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 2023 Results By: Exelon Corporation via Business Wire May 03, 2023 at 06:50 AM EDT Earnings Release Highlights GAAP Net Income of $0.67 per share and Adjusted (non-GAAP) Operating Earnings of $0.70 per share for the first quarter of 2023 Affirming full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share Reaffirming fully regulated operating EPS* compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range Achieved top quartile reliability performance at all utilities, with all four operating companies delivering their best-on-record performance in outage duration ACE filed an electric distribution rate case with the New Jersey Board of Public Utilities (NJBPU) in February seeking an increase in base rates to support significant investments in infrastructure to maintain safety, reliability, and service for customers BGE filed its second multi-year plan with the Maryland Public Service Commission (MDPSC) in February seeking an increase in electric and gas distribution base rates over the period of 2024 to 2026 to continue providing safe, reliable service to customers while laying the foundation for BGE to support the achievement of Maryland’s state policy goals Pepco filed its second multi-year plan with the Public Service Commission of the District of Columbia (DCPSC) in April seeking an increase in base rates over the period of 2024 to 2026 to support a climate ready grid and enable cleaner energy programs and technologies that further support the District’s goal to be carbon neutral by 2045 Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2023. “Our team of 19,000 plus employees have entered this first full year of operations after the separation excited to lead the energy transformation, and it shows in our results,” said Exelon President and CEO Calvin Butler. “In addition to strong financial performance, all four of our utilities achieved best-on-record reliability. These results are a testament to our team’s hard work, smart investment, and commitment to financial and operational excellence. As we continue to execute on our financial, operational and regulatory objectives in 2023, we continue to keep our customers at the forefront of everything we do.” “2023 is off to a strong start, delivering Adjusted (non-GAAP) Operating Earnings of $0.70 per share, $0.06 ahead of results in the first quarter of 2022, driven by increased revenues associated with the investments we are making on behalf of customers,” said Exelon Executive Vice President and CFO Jeanne Jones. “With most of our planned debt financing activity complete for the year and all but one of our planned rate cases now filed, we are well on our way to executing on the plan laid out at the beginning of the year. We reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.30 to $2.42 per share.” First Quarter 2023 Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2023 increased to $0.67 per share from $0.49 GAAP Net Income from Continuing Operations per share in the first quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $0.70 per share from $0.64 per share in the first quarter of 2022. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 5. Adjusted (non-GAAP) Operating Earnings in the first quarter of 2023 primarily reflect: Higher utility earnings primarily due to higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in U.S. treasury rates and impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory assets at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense at PECO, higher credit loss expense at PECO, and higher interest expense at BGE. Lower costs 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 in the first quarter of 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules. This was partially offset by higher interest expense. Operating Company Results1 ComEd ComEd's first quarter of 2023 GAAP Net Income increased to $241 million from $188 million in the first quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $251 million from $193 million in the first quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory assets. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. ___________ 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. PECO PECO’s first quarter of 2023 GAAP Net Income decreased to $166 million from $206 million in the first quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $166 million from $208 million in the first quarter of 2022, primarily due to unfavorable weather, an increase in credit loss expense and depreciation expense, partially offset by gas distribution rate increases. BGE BGE’s first quarter of 2023 GAAP Net Income increased to $200 million from $198 million in the first quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $199 million from $200 million in the first quarter of 2022, primarily due to an increase in interest expense, 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 2023 GAAP Net Income increased to $155 million from $130 million in the first quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $173 million from $136 million in the first quarter of 2022, primarily due to distribution and transmission rate increases, partially offset by unfavorable weather. 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 ACE New Jersey Electric Base Rate Case: On February 15, 2023, ACE filed an application with the NJBPU to increase its annual electric distribution rates by $105 million, reflecting a requested ROE of 10.50%. ACE currently expects a decision in the first quarter of 2024, but cannot predict if the NJBPU will approve the application as filed. ACE intends to put rates into effect on November 17, 2023, subject to refund. BGE Maryland Electric and Natural Gas Base Rate Case: On February 17, 2023, BGE filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the MDPSC. Inclusive of the proposed acceleration of remaining electric tax benefits in 2024 and 2025, and remaining gas tax benefits in 2024, BGE requested total electric revenue requirement increases of $85 million, $103 million, and $125 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $158 million, $77 million, and $54 million in 2024, 2025, and 2026, respectively. The electric and gas revenue requirement increases reflect a requested ROE of 10.4%. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland’s climate and regulatory initiatives. BGE currently expects a decision in the fourth quarter of 2023, but cannot predict if the MDPSC will approve the application as filed. The 2021 and 2022 reconciliation amounts are not included in the requested revenue requirement increase, as BGE is proposing that these amounts be recovered through the separate electric and gas riders in 2024. The 2021 reconciliation amounts are $11 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $44 million and $15 million for electric and gas, respectively. Pepco District of Columbia Electric Base Rate Case: On April 13, 2023, Pepco filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the DCPSC. Pepco requested total electric revenue requirement increases of $117 million, $37 million, and $37 million in 2024, 2025, and 2026, respectively. The electric revenue requirement increases reflect a requested ROE of 10.50%. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia's climate and clean energy goals. Pepco currently expects a decision in the first quarter of 2024, but cannot predict if the DCPSC will approve the application as filed. ComEd Distribution Formula Rate Reconciliation: On April 21, 2023, ComEd filed its proposed Delivery Reconciliation Amount of $247 million under Rider Delivery Service Pricing Reconciliation which allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd’s approved MRP. The 2023 filing reconciles the delivery service rates in effect in 2022 with the actual delivery service costs incurred in 2022. Final order is expected by December 2023, and the reconciliation amount will be in customer rates beginning January 1, 2024. Financing Activities: On February 21, 2023, Exelon issued $2,500 million of Notes, consisting of $1,000 million of its Notes at 5.15%, due March 15, 2028, $850 million of its Notes at 5.30%, due March 15, 2033 and $650 million of its Notes at 5.60%, due March 15, 2053. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, Pepco issued $250 million of First Mortgage Bonds, consisting of $85 million of its First Mortgage 5.30% Bonds, due March 15, 2033, $40 million of its First Mortgage 5.40% Bonds, due March 15, 2038, and $125 million of its First Mortgage 5.57% Bonds, due March 15, 2053. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, DPL issued $125 million of First Mortgage Bonds, consisting of $60 million of its First Mortgage 5.30% Bonds, due March 15, 2033 and $65 million of its First Mortgage 5.57% Bonds, due March 15, 2053. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, ACE issued $75 million of its First Mortgage bonds, 5.57% Series, due March 15, 2053. ACE 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 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2023 GAAP Net Income (Loss) from Continuing Operations $ 0.67 $ 669 $ 241 $ 166 $ 200 $ 155 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0) — (1 ) — — — — Change in Environmental Liabilities (net of taxes of $7) 0.02 18 — — — 18 Change in FERC Audit Liability (net of taxes of $4) 0.01 11 11 — — — Separation Costs (net of taxes of $0) — (1 ) — — — — 2023 Adjusted (non-GAAP) Operating Earnings $ 0.70 $ 696 $ 251 $ 166 $ 199 $ 173 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 Enterprise Resource Program (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 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 2023 and 2022 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2023 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 19,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 3, 2023. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' First Quarter 2023 Quarterly Report on Form 10-Q (to be filed on May 3, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. 