Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Exelon Reports First Quarter 2022 Results By: Exelon Corporation via Business Wire May 09, 2022 at 08:37 AM EDT Earnings Release Highlights Exelon completed the separation of Constellation Energy Corporation (Constellation), Exelon’s former power generation and competitive energy business, becoming the nation’s premier transmission and distribution utility company GAAP Net Income from Continuing Operations of $0.49 per share and Adjusted (non-GAAP) Operating Earnings of $0.64 per share for the first quarter of 2022; Constellation’s results have been reclassified to discontinued operations Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share Continued strong utility operational performance, including ComEd delivering the most reliable service for customers in the first three months of the year for any year on record A settlement was approved by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s electric distribution rate case in March PECO filed a gas distribution rate case with the Pennsylvania Public Utility Commission (PAPUC) in March, seeking an increase in base rates to support significant investments in infrastructure to provide safe and reliable natural gas service and reduce methane emissions ComEd filed its last annual distribution formula rate update with the Illinois Commerce Commission (ICC) in April seeking an increase in base rates for 2023 to support investments needed to sustain record-level reliability performance and increase the integration of renewable energy into the system Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2022. “The first quarter was a milestone for Exelon as we successfully completed our separation of the generation business and embarked on our path as the nation’s premier transmission and distribution utility company,” said Exelon’s President and CEO Chris Crane. “At the same time, our focus on the fundamentals of operational and financial execution continued. Beyond delivering reliable and safe energy to our over 10 million customers, we also continued to live our core values. We awarded $2.4 million in scholarships to 24 students attending Historically Black Colleges and Universities, and opened applications for our $36 million Racial Equity Capital Fund to increase access to funding for small, minority-owned businesses in under-served communities.” “Adjusted (non-GAAP) Operating Earnings of $0.64 per share in the first quarter was driven in part by the recovery of costs associated with ongoing infrastructure investments to improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future,” said Exelon CFO Joe Nigro. “Our grid modernization investments, enabled by constructive regulatory relationships, continue to drive solid operational results and stable earnings across our utilities. For the remainder of the year, we will continue to deliver on our financial commitments and reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share.” First Quarter 2022 Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2022 decreased to $0.49 per share from $0.53 GAAP Net Income from Continuing Operations per share in the first quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $0.64 per share from $0.55 per share in the first quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4. Adjusted (non-GAAP) Operating Earnings in the first quarter of 2022 primarily reflect: Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates and rate increases at PECO, BGE, and PHI, partially offset by higher depreciation expense at BGE and PHI. Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules; one month of costs included in the first quarter of 2022 for the period prior to separation compared to three months of costs included in the first quarter of 2021. Operating Company Results1 ComEd ComEd's first quarter of 2022 GAAP Net Income decreased to $188 million from $197 million in the first quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $193 million from $198 million in the first quarter of 2021, primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement, partially offset by increases in electric distribution formula rate earnings (reflecting the impacts of higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. PECO PECO’s first quarter of 2022 GAAP Net Income increased to $206 million from $167 million in the first quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $208 million from $170 million in the first quarter of 2021, primarily due to distribution rate increases. ___________ 1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. BGE BGE’s first quarter of 2022 GAAP Net Income decreased to $198 million from $209 million in the first quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $200 million from $211 million in the first quarter of 2021, primarily due an increase in depreciation and various expenses, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns. PHI PHI’s first quarter of 2022 GAAP Net Income increased to $130 million from $128 million in the first quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $136 million from $130 million in the first quarter of 2021, primarily due to distribution and transmission rate increases, partially offset by an increase in storm costs and depreciation expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns. Recent Developments and First Quarter Highlights ComEd Distribution Formula Rate: On April 15, 2022, ComEd filed its annual distribution formula rate update with the ICC. The ICC approval is due by December 2022 and the rates will take effect in January 2023. The filing request includes an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing, which sunsets at the end of 2022. PECO Pennsylvania Natural Gas Distribution Rate Case: On March 31, 2022, PECO filed an application with the PAPUC to increase its annual natural gas rates by $82 million, reflecting an ROE of 10.95%. PECO currently expects a decision in the fourth quarter of 2022 but cannot predict if the PAPUC will approve the application as filed. DPL Maryland Electric Base Rate Case: On March 2, 2022, the MDPSC issued an order approving a $13 million increase in DPL's annual electric distribution revenues, reflecting an ROE of 9.60%. The rates were effective on March 2, 2022. Financing Activities: On March 7, 2022, Exelon Corporate issued $2,000 million of notes, consisting of $650 million of its 2.75% notes due March 15, 2027, $650 million of its 3.35% notes due March 15, 2032, and $700 million of its 4.10% notes due March 15, 2052. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2022, ComEd issued $750 million of First Mortgage Bonds, consisting of $300 million of its First Mortgage 3.15% Bonds, Series 132, due March 15, 2032 and $450 million of its First Mortgage 3.85% Bonds, Series 133, due March 15, 2052. ComEd used the proceeds to repay a portion of outstanding commercial paper obligations and to fund other general corporate purposes. On March 24, 2022, Pepco issued $400 million of its First Mortgage Bonds, 3.97% Series due March 24, 2052. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2022 GAAP Net Income (Loss) from Continuing Operations $ 0.49 $ 481 $ 188 $ 206 $ 198 $ 130 ERP System Implementation Costs (net of taxes of $0) — 1 — — — — Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively) 0.02 17 5 2 2 4 Income Tax-Related Adjustments (entire amount represents tax expense) 0.14 134 — — — 3 2022 Adjusted (non-GAAP) Operating Earnings $ 0.64 $ 634 $ 193 $ 208 $ 200 $ 136 Adjusted (non-GAAP) Operating Earnings for the first quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2021 GAAP Net Income (Loss) from Continuing Operations $ 0.53 $ 525 $ 197 $ 167 $ 209 $ 128 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) — (1 ) — — — — COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) — 2 — 1 1 — Acquisition Related Costs (net of taxes of $2) 0.01 6 — — — — ERP System Implementation Costs (net of taxes of $2, $0, $0, and $0, respectively) 0.01 5 — 1 1 1 Separation Costs (net of taxes of $1, $0, $0, and $0, respectively) 0.01 5 1 1 — 1 2021 Adjusted (non-GAAP) Operating Earnings $ 0.55 $ 542 $ 198 $ 170 $ 211 $ 130 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations. About Exelon Exelon is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 9, 2022. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2022 Quarterly Report on Form 10-Q (to be filed on May 9, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Earnings Release Attachments Table of Contents Consolidating Statement of Operations 2 Consolidated Balance Sheets 3 Consolidated Statements of Cash Flows 5 Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 6 Statistics ComEd 8 PECO 9 BGE 10 Pepco 11 DPL 12 ACE 13 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended March 31, 2022 Operating revenues $ 1,734 $ 1,047 $ 1,154 $ 1,404 $ (12 ) $ 5,327 Operating expenses Purchased power and fuel 638 407 454 579 — 2,078 Operating and maintenance 351 247 218 299 63 1,178 Depreciation and amortization 321 92 171 218 15 817 Taxes other than income taxes 96 47 76 119 16 354 Total operating expenses 1,406 793 919 1,215 94 4,427 Operating income (loss) 328 254 235 189 (106 ) 900 Other income and (deductions) Interest expense, net (100 ) (41 ) (35 ) (69 ) (93 ) (338 ) Other, net 12 7 7 17 94 137 Total other income and (deductions) (88 ) (34 ) (28 ) (52 ) 1 (201 ) Income from continuing operations before income taxes 240 220 207 137 (105 ) 699 Income taxes 52 14 9 7 136 218 Net income from continuing operations after income taxes 188 206 198 130 (241 ) 481 Net income (loss) from discontinued operations after income taxes — — — — 117 117 Net income (loss) 188 206 198 130 (124 ) 598 Net income attributable to noncontrolling interests — — — — 1 1 Net income (loss) attributable to common shareholders $ 188 $ 206 $ 198 $ 130 $ (125 ) $ 597 Three Months Ended March 31, 2021 Operating revenues $ 1,535 $ 889 $ 974 $ 1,244 $ (10 ) $ 4,632 Operating expenses Purchased power and fuel 527 316 331 479 (2 ) 1,651 Operating and maintenance 316 234 197 256 80 1,083 Depreciation and