EX-99.1 2 exc-20250501ex991.htm EX-99.1 Document


Exhibit 99.1
News Release

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

Andrew Plenge
Investor Relations
312-394-2345
EXELON REPORTS FIRST QUARTER 2025 RESULTS
Earnings Release Highlights
•GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.92 per share for the first quarter of 2025
•Affirming full year 2025 Adjusted (non-GAAP) operating earnings guidance range of $2.64-$2.74 per share
•Reaffirming operating EPS compounded annual growth of 5-7% from 2024 to 2028
•All utilities sustained top quartile or better performance in reliability and top decile performance in safety
•Through March 31, 2025, Exelon completed approximately 50% of planned debt financings, including all Exelon Corporate issuances, and priced approximately 60% of $700 million annualized equity financing need for 2025

CHICAGO (May 1, 2025) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2025.
"The first quarter has put us firmly on the path to deliver within our full-year earnings guidance, through our unwavering commitment to safety, reliability and efficient execution of investments for our customers," said Exelon President and Chief Executive Officer Calvin Butler. “As Exelon celebrates our 25th year, our 20,000 employees continue to work hard to deliver value to our customers and positively impact the communities we serve.”
“I’m pleased to announce first quarter 2025 adjusted operating earnings of $0.92 per share, keeping us on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share,” said Exelon Chief Financial Officer Jeanne Jones. “In the first quarter of 2025, we also made substantial progress on our financing plan, executing half of our debt financing needs and over 60 percent of our annualized 2025 equity needs. Our balanced funding strategy enables us to invest in our local communities driving top quartile reliability while maintaining a sharp focus on cost efficiency."


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First Quarter 2025
Exelon's GAAP net income for the first quarter of 2025 increased to $0.90 per share from $0.66 per share in the first quarter of 2024. Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $0.92 per share from $0.68 per share in the first quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2025 primarily reflect:
•Higher utility earnings primarily due to distribution and transmission rate increases at ComEd and PHI, distribution rate increases at PECO and BGE, timing of distribution earnings at ComEd, less unfavorable weather and tax timing at PECO, and a higher return on regulatory assets primarily due to an increase in asset balances at ComEd. This was partially offset by lower transmission peak load at ComEd, and higher interest expense at PECO, BGE, and PHI. Utility rate increases are associated with updated recovery of incremental costs and investments to serve customers.
Operating Company Results1
ComEd
ComEd's first quarter of 2025 GAAP net income increased to $302 million from $193 million in the first quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $325 million from $219 million in the first quarter of 2024, primarily due to timing of distribution earnings, higher distribution and transmission rate base driven by incremental investments to serve customers, and higher return on regulatory assets primarily due to an increase in asset balances, partially offset by lower transmission peak load. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO’s first quarter of 2025 GAAP net income increased to $266 million from $149 million in the first quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $265 million from $149 million in the first quarter of 2024, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, normal weather compared to unfavorable weather in the prior period, and the timing of tax repairs deductions, partially offset by an increase in interest and credit loss expense.
BGE
BGE’s first quarter of 2025 GAAP net income decreased to $260 million from $264 million in the first quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2025 decreased to $260 million from $264 million in the first quarter of 2024, primarily due to an increase in interest expense offset by distribution rates. Due to revenue decoupling, BGE's distribution earnings are not intended to be 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.
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PHI
PHI’s first quarter of 2025 GAAP net income increased to $194 million from $168 million in the first quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the first quarter of 2025 increased to $194 million from $168 million in the first quarter of 2024, primarily due to favorable distribution and transmission rates at Pepco and DPL driven by updated recovery of investments to serve customers, and favorable weather at DPL, partially offset by an increase in interest. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.
Recent Developments and First Quarter Highlights
•Dividend: On April 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on June 13, 2025, to Exelon's shareholders of record as of the close of business on May 12, 2025.
•Rate Case Developments:
◦There were no rate case developments in the first quarter.
•Financing Activities:
◦On February 19, 2025, Exelon Corporate issued $1,000 million of its Junior Subordinated 6.50% notes due March 15, 2055. Exelon used the proceeds to repay outstanding commercial paper obligations, and for general corporate purposes.
◦On February 21, 2025, Exelon Corporate issued $1,000 million of notes, consisting of $500 million of its 5.125% notes due March 15, 2031, and $500 million of its 5.875% notes due March 15, 2055. Exelon used the proceeds to repay outstanding commercial paper obligations, and for general corporate purposes.
◦On March 26, 2025, Pepco issued $200 million of its First Mortgage 5.48% Series Bonds, due March 26, 2040. Pepco used the proceeds to repay outstanding commercial paper, and for general corporate purposes.
◦On March 26, 2025, DPL issued $125 million of its First Mortgage 5.28% Series Bonds, due March 26, 2035. DPL used the proceeds to repay outstanding commercial paper, and for general corporate purposes.
◦On March 26, 2025, ACE issued $100 million aggregate principal amount of its First Mortgage Bonds, 5.28% Series due March 26, 2035. ACE used the proceeds to repay outstanding commercial paper, and for general corporate purposes.






