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美國證券交易委員會

華盛頓特區，20549

表格：10-Q

根據1934年《證券交易所法》第13或15（d）條的季度報告

截至2024年9月30日的季度期

或

根據1934年《證券交易所法》第13或15（d）條提交的國家過渡報告

佣金文件編號						註冊人姓名;公司所在州或其他司法管轄區;主要行政辦公室地址;和電話號碼						國稅局僱主識別號
001-16169						EXELON公司						23-2990190
						(a 賓夕法尼亞州 公司） 南迪爾伯恩街10號 P.O.郵箱805379 芝加哥, 伊利諾伊州 60680-5379 (800) 483-3220
001-01839						英聯邦愛迪生公司						36-0938600
						(一個伊利諾伊州 公司） 南迪爾伯恩街10號 芝加哥, 伊利諾伊州 60603-2300 (312) 394-4321
000-16844						佩克能源公司						23-0970240
						(a 賓夕法尼亞州 公司） 市場街2301號 P.O.郵箱8699 費城, 賓夕法尼亞州 19101-8699 (215) 841-4000
001-01910						巴爾的摩天然氣電力公司						52-0280210
						(a 馬里蘭州 公司） 2中心廣場 西費耶特街110號 巴爾的摩, 馬里蘭州 21201-3708 (410) 234-5000
001-31403						PEPCO控股有限責任公司						52-2297449
						(a 特拉華州 有限責任公司） 西北部第九街701號 華盛頓, 哥倫比亞特區 20068-0001 (202) 872-2000
001-01072						波托馬克電力公司						53-0127880
						(a 哥倫比亞特區 和 維吉尼亞 公司） 西北部第九街701號 華盛頓, 哥倫比亞特區 20068-0001 (202) 872-2000
001-01405						德爾馬瓦電力與照明公司						51-0084283
						(a 特拉華州 和 維吉尼亞 公司） 500 North Wakefield Drive 紐瓦克, 特拉華州 19702-5440 (202) 872-2000
001-03559						大西洋城市電力公司						21-0398280
						(a 新澤西 公司） 500 North Wakefield Drive 紐瓦克, 特拉華州 19702-5440 (202) 872-2000

---

根據該法第12(B)條登記的證券：

每個班級的標題

交易代碼

註冊的每個交易所的名稱

埃克塞隆公司：

普通股，無面值

執行

納斯達克股市有限責任公司

用複選標記表示註冊人(1)是否在過去12個月內(或註冊人被要求提交此類報告的較短期限內)提交了1934年《證券交易法》第13條或15(D)節要求提交的所有報告，以及(2)在過去90天內是否符合此類提交要求。是  x不是，不是。o

通過勾選標記來驗證註冊人是否已在過去12個月內（或在註冊人被要求提交和發佈此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。 是  x不是，不是。o

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中的「大型加速申報公司」、「加速申報公司」、「較小報告公司」和「新興成長型公司」的定義。

Exelon公司

大型加速文件服務器

x

加速後的文件管理器

☐

非加速文件管理器

☐

較小的報告公司

☐

新興成長型公司

☐

英聯邦愛迪生公司

大型加速文件服務器

☐

加速後的文件管理器

☐

非加速文件管理器

x

較小的報告公司

☐

新興成長型公司

☐

PCO能源公司

大型加速文件服務器

☐

加速後的文件管理器

☐

非加速文件管理器

x

較小的報告公司

☐

新興成長型公司

☐

巴爾的摩天然氣和電力公司

大型加速文件服務器

☐

加速後的文件管理器

☐

非加速文件管理器

x

較小的報告公司

☐

新興成長型公司

☐

百事控股有限責任公司

大型加速文件服務器

☐

加速後的文件管理器

☐

非加速文件管理器

x

較小的報告公司

☐

新興成長型公司

☐

波托馬克電力公司

大型加速文件服務器

☐

加速後的文件管理器

☐

非加速文件管理器

x

較小的報告公司

☐

新興成長型公司

☐

德爾瑪瓦電力與照明公司

大型加速文件服務器

☐

加速後的文件管理器

☐

非加速文件管理器

x

較小的報告公司

☐

新興成長型公司

☐

大西洋城電力公司

大型加速文件服務器

☐

加速後的文件管理器

☐

非加速文件管理器

x

較小的報告公司

☐

新興成長型公司

☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否選擇不使用延長的過渡期來遵守根據《交易法》第13(A)節提供的任何新的或修訂的財務會計準則。☐

通過勾選標記檢查註冊人是否是空殼公司（定義見該法案第120億.2條規則）。 是的 ☐不是，不是。x

截至2024年9月30日，各登記人普通股的發行股數爲：

Exelon Corporation普通股，無面值			1,004,833,655
英聯邦愛迪生公司普通股，面值12.50美元			127,021,416
PCO能源公司普通股，無面值			170,478,507
巴爾的摩天然氣和電力公司普通股，無面值			1,000
百事控股有限責任公司			不適用
波托馬克電力公司普通股，面值0.01美元			100
Delmarva Power & Light Company普通股，面值2.25美元			1,000
大西洋城電力公司普通股，面值3.00美元			8,546,017

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目錄

						第…頁，第
術語和縮寫術語表						4
歸檔格式						7
有關前瞻性信息的預防性聲明						7
哪裏可以找到更多信息						7
第一部分。			財務信息			8
第1項。			財務報表			8
			Exelon公司
			合併經營表和全面收益表			9
			合併現金流量表			10
			合併資產負債表			11
			合併股東權益變動表			13
			英聯邦愛迪生公司
			合併經營表和全面收益表			15
			合併現金流量表			16
			合併資產負債表			17
			合併股東權益變動表			19
			PCO能源公司
			合併經營表和全面收益表			20
			合併現金流量表			21
			合併資產負債表			22
			合併股東權益變動表			24
			巴爾的摩天然氣和電力公司
			經營性報表和全面收益表			25
			現金流量表			26
			資產負債表			27
			股東權益變動表			29
			百事控股有限責任公司
			合併經營表和全面收益表			30
			合併現金流量表			31
			合併資產負債表			32
			股東權益變動合併表			34

1

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						第…頁，第
			波托馬克電力公司
			經營性報表和全面收益表			35
			現金流量表			36
			資產負債表			37
			股東權益變動表			39
			德爾瑪瓦電力與照明公司
			經營性報表和全面收益表			40
			現金流量表			41
			資產負債表			42
			股東權益變動表			44
			大西洋城電力公司
			合併經營表和全面收益表			45
			合併現金流量表			46
			合併資產負債表			47
			合併股東權益變動表			49
			合併財務報表合併附註
			1.主要會計政策			50
			2.監管事項			51
			3.與客戶簽訂合同的收入			59
			4.分部資料			61
			5.應收賬款			70
			6.所得稅			72
			7.退休福利			75
			8.衍生金融工具			77
			9.債務和信貸協議			81
			10.金融資產和負債的公允價值			84
			11.承付款和或有事項			91
			12.股東權益			99
			13.累計其他綜合收益變化			99
			14.補充性財務信息			100
			15.關聯方交易			104

2

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						第…頁，第
第二項。			管理層對財務狀況和經營成果的討論與分析			107
			Exelon公司			107
			高管概述			107
			經營財務業績			107
			2024年重大交易和發展			110
			其他關鍵業務驅動因素和管理策略			112
			關鍵會計政策和估算			113
			按註冊人分類的運營結果			114
			英聯邦愛迪生公司			114
			PCO能源公司			117
			巴爾的摩天然氣和電力公司			121
			百事控股有限責任公司			124
			波托馬克電力公司			125
			德爾瑪瓦電力與照明公司			128
			大西洋城電力公司			133
			流動性與資本資源			136
第三項。			關於市場風險的定量和定性披露			144
第四項。			控制和程序			145
第二部分。			其他信息			145
第1項。			法律程序			145
項目1A.			風險因素			145
第五項。			其他信息			146
第6項。			展品			146
簽名						149
			Exelon公司			149
			英聯邦愛迪生公司			150
			PCO能源公司			151
			巴爾的摩天然氣和電力公司			152
			百事控股有限責任公司			153
			波托馬克電力公司			154
			德爾瑪瓦電力與照明公司			155
			大西洋城電力公司			156

3

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目錄表

術語和縮寫術語表
Exelon Corporation及相關實體
Exelon						Exelon公司
ComEd						英聯邦愛迪生公司
PECO						PCO能源公司
BGE						巴爾的摩天然氣和電力公司
百事控股或PHI						百事控股有限責任公司
Pepco						波托馬克電力公司
DPL						德爾瑪瓦電力與照明公司
王牌						大西洋城電力公司
註冊人						Exelon、ComEd、PCO、BGE、PHI、Pepco、DPL和ACE統稱
公用事業註冊人						ComEd、PCO、BGE、Pepco、DPL和ACE統稱
BSc						Exelon商業服務有限責任公司
Exelon Corporate						Exelon作爲控股公司的企業身份
PCI						波托馬克資本投資公司及其子公司
PCO信託III						PCO能源資本信託III
PCO信託IV						PCO能源資本信託IV
PHI企業						PHI作爲控股公司的企業身份
菲斯科						PHI服務公司
前相關實體
星座						星座能源公司
世代						Constellation Energy Generation，LLC（原名Exelon Generation Company，LLC，Exelon於2022年2月1日分拆前的子公司）

4

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目錄表

術語和縮寫術語表
其他術語和縮寫
注-2023年10-K表格						Exelon 10-K表格2023年年度報告中對合並財務報表具體合併註釋的引用
阿波						累積利益義務
AFUDC						施工期間使用的資金撥備
阿美族						高級計量基礎設施
AOCI						累計其他綜合收益(虧損)
阿羅						資產報廢義務
自動取款機						在市場
BGS						基本發電服務
牛血清白蛋白						票據穩定調整
Ceja						氣候和公平就業法案;伊利諾伊州公共法案102-0662於2021年9月15日簽署成爲法律
CERCLA						1980年《綜合環境應對、賠償和責任法》，經修訂
CIP						保護激勵計劃
CMC						碳減排信貸
主要營運						主要營運決策者
DC插頭						哥倫比亞特區輸電線地下計劃
DCPSC						哥倫比亞特區公共服務委員會
教育部						特拉華州公共服務委員會
教育部						哥倫比亞特區能源與環境部
DPA						暫緩起訴協議
DSIC						配電系統改善費
編輯						超額遞延所得稅
EIMA						能源基礎設施現代化法案（伊利諾伊州參議院法案1652和伊利諾伊州衆議院法案3036）
環境保護局						美國環境保護局
ERISA						經修訂的1974年《僱員退休收入保障法》
Etac						能源轉型援助費用
FERC						聯邦能源管理委員會
公認會計原則						美國公認會計原則
GCR						天然氣成本率
GSA						發電供應調整
GWhs						千兆瓦時
國際商會						伊利諾伊州商務委員會
IIJA						基礎設施投資和就業法案
伊利諾伊州定居立法						2007年頒佈的影響伊利諾伊州電力公司的立法
IPA						伊利諾伊州電力局
愛爾蘭共和軍						《降低通貨膨脹法案》
IRC						國內稅收代碼
美國國稅局						美國國稅局
MDPSC						馬里蘭州公共服務委員會
MGP						人造天然氣工廠
MMcf						萬立方英尺
物料需求計劃						多年費率計劃
兆瓦時						兆瓦時

5

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目錄表

術語和縮寫術語表
其他術語和縮寫
不適用						不適用
NAV						資產淨值
NJBPU						新澤西州公用事業委員會
NOLC						稅收淨營業虧損結轉
NPNS						正常購買正常銷售範圍例外
NPS						國家公園管理局
NRD						自然資源損害
OCI						其他全面收入
OPEB						其他退休後員工福利
帕普UC						賓夕法尼亞州公用事業委員會
PGC						購買天然氣費用條款
PJM						PJM互連有限責任公司
POLR						最後避難所的提供者
PPA						購電協議
PRPs						潛在責任方
錄製						可再生能源信貸是爲合格可再生能源每發電一兆瓦時發放的
監管協議單位						與退役相關的活動須根據監管會計進行合同取消的核發電機組或其部分
騎手						可重新協商的附加費回收機制
羅						股本回報率
ROU						使用權
RTO						區域傳輸組織
美國證券交易委員會						美國證券交易委員會
軟性						有擔保的隔夜融資利率
求救						標準優惠服務
TCJA						減稅和就業法案
ZEC						零排放信用或零排放證書

6

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目錄表

歸檔格式

這份合併的10-Q表格由Exelon Corporation、Commonwealth Edison Company、PCO Energy Company、Baltimore Gas and Electric Company、Pepco Holdings LLC、Potomac Electric Company、Delmarva Power & Light Company和Atlantic City Electric Company（註冊人）單獨提交。此處包含的與任何個人註冊人有關的信息由該註冊人代表其自己提交。註冊人不會就與任何其他註冊人相關的信息做出任何陳述。

有關前瞻性信息的預防性聲明

本報告包含聯邦證券法含義內的某些前瞻性陳述，這些陳述存在風險和不確定性。諸如「可能」、「可能」、「期望」、「預期」、「將」、「目標」、「目標」、「項目」、「打算」、「計劃」、「相信」、「尋求」、「估計」、「預測」、「應該」等詞語以及這些詞語的變體，以及反映我們當前對未來事件以及運營、經濟和財務表現的看法的類似表達，旨在識別此類前瞻性陳述。

可能導致實際結果與註冊人做出的前瞻性陳述存在重大差異的因素包括本文討論的因素，以及（1）2023年表格10-k中（a）第一部分，項目1A中討論的項目。風險因素，（b）第二部分，第7項。管理層對財務狀況和經營結果的討論和分析，以及（c）第二部分，第8項。財務報表和補充數據：注18， 承諾和或有事項;（2）本季度報告（a）第II部分，ITEm 1A中表格10-Q。風險因素，（b）第一部分，ITEm 2。管理層對財務狀況和經營結果的討論和分析，以及（c）第一部分，ITEm 1。財務報表：注11，承諾和或有事項;和（3）註冊人向SEC提交的文件中討論的其他因素。

請投資者不要過度依賴這些前瞻性陳述，這些陳述僅適用於本報告日期。註冊人均不承擔任何義務公開發佈對其前瞻性陳述的任何修訂以反映本報告日期之後的事件或情況。

哪裏可以找到更多信息

SEC維護一個Internet Plus-related網站www.sec.gov，其中包含報告、代理和信息聲明以及註冊人以電子方式向SEC提交的其他信息。這些文件還可以通過商業文件檢索服務向公衆免費提供，並在註冊人網站www.exeloncorp.com上免費提供。註冊人網站上包含的信息不應被視爲已納入萬億.is報告或其一部分。

7

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目錄表

第一部分.財務資料

項目1.財務報表

8

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目錄表

Exelon公司和子公司

綜合經營報表和綜合收益

(未經審計)

			止三個月 9月30日，												止九個月 9月30日，
(In百萬，每股數據除外）			2024						2023						2024						2023
經營收入
電力營業收入			$	6,012					$	5,684					$	16,379					$	14,579
天然氣營業收入			196						188						1,207						1,268
替代收入計劃的收入			(54)						108						(29)						513
總經營收益			6,154						5,980						17,557						16,360
運營費用
購買電力			2,349						2,364						6,483						5,766
購買燃料			34						33						301						449
操作和維護			1,275						1,187						3,756						3,535
折舊及攤銷			908						890						2,681						2,616
除所得稅以外之稅項			395						383						1,127						1,063
總運營支出			4,961						4,857						14,348						13,429
出售資產收益			3						—						12						—
營業收入			1,196						1,123						3,221						2,931
其他收入和（扣除）
利息開支淨額			(490)						(431)						(1,428)						(1,259)
附屬公司的利息費用			(6)						(6)						(18)						(18)
其他，淨			57						81						196						331
其他收入和（扣除）總額			(439)						(356)						(1,250)						(946)
稅前收入			757						767						1,971						1,985
所得稅			50						67						158						274
歸屬於普通股股東的凈利潤			$	707					$	700					$	1,813					$	1,711
綜合收入，扣除所得稅
淨收入			$	707					$	700					$	1,813					$	1,711
其他全面（損失）收入，扣除所得稅
養老金和非養老金退休後福利計劃：
精算損失重新分類爲定期福利成本			5						16						15						22
養老金和非養老金退休後福利計劃估值調整			—						(3)						(26)						(16)
現金流量對沖未實現（損失）收益			(29)						21						1						36
其他全面（損失）收益			(24)						34						(10)						42
歸屬於普通股股東的綜合收益			$	683					$	734					$	1,803					$	1,753
流通普通股平均股數：
基本			1,003						996						1,002						996
假設的股票獎勵的行使和/或分配(a)			1						1						—						—
稀釋			1,004						997						1,002						996
平均普通股收益
基本			$	0.70					$	0.70					$	1.81					$	1.72
稀釋			$	0.70					$	0.70					$	1.81					$	1.72

__________

(a)基於股票的薪酬獎勵的稀釋效應是使用庫存股票法計算所有期間的。

請參閱合併財務報表合併註釋

9

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目錄表

Exelon公司和子公司

綜合現金流量表

(未經審計)

			止九個月 9月30日，
(In數百萬）			2024						2023
經營活動產生的現金流量
淨收入			$	1,813					$	1,711
爲調節凈利潤與經營活動提供的淨現金流量而進行的調整：
折舊、攤銷和增值			2,683						2,616
資產出售收益			(12)						—
遞延所得稅和投資稅收抵免攤銷			102						210
與衍生品相關的公允價值淨變動			1						21
其他非現金經營活動			441						(237)
資產和負債變化：
應收賬款			(489)						82
庫存			(57)						(8)
應付賬款和應計費用			(309)						(454)
已收（已付）抵押品，淨值			21						(183)
所得稅			(18)						50
監管資產和負債，淨			194						(395)
養老金和非養老金退休後福利繳款			(140)						(97)
其他資產及負債			(87)						(24)
經營活動提供的淨現金流量			4,143						3,292
投資活動產生的現金流量
資本支出			(5,161)						(5,540)
出售資產和企業的收益			38						—
其他投資活動			9						25
投資活動使用的淨現金流量			(5,114)						(5,515)
融資活動現金流量
短期借款變化			(1,093)						(1,116)
期限超過90天的短期借款收益			150						400
償還期限超過90天的短期借款			(549)						(150)
發行長期債務			4,975						5,300
償還長期債務			(1,336)						(1,209)
發行普通股			148						—
普通股股息			(1,142)						(1,074)
員工股票計劃收益			33						30
其他融資活動			(83)						(101)
融資活動提供的淨現金流量			1,103						2,080
現金、限制性現金和現金等值物增加（減少）			132						(143)
現金、受限制現金和期末現金等值物			1,101						1,090
期末現金、受限制現金和現金等值物			$	1,233					$	947
補充現金流信息
未支付資本支出增加（減少）			6						(169)
與ARO更新相關的PP & E增加（減少）			16						(4)

請參閱合併財務報表合併註釋

10

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目錄表

Exelon公司和子公司

合併資產負債表

(未經審計)

(In數百萬）			2024年9月30日						2023年12月31日
資產
流動資產
現金和現金等價物			$	616					$	445
受限現金和現金等價物			552						482
應收賬款
客戶應收賬款			2,971						2,659
客戶信用損失津貼			(426)						(317)
客戶應收賬款，淨額			2,545						2,342
其他應收賬款			1,226						1,101
其他信用損失備抵			(111)						(82)
其他應收賬款，淨額			1,115						1,019
庫存，淨
化石燃料			78						94
材料和用品			777						707
監管資產			1,869						2,215
其他			471						473
流動資產總額			8,023						7,777
不動產、廠房和設備（扣除累計折舊和攤銷美元18,227 和$17,251 分別截至2024年9月30日和2023年12月31日）			76,661						73,593
遞延借項和其他資產
監管資產			8,657						8,698
商譽			6,630						6,630
與監管協議單位相關的應收賬款			4,322						3,232
投資			279						251
其他			1,498						1,365
遞延債務和其他資產總額			21,386						20,176
總資產			$	106,070					$	101,546

請參閱合併財務報表合併註釋

11

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目錄表

Exelon公司和子公司

合併資產負債表

(未經審計)

(In數百萬）			2024年9月30日						2023年12月31日
負債及股東權益
流動負債
短期借款			$	1,031					$	2,523
一年內到期的長期債務			954						1,403
應付賬款			2,648						2,846
應計費用			1,284						1,375
向附屬公司發送通知			5						5
客戶存款			432						411
監管責任			430						389
按市值計價衍生負債			25						74
未攤銷的能源合同負債			6						8
其他			569						557
流動負債總額			7,384						9,591
長期債務			43,701						39,692
融資信託長期債務			390						390
遞延信貸和其他負債
遞延所得稅和未攤銷投資稅收抵免			12,551						11,956
監管責任			10,563						9,576
養老金義務			1,553						1,571
非養老金退休後福利義務			528						527
資產報廢債務			289						267
按市值計價衍生負債			180						106
未攤銷的能源合同負債			22						27
其他			2,287						2,088
遞延信貸和其他負債總額			27,973						26,118
總負債			79,448						75,791
承諾和意外情況
股東權益
普通股（不是 面值， 2,000 授權股份， 1,005 股份及 999 分別截至2024年9月30日和2023年12月31日的發行在外股份）			21,320						21,114
國庫券，按成本計算（2 截至2024年9月30日和2023年12月31日的股份）			(123)						(123)
留存收益			6,161						5,490
累計其他綜合損失，淨			(736)						(726)
股東權益總額			26,622						25,755
負債總額和股東權益			$	106,070					$	101,546

