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 Second Quarter 2024 Results By: Exelon Corporation via Business Wire August 01, 2024 at 06:50 AM EDT Earnings Release Highlights GAAP net income of $0.45 per share and Adjusted (non-GAAP) operating earnings of $0.47 per share for the second quarter of 2024 Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of $2.40-$2.50 per share Reaffirming fully regulated operating EPS compounded annual growth target of 5-7% through 2027 Strong utility reliability performance – achieved top quartile reliability performance at all utilities, with ComEd and Pepco Holdings achieving top decile in both outage frequency and outage duration for the second straight quarter An order in Pepco’s “Climate Ready Pathway MD” multi-year plan was received in June Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2024. "I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results," said President and CEO Calvin Butler. "We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs." "We delivered second quarter adjusted operating earnings of $0.47 per share this year, $0.06 ahead of results in the second quarter of 2023, driven by increased revenue associated with the investments we are making on behalf of our customers, disciplined cost management and favorable weather conditions," said Exelon Chief Financial Officer Jeanne Jones. "With most of our planned debt financing activity complete for the year and continued progress on our active rate cases, we remain on track to deliver Adjusted (non-GAAP) operating earnings at the midpoint or better of $2.40 to $2.50 per share for the full year." Second Quarter 2024 Exelon's GAAP net income for the second quarter of 2024 increased to $0.45 per share from $0.34 per share in the second quarter of 2023. Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $0.47 per share from $0.41 per share in the second quarter of 2023. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 3. GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2024 primarily reflect: Higher utility earnings primarily due to distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable impacts of the Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. This was partially offset by higher interest expense at PECO and BGE and higher depreciation and amortization expense at PECO, BGE, and PHI. Higher costs at the Exelon holding company due to higher interest expense. Operating Company Results1 ComEd ComEd's second quarter of 2024 GAAP net income increased to $270 million from $249 million in the second quarter of 2023. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $285 million from $251 million in the second quarter of 2023, primarily due to timing of distribution earnings, higher transmission peak loads, and higher rate base. These were partially offset by a lower allowed ROE and the absence of a return on the pension asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. PECO PECO’s second quarter of 2024 GAAP net income decreased to $90 million from $97 million in the second quarter of 2023. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 decreased to $93 million from $98 million in the second quarter of 2023, primarily due to increases in interest expense and depreciation expense, partially offset by favorable weather. BGE BGE’s second quarter of 2024 GAAP net income increased to $44 million from $42 million in the second quarter of 2023. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $45 million from $43 million in the second quarter of 2023, primarily due to distribution rate increases, partially offset by an increase in depreciation and amortization expenses and an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns. ___________ 1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. PHI PHI’s second quarter of 2024 GAAP net income increased to $158 million from $103 million in the second quarter of 2023. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $162 million from $115 million in the second quarter of 2023, primarily due to the favorable impacts of the Pepco Maryland multi-year plans including the recognition of the reconciliations, the absence of an increase in environmental liabilities at Pepco, an increase in ACE and DPL Delaware electric distribution rates, and higher transmission rates at Pepco and DPL, partially offset by increases in depreciation expense and various operating expenses. 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 Second Quarter Highlights Dividend: On July 30, 2024, Exelon's Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon's common stock. The dividend is payable on September 13, 2024, to Exelon's shareholders of record as of the close of business on August 12, 2024. Rate Case Developments: Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending March 31, 2025, reflecting an ROE of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026, and the 2027 nine-month extension period. Financing Activities: On March 13, 2024, ComEd issued $800 million of its First Mortgage Bonds, consisting of $400 million of its First Mortgage 5.30% Series Bonds due on June 1, 2034 and $400 million of its First Mortgage 5.65% Series Bonds due on June 1, 2054. ComEd used the proceeds to repay existing indebtedness, outstanding commercial paper obligations, and for general corporate purposes. On June 6, 2024, BGE issued $800 million of its Notes, consisting of $400 million aggregate principal of its 5.30% notes due June 1, 2034 and $400 million aggregate principal of its 5.65% notes due June 1, 2054. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2024 GAAP net income $ 0.45 $ 448 $ 270 $ 90 $ 44 $ 158 Change in environmental liabilities (net of taxes of $0) — (1 ) — — — (1 ) Change in FERC audit liability (net of taxes of $5) 0.01 15 14 — — — Cost management charge (net of taxes of $3, $1, $0, and $2, respectively) 0.01 9 — 3 1 5 2024 Adjusted (non-GAAP) operating earnings $ 0.47 $ 472 $ 285 $ 93 $ 45 $ 162 Adjusted (non-GAAP) operating earnings for the second quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2023 GAAP net income $ 0.34 $ 343 $ 249 $ 97 $ 42 $ 103 Mark-to-market impact of economic hedging activities (net of taxes of $1) — 3 — — — — Change in environmental liabilities (net of taxes of $1) 0.01 11 — — — 11 SEC matter loss contingency (net of taxes of $0) 0.05 46 — — — — Separation costs (net of taxes of $2, $1, $0, $0, and $1, respectively) 0.01 5 2 1 1 1 2023 Adjusted (non-GAAP) operating earnings $ 0.41 $ 408 $ 251 $ 98 $ 43 $ 115 __________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss second quarter 2024 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 https://investors.exeloncorp.com. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on August 1, 2024. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 1, 2024) 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 11, 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 to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 7 Statistics ComEd 8 PECO 9 BGE 12 Pepco 15 DPL 16 ACE . 18 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended June 30, 2024 Operating revenues $ 2,079 $ 891 $ 928 $ 1,471 $ (8 ) $ 5,361 Operating expenses Purchased power and fuel 763 323 343 562 1 1,992 Operating and maintenance 449 270 250 281 (41 ) 1,209 Depreciation and amortization 374 107 162 235 16 894 Taxes other than income taxes 94 52 80 126 8 360 Total operating expenses 1,680 752 835 1,204 (16 ) 4,455 Gain on sale of assets 5 2 — — — 7 Operating income 404 141 93 267 8 913 Other income and (deductions) Interest expense, net (123 ) (57 ) (53 ) (92 ) (158 ) (483 ) Other, net 20 9 8 29 (2 ) 64 Total other income and (deductions) (103 ) (48 ) (45 ) (63 ) (160 ) (419 ) Income (loss) before income taxes 301 93 48 204 (152 ) 494 Income taxes 31 3 4 46 (38 ) 46 Net income (loss) attributable to common shareholders $ 270 $ 90 $ 44 $ 158 $ (114 ) $ 448 Three Months Ended June 30, 2023 Operating revenues $ 1,901 $ 828 $ 797 $ 1,305 $ (13 ) $ 4,818 Operating expenses Purchased power and fuel 685 302 272 467 1 1,727 Operating and maintenance 355 239 198 304 101 1,197 Depreciation and amortization 350 99 158 243 16 866 Taxes other than income taxes 88 47 76 112 1 324 Total operating expenses 1,478 687 704 1,126 119 4,114 Operating income (loss) 423 141 93 179 (132 ) 704 Other income and (deductions) Interest expense, net (120 ) (48 ) (44 ) (81 ) (134 ) (427 ) Other, net 17 6 5 25 86 139 Total other income and (deductions) (103 ) (42 ) (39 ) (56 ) (48 ) (288 ) Income (loss) before income taxes 320 99 54 123 (180 ) 416 Income taxes 71 2 12 20 (32 ) 73 Net income (loss) attributable to common shareholders $ 249 $ 97 $ 42 $ 103 $ (148 ) $ 343 Change in net income (loss) from 2023 to 2024 $ 21 $ (7 ) $ 2 $ 55 $ 34 $ 105 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Six Months Ended June 30, 2024 Operating revenues $ 4,174 $ 1,945 $ 2,225 $ 3,077 $ (18 ) $ 11,403 Operating expenses Purchased power and fuel 1,670 727 807 1,197 — 4,401 Operating and maintenance 867 563 514 607 (70 ) 2,481 Depreciation and amortization 737 210 312 481 33 1,773 Taxes other than income taxes 188 103 169 254 17 731 Total operating expenses 3,462 1,603 1,802 2,539 (20 ) 9,386 Gain on sales of assets 5 4 — — — 9 Operating income 717 346 423 538 2 2,026 Other income and (deductions) Interest expense, net (246 ) (112 ) (103 ) (183 ) (306 ) (950 ) Other, net 41 18 16 57 7 139 Total other income and (deductions) (205 ) (94 ) (87 ) (126 ) (299 ) (811 ) Income (loss) before income taxes 512 252 336 412 (297 ) 1,215 Income taxes 49 13 28 86 (67 ) 109 Net income (loss) attributable to common shareholders $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Six Months Ended June 30, 2023 Operating revenues $ 3,568 $ 1,940 $ 2,053 $ 2,841 $ (22 ) $ 10,380 Operating expenses Purchased power and fuel 1,172 786 764 1,094 2 3,818 Operating and maintenance 692 510 419 613 113 2,347 Depreciation and amortization 688 197 325 484 33 1,727 Taxes other than income taxes 182 97 159 232 9 679 Total operating expenses 2,734 1,590 1,667 2,423 157 8,571 Operating income (loss) 834 350 386 418 (179 ) 1,809 Other income and (deductions) Interest expense, net (237 ) (97 ) (88 ) (157 ) (261 ) (840 ) Other, net 34 15 8 51 141 249 Total other income and (deductions) (203 ) (82 ) (80 ) (106 ) (120 ) (591 ) Income (loss) before income taxes 631 268 306 312 (299 ) 1,218 Income taxes 142 5 65 54 (60 ) 206 Net income (loss) attributable to common shareholders $ 489 $ 263 $ 241 $ 258 $ (239 ) $ 1,012 Change in net income (loss) from 2023 to 2024 $ (26 ) $ (24 ) $ 67 $ 68 $ 9 $ 94 __________ (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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 934 $ 445 Restricted cash and cash equivalents 530 482 Accounts receivable Customer accounts receivable 3,053 2,659 Customer allowance for credit losses (372 ) (317 ) Customer accounts receivable, net 2,681 2,342 Other accounts receivable 1,136 1,101 Other allowance for credit losses (108 ) (82 ) Other accounts receivable, net 1,028 1,019 Inventories, net Fossil fuel 53 94 Materials and supplies 771 707 Regulatory assets 1,945 2,215 Other 615 473 Total current assets 8,557 7,777 Property, plant, and equipment, net 75,646 73,593 Deferred debits and other assets Regulatory assets 8,703 8,698 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 3,840 3,232 Investments 270 251 Other 1,467 1,365 Total deferred debits and other assets 20,910 20,176 Total assets $ 105,113 $ 101,546 June 30, 2024 December 31, 2023 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,454 $ 2,523 Long-term debt due within one year 1,308 1,403 Accounts payable 2,810 2,846 Accrued expenses 1,241 1,375 Payables to affiliates 5 5 Customer deposits 425 411 Regulatory liabilities 433 389 Mark-to-market derivative liabilities 23 74 Unamortized energy contract liabilities 7 8 Other 569 557 Total current liabilities 8,275 9,591 Long-term debt 43,039 39,692 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 12,358 11,956 Regulatory liabilities 10,198 9,576 Pension obligations 1,562 1,571 Non-pension postretirement benefit obligations 524 527 Asset retirement obligations 272 267 Mark-to-market derivative liabilities 121 106 Unamortized energy contract liabilities 23 27 Other 2,199 2,088 Total deferred credits and other liabilities 27,257 26,118 Total liabilities 78,961 75,791 Commitments and contingencies Shareholders’ equity Common stock 21,152 21,114 Treasury stock, at cost (123 ) (123 ) Retained