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Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the first quarter of 2025 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		ExelonComEdPECOBGEPHI
2025 GAAP net income
$0.90 $908 $302 $266 $260 $194 
Regulatory matters (net of taxes of $7)
0.02 22 21 — — — 
Change in FERC audit liability (net of taxes of $1)
— 2 2 — — — 
Cost management charge (net of taxes of $0)
— (1)— — — — 
2025 Adjusted (non-GAAP) operating earnings
$0.92 $932 $325 $265 $260 $194 
Adjusted (non-GAAP) operating earnings for the first 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		ExelonComEdPECOBGEPHI
2024 GAAP net income
$0.66 $658 $193 $149 $264 $168 
Change in FERC Audit Liability (net of taxes of $9)
0.03 27 26 — — — 
2024 Adjusted (non-GAAP) operating earnings
$0.68 $685 $219 $149 $264 $168 
__________
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 2025 and 2024 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss first quarter 2025 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 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). Exelon's 20,000 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 X and LinkedIn.
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
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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 May 1, 2025.
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. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon’s and ComEd’s reputation and relationships with legislators, regulators, and customers; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural, gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation,
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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) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
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.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.
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Earnings Release Attachments
Table of Contents

Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEdPECOBGEPHIOther (a)Exelon
Three Months Ended March 31, 2025
Operating revenues$2,065 $1,333 $1,554 $1,778 $(16)$6,714 
Operating expenses
Purchased power and fuel689 502 609 722 — 2,522 
Operating and maintenance423 327 305 349 (57)1,347 
Depreciation and amortization380 109 164 234 16 903 
Taxes other than income taxes99 60 96 140 10 405 
Total operating expenses1,591 998 1,174 1,445 (31)5,177 
Loss on sale of assets— — — (1)— (1)
Operating income474 335 380 332 15 1,536 
Other income and (deductions)
Interest expense, net(128)(63)(58)(100)(161)(510)
Other, net21 8 9 19 (5)52 
Total other income and (deductions)(107)(55)(49)(81)(166)(458)
Income (loss) before income taxes367 280 331 251 (151)1,078 
Income taxes65 14 71 57 (37)170 
Net income (loss) attributable to common shareholders$302 $266 $260 $194 $(114)$908 
Three Months Ended March 31, 2024
Operating revenues$2,095 $1,054 $1,297 $1,606 $(9)$6,043 
Operating expenses
Purchased power and fuel907 403 464 636 — 2,410 
Operating and maintenance418 293 264 325 (29)1,271 
Depreciation and amortization362 104 150 246 17 879 
Taxes other than income taxes94 51 89 128 9 371 
Total operating expenses1,781 851 967 1,335 (3)4,931 
Gain on sale of assets— 2 — — 02 
Operating income (loss)314 205 330 271 (6)1,114 
Other income and (deductions)
Interest expense, net(122)(55)(50)(90)(151)(468)
Other, net20 9 8 27 11 75 
Total other income and (deductions)(102)(46)(42)(63)(140)(393)
Income (loss) before income taxes212 159 288 208 (146)721 
Income taxes19 10 24 40 (30)63 
Net income (loss) attributable to common shareholders$193 $149 $264 $168 $(116)$658 
Change in net income (loss) from 2024 to 2025$109 $117 $(4)$26 $2 $250 
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
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Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
March 31, 2025December 31, 2024