請參閱合併財務報表合併註釋

12

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目錄表

EXELON CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions, shares in thousands)			Issued Shares						Common Stock						Treasury Stock						Retained Earnings						Accumulated Other Comprehensive Loss, net												Total Shareholders' Equity
Balance at December 31, 2023			1,001,249						$	21,114					$	(123)					$	5,490					$	(726)											$	25,755
Net income			—						—						—						658						—												658
Long-term incentive plan activity			333						2						—						—						—												2
Employee stock purchase plan issuances			276						13						—						—						—												13
Common stock dividends ($0.38/common share)			—						—						—						(381)																		(381)
Other comprehensive income, net of income taxes			—						—						—						—						14												14
Balance at March 31, 2024			1,001,858						$	21,129					$	(123)					$	5,767					$	(712)											$	26,061
Net income			—						—						—						448						—												448
Long-term incentive plan activity			76						11						—						—						—												11
Employee stock purchase plan issuances			396						12						—						—						—												12
Common stock dividends ($0.38/common share)			—						—						—						(380)						—												(380)
Balance at June 30, 2024			1,002,330						$	21,152					$	(123)					$	5,835					$	(712)											$	26,152
Net income			—						—						—						707						—												707
Long-term incentive plan activity			7						7						—						—						—												7
Employee stock purchase plan issuances			349						13						—						—						—												13
Issuance of common stock			3,980						148						—						—						—												148
Common stock dividends ($0.38/common share)			—						—						—						(381)						—												(381)
Other comprehensive income, net of income taxes			—						—						—						—						(24)												(24)
Balance at September 30, 2024			1,006,666						$	21,320					$	(123)					$	6,161					$	(736)											$	26,622

See the Combined Notes to Consolidated Financial Statements

13

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Table of Contents

EXELON CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

			Nine Months Ended September 30, 2023
(In millions, shares in thousands)			Issued Shares						Common Stock						Treasury Stock						Retained Earnings						Accumulated Other Comprehensive Loss, net												Total Shareholders' Equity
Balance at December 31, 2022			995,830						$	20,908					$	(123)					$	4,597					$	(638)											$	24,744
Net income			—						—						—						669						—												669
Long-term incentive plan activity			306						1						—						—						—												1
Employee stock purchase plan issuances			266						12						—						—						—												12
Common stock dividends ($0.36/common share)			—						—						—						(359)						—												(359)
Other comprehensive loss, net of income taxes			—						—						—						—						(1)												(1)
Balance at March 31, 2023			996,402						$	20,921					$	(123)					$	4,907					$	(639)											$	25,066
Net income			—						—						—						343						—												343
Long-term incentive plan activity			372						9						—						—						—												9
Employee stock purchase plan issuances			278						11						—						—						—												11
Common stock dividends ($0.36/common share)			—						—						—						(359)						—												(359)
Other comprehensive income, net of income taxes			—						—						—						—						9												9
Balance at June 30, 2023			997,052						$	20,941					$	(123)					$	4,891					$	(630)											$	25,079
Net Income			—						—						—						700						—												700
Long-term incentive plan activity			(84)						3						—						—						—												3
Employee stock purchase plan issuances			302						12						—						—						—												12
Common stock dividends ($0.36/common share)			—						—						—						(358)						—												(358)
Other comprehensive income, net of income taxes			—						—						—						—						34												34
Balance at September 30, 2023			997,270						$	20,956					$	(123)					$	5,233					$	(596)											$	25,470

See the Combined Notes to Consolidated Financial Statements

14

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Table of Contents

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Operating revenues
Electric operating revenues			$	2,303					$	2,124					$	6,497					$	5,417
Revenues from alternative revenue programs			(76)						135						(100)						405
Operating revenues from affiliates			2						9						6						14
Total operating revenues			2,229						2,268						6,403						5,836
Operating expenses
Purchased power			835						896						2,504						2,068
Operating and maintenance			307						293						970						814
Operating and maintenance from affiliates			103						92						307						263
Depreciation and amortization			387						357						1,124						1,045
Taxes other than income taxes			99						100						287						282
Total operating expenses			1,731						1,738						5,192						4,472
Gain on sale of assets			—						—						5						—
Operating income			498						530						1,216						1,364
Other income and (deductions)
Interest expense, net			(125)						(116)						(364)						(347)
Interest expense to affiliates			(3)						(3)						(10)						(10)
Other, net			26						16						66						50
Total other income and (deductions)			(102)						(103)						(308)						(307)
Income before income taxes			396						427						908						1,057
Income taxes			36						94						85						235
Net income			$	360					$	333					$	823					$	822
Comprehensive income			$	360					$	333					$	823					$	822

See the Combined Notes to Consolidated Financial Statements

15

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Table of Contents

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
(In millions)			2024						2023
Cash flows from operating activities
Net income			$	823					$	822
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization			1,124						1,045
Gain on sales of assets			(5)						—
Deferred income taxes and amortization of investment tax credits			(16)						164
Other non-cash operating activities			161						(392)
Changes in assets and liabilities:
Accounts receivable			(327)						(111)
Receivables from and payables to affiliates, net			43						(12)
Inventories			(17)						(64)
Accounts payable and accrued expenses			(207)						(199)
Collateral received, net			21						28
Income taxes			(109)						50
Regulatory assets and liabilities, net			422						(248)
Pension and non-pension postretirement benefit contributions			(11)						(26)
Other assets and liabilities			134						(72)
Net cash flows provided by operating activities			2,036						985
Cash flows from investing activities
Capital expenditures			(1,619)						(1,926)
Other investing activities			8						8
Net cash flows used in investing activities			(1,611)						(1,918)
Cash flows from financing activities
Changes in short-term borrowings			(129)						(150)
Proceeds from short-term borrowings with maturities greater than 90 days			—						400
Repayments on short-term borrowings with maturities greater than 90 days			(400)						(150)
Issuance of long-term debt			800						975
Retirement of long-term debt			(250)						—
Dividends paid on common stock			(582)						(560)
Contributions from parent			117						570
Other financing activities			(12)						(12)
Net cash flows (used in) provided by financing activities			(456)						1,073
(Decrease) increase in cash, restricted cash, and cash equivalents			(31)						140
Cash, restricted cash, and cash equivalents at beginning of period			686						511
Cash, restricted cash, and cash equivalents at end of period			$	655					$	651
Supplemental cash flow information
Decrease in capital expenditures not paid			$	(31)					$	(27)

See the Combined Notes to Consolidated Financial Statements

16

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Table of Contents

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	109					$	110
Restricted cash and cash equivalents			481						402
Accounts receivable
Customer accounts receivable			1,116						860
Customer allowance for credit losses			(121)						(69)
Customer accounts receivable, net			995						791
Other accounts receivable			321						242
Other allowance for credit losses			(39)						(17)
Other accounts receivable, net			282						225
Receivables from affiliates			4						3
Inventories, net			294						279
Regulatory assets			1,050						1,335
Other			151						123
Total current assets			3,366						3,268
Property, plant, and equipment (net of accumulated depreciation and amortization of $7,663 and $7,222 as of September 30, 2024 and December 31, 2023, respectively)			29,874						29,088
Deferred debits and other assets
Regulatory assets			2,665						2,794
Goodwill			2,625						2,625
Receivable related to Regulatory Agreement Units			3,983						2,954
Investments			6						6
Prepaid pension asset			1,180						1,217
Other			1,019						875
Total deferred debits and other assets			11,478						10,471
Total assets			$	44,718					$	42,827

See the Combined Notes to Consolidated Financial Statements

17

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Table of Contents

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings			$	73					$	602
Long-term debt due within one year			—						250
Accounts payable			736						867
Accrued expenses			367						576
Payables to affiliates			116						72
Customer deposits			127						118
Regulatory liabilities			247						191
Mark-to-market derivative liabilities			25						27
Other			260						219
Total current liabilities			1,951						2,922
Long-term debt			12,028						11,236
Long-term debt to financing trust			206						205
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			5,539						5,327
Regulatory liabilities			8,592						7,493
Asset retirement obligations			165						149
Non-pension postretirement benefits obligations			166						161
Mark-to-market derivative liabilities			140						106
Other			1,210						865
Total deferred credits and other liabilities			15,812						14,101
Total liabilities			29,997						28,464
Commitments and contingencies
Shareholders’ equity
Common stock			1,588						1,588
Other paid-in capital			10,518						10,401
Retained earnings			2,615						2,374
Total shareholders’ equity			14,721						14,363
Total liabilities and shareholders’ equity			$	44,718					$	42,827

    

See the Combined Notes to Consolidated Financial Statements

18

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Table of Contents

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions)			Common Stock						Other Paid-In Capital						Retained Earnings						Total Shareholders’ Equity
Balance at December 31, 2023			$	1,588					$	10,401					$	2,374					$	14,363
Net income			—						—						193						193
Common stock dividends			—						—						(194)						(194)
Contributions from parent			—						39						—						39
Balance at March 31, 2024			$	1,588					$	10,440					$	2,373					$	14,401
Net income			—						—						270						270
Common stock dividends			—						—						(194)						(194)
Contributions from parent			—						39						—						39
Balance at June 30, 2024			$	1,588					$	10,479					$	2,449					$	14,516
Net income			—						—						360						360
Common stock dividends			—						—						(194)						(194)
Contributions from parent			—						39						—						39
Balance at September 30, 2024			$	1,588					$	10,518					$	2,615					$	14,721
			Nine Months Ended September 30, 2023
(In millions)			Common Stock						Other Paid-In Capital						Retained Earnings						Total Shareholders’ Equity
Balance at December 31, 2022			$	1,588					$	9,746					$	2,030					$	13,364
Net income			—						—						241						241
Common stock dividends			—						—						(187)						(187)
Contributions from parent			—						186						—						186
Balance at March 31, 2023			$	1,588					$	9,932					$	2,084					$	13,604
Net income			—						—						249						249
Common stock dividends			—						—						(187)						(187)
Contributions from parent			—						186						—						186
Balance at June 30, 2023			$	1,588					$	10,118					$	2,146					$	13,852
Net income			—						—						333						333
Common stock dividends			—						—						(185)						(185)
Contributions from parent			—						198						—						198
Balance at September 30, 2023			$	1,588					$	10,316					$	2,294					$	14,198

See the Combined Notes to Consolidated Financial Statements

19

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Table of Contents

PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Operating revenues
Electric operating revenues			$	952					$	957					$	2,529					$	2,478
Natural gas operating revenues			69						67						436						492
Revenues from alternative revenue programs			5						11						3						1
Operating revenues from affiliates			4						2						7						6
Total operating revenues			1,030						1,037						2,975						2,977
Operating expenses
Purchased power			372						396						977						994
Purchased fuel			14						15						136						203
Operating and maintenance			251						217						695						622
Operating and maintenance from affiliates			62						60						181						164
Depreciation and amortization			108						100						318						297
Taxes other than income taxes			61						59						164						156
Total operating expenses			868						847						2,471						2,436
Gain on sales of assets			—						—						4						—
Operating income			162						190						508						541
Other income and (deductions)
Interest expense, net			(55)						(51)						(161)						(142)
Interest expense to affiliates			(3)						(1)						(9)						(7)
Other, net			9						11						27						26
Total other income and (deductions)			(49)						(41)						(143)						(123)
Income before income taxes			113						149						365						418
Income taxes			(4)						3						9						8
Net income			$	117					$	146					$	356					$	410
Comprehensive income			$	117					$	146					$	356					$	410

See the Combined Notes to Consolidated Financial Statements

20

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Table of Contents

PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
(In millions)			2024						2023
Cash flows from operating activities
Net income			$	356					$	410
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization			318						297
Gain on sales of assets			(4)						—
Deferred income taxes and amortization of investment tax credits			(27)						(44)
Other non-cash operating activities			58						2
Changes in assets and liabilities:
Accounts receivable			(75)						135
Receivables from and payables to affiliates, net			(2)						(2)
Inventories			(2)						35
Accounts payable and accrued expenses			(65)						(132)
Income taxes			(55)						76
Regulatory assets and liabilities, net			17						1
Pension and non-pension postretirement benefit contributions			(3)						(1)
Other assets and liabilities			(19)						—
Net cash flows provided by operating activities			497						777
Cash flows from investing activities
Capital expenditures			(1,125)						(1,068)
Changes in Exelon intercompany money pool			(89)						(51)
Other investing activities			5						1
Net cash flows used in investing activities			(1,209)						(1,118)
Cash flows from financing activities
Changes in short-term borrowings			(165)						(239)
Issuance of long-term debt			575						575
Retirement of long-term debt			—						(50)
Dividends paid on common stock			(300)						(303)
Contributions from parent			595						348
Other financing activities			(7)						(6)
Net cash flows provided by financing activities			698						325
Decrease in cash, restricted cash, and cash equivalents			(14)						(16)
Cash, restricted cash, and cash equivalents at beginning of period			51						68
Cash, restricted cash, and cash equivalents at end of period			$	37					$	52
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid			$	60					$	(22)

See the Combined Notes to Consolidated Financial Statements

21

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PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	28					$	42
Restricted cash and cash equivalents			9						9
Accounts receivable
Customer accounts receivable			546						527
Customer allowance for credit losses			(135)						(95)
Customer accounts receivable, net			411						432
Other accounts receivable			160						117
Other allowance for credit losses			(20)						(8)
Other accounts receivable, net			140						109
Receivables from affiliates			1						2
Receivable from Exelon intercompany money pool			89						—
Inventories, net
Fossil fuel			39						50
Materials and supplies			79						67
Prepaid utility taxes			37						2
Regulatory assets			86						127
Other			63						63
Total current assets			982						903
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,003 and $4,097 as of September 30, 2024 and December 31, 2023, respectively)			14,021						13,128
Deferred debits and other assets
Regulatory assets			903						793
Receivable related to Regulatory Agreement Units			338						278
Investments			39						35
Prepaid pension asset			434						429
Other			31						29
Total deferred debits and other assets			1,745						1,564
Total assets			$	16,748					$	15,595

See the Combined Notes to Consolidated Financial Statements

22

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PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings			$	—					$	165
Accounts payable			556						512
Accrued expenses			148						236
Payables to affiliates			36						39
Customer deposits			76						79
Regulatory liabilities			83						92
Other			64						59
Total current liabilities			963						1,182
Long-term debt			5,703						5,134
Long-term debt to financing trusts			184						184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			2,389						2,321
Regulatory liabilities			376						314
Asset retirement obligations			28						26
Non-pension postretirement benefits obligations			287						286
Other			98						79
Total deferred credits and other liabilities			3,178						3,026
Total liabilities			10,028						9,526
Commitments and contingencies
Shareholder’s equity
Common stock			4,645						4,050
Retained earnings			2,075						2,019
Total shareholder’s equity			6,720						6,069
Total liabilities and shareholder's equity			$	16,748					$	15,595

See the Combined Notes to Consolidated Financial Statements

23

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PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions)			Common Stock						Retained Earnings												Total Shareholder's Equity
Balance at December 31, 2023			$	4,050					$	2,019											$	6,069
Net income			—						149												149
Common stock dividends			—						(100)												(100)
Contributions from parent			580						—												580
Balance at March 31, 2024			$	4,630					$	2,068											$	6,698
Net income			—						90												90
Common stock dividends			—						(100)												(100)
Balance at June 30, 2024			$	4,630					$	2,058											$	6,688
Net income			—						117												117
Common stock dividends			—						(100)												(100)
Contributions from parent			15						—												15
Balance at September 30, 2024			$	4,645					$	2,075											$	6,720
			Nine Months Ended September 30, 2023
(In millions)			Common Stock						Retained Earnings												Total Shareholder's Equity
Balance at December 31, 2022			$	3,702					$	1,861											$	5,563
Net income			—						166												166
Common stock dividends			—						(101)												(101)
Contributions from parent			330						—												330
Balance at March 31, 2023			$	4,032					$	1,926											$	5,958
Net income			—						97												97
Common stock dividends			—						(101)												(101)
Balance at June 30, 2023			$	4,032					$	1,922											$	5,954
Net income			—						146												146
Common stock dividends			—						(101)												(101)
Contributions from parent			18						—												18
Balance at September 30, 2023			$	4,050					$	1,967											$	6,017

See the Combined Notes to Consolidated Financial Statements

24

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BALTIMORE GAS AND ELECTRIC COMPANY

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Operating revenues
Electric operating revenues			$	928					$	856					$	2,585					$	2,306
Natural gas operating revenues			104						96						648						627
Revenues from alternative revenue programs			9						(22)						28						47
Operating revenues from affiliates			3						2						7						6
Total operating revenues			1,044						932						3,268						2,986
Operating expenses
Purchased power			407						371						1,108						975
Purchased fuel			13						9						120						170
Operating and maintenance			221						156						613						467
Operating and maintenance from affiliates			60						58						182						165
Depreciation and amortization			162						161						474						487
Taxes other than income taxes			86						80						254						239
Total operating expenses			949						835						2,751						2,503
Operating income			95						97						517						483
Other income and (deductions)
Interest expense, net			(57)						(47)						(159)						(135)
Other, net			11						6						27						14
Total other income and (deductions)			(46)						(41)						(132)						(121)
Income before income taxes			49						56						385						362
Income taxes			4						11						32						76
Net income			$	45					$	45					$	353					$	286
Comprehensive income			$	45					$	45					$	353					$	286

See the Combined Notes to Consolidated Financial Statements

25

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BALTIMORE GAS AND ELECTRIC COMPANY

STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
(In millions)			2024						2023
Cash flows from operating activities
Net income			$	353					$	286
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization			474						487
Deferred income taxes and amortization of investment tax credits			(5)						41
Other non-cash operating activities			49						—
Changes in assets and liabilities:
Accounts receivable			25						194
Receivables from and payables to affiliates, net			14						(7)
Inventories			(6)						45
Accounts payable and accrued expenses			37						(38)
Collateral paid, net			—						(22)
Income taxes			(51)						19
Regulatory assets and liabilities, net			(69)						(151)
Pension and non-pension postretirement benefit contributions			(34)						(15)
Other assets and liabilities			102						46
Net cash flows provided by operating activities			889						885
Cash flows from investing activities
Capital expenditures			(1,033)						(986)
Other investing activities			10						6
Net cash flows used in investing activities			(1,023)						(980)
Cash flows from financing activities
Changes in short-term borrowings			(336)						(349)
Issuance of long-term debt			800						700
Retirement of long-term debt			—						(300)
Dividends paid on common stock			(276)						(237)
Contributions from parent			237						237
Other financing activities			(9)						(7)
Net cash flows provided by financing activities			416						44
Increase (decrease) in cash, restricted cash, and cash equivalents			282						(51)
Cash, restricted cash, and cash equivalents at beginning of period			48						67
Cash, restricted cash, and cash equivalents at end of period			$	330					$	16
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid			$	38					$	(17)

See the Combined Notes to Consolidated Financial Statements

26

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BALTIMORE GAS AND ELECTRIC COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	330					$	47
Restricted cash and cash equivalents			—						1
Accounts receivable
Customer accounts receivable			504						527
Customer allowance for credit losses			(60)						(46)
Customer accounts receivable, net			444						481
Other accounts receivable			100						106
Other allowance for credit losses			(6)						(7)
Other accounts receivable, net			94						99
Inventories, net
Fossil fuel			31						35
Materials and supplies			83						74
Prepaid utility taxes			3						56
Regulatory assets			217						229
Other			20						25
Total current assets			1,222						1,047
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,933 and $4,744 as of September 30, 2024 and December 31, 2023, respectively)			12,765						12,102
Deferred debits and other assets
Regulatory assets			764						727
Investments			10						9
Prepaid pension asset			230						248
Other			47						51
Total deferred debits and other assets			1,051						1,035
Total assets			$	15,038					$	14,184

See the Combined Notes to Consolidated Financial Statements

27

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BALTIMORE GAS AND ELECTRIC COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings			$	—					$	336
Accounts payable			398						344
Accrued expenses			176						203
Payables to affiliates			48						35
Customer deposits			118						114
Regulatory liabilities			17						27
Other			78						34
Total current liabilities			835						1,093
Long-term debt			5,395						4,602
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			2,041						1,945
Regulatory liabilities			681						773
Asset retirement obligations			36						32
Non-pension postretirement benefits obligations			151						158
Other			95						91
Total deferred credits and other liabilities			3,004						2,999
Total liabilities			9,234						8,694
Commitments and contingencies
Shareholder's equity
Common stock			3,483						3,246
Retained earnings			2,321						2,244
Total shareholder's equity			5,804						5,490
Total liabilities and shareholder's equity			$	15,038					$	14,184

See the Combined Notes to Consolidated Financial Statements

28

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BALTIMORE GAS AND ELECTRIC COMPANY

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions)			Common Stock						Retained Earnings						Total Shareholder's Equity
Balance at December 31, 2023			$	3,246					$	2,244					$	5,490
Net income			—						264						264
Common stock dividends			—						(92)						(92)
Balance at March 31, 2024			$	3,246					$	2,416					$	5,662
Net income			—						44						44
Common stock dividends			—						(92)						(92)
Contributions from parent			197						—						197
Balance at June 30, 2024			$	3,443					$	2,368					$	5,811
Net income			—						45						45
Common stock dividends			—						(92)						(92)
Contributions from parent			40						—						40
Balance at September 30, 2024			$	3,483					$	2,321					$	5,804
			Nine Months Ended September 30, 2023
(In millions)			Common Stock						Retained Earnings						Total Shareholder's Equity
Balance at December 31, 2022			$	2,861					$	2,075					$	4,936
Net income			—						200						200
Common stock dividends			—						(80)						(80)
Contributions from parent			237						—						237
Balance at March 31, 2023			$	3,098					$	2,195					$	5,293
Net income			—						42						42
Common stock dividends			—						(79)						(79)
Balance at June 30, 2023			$	3,098					$	2,158					$	5,256
Net income			—						45						45
Common stock dividends			—						(79)						(79)
Balance at September 30, 2023			$	3,098					$	2,124					$	5,222

See the Combined Notes to Consolidated Financial Statements

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PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Operating revenues
Electric operating revenues			$	1,828					$	1,762					$	4,769					$	4,399
Natural gas operating revenues			23						24						122						150
Revenues from alternative revenue programs			8						(15)						40						59
Operating revenues from affiliates			3						2						7						7
Total operating revenues			1,862						1,773						4,938						4,615
Operating expenses
Purchased power			735						701						1,895						1,729
Purchased fuel			7						9						44						76
Operating and maintenance			275						288						780						815
Operating and maintenance from affiliates			47						51						147						137
Depreciation and amortization			235						257						716						741
Taxes other than income taxes			140						134						395						366
Total operating expenses			1,439						1,440						3,977						3,864
Operating income			423						333						961						751
Other income and (deductions)
Interest expense, net			(95)						(80)						(279)						(238)
Other, net			22						28						79						80
Total other income and (deductions)			(73)						(52)						(200)						(158)
Income before income taxes			350						281						761						593
Income taxes			72						49						158						103
Net income			$	278					$	232					$	603					$	490
Comprehensive income			$	278					$	232					$	603					$	490

