected credit losses 3 (1) 5 2
Writeoffs, net of recoveries 1 0 4 1
Ending balance $ 14 $ 14 $ 14 $ 14
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Related Party Transactions - BSC and PHISCO Service Companies (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Exelon Business Services Co Affiliate        
Related Party Transaction [Line Items]        
Related party transaction capitalized costs support services $ 132 $ 156 $ 383 $ 478
Exelon Business Services Co Affiliate | Commonwealth Edison Co        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 104 95 316 296
Related party transaction capitalized costs support services 54 63 166 186
Exelon Business Services Co Affiliate | PECO Energy Co        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 55 58 188 178
Related party transaction capitalized costs support services 28 24 69 79
Exelon Business Services Co Affiliate | Baltimore Gas and Electric Company        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 56 60 193 185
Related party transaction capitalized costs support services 21 28 62 92
Exelon Business Services Co Affiliate | Pepco Holdings LLC        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 38 44 154 144
Related party transaction capitalized costs support services 29 41 87 121
Exelon Business Services Co Affiliate | Potomac Electric Power Company        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 32 30 104 93
Related party transaction capitalized costs support services 10 18 35 52
Exelon Business Services Co Affiliate | Delmarva Power and Light Company        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 20 19 65 58
Related party transaction capitalized costs support services 9 12 27 36
Exelon Business Services Co Affiliate | Atlantic City Electric Company        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 16 15 52 47
Related party transaction capitalized costs support services 10 10 23 28
PHI Service Co Affiliate        
Related Party Transaction [Line Items]        
Related party transaction capitalized costs support services 19 29 71 83
PHI Service Co Affiliate | Pepco Holdings LLC        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 0 0 0 0
Related party transaction capitalized costs support services 19 29 71 83
PHI Service Co Affiliate | Potomac Electric Power Company        
Related Party Transaction [Line Items]        
Operating and maintenance from affiliates 27 29 94 91
Related party transaction capitalized costs support services 5 14 27 36
PHI Service Co Affiliate | Delmarva Power and Light Company        
Related Party Transaction [Line Items]        
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Cover Page
9 Months Ended
Sep. 30, 2026
shares
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v3.26.3
Retirement Benefits - Calculation of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Amortization of:        
Non-service net periodic benefit cost $ (12) $ (13) $ (33) $ (39)
Pension Plan, Defined Benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 40 38 120 115
Interest cost 143 146 428 439
Expected return on assets (176) (179) (528) (535)
Amortization of:        
Prior service cost (credit) 1 1 2 2
Actuarial loss (gain) 51 53 151 159
Non-service net periodic benefit cost 59 59 173 180
Other Postretirement Benefit Plan, Defined Benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 6 7 20 19
Interest cost 25 26 75 76
Expected return on assets (21) (21) (64) (63)
Amortization of:        
Prior service cost (credit) (2) (2) (6) (6)
Actuarial loss (gain) 0 (1) (1) (2)
Non-service net periodic benefit cost $ 8 $ 9 $ 24 $ 24
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v3.26.3
Income Taxes (All Registrants)
9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes (All Registrants) Income Taxes (All Registrants)
Rate Reconciliation
The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:
Three Months Ended September 30, 2026(a)(b)
ExelonComEd
PECO(c)
BGE
U.S. Federal statutory rate$186 21.0 %$115 21.0 %$36 21.0 %$24 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
48 5.4 40 7.3 (2)(1.2)7 6.2 
Tax credits(1)(0.1)1 0.2 — — (1)(0.9)
Change in Unrecognized Tax Benefits
2 0.2 — — — — — — 
Nontaxable or nondeductible items
(10)(1.1)1 0.2 — — — — 
Other Adjustments
Plant Basis differences(36)(4.0)(6)(1.1)(24)(13.9)(2)(1.8)
Excess deferred tax
(35)(4.0)(10)(1.8)(2)(1.3)(5)(4.1)
Amortization of ITC, net deferred taxes
— — (1)(0.2)— — — — 
Effective Tax Rate
$154 17.4 %$140 25.6 %$8 4.6 %$23 20.4 %
Three Months Ended September 30, 2026(a)(b)
PHI
PEPCO(d)
DPLACE
U.S. Federal statutory rate$49 21.0 %$7 21.0 %$17 21.0 %$25 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
17 7.3 2 5.6 4 5.0 8 6.6 
Tax credits(1)(0.4)(1)(2.8)— — — — 
Change in Unrecognized Tax Benefits
— — — — — — — — 
Nontaxable or nondeductible items
— — — — — — — — 
Other Adjustments
Plant Basis differences(3)(1.3)(2)(5.6)— — — — 
Excess deferred tax
(16)(6.9)(10)(29.3)(2)(2.2)(1)(1.4)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$46 19.7 %$(4)(11.1)%$19 23.8 %$32 26.2 %

Three Months Ended September 30, 2025(a)(b)
Exelon
ComEd(e)
PECO(c)
BGE
U.S. Federal statutory rate$217 21.0 %$96 21.0 %$54 21.0 %$22 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
58 5.6 34 7.5 (3)(1.2)7 6.7 
Tax credits(4)(0.4)(1)(0.2)— — — — 
Nontaxable or nondeductible items
4 0.4 1 0.2 — — — — 
Other Adjustments
Plant Basis differences(52)(5.0)(4)(0.9)(41)(15.8)(1)(1.0)
Excess deferred tax
(68)(6.6)(42)(9.2)(5)(2.0)(5)(4.8)
Amortization of ITC, net deferred taxes
— — (1)(0.2)— — — — 
Effective Tax Rate
$155 15.0 %$83 18.2 %$5 2.0 %$23 21.9 %
Three Months Ended September 30, 2025(a)(b)
PHIPEPCODPLACE
U.S. Federal statutory rate$78 21.0 %$41 21.0 %$15 21.0 %$23 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
25 6.6 13 6.6 5 6.9 8 7.2 
Tax credits(1)(0.3)— — (1)(1.4)(1)(0.9)
Nontaxable or nondeductible items
— — (1)(0.5)— — — — 
Other Adjustments
Plant Basis differences(2)(0.5)(2)(1.0)— — — — 
Excess deferred tax
(15)(4.2)(10)(5.3)(2)(2.9)(1)(1.2)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$85 22.6 %$41 20.8 %$17 23.6 %$29 26.1 %
__________
(a)Positive amounts and percentages represent income tax expense. Negative amounts and percentages represent income tax benefit.
(b)The Registrants had no adjustments to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax Law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, and Changes in Valuation Allowances.
(c)For PECO, the lower effective tax rate is primarily related to state income taxes, net of federal income tax benefit and plant basis differences attributable to tax repair deductions.
(d)For Pepco, the lower effective tax rate is primarily attributable to lower pre-tax earnings due to the unfavorable impacts of the Pepco Electric Base Rate Case’s disallowance of capitalized costs.
(e)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits being provided to customers.

Nine Months Ended September 30, 2026(a)(b)
ExelonComEd
PECO(c)
BGE
U.S. Federal statutory rate$525 21.0 %$271 21.0 %$124 21.0 %$118 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
142 5.7 95 7.4 (6)(1.0)34 6.0 
Tax credits(6)(0.2)(2)(0.2)— — (2)(0.4)
Change in Unrecognized Tax Benefits
(15)(0.6)(2)(0.2)— — (1)(0.2)
Nontaxable or nondeductible items
6 0.2 2 0.3 1 0.2 1 0.3 
Other Adjustments
Plant Basis differences(110)(4.4)(15)(1.2)(79)(13.3)(10)(1.8)
Excess deferred tax
(87)(3.5)(24)(1.9)(9)(1.7)(21)(3.7)
Amortization of ITC, net deferred taxes
(1)— (1)(0.1)— — — — 
Effective Tax Rate
$454 18.2 %$324 25.1 %$31 5.2 %$119 21.2 %
Nine Months Ended September 30, 2026(a)(b)
PHI
PEPCO(d)
DPLACE
U.S. Federal statutory rate$124 21.0 %$42 21.0 %$45 21.0 %$39 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
40 6.8 12 5.9 13 6.1 13 7.0 
Tax credits(2)(0.3)(1)(0.5)— — — — 
Change in Unrecognized Tax Benefits
— — — — — — — — 
Nontaxable or nondeductible items
1 0.2 — — — — — — 
Other Adjustments
Plant Basis differences(6)(1.0)(4)(2.0)(1)(0.5)— — 
Excess deferred tax
(32)(5.5)(20)(10.0)(8)(3.6)(4)(2.3)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$125 21.2 %$29 14.4 %$49 23.0 %$48 25.7 %

Nine Months Ended September 30, 2025(a)(b)
Exelon
ComEd(e)
PECO(c)
BGE
U.S. Federal statutory rate$540 21.0 %$232 21.0 %$142 21.0 %$106 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
143 5.6 83 7.5 (15)(2.2)32 6.3 
Tax credits(11)(0.5)(5)(0.5)— — (2)(0.4)
Nontaxable or nondeductible items
9 0.4 1 0.1 1 0.1 — — 
Other Adjustments
Plant Basis differences(118)(4.6)(10)(0.9)(94)(13.9)(7)(1.4)
Excess deferred tax
(166)(6.5)(99)(8.9)(11)(1.6)(21)(4.2)
Amortization of ITC, net deferred taxes
(1)— (1)(0.1)— — — — 
Effective Tax Rate
$396 15.4 %$201 18.2 %$23 3.4 %$108 21.3 %

Nine Months Ended September 30, 2025(a)(b)
PHIPEPCODPLACE
U.S. Federal statutory rate$170 21.0 %$89 21.0 %$45 21.0 %$39 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
54 6.7 27 6.3 14 6.6 13 7.0 
Tax credits(3)(0.4)(1)(0.2)(1)(0.5)(1)(0.5)
Nontaxable or nondeductible items
1 0.1 — — — — — — 
Other Adjustments
Plant Basis differences(5)(0.6)(4)(0.9)(1)(0.5)— — 
Excess deferred tax
(33)(4.1)(22)(5.3)(8)(3.5)(3)(1.7)
Amortization of ITC, net deferred taxes
— — — — — — — — 
Effective Tax Rate
$184 22.7 %$89 20.9 %$49 23.1 %$48 25.8 %
__________
(a)Positive amounts and percentages represent income tax expense. Negative amounts and percentages represent income tax benefit.
(b)The Registrants had no adjustments to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax Law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, and Changes in Valuation Allowances.
(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.
(d)For Pepco, the lower effective tax rate is primarily attributable to lower pre-tax earnings due to the unfavorable impacts of the Pepco Electric Base Rate Case’s disallowance of capitalized costs.
(e)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits.
State and local Income Tax (Major Jurisdictions)
The state and local jurisdictions that comprise the majority of the effect of the state and local income tax, net of federal income taxes category by Registrant are presented below:
20262025
ExelonIL, MDIL, MD
ComEdILIL
PECOPAPA
BGEMDMD
PHIMD, NJMD, NJ
PepcoMDMD
DPLDEDE
ACENJNJ

Unrecognized Tax Benefits
Exelon, PHI and DPL have the following unrecognized tax benefits at September 30, 2026 and December 31, 2025. ComEd's, PECO's, BGE's, Pepco's, and ACE's amounts are not material.
Exelon(a)
PHIDPL
September 30, 2026$88 $54 $18 
December 31, 2025100 48 11 
__________
(a)At September 30, 2026 and December 31, 2025, Exelon's unrecognized tax benefits are inclusive of $20 million and $31 million, respectively, related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $20 million and $31 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.
Other Tax Matters
Tax Matters Agreement (Exelon)
In February 2022, in connection with the separation between Exelon and Constellation, the parties entered into a TMA. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon’s consolidated group for U.S. federal, state, and local tax purposes.
Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the Exelon tax sharing agreement when Constellation was included in Exelon's consolidated group. At September 30, 2026, there is no balance due to or from Constellation.
Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the Exelon tax sharing agreement when Constellation was included in Exelon's consolidated group. At September 30, 2026, there is no balance due to or from Constellation.
Tax Attributes. At the date of separation certain tax attributes, primarily pre-separation tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA provides that Exelon will reimburse Constellation when those allocated tax attribute carryforwards are utilized. In Q1 2026, Exelon received $235 million of payments from Constellation as reimbursement for a reduction in previously utilized pre-separation tax credit carryforwards due to the filing of amended federal tax returns. In Q2 2026, Exelon remitted $53 million of payments to Constellation for the utilization of pre-separation tax credit
carryforwards. At September 30, 2026, Exelon recorded a payable of $106 million and $271 million in Other current liabilities and Other deferred credits and other liabilities, respectively, in the Consolidated Balance Sheet for tax attribute carryforwards that are expected to be utilized and reimbursed to Constellation.
Corporate Alternative Minimum Tax (All Registrants)
On August 16, 2022, the IRA was signed into law and implements a new corporate alternative minimum tax (CAMT) that imposes a 15.0% tax on modified GAAP net income. Corporations will now pay the greater of 15.0% of financial statement pre-tax income (with certain adjustments) or their regular federal tax liability, which is federal taxable income multiplied by 21.0% federal corporate tax rate. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT.
For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, based on the existing guidance in effect at that time, Exelon and each of the Utility Registrants were subject to and reported the CAMT on a separate Registrant basis in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets.
On February 18, 2026, the U.S. Treasury issued guidance addressing the implementation of CAMT in the form of a notice. The new guidance permits corporate taxpayers to deduct repair and maintenance costs in the calculation of their CAMT liabilities. The notice applies retroactively, permitting Exelon to file amended returns for both 2024 and 2023 to reduce its CAMT liability by $80 million. Pursuant to the TMA, Exelon received reimbursement from Constellation for $235 million due to the reduction in the amount of Constellation's tax credits needed to offset Exelon's CAMT liability on its amended returns.
The impact of the notice was recorded as of March 31, 2026.
Allocation of Income Taxes to Regulated Utilities (All Registrants)
In Q2 2024, the IRS issued a series of PLRs, to another taxpayer, providing guidance with respect to the application of the tax normalization rules to the allocation of consolidated tax benefits among the members of a consolidated group associated with NOLC for ratemaking purposes. The rulings provide that for ratemaking purposes the tax benefit of NOLC should be reflected on a separate company basis not taking into consideration the utilization of losses by other affiliates. A PLR issued to another taxpayer may not be relied on as precedent.
For the Utility Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes.
The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purposes. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS.
Allocation of Tax Benefits (All Registrants)
The Utility Registrants are party to an agreement with Exelon that provides for the allocation of consolidated tax liabilities and benefits (Tax Sharing Agreement). The Tax Sharing Agreement provides that each party is allocated an amount of tax similar to that which would be owed had the party been separately subject to tax. In addition, any net benefit attributable to Exelon is reallocated to the Utility Registrants. That allocation is treated as a contribution to capital from Exelon to the party receiving the benefit.
The following table presents the allocation of tax benefits from Exelon under the Tax Sharing Agreement, for the three and nine months ended September 30, 2026, and 2025.
ComEdPECOBGEPHIPepcoDPLACE
September 30, 2026$125 $27 $(3)$21 $8 $9 $3 
September 30, 202520 14 12 23 12 7 4 
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v3.26.3
Consolidated Balance Sheets - Exelon (Parentheticals) - USD ($)
shares in Millions, $ / shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Accumulated depreciation and amortization $ 21,437 $ 20,080
Common stock (in dollars) $ 0 $ 0
Common stock, shares authorized (in shares) 2,000 2,000
Common stock, shares outstanding (in shares) 1,035 1,023
Treasury stock, common (in shares) 2 2
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v3.26.3
Regulatory Matters - Energy Efficiency Formula Rate (Details) - Commonwealth Edison Co - USD ($)
$ in Millions
12 Months Ended
May 29, 2026
Dec. 31, 2025
ComEd 2026 Energy Efficiency Formula Rate    
Schedule of Energy Efficiency Formula Rate Updates [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount $ 28  
Public Utilities Requested Rate Increase (Decrease), Prior Year Annual Reconciliation (56)  
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount $ (28)  
Public Utilities, Requested Equity Capital Structure, Percentage 6.62%  
Requested Return on Equity, Percentage 8.905%  
ComEd 2025 Energy Efficiency Formula Rate    
Schedule of Energy Efficiency Formula Rate Updates [Line Items]    
Public Utilities, Approved Equity Capital Structure, Percentage   7.67%
Public Utilities, Approved Return on Equity, Percentage   11.00%
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v3.26.3
Derivative Financial Instruments (All Registrants)
9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments (All Registrants) Derivative Financial Instruments (All Registrants)
The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. The Registrants do not execute derivatives for speculative or proprietary trading purposes.
Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. At ComEd, derivative economic hedges related to commodities are recorded at fair value and offset by a corresponding regulatory asset or liability. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or consumed. At Exelon, derivative hedges that qualify and are designated as cash flow hedges are recorded at fair value and offsets are recorded to AOCI.
Commodity Price Risk (All Registrants)
The Utility Registrants employ established policies and procedures to manage their risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, which are either determined to be non-derivative or classified as economic hedges. The Utility Registrants procure electric and natural gas supply through a competitive procurement process approved by each of the respective state utility commissions. The Utility Registrants’ hedging programs are intended to reduce exposure to energy and natural gas price volatility and have no direct earnings impact as the costs are fully recovered from customers through
regulatory-approved recovery mechanisms. The following table provides a summary of the Utility Registrants’ primary derivative hedging instruments, listed by commodity and accounting treatment.
RegistrantCommodityAccounting TreatmentHedging Instrument
ComEdElectricityNPNSFixed price contracts based on all requirements in the IPA procurement plans.
Electricity
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a)
20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year.
PECOElectricityNPNSFixed price contracts for default supply requirements through full requirements contracts.
GasNPNS
Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales.
BGEElectricityNPNSFixed price contracts for all SOS requirements through full requirements contracts.
GasNPNSFixed price purchases associated with forecasted gas supply requirements.
PepcoElectricityNPNSFixed price contracts for all SOS requirements through full requirements contracts.
DPLElectricityNPNSFixed price contracts for all SOS requirements through full requirements contracts.
GasNPNSFixed and index priced contracts through full requirements contracts.
Gas
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b)
Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections.
ACEElectricityNPNSFixed price contracts for all BGS requirements through full requirements contracts.
__________
(a)See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information.
(b)The fair value of the DPL economic hedge is not material at September 30, 2026 and December 31, 2025.
The fair value of derivative economic hedges is presented in Other current assets and current and noncurrent Mark-to-market derivative liabilities in Exelon's and ComEd's Consolidated Balance Sheets.
Interest Rate Risk (Exelon)
Exelon Corporate uses a combination of fixed-rate and variable-rate debt to manage interest rate exposure. Exelon Corporate may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges. A hypothetical 50 basis point change in the interest rates associated with Exelon's interest rate swaps as of September 30, 2026 would result in an immaterial impact to Exelon's Consolidated Net income.
Below is a summary of the interest rate hedge balances at September 30, 2026 and December 31, 2025.
Derivatives Designated
as Hedging Instruments
September 30, 2026December 31, 2025
Other current assets$— $3 
Other deferred debits (noncurrent assets)17 — 
Total derivative assets17 3 
Mark-to-market derivative liabilities (current liabilities)— (4)
Mark-to-market derivative liabilities (noncurrent liabilities)— — 
Total mark-to-market derivative liabilities— (4)
Total mark-to-market derivative net assets (liabilities)$17 $(1)
Cash Flow Hedges (Interest Rate Risk)
For derivative instruments that qualify and are designated as cash flow hedges, the changes in fair value each period are initially recorded in AOCI and reclassified into earnings when the underlying transaction affects earnings. The gains and losses reclassified out of AOCI for the three and nine months ended September 30, 2026 and 2025 are immaterial.
In February 2026, Exelon terminated the previously issued floating-to-fixed swaps with a total notional of $550 million upon issuance of $775 million of debt. See Note 10 – Debt and Credit Agreements for additional information on the debt issuance. The settlements resulted in a net cash payment of $6 million. The accumulated AOCI loss of $4 million (net of tax) is being amortized into Interest expense in Exelon's Consolidated Statement of Operations and Comprehensive Income over the 5-year and 10-year terms of the swaps. During the third quarter of 2026, Exelon Corporate entered into $90 million notional of 10-year maturity floating-to-fixed swaps designated as cash flow hedges. The following table provides the notional amounts outstanding held by Exelon at September 30, 2026 and December 31, 2025.
September 30, 2026December 31, 2025
5-year maturity floating-to-fixed swaps$60 $335 
10-year maturity floating-to-fixed swaps240 365 
Total$300 $700 
The related AOCI derivative gain for the three and nine months ended September 30, 2026 was $11 million and $13 million (net of tax), respectively. The related AOCI derivative loss for the three and nine months ended September 30, 2025 was $1 million and $14 million (net of tax), respectively. See Note 14 – Changes in Accumulated Other Comprehensive Income (Loss) for additional information.
Credit Risk (All Registrants)
The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit exposure is mitigated primarily by the ability to recover procurement costs through customer rates. The amount of cash collateral received from external counterparties remained relatively consistent as of September 30, 2026. Cash collateral held by ComEd, PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meets certain qualifications. The following table reflects the Registrants' cash collateral held from external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, at September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Exelon$312 $223 
ComEd231 192 
PECO18 6 
BGE4 4 
PHI59 21 
Pepco21 13 
DPL2 3 
ACE36 5 
The Utility Registrants’ electric supply procurement contracts do not contain provisions that would require them to post collateral. PECO’s, BGE’s, and DPL’s natural gas procurement contracts contain provisions that could require PECO, BGE, and DPL to post collateral in the form of cash or credit support, which vary by contract and counterparty, with thresholds contingent upon PECO's, BGE's, and DPL's credit rating. As of September 30, 2026, PECO, BGE, and DPL were not required to post collateral for any of these agreements. If PECO, BGE, or DPL lost their investment grade credit rating as of September 30, 2026, they could have been required to post collateral to their counterparties of $26 million, $14 million, and $10 million, respectively.