amortization 292 86 152 210 17 757 Taxes other than income taxes 75 43 72 113 14 317 Total operating expenses 1,210 679 752 1,058 109 3,808 Operating income (loss) 325 210 222 186 (119 ) 824 Other income and (deductions) Interest expense, net (96 ) (38 ) (34 ) (67 ) (83 ) (318 ) Other, net 7 5 8 17 21 58 Total other income and (deductions) (89 ) (33 ) (26 ) (50 ) (62 ) (260 ) Income from continuing operations before income taxes 236 177 196 136 (181 ) 564 Income taxes 39 10 (13 ) 8 (5 ) 39 Net income from continuing operations after income taxes 197 167 209 128 (176 ) 525 Net income (loss) from discontinued operations after income taxes — — — — (789 ) (789 ) Net income (loss) 197 167 209 128 (965 ) (264 ) Net income attributable to noncontrolling interests — — — — 25 25 Net income (loss) attributable to common shareholders $ 197 $ 167 $ 209 $ 128 $ (990 ) $ (289 ) Change in Net income from continuing operations 2021 to 2022 $ (9 ) $ 39 $ (11 ) $ 2 $ (65 ) $ (44 ) __________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. Exelon Consolidated Balance Sheets (unaudited) (in millions) March 31, 2022 December 31, 2021 Assets Current assets Cash and cash equivalents $ 2,476 $ 672 Restricted cash and cash equivalents 430 321 Accounts receivable Customer accounts receivable 2,365 2,189 Customer allowance for credit losses (389 ) (320 ) Customer accounts receivable, net 1,976 1,869 Other accounts receivable 1,148 1,068 Other allowance for credit losses (81 ) (72 ) Other accounts receivable, net 1,067 996 Inventories, net Fossil fuel and emission allowances 39 105 Materials and supplies 473 476 Regulatory assets 1,221 1,296 Other 463 387 Current assets of discontinued operations — 7,835 Total current assets 8,145 13,957 Property, plant, and equipment, net 65,465 64,558 Deferred debits and other assets Regulatory assets 8,200 8,224 Investments 244 250 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 2,969 — Other 1,045 885 Property, plant, and equipment, deferred debits, and other assets of discontinued operations — 38,509 Total deferred debits and other assets 19,088 54,498 Total assets $ 92,698 $ 133,013 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,900 $ 1,248 Long-term debt due within one year 2,154 2,153 Accounts payable 2,175 2,379 Accrued expenses 1,029 1,137 Payables to affiliates 6 5 Regulatory liabilities 394 376 Mark-to-market derivative liabilities — 18 Unamortized energy contract liabilities 13 89 Other 964 766 Current liabilities of discontinued operations — 7,940 Total current liabilities 8,635 16,111 Long-term debt 35,008 30,749 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 11,089 10,611 Asset retirement obligations 273 271 Pension obligations 1,447 2,051 Non-pension postretirement benefit obligations 800 811 Regulatory liabilities 9,192 9,628 Mark-to-market derivative liabilities 144 201 Unamortized energy contract liabilities 42 146 Other 2,187 1,573 Long-term debt, deferred credits, and other liabilities of discontinued operations — 25,676 Total deferred credits and other liabilities 25,174 50,968 Total liabilities 69,207 98,218 Commitments and contingencies Shareholders’ equity Common stock 20,299 20,324 Treasury stock, at cost (123 ) (123 ) Retained earnings 4,028 16,942 Accumulated other comprehensive loss, net (713 ) (2,750 ) Total shareholders’ equity 23,491 34,393 Noncontrolling interests — 402 Total equity 23,491 34,795 Total liabilities and shareholders’ equity $ 92,698 $ 133,013 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2022 2021 Cash flows from operating activities Net income $ 598 $ (264 ) Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 1,024 2,104 Asset impairments — 1 Gain on sales of assets and businesses (10 ) (71 ) Deferred income taxes and amortization of investment tax credits 110 (142 ) Net fair value changes related to derivatives (59 ) (178 ) Net realized and unrealized losses (gains) on NDT funds 205 (118 ) Net unrealized losses on equity investments 16 23 Other non-cash operating activities 232 (170 ) Changes in assets and liabilities: Accounts receivable (711 ) (372 ) Inventories 125 77 Accounts payable and accrued expenses 291 (176 ) Option premiums (paid) received, net (39 ) 16 Collateral received, net 1,142 273 Income taxes 77 113 Pension and non-pension postretirement benefit contributions (574 ) (537 ) Other assets and liabilities (645 ) (1,840 ) Net cash flows provided by (used in) operating activities 1,782 (1,261 ) Cash flows from investing activities Capital expenditures (1,922 ) (2,140 ) Proceeds from NDT fund sales 488 2,908 Investment in NDT funds (516 ) (2,939 ) Collection of DPP 169 1,574 Proceeds from sales of assets and businesses 16 680 Other investing activities (54 ) 12 Net cash flows (used in) provided by investing activities (1,819 ) 95 Cash flows from financing activities Changes in short-term borrowings (700 ) 597 Proceeds from short-term borrowings with maturities greater than 90 days 1,150 500 Repayments on short-term borrowings with maturities greater than 90 days (350 ) — Issuance of long-term debt 4,301 1,705 Retirement of long-term debt (6 ) (79 ) Dividends paid on common stock (332 ) (374 ) Proceeds from employee stock plans 9 31 Transfer of cash, restricted cash, and cash equivalents to Constellation (2,594 ) — Other financing activities (62 ) (46 ) Net cash flows provided by financing activities 1,416 2,334 Increase in cash, restricted cash, and cash equivalents 1,379 1,168 Cash, restricted cash, and cash equivalents at beginning of period 1,619 1,166 Cash, restricted cash, and cash equivalents at end of period $ 2,998 $ 2,334 Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2022 and 2021 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2021 GAAP Net Income (Loss) from Continuing Operations $ 0.53 $ 197 $ 167 $ 209 $ 128 $ (176 ) $ 525 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) — — — — — (1 ) (1 ) COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) (1) — — 1 1 — — 2 Acquisition Related Costs (net of taxes of $2) (2) 0.01 — — — — 6 6 ERP System Implementation Costs (net of taxes of $0, $0, $0, $1, and $2, respectively) (3) 0.01 — 1 1 1 2 5 Separation Costs (net of taxes of $0, $0, $0, $1, and $1, respectively) (4) 0.01 1 1 — 1 2 5 2021 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.55 $ 198 $ 170 $ 211 $ 130 $ (167 ) $ 542 Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: Weather $ (0.01 ) $ — (b) $ (6 ) $ — (b) $ 1 (b) $ — $ (5 ) Load 0.02 — (b) 10 — (b) 5 (b) — 15 Distribution and Transmission Rates (6) 0.09 13 (c) 36 (c) 6 (c) 30 (c) — 85 Other Energy Delivery (7) 0.08 50 (c) 8 (c) 20 (c) 5 (c) — 83 Operating and Maintenance Expense (8) (0.08 ) (25 ) (11 ) (17 ) (30 ) — (83 ) Pension and Non-Pension Postretirement Benefits 0.01 5 1 2 1 3 12 Depreciation and Amortization Expense (9) (0.04 ) (21 ) (4 ) (14 ) (6 ) 2 (43 ) Other (10) 0.02 (27 ) 4 (8 ) — 59 28 Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings $ 0.09 $ (5 ) $ 38 $ (11 ) $ 6 $ 64 $ 92 2022 GAAP Net Income (Loss) from Continuing Operations $ 0.49 $ 188 $ 206 $ 198 $ 130 $ (241 ) $ 481 ERP System Implementation Costs (net of taxes of $0) (3) — — — — — 1 1 Separation Costs (net of taxes of $2, $1, $1, $1, $1, and $7, respectively) (4) 0.02 5 2 2 4 4 17 Income Tax-Related Adjustments (entire amount represents tax expense) (5) 0.14 — — — 3 131 134 2022 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.64 $ 193 $ 208 $ 200 $ 136 $ (103 ) $ 634 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense. (2) Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules. (3) Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense. (4) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. (5) In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs. (6) For ComEd, reflects increased electric distribution revenues due to higher rate base and higher allowed electric distribution ROE driven by an increase in treasury rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (7) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. (8) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For BGE, reflects higher credit loss expense. For PHI, includes increased storm costs. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (Q1 2022 includes one month of costs for the period prior to the separation compared to three months of costs included in Q1 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). (9) Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. (10) For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense. ComEd Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 6,751 6,685 1.0 % (1.2 ) % $ 857 $ 741 15.7 % Small commercial & industrial 7,504 7,266 3.3 % 2.3 % 423 367 15.3 % Large commercial & industrial 6,746 6,479 4.1 % 3.6 % 153 134 14.2 % Public authorities & electric railroads 257 267 (3.7 ) % (3.8 ) % 14 11 27.3 % Other(b) — — n/a n/a 239 220 8.6 % Total rate-regulated electric revenues(c) 21,258 20,697 2.7 % 1.5 % 1,686 1,473 14.5 % Other Rate-Regulated Revenues(d) 48 62 (22.6 ) % Total Electric Revenues $ 1,734 $ 1,535 13.0 % Purchased Power $ 638 $ 527 21.1 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 3,165 2,989 3,085 5.9 % 2.6 % Number of Electric Customers 2022 2021 Residential 3,713,397 3,696,208 Small commercial & industrial 390,994 388,483 Large commercial & industrial 1,882 1,863 Public authorities & electric railroads 4,838 4,876 Total 4,111,111 4,091,430 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $6 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 3,758 3,767 (0.2 ) % 1.1 % $ 487 $ 433 12.5 % Small commercial & industrial 1,937 1,881 3.0 % 3.4 % 111 100 11.0 % Large commercial & industrial 3,332 3,272 1.8 % 1.9 % 64 57 12.3 % Public authorities & electric railroads 182 149 22.1 % 22.4 % 8 9 (11.1 ) % Other(b) — — n/a n/a 62 52 19.2 % Total rate-regulated electric revenues(c) 9,209 9,069 1.5 % 2.2 % 732 651 12.4 % Other Rate-Regulated Revenues(d) 9 10 (10.0 ) % Total Electric Revenues 741 661 12.1 % Natural Gas (in mmcfs) Rate-Regulated Natural Gas Deliveries and Revenues(e) Residential 20,837 20,674 0.8 % 4.3 % 218 160 36.3 % Small