See the Combined Notes to Consolidated Financial Statements

30

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PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
(In millions)			2024						2023
Cash flows from operating activities
Net income			$	603					$	490
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization			716						741
Deferred income taxes and amortization of investment tax credits			56						44
Other non-cash operating activities			96						80
Changes in assets and liabilities:
Accounts receivable			(116)						(160)
Receivables from and payables to affiliates, net			(8)						(8)
Inventories			(32)						(22)
Accounts payable and accrued expenses			37						23
Collateral received (paid), net			1						(191)
Income taxes			(55)						37
Regulatory assets and liabilities, net			(158)						(2)
Pension and non-pension postretirement benefit contributions			(79)						(15)
Other assets and liabilities			(74)						(98)
Net cash flows provided by operating activities			987						919
Cash flows from investing activities
Capital expenditures			(1,343)						(1,510)
Other investing activities			—						8
Net cash flows used in investing activities			(1,343)						(1,502)
Cash flows from financing activities
Changes in short-term borrowings			(176)						(241)
Issuance of long-term debt			1,100						550
Retirement of long-term debt			(583)						—
Changes in Exelon intercompany money pool			10						18
Distributions to member			(549)						(410)
Contributions from member			505						475
Other financing activities			(33)						(36)
Net cash flows provided by financing activities			274						356
Decrease in cash, restricted cash, and cash equivalents			(82)						(227)
Cash, restricted cash, and cash equivalents at beginning of period			204						373
Cash, restricted cash, and cash equivalents at end of period			$	122					$	146
Supplemental cash flow information
Decrease in capital expenditures not paid			$	(27)					$	(96)

See the Combined Notes to Consolidated Financial Statements

31

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PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	100					$	180
Restricted cash and cash equivalents			22						24
Accounts receivable
Customer accounts receivable			806						745
Customer allowance for credit losses			(110)						(107)
Customer accounts receivable, net			696						638
Other accounts receivable			321						310
Other allowance for credit losses			(46)						(50)
Other accounts receivable, net			275						260
Receivables from affiliates			6						3
Inventories, net
Fossil fuel			7						9
Materials and supplies			320						287
Regulatory assets			326						337
Other			70						100
Total current assets			1,822						1,838
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,574 and $3,175 as of September 30, 2024 and December 31, 2023, respectively)			19,632						18,851
Deferred debits and other assets
Regulatory assets			1,597						1,587
Goodwill			4,005						4,005
Investments			151						143
Prepaid pension asset			272						268
Other			193						211
Total deferred debits and other assets			6,218						6,214
Total assets			$	27,672					$	26,903

See the Combined Notes to Consolidated Financial Statements

32

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PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings			$	218					$	394
Long-term debt due within one year			140						644
Accounts payable			635						683
Accrued expenses			330						338
Payables to affiliates			54						59
Borrowings from Exelon intercompany money pool			75						65
Customer deposits			111						100
Regulatory liabilities			73						71
Unamortized energy contract liabilities			6						8
PPA termination obligation			10						49
Other			102						138
Total current liabilities			1,754						2,549
Long-term debt			8,995						8,004
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			3,157						3,031
Regulatory liabilities			828						904
Asset retirement obligations			56						55
Non-pension postretirement benefit obligations			36						40
Unamortized energy contract liabilities			23						27
Other			481						511
Total deferred credits and other liabilities			4,581						4,568
Total liabilities			15,330						15,121
Commitments and contingencies
Member's equity
Membership interest			12,562						12,057
Undistributed losses			(220)						(275)
Total member's equity			12,342						11,782
Total liabilities and member's equity			$	27,672					$	26,903

See the Combined Notes to Consolidated Financial Statements

33

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PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions)			Membership Interest						Undistributed (Losses)/Gains												Total Member's Equity
Balance at December 31, 2023			$	12,057					$	(275)											$	11,782
Net income			—						168												168
Distributions to member			—						(118)												(118)
Contributions from member			487						—												487
Balance at March 31, 2024			$	12,544					$	(225)											$	12,319
Net income			—						158												158
Distributions to member			—						(164)												(164)
Balance at June 30, 2024			$	12,544					$	(231)											$	12,313
Net income			—						278												278
Distributions to member			—						(267)												(267)
Contributions from member			18						—												18
Balance at September 30, 2024			$	12,562					$	(220)											$	12,342

			Nine Months Ended September 30, 2023
(In millions)			Membership Interest						Undistributed (Losses)/Gains												Total Member's Equity
Balance at December 31, 2022			$	11,582					$	(352)											$	11,230
Net income			—						155												155
Distributions to member			—						(112)												(112)
Contributions from member			405						—												405
Balance at March 31, 2023			$	11,987					$	(309)											$	11,678
Net income			—						103												103
Distributions to member			—						(100)												(100)
Balance at June 30, 2023			$	11,987					$	(306)											$	11,681
Net income			—						232												232
Distributions to member			—						(198)												(198)
Contributions from member			70						—												70
Balance at September 30, 2023			$	12,057					$	(272)											$	11,785

See the Combined Notes to Consolidated Financial Statements

34

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POTOMAC ELECTRIC POWER COMPANY

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Operating revenues
Electric operating revenues			$	854					$	839					$	2,273					$	2,141
Revenues from alternative revenue programs			5						(18)						42						28
Operating revenues from affiliates			2						1						5						5
Total operating revenues			861						822						2,320						2,174
Operating expenses
Purchased power			294						288						808						750
Operating and maintenance			82						89						206						264
Operating and maintenance from affiliates			58						60						186						176
Depreciation and amortization			102						112						307						329
Taxes other than income taxes			114						109						317						291
Total operating expenses			650						658						1,824						1,810
Operating income			211						164						496						364
Other income and (deductions)
Interest expense, net			(50)						(41)						(142)						(122)
Other, net			11						18						43						50
Total other income and (deductions)			(39)						(23)						(99)						(72)
Income before income taxes			172						141						397						292
Income taxes			32						21						74						43
Net income			$	140					$	120					$	323					$	249
Comprehensive income			$	140					$	120					$	323					$	249

See the Combined Notes to Consolidated Financial Statements

35

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POTOMAC ELECTRIC POWER COMPANY

STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
(In millions)			2024						2023
Cash flows from operating activities
Net income			$	323					$	249
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization			307						329
Deferred income taxes and amortization of investment tax credits			22						22
Other non-cash operating activities			(11)						38
Changes in assets and liabilities:
Accounts receivable			(37)						(84)
Receivables from and payables to affiliates, net			1						(2)
Inventories			(10)						(12)
Accounts payable and accrued expenses			61						33
Collateral paid, net			(1)						(26)
Income taxes			(45)						15
Regulatory assets and liabilities, net			(54)						(7)
Pension and non-pension postretirement benefit contributions			(7)						(9)
Other assets and liabilities			(56)						(13)
Net cash flows provided by operating activities			493						533
Cash flows from investing activities
Capital expenditures			(672)						(710)
Changes in PHI intercompany money pool			—						(7)
Other investing activities			—						8
Net cash flows used in investing activities			(672)						(709)
Cash flows from financing activities
Changes in short-term borrowings			(83)						(299)
Issuance of long-term debt			675						350
Retirement of long-term debt			(400)						—
Dividends paid on common stock			(286)						(200)
Contributions from parent			260						308
Other financing activities			(19)						(26)
Net cash flows provided by financing activities			147						133
Decrease in cash, restricted cash, and cash equivalents			(32)						(43)
Cash, restricted cash, and cash equivalents at beginning of period			72						99
Cash, restricted cash, and cash equivalents at end of period			$	40					$	56
Supplemental cash flow information
Decrease in capital expenditures not paid			$	(27)					$	(39)

See the Combined Notes to Consolidated Financial Statements

36

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POTOMAC ELECTRIC POWER COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	20					$	48
Restricted cash and cash equivalents			20						24
Accounts receivable
Customer accounts receivable			385						369
Customer allowance for credit losses			(58)						(52)
Customer accounts receivable, net			327						317
Other accounts receivable			166						166
Other allowance for credit losses			(26)						(28)
Other accounts receivable, net			140						138
Receivables from affiliates			—						2
Inventories, net			169						159
Regulatory assets			157						150
Other			18						51
Total current assets			851						889
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,457 and $4,284 as of September 30, 2024 and December 31, 2023, respectively)			9,863						9,430
Deferred debits and other assets
Regulatory assets			472						450
Investments			133						124
Prepaid pension asset			228						246
Other			55						55
Total deferred debits and other assets			888						875
Total assets			$	11,602					$	11,194

See the Combined Notes to Consolidated Financial Statements

37

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POTOMAC ELECTRIC POWER COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings			$	49					$	132
Long-term debt due within one year			6						405
Accounts payable			304						321
Accrued expenses			182						191
Payables to affiliates			31						32
Customer deposits			54						47
Regulatory liabilities			17						15
Merger related obligation			22						25
Other			33						61
Total current liabilities			698						1,229
Long-term debt			4,356						3,691
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			1,500						1,431
Regulatory liabilities			334						382
Asset retirement obligations			38						37
Other			235						280
Total deferred credits and other liabilities			2,107						2,130
Total liabilities			7,161						7,050
Commitments and contingencies
Shareholder's equity
Common stock			3,335						3,075
Retained earnings			1,106						1,069
Total shareholder's equity			4,441						4,144
Total liabilities and shareholder's equity			$	11,602					$	11,194

See the Combined Notes to Consolidated Financial Statements

38

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POTOMAC ELECTRIC POWER COMPANY

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions)			Common Stock												Retained Earnings						Total Shareholder's Equity
Balance at December 31, 2023			$	3,075											$	1,069					$	4,144
Net income			—												75						75
Common stock dividends			—												(51)						(51)
Contributions from parent			251												—						251
Balance at March 31, 2024			$	3,326											$	1,093					$	4,419
Net income			—												108						108
Common stock dividends			—												(102)						(102)
Balance at June 30, 2024			$	3,326											$	1,099					$	4,425
Net income			—												140						140
Common stock dividends			—												(133)						(133)
Contributions from parent			9												—						9
Balance at September 30, 2024			$	3,335											$	1,106					$	4,441

			Nine Months Ended September 30, 2023
(In millions)			Common Stock												Retained Earnings						Total Shareholder's Equity
Balance at December 31, 2022			$	2,767											$	1,015					$	3,782
Net income			—												65						65
Common stock dividends			—												(48)						(48)
Contributions from parent			243												—						243
Balance at March 31, 2023			$	3,010											$	1,032					$	4,042
Net income			—												64						64
Common stock dividends			—												(67)						(67)
Balance at June 30, 2023			$	3,010											$	1,029					$	4,039
Net income			—												120						120
Common stock dividends			—												(85)						(85)
Contributions from parent			65												—						65
Balance at September 30, 2023			$	3,075											$	1,064					$	4,139

See the Combined Notes to Consolidated Financial Statements

39

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Table of Contents

DELMARVA POWER & LIGHT COMPANY

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Operating revenues
Electric operating revenues			$	440					$	426					$	1,215					$	1,108
Natural gas operating revenues			23						24						122						150
Revenues from alternative revenue programs			(3)						(2)						1						10
Operating revenues from affiliates			2						2						5						5
Total operating revenues			462						450						1,343						1,273
Operating expenses
Purchased power			196						192						529						486
Purchased fuel			7						9						44						76
Operating and maintenance			49						60						151						150
Operating and maintenance from affiliates			43						44						133						128
Depreciation and amortization			62						62						183						182
Taxes other than income taxes			20						19						59						57
Total operating expenses			377						386						1,099						1,079
Operating income			85						64						244						194
Other income and (deductions)
Interest expense, net			(22)						(18)						(69)						(53)
Other, net			6						5						20						12
Total other income and (deductions)			(16)						(13)						(49)						(41)
Income before income taxes			69						51						195						153
Income taxes			14						8						39						25
Net income			$	55					$	43					$	156					$	128
Comprehensive income			$	55					$	43					$	156					$	128

See the Combined Notes to Consolidated Financial Statements

40

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DELMARVA POWER & LIGHT COMPANY

STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
(In millions)			2024						2023
Cash flows from operating activities
Net income			$	156					$	128
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization			183						182
Deferred income taxes and amortization of investment tax credits			12						4
Other non-cash operating activities			29						11
Changes in assets and liabilities:
Accounts receivable			(1)						9
Receivables from and payables to affiliates, net			(3)						3
Inventories			(17)						2
Accounts payable and accrued expenses			14						(1)
Collateral received (paid), net			2						(120)
Income taxes			(25)						15
Regulatory assets and liabilities, net			(41)						33
Pension and non-pension postretirement benefit contributions			(1)						—
Other assets and liabilities			19						8
Net cash flows provided by operating activities			327						274
Cash flows from investing activities
Capital expenditures			(404)						(416)
Changes in PHI intercompany money pool			—						(10)
Net cash flows used in investing activities			(404)						(426)
Cash flows from financing activities
Changes in short-term borrowings			(63)						(115)
Issuance of long-term debt			175						125
Retirement of long-term debt			(33)						—
Dividends paid on common stock			(162)						(97)
Contributions from parent			160						99
Other financing activities			(6)						(6)
Net cash flows provided by financing activities			71						6
Decrease in cash, restricted cash, and cash equivalents			(6)						(146)
Cash, restricted cash, and cash equivalents at beginning of period			16						152
Cash, restricted cash, and cash equivalents at end of period			$	10					$	6
Supplemental cash flow information
Increase in capital expenditures not paid			$	9					$	—

    

See the Combined Notes to Consolidated Financial Statements

41

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DELMARVA POWER & LIGHT COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	8					$	16
Restricted cash and cash equivalents			2						—
Accounts receivable
Customer accounts receivable			169						183
Customer allowance for credit losses			(17)						(19)
Customer accounts receivable, net			152						164
Other accounts receivable			60						52
Other allowance for credit losses			(7)						(8)
Other accounts receivable, net			53						44
Receivables from affiliates			—						1
Inventories, net
Fossil fuel			7						9
Materials and supplies			91						72
Prepaid utility taxes			20						24
Regulatory assets			60						54
Other			11						14
Total current assets			404						398
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,032 and $1,925 as of September 30, 2024 and December 31, 2023, respectively)			5,415						5,165
Deferred debits and other assets
Regulatory assets			215						218
Prepaid pension asset			124						135
Other			46						50
Total deferred debits and other assets			385						403
Total assets			$	6,204					$	5,966

See the Combined Notes to Consolidated Financial Statements

42

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DELMARVA POWER & LIGHT COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings			$	—					$	63
Long-term debt due within one year			130						84
Accounts payable			161						159
Accrued expenses			63						64
Payables to affiliates			21						25
Customer deposits			34						31
Regulatory liabilities			47						50
Other			20						21
Total current liabilities			476						497
Long-term debt			2,091						1,996
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			935						904
Regulatory liabilities			331						365
Asset retirement obligations			13						12
Non-pension postretirement benefits obligations			5						6
Other			107						93
Total deferred credits and other liabilities			1,391						1,380
Total liabilities			3,958						3,873
Commitments and contingencies
Shareholder's equity
Common stock			1,615						1,455
Retained earnings			631						638
Total shareholder's equity			2,246						2,093
Total liabilities and shareholder's equity			$	6,204					$	5,966

See the Combined Notes to Consolidated Financial Statements

43

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DELMARVA POWER & LIGHT COMPANY

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions)			Common Stock												Retained Earnings						Total Shareholder's Equity
Balance at December 31, 2023			$	1,455											$	638					$	2,093
Net income			—												66						66
Common stock dividends			—												(45)						(45)
Contributions from parent			154												—						154
Balance at March 31, 2024			$	1,609											$	659					$	2,268
Net income			—												34						34
Common stock dividends			—												(39)						(39)
Balance at June 30, 2024			$	1,609											$	654					$	2,263
Net income			—												55						55
Common stock dividends			—												(78)						(78)
Contributions from parent			6												—						6
Balance at September 30, 2024			$	1,615											$	631					$	2,246

			Nine Months Ended September 30, 2023
(In millions)			Common Stock												Retained Earnings						Total Shareholder's Equity
Balance at December 31, 2022			$	1,356											$	594					$	1,950
Net income			—												60						60
Common stock dividends			—												(42)						(42)
Contributions from parent			99												—						99
Balance at March 31, 2023			$	1,455											$	612					$	2,067
Net income			—												25						25
Common stock dividends			—												(18)						(18)
Balance at June 30, 2023			$	1,455											$	619					$	2,074
Net income			—												43						43
Common stock dividends			—												(37)						(37)
Balance, September 30, 2023			$	1,455											$	625					$	2,080

See the Combined Notes to Consolidated Financial Statements

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ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2024						2023						2024						2023
Operating revenues
Electric operating revenues			$	533					$	497					$	1,281					$	1,150
Revenues from alternative revenue programs			6						5						(3)						21
Operating revenues from affiliates			1						—						2						1
Total operating revenues			540						502						1,280						1,172
Operating expenses
Purchased power			245						221						557						493
Operating and maintenance			58						56						155						147
Operating and maintenance from affiliates			38						38						119						112
Depreciation and amortization			67						77						214						212
Taxes other than income taxes			2						2						7						7
Total operating expenses			410						394						1,052						971
Operating income			130						108						228						201
Other income and (deductions)
Interest expense, net			(21)						(19)						(59)						(52)
Other, net			4						5						12						13
Total other income and (deductions)			(17)						(14)						(47)						(39)
Income before income taxes			113						94						181						162
Income taxes			30						23						48						40
Net income			$	83					$	71					$	133					$	122
Comprehensive income			$	83					$	71					$	133					$	122

See the Combined Notes to Consolidated Financial Statements

45

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ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
(In millions)			2024						2023
Cash flows from operating activities
Net income			$	133					$	122
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization			214						212
Deferred income taxes and amortization of investment tax credits			33						24
Other non-cash operating activities			49						(2)
Changes in assets and liabilities:
Accounts receivable			(77)						(85)
Receivables from and payables to affiliates, net			(8)						(6)
Inventories			(5)						(11)
Accounts payable and accrued expenses			(18)						(4)
Collateral paid, net			—						(45)
Income taxes			(2)						6
Regulatory assets and liabilities, net			(62)						(28)
Pension and non-pension postretirement benefit contributions			(7)						(1)
Other assets and liabilities			(39)						(80)
Net cash flows provided by operating activities			211						102
Cash flows from investing activities
Capital expenditures			(265)						(376)
Net cash flows used in investing activities			(265)						(376)
Cash flows from financing activities
Changes in short-term borrowings			(30)						173
Issuance of long-term debt			250						75
Retirement of long-term debt			(150)						—
Changes in PHI intercompany money pool			—						17
Dividends paid on common stock			(100)						(111)
Contributions from parent			85						65
Other financing activities			(5)						(3)
Net cash flows provided by financing activities			50						216
Decrease in cash and cash equivalents			(4)						(58)
Cash and cash equivalents at beginning of period			21						72
Cash and cash equivalents at end of period			$	17					$	14
Supplemental cash flow information
Decrease in capital expenditures not paid			$	(10)					$	(56)

See the Combined Notes to Consolidated Financial Statements

46

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ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	17					$	21
Accounts receivable
Customer accounts receivable			252						194
Customer allowance for credit losses			(35)						(36)
Customer accounts receivable, net			217						158
Other accounts receivable			98						92
Other allowance for credit losses			(13)						(14)
Other accounts receivable, net			85						78
Receivables from affiliates			5						3
Inventories, net			60						55
Prepaid utility taxes			9						—
Regulatory assets			102						125
Other			7						5
Total current assets			502						445
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,763 and $1,684 as of September 30, 2024 and December 31, 2023, respectively)			4,300						4,192
Deferred debits and other assets
Regulatory assets			496						483
Prepaid pension asset			—						3
Other			31						34
Total deferred debits and other assets			527						520
Total assets			$	5,329					$	5,157

See the Combined Notes to Consolidated Financial Statements

47

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ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			September 30, 2024						December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings			$	169					$	199
Long-term debt due within one year			4						154
Accounts payable			162						192
Accrued expenses			42						42
Payables to affiliates			19						25
Customer deposits			23						23
Regulatory liabilities			8						6
PPA termination obligation			10						49
Other			9						12
Total current liabilities			446						702
Long-term debt			1,931						1,679
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			809						771
Regulatory liabilities			148						140
Non-pension postretirement benefit obligations			2						4
Other			63						49
Total deferred credits and other liabilities			1,022						964
Total liabilities			3,399						3,345
Commitments and contingencies
Shareholder's equity
Common stock			1,915						1,830
Retained earnings (deficit)			15						(18)
Total shareholder's equity			1,930						1,812
Total liabilities and shareholder's equity			$	5,329					$	5,157

See the Combined Notes to Consolidated Financial Statements

48

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ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

			Nine Months Ended September 30, 2024
(In millions)			Common Stock												Retained (Deficit) Earnings						Total Shareholder's Equity
Balance at December 31, 2023			$	1,830											$	(18)					$	1,812
Net income			—												29						29
Common stock dividends			—												(22)						(22)
Contributions from parent			81												—						81
Balance at March 31, 2024			$	1,911											$	(11)					$	1,900
Net income			—												21						21
Common stock dividends			—												(22)						(22)
Balance at June 30, 2024			$	1,911											$	(12)					$	1,899
Net income			—												83						83
Common stock dividends			—												(56)						(56)
Contributions from parent			4												—						4
Balance at September 30, 2024			$	1,915											$	15					$	1,930

			Nine Months Ended September 30, 2023
(In millions)			Common Stock												Retained (Deficit) Earnings						Total Shareholder's Equity
Balance at December 31, 2022			$	1,765											$	(12)					$	1,753
Net income			—												33						33
Common stock dividends			—												(21)						(21)
Contributions from parent			63												—						63
Balance at March 31, 2023			$	1,828											$	—					$	1,828
Net income			—												18						18
Common stock dividends			—												(15)						(15)
Balance at June 30, 2023			$	1,828											$	3					$	1,831
Net income			—												71						71
Common stock dividends			—												(75)						(75)
Contributions from parent			2												—						2
Balance, September 30, 2023			$	1,830											$	(1)					$	1,829

See the Combined Notes to Consolidated Financial Statements

49

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data, unless otherwise noted)

Note 1 — Significant Accounting Policies

1. Significant Accounting Policies (All Registrants)

Description of Business

Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE.