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v3.26.3
Consolidated Balance Sheets - PECO (Parentheticals) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Statement [Line Items]    
Accumulated depreciation and amortization $ 21,437 $ 20,080
PECO Energy Co    
Statement [Line Items]    
Accumulated depreciation and amortization $ 4,228 $ 4,131
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v3.26.3
Statements of Changes in Shareholder's Equity (Unaudited) - ACE - USD ($)
$ in Millions
Total
Retained Earnings
Atlantic City Electric Company
Atlantic City Electric Company
Common Stock
Atlantic City Electric Company
Retained Earnings
Beginning Balance at Dec. 31, 2024     $ 1,925 $ 1,915 $ 10
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 908 $ 908 31   31
Common stock dividends (403) (403) (20)   (20)
Contributions from parent     94 94  
Ending Balance at Mar. 31, 2025     2,030 2,009 21
Beginning Balance at Dec. 31, 2024     1,925 1,915 10
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,174   138    
Ending Balance at Sep. 30, 2025     2,028 2,013 15
Beginning Balance at Mar. 31, 2025     2,030 2,009 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 391 391 24   24
Common stock dividends (405) (405) (24)   (24)
Contributions from parent     0 0  
Ending Balance at Jun. 30, 2025     2,030 2,009 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 875 875 82   82
Common stock dividends (405) (405) (88)   (88)
Contributions from parent     4 4  
Ending Balance at Sep. 30, 2025     2,028 2,013 15
Beginning Balance at Dec. 31, 2025 28,798   2,028 2,013 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 919 919 27   27
Common stock dividends (431) (431) (25)   (25)
Contributions from parent     91 91  
Ending Balance at Mar. 31, 2026     2,121 2,104 17
Beginning Balance at Dec. 31, 2025 28,798   2,028 2,013 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,044   139    
Ending Balance at Sep. 30, 2026 30,132   2,131 2,106 25
Beginning Balance at Mar. 31, 2026     2,121 2,104 17
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 396 396 22   22
Common stock dividends (430) (430) (15)   (15)
Contributions from parent     0 0  
Ending Balance at Jun. 30, 2026     2,128 2,104 24
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 729 729 90   90
Common stock dividends (435) $ (435) (89)   (89)
Contributions from parent     2 2  
Ending Balance at Sep. 30, 2026 $ 30,132   $ 2,131 $ 2,106 $ 25
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v3.26.3
Debt and Credit Agreements (All Registrants) - Issuance of Long-Term Debt (Details)
$ in Millions
Sep. 30, 2026
USD ($)
Corporate | Notes495DueMar2036 | Senior Notes  
Debt Instrument [Line Items]  
Interest Rate 4.95%
Amount $ 775
Commonwealth Edison Co | FMB455DueJun2031 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 4.55%
Amount $ 600
Commonwealth Edison Co | FMB585DueJune2056 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 5.85%
Amount $ 825
PECO Energy Co | FMB500DueSep2031 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 5.00%
Amount $ 750
Baltimore Gas and Electric Company | Notes515DueJun2033 | Notes Payable to Banks  
Debt Instrument [Line Items]  
Interest Rate 5.15%
Amount $ 500
Baltimore Gas and Electric Company | Notes605DueJune2056 | Notes Payable to Banks  
Debt Instrument [Line Items]  
Interest Rate 6.05%
Amount $ 425
Potomac Electric Power Company | FMB500DueMar2036 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 5.00%
Amount $ 110
Potomac Electric Power Company | FMB530DueMar2041 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 5.30%
Amount $ 60
Potomac Electric Power Company | FMB574DueJun2056 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 5.74%
Amount $ 130
Delmarva Power and Light Company | FMB574DueMar2056 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 5.74%
Amount $ 75
Delmarva Power and Light Company | FMB500DueSep2036 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 5.00%
Amount $ 75
Atlantic City Electric Company | FMB495DueMar2036 | First Mortgage  
Debt Instrument [Line Items]  
Interest Rate 4.95%
Amount $ 100
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v3.26.3
Debt and Credit Agreements (All Registrants) - Commercial Paper Borrowings (Details) - Commercial Paper - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Short-term Debt [Line Items]    
Commercial paper $ 434 $ 612
Short-term debt, weighted average interest rate, at point in time 4.19% 3.94%
Corporate    
Short-term Debt [Line Items]    
Commercial paper $ 434 $ 0
Commonwealth Edison Co    
Short-term Debt [Line Items]    
Commercial paper $ 0 $ 0
Short-term debt, weighted average interest rate, at point in time 0.00% 0.00%
PECO Energy Co    
Short-term Debt [Line Items]    
Commercial paper $ 0 $ 0
Short-term debt, weighted average interest rate, at point in time 0.00% 0.00%
Baltimore Gas and Electric Company    
Short-term Debt [Line Items]    
Commercial paper $ 0 $ 0
Short-term debt, weighted average interest rate, at point in time 0.00% 0.00%
Pepco Holdings LLC    
Short-term Debt [Line Items]    
Commercial paper $ 0 $ 612
Short-term debt, weighted average interest rate, at point in time 0.00% 3.94%
Potomac Electric Power Company    
Short-term Debt [Line Items]    
Commercial paper $ 0 $ 303
Short-term debt, weighted average interest rate, at point in time 0.00% 3.93%
Delmarva Power and Light Company    
Short-term Debt [Line Items]    
Commercial paper $ 0 $ 161
Short-term debt, weighted average interest rate, at point in time 0.00% 3.94%
Atlantic City Electric Company    
Short-term Debt [Line Items]    
Commercial paper $ 0 $ 148
Short-term debt, weighted average interest rate, at point in time 0.00% 3.94%
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v3.26.3
Revenue from Contracts with Customers (All Registrants)
9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers (All Registrants) Revenue from Contracts with Customers (All Registrants)
The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services.
See Note 3 — Revenue from Contracts with Customers of the 2025 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.
Contract Liabilities
The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets.
For Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement ("Agreement") with an unrelated owner and manager of communication infrastructure, as well as additional consideration received for the payment option amendment ("Amendment") executed during the fourth quarter of 2023, which is discussed in further detail within Note 3 —
Revenue from Contracts with Customers of the 2025 Form 10-K. The contract liability balance attributable to the Agreement and the Amendment is being recognized as Electric operating revenues over a 35 year period and 31 year period, respectively.
The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three and nine months ended September 30, 2026 and 2025. At September 30, 2026 and December 31, 2025, ComEd's, PECO's, and BGE's contract liabilities were immaterial.
Exelon(a)
PHI(a)
Pepco(a)
DPL(a)
ACE
Balance at December 31, 2025$119 $119 $95 $12 $12 
Revenues recognized(1)(1)(1)— — 
Balance at March 31, 2026$118 $118 $94 $12 $12 
Revenues recognized(1)(1)(1)— — 
Balance at June 30, 2026$117 $117 $93 $12 $12 
Revenues recognized(2)(2)(2)— — 
Balance at September 30, 2026$115 $115 $91 $12 $12 
Exelon(a)
PHI(a)
Pepco(a)
DPL(a)
ACE
Balance at December 31, 2024$127 $127 $101 $13 $13 
Revenues recognized(1)(1)(1)— — 
Balance at March 31, 2025$126 $126 $100 $13 $13 
Revenues recognized(3)(3)(2)(1)— 
Balance at June 30, 2025123 123 98 12 13 
Revenues recognized(1)(1)(1)— — 
Balance at September 30, 2025$122 $122 $97 $12 $13 
__________
(a)Revenues recognized in the three and nine months ended September 30, 2026 and 2025, were included in the contract liabilities at December 31, 2025 and 2024, respectively.
Transaction Price Allocated to Remaining Performance Obligations
The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of September 30, 2026. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.
This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure. This disclosure also excludes transmission service agreements as the total consideration is not fixed and determinable at contract inception.
YearExelonPHIPepcoDPLACE
2026$1 $1 $1 $— $— 
20276 6 5 1 — 
20286 6 5 — 1 
20297 7 6 1 — 
2030 and thereafter95 95 74 10 11 
Total$115 $115 $91 $12 $12 
Revenue Disaggregation
The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of the Registrants' revenue disaggregation.
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v3.26.3
Commitments and Contingencies - Narrative (Details)
$ in Millions
1 Months Ended 9 Months Ended
Apr. 07, 2026
USD ($)
Apr. 09, 2025
USD ($)
Nov. 30, 2020
USD ($)
Sep. 30, 2026
USD ($)
mGPSite
Apr. 11, 2024
USD ($)
Feb. 02, 2024
USD ($)
Commitments And Contingencies Additional Narrative Information [Line Items]            
Income Taxes Receivable, Noncurrent       $ 165    
Commonwealth Edison Co            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Mgp Site Contingency Monitoring Count | mGPSite       16    
Deferred Prosecution Agreement Payments     $ 200      
Commonwealth Edison Co | Accrual For MGP Investigation And Remediation            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)       $ 12    
PECO Energy Co            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Mgp Site Contingency Monitoring Count | mGPSite       5    
PECO Energy Co | Accrual For MGP Investigation And Remediation            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)       $ 2    
Baltimore Gas and Electric Company            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Mgp Site Contingency Monitoring Count | mGPSite       4    
Income Taxes Receivable, Noncurrent       $ 110    
Delmarva Power and Light Company            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Mgp Site Contingency Monitoring Count | mGPSite       1    
Income Taxes Receivable, Noncurrent       $ 20    
Potomac Electric Power Company            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Environmental Liability - Anacostia         $ 47  
Environmental Liability - Buzzard Point           $ 10
Income Taxes Receivable, Noncurrent       35    
Payments for Environmental Liabilities $ 12 $ 12        
Exelon Business Services Co Affiliate            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Insurers' Settlement Payment       40    
Settling Shareholders' Attorney Fees       10    
Pepco Holdings LLC            
Commitments And Contingencies Additional Narrative Information [Line Items]            
Income Taxes Receivable, Noncurrent       $ 55    
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Accounts Receivable - Unbilled Customer Revenue (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue $ 887 $ 1,231
Commonwealth Edison Co    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue 313 301
PECO Energy Co    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue 160 278
Baltimore Gas and Electric Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue 180 325
Pepco Holdings LLC    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue 234 327
Potomac Electric Power Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue 122 155
Delmarva Power and Light Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue 59 100
Atlantic City Electric Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled customer revenue $ 53 $ 72
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Consolidated Balance Sheets (Unaudited) - ComEd - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash and cash equivalents 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventory, net    
Regulatory assets 1,278 1,359
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Goodwill 6,630 6,630
Receivable related to Regulatory Agreement Units 5,196 4,755
Investments 336 312
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Regulatory liabilities 551 1,128
Mark-to-market derivative liabilities 21 30
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Long-term debt to financing trusts 390 390
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Asset retirement obligations 318 321
Non-pension postretirement benefit obligations 572 546
Mark-to-market derivative liabilities 96 106
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Shareholders’ equity    
Common stock 22,663 22,106
Retained earnings 8,325 7,577
Total shareholders’ equity 30,132 28,798
Total liabilities and shareholders’ equity 122,237 116,570
Related Party    
Current liabilities    
Accounts payable 5 5
Long-term debt to financing trusts 390 390
Nonrelated Party    
Current liabilities    
Accounts payable 3,711 3,721
Commonwealth Edison Co    
Current assets    
Cash and cash equivalents 300 159
Restricted cash and cash equivalents 530 454
Accounts receivable    
Customer accounts receivable 1,093 1,058
Customer allowance for credit losses (105) (115)
Customer accounts receivable, net 988 943
Other accounts receivable 475 1,155
Other allowance for credit losses (26) (23)
Other accounts receivable, net 449 1,132
Inventory, net    
Inventories, net 305 268
Regulatory assets 602 595
Other 296 217
Total current assets 3,475 3,773
Property, plant and equipment, net 33,977 32,255
Deferred debits and other assets    
Regulatory assets 2,970 2,687
Goodwill 2,625 2,625
Receivable related to Regulatory Agreement Units 4,598 4,313
Investments 7 6
Prepaid pension asset 1,436 1,284
Total deferred debits and other assets 13,086 12,257
Total assets 50,538 48,285
Current liabilities    
Long-term debt due within one year 350 500
Accrued expenses 451 474
Customer deposits 246 192
Regulatory liabilities 197 846
Mark-to-market derivative liabilities 21 25
Total current liabilities 2,932 3,439
Long-term debt 13,317 12,253
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 6,107 5,828
Regulatory liabilities 9,726 9,163
Asset retirement obligations 199 193
Non-pension postretirement benefit obligations 160 151
Mark-to-market derivative liabilities 96 106
Other 1,499 1,341
Total deferred credits and other liabilities 17,787 16,782
Total liabilities 34,242 32,680
Commitments and contingencies
Shareholders’ equity    
Common stock 1,588 1,588
Other paid-in capital 11,399 11,019
Retained earnings 3,309 2,998
Total shareholders’ equity 16,296 15,605
Total liabilities and shareholders’ equity 50,538 48,285
Commonwealth Edison Co | Related Party    
Accounts receivable    
Receivables from affiliates 5 5
Current liabilities    
Accounts payable 68 81
Long-term debt to financing trusts 206 206
Commonwealth Edison Co | Nonrelated Party    
Deferred debits and other assets    
Other 1,450 1,342
Current liabilities    
Accounts payable 1,255 1,033
Other $ 344 $ 288
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v3.26.3
Balance Sheets - DPL (Parentheticals) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Statement [Line Items]    
Accumulated depreciation and amortization $ 21,437 $ 20,080
Delmarva Power and Light Company    
Statement [Line Items]    
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v3.26.3
Income Taxes - Reconciliation to Effective Tax Rate (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 186 $ 217 $ 525 $ 540
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount 48 58 142 143
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 1 4 6 11
Unrecognized Tax Benefits, Period Increase (Decrease) 2   (15)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount (10) 4 6 9
Effective Income Tax Rate Reconciliation, Plant Flow Through (36) (52) (110) (118)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (35) (68) (87) (166)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount 0 0 (1) (1)
Income taxes $ 154 $ 155 $ 454 $ 396
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 5.40% 5.60% 5.70% 5.60%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.10% 0.40% 0.20% 0.50%
Change in Unrecognized Tax Benefits, Percent 0.20%   (0.60%)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent (1.10%) 0.40% 0.20% 0.40%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent (4.00%) (5.00%) (4.40%) (4.60%)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (4.00%) (6.60%) (3.50%) (6.50%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent 17.40% 15.00% 18.20% 15.40%
Commonwealth Edison Co        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 115 $ 96 $ 271 $ 232
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount 40 34 95 83
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 1 1 2 5
Unrecognized Tax Benefits, Period Increase (Decrease) 0   (2)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount 1 1 2 1
Effective Income Tax Rate Reconciliation, Plant Flow Through (6) (4) (15) (10)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (10) (42) (24) (99)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount (1) (1) (1) (1)
Income taxes $ 140 $ 83 $ 324 $ 201
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 7.30% 7.50% 7.40% 7.50%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.20% 0.20% 0.20% 0.50%
Change in Unrecognized Tax Benefits, Percent 0.00%   (0.20%)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.20% 0.20% 0.30% 0.10%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent (1.10%) (0.90%) (1.20%) (0.90%)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (1.80%) (9.20%) (1.90%) (8.90%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent (0.20%) (0.20%) (0.10%) (0.10%)
Effective Income Tax Rate Reconciliation, Percent 25.60% 18.20% 25.10% 18.20%
PECO Energy Co        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 36 $ 54 $ 124 $ 142
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount (2) (3) (6) (15)
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 0 0 0 0
Unrecognized Tax Benefits, Period Increase (Decrease) 0   0  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount 0 0 1 1
Effective Income Tax Rate Reconciliation, Plant Flow Through (24) (41) (79) (94)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (2) (5) (9) (11)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount 0 0 0 0
Income taxes $ 8 $ 5 $ 31 $ 23
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent (1.20%) (1.20%) (1.00%) (2.20%)
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.00% 0.00% 0.00% 0.00%
Change in Unrecognized Tax Benefits, Percent 0.00%   0.00%  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.00% 0.00% 0.20% 0.10%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent (13.90%) (15.80%) (13.30%) (13.90%)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (1.30%) (2.00%) (1.70%) (1.60%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent 4.60% 2.00% 5.20% 3.40%
Baltimore Gas and Electric Company        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 24 $ 22 $ 118 $ 106
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount 7 7 34 32
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 1 0 2 2
Unrecognized Tax Benefits, Period Increase (Decrease) 0   (1)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount 0 0 1 0
Effective Income Tax Rate Reconciliation, Plant Flow Through (2) (1) (10) (7)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (5) (5) (21) (21)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount 0 0 0 0
Income taxes $ 23 $ 23 $ 119 $ 108
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 6.20% 6.70% 6.00% 6.30%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.90% 0.00% 0.40% 0.40%
Change in Unrecognized Tax Benefits, Percent 0.00%   (0.20%)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.00% 0.00% 0.30% 0.00%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent (1.80%) (1.00%) (1.80%) (1.40%)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (4.10%) (4.80%) (3.70%) (4.20%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent 20.40% 21.90% 21.20% 21.30%
Pepco Holdings LLC        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 49 $ 78 $ 124 $ 170
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount 17 25 40 54
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 1 1 2 3
Unrecognized Tax Benefits, Period Increase (Decrease) 0   0  
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Effective Income Tax Rate Reconciliation, Plant Flow Through (3) (2) (6) (5)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (16) (15) (32) (33)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount 0 0 0 0
Income taxes $ 46 $ 85 $ 125 $ 184
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 7.30% 6.60% 6.80% 6.70%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.40% 0.30% 0.30% 0.40%
Change in Unrecognized Tax Benefits, Percent 0.00%   0.00%  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.00% 0.00% 0.20% 0.10%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent (1.30%) (0.50%) (1.00%) (0.60%)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (6.90%) (4.20%) (5.50%) (4.10%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent 19.70% 22.60% 21.20% 22.70%
Potomac Electric Power Company        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 7 $ 41 $ 42 $ 89
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount 2 13 12 27
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 1 0 1 1
Unrecognized Tax Benefits, Period Increase (Decrease) 0   0  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount 0 (1) 0 0
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Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (10) (10) (20) (22)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount 0 0 0 0
Income taxes $ (4) $ 41 $ 29 $ 89
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 5.60% 6.60% 5.90% 6.30%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 2.80% 0.00% 0.50% 0.20%
Change in Unrecognized Tax Benefits, Percent 0.00%   0.00%  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.00% (0.50%) 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent (5.60%) (1.00%) (2.00%) (0.90%)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (29.30%) (5.30%) (10.00%) (5.30%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent (11.10%) 20.80% 14.40% 20.90%
Delmarva Power and Light Company        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 17 $ 15 $ 45 $ 45
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount 4 5 13 14
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 0 1 0 1
Unrecognized Tax Benefits, Period Increase (Decrease) 0   0  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount 0 0 0 0
Effective Income Tax Rate Reconciliation, Plant Flow Through 0 0 (1) (1)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (2) (2) (8) (8)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount 0 0 0 0
Income taxes $ 19 $ 17 $ 49 $ 49
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 5.00% 6.90% 6.10% 6.60%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.00% 1.40% 0.00% 0.50%
Change in Unrecognized Tax Benefits, Percent 0.00%   0.00%  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent 0.00% 0.00% (0.50%) (0.50%)
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (2.20%) (2.90%) (3.60%) (3.50%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent 23.80% 23.60% 23.00% 23.10%
Atlantic City Electric Company        
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 25 $ 23 $ 39 $ 39
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount 8 8 13 13
Effective Income Tax Rate Reconciliation, Tax Credit, Amount 0 1 0 1
Unrecognized Tax Benefits, Period Increase (Decrease) 0   0  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount 0 0 0 0
Effective Income Tax Rate Reconciliation, Plant Flow Through 0 0 0 0
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Amount (1) (1) (4) (3)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount 0 0 0 0
Income taxes $ 32 $ 29 $ 48 $ 48
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
U.S. Federal statutory rate 21.00% 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 6.60% 7.20% 7.00% 7.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.00% 0.90% 0.00% 0.50%
Change in Unrecognized Tax Benefits, Percent 0.00%   0.00%  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Plant Flow Through, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Amortization Of Excess Deferred Taxes, Percent (1.40%) (1.20%) (2.30%) (1.70%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.00% 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent 26.20% 26.10% 25.70% 25.80%
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v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - PECO - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 2,912 2,719
Gain on sales of assets 0 (1)
Deferred income taxes and amortization of investment tax credits 564 293
Other non-cash operating activities 594 1,088
Changes in assets and liabilities:    
Accounts receivable 379 (422)
Inventories (96) (41)
Accounts payable and accrued expenses (1) 165
Collateral received, net 39 (25)
Income taxes (136) 19
Regulatory assets and liabilities, net (1,063) (390)
Pension and non-pension postretirement benefit contributions (370) (313)
Other assets and liabilities 306 (259)
Net cash flows provided by operating activities 5,404 5,010
Cash flows from investing activities    
Capital expenditures (6,799) (6,095)
Other investing activities 12 (7)
Net cash flows used in investing activities (6,787) (6,100)
Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Issuance of long-term debt 4,425 4,925
Retirement of long-term debt (1,600) (807)
Dividends paid on common stock (1,294) (1,212)
Other financing activities (71) (75)
Net cash flows provided by financing activities 2,302 2,249
Increase (decrease) in cash, restricted cash, and cash equivalents 919 1,159
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Decrease in capital expenditures not paid (4) (12)
PECO Energy Co    
Cash flows from operating activities    
Net income 562 652
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 373 336
Deferred income taxes and amortization of investment tax credits 280 (60)
Other non-cash operating activities 49 69
Changes in assets and liabilities:    
Accounts receivable (179) (94)
Receivables from and payables to affiliates, net (1) (8)
Inventories (15) (8)
Accounts payable and accrued expenses 100 (4)
Collateral received, net 0 6
Income taxes (269) 13
Regulatory assets and liabilities, net (48) (26)
Pension and non-pension postretirement benefit contributions (13) (11)
Other assets and liabilities 3 (10)
Net cash flows provided by operating activities 842 855
Cash flows from investing activities    
Capital expenditures (1,469) (1,334)
Intercompany Money Pool Investments Contributions Exelon (301) (222)
Other investing activities (10) 1
Net cash flows used in investing activities (1,780) (1,555)
Cash flows from financing activities    
Changes in short-term borrowings 0 (192)
Issuance of long-term debt 750 1,050
Dividends paid on common stock (410) (410)
Contributions from parent 594 578
Other financing activities (5) (10)
Net cash flows provided by financing activities 929 1,016
Increase (decrease) in cash, restricted cash, and cash equivalents (9) 316
Cash, restricted cash, and cash equivalents at beginning of period 116 48
Cash, restricted cash, and cash equivalents at end of period 107 364
Supplemental cash flow information    
Decrease in capital expenditures not paid $ 30 $ 81
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v3.26.3
Retirement Benefits (Tables)
9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Calculation of Net Periodic Benefit Costs
A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three and nine months ended September 30, 2026 and 2025.
Pension BenefitsOPEB
Three Months Ended September 30,Three Months Ended September 30,
2026202520262025
Components of net periodic benefit cost
Service cost$40 $38 $6 $7 
Interest cost143 146 25 26 
Expected return on assets(176)(179)(21)(21)
Amortization of:
Prior service cost (credit)1 1 (2)(2)
Actuarial loss (gain)51 53 — (1)
Net periodic benefit cost$59 $59 $8 $9 
Pension BenefitsOPEB
Nine Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Components of net periodic benefit cost
Service cost$120 $115 $20 $19 
Interest cost428 439 75 76 
Expected return on assets(528)(535)(64)(63)
Amortization of:
Prior service cost (credit)2 2 (6)(6)
Actuarial loss (gain)151 159 (1)(2)
Net periodic benefit cost$173 $180 $24 $24 
Allocated Portion of Pension and Postretirement Benefit Costs
The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For PHI and each of the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
Three Months Ended September 30,Nine Months Ended September 30,
Pension and OPEB Costs2026202520262025
Exelon$67 $68 $196 $204 
ComEd26 22 80 64 
PECO5 2 13 5 
BGE7 16 21 46 
PHI21 23 62 72 
Pepco9 8 23 26 
DPL4 4 11 12 
ACE2 3 7 10 
Defined Contribution Savings Plans
The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three and nine months ended September 30, 2026 and 2025.