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 8 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, 2023 Operating revenues $ 1,667 $ 1,112 $ 1,257 $ 1,536 $ (9 ) $ 5,563 Operating expenses Purchased power and fuel 488 484 492 627 — 2,091 Operating and maintenance 337 270 222 309 13 1,151 Depreciation and amortization 338 98 167 241 16 860 Taxes other than income taxes 93 50 83 120 9 355 Total operating expenses 1,256 902 964 1,297 38 4,457 Operating income (loss) 411 210 293 239 (47 ) 1,106 Other income and (deductions) Interest expense, net (117 ) (48 ) (44 ) (76 ) (127 ) (412 ) Other, net 18 8 3 26 54 109 Total other income and (deductions) (99 ) (40 ) (41 ) (50 ) (73 ) (303 ) Income (loss) from continuing operations before income taxes 312 170 252 189 (120 ) 803 Income taxes 71 4 52 34 (27 ) 134 Net income (loss) from continuing operations after income taxes 241 166 200 155 (93 ) 669 Net income from discontinued operations after income taxes — — — — — — Net income (loss) 241 166 200 155 (93 ) 669 Net income attributable to noncontrolling interests — — — — — — Net income (loss) attributable to common shareholders $ 241 $ 166 $ 200 $ 155 $ (93 ) $ 669 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 (loss) from continuing operations before income taxes 240 220 207 137 (105 ) 699 Income taxes 52 14 9 7 136 218 Net income (loss) from continuing operations after income taxes 188 206 198 130 (241 ) 481 Net income 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 Change in Net income from continuing operations 2022 to 2023 $ 53 $ (40 ) $ 2 $ 25 $ 148 $ 188 __________ (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, 2023 December 31, 2022 Assets Current assets Cash and cash equivalents $ 522 $ 407 Restricted cash and cash equivalents 381 566 Accounts receivable Customer accounts receivable 2,493 2,544 Customer allowance for credit losses (389 ) (327 ) Customer accounts receivable, net 2,104 2,217 Other accounts receivable 1,346 1,426 Other allowance for credit losses (91 ) (82 ) Other accounts receivable, net 1,255 1,344 Inventories, net Fossil fuel 70 208 Materials and supplies 582 547 Regulatory assets 2,386 1,641 Other 477 406 Total current assets 7,777 7,336 Property, plant, and equipment, net 70,117 69,076 Deferred debits and other assets Regulatory assets 7,878 8,037 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 3,069 2,897 Investments 234 232 Other 1,220 1,141 Total deferred debits and other assets 19,031 18,937 Total assets $ 96,925 $ 95,349 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,306 $ 2,586 Long-term debt due within one year 1,356 1,802 Accounts payable 2,762 3,382 Accrued expenses 1,183 1,226 Payables to affiliates 5 5 Regulatory liabilities 472 437 Mark-to-market derivative liabilities 23 8 Unamortized energy contract liabilities 9 10 Other 976 1,155 Total current liabilities 8,092 10,611 Long-term debt 38,732 35,272 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 11,483 11,250 Regulatory liabilities 9,307 9,112 Pension obligations 1,101 1,109 Non-pension postretirement benefit obligations 506 507 Asset retirement obligations 270 269 Mark-to-market derivative liabilities 77 83 Unamortized energy contract liabilities 32 35 Other 1,869 1,967 Total deferred credits and other liabilities 24,645 24,332 Total liabilities 71,859 70,605 Commitments and contingencies Shareholders’ equity Common stock 20,921 20,908 Treasury stock, at cost (123 ) (123 ) Retained earnings 4,907 4,597 Accumulated other comprehensive loss, net (639 ) (638 ) Total shareholders’ equity 25,066 24,744 Total liabilities and shareholders’ equity $ 96,925 $ 95,349 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2023 2022 Cash flows from operating activities Net income $ 669 $ 598 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 860 1,024 Gain on sales of assets and businesses — (10 ) Deferred income taxes and amortization of investment tax credits 113 110 Net fair value changes related to derivatives — (59 ) Net realized and unrealized losses on NDT funds — 205 Net unrealized losses on equity investments — 16 Other non-cash operating activities (138 ) 232 Changes in assets and liabilities: Accounts receivable 106 (711 ) Inventories 102 125 Accounts payable and accrued expenses (482 ) 291 Option premiums paid, net — (39 ) Collateral (paid) received, net (214 ) 1,142 Income taxes 23 77 Regulatory assets and liabilities, net (324 ) (31 ) Pension and non-pension postretirement benefit contributions (44 ) (574 ) Other assets and liabilities (187 ) (614 ) Net cash flows provided by operating activities 484 1,782 Cash flows from investing activities Capital expenditures (1,881 ) (1,922 ) Proceeds from NDT fund sales — 488 Investment in NDT funds — (516 ) Collection of DPP — 169 Proceeds from sales of assets and businesses — 16 Other investing activities 10 (54 ) Net cash flows used in investing activities (1,871 ) (1,819 ) Cash flows from financing activities Changes in short-term borrowings (1,130 ) (700 ) Proceeds from short-term borrowings with maturities greater than 90 days — 1,150 Repayments on short-term borrowings with maturities greater than 90 days (150 ) (350 ) Issuance of long-term debt 3,925 4,301 Retirement of long-term debt (857 ) (6 ) Dividends paid on common stock (358 ) (332 ) Proceeds from employee stock plans 10 9 Transfer of cash, restricted cash, and cash equivalents to Constellation — (2,594 ) Other financing activities (60 ) (62 ) Net cash flows provided by financing activities 1,380 1,416 (Decrease) increase in cash, restricted cash, and cash equivalents (7 ) 1,379 Cash, restricted cash, and cash equivalents at beginning of period 1,090 1,619 Cash, restricted cash, and cash equivalents at end of period $ 1,083 $ 2,998 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, 2023 and 2022 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 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) (1) — — — — — 1 1 Separation Costs (net of taxes of $2, $1, $1, $1, $1 and $7, respectively) (2) 0.02 5 2 2 4 4 17 Income Tax-Related Adjustments (entire amount represents tax expense) (3) 0.14 — — — 3 131 134 2022 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.64 $ 193 $ 208 $ 200 $ 136 $ (103 ) $ 634 Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: Weather $ (0.04 ) $ — (b) $ (38 ) $ — (b) $ (6 ) (b) $ — $ (44 ) Load (0.01 ) — (b) (4 ) — (b) (3 ) (b) — (7 ) Distribution and Transmission Rates (4) 0.13 45 (c) 26 (c) 13 (c) 44 (c) — 128 Other Energy Delivery (5) 0.06 25 (c) 7 (c) (1 ) (c) 28 (c) — 59 Operating and Maintenance Expense (6) 0.01 2 (22 ) (5 ) 12 21 8 Pension and Non-Pension Postretirement Benefits — 3 2 (1 ) (4 ) (2 ) (2 ) Depreciation and Amortization Expense (7) (0.03 ) (12 ) (5 ) 4 (17 ) (2 ) (32 ) Interest Expense and Other (8) (0.05 ) (5 ) (8 ) (11 ) (17 ) (7 ) (48 ) Share Differential (9) (0.01 ) — — — — — — Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings $ 0.06 $ 58 $ (42 ) $ (1 ) $ 37 $ 10 $ 62 2023 GAAP Net Income (Loss) from Continuing Operations $ 0.67 $ 241 $ 166 $ 200 $ 155 $ (93 ) $ 669 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0) — — — — — (1 ) (1 ) Change in Environmental Liabilities (net of taxes of $7) 0.02 — — — 18 — 18 Change in FERC Audit Liability (net of taxes of $4) 0.01 11 — — — — 11 Separation Costs (net of taxes of $0) (2) — — — — — (1 ) (1 ) 2023 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.70 $ 251 $ 166 $ 199 $ 173 $ (93 ) $ 696 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Reflects costs related to a multi-year ERP system implementation, which are recorded in Operating and maintenance expense. (2) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. (3) In 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. (4) For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (5) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable. (6) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased credit loss expense. For PHI, includes decreased 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 (YTD Q1 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q1 2022) and 2) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). (7) Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For BGE, also reflects decreased amortization for regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery. (8) For Corporate, Other primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense. (9) Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance. ComEd Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 6,234 6,751 (7.7 )% (1.8 )% $ 836 $ 857 (2.5 )% Small commercial & industrial 7,198 7,504 (4.1 )% (0.8 )% 361 423 (14.7 )% Large commercial & industrial 6,559 6,746 (2.8 )% (0.6 )% 84 153 (45.1 )% Public authorities & electric railroads 227 257 (11.7 )% (8.8 )% 10 14 (28.6 )% Other(b) — — n/a n/a 217 239 (9.2 )% Total electric revenues(c) 20,218 21,258 (4.9 )% (1.2 )% 1,508 1,686 (10.6 )% Other Revenues(d) 159 48 231.3 % Total Electric Revenues $ 1,667 $ 1,734 (3.9 )% Purchased Power $ 488 $ 638 (23.5 )% % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 2,671 3,165 3,053 (15.6 )% (12.5 )% Number of Electric Customers 2023 2022 Residential 3,729,983 3,713,397 Small commercial & industrial 391,662 390,994 Large commercial & industrial 1,881 1,882 Public authorities & electric railroads 4,790 4,838 Total 4,128,316 4,111,111 __________ (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 $3 million and $6 million for the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,358 3,758 (10.6 )% (0.1 )% $ 519 $ 487 6.6 % Small commercial & industrial 1,843 1,937 (4.9 )% 0.4 % 135 111 21.6 % Large commercial & industrial 3,237 3,332 (2.9 )% (1.2 )% 65 64 1.6 % Public authorities & electric railroads 168 182 (7.7 )% 9.3 % 8 8 — % Other(b) — — n/a n/a 68 62 9.7 % Total electric revenues(c) 8,606 9,209 (6.5 )% (0.2 )% 795 732 8.6 % Other Revenues(d) — 9 (100.0 )% Total Electric Revenues 795 741 7.