earnings 5,835 5,490 Accumulated other comprehensive loss, net (712 ) (726 ) Total shareholders’ equity 26,152 25,755 Total liabilities and shareholders’ equity $ 105,113 $ 101,546 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Six Months Ended June 30, 2024 2023 Cash flows from operating activities Net income $ 1,106 $ 1,012 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 1,774 1,727 Gain on sales of assets (9 ) — Deferred income taxes and amortization of investment tax credits 72 94 Net fair value changes related to derivatives — 4 Other non-cash operating activities 246 (222 ) Changes in assets and liabilities: Accounts receivable (443 ) 387 Inventories (25 ) 44 Accounts payable and accrued expenses (120 ) (734 ) Collateral received (paid), net 13 (187 ) Income taxes (39 ) 97 Regulatory assets and liabilities, net 265 (516 ) Pension and non-pension postretirement benefit contributions (125 ) (85 ) Other assets and liabilities (261 ) 140 Net cash flows provided by operating activities 2,454 1,761 Cash flows from investing activities Capital expenditures (3,466 ) (3,685 ) Other investing activities (1 ) 10 Net cash flows used in investing activities (3,467 ) (3,675 ) Cash flows from financing activities Changes in short-term borrowings (670 ) (1,600 ) Proceeds from short-term borrowings with maturities greater than 90 days 150 400 Repayments on short-term borrowings with maturities greater than 90 days (549 ) (150 ) Issuance of long-term debt 4,225 5,200 Retirement of long-term debt (903 ) (1,209 ) Dividends paid on common stock (761 ) (717 ) Proceeds from employee stock plans 22 19 Other financing activities (67 ) (84 ) Net cash flows provided by financing activities 1,447 1,859 Increase (decrease) in cash, restricted cash, and cash equivalents 434 (55 ) Cash, restricted cash, and cash equivalents at beginning of period 1,101 1,090 Cash, restricted cash, and cash equivalents at end of period $ 1,535 $ 1,035 Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2023 GAAP net income (loss) $ 0.34 $ 249 $ 97 $ 42 $ 103 $ (148 ) $ 343 Mark-to-market impact of economic hedging activities (net of taxes of $1) — — — — — 3 3 Change in environmental liabilities (net of taxes of $1) 0.01 — — — 11 — 11 SEC matter loss contingency (net of taxes of $0) 0.05 — — — — 46 46 Separation costs (net of taxes of $1, $0, $0, $1, and $2, respectively) (1) 0.01 2 1 1 1 — 5 2023 Adjusted (non-GAAP) operating earnings (loss) $ 0.41 $ 251 $ 98 $ 43 $ 115 $ (99 ) $ 408 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.04 $ — (b) $ 35 $ — (b) $ 6 (b) $ — $ 41 Load 0.01 — (b) 8 — (b) (1 ) (b) — 7 Distribution and transmission rates (2) 0.06 (7 ) (c) (8 ) (c) 34 (c) 46 (c) — 65 Other energy delivery (3) 0.10 86 (c) (4 ) (c) 2 (c) 12 (c) — 96 Operating and maintenance expense (4) 0.01 (24 ) (19 ) (19 ) 7 67 12 Pension and non-pension postretirement benefits (0.01 ) (5 ) (2 ) — 1 (1 ) (7 ) Depreciation and amortization expense (5) (0.03 ) (17 ) (6 ) (8 ) (3 ) — (34 ) Interest expense and other (6) (0.12 ) 1 (9 ) (7 ) (21 ) (80 ) (116 ) Total year over year effects on Adjusted (non-GAAP) Operating Earnings $ 0.06 $ 34 $ (5 ) $ 2 $ 47 $ (14 ) $ 64 2024 GAAP net income (loss) $ 0.45 $ 270 $ 90 $ 44 $ 158 $ (114 ) $ 448 Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC audit liability (net of taxes of $5) 0.01 14 — — — 1 15 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.47 $ 285 $ 93 $ 45 $ 162 $ (113 ) $ 472 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. (2) For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (3) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, includes favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, reflects decreased 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). (5) Reflects ongoing capital expenditures across all utilities. (6) For PHI, reflects an increase in taxes other than income. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. (7) Primarily represents severance and reorganization costs related to cost management. Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Six Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2023 GAAP net income (loss) $ 1.02 $ 489 $ 263 $ 241 $ 258 $ (239 ) $ 1,012 Mark-to-market impact of economic hedging activities (net of taxes of $1) — — — — — 2 2 Change in environmental liabilities (net of taxes of $8) 0.03 — — — 29 — 29 SEC matter loss contingency (net of taxes of $0) 0.05 — — — — 46 46 Change in FERC audit liability (net of taxes of $4) 0.01 11 — — — — 11 Separation costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (1) — 2 1 1 1 (1 ) 4 2023 Adjusted (non-GAAP) operating earnings (loss) $ 1.11 $ 501 $ 264 $ 242 $ 288 $ (191 ) $ 1,104 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.06 $ — (b) $ 53 $ — (b) $ 10 (b) $ — $ 63 Load — — (b) 4 — (b) (1 ) (b) — 3 Distribution and transmission rates (2) 0.17 (17 ) (c) (3 ) (c) 119 (c) 68 (c) — 167 Other energy delivery (3) 0.16 141 (c) (5 ) (c) (8 ) (c) 31 (c) — 159 Operating and maintenance expense (4) (0.06 ) (78 ) (34 ) (23 ) (17 ) 94 (58 ) Pension and non-pension postretirement benefits (0.01 ) (9 ) (3 ) — 1 (2 ) (13 ) Depreciation and amortization expense (5) (0.07 ) (35 ) (10 ) (11 ) (13 ) (1 ) (70 ) Interest expense and other (6) (0.20 ) — (24 ) (10 ) (37 ) (128 ) (199 ) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.05 $ 2 $ (22 ) $ 67 $ 42 $ (37 ) $ 52 2024 GAAP net income (loss) $ 1.10 $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC audit liability (net of taxes of $13) 0.04 40 — — — 2 42 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 1.16 $ 503 $ 242 $ 309 $ 330 $ (228 ) $ 1,156 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. (2) For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases. (3) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For PHI, reflects an increase in contracting and storm costs partially offset by favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA. (5) Reflects ongoing capital expenditures across all utilities. (6) For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. (7) Primarily represents severance and reorganization costs related to cost management. ComEd Statistics Three Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 6,996 5,783 21.0 % 5.5 % $ 982 $ 861 14.1 % Small commercial & industrial 6,473 6,834 (5.3 )% (0.8 )% 560 461 21.5 % Large commercial & industrial 6,740 6,502 3.7 % 2.1 % 269 205 31.2 % Public authorities & electric railroads 159 185 (14.1 )% (15.7 )% 14 13 7.7 % Other(b) — — n/a n/a 298 234 27.4 % Total electric revenues(c) 20,368 19,304 5.5 % 1.9 % 2,123 1,774 19.7 % Other Revenues(d) (44 ) 127 (134.6 )% Total electric revenues $ 2,079 $ 1,901 9.4 % Purchased Power $ 763 $ 685 11.4 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 445 581 697 (23.4 )% (36.2 )% Cooling Degree-Days 358 298 266 20.1 % 34.6 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 13,210 12,017 9.9 % 2.5 % $ 1,900 $ 1,698 11.9 % Small commercial & industrial 13,717 14,032 (2.2 )% (0.6 )% 1,154 823 40.2 % Large commercial & industrial 13,674 13,061 4.7 % 2.3 % 589 290 103.1 % Public authorities & electric railroads 379 412 (8.0 )% (8.7 )% 32 22 45.5 % Other(b) — — n/a n/a 523 450 16.2 % Total electric revenues(c) 40,980 39,522 3.7 % 1.2 % 4,198 3,283 27.9 % Other Revenues(d) (24 ) 285 (108.4 )% Total electric revenues $ 4,174 $ 3,568 17.0 % Purchased Power $ 1,670 $ 1,172 42.5 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 3,013 3,252 3,750 (7.3 )% (19.7 )% Cooling Degree-Days 358 298 266 20.1 % 34.6 % Number of Electric Customers 2024 2023 Residential 3,722,798 3,729,428 Small commercial & industrial 395,951 391,380 Large commercial & industrial 2,060 1,866 Public authorities & electric railroads 5,798 4,791 Total 4,126,607 4,127,465 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $5 million for the six months ended June 30, 2024 and 2023, respectively. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,296 2,694 22.3 % 3.8 % $ 522 $ 444 17.6 % Small commercial & industrial 1,856 1,703 9.0 % 3.5 % 128 132 (3.0 )% Large commercial & industrial 3,408 3,331 2.3 % (0.9 )% 61 64 (4.7 )% Public authorities & electric railroads 135 144 (6.3 )% (6.3 )% 7 8 (12.5 )% Other(b) — — n/a n/a 75 71 5.6 % Total electric revenues(c) 8,695 7,872 10.5 % 1.7 % 793 719 10.3 % Other Revenues(d) 4 — n/a Total Electric Revenues 797 719 10.8 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,525 4,373 3.5 % 0.4 % 63 69 (8.7 )% Small commercial & industrial 3,321 3,743 (11.3 )% (12.3 )% 25 32 (21.9 )% Large commercial & industrial — 6 (100.0 )% (10.7 )% — — n/a Transportation 5,117 5,190 (1.4 )% (3.5 )% 5 5 — % Other(f) — — n/a n/a — 2 (100.0 )% Total natural gas revenues(g) 12,963 13,312 (2.6 )% (4.6 )% 93 108 (13.9 )% Other Revenues(d) 1 1 — % Total Natural Gas Revenues 94 109 (13.8 )% Total Electric and Natural Gas Revenues $ 891 $ 828 7.6 % Purchased Power and Fuel $ 323 $ 302 7.0 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 351 330 421 6.4 % (16.6 )% Cooling Degree-Days 537 233 391 130.5 % 37.3 % Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 6,751 6,052 11.5 % 1.0 % $ 1,042 $ 963 8.2 % Small commercial & industrial 3,747 3,546 5.7 % 0.8 % 254 267 (4.9 )% Large commercial & industrial 6,763 6,568 3.0 % 0.8 % 118 129 (8.5 )% Public authorities & electric railroads 314 312 0.6 % 0.9 % 14 16 (12.5 )% Other(b) — — n/a n/a 147 139 5.8 % Total electric revenues(c) 17,575 16,478 6.7 % 0.9 % 1,575 1,514 4.0 % Other Revenues(d) 2 — n/a Total electric revenues 1,577 1,514 4.2 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 23,420 21,563 8.6 % 0.6 % 256 292 (12.3 )% Small commercial & industrial 12,809 12,442 2.9 % (3.8 )% 89 107 (16.8 )% Large commercial & industrial 16 35 (54.3 )% (11.6 )% — 1 (100.0 )% Transportation 12,016 12,204 (1.5 )% (3.2 )% 13 13 — % Other(f) — — n/a n/a 9 11 (18.2 )% Total natural gas revenues(g) 48,261 46,244 4.4 % (1.6 )% 367 424 (13.4 )% Other Revenues(d) 1 2 (50.0 )% Total natural gas revenues 368 426 (13.6 )% Total electric and natural gas revenues $ 1,945 $ 1,940 0.3 % Purchased Power and Fuel $ 727 $ 786 (7.5 )% % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,440 2,218 2,831 10.0 % (13.8 )% Cooling Degree-Days 537 233 392 130.5 % 37.0 % Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 1,533,909 1,529,499 Residential 506,193 504,723 Small commercial & industrial 156,036 155,845 Small commercial & industrial 44,697 44,793 Large commercial & industrial 3,162 3,112 Large commercial & industrial 7 10 Public authorities & electric railroads 10,712 10,423 Transportation 644 642 Total 1,703,819 1,698,879 Total 551,541 550,168 __________ (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 $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $3 million for the six months ended June 30, 2024 and 2023, 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 less than $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $1 million and $1 million for the six months ended June 30, 2024 and 2023, respectively. BGE Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 2,836 2,454 15.6 % 3.4 % $ 464 $ 363 27.8 % Small commercial & industrial 648 609 6.4 % 3.4 % 88 75 17.3 % Large commercial & industrial 3,272 3,102 5.5 % 2.2 % 139 119 16.8 % Public authorities & electric railroads 52 48 8.3 % 7.9 % 8 7 14.3 % Other(b) — — n/a n/a 101 103 (1.9 )% Total electric revenues(c) 6,808 6,213 9.6 % 2.9 % 800 667 19.9 % Other Revenues(d) (18 ) 5 (460.0 )% Total electric revenues 782 672 16.4 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,299 3,909 10.0 % 3.5 % 89 71 25.4 % Small commercial & industrial 1,219 1,156 5.4 % 2.4 % 17 15 13.3 % Large commercial & industrial 8,316 8,059 3.2 % — % 40 30 33.3 % Other(f) 145 78 85.9 % n/a 4 5 (20.0 )% Total natural gas revenues(g) 13,979 13,202 5.9 % 1.4 % 150 121 24.0 % Other Revenues(d) (4 ) 4 (200.0 )% Total natural gas revenues 146 125 16.8 % Total electric and natural gas revenues $ 928 $ 797 16.4 % Purchased Power and Fuel $ 343 $ 272 26.1 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 362 381 486 (5.0 )% (25.5 )% Cooling Degree-Days 339 210 262 61.4 % 29.4 % Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 6,165 5,560 10.9 % 1.1 % $ 999 $ 796 25.5 % Small commercial & industrial 1,346 1,283 4.9 % 1.8 % 178 167 6.6 % Large commercial & industrial 6,386 6,149 3.9 % 1.4 % 271 268 1.1 % Public authorities & electric railroads 104 103 1.0 % 0.9 % 15 14 7.1 % Other(b) — — n/a n/a 194 198 (2.0 )% Total electric revenues(c) 14,001 13,095 6.9 % 1.3 % 1,657 1,443 14.8 % Other Revenues(d) 7 42 (83.3 )% Total electric revenues 1,664 1,485 12.