Three Months Ended September 30,Nine Months Ended September 30,
Savings Plan Employer Contributions2026202520262025
Exelon$33 $30 $97 $86 
ComEd17 12 41 34 
PECO5 4 14 12 
BGE3 3 9 9 
PHI3 5 15 15 
Pepco1 1 4 4 
DPL1 1 3 3 
ACE— 1 2 2 
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v3.26.3
Regulatory Matters - Capitalized Ratemaking Amount Not Recognized (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes $ 67 $ 98
Commonwealth Edison Co    
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes 10 12
PECO Energy Co    
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes 0 0
Baltimore Gas and Electric Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes 31 47
Pepco Holdings LLC    
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes 26 39
Potomac Electric Power Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes 11 22
Delmarva Power and Light Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes 0 1
Atlantic City Electric Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes $ 15 $ 16
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v3.26.3
Revenue from Contract with Customer - Performance Obligations (Details)
$ in Millions
Sep. 30, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 115
Pepco Holdings LLC  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount 115
Potomac Electric Power Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount 91
Delmarva Power and Light Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount 12
Atlantic City Electric Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount 12
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Pepco Holdings LLC  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Potomac Electric Power Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Delmarva Power and Light Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Atlantic City Electric Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Pepco Holdings LLC  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Potomac Electric Power Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Delmarva Power and Light Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Atlantic City Electric Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Pepco Holdings LLC  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Potomac Electric Power Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Delmarva Power and Light Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Atlantic City Electric Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Pepco Holdings LLC  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Potomac Electric Power Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Delmarva Power and Light Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Atlantic City Electric Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 95
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 | Pepco Holdings LLC  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 95
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 | Potomac Electric Power Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 74
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 | Delmarva Power and Light Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 10
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 | Atlantic City Electric Company  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 11
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
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v3.26.3
Commitments and Contingencies - Merger Commitment (Details)
$ in Millions
Sep. 30, 2026
USD ($)
Other Commitments [Line Items]  
Other Commitment $ 930
Pepco Holdings LLC  
Other Commitments [Line Items]  
Other Commitment 188
Potomac Electric Power Company  
Other Commitments [Line Items]  
Other Commitment 155
Delmarva Power and Light Company  
Other Commitments [Line Items]  
Other Commitment 18
Atlantic City Electric Company  
Other Commitments [Line Items]  
Other Commitment 15
Pepco Holdings Inc [Member]  
Other Commitments [Line Items]  
Other Commitment 513
Pepco Holdings Inc [Member] | Remaining commitment  
Other Commitments [Line Items]  
Other Commitment 20
Pepco Holdings Inc [Member] | Pepco Holdings LLC  
Other Commitments [Line Items]  
Other Commitment 320
Pepco Holdings Inc [Member] | Pepco Holdings LLC | Remaining commitment  
Other Commitments [Line Items]  
Other Commitment 18
Pepco Holdings Inc [Member] | Potomac Electric Power Company  
Other Commitments [Line Items]  
Other Commitment 120
Pepco Holdings Inc [Member] | Potomac Electric Power Company | Remaining commitment  
Other Commitments [Line Items]  
Other Commitment 18
Pepco Holdings Inc [Member] | Delmarva Power and Light Company  
Other Commitments [Line Items]  
Other Commitment 89
Pepco Holdings Inc [Member] | Delmarva Power and Light Company | Remaining commitment  
Other Commitments [Line Items]  
Other Commitment 0
Pepco Holdings Inc [Member] | Atlantic City Electric Company  
Other Commitments [Line Items]  
Other Commitment 111
Pepco Holdings Inc [Member] | Atlantic City Electric Company | Remaining commitment  
Other Commitments [Line Items]  
Other Commitment $ 0
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v3.26.3
Fair Value of Financial Assets and Liabilities (All Registrants)
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities (All Registrants) Fair Value of Financial Assets and Liabilities (All Registrants)
Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:
•Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date.
•Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.
•Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.
Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 15 — Fair Value of Financial Assets and Liabilities of the 2025 Form 10-K.
Fair Value of Financial Liabilities Recorded at Amortized Cost
The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of September 30, 2026 and December 31, 2025. The Registrants have no financial liabilities measured using the NAV practical expedient.
The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
September 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon (b)
$51,869 $— $39,524 $4,468 $43,992 $49,078 $— $40,637 $4,318 $44,955 
ComEd13,667 — 11,186 — 11,186 12,753 — 11,291 — 11,291 
PECO7,143 — 5,798 — 5,798 6,396 — 5,593 — 5,593 
BGE6,610 — 5,568 — 5,568 6,041 — 5,510 — 5,510 
PHI10,134 — 3,904 4,468 8,372 9,590 — 4,236 4,318 8,554 
Pepco4,940 — 2,312 1,986 4,298 4,632 — 2,546 1,861 4,407 
DPL2,498 — 607 1,427 2,034 2,344 — 657 1,410 2,067 
ACE2,136 — 785 1,055 1,840 2,033 — 819 1,047 1,866 
Long-Term Debt to Financing Trusts
Exelon$390 $— $— $388 $388 $390 $— $— $403 $403 
ComEd206 — — 206 206 206 — — 216 216 
PECO184 — — 182 182 184 — — 187 187 
__________
(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 9 — Leases of the 2025 Form 10-K for finance lease liabilities.
(b)Includes the net carrying amount and the estimated fair value (Level 2) of the Convertible Senior Notes $1 billion and $964 million for the quarter ended September 30, 2026, respectively.
Recurring Fair Value Measurements
The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at September 30, 2026 and December 31, 2025. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively:
Exelon
At September 30, 2026At December 31, 2025
Level 1Level 2Level 3TotalLevel 1 Level 2Level 3Total
Assets
Cash equivalents(a)
$1,718 $— $— $1,718 $825 $— $— $825 
Rabbi trust investments
Cash equivalents110 — — 110 101 — — 101 
Mutual funds78 — — 78 71 — — 71 
Fixed income— 6 — 6 — 6 — 6 
Life insurance contracts — 80 19 99 — 79 21 100 
Rabbi trust investments subtotal188 86 19 293 172 85 21 278 
Interest rate derivative assets
Derivatives designated as hedging instruments— 17 — 17 — 3 — 3 
Interest rate derivative assets subtotal— 17 — 17 — 3 — 3 
Total assets1,906 103 19 2,028 997 88 21 1,106 
Liabilities
Commodity derivative liabilities— — (117)(117)— — (131)(131)
Interest rate derivative liabilities
Derivatives designated as hedging instruments— — — — — (4)— (4)
Interest rate derivative liabilities subtotal — — — — — (4)— (4)
Deferred compensation obligation— (67)— (67)— (71)— (71)
Total liabilities— (67)(117)(184)— (75)(131)(206)
Total net assets (liabilities)$1,906 $36 $(98)$1,844 $997 $13 $(110)$900 
__________    
(a)Exelon excludes cash of $166 million and $180 million at September 30, 2026 and December 31, 2025, respectively, and restricted cash of $236 million and $196 million at September 30, 2026 and December 31, 2025, respectively, and includes long-term restricted cash of $49 million and $50 million at September 30, 2026 and December 31, 2025, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets.
ComEd, PECO, and BGE
ComEdPECOBGE
At September 30, 2026Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$573 $— $— $573 $81 $— $— $81 $834 $— $— $834 
Rabbi trust investments
Cash equivalents— — — — 3 — — 3 — — — — 
Mutual funds— — — — 14 — — 14 16 — — 16 
Life insurance contracts — — — — — 24 — 24 — — — — 
Rabbi trust investments subtotal— — — — 17 24 — 41 16 — — 16 
Total assets573 — — 573 98 24 — 122 850 — — 850 
Liabilities
Commodity derivative liabilities(b)
— — (117)(117)— — — — — — — — 
Deferred compensation obligation— (10)— (10)— (7)— (7)— (4)— (4)
Total liabilities— (10)(117)(127)— (7)— (7)— (4)— (4)
Total net assets (liabilities)$573 $(10)$(117)$446 $98 $17 $— $115 $850 $(4)$— $846 
ComEdPECOBGE
At December 31, 2025Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$393 $— $— $393 $93 $— $— $93 $205 $— $— $205 
Rabbi trust investments
Mutual funds— — — — 13 — — 13 10 — — 10 
Life insurance contracts — — — — — 25 — 25 — — — — 
Rabbi trust investments subtotal— — — — 13 25 — 38 10 — — 10 
Total assets393 — — 393 106 25 — 131 215 — — 215 
Liabilities
Commodity derivative liabilities(b)
— — (131)(131)— — — — — — — — 
Deferred compensation obligation— (9)— (9)— (8)— (8)— (4)— (4)
Total liabilities— (9)(131)(140)— (8)— (8)— (4)— (4)
Total net assets (liabilities)$393 $(9)$(131)$253 $106 $17 $— $123 $215 $(4)$— $211 
__________
(a)ComEd excludes cash of $75 million and $77 million at September 30, 2026 and December 31, 2025, respectively, and restricted cash of $231 million and $193 million at September 30, 2026 and December 31, 2025, respectively. Additionally,
ComEd includes long-term restricted cash of $49 million and $50 million at September 30, 2026 and December 31, 2025, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO excludes cash of $26 million and $23 million at September 30, 2026 and December 31, 2025, respectively. BGE excludes cash of $11 million and $15 million at September 30, 2026 and December 31, 2025, respectively.
(b)The Level 3 balance consists of the current and noncurrent liability of $21 million and $96 million, respectively, at September 30, 2026 and $25 million and $106 million, respectively, at December 31, 2025 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL, and ACE
At September 30, 2026At December 31, 2025
PHI Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$205 $— $— $205 $83 $— $— $83 
Rabbi trust investments
Cash equivalents103 — — 103 99 — — 99 
Mutual funds8 — — 8 9 — — 9 
Fixed income— 6 — 6 — 6 — 6 
Life insurance contracts— 23 20 43 — 23 20 43 
Rabbi trust investments subtotal111 29 20 160 108 29 20 157 
Total assets316 29 20 365 191 29 20 240 
Liabilities
Deferred compensation obligation— (8)— (8)— (9)— (9)
Total liabilities— (8)— (8)— (9)— (9)
Total net assets$316 $21 $20 $357 $191 $20 $20 $231 
PepcoDPLACE
At September 30, 2026Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$102 $— $— $102 $74 $— $— $74 $— $— $— $— 
Rabbi trust investments
Cash equivalents103 — — 103 — — — — — — — — 
Life insurance contracts— 23 19 42 — — — — — — — — 
Rabbi trust investments subtotal103 23 19 145 — — — — — — — — 
Total assets205 23 19 247 74 — — 74 — — — — 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$205 $22 $19 $246 $74 $— $— $74 $— $— $— $— 
PepcoDPLACE
At December 31, 2025Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$33 $— $— $33 $3 $— $— $3 $— $— $— $— 
Rabbi trust investments
Cash equivalents98 — — 98 — — — — — — — — 
Life insurance contracts— 23 20 43 — — — — — — — — 
Rabbi trust investments subtotal98 23 20 141 — — — — — — — — 
Total assets131 23 20 174 3 — — 3 — — — — 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$131 $22 $20 $173 $3 $— $— $3 $— $— $— $— 
__________
(a)PHI excludes cash of $43 million and $56 million at September 30, 2026 and December 31, 2025, respectively, and restricted cash of $5 million and $2 million at September 30, 2026 and December 31, 2025. Pepco excludes cash of $16 million and $22 million at September 30, 2026 and December 31, 2025, respectively. DPL excludes cash of $7 million and $9 million at September 30, 2026 and December 31, 2025, respectively. ACE excludes cash of $14 million and $22 million at September 30, 2026 and December 31, 2025, respectively and restricted cash of $5 million and $2 million at September 30, 2026 and December 31, 2025, respectively.

Reconciliation of Level 3 Assets and Liabilities
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2026 and 2025:
ExelonComEdPHI and Pepco
Three Months Ended September 30, 2026Total Commodity
Derivatives
Life Insurance Contracts
Balance at June 30, 2026$(109)$(128)$19 
Total realized / unrealized gains (losses)
Included in net income(a)
— — — 
Included in regulatory assets/liabilities(b)
11 11 — 
Settlements— — — 
Balance at September 30, 2026(c)
$(98)$(117)$19 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2026$— $— $— 
ExelonComEdPHI and Pepco
Three Months Ended September 30, 2025Total Commodity
Derivatives
Life Insurance Contracts
Balance at June 30, 2025$(112)$(135)$22 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — — 
Included in regulatory assets/liabilities(b)
7 7 — 
Settlements(1)— (1)
Balance at September 30, 2025(c)
$(105)$(128)$21 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2025$(1)$— $— 
ExelonComEdPHI and Pepco
Nine Months Ended September 30, 2026Total Commodity
Derivatives
Life Insurance Contracts
Balance at December 31, 2025$(110)$(131)$20 
Total realized / unrealized gains (losses)
Included in net income(a)
— — — 
Included in regulatory assets/liabilities(b)
14 14 — 
Settlements(2)— (1)
Balance at September 30, 2026(c)
$(98)$(117)$19 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2026$— $— $— 
ExelonComEdPHI and Pepco
Nine Months Ended September 30, 2025Total Commodity
Derivatives
Life Insurance Contracts
Balance at December 31, 2024$(110)$(132)$21 
Total realized / unrealized gains (losses)
Included in net income(a)
2 — 1 
Included in regulatory assets/liabilities(b)
4 4 — 
Settlements(1)— (1)
Balance at September 30, 2025(c)
$(105)$(128)$21 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2025$1 $— $1 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)For ComEd, this includes $8 million of increases in fair value and an increase for realized gains due to settlements of $3 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2026. Includes $1 million of increases in fair value and an increase for realized gains due to settlements of $6 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2025. Includes $8 million of decreases in fair value and an increase for realized gains due to settlements of $22 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2026. Includes $29 million of decreases in fair value and an increase for realized gains due to settlements of $33 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2025.
(c)For ComEd, the balance of the current and noncurrent asset was zero as of September 30, 2026. The balance consists of a current and noncurrent liability of $21 million and $96 million, respectively, as of September 30, 2026.
Commodity Derivatives (Exelon and ComEd)
The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value at September 30, 2026Fair Value at December 31, 2025Valuation
Technique
Unobservable
Input
2026 Range & Arithmetic Average2025 Range & Arithmetic Average
Commodity derivatives$(117)$(131)Discounted
Cash Flow
Forward power price(a)
$26.75-$66.55$43.02$29.75-$61.84$41.95
________
(a)An increase to the forward power price would increase the fair value.
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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v3.26.3
Debt and Credit Agreements (All Registrants) (Tables)
9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Commercial Paper Borrowings
The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at September 30, 2026 and December 31, 2025.
Outstanding Commercial
Paper at
Average Interest Rate on
Commercial Paper Borrowings at
Commercial Paper IssuerSeptember 30, 2026December 31, 2025September 30, 2026December 31, 2025
Exelon(a)
$434 $612 4.19 %3.94 %
ComEd$— $— — %— %
PECO$— $— — %— %
BGE$— $— — %— %
PHI(b)
$— $612 — %3.94 %
Pepco$— $303 — %3.93 %
DPL$— $161 — %3.94 %
ACE$— $148 — %3.94 %
__________
(a)Exelon Corporate had $434 million outstanding commercial paper borrowings at September 30, 2026 and no outstanding commercial paper borrowings at December 31, 2025.
(b)Represents the consolidated amounts of Pepco, DPL, and ACE.
Schedule of Revolving Credit Agreements
On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facilities, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:
BorrowerAggregate Bank CommitmentInterest Rate
Exelon Corporate$900 
SOFR plus 1.075%
ComEd$1,000 
SOFR plus 1.000%
PECO$600 
SOFR plus 1.000%
BGE$600 
SOFR plus 1.000%
Pepco$300 
SOFR plus 1.000%
DPL$300 
SOFR plus 1.000%
ACE$300 
SOFR plus 1.000%
Schedule of Long-term Debt Instruments
During the nine months ended September 30, 2026, the following long-term debt was issued:
CompanyTypeInterest RateMaturityAmountUse of Proceeds
ExelonSenior Notes4.95%March 15, 2036$775Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds4.55%June 1, 2031600Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds5.85%June 1, 2056825Repay existing indebtedness and for general corporate purposes.
PECOFirst Mortgage Bonds5.00%September 1, 2031750Repay existing indebtedness and for general corporate purposes.
BGENotes5.15%June 1, 2033500Repay existing indebtedness and for general corporate purposes.
BGENotes6.05%June 1, 2056425Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.00%March 19, 2036110Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.30%March 19, 204160Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.74%June 17, 2056130Repay existing indebtedness and for general corporate purposes.
DPLFirst Mortgage Bonds5.74%March 19, 205675Repay existing indebtedness and for general corporate purposes.
DPLFirst Mortgage Bonds5.00%September 16, 203675Repay existing indebtedness and for general corporate purposes.
ACEFirst Mortgage Bonds4.95%March 19, 2036100Repay existing indebtedness and for general corporate purposes.
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v3.26.3
Changes in Accumulated Other Comprehensive Income (Exelon)
9 Months Ended
Sep. 30, 2026
Changes in Accumulated Other Comprehensive Income [Abstract]  
Changes in Accumulated Other Comprehensive Income Changes in Accumulated Other Comprehensive Income (Loss) (Exelon)
The following table presents changes in Exelon's AOCI, net of tax, by component:
Three Months Ended September 30, 2026 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at June 30, 2026$28 $(778)$(750)
OCI before reclassifications12 — 12 
Amounts reclassified from AOCI(2)7 5 
Net current-period OCI10 7 17 
Balance at September 30, 2026$38 $(771)$(733)
Three Months Ended September 30, 2025 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at June 30, 2025$31 $(749)$(718)
OCI before reclassifications(1)— (1)
Amounts reclassified from AOCI(1)5 4 
Net current-period OCI(2)5 3 
Balance at September 30, 2025$29 $(744)$(715)

Nine Months Ended September 30, 2026 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at December 31, 2025$33 $(795)$(762)
OCI before reclassifications10 3 13 
Amounts reclassified from AOCI(5)21 16 
Net current-period OCI5 24 29 
Balance at September 30, 2026$38 $(771)$(733)

Nine Months Ended September 30, 2025 Cash Flow Hedges
Pension and Non-Pension Postretirement Benefit Plan Items(a)
Total
Balance at December 31, 2024$45 $(765)$(720)
OCI before reclassifications(11)5 (6)
Amounts reclassified from AOCI(5)16 11 
Net current-period OCI(16)21 5 
Balance at September 30, 2025$29 $(744)$(715)
______
(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. See Note 12 — Retirement Benefits of the 2025 Form 10-K and Note 8 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.
The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Pension and non-pension postretirement benefit plans:
Actuarial losses reclassified to periodic benefit cost$(2)$(2)$(6)$(6)
Pension and non-pension postretirement benefit plans valuation adjustments— — (1)(2)
Unrealized (losses) gains on cash flow hedges(3)2 (3)4 
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v3.26.3
Fair Value of Financial Assets and Liabilities - Fair Value of Financial Liabilities Recorded at Amortized Cost (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Reported Value Measurement [Member] | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Convertible, Carrying Amount of Equity Component $ 1,000  
Reported Value Measurement [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 390 $ 390
Reported Value Measurement [Member] | Nonrelated Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 51,869 49,078
Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 43,992 44,955
Estimate of Fair Value Measurement [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 388 403
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 39,524 40,637
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 964  
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 4,468 4,318
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 388 403
Long-term debt to financing trusts 390 390
Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 1,718 825
Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 390 390
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 1,718 825
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Commonwealth Edison Co | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 13,667 12,753
Commonwealth Edison Co | Reported Value Measurement [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 206 206
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 11,186 11,291
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 206 216
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 0 0
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 11,186 11,291
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 0 0
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Commonwealth Edison Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 206 216
Commonwealth Edison Co | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 573 393
Commonwealth Edison Co | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 206 206
Commonwealth Edison Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 573 393
Commonwealth Edison Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Commonwealth Edison Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
PECO Energy Co | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 7,143 6,396
PECO Energy Co | Reported Value Measurement [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 184 184
PECO Energy Co | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 5,798 5,593
PECO Energy Co | Estimate of Fair Value Measurement [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 182 187
PECO Energy Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
PECO Energy Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 0 0
PECO Energy Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 5,798 5,593
PECO Energy Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 0 0
PECO Energy Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
PECO Energy Co | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 182 187
PECO Energy Co | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 81 93
PECO Energy Co | Related Party    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt to financing trusts 184 184
PECO Energy Co | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 81 93
PECO Energy Co | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
PECO Energy Co | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 6,610 6,041
Baltimore Gas and Electric Company | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 5,568 5,510
Baltimore Gas and Electric Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Baltimore Gas and Electric Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 5,568 5,510
Baltimore Gas and Electric Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Baltimore Gas and Electric Company | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 834 205
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 834 205
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Baltimore Gas and Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Pepco Holdings LLC | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 10,134 9,590
Pepco Holdings LLC | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 8,372 8,554
Pepco Holdings LLC | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Pepco Holdings LLC | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 3,904 4,236
Pepco Holdings LLC | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 4,468 4,318
Pepco Holdings LLC | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 205 83
Pepco Holdings LLC | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 205 83
Pepco Holdings LLC | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Potomac Electric Power Company | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 4,940 4,632
Potomac Electric Power Company | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 4,298 4,407
Potomac Electric Power Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Potomac Electric Power Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 2,312 2,546
Potomac Electric Power Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 1,986 1,861
Potomac Electric Power Company | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 102 33
Potomac Electric Power Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 102 33
Potomac Electric Power Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Potomac Electric Power Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 2,498 2,344
Delmarva Power and Light Company | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 2,034 2,067
Delmarva Power and Light Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Delmarva Power and Light Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 607 657
Delmarva Power and Light Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 1,427 1,410
Delmarva Power and Light Company | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 74 3
Delmarva Power and Light Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 74 3
Delmarva Power and Light Company | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Delmarva Power and Light Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Atlantic City Electric Company | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 2,136 2,033
Atlantic City Electric Company | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 1,840 1,866
Atlantic City Electric Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 0 0
Atlantic City Electric Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 785 819
Atlantic City Electric Company | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt (including amounts due within one year) 1,055 1,047
Atlantic City Electric Company | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Atlantic City Electric Company | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
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v3.26.3
Shareholders' Equity (Exelon)
9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Shareholders' Equity (Exelon) Shareholders' Equity (Exelon)
At-the-Market Program
On May 2, 2025, Exelon executed an equity distribution agreement ("2025 Equity Distribution Agreement"), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $2.5 billion through May 2, 2028. Exelon has no obligation to offer or sell any shares of Common stock under the 2025 Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the 2025 Equity Distribution Agreement. Exelon issued the following shares of Common stock in the second and third quarters of 2026:
Effective Period
Shares Issued
(in millions)
Weighted-Average Net Price
Net Proceeds (a)
(in millions)
Q2 2026 (b)
8.7$44.03 $382 
Q3 2026 (c)
2.3$43.29 $101 
_________
(a)Proceeds were used for general corporate purposes.