commercial & industrial 10,546 10,170 3.7 % 5.8 % 76 59 28.8 % Large commercial & industrial 10 7 42.9 % 10.2 % — — N/A Transportation 7,639 7,650 (0.1 ) % 0.7 % 8 7 14.3 % Other(f) — — n/a n/a 3 2 50.0 % Total rate-regulated natural gas revenues(g) 39,032 38,501 1.4 % 4.0 % 305 228 33.8 % Other Rate-Regulated Revenues(d) 1 — 100.0 % Total Natural Gas Revenues 306 228 34.2 % Total Electric and Natural Gas Revenues $ 1,047 $ 889 17.8 % Purchased Power and Fuel $ 407 $ 316 28.8 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,228 2,302 2,416 (3.2 ) % (7.8 ) % Cooling Degree-Days 1 5 1 (80.0 ) % — % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 1,521,255 1,512,255 Residential 499,188 493,857 Small commercial & industrial 155,485 154,637 Small commercial & industrial 44,959 44,604 Large commercial & industrial 3,102 3,109 Large commercial & industrial 5 5 Public authorities & electric railroads 10,342 10,237 Transportation 664 685 Total 1,690,184 1,680,238 Total 544,816 539,151 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021 (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling less than $1 million for both the three months ended March 31, 2022 and 2021. BGE Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 3,569 3,538 0.9 % (1.3 ) % $ 417 $ 362 15.2 % Small commercial & industrial 736 723 1.8 % 0.9 % 81 69 17.4 % Large commercial & industrial 3,173 3,109 2.1 % 2.0 % 131 105 24.8 % Public authorities & electric railroads 53 48 10.4 % 7.4 % 7 7 — % Other(b) — — n/a n/a 97 77 26.0 % Total rate-regulated electric revenues(c) 7,531 7,418 1.5 % 0.3 % 733 620 18.2 % Other Rate-Regulated Revenues(d) 3 12 (75.0 ) % Total Electric Revenues 736 632 16.5 % Natural Gas (in mmcfs) Rate-Regulated Natural Gas Deliveries and Revenues(e) Residential 21,118 18,451 14.5 % 10.6 % 282 216 30.6 % Small commercial & industrial 4,662 4,019 16.0 % 10.3 % 45 35 28.6 % Large commercial & industrial 14,743 14,039 5.0 % 4.0 % 65 54 20.4 % Other(f) 4,460 7,610 (41.4 ) % n/a 35 31 12.9 % Total rate-regulated natural gas revenues(g) 44,983 44,119 2.0 % 8.1 % 427 336 27.1 % Other Rate-Regulated Revenues(d) (9 ) 6 (250.0 ) % Total Natural Gas Revenues 418 342 22.2 % Total Electric and Natural Gas Revenues $ 1,154 $ 974 18.5 % Purchased Power and Fuel $ 454 $ 331 37.2 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,241 2,197 2,388 2.0 % (6.2 ) % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 1,199,272 1,192,470 Residential 653,397 648,824 Small commercial & industrial 115,363 114,819 Small commercial & industrial 38,356 38,318 Large commercial & industrial 12,674 12,505 Large commercial & industrial 6,193 6,120 Public authorities & electric railroads 268 266 Total 697,946 693,262 Total 1,327,577 1,320,060 __________ (a) Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively. Pepco Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 2,287 2,219 3.1 % 2.9 % $ 275 $ 253 8.7 % Small commercial & industrial 299 298 0.3 % (0.4 ) % 38 33 15.2 % Large commercial & industrial 3,249 3,054 6.4 % 5.6 % 253 184 37.5 % Public authorities & electric railroads 150 124 21.0 % 21.7 % 8 6 33.3 % Other(b) — — n/a n/a 46 51 (9.8 ) % Total rate-regulated electric revenues(c) 5,985 5,695 5.1 % 4.6 % 620 527 17.6 % Other Rate-Regulated Revenues(d) (6 ) 26 (123.1 ) % Total Electric Revenues $ 614 $ 553 11.0 % Purchased Power $ 213 $ 166 28.3 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,013 2,012 2,113 — % (4.7 ) % Cooling Degree-Days 6 7 3 (14.3 ) % 100.0 % Number of Electric Customers 2022 2021 Residential 846,258 835,415 Small commercial & industrial 54,509 53,738 Large commercial & industrial 22,620 22,492 Public authorities & electric railroads 184 174 Total 923,571 911,819 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charge revenues. DPL Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 1,577 1,520 3.8 % 2.6 % $ 207 $ 190 8.9 % Small commercial & industrial 606 559 8.4 % 7.9 % 56 46 21.7 % Large commercial & industrial 1,015 919 10.4 % 10.2 % 26 21 23.8 % Public authorities & electric railroads 12 12 — % 5.2 % 4 4 — % Other(b) — — n/a n/a 56 41 36.6 % Total rate-regulated electric revenues(c) 3,210 3,010 6.6 % 5.9 % 349 302 15.6 % Other Rate-Regulated Revenues(d) (1 ) 9 (111.1 ) % Total Electric Revenues 348 311 11.9 % Natural Gas (in mmcfs) Rate-Regulated Gas Deliveries and Revenues(e) Residential 4,453 4,394 1.3 % 0.3 % 51 46 10.9 % Small commercial & industrial 1,983 1,868 6.2 % 6.0 % 21 18 16.7 % Large commercial & industrial 457 457 — % 0.1 % 3 2 50.0 % Transportation 2,207 2,224 (0.8 ) % (0.7 ) % 4 4 — % Other(g) — — n/a n/a 4 1 300.0 % Total rate-regulated natural gas revenues 9,100 8,943 1.8 % 1.3 % 83 71 16.9 % Other Rate-Regulated Revenues(f) — — n/a Total Natural Gas Revenues 83 71 16.9 % Total Electric and Natural Gas Revenues $ 431 $ 382 12.8 % Purchased Power and Fuel $ 189 $ 156 21.2 % Electric Service Territory % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,264 2,269 2,402 (0.2 ) % (5.7 ) % Cooling Degree-Days 4 5 1 (20.0 ) % 300.0 % Natural Gas Service Territory % Change Heating Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,355 2,358 2,500 (0.1 ) % (5.8 ) % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 478,009 473,917 Residential 128,695 127,522 Small commercial & industrial 63,296 62,647 Small commercial & industrial 10,097 10,043 Large commercial & industrial 1,221 1,208 Large commercial & industrial 17 19 Public authorities & electric railroads 603 608 Transportation 159 160 Total 543,129 538,380 Total 138,968 137,744 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. ACE Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 918 928 (1.1 ) % (2.3 ) % $ 170 $ 162 4.9 % Small commercial & industrial 339 305 11.1 % 9.7 % 47 39 20.5 % Large commercial & industrial 703 716 (1.8 ) % (2.4 ) % 44 43 2.3 % Public authorities & electric railroads 14 13 7.7 % 6.2 % 4 3 33.3 % Other(b) — — n/a n/a 81 52 55.8 % Total rate-regulated electric revenues(c) 1,974 1,962 0.6 % (0.4 ) % 346 299 15.7 % Other Rate-Regulated Revenues(d) 3 11 (72.7 ) % Total Electric Revenues $ 349 $ 310 12.6 % Purchased Power $ 178 $ 157 13.4 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,436 2,348 2,454 3.7 % (0.7 ) % Cooling Degree-Days 2 4 1 (50.0 ) % 100.0 % Number of Electric Customers 2022 2021 Residential 500,511 498,396 Small commercial & industrial 62,124 61,771 Large commercial & industrial 3,124 3,267 Public authorities & electric railroads 724 704 Total 566,483 564,138 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20220509005511/en/Contacts Elizabeth Keating Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Exelon Reports First Quarter 2022 Results By: Exelon Corporation via Business Wire May 09, 2022 at 08:37 AM EDT Earnings Release Highlights Exelon completed the separation of Constellation Energy Corporation (Constellation), Exelon’s former power generation and competitive energy business, becoming the nation’s premier transmission and distribution utility company GAAP Net Income from Continuing Operations of $0.49 per share and Adjusted (non-GAAP) Operating Earnings of $0.64 per share for the first quarter of 2022; Constellation’s results have been reclassified to discontinued operations Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share Continued strong utility operational performance, including ComEd delivering the most reliable service for customers in the first three months of the year for any year on record A settlement was approved by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s electric distribution rate case in March PECO filed a gas distribution rate case with the Pennsylvania Public Utility Commission (PAPUC) in March, seeking an increase in base rates to support significant investments in infrastructure to provide safe and reliable natural gas service and reduce methane emissions ComEd filed its last annual distribution formula rate update with the Illinois Commerce Commission (ICC) in April seeking an increase in base rates for 2023 to support investments needed to sustain record-level reliability performance and increase the integration of renewable energy into the system Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2022. “The first quarter was a milestone for Exelon as we successfully completed our separation of the generation business and embarked on our path as the nation’s premier transmission and distribution utility company,” said Exelon’s President and CEO Chris Crane. “At the same time, our focus on the fundamentals of operational and financial execution continued. Beyond delivering reliable and safe energy to our over 10 million customers, we also continued to live our core values. We awarded $2.4 million in scholarships to 24 students attending Historically Black Colleges and Universities, and opened applications for our $36 million Racial Equity Capital Fund to increase access to funding for small, minority-owned businesses in under-served communities.” “Adjusted (non-GAAP) Operating Earnings of $0.64 per share in the first quarter was driven in part by the recovery of costs associated with ongoing infrastructure investments to improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future,” said Exelon CFO Joe Nigro. “Our grid modernization investments, enabled by constructive regulatory relationships, continue to drive solid operational results and stable earnings across our utilities. For the remainder of the year, we will continue to deliver on our financial commitments and reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share.” First Quarter 2022 Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2022 decreased to $0.49 per share from $0.53 GAAP Net Income from Continuing Operations per share in the first quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $0.64 per share from $0.55 per share in the first quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4. Adjusted (non-GAAP) Operating Earnings in the first quarter of 2022 primarily reflect: Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates and rate increases at PECO, BGE, and PHI, partially offset by higher depreciation expense at BGE and PHI. Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules; one month of costs included in the first quarter of 2022 for the period prior to separation compared to three months of costs included in the first quarter of 2021. Operating Company Results1 ComEd ComEd's first quarter of 2022 GAAP Net Income decreased to $188 million from $197 million in the first quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $193 million from $198 million in the first quarter of 2021, primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement, partially offset by increases in electric distribution formula rate earnings (reflecting the impacts of higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. PECO PECO’s first quarter of 2022 GAAP Net Income increased to $206 million from $167 million in the first quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $208 million from $170 million in the first quarter of 2021, primarily due to distribution rate increases. ___________ 1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. BGE BGE’s first quarter of 2022 GAAP Net Income decreased to $198 million from $209 million in the first quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $200 million from $211 million in the first quarter of 2021, primarily due an increase in depreciation and various expenses, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns. PHI PHI’s first quarter of 2022 GAAP Net Income increased to $130 million from $128 million in the first quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $136 million from $130 million in the first quarter of 2021, primarily due to distribution and transmission rate increases, partially offset by an increase in storm costs and depreciation expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns. Recent Developments and First Quarter Highlights ComEd Distribution Formula Rate: On April 15, 2022, ComEd filed its annual distribution formula rate update with the ICC. The ICC approval is due by December 2022 and the rates will take effect in January 2023. The filing request includes an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing, which sunsets at the end of 2022. PECO Pennsylvania Natural Gas Distribution Rate Case: On March 31, 2022, PECO filed an application with the PAPUC to increase its annual natural gas rates by $82 million, reflecting an ROE of 10.95%. PECO currently expects a decision in the fourth quarter of 2022 but cannot predict if the PAPUC will approve the application as filed. DPL Maryland Electric Base Rate Case: On March 2, 2022, the MDPSC issued an order approving a $13 million increase in DPL's annual electric distribution revenues, reflecting an ROE of 9.60%. The rates were effective on March 2, 2022. Financing Activities: On March 7, 2022, Exelon Corporate issued $2,000 million of notes, consisting of $650 million of its 2.75% notes due March 15, 2027, $650 million of its 3.35% notes due March 15, 2032, and $700 million of its 4.10% notes due March 15, 2052. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2022, ComEd issued $750 million of First Mortgage Bonds, consisting of $300 million of its First Mortgage 3.15% Bonds, Series 132, due March 15, 2032 and $450 million of its First Mortgage 3.85% Bonds, Series 133, due March 15, 2052. ComEd used the proceeds to repay a portion of outstanding commercial paper obligations and to fund other general corporate purposes. On March 24, 2022, Pepco issued $400 million of its First Mortgage Bonds, 3.97% Series due March 24, 2052. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2022 GAAP Net Income (Loss) from Continuing Operations $ 0.49 $ 481 $ 188 $ 206 $ 198 $ 130 ERP System Implementation Costs (net of taxes of $0) — 1 — — — — Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively) 0.02 17 5 2 2 4 Income Tax-Related Adjustments (entire amount represents tax expense) 0.14 134 — — — 3 2022 Adjusted (non-GAAP) Operating Earnings $ 0.64 $ 634 $ 193 $ 208 $ 200 $ 136 Adjusted (non-GAAP) Operating Earnings for the first quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2021 GAAP Net Income (Loss) from Continuing Operations $ 0.53 $ 525 $ 197 $ 167 $ 209 $ 128 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) — (1 ) — — — — COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) — 2 — 1 1 — Acquisition Related Costs (net of taxes of $2) 0.01 6 — — — — ERP System Implementation Costs (net of taxes of $2, $0, $0, and $0, respectively) 0.01 5 — 1 1 1 Separation Costs (net of taxes of $1, $0, $0, and $0, respectively) 0.01 5 1 1 — 1 2021 Adjusted (non-GAAP) Operating Earnings $ 0.55 $ 542 $ 198 $ 170 $ 211 $ 130 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations. About Exelon Exelon is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 9, 2022. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2022 Quarterly Report on Form 10-Q (to be filed on May 9, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Earnings Release Attachments Table of Contents Consolidating Statement of Operations 2 Consolidated Balance Sheets 3 Consolidated Statements of Cash Flows 5 Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 6 Statistics ComEd 8 PECO 9 BGE 10 Pepco 11 DPL 12 ACE 13 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended March 31, 2022 Operating revenues $ 1,734 $ 1,047 $ 1,154 $ 1,404 $ (12 ) $ 5,327 Operating expenses Purchased power and fuel 638 407 454 579 — 2,078 Operating and maintenance 351 247 218 299 63 1,178 Depreciation and amortization 321 92 171 218 15 817 Taxes other than income taxes 96 47 76 119 16 354 Total operating expenses 1,406 793 919 1,215 94 4,427 Operating income (loss) 328 254 235 189 (106 ) 900 Other income and (deductions) Interest expense, net (100 ) (41 ) (35 ) (69 ) (93 ) (338 ) Other, net 12 7 7 17 94 137 Total other income and (deductions) (88 ) (34 ) (28 ) (52 ) 1 (201 ) Income from continuing operations before income taxes 240 220 207 137 (105 ) 699 Income taxes 52 14 9 7 136 218 Net income from continuing operations after income taxes 188 206 198 130 (241 ) 481 Net income (loss) from discontinued operations after income taxes — — — — 117 117 Net income (loss) 188 206 198 130 (124 ) 598 Net income attributable to noncontrolling interests — — — — 1 1 Net income (loss) attributable to common shareholders $ 188 $ 206 $ 198 $ 130 $ (125 ) $ 597 Three Months Ended March 31, 2021 Operating revenues $ 1,535 $ 889 $ 974 $ 1,244 $ (10 ) $ 4,632 Operating expenses Purchased power and fuel 527 316 331 479 (2 ) 1,651 Operating and maintenance 316 234 197 256 80 1,083 Depreciation and amortization 292 86 152 210 17 757 Taxes other than income taxes 75 43 72 113 14 317 Total operating expenses 1,210 679 752 1,058 109 3,808 Operating income (loss) 325 210 222 186 (119 ) 824 Other income and (deductions) Interest expense, net (96 ) (38 ) (34 ) (67 ) (83 ) (318 ) Other, net 7 5 8 17 21 58 Total other income and (deductions) (89 ) (33 ) (26 ) (50 ) (62 ) (260 ) Income from continuing operations before income taxes 236 177 196 136 (181 ) 564 Income taxes 39 10 (13 ) 8 (5 ) 39 Net income from continuing operations after income taxes 197 167 209 128 (176 ) 525 Net income (loss) from discontinued operations after income taxes — — — — (789 ) (789 ) Net income (loss) 197 167 209 128 (965 ) (264 ) Net income attributable to noncontrolling interests — — — — 25 25 Net income (loss) attributable to common shareholders $ 197 $ 167 $ 209 $ 128 $ (990 ) $ (289 ) Change in Net income from continuing operations 2021 to 2022 $ (9 ) $ 39 $ (11 ) $ 2 $ (65 ) $ (44 ) __________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. Exelon Consolidated Balance Sheets (unaudited) (in millions) March 31, 2022 December 31, 2021 Assets Current assets Cash and cash equivalents $ 2,476 $ 672 Restricted cash and cash equivalents 430 321 Accounts receivable Customer accounts receivable 2,365 2,189 Customer allowance for credit losses (389 ) (320 ) Customer accounts receivable, net 1,976 1,869 Other accounts receivable 1,148 1,068 Other allowance for credit losses (81 ) (72 ) Other accounts receivable, net 1,067 996 Inventories, net Fossil fuel and emission allowances 39 105 Materials and supplies 473 476 Regulatory assets 1,221 1,296 Other 463 387 Current assets of discontinued operations — 7,835 Total current assets 8,145 13,957 Property, plant, and equipment, net 65,465 64,558 Deferred debits and other assets Regulatory assets 8,200 8,224 Investments 244 250 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 2,969 — Other 1,045 885 Property, plant, and equipment, deferred debits, and other assets of discontinued operations — 38,509 Total deferred debits and other assets 19,088 54,498 Total assets $ 92,698 $ 133,013 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,900 $ 1,248 Long-term debt due within one year 2,154 2,153 Accounts payable 2,175 2,379 Accrued expenses 1,029 1,137 Payables to affiliates 6 5 Regulatory liabilities 394 376 Mark-to-market derivative liabilities — 18 Unamortized energy contract liabilities 13 89 Other 964 766 Current liabilities of discontinued operations — 7,940 Total current liabilities 8,635 16,111 Long-term debt 35,008 30,749 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 11,089 10,611 Asset retirement obligations 273 271 Pension obligations 1,447 2,051 Non-pension postretirement benefit obligations 800 811 Regulatory liabilities 9,192 9,628 Mark-to-market derivative liabilities 144 201 Unamortized energy contract liabilities 42 146 Other 2,187 1,573 Long-term debt, deferred credits, and other liabilities of discontinued operations — 25,676 Total deferred credits and other liabilities 25,174 50,968 Total liabilities 69,207 98,218 Commitments and contingencies Shareholders’ equity Common stock 20,299 20,324 Treasury stock, at cost (123 ) (123 ) Retained earnings 4,028 16,942 Accumulated other comprehensive loss, net (713 ) (2,750 ) Total shareholders’ equity 23,491 34,393 Noncontrolling interests — 402 Total equity 23,491 34,795 Total liabilities and shareholders’ equity $ 92,698 $ 133,013 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2022 2021 Cash flows