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 17,190 20,837 (17.5 )% (2.4 )% 223 218 2.3 % Small commercial & industrial 8,699 10,546 (17.5 )% (3.4 )% 75 76 (1.3 )% Large commercial & industrial 29 10 190.0 % 21.7 % 1 �� — n/a Transportation 7,014 7,639 (8.2 )% (5.4 )% 8 8 — % Other(f) — — n/a n/a 9 3 200.0 % Total natural gas revenues(g) 32,932 39,032 (15.6 )% (3.2 )% 316 305 3.6 % Other Revenues(d) 1 1 100.0 % Total Natural Gas Revenues 317 306 3.6 % Total Electric and Natural Gas Revenues $ 1,112 $ 1,047 6.2 % Purchased Power and Fuel $ 484 $ 407 18.9 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,888 2,228 2,418 (15.3 )% (21.9 )% Cooling Degree-Days — 1 1 (100.0 )% (100.0 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 1,529,779 1,521,255 Residential 504,181 499,188 Small commercial & industrial 155,846 155,485 Small commercial & industrial 45,003 44,959 Large commercial & industrial 3,118 3,102 Large commercial & industrial 9 5 Public authorities & electric railroads 10,401 10,342 Transportation 650 664 Total 1,699,144 1,690,184 Total 549,843 544,816 __________ (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 and $1 million for the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million and less than a $1 million for the three months ended March 31, 2023 and 2022, respectively. BGE Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,106 3,569 (13.0 )% 1.9 % $ 434 $ 417 4.1 % Small commercial & industrial 674 736 (8.4 )% 1.4 % 92 81 13.6 % Large commercial & industrial 3,047 3,173 (4.0 )% (0.4 )% 149 131 13.7 % Public authorities & electric railroads 55 53 3.8 % 2.9 % 7 7 — % Other(b) — — n/a n/a 96 97 (1.0 )% Total electric revenues(c) 6,882 7,531 (8.6 )% 0.9 % 778 733 6.1 % Other Revenues(d) 36 3 1,100.0 % Total Electric Revenues 814 736 10.6 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 16,787 21,118 (20.5 )% 2.7 % 278 282 (1.4 )% Small commercial & industrial 3,768 4,662 (19.2 )% (0.9 )% 41 45 (8.9 )% Large commercial & industrial 13,214 14,743 (10.4 )% (0.7 )% 70 65 7.7 % Other(f) 1,608 4,460 (63.9 )% n/a 19 35 (45.7 )% Total natural gas revenues(g) 35,377 44,983 (21.4 )% 1.1 % 408 427 (4.4 )% Other Revenues(d) 35 (9 ) (488.9 )% Total Natural Gas Revenues 443 418 6.0 % Total Electric and Natural Gas Revenues $ 1,257 $ 1,154 8.9 % Purchased Power and Fuel $ 492 $ 454 8.4 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,774 2,241 2,381 (20.8 )% (25.5 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 1,207,486 1,199,272 Residential 656,583 653,397 Small commercial & industrial 115,658 115,363 Small commercial & industrial 38,260 38,356 Large commercial & industrial 12,911 12,674 Large commercial & industrial 6,261 6,193 Public authorities & electric railroads 266 268 Total 1,336,321 1,327,577 Total 701,104 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million and $5 million for the three months ended March 31, 2023 and 2022, respectively. Pepco Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 1,963 2,287 (14.2 )% (4.4 )% $ 283 $ 275 2.9 % Small commercial & industrial 267 299 (10.7 )% (5.5 )% 39 38 2.6 % Large commercial & industrial 3,210 3,249 (1.2 )% 1.7 % 282 253 11.5 % Public authorities & electric railroads 152 150 1.3 % 2.7 % 8 8 — % Other(b) — — n/a n/a 56 46 21.7 % Total electric revenues(c) 5,592 5,985 (6.6 )% (1.0 )% 668 620 7.7 % Other Revenues(d) 42 (6 ) (800.0 )% Total Electric Revenues $ 710 $ 614 15.6 % Purchased Power $ 258 $ 213 21.1 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,621 2,013 2,121 (19.5 )% (23.6 )% Cooling Degree-Days 2 6 3 (66.7 )% (33.3 )% Number of Electric Customers 2023 2022 Residential 859,207 846,258 Small commercial & industrial 54,089 54,509 Large commercial & industrial 22,858 22,620 Public authorities & electric railroads 201 184 Total 936,355 923,571 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs. DPL Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 1,386 1,577 (12.1 )% (2.4 )% $ 210 $ 207 1.4 % Small commercial & industrial 535 606 (11.7 )% (8.3 )% 62 56 10.7 % Large commercial & industrial 957 1,015 (5.7 )% (4.0 ) 33 26 26.9 % Public authorities & electric railroads 11 12 (8.3 )% (6.3 )% 4 4 — % Other(b) — — n/a n/a 58 56 3.6 % Total electric revenues(c) 2,889 3,210 (10.0 )% (4.0 )% 367 349 5.2 % Other Revenues(d) 10 (1 ) (1,100.0 )% Total Electric Revenues 377 348 8.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 3,581 4,453 (19.6 )% (6.6 )% 60 51 17.6 % Small commercial & industrial 1,652 1,983 (16.7 )% (1.8 )% 26 21 23.8 % Large commercial & industrial 414 457 (9.4 )% (9.5 )% 1 3 (66.7 )% Transportation 1,900 2,207 (13.9 )% (6.9 )% 4 4 — % Other(f) — — n/a n/a 6 4 50.0 % Total natural gas revenues 7,547 9,100 (17.1 )% (5.8 )% 97 83 16.9 % Other Revenues(d) — — n/a Total Natural Gas Revenues 97 83 16.9 % Total Electric and Natural Gas Revenues $ 474 $ 431 10.0 % Purchased Power and Fuel $ 221 $ 189 16.9 % Electric Service Territory % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,875 2,264 2,407 (17.2 )% (22.1 )% Cooling Degree-Days — 4 1 (100.0 )% (100.0 )% Natural Gas Service Territory % Change Heating Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,952 2,355 2,497 (17.1 )% (21.8 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 482,979 478,009 Residential 129,791 128,695 Small commercial & industrial 63,794 63,296 Small commercial & industrial 10,158 10,097 Large commercial & industrial 1,236 1,221 Large commercial & industrial 16 17 Public authorities & electric railroads 595 603 Transportation 158 159 Total 548,604 543,129 Total 140,123 138,968 __________ (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 the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. ACE Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 760 918 (17.2 )% (9.4 )% $ 146 $ 170 (14.1 )% Small commercial & industrial 371 339 9.4 % 13.9 % 59 47 25.5 % Large commercial & industrial 789 703 12.2 % 14.3 % 63 44 43.2 % Public authorities & electric railroads 13 14 (7.1 )% 0.1 % 5 4 25.0 % Other(b) — — n/a n/a 63 81 (22.2 )% Total electric revenues(c) 1,933 1,974 (2.1 )% 3.1 % 336 346 (2.9 )% Other Revenues(d) 17 3 466.7 % Total Electric Revenues $ 353 $ 349 1.1 % Purchased Power $ 148 $ 178 (16.9 )% % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 2,008 2,436 2,467 (17.6 )% (18.6 )% Cooling Degree-Days — 2 1 (100.0 )% (100.0 )% Number of Electric Customers 2023 2022 Residential 503,260 500,511 Small commercial & industrial 62,230 62,124 Large commercial & industrial 3,030 3,124 Public authorities & electric railroads 726 724 Total 569,246 566,483 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005366/en/Contacts Donna Sitkiewicz 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 2023 Results By: Exelon Corporation via Business Wire May 03, 2023 at 06:50 AM EDT Earnings Release Highlights GAAP Net Income of $0.67 per share and Adjusted (non-GAAP) Operating Earnings of $0.70 per share for the first quarter of 2023 Affirming full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share Reaffirming fully regulated operating EPS* compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range Achieved top quartile reliability performance at all utilities, with all four operating companies delivering their best-on-record performance in outage duration ACE filed an electric distribution rate case with the New Jersey Board of Public Utilities (NJBPU) in February seeking an increase in base rates to support significant investments in infrastructure to maintain safety, reliability, and service for customers BGE filed its second multi-year plan with the Maryland Public Service Commission (MDPSC) in February seeking an increase in electric and gas distribution base rates over the period of 2024 to 2026 to continue providing safe, reliable service to customers while laying the foundation for BGE to support the achievement of Maryland’s state policy goals Pepco filed its second multi-year plan with the Public Service Commission of the District of Columbia (DCPSC) in April seeking an increase in base rates over the period of 2024 to 2026 to support a climate ready grid and enable cleaner energy programs and technologies that further support the District’s goal to be carbon neutral by 2045 Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2023. “Our team of 19,000 plus employees have entered this first full year of operations after the separation excited to lead the energy transformation, and it shows in our results,” said Exelon President and CEO Calvin Butler. “In addition to strong financial performance, all four of our utilities achieved best-on-record reliability. These results are a testament to our team’s hard work, smart investment, and commitment to financial and operational excellence. As we continue to execute on our financial, operational and regulatory objectives in 2023, we continue to keep our customers at the forefront of everything we do.” “2023 is off to a strong start, delivering Adjusted (non-GAAP) Operating Earnings of $0.70 per share, $0.06 ahead of results in the first quarter of 2022, driven by increased revenues associated with the investments we are making on behalf of customers,” said Exelon Executive Vice President and CFO Jeanne Jones. “With most of our planned debt financing activity complete for the year and all but one of our planned rate cases now filed, we are well on our way to executing on the plan laid out at the beginning of the year. We reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.30 to $2.42 per share.” First Quarter 2023 Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2023 increased to $0.67 per share from $0.49 GAAP Net Income from Continuing Operations per share in the first quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $0.70 per share from $0.64 per share in the first quarter of 2022. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 5. Adjusted (non-GAAP) Operating Earnings in the first quarter of 2023 primarily reflect: Higher utility earnings primarily due to higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in U.S. treasury rates and impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory assets at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense at PECO, higher credit loss expense at PECO, and higher interest expense at BGE. Lower costs 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 in the first quarter of 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules. This was partially offset by higher interest expense. Operating Company Results1 ComEd ComEd's first quarter of 2023 GAAP Net Income increased to $241 million from $188 million in the first quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $251 million from $193 million in the first quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory assets. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. ___________ 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. PECO PECO’s first quarter of 2023 GAAP Net Income decreased to $166 million from $206 million in the first quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $166 million from $208 million in the first quarter of 2022, primarily due to unfavorable weather, an increase in credit loss expense and depreciation expense, partially offset by gas distribution rate increases. BGE BGE’s first quarter of 2023 GAAP Net Income increased to $200 million from $198 million in the first quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $199 million from $200 million in the first quarter of 2022, primarily due to an increase in interest expense, 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 2023 GAAP Net Income increased to $155 million from $130 million in the first quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $173 million from $136 million in the first quarter of 2022, primarily due to distribution and transmission rate increases, partially offset by unfavorable weather. 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 ACE New Jersey Electric Base Rate Case: On February 15, 2023, ACE filed an application with the NJBPU to increase its annual electric distribution rates by $105 million, reflecting a requested ROE of 10.50%. ACE currently expects a decision in the first quarter of 2024, but cannot predict if the NJBPU will approve the application as filed. ACE intends to put rates into effect on November 17, 2023, subject to refund. BGE Maryland Electric and Natural Gas Base Rate Case: On February 17, 2023, BGE filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the MDPSC. Inclusive of the proposed acceleration of remaining electric tax benefits in 2024 and 2025, and remaining gas tax benefits in 2024, BGE requested total electric revenue requirement increases of $85 million, $103 million, and $125 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $158 million, $77 million, and $54 million in 2024, 2025, and 2026, respectively. The electric and gas revenue requirement increases reflect a requested ROE of 10.4%. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland’s climate and regulatory initiatives. BGE currently expects a decision in the fourth quarter of 2023, but cannot predict if the MDPSC will approve the application as filed. The 2021 and 2022 reconciliation amounts are not included in the requested revenue requirement increase, as BGE is proposing that these amounts be recovered through the separate electric and gas riders in 2024. The 2021 reconciliation amounts are $11 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $44 million and $15 million for electric and gas, respectively. Pepco District of Columbia Electric Base Rate Case: On April 13, 2023, Pepco filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the DCPSC. Pepco requested total electric revenue requirement increases of $117 million, $37 million, and $37 million in 2024, 2025, and 2026, respectively. The electric revenue requirement increases reflect a requested ROE of 10.50%. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia's climate and clean energy goals. Pepco currently expects a decision in the first quarter of 2024, but cannot predict if the DCPSC will approve the application as filed. ComEd Distribution Formula Rate Reconciliation: On April 21, 2023, ComEd filed its proposed Delivery Reconciliation Amount of $247 million under Rider Delivery Service Pricing Reconciliation which allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd’s approved MRP. The 2023 filing reconciles the delivery service rates in effect in 2022 with the actual delivery service costs incurred in 2022. Final order is expected by December 2023, and the reconciliation amount will be in customer rates beginning January 1, 2024. Financing Activities: On February 21, 2023, Exelon issued $2,500 million of Notes, consisting of $1,000 million of its Notes at 5.15%, due March 15, 2028, $850 million of its Notes at 5.30%, due March 15, 2033 and $650 million of its Notes at 5.60%, due March 15, 2053. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, Pepco issued $250 million of First Mortgage Bonds, consisting of $85 million of its First Mortgage 5.30% Bonds, due March 15, 2033, $40 million of its First Mortgage 5.40% Bonds, due March 15, 2038, and $125 million of its First Mortgage 5.57% Bonds, due March 15, 2053. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, DPL issued $125 million of First Mortgage Bonds, consisting of $60 million of its First Mortgage 5.30% Bonds, due March 15, 2033 and $65 million of its First Mortgage 5.57% Bonds, due March 15, 2053. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, ACE issued $75 million of its First Mortgage bonds, 5.57% Series, due March 15, 2053. ACE 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 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2023 GAAP Net Income (Loss) from Continuing Operations $ 0.67 $ 669 $ 241 $ 166 $ 200 $ 155 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0) — (1 ) — — — — Change in Environmental Liabilities (net of taxes of $7) 0.02 18 — — — 18 Change in FERC Audit Liability (net of taxes of $4) 0.01 11 11 — — — Separation Costs (net of taxes of $0) — (1 ) — — — — 2023 Adjusted (non-GAAP) Operating Earnings $ 0.70 $ 696 $ 251 $ 166 $ 199 $ 173 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 Enterprise Resource Program (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 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 2023 and 2022 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2023 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 19,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 3, 2023. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' First Quarter 2023 Quarterly Report on Form 10-Q (to be filed on May 3, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. 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 8 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, 2023 Operating revenues $ 1,667 $ 1,112 $ 1,257 $ 1,536 $ (9 ) $ 5,563 Operating expenses Purchased power and fuel 488 484 492 627 — 2,091 Operating and maintenance 337 270 222 309 13 1,151 Depreciation and amortization 338 98 167 241 16 860 Taxes other than income taxes 93 50 83 120 9 355 Total operating expenses 1,256 902 964 1,297 38 4,457 Operating income (loss) 411 210 293 239 (47 ) 1,106 Other income and (deductions) Interest expense, net (117 ) (48 ) (44 ) (76 ) (127 ) (412 ) Other, net 18 8 3 26 54 109 Total other income and (deductions) (99 ) (40 ) (41 ) (50 ) (73 ) (303 ) Income (loss) from continuing operations before income taxes 312 170 252 189 (120 ) 803 Income taxes 71 4 52 34 (27 ) 134 Net income (loss) from continuing operations after income taxes 241 166 200 155 (93 ) 669 Net income from discontinued operations after income taxes — — — — — — Net income (loss) 241 166 200 155 (93 ) 669 Net income attributable to noncontrolling interests — — — — — — Net income (loss) attributable to common shareholders $ 241 $ 166 $ 200 $ 155 $ (93 ) $ 669 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 (loss) from continuing operations before income taxes 240 220 207 137 (105 ) 699 Income taxes 52 14 9 7 136 218 Net income (loss) from continuing operations after income taxes 188 206 198 130 (241 ) 481 Net income 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 Change in Net income from continuing operations 2022 to 2023 $ 53 $ (40 ) $ 2 $ 25 $ 148 $ 188 __________ (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, 2023 December 31, 2022 Assets Current assets Cash and cash equivalents $ 522 $ 407 Restricted cash and cash equivalents 381 566 Accounts receivable Customer accounts receivable 2,493 2,544 Customer allowance for credit losses (389 ) (327 ) Customer accounts receivable, net 2,104 2,217 Other accounts receivable 1,346 1,426 Other allowance for credit losses (91 ) (82 ) Other accounts receivable, net 1,255 1,344 Inventories, net Fossil fuel 70 208 Materials and supplies 582 547 Regulatory assets 2,386 1,641 Other 477 406 Total current assets 7,777 7,336 Property, plant, and equipment, net 70,117 69,076 Deferred debits and other assets Regulatory assets 7,878 8,037 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 3,069 2,897 Investments 234 232 Other 1,220 1,141 Total deferred debits and other assets 19,031 18,937 Total assets $ 96,925 $ 95,349 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,306 $ 2,586 Long-term debt due within one year 1,356 1,802 Accounts payable 2,762 3,382 Accrued expenses 1,183 1,226 Payables to affiliates 5 5 Regulatory liabilities 472 437 Mark-to-market derivative liabilities 23 8 Unamortized energy contract liabilities 9 10 Other 976 1,155 Total current liabilities 8,092 10,611 Long-term debt 38,732 35,272 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 11,483 11,250 Regulatory liabilities 9,307 9,112 Pension obligations 1,101 1,109 Non-pension postretirement benefit obligations 506 507 Asset retirement obligations 270 269 Mark-to-market derivative liabilities 77 83 Unamortized energy contract liabilities 32 35 Other 1,869 1,967 Total deferred credits and other liabilities 24,645 24,332 Total liabilities 71,859 70,605 Commitments and contingencies Shareholders’ equity Common stock 20,921 20,908 Treasury stock, at cost (123 ) (123 ) Retained earnings 