(b)In the second quarter of 2026, Exelon settled all forward sale agreements with a November 16, 2026 maturity date and a portion of the forward sale agreements with December 15, 2026 and July 30, 2027 maturity dates that were entered into by various forward sellers under the ATM program as outlined below.
(c)In the third quarter of 2026, Exelon settled a forward sale agreement with a December 15, 2026 maturity date that was entered into by the forward seller under the ATM program as outlined below.
In the first quarter of 2026, Exelon entered into various forward sale agreements under the 2025 ATM program. The forward sale agreements require Exelon to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements. The following forward sale agreements were entered into under Exelon’s ATM program in the first quarter of 2026:
Effective PeriodShares Available
(in millions)
Weighted-Average Net PriceMaturity Date
Q1 20265.4$47.67 July 30, 2027
Q1 20266.4$48.68 September 2, 2027
Additionally, the following forward sale agreements were entered into during the twelve months ended 2025 under Exelon’s ATM program and were not settled as of December 31, 2025:
Effective PeriodShares Available
(in millions)
Weighted-Average Net PriceMaturity Date
Q2 20253.6$43.17 November 16, 2026
Q3 202511.5$43.73 December 15, 2026
Q4 20250.8$45.42 December 15, 2026
No amounts have been or will be recorded on Exelon's Consolidated Balance Sheet with respect to the equity offerings until the equity forward sale agreements have been settled. Each initial forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. Until settlement of the equity forward, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. For the three and nine months ended September 30, 2026, approximately 16.5 million and 16.3 million shares, respectively, under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.
Inclusive of the impact of the forward sale agreements, $1.0 billion of Common stock remained available for sale pursuant to the ATM program as of September 30, 2026.
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v3.26.3
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - Exelon - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
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Operating expenses        
Operating and maintenance 1,564 1,172 4,416 3,840
Depreciation and amortization 991 912 2,910 2,717
Taxes other than income taxes 468 429 1,335 1,216
Total operating expenses 5,940 5,205 16,565 14,884
Gain on sale of assets 0 0 0 1
Operating income 1,379 1,500 3,963 3,963
Other income and (deductions)        
Interest expense, net (587) (531) (1,702) (1,560)
Other, net 97 68 256 185
Total other income and (deductions) (496) (470) (1,465) (1,393)
Income (Loss) before income taxes 883 1,030 2,498 2,570
Income taxes 154 155 454 396
Net income attributable to common shareholders 729 875 2,044 2,174
Net income 729 875 2,044 2,174
Other comprehensive income, net of income taxes        
Actuarial losses reclassified to periodic benefit cost 7 5 21 16
Pension and non-pension postretirement benefit plans valuation adjustments 0 0 3 5
Unrealized gain (loss) on cash flow hedges 10 (2) 5 (16)
Other comprehensive income 17 3 29 5
Comprehensive income $ 746 $ 878 $ 2,073 $ 2,179
Average shares of common stock outstanding:        
Basic average shares of common stock outstanding (in shares) 1,035 1,011 1,028 1,010
Assumed exercise and/or distributions of stock-based awards (in shares) [1] 2 2 2 1
Diluted average shares of common stock outstanding (in shares) 1,037 1,013 1,030 1,011
Earnings Per Share [Abstract]        
Earnings Per Share, Basic $ 0.70 $ 0.87 $ 1.99 $ 2.15
Earnings Per Share, Diluted $ 0.70 $ 0.86 $ 1.98 $ 2.15
Related Party        
Other income and (deductions)        
Interest expense to affiliates, net $ (6) $ (7) $ (19) $ (18)
Electricity, US Regulated        
Operating revenues        
Operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
Purchased power and/or fuel 2,865 2,645 7,380 6,640
Natural Gas, US Regulated        
Operating revenues        
Operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel $ 52 $ 47 $ 524 $ 471
[1] The dilutive effects of stock-based compensation awards are calculated using the treasury stock method for all periods presented.
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v3.26.3
Supplemental Financial Information - Balance Sheet (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents $ 1,469 $ 626 $ 1,533 $ 357
Restricted cash 602 525 516 541
Restricted cash included in other long-term assets 49 50 49 41
Total cash, restricted cash, and cash equivalents 2,120 1,201 2,098 939
Accrued Expenses [Abstract]        
Compensation-related accruals 589 705    
Taxes accrued 243 242    
Interest accrued 495 538    
Other Accrued Liabilities 275      
Commonwealth Edison Co        
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 300 159 405 105
Restricted cash 530 454 453 486
Restricted cash included in other long-term assets 49 50 49 41
Total cash, restricted cash, and cash equivalents 879 663 907 632
Accrued Expenses [Abstract]        
Compensation-related accruals 201 209    
Taxes accrued 102 94    
Interest accrued 130 155    
Other Accrued Liabilities 9      
PECO Energy Co        
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 107 116 364 48
Restricted cash 0 0 0 0
Restricted cash included in other long-term assets 0 0 0 0
Total cash, restricted cash, and cash equivalents 107 116 364 48
Accrued Expenses [Abstract]        
Compensation-related accruals 68 96    
Taxes accrued 14 306    
Interest accrued 59 75    
Other Accrued Liabilities 218      
Baltimore Gas and Electric Company        
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 842 217 663 33
Restricted cash 3 3 2 1
Restricted cash included in other long-term assets 0 0 0 0
Total cash, restricted cash, and cash equivalents 845 220 665 34
Accrued Expenses [Abstract]        
Compensation-related accruals 71 99    
Taxes accrued 34 191    
Interest accrued 108 55    
Other Accrued Liabilities 1      
Pepco Holdings LLC        
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 207 103 93 139
Restricted cash 46 38 27 24
Restricted cash included in other long-term assets 0 0 0 0
Total cash, restricted cash, and cash equivalents 253 141 120 163
Accrued Expenses [Abstract]        
Compensation-related accruals 109 125    
Taxes accrued 125 107    
Interest accrued 90 92    
Other Accrued Liabilities 32      
Potomac Electric Power Company        
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 79 22 25 30
Restricted cash 39 33 22 21
Restricted cash included in other long-term assets 0 0 0 0
Total cash, restricted cash, and cash equivalents 118 55 47 51
Accrued Expenses [Abstract]        
Compensation-related accruals 30 35    
Taxes accrued 91 69    
Interest accrued 40 49    
Other Accrued Liabilities 21      
Delmarva Power and Light Company        
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 79 9 6 21
Restricted cash 2 3 2 2
Restricted cash included in other long-term assets 0 0 0 0
Total cash, restricted cash, and cash equivalents 81 12 8 23
Accrued Expenses [Abstract]        
Compensation-related accruals 21 24    
Taxes accrued 24 25    
Interest accrued 28 18    
Other Accrued Liabilities 4      
Atlantic City Electric Company        
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 15 22 25 14
Restricted cash 4 2 3 0
Restricted cash included in other long-term assets 0 0 0 0
Total cash, restricted cash, and cash equivalents 19 24 $ 28 $ 14
Accrued Expenses [Abstract]        
Compensation-related accruals 16 17    
Taxes accrued 10 18    
Interest accrued 19 $ 20    
Other Accrued Liabilities $ 8      
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Insider Trading Arrangements - Officers or Directors [Member]
3 Months Ended
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Trading Arrangements, by Individual  
Title officers or directors
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v3.26.3
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
PHI Merger Commitments The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at September 30, 2026:
DescriptionExelon PHI Pepco DPLACE
Total commitments$513 $320 $120 $89 $111 
Remaining commitments(a)
20 18 18 — — 
__________
(a)Remaining commitments extend through 2026 and include escrow funds and rate credits.
Commercial Commitments The Registrants’ commercial commitments at September 30, 2026, representing commitments potentially triggered by future events were as follows:
Expiration within
Total202620272028202920302031 and beyond
Exelon
Letters of credit(a)
$55 $10 $45 $— $— $— $— 
Surety bonds(b)
472 72 235 165 — — — 
Financing trust guarantees(c)
378 — — 78 — — 300 
Guaranteed lease residual values(d)
25 — — 6 4 4 11 
Total commercial commitments $930 $82 $280 $249 $4 $4 $311 
ComEd
Letters of credit(a)
$15 $4 $11 $— $— $— $— 
Surety bonds(b)
144 10 134 — — — — 
Financing trust guarantees(c)
200 — — — — — 200 
Total commercial commitments $359 $14 $145 $— $— $— $200 
PECO
Letters of credit(a)
$4 $— $4 $— $— $— $— 
Surety bonds(b)
19 — 19 — — — — 
Financing trust guarantees(c)
178 — — 78 — — 100 
Total commercial commitments $201 $— $23 $78 $— $— $100 
BGE
Letters of credit(a)
$27 $4 $23 $— $— $— $— 
Surety bonds(b)
93 1 5 87 — — — 
Total commercial commitments $120 $5 $28 $87 $— $— $— 
PHI
Letters of credit(a)
$6 $— $6 $— $— $— $— 
Surety bonds(b)
157 57 22 78 — — — 
Guaranteed lease residual values(d)
25 — — 6 4 4 11 
Total commercial commitments $188 $57 $28 $84 $4 $4 $11 
Pepco
Letters of credit(a)
$3 $— $3 $— $— $— $— 
Surety bonds(b)
143 51 14 78 — — — 
Guaranteed lease residual values(d)
9 — — 2 1 2 4 
Total commercial commitments $155 $51 $17 $80 $1 $2 $4 
DPL
Letters of credit(a)
$1 $— $1 $— $— $— $— 
Surety bonds(b)
8 3 5 — — — — 
Guaranteed lease residual values(d)
9 — — 2 2 1 4 
Total commercial commitments $18 $3 $6 $2 $2 $1 $4 
ACE
Letters of credit(a)
$2 $— $2 $— $— $— $— 
Surety bonds(b)
6 3 3 — — — — 
Guaranteed lease residual values(d)
7 — — 2 1 1 3 
Total commercial commitments $15 $3 $5 $2 $1 $1 $3 
__________
(a)Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties.
(b)Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Historically, payments under the guarantees have not been made and the likelihood of payments being required is remote.
(c)Reflects guarantee of ComEd and PECO securities held by ComEd Financing III, PECO Trust III, and PECO Trust IV.
(d)Represents the maximum potential obligation in the event the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $59 million guaranteed by Exelon and PHI, of which $21 million, $21 million, and $17 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.
Accrued environmental liabilities
At September 30, 2026 and December 31, 2025, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:
September 30, 2026December 31, 2025
Total Environmental
Investigation and
Remediation Liabilities
Portion of Total Related to
MGP Investigation and
Remediation
Total Environmental
Investigation and
Remediation Liabilities
Portion of Total Related to
MGP Investigation and
Remediation
Exelon$369 $318 $386 $321 
ComEd295 295 289 289 
PECO16 13 23 22 
BGE13 10 13 10 
PHI44 — 57 — 
Pepco42 — 55 — 
DPL2 — 1 — 
ACE— — 1 — 
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v3.26.3
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - PECO - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
Total operating revenues 7,319 6,705 20,528 18,846
Operating expenses        
Operating and maintenance 1,564 1,172 4,416 3,840
Depreciation and amortization 991 912 2,910 2,717
Taxes other than income taxes 468 429 1,335 1,216
Total operating expenses 5,940 5,205 16,565 14,884
Gain on sale of assets 0 0 0 1
Operating income 1,379 1,500 3,963 3,963
Other income and (deductions)        
Interest expense, net (587) (531) (1,702) (1,560)
Other, net 97 68 256 185
Total other income and (deductions) (496) (470) (1,465) (1,393)
Income before income taxes 883 1,030 2,498 2,570
Income taxes 154 155 454 396
Net income 729 875 2,044 2,174
Related Party        
Other income and (deductions)        
Interest expense to affiliates, net (6) (7) (19) (18)
PECO Energy Co        
Operating revenues        
Revenues from alternative revenue programs 1 2 10 (6)
Total operating revenues 1,240 1,180 3,794 3,513
Operating expenses        
Operating and maintenance 258 183 760 690
Depreciation and amortization 126 115 373 336
Taxes other than income taxes 73 69 204 183
Total operating expenses 1,006 871 3,021 2,679
Operating income 234 309 773 834
Other income and (deductions)        
Interest expense, net (74) (63) (213) (179)
Other, net 15 11 39 29
Total other income and (deductions) (61) (54) (180) (159)
Income before income taxes 173 255 593 675
Income taxes 8 5 31 23
Net income 165 250 562 652
Comprehensive income 165 250 562 652
PECO Energy Co | Related Party        
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Operating revenues from affiliates 5 3 13 9
Operating expenses        
Operating and maintenance from affiliates 55 58 189 182
Other income and (deductions)        
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Electricity, US Regulated        
Operating revenues        
Electric and natural gas operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
Purchased power and/or fuel 2,865 2,645 7,380 6,640
Electricity, US Regulated | PECO Energy Co        
Operating revenues        
Electric and natural gas operating revenues 1,150 1,093 3,157 2,932
Operating expenses        
Purchased power and/or fuel 475 428 1,278 1,093
Natural Gas, US Regulated        
Operating revenues        
Electric and natural gas operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel 52 47 524 471
Natural Gas, US Regulated | PECO Energy Co        
Operating revenues        
Electric and natural gas operating revenues 84 82 614 578
Operating expenses        
Purchased power and/or fuel $ 19 $ 18 $ 217 $ 195
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v3.26.3
Statements of Cash Flows (Unaudited) - Pepco - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 2,912 2,719
Gain on sales of assets 0 1
Asset disallowances, impairments and write-offs 232 0
Deferred income taxes and amortization of investment tax credits 564 293
Other non-cash operating activities 594 1,088
Changes in assets and liabilities:    
Accounts receivable 379 (422)
Inventories (96) (41)
Accounts payable and accrued expenses (1) 165
Collateral received, net 39 (25)
Income taxes (136) 19
Regulatory assets and liabilities, net (1,063) (390)
Pension and non-pension postretirement benefit contributions (370) (313)
Other assets and liabilities 306 (259)
Net cash flows provided by operating activities 5,404 5,010
Cash flows from investing activities    
Capital expenditures (6,799) (6,095)
Proceeds from sales of assets 0 2
Payment for (Proceeds from) Other Investing Activity 12 (7)
Net cash flows used in investing activities (6,787) (6,100)
Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Issuance of long-term debt 4,425 4,925
Retirement of long-term debt (1,600) (807)
Dividends paid on common stock (1,294) (1,212)
Other financing activities (71) (75)
Net cash flows provided by financing activities 2,302 2,249
Increase (decrease) in cash, restricted cash, and cash equivalents 919 1,159
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Decrease in capital expenditures not paid (4) (12)
Potomac Electric Power Company    
Cash flows from operating activities    
Net income 173 337
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 343 322
Gain on sales of assets 0 (1)
Asset disallowances, impairments and write-offs 195 0
Deferred income taxes and amortization of investment tax credits (5) 34
Other non-cash operating activities 49 62
Changes in assets and liabilities:    
Accounts receivable (61) (58)
Receivables from and payables to affiliates, net (3) 0
Inventories (13) (11)
Accounts payable and accrued expenses 30 20
Collateral received, net 9 2
Income taxes 0 (27)
Regulatory assets and liabilities, net 14 (39)
Pension and non-pension postretirement benefit contributions (7) (7)
Other assets and liabilities 2 (5)
Net cash flows provided by operating activities 726 629
Cash flows from investing activities    
Capital expenditures (747) (690)
Proceeds from sales of assets 0 2
Changes in PHI intercompany money pool (24) 0
Payment for (Proceeds from) Other Investing Activity 3 0
Net cash flows used in investing activities (768) (688)
Cash flows from financing activities    
Changes in short-term borrowings (303) (137)
Issuance of long-term debt 300 275
Dividends paid on common stock (162) (267)
Contributions from parent 278 192
Other financing activities (8) (8)
Net cash flows provided by financing activities 105 55
Increase (decrease) in cash, restricted cash, and cash equivalents 63 (4)
Cash, restricted cash, and cash equivalents at beginning of period 55 51
Cash, restricted cash, and cash equivalents at end of period 118 47
Supplemental cash flow information    
Decrease in capital expenditures not paid $ (61) $ (34)
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v3.26.3
Related Party Transactions - Long Term Debt to Financing Trusts (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Related Party Transaction [Line Items]    
Long-term debt to financing trusts $ 390 $ 390
ComEd Financing III    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 206 206
PECO Trust III    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 81 81
PECO Trust IV    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 103 103
Related Party    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 390 390
Commonwealth Edison Co | ComEd Financing III    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 206 206
Commonwealth Edison Co | PECO Trust III    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 0 0
Commonwealth Edison Co | PECO Trust IV    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 0 0
Commonwealth Edison Co | Related Party    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 206 206
PECO Energy Co | ComEd Financing III    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 0 0
PECO Energy Co | PECO Trust III    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 81 81
PECO Energy Co | PECO Trust IV    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts 103 103
PECO Energy Co | Related Party    
Related Party Transaction [Line Items]    
Long-term debt to financing trusts $ 184 $ 184
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Significant Accounting Policies (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Product Information [Line Items]                  
True-up adjustments to decoupling mechanisms and formula rates $ (35)     $ (220)     $ (138) $ (621)  
Income taxes 154     155     454 396  
Regulatory assets 1,278           1,278   $ 1,359
Operating income 1,379     1,500     3,963 3,963  
Net income 729 $ 396 $ 919 875 $ 391 $ 908 2,044 2,174  
Atlantic City Electric Company                  
Product Information [Line Items]                  
True-up adjustments to decoupling mechanisms and formula rates (1)     16     (30) 2  
Income taxes 32     29     48 48  
Regulatory assets 70           70   $ 93
Operating income 142     129     246 240  
Net income $ 90 $ 22 27 $ 82 $ 24 $ 31 $ 139 $ 138  
Atlantic City Electric Company | Error Correction, Other                  
Product Information [Line Items]                  
True-up adjustments to decoupling mechanisms and formula rates     (14)            
Income taxes     (4)            
Regulatory assets     (14)            
Operating income     (14)            
Net income     $ (10)            
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v3.26.3
Regulatory Matters - Schedule of Pending Rate Cases (Details) - USD ($)
$ in Millions
Oct. 16, 2026
Aug. 31, 2026
Delaware 2025 Electric Distribution Base Rate Case | Delmarva Power and Light Company    
Regulatory Matters Pending Rate Cases [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 53
Requested Return on Equity, Percentage   10.50%
BGE 2026 Electric Distribution Base Rate Case | Baltimore Gas and Electric Company    
Regulatory Matters Pending Rate Cases [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount $ 151  
Requested Return on Equity, Percentage 10.40%  
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v3.26.3
Statements of Cash Flows (Unaudited) - BGE - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 2,912 2,719
Asset disallowances, impairments and write-offs 232 0
Deferred income taxes and amortization of investment tax credits 564 293
Other non-cash operating activities 594 1,088
Changes in assets and liabilities:    
Accounts receivable 379 (422)
Inventories (96) (41)
Accounts payable and accrued expenses (1) 165
Collateral received, net 39 (25)
Income taxes (136) 19
Regulatory assets and liabilities, net (1,063) (390)
Pension and non-pension postretirement benefit contributions (370) (313)
Other assets and liabilities 306 (259)
Net cash flows provided by operating activities 5,404 5,010
Cash flows from investing activities    
Capital expenditures (6,799) (6,095)
Other investing activities 12 (7)
Net cash flows used in investing activities (6,787) (6,100)
Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Proceeds from short-term borrowings with maturities greater than 90 days 500 0
Issuance of long-term debt 4,425 4,925
Retirement of long-term debt (1,600) (807)
Issuance of common stock 483 173
Dividends paid on common stock (1,294) (1,212)
Proceeds from employee stock plans 37 24
Other financing activities (71) (75)
Net cash flows provided by financing activities 2,302 2,249
Increase in cash, restricted cash, and cash equivalents 919 1,159
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Increase (decrease) in capital expenditures not paid (4) (12)
Baltimore Gas and Electric Company    
Cash flows from operating activities    
Net income 443 398
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 496 473
Asset disallowances, impairments and write-offs 37 0
Deferred income taxes and amortization of investment tax credits 220 53
Other non-cash operating activities 95 127
Changes in assets and liabilities:    
Accounts receivable 5 34
Receivables from and payables to affiliates, net (6) (15)
Inventories (23) (10)
Accounts payable and accrued expenses (14) 88
Collateral received, net 0 2
Income taxes (176) 19
Regulatory assets and liabilities, net 42 (114)
Pension and non-pension postretirement benefit contributions (47) (40)
Other assets and liabilities 74 116
Net cash flows provided by operating activities 1,146 1,131
Cash flows from investing activities    
Capital expenditures (1,224) (1,211)
Other investing activities 7 7
Net cash flows used in investing activities (1,217) (1,204)
Cash flows from financing activities    
Changes in short-term borrowings 0 (175)
Issuance of long-term debt 925 650
Retirement of long-term debt (350) 0
Dividends paid on common stock (341) (294)
Contributions from parent 472 531
Other financing activities (10) (8)
Net cash flows provided by financing activities 696 704
Increase in cash, restricted cash, and cash equivalents 625 631
Cash, restricted cash, and cash equivalents at beginning of period 220 34
Cash, restricted cash, and cash equivalents at end of period 845 665
Supplemental cash flow information    
Increase (decrease) in capital expenditures not paid $ 67 $ (46)
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v3.26.3
Changes in Accumulated Other Comprehensive Income - Schedule of Changes in AOCI (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Movement in Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance $ 29,698 $ 29,315 $ 28,798 $ 27,620 $ 26,921 $ 28,798 $ 26,921
Other comprehensive income, net of income taxes 17 6 6 3 2 29 5
Ending balance 30,132 29,698 29,315 28,113 27,607 30,132 28,113
Pension and Non-Pension Postretirement Benefit Plan Items              
Movement in Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance (778)   (795) (749) (765) (795) (765)
OCI before reclassifications 0     0   3 5
Amounts reclassified from AOCI 7     5   21 16
Other comprehensive income, net of income taxes 7     5   24 21
Ending balance (771) (778)   (744)   (771) (744)
Total              
Movement in Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance (750) (756) (762) (718) (720) (762) (720)
OCI before reclassifications 12     (1)   13 (6)
Amounts reclassified from AOCI 5     4   16 11
Other comprehensive income, net of income taxes 17 6 6 3 2 29 5
Ending balance (733) (750) (756) (715) (718) (733) (715)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent              
Movement in Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance 28   $ 33 31 $ 45 33 45
OCI before reclassifications 12     (1)   10 (11)
Amounts reclassified from AOCI (2)     (1)   (5) (5)
Other comprehensive income, net of income taxes 10     (2)   5 (16)
Ending balance $ 38 $ 28   $ 29   $ 38 $ 29
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v3.26.3
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 18, 2026
Aug. 16, 2022
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 1,478   $ 1,785
Tax Jurisdiction of Domicile [Extensible Enumeration]         ILLINOIS, MARYLAND ILLINOIS, MARYLAND  
Tax Year 2024              
Income Tax Narrative Information [Line Items]              
Income Taxes Receivable, Current $ 80            
Tax Year 2023              
Income Tax Narrative Information [Line Items]              
Income Taxes Receivable, Current 80            
Constellation Energy Corp              
Income Tax Narrative Information [Line Items]              
Other Income $ 235            
Constellation Energy Corp              
Income Tax Narrative Information [Line Items]              
Notes payable, current         $ 106    
Notes payable, noncurrent         271    
Constellation Energy Corp | General Business Tax Credit Carryforward              
Income Tax Narrative Information [Line Items]              
Separation Cash Received       $ 235      
Separation Cash Payment     $ 53        
Constellation Energy Corp | Indemnification for Taxes              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         0    
Other Liabilities         0    
Constellation Energy Corp | Tax Refunds              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         0    
Other Liabilities         0    
Commonwealth Edison Co              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 449   1,132
Tax Jurisdiction of Domicile [Extensible Enumeration]         ILLINOIS ILLINOIS  
PECO Energy Co              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 348   126
Tax Jurisdiction of Domicile [Extensible Enumeration]         PENNSYLVANIA PENNSYLVANIA  
Baltimore Gas and Electric Company              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 144   96
Tax Jurisdiction of Domicile [Extensible Enumeration]         MARYLAND MARYLAND  
Pepco Holdings LLC              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 266   243
Tax Jurisdiction of Domicile [Extensible Enumeration]         MARYLAND, NEW JERSEY MARYLAND, NEW JERSEY  
Potomac Electric Power Company              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 131   128
Tax Jurisdiction of Domicile [Extensible Enumeration]         MARYLAND MARYLAND  
Delmarva Power and Light Company              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 62   65
Tax Jurisdiction of Domicile [Extensible Enumeration]         DELAWARE DELAWARE  
Atlantic City Electric Company              
Income Tax Narrative Information [Line Items]              
Other accounts receivable, net         $ 72   $ 51
Tax Jurisdiction of Domicile [Extensible Enumeration]         NEW JERSEY NEW JERSEY  
US Treasury (UST) Interest Rate              
Income Tax Narrative Information [Line Items]              
Nontaxable or nondeductible items   15.00%          
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v3.26.3
Consolidated Balance Sheets (Unaudited) - PECO - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash and cash equivalents 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventories, net    
Fossil fuel 99 88
Materials and supplies 863 780
Prepaid renewable energy credits 466 563
Regulatory assets 1,278 1,359
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Receivable related to Regulatory Agreement Units 5,196 4,755
Investments 336 312
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Renewable energy credit obligations 364 473
Regulatory liabilities 551 1,128
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Long-term debt to financing trusts 390 390
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Asset retirement obligations 318 321
Non-pension postretirement benefit obligations 572 546
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Shareholders’ equity    
Common stock 22,663 22,106
Retained earnings 8,325 7,577
Total shareholders’ equity 30,132 28,798
Total liabilities and shareholders’ equity 122,237 116,570
Related Party    
Current liabilities    
Accounts payable 5 5
Long-term debt to financing trusts 390 390
Nonrelated Party    
Current liabilities    
Accounts payable 3,711 3,721
PECO Energy Co    
Current assets    
Cash and cash equivalents 107 116
Restricted cash and cash equivalents 0 0
Accounts receivable    
Customer accounts receivable 709 811
Customer allowance for credit losses (135) (137)
Customer accounts receivable, net 574 674
Other accounts receivable 364 144
Other allowance for credit losses (16) (18)
Other accounts receivable, net 348 126
Inventories, net    
Fossil fuel 45 43
Materials and supplies 96 83
Prepaid utility taxes 16 0
Prepaid renewable energy credits 29 55
Regulatory assets 111 72
Other 328 34
Total current assets 1,655 1,203
Property, plant and equipment, net 17,076 15,922
Deferred debits and other assets    
Regulatory assets 1,430 1,275
Receivable related to Regulatory Agreement Units 598 442
Investments 49 45
Prepaid pension asset 445 441
Total deferred debits and other assets 2,583 2,237
Total assets 21,314 19,362
Current liabilities    
Accrued expenses 371 483
Customer deposits 107 93
Renewable energy credit obligations 30 56
Regulatory liabilities 129 140
Total current liabilities 1,531 1,658
Long-term debt 7,143 6,396
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 3,021 2,594
Regulatory liabilities 604 449
Asset retirement obligations 25 26
Non-pension postretirement benefit obligations 291 286
Other 109 109
Total deferred credits and other liabilities 4,050 3,464
Total liabilities 12,908 11,702
Commitments and contingencies
Shareholders’ equity    
Common stock 5,816 5,222
Retained earnings 2,590 2,438
Total shareholders’ equity 8,406 7,660
Total liabilities and shareholders’ equity 21,314 19,362
PECO Energy Co | Related Party    
Accounts receivable    
Receivables from affiliates 1 0
Current liabilities    
Accounts payable 35 35
Long-term debt to financing trusts 184 184
PECO Energy Co | Nonrelated Party    
Deferred debits and other assets    
Other 61 34
Current liabilities    
Accounts payable 799 811
Other $ 60 $ 40
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v3.26.3
Revenue from Contracts with Customers (Tables)
9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Change in Contract with Customer, Asset and Liability
The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three and nine months ended September 30, 2026 and 2025. At September 30, 2026 and December 31, 2025, ComEd's, PECO's, and BGE's contract liabilities were immaterial.