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 22,280 20,697 7.6 % (2.6 )% 360 349 3.2 % Small commercial & industrial 5,212 4,924 5.8 % (2.6 )% 65 56 16.1 % Large commercial & industrial 21,832 21,273 2.6 % (1.6 )% 112 100 12.0 % Other(f) 897 1,686 (46.8 )% n/a 8 24 (66.7 )% Total natural gas revenues(g) 50,221 48,580 3.4 % (2.2 )% 545 529 3.0 % Other Revenues(d) 16 39 (59.0 )% Total natural gas revenues 561 568 (1.2 )% Total electric and natural gas revenues $ 2,225 $ 2,053 8.4 % Purchased Power and Fuel $ 807 $ 764 5.6 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,381 2,155 2,840 10.5 % (16.2 )% Cooling Degree-Days 339 210 262 61.4 % 29.4 % Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 1,212,331 1,206,763 Residential 656,690 655,181 Small commercial & industrial 115,384 115,594 Small commercial & industrial 37,859 38,077 Large commercial & industrial 13,156 12,975 Large commercial & industrial 6,340 6,275 Public authorities & electric railroads 260 265 Total 1,341,131 1,335,597 Total 700,889 699,533 __________ (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 $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. (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 $1 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. Pepco Statistics Three Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,770 1,598 10.8 % (7.7 )% $ 315 $ 267 18.0 % Small commercial & industrial 265 249 6.4 % (1.4 )% 43 41 4.9 % Large commercial & industrial 3,409 3,114 9.5 % 3.2 % 251 254 (1.2 )% Public authorities & electric railroads 128 115 11.3 % 10.7 % 7 7 — % Other(b) — — n/a n/a 75 64 17.2 % Total electric revenues(c) 5,572 5,076 9.8 % (0.5 )% 691 633 9.2 % Other Revenues(d) 9 9 — % Total electric revenues $ 700 $ 642 9.0 % Purchased Power $ 234 $ 204 14.7 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 218 209 296 4.3 % (26.4 )% Cooling Degree-Days 646 388 512 66.5 % 26.2 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 3,868 3,561 8.6 % (3.9 )% $ 659 $ 549 20.0 % Small commercial & industrial 550 516 6.6 % 0.5 % 89 80 11.3 % Large commercial & industrial 6,701 6,323 6.0 % 1.9 % 513 535 (4.1 )% Public authorities & electric railroads 290 267 8.6 % 7.9 % 18 16 12.5 % Other(b) — — n/a n/a 138 120 15.0 % Total electric revenues(c) 11,409 10,667 7.0 % (0.1 )% 1,417 1,300 9.0 % Other Revenues(d) 42 51 (17.6 )% Total electric revenues $ 1,459 $ 1,351 8.0 % Purchased Power $ 514 $ 462 11.3 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,006 1,829 2,374 9.7 % (15.5 )% Cooling Degree-Days 651 390 516 66.9 % 26.2 % Number of Electric Customers 2024 2023 Residential 871,009 860,014 Small commercial & industrial 54,080 54,016 Large commercial & industrial 23,057 22,904 Public authorities & electric railroads 207 204 Total 948,353 937,138 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2024 and 2023, and $3 million for both the six months ended June 30, 2024 and 2023. (d) Includes alternative revenue programs and late payment charge revenues. DPL Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 1,122 987 13.7 % (0.6 )% $ 202 $ 161 25.5 % Small commercial & industrial 564 547 3.1 % (1.0 )% 60 57 5.3 % Large commercial & industrial 1,027 1,027 — % (3.0 )% 31 33 (6.1 )% Public authorities & electric railroads 10 10 — % 1.2 % 4 4 — % Other(b) — — n/a n/a 64 61 4.9 % Total electric revenues(c) 2,723 2,571 5.9 % (1.6 )% 361 316 14.2 % Other Revenues(d) 1 4 (75.0 )% Total electric revenues 362 320 13.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 852 794 7.3 % (6.7 )% 15 16 (6.3 )% Small commercial & industrial 531 497 6.8 % (5.4 )% 7 7 — % Large commercial & industrial 402 371 8.4 % 8.5 % 1 1 — % Transportation 1,340 1,328 0.9 % (1.5 )% 4 4 — % Other(f) — — n/a n/a 1 1 — % Total natural gas revenues 3,125 2,990 4.5 % (2.7 )% 28 29 (3.4 )% Other Revenues(d) — — n/a Total natural gas revenues 28 29 (3.4 )% Total electric and natural gas revenues $ 390 $ 349 11.7 % Purchased Power and Fuel $ 156 $ 139 12.2 % Electric Service Territory % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 391 322 442 21.4 % (11.5 )% Cooling Degree-Days 398 252 352 57.9 % 13.1 % Natural Gas Service Territory % Change Heating Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 404 318 483 27.0 % (16.4 )% Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 2,610 2,373 10.0 % (0.4 )% $ 458 $ 371 23.5 % Small commercial & industrial 1,121 1,081 3.7 % (0.1 )% 122 119 2.5 % Large commercial & industrial 2,000 1,984 0.8 % (1.4 )% 60 66 (9.1 )% Public authorities & electric railroads 20 22 (9.1 )% (9.5 )% 8 8 — % Other(b) — — n/a n/a 126 119 5.9 % Total electric revenues(c) 5,751 5,460 5.3 % (0.7 )% 774 683 13.3 % Other Revenues(d) 6 14 (57.1 )% Total electric revenues 780 697 11.9 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,764 4,368 9.1 % (2.3 )% 61 76 (19.7 )% Small commercial & industrial 2,244 2,142 4.8 % (6.5 )% 24 33 (27.3 )% Large commercial & industrial 834 787 6.0 % 5.8 % 3 2 50.0 % Transportation 3,301 3,231 2.2 % (1.7 )% 9 8 12.5 % Other(f) — — n/a n/a 3 7 (57.1 )% Total natural gas revenues 11,143 10,528 5.8 % (2.5 )% 100 126 (20.6 )% Other Revenues(d) — — n/a Total natural gas revenues 100 126 (20.6 )% Total electric and natural gas revenues $ 880 $ 823 6.9 % Purchased Power and Fuel $ 370 $ 360 2.8 % Electric Service Territory % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,503 2,197 2,807 13.9 % (10.8 )% Cooling Degree-Days 398 252 353 57.9 % 12.7 % Natural Gas Service Territory % Change Heating Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,608 2,269 2,959 14.9 % (11.9 )% Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 488,089 483,760 Residential 130,678 129,538 Small commercial & industrial 64,549 63,913 Small commercial & industrial 10,100 10,060 Large commercial & industrial 1,256 1,234 Large commercial & industrial 14 16 Public authorities & electric railroads 595 594 Transportation 163 163 Total 554,489 549,501 Total 140,955 139,777 __________ (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 $1 million and $2 million for the three months ended June 30, 2024 and 2023, respectively and $3 million for both the six months ended June 30, 2024 and 2023. (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 June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,049 775 35.4 % 4.0 % $ 229 $ 155 47.7 % Small commercial & industrial 365 347 5.2 % (3.0 )% 55 46 19.6 % Large commercial & industrial 723 743 (2.7 )% (8.8 )% 47 50 (6.0 )% Public authorities & electric railroads 9 9 — % (1.9 )% 5 4 25.0 % Other(b) — — n/a n/a 68 63 7.9 % Total electric revenues(c) 2,146 1,874 14.5 % (2.1 )% 404 318 27.0 % Other Revenues(d) (21 ) (1 ) 2,000.0 % Total electric revenues $ 383 $ 317 20.8 % Purchased Power $ 172 $ 124 38.7 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 465 519 525 (10.4 )% (11.4 )% Cooling Degree-Days 415 155 303 167.7 % 37.0 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,889 1,535 23.1 % 2.2 % $ 404 $ 301 34.2 % Small commercial & industrial 726 718 1.1 % (4.8 )% 105 105 — % Large commercial & industrial 1,464 1,532 (4.4 )% (8.2 )% 96 113 (15.0 )% Public authorities & electric railroads 23 23 — % (2.3 )% 10 9 11.1 % Other(b) — — n/a n/a 134 126 6.3 % Total electric revenues(c) 4,102 3,808 7.7 % (3.1 )% 749 654 14.5 % Other Revenues(d) (9 ) 16 (156.3 )% Total electric revenues $ 740 $ 670 10.4 % Purchased Power $ 312 $ 273 14.3 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,666 2,527 2,950 5.5 % (9.6 )% Cooling Degree-Days 415 155 304 167.7 % 36.5 % Number of Electric Customers 2024 2023 Residential 506,358 503,918 Small commercial & industrial 62,717 62,307 Large commercial & industrial 2,878 3,007 Public authorities & electric railroads 701 727 Total 572,654 569,959 __________ (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 June 30, 2024 and 2023, and $1 million for both the six months ended June 30, 2024 and 2023, respectively. (d) Includes alternative revenue programs. (e) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20240801173992/en/Contacts James Gherardi 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 Second Quarter 2024 Results By: Exelon Corporation via Business Wire August 01, 2024 at 06:50 AM EDT Earnings Release Highlights GAAP net income of $0.45 per share and Adjusted (non-GAAP) operating earnings of $0.47 per share for the second quarter of 2024 Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of $2.40-$2.50 per share Reaffirming fully regulated operating EPS compounded annual growth target of 5-7% through 2027 Strong utility reliability performance – achieved top quartile reliability performance at all utilities, with ComEd and Pepco Holdings achieving top decile in both outage frequency and outage duration for the second straight quarter An order in Pepco’s “Climate Ready Pathway MD” multi-year plan was received in June Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2024. "I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results," said President and CEO Calvin Butler. "We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs." "We delivered second quarter adjusted operating earnings of $0.47 per share this year, $0.06 ahead of results in the second quarter of 2023, driven by increased revenue associated with the investments we are making on behalf of our customers, disciplined cost management and favorable weather conditions," said Exelon Chief Financial Officer Jeanne Jones. "With most of our planned debt financing activity complete for the year and continued progress on our active rate cases, we remain on track to deliver Adjusted (non-GAAP) operating earnings at the midpoint or better of $2.40 to $2.50 per share for the full year." Second Quarter 2024 Exelon's GAAP net income for the second quarter of 2024 increased to $0.45 per share from $0.34 per share in the second quarter of 2023. Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $0.47 per share from $0.41 per share in the second quarter of 2023. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 3. GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2024 primarily reflect: Higher utility earnings primarily due to distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable impacts of the Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. This was partially offset by higher interest expense at PECO and BGE and higher depreciation and amortization expense at PECO, BGE, and PHI. Higher costs at the Exelon holding company due to higher interest expense. Operating Company Results1 ComEd ComEd's second quarter of 2024 GAAP net income increased to $270 million from $249 million in the second quarter of 2023. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $285 million from $251 million in the second quarter of 2023, primarily due to timing of distribution earnings, higher transmission peak loads, and higher rate base. These were partially offset by a lower allowed ROE and the absence of a return on the pension asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. PECO PECO’s second quarter of 2024 GAAP net income decreased to $90 million from $97 million in the second quarter of 2023. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 decreased to $93 million from $98 million in the second quarter of 2023, primarily due to increases in interest expense and depreciation expense, partially offset by favorable weather. BGE BGE’s second quarter of 2024 GAAP net income increased to $44 million from $42 million in the second quarter of 2023. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $45 million from $43 million in the second quarter of 2023, primarily due to distribution rate increases, partially offset by an increase in depreciation and amortization expenses and an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns. ___________ 1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. PHI PHI’s second quarter of 2024 GAAP net income increased to $158 million from $103 million in the second quarter of 2023. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $162 million from $115 million in the second quarter of 2023, primarily due to the favorable impacts of the Pepco Maryland multi-year plans including the recognition of the reconciliations, the absence of an increase in environmental liabilities at Pepco, an increase in ACE and DPL Delaware electric distribution rates, and higher transmission rates at Pepco and DPL, partially offset by increases in depreciation expense and various operating expenses. 