Assets
Current assets
Cash and cash equivalents$1,004 $357 
Restricted cash and cash equivalents578 541 
Accounts receivable
Customer accounts receivable3,4883,144
Customer allowance for credit losses(486)(406)
Customer accounts receivable, net3,002 2,738 
Other accounts receivable1,1271,123
Other allowance for credit losses(113)(107)
Other accounts receivable, net1,014 1,016 
Inventories, net
Fossil fuel29 72 
Materials and supplies804 781 
Regulatory assets1,605 1,940 
Prepaid renewable energy credits240 494 
Other523 445 
Total current assets8,799 8,384 
Property, plant, and equipment, net79,177 78,182 
Deferred debits and other assets
Regulatory assets8,859 8,710 
Goodwill6,630 6,630 
Receivable related to Regulatory Agreement Units4,110 4,026 
Investments289 290 
Other1,620 1,562 
Total deferred debits and other assets21,508 21,218 
Total assets$109,484 $107,784 
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March 31, 2025December 31, 2024
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings$1,084 $1,859 
Long-term debt due within one year1,454 1,453 
Accounts payable2,693 2,994 
Accrued expenses1,186 1,468 
Payables to affiliates5 5 
Customer deposits465 446 
Regulatory liabilities464 411 
Mark-to-market derivative liabilities25 29 
Unamortized energy contract liabilities5 5 
Renewable energy credit obligations215 429 
Other507 512 
Total current liabilities8,103 9,611 
Long-term debt45,342 42,947 
Long-term debt to financing trusts390 390 
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits13,081 12,793 
Regulatory liabilities10,289 10,198 
Pension obligations1,475 1,745 
Non-pension postretirement benefit obligations480 472 
Asset retirement obligations305 301 
Mark-to-market derivative liabilities130 103 
Unamortized energy contract liabilities20 21 
Other2,262 2,282 
Total deferred credits and other liabilities28,042 27,915 
Total liabilities 81,877 80,863 
Commitments and contingencies
Shareholders’ equity
Common stock21,517 21,338 
Treasury stock, at cost(123)(123)
Retained earnings6,931 6,426 
Accumulated other comprehensive loss, net(718)(720)
Total shareholders’ equity27,607 26,921 
Total liabilities and shareholders’ equity$109,484 $107,784 
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Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Three Months Ended March 31,
 20252024
Cash flows from operating activities
Net income$908 $658 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion905 880 
Loss (gain) on sales of assets1 (2)
Deferred income taxes and amortization of investment tax credits121 46 
Net fair value changes related to derivatives1 1 
Other non-cash operating activities344 39 
Changes in assets and liabilities:
Accounts receivable(402)(309)
Inventories17 12 
Accounts payable and accrued expenses(397)(238)
Collateral received, net44 7 
Income taxes59 21 
Regulatory assets and liabilities, net86 252 
Pension and non-pension postretirement benefit contributions(292)(111)
Other assets and liabilities(195)(264)
Net cash flows provided by operating activities1,200 992 
Cash flows from investing activities
Capital expenditures(1,946)(1,767)
Proceeds from sales of assets— 2 
Other investing activities4 (2)
Net cash flows used in investing activities(1,942)(1,767)
Cash flows from financing activities
Changes in short-term borrowings(775)(317)
Proceeds from short-term borrowings with maturities greater than 90 days— 150 
Repayments on short-term borrowings with maturities greater than 90 days— (150)
Issuance of long-term debt2,425 2,625 
Retirement of long-term debt— (901)
Issuance of common stock173 — 
Dividends paid on common stock(403)(381)
Proceeds from employee stock plans— 11 
Other financing activities(35)(55)
Net cash flows provided by financing activities1,385 982 
Increase in cash, restricted cash, and cash equivalents643 207 
Cash, restricted cash, and cash equivalents at beginning of period939 1,101 
Cash, restricted cash, and cash equivalents at end of period$1,582 $1,308 