4,907 4,597 Accumulated other comprehensive loss, net (639 ) (638 ) Total shareholders’ equity 25,066 24,744 Total liabilities and shareholders’ equity $ 96,925 $ 95,349 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2023 2022 Cash flows from operating activities Net income $ 669 $ 598 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 860 1,024 Gain on sales of assets and businesses — (10 ) Deferred income taxes and amortization of investment tax credits 113 110 Net fair value changes related to derivatives — (59 ) Net realized and unrealized losses on NDT funds — 205 Net unrealized losses on equity investments — 16 Other non-cash operating activities (138 ) 232 Changes in assets and liabilities: Accounts receivable 106 (711 ) Inventories 102 125 Accounts payable and accrued expenses (482 ) 291 Option premiums paid, net — (39 ) Collateral (paid) received, net (214 ) 1,142 Income taxes 23 77 Regulatory assets and liabilities, net (324 ) (31 ) Pension and non-pension postretirement benefit contributions (44 ) (574 ) Other assets and liabilities (187 ) (614 ) Net cash flows provided by operating activities 484 1,782 Cash flows from investing activities Capital expenditures (1,881 ) (1,922 ) Proceeds from NDT fund sales — 488 Investment in NDT funds — (516 ) Collection of DPP — 169 Proceeds from sales of assets and businesses — 16 Other investing activities 10 (54 ) Net cash flows used in investing activities (1,871 ) (1,819 ) Cash flows from financing activities Changes in short-term borrowings (1,130 ) (700 ) Proceeds from short-term borrowings with maturities greater than 90 days — 1,150 Repayments on short-term borrowings with maturities greater than 90 days (150 ) (350 ) Issuance of long-term debt 3,925 4,301 Retirement of long-term debt (857 ) (6 ) Dividends paid on common stock (358 ) (332 ) Proceeds from employee stock plans 10 9 Transfer of cash, restricted cash, and cash equivalents to Constellation — (2,594 ) Other financing activities (60 ) (62 ) Net cash flows provided by financing activities 1,380 1,416 (Decrease) increase in cash, restricted cash, and cash equivalents (7 ) 1,379 Cash, restricted cash, and cash equivalents at beginning of period 1,090 1,619 Cash, restricted cash, and cash equivalents at end of period $ 1,083 $ 2,998 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, 2023 and 2022 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 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) (1) — — — — — 1 1 Separation Costs (net of taxes of $2, $1, $1, $1, $1 and $7, respectively) (2) 0.02 5 2 2 4 4 17 Income Tax-Related Adjustments (entire amount represents tax expense) (3) 0.14 — — — 3 131 134 2022 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.64 $ 193 $ 208 $ 200 $ 136 $ (103 ) $ 634 Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: Weather $ (0.04 ) $ — (b) $ (38 ) $ — (b) $ (6 ) (b) $ — $ (44 ) Load (0.01 ) — (b) (4 ) — (b) (3 ) (b) — (7 ) Distribution and Transmission Rates (4) 0.13 45 (c) 26 (c) 13 (c) 44 (c) — 128 Other Energy Delivery (5) 0.06 25 (c) 7 (c) (1 ) (c) 28 (c) — 59 Operating and Maintenance Expense (6) 0.01 2 (22 ) (5 ) 12 21 8 Pension and Non-Pension Postretirement Benefits — 3 2 (1 ) (4 ) (2 ) (2 ) Depreciation and Amortization Expense (7) (0.03 ) (12 ) (5 ) 4 (17 ) (2 ) (32 ) Interest Expense and Other (8) (0.05 ) (5 ) (8 ) (11 ) (17 ) (7 ) (48 ) Share Differential (9) (0.01 ) — — — — — — Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings $ 0.06 $ 58 $ (42 ) $ (1 ) $ 37 $ 10 $ 62 2023 GAAP Net Income (Loss) from Continuing Operations $ 0.67 $ 241 $ 166 $ 200 $ 155 $ (93 ) $ 669 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0) — — — — — (1 ) (1 ) Change in Environmental Liabilities (net of taxes of $7) 0.02 — — — 18 — 18 Change in FERC Audit Liability (net of taxes of $4) 0.01 11 — — — — 11 Separation Costs (net of taxes of $0) (2) — — — — — (1 ) (1 ) 2023 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.70 $ 251 $ 166 $ 199 $ 173 $ (93 ) $ 696 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Reflects costs related to a multi-year ERP system implementation, which are recorded in Operating and maintenance expense. (2) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. (3) In 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. (4) For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (5) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable. (6) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased credit loss expense. For PHI, includes decreased 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 (YTD Q1 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q1 2022) and 2) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). (7) Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For BGE, also reflects decreased amortization for regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery. (8) For Corporate, Other primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense. (9) Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance. ComEd Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 6,234 6,751 (7.7 )% (1.8 )% $ 836 $ 857 (2.5 )% Small commercial & industrial 7,198 7,504 (4.1 )% (0.8 )% 361 423 (14.7 )% Large commercial & industrial 6,559 6,746 (2.8 )% (0.6 )% 84 153 (45.1 )% Public authorities & electric railroads 227 257 (11.7 )% (8.8 )% 10 14 (28.6 )% Other(b) — — n/a n/a 217 239 (9.2 )% Total electric revenues(c) 20,218 21,258 (4.9 )% (1.2 )% 1,508 1,686 (10.6 )% Other Revenues(d) 159 48 231.3 % Total Electric Revenues $ 1,667 $ 1,734 (3.9 )% Purchased Power $ 488 $ 638 (23.5 )% % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 2,671 3,165 3,053 (15.6 )% (12.5 )% Number of Electric Customers 2023 2022 Residential 3,729,983 3,713,397 Small commercial & industrial 391,662 390,994 Large commercial & industrial 1,881 1,882 Public authorities & electric railroads 4,790 4,838 Total 4,128,316 4,111,111 __________ (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 $3 million and $6 million for the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,358 3,758 (10.6 )% (0.1 )% $ 519 $ 487 6.6 % Small commercial & industrial 1,843 1,937 (4.9 )% 0.4 % 135 111 21.6 % Large commercial & industrial 3,237 3,332 (2.9 )% (1.2 )% 65 64 1.6 % Public authorities & electric railroads 168 182 (7.7 )% 9.3 % 8 8 — % Other(b) — — n/a n/a 68 62 9.7 % Total electric revenues(c) 8,606 9,209 (6.5 )% (0.2 )% 795 732 8.6 % Other Revenues(d) — 9 (100.0 )% Total Electric Revenues 795 741 7.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 17,190 20,837 (17.5 )% (2.4 )% 223 218 2.3 % Small commercial & industrial 8,699 10,546 (17.5 )% (3.4 )% 75 76 (1.3 )% Large commercial & industrial 29 10 190.0 % 21.7 % 1 �� — n/a Transportation 7,014 7,639 (8.2 )% (5.4 )% 8 8 — % Other(f) — — n/a n/a 9 3 200.0 % Total natural gas revenues(g) 32,932 39,032 (15.6 )% (3.2 )% 316 305 3.6 % Other Revenues(d) 1 1 100.0 % Total Natural Gas Revenues 317 306 3.6 % Total Electric and Natural Gas Revenues $ 1,112 $ 1,047 6.2 % Purchased Power and Fuel $ 484 $ 407 18.9 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,888 2,228 2,418 (15.3 )% (21.9 )% Cooling Degree-Days — 1 1 (100.0 )% (100.0 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 1,529,779 1,521,255 Residential 504,181 499,188 Small commercial & industrial 155,846 155,485 Small commercial & industrial 45,003 44,959 Large commercial & industrial 3,118 3,102 Large commercial & industrial 9 5 Public authorities & electric railroads 10,401 10,342 Transportation 650 664 Total 1,699,144 1,690,184 Total 549,843 544,816 __________ (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 and $1 million for the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million and less than a $1 million for the three months ended March 31, 2023 and 2022, respectively. BGE Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,106 3,569 (13.0 )% 1.9 % $ 434 $ 417 4.1 % Small commercial & industrial 674 736 (8.4 )% 1.4 % 92 81 13.6 % Large commercial & industrial 3,047 3,173 (4.0 )% (0.4 )% 149 131 13.7 % Public authorities & electric railroads 55 53 3.8 % 2.9 % 7 7 — % Other(b) — — n/a n/a 96 97 (1.0 )% Total electric revenues(c) 6,882 7,531 (8.6 )% 0.9 % 778 733 6.1 % Other Revenues(d) 36 3 1,100.0 % Total Electric Revenues 814 736 10.6 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 16,787 21,118 (20.5 )% 2.7 % 278 282 (1.4 )% Small commercial & industrial 3,768 4,662 (19.2 )% (0.9 )% 41 45 (8.9 )% Large commercial & industrial 13,214 14,743 (10.4 )% (0.7 )% 70 65 7.7 % Other(f) 1,608 4,460 (63.9 )% n/a 19 35 (45.7 )% Total natural gas revenues(g) 35,377 44,983 (21.4 )% 1.1 % 408 427 (4.4 )% Other Revenues(d) 35 (9 ) (488.9 )% Total Natural Gas Revenues 443 418 6.0 % Total Electric and Natural Gas Revenues $ 1,257 $ 1,154 8.9 % Purchased Power and Fuel $ 492 $ 454 8.4 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,774 2,241 2,381 (20.8 )% (25.5 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 1,207,486 1,199,272 Residential 656,583 653,397 Small commercial & industrial 115,658 115,363 Small commercial & industrial 38,260 38,356 Large commercial & industrial 12,911 12,674 Large commercial & industrial 6,261 6,193 Public authorities & electric railroads 266 268 Total 1,336,321 1,327,577 Total 701,104 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million and $5 million for the three months ended March 31, 2023 and 2022, respectively. Pepco Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 1,963 2,287 (14.2 )% (4.4 )% $ 283 $ 275 2.9 % Small commercial & industrial 267 299 (10.7 )% (5.5 )% 39 38 2.6 % Large commercial & industrial 3,210 3,249 (1.2 )% 1.7 % 282 253 11.5 % Public authorities & electric railroads 152 150 1.3 % 2.7 % 8 8 — % Other(b) — — n/a n/a 56 46 21.7 % Total electric revenues(c) 5,592 5,985 (6.6 )% (1.0 )% 668 620 7.7 % Other Revenues(d) 42 (6 ) (800.0 )% Total Electric Revenues $ 710 $ 614 15.6 % Purchased Power $ 258 $ 213 21.1 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,621 2,013 2,121 (19.5 )% (23.6 )% Cooling Degree-Days 2 6 3 (66.7 )% (33.3 )% Number of Electric Customers 2023 2022 Residential 859,207 846,258 Small commercial & industrial 54,089 54,509 Large commercial & industrial 22,858 22,620 Public authorities & electric railroads 201 184 Total 936,355 923,571 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs. DPL Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 1,386 1,577 (12.1 )% (2.4 )% $ 210 $ 207 1.4 % Small commercial & industrial 535 606 (11.7 )% (8.3 )% 62 56 10.7 % Large commercial & industrial 957 1,015 (5.7 )% (4.0 ) 33 26 26.9 % Public authorities & electric railroads 11 12 (8.3 )% (6.3 )% 4 4 — % Other(b) — — n/a n/a 58 56 3.6 % Total electric revenues(c) 2,889 3,210 (10.0 )% (4.0 )% 367 349 5.2 % Other Revenues(d) 10 (1 ) (1,100.0 )% Total Electric Revenues 377 348 8.