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 Second Quarter Highlights Dividend: On July 30, 2024, Exelon's Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon's common stock. The dividend is payable on September 13, 2024, to Exelon's shareholders of record as of the close of business on August 12, 2024. Rate Case Developments: Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending March 31, 2025, reflecting an ROE of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026, and the 2027 nine-month extension period. Financing Activities: On March 13, 2024, ComEd issued $800 million of its First Mortgage Bonds, consisting of $400 million of its First Mortgage 5.30% Series Bonds due on June 1, 2034 and $400 million of its First Mortgage 5.65% Series Bonds due on June 1, 2054. ComEd used the proceeds to repay existing indebtedness, outstanding commercial paper obligations, and for general corporate purposes. On June 6, 2024, BGE issued $800 million of its Notes, consisting of $400 million aggregate principal of its 5.30% notes due June 1, 2034 and $400 million aggregate principal of its 5.65% notes due June 1, 2054. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2024 GAAP net income $ 0.45 $ 448 $ 270 $ 90 $ 44 $ 158 Change in environmental liabilities (net of taxes of $0) — (1 ) — — — (1 ) Change in FERC audit liability (net of taxes of $5) 0.01 15 14 — — — Cost management charge (net of taxes of $3, $1, $0, and $2, respectively) 0.01 9 — 3 1 5 2024 Adjusted (non-GAAP) operating earnings $ 0.47 $ 472 $ 285 $ 93 $ 45 $ 162 Adjusted (non-GAAP) operating earnings for the second quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2023 GAAP net income $ 0.34 $ 343 $ 249 $ 97 $ 42 $ 103 Mark-to-market impact of economic hedging activities (net of taxes of $1) — 3 — — — — Change in environmental liabilities (net of taxes of $1) 0.01 11 — — — 11 SEC matter loss contingency (net of taxes of $0) 0.05 46 — — — — Separation costs (net of taxes of $2, $1, $0, $0, and $1, respectively) 0.01 5 2 1 1 1 2023 Adjusted (non-GAAP) operating earnings $ 0.41 $ 408 $ 251 $ 98 $ 43 $ 115 __________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss second quarter 2024 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 https://investors.exeloncorp.com. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on August 1, 2024. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 1, 2024) 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 11, 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 to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 7 Statistics ComEd 8 PECO 9 BGE 12 Pepco 15 DPL 16 ACE . 18 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended June 30, 2024 Operating revenues $ 2,079 $ 891 $ 928 $ 1,471 $ (8 ) $ 5,361 Operating expenses Purchased power and fuel 763 323 343 562 1 1,992 Operating and maintenance 449 270 250 281 (41 ) 1,209 Depreciation and amortization 374 107 162 235 16 894 Taxes other than income taxes 94 52 80 126 8 360 Total operating expenses 1,680 752 835 1,204 (16 ) 4,455 Gain on sale of assets 5 2 — — — 7 Operating income 404 141 93 267 8 913 Other income and (deductions) Interest expense, net (123 ) (57 ) (53 ) (92 ) (158 ) (483 ) Other, net 20 9 8 29 (2 ) 64 Total other income and (deductions) (103 ) (48 ) (45 ) (63 ) (160 ) (419 ) Income (loss) before income taxes 301 93 48 204 (152 ) 494 Income taxes 31 3 4 46 (38 ) 46 Net income (loss) attributable to common shareholders $ 270 $ 90 $ 44 $ 158 $ (114 ) $ 448 Three Months Ended June 30, 2023 Operating revenues $ 1,901 $ 828 $ 797 $ 1,305 $ (13 ) $ 4,818 Operating expenses Purchased power and fuel 685 302 272 467 1 1,727 Operating and maintenance 355 239 198 304 101 1,197 Depreciation and amortization 350 99 158 243 16 866 Taxes other than income taxes 88 47 76 112 1 324 Total operating expenses 1,478 687 704 1,126 119 4,114 Operating income (loss) 423 141 93 179 (132 ) 704 Other income and (deductions) Interest expense, net (120 ) (48 ) (44 ) (81 ) (134 ) (427 ) Other, net 17 6 5 25 86 139 Total other income and (deductions) (103 ) (42 ) (39 ) (56 ) (48 ) (288 ) Income (loss) before income taxes 320 99 54 123 (180 ) 416 Income taxes 71 2 12 20 (32 ) 73 Net income (loss) attributable to common shareholders $ 249 $ 97 $ 42 $ 103 $ (148 ) $ 343 Change in net income (loss) from 2023 to 2024 $ 21 $ (7 ) $ 2 $ 55 $ 34 $ 105 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Six Months Ended June 30, 2024 Operating revenues $ 4,174 $ 1,945 $ 2,225 $ 3,077 $ (18 ) $ 11,403 Operating expenses Purchased power and fuel 1,670 727 807 1,197 — 4,401 Operating and maintenance 867 563 514 607 (70 ) 2,481 Depreciation and amortization 737 210 312 481 33 1,773 Taxes other than income taxes 188 103 169 254 17 731 Total operating expenses 3,462 1,603 1,802 2,539 (20 ) 9,386 Gain on sales of assets 5 4 — — — 9 Operating income 717 346 423 538 2 2,026 Other income and (deductions) Interest expense, net (246 ) (112 ) (103 ) (183 ) (306 ) (950 ) Other, net 41 18 16 57 7 139 Total other income and (deductions) (205 ) (94 ) (87 ) (126 ) (299 ) (811 ) Income (loss) before income taxes 512 252 336 412 (297 ) 1,215 Income taxes 49 13 28 86 (67 ) 109 Net income (loss) attributable to common shareholders $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Six Months Ended June 30, 2023 Operating revenues $ 3,568 $ 1,940 $ 2,053 $ 2,841 $ (22 ) $ 10,380 Operating expenses Purchased power and fuel 1,172 786 764 1,094 2 3,818 Operating and maintenance 692 510 419 613 113 2,347 Depreciation and amortization 688 197 325 484 33 1,727 Taxes other than income taxes 182 97 159 232 9 679 Total operating expenses 2,734 1,590 1,667 2,423 157 8,571 Operating income (loss) 834 350 386 418 (179 ) 1,809 Other income and (deductions) Interest expense, net (237 ) (97 ) (88 ) (157 ) (261 ) (840 ) Other, net 34 15 8 51 141 249 Total other income and (deductions) (203 ) (82 ) (80 ) (106 ) (120 ) (591 ) Income (loss) before income taxes 631 268 306 312 (299 ) 1,218 Income taxes 142 5 65 54 (60 ) 206 Net income (loss) attributable to common shareholders $ 489 $ 263 $ 241 $ 258 $ (239 ) $ 1,012 Change in net income (loss) from 2023 to 2024 $ (26 ) $ (24 ) $ 67 $ 68 $ 9 $ 94 __________ (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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 934 $ 445 Restricted cash and cash equivalents 530 482 Accounts receivable Customer accounts receivable 3,053 2,659 Customer allowance for credit losses (372 ) (317 ) Customer accounts receivable, net 2,681 2,342 Other accounts receivable 1,136 1,101 Other allowance for credit losses (108 ) (82 ) Other accounts receivable, net 1,028 1,019 Inventories, net Fossil fuel 53 94 Materials and supplies 771 707 Regulatory assets 1,945 2,215 Other 615 473 Total current assets 8,557 7,777 Property, plant, and equipment, net 75,646 73,593 Deferred debits and other assets Regulatory assets 8,703 8,698 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 3,840 3,232 Investments 270 251 Other 1,467 1,365 Total deferred debits and other assets 20,910 20,176 Total assets $ 105,113 $ 101,546 June 30, 2024 December 31, 2023 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,454 $ 2,523 Long-term debt due within one year 1,308 1,403 Accounts payable 2,810 2,846 Accrued expenses 1,241 1,375 Payables to affiliates 5 5 Customer deposits 425 411 Regulatory liabilities 433 389 Mark-to-market derivative liabilities 23 74 Unamortized energy contract liabilities 7 8 Other 569 557 Total current liabilities 8,275 9,591 Long-term debt 43,039 39,692 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 12,358 11,956 Regulatory liabilities 10,198 9,576 Pension obligations 1,562 1,571 Non-pension postretirement benefit obligations 524 527 Asset retirement obligations 272 267 Mark-to-market derivative liabilities 121 106 Unamortized energy contract liabilities 23 27 Other 2,199 2,088 Total deferred credits and other liabilities 27,257 26,118 Total liabilities 78,961 75,791 Commitments and contingencies Shareholders’ equity Common stock 21,152 21,114 Treasury stock, at cost (123 ) (123 ) Retained earnings 5,835 5,490 Accumulated other comprehensive loss, net (712 ) (726 ) Total shareholders’ equity 26,152 25,755 Total liabilities and shareholders’ equity $ 105,113 $ 101,546 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Six Months Ended June 30, 2024 2023 Cash flows from operating activities Net income $ 1,106 $ 1,012 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 1,774 1,727 Gain on sales of assets (9 ) — Deferred income taxes and amortization of investment tax credits 72 94 Net fair value changes related to derivatives — 4 Other non-cash operating activities 246 (222 ) Changes in assets and liabilities: Accounts receivable (443 ) 387 Inventories (25 ) 44 Accounts payable and accrued expenses (120 ) (734 ) Collateral received (paid), net 13 (187 ) Income taxes (39 ) 97 Regulatory assets and liabilities, net 265 (516 ) Pension and non-pension postretirement benefit contributions (125 ) (85 ) Other assets and liabilities (261 ) 140 Net cash flows provided by operating activities 2,454 1,761 Cash flows from investing activities Capital expenditures (3,466 ) (3,685 ) Other investing activities (1 ) 10 Net cash flows used in investing activities (3,467 ) (3,675 ) Cash flows from financing activities Changes in short-term borrowings (670 ) (1,600 ) Proceeds from short-term borrowings with maturities greater than 90 days 150 400 Repayments on short-term borrowings with maturities greater than 90 days (549 ) (150 ) Issuance of long-term debt 4,225 5,200 Retirement of long-term debt (903 ) (1,209 ) Dividends paid on common stock (761 ) (717 ) Proceeds from employee stock plans 22 19 Other financing activities (67 ) (84 ) Net cash flows provided by financing activities 1,447 1,859 Increase (decrease) in cash, restricted cash, and cash equivalents 434 (55 ) Cash, restricted cash, and cash equivalents at beginning of period 1,101 1,090 Cash, restricted cash, and cash equivalents at end of period $ 1,535 $ 1,035 Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2023 GAAP net income (loss) $ 0.34 $ 249 $ 97 $ 42 $ 103 $ (148 ) $ 343 Mark-to-market impact of economic hedging activities (net of taxes of $1) — — — — — 3 3 Change in environmental liabilities (net of taxes of $1) 0.01 — — — 11 — 11 SEC matter loss contingency (net of taxes of $0) 0.05 — — — — 46 46 Separation costs (net of taxes of $1, $0, $0, $1, and $2, respectively) (1) 0.01 2 1 1 1 — 5 2023 Adjusted (non-GAAP) operating earnings (loss) $ 0.41 $ 251 $ 98 $ 43 $ 115 $ (99 ) $ 408 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.04 $ — (b) $ 35 $ — (b) $ 6 (b) $ — $ 41 Load 0.01 — (b) 8 — (b) (1 ) (b) — 7 Distribution and transmission rates (2) 0.06 (7 ) (c) (8 ) (c) 34 (c) 46 (c) — 65 Other energy delivery (3) 0.10 86 (c) (4 ) (c) 2 (c) 12 (c) — 96 Operating and maintenance expense (4) 0.01 (24 ) (19 ) (19 ) 7 67 12 Pension and non-pension postretirement benefits (0.01 ) (5 ) (2 ) — 1 (1 ) (7 ) Depreciation and amortization expense (5) (0.03 ) (17 ) (6 ) (8 ) (3 ) — (34 ) Interest expense and other (6) (0.12 ) 1 (9 ) (7 ) (21 ) (80 ) (116 ) Total year over year effects on Adjusted (non-GAAP) Operating Earnings $ 0.06 $ 34 $ (5 ) $ 2 $ 47 $ (14 ) $ 64 2024 GAAP net income (loss) $ 0.45 $ 270 $ 90 $ 44 $ 158 $ (114 ) $ 448 Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC audit liability (net of taxes of $5) 0.01 14 — — — 1 15 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.47 $ 285 $ 93 $ 45 $ 162 $ (113 ) $ 472 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. (2) For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (3) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, includes favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, reflects decreased 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). (5) Reflects ongoing capital expenditures across all utilities. (6) For PHI, reflects an increase in taxes other than income. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. (7) Primarily represents severance and reorganization costs related to cost management. Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Six Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2023 GAAP net income (loss) $ 1.02 $ 489 $ 263 $ 241 $ 258 $ (239 ) $ 1,012 Mark-to-market impact of economic hedging activities (net of taxes of $1) — — — — — 2 2 Change in environmental liabilities (net of taxes of $8) 0.03 — — — 29 — 29 SEC matter loss contingency (net of taxes of $0) 0.05 — — — — 46 46 Change in FERC audit liability (net of taxes of $4) 0.01 11 — — — — 11 Separation costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (1) — 2 1 1 1 (1 ) 4 2023 Adjusted (non-GAAP) operating earnings (loss) $ 1.11 $ 501 $ 264 $ 242 $ 288 $ (191 ) $ 1,104 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.06 $ — (b) $ 53 $ — (b) $ 10 (b) $ — $ 63 Load — — (b) 4 — (b) (1 ) (b) — 3 Distribution and transmission rates (2) 0.17 (17 ) (c) (3 ) (c) 119 (c) 68 (c) — 167 Other energy delivery (3) 0.16 141 (c) (5 ) (c) (8 ) (c) 31 (c) — 159 Operating and maintenance expense (4) (0.06 ) (78 ) (34 ) (23 ) (17 ) 94 (58 ) Pension and non-pension postretirement benefits (0.01 ) (9 ) (3 ) — 1 (2 ) (13 ) Depreciation and amortization expense (5) (0.07 ) (35 ) (10 ) (11 ) (13 ) (1 ) (70 ) Interest expense and other (6) (0.20 ) — (24 ) (10 ) (37 ) (128 ) (199 ) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.05 $ 2 $ (22 ) $ 67 $ 42 $ (37 ) $ 52 2024 GAAP net income (loss) $ 1.10 $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC audit liability (net of taxes of $13) 0.04 40 — — — 2 42 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 1.16 $ 503 $ 242 $ 309 $ 330 $ (228 ) $ 1,156 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. (2) For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases. (3) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For PHI, reflects an increase in contracting and storm costs partially offset by favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA. (5) Reflects ongoing capital expenditures across all utilities. (6) For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. (7) Primarily represents severance and reorganization costs related to cost management. ComEd Statistics Three Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 6,996 5,783 21.0 % 5.5 % $ 982 $ 861 14.1 % Small commercial & industrial 6,473 6,834 (5.3 )% (0.8 )% 560 461 21.5 % Large commercial & industrial 6,740 6,502 3.7 % 2.1 % 269 205 31.2 % Public authorities & electric railroads 159 185 (14.1 )% (15.7 )% 14 13 7.7 % Other(b) — — n/a n/a 298 234 27.4 % Total electric revenues(c) 20,368 19,304 5.5 % 1.9 % 2,123 1,774 19.7 % Other Revenues(d) (44 ) 127 (134.6 )% Total electric revenues $ 2,079 $ 1,901 9.4 % Purchased Power $ 763 $ 685 11.4 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 445 581 697 (23.4 )% (36.2 )% Cooling Degree-Days 358 298 266 20.1 % 34.6 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 13,210 12,017 9.9 % 2.5 % $ 1,900 $ 1,698 11.9 % Small commercial & industrial 13,717 14,032 (2.2 )% (0.6 )% 1,154 823 40.2 % Large commercial & industrial 13,674 13,061 4.7 % 2.3 % 589 290 103.1 % Public authorities & electric railroads 379 412 (8.0 )% (8.7 )% 32 22 45.5 % Other(b) — — n/a n/a 523 450 16.2 % Total electric revenues(c) 40,980 39,522 3.7 % 1.2 % 4,198 3,283 27.9 % Other Revenues(d) (24 ) 285 (108.4 )% Total electric revenues $ 4,174 $ 3,568 17.0 % Purchased Power $ 1,670 $ 1,172 42.5 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 3,013 3,252 3,750 (7.3 )% (19.7 )% Cooling Degree-Days 358 298 266 20.1 % 34.6 % Number of Electric Customers 2024 2023 Residential 3,722,798 3,729,428 Small commercial & industrial 395,951 391,380 Large commercial & industrial 2,060 1,866 Public authorities & electric railroads 5,798 4,791 Total 4,126,607 4,127,465 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $5 million for the six months ended June 30, 2024 and 2023, respectively. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,296 2,694 22.3 % 3.8 % $ 522 $ 444 17.6 % Small commercial & industrial 1,856 1,703 9.0 % 3.5 % 128 132 (3.0 )% Large commercial & industrial 3,408 3,331 2.3 % (0.9 )% 61 64 (4.7 )% Public authorities & electric railroads 135 144 (6.3 )% (6.3 )% 7 8 (12.5 )% Other(b) — — n/a n/a 75 71 5.6 % Total electric revenues(c) 8,695 7,872 10.5 % 1.7 % 793 719 10.3 % Other Revenues(d) 4 — n/a Total Electric Revenues 797 719 10.8 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,525 4,373 3.5 % 0.4 % 63 69 (8.7 )% Small commercial & industrial 3,321 3,743 (11.3 )% (12.3 )% 25 32 (21.9 )% Large commercial & industrial — 6 (100.0 )% (10.7 )% — — n/a Transportation 5,117 5,190 (1.4 )% (3.5 )% 5 5 — % Other(f) — — n/a n/a — 2 (100.0 )% Total natural gas revenues(g) 12,963 13,312 (2.6 )% (4.6 )% 93 108 (13.9 )% Other Revenues(d) 1 1 — % Total Natural Gas Revenues 94 109 (13.8 )% Total Electric and Natural Gas Revenues $ 891 $ 828 7.6 % Purchased Power and Fuel $ 323 $ 302 7.0 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 351 330 421 6.4 % (16.6 )% Cooling Degree-Days 537 233 391 130.5 % 37.3 % Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 6,751 6,052 11.5 % 1.0 % $ 1,042 $ 963 8.2 % Small commercial & industrial 3,747 3,546 5.7 % 0.8 % 254 267 (4.9 )% Large commercial & industrial 6,763 6,568 3.0 % 0.8 % 118 129 (8.5 )% Public authorities & electric railroads 314 312 0.6 % 0.9 % 14 16 (12.5 )% Other(b) — — n/a n/a 147 139 5.8 % Total electric revenues(c) 17,575 16,478 6.7 % 0.9 % 1,575 1,514 4.0 % Other Revenues(d) 2 — n/a Total electric revenues 1,577 1,514 4.2 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 23,420 21,563 8.6 % 0.6 % 256 292 (12.3 )% Small commercial & industrial 12,809 12,442 2.9 % (3.8 )% 89 107 (16.8 )% Large commercial & industrial 16 35 (54.3 )% (11.6 )% — 1 (100.0 )% Transportation 12,016 12,204 (1.5 )% (3.2 )% 13 13 — % Other(f) — — n/a n/a 9 11 (18.2 )% Total natural gas revenues(g) 48,261 46,244 4.4 % (1.6 )% 367 424 (13.4 )% Other Revenues(d) 1 2 (50.0 )% Total natural gas revenues 368 426 (13.6 )% Total electric and natural gas revenues $ 1,945 $ 1,940 0.3 % Purchased Power and Fuel $ 727 $ 786 (7.5 )% % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,440 2,218 2,831 10.0 % (13.8 )% Cooling Degree-Days 537 233 392 130.5 % 37.0 % Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 1,533,909 1,529,499 Residential 506,193 504,723 Small commercial & industrial 156,036 155,845 Small commercial & industrial 44,697 44,793 Large commercial & industrial 3,162 3,112 Large commercial & industrial 7 10 Public authorities & electric railroads 10,712 10,423 Transportation 644 642 Total 1,703,819 1,698,879 Total 551,541 550,168 __________ (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 $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $3 million for the six months ended June 30, 2024 and 2023, 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 less than $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $1 million and $1 million for the six months ended June 30, 2024 and 2023, respectively. BGE Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 2,836 2,454 15.6 % 3.4 % $ 464 $ 363 27.8 % Small commercial & industrial 648 609 6.4 % 3.4 % 88 75 17.3 % Large commercial & industrial 3,272 3,102 5.5 % 2.2 % 139 119 16.8 % Public authorities & electric railroads 52 48 8.3 % 7.9 % 8 7 14.3 % Other(b) — — n/a n/a 101 103 (1.9 )% Total electric revenues(c) 6,808 6,213 9.6 % 2.9 % 800 667 19.9 % Other Revenues(d) (18 ) 5 (460.0 )% Total electric revenues 782 672 16.4 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,299 3,909 10.0 % 3.5 % 89 71 25.4 % Small commercial & industrial 1,219 1,156 5.4 % 2.4 % 17 15 13.3 % Large commercial & industrial 8,316 8,059 3.2 % — % 40 30 33.3 % Other(f) 145 78 85.9 % n/a 4 5 (20.0 )% Total natural gas revenues(g) 13,979 13,202 5.9 % 1.4 % 150 121 24.0 % Other Revenues(d) (4 ) 4 (200.0 )% Total natural gas revenues 146 125 16.8 % Total electric and natural gas revenues $ 928 $ 797 16.4 % Purchased Power and Fuel $ 343 $ 272 26.1 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 362 381 486 (5.0 )% (25.5 )% Cooling Degree-Days 339 210 262 61.4 % 29.4 % Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 6,165 5,560 10.9 % 1.1 % $ 999 $ 796 25.5 % Small commercial & industrial 1,346 1,283 4.9 % 1.8 % 178 167 6.6 % Large commercial & industrial 6,386 6,149 3.9 % 1.4 % 271 268 1.1 % Public authorities & electric railroads 104 103 1.0 % 0.9 % 15 14 7.1 % Other(b) — — n/a n/a 194 198 (2.0 )% Total electric revenues(c) 14,001 13,095 6.9 % 1.3 % 1,657 1,443 14.8 % Other Revenues(d) 7 42 (83.3 )% Total electric revenues 1,664 1,485 12.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 22,280 20,697 7.6 % (2.6 )% 360 349 3.2 % Small commercial & industrial 5,212 4,924 5.8 % (2.6 )% 65 56 16.1 % Large commercial & industrial 21,832 21,273 2.6 % (1.6 )% 112 100 12.0 % Other(f) 897 1,686 (46.8 )% n/a 8 24 (66.7 )% Total natural gas revenues(g) 50,221 48,580 3.4 % (2.2 )% 545 529 3.0 % Other Revenues(d) 16 39 (59.0 )% Total natural gas revenues 561 568 (1.2 )% Total electric and natural gas revenues $ 2,225 $ 2,053 8.4 % Purchased Power and Fuel $ 807 $ 764 5.6 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,381 2,155 2,840 10.5 % (16.2 )% Cooling Degree-Days 339 210 262 61.4 % 29.4 % Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 1,212,331 1,206,763 Residential 656,690 655,181 Small commercial & industrial 115,384 115,594 Small commercial & industrial 37,859 38,077 Large commercial & industrial 13,156 12,975 Large commercial & industrial 6,340 6,275 Public authorities & electric railroads 260 265 Total 1,341,131 1,335,597 Total 700,889 699,533 __________ (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 $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. (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 $1 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. Pepco Statistics Three Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,770 1,598 10.8 % (7.7 )% $ 315 $ 267 18.0 % Small commercial & industrial 265 249 6.4 % (1.4 )% 43 41 4.9 % Large commercial & industrial 3,409 3,114 9.5 % 3.2 % 251 254 (1.2 )% Public authorities & electric railroads 128 115 11.3 % 10.7 % 7 7 — % Other(b) — — n/a n/a 75 64 17.2 % Total electric revenues(c) 5,572 5,076 9.8 % (0.5 )% 691 633 9.2 % Other Revenues(d) 9 9 — % Total electric revenues $ 700 $ 642 9.0 % Purchased Power $ 234 $ 204 14.7 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 218 209 296 4.3 % (26.4 )% Cooling Degree-Days 646 388 512 66.5 % 26.2 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 3,868 3,561 8.6 % (3.9 )% $ 659 $ 549 20.0 % Small commercial & industrial 550 516 6.6 % 0.5 % 89 80 11.3 % Large commercial & industrial 6,701 6,323 6.0 % 1.9 % 513 535 (4.1 )% Public authorities & electric railroads 290 267 8.6 % 7.9 % 18 16 12.5 % Other(b) — — n/a n/a 138 120 15.0 % Total electric revenues(c) 11,409 10,667 7.0 % (0.1 )% 1,417 1,300 9.0 % Other Revenues(d) 42 51 (17.6 )% Total electric revenues $ 1,459 $ 1,351 8.0 % Purchased Power $ 514 $ 462 11.3 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,006 1,829 2,374 9.7 % (15.5 )% Cooling Degree-Days 651 390 516 66.9 % 26.2 % Number of Electric Customers 2024 2023 Residential 871,009 860,014 Small commercial & industrial 54,080 54,016 Large commercial & industrial 23,057 22,904 Public authorities & electric railroads 207 204 Total 948,353 937,138 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2024 and 2023, and $3 million for both the six months ended June 30, 2024 and 2023. (d) Includes alternative revenue programs and late payment charge revenues. DPL Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 1,122 987 13.7 % (0.6 )% $ 202 $ 161 25.5 % Small commercial & industrial 564 547 3.1 % (1.0 )% 60 57 5.3 % Large commercial & industrial 1,027 1,027 — % (3.0 )% 31 33 (6.1 )% Public authorities & electric railroads 10 10 — % 1.2 % 4 4 — % Other(b) — — n/a n/a 64 61 4.9 % Total electric revenues(c) 2,723 2,571 5.9 % (1.6 )% 361 316 14.2 % Other Revenues(d) 1 4 (75.0 )% Total electric revenues 362 320 13.