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Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended March 31, 2025 and 2024
(unaudited)
(in millions, except per share data)
Exelon
Earnings 
per Diluted
Share		ComEdPECOBGEPHIOther (a)Exelon
2024 GAAP net income (loss)$0.66 $193 $149 $264 $168 $(116)$658 
Change in FERC audit liability (net of taxes of $9)
0.03 26 — — — 1 27 
2024 Adjusted (non-GAAP) operating earnings (loss)$0.68 $219 $149 $264 $168 $(115)$685 
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather$0.04 $— (b)$33 $— (b)$4 (b)$— $37 
Load0.01 — (b)8 — (b)2 (b)— 10 
Distribution and transmission rates (1)0.15 8 (c)83 (c)21 (c)36 (c)— 148 
Other energy delivery (2)0.14 97 (c)21 (c)— (c)21 (c)— 139 
Operating and maintenance expense (3)(0.03)18 (25)(13)(18)12 (26)
Pension and non-pension postretirement benefits— (1)(1)— 1 — (1)
Depreciation and amortization expense (4)(0.01)(13)(4)(3)9 (1)(12)
Interest expense and other (5)(0.05)(3)1 (9)(29)(8)(48)
Total year over year effects on Adjusted (non-GAAP) operating earnings$0.24 $106 $116 $(4)$26 $3 $247 
2025 GAAP net income (loss)$0.90 $302 $266 $260 $194 $(114)$908 
Regulatory matters (net of taxes of $7) (6)
0.02 21 — — — 1 22 
Change in FERC audit liability (net of taxes of $1)
— 2 — — — — 2 
Cost management charge (net of taxes of $0) (7)
— — — — — (1)(1)
2025 Adjusted (non-GAAP) operating earnings (loss)$0.92 $325 $265 $260 $194 $(112)$932 
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 2025 and 2024 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)For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution revenue due to higher rates. For PHI, reflects increased distribution and transmission revenue primarily due to higher rates.
(2)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and higher return on regulatory assets, partially offset by lower transmission peak load. For PECO, reflects increased energy efficiency revenues due to regulatory required programs, offset in Operating and maintenance expense. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(3)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects a decrease in contracting costs. For PECO, primarily reflects increased credit loss expense and program costs related to regulatory required programs, offset in Other energy delivery. For BGE, reflects increased contracting costs. For PHI, reflects an increase in contracting costs and credit loss expense. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA.
(4)Reflects ongoing capital expenditures across all utilities.
(5)For PECO, primarily reflects lower income tax expense due to timing of tax repairs deduction partially offset by an increase in interest expense. For BGE, primarily reflects an increase in interest expense. For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an absence of billings to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense.
(6)Represents the probable disallowance of certain capitalized costs.
(7)Primarily represents severance and reorganization costs related to cost management.
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ComEd Statistics
Three Months Ended March 31, 2025 and 2024
 Electric Deliveries (in GWhs)Revenue (in millions)
 20252024% ChangeWeather - Normal % Change20252024% Change
Electric Deliveries and Revenues(a)
Residential6,674 6,214 7.4 %1.6 %$993 $918 8.2 %
Small commercial & industrial7,359 7,244 1.6 %(0.3)%600 594 1.0 %
Large commercial & industrial7,003 6,934 1.0 %2.3 %296 320 (7.5)%
Public authorities & electric railroads278 220 26.4 %22.8 %17 17 — %
Other(b)
— — n/an/a236 227 4.0 %
Total electric revenues(c)
21,314 20,612 3.4 %1.4 %2,142 2,076 3.2 %
Other Revenues(d)
(77)19 (505.3)%
Total electric revenues$2,065 $2,095 (1.4)%
Purchased Power$689 $907 (24.0)%

   % Change
Heating and Cooling Degree-Days20252024NormalFrom 2024From Normal
Heating Degree-Days2,985 2,568 3,053 16.2 %(2.2)%

Number of Electric Customers20252024
Residential3,735,234 3,754,505 
Small commercial & industrial396,639 397,715 
Large commercial & industrial2,473 2,023 
Public authorities & electric railroads5,787 5,821 
Total4,140,133 4,160,064 
__________
(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 $8 million and $2 million for the three months ended March 31, 2025 and 2024, respectively.
(d)Includes alternative revenue programs and late payment charges.


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PECO Statistics
Three Months Ended March 31, 2025 and 2024
Electric and Natural Gas DeliveriesRevenue (in millions)
20252024% ChangeWeather-
Normal
% Change		20252024% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential3,859 3,455 11.7 %3.3 %$631 $520 21.3 %
Small commercial & industrial1,946 1,891 2.9 %(1.0)%162 126 28.6 %
Large commercial & industrial3,425 3,355 2.1 %(0.4)%84 57 47.4 %
Public authorities & electric railroads189 179 5.6 %5.6 %8 7 14.3 %
Other(b)
— — n/an/a76 74 2.7 %
Total electric revenues(c)
9,419 8,880 6.1 %1.1 %961 784 22.6 %
Other Revenues(d)
(5)(2)150.0 %
Total electric revenues956 782 22.3 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential21,834 18,895 15.6 %(0.3)%267 193 38.3 %
Small commercial & industrial10,405 9,488 9.7 %(2.2)%86 64 34.4 %
Large commercial & industrial12 16 (25.0)%— %— — n/a
Transportation7,242 6,899 5.0 %1.0 %13 8 62.5 %
Other(f)
— — n/an/a10 7 42.9 %
Total natural gas revenues(g)
39,493 35,298 11.9 %(0.6)%376 272 38.2 %
Other Revenues(d)
1 — n/a
Total natural gas revenues377 272 38.6 %
Total electric and natural gas revenues$1,333 $1,054 26.5 %
Purchased Power and Fuel$502 $403 24.6 %