Exelon(a)
PHI(a)
Pepco(a)
DPL(a)
ACE
Balance at December 31, 2025$119 $119 $95 $12 $12 
Revenues recognized(1)(1)(1)— — 
Balance at March 31, 2026$118 $118 $94 $12 $12 
Revenues recognized(1)(1)(1)— — 
Balance at June 30, 2026$117 $117 $93 $12 $12 
Revenues recognized(2)(2)(2)— — 
Balance at September 30, 2026$115 $115 $91 $12 $12 
Exelon(a)
PHI(a)
Pepco(a)
DPL(a)
ACE
Balance at December 31, 2024$127 $127 $101 $13 $13 
Revenues recognized(1)(1)(1)— — 
Balance at March 31, 2025$126 $126 $100 $13 $13 
Revenues recognized(3)(3)(2)(1)— 
Balance at June 30, 2025123 123 98 12 13 
Revenues recognized(1)(1)(1)— — 
Balance at September 30, 2025$122 $122 $97 $12 $13 
__________
(a)Revenues recognized in the three and nine months ended September 30, 2026 and 2025, were included in the contract liabilities at December 31, 2025 and 2024, respectively.
Transaction Price Allocated to Remaining Performance Obligations
The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of September 30, 2026. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.
This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure. This disclosure also excludes transmission service agreements as the total consideration is not fixed and determinable at contract inception.
YearExelonPHIPepcoDPLACE
2026$1 $1 $1 $— $— 
20276 6 5 1 — 
20286 6 5 — 1 
20297 7 6 1 — 
2030 and thereafter95 95 74 10 11 
Total$115 $115 $91 $12 $12 
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v3.26.3
Fair Value of Financial Assets and Liabilities - Fair Value Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]          
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Mark-to-market derivative liabilities (noncurrent liabilities) 96   96   106
Fair Value, Inputs, Level 3 [Member]          
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Beginning Balance (109) $ (112) (110) $ (110)  
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Included in net income 0 1 0 2  
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Purchases, sales, issuances and settlements          
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Ending Balance (98) (105) (98) (105)  
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Commonwealth Edison Co          
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]          
Mark-to-market derivative liabilities 21   21   25
Mark-to-market derivative liabilities (noncurrent liabilities) 96   96   106
Commonwealth Edison Co | Fair Value, Recurring [Member]          
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]          
Mark-to-market derivative liabilities 21   21   25
Mark-to-market derivative liabilities (noncurrent liabilities) 96   96   $ 106
Commonwealth Edison Co | Derivative [Member] | Interest Rate Swap          
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]          
Realized Investment Gains (Losses) 3 6 22 33  
Commonwealth Edison Co | Fair Value, Inputs, Level 3 [Member] | Derivative [Member]          
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]          
Beginning Balance (128) (135) (131) (132)  
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Included in net income 0 0 0 0  
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Included In Regulatory assets 11 7 14 4  
Purchases, sales, issuances and settlements          
Settlements 0 0 0 0  
Ending Balance (117) (128) (117) (128)  
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0 0 0  
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]          
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) 8 1 8 29  
Pepco Holdings LLC | Fair Value, Inputs, Level 3 [Member] | 6311 Life Insurance [Member]          
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]          
Beginning Balance 19 22 20 21  
Total realized / unrealized gains (losses)          
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Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Included In Regulatory assets 0 0 0 0  
Purchases, sales, issuances and settlements          
Settlements 0 1 (1) (1)  
Ending Balance 19 21 19 21  
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0 0 1  
Potomac Electric Power Company | Fair Value, Inputs, Level 3 [Member] | 6311 Life Insurance [Member]          
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]          
Beginning Balance 19 22 20 21  
Total realized / unrealized gains (losses)          
Included in net income 0 0 0 1  
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Included In Regulatory assets 0 0 0 0  
Purchases, sales, issuances and settlements          
Settlements 0 1 (1) 1  
Ending Balance 19 21 19 21  
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 0 $ 0 $ 0 $ 1  
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v3.26.3
Statements of Changes in Shareholders Equity (Unaudited) - BGE - USD ($)
$ in Millions
Total
Retained Earnings
Baltimore Gas and Electric Company
Baltimore Gas and Electric Company
Common Stock
Baltimore Gas and Electric Company
Retained Earnings
Beginning Balance at Dec. 31, 2024     $ 5,886 $ 3,483 $ 2,403
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 908 $ 908 260   260
Common stock dividends (403) (403) (98)   (98)
Contributions from parent     0 0  
Ending Balance at Mar. 31, 2025     6,048 3,483 2,565
Beginning Balance at Dec. 31, 2024     5,886 3,483 2,403
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,174   398    
Ending Balance at Sep. 30, 2025     6,520 4,014 2,506
Beginning Balance at Mar. 31, 2025     6,048 3,483 2,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 391 391 55   55
Common stock dividends (405) (405) (98)   (98)
Contributions from parent     0 0  
Ending Balance at Jun. 30, 2025     6,005 3,483 2,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 875 875 82   82
Common stock dividends (405) (405) (98)   (98)
Contributions from parent     531 531  
Ending Balance at Sep. 30, 2025     6,520 4,014 2,506
Beginning Balance at Dec. 31, 2025 28,798   6,602 4,014 2,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 919 919 298   298
Common stock dividends (431) (431) (114)   (114)
Contributions from parent     0 0  
Ending Balance at Mar. 31, 2026     6,786 4,014 2,772
Beginning Balance at Dec. 31, 2025 28,798   6,602 4,014 2,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,044   443    
Ending Balance at Sep. 30, 2026 30,132   7,176 4,486 2,690
Beginning Balance at Mar. 31, 2026     6,786 4,014 2,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 396 396 55   55
Common stock dividends (430) (430) (113)   (113)
Contributions from parent     474 474  
Ending Balance at Jun. 30, 2026     7,202 4,488 2,714
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 729 729 90   90
Common stock dividends (435) $ (435) (114)   (114)
Contributions from parent     (2) (2)  
Ending Balance at Sep. 30, 2026 $ 30,132   $ 7,176 $ 4,486 $ 2,690
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shares in Thousands, $ in Millions
Total
Common Stock
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss, net
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Beginning balance at Dec. 31, 2024 $ 26,921 $ 21,338 $ (123) $ 6,426 $ (720)
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Issuance of Common Stock $ 173 173      
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Ending balance at Mar. 31, 2025 $ 27,607 21,517 (123) 6,931 (718)
Beginning balance (in shares) at Dec. 31, 2024 1,007,046        
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Other comprehensive income, net of income taxes $ 5       5
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Ending balance at Sep. 30, 2025 $ 28,113 21,564 (123) 7,387 (715)
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Long-term incentive plan activity (in shares) 118        
Long-term incentive plan activity $ 14 14      
Employee stock purchase plan activity (in shares) 334        
Employee stock purchase plan activity $ 13 13      
Common stock dividends $ (405)     (405)  
Ending balance (in shares) at Jun. 30, 2025 1,011,820        
Ending balance at Jun. 30, 2025 $ 27,620 21,544 (123) 6,917 (718)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
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Long-term incentive plan activity (in shares) 4        
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Employee stock purchase plan activity (in shares) 299        
Employee stock purchase plan activity $ 14 14      
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Ending balance at Sep. 30, 2025 $ 28,113 21,564 (123) 7,387 (715)
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Beginning balance (in shares) at Dec. 31, 2025 1,024,401        
Beginning balance at Dec. 31, 2025 $ 28,798 22,106 (123) 7,577 (762)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 919     919  
Long-term incentive plan activity (in shares) 338        
Long-term incentive plan activity $ 10 10      
Employee stock purchase plan activity (in shares) 302        
Employee stock purchase plan activity $ 13 13      
Common stock dividends (431)     (431)  
Other comprehensive income, net of income taxes $ 6       6
Ending balance (in shares) at Mar. 31, 2026 1,025,041        
Ending balance at Mar. 31, 2026 $ 29,315 22,129 (123) 8,065 (756)
Beginning balance (in shares) at Dec. 31, 2025 1,024,401        
Beginning balance at Dec. 31, 2025 $ 28,798 22,106 (123) 7,577 (762)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,044        
Other comprehensive income, net of income taxes $ 29       29
Ending balance (in shares) at Sep. 30, 2026 1,036,733        
Ending balance at Sep. 30, 2026 $ 30,132 22,663 (123) 8,325 (733)
Beginning balance (in shares) at Mar. 31, 2026 1,025,041        
Beginning balance at Mar. 31, 2026 $ 29,315 22,129 (123) 8,065 (756)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 396     396  
Long-term incentive plan activity (in shares) 51        
Long-term incentive plan activity $ 14 14      
Employee stock purchase plan activity (in shares) 317        
Employee stock purchase plan activity $ 15 15      
Issuance of Common Stock (in shares) 8,682        
Issuance of Common Stock $ 382 382      
Common stock dividends (430)     (430)  
Other comprehensive income, net of income taxes $ 6       6
Ending balance (in shares) at Jun. 30, 2026 1,034,091        
Ending balance at Jun. 30, 2026 $ 29,698 22,540 (123) 8,031 (750)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 729     729  
Long-term incentive plan activity (in shares) 13        
Long-term incentive plan activity $ 7 7      
Employee stock purchase plan activity (in shares) 302        
Employee stock purchase plan activity $ 15 15      
Issuance of Common Stock (in shares) 2,327        
Issuance of Common Stock $ 101 101      
Common stock dividends (435)     (435)  
Other comprehensive income, net of income taxes $ 17       17
Ending balance (in shares) at Sep. 30, 2026 1,036,733        
Ending balance at Sep. 30, 2026 $ 30,132 $ 22,663 $ (123) $ 8,325 $ (733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Total shareholders’ equity $ 30,132        
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v3.26.3
Regulatory Matters - Distribution Base Rate Case Proceedings (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Oct. 01, 2026
Aug. 28, 2026
May 01, 2026
Apr. 16, 2026
Mar. 31, 2026
Mar. 20, 2026
Dec. 18, 2025
Dec. 01, 2025
Nov. 21, 2025
Dec. 19, 2024
Dec. 12, 2024
Nov. 26, 2024
Nov. 21, 2024
Jun. 10, 2024
Apr. 18, 2024
Apr. 01, 2024
Mar. 28, 2024
Feb. 27, 2024
Feb. 23, 2024
Dec. 14, 2023
Sep. 29, 2023
Feb. 17, 2023
Jan. 17, 2023
Dec. 14, 2022
May 19, 2022
Mar. 31, 2026
Feb. 28, 2025
Dec. 22, 2025
Illinois 2023 Electric Distribution Base Rate Case | Commonwealth Edison Co                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                   $ 1,045                                    
Public Utilities, Approved Return on Equity, Percentage                   8.905%                                    
Public Utilities, Requested Rate Increase (Decrease), Amount                                             $ 1,487          
Illinois 2023 Electric Distribution Base Rate Case | Commonwealth Edison Co | 2024                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                   $ 752                                    
Illinois 2023 Electric Distribution Base Rate Case | Commonwealth Edison Co | 2025                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                   80                                    
Illinois 2023 Electric Distribution Base Rate Case | Commonwealth Edison Co | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                   102                                    
Illinois 2023 Electric Distribution Base Rate Case | Commonwealth Edison Co | 2027                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                   $ 111                                    
Illinois 2024 MRP Reconciliation Rate Case | Commonwealth Edison Co                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities Requested Rate Increase (Decrease), Prior Year Annual Reconciliation             $ 243                                          
Illinois 2025 RBA Reconciliation | Commonwealth Edison Co                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities Requested Rate Increase (Decrease), Prior Year Annual Reconciliation           $ (128)                                            
Illinois 2025 MRP Reconciliation Rate Case | Commonwealth Edison Co                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities Approved Rate Increase (Decrease), Prior Year Annual Reconciliation     $ 234                                                  
Public Utilities, Requested Rate Increase (Decrease), Amount $ 205                                                      
Pennsylvania 2024 Electric Distribution Base Rate Case | PECO Energy Co                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                     $ 354                                  
Public Utilities, Requested Rate Increase (Decrease), Amount                                 $ 464                      
Pennsylvania 2024 Electric Distribution Base Rate Case | PECO Energy Co | Maximum [Member]                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities Approved Rate Increase (Decrease), Prior Year Annual Reconciliation                     23                                  
Pennsylvania 2024 Electric Distribution Base Rate Case | PECO Energy Co | 2025                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                     $ (64)                                  
Maryland 2023 Electric Distribution Base Rate Case | Baltimore Gas and Electric Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       $ 179                
Public Utilities, Approved Return on Equity, Percentage                                       9.50%                
Public Utilities, Requested Rate Increase (Decrease), Amount                                           $ 313            
Maryland 2023 Electric Distribution Base Rate Case | Baltimore Gas and Electric Company | 2024                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       $ 41                
Maryland 2023 Electric Distribution Base Rate Case | Baltimore Gas and Electric Company | 2025                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       113                
Maryland 2023 Electric Distribution Base Rate Case | Baltimore Gas and Electric Company | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       25                
Maryland 2023 Gas Distribution Base Rate Case | Baltimore Gas and Electric Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       $ 229                
Public Utilities, Approved Return on Equity, Percentage                                       9.45%                
Public Utilities, Requested Rate Increase (Decrease), Amount                                           $ 289            
Maryland 2023 Gas Distribution Base Rate Case | Baltimore Gas and Electric Company | 2024                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       $ 126                
Maryland 2023 Gas Distribution Base Rate Case | Baltimore Gas and Electric Company | 2025                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       62                
Maryland 2023 Gas Distribution Base Rate Case | Baltimore Gas and Electric Company | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                       $ 41                
Maryland 2023 Electric Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)               $ 31                                        
Maryland 2023 Electric Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2021                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                                     $ 13  
Maryland 2023 Electric Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2022                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                                     39  
Maryland 2023 Electric Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2023                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                               $ 79                        
Maryland 2023 Gas Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)               $ 46                                        
Maryland 2023 Gas Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2021                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                                     7  
Maryland 2023 Gas Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2022                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                                     $ 15  
Maryland 2023 Gas Distribution Reconciliation Rate Case | Baltimore Gas and Electric Company | 2023                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                               $ 73                        
Deferred Storm Costs | Baltimore Gas and Electric Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Regulatory Assets                                                       $ 24
Baltimore City Conduit | Baltimore Gas and Electric Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Regulatory Assets                                                       $ 4
District of Columbia 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                       $ 123                                
Public Utilities, Approved Return on Equity, Percentage                       9.50%                                
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                                   $ 186                    
Requested Return on Equity, Percentage                                   10.50%                    
District of Columbia 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company | 2025                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                       $ 99                                
District of Columbia 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                       $ 24                                
Pepco Maryland 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                           $ 45                            
Public Utilities, Approved Return on Equity, Percentage                           9.50%                            
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                                     $ 111                  
Requested Return on Equity, Percentage                                     10.50%                  
Pepco Maryland 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company | 2025                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                           $ 80                            
Pepco Maryland 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                           51                            
Pepco Maryland 2023 Electric Distribution Base Rate Case | Potomac Electric Power Company | 2027                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                           14                            
Pepco Maryland 2023 Electric Distribution Reconciliation Rate Case | Potomac Electric Power Company | 2024                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)         $ 13                                              
Public Utilities, Requested Rate Increase (Decrease), Amount                           31                            
Amount of Impairment to Carrying Amount of Regulatory Assets         11                                         $ 11    
Public Utilities, Property, Plant and Equipment, Amount of Disallowed Costs for Recently Completed Plant         $ 15                                         15    
Utilities Operating Expense, Maintenance and Operations                                                   $ 26    
Pepco Maryland 2023 Electric Distribution Reconciliation Rate Case | Potomac Electric Power Company | 2022                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                           1                            
Pepco Maryland 2023 Electric Distribution Reconciliation Rate Case | Potomac Electric Power Company | 2023                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                           $ 7                            
Pepco MD 2025 Electric Distribution Base Rate Case | Potomac Electric Power Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)   $ 51                                                    
Public Utilities, Approved Return on Equity, Percentage   9.40%                                                    
Requested Return on Equity, Percentage       10.50%                                                
Public Utilities, Requested Rate Increase (Decrease), Amount       $ 120                                                
Pepco MD 2025 Electric Distribution Base Rate Case | Potomac Electric Power Company | 2026                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities, Property, Plant and Equipment, Amount of Disallowed Costs for Recently Completed Plant   $ 180                                                    
Maryland 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                               $ 29        
Public Utilities, Approved Return on Equity, Percentage                                               9.60%        
Requested Return on Equity, Percentage                                                 10.25%      
Public Utilities, Requested Rate Increase (Decrease), Amount                                                 $ 38      
Maryland 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company | 2024                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                               $ 6        
Maryland 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company | 2025                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                               6        
Maryland 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company | 2023                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                                               $ 17        
Delaware 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                             $ 28                          
Public Utilities, Approved Return on Equity, Percentage                             9.60%                          
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount                                         $ 39              
Requested Return on Equity, Percentage                                         10.50%              
Delaware 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company | Maximum [Member]                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities, Requested Rate Increase (Decrease) Annual Reconciliation                             $ 15                          
Delaware 2022 Electric Distribution Base Rate Case | Delmarva Power and Light Company | Minimum [Member]                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Public Utilities, Requested Rate Increase (Decrease) Annual Reconciliation                             $ 5                          
New Jersey 2024 Electric Distribution Base Rate Case | Atlantic City Electric Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Approved Revenue Requirement Increase (Decrease)                 $ 54                                      
Public Utilities, Approved Return on Equity, Percentage                 9.60%                                      
Requested Return on Equity, Percentage                         10.70%                              
Public Utilities, Requested Rate Increase (Decrease), Amount                         $ 109                              
Work Stoppage | Atlantic City Electric Company                                                        
Distribution Base Rate Case Proceedings [Line Items]                                                        
Regulatory Assets                 $ 38                                      
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v3.26.3
Changes in Accumulated Other Comprehensive Income - Income Taxes Allocated to Other Comprehensive Income (Loss) Components (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Actuarial losses        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other Comprehensive Income (Loss), Tax $ (2) $ (2) $ (6) $ (6)
Pension and Non-Pension Postretirement Benefit Plan Items        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other Comprehensive Income (Loss), Tax 0 0 (1) (2)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other Comprehensive Income (Loss), Tax $ (3) $ 2 $ (3) $ 4
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v3.26.3
Regulatory Matters (Tables)
9 Months Ended
Sep. 30, 2026
Regulated Operations [Abstract]  
Public Utilities Distribution Rate Cases [Table Text Block]
The following tables show the completed and pending distribution base rate case proceedings in 2026.