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 852 794 7.3 % (6.7 )% 15 16 (6.3 )% Small commercial & industrial 531 497 6.8 % (5.4 )% 7 7 — % Large commercial & industrial 402 371 8.4 % 8.5 % 1 1 — % Transportation 1,340 1,328 0.9 % (1.5 )% 4 4 — % Other(f) — — n/a n/a 1 1 — % Total natural gas revenues 3,125 2,990 4.5 % (2.7 )% 28 29 (3.4 )% Other Revenues(d) — — n/a Total natural gas revenues 28 29 (3.4 )% Total electric and natural gas revenues $ 390 $ 349 11.7 % Purchased Power and Fuel $ 156 $ 139 12.2 % Electric Service Territory % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 391 322 442 21.4 % (11.5 )% Cooling Degree-Days 398 252 352 57.9 % 13.1 % Natural Gas Service Territory % Change Heating Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 404 318 483 27.0 % (16.4 )% Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 2,610 2,373 10.0 % (0.4 )% $ 458 $ 371 23.5 % Small commercial & industrial 1,121 1,081 3.7 % (0.1 )% 122 119 2.5 % Large commercial & industrial 2,000 1,984 0.8 % (1.4 )% 60 66 (9.1 )% Public authorities & electric railroads 20 22 (9.1 )% (9.5 )% 8 8 — % Other(b) — — n/a n/a 126 119 5.9 % Total electric revenues(c) 5,751 5,460 5.3 % (0.7 )% 774 683 13.3 % Other Revenues(d) 6 14 (57.1 )% Total electric revenues 780 697 11.9 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,764 4,368 9.1 % (2.3 )% 61 76 (19.7 )% Small commercial & industrial 2,244 2,142 4.8 % (6.5 )% 24 33 (27.3 )% Large commercial & industrial 834 787 6.0 % 5.8 % 3 2 50.0 % Transportation 3,301 3,231 2.2 % (1.7 )% 9 8 12.5 % Other(f) — — n/a n/a 3 7 (57.1 )% Total natural gas revenues 11,143 10,528 5.8 % (2.5 )% 100 126 (20.6 )% Other Revenues(d) — — n/a Total natural gas revenues 100 126 (20.6 )% Total electric and natural gas revenues $ 880 $ 823 6.9 % Purchased Power and Fuel $ 370 $ 360 2.8 % Electric Service Territory % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,503 2,197 2,807 13.9 % (10.8 )% Cooling Degree-Days 398 252 353 57.9 % 12.7 % Natural Gas Service Territory % Change Heating Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,608 2,269 2,959 14.9 % (11.9 )% Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 488,089 483,760 Residential 130,678 129,538 Small commercial & industrial 64,549 63,913 Small commercial & industrial 10,100 10,060 Large commercial & industrial 1,256 1,234 Large commercial & industrial 14 16 Public authorities & electric railroads 595 594 Transportation 163 163 Total 554,489 549,501 Total 140,955 139,777 __________ (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 $1 million and $2 million for the three months ended June 30, 2024 and 2023, respectively and $3 million for both the six months ended June 30, 2024 and 2023. (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 June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,049 775 35.4 % 4.0 % $ 229 $ 155 47.7 % Small commercial & industrial 365 347 5.2 % (3.0 )% 55 46 19.6 % Large commercial & industrial 723 743 (2.7 )% (8.8 )% 47 50 (6.0 )% Public authorities & electric railroads 9 9 — % (1.9 )% 5 4 25.0 % Other(b) — — n/a n/a 68 63 7.9 % Total electric revenues(c) 2,146 1,874 14.5 % (2.1 )% 404 318 27.0 % Other Revenues(d) (21 ) (1 ) 2,000.0 % Total electric revenues $ 383 $ 317 20.8 % Purchased Power $ 172 $ 124 38.7 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 465 519 525 (10.4 )% (11.4 )% Cooling Degree-Days 415 155 303 167.7 % 37.0 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,889 1,535 23.1 % 2.2 % $ 404 $ 301 34.2 % Small commercial & industrial 726 718 1.1 % (4.8 )% 105 105 — % Large commercial & industrial 1,464 1,532 (4.4 )% (8.2 )% 96 113 (15.0 )% Public authorities & electric railroads 23 23 — % (2.3 )% 10 9 11.1 % Other(b) — — n/a n/a 134 126 6.3 % Total electric revenues(c) 4,102 3,808 7.7 % (3.1 )% 749 654 14.5 % Other Revenues(d) (9 ) 16 (156.3 )% Total electric revenues $ 740 $ 670 10.4 % Purchased Power $ 312 $ 273 14.3 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,666 2,527 2,950 5.5 % (9.6 )% Cooling Degree-Days 415 155 304 167.7 % 36.5 % Number of Electric Customers 2024 2023 Residential 506,358 503,918 Small commercial & industrial 62,717 62,307 Large commercial & industrial 2,878 3,007 Public authorities & electric railroads 701 727 Total 572,654 569,959 __________ (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 June 30, 2024 and 2023, and $1 million for both the six months ended June 30, 2024 and 2023, respectively. (d) Includes alternative revenue programs. (e) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20240801173992/en/Contacts James Gherardi Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 312-394-2345
Earnings Release Highlights GAAP net income of $0.45 per share and Adjusted (non-GAAP) operating earnings of $0.47 per share for the second quarter of 2024 Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of $2.40-$2.50 per share Reaffirming fully regulated operating EPS compounded annual growth target of 5-7% through 2027 Strong utility reliability performance – achieved top quartile reliability performance at all utilities, with ComEd and Pepco Holdings achieving top decile in both outage frequency and outage duration for the second straight quarter An order in Pepco’s “Climate Ready Pathway MD” multi-year plan was received in June
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2024. "I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results," said President and CEO Calvin Butler. "We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs." "We delivered second quarter adjusted operating earnings of $0.47 per share this year, $0.06 ahead of results in the second quarter of 2023, driven by increased revenue associated with the investments we are making on behalf of our customers, disciplined cost management and favorable weather conditions," said Exelon Chief Financial Officer Jeanne Jones. "With most of our planned debt financing activity complete for the year and continued progress on our active rate cases, we remain on track to deliver Adjusted (non-GAAP) operating earnings at the midpoint or better of $2.40 to $2.50 per share for the full year." Second Quarter 2024 Exelon's GAAP net income for the second quarter of 2024 increased to $0.45 per share from $0.34 per share in the second quarter of 2023. Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $0.47 per share from $0.41 per share in the second quarter of 2023. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 3. GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2024 primarily reflect: Higher utility earnings primarily due to distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable impacts of the Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. This was partially offset by higher interest expense at PECO and BGE and higher depreciation and amortization expense at PECO, BGE, and PHI. Higher costs at the Exelon holding company due to higher interest expense. Operating Company Results1 ComEd ComEd's second quarter of 2024 GAAP net income increased to $270 million from $249 million in the second quarter of 2023. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $285 million from $251 million in the second quarter of 2023, primarily due to timing of distribution earnings, higher transmission peak loads, and higher rate base. These were partially offset by a lower allowed ROE and the absence of a return on the pension asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns. PECO PECO’s second quarter of 2024 GAAP net income decreased to $90 million from $97 million in the second quarter of 2023. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 decreased to $93 million from $98 million in the second quarter of 2023, primarily due to increases in interest expense and depreciation expense, partially offset by favorable weather. BGE BGE’s second quarter of 2024 GAAP net income increased to $44 million from $42 million in the second quarter of 2023. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $45 million from $43 million in the second quarter of 2023, primarily due to distribution rate increases, partially offset by an increase in depreciation and amortization expenses and an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns. ___________ 1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. PHI PHI’s second quarter of 2024 GAAP net income increased to $158 million from $103 million in the second quarter of 2023. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2024 increased to $162 million from $115 million in the second quarter of 2023, primarily due to the favorable impacts of the Pepco Maryland multi-year plans including the recognition of the reconciliations, the absence of an increase in environmental liabilities at Pepco, an increase in ACE and DPL Delaware electric distribution rates, and higher transmission rates at Pepco and DPL, partially offset by increases in depreciation expense and various operating expenses. 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 Second Quarter Highlights Dividend: On July 30, 2024, Exelon's Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon's common stock. The dividend is payable on September 13, 2024, to Exelon's shareholders of record as of the close of business on August 12, 2024. Rate Case Developments: Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending March 31, 2025, reflecting an ROE of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026, and the 2027 nine-month extension period. Financing Activities: On March 13, 2024, ComEd issued $800 million of its First Mortgage Bonds, consisting of $400 million of its First Mortgage 5.30% Series Bonds due on June 1, 2034 and $400 million of its First Mortgage 5.65% Series Bonds due on June 1, 2054. ComEd used the proceeds to repay existing indebtedness, outstanding commercial paper obligations, and for general corporate purposes. On June 6, 2024, BGE issued $800 million of its Notes, consisting of $400 million aggregate principal of its 5.30% notes due June 1, 2034 and $400 million aggregate principal of its 5.65% notes due June 1, 2054. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2024 GAAP net income $ 0.45 $ 448 $ 270 $ 90 $ 44 $ 158 Change in environmental liabilities (net of taxes of $0) — (1 ) — — — (1 ) Change in FERC audit liability (net of taxes of $5) 0.01 15 14 — — — Cost management charge (net of taxes of $3, $1, $0, and $2, respectively) 0.01 9 — 3 1 5 2024 Adjusted (non-GAAP) operating earnings $ 0.47 $ 472 $ 285 $ 93 $ 45 $ 162 Adjusted (non-GAAP) operating earnings for the second quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2023 GAAP net income $ 0.34 $ 343 $ 249 $ 97 $ 42 $ 103 Mark-to-market impact of economic hedging activities (net of taxes of $1) — 3 — — — — Change in environmental liabilities (net of taxes of $1) 0.01 11 — — — 11 SEC matter loss contingency (net of taxes of $0) 0.05 46 — — — — Separation costs (net of taxes of $2, $1, $0, $0, and $1, respectively) 0.01 5 2 1 1 1 2023 Adjusted (non-GAAP) operating earnings $ 0.41 $ 408 $ 251 $ 98 $ 43 $ 115 __________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss second quarter 2024 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 https://investors.exeloncorp.com. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on August 1, 2024. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 1, 2024) 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 11, 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 to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 7 Statistics ComEd 8 PECO 9 BGE 12 Pepco 15 DPL 16 ACE . 