Name of Registrant

Business

Service Territories

Commonwealth Edison Company

Purchase and regulated retail sale of electricity

Northern Illinois, including the City of Chicago

Transmission and distribution of electricity to retail customers

PECO Energy Company

Purchase and regulated retail sale of electricity and natural gas

Southeastern Pennsylvania, including the City of Philadelphia (electricity)

Transmission and distribution of electricity and distribution of natural gas to retail customers

Pennsylvania counties surrounding the City of Philadelphia (natural gas)

Baltimore Gas and Electric Company

Purchase and regulated retail sale of electricity and natural gas

Central Maryland, including the City of Baltimore (electricity and natural gas)

Transmission and distribution of electricity and distribution of natural gas to retail customers

Pepco Holdings LLC

Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE

Service Territories of Pepco, DPL, and ACE

Potomac Electric  Power Company

Purchase and regulated retail sale of electricity

District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland

Transmission and distribution of electricity to retail customers

Delmarva Power & Light Company

Purchase and regulated retail sale of electricity and natural gas

Portions of Delaware and Maryland (electricity)

Transmission and distribution of electricity and distribution of natural gas to retail customers

Portions of New Castle County, Delaware (natural gas)

Atlantic City Electric Company

Purchase and regulated retail sale of electricity

Portions of Southern New Jersey

Transmission and distribution of electricity to retail customers

Basis of Presentation

This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant’s Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated.

Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, distribution and transmission planning, asset management, system operations, and power procurement, to PHI operating companies. The costs of BSC and PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” in the consolidated financial statements and include intercompany eliminations unless otherwise disclosed.

The accompanying consolidated financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 are unaudited but, in the opinion of each Registrant's management, the Registrants include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2023 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2024. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in

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(Dollars in millions, except per share data, unless otherwise noted)

Note 1 — Significant Accounting Policies

financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

New Accounting Standards (All Registrants)

New Accounting Standards Issued and Not Yet Adopted as of September 30, 2024: The following new authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of September 30, 2024. Unless otherwise indicated, the Registrants are currently assessing the impacts such guidance may have (which could be material) in their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures, as well as the potential to early adopt where applicable. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting.

Segment Reporting (Issued November 2023). Improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The objective of the revised guidance is to introduce a new requirement to disclose significant segment expenses regularly provided to the CODM, extend certain annual disclosures to interim periods, clarify single reportable segment entities must apply ASC 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. The standard is effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, with early adoption permitted. The standard will be applied retrospectively.

Improvement to Income Tax Disclosures (Issued December 2023). Provides additional disclosure requirements related to the effective tax rate reconciliation and income taxes paid. Under the revised guidance for the effective tax reconciliations, entities would be required to disclose: (1) eight specific categories in the effective tax rate reconciliation in both percentages and reporting currency amount, (2) additional information for reconciling items over a certain threshold, (3) explanation of individual reconciling items disclosed, and (4) provide a qualitative description of the state and local jurisdictions that contribute to the majority of the state income tax expense. For each annual period presented, the new standard requires disclosure of the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign. It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The standard is effective January 1, 2025, with early adoption permitted.

2. Regulatory Matters (All Registrants)

As discussed in Note 3 — Regulatory Matters of the 2023 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2024 and updates to the 2023 Form 10-K.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

Distribution Base Rate Case Proceedings

The following tables show the completed and pending distribution base rate case proceedings in 2024.

Completed Distribution Base Rate Case Proceedings

Registrant/Jurisdiction						Filing Date						Service						Requested Revenue Requirement Increase						Approved Revenue Requirement Increase						Approved ROE						Approval Date						Rate Effective Date
ComEd - Illinois						January 17, 2023						Electric						$	1,487					$	501					8.905%						December 14, 2023(a)						January 1, 2024
																		$	838					$	810					8.905%						April 18, 2024(b)						May 1, 2024
						April 21, 2023(c)						Electric						$	247					$	259					8.91%						November 30, 2023						January 1, 2024
BGE - Maryland(d)						February 17, 2023						Electric						$	313					$	179					9.50%						December 14, 2023						January 1, 2024
												Natural Gas						$	289					$	229					9.45%
Pepco - Maryland(e)						May 16, 2023 (amended February 23, 2024)						Electric						$	111					$	45					9.50%						June 10, 2024						April 1, 2024
DPL - Maryland(f)						May 19, 2022						Electric						$	38					$	29					9.60%						December 14, 2022						January 1, 2023
DPL - Delaware(g)						December 15, 2022 (amended September 29, 2023)						Electric						$	39					$	28					9.60%						April 18, 2024						July 15, 2023
ACE - New Jersey(h)						February 15, 2023 (amended August 21, 2023)						Electric						$	92					$	45					9.60%						November 17, 2023						December 1, 2023

__________

(a)Reflects a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027. On December 14, 2023, the ICC approved year-over-year distribution revenue requirement increases in 2024-2027, with an amendatory order on January 10, 2024, of approximately $451 million effective January 1, 2024, $14 million effective January 1, 2025, $6 million effective January 1, 2026, and $30 million effective January 1, 2027, based on an ROE of 8.905%, an equity ratio of 50%, and year end 2022 rate base. The ICC rejected ComEd’s Grid Plan, requiring ComEd to file a revised Grid Plan by March 13, 2024, 90 days after the issuance of the December final order. The ICC also directed that the revised Grid Plan would be reviewed through further formal proceedings in that docket. On January 10, 2024, the ICC granted one portion of ComEd’s application for rehearing of the December 14, 2023 final order, and directed that a rehearing process extending no more than 150 days reconsider certain components of the revenue requirements for the test years (2024-2027), absent an approved Grid Plan. On January 10, 2024, ComEd also filed with the Illinois appellate court an appeal of various aspects of the ICC’s final order on which rehearing was denied, including the 8.905% ROE and 50% equity ratio and denial of any return on ComEd’s pension asset. On March 13, 2024, ComEd filed its revised Grid Plan (Refiled Grid Plan) with supporting testimony and schedules with the ICC. On March 15, 2024, ComEd filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled Grid Plan.

(b)Reflects four-year cumulative increase to the revenue requirement approved on December 14, 2023 and amended on January 10, 2024 of $810 million for January 1, 2024 to December 31, 2027 resulting from the rehearing on certain components of the rate plan. On February 16, 2024, ComEd filed a revised revenue request for an $838 million increase in its 2024-2027 revenue requirements based on the ICC’s limited scope for rehearing which included the value of the 2023 forecasted year-end rate base. On April 18, 2024, the ICC issued an order on the rehearing filing which increased the revenue requirements previously approved by the ICC in its January 10, 2024, amendatory order by $150 million in 2024, $186 million in 2025, $221 million in 2026, and $253 million in 2027. ComEd anticipates that the revenue requirements determined during the rehearing process will be further adjusted upon approval of the Refiled Grid Plan and the pending petition to adjust rates.

(c)On November 30, 2023, the Delivery Reconciliation Amount for 2022 defined in Rider Delivery Service Pricing Reconciliation (Rider DSPR) was approved. The delivery reconciliation amount allows for the reconciliation of the revenue

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(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd’s approved MRP. The 2023 filing reconciled the delivery service rates in effect in 2022 with the actual delivery service costs incurred in 2022. The reconciliation revenue requirement provides for a weighted average debt and equity return on distribution rate base of 6.48%, inclusive of an allowed ROE of 8.91%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points.

(d)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026. The MDPSC awarded BGE electric revenue requirement increases of $41 million, $113 million, and $25 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $126 million, $62 million, and $41 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives. The MDPSC also approved a portion of the requested 2021 and 2022 reconciliation amounts, which will be recovered through separate electric and gas riders between March 2024 through February 2025. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The 2021 reconciliation amounts are $13 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $39 million and $15 million for electric and gas, respectively. In April 2024, BGE filed with the MDPSC its request for recovery of the 2023 reconciliation amounts of $79 million and $73 million for electric and gas, respectively, with supporting testimony and schedules.

(e)Reflects the amounts requested (before offsets) and awarded for a one-year multi-year plan for April 1, 2024 through March 31, 2025. The MDPSC awarded Pepco an electric incremental revenue requirement increase of $45 million for the 12-month period ending March 31, 2025. The MDPSC did not adopt the requested revenue requirement increases of $80 million (before offsets), $51 million, and $14 million as filed for 2025, 2026, and the 2027 nine-month extension period, respectively. The order allows for Pepco to perform an annual reconciliation after the 2024 rate year. The MDPSC also approved the requested reconciliation amounts for the 12-month periods ending March 31, 2022, and March 31, 2023, which will be recovered through a rider between August 2024 through March 2026. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The reconciliation amounts are $1 million, and $7 million, for the 12-month periods ending March 31, 2022, and March 31, 2023, respectively. In July 2024, Pepco filed its request with the MDPSC for recovery of $31 million for the 12-month period ended March 31, 2024, with supporting testimony and schedules.

(f)Reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025. The MDPSC awarded DPL electric incremental revenue requirement increases of $17 million, $6 million, and $6 million for 2023, 2024, and 2025, respectively.

(g)On April 18, 2024, the DEPSC approved the Significant Storm Expense Rate Rider (Rider SSER) which will allow DPL to recover expenses associated with qualified storms. A qualified storm will be an individual storm for which DPL incurs expenses between $5 million and $15 million. The Rider SSER allows DPL to recover significant storm damage expenses for the previous 12-month period over a future 24-month period. For individual storm events for which DPL incurs expenses of more than $15 million, the future recovery period will be evaluated on a case-by-case basis and the unamortized balance will earn a return at DPL's authorized long-term cost of debt. The Rider SSER will have an annual true-up filing, subject to DEPSC review and approval.

(h)Requested and approved increases are before New Jersey sales and use tax. The NJBPU awarded ACE electric revenue requirement increases of $36 million and $9 million effective December 1, 2023 and February 1, 2024, respectively.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

Pending Distribution Base Rate Case Proceedings

Registrant/Jurisdiction						Filing Date						Service						Requested Revenue Requirement Increase						Requested ROE						Expected Approval Timing
ComEd - Illinois						March 15, 2024 (amended August 13, 2024)						Electric(a)						$	667					8.905%						December 2024
						April 26, 2024 (amended September 11, 2024)						Electric(b)						$	624					9.89%						Fourth quarter of 2024
PECO - Pennsylvania						March 28, 2024						Electric(c)(d)						$	464					10.95%						Fourth quarter of 2024
												Natural Gas(d)						$	111					11.15%
Pepco - District of Columbia(e)						April 13, 2023 (amended February 27, 2024)						Electric						$	186					10.50%						Fourth quarter of 2024
DPL - Delaware						September 20, 2024						Natural Gas(f)						$	36					10.65%						First quarter of 2026

__________

(a)On March 13, 2024, ComEd filed its Refiled Grid Plan with the ICC and on March 15, 2024, ComEd filed a petition to adjust its multi-year rate plan to be aligned with ComEd’s Refiled Grid Plan. The adjusted rate plan incorporates changes in the Refiled Grid Plan, which was updated in ComEd's July 31, 2024 surrebuttal testimony and updated again on August 13, 2024, to request a $667 million increase in revenue requirements over four years above those granted in the ICC’s January 10, 2024 amendatory order. The requested year-over-year increases are $309 million in 2024, $95 million in 2025, $128 million in 2026, and $135 million in 2027. A final order on both the Refiled Grid Plan and the adjusted rate plan petition is expected by December 2024 with new rates effective on or before January 1, 2025.

(b)On April 26, 2024, ComEd filed its proposed Delivery Reconciliation Amount, which was updated in ComEd's surrebuttal testimony on September 11, 2024, of $624 million under Rider DSPR which allows for the reconciliation of the revenue requirement in effect. The 2024 filing reconciles those rates with the actual delivery service costs incurred in 2023. The final order is expected in the fourth quarter of 2024 and the reconciliation amount will adjust customer rates in 2025.

(c)PECO requested an annual electric revenue requirement increase of $464 million, which is partially offset by a one-time credit of $64 million in 2025.

(d)On August 30, 2024, PECO and the settling parties filed with the PAPUC two petitions for non-unanimous joint settlements, which included among other things, an increase of $354 million and $78 million in annual distribution service revenue for electric and gas, respectively. No overall ROE was specified in either settlement. On October 15, 2024, the Administrative Law Judges (ALJs) issued Recommended Decisions approving the requested revenue increases of $354 million for electric and $78 million for gas. On October 22, 2024, PECO filed an exception to the ALJs ruling against the Gas Weather Normalization Adjustment. The Commission’s final order, addressing the exception, is expected by December 2024. If approved, the new electric and gas rates take effect January 1, 2025.

(e)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 submitted to the DCPSC. Pepco requested total electric revenue requirement increases of $116 million, $35 million, and $35 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia’s climate and clean energy goals.

(f)DPL can implement interim rates on April 20, 2025, subject to refund.

Transmission Formula Rates

The Utility Registrants' transmission rates are each established based on a FERC-approved formula. ComEd, BGE, Pepco, DPL, and ACE are required to file an annual update to the FERC-approved formula on or before May 15, and PECO is required to file on or before May 31, with the resulting rates effective on June 1 of the same year. The annual update for ComEd is based on prior year actual costs and current year projected capital additions (initial year revenue requirement). The update for ComEd also reconciles any differences between the revenue requirement in effect beginning June 1 of the prior year and actual costs incurred for that year (annual reconciliation). The annual update for PECO is based on prior year actual costs and current year projected capital additions, accumulated depreciation and accumulated deferred income taxes. The annual update for BGE, Pepco, DPL, and ACE is based on prior year actual costs and current year projected capital additions,

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Note 2 — Regulatory Matters

accumulated depreciation, depreciation and amortization expense, and accumulated deferred income taxes. The update for PECO, BGE, Pepco, DPL, and ACE also reconciles any differences between the actual costs and actual revenues for the calendar year (annual reconciliation).

For 2024, the following increases/(decreases) were included in the Utility Registrants' electric transmission formula rate updates:

Registrant(a)						Initial Revenue Requirement Increase						Annual Reconciliation (Decrease) Increase						Total Revenue Requirement Increase						Allowed Return on Rate Base(b)						Allowed ROE(c)
ComEd						$	32					$	(12)					$	20					8.14		%				11.50		%
PECO						$	2					$	3					$	5					7.45		%				10.35		%
BGE						$	42					$	13					$	53		(d)			7.47		%				10.50		%
Pepco						$	58					$	15					$	73					7.62		%				10.50		%
DPL						$	7					$	17					$	24					7.23		%				10.50		%
ACE						$	14					$	18					$	32					7.11		%				10.50		%

__________

(a)All rates are effective June 1, 2024 - May 31, 2025, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariffs.

(b)Represents the weighted average debt and equity return on transmission rate bases. For PECO, the common equity component of the ratio used to calculate the weighted average debt and equity return on the transmission formula rate base is currently capped at 55.75%.

(c)The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a member of an RTO.

(d)The increase in BGE's transmission revenue requirement includes a $2 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.

Other State Regulatory Matters

Illinois Regulatory Matters

CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics.

ComEd Electric Distribution Rates

ComEd filed, and received approval for, its last performance-based electric distribution formula rate update under EIMA in 2022; those rates were in effect throughout 2023.

On February 3, 2022, the ICC approved a tariff that establishes the process under which ComEd reconciled its 2022 and 2023 rate year revenue requirements with actual costs. Those reconciliation amounts are determined using the same process used for prior reconciliations under the performance-based electric distribution formula rate. Using that process, for the rate years 2022 and 2023 ComEd will ultimately collect revenues from customers reflecting each year’s actual recoverable costs, year-end rate base, and a weighted average debt and equity return on distribution rate base, with the ROE component based on the annual average of the monthly yields of the 30-year U.S. Treasury bonds plus 580 basis points. In April 2023, ComEd filed its first petition with the ICC to reconcile its 2022 actual costs with the approved revenue requirement that was in effect in 2022; the final order was issued on November 30, 2023, for rates beginning January 2024. On April 26, 2024, ComEd filed with the ICC its 2023 actual costs with the approved revenue requirement that was in effect in 2023; the final order is expected in the fourth quarter of 2024, for rates beginning January 2025.

Beginning in 2024, ComEd will recover from retail customers, subject to certain exceptions, the costs it incurs to provide electric delivery services either through its electric distribution rate or other recovery mechanisms authorized by CEJA. On January 17, 2023, ComEd filed a petition with the ICC seeking approval of a MRP for 2024-2027. The MRP supports a multi-year grid plan (Grid Plan), also filed on January 17, covering planned

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(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

investments on the electric distribution system within ComEd’s service area through 2027. Costs incurred during each year of the MRP are subject to ICC review and the plan’s revenue requirement for each year will be reconciled with the actual costs that the ICC determines are prudently and reasonably incurred for that year. The reconciliation is subject to adjustment for certain costs, including a limitation on recovery of costs that are more than 105% of certain costs in the previously approved MRP revenue requirement, absent a modification of the rate plan itself. Thus, for example, the rate adjustments necessary to reconcile 2024 revenues to ComEd’s actual 2024 costs incurred would take effect in January 2026 after the ICC’s review during 2025.

On December 14, 2023, the ICC issued a final order. The ICC rejected ComEd’s Grid Plan as non-compliant with certain requirements of CEJA, and required ComEd to file a revised Grid Plan by March 13, 2024, 90 days after the issuance of the final order. In the absence of an approved Grid Plan, the ICC set ComEd’s forecast revenue requirements for 2024-2027 based on ComEd's approved year-end 2022 rate base. This resulted in a total cumulative revenue requirement increase of $501 million, a $986 million total revenue reduction from the requested cumulative revenue requirement increase but remains subject to annual reconciliation in accordance with CEJA. The final order approved the process and formulas associated with the MRP reconciliation mechanisms. The ICC did not approve a previously proposed phase-in of the ICC's approved year-over-year revenue increases, and it also denied ComEd's ability to earn a return on its pension asset.

On December 22, 2023, ComEd filed an application for rehearing on several findings in the final order including the use of the 2022 year-end rate base to establish forecast revenue requirements for 2024-2027, ROE, pension asset return, and capital structure. On January 10, 2024, ComEd’s application for rehearing was denied on all issues except for the order’s use of the 2022 year-end rate base. On January 31, 2024, the ICC granted ComEd's motion seeking additional clarification on the scope on rehearing, generally accepting ComEd's proposal and confirming that the rehearing will determine if the forecasted year-end 2023 rate base should be used to set rates for 2024 through 2027 until a refiled Grid Plan is approved. On April 18, 2024, the ICC issued its final order on rehearing and approved increased revenue requirements for 2024-2027.

On January 10, 2024, ComEd also filed an appeal in the Illinois Appellate Court of the issues on which rehearing was denied, including but not limited to the allowed ROE and denial of a return on ComEd’s pension asset. There is no deadline by when the appellate court must rule. On March 7, 2024, the ICC adopted an interim order on scheduling, which confirmed that it intends to issue a final order on ComEd’s Refiled Grid Plan by the end of 2024 and that it will implement rates that will go into effect January 1, 2025, inclusive of a Grid Plan. On March 13, 2024, ComEd filed its Refiled Grid Plan with supporting testimony and schedules with the ICC. The Refiled Grid Plan is designed to meet or exceed every requirement identified by the ICC in its December order that rejected ComEd’s initial Grid Plan. On March 15, 2024, ComEd filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled Grid Plan. Staff and Intervenor direct testimony was filed in May 2024. ComEd filed rebuttal and surrebuttal testimony in June and July, respectively, which provided, among other things, defense of its Refiled Grid Plan capital investments. Evidentiary hearings were held in August; the ALJs' proposed order was issued on October 18, 2024. ComEd has completed and placed in service additional utility plant assets in 2023 and 2024 and will continue to complete and place in service additional utility plant assets prior to the approval of the new Grid Plan. There are still significant unknowns, but ComEd does not currently believe that it is probable that the initially uncollected depreciation or return on the recently completed plant will ultimately be disallowed.

In January 2022, ComEd filed a request with the ICC proposing performance metrics that would be used in determining ROE incentives and penalties in the event ComEd filed a MRP in January 2023. On September 27, 2022, the ICC issued a final order approving seven performance metrics that provide symmetrical performance adjustments of 32 total basis points to ComEd’s rate of return on common equity based on the extent to which ComEd achieves the annual performance goals. On November 10, 2022, the ICC granted ComEd's application for rehearing, in part. On April 5, 2023, the ICC issued its final order on rehearing for the performance and tracking metrics proceeding, in which the ICC declined to adopt ComEd's proposed modifications to the reliability and peak load reduction performance metrics. Efforts are underway to implement the performance metrics, which took effect on January 1, 2024. ComEd will make its initial filing in 2025 to assess performance achieved under the metrics in 2024, and to determine any ROE adjustment, which would take effect in 2026.

Carbon Mitigation Credit

CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating

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Note 2 — Regulatory Matters

nuclear-powered generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. Beginning with the June 2022 monthly billing period, ComEd began issuing credits and/or charges to its retail customers under its new CMC rider. A regulatory asset is recorded for the difference between ComEd's costs associated with the procurement of CMCs from participating nuclear-power generating facilities and revenues received from customers. The balance as of September 30, 2024 is $183 million.