Completed Distribution Base Rate Case Proceedings
Registrant/JurisdictionFiling DateServiceRequested Revenue Requirement IncreaseApproved Revenue Requirement IncreaseApproved ROEApproval DateRate Effective Date
ComEd - IllinoisJanuary 17, 2023Electric$1,487 $1,045 8.905%December 19, 2024January 1, 2024
April 26, 2024 (amended on September 11, 2024)Electric$624 $623 9.89%October 31, 2024January 1, 2025
PECO - PennsylvaniaMarch 28, 2024Electric$464 $354 N/ADecember 12, 2024January 1, 2025
Natural Gas$111 $78 
BGE - MarylandFebruary 17, 2023Electric$313 $179 9.50%December 14, 2023January 1, 2024
Natural Gas$289 $229 9.45%
Pepco - District of ColumbiaApril 13, 2023 (amended February 27, 2024)Electric$186 $123 9.50%November 26, 2024January 1, 2025
Pepco - MarylandMay 16, 2023 (amended February 23, 2024)Electric$111 $45 9.50%June 10, 2024April 1, 2024
October 14, 2025 (amended April 16, 2026)Electric$120 $51 9.40%August 28, 2026August 10, 2026
DPL - MarylandMay 19, 2022Electric$38 $29 9.60%December 14, 2022January 1, 2023
DPL - DelawareDecember 15, 2022 (amended September 29, 2023)Electric$39 $28 9.60%April 18, 2024July 15, 2023
September 20, 2024 (amended September 5, 2025)Natural Gas$37 $22 9.60%December 17, 2025January 1, 2026
ACE - New JerseyNovember 21, 2024Electric$109 $54 9.60%November 21, 2025December 1, 2025
Public Utilities Distribution Rate Cases, Pending
Pending Distribution Base Rate Case Proceedings
Registrant/JurisdictionFiling DateServiceRequested Revenue Requirement IncreaseRequested ROEExpected Approval Timing
DPL - Delaware(a)
December 9, 2025 (amended August 31, 2026)Electric$53 10.50%Third quarter of 2027
BGE - MarylandJuly 2, 2026
(amended October 16, 2026)
Electric$151 10.40%First quarter of 2027
__________
(a)DPL implemented interim rates on July 9, 2026, subject to refund.
Public Utilities Transmission Rate Filings [Table Text Block]
For 2026, the following increases/(decreases) were included in the Utility Registrants' electric transmission formula rate updates:
Registrant(a)
Initial Revenue Requirement Increase (Decrease)Annual Reconciliation (Decrease) Increase
Total Revenue Requirement (Decrease) Increase(b)
Allowed Return on Rate Base(c)
Allowed ROE(d)
ComEd$31 $(52)$(21)8.15 %11.50 %
PECO$20 $20 $40 7.62 %10.35 %
BGE$16 $(40)$(30)(e)7.51 %10.50 %
Pepco$12 $(21)$(9)7.72 %10.50 %
DPL$3 $1 $4 7.53 %10.50 %
ACE$1 $16 $17 7.26 %10.50 %
__________
(a)All rates are effective June 1, 2026 - May 31, 2027, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariffs.
(b)For the Utility Registrants, except for PECO, while the transmission filing reflects the tax benefit of NOLCs, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 7 — Income Taxes for additional information on NOLCs.
(c)Represents the weighted average debt and equity return on transmission rate base.
(d)The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a voluntary member of an RTO. Recently passed legislation in Maryland and New Jersey requires utilities to become a member of an RTO.
(e)The decrease in BGE's transmission revenue requirement includes a $6 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.
Public Utilities Energy Efficiency Revenue [Table Text Block] The requested revenue requirement update is based on a reconciliation of the 2025 actual costs plus projected 2027 expenditures.
Initial Revenue Requirement IncreaseAnnual Reconciliation DecreaseTotal Revenue Requirement Decrease
Requested Return on Rate Base(a)
Requested ROE
$28 $(56)$(28)6.62 %8.905 %
__________
(a)The requested revenue requirement increase provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 6.62% inclusive of an allowed ROE of 8.905%. For the 2025 reconciliation year, the requested revenue requirement provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.67% inclusive of an allowed ROE of 11.0%, which includes an upward performance adjustment that increased the ROE. The performance adjustment can either increase or decrease the ROE based upon the achievement of energy efficiency savings goals.
Capitalized Ratemaking Amounts Not Recognized [Table Text Block]
The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at September 30, 2026 and December 31, 2025.
Exelon
ComEd(a)
BGE(b)
PHI
Pepco(c)
DPL(d)
ACE(e)
September 30, 2026$67 $10 $31 $26 $11 $— $15 
December 31, 202598 12 47 39 22 1 16 
__________
(a)For the nine months ended September 30, 2026, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rate, distributed generation, and energy efficiency regulatory assets. For the year ended December 31, 2025, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and distributed generation regulatory assets.
(b)BGE's amount capitalized for ratemaking purposes primarily relates to investments in rate base included in the multi-year plan reconciliations.
(c)Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.
(d)DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs.
(e)ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.
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v3.26.3
Commitments and Contingencies - Schedule of Commercial Commitments (Details)
$ in Millions
Sep. 30, 2026
USD ($)
Other Commitments [Line Items]  
Other Commitment $ 930
Other Commitment, to be Paid, Remainder of Fiscal Year 82
Other Commitment, to be Paid, Year One 280
Other Commitment, to be Paid, Year Two 249
Other Commitment, to be Paid, Year Three 4
Other Commitment, to be Paid, Year Four 4
Other Commitment, to be Paid, Year Five and Beyond 311
Guarantor Obligations, Maximum Exposure, Undiscounted 59
Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 55
Other Commitment, to be Paid, Remainder of Fiscal Year 10
Other Commitment, to be Paid, Year One 45
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 472
Other Commitment, to be Paid, Remainder of Fiscal Year 72
Other Commitment, to be Paid, Year One 235
Other Commitment, to be Paid, Year Two 165
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Financing trust guarantees  
Other Commitments [Line Items]  
Other Commitment 378
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 78
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 300
Guaranteed lease residual values  
Other Commitments [Line Items]  
Other Commitment 25
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 6
Other Commitment, to be Paid, Year Three 4
Other Commitment, to be Paid, Year Four 4
Other Commitment, to be Paid, Year Five and Beyond 11
Commonwealth Edison Co  
Other Commitments [Line Items]  
Other Commitment 359
Other Commitment, to be Paid, Remainder of Fiscal Year 14
Other Commitment, to be Paid, Year One 145
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 200
Commonwealth Edison Co | Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 15
Other Commitment, to be Paid, Remainder of Fiscal Year 4
Other Commitment, to be Paid, Year One 11
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Commonwealth Edison Co | Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 144
Other Commitment, to be Paid, Remainder of Fiscal Year 10
Other Commitment, to be Paid, Year One 134
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Commonwealth Edison Co | Financing trust guarantees  
Other Commitments [Line Items]  
Other Commitment 200
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 200
PECO Energy Co  
Other Commitments [Line Items]  
Other Commitment 201
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 23
Other Commitment, to be Paid, Year Two 78
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 100
PECO Energy Co | Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 4
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 4
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
PECO Energy Co | Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 19
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 19
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
PECO Energy Co | Financing trust guarantees  
Other Commitments [Line Items]  
Other Commitment 178
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 78
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 100
Baltimore Gas and Electric Company  
Other Commitments [Line Items]  
Other Commitment 120
Other Commitment, to be Paid, Remainder of Fiscal Year 5
Other Commitment, to be Paid, Year One 28
Other Commitment, to be Paid, Year Two 87
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Baltimore Gas and Electric Company | Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 27
Other Commitment, to be Paid, Remainder of Fiscal Year 4
Other Commitment, to be Paid, Year One 23
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Baltimore Gas and Electric Company | Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 93
Other Commitment, to be Paid, Remainder of Fiscal Year 1
Other Commitment, to be Paid, Year One 5
Other Commitment, to be Paid, Year Two 87
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Pepco Holdings LLC  
Other Commitments [Line Items]  
Other Commitment 188
Other Commitment, to be Paid, Remainder of Fiscal Year 57
Other Commitment, to be Paid, Year One 28
Other Commitment, to be Paid, Year Two 84
Other Commitment, to be Paid, Year Three 4
Other Commitment, to be Paid, Year Four 4
Other Commitment, to be Paid, Year Five and Beyond 11
Guarantor Obligations, Maximum Exposure, Undiscounted 59
Pepco Holdings LLC | Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 6
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 6
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Pepco Holdings LLC | Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 157
Other Commitment, to be Paid, Remainder of Fiscal Year 57
Other Commitment, to be Paid, Year One 22
Other Commitment, to be Paid, Year Two 78
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Pepco Holdings LLC | Guaranteed lease residual values  
Other Commitments [Line Items]  
Other Commitment 25
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 6
Other Commitment, to be Paid, Year Three 4
Other Commitment, to be Paid, Year Four 4
Other Commitment, to be Paid, Year Five and Beyond 11
Potomac Electric Power Company  
Other Commitments [Line Items]  
Other Commitment 155
Other Commitment, to be Paid, Remainder of Fiscal Year 51
Other Commitment, to be Paid, Year One 17
Other Commitment, to be Paid, Year Two 80
Other Commitment, to be Paid, Year Three 1
Other Commitment, to be Paid, Year Four 2
Other Commitment, to be Paid, Year Five and Beyond 4
Guarantor Obligations, Maximum Exposure, Undiscounted 21
Potomac Electric Power Company | Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 3
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 3
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Potomac Electric Power Company | Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 143
Other Commitment, to be Paid, Remainder of Fiscal Year 51
Other Commitment, to be Paid, Year One 14
Other Commitment, to be Paid, Year Two 78
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Potomac Electric Power Company | Guaranteed lease residual values  
Other Commitments [Line Items]  
Other Commitment 9
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 2
Other Commitment, to be Paid, Year Three 1
Other Commitment, to be Paid, Year Four 2
Other Commitment, to be Paid, Year Five and Beyond 4
Delmarva Power and Light Company  
Other Commitments [Line Items]  
Other Commitment 18
Other Commitment, to be Paid, Remainder of Fiscal Year 3
Other Commitment, to be Paid, Year One 6
Other Commitment, to be Paid, Year Two 2
Other Commitment, to be Paid, Year Three 2
Other Commitment, to be Paid, Year Four 1
Other Commitment, to be Paid, Year Five and Beyond 4
Guarantor Obligations, Maximum Exposure, Undiscounted 21
Delmarva Power and Light Company | Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 1
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 1
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Delmarva Power and Light Company | Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 8
Other Commitment, to be Paid, Remainder of Fiscal Year 3
Other Commitment, to be Paid, Year One 5
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Delmarva Power and Light Company | Guaranteed lease residual values  
Other Commitments [Line Items]  
Other Commitment 9
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 2
Other Commitment, to be Paid, Year Three 2
Other Commitment, to be Paid, Year Four 1
Other Commitment, to be Paid, Year Five and Beyond 4
Atlantic City Electric Company  
Other Commitments [Line Items]  
Other Commitment 15
Other Commitment, to be Paid, Remainder of Fiscal Year 3
Other Commitment, to be Paid, Year One 5
Other Commitment, to be Paid, Year Two 2
Other Commitment, to be Paid, Year Three 1
Other Commitment, to be Paid, Year Four 1
Other Commitment, to be Paid, Year Five and Beyond 3
Guarantor Obligations, Maximum Exposure, Undiscounted 17
Atlantic City Electric Company | Letters of Credit  
Other Commitments [Line Items]  
Other Commitment 2
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 2
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Atlantic City Electric Company | Surety Bonds  
Other Commitments [Line Items]  
Other Commitment 6
Other Commitment, to be Paid, Remainder of Fiscal Year 3
Other Commitment, to be Paid, Year One 3
Other Commitment, to be Paid, Year Two 0
Other Commitment, to be Paid, Year Three 0
Other Commitment, to be Paid, Year Four 0
Other Commitment, to be Paid, Year Five and Beyond 0
Atlantic City Electric Company | Guaranteed lease residual values  
Other Commitments [Line Items]  
Other Commitment 7
Other Commitment, to be Paid, Remainder of Fiscal Year 0
Other Commitment, to be Paid, Year One 0
Other Commitment, to be Paid, Year Two 2
Other Commitment, to be Paid, Year Three 1
Other Commitment, to be Paid, Year Four 1
Other Commitment, to be Paid, Year Five and Beyond $ 3
Minimum [Member] | Guaranteed lease residual values  
Other Commitments [Line Items]  
Lessor, Operating Lease, Term of Contract 1 year
Maximum [Member] | Guaranteed lease residual values  
Other Commitments [Line Items]  
Lessor, Operating Lease, Term of Contract 9 years
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v3.26.3
Regulatory Matters - Annual Electric Transmission Fillings (Details) - USD ($)
$ in Millions
May 27, 2026
May 15, 2026
Commonwealth Edison Co | 2026 Transmission Formula Rate Annual Update    
Public Utilities, General Disclosures [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 31
Annual Reconciliation Increase (Decrease)   (52)
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount   $ (21)
Public Utilities, Approved Equity Capital Structure, Percentage   8.15%
Public Utilities, Approved Return on Equity, Percentage   11.50%
Basis points for Transmission Formula Rate   0.0050
PECO Energy Co | 2026 Transmission Formula Rate Annual Update    
Public Utilities, General Disclosures [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount $ 20  
Annual Reconciliation Increase (Decrease) 20  
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount $ 40  
Public Utilities, Approved Equity Capital Structure, Percentage 7.62%  
Public Utilities, Approved Return on Equity, Percentage 10.35%  
Basis points for Transmission Formula Rate 0.0050  
Baltimore Gas and Electric Company | 2026 Transmission Formula Rate Annual Update    
Public Utilities, General Disclosures [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 16
Annual Reconciliation Increase (Decrease)   (40)
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount   $ (30)
Public Utilities, Approved Equity Capital Structure, Percentage   7.51%
Public Utilities, Approved Return on Equity, Percentage   10.50%
Basis points for Transmission Formula Rate   0.0050
Baltimore Gas and Electric Company | 2026 Transmission Formula Rate Revenue Reduction    
Public Utilities, General Disclosures [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount   $ (6)
Potomac Electric Power Company | 2026 Transmission Formula Rate Annual Update    
Public Utilities, General Disclosures [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount   12
Annual Reconciliation Increase (Decrease)   (21)
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount   $ (9)
Public Utilities, Approved Equity Capital Structure, Percentage   7.72%
Public Utilities, Approved Return on Equity, Percentage   10.50%
Basis points for Transmission Formula Rate   0.0050
Delmarva Power and Light Company | 2026 Transmission Formula Rate Annual Update    
Public Utilities, General Disclosures [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 3
Annual Reconciliation Increase (Decrease)   1
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount   $ 4
Public Utilities, Approved Equity Capital Structure, Percentage   7.53%
Public Utilities, Approved Return on Equity, Percentage   10.50%
Basis points for Transmission Formula Rate   0.0050
Atlantic City Electric Company | 2026 Transmission Formula Rate Annual Update    
Public Utilities, General Disclosures [Line Items]    
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 1
Annual Reconciliation Increase (Decrease)   16
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount   $ 17
Public Utilities, Approved Equity Capital Structure, Percentage   7.26%
Public Utilities, Approved Return on Equity, Percentage   10.50%
Basis points for Transmission Formula Rate   0.0050
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v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - ComEd - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 2,044 $ 2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 2,912 2,719
Gain (Loss) on Disposition of Property Plant Equipment 0 (1)
Deferred income taxes and amortization of investment tax credits 564 293
Net fair value changes related to derivatives 0 3
Other non-cash operating activities 594 1,088
Changes in assets and liabilities:    
Accounts receivable 379 (422)
Inventories (96) (41)
Accounts payable and accrued expenses (1) 165
Collateral received, net 39 (25)
Income taxes (136) 19
Regulatory assets and liabilities, net (1,063) (390)
Pension and non-pension postretirement benefit contributions (370) (313)
Other assets and liabilities 306 (259)
Net cash flows provided by operating activities 5,404 5,010
Cash flows from investing activities    
Capital expenditures (6,799) (6,095)
Other investing activities 12 (7)
Net cash flows used in investing activities (6,787) (6,100)
Cash flows from financing activities    
Changes in short-term borrowings (178) (779)
Proceeds from short-term borrowings with maturities greater than 90 days 500 0
Issuance of long-term debt 4,425 4,925
Retirement of long-term debt (1,600) (807)
Dividends paid on common stock (1,294) (1,212)
Other financing activities (71) (75)
Net cash flows provided by financing activities 2,302 2,249
Increase in cash, restricted cash, and cash equivalents 919 1,159
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period 2,120 2,098
Supplemental cash flow information    
Increase (decrease) in capital expenditures not paid (4) (12)
Commonwealth Edison Co    
Cash flows from operating activities    
Net income 965 903
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization, and accretion 1,258 1,162
Deferred income taxes and amortization of investment tax credits 220 21
Other non-cash operating activities 159 634
Changes in assets and liabilities:    
Accounts receivable 595 (347)
Receivables from and payables to affiliates, net (13) (16)
Inventories (39) 12
Accounts payable and accrued expenses 138 112
Collateral received, net (9) (31)
Income taxes 6 66
Regulatory assets and liabilities, net (1,026) (128)
Pension and non-pension postretirement benefit contributions (223) (192)
Other assets and liabilities 63 (136)
Net cash flows provided by operating activities 2,094 2,060
Cash flows from investing activities    
Capital expenditures (2,522) (1,970)
Other investing activities 8 5
Net cash flows used in investing activities (2,514) (1,965)
Cash flows from financing activities    
Changes in short-term borrowings 0 (36)
Issuance of long-term debt 1,425 725
Retirement of long-term debt (500) 0
Dividends paid on common stock (654) (610)
Contributions from parent 380 108
Other financing activities (15) (7)
Net cash flows provided by financing activities 636 180
Increase in cash, restricted cash, and cash equivalents 216 275
Cash, restricted cash, and cash equivalents at beginning of period 663 632
Cash, restricted cash, and cash equivalents at end of period 879 907
Supplemental cash flow information    
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v3.26.3
Statements of Operations and Comprehensive Income (Unaudited) - Pepco - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
Total operating revenues 7,319 6,705 20,528 18,846
Operating expenses        
Operating and maintenance 1,564 1,172 4,416 3,840
Depreciation and amortization 991 912 2,910 2,717
Taxes other than income taxes 468 429 1,335 1,216
Total operating expenses 5,940 5,205 16,565 14,884
Gain on sale of assets 0 0 0 1
Operating income 1,379 1,500 3,963 3,963
Other income and (deductions)        
Interest expense, net (587) (531) (1,702) (1,560)
Other, net 97 68 256 185
Total other income and (deductions) (496) (470) (1,465) (1,393)
Income before income taxes 883 1,030 2,498 2,570
Income taxes 154 155 454 396
Net income 729 875 2,044 2,174
Related Party        
Other income and (deductions)        
Interest expense to affiliates, net (6) (7) (19) (18)
Potomac Electric Power Company        
Operating revenues        
Revenues from alternative revenue programs 1 (5) (13) (19)
Total operating revenues 1,127 992 2,975 2,626
Operating expenses        
Operating and maintenance 294 95 564 282
Depreciation and amortization 115 110 343 321
Taxes other than income taxes 128 122 359 344
Total operating expenses 1,047 753 2,642 2,073
Gain on sale of assets 0 0 0 1
Operating income 80 239 333 554
Other income and (deductions)        
Interest expense, net (58) (53) (169) (159)
Other, net 13 11 37 31
Total other income and (deductions) (44) (42) (131) (128)
Income before income taxes 36 197 202 426
Income taxes (4) 41 29 89
Net income 40 156 173 337
Comprehensive income 40 156 173 337
Potomac Electric Power Company | Related Party        
Operating revenues        
Operating revenues from affiliates 3 2 7 4
Operating expenses        
Operating and maintenance from affiliates 60 59 198 184
Other income and (deductions)        
Interest expense to affiliates, net (1) 0 (1) 0
Electricity, US Regulated        
Operating revenues        
Operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
Purchased power and/or fuel 2,865 2,645 7,380 6,640
Electricity, US Regulated | Potomac Electric Power Company        
Operating revenues        
Operating revenues 1,123 995 2,981 2,641
Operating expenses        
Purchased power and/or fuel 450 367 1,178 942
Natural Gas, US Regulated        
Operating revenues        
Operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel $ 52 $ 47 $ 524 $ 471
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v3.26.3
Commitments and Contingencies - Schedule of Accruals for Environmental Matters (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve $ 369 $ 386
Commonwealth Edison Co    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 295 289
PECO Energy Co    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 16 23
Baltimore Gas and Electric Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 13 13
Pepco Holdings LLC    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 44 57
Potomac Electric Power Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 42 55
Delmarva Power and Light Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 2 1
Atlantic City Electric Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 0 1
Environmental Remediation    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 318 321
Environmental Remediation | Commonwealth Edison Co    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 295 289
Environmental Remediation | PECO Energy Co    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 13 22
Environmental Remediation | Baltimore Gas and Electric Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 10 10
Environmental Remediation | Pepco Holdings LLC    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 0 0
Environmental Remediation | Potomac Electric Power Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 0 0
Environmental Remediation | Delmarva Power and Light Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve 0 0
Environmental Remediation | Atlantic City Electric Company    
Site Contingency [Line Items]    
Total environmental investigation and remediation reserve $ 0 $ 0
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$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase $ 3,708 $ 3,320
Commonwealth Edison Co    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase 967 814
PECO Energy Co    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase 1,091 954
Baltimore Gas and Electric Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase 492 550
Pepco Holdings LLC    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase 1,158 1,002
Potomac Electric Power Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase 745 624
Delmarva Power and Light Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase 209 201
Atlantic City Electric Company    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivable, Purchase $ 204 $ 177
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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - PHI - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
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Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
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Gain on sale of assets 0 0 0 1
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Comprehensive income 746 878 2,073 2,179
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Interest expense to affiliates, net (6) (7) (19) (18)
Pepco Holdings LLC        
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Operating income 321 460 854 1,063
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Income taxes 46 85 125 184
Net income 187 291 465 628
Comprehensive income 187 291 465 628
Pepco Holdings LLC | Related Party        
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Operating revenues from affiliates 5 2 10 7
Operating expenses        
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Electricity, US Regulated        
Operating revenues        
Operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
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Electricity, US Regulated | Pepco Holdings LLC        
Operating revenues        
Operating revenues 2,218 2,016 5,846 5,280
Operating expenses        
Purchased power and/or fuel 971 864 2,501 2,138
Natural Gas, US Regulated        
Operating revenues        
Operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel 52 47 524 471
Natural Gas, US Regulated | Pepco Holdings LLC        
Operating revenues        
Operating revenues 40 27 197 148
Operating expenses        
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v3.26.3
Supplemental Financial Information (Tables)
9 Months Ended
Sep. 30, 2026
Supplemental Financial Information [Abstract]  
Taxes Other Than Income Taxes
The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income:
Taxes other than income taxes
ExelonComEdPECOBGEPHIPepcoDPLACE
Three Months Ended September 30, 2026
Utility taxes(a)
$287 $93 $62 $29 $103 $94 $8 $1 
Property132 20 5 67 39 32 7 — 
Payroll38 12 5 4 8 2 1 1 
Three Months Ended September 30, 2025
Utility taxes(a)
$269 $85 $58 $27 $99 $91 $7 $1 
Property119 9 6 61 43 29 13 1 
Payroll34 9 4 5 8 2 1 1 
Nine Months Ended September 30, 2026
Utility taxes(a)
$816 $264 $171 $92 $288 $260 $25 $3 
Property381 40 15 193 132 92 37 2 
Payroll108 29 14 13 25 5 3 3 
Nine Months Ended September 30, 2025
Utility taxes(a)
$765 $244 $156 $85 $280 $255 $22 $3 
Property341 27 15 175 123 84 37 2 
Payroll101 26 14 14 22 5 3 2 
_________
(a)The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.