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 3,581 4,453 (19.6 )% (6.6 )% 60 51 17.6 % Small commercial & industrial 1,652 1,983 (16.7 )% (1.8 )% 26 21 23.8 % Large commercial & industrial 414 457 (9.4 )% (9.5 )% 1 3 (66.7 )% Transportation 1,900 2,207 (13.9 )% (6.9 )% 4 4 — % Other(f) — — n/a n/a 6 4 50.0 % Total natural gas revenues 7,547 9,100 (17.1 )% (5.8 )% 97 83 16.9 % Other Revenues(d) — — n/a Total Natural Gas Revenues 97 83 16.9 % Total Electric and Natural Gas Revenues $ 474 $ 431 10.0 % Purchased Power and Fuel $ 221 $ 189 16.9 % Electric Service Territory % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,875 2,264 2,407 (17.2 )% (22.1 )% Cooling Degree-Days — 4 1 (100.0 )% (100.0 )% Natural Gas Service Territory % Change Heating Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,952 2,355 2,497 (17.1 )% (21.8 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 482,979 478,009 Residential 129,791 128,695 Small commercial & industrial 63,794 63,296 Small commercial & industrial 10,158 10,097 Large commercial & industrial 1,236 1,221 Large commercial & industrial 16 17 Public authorities & electric railroads 595 603 Transportation 158 159 Total 548,604 543,129 Total 140,123 138,968 __________ (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 the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. ACE Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 760 918 (17.2 )% (9.4 )% $ 146 $ 170 (14.1 )% Small commercial & industrial 371 339 9.4 % 13.9 % 59 47 25.5 % Large commercial & industrial 789 703 12.2 % 14.3 % 63 44 43.2 % Public authorities & electric railroads 13 14 (7.1 )% 0.1 % 5 4 25.0 % Other(b) — — n/a n/a 63 81 (22.2 )% Total electric revenues(c) 1,933 1,974 (2.1 )% 3.1 % 336 346 (2.9 )% Other Revenues(d) 17 3 466.7 % Total Electric Revenues $ 353 $ 349 1.1 % Purchased Power $ 148 $ 178 (16.9 )% % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 2,008 2,436 2,467 (17.6 )% (18.6 )% Cooling Degree-Days — 2 1 (100.0 )% (100.0 )% Number of Electric Customers 2023 2022 Residential 503,260 500,511 Small commercial & industrial 62,230 62,124 Large commercial & industrial 3,030 3,124 Public authorities & electric railroads 726 724 Total 569,246 566,483 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005366/en/Contacts Donna Sitkiewicz Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345
Earnings Release Highlights GAAP Net Income of $0.67 per share and Adjusted (non-GAAP) Operating Earnings of $0.70 per share for the first quarter of 2023 Affirming full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share Reaffirming fully regulated operating EPS* compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range Achieved top quartile reliability performance at all utilities, with all four operating companies delivering their best-on-record performance in outage duration ACE filed an electric distribution rate case with the New Jersey Board of Public Utilities (NJBPU) in February seeking an increase in base rates to support significant investments in infrastructure to maintain safety, reliability, and service for customers BGE filed its second multi-year plan with the Maryland Public Service Commission (MDPSC) in February seeking an increase in electric and gas distribution base rates over the period of 2024 to 2026 to continue providing safe, reliable service to customers while laying the foundation for BGE to support the achievement of Maryland’s state policy goals Pepco filed its second multi-year plan with the Public Service Commission of the District of Columbia (DCPSC) in April seeking an increase in base rates over the period of 2024 to 2026 to support a climate ready grid and enable cleaner energy programs and technologies that further support the District’s goal to be carbon neutral by 2045
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2023. “Our team of 19,000 plus employees have entered this first full year of operations after the separation excited to lead the energy transformation, and it shows in our results,” said Exelon President and CEO Calvin Butler. “In addition to strong financial performance, all four of our utilities achieved best-on-record reliability. These results are a testament to our team’s hard work, smart investment, and commitment to financial and operational excellence. As we continue to execute on our financial, operational and regulatory objectives in 2023, we continue to keep our customers at the forefront of everything we do.” “2023 is off to a strong start, delivering Adjusted (non-GAAP) Operating Earnings of $0.70 per share, $0.06 ahead of results in the first quarter of 2022, driven by increased revenues associated with the investments we are making on behalf of customers,” said Exelon Executive Vice President and CFO Jeanne Jones. “With most of our planned debt financing activity complete for the year and all but one of our planned rate cases now filed, we are well on our way to executing on the plan laid out at the beginning of the year. We reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.30 to $2.42 per share.” First Quarter 2023 Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2023 increased to $0.67 per share from $0.49 GAAP Net Income from Continuing Operations per share in the first quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $0.70 per share from $0.64 per share in the first quarter of 2022. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 5. Adjusted (non-GAAP) Operating Earnings in the first quarter of 2023 primarily reflect: Higher utility earnings primarily due to higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in U.S. treasury rates and impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory assets at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense at PECO, higher credit loss expense at PECO, and higher interest expense at BGE. Lower costs 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 in the first quarter of 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules. This was partially offset by higher interest expense. Operating Company Results1 ComEd ComEd's first quarter of 2023 GAAP Net Income increased to $241 million from $188 million in the first quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $251 million from $193 million in the first quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory assets. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. ___________ 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. PECO PECO’s first quarter of 2023 GAAP Net Income decreased to $166 million from $206 million in the first quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $166 million from $208 million in the first quarter of 2022, primarily due to unfavorable weather, an increase in credit loss expense and depreciation expense, partially offset by gas distribution rate increases. BGE BGE’s first quarter of 2023 GAAP Net Income increased to $200 million from $198 million in the first quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $199 million from $200 million in the first quarter of 2022, primarily due to an increase in interest expense, 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 2023 GAAP Net Income increased to $155 million from $130 million in the first quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $173 million from $136 million in the first quarter of 2022, primarily due to distribution and transmission rate increases, partially offset by unfavorable weather. 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 ACE New Jersey Electric Base Rate Case: On February 15, 2023, ACE filed an application with the NJBPU to increase its annual electric distribution rates by $105 million, reflecting a requested ROE of 10.50%. ACE currently expects a decision in the first quarter of 2024, but cannot predict if the NJBPU will approve the application as filed. ACE intends to put rates into effect on November 17, 2023, subject to refund. BGE Maryland Electric and Natural Gas Base Rate Case: On February 17, 2023, BGE filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the MDPSC. Inclusive of the proposed acceleration of remaining electric tax benefits in 2024 and 2025, and remaining gas tax benefits in 2024, BGE requested total electric revenue requirement increases of $85 million, $103 million, and $125 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $158 million, $77 million, and $54 million in 2024, 2025, and 2026, respectively. The electric and gas revenue requirement increases reflect a requested ROE of 10.4%. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland’s climate and regulatory initiatives. BGE currently expects a decision in the fourth quarter of 2023, but cannot predict if the MDPSC will approve the application as filed. The 2021 and 2022 reconciliation amounts are not included in the requested revenue requirement increase, as BGE is proposing that these amounts be recovered through the separate electric and gas riders in 2024. The 2021 reconciliation amounts are $11 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $44 million and $15 million for electric and gas, respectively. Pepco District of Columbia Electric Base Rate Case: On April 13, 2023, Pepco filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the DCPSC. Pepco requested total electric revenue requirement increases of $117 million, $37 million, and $37 million in 2024, 2025, and 2026, respectively. The electric revenue requirement increases reflect a requested ROE of 10.50%. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia's climate and clean energy goals. Pepco currently expects a decision in the first quarter of 2024, but cannot predict if the DCPSC will approve the application as filed. ComEd Distribution Formula Rate Reconciliation: On April 21, 2023, ComEd filed its proposed Delivery Reconciliation Amount of $247 million under Rider Delivery Service Pricing Reconciliation which allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd’s approved MRP. The 2023 filing reconciles the delivery service rates in effect in 2022 with the actual delivery service costs incurred in 2022. Final order is expected by December 2023, and the reconciliation amount will be in customer rates beginning January 1, 2024. Financing Activities: On February 21, 2023, Exelon issued $2,500 million of Notes, consisting of $1,000 million of its Notes at 5.15%, due March 15, 2028, $850 million of its Notes at 5.30%, due March 15, 2033 and $650 million of its Notes at 5.60%, due March 15, 2053. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, Pepco issued $250 million of First Mortgage Bonds, consisting of $85 million of its First Mortgage 5.30% Bonds, due March 15, 2033, $40 million of its First Mortgage 5.40% Bonds, due March 15, 2038, and $125 million of its First Mortgage 5.57% Bonds, due March 15, 2053. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, DPL issued $125 million of First Mortgage Bonds, consisting of $60 million of its First Mortgage 5.30% Bonds, due March 15, 2033 and $65 million of its First Mortgage 5.57% Bonds, due March 15, 2053. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. On March 15, 2023, ACE issued $75 million of its First Mortgage bonds, 5.57% Series, due March 15, 2053. ACE 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 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2023 GAAP Net Income (Loss) from Continuing Operations $ 0.67 $ 669 $ 241 $ 166 $ 200 $ 155 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0) — (1 ) — — — — Change in Environmental Liabilities (net of taxes of $7) 0.02 18 — — — 18 Change in FERC Audit Liability (net of taxes of $4) 0.01 11 11 — — — Separation Costs (net of taxes of $0) — (1 ) — — — — 2023 Adjusted (non-GAAP) Operating Earnings $ 0.70 $ 696 $ 251 $ 166 $ 199 $ 173 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 Enterprise Resource Program (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 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 2023 and 2022 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2023 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 19,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 3, 2023. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' First Quarter 2023 Quarterly Report on Form 10-Q (to be filed on May 3, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. 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 8 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, 2023 Operating revenues $ 1,667 $ 1,112 $ 1,257 $ 1,536 $ (9 ) $ 5,563 Operating expenses Purchased power and fuel 488 484 492 627 — 2,091 Operating and maintenance 337 270 222 309 13 1,151 Depreciation and amortization 338 98 167 241 16 860 Taxes other than income taxes 93 50 83 120 9 355 Total operating expenses 1,256 902 964 1,297 38 4,457 Operating income (loss) 411 210 293 239 (47 ) 1,106 Other income and (deductions) Interest expense, net (117 ) (48 ) (44 ) (76 ) (127 ) (412 ) Other, net 18 8 3 26 54 109 Total other income and (deductions) (99 ) (40 ) (41 ) (50 ) (73 ) (303 ) Income (loss) from continuing operations before income taxes 312 170 252 189 (120 ) 803 Income taxes 71 4 52 34 (27 ) 134 Net income (loss) from continuing operations after income taxes 241 166 200 155 (93 ) 669 Net income from discontinued operations after income taxes — — — — — — Net income (loss) 241 166 200 155 (93 ) 669 Net income attributable to noncontrolling interests — — — — — — Net income (loss) attributable to common shareholders $ 241 $ 166 $ 200 $ 155 $ (93 ) $ 669 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 (loss) from continuing operations before income taxes 240 220 207 137 (105 ) 699 Income taxes 52 14 9 7 136 218 Net income (loss) from continuing operations after income taxes 188 206 198 130 (241 ) 481 Net income 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 Change in Net income from continuing operations 2022 to 2023 $ 53 $ (40 ) $ 2 $ 25 $ 148 $ 188 __________ (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, 2023 December 31, 2022 Assets Current assets Cash and cash equivalents $ 522 $ 407 Restricted cash and cash equivalents 381 566 Accounts receivable Customer accounts receivable 2,493 2,544 Customer allowance for credit losses (389 ) (327 ) Customer accounts receivable, net 2,104 2,217 Other accounts receivable 1,346 1,426 Other allowance for credit losses (91 ) (82 ) Other accounts receivable, net 1,255 1,344 Inventories, net Fossil fuel 70 208 Materials and supplies 582 547 Regulatory assets 2,386 1,641 Other 477 406 Total current assets 7,777 7,336 Property, plant, and equipment, net 70,117 69,076 Deferred debits and other assets Regulatory assets 7,878 8,037 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 3,069 2,897 Investments 234 232 Other 1,220 1,141 Total deferred debits and other assets 19,031 18,937 Total assets $ 96,925 $ 95,349 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,306 $ 2,586 Long-term debt due within one year 1,356 1,802 Accounts payable 2,762 3,382 Accrued expenses 1,183 1,226 Payables to affiliates 5 5 Regulatory liabilities 472 437 Mark-to-market derivative liabilities 23 8 Unamortized energy contract liabilities 9 10 Other 976 1,155 Total current liabilities 8,092 10,611 Long-term debt 38,732 35,272 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 11,483 11,250 Regulatory liabilities 9,307 9,112 Pension obligations 1,101 1,109 Non-pension postretirement benefit obligations 506 507 Asset retirement obligations 270 269 Mark-to-market derivative liabilities 77 83 Unamortized energy contract liabilities 32 35 Other 1,869 1,967 Total deferred credits and other liabilities 24,645 24,332 Total liabilities 71,859 70,605 Commitments and contingencies Shareholders’ equity Common stock 20,921 20,908 Treasury stock, at cost (123 ) (123 ) Retained earnings 4,907 4,597 Accumulated other comprehensive loss, net (639 ) (638 ) Total shareholders’ equity 25,066 24,744 Total liabilities and shareholders’ equity $ 96,925 $ 95,349 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2023 2022 Cash flows from operating activities Net income $ 669 $ 598 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 860 1,024 Gain on sales of assets and businesses — (10 ) Deferred income taxes and amortization of investment tax credits 113 110 Net fair value changes related to derivatives — (59 ) Net realized and unrealized losses on NDT funds — 205 Net unrealized losses on equity investments — 16 Other non-cash operating activities (138 ) 232 Changes in assets and liabilities: Accounts receivable 106 (711 ) Inventories 102 125 Accounts payable and accrued expenses (482 ) 291 Option premiums paid, net — (39 ) Collateral (paid) received, net (214 ) 1,142 Income taxes 23 77 Regulatory assets and liabilities, net (324 ) (31 ) Pension and non-pension postretirement benefit contributions (44 ) (574 ) Other assets and liabilities (187 ) (614 ) Net cash flows provided by operating activities 484 1,782 Cash flows from investing activities Capital expenditures (1,881 ) (1,922 ) Proceeds from NDT fund sales — 488 Investment in NDT funds — (516 ) Collection of DPP — 169 Proceeds from sales of assets and businesses — 16 Other investing activities 10 (54 ) Net cash flows used in investing activities (1,871 ) (1,819 ) Cash flows from financing activities Changes in short-term borrowings (1,130 ) (700 ) Proceeds from short-term borrowings with maturities greater than 90 days — 1,150 Repayments on short-term borrowings with maturities greater than 90 days (150 ) (350 ) Issuance of long-term debt 3,925 4,301 Retirement of long-term debt (857 ) (6 ) Dividends paid on common stock (358 ) (332 ) Proceeds from employee stock plans 10 9 Transfer of cash, restricted cash, and cash equivalents to Constellation — (2,594 ) Other financing activities (60 ) (62 ) Net cash flows provided by financing activities 1,380 1,416 (Decrease) increase in cash, restricted cash, and cash equivalents (7 ) 1,379 Cash, restricted cash, and cash equivalents at beginning of period 1,090 1,619 Cash, restricted cash, and cash equivalents at end of period $ 1,083 $ 2,998 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, 2023 and 2022 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 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) (1) — — — — — 1 1 Separation Costs (net of taxes of $2, $1, $1, $1, $1 and $7, respectively) (2) 0.02 5 2 2 4 4 17 Income Tax-Related Adjustments (entire amount represents tax expense) (3) 0.14 — — — 3 131 134 2022 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.64 $ 193 $ 208 $ 200 $ 136 $ (103 ) $ 634 Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: Weather $ (0.04 ) $ — (b) $ (38 ) $ — (b) $ (6 ) (b) $ — $ (44 ) Load (0.01 ) — (b) (4 ) — (b) (3 ) (b) — (7 ) Distribution and Transmission Rates (4) 0.13 45 (c) 26 (c) 13 (c) 44 (c) — 128 Other Energy Delivery (5) 0.06 25 (c) 7 (c) (1 ) (c) 28 (c) — 59 Operating and Maintenance Expense (6) 0.01 2 (22 ) (5 ) 12 21 8 Pension and Non-Pension Postretirement Benefits — 3 2 (1 ) (4 ) (2 ) (2 ) Depreciation and Amortization Expense (7) (0.03 ) (12 ) (5 ) 4 (17 ) (2 ) (32 ) Interest Expense and Other (8) (0.05 ) (5 ) (8 ) (11 ) (17 ) (7 ) (48 ) Share Differential (9) (0.01 ) — — — — — — Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings $ 0.06 $ 58 $ (42 ) $ (1 ) $ 37 $ 10 $ 62 2023 GAAP Net Income (Loss) from Continuing Operations $ 0.67 $ 