% Change
Heating and Cooling Degree-Days20252024NormalFrom 2024From Normal
Heating Degree-Days2,351 2,089 2,388 12.5 %(1.5)%
Cooling Degree-Days1 — 1 n/a— %

Number of Electric Customers20252024Number of Natural Gas Customers20252024
Residential1,540,453 1,540,491 Residential509,773 508,429 
Small commercial & industrial155,131 156,475 Small commercial & industrial44,869 45,038 
Large commercial & industrial3,151 3,160 Large commercial & industrial7 7 
Public authorities & electric railroads10,703 10,713 Transportation623 646 
Total1,709,438 1,710,839 Total555,272 554,120 
__________
(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 for both the three months ended March 31, 2025 and 2024, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively.
8

BGE Statistics
Three Months Ended March 31, 2025 and 2024
Electric and Natural Gas DeliveriesRevenue (in millions)
20252024% ChangeWeather-
Normal
% Change		20252024% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential3,669 3,329 10.2 %(1.1)%$648 $534 21.3 %
Small commercial & industrial730 698 4.6 %(1.5)%109 90 21.1 %
Large commercial & industrial3,145 3,114 1.0 %(1.5)%144 132 9.1 %
Public authorities & electric railroads48 52 (7.7)%(6.8)%8 7 14.3 %
Other(b)
— — n/an/a113 93 21.5 %
Total electric revenues(c)
7,592 7,193 5.5 %(1.4)%1,022 856 19.4 %
Other Revenues(d)
(10)25 (140.0)%
Total electric revenues1,012 881 14.9 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential20,871 17,981 16.1 %(4.4)%378 271 39.5 %
Small commercial & industrial4,568 3,993 14.4 %(0.2)%63 47 34.0 %
Large commercial & industrial14,378 13,516 6.4 %(1.3)%96 72 33.3 %
Other(f)
3,845 752 411.3 %n/a24 5 380.0 %
Total natural gas revenues(g)
43,662 36,242 20.5 %(2.8)%561 395 42.0 %
Other Revenues(d)
(19)21 (190.5)%
Total natural gas revenues542 416 30.3 %
Total electric and natural gas revenues$1,554 $1,297 19.8 %
Purchased Power and Fuel$609 $464 31.3 %

   % Change
Heating and Cooling Degree-Days20252024NormalFrom 2024From Normal
Heating Degree-Days2,303 2,020 2,329 14.0 %(1.1)%

Number of Electric Customers20252024Number of Natural Gas Customers20252024
Residential1,220,769 1,213,063 Residential661,195 658,818 
Small commercial & industrial115,359 115,406 Small commercial & industrial37,945 37,982 
Large commercial & industrial13,302 13,110 Large commercial & industrial6,380 6,336 
Public authorities & electric railroads258 261 
Total1,349,688 1,341,840 Total705,520 703,136 
__________
(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 for both the three months ended March 31, 2025 and 2024, 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 for both the three months ended March 31, 2025 and 2024, respectively.
9
Pepco Statistics
Three Months Ended March 31, 2025 and 2024
Electric Deliveries (in GWhs)Revenue (in millions)
20252024% ChangeWeather-
Normal
% Change		20252024% Change
Electric Deliveries and Revenues(a)
Residential2,336 2,097 11.4 %4.9 %$424 $345 22.9 %
Small commercial & industrial300 285 5.3 %2.7 %51 46 10.9 %
Large commercial & industrial3,338 3,293 1.4 %(0.2)%289 262 10.3 %
Public authorities & electric railroads160 162 (1.2)%(2.4)%8 11 (27.3)%
Other(b)
— — n/an/a86 64 34.4 %
Total electric revenues(c)
6,134 5,837 5.1 %1.8 %858 728 17.9 %
Other Revenues(d)
1 31 (96.8)%
Total electric revenues$859 $759 13.2 %
Purchased Power$318 $281 13.2 %
   % Change
Heating and Cooling Degree-Days20252024NormalFrom 2024From Normal
Heating Degree-Days1,987 1,788 2,051 11.1 %(3.1)%
Cooling Degree-Days25 5 3 400.0 %733.3 %
Number of Electric Customers20252024
Residential882,043 869,606 
Small commercial & industrial54,071 54,177 
Large commercial & industrial23,079 22,992 
Public authorities & electric railroads205 207 
Total959,398 946,982 