Schedule of Other Nonoperating Income, by Component
Other, net
ExelonComEdPECOBGEPHIPepcoDPLACE
Three Months Ended September 30, 2026
AFUDC — Equity$66 $25 $12 $17 $12 $9 $2 $1 
Non-service net periodic benefit cost(12)— — — — — — — 
Three Months Ended September 30, 2025
AFUDC — Equity$49 $19 $9 $11 $10 $8 $1 $1 
Non-service net periodic benefit cost(13)— — — — — — — 
Nine Months Ended September 30, 2026
AFUDC — Equity$186 $71 $33 $47 $35 $27 $5 $3 
Non-service net periodic benefit cost(33)— — — — — — — 
Nine Months Ended September 30, 2025
AFUDC — Equity$130 $45 $26 $29 $30 $23 $4 $3 
Non-service net periodic benefit cost(39)— — — — — — — 
Schedule of Cash Flow, Supplemental Disclosures
The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows.
Depreciation, amortization, and accretion
ExelonComEdPECOBGEPHIPepcoDPLACE
Nine Months Ended September 30, 2026
Property, plant, and equipment(a)
$2,419 $966 $371 $400 $640 $284 $180 `$173 
Amortization of regulatory assets and liabilities, net(a)
491 292 2 96 101 59 20 22 
Amortization of intangible assets, net(a)
— — — — — — — — 
ARO accretion(b)
2 — — — — — — — 
Total depreciation, amortization, and accretion$2,912 $1,258 $373 $496 $741 $343 $200 $195 
Nine Months Ended September 30, 2025
Property, plant, and equipment(a)
$2,270 $915 $333 $375 $606 $268 $169 $166 
Amortization of regulatory assets and liabilities, net(a)
444 247 3 98 95 53 20 22 
Amortization of intangible assets, net(a)
3 — — — — — — — 
ARO accretion(b)
2 — — — 2 1 — — 
Total depreciation, amortization, and accretion$2,719 $1,162 $336 $473 $703 $322 $189 $188 
__________
(a)Included in Depreciation and amortization expense in the Registrants' Consolidated Statements of Operations and Comprehensive Income.
(b)Included in Operating and maintenance expense in Exelon's Consolidated Statements of Operations and Comprehensive Income.
Other non-cash operating activities
ExelonComEdPECOBGEPHIPepcoDPLACE
Nine Months Ended September 30, 2026
Pension and OPEB costs$196 $80 $13 $21 $62 $23 $11 $7 
Allowance for credit losses243 62 70 51 60 28 12 20 
True-up adjustments to decoupling mechanisms and formula rates(a)
140 62 (10)35 53 13 8 32 
Amortization of operating ROU asset17 — — 5 8 2 3 1 
AFUDC — Equity(186)(71)(33)(47)(35)(27)(5)(3)
Nine Months Ended September 30, 2025
Pension and OPEB costs$204 $64 $5 $46 $72 $26 $12 $10 
Allowance for credit losses202 41 75 20 66 29 13 24 
True-up adjustments to decoupling mechanisms and formula rates(a)
627 525 6 63 33 19 10 4 
Amortization of operating ROU asset22 — — 5 13 4 4 2 
AFUDC — Equity(130)(45)(26)(29)(30)(23)(4)(3)
__________
(a)For ComEd, reflects the true-up adjustments in Regulatory assets and liabilities associated with its distribution MRP and distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in Regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in Regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information.
The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants’ Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows.
Cash, cash equivalents, and restricted cash
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at September 30, 2026
Cash and cash equivalents$1,469 $300 $107 $842 $207 $79 $79 $15 
Restricted cash and cash equivalents602 530 — 3 46 39 2 4 
Restricted cash included in Other deferred debits and other assets49 49 — — — — — — 
Total cash, restricted cash, and cash equivalents$2,120 $879 $107 $845 $253 $118 $81 $19 
Balance at December 31, 2025
Cash and cash equivalents$626 $159 $116 $217 $103 $22 $9 $22 
Restricted cash and cash equivalents525 454 — 3 38 33 3 2 
Restricted cash included in Other deferred debits and other assets50 50 — — — — — — 
Total cash, restricted cash, and cash equivalents$1,201 $663 $116 $220 $141 $55 $12 $24 
Balance at September 30, 2025
Cash and cash equivalents$1,533 $405 $364 $663 $93 $25 $6 $25 
Restricted cash and cash equivalents516 453 — 2 27 22 2 3 
Restricted cash included in Other deferred debits and other assets49 49 — — — — — — 
Total cash, restricted cash, and cash equivalents$2,098 $907 $364 $665 $120 $47 $8 $28 
Balance at December 31, 2024
Cash and cash equivalents$357 $105 $48 $33 $139 $30 $21 $14 
Restricted cash and cash equivalents541 486 — 1 24 21 2 — 
Restricted cash included in Other deferred debits and other assets41 41 — — — — — — 
Total cash, restricted cash, and cash equivalents$939 $632 $48 $34 $163 $51 $23 $14 
For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2025 Form 10-K.
Consolidated Balance Sheet
The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets.
Accrued expenses
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at September 30, 2026
Compensation-related accruals(a)
$589 $201 $68 $71 $109 $30 $21 $16 
Taxes accrued243 102 14 34 125 91 24 10 
Interest accrued495 130 59 108 90 40 28 19 
Other accruals(b)
275 9 218 1 32 21 4 8 
Balance at December 31, 2025
Compensation-related accruals(a)
$705 $209 $96 $99 $125 $35 $24 $17 
Taxes accrued242 94 306 191 107 69 25 18 
Interest accrued538 155 75 55 92 49 18 20 
__________
(a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.
(b)Primarily relates to environmental and contingency reserves.
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v3.26.3
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - ComEd - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
Total operating revenues 7,319 6,705 20,528 18,846
Operating expenses        
Operating and maintenance 1,564 1,172 4,416 3,840
Depreciation and amortization 991 912 2,910 2,717
Taxes other than income taxes 468 429 1,335 1,216
Total operating expenses 5,940 5,205 16,565 14,884
Gain on sale of assets 0 0 0 1
Operating income 1,379 1,500 3,963 3,963
Other income and (deductions)        
Interest expense, net (587) (531) (1,702) (1,560)
Other, net 97 68 256 185
Total other income and (deductions) (496) (470) (1,465) (1,393)
Income before income taxes 883 1,030 2,498 2,570
Income taxes 154 155 454 396
Net income 729 875 2,044 2,174
Related Party        
Other income and (deductions)        
Interest expense to affiliates, net (6) (7) (19) (18)
Commonwealth Edison Co        
Operating revenues        
Revenues from alternative revenue programs (15) (206) (62) (525)
Total operating revenues 2,470 2,275 6,368 6,176
Operating expenses        
Operating and maintenance 359 313 1,033 958
Depreciation and amortization 438 395 1,258 1,162
Taxes other than income taxes 133 107 345 303
Total operating expenses 1,818 1,717 4,767 4,763
Operating income 652 558 1,601 1,413
Other income and (deductions)        
Interest expense, net (146) (132) (418) (385)
Other, net 43 33 116 86
Total other income and (deductions) (106) (102) (312) (309)
Income before income taxes 546 456 1,289 1,104
Income taxes 140 83 324 201
Net income 406 373 965 903
Comprehensive income 406 373 965 903
Commonwealth Edison Co | Related Party        
Operating revenues        
Operating revenues from affiliates 2 2 15 19
Operating expenses        
Operating and maintenance from affiliates 105 96 317 296
Other income and (deductions)        
Interest expense to affiliates, net (3) (3) (10) (10)
Electricity, US Regulated        
Operating revenues        
Operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
Purchased power and/or fuel 2,865 2,645 7,380 6,640
Electricity, US Regulated | Commonwealth Edison Co        
Operating revenues        
Operating revenues 2,483 2,479 6,415 6,682
Operating expenses        
Purchased power and/or fuel 783 806 1,814 2,044
Rate-regulated natural gas revenues        
Operating revenues        
Operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel $ 52 $ 47 $ 524 $ 471
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v3.26.3
Balance Sheets (Unaudited) - Pepco - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash and cash equivalents 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventories, net    
Regulatory assets 1,278 1,359
Prepaid renewable energy credits 466 563
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Investments 336 312
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Regulatory liabilities 551 1,128
Renewable energy credit obligations 364 473
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Asset retirement obligations 318 321
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Shareholders’ equity    
Common stock 22,663 22,106
Retained earnings 8,325 7,577
Total shareholders’ equity 30,132 28,798
Total liabilities and shareholders’ equity 122,237 116,570
Related Party    
Current liabilities    
Accounts payable 5 5
Nonrelated Party    
Current liabilities    
Accounts payable 3,711 3,721
Potomac Electric Power Company    
Current assets    
Cash and cash equivalents 79 22
Restricted cash and cash equivalents 39 33
Accounts receivable    
Customer accounts receivable 527 484
Customer allowance for credit losses (84) (69)
Customer accounts receivable, net 443 415
Other accounts receivable 157 154
Other allowance for credit losses (26) (26)
Other accounts receivable, net 131 128
Inventories, net    
Inventories, net 187 174
Regulatory assets 160 182
Prepaid renewable energy credits 142 171
Other 25 59
Total current assets 1,230 1,184
Property, plant and equipment, net 10,977 10,747
Deferred debits and other assets    
Regulatory assets 387 405
Investments 145 141
Prepaid pension asset 175 194
Total deferred debits and other assets 777 797
Total assets 12,984 12,728
Current liabilities    
Short-term borrowings 0 303
Long-term debt due within one year 7 6
Accrued expenses 187 173
Customer deposits 68 61
Regulatory liabilities 18 13
Renewable energy credit obligations 144 174
Total current liabilities 921 1,269
Long-term debt 4,933 4,626
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 1,636 1,604
Regulatory liabilities 262 268
Asset retirement obligations 38 45
Other 203 214
Total deferred credits and other liabilities 2,139 2,131
Total liabilities 7,993 8,026
Commitments and contingencies
Shareholders’ equity    
Common stock 3,806 3,528
Retained earnings 1,185 1,174
Total shareholders’ equity 4,991 4,702
Total liabilities and shareholders’ equity 12,984 12,728
Potomac Electric Power Company | Related Party    
Accounts receivable    
Receivables from affiliates 0 0
Receivable from PHI intercompany money pool 24 0
Current liabilities    
Accounts payable 34 37
Potomac Electric Power Company | Nonrelated Party    
Deferred debits and other assets    
Other 70 57
Current liabilities    
Accounts payable 378 418
Other $ 85 $ 84
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v3.26.3
Consolidated Balance Sheets (Unaudited) - PHI - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash and cash equivalents 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventories, net    
Fossil fuel 99 88
Materials and supplies 863 780
Regulatory assets 1,278 1,359
Prepaid renewable energy credits 466 563
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Goodwill 6,630 6,630
Investments 336 312
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Regulatory liabilities 551 1,128
Unamortized energy contract liabilities 4 5
Renewable energy credit obligations 364 473
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Asset retirement obligations 318 321
Non-pension postretirement benefit obligations 572 546
Unamortized energy contract liabilities 13 16
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Members' Equity [Abstract]    
Retained earnings 8,325 7,577
Total liabilities and shareholders’ equity 122,237 116,570
Related Party    
Current liabilities    
Accounts payable 5 5
Nonrelated Party    
Current liabilities    
Accounts payable 3,711 3,721
Pepco Holdings LLC    
Current assets    
Cash and cash equivalents 207 103
Restricted cash and cash equivalents 46 38
Accounts receivable    
Customer accounts receivable 976 975
Customer allowance for credit losses (136) (115)
Customer accounts receivable, net 840 860
Other accounts receivable 317 292
Other allowance for credit losses (51) (49)
Other accounts receivable, net 266 243
Inventories, net    
Fossil fuel 10 9
Materials and supplies 375 357
Prepaid utility taxes 31 77
Regulatory assets 310 352
Prepaid renewable energy credits 166 201
Other 39 34
Total current assets 2,297 2,288
Property, plant and equipment, net 21,946 21,377
Deferred debits and other assets    
Regulatory assets 1,570 1,556
Goodwill 4,005 4,005
Investments 159 158
Prepaid pension asset 187 199
Total deferred debits and other assets 6,074 6,050
Total assets 30,317 29,715
Current liabilities    
Short-term borrowings 0 612
Long-term debt due within one year 76 64
Accrued expenses 378 359
Customer deposits 135 123
Regulatory liabilities 170 103
Unamortized energy contract liabilities 4 5
Renewable energy credit obligations 192 223
Total current liabilities 1,980 2,577
Long-term debt 10,058 9,526
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 3,524 3,391
Regulatory liabilities 716 722
Asset retirement obligations 56 62
Non-pension postretirement benefit obligations 15 24
Unamortized energy contract liabilities 13 16
Other 435 418
Total deferred credits and other liabilities 4,759 4,633
Total liabilities 16,797 16,736
Commitments and contingencies
Members' Equity [Abstract]    
Membership interest 13,616 13,130
Retained earnings (96) (151)
Total members' equity 13,520 12,979
Total liabilities and shareholders’ equity 30,317 29,715
Pepco Holdings LLC | Related Party    
Accounts receivable    
Receivables from affiliates 7 14
Current liabilities    
Accounts payable 56 71
Other 96 80
Pepco Holdings LLC | Nonrelated Party    
Deferred debits and other assets    
Other 153 132
Current liabilities    
Accounts payable 715 816
Other $ 158 $ 121
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v3.26.3
Consolidated Balance Sheets (Unaudited) - Exelon - USD ($)
shares in Millions, $ / shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,469 $ 626
Restricted cash and cash equivalents 602 525
Accounts receivable    
Customer accounts receivable 3,669 3,732
Customer allowance for credit losses (507) (435)
Customer accounts receivable, net 3,162 3,297
Other accounts receivable 1,574 1,879
Other allowance for credit losses (96) (94)
Other accounts receivable, net 1,478 1,785
Inventories, net    
Fossil fuel 99 88
Materials and supplies 863 780
Regulatory assets 1,278 1,359
Prepaid renewable energy credits 466 563
Other 523 523
Total current assets 9,940 9,546
Property, plant and equipment, net 88,557 84,318
Deferred debits and other assets    
Regulatory assets 9,560 9,214
Goodwill 6,630 6,630
Receivable related to Regulatory Agreement Units 5,196 4,755
Investments 336 312
Other 2,018 1,795
Total deferred debits and other assets 23,740 22,706
Total assets 122,237 116,570
Current liabilities    
Short-term borrowings 934 612
Long-term debt due within one year 1,078 1,665
Accrued expenses 1,692 1,582
Customer deposits 609 533
Regulatory liabilities 551 1,128
Mark-to-market derivative liabilities 21 30
Unamortized energy contract liabilities 4 5
Renewable energy credit obligations 364 473
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Long-term debt to financing trusts 390 390
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,596 13,715
Regulatory liabilities 11,684 11,016
Pension obligations 1,428 1,749
Non-pension postretirement benefit obligations 572 546
Asset retirement obligations 318 321
Mark-to-market derivative liabilities 96 106
Unamortized energy contract liabilities 13 16
Other 2,573 2,169
Total deferred credits and other liabilities 31,280 29,638
Total liabilities 92,105 87,772
Commitments and contingencies
Common stock, shares authorized (in shares) 2,000 2,000
Common stock (in dollars) $ 0 $ 0
Shareholders’ equity    
Common stock $ 22,663 $ 22,106
Treasury stock, at cost (123) (123)
Retained earnings 8,325 7,577
Accumulated other comprehensive loss, net (733) (762)
Total shareholders’ equity 30,132 28,798
Total liabilities and shareholders’ equity $ 122,237 $ 116,570
Common stock, shares outstanding (in shares) 1,035 1,023
Related Party    
Current liabilities    
Accounts payable $ 5 $ 5
Long-term debt to financing trusts 390 390
Nonrelated Party    
Current liabilities    
Accounts payable $ 3,711 $ 3,721
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Sep. 30, 2026
Dec. 31, 2025
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Pepco Holdings LLC    
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Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Income Tax Contingency [Line Items]    
Unrecognized tax benefits $ 88 $ 100
Offsetting receivable 5,196 4,755
Constellation Energy Corp    
Income Tax Contingency [Line Items]    
Unrecognized tax benefits 20 31
Offsetting receivable 20 31
Pepco Holdings LLC    
Income Tax Contingency [Line Items]    
Unrecognized tax benefits 54 48
Delmarva Power and Light Company    
Income Tax Contingency [Line Items]    
Unrecognized tax benefits $ 18 $ 11
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$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Revenues from alternative revenue programs $ (35) $ (220) $ (138) $ (621)
Total operating revenues 7,319 6,705 20,528 18,846
Operating expenses        
Operating and maintenance 1,564 1,172 4,416 3,840
Depreciation and amortization 991 912 2,910 2,717
Taxes other than income taxes 468 429 1,335 1,216
Total operating expenses 5,940 5,205 16,565 14,884
Operating income 1,379 1,500 3,963 3,963
Other income and (deductions)        
Interest expense, net (587) (531) (1,702) (1,560)
Other, net 97 68 256 185
Total other income and (deductions) (496) (470) (1,465) (1,393)
Income before income taxes 883 1,030 2,498 2,570
Income taxes 154 155 454 396
Net income 729 875 2,044 2,174
Baltimore Gas and Electric Company        
Operating revenues        
Revenues from alternative revenue programs (18) (20) (35) (63)
Total operating revenues 1,363 1,209 4,409 3,791
Operating expenses        
Operating and maintenance 236 179 716 621
Depreciation and amortization 161 155 496 473
Taxes other than income taxes 100 93 301 273
Total operating expenses 1,203 1,055 3,709 3,137
Operating income 160 154 700 654
Other income and (deductions)        
Interest expense, net (73) (64) (202) (183)
Other, net 26 15 64 35
Total other income and (deductions) (47) (49) (138) (148)
Income before income taxes 113 105 562 506
Income taxes 23 23 119 108
Net income 90 82 443 398
Comprehensive income 90 82 443 398
Baltimore Gas and Electric Company | Related Party        
Operating revenues        
Operating revenues from affiliates 2 2 7 6
Operating expenses        
Operating and maintenance from affiliates 56 60 194 186
Electricity, US Regulated        
Operating revenues        
Electric and natural gas operating revenues 7,103 6,690 18,971 17,872
Operating expenses        
Purchased power and/or fuel 2,865 2,645 7,380 6,640
Electricity, US Regulated | Baltimore Gas and Electric Company        
Operating revenues        
Electric and natural gas operating revenues 1,252 1,102 3,554 2,978
Operating expenses        
Purchased power and/or fuel 636 547 1,787 1,365
Natural Gas, US Regulated        
Operating revenues        
Electric and natural gas operating revenues 251 235 1,695 1,595
Operating expenses        
Purchased power and/or fuel 52 47 524 471
Natural Gas, US Regulated | Baltimore Gas and Electric Company        
Operating revenues        
Electric and natural gas operating revenues 127 125 883 870
Operating expenses        
Purchased power and/or fuel $ 14 $ 21 $ 215 $ 219
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Regulatory Matters - Regulatory Assets and Liabilities (Details)
$ in Millions
9 Months Ended
Sep. 30, 2026
USD ($)
Commonwealth Edison Co  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets $ 290
Increase (Decrease) in Regulatory Liabilities (86)
Commonwealth Edison Co | Carbon Mitigation Credit rider  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Liabilities (670)
Commonwealth Edison Co | Nuclear Decommissioning [Member]  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Liabilities 285
Commonwealth Edison Co | Renewable portfolio standards costs  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Liabilities 159
Commonwealth Edison Co | Carbon Mitigation Credit rider  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets 137
PECO Energy Co  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets 194
Increase (Decrease) in Regulatory Liabilities 144
PECO Energy Co | Nuclear Decommissioning [Member]  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Liabilities 156
PECO Energy Co | Deferred Income Tax Charge  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets 148
Baltimore Gas and Electric Company  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets (99)
Increase (Decrease) in Regulatory Liabilities (25)
Baltimore Gas and Electric Company | Deferred Income Tax Charge  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Liabilities (47)
Baltimore Gas and Electric Company | Electric energy and natural gas costs  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets (47)
Baltimore Gas and Electric Company | Energy efficiency and demand response programs  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets (62)
Potomac Electric Power Company  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets (40)
Increase (Decrease) in Regulatory Liabilities (1)
Potomac Electric Power Company | Removal Costs  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Liabilities 22
Potomac Electric Power Company | Deferred Income Tax Charge  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Liabilities (36)
Potomac Electric Power Company | Energy efficiency and demand response programs  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets (47)
Delmarva Power and Light Company  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets 8
Delmarva Power and Light Company | Electric energy and natural gas costs  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets 8
Delmarva Power and Light Company | Energy efficiency and demand response programs  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets (21)
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Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets 13
Atlantic City Electric Company  
Regulatory Matters Assets and Liabilities [Line Items]  
Increase (Decrease) in Regulatory Assets 26
Increase (Decrease) in Regulatory Liabilities 48
Atlantic City Electric Company | Electric energy and natural gas costs  
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Increase (Decrease) in Regulatory Liabilities 30
Atlantic City Electric Company | Zero Emission Credit  
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Increase (Decrease) in Regulatory Liabilities 24
Atlantic City Electric Company | Under/Over Recovered Transmission Costs  
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Increase (Decrease) in Regulatory Liabilities (11)
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Revenue from Contracts with Customers - Change in Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Millions
3 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Contract Liabilities [Roll Forward]            
Beginning Balance - Contract Liabilities $ 117 $ 118 $ 119 $ 123 $ 126 $ 127
Revenues recognized (2) (1) (1) (1) (3) (1)
Ending Balance - Contract Liabilities 115 117 118 122 123 126
Pepco Holdings LLC            
Contract Liabilities [Roll Forward]            
Beginning Balance - Contract Liabilities 117 118 119 123 126 127
Revenues recognized (2) (1) (1) (1) (3) (1)
Ending Balance - Contract Liabilities 115 117 118 122 123 126
Potomac Electric Power Company            
Contract Liabilities [Roll Forward]            
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Revenues recognized (2) (1) (1) (1) (2) (1)
Ending Balance - Contract Liabilities 91 93 94 97 98 100
Delmarva Power and Light Company            
Contract Liabilities [Roll Forward]            
Beginning Balance - Contract Liabilities 12 12 12 12 13 13
Revenues recognized 0 0 0 0 (1) 0
Ending Balance - Contract Liabilities 12 12 12 12 12 13
Atlantic City Electric Company            
Contract Liabilities [Roll Forward]            
Beginning Balance - Contract Liabilities 12 12 12 13 13 13
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Consolidated Balance Sheets - ACE (Parentheticals) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Statement [Line Items]    
Accumulated depreciation and amortization $ 21,437 $ 20,080
Atlantic City Electric Company    
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v3.26.3
Shareholders' Equity (Tables)
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2026
Sep. 30, 2026
Dec. 31, 2025
Equity [Abstract]      
Common Stock Issuances   Exelon issued the following shares of Common stock in the second and third quarters of 2026:
Effective Period
Shares Issued
(in millions)
Weighted-Average Net Price
Net Proceeds (a)
(in millions)
Q2 2026 (b)
8.7$44.03 $382 
Q3 2026 (c)
2.3$43.29 $101 
_________
(a)Proceeds were used for general corporate purposes.