Under CEJA, the costs of procuring CMCs, including carrying costs, are recovered through a rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). As originally approved by the ICC, Rider CFRA provides for an annual reconciliation and true-up to actual costs incurred or credits received by ComEd to purchase CMCs, with any difference to be credited to or collected from ComEd’s retail customers in subsequent periods. The difference between the net payments to (or receivables from) ComEd ratepayers and the credits received by ComEd to purchase CMCs is recorded to Purchased power expense with an offset to the regulatory asset (or regulatory liability). On December 21, 2022, ComEd filed an amendment to Rider CFRA proposing that it recover costs or provide credits faster than the tariff allows, implement monthly reconciliations, and allow ComEd to adjust Rider CFRA rates based not only on anticipated differences but also past payments or credits, and implement monthly reconciliations beginning with the June 2023 delivery period. The ICC approved the proposal on January 19, 2023. In addition, on March 24, 2023, ComEd submitted revisions to Rider CFRA which clarified the methodology for calculating interest to be included in the annual reconciliation associated with the June 2022 through May 2023 delivery year. The ICC approved the proposal on April 20, 2023. On February 2, 2024, ComEd filed a petition with the ICC to initiate the reconciliation proceeding for the costs incurred in connection with the procurement of CMCs during the delivery year beginning June 1, 2022 and extending through May 31, 2023.

Beneficial Electrification Plan

On March 23, 2023, the ICC issued its final order approving the beneficial electrification plan (BE Plan) for ComEd. The ICC rejected ComEd’s request to treat a large portion of beneficial electrification costs as a regulatory asset and ordered ComEd to seek cost recovery through the multi-year rate plan filing for 2024 and 2025, and the final formula rate reconciliation docket for 2023, rather than through a separate charge. The order also authorized an overall annual budget of $77 million per year for the three-year plan period (2023 through 2025), with flexibility to roll forward unused funds to future years within the same plan period. On April 18, 2023, ComEd filed an application for rehearing in the beneficial electrification plan docket. The Chicago Transit Authority and City of Chicago, jointly, and the Office of the Illinois Attorney General (ILAG) also filed applications for rehearing. On April 27, 2023, ICC staff filed a motion for clarification, seeking clarification from the ICC on the precise budget described in the final order. On May 8, 2023, the ICC denied all applications for rehearing, and entered an amendatory order regarding the annual beneficial electrification plan budgets. ComEd has been directed to use good faith efforts to spend $77 million annually. ComEd subsequently filed its compliance filing in May 2023, detailing project related spending, clarifying the procedure that will be used to seek stakeholder feedback related to beneficial electrification pilot programs, and including the timeline for tariff changes required to implement the programs. ComEd and the ILAG both filed appeals of the ICC’s interim order that addressed the permissible scope of utility beneficial electrification programs outside of transportation and the rate impact cap. The ILAG also filed an appeal seeking reversal of portions of the ICC’s final decision. The final order partly mooted ComEd’s appeal of the interim order and ComEd has decided not to pursue the other issues. As such, ComEd moved to voluntarily dismiss its appeal and the appellate court granted that request. The ILAG consolidated their appeals; briefing has been completed. Oral arguments are scheduled for December 11, 2024. Any ruling on the appeals, even a negative ruling removing programs from the BE Plan or lowering the overall budget of the BE Plan, will only impact forward-looking costs.

Energy Efficiency

CEJA extends ComEd’s current cumulative annual energy efficiency MWh savings goals through 2040, adds expanded electrification measures to those goals, increases low-income commitments and adds a new performance adjustment to the energy efficiency formula rate. ComEd expects its annual spend to increase in 2023 through 2040 to achieve these energy efficiency MWh savings goals, which will be deferred as a separate

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(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

regulatory asset that will be recovered through the energy efficiency formula rate over the weighted average useful life, as approved by the ICC, of the related energy efficiency measures.

Energy Efficiency Formula Rate (Exelon and ComEd). ComEd filed its annual energy efficiency formula rate update with the ICC on May 30, 2024. The filing establishes the revenue requirement used to set the rates that will take effect in January 2025 after the ICC's review and approval. The requested revenue requirement update is based on a reconciliation of the 2023 actual costs plus projected 2025 expenditures. The ICC's final order is expected in the fourth quarter of 2024.

Initial Revenue Requirement Increase						Annual Reconciliation Decrease						Total Revenue Requirement Increase						Requested Return on Rate Base(a)						Requested ROE
$	66					$	(8)					$	58					7.02		%				9.89		%

__________

(a)The requested revenue requirement increase provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.02% inclusive of an allowed ROE of 9.89%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. For the 2023 reconciliation year, the requested revenue requirement provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.25% inclusive of an allowed ROE of 10.34%, which includes an upward performance adjustment that increased the ROE. The performance adjustment can either increase or decrease the ROE based upon the achievement of energy efficiency savings goals.

New Jersey Regulatory Matters

Termination of Energy Procurement Provisions of PPAs (Exelon, PHI, and ACE). On December 22, 2021, ACE filed with the NJBPU a petition to terminate the provisions in the PPAs to purchase electricity from two coal-powered generation facilities located in the state of New Jersey. The petition was approved by the NJBPU on March 23, 2022. Upon closing of the transaction on March 31, 2022, ACE recognized a liability of $203 million for the contract termination fee, which is to be paid by the end of 2024, and recognized a corresponding regulatory asset of $203 million.

As of September 30, 2024, the $10 million liability for the contract termination fee is included in Other current liabilities in Exelon's Consolidated Balance Sheet and PPA termination obligation in PHI's and ACE's Consolidated Balance Sheets. For the nine months ended September 30, 2024 and 2023, ACE has respectively paid $40 million and $65 million of the liability, which is recorded in Changes in Other assets and liabilities in Exelon's, PHI's, and ACE's Consolidated Statements of Cash Flows.

Other Federal Regulatory Matters

FERC Audit (Exelon and ComEd). The Utility Registrants are subject to periodic audits and investigations by FERC. FERC’s Division of Audits and Accounting initiated a nonpublic audit of ComEd in April 2021 evaluating ComEd’s compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit period extends back to January 1, 2017.

On July 27, 2023, FERC issued a final audit report which included, among other things, findings and recommendations related to ComEd's methodology regarding the allocation of certain overhead costs to capitalized construction costs under FERC regulations, including a suggestion that refunds may be due to customers for amounts collected in previous years. On August 28, 2023, ComEd filed a formal notice of the issues it contested within the audit report. On December 14, 2023, FERC appointed a settlement judge for the contested overhead allocation findings and set the matter for a trial-type hearing. That hearing process was held in abeyance while a formal settlement process, which began in February 2024, took place.

On July 30, 2024, ComEd reached an agreement in principle on the contested overhead allocation finding. As a result of the settlement process, ComEd recorded a charge for the probable disallowance of $70 million of certain currently capitalized construction costs to operating expenses, which are not expected to be recovered in future rates. The final settlement is subject to FERC approval. The existing loss estimate is reflected in Exelon and ComEd's financial statements as of September 30, 2024.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

Regulatory Assets and Liabilities

The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2023, unless noted below. See Note 3 — Regulatory Matters of the 2023 Form 10-K for additional information on the specific regulatory assets and liabilities.

ComEd. Regulatory assets decreased $414 million primarily due to a decrease of $490 million in the CMC regulatory asset. Regulatory liabilities increased $1,155 million primarily due to an increase of $1,029 million in the Decommissioning the Regulatory Agreement Units regulatory liability.

PECO. Regulatory assets increased $69 million primarily due to an increase of $96 million in the Deferred Income Taxes regulatory asset. Regulatory liabilities increased $53 million primarily due to an increase of $60 million in the Decommissioning the Regulatory Agreement Units regulatory liability.

BGE. Regulatory liabilities decreased $102 million primarily due to a decrease of $101 million in the Deferred income taxes regulatory liability.

Pepco. Regulatory assets increased $29 million primarily due to an increase of $27 million in the Multi-year plan reconciliations regulatory asset and an increase of $9 million in the Revenue deferral mechanism regulatory asset, as a result of the Pepco Maryland multi-year plan order issued on June 10, 2024. Regulatory liabilities decreased $46 million primarily due to a decrease of $46 million in the Deferred income taxes regulatory liability.

DPL. Regulatory liabilities decreased $37 million primarily due to a decrease of $20 million in the Deferred income taxes regulatory liability.

ACE. Regulatory assets decreased $10 million primarily due to a decrease of $37 million in the Electric energy and natural gas costs regulatory asset. Regulatory liabilities increased $10 million primarily due to an increase of $12 million in the Transmission formula rate annual reconciliations regulatory liability.

Capitalized Ratemaking Amounts Not Recognized

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at September 30, 2024 and December 31, 2023.

									Exelon						ComEd(a)						BGE(b)						PHI						Pepco(c)						DPL(d)						ACE(e)
September 30, 2024									$	126					$	43					$	22					$	61					$	47					$	1					$	13
December 31, 2023									110						32						33						45						34						1						10

__________

(a)Reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution and energy efficiency formula rate regulatory assets.

(b)BGE's amount capitalized for ratemaking purposes primarily relates to earnings on shareholders' investment on AMI programs and investments in rate base included in the multi-year plan reconciliations.

(c)Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.

(d)DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs.

(e)ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.

3. Revenue from Contracts with Customers (All Registrants)

The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 3 — Revenue from Contracts with Customers

See Note 4 — Revenue from Contracts with Customers of the 2023 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.

Contract Liabilities

The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets.

For Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement ("Agreement") with an unrelated owner and manager of communication infrastructure, as well as additional consideration received for the payment option amendment ("Amendment") executed during the fourth quarter of 2023, which is discussed in further detail within Note 4 — Revenue from Contracts with Customers of the 2023 Form 10-K. The contract liability balance attributable to the Agreement and the Amendment is being recognized as Electric operating revenues over a 35 year period and 31 year period, respectively.

The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three and nine months ended September 30, 2024 and 2023. At September 30, 2024 and December 31, 2023, ComEd's, PECO's, and BGE's contract liabilities were immaterial.

						Exelon(a)						PHI(a)						Pepco(a)						DPL						ACE
Balance at December 31, 2023						$	133					$	133					$	107					$	13					$	13
Revenues recognized						(2)						(2)						(2)						—						—
Balance at March 31, 2024						$	131					$	131					$	105					$	13					$	13
Revenues recognized						(1)						(1)						(1)						—						—
Balance at June 30, 2024						$	130					$	130					$	104					$	13					$	13
Revenues recognized						(2)						(2)						(2)						—						—
Balance at September 30, 2024						$	128					$	128					$	102					$	13					$	13
						Exelon(a)						PHI(a)						Pepco(a)						DPL						ACE
Balance at December 31, 2022						$	101					$	101					$	81					$	10					$	10
Revenues recognized						(1)						(1)						(1)						—						—
Balance at March 31, 2023						$	100					$	100					$	80					$	10					$	10
Revenues recognized						(2)						(2)						(2)						—						—
Balance at June 30, 2023						$	98					$	98					$	78					$	10					$	10
Revenues recognized						(2)						(2)						(1)						—						(1)
Balance at September 30, 2023						$	96					$	96					$	77					$	10					$	9

__________

(a)Revenues recognized in the three and nine months ended September 30, 2024 and 2023, were included in the contract liabilities at December 31, 2023 and 2022, respectively.

Transaction Price Allocated to Remaining Performance Obligations

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of September 30, 2024. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 3 — Revenue from Contracts with Customers

Year			Exelon						PHI						Pepco						DPL						ACE
2024			$	1					$	1					$	1					$	—					$	—
2025			7						7						5						1						1
2026			6						6						5						1						—
2027			5						5						5						—						—
2028 and thereafter			109						109						86						11						12
Total			$	128					$	128					$	102					$	13					$	13

Revenue Disaggregation

The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of the Registrants' revenue disaggregation.

4. Segment Information (All Registrants)

Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants.

Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Utility Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL, and ACE's CODMs evaluate the performance of and allocate resources to the segments based on net income.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 is as follows:

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

Three Months Ended September 30, 2024 and 2023

			ComEd						PECO						BGE						PHI						Other(a)						Intersegment Eliminations						Exelon
Operating revenues(b):
2024
Electric revenues			$	2,229					$	960					$	925					$	1,836					$	—					$	(6)					$	5,944
Natural gas revenues			—						70						119						23						—						(2)						210
Shared service and other revenues			—						—						—						3						441						(444)						—
Total operating revenues			$	2,229					$	1,030					$	1,044					$	1,862					$	441					$	(452)					$	6,154
2023
Electric revenues			$	2,268					$	970					$	836					$	1,747					$	—					$	(28)					$	5,793
Natural gas revenues			—						67						96						24						—						—						187
Shared service and other revenues			—						—						—						2						445						(447)						—
Total operating revenues			$	2,268					$	1,037					$	932					$	1,773					$	445					$	(475)					$	5,980
Intersegment revenues(c):
2024			$	2					$	4					$	3					$	3					$	438					$	(450)					$	—
2023			9						2						2						2						443						(458)						—
Depreciation and amortization:
2024			$	387					$	108					$	162					$	235					$	16					$	—					$	908
2023			357						100						161						257						15						—						890
Operating expenses:
2024			$	1,731					$	868					$	949					$	1,439					$	439					$	(465)					$	4,961
2023			1,738						847						835						1,440						475						(478)						4,857
Interest expense, net:
2024			$	128					$	58					$	57					$	95					$	158					$	—					$	496
2023			119						52						47						80						139						—						437
Income Taxes:
2024			$	36					$	(4)					$	4					$	72					$	(58)					$	—					$	50
2023			94						3						11						49						(90)						—						67
Net income (loss):
2024			$	360					$	117					$	45					$	278					$	(93)					$	—					$	707
2023			333						146						45						232						(41)						(15)						700
Capital Expenditures:
2024			$	508					$	382					$	365					$	440					$	—					$	—					$	1,695
2023			664						361						330						488						12						—						1,855

______________

(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 15 — Related Party Transactions for additional information on intersegment revenues.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

PHI:

			Pepco						DPL						ACE						Other(a)						Intersegment Eliminations						PHI
Operating revenues(b):
2024
Electric revenues			$	861					$	439					$	540					$	—					$	(4)					$	1,836
Natural gas revenues			—						23						—						—						—						23
Shared service and other revenues			—						—						—						103						(100)						3
Total operating revenues			$	861					$	462					$	540					$	103					$	(104)					$	1,862
2023
Electric revenues			$	822					$	426					$	502					$	—					$	(3)					$	1,747
Natural gas revenues			—						24						—						—						—						24
Shared service and other revenues			—						—						—						103						(101)						2
Total operating revenues			$	822					$	450					$	502					$	103					$	(104)					$	1,773
Intersegment revenues(c):
2024			$	2					$	2					$	1					$	103					$	(105)					$	3
2023			1						2						—						103						(104)						2
Depreciation and amortization:
2024			$	102					$	62					$	67					$	4					$	—					$	235
2023			112						62						77						6						—						257
Operating expenses:
2024			$	650					$	377					$	410					$	106					$	(104)					$	1,439
2023			658						386						394						105						(103)						1,440
Interest expense, net:
2024			$	50					$	22					$	21					$	3					$	(1)					$	95
2023			41						18						19						3						(1)						80
Income Taxes:
2024			$	32					$	14					$	30					$	(4)					$	—					$	72
2023			21						8						23						(3)						—						49
Net income (loss):
2024			$	140					$	55					$	83					$	—					$	—					$	278
2023			120						43						71						(2)						—						232
Capital Expenditures:
2024			$	218					$	136					$	85					$	1					$	—					$	440
2023			227						158						101						2						—						488

__________

(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

Electric and Gas Revenue by Customer Class (Utility Registrants):

The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

			Three Months Ended September 30, 2024
Revenues from contracts with customers			ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Electric revenues
Residential			$	1,117					$	641					$	558					$	1,016					$	426					$	267					$	323
Small commercial & industrial			603						153						96						203						52						69						82
Large commercial & industrial			286						73						154						365						281						31						53
Public authorities & electric railroads			11						7						8						18						9						4						5
Other(a)			280						74						110						225						85						70						71
Total electric revenues(b)			$	2,297					$	948					$	926					$	1,827					$	853					$	441					$	534
Natural gas revenues
Residential			$	—					$	44					$	58					$	11					$	—					$	11					$	—
Small commercial & industrial			—						17						11						6						—						6						—
Large commercial & industrial			—						—						32						1						—						1						—
Transportation			—						7						—						4						—						4						—
Other(c)			—						2						3						1						—						1						—
Total natural gas revenues(d)			$	—					$	70					$	104					$	23					$	—					$	23					$	—
Total revenues from contracts with customers			$	2,297					$	1,018					$	1,030					$	1,850					$	853					$	464					$	534
Other revenues
Revenues from alternative revenue programs			$	(76)					$	5					$	9					$	8					$	5					$	(3)					$	6
Other electric revenues(e)			8						7						4						4						3						1						—
Other natural gas revenues(e)			—						—						1						—						—						—						—
Total other revenues			$	(68)					$	12					$	14					$	12					$	8					$	(2)					$	6
Total revenues for reportable segments			$	2,229					$	1,030					$	1,044					$	1,862					$	861					$	462					$	540

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

			Three Months Ended September 30, 2023
Revenues from contracts with customers			ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Electric revenues
Residential			$	1,047					$	654					$	512					$	959					$	405					$	255					$	299
Small commercial & industrial			540						148						86						199						54						70						75
Large commercial & industrial			263						67						144						386						303						32						51
Public authorities & electric railroads			11						7						7						16						9						3						4
Other(a)			265						80						104						201						67						67						68
Total electric revenues(b)			$	2,126					$	956					$	853					$	1,761					$	838					$	427					$	497
Natural gas revenues
Residential			$	—					$	43					$	57					$	12					$	—					$	12					$	—
Small commercial & industrial			—						16						10						7						—						7						—
Large commercial & industrial			—						—						25						1						—						1						—
Transportation			—						7						—						3						—						3						—
Other(c)			—						1						4						1						—						1						—
Total natural gas revenues(d)			$	—					$	67					$	96					$	24					$	—					$	24					$	—
Total revenues from contracts with customers			$	2,126					$	1,023					$	949					$	1,785					$	838					$	451					$	497
Other revenues
Revenues from alternative revenue programs			$	135					$	11					$	(22)					$	(15)					$	(18)					$	(2)					$	5
Other electric revenues(e)			7						3						4						3						2						1						—
Other natural gas revenues(e)			—						—						1						—						—						—						—
Total other revenues			$	142					$	14					$	(17)					$	(12)					$	(16)					$	(1)					$	5
Total revenues for reportable segments			$	2,268					$	1,037					$	932					$	1,773					$	822					$	450					$	502

__________

(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(b)Includes operating revenues from affiliates in 2024 and 2023 respectively of:

•$2 million, $9 million at ComEd

•$3 million, $2 million at PECO

•$2 million, $1 million at BGE

•$3 million, $2 million at PHI

•$2 million, $1 million at Pepco

•$2 million, $2 million at DPL

•$1 million, less than $1 million at ACE

(c)Includes off-system natural gas sales.

(d)Includes operating revenues from affiliates in 2024 and 2023 respectively of:

•$1 million, less than $1 million at PECO

•$1 million, $1 million at BGE

(e)Includes late payment charge revenues.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

Nine Months Ended September 30, 2024 and 2023

			ComEd						PECO						BGE						PHI						Other(a)						Intersegment Eliminations						Exelon
Operating revenues(b):
2024
Electric revenues			$	6,403					$	2,537					$	2,588					$	4,809					$	—					$	(17)					$	16,320
Natural gas revenues			—						438						680						122						—						(3)						1,237
Shared service and other revenues			—						—						—						7						1,369						(1,376)						—
Total operating revenues			$	6,403					$	2,975					$	3,268					$	4,938					$	1,369					$	(1,396)					$	17,557
2023
Electric revenues			$	5,836					$	2,484					$	2,322					$	4,459					$	—					$	(45)					$	15,056
Natural gas revenues			—						493						664						150						—						(3)						1,304
Shared service and other revenues			—						—						—						6						1,316						(1,322)						—
Total operating revenues			$	5,836					$	2,977					$	2,986					$	4,615					$	1,316					$	(1,370)					$	16,360
Intersegment revenues(c):
2024			$	6					$	7					$	7					$	7					$	1,362					$	(1,389)					$	—
2023			14						6						6						7						1,310						(1,343)						—
Depreciation and amortization:
2024			$	1,124					$	318					$	474					$	716					$	49					$	—					$	2,681
2023			1,045						297						487						741						46						—						2,616
Operating expenses:
2024			$	5,192					$	2,471					$	2,751					$	3,977					$	1,382					$	(1,425)					$	14,348
2023			4,472						2,436						2,503						3,864						1,521						(1,367)						13,429
Interest expense, net:
2024			$	374					$	170					$	159					$	279					$	466					$	(2)					$	1,446
2023			357						149						135						238						402						(4)						1,277
Income taxes:
2024			$	85					$	9					$	32					$	158					$	(126)					$	—					$	158
2023			235						8						76						103						(149)						1						274
Net income (loss):
2024			$	823					$	356					$	353					$	603					$	(322)					$	—					$	1,813
2023			822						410						286						490						(275)						(22)						1,711
Capital expenditures:
2024			$	1,619					$	1,125					$	1,033					$	1,343					$	41					$	—					$	5,161
2023			1,926						1,068						986						1,510						50						—						5,540
Total assets:
September 30, 2024			$	44,718					$	16,748					$	15,038					$	27,672					$	5,804					$	(3,910)					$	106,070
December 31, 2023			42,827						15,595						14,184						26,903						6,374						(4,337)						101,546

__________

(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 15 — Related Party Transactions for additional information on intersegment revenues.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

PHI:

			Pepco						DPL						ACE						Other(a)						Intersegment Eliminations						PHI
Operating revenues(b):
2024
Electric revenues			$	2,320					$	1,221					$	1,280					$	—					$	(12)					$	4,809
Natural gas revenues			—						122						—						—						—						122
Shared service and other revenues			—						—						—						328						(321)						7
Total operating revenues			$	2,320					$	1,343					$	1,280					$	328					$	(333)					$	4,938
2023
Electric revenues			$	2,174					$	1,123					$	1,172					$	1					$	(11)					$	4,459
Natural gas revenues			—						150						—						—						—						150
Shared service and other revenues			—						—						—						309						(303)						6
Total operating revenues			$	2,174					$	1,273					$	1,172					$	310					$	(314)					$	4,615
Intersegment revenues(c):
2024			$	5					$	5					$	2					$	328					$	(333)					$	7
2023			5						5						1						309						(313)						7
Depreciation and amortization:
2024			$	307					$	183					$	214					$	12					$	—					$	716
2023			329						182						212						18						—						741
Operating expenses:
2024			$	1,824					$	1,099					$	1,052					$	335					$	(333)					$	3,977
2023			1,810						1,079						971						318						(314)						3,864
Interest expense, net:
2024			$	142					$	69					$	59					$	10					$	(1)					$	279
2023			122						53						52						9						2						238
Income taxes:
2024			$	74					$	39					$	48					$	(3)					$	—					$	158
2023			43						25						40						(5)						—						103
Net income (loss):
2024			$	323					$	156					$	133					$	(9)					$	—					$	603
2023			249						128						122						(9)						—						490
Capital expenditures:
2024			$	672					$	404					$	265					$	2					$	—					$	1,343
2023			710						416						376						8						—						1,510
Total assets:
September 30, 2024			$	11,602					$	6,204					$	5,329					$	4,573					$	(36)					$	27,672
December 31, 2023			11,194						5,966						5,157						4,627						(41)						26,903

__________

(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

(c)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.