__________
(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 March 31, 2025 and 2024, respectively.
(d)Includes alternative revenue programs and late payment charge revenues.
10
DPL Statistics
Three Months Ended March 31, 2025 and 2024
Electric and Natural Gas DeliveriesRevenue (in millions)
20252024% ChangeWeather -
Normal
% Change		20252024% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential1,645 1,487 10.6 %1.7 %$298 $256 16.4 %
Small commercial & industrial586 557 5.2 %2.9 %64 62 3.2 %
Large commercial & industrial939 973 (3.5)%(4.9)%28 29 (3.4)%
Public authorities & electric railroads9 9 — %0.3 %4 4 — %
Other(b)
— — n/an/a71 63 12.7 %
Total electric revenues(c)
3,179 3,026 5.1 %(0.2)%465 414 12.3 %
Other Revenues(d)
(5)5 (200.0)%
Total electric revenues460 419 9.8 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential4,590 3,913 17.3 %8.7 %56 46 21.7 %
Small commercial & industrial1,970 1,717 14.7 %5.1 %21 17 23.5 %
Large commercial & industrial428 428 — %— %3 2 50.0 %
Transportation2,106 1,960 7.4 %2.9 %5 5 — %
Other(f)
— — n/an/a3 2 50.0 %
Total natural gas revenues9,094 8,018 13.4 %6.1 %88 72 22.2 %
Other Revenues(d)
— — n/a
Total natural gas revenues88 72 22.2 %
Total electric and natural gas revenues$548 $491 11.6 %
Purchased Power and Fuel$247 $215 14.9 %

Electric Service Territory% Change
Heating and Cooling Degree-Days20252024NormalFrom 2024From Normal
Heating Degree-Days2,354 2,112 2,336 11.5 %0.8 %
Cooling Degree-Days10 — 1 — %900.0 %
Natural Gas Service Territory% Change
Heating Degree-Days20252024NormalFrom 2024From Normal
Heating Degree-Days2,399 2,204 2,454 8.8 %(2.2)%

Number of Electric Customers20252024Number of Natural Gas Customers20252024
Residential491,907 486,950 Residential131,716 130,427 
Small commercial & industrial64,999 64,338 Small commercial & industrial10,254 10,182 
Large commercial & industrial1,251 1,260 Large commercial & industrial15 16 
Public authorities & electric railroads617 593 Transportation161 163 
Total558,774 553,141 Total142,146 140,788 
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2025 and 2024.
(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.

11
ACE Statistics
Three Months Ended March 31, 2025 and 2024
Electric Deliveries (in GWhs)Revenue (in millions)
20252024% ChangeWeather -
Normal
% Change		20252024% Change
Electric Deliveries and Revenues(a)
Residential902 841 7.3 %3.5 %$196 $174 12.6 %
Small commercial & industrial390 361 8.0 %6.8 %54 50 8.0 %
Large commercial & industrial713 740 (3.6)%(4.5)%50 49 2.0 %
Public authorities & electric railroads13 14 (7.1)%(4.9)%5 5 — %
Other(b)
— — n/an/a68 67 1.5 %
Total electric revenues(c)
2,018 1,956 3.2 %1.0 %373 345 8.1 %
Other Revenues(d)
— 13 (100.0)%
Total electric revenues$373 $358 4.2 %
Purchased Power $157 $140 12.1 %

    % Change
Heating and Cooling Degree-Days20252024NormalFrom 2024From Normal
Heating Degree-Days2,408 2,201 2,399 9.4 %0.4 %
Cooling Degree-Days— — 1 — %(100.0)%

Number of Electric Customers20252024
Residential508,354 505,793 
Small commercial & industrial62,861 62,704 
Large commercial & industrial2,824 2,893 
Public authorities & electric railroads723 728 
Total574,762 572,118 
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2025 and 2024, respectively.
(d)Includes alternative revenue programs.
12