18 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended June 30, 2024 Operating revenues $ 2,079 $ 891 $ 928 $ 1,471 $ (8 ) $ 5,361 Operating expenses Purchased power and fuel 763 323 343 562 1 1,992 Operating and maintenance 449 270 250 281 (41 ) 1,209 Depreciation and amortization 374 107 162 235 16 894 Taxes other than income taxes 94 52 80 126 8 360 Total operating expenses 1,680 752 835 1,204 (16 ) 4,455 Gain on sale of assets 5 2 — — — 7 Operating income 404 141 93 267 8 913 Other income and (deductions) Interest expense, net (123 ) (57 ) (53 ) (92 ) (158 ) (483 ) Other, net 20 9 8 29 (2 ) 64 Total other income and (deductions) (103 ) (48 ) (45 ) (63 ) (160 ) (419 ) Income (loss) before income taxes 301 93 48 204 (152 ) 494 Income taxes 31 3 4 46 (38 ) 46 Net income (loss) attributable to common shareholders $ 270 $ 90 $ 44 $ 158 $ (114 ) $ 448 Three Months Ended June 30, 2023 Operating revenues $ 1,901 $ 828 $ 797 $ 1,305 $ (13 ) $ 4,818 Operating expenses Purchased power and fuel 685 302 272 467 1 1,727 Operating and maintenance 355 239 198 304 101 1,197 Depreciation and amortization 350 99 158 243 16 866 Taxes other than income taxes 88 47 76 112 1 324 Total operating expenses 1,478 687 704 1,126 119 4,114 Operating income (loss) 423 141 93 179 (132 ) 704 Other income and (deductions) Interest expense, net (120 ) (48 ) (44 ) (81 ) (134 ) (427 ) Other, net 17 6 5 25 86 139 Total other income and (deductions) (103 ) (42 ) (39 ) (56 ) (48 ) (288 ) Income (loss) before income taxes 320 99 54 123 (180 ) 416 Income taxes 71 2 12 20 (32 ) 73 Net income (loss) attributable to common shareholders $ 249 $ 97 $ 42 $ 103 $ (148 ) $ 343 Change in net income (loss) from 2023 to 2024 $ 21 $ (7 ) $ 2 $ 55 $ 34 $ 105 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Six Months Ended June 30, 2024 Operating revenues $ 4,174 $ 1,945 $ 2,225 $ 3,077 $ (18 ) $ 11,403 Operating expenses Purchased power and fuel 1,670 727 807 1,197 — 4,401 Operating and maintenance 867 563 514 607 (70 ) 2,481 Depreciation and amortization 737 210 312 481 33 1,773 Taxes other than income taxes 188 103 169 254 17 731 Total operating expenses 3,462 1,603 1,802 2,539 (20 ) 9,386 Gain on sales of assets 5 4 — — — 9 Operating income 717 346 423 538 2 2,026 Other income and (deductions) Interest expense, net (246 ) (112 ) (103 ) (183 ) (306 ) (950 ) Other, net 41 18 16 57 7 139 Total other income and (deductions) (205 ) (94 ) (87 ) (126 ) (299 ) (811 ) Income (loss) before income taxes 512 252 336 412 (297 ) 1,215 Income taxes 49 13 28 86 (67 ) 109 Net income (loss) attributable to common shareholders $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Six Months Ended June 30, 2023 Operating revenues $ 3,568 $ 1,940 $ 2,053 $ 2,841 $ (22 ) $ 10,380 Operating expenses Purchased power and fuel 1,172 786 764 1,094 2 3,818 Operating and maintenance 692 510 419 613 113 2,347 Depreciation and amortization 688 197 325 484 33 1,727 Taxes other than income taxes 182 97 159 232 9 679 Total operating expenses 2,734 1,590 1,667 2,423 157 8,571 Operating income (loss) 834 350 386 418 (179 ) 1,809 Other income and (deductions) Interest expense, net (237 ) (97 ) (88 ) (157 ) (261 ) (840 ) Other, net 34 15 8 51 141 249 Total other income and (deductions) (203 ) (82 ) (80 ) (106 ) (120 ) (591 ) Income (loss) before income taxes 631 268 306 312 (299 ) 1,218 Income taxes 142 5 65 54 (60 ) 206 Net income (loss) attributable to common shareholders $ 489 $ 263 $ 241 $ 258 $ (239 ) $ 1,012 Change in net income (loss) from 2023 to 2024 $ (26 ) $ (24 ) $ 67 $ 68 $ 9 $ 94 __________ (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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 934 $ 445 Restricted cash and cash equivalents 530 482 Accounts receivable Customer accounts receivable 3,053 2,659 Customer allowance for credit losses (372 ) (317 ) Customer accounts receivable, net 2,681 2,342 Other accounts receivable 1,136 1,101 Other allowance for credit losses (108 ) (82 ) Other accounts receivable, net 1,028 1,019 Inventories, net Fossil fuel 53 94 Materials and supplies 771 707 Regulatory assets 1,945 2,215 Other 615 473 Total current assets 8,557 7,777 Property, plant, and equipment, net 75,646 73,593 Deferred debits and other assets Regulatory assets 8,703 8,698 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 3,840 3,232 Investments 270 251 Other 1,467 1,365 Total deferred debits and other assets 20,910 20,176 Total assets $ 105,113 $ 101,546 June 30, 2024 December 31, 2023 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 1,454 $ 2,523 Long-term debt due within one year 1,308 1,403 Accounts payable 2,810 2,846 Accrued expenses 1,241 1,375 Payables to affiliates 5 5 Customer deposits 425 411 Regulatory liabilities 433 389 Mark-to-market derivative liabilities 23 74 Unamortized energy contract liabilities 7 8 Other 569 557 Total current liabilities 8,275 9,591 Long-term debt 43,039 39,692 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 12,358 11,956 Regulatory liabilities 10,198 9,576 Pension obligations 1,562 1,571 Non-pension postretirement benefit obligations 524 527 Asset retirement obligations 272 267 Mark-to-market derivative liabilities 121 106 Unamortized energy contract liabilities 23 27 Other 2,199 2,088 Total deferred credits and other liabilities 27,257 26,118 Total liabilities 78,961 75,791 Commitments and contingencies Shareholders’ equity Common stock 21,152 21,114 Treasury stock, at cost (123 ) (123 ) Retained earnings 5,835 5,490 Accumulated other comprehensive loss, net (712 ) (726 ) Total shareholders’ equity 26,152 25,755 Total liabilities and shareholders’ equity $ 105,113 $ 101,546 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Six Months Ended June 30, 2024 2023 Cash flows from operating activities Net income $ 1,106 $ 1,012 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 1,774 1,727 Gain on sales of assets (9 ) — Deferred income taxes and amortization of investment tax credits 72 94 Net fair value changes related to derivatives — 4 Other non-cash operating activities 246 (222 ) Changes in assets and liabilities: Accounts receivable (443 ) 387 Inventories (25 ) 44 Accounts payable and accrued expenses (120 ) (734 ) Collateral received (paid), net 13 (187 ) Income taxes (39 ) 97 Regulatory assets and liabilities, net 265 (516 ) Pension and non-pension postretirement benefit contributions (125 ) (85 ) Other assets and liabilities (261 ) 140 Net cash flows provided by operating activities 2,454 1,761 Cash flows from investing activities Capital expenditures (3,466 ) (3,685 ) Other investing activities (1 ) 10 Net cash flows used in investing activities (3,467 ) (3,675 ) Cash flows from financing activities Changes in short-term borrowings (670 ) (1,600 ) Proceeds from short-term borrowings with maturities greater than 90 days 150 400 Repayments on short-term borrowings with maturities greater than 90 days (549 ) (150 ) Issuance of long-term debt 4,225 5,200 Retirement of long-term debt (903 ) (1,209 ) Dividends paid on common stock (761 ) (717 ) Proceeds from employee stock plans 22 19 Other financing activities (67 ) (84 ) Net cash flows provided by financing activities 1,447 1,859 Increase (decrease) in cash, restricted cash, and cash equivalents 434 (55 ) Cash, restricted cash, and cash equivalents at beginning of period 1,101 1,090 Cash, restricted cash, and cash equivalents at end of period $ 1,535 $ 1,035 Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2023 GAAP net income (loss) $ 0.34 $ 249 $ 97 $ 42 $ 103 $ (148 ) $ 343 Mark-to-market impact of economic hedging activities (net of taxes of $1) — — — — — 3 3 Change in environmental liabilities (net of taxes of $1) 0.01 — — — 11 — 11 SEC matter loss contingency (net of taxes of $0) 0.05 — — — — 46 46 Separation costs (net of taxes of $1, $0, $0, $1, and $2, respectively) (1) 0.01 2 1 1 1 — 5 2023 Adjusted (non-GAAP) operating earnings (loss) $ 0.41 $ 251 $ 98 $ 43 $ 115 $ (99 ) $ 408 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.04 $ — (b) $ 35 $ — (b) $ 6 (b) $ — $ 41 Load 0.01 — (b) 8 — (b) (1 ) (b) — 7 Distribution and transmission rates (2) 0.06 (7 ) (c) (8 ) (c) 34 (c) 46 (c) — 65 Other energy delivery (3) 0.10 86 (c) (4 ) (c) 2 (c) 12 (c) — 96 Operating and maintenance expense (4) 0.01 (24 ) (19 ) (19 ) 7 67 12 Pension and non-pension postretirement benefits (0.01 ) (5 ) (2 ) — 1 (1 ) (7 ) Depreciation and amortization expense (5) (0.03 ) (17 ) (6 ) (8 ) (3 ) — (34 ) Interest expense and other (6) (0.12 ) 1 (9 ) (7 ) (21 ) (80 ) (116 ) Total year over year effects on Adjusted (non-GAAP) Operating Earnings $ 0.06 $ 34 $ (5 ) $ 2 $ 47 $ (14 ) $ 64 2024 GAAP net income (loss) $ 0.45 $ 270 $ 90 $ 44 $ 158 $ (114 ) $ 448 Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC audit liability (net of taxes of $5) 0.01 14 — — — 1 15 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.47 $ 285 $ 93 $ 45 $ 162 $ (113 ) $ 472 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. (2) For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. (3) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, includes favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, reflects decreased 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). (5) Reflects ongoing capital expenditures across all utilities. (6) For PHI, reflects an increase in taxes other than income. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. (7) Primarily represents severance and reorganization costs related to cost management. Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Six Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2023 GAAP net income (loss) $ 1.02 $ 489 $ 263 $ 241 $ 258 $ (239 ) $ 1,012 Mark-to-market impact of economic hedging activities (net of taxes of $1) — — — — — 2 2 Change in environmental liabilities (net of taxes of $8) 0.03 — — — 29 — 29 SEC matter loss contingency (net of taxes of $0) 0.05 — — — — 46 46 Change in FERC audit liability (net of taxes of $4) 0.01 11 — — — — 11 Separation costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (1) — 2 1 1 1 (1 ) 4 2023 Adjusted (non-GAAP) operating earnings (loss) $ 1.11 $ 501 $ 264 $ 242 $ 288 $ (191 ) $ 1,104 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.06 $ — (b) $ 53 $ — (b) $ 10 (b) $ — $ 63 Load — — (b) 4 — (b) (1 ) (b) — 3 Distribution and transmission rates (2) 0.17 (17 ) (c) (3 ) (c) 119 (c) 68 (c) — 167 Other energy delivery (3) 0.16 141 (c) (5 ) (c) (8 ) (c) 31 (c) — 159 Operating and maintenance expense (4) (0.06 ) (78 ) (34 ) (23 ) (17 ) 94 (58 ) Pension and non-pension postretirement benefits (0.01 ) (9 ) (3 ) — 1 (2 ) (13 ) Depreciation and amortization expense (5) (0.07 ) (35 ) (10 ) (11 ) (13 ) (1 ) (70 ) Interest expense and other (6) (0.20 ) — (24 ) (10 ) (37 ) (128 ) (199 ) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.05 $ 2 $ (22 ) $ 67 $ 42 $ (37 ) $ 52 2024 GAAP net income (loss) $ 1.10 $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC audit liability (net of taxes of $13) 0.04 40 — — — 2 42 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (7) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 1.16 $ 503 $ 242 $ 309 $ 330 $ (228 ) $ 1,156 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income 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 2024 and 2023 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) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. (2) For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases. (3) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For PHI, reflects an increase in contracting and storm costs partially offset by favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA. (5) Reflects ongoing capital expenditures across all utilities. (6) For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. (7) Primarily represents severance and reorganization costs related to cost management. ComEd Statistics Three Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 6,996 5,783 21.0 % 5.5 % $ 982 $ 861 14.1 % Small commercial & industrial 6,473 6,834 (5.3 )% (0.8 )% 560 461 21.5 % Large commercial & industrial 6,740 6,502 3.7 % 2.1 % 269 205 31.2 % Public authorities & electric railroads 159 185 (14.1 )% (15.7 )% 14 13 7.7 % Other(b) — — n/a n/a 298 234 27.4 % Total electric revenues(c) 20,368 19,304 5.5 % 1.9 % 2,123 1,774 19.7 % Other Revenues(d) (44 ) 127 (134.6 )% Total electric revenues $ 2,079 $ 1,901 9.4 % Purchased Power $ 763 $ 685 11.4 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 445 581 697 (23.4 )% (36.2 )% Cooling Degree-Days 358 298 266 20.1 % 34.6 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 13,210 12,017 9.9 % 2.5 % $ 1,900 $ 1,698 11.9 % Small commercial & industrial 13,717 14,032 (2.2 )% (0.6 )% 1,154 823 40.2 % Large commercial & industrial 13,674 13,061 4.7 % 2.3 % 589 290 103.1 % Public authorities & electric railroads 379 412 (8.0 )% (8.7 )% 32 22 45.5 % Other(b) — — n/a n/a 523 450 16.2 % Total electric revenues(c) 40,980 39,522 3.7 % 1.2 % 4,198 3,283 27.9 % Other Revenues(d) (24 ) 285 (108.4 )% Total electric revenues $ 4,174 $ 3,568 17.0 % Purchased Power $ 1,670 $ 1,172 42.5 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 3,013 3,252 3,750 (7.3 )% (19.7 )% Cooling Degree-Days 358 298 266 20.1 % 34.6 % Number of Electric Customers 2024 2023 Residential 3,722,798 3,729,428 Small commercial & industrial 395,951 391,380 Large commercial & industrial 2,060 1,866 Public authorities & electric railroads 5,798 4,791 Total 4,126,607 4,127,465 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $5 million for the six months ended June 30, 2024 and 2023, respectively. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,296 2,694 22.3 % 3.8 % $ 522 $ 444 17.6 % Small commercial & industrial 1,856 1,703 9.0 % 3.5 % 128 132 (3.0 )% Large commercial & industrial 3,408 3,331 2.3 % (0.9 )% 61 64 (4.7 )% Public authorities & electric railroads 135 144 (6.3 )% (6.3 )% 7 8 (12.5 )% Other(b) — — n/a n/a 75 71 5.6 % Total electric revenues(c) 8,695 7,872 10.5 % 1.7 % 793 719 10.3 % Other Revenues(d) 4 — n/a Total Electric Revenues 797 719 10.8 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,525 4,373 3.5 % 0.4 % 63 69 (8.7 )% Small commercial & industrial 3,321 3,743 (11.3 )% (12.3 )% 25 32 (21.9 )% Large commercial & industrial — 6 (100.0 )% (10.7 )% — — n/a Transportation 5,117 5,190 (1.4 )% (3.5 )% 5 5 — % Other(f) — — n/a n/a — 2 (100.0 )% Total natural gas revenues(g) 12,963 13,312 (2.6 )% (4.6 )% 93 108 (13.9 )% Other Revenues(d) 1 1 — % Total Natural Gas Revenues 94 109 (13.8 )% Total Electric and Natural Gas Revenues $ 891 $ 828 7.6 % Purchased Power and Fuel $ 323 $ 302 7.0 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 351 330 421 6.4 % (16.6 )% Cooling Degree-Days 537 233 391 130.5 % 37.3 % Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 6,751 6,052 11.5 % 1.0 % $ 1,042 $ 963 8.2 % Small commercial & industrial 3,747 3,546 5.7 % 0.8 % 254 267 (4.9 )% Large commercial & industrial 6,763 6,568 3.0 % 0.8 % 118 129 (8.5 )% Public authorities & electric railroads 314 312 0.6 % 0.9 % 14 16 (12.5 )% Other(b) — — n/a n/a 147 139 5.8 % Total electric revenues(c) 17,575 16,478 6.7 % 0.9 % 1,575 1,514 4.0 % Other Revenues(d) 2 — n/a Total electric revenues 1,577 1,514 4.2 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 23,420 21,563 8.6 % 0.6 % 256 292 (12.3 )% Small commercial & industrial 12,809 12,442 2.9 % (3.8 )% 89 107 (16.8 )% Large commercial & industrial 16 35 (54.3 )% (11.6 )% — 1 (100.0 )% Transportation 12,016 12,204 (1.5 )% (3.2 )% 13 13 — % Other(f) — — n/a n/a 9 11 (18.2 )% Total natural gas revenues(g) 48,261 46,244 4.4 % (1.6 )% 367 424 (13.4 )% Other Revenues(d) 1 2 (50.0 )% Total natural gas revenues 368 426 (13.6 )% Total electric and natural gas revenues $ 1,945 $ 1,940 0.3 % Purchased Power and Fuel $ 727 $ 786 (7.5 )% % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,440 2,218 2,831 10.0 % (13.8 )% Cooling Degree-Days 537 233 392 130.5 % 37.0 % Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 1,533,909 1,529,499 Residential 506,193 504,723 Small commercial & industrial 156,036 155,845 Small commercial & industrial 44,697 44,793 Large commercial & industrial 3,162 3,112 Large commercial & industrial 7 10 Public authorities & electric railroads 10,712 10,423 Transportation 644 642 Total 1,703,819 1,698,879 Total 551,541 550,168 __________ (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 $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $3 million for the six months ended June 30, 2024 and 2023, 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 less than $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $1 million and $1 million for the six months ended June 30, 2024 and 2023, respectively. BGE Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 2,836 2,454 15.6 % 3.4 % $ 464 $ 363 27.8 % Small commercial & industrial 648 609 6.4 % 3.4 % 88 75 17.3 % Large commercial & industrial 3,272 3,102 5.5 % 2.2 % 139 119 16.8 % Public authorities & electric railroads 52 48 8.3 % 7.9 % 8 7 14.3 % Other(b) — — n/a n/a 101 103 (1.9 )% Total electric revenues(c) 6,808 6,213 9.6 % 2.9 % 800 667 19.9 % Other Revenues(d) (18 ) 5 (460.0 )% Total electric revenues 782 672 16.4 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,299 3,909 10.0 % 3.5 % 89 71 25.4 % Small commercial & industrial 1,219 1,156 5.4 % 2.4 % 17 15 13.3 % Large commercial & industrial 8,316 8,059 3.2 % — % 40 30 33.3 % Other(f) 145 78 85.9 % n/a 4 5 (20.0 )% Total natural gas revenues(g) 13,979 13,202 5.9 % 1.4 % 150 121 24.0 % Other Revenues(d) (4 ) 4 (200.0 )% Total natural gas revenues 146 125 16.8 % Total electric and natural gas revenues $ 928 $ 797 16.4 % Purchased Power and Fuel $ 343 $ 272 26.1 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 362 381 486 (5.0 )% (25.5 )% Cooling Degree-Days 339 210 262 61.4 % 29.4 % Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 6,165 5,560 10.9 % 1.1 % $ 999 $ 796 25.5 % Small commercial & industrial 1,346 1,283 4.9 % 1.8 % 178 167 6.6 % Large commercial & industrial 6,386 6,149 3.9 % 1.4 % 271 268 1.1 % Public authorities & electric railroads 104 103 1.0 % 0.9 % 15 14 7.1 % Other(b) — — n/a n/a 194 198 (2.0 )% Total electric revenues(c) 14,001 13,095 6.9 % 1.3 % 1,657 1,443 14.8 % Other Revenues(d) 7 42 (83.3 )% Total electric revenues 1,664 1,485 12.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 22,280 20,697 7.6 % (2.6 )% 360 349 3.2 % Small commercial & industrial 5,212 4,924 5.8 % (2.6 )% 65 56 16.1 % Large commercial & industrial 21,832 21,273 2.6 % (1.6 )% 112 100 12.0 % Other(f) 897 1,686 (46.8 )% n/a 8 24 (66.7 )% Total natural gas revenues(g) 50,221 48,580 3.4 % (2.2 )% 545 529 3.0 % Other Revenues(d) 16 39 (59.0 )% Total natural gas revenues 561 568 (1.2 )% Total electric and natural gas revenues $ 2,225 $ 2,053 8.4 % Purchased Power and Fuel $ 807 $ 764 5.6 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,381 2,155 2,840 10.5 % (16.2 )% Cooling Degree-Days 339 210 262 61.4 % 29.4 % Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 1,212,331 1,206,763 Residential 656,690 655,181 Small commercial & industrial 115,384 115,594 Small commercial & industrial 37,859 38,077 Large commercial & industrial 13,156 12,975 Large commercial & industrial 6,340 6,275 Public authorities & electric railroads 260 265 Total 1,341,131 1,335,597 Total 700,889 699,533 __________ (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 $1 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $3 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. (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 $1 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. Pepco Statistics Three Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,770 1,598 10.8 % (7.7 )% $ 315 $ 267 18.0 % Small commercial & industrial 265 249 6.4 % (1.4 )% 43 41 4.9 % Large commercial & industrial 3,409 3,114 9.5 % 3.2 % 251 254 (1.2 )% Public authorities & electric railroads 128 115 11.3 % 10.7 % 7 7 — % Other(b) — — n/a n/a 75 64 17.2 % Total electric revenues(c) 5,572 5,076 9.8 % (0.5 )% 691 633 9.2 % Other Revenues(d) 9 9 — % Total electric revenues $ 700 $ 642 9.0 % Purchased Power $ 234 $ 204 14.7 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 218 209 296 4.3 % (26.4 )% Cooling Degree-Days 646 388 512 66.5 % 26.2 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather- Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 3,868 3,561 8.6 % (3.9 )% $ 659 $ 549 20.0 % Small commercial & industrial 550 516 6.6 % 0.5 % 89 80 11.3 % Large commercial & industrial 6,701 6,323 6.0 % 1.9 % 513 535 (4.1 )% Public authorities & electric railroads 290 267 8.6 % 7.9 % 18 16 12.5 % Other(b) — — n/a n/a 138 120 15.0 % Total electric revenues(c) 11,409 10,667 7.0 % (0.1 )% 1,417 1,300 9.0 % Other Revenues(d) 42 51 (17.6 )% Total electric revenues $ 1,459 $ 1,351 8.0 % Purchased Power $ 514 $ 462 11.3 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,006 1,829 2,374 9.7 % (15.5 )% Cooling Degree-Days 651 390 516 66.9 % 26.2 % Number of Electric Customers 2024 2023 Residential 871,009 860,014 Small commercial & industrial 54,080 54,016 Large commercial & industrial 23,057 22,904 Public authorities & electric railroads 207 204 Total 948,353 937,138 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2024 and 2023, and $3 million for both the six months ended June 30, 2024 and 2023. (d) Includes alternative revenue programs and late payment charge revenues. DPL Statistics Three Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 1,122 987 13.7 % (0.6 )% $ 202 $ 161 25.5 % Small commercial & industrial 564 547 3.1 % (1.0 )% 60 57 5.3 % Large commercial & industrial 1,027 1,027 — % (3.0 )% 31 33 (6.1 )% Public authorities & electric railroads 10 10 — % 1.2 % 4 4 — % Other(b) — — n/a n/a 64 61 4.9 % Total electric revenues(c) 2,723 2,571 5.9 % (1.6 )% 361 316 14.2 % Other Revenues(d) 1 4 (75.0 )% Total electric revenues 362 320 13.1 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 852 794 7.3 % (6.7 )% 15 16 (6.3 )% Small commercial & industrial 531 497 6.8 % (5.4 )% 7 7 — % Large commercial & industrial 402 371 8.4 % 8.5 % 1 1 — % Transportation 1,340 1,328 0.9 % (1.5 )% 4 4 — % Other(f) — — n/a n/a 1 1 — % Total natural gas revenues 3,125 2,990 4.5 % (2.7 )% 28 29 (3.4 )% Other Revenues(d) — — n/a Total natural gas revenues 28 29 (3.4 )% Total electric and natural gas revenues $ 390 $ 349 11.7 % Purchased Power and Fuel $ 156 $ 139 12.2 % Electric Service Territory % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 391 322 442 21.4 % (11.5 )% Cooling Degree-Days 398 252 352 57.9 % 13.1 % Natural Gas Service Territory % Change Heating Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 404 318 483 27.0 % (16.4 )% Six Months Ended June 30, 2024 and 2023 Electric and Natural Gas Deliveries Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 2,610 2,373 10.0 % (0.4 )% $ 458 $ 371 23.5 % Small commercial & industrial 1,121 1,081 3.7 % (0.1 )% 122 119 2.5 % Large commercial & industrial 2,000 1,984 0.8 % (1.4 )% 60 66 (9.1 )% Public authorities & electric railroads 20 22 (9.1 )% (9.5 )% 8 8 — % Other(b) — — n/a n/a 126 119 5.9 % Total electric revenues(c) 5,751 5,460 5.3 % (0.7 )% 774 683 13.3 % Other Revenues(d) 6 14 (57.1 )% Total electric revenues 780 697 11.9 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,764 4,368 9.1 % (2.3 )% 61 76 (19.7 )% Small commercial & industrial 2,244 2,142 4.8 % (6.5 )% 24 33 (27.3 )% Large commercial & industrial 834 787 6.0 % 5.8 % 3 2 50.0 % Transportation 3,301 3,231 2.2 % (1.7 )% 9 8 12.5 % Other(f) — — n/a n/a 3 7 (57.1 )% Total natural gas revenues 11,143 10,528 5.8 % (2.5 )% 100 126 (20.6 )% Other Revenues(d) — — n/a Total natural gas revenues 100 126 (20.6 )% Total electric and natural gas revenues $ 880 $ 823 6.9 % Purchased Power and Fuel $ 370 $ 360 2.8 % Electric Service Territory % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,503 2,197 2,807 13.9 % (10.8 )% Cooling Degree-Days 398 252 353 57.9 % 12.7 % Natural Gas Service Territory % Change Heating Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,608 2,269 2,959 14.9 % (11.9 )% Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023 Residential 488,089 483,760 Residential 130,678 129,538 Small commercial & industrial 64,549 63,913 Small commercial & industrial 10,100 10,060 Large commercial & industrial 1,256 1,234 Large commercial & industrial 14 16 Public authorities & electric railroads 595 594 Transportation 163 163 Total 554,489 549,501 Total 140,955 139,777 __________ (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 $1 million and $2 million for the three months ended June 30, 2024 and 2023, respectively and $3 million for both the six months ended June 30, 2024 and 2023. (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 June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,049 775 35.4 % 4.0 % $ 229 $ 155 47.7 % Small commercial & industrial 365 347 5.2 % (3.0 )% 55 46 19.6 % Large commercial & industrial 723 743 (2.7 )% (8.8 )% 47 50 (6.0 )% Public authorities & electric railroads 9 9 — % (1.9 )% 5 4 25.0 % Other(b) — — n/a n/a 68 63 7.9 % Total electric revenues(c) 2,146 1,874 14.5 % (2.1 )% 404 318 27.0 % Other Revenues(d) (21 ) (1 ) 2,000.0 % Total electric revenues $ 383 $ 317 20.8 % Purchased Power $ 172 $ 124 38.7 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 465 519 525 (10.4 )% (11.4 )% Cooling Degree-Days 415 155 303 167.7 % 37.0 % Six Months Ended June 30, 2024 and 2023 Electric Deliveries (in GWhs) Revenue (in millions) 2024 2023 % Change Weather - Normal % Change 2024 2023 % Change Electric Deliveries and Revenues(a) Residential 1,889 1,535 23.1 % 2.2 % $ 404 $ 301 34.2 % Small commercial & industrial 726 718 1.1 % (4.8 )% 105 105 — % Large commercial & industrial 1,464 1,532 (4.4 )% (8.2 )% 96 113 (15.0 )% Public authorities & electric railroads 23 23 — % (2.3 )% 10 9 11.1 % Other(b) — — n/a n/a 134 126 6.3 % Total electric revenues(c) 4,102 3,808 7.7 % (3.1 )% 749 654 14.5 % Other Revenues(d) (9 ) 16 (156.3 )% Total electric revenues $ 740 $ 670 10.4 % Purchased Power $ 312 $ 273 14.3 % % Change Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal Heating Degree-Days 2,666 2,527 2,950 5.5 % (9.6 )% Cooling Degree-Days 415 155 304 167.7 % 36.5 % Number of Electric Customers 2024 2023 Residential 506,358 503,918 Small commercial & industrial 62,717 62,307 Large commercial & industrial 2,878 3,007 Public authorities & electric railroads 701 727 Total 572,654 569,959 __________ (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 June 30, 2024 and 2023, and $1 million for both the six months ended June 30, 2024 and 2023, respectively. (d) Includes alternative revenue programs. (e) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20240801173992/en/