Electric and Gas Revenue by Customer Class (Utility Registrants):

The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

			Nine Months Ended September 30, 2024
Revenues from contracts with customers			ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Electric revenues
Residential			$	3,017					$	1,683					$	1,556					$	2,537					$	1,085					$	725					$	727
Small commercial & industrial			1,755						407						274						519						141						191						187
Large commercial & industrial			875						191						425						1,034						794						91						149
Public authorities & electric railroads			43						21						24						52						26						12						14
Other(a)			803						221						303						623						224						198						206
Total electric revenues(b)			$	6,493					$	2,523					$	2,582					$	4,765					$	2,270					$	1,217					$	1,283
Natural gas revenues
Residential			$	—					$	300					$	418					$	72					$	—					$	72					$	—
Small commercial & industrial			—						106						76						29						—						29						—
Large commercial & industrial			—						—						143						4						—						4						—
Transportation			—						20						—						12						—						12						—
Other(c)			—						11						12						5						—						5						—
Total natural gas revenues(d)			$	—					$	437					$	649					$	122					$	—					$	122					$	—
Total revenues from contracts with customers			$	6,493					$	2,960					$	3,231					$	4,887					$	2,270					$	1,339					$	1,283
Other revenues
Revenues from alternative revenue programs			$	(100)					$	3					$	28					$	40					$	42					$	1					$	(3)
Other electric revenues(e)			10						11						7						11						8						3						—
Other natural gas revenues(e)			—						1						2						—						—						—						—
Total other revenues			$	(90)					$	15					$	37					$	51					$	50					$	4					$	(3)
Total revenues for reportable segments			$	6,403					$	2,975					$	3,268					$	4,938					$	2,320					$	1,343					$	1,280

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

			Nine Months Ended September 30, 2023
Revenues from contracts with customers			ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Electric revenues
Residential			$	2,744					$	1,617					$	1,308					$	2,181					$	954					$	626					$	601
Small commercial & industrial			1,363						415						253						503						134						189						180
Large commercial & industrial			553						196						412						1,099						838						98						163
Public authorities & electric railroads			33						23						22						49						25						11						13
Other(a)			716						219						303						563						187						186						194
Total electric revenues(b)			$	5,409					$	2,470					$	2,298					$	4,395					$	2,138					$	1,110					$	1,151
Natural gas revenues
Residential			$	—					$	335					$	406					$	88					$	—					$	88					$	—
Small commercial & industrial			—						123						66						40						—						40						—
Large commercial & industrial			—						1						124						3						—						3						—
Transportation			—						20						—						11						—						11						—
Other(c)			—						12						28						8						—						8						—
Total natural gas revenues(d)			$	—					$	491					$	624					$	150					$	—					$	150					$	—
Total revenues from contracts with customers			$	5,409					$	2,961					$	2,922					$	4,545					$	2,138					$	1,260					$	1,151
Other revenues
Revenues from alternative revenue programs			$	405					$	1					$	47					$	59					$	28					$	10					$	21
Other electric revenues(e)			22						13						12						11						8						3						—
Other natural gas revenues(e)			—						2						5						—						—						—						—
Total other revenues			$	427					$	16					$	64					$	70					$	36					$	13					$	21
Total revenues for reportable segments			$	5,836					$	2,977					$	2,986					$	4,615					$	2,174					$	1,273					$	1,172

__________

(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(b)Includes operating revenues from affiliates in 2024 and 2023 respectively of:

•$6 million, $14 million at ComEd

•$5 million, $5 million at PECO

•$4 million, $4 million at BGE

•$7 million, $7 million at PHI

•$5 million, $5 million at Pepco

•$5 million, $5 million at DPL

•$2 million, $1 million at ACE

(c)Includes off-system natural gas sales.

(d)Includes operating revenues from affiliates in 2024 and 2023 respectively of:

•$2 million, $1 million at PECO

•$3 million, $2 million at BGE

(e)Includes late payment charge revenues.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 5 — Accounts Receivable

5. Accounts Receivable (All Registrants)

Allowance for Credit Losses on Accounts Receivable

The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.

			Three Months Ended September 30, 2024
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at June 30, 2024			$	372					$	112					$	112					$	45					$	103					$	53					$	16					$	34
Plus: Current period provision for expected credit losses(a)(b)(c)			84						16						28						20						20						12						4						4
Less: Write-offs(d), net of recoveries(e)			30						7						5						5						13						7						3						3
Balance at September 30, 2024			$	426					$	121					$	135					$	60					$	110					$	58					$	17					$	35
			Three Months Ended September 30, 2023
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at June 30, 2023			$	323					$	67					$	101					$	50					$	105					$	50					$	21					$	34
Plus: Current period provision for expected credit losses			72						24						13						9						26						11						6						9
Less: Write-offs, net of recoveries			54						15						19						7						13						5						4						4
Balance at September 30, 2023			$	341					$	76					$	95					$	52					$	118					$	56					$	23					$	39
			Nine Months Ended September 30, 2024
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at December 31, 2023			$	317					$	69					$	95					$	46					$	107					$	52					$	19					$	36
Plus: Current period provision for expected credit losses(c)(f)(g)			221						77						63						34						47						30						8						9
Less: Write-offs(d)(h)(i), net of recoveries(e)			112						25						23						20						44						24						10						10
Balance at September 30, 2024			$	426					$	121					$	135					$	60					$	110					$	58					$	17					$	35
			Nine Months Ended September 30, 2023
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at December 31, 2022			$	327					$	59					$	105					$	54					$	109					$	47					$	21					$	41
Plus: Current period provision for expected credit losses			144						45						32						23						44						24						10						10
Less: Write-offs, net of recoveries			130						28						42						25						35						15						8						12
Balance at September 30, 2023			$	341					$	76					$	95					$	52					$	118					$	56					$	23					$	39

_________

(a)For PECO, the increase is primarily a result of increased aging of receivables.

(b)For BGE and ACE, the change is primarily a result of changes in customer risk profile. For BGE, also reflects increased receivable balances.

(c)For DPL, the decrease is primarily a result of decreased receivable balances.

(d)For PECO, the decrease is primarily a result of decreased disconnection activities.

(e)Recoveries were not material to the Registrants.

(f)For PECO and ComEd, the increase is primarily a result of increased aging of receivables.

(g)For BGE and Pepco, the increase is primarily a result of changes in customer risk profile. For BGE, also reflects increased receivable balances.

(h)For BGE, the decrease is primarily a result of increased collection activities.

(i)For Pepco and DPL, the increase is primarily attributable to unfavorable customer payment behavior.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 5 — Accounts Receivable

The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.

			Three Months Ended September 30, 2024
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at June 30, 2024			$	108					$	29					$	20					$	5					$	54					$	34					$	7					$	13
Plus: Current period provision (benefit) for expected credit losses(a)			7						10						1						3						(7)						(8)						—						1
Less: Write-offs, net of recoveries(b)			4						—						1						2						1						—						—						1
Balance at September 30, 2024			$	111					$	39					$	20					$	6					$	46					$	26					$	7					$	13
			Three Months Ended September 30, 2023
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at June 30, 2023			$	87					$	18					$	8					$	8					$	53					$	31					$	9					$	13
Plus: Current period provision (benefit) for expected credit losses			6						3						2						3						(2)						(2)						—						—
Less: Write-offs, net of recoveries			5						1						2						2						—						—						—						—
Balance at September 30, 2023			$	88					$	20					$	8					$	9					$	51					$	29					$	9					$	13
			Nine Months Ended September 30, 2024
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at December 31, 2023			$	82					$	17					$	8					$	7					$	50					$	28					$	8					$	14
Plus: Current period provision (benefit) for expected credit losses(a)(c)			43						25						15						4						(1)						(2)						(1)						2
Less: Write-offs, net of recoveries(b)			14						3						3						5						3						—						—						3
Balance at September 30, 2024			$	111					$	39					$	20					$	6					$	46					$	26					$	7					$	13
			Nine Months Ended September 30, 2023
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at December 31, 2022			$	82					$	17					$	9					$	10					$	46					$	25					$	7					$	14
Plus: Current period provision for expected credit losses			21						6						3						5						7						4						2						1
Less: Write-offs, net of recoveries			15						3						4						6						2						—						—						2
Balance at September 30, 2023			$	88					$	20					$	8					$	9					$	51					$	29					$	9					$	13

_________

(a)For Pepco, the decrease is primarily a result of decreased receivable balances.

(b)Recoveries were not material to the Registrants.

(c)For PECO and ComEd, the increase is primarily a result of increased aging of receivables.

Unbilled Customer Revenue

The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets at September 30, 2024 and December 31, 2023.

			Unbilled customer revenues(a)
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
September 30, 2024			$	812					$	338					$	149					$	135					$	190					$	83					$	46					$	61
December 31, 2023			991						351						185						208						247						109						64						74

__________

(a)Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 5 — Accounts Receivable

Other Purchases of Customer and Other Accounts Receivables

For the nine months ended September 30, 2024 and 2023 the Utility Registrants were required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participated in the utilities' consolidated billing. The following table presents the total receivables purchased.

			Total receivables purchased
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Nine months ended September 30, 2024			$	3,177					$	750					$	854					$	606					$	967					$	607					$	191					$	169
Nine months ended September 30, 2023			3,124						726						843						628						927						600						174						153

6. Income Taxes (All Registrants)

Rate Reconciliation

The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:

			Three Months Ended September 30, 2024(a)
			Exelon						ComEd(b)						PECO(c)						BGE(b)						PHI						Pepco						DPL						ACE
U.S. Federal statutory rate			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit			5.7						7.6						(2.1)						6.5						6.5						6.2						6.3						7.4
Plant basis differences			(4.8)						(0.8)						(19.5)						(0.8)						(0.8)						(1.2)						(0.8)						—
Excess deferred tax amortization			(14.0)						(16.6)						(2.6)						(18.6)						(5.5)						(6.7)						(5.9)						(1.6)
Amortization of investment tax credit, including deferred taxes on basis difference			(0.1)						(0.1)						—						(0.1)						(0.1)						—						(0.1)						(0.1)
Tax credits			(0.9)						(2.6)						—						(0.6)						(0.6)						(0.5)						(0.6)						(0.5)
Other			(0.3)						0.6						(0.3)						0.8						0.1						(0.2)						0.4						0.3
Effective income tax rate			6.6		%				9.1		%				(3.5)		%				8.2		%				20.6		%				18.6		%				20.3		%				26.5		%

			Three Months Ended September 30, 2023(a)
			Exelon						ComEd						PECO(c)						BGE						PHI						Pepco						DPL						ACE
U.S. Federal statutory rate			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit (d)			(2.7)						7.8						(1.2)						6.6						6.2						5.5						6.1						7.0
Plant basis differences			(4.4)						(0.4)						(15.6)						(0.2)						(1.5)						(2.4)						(0.9)						(0.5)
Excess deferred tax amortization			(6.4)						(5.3)						(2.4)						(5.4)						(8.0)						(9.2)						(10.0)						(3.1)
Amortization of investment tax credit, including deferred taxes on basis difference			(0.1)						(0.1)						—						(0.1)						(0.1)						—						(0.1)						(0.1)
Tax credits			(0.5)						(1.2)						—						(2.0)						(0.5)						(0.6)						(0.4)						(0.3)
Other			1.8						0.2						0.2						(0.3)						0.3						0.6						—						0.5
Effective income tax rate			8.7		%				22.0		%				2.0		%				19.6		%				17.4		%				14.9		%				15.7		%				24.5		%

__________

(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.

(b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits.

(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 6 — Income Taxes

(d)For Exelon, the lower state income taxes, net of federal income tax expense, is primarily due to the long-term marginal state income tax rate change of $54 million.

			Nine Months Ended September 30, 2024(a)
			Exelon						ComEd(b)						PECO(c)						BGE(b)						PHI						Pepco						DPL						ACE
U.S. Federal statutory rate			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit			5.8						7.7						(1.2)						6.3						6.5						6.2						6.2						7.4
Plant basis differences			(4.2)						(0.8)						(14.7)						(1.2)						(0.9)						(1.3)						(0.9)						0.1
Excess deferred tax amortization			(14.1)						(17.4)						(2.4)						(17.6)						(5.4)						(6.8)						(5.8)						(1.6)
Amortization of investment tax credit, including deferred taxes on basis difference			(0.1)						(0.1)						—						—						(0.1)						—						(0.1)						(0.1)
Tax credits			(0.6)						(1.4)						—						(0.4)						(0.5)						(0.4)						(0.4)						(0.4)
Other			0.2						0.4						(0.2)						0.2						0.2						(0.1)						—						0.1
Effective income tax rate			8.0		%				9.4		%				2.5		%				8.3		%				20.8		%				18.6		%				20.0		%				26.5		%

			Nine Months Ended September 30, 2023(a)
			Exelon						ComEd						PECO(c)						BGE						PHI						Pepco						DPL						ACE
U.S. Federal statutory rate			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit(d)			2.8						7.8						(1.3)						6.5						6.1						5.5						6.2						6.9
Plant basis differences			(4.3)						(0.4)						(15.5)						(0.5)						(1.6)						(2.5)						(1.0)						(0.5)
Excess deferred tax amortization			(6.6)						(5.5)						(2.4)						(5.4)						(7.7)						(9.2)						(9.4)						(2.6)
Amortization of investment tax credit, including deferred taxes on basis difference			(0.1)						(0.1)						—						(0.1)						(0.1)						—						(0.1)						(0.1)
Tax credits			(0.5)						(0.7)						—						(0.7)						(0.6)						(0.7)						(0.4)						(0.3)
Other			1.5						0.1						0.1						0.2						0.3						0.6						—						0.3
Effective income tax rate			13.8		%				22.2		%				1.9		%				21.0		%				17.4		%				14.7		%				16.3		%				24.7		%

__________

(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.

(b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits.

(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.

(d)For Exelon, the lower state income taxes, net of federal income tax expense, is primarily due to the long-term marginal state income tax rate change of $54 million.

Unrecognized Tax Benefits

Exelon, PHI and ACE have the following unrecognized tax benefits at September 30, 2024 and December 31, 2023. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.

			Exelon(a)												PHI						ACE
September 30, 2024			$	85											$	38					$	1
December 31, 2023			94												51						15

__________

(a)At September 30, 2024 and December 31, 2023, Exelon's unrecognized tax benefits is inclusive of $31 million related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $31 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 6 — Income Taxes

Other Tax Matters

Tax Matters Agreement (Exelon)

In connection with the separation, Exelon entered into a TMA with Constellation. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon’s consolidated group for U.S. federal, state, and local tax purposes.

Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the existing Exelon tax sharing agreement.

Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the existing Exelon tax sharing agreement.

Tax Attributes. At the date of separation certain tax attributes, primarily pre-closing tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA provides that Exelon will reimburse Constellation when those allocated tax credit carryforwards are utilized. As of September 30, 2024, Exelon recorded a payable of $130 million and $201 million in Other current liabilities and Other deferred credits and other liabilities, respectively, in the Consolidated Balance Sheet for tax attribute carryforwards that are expected to be utilized and reimbursed to Constellation.

Corporate Alternative Minimum Tax (All Registrants)

On August 16, 2022, the IRA was signed into law and implements a new corporate alternative minimum tax (CAMT) that imposes a 15.0% tax on modified GAAP net income. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT.

Beginning in 2023, based on the existing statute, Exelon and each of the Utility Registrants will be subject to and will report the CAMT on a separate Registrant basis in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent Exelon’s consolidated deferred tax liabilities exceed the minimum tax credit carryforward. Exelon’s deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required.

On September 12, 2024, the U.S. Treasury issued proposed regulations providing further guidance addressing the implementation of CAMT. The proposed regulations are consistent with Exelon’s prior interpretation and therefore there are no financial statement impacts. Exelon will continue to monitor and assess the potential financial statement impacts of final regulations or other guidance when issued.

Allocation of Tax Benefits (All Registrants)

The Utility Registrants are party to an agreement with Exelon that provides for the allocation of consolidated tax liabilities and benefits (Tax Sharing Agreement). The Tax Sharing Agreement provides that each party is allocated an amount of tax similar to that which would be owed had the party been separately subject to tax. In addition, any net benefit attributable to Exelon is reallocated to the Utility Registrants. That allocation is treated as a contribution to capital from Exelon to the party receiving the benefit.

The following table presents the allocation of tax benefits from Exelon under the Tax Sharing Agreement, for the three and nine months ended September 30, 2024, and 2023.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 6 — Income Taxes

			ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
September 30, 2024			$	30					$	15					$	14					$	16					$	9					$	5					$	2
September 30, 2023			$	13					$	19					$	—					$	10					$	4					$	—					$	2

Allocation of Income Taxes to Regulated Utilities (All Registrants)

In Q2 2024, the IRS issued a series of private letter rulings (PLR), to another taxpayer, providing guidance with respect to the application of the tax normalization rules to the allocation of consolidated tax benefits among the members of a consolidated group associated with NOLC for ratemaking purposes. The rulings provide that for ratemaking purposes the tax benefit of NOLC should be reflected on a separate company basis not taking into consideration any payments received for the utilization of losses by other affiliates under a tax sharing agreement.

For the Registrants, the impact of these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes that reduce rate base for ratemaking purposes.

A PLR issued to another taxpayer may not be relied on as precedent. However, Management is analyzing this guidance and plans to work collaboratively with Exelon's regulatory commissions to address potential impacts. The Registrants will record the impact, if any, after either obtaining approval from their regulatory commissions or upon receiving their own PLRs from the IRS.

7. Retirement Benefits (All Registrants)

Defined Benefit Pension and OPEB

The majority of the 2024 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 5.19%. The majority of the 2024 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50% for funded plans and a discount rate of 5.17%.

During the first quarter of 2024, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2024. This valuation resulted in an increase to the pension obligation of $98 million and a decrease to the OPEB obligation of $1 million. Additionally, AOCI increased by $25 million (after-tax) and regulatory assets and liabilities increased by $66 million and $2 million, respectively.

A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following tables present the components of Exelon's net periodic benefit costs, prior to capitalization, for the three and nine months ended September 30, 2024 and 2023.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 7 — Retirement Benefits

			Pension Benefits												OPEB
			Three Months Ended September 30,												Three Months Ended September 30,
			2024						2023						2024						2023
Components of net periodic benefit cost
Service cost			$	43					$	39					$	6					$	6
Interest cost			141						145						24						25
Expected return on assets			(184)						(189)						(21)						(21)
Amortization of:
Prior service cost (credit)			1						1						(2)						(2)
Actuarial loss			53						41						—						—
Settlement charges			—						18						—						—
Net periodic benefit cost			$	54					$	55					$	7					$	8
			Pension Benefits												OPEB
			Nine Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Components of net periodic benefit cost
Service cost			$	125					$	116					$	20					$	18
Interest cost			423						434						72						76
Expected return on assets			(552)						(566)						(63)						(63)
Amortization of:
Prior service cost (credit)			2						2						(6)						(7)
Actuarial loss (gain)			160						125						—						(1)
Settlement charges			—						18						—						—
Net periodic benefit cost			$	158					$	129					$	23					$	23

The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 7 — Retirement Benefits

						Three Months Ended September 30,												Nine Months Ended September 30,
Pension and OPEB Costs (Benefit)						2024						2023						2024						2023
Exelon						$	61					$	63					$	181					$	152
ComEd						17						6						53						19
PECO						(1)						(3)						(1)						(10)
BGE						14						14						45						42
PHI						25						25						71						74
Pepco						8						9						24						26
DPL						4						4						11						13
ACE						3						3						10						10

Defined Contribution Savings Plan

The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three and nine months ended September 30, 2024 and 2023.

						Three Months Ended September 30,												Nine Months Ended September 30,
Savings Plan Employer Contributions						2024						2023						2024						2023
Exelon						$	25					$	27					$	76					$	74
ComEd						12						12						32						31
PECO						3						3						11						10
BGE						2						3						8						8
PHI						4						5						12						13
Pepco						1						1						3						3
DPL						1						1						3						3
ACE						1						1						2						2

8. Derivative Financial Instruments (All Registrants)

The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. The Registrants do not execute derivatives for speculative or proprietary trading purposes.

Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. At ComEd, derivative economic hedges related to commodities are recorded at fair value and offset by a corresponding regulatory asset or liability. At Exelon, derivative economic hedges related to interest rates are recorded at fair value and offsets are recorded to Electric operating revenues or Interest expense based on the activity the transaction is economically hedging. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or consumed. At Exelon, derivative hedges that qualify and are designated as cash flow hedges are recorded at fair value and offsets are recorded to AOCI.