(b)In the second quarter of 2026, Exelon settled all forward sale agreements with a November 16, 2026 maturity date and a portion of the forward sale agreements with December 15, 2026 and July 30, 2027 maturity dates that were entered into by various forward sellers under the ATM program as outlined below.
(c)In the third quarter of 2026, Exelon settled a forward sale agreement with a December 15, 2026 maturity date that was entered into by the forward seller under the ATM program as outlined below.
 
Schedule of Forward Contracts Indexed to Issuer's Equity The following forward sale agreements were entered into under Exelon’s ATM program in the first quarter of 2026:
Effective PeriodShares Available
(in millions)
Weighted-Average Net PriceMaturity Date
Q1 20265.4$47.67 July 30, 2027
Q1 20266.4$48.68 September 2, 2027
   
ATM Forward Contracts Not Settled    
Additionally, the following forward sale agreements were entered into during the twelve months ended 2025 under Exelon’s ATM program and were not settled as of December 31, 2025:
Effective PeriodShares Available
(in millions)
Weighted-Average Net PriceMaturity Date
Q2 20253.6$43.17 November 16, 2026
Q3 202511.5$43.73 December 15, 2026
Q4 20250.8$45.42 December 15, 2026
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v3.26.3
Supplemental Financial Information (All Registrants)
9 Months Ended
Sep. 30, 2026
Supplemental Financial Information [Abstract]  
Supplemental Financial Information (All Registrants) Supplemental Financial Information (All Registrants)
Supplemental Statement of Operations Information
The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income:
Taxes other than income taxes
ExelonComEdPECOBGEPHIPepcoDPLACE
Three Months Ended September 30, 2026
Utility taxes(a)
$287 $93 $62 $29 $103 $94 $8 $1 
Property132 20 5 67 39 32 7 — 
Payroll38 12 5 4 8 2 1 1 
Three Months Ended September 30, 2025
Utility taxes(a)
$269 $85 $58 $27 $99 $91 $7 $1 
Property119 9 6 61 43 29 13 1 
Payroll34 9 4 5 8 2 1 1 
Nine Months Ended September 30, 2026
Utility taxes(a)
$816 $264 $171 $92 $288 $260 $25 $3 
Property381 40 15 193 132 92 37 2 
Payroll108 29 14 13 25 5 3 3 
Nine Months Ended September 30, 2025
Utility taxes(a)
$765 $244 $156 $85 $280 $255 $22 $3 
Property341 27 15 175 123 84 37 2 
Payroll101 26 14 14 22 5 3 2 
_________
(a)The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.
Other, net
ExelonComEdPECOBGEPHIPepcoDPLACE
Three Months Ended September 30, 2026
AFUDC — Equity$66 $25 $12 $17 $12 $9 $2 $1 
Non-service net periodic benefit cost(12)— — — — — — — 
Three Months Ended September 30, 2025
AFUDC — Equity$49 $19 $9 $11 $10 $8 $1 $1 
Non-service net periodic benefit cost(13)— — — — — — — 
Nine Months Ended September 30, 2026
AFUDC — Equity$186 $71 $33 $47 $35 $27 $5 $3 
Non-service net periodic benefit cost(33)— — — — — — — 
Nine Months Ended September 30, 2025
AFUDC — Equity$130 $45 $26 $29 $30 $23 $4 $3 
Non-service net periodic benefit cost(39)— — — — — — — 
Supplemental Cash Flow Information
The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows.
Depreciation, amortization, and accretion
ExelonComEdPECOBGEPHIPepcoDPLACE
Nine Months Ended September 30, 2026
Property, plant, and equipment(a)
$2,419 $966 $371 $400 $640 $284 $180 `$173 
Amortization of regulatory assets and liabilities, net(a)
491 292 2 96 101 59 20 22 
Amortization of intangible assets, net(a)
— — — — — — — — 
ARO accretion(b)
2 — — — — — — — 
Total depreciation, amortization, and accretion$2,912 $1,258 $373 $496 $741 $343 $200 $195 
Nine Months Ended September 30, 2025
Property, plant, and equipment(a)
$2,270 $915 $333 $375 $606 $268 $169 $166 
Amortization of regulatory assets and liabilities, net(a)
444 247 3 98 95 53 20 22 
Amortization of intangible assets, net(a)
3 — — — — — — — 
ARO accretion(b)
2 — — — 2 1 — — 
Total depreciation, amortization, and accretion$2,719 $1,162 $336 $473 $703 $322 $189 $188 
__________
(a)Included in Depreciation and amortization expense in the Registrants' Consolidated Statements of Operations and Comprehensive Income.
(b)Included in Operating and maintenance expense in Exelon's Consolidated Statements of Operations and Comprehensive Income.
Other non-cash operating activities
ExelonComEdPECOBGEPHIPepcoDPLACE
Nine Months Ended September 30, 2026
Pension and OPEB costs$196 $80 $13 $21 $62 $23 $11 $7 
Allowance for credit losses243 62 70 51 60 28 12 20 
True-up adjustments to decoupling mechanisms and formula rates(a)
140 62 (10)35 53 13 8 32 
Amortization of operating ROU asset17 — — 5 8 2 3 1 
AFUDC — Equity(186)(71)(33)(47)(35)(27)(5)(3)
Nine Months Ended September 30, 2025
Pension and OPEB costs$204 $64 $5 $46 $72 $26 $12 $10 
Allowance for credit losses202 41 75 20 66 29 13 24 
True-up adjustments to decoupling mechanisms and formula rates(a)
627 525 6 63 33 19 10 4 
Amortization of operating ROU asset22 — — 5 13 4 4 2 
AFUDC — Equity(130)(45)(26)(29)(30)(23)(4)(3)
__________
(a)For ComEd, reflects the true-up adjustments in Regulatory assets and liabilities associated with its distribution MRP and distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in Regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in Regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information.
The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants’ Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows.
Cash, cash equivalents, and restricted cash
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at September 30, 2026
Cash and cash equivalents$1,469 $300 $107 $842 $207 $79 $79 $15 
Restricted cash and cash equivalents602 530 — 3 46 39 2 4 
Restricted cash included in Other deferred debits and other assets49 49 — — — — — — 
Total cash, restricted cash, and cash equivalents$2,120 $879 $107 $845 $253 $118 $81 $19 
Balance at December 31, 2025
Cash and cash equivalents$626 $159 $116 $217 $103 $22 $9 $22 
Restricted cash and cash equivalents525 454 — 3 38 33 3 2 
Restricted cash included in Other deferred debits and other assets50 50 — — — — — — 
Total cash, restricted cash, and cash equivalents$1,201 $663 $116 $220 $141 $55 $12 $24 
Balance at September 30, 2025
Cash and cash equivalents$1,533 $405 $364 $663 $93 $25 $6 $25 
Restricted cash and cash equivalents516 453 — 2 27 22 2 3 
Restricted cash included in Other deferred debits and other assets49 49 — — — — — — 
Total cash, restricted cash, and cash equivalents$2,098 $907 $364 $665 $120 $47 $8 $28 
Balance at December 31, 2024
Cash and cash equivalents$357 $105 $48 $33 $139 $30 $21 $14 
Restricted cash and cash equivalents541 486 — 1 24 21 2 — 
Restricted cash included in Other deferred debits and other assets41 41 — — — — — — 
Total cash, restricted cash, and cash equivalents$939 $632 $48 $34 $163 $51 $23 $14 
For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2025 Form 10-K.

Supplemental Balance Sheet Information
The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets.
Accrued expenses
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance at September 30, 2026
Compensation-related accruals(a)
$589 $201 $68 $71 $109 $30 $21 $16 
Taxes accrued243 102 14 34 125 91 24 10 
Interest accrued495 130 59 108 90 40 28 19 
Other accruals(b)
275 9 218 1 32 21 4 8 
Balance at December 31, 2025
Compensation-related accruals(a)
$705 $209 $96 $99 $125 $35 $24 $17 
Taxes accrued242 94 306 191 107 69 25 18 
Interest accrued538 155 75 55 92 49 18 20 
__________
(a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.
(b)Primarily relates to environmental and contingency reserves.
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v3.26.3
Debt and Credit Agreements (All Registrants) - Narrative (Details) - USD ($)
$ in Millions
9 Months Ended
Mar. 31, 2026
Sep. 30, 2026
Mar. 25, 2026
ShortTermDebt4Amend03252026      
Short-term Debt [Line Items]      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]    
ShortTermDebt3Amend03252026      
Short-term Debt [Line Items]      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]    
Corporate, Non-Segment | ShortTermDebt4Amend03252026      
Short-term Debt [Line Items]      
Short-term bank loans and notes payable     $ 350.0
Corporate, Non-Segment | ShortTermDebt3Amend03252026      
Short-term Debt [Line Items]      
Short-term bank loans and notes payable     $ 150.0
Delmarva Power and Light Company | FMB360DueJan2031 | First Mortgage      
Short-term Debt [Line Items]      
Amount   $ 78.4  
Interest Rate   3.60%  
Revolving Credit Facility | Corporate, Non-Segment      
Short-term Debt [Line Items]      
Line of credit facility, maximum amount outstanding during period   $ 0.0  
Line of credit facility, maximum borrowing capacity   900.0  
Revolving Credit Facility | Commonwealth Edison Co      
Short-term Debt [Line Items]      
Line of credit facility, maximum amount outstanding during period   0.0  
Line of credit facility, maximum borrowing capacity   1,000.0  
Revolving Credit Facility | PECO Energy Co      
Short-term Debt [Line Items]      
Line of credit facility, maximum amount outstanding during period   0.0  
Line of credit facility, maximum borrowing capacity   600.0  
Revolving Credit Facility | Baltimore Gas and Electric Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum amount outstanding during period   0.0  
Line of credit facility, maximum borrowing capacity   600.0  
Revolving Credit Facility | Potomac Electric Power Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum amount outstanding during period   0.0  
Line of credit facility, maximum borrowing capacity   300.0  
Revolving Credit Facility | Delmarva Power and Light Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum amount outstanding during period   0.0  
Line of credit facility, maximum borrowing capacity   300.0  
Revolving Credit Facility | Atlantic City Electric Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum amount outstanding during period   0.0  
Line of credit facility, maximum borrowing capacity   300.0  
Letter of Credit | Commonwealth Edison Co      
Short-term Debt [Line Items]      
Line of credit facility, maximum borrowing capacity   40.0  
Letter of Credit | PECO Energy Co      
Short-term Debt [Line Items]      
Line of credit facility, maximum borrowing capacity   40.0  
Letter of Credit | Baltimore Gas and Electric Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum borrowing capacity   15.0  
Letter of Credit | Potomac Electric Power Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum borrowing capacity   15.0  
Letter of Credit | Delmarva Power and Light Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum borrowing capacity   15.0  
Letter of Credit | Atlantic City Electric Company      
Short-term Debt [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 15.0  
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v3.26.3
Fair Value of Financial Assets and Liabilities (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Liabilities Recorded at Amortized Cost
The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of September 30, 2026 and December 31, 2025. The Registrants have no financial liabilities measured using the NAV practical expedient.
The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
September 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon (b)
$51,869 $— $39,524 $4,468 $43,992 $49,078 $— $40,637 $4,318 $44,955 
ComEd13,667 — 11,186 — 11,186 12,753 — 11,291 — 11,291 
PECO7,143 — 5,798 — 5,798 6,396 — 5,593 — 5,593 
BGE6,610 — 5,568 — 5,568 6,041 — 5,510 — 5,510 
PHI10,134 — 3,904 4,468 8,372 9,590 — 4,236 4,318 8,554 
Pepco4,940 — 2,312 1,986 4,298 4,632 — 2,546 1,861 4,407 
DPL2,498 — 607 1,427 2,034 2,344 — 657 1,410 2,067 
ACE2,136 — 785 1,055 1,840 2,033 — 819 1,047 1,866 
Long-Term Debt to Financing Trusts
Exelon$390 $— $— $388 $388 $390 $— $— $403 $403 
ComEd206 — — 206 206 206 — — 216 216 
PECO184 — — 182 182 184 — — 187 187 
__________
(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 9 — Leases of the 2025 Form 10-K for finance lease liabilities.
(b)Includes the net carrying amount and the estimated fair value (Level 2) of the Convertible Senior Notes $1 billion and $964 million for the quarter ended September 30, 2026, respectively.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2026 and 2025:
ExelonComEdPHI and Pepco
Three Months Ended September 30, 2026Total Commodity
Derivatives
Life Insurance Contracts
Balance at June 30, 2026$(109)$(128)$19 
Total realized / unrealized gains (losses)
Included in net income(a)
— — — 
Included in regulatory assets/liabilities(b)
11 11 — 
Settlements— — — 
Balance at September 30, 2026(c)
$(98)$(117)$19 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2026$— $— $— 
ExelonComEdPHI and Pepco
Three Months Ended September 30, 2025Total Commodity
Derivatives
Life Insurance Contracts
Balance at June 30, 2025$(112)$(135)$22 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — — 
Included in regulatory assets/liabilities(b)
7 7 — 
Settlements(1)— (1)
Balance at September 30, 2025(c)
$(105)$(128)$21 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2025$(1)$— $— 
ExelonComEdPHI and Pepco
Nine Months Ended September 30, 2026Total Commodity
Derivatives
Life Insurance Contracts
Balance at December 31, 2025$(110)$(131)$20 
Total realized / unrealized gains (losses)
Included in net income(a)
— — — 
Included in regulatory assets/liabilities(b)
14 14 — 
Settlements(2)— (1)
Balance at September 30, 2026(c)
$(98)$(117)$19 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2026$— $— $— 
ExelonComEdPHI and Pepco
Nine Months Ended September 30, 2025Total Commodity
Derivatives
Life Insurance Contracts
Balance at December 31, 2024$(110)$(132)$21 
Total realized / unrealized gains (losses)
Included in net income(a)
2 — 1 
Included in regulatory assets/liabilities(b)
4 4 — 
Settlements(1)— (1)
Balance at September 30, 2025(c)
$(105)$(128)$21 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2025$1 $— $1 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)For ComEd, this includes $8 million of increases in fair value and an increase for realized gains due to settlements of $3 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2026. Includes $1 million of increases in fair value and an increase for realized gains due to settlements of $6 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2025. Includes $8 million of decreases in fair value and an increase for realized gains due to settlements of $22 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2026. Includes $29 million of decreases in fair value and an increase for realized gains due to settlements of $33 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2025.
(c)For ComEd, the balance of the current and noncurrent asset was zero as of September 30, 2026. The balance consists of a current and noncurrent liability of $21 million and $96 million, respectively, as of September 30, 2026.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique
The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value at September 30, 2026Fair Value at December 31, 2025Valuation
Technique
Unobservable
Input
2026 Range & Arithmetic Average2025 Range & Arithmetic Average
Commodity derivatives$(117)$(131)Discounted
Cash Flow
Forward power price(a)
$26.75-$66.55$43.02$29.75-$61.84$41.95
________
(a)An increase to the forward power price would increase the fair value.
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v3.26.3
Fair Value Measures and Disclosures - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]    
Mark-to-market derivative liabilities (current liabilities) $ 21 $ 30
Mark-to-market derivative liabilities (noncurrent liabilities) 96 106
Commonwealth Edison Co    
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]    
Mark-to-market derivative liabilities (current liabilities) 21 25
Mark-to-market derivative liabilities (noncurrent liabilities) 96 106
Fair Value, Recurring [Member]    
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]    
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Fair Value, Recurring [Member] | Commonwealth Edison Co    
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Mark-to-market derivative liabilities (current liabilities) 21 25
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Cash and Cash Equivalents, Fair Value Disclosure $ 5 $ 2
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Segment Information - Narrative (Details)
9 Months Ended
Sep. 30, 2026
Reportable_segment
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Number of reportable segments 6
Pepco Holdings LLC  
Segment Reporting [Line Items]  
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Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
May 02, 2025
Common Stock Issuances [Line Items]                    
Issuance of common stock               $ 483 $ 173  
Issuance of Common Stock (in shares) 2,327 8,682         4,031      
2026 QTD [Abstract]                    
Schedule of Capitalization, Equity [Line Items]                    
Stock Issued During Period, Shares, New Issues 16,500             16,500    
2026 YTD [Abstract]                    
Schedule of Capitalization, Equity [Line Items]                    
Stock Issued During Period, Shares, New Issues 16,300             16,300    
Agreement Four                    
Schedule of Capitalization, Equity [Line Items]                    
Stock Issued During Period, Shares, New Issues     5,400              
Share Price     $ 47.67              
Agreement Five                    
Schedule of Capitalization, Equity [Line Items]                    
Stock Issued During Period, Shares, New Issues     6,400              
Share Price     $ 48.68              
Agreement Three                    
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Stock Issued During Period, Shares, New Issues           3,600        
Share Price           $ 43.17        
Agreement Two                    
Schedule of Capitalization, Equity [Line Items]                    
Stock Issued During Period, Shares, New Issues       800 11,500       11,500  
Share Price       $ 45.42 $ 43.73          
Equity Distribution Agreement                    
Common Stock Issuances [Line Items]                    
Issuance of common stock $ 101 $ 382                
Issuance of Common Stock (in shares) 2,300 8,700                
Equity Distribution Agreement | Weighted-Average Net Price                    
Common Stock Issuances [Line Items]                    
Share Price $ 43.29 $ 44.03           $ 43.29    
Common Stock                    
Schedule of Capitalization, Equity [Line Items]                    
Equity Distribution Agreement $ 1,000             $ 1,000   $ 2,500
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Retirement Benefits - Allocated Portion of Pension and Postretirement Benefit Plan Costs (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     $ 196 $ 204
Pension and other post retirement benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs $ 67 $ 68 196 204
Commonwealth Edison Co        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     80 64
Commonwealth Edison Co | Pension and other post retirement benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs 26 22 80 64
PECO Energy Co        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     13 5
PECO Energy Co | Pension and other post retirement benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs 5 2 13 5
Baltimore Gas and Electric Company        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     21 46
Baltimore Gas and Electric Company | Pension and other post retirement benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs 7 16 21 46
Pepco Holdings LLC        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     62 72
Pepco Holdings LLC | Pension and other post retirement benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs 21 23 62 72
Potomac Electric Power Company        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     23 26
Potomac Electric Power Company | Pension and other post retirement benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs 9 8 23 26
Delmarva Power and Light Company        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     11 12
Delmarva Power and Light Company | Pension and other post retirement benefit [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs 4 4 11 12
Atlantic City Electric Company        
Defined Benefit Plan Disclosure [Line Items]        
Pension and Other Postretirement Benefits Costs     7 10
Atlantic City Electric Company | Pension and other post retirement benefit [Member]        
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Pension and Other Postretirement Benefits Costs $ 2 $ 3 $ 7 $ 10
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v3.26.3
Retirement Benefits - Narrative (Details)
$ in Millions
9 Months Ended
Sep. 30, 2026
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax $ (4)
Defined Benefit Plan Amounts Recognized In Regulatory Assets Before Tax 23
Defined Benefit Plan Amounts Recognized In Regulatory Liabilities Before Tax $ 1
Pension Plan, Defined Benefit [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected return on assets 7.00%
Discount rate 5.42%
Other Postretirement Benefit Plan, Defined Benefit [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected return on assets 6.50%
Discount rate 5.34%
Increase (Decrease) in Obligation, Pension Benefits $ 6
Increase (Decrease) in Obligation, Other Postretirement Benefits 10
Defined Benefit Plan, Plan Assets, Period Increase (Decrease) $ (2)
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v3.26.3
Debt and Credit Agreements (All Registrants) - Convertible Notes (Details) - Convertible Debt
9 Months Ended
Apr. 01, 2026
day
Dec. 04, 2025
USD ($)
$ / shares
Sep. 30, 2026
shares
Convertible Senior Notes Due Mar2029      
Convertible Senior Notes [Line Items]      
Amount | $   $ 1,000,000,000  
Debt Conversion, Converted Instrument, Amount | $   $ 1,000  
Debt Instrument, Convertible, Conversion Ratio   18  
Debt Instrument, Convertible, Conversion Price | $ / shares   $ 57  
Debt Instrument, Convertible, Conversion Premium   25.00%  
Convertible debt converted (in shares) | shares     0
Convertible Senior Notes Due Mar2029 | Debt Conversion Terms One      
Convertible Senior Notes [Line Items]      
Debt Instrument, Convertible, Threshold Trading Days | day 20    
Debt Instrument, Convertible, Threshold Consecutive Trading Days | day 30    
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger   130.00%  
Convertible Senior Notes Due Mar2029 | Debt Conversion Terms Two      
Convertible Senior Notes [Line Items]      
Debt Instrument, Convertible, Threshold Trading Days   5  
Debt Instrument, Convertible, Threshold Consecutive Trading Days   10  
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger   98.00%  
Senior Notes      
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Interest Rate   3.25%  
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$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Statement [Line Items]    
Accumulated depreciation and amortization $ 21,437 $ 20,080
Commonwealth Edison Co    
Statement [Line Items]    
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Sep. 30, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Amount Not Offset Against Collateral $ (117,000,000) $ (131,000,000)
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Derivatives, Fair Value [Line Items]    
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