241 $ 166 $ 200 $ 155 $ (93 ) $ 669 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0) — — — — — (1 ) (1 ) Change in Environmental Liabilities (net of taxes of $7) 0.02 — — — 18 — 18 Change in FERC Audit Liability (net of taxes of $4) 0.01 11 — — — — 11 Separation Costs (net of taxes of $0) (2) — — — — — (1 ) (1 ) 2023 Adjusted (non-GAAP) Operating Earnings (Loss) $ 0.70 $ 251 $ 166 $ 199 $ 173 $ (93 ) $ 696 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Reflects costs related to a multi-year ERP system implementation, which are recorded in Operating and maintenance expense. (2) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. (3) In 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. (4) For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (5) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable. (6) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased credit loss expense. For PHI, includes decreased 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 (YTD Q1 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q1 2022) and 2) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). (7) Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For BGE, also reflects decreased amortization for regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery. (8) For Corporate, Other primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense. (9) Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance. ComEd Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 6,234 6,751 (7.7 )% (1.8 )% $ 836 $ 857 (2.5 )% Small commercial & industrial 7,198 7,504 (4.1 )% (0.8 )% 361 423 (14.7 )% Large commercial & industrial 6,559 6,746 (2.8 )% (0.6 )% 84 153 (45.1 )% Public authorities & electric railroads 227 257 (11.7 )% (8.8 )% 10 14 (28.6 )% Other(b) — — n/a n/a 217 239 (9.2 )% Total electric revenues(c) 20,218 21,258 (4.9 )% (1.2 )% 1,508 1,686 (10.6 )% Other Revenues(d) 159 48 231.3 % Total Electric Revenues $ 1,667 $ 1,734 (3.9 )% Purchased Power $ 488 $ 638 (23.5 )% % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 2,671 3,165 3,053 (15.6 )% (12.5 )% Number of Electric Customers 2023 2022 Residential 3,729,983 3,713,397 Small commercial & industrial 391,662 390,994 Large commercial & industrial 1,881 1,882 Public authorities & electric railroads 4,790 4,838 Total 4,128,316 4,111,111 __________ (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 $3 million and $6 million for the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,358 3,758 (10.6 )% (0.1 )% $ 519 $ 487 6.6 % Small commercial & industrial 1,843 1,937 (4.9 )% 0.4 % 135 111 21.6 % Large commercial & industrial 3,237 3,332 (2.9 )% (1.2 )% 65 64 1.6 % Public authorities & electric railroads 168 182 (7.7 )% 9.3 % 8 8 — % Other(b) — — n/a n/a 68 62 9.7 % Total electric revenues(c) 8,606 9,209 (6.5 )% (0.2 )% 795 732 8.6 % Other Revenues(d) — 9 (100.0 )% Total Electric Revenues 795 741 7.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 17,190 20,837 (17.5 )% (2.4 )% 223 218 2.3 % Small commercial & industrial 8,699 10,546 (17.5 )% (3.4 )% 75 76 (1.3 )% Large commercial & industrial 29 10 190.0 % 21.7 % 1 �� — n/a Transportation 7,014 7,639 (8.2 )% (5.4 )% 8 8 — % Other(f) — — n/a n/a 9 3 200.0 % Total natural gas revenues(g) 32,932 39,032 (15.6 )% (3.2 )% 316 305 3.6 % Other Revenues(d) 1 1 100.0 % Total Natural Gas Revenues 317 306 3.6 % Total Electric and Natural Gas Revenues $ 1,112 $ 1,047 6.2 % Purchased Power and Fuel $ 484 $ 407 18.9 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,888 2,228 2,418 (15.3 )% (21.9 )% Cooling Degree-Days — 1 1 (100.0 )% (100.0 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 1,529,779 1,521,255 Residential 504,181 499,188 Small commercial & industrial 155,846 155,485 Small commercial & industrial 45,003 44,959 Large commercial & industrial 3,118 3,102 Large commercial & industrial 9 5 Public authorities & electric railroads 10,401 10,342 Transportation 650 664 Total 1,699,144 1,690,184 Total 549,843 544,816 __________ (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 and $1 million for the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million and less than a $1 million for the three months ended March 31, 2023 and 2022, respectively. BGE Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,106 3,569 (13.0 )% 1.9 % $ 434 $ 417 4.1 % Small commercial & industrial 674 736 (8.4 )% 1.4 % 92 81 13.6 % Large commercial & industrial 3,047 3,173 (4.0 )% (0.4 )% 149 131 13.7 % Public authorities & electric railroads 55 53 3.8 % 2.9 % 7 7 — % Other(b) — — n/a n/a 96 97 (1.0 )% Total electric revenues(c) 6,882 7,531 (8.6 )% 0.9 % 778 733 6.1 % Other Revenues(d) 36 3 1,100.0 % Total Electric Revenues 814 736 10.6 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 16,787 21,118 (20.5 )% 2.7 % 278 282 (1.4 )% Small commercial & industrial 3,768 4,662 (19.2 )% (0.9 )% 41 45 (8.9 )% Large commercial & industrial 13,214 14,743 (10.4 )% (0.7 )% 70 65 7.7 % Other(f) 1,608 4,460 (63.9 )% n/a 19 35 (45.7 )% Total natural gas revenues(g) 35,377 44,983 (21.4 )% 1.1 % 408 427 (4.4 )% Other Revenues(d) 35 (9 ) (488.9 )% Total Natural Gas Revenues 443 418 6.0 % Total Electric and Natural Gas Revenues $ 1,257 $ 1,154 8.9 % Purchased Power and Fuel $ 492 $ 454 8.4 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,774 2,241 2,381 (20.8 )% (25.5 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 1,207,486 1,199,272 Residential 656,583 653,397 Small commercial & industrial 115,658 115,363 Small commercial & industrial 38,260 38,356 Large commercial & industrial 12,911 12,674 Large commercial & industrial 6,261 6,193 Public authorities & electric railroads 266 268 Total 1,336,321 1,327,577 Total 701,104 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million and $5 million for the three months ended March 31, 2023 and 2022, respectively. Pepco Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather- Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 1,963 2,287 (14.2 )% (4.4 )% $ 283 $ 275 2.9 % Small commercial & industrial 267 299 (10.7 )% (5.5 )% 39 38 2.6 % Large commercial & industrial 3,210 3,249 (1.2 )% 1.7 % 282 253 11.5 % Public authorities & electric railroads 152 150 1.3 % 2.7 % 8 8 — % Other(b) — — n/a n/a 56 46 21.7 % Total electric revenues(c) 5,592 5,985 (6.6 )% (1.0 )% 668 620 7.7 % Other Revenues(d) 42 (6 ) (800.0 )% Total Electric Revenues $ 710 $ 614 15.6 % Purchased Power $ 258 $ 213 21.1 % % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,621 2,013 2,121 (19.5 )% (23.6 )% Cooling Degree-Days 2 6 3 (66.7 )% (33.3 )% Number of Electric Customers 2023 2022 Residential 859,207 846,258 Small commercial & industrial 54,089 54,509 Large commercial & industrial 22,858 22,620 Public authorities & electric railroads 201 184 Total 936,355 923,571 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs. DPL Statistics Three Months Ended March 31, 2023 and 2022 Electric and Natural Gas Deliveries Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 1,386 1,577 (12.1 )% (2.4 )% $ 210 $ 207 1.4 % Small commercial & industrial 535 606 (11.7 )% (8.3 )% 62 56 10.7 % Large commercial & industrial 957 1,015 (5.7 )% (4.0 ) 33 26 26.9 % Public authorities & electric railroads 11 12 (8.3 )% (6.3 )% 4 4 — % Other(b) — — n/a n/a 58 56 3.6 % Total electric revenues(c) 2,889 3,210 (10.0 )% (4.0 )% 367 349 5.2 % Other Revenues(d) 10 (1 ) (1,100.0 )% Total Electric Revenues 377 348 8.3 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 3,581 4,453 (19.6 )% (6.6 )% 60 51 17.6 % Small commercial & industrial 1,652 1,983 (16.7 )% (1.8 )% 26 21 23.8 % Large commercial & industrial 414 457 (9.4 )% (9.5 )% 1 3 (66.7 )% Transportation 1,900 2,207 (13.9 )% (6.9 )% 4 4 — % Other(f) — — n/a n/a 6 4 50.0 % Total natural gas revenues 7,547 9,100 (17.1 )% (5.8 )% 97 83 16.9 % Other Revenues(d) — — n/a Total Natural Gas Revenues 97 83 16.9 % Total Electric and Natural Gas Revenues $ 474 $ 431 10.0 % Purchased Power and Fuel $ 221 $ 189 16.9 % Electric Service Territory % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,875 2,264 2,407 (17.2 )% (22.1 )% Cooling Degree-Days — 4 1 (100.0 )% (100.0 )% Natural Gas Service Territory % Change Heating Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 1,952 2,355 2,497 (17.1 )% (21.8 )% Number of Electric Customers 2023 2022 Number of Natural Gas Customers 2023 2022 Residential 482,979 478,009 Residential 129,791 128,695 Small commercial & industrial 63,794 63,296 Small commercial & industrial 10,158 10,097 Large commercial & industrial 1,236 1,221 Large commercial & industrial 16 17 Public authorities & electric railroads 595 603 Transportation 158 159 Total 548,604 543,129 Total 140,123 138,968 __________ (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 the three months ended March 31, 2023 and 2022, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. ACE Statistics Three Months Ended March 31, 2023 and 2022 Electric Deliveries (in GWhs) Revenue (in millions) 2023 2022 % Change Weather - Normal % Change 2023 2022 % Change Electric Deliveries and Revenues(a) Residential 760 918 (17.2 )% (9.4 )% $ 146 $ 170 (14.1 )% Small commercial & industrial 371 339 9.4 % 13.9 % 59 47 25.5 % Large commercial & industrial 789 703 12.2 % 14.3 % 63 44 43.2 % Public authorities & electric railroads 13 14 (7.1 )% 0.1 % 5 4 25.0 % Other(b) — — n/a n/a 63 81 (22.2 )% Total electric revenues(c) 1,933 1,974 (2.1 )% 3.1 % 336 346 (2.9 )% Other Revenues(d) 17 3 466.7 % Total Electric Revenues $ 353 $ 349 1.1 % Purchased Power $ 148 $ 178 (16.9 )% % Change Heating and Cooling Degree-Days 2023 2022 Normal From 2022 From Normal Heating Degree-Days 2,008 2,436 2,467 (17.6 )% (18.6 )% Cooling Degree-Days — 2 1 (100.0 )% (100.0 )% Number of Electric Customers 2023 2022 Residential 503,260 500,511 Small commercial & industrial 62,230 62,124 Large commercial & industrial 3,030 3,124 Public authorities & electric railroads 726 724 Total 569,246 566,483 __________ (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, 2023 and 2022. (d) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005366/en/