ComEd’s use of cash collateral is generally unrestricted unless ComEd is downgraded below investment grade. Cash collateral held by PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meets certain qualifications.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 8 — Derivative Financial Instruments

Commodity Price Risk

The Utility Registrants employ established policies and procedures to manage their risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, which are either determined to be non-derivative or classified as economic hedges. The Utility Registrants procure electric and natural gas supply through a competitive procurement process approved by each of the respective state utility commissions. The Utility Registrants’ hedging programs are intended to reduce exposure to energy and natural gas price volatility and have no direct earnings impact as the costs are fully recovered from customers through regulatory-approved recovery mechanisms. The following table provides a summary of the Utility Registrants’ primary derivative hedging instruments, listed by commodity and accounting treatment.

Registrant			Commodity			Accounting Treatment			Hedging Instrument
ComEd			Electricity			NPNS			Fixed price contracts based on all requirements in the IPA procurement plans.
			Electricity			Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a)			20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year.
PECO			Electricity			NPNS			Fixed price contracts for default supply requirements through full requirements contracts.
			Gas			NPNS			Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales.
BGE			Electricity			NPNS			Fixed price contracts for all SOS requirements through full requirements contracts.
			Gas			NPNS			Fixed price purchases associated with forecasted gas supply requirements.
Pepco			Electricity			NPNS			Fixed price contracts for all SOS requirements through full requirements contracts.
DPL			Electricity			NPNS			Fixed price contracts for all SOS requirements through full requirements contracts.
			Gas			NPNS			Fixed and index priced contracts through full requirements contracts.
			Gas			Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b)			Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections.
ACE			Electricity			NPNS			Fixed price contracts for all BGS requirements through full requirements contracts.

__________

(a)See Note 3 — Regulatory Matters of the 2023 Form 10-K for additional information.

(b)The fair value of the DPL economic hedge is not material at September 30, 2024 and December 31, 2023.

The fair value of derivative economic hedges is presented in Other current assets and current and noncurrent Mark-to-market derivative liabilities in Exelon's and ComEd's Consolidated Balance Sheets.

Interest Rate and Other Risk (Exelon)

Exelon Corporate uses a combination of fixed-rate and variable-rate debt to manage interest rate exposure. Exelon Corporate may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges. In addition, Exelon Corporate utilized interest rate swaps to manage interest rate exposure and manage potential fluctuations in Electric operating revenues at the corporate level in consolidation. These interest rate swaps are accounted for as economic hedges. A hypothetical 50 basis point change in the interest rates associated with Exelon's interest rate swaps as of September 30, 2024 would result in an immaterial impact to Exelon's Consolidated Net Income.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 8 — Derivative Financial Instruments

Below is a summary of the interest rate hedge balances at September 30, 2024 and December 31, 2023.

			September 30, 2024
			Derivatives Designated as Hedging Instruments						Economic Hedges						Total
Mark-to-market derivative liabilities (noncurrent liabilities)			$	(39)					—						$	(39)
Total mark-to-market derivative liabilities			(39)						—						(39)
Total mark-to-market derivative net liabilities			$	(39)					$	—					$	(39)

			December 31, 2023
			Derivatives Designated as Hedging Instruments						Economic Hedges						Total
Other current assets			$	11					$	1					$	12
Total derivative assets			11						1						12
Mark-to-market derivative liabilities (current liabilities)			(24)						(22)						(46)
Total mark-to-market derivative liabilities			(24)						(22)						(46)
Total mark-to-market derivative net liabilities			$	(13)					$	(21)					$	(34)

Cash Flow Hedges (Interest Rate Risk)

For derivative instruments that qualify and are designated as cash flow hedges, the changes in fair value each period are initially recorded in AOCI and reclassified into earnings when the underlying transaction affects earnings.

In February 2024, Exelon terminated the previously issued floating-to-fixed swaps with a total notional of $1.3 billion upon issuance of $1.7 billion of debt. See Note 9 – Debt and Credit Agreements for additional information on the debt issuance. Prior to the termination, the 2024 year-to-date AOCI derivative gain was $33 million (net of tax). The settlements resulted in a cash receipt of $30 million. The accumulated AOCI gain of $23 million (net of tax) is being amortized into Interest expense in Exelon's Consolidated Statement of Operations and Comprehensive Income over the 5-year and 10-year terms of the swaps. During the third quarter of 2024, Exelon Corporate entered into $205 million notional of 5-year maturity floating-to-fixed swaps and $205 million notional of 10-year maturity floating-to-fixed swaps, for a total notional of $410 million designated as cash flow hedges. The following table provides the notional amounts outstanding held by Exelon at September 30, 2024 and December 31, 2023.

			September 30, 2024						December 31, 2023
5-year maturity floating-to-fixed swaps			$	602					$	655
10-year maturity floating-to-fixed swaps			603						655
Total			$	1,205					$	1,310

The related AOCI derivative loss for the three and nine months ended September 30, 2024 was $29 million and $30 million (net of tax), respectively. The related AOCI derivative gain for the three and nine months ended September 30, 2023 was $22 million and $31 million (net of tax), respectively. See Note 13 – Changes in Accumulated Other Comprehensive Income (Loss) for additional information.

Economic Hedges (Interest Rate and Other Risk)

Exelon Corporate executes derivative instruments to mitigate exposure to fluctuations in interest rates but for which the fair value or cash flow hedge elections were not made. For derivatives intended to serve as economic hedges, fair value is recorded on the balance sheet and changes in fair value each period are recognized in earnings or as a regulatory asset or liability, if regulatory requirements are met, each period.

Exelon Corporate entered into floating-to-fixed interest rate cap swaps to manage a portion of interest rate exposure in connection with existing borrowings. As of December 31, 2023, Exelon held $1,000 million notional

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(Dollars in millions, except per share data, unless otherwise noted)

Note 8 — Derivative Financial Instruments

of floating-to-fixed interest rate cap swaps, which matured in March 2024. Exelon received payments on the interest rate cap when the floating rate exceeded the fixed rate. Settlements received were immaterial.

Additionally, to manage potential fluctuations in Electric operating revenues related to ComEd's distribution formula rate, Exelon Corporate entered into a total $4,875 million of notional of 30-year constant maturity treasury interest rate (Corporate 30-year treasury) swaps from 2022 through 2023. The Corporate 30-year treasury swaps matured on December 31, 2023 and Exelon recorded a Mark-to-market liability of $22 million for the final settlement amount, which was paid in January 2024.

Exelon Corporate recognized the following net pre-tax mark-to-market (losses) which are also recognized in Net fair value changes related to derivatives in Exelon's Consolidated Statements of Cash Flows.

			Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Income Statement Location			Gain (Loss)						Gain (Loss)
Electric operating revenues			$	—					$	(21)
Interest expense			—						1
Total			$	—					$	(20)

Credit Risk

The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit exposure is mitigated primarily by the ability to recover procurement costs through customer rates. The amount of cash collateral received from external counterparties remained relatively consistent as of September 30, 2024 due to stable energy prices. The following table reflects the Registrants' cash collateral held from external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, as of September 30, 2024 and December 31, 2023:

			September 30, 2024						December 31, 2023
Exelon			$	170					$	148
ComEd			167						146
PECO(a)			—						—
BGE			1						1
PHI			2						1
Pepco(b)			—						1
DPL			2						—
ACE(a)			—						—

__________

(a)PECO and ACE had less than one million in cash collateral held with external parties at September 30, 2024 and December 31, 2023.

(b)Pepco had less than one million in cash collateral held with external parties at September 30, 2024.

The Utility Registrants’ electric supply procurement contracts do not contain provisions that would require them to post collateral. PECO’s, BGE’s, and DPL’s natural gas procurement contracts contain provisions that could require PECO, BGE, and DPL to post collateral in the form of cash or credit support, which vary by contract and counterparty, with thresholds contingent upon PECO’s, BGE's, and DPL’s credit rating. As of September 30, 2024, PECO, BGE, and DPL were not required to post collateral for any of these agreements. If PECO, BGE, or DPL lost their investment grade credit rating as of September 30, 2024, they could have been required to post collateral to their counterparties of $18 million, $37 million, and $9 million, respectively.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 9 — Debt and Credit Agreements

9. Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.

Commercial Paper

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at September 30, 2024 and December 31, 2023.

			Outstanding Commercial Paper at												Average Interest Rate on Commercial Paper Borrowings at
Commercial Paper Issuer			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Exelon(a)			$	531					$	1,624					4.94		%				5.58		%
ComEd			$	73					$	202					4.90		%				5.53		%
PECO			$	—					$	165					—		%				5.57		%
BGE			$	—					$	336					—		%				5.59		%
PHI(b)			$	218					$	394					4.94		%				5.60		%
Pepco			$	49					$	132					4.93		%				5.59		%
DPL			$	—					$	63					—		%				5.60		%
ACE			$	169					$	199					4.94		%				5.60		%

__________

(a)Exelon Corporate had $240 million and $527 million in outstanding commercial paper borrowings at September 30, 2024 and December 31, 2023, respectively.

(b)Represents the consolidated amounts of Pepco, DPL, and ACE.

Revolving Credit Agreements

On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facility, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:

Borrower			Aggregate Bank Commitment						Interest Rate
Exelon Corporate			$	900					SOFR plus 1.275		%
ComEd			$	1,000					SOFR plus 1.000		%
PECO			$	600					SOFR plus 0.900		%
BGE			$	600					SOFR plus 0.900		%
Pepco			$	300					SOFR plus 1.075		%
DPL			$	300					SOFR plus 1.000		%
ACE			$	300					SOFR plus 1.000		%

Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of September 30, 2024.

The Utility Registrants have credit facility agreements, arranged at minority and community banks, which may be utilized to issue letters of credit. The facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 3, 2025.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 9 — Debt and Credit Agreements

See Note 16 — Debt and Credit Agreements of the 2023 Form 10-K for additional information on the Registrants' credit facilities.

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed in the first quarter of 2024 and was bifurcated into two tranches of $350 million and $150 million on March 14, 2024. The agreements will expire on March 14, 2025. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 1.05% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

On May 9, 2023, ComEd entered into a 364-day term loan agreement for $400 million with a variable rate equal to SOFR plus 1.00% and an expiration date of May 7, 2024. On May 1, 2024, ComEd entered into an agreement to extend the loan through the expiration date of June 28, 2024. The original proceeds from the loan were used to repay outstanding commercial paper obligations and for general corporate purposes. The balance of the loan was repaid on May 16, 2024. Refer to the Issuance of Long-term Debt Table below for further information.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 9 — Debt and Credit Agreements

Long-Term Debt

Issuance of Long-Term Debt

During the nine months ended September 30, 2024, the following long-term debt was issued:

Company

Type

Interest Rate

Maturity

Amount

Use of Proceeds

Exelon

Notes

5.15%

March 15, 2029

$650

Repay Exelon SMBC Term Loan, outstanding commercial paper, and for general corporate purposes.

Exelon

Notes

5.45%

March 15, 2034

$650

Repay Exelon SMBC Term Loan, outstanding commercial paper, and for general corporate purposes.

Exelon

Notes

5.60%

March 15, 2053

$400

Repay Exelon SMBC Term Loan, outstanding commercial paper, and for general corporate purposes.

ComEd

First Mortgage Bonds

5.30%

June 1, 2034

$400

Repay existing indebtedness, repay outstanding commercial paper obligations, and to fund other general corporate purposes.

ComEd

First Mortgage Bonds

5.65%

June 1, 2054

$400

Repay existing indebtedness, repay outstanding commercial paper obligations, and to fund other general corporate purposes.

PECO

First Mortgage Bonds

5.25%

September 15, 2054

$575

Refinance outstanding commercial paper and for general corporate purposes

BGE

Notes

5.30%

June 1, 2034

$400

Repay outstanding commercial paper obligations and for general corporate purposes

BGE

Notes

5.65%

June 1, 2054

$400

Repay outstanding commercial paper obligations and for general corporate purposes

Pepco

First Mortgage Bonds

5.20%

March 15, 2034

$375

Refinance existing indebtedness, refinance outstanding commercial paper obligations, and for general corporate purposes.

Pepco

First Mortgage Bonds

5.50%

March 15, 2054

$300

Refinance existing indebtedness, refinance outstanding commercial paper obligations, and for general corporate purposes.

DPL

First Mortgage Bonds

5.24%

March 20, 2034

$100

Repay existing indebtedness and for general corporate purposes.

DPL

First Mortgage Bonds

5.55%

March 20, 2054

$75

Repay existing indebtedness and for general corporate purposes.

ACE

First Mortgage Bonds

5.55%

March 20, 2054

$75

Repay existing indebtedness and for general corporate purposes.

ACE

First Mortgage Bonds

5.29%

August 28, 2034

$75

Repay existing indebtedness and for general corporate purposes.

ACE

First Mortgage Bonds

5.49%

August 28, 2039

$100

Repay existing indebtedness and for general corporate purposes.

Debt Covenants

As of September 30, 2024, the Registrants are in compliance with debt covenants.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

10. Fair Value of Financial Assets and Liabilities (All Registrants)

Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

•Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date.

•Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.

Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 17 — Fair Value of Financial Assets and Liabilities of the 2023 Form 10-K.

Fair Value of Financial Liabilities Recorded at Amortized Cost

The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of September 30, 2024 and December 31, 2023. The Registrants have no financial liabilities measured using the NAV practical expedient.

The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.

						September 30, 2024																														December 31, 2023
						Carrying Amount						Fair Value																								Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total												Level 1						Level 2						Level 3						Total
Long-Term Debt, including amounts due within one year(a)
Exelon						$	44,655					$	—					$	37,642					$	3,937					$	41,579					$	41,095					$	—					$	33,804					$	3,442					$	37,246
ComEd						12,028						—						10,957						—						10,957						11,486						—						10,210						—						10,210
PECO						5,703						—						5,156						—						5,156						5,134						—						4,562						—						4,562
BGE						5,395						—						5,021						—						5,021						4,602						—						4,145						—						4,145
PHI						9,135						—						4,333						3,937						8,270						8,648						—						4,160						3,442						7,602
Pepco						4,362						—						2,638						1,634						4,272						4,096						—						2,311						1,600						3,911
DPL						2,221						—						667						1,329						1,996						2,080						—						694						1,134						1,828
ACE						1,935						—						809						974						1,783						1,833						—						939						708						1,647
Long-Term Debt to Financing Trusts
Exelon						$	390					$	—					$	—					$	409					$	409					$	390					$	—					$	—					$	390					$	390
ComEd						206						—						—						215						215						205						—						—						208						208
PECO						184						—						—						194						194						184						—						—						182						182

__________

(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 16 — Debt and Credit Agreements of the 2023 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases of the 2023 Form 10-K for finance lease liabilities.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

Recurring Fair Value Measurements

The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at September 30, 2024 and December 31, 2023. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively:

Exelon

			At September 30, 2024																								At December 31, 2023
			Level 1						Level 2						Level 3												Total						Level 1						Level 2						Level 3												Total
Assets
Cash equivalents(a)			$	861					$	—					$	—											$	861					$	618					$	—					$	—											$	618
Rabbi trust investments
Cash equivalents			93						—						—												93						67						—						—												67
Mutual funds			62						—						—												62						53						—						—												53
Fixed income			—						7						—												7						—						7						—												7
Life insurance contracts			—						70						22												92						—						61						43												104
Rabbi trust investments subtotal			155						77						22												254						120						68						43												231
Interest rate derivative assets
Derivatives designated as hedging instruments			—						—						—												—						—						11						—												11
Economic hedges			—						—						—												—						—						1						—												1
Interest rate derivative assets subtotal			—						—						—												—						—						12						—												12
Total assets			1,016						77						22												1,115						738						80						43												861
Liabilities
Commodity derivative liabilities			—						—						(165)												(165)						—						—						(133)												(133)
Interest rate derivative liabilities
Derivatives designated as hedging instruments			—						(39)						—												(39)						—						(24)						—												(24)
Economic hedges			—						—						—												—						—						(22)						—												(22)
Interest rate derivative liabilities subtotal			—						(39)						—												(39)						—						(46)						—												(46)
Deferred compensation obligation			—						(75)						—												(75)						—						(75)						—												(75)
Total liabilities			—						(114)						(165)												(279)						—						(121)						(133)												(254)
Total net assets (liabilities)			$	1,016					$	(37)					$	(143)											$	836					$	738					$	(41)					$	(90)											$	607

__________    

(a)Exelon excludes cash of $205 million and $334 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of $167 million and $149 million at September 30, 2024 and December 31, 2023, respectively, and includes long-term restricted cash of $65 million and $174 million at September 30, 2024 and December 31, 2023, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

ComEd, PECO, and BGE

			ComEd																								PECO																								BGE
At September 30, 2024			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents(a)			$	403					$	—					$	—					$	403					$	18					$	—					$	—					$	18					$	313					$	—					$	—					$	313
Rabbi trust investments
Mutual funds			—						—						—						—						11						—						—						11						10						—						—						10
Life insurance contracts			—						—						—						—						—						21						—						21						—						—						—						—
Rabbi trust investments subtotal			—						—						—						—						11						21						—						32						10						—						—						10
Total assets			403						—						—						403						29						21						—						50						323						—						—						323
Liabilities
Commodity derivative liabilities(b)			—						—						(165)						(165)						—						—						—						—						—						—						—						—
Deferred compensation obligation			—						(9)						—						(9)						—						(7)						—						(7)						—						(4)						—						(4)
Total liabilities			—						(9)						(165)						(174)						—						(7)						—						(7)						—						(4)						—						(4)
Total net assets (liabilities)			$	403					$	(9)					$	(165)					$	229					$	29					$	14					$	—					$	43					$	323					$	(4)					$	—					$	319

			ComEd																								PECO																								BGE
At December 31, 2023			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents(a)			$	453					$	—					$	—					$	453					$	9					$	—					$	—					$	9					$	—					$	—					$	—					$	—
Rabbi trust investments
Mutual funds			—						—						—						—						9						—						—						9						9						—						—						9
Life insurance contracts			—						—						—						—						—						18						—						18						—						—						—						—
Rabbi trust investments subtotal			—						—						—						—						9						18						—						27						9						—						—						9
Total assets			453						—						—						453						18						18						—						36						9						—						—						9
Liabilities
Commodity derivative liabilities(b)			—						—						(133)						(133)						—						—						—						—						—						—						—						—
Deferred compensation obligation			—						(8)						—						(8)						—						(8)						—						(8)						—						(4)						—						(4)
Total liabilities			—						(8)						(133)						(141)						—						(8)						—						(8)						—						(4)						—						(4)
Total net assets (liabilities)			$	453					$	(8)					$	(133)					$	312					$	18					$	10					$	—					$	28					$	9					$	(4)					$	—					$	5

__________

(a)ComEd excludes cash of $84 million and $86 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of $167 million and $147 million at September 30, 2024 and December 31, 2023, respectively. Additionally, ComEd includes long-term restricted cash of $65 million and $174 million at September 30, 2024 and December 31, 2023, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO excludes cash of $19 million and $42 million at September 30, 2024 and December 31, 2023, respectively. BGE excludes

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(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

cash of $18 million and $47 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of zero and $1 million at September 30, 2024 and December 31, 2023, respectively.

(b)The Level 3 balance consists of the current and noncurrent liability of $25 million and $140 million, respectively, at September 30, 2024 and $27 million and $106 million, respectively, at December 31, 2023 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

PHI, Pepco, DPL, and ACE

			At September 30, 2024																								At December 31, 2023
PHI			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents(a)			$	74					$	—					$	—					$	74					$	107					$	—					$	—					$	107
Rabbi trust investments
Cash equivalents			90						—						—						90						64						—						—						64
Mutual funds			9						—						—						9						9						—						—						9
Fixed income			—						7						—						7						—						7						—						7
Life insurance contracts			—						23						21						44						—						21						41						62
Rabbi trust investments subtotal			99						30						21						150						73						28						41						142
Total assets			173						30						21						224						180						28						41						249
Liabilities
Deferred compensation obligation			—						(11)						—						(11)						—						(13)						—						(13)
Total liabilities			—						(11)						—						(11)						—						(13)						—						(13)
Total net assets			$	173					$	19					$	21					$	213					$	180					$	15					$	41					$	236

			Pepco																								DPL																								ACE
At September 30, 2024			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents(a)			$	21					$	—					$	—					$	21					$	3					$	—					$	—					$	3					$	—					$	—					$	—					$	—
Rabbi trust investments
Cash equivalents			90						—						—						90						—						—						—						—						—						—						—						—
Life insurance contracts			—						23						21						44						—						—						—						—						—						—						—						—
Rabbi trust investments subtotal			90						23						21						134						—						—						—						—						—						—						—						—
Total assets			111						23						21						155						3						—						—						3						—						—						—						—
Liabilities
Deferred compensation obligation			—						(1)						—						(1)						—						—						—						—						—						—						—						—
Total liabilities			—						(1)						—						(1)						—						—						—						—						—						—						—						—
Total net assets			$	111					$	22					$	21					$	154					$	3					$	—					$	—					$	3					$	—					$	—					$	—					$	—

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(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

			Pepco																								DPL																								ACE
At December 31, 2023			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents(a)			$	23					$	—					$	—					$	23					$	1					$	—					$	—					$	1					$	—					$	—					$	—					$	—
Rabbi trust investments
Cash equivalents			63						—						—						63						—						—						—						—						—						—						—						—
Life insurance contracts			—						21						41						62						—						—						—						—						—						—						—						—
Rabbi trust investments subtotal			63						21						41						125						—						—						—						—						—						—						—						—
Total assets			86						21						41						148						1						—						—						1						—						—						—						—
Liabilities
Deferred compensation obligation			—						(1)						—						(1)						—						—						—						—						—						—						—						—
Total liabilities			—						(1)						—						(1)						—						—						—						—						—						—						—						—
Total net assets			$	86					$	20					$	41					$	147					$	1					$	—					$	—					$	1					$	—					$	—					$	—					$	—

__________

(a)PHI excludes cash of $48 million and $96 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of zero and $1 million at September 30, 2024 and December 31, 2023, respectively. Pepco excludes cash of $19 million and $48 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of zero and $1 million at September 30, 2024 and December 31, 2023, respectively. DPL excludes cash of $7 million and $15 million at September 30, 2024 and December 31, 2023, respectively. ACE excludes cash of $17 million and $21 million at September 30, 2024 and December 31, 2023, respectively.