from operating activities Net income $ 598 $ (264 ) Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 1,024 2,104 Asset impairments — 1 Gain on sales of assets and businesses (10 ) (71 ) Deferred income taxes and amortization of investment tax credits 110 (142 ) Net fair value changes related to derivatives (59 ) (178 ) Net realized and unrealized losses (gains) on NDT funds 205 (118 ) Net unrealized losses on equity investments 16 23 Other non-cash operating activities 232 (170 ) Changes in assets and liabilities: Accounts receivable (711 ) (372 ) Inventories 125 77 Accounts payable and accrued expenses 291 (176 ) Option premiums (paid) received, net (39 ) 16 Collateral received, net 1,142 273 Income taxes 77 113 Pension and non-pension postretirement benefit contributions (574 ) (537 ) Other assets and liabilities (645 ) (1,840 ) Net cash flows provided by (used in) operating activities 1,782 (1,261 ) Cash flows from investing activities Capital expenditures (1,922 ) (2,140 ) Proceeds from NDT fund sales 488 2,908 Investment in NDT funds (516 ) (2,939 ) Collection of DPP 169 1,574 Proceeds from sales of assets and businesses 16 680 Other investing activities (54 ) 12 Net cash flows (used in) provided by investing activities (1,819 ) 95 Cash flows from financing activities Changes in short-term borrowings (700 ) 597 Proceeds from short-term borrowings with maturities greater than 90 days 1,150 500 Repayments on short-term borrowings with maturities greater than 90 days (350 ) — Issuance of long-term debt 4,301 1,705 Retirement of long-term debt (6 ) (79 ) Dividends paid on common stock (332 ) (374 ) Proceeds from employee stock plans 9 31 Transfer of cash, restricted cash, and cash equivalents to Constellation (2,594 ) — Other financing activities (62 ) (46 ) Net cash flows provided by financing activities 1,416 2,334 Increase in cash, restricted cash, and cash equivalents 1,379 1,168 Cash, restricted cash, and cash equivalents at beginning of period 1,619 1,166 Cash, restricted cash, and cash equivalents at end of period $ 2,998 $ 2,334 Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2022 and 2021 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2021 GAAP Net Income (Loss) from Continuing Operations $ 0.53 $ 197 $ 167 $ 209 $ 128 $ (176 ) $ 525 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) — — — — — (1 ) (1 ) COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) (1) — — 1 1 — — 2 Acquisition Related Costs (net of taxes of $2) (2) 0.01 — — — — 6 6 ERP System Implementation Costs (net of taxes of $0, $0, $0, $1, and $2, respectively) (3) 0.01 — 1 1 1 2 5 Separation Costs (net of taxes of $0, $0, $0, $1, and $1, respectively) (4) 0.01 1 1 — 1 2 5 2021 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.55 $ 198 $ 170 $ 211 $ 130 $ (167 ) $ 542 Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: Weather $ (0.01 ) $ — (b) $ (6 ) $ — (b) $ 1 (b) $ — $ (5 ) Load 0.02 — (b) 10 — (b) 5 (b) — 15 Distribution and Transmission Rates (6) 0.09 13 (c) 36 (c) 6 (c) 30 (c) — 85 Other Energy Delivery (7) 0.08 50 (c) 8 (c) 20 (c) 5 (c) — 83 Operating and Maintenance Expense (8) (0.08 ) (25 ) (11 ) (17 ) (30 ) — (83 ) Pension and Non-Pension Postretirement Benefits 0.01 5 1 2 1 3 12 Depreciation and Amortization Expense (9) (0.04 ) (21 ) (4 ) (14 ) (6 ) 2 (43 ) Other (10) 0.02 (27 ) 4 (8 ) — 59 28 Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings $ 0.09 $ (5 ) $ 38 $ (11 ) $ 6 $ 64 $ 92 2022 GAAP Net Income (Loss) from Continuing Operations $ 0.49 $ 188 $ 206 $ 198 $ 130 $ (241 ) $ 481 ERP System Implementation Costs (net of taxes of $0) (3) — — — — — 1 1 Separation Costs (net of taxes of $2, $1, $1, $1, $1, and $7, respectively) (4) 0.02 5 2 2 4 4 17 Income Tax-Related Adjustments (entire amount represents tax expense) (5) 0.14 — — — 3 131 134 2022 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.64 $ 193 $ 208 $ 200 $ 136 $ (103 ) $ 634 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense. (2) Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules. (3) Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense. (4) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. (5) In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs. (6) For ComEd, reflects increased electric distribution revenues due to higher rate base and higher allowed electric distribution ROE driven by an increase in treasury rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (7) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. (8) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For BGE, reflects higher credit loss expense. For PHI, includes increased storm costs. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (Q1 2022 includes one month of costs for the period prior to the separation compared to three months of costs included in Q1 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). (9) Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. (10) For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense. ComEd Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 6,751 6,685 1.0 % (1.2 ) % $ 857 $ 741 15.7 % Small commercial & industrial 7,504 7,266 3.3 % 2.3 % 423 367 15.3 % Large commercial & industrial 6,746 6,479 4.1 % 3.6 % 153 134 14.2 % Public authorities & electric railroads 257 267 (3.7 ) % (3.8 ) % 14 11 27.3 % Other(b) — — n/a n/a 239 220 8.6 % Total rate-regulated electric revenues(c) 21,258 20,697 2.7 % 1.5 % 1,686 1,473 14.5 % Other Rate-Regulated Revenues(d) 48 62 (22.6 ) % Total Electric Revenues $ 1,734 $ 1,535 13.0 % Purchased Power $ 638 $ 527 21.1 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 3,165 2,989 3,085 5.9 % 2.6 % Number of Electric Customers 2022 2021 Residential 3,713,397 3,696,208 Small commercial & industrial 390,994 388,483 Large commercial & industrial 1,882 1,863 Public authorities & electric railroads 4,838 4,876 Total 4,111,111 4,091,430 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $6 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 3,758 3,767 (0.2 ) % 1.1 % $ 487 $ 433 12.5 % Small commercial & industrial 1,937 1,881 3.0 % 3.4 % 111 100 11.0 % Large commercial & industrial 3,332 3,272 1.8 % 1.9 % 64 57 12.3 % Public authorities & electric railroads 182 149 22.1 % 22.4 % 8 9 (11.1 ) % Other(b) — — n/a n/a 62 52 19.2 % Total rate-regulated electric revenues(c) 9,209 9,069 1.5 % 2.2 % 732 651 12.4 % Other Rate-Regulated Revenues(d) 9 10 (10.0 ) % Total Electric Revenues 741 661 12.1 % Natural Gas (in mmcfs) Rate-Regulated Natural Gas Deliveries and Revenues(e) Residential 20,837 20,674 0.8 % 4.3 % 218 160 36.3 % Small commercial & industrial 10,546 10,170 3.7 % 5.8 % 76 59 28.8 % Large commercial & industrial 10 7 42.9 % 10.2 % — — N/A Transportation 7,639 7,650 (0.1 ) % 0.7 % 8 7 14.3 % Other(f) — — n/a n/a 3 2 50.0 % Total rate-regulated natural gas revenues(g) 39,032 38,501 1.4 % 4.0 % 305 228 33.8 % Other Rate-Regulated Revenues(d) 1 — 100.0 % Total Natural Gas Revenues 306 228 34.2 % Total Electric and Natural Gas Revenues $ 1,047 $ 889 17.8 % Purchased Power and Fuel $ 407 $ 316 28.8 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,228 2,302 2,416 (3.2 ) % (7.8 ) % Cooling Degree-Days 1 5 1 (80.0 ) % — % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 1,521,255 1,512,255 Residential 499,188 493,857 Small commercial & industrial 155,485 154,637 Small commercial & industrial 44,959 44,604 Large commercial & industrial 3,102 3,109 Large commercial & industrial 5 5 Public authorities & electric railroads 10,342 10,237 Transportation 664 685 Total 1,690,184 1,680,238 Total 544,816 539,151 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021 (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling less than $1 million for both the three months ended March 31, 2022 and 2021. BGE Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 3,569 3,538 0.9 % (1.3 ) % $ 417 $ 362 15.2 % Small commercial & industrial 736 723 1.8 % 0.9 % 81 69 17.4 % Large commercial & industrial 3,173 3,109 2.1 % 2.0 % 131 105 24.8 % Public authorities & electric railroads 53 48 10.4 % 7.4 % 7 7 — % Other(b) — — n/a n/a 97 77 26.0 % Total rate-regulated electric revenues(c) 7,531 7,418 1.5 % 0.3 % 733 620 18.2 % Other Rate-Regulated Revenues(d) 3 12 (75.0 ) % Total Electric Revenues 736 632 16.5 % Natural Gas (in mmcfs) Rate-Regulated Natural Gas Deliveries and Revenues(e) Residential 21,118 18,451 14.5 % 10.6 % 282 216 30.6 % Small commercial & industrial 4,662 4,019 16.0 % 10.3 % 45 35 28.6 % Large commercial & industrial 14,743 14,039 5.0 % 4.0 % 65 54 20.4 % Other(f) 4,460 7,610 (41.4 ) % n/a 35 31 12.9 % Total rate-regulated natural gas revenues(g) 44,983 44,119 2.0 % 8.1 % 427 336 27.1 % Other Rate-Regulated Revenues(d) (9 ) 6 (250.0 ) % Total Natural Gas Revenues 418 342 22.2 % Total Electric and Natural Gas Revenues $ 1,154 $ 974 18.5 % Purchased Power and Fuel $ 454 $ 331 37.2 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,241 2,197 2,388 2.0 % (6.2 ) % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 1,199,272 1,192,470 Residential 653,397 648,824 Small commercial & industrial 115,363 114,819 Small commercial & industrial 38,356 38,318 Large commercial & industrial 12,674 12,505 Large commercial & industrial 6,193 6,120 Public authorities & electric railroads 268 266 Total 697,946 693,262 Total 1,327,577 1,320,060 __________ (a) Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively. Pepco Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 2,287 2,219 3.1 % 2.9 % $ 275 $ 253 8.7 % Small commercial & industrial 299 298 0.3 % (0.4 ) % 38 33 15.2 % Large commercial & industrial 3,249 3,054 6.4 % 5.6 % 253 184 37.5 % Public authorities & electric railroads 150 124 21.0 % 21.7 % 8 6 33.3 % Other(b) — — n/a n/a 46 51 (9.8 ) % Total rate-regulated electric revenues(c) 5,985 5,695 5.1 % 4.6 % 620 527 17.6 % Other Rate-Regulated Revenues(d) (6 ) 26 (123.1 ) % Total Electric Revenues $ 614 $ 553 11.0 % Purchased Power $ 213 $ 166 28.3 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,013 2,012 2,113 — % (4.7 ) % Cooling Degree-Days 6 7 3 (14.3 ) % 100.0 % Number of Electric Customers 2022 2021 Residential 846,258 835,415 Small commercial & industrial 54,509 53,738 Large commercial & industrial 22,620 22,492 Public authorities & electric railroads 184 174 Total 923,571 911,819 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charge revenues. DPL Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 1,577 1,520 3.8 % 2.6 % $ 207 $ 190 8.9 % Small commercial & industrial 606 559 8.4 % 7.9 % 56 46 21.7 % Large commercial & industrial 1,015 919 10.4 % 10.2 % 26 21 23.8 % Public authorities & electric railroads 12 12 — % 5.2 % 4 4 — % Other(b) — — n/a n/a 56 41 36.6 % Total rate-regulated electric revenues(c) 3,210 3,010 6.6 % 5.9 % 349 302 15.6 % Other Rate-Regulated Revenues(d) (1 ) 9 (111.1 ) % Total Electric Revenues 348 311 11.9 % Natural Gas (in mmcfs) Rate-Regulated Gas Deliveries and Revenues(e) Residential 4,453 4,394 1.3 % 0.3 % 51 46 10.9 % Small commercial & industrial 1,983 1,868 6.2 % 6.0 % 21 18 16.7 % Large commercial & industrial 457 457 — % 0.1 % 3 2 50.0 % Transportation 2,207 2,224 (0.8 ) % (0.7 ) % 4 4 — % Other(g) — — n/a n/a 4 1 300.0 % Total rate-regulated natural gas revenues 9,100 8,943 1.8 % 1.3 % 83 71 16.9 % Other Rate-Regulated Revenues(f) — — n/a Total Natural Gas Revenues 83 71 16.9 % Total Electric and Natural Gas Revenues $ 431 $ 382 12.8 % Purchased Power and Fuel $ 189 $ 156 21.2 % Electric Service Territory % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,264 2,269 2,402 (0.2 ) % (5.7 ) % Cooling Degree-Days 4 5 1 (20.0 ) % 300.0 % Natural Gas Service Territory % Change Heating Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,355 2,358 2,500 (0.1 ) % (5.8 ) % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 478,009 473,917 Residential 128,695 127,522 Small commercial & industrial 63,296 62,647 Small commercial & industrial 10,097 10,043 Large commercial & industrial 1,221 1,208 Large commercial & industrial 17 19 Public authorities & electric railroads 603 608 Transportation 159 160 Total 543,129 538,380 Total 138,968 137,744 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. ACE Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 918 928 (1.1 ) % (2.3 ) % $ 170 $ 162 4.9 % Small commercial & industrial 339 305 11.1 % 9.7 % 47 39 20.5 % Large commercial & industrial 703 716 (1.8 ) % (2.4 ) % 44 43 2.3 % Public authorities & electric railroads 14 13 7.7 % 6.2 % 4 3 33.3 % Other(b) — — n/a n/a 81 52 55.8 % Total rate-regulated electric revenues(c) 1,974 1,962 0.6 % (0.4 ) % 346 299 15.7 % Other Rate-Regulated Revenues(d) 3 11 (72.7 ) % Total Electric Revenues $ 349 $ 310 12.6 % Purchased Power $ 178 $ 157 13.4 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,436 2,348 2,454 3.7 % (0.7 ) % Cooling Degree-Days 2 4 1 (50.0 ) % 100.0 % Number of Electric Customers 2022 2021 Residential 500,511 498,396 Small commercial & industrial 62,124 61,771 Large commercial & industrial 3,124 3,267 Public authorities & electric railroads 724 704 Total 566,483 564,138 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20220509005511/en/Contacts Elizabeth Keating Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345
Earnings Release Highlights Exelon completed the separation of Constellation Energy Corporation (Constellation), Exelon’s former power generation and competitive energy business, becoming the nation’s premier transmission and distribution utility company GAAP Net Income from Continuing Operations of $0.49 per share and Adjusted (non-GAAP) Operating Earnings of $0.64 per share for the first quarter of 2022; Constellation’s results have been reclassified to discontinued operations Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share Continued strong utility operational performance, including ComEd delivering the most reliable service for customers in the first three months of the year for any year on record A settlement was approved by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s electric distribution rate case in March PECO filed a gas distribution rate case with the Pennsylvania Public Utility Commission (PAPUC) in March, seeking an increase in base rates to support significant investments in infrastructure to provide safe and reliable natural gas service and reduce methane emissions ComEd filed its last annual distribution formula rate update with the Illinois Commerce Commission (ICC) in April seeking an increase in base rates for 2023 to support investments needed to sustain record-level reliability performance and increase the integration of renewable energy into the system
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2022. “The first quarter was a milestone for Exelon as we successfully completed our separation of the generation business and embarked on our path as the nation’s premier transmission and distribution utility company,” said Exelon’s President and CEO Chris Crane. “At the same time, our focus on the fundamentals of operational and financial execution continued. Beyond delivering reliable and safe energy to our over 10 million customers, we also continued to live our core values. We awarded $2.4 million in scholarships to 24 students attending Historically Black Colleges and Universities, and opened applications for our $36 million Racial Equity Capital Fund to increase access to funding for small, minority-owned businesses in under-served communities.” “Adjusted (non-GAAP) Operating Earnings of $0.64 per share in the first quarter was driven in part by the recovery of costs associated with ongoing infrastructure investments to improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future,” said Exelon CFO Joe Nigro. “Our grid modernization investments, enabled by constructive regulatory relationships, continue to drive solid operational results and stable earnings across our utilities. For the remainder of the year, we will continue to deliver on our financial commitments and reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share.” First Quarter 2022 Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2022 decreased to $0.49 per share from $0.53 GAAP Net Income from Continuing Operations per share in the first quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $0.64 per share from $0.55 per share in the first quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4. Adjusted (non-GAAP) Operating Earnings in the first quarter of 2022 primarily reflect: Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates and rate increases at PECO, BGE, and PHI, partially offset by higher depreciation expense at BGE and PHI. Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules; one month of costs included in the first quarter of 2022 for the period prior to separation compared to three months of costs included in the first quarter of 2021. Operating Company Results1 ComEd ComEd's first quarter of 2022 GAAP Net Income decreased to $188 million from $197 million in the first quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $193 million from $198 million in the first quarter of 2021, primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement, partially offset by increases in electric distribution formula rate earnings (reflecting the impacts of higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. PECO PECO’s first quarter of 2022 GAAP Net Income increased to $206 million from $167 million in the first quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $208 million from $170 million in the first quarter of 2021, primarily due to distribution rate increases. ___________ 1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. BGE BGE’s first quarter of 2022 GAAP Net Income decreased to $198 million from $209 million in the first quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $200 million from $211 million in the first quarter of 2021, primarily due an increase in depreciation and various expenses, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns. PHI PHI’s first quarter of 2022 GAAP Net Income increased to $130 million from $128 million in the first quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $136 million from $130 million in the first quarter of 2021, primarily due to distribution and transmission rate increases, partially offset by an increase in storm costs and depreciation expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns. Recent Developments and First Quarter Highlights ComEd Distribution Formula Rate: On April 15, 2022, ComEd filed its annual distribution formula rate update with the ICC. The ICC approval is due by December 2022 and the rates will take effect in January 2023. The filing request includes an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing, which sunsets at the end of 2022. PECO Pennsylvania Natural Gas Distribution Rate Case: On March 31, 2022, PECO filed an application with the PAPUC to increase its annual natural gas rates by $82 million, reflecting an ROE of 10.95%. PECO currently expects a decision in the fourth quarter of 2022 but cannot predict if the PAPUC will approve the application as filed. DPL Maryland Electric Base Rate Case: On March 2, 2022, the MDPSC issued an order approving a $13 million increase in DPL's annual electric distribution revenues, reflecting an ROE of 9.60%. The rates were effective on March 2, 2022. Financing Activities: On March 7, 2022, Exelon Corporate issued $2,000 million of notes, consisting of $650 million of its 2.75% notes due March 15, 2027, $650 million of its 3.35% notes due March 15, 2032, and $700 million of its 4.10% notes due March 15, 2052. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2022, ComEd issued $750 million of First Mortgage Bonds, consisting of $300 million of its First Mortgage 3.15% Bonds, Series 132, due March 15, 2032 and $450 million of its First Mortgage 3.85% Bonds, Series 133, due March 15, 2052. ComEd used the proceeds to repay a portion of outstanding commercial paper obligations and to fund other general corporate purposes. On March 24, 2022, Pepco issued $400 million of its First Mortgage Bonds, 3.97% Series due March 24, 2052. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2022 GAAP Net Income (Loss) from Continuing Operations $ 0.49 $ 481 $ 188 $ 206 $ 198 $ 130 ERP System Implementation Costs (net of taxes of $0) — 1 — — — — Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively) 0.02 17 5 2 2 4 Income Tax-Related Adjustments (entire amount represents tax expense) 0.14 134 — — — 3 2022 Adjusted (non-GAAP) Operating Earnings $ 0.64 $ 634 $ 193 $ 208 $ 200 $ 136 Adjusted (non-GAAP) Operating Earnings for the first quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2021 GAAP Net Income (Loss) from Continuing Operations $ 0.53 $ 525 $ 197 $ 167 $ 209 $ 128 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) — (1 ) — — — — COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) — 2 — 1 1 — Acquisition Related Costs (net of taxes of $2) 0.01 6 — — — — ERP System Implementation Costs (net of taxes of $2, $0, $0, and $0, respectively) 0.01 5 — 1 1 1 Separation Costs (net of taxes of $1, $0, $0, and $0, respectively) 0.01 5 1 1 — 1 2021 Adjusted (non-GAAP) Operating Earnings $ 0.55 $ 542 $ 198 $ 170 $ 211 $ 130 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations. About Exelon Exelon is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 9, 2022. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2022 Quarterly Report on Form 10-Q (to be filed on May 9, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Earnings Release Attachments Table of Contents Consolidating Statement of Operations 2 Consolidated Balance Sheets 3 Consolidated Statements of Cash Flows 5 Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 6 Statistics ComEd 8 PECO 9 BGE 10 Pepco 11 DPL 12 ACE 13 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended March 31, 2022 Operating revenues $ 1,734 $ 1,047 $ 1,154 $ 1,404 $ (12 ) $ 5,327 Operating expenses Purchased power and fuel 638 407 454 579 — 2,078 Operating and maintenance 351 247 218 299 63 1,178 Depreciation and amortization 321 92 171 218 15 817 Taxes other than income taxes 96 47 76 119 16 354 Total operating expenses 1,406 793 919 1,215 94 4,427 Operating income (loss) 328 254 235 189 (106 ) 900 Other income and (deductions) Interest expense, net (100 ) (41 ) (35 ) (69 ) (93 ) (338 ) Other, net 12 7 7 17 94 137 Total other income and (deductions) (88 ) (34 ) (28 ) (52 ) 1 (201 ) Income from continuing operations before income taxes 240 220 207 137 (105 ) 699 Income taxes 52 14 9 7 136 218 Net income from continuing operations after income taxes 188 206 198 130 (241 ) 481 Net income (loss) from discontinued operations after income taxes — — — — 117 117 Net income (loss) 188 206 198 130 (124 ) 598 Net income attributable to noncontrolling interests — — — — 1 1 Net income (loss) attributable to common shareholders $ 188 $ 206 $ 198 $ 130 $ (125 ) $ 597 Three Months Ended March 31, 2021 Operating revenues $ 1,535 $ 889 $ 974 $ 1,244 $ (10 ) $ 4,632 Operating expenses Purchased power and fuel 527 316 331 479 (2 ) 1,651 Operating and maintenance 316 234 197 256 80 1,083 Depreciation and amortization 292 86 152 210 17 757 Taxes other than income taxes 75 43 72 113 14 317 Total operating expenses 1,210 679 752 1,058 109 3,808 Operating income (loss) 325 210 222 186 (119 ) 824 Other income and (deductions) Interest expense, net (96 ) (38 ) (34 ) (67 ) (83 ) (318 ) Other, net 7 5 8 17 21 58 Total other income and (deductions) (89 ) (33 ) (26 ) (50 ) (62 ) (260 ) Income from continuing operations before income taxes 236 177 196 136 (181 ) 564 Income taxes 39 10 (13 ) 8 (5 ) 39 Net income from continuing operations after income taxes 197 167 209 128 (176 ) 525 Net income (loss) from discontinued operations after income taxes — — — — (789 ) (789 ) Net income (loss) 197 167 209 128 (965 ) (264 ) Net income attributable to noncontrolling interests — — — — 25 25 Net income (loss) attributable to common shareholders $ 197 $ 167 $ 209 $ 128 $ (990 ) $ (289 ) Change in Net income from continuing operations 2021 to 2022 $ (9 ) $ 39 $ (11 ) $ 2 $ (65 ) $ (44 ) __________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. Exelon Consolidated Balance Sheets (unaudited) (in millions) March 31, 2022 December 31, 2021 Assets Current assets Cash and cash equivalents $ 2,476 $ 672 Restricted cash and cash equivalents 430 321 Accounts receivable Customer accounts receivable 2,365 2,189 Customer allowance for credit losses (389 ) (320 ) Customer accounts receivable, net 1,976 1,869 Other accounts receivable 1,148 1,068 Other allowance for credit losses (81 ) (72 ) Other accounts receivable, net 1,067 996 Inventories, net Fossil fuel and emission allowances 39 105 Materials and supplies 473 476 Regulatory assets 1,221 1,296 Other 463 387 Current assets of discontinued operations — 7,835 Total current assets 8,145 13,957 Property, plant, and equipment, net 65,465 64,558 Deferred debits and other assets Regulatory assets 8,200 8,224 Investments 244 250 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 2,969 — Other 1,045 885 Property, plant, and equipment, deferred debits, and other assets of discontinued operations — 38,509 Total deferred debits and other assets 19,088 54,498 Total assets $ 92,698 $ 133,013 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,900 $ 1,248 Long-term debt due within one year 2,154 2,153 Accounts payable 2,175 2,379 Accrued expenses 1,029 1,137 Payables to affiliates 6 5 Regulatory liabilities 394 376 Mark-to-market derivative liabilities — 18 Unamortized energy contract liabilities 13 89 Other 964 766 Current liabilities of discontinued operations — 7,940 Total current liabilities 8,635 16,111 Long-term debt 35,008 30,749 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 11,089 10,611 Asset retirement obligations 273 271 Pension obligations 1,447 2,051 Non-pension postretirement benefit obligations 800 811 Regulatory liabilities 9,192 9,628 Mark-to-market derivative liabilities 144 201 Unamortized energy contract liabilities 42 146 Other 2,187 1,573 Long-term debt, deferred credits, and other liabilities of discontinued operations — 25,676 Total deferred credits and other liabilities 25,174 50,968 Total liabilities 69,207 98,218 Commitments and contingencies Shareholders’ equity Common stock 20,299 20,324 Treasury stock, at cost (123 ) (123 ) Retained earnings 4,028 16,942 Accumulated other comprehensive loss, net (713 ) (2,750 ) Total shareholders’ equity 23,491 34,393 Noncontrolling interests — 402 Total equity 23,491 34,795 Total liabilities and shareholders’ equity $ 92,698 $ 133,013 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2022 2021 Cash flows from operating activities Net income $ 598 $ (264 ) Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 1,024 2,104 Asset impairments — 1 Gain on sales of assets and businesses (10 ) (71 ) Deferred income taxes and amortization of investment tax credits 110 (142 ) Net fair value changes related to derivatives (59 ) (178 ) Net realized and unrealized losses (gains) on NDT funds 205 (118 ) Net unrealized losses on equity investments 16 23 Other non-cash operating activities 232 (170 ) Changes in assets and liabilities: Accounts receivable (711 ) (372 ) Inventories 125 77 Accounts payable and accrued expenses 291 (176 ) Option premiums (paid) received, net (39 ) 16 Collateral received, net 1,142 273 Income taxes 77 113 Pension and non-pension postretirement benefit contributions (574 ) (537 ) Other assets and liabilities (645 ) (1,840 ) Net cash flows provided by (used in) operating activities 1,782 (1,261 ) Cash flows from investing activities Capital expenditures (1,922 ) (2,140 ) Proceeds from NDT fund sales 488 2,908 Investment in NDT funds (516 ) (2,939 ) Collection of DPP 169 1,574 Proceeds from sales of assets and businesses 16 680 Other investing activities (54 ) 12 Net cash flows (used in) provided by investing activities (1,819 ) 95 Cash flows from financing activities Changes in short-term borrowings (700 ) 597 Proceeds from short-term borrowings with maturities greater than 90 days 1,150 500 Repayments on short-term borrowings with maturities greater than 90 days (350 ) — Issuance of long-term debt 4,301 1,705 Retirement of long-term debt (6 ) (79 ) Dividends paid on common stock (332 ) (374 ) Proceeds from employee stock plans 9 31 Transfer of cash, restricted cash, and cash equivalents to Constellation (2,594 ) — Other financing activities (62 ) (46 ) Net cash flows provided by financing activities 1,416 2,334 Increase in cash, restricted cash, and cash equivalents 1,379 1,168 Cash, restricted cash, and cash equivalents at beginning of period 1,619 1,166 Cash, restricted cash, and cash equivalents at end of period $ 2,998 $ 2,334 Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2022 and 2021 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2021 GAAP Net Income (Loss) from Continuing Operations $ 0.53 $ 197 $ 167 $ 209 $ 128 $ (176 ) $ 525 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) — — — — — (1 ) (1 ) COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) (1) — — 1 1 — — 2 Acquisition Related Costs (net of taxes of $2) (2) 0.01 — — — — 6 6 ERP System Implementation Costs (net of taxes of $0, $0, $0, $1, and $2, respectively) (3) 0.01 — 1 1 1 2 5 Separation Costs (net of taxes of $0, $0, $0, $1, and $1, respectively) (4) 0.01 1 1 — 1 2 5 2021 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.55 $ 198 $ 170 $ 211 $ 130 $ (167 ) $ 542 Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: Weather $ (0.01 ) $ — (b) $ (6 ) $ — (b) $ 1 (b) $ — $ (5 ) Load 0.02 — (b) 10 — (b) 5 (b) — 15 Distribution and Transmission Rates (6) 0.09 13 (c) 36 (c) 6 (c) 30 (c) — 85 Other Energy Delivery (7) 0.08 50 (c) 8 (c) 20 (c) 5 (c) — 83 Operating and Maintenance Expense (8) (0.08 ) (25 ) (11 ) (17 ) (30 ) — (83 ) Pension and Non-Pension Postretirement Benefits 0.01 5 1 2 1 3 12 Depreciation and Amortization Expense (9) (0.04 ) (21 ) (4 ) (14 ) (6 ) 2 (43 ) Other (10) 0.02 (27 ) 4 (8 ) — 59 28 Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings $ 0.09 $ (5 ) $ 38 $ (11 ) $ 6 $ 64 $ 92 2022 GAAP Net Income (Loss) from Continuing Operations $ 0.49 $ 188 $ 206 $ 198 $ 130 $ (241 ) $ 481 ERP System Implementation Costs (net of taxes of $0) (3) — — — — — 1 1 Separation Costs (net of taxes of $2, $1, $1, $1, $1, and $7, respectively) (4) 0.02 5 2 2 4 4 17 Income Tax-Related Adjustments (entire amount represents tax expense) (5) 0.14 — — — 3 131 134 2022 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.64 $ 193 $ 208 $ 200 $ 136 $ (103 ) $ 634 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense. (2) Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules. (3) Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense. (4) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. (5) In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs. (6) For ComEd, reflects increased electric distribution revenues due to higher rate base and higher allowed electric distribution ROE driven by an increase in treasury rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (7) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. (8) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For BGE, reflects higher credit loss expense. For PHI, includes increased storm costs. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (Q1 2022 includes one month of costs for the period prior to the separation compared to three months of costs included in Q1 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). (9) Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. (10) For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense. ComEd Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 6,751 6,685 1.0 % (1.2 ) % $ 857 $ 741 15.7 % Small commercial & industrial 7,504 7,266 3.3 % 2.3 % 423 367 15.3 % Large commercial & industrial 6,746 6,479 4.1 % 3.6 % 153 134 14.2 % Public authorities & electric railroads 257 267 (3.7 ) % (3.8 ) % 14 11 27.3 % Other(b) — — n/a n/a 239 220 8.6 % Total rate-regulated electric revenues(c) 21,258 20,697 2.7 % 1.5 % 1,686 1,473 14.5 % Other Rate-Regulated Revenues(d) 48 62 (22.6 ) % Total Electric Revenues $ 1,734 $ 1,535 13.0 % Purchased Power $ 638 $ 527 21.1 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 3,165 2,989 3,085 5.9 % 2.6 % Number of Electric Customers 2022 2021 Residential 3,713,397 3,696,208 Small commercial & industrial 390,994 388,483 Large commercial & industrial 1,882 1,863 Public authorities & electric railroads 4,838 4,876 Total 4,111,111 4,091,430 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $6 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 3,758 3,767 (0.2 ) % 1.1 % $ 487 $ 433 12.5 % Small commercial & industrial 1,937 1,881 3.0 % 3.4 % 111 100 11.0 % Large commercial & industrial 3,332 3,272 1.8 % 1.9 % 64 57 12.3 % Public authorities & electric railroads 182 149 22.1 % 22.4 % 8 9 (11.1 ) % Other(b) — — n/a n/a 62 52 19.2 % Total rate-regulated electric revenues(c) 9,209 9,069 1.5 % 2.2 % 732 651 12.4 % Other Rate-Regulated Revenues(d) 9 10 (10.0 ) % Total Electric Revenues 741 661 12.1 % Natural Gas (in mmcfs) Rate-Regulated Natural Gas Deliveries and Revenues(e) Residential 20,837 20,674 0.8 % 4.3 % 218 160 36.3 % Small commercial & industrial 10,546 10,170 3.7 % 5.8 % 76 59 28.8 % Large commercial & industrial 10 7 42.9 % 10.2 % — — N/A Transportation 7,639 7,650 (0.1 ) % 0.7 % 8 7 14.3 % Other(f) — — n/a n/a 3 2 50.0 % Total rate-regulated natural gas revenues(g) 39,032 38,501 1.4 % 4.0 % 305 228 33.8 % Other Rate-Regulated Revenues(d) 1 — 100.0 % Total Natural Gas Revenues 306 228 34.2 % Total Electric and Natural Gas Revenues $ 1,047 $ 889 17.8 % Purchased Power and Fuel $ 407 $ 316 28.8 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,228 2,302 2,416 (3.2 ) % (7.8 ) % Cooling Degree-Days 1 5 1 (80.0 ) % — % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 1,521,255 1,512,255 Residential 499,188 493,857 Small commercial & industrial 155,485 154,637 Small commercial & industrial 44,959 44,604 Large commercial & industrial 3,102 3,109 Large commercial & industrial 5 5 Public authorities & electric railroads 10,342 10,237 Transportation 664 685 Total 1,690,184 1,680,238 Total 544,816 539,151 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021 (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling less than $1 million for both the three months ended March 31, 2022 and 2021. BGE Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 3,569 3,538 0.9 % (1.3 ) % $ 417 $ 362 15.2 % Small commercial & industrial 736 723 1.8 % 0.9 % 81 69 17.4 % Large commercial & industrial 3,173 3,109 2.1 % 2.0 % 131 105 24.8 % Public authorities & electric railroads 53 48 10.4 % 7.4 % 7 7 — % Other(b) — — n/a n/a 97 77 26.0 % Total rate-regulated electric revenues(c) 7,531 7,418 1.5 % 0.3 % 733 620 18.2 % Other Rate-Regulated Revenues(d) 3 12 (75.0 ) % Total Electric Revenues 736 632 16.5 % Natural Gas (in mmcfs) Rate-Regulated Natural Gas Deliveries and Revenues(e) Residential 21,118 18,451 14.5 % 10.6 % 282 216 30.6 % Small commercial & industrial 4,662 4,019 16.0 % 10.3 % 45 35 28.6 % Large commercial & industrial 14,743 14,039 5.0 % 4.0 % 65 54 20.4 % Other(f) 4,460 7,610 (41.4 ) % n/a 35 31 12.9 % Total rate-regulated natural gas revenues(g) 44,983 44,119 2.0 % 8.1 % 427 336 27.1 % Other Rate-Regulated Revenues(d) (9 ) 6 (250.0 ) % Total Natural Gas Revenues 418 342 22.2 % Total Electric and Natural Gas Revenues $ 1,154 $ 974 18.5 % Purchased Power and Fuel $ 454 $ 331 37.2 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,241 2,197 2,388 2.0 % (6.2 ) % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 1,199,272 1,192,470 Residential 653,397 648,824 Small commercial & industrial 115,363 114,819 Small commercial & industrial 38,356 38,318 Large commercial & industrial 12,674 12,505 Large commercial & industrial 6,193 6,120 Public authorities & electric railroads 268 266 Total 697,946 693,262 Total 1,327,577 1,320,060 __________ (a) Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively. Pepco Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather- Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 2,287 2,219 3.1 % 2.9 % $ 275 $ 253 8.7 % Small commercial & industrial 299 298 0.3 % (0.4 ) % 38 33 15.2 % Large commercial & industrial 3,249 3,054 6.4 % 5.6 % 253 184 37.5 % Public authorities & electric railroads 150 124 21.0 % 21.7 % 8 6 33.3 % Other(b) — — n/a n/a 46 51 (9.8 ) % Total rate-regulated electric revenues(c) 5,985 5,695 5.1 % 4.6 % 620 527 17.6 % Other Rate-Regulated Revenues(d) (6 ) 26 (123.1 ) % Total Electric Revenues $ 614 $ 553 11.0 % Purchased Power $ 213 $ 166 28.3 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,013 2,012 2,113 — % (4.7 ) % Cooling Degree-Days 6 7 3 (14.3 ) % 100.0 % Number of Electric Customers 2022 2021 Residential 846,258 835,415 Small commercial & industrial 54,509 53,738 Large commercial & industrial 22,620 22,492 Public authorities & electric railroads 184 174 Total 923,571 911,819 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charge revenues. DPL Statistics Three Months Ended March 31, 2022 and 2021 Electric and Natural Gas Deliveries Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Electric (in GWhs) Rate-Regulated Electric Deliveries and Revenues(a) Residential 1,577 1,520 3.8 % 2.6 % $ 207 $ 190 8.9 % Small commercial & industrial 606 559 8.4 % 7.9 % 56 46 21.7 % Large commercial & industrial 1,015 919 10.4 % 10.2 % 26 21 23.8 % Public authorities & electric railroads 12 12 — % 5.2 % 4 4 — % Other(b) — — n/a n/a 56 41 36.6 % Total rate-regulated electric revenues(c) 3,210 3,010 6.6 % 5.9 % 349 302 15.6 % Other Rate-Regulated Revenues(d) (1 ) 9 (111.1 ) % Total Electric Revenues 348 311 11.9 % Natural Gas (in mmcfs) Rate-Regulated Gas Deliveries and Revenues(e) Residential 4,453 4,394 1.3 % 0.3 % 51 46 10.9 % Small commercial & industrial 1,983 1,868 6.2 % 6.0 % 21 18 16.7 % Large commercial & industrial 457 457 — % 0.1 % 3 2 50.0 % Transportation 2,207 2,224 (0.8 ) % (0.7 ) % 4 4 — % Other(g) — — n/a n/a 4 1 300.0 % Total rate-regulated natural gas revenues 9,100 8,943 1.8 % 1.3 % 83 71 16.9 % Other Rate-Regulated Revenues(f) — — n/a Total Natural Gas Revenues 83 71 16.9 % Total Electric and Natural Gas Revenues $ 431 $ 382 12.8 % Purchased Power and Fuel $ 189 $ 156 21.2 % Electric Service Territory % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,264 2,269 2,402 (0.2 ) % (5.7 ) % Cooling Degree-Days 4 5 1 (20.0 ) % 300.0 % Natural Gas Service Territory % Change Heating Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,355 2,358 2,500 (0.1 ) % (5.8 ) % Number of Electric Customers 2022 2021 Number of Natural Gas Customers 2022 2021 Residential 478,009 473,917 Residential 128,695 127,522 Small commercial & industrial 63,296 62,647 Small commercial & industrial 10,097 10,043 Large commercial & industrial 1,221 1,208 Large commercial & industrial 17 19 Public authorities & electric railroads 603 608 Transportation 159 160 Total 543,129 538,380 Total 138,968 137,744 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. ACE Statistics Three Months Ended March 31, 2022 and 2021 Electric Deliveries (in GWhs) Revenue (in millions) 2022 2021 % Change Weather - Normal % Change 2022 2021 % Change Rate-Regulated Deliveries and Revenues(a) Residential 918 928 (1.1 ) % (2.3 ) % $ 170 $ 162 4.9 % Small commercial & industrial 339 305 11.1 % 9.7 % 47 39 20.5 % Large commercial & industrial 703 716 (1.8 ) % (2.4 ) % 44 43 2.3 % Public authorities & electric railroads 14 13 7.7 % 6.2 % 4 3 33.3 % Other(b) — — n/a n/a 81 52 55.8 % Total rate-regulated electric revenues(c) 1,974 1,962 0.6 % (0.4 ) % 346 299 15.7 % Other Rate-Regulated Revenues(d) 3 11 (72.7 ) % Total Electric Revenues $ 349 $ 310 12.6 % Purchased Power $ 178 $ 157 13.4 % % Change Heating and Cooling Degree-Days 2022 2021 Normal From 2021 From Normal Heating Degree-Days 2,436 2,348 2,454 3.7 % (0.7 ) % Cooling Degree-Days 2 4 1 (50.0 ) % 100.0 % Number of Electric Customers 2022 2021 Residential 500,511 498,396 Small commercial & industrial 62,124 61,771 Large commercial & industrial 3,124 3,267 Public authorities & electric railroads 724 704 Total 566,483 564,138 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2022 and 2021. (d) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20220509005511/en/
Elizabeth Keating Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345