Reconciliation of Level 3 Assets and Liabilities

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2024 and 2023:

			Exelon						ComEd						PHI and Pepco
Three Months Ended September 30, 2024			Total						Commodity Derivatives						Life Insurance Contracts
Balance at June 30, 2024			$	(116)					$	(139)					$	22
Total realized / unrealized gains (losses)
Included in net income(a)			—						—						—
Included in regulatory assets/liabilities			(26)						(26)			(b)			—
Purchases, sales, and settlements
Settlements			(1)						—						(1)
Balance at September 30, 2024			$	(143)					$	(165)		(c)			$	21
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2024			$	—					$	—					$	—

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(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

			Exelon						ComEd						PHI and Pepco
Three Months Ended September 30, 2023			Total						Commodity Derivatives						Life Insurance Contracts
Balance at June 30, 2023			$	(91)					$	(133)					$	42
Total realized / unrealized gains (losses)
Included in net income(a)			—						—						(2)
Included in regulatory assets/liabilities			(1)						(1)			(b)			—
Balance at September 30, 2023			$	(92)					$	(134)					$	40
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2023			$	—					$	—					$	(2)

			Exelon						ComEd						PHI and Pepco
Nine Months Ended September 30, 2024			Total						Commodity Derivatives						Life Insurance Contracts
Balance at December 31, 2023			$	(90)					$	(133)					$	41
Total realized / unrealized gains (losses)
Included in net income(a)			1						—						2
Included in regulatory assets/liabilities			(32)						(32)			(b)			—
Purchases, sales, and settlements
Settlements			(22)						—						(22)
Balance at September 30, 2024			$	(143)					$	(165)		(c)			$	21
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2024			$	2					$	—					$	2

			Exelon						ComEd						PHI and Pepco
Nine Months Ended September 30, 2023			Total						Commodity Derivatives						Life Insurance Contracts
Balance at December 31, 2022			$	(44)					$	(84)					$	40
Total realized / unrealized gains (losses)
Included in net income(a)			2						—						—
Included in regulatory assets/liabilities			(50)						(50)			(b)			—
Balance at September 30, 2023			$	(92)					$	(134)					$	40
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities at September 30, 2023			$	2					$	—					$	—

__________

(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.

(b)Includes $31 million of decreases in fair value and an increase for realized gains due to settlements of $5 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2024. Includes $5 million of decreases in fair value and an increase for realized gains due to settlements of $4 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2023. Includes $60 million of decreases in fair value and an increase for realized gains due to settlements of $28 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2024. Includes $73 million of decreases in fair value and an increase for realized gains due to settlements of $23 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2023.

(c)The balance of the current and noncurrent asset was effectively zero as of September 30, 2024. The balance consists of a current and noncurrent liability of $25 million and $140 million, respectively, as of September 30, 2024.

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(Dollars in millions, except per share data, unless otherwise noted)

Note 10 — Fair Value of Financial Assets and Liabilities

Commodity Derivatives (Exelon and ComEd)

The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.

Type of trade						Fair Value at September 30, 2024						Fair Value at December 31, 2023						Valuation Technique						Unobservable Input						2024 Range & Arithmetic Average															2023 Range & Arithmetic Average
Commodity derivatives						$	(165)					$	(133)					Discounted Cash Flow						Forward power price(a)						$22.68			-			$55.35			$36.45						$30.27			-			$73.71			$43.35

________

(a)An increase to the forward power price would increase the fair value.

11. Commitments and Contingencies (All Registrants)

The following is an update to the current status of commitments and contingencies set forth in Note 18 — Commitments and Contingencies of the 2023 Form 10-K.

Commitments

PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at September 30, 2024:

Description			Exelon						PHI						Pepco						DPL						ACE
Total commitments			$	513					$	320					$	120					$	89					$	111
Remaining commitments(a)			30						27						24						2						1

__________

(a)Remaining commitments extend through 2026 and include escrow funds, charitable contributions, and rate credits.

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Commercial Commitments (All Registrants). The Registrants’ commercial commitments at September 30, 2024, representing commitments potentially triggered by future events, were as follows:

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									Expiration within
			Total						2024						2025						2026						2027						2028						2029 and beyond
Exelon
Letters of credit(a)			$	54					$	11					$	43					$	—					$	—					$	—					$	—
Surety bonds(b)			195						86						107						—						2						—						—
Financing trust guarantees(c)			378						—						—						—						—						78						300
Guaranteed lease residual values(d)			26						—						2						5						4						6						9
Total commercial commitments			$	653					$	97					$	152					$	5					$	6					$	84					$	309
ComEd
Letters of credit(a)			$	17					$	4					$	13					$	—					$	—					$	—					$	—
Surety bonds(b)			36						5						29						—						2						—						—
Financing trust guarantees(c)			200						—						—						—						—						—						200
Total commercial commitments			$	253					$	9					$	42					$	—					$	2					$	—					$	200
PECO
Letters of credit(a)			$	4					$	—					$	4					$	—					$	—					$	—					$	—
Surety bonds(b)			2						—						2						—						—						—						—
Financing trust guarantees(c)			178						—						—						—						—						78						100
Total commercial commitments			$	184					$	—					$	6					$	—					$	—					$	78					$	100
BGE
Letters of credit(a)			$	27					$	6					$	21					$	—					$	—					$	—					$	—
Surety bonds(b)			3						1						2						—						—						—						—
Total commercial commitments			$	30					$	7					$	23					$	—					$	—					$	—					$	—
PHI
Letters of credit(a)			$	3					$	—					$	3					$	—					$	—					$	—					$	—
Surety bonds(b)			97						76						21						—						—						—						—
Guaranteed lease residual values(d)			26						—						2						5						4						6						9
Total commercial commitments			$	126					$	76					$	26					$	5					$	4					$	6					$	9
Pepco
Letters of credit(a)			$	2					$	—					$	2					$	—					$	—					$	—					$	—
Surety bonds(b)			85						71						14						—						—						—						—
Guaranteed lease residual values(d)			9						—						1						2						1						2						3
Total commercial commitments			$	96					$	71					$	17					$	2					$	1					$	2					$	3
DPL
Letters of credit(a)			$	1					$	—					$	1					$	—					$	—					$	—					$	—
Surety bonds(b)			7						3						4						—						—						—						—
Guaranteed lease residual values(d)			10						—						1						2						2						2						3
Total commercial commitments			$	18					$	3					$	6					$	2					$	2					$	2					$	3
ACE
Surety bonds(b)			$	5					$	2					$	3					$	—					$	—					$	—					$	—
Guaranteed lease residual values(d)			7						—						—						1						1						2						3
Total commercial commitments			$	12					$	2					$	3					$	1					$	1					$	2					$	3

__________

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(a)Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties.

(b)Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Historically, payments under the guarantees have not been made and the likelihood of payments being required is remote.

(c)Reflects guarantee of ComEd and PECO securities held by ComEd Financing III, PECO Trust III, and PECO Trust IV.

(d)Represents the maximum potential obligation in the event the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $60 million guaranteed by Exelon and PHI, of which $21 million, $22 million, and $17 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.

Environmental Remediation Matters

General (All Registrants). The Registrants’ operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under federal and state environmental laws, the Registrants are generally liable for the costs of remediating environmental contamination of property now or formerly owned by them and of property contaminated by hazardous substances generated by them. The Registrants own or lease a number of real estate parcels, including parcels on which their operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, the Registrants are currently involved in a number of proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, the Registrants cannot reasonably estimate whether they will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by the Registrants, environmental agencies, or others, or whether such costs will be recoverable from third parties, including customers. Additional costs could have a material, unfavorable impact on the Registrants' financial statements.

MGP Sites (All Registrants). ComEd, PECO, BGE, and DPL have identified sites where former MGP or gas purification activities have or may have resulted in actual site contamination. For some sites, there are additional PRPs that may share responsibility for the ultimate remediation of each location.

•ComEd has 16 sites that are currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2031.

•PECO has 6 sites that are currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2027.

•BGE has 4 sites that currently require some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2025.

•DPL has 1 site that is currently under study and the required cost at the site is not expected to be material.

The historical nature of the MGP and gas purification sites and the fact that many of the sites have been buried and built over, impacts the ability to determine a precise estimate of the ultimate costs prior to initial sampling and determination of the exact scope and method of remedial activity. Management determines its best estimate of remediation costs using all available information at the time of each study, including probabilistic and deterministic modeling for ComEd and PECO, and the remediation standards currently required by the applicable state environmental agency. Prior to completion of any significant clean up, each site remediation plan is approved by the appropriate state environmental agency.

ComEd, pursuant to an ICC order, and PECO, pursuant to a PAPUC order, are currently recovering environmental remediation costs of former MGP facility sites through customer rates. While BGE and DPL do not have riders for MGP clean-up costs, they have historically received recovery of actual clean-up costs in distribution rates.

During the third quarter of 2024, ComEd and PECO completed an annual study of their future estimated MGP remediation requirements. The study resulted in increases of $13 million and $4 million to the environmental liability and related Regulatory asset for ComEd and PECO, respectively. The increases were primarily due to increased costs resulting from inflation and changes in remediation plans.

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At September 30, 2024 and December 31, 2023, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:

			September 30, 2024												December 31, 2023
			Total Environmental Investigation and Remediation Liabilities						Portion of Total Related to MGP Investigation and Remediation						Total Environmental Investigation and Remediation Liabilities						Portion of Total Related to MGP Investigation and Remediation
Exelon			$	410					$	328					$	428					$	338
ComEd			290						289						303						302
PECO			31						28						27						25
BGE			14						11						14						11
PHI			75						—						81						—
Pepco			73						—						79						—
DPL			1						—						1						—
ACE			1						—						1						—

Benning Road Site (Exelon, PHI, and Pepco). In September 2010, PHI received a letter from the EPA identifying the Benning Road site as one of six land-based sites potentially contributing to contamination of the lower Anacostia River. A portion of the site, which is owned by Pepco, was formerly the location of an electric generating facility owned by Pepco subsidiary, Pepco Energy Services (PES), which became a part of Generation following the 2016 merger between PHI and Exelon. This generating facility was deactivated in June 2012. The remaining portion of the site consists of a Pepco transmission and distribution service center that remains in operation. In December 2011, the U.S. District Court for the District of Columbia approved a Consent Decree entered into by Pepco and Pepco Energy Services (hereinafter "Pepco Entities") with the DOEE, which requires the Pepco Entities to conduct a Remedial Investigation and Feasibility Study (RI/FS) for the Benning Road site and an approximately 10 to 15-acre portion of the adjacent Anacostia River. The purpose of this RI/FS is to define the nature and extent of contamination from the Benning Road site and to evaluate remedial alternatives.

Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft “final” RI report which the DOEE approved on February 3, 2020. The Pepco Entities are completing a FS to evaluate possible remedial alternatives for submission to the DOEE. In October 2022, the DOEE approved dividing the work to complete the landside portion of the FS from the waterside portion to expedite the overall schedule for completion of the project. The landside FS was approved by the DOEE on March 15, 2024, and the waterside FS is scheduled to be complete and approved by the DOEE by the end of the fourth quarter of 2024. Following the completion of each FS, the DOEE will issue a Proposed Plan for public comment and then issue a Record of Decision (ROD) identifying the remedial actions determined to be necessary for the area in question. On October 3, 2023, the DOEE and Pepco entered into an addendum to the Benning Consent Decree pursuant to which Pepco has agreed to fund or perform the remedial actions to be selected by the DOEE for the landside and waterside areas. This addendum to the Benning Consent Decree was entered by the Court on February 27, 2024 and became effective on that date.

As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Generation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above.

Anacostia River Tidal Reach (Exelon, PHI, and Pepco). Contemporaneous with the Benning Road site RI/FS being performed by the Pepco Entities, the DOEE and NPS have been conducting a separate RI/FS focused on the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The riverwide RI incorporated the results

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of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by the DOEE’s contractor.

On September 30, 2020, the DOEE released its Interim ROD for the Anacostia River sediments. The Interim ROD reflects an adaptive management approach which will require several identified “hot spots” in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by the DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion.

On July 15, 2022, Pepco received a letter from the District of Columbia's Office of the Attorney General (D.C. OAG) on behalf of the DOEE conveying a settlement offer to resolve all PRPs' liability to the District of Columbia (District) for their past costs and their anticipated future costs to complete the work for the Interim ROD. Pepco responded on July 27, 2022 agreeing to enter into settlement discussions. On October 3, 2023, Pepco and the District entered into another consent decree (the “Anacostia River Consent Decree”) pursuant to which Pepco agreed to pay $47 million to resolve its liability to the District for all past costs to perform the riverwide RI/FS and all future costs to complete the work required by the Interim ROD. This amount was agreed to be paid in four equal annual installments beginning a year after the effective date of the Anacostia River Consent Decree. The funds will be deposited into the DOEE’s Clean Land Fund for the District’s costs of the Interim ROD work. The Anacostia River Consent Decree caps Pepco’s liability for these costs and provides Pepco with the right to seek contributions from other potentially responsible parties. The Anacostia River Consent Decree was signed by the judge for the U.S. District Court for the District of Columbia and became effective on April 11, 2024. Exelon, PHI, and Pepco have accrued a liability for Pepco’s payment obligations under the Anacostia Consent Decree and management's best estimate of its share of any other future Anacostia River response costs. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a NRD assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the very early stage of the NRD process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process.

As noted in the Benning Road Site disclosure above, as part of the separation of Exelon and Constellation in February 2022, an assumption agreement was executed transferring any potential future remediation liabilities associated with the Benning Site remediation to a non-utility subsidiary of Exelon. Similarly, any potential future liability associated with the Anacostia River Sediment Project was also assumed by this entity.

Buzzard Point Site (Exelon, PHI, and Pepco). On December 8, 2022, Pepco received a letter from the D.C. OAG, alleging wholly past violations of the District's stormwater discharge and waste disposal requirements related to operations at the Buzzard Point facility, a 9-acre parcel of waterfront property in Washington, D.C. occupied by an active substation and former steam plant building. The letter also alleged wholly past violations by Pepco of stormwater discharge requirements related to its district-wide system of underground vaults. On October 3, 2023, Pepco entered into a Consent Order with the District of Columbia to resolve the alleged violations without any admission of liability. The Consent Order requires Pepco to pay a civil penalty of $10 million. In addition, Pepco has agreed to assess the environmental conditions at its Buzzard Point facility and conduct any remedial actions deemed necessary as a result of the assessment, and also to assess potential environmental impacts associated with the operation of its underground vaults. The court signed and entered the Consent Order, and it became effective on February 2, 2024. Exelon, PHI, and Pepco have accrued a liability for the penalty payments and for the projected costs for the required environmental assessments and remediation. Pepco has concluded that incremental exposure is reasonably possible, but the range of loss cannot be reasonably estimated beyond the amounts included in the table above.

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Litigation and Regulatory Matters

DPA and Related Matters (Exelon and ComEd). Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney’s Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. On October 22, 2019, the SEC notified Exelon and ComEd that it had also opened an investigation into their lobbying activities. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation, which included a payment to the U.S. Treasury of $200 million, which was paid in November 2020. The three-year term of the DPA ended on July 17, 2023, and on that same date the court granted the USAO’s motion to dismiss the pending charge against ComEd that had been deferred by the DPA.

On September 28, 2023, Exelon and ComEd reached a settlement with the SEC, concluding and resolving in its entirety the SEC investigation, which related to the conduct identified in the DPA that was entered into by ComEd in July 2020 and successfully exited in July 2023. Under the terms of the settlement, Exelon has agreed to pay a civil penalty of $46.2 million and Exelon and ComEd have agreed to cease and desist from committing or causing any violations and any future violations of specified provisions of the federal securities laws and rules promulgated thereunder. Exelon recorded an accrual for the full amount of the penalty in the second quarter of 2023, which was reflected in Operating and maintenance expense within Exelon's Consolidated Statements of Operations and Comprehensive Income and in Accrued expenses on the Consolidated Balance Sheets. Exelon paid the civil penalty in full on October 4, 2023.

Subsequent to Exelon announcing the receipt of the USAO subpoenas, various lawsuits were filed, and various demand letters were received related to the subject of the subpoenas, the conduct described in the DPA and the SEC's investigation, including:

•Four putative class action lawsuits against ComEd and Exelon were filed in federal court on behalf of ComEd customers in the third quarter of 2020 alleging, among other things, civil violations of federal racketeering laws. The court granted ComEd and Exelon's motion to dismiss these actions in 2021 and that dismissal was affirmed on appeal in 2022. Plaintiffs have no further appeal rights and therefore the dismissal is final.

•Three putative class action lawsuits against ComEd and Exelon were filed in Illinois state court in the third quarter of 2020 seeking restitution and compensatory damages on behalf of ComEd customers. The cases were consolidated into a single action in October of 2020. In 2021, the plaintiffs that filed the class action lawsuits in federal court (“federal plaintiffs”) refiled their dismissed state law claims in state court. ComEd and Exelon moved to dismiss both lawsuits. The court dismissed the original consolidated state court lawsuit in December 2021 and dismissed the federal plaintiffs’ refiled claims in February 2022. Both sets of plaintiffs appealed their dismissals, and the appeals were consolidated in March 2022. On September 8, 2023, the appellate court affirmed the dismissals. On December 22, 2023, plaintiffs collectively filed a petition for leave to appeal to the Illinois Supreme Court, which ComEd and Exelon responded to on January 12, 2024. On March 27, 2024, the Illinois Supreme Court denied plaintiffs' petition for leave to appeal. The dismissal of this action is final.

•On November 3, 2022, a plaintiff filed a putative class action complaint in Lake County, Illinois Circuit Court against ComEd and Exelon for unjust enrichment and deceptive business practices in connection with the conduct giving rise to the DPA. Plaintiff seeks an accounting and disgorgement of any benefits ComEd allegedly obtained from said conduct. ComEd and Exelon filed a motion to dismiss the Complaint on February 3, 2023. On June 16, 2023, the court granted ComEd and Exelon's motion to dismiss the action with prejudice. Plaintiff filed its notice of appeal of that dismissal on July 17, 2023. On April 12, 2024, the appellate court issued its decision affirming dismissal of the action. On June 3, 2024, plaintiff filed a petition for leave to appeal the dismissal to the Illinois Supreme Court, which is a discretionary appeal. ComEd and Exelon filed its response to that petition on July 19, 2024. On September 25, 2024, the Illinois Supreme Court denied plaintiff’s petition for leave to appeal. The dismissal of this action is now final.

•A putative class action lawsuit against Exelon and certain officers of Exelon and ComEd was filed in federal court in December 2019 alleging misrepresentations and omissions in Exelon’s SEC filings

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related to ComEd’s lobbying activities and the related investigations. The complaint was amended on September 16, 2020, to dismiss two of the original defendants and add other defendants, including ComEd. Defendants filed a motion to dismiss in November 2020. The court denied the motion in April 2021. Following mediation, the parties reached a settlement of the lawsuit, under which defendants agreed to pay plaintiffs $173 million. On May 26, 2023, plaintiffs filed a motion for preliminary approval of the settlement, which the court granted on June 9, 2023. The court granted final settlement approval on September 7, 2023. The settlement was fully covered by insurance and has been paid in full.    

•Several shareholders have sent letters to the Exelon Board of Directors since 2020 demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (SLC) consisting of disinterested and independent parties to investigate and address these shareholders’ allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC’s investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. Since that date, multiple parties have filed separate derivative lawsuits that were subsequently consolidated. On October 12, 2021, the parties filed an agreed motion to stay the litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. The stay was extended several times. Through mediation efforts, a settlement of the derivative claims was reached by the SLC, the Independent Review Committee of the Board (which had been formed in the third quarter of 2022, to ensure the Board’s consideration of any SLC recommendations would be independent and objective), the Board, and certain of the derivative shareholders. On June 16, 2023, the SLC filed a motion for preliminary approval of the settlement, attaching the Stipulation and Agreement of Settlement (Stipulation), which contained the terms of the proposed settlement. The proposed settlement terms include but are not limited to: a payment of $40 million to Exelon by Exelon’s insurers of which $10 million constitutes the attorneys’ fee award to be paid to the Settling Shareholders’ counsel; various compliance and disclosure-related reforms; and certain changes in Board and Committee composition. On June 30, 2023, the court granted the non-settling shareholders’ request for limited discovery into the settlement. Following that discovery, on October 26, 2023, the SLC filed its renewed motion for preliminary approval with supporting submissions filed by the Independent Review Committee, Exelon, and the Settling Shareholders on that same day. The parties briefing on preliminary approval was completed on January 18, 2024. On September 20, 2024, the court denied without prejudice the SLC’s motion for preliminary approval. The court’s order provides that if the SLC can substantiate or otherwise revise the attorneys’ fees aspect of the settlement, then the SLC can renew its motion for preliminary approval by October 21, 2024. Otherwise, the court directed the parties to file a joint status report by October 30, 2024, proposing next steps to advance the case. On October 21, 2024, the SLC filed its second renewed motion for preliminary approval, and the Settling Shareholders filed a brief in support of the SLC's second renewed motion for preliminary approval.

In August 2022, the ICC concluded its investigation initiated on August 12, 2021 into rate impacts of conduct admitted in the DPA, including the costs recovered from customers related to the DPA and Exelon's funding of the fine paid by ComEd. On August 17, 2022, the ICC issued its final order accepting ComEd's voluntary customer refund offer of approximately $38 million (of which about $31 million was ICC jurisdictional; the remaining balance was FERC jurisdictional) that resolved the question of whether customer funds were used for DPA related activities. The customer refund included the cost of every individual or entity that was either (i) identified in the DPA or (ii) identified by ComEd as an associate of the former Speaker of the Illinois House of Representatives in the ICC proceeding. The ICC’s DPA investigation is now closed. The ICC jurisdictional refund was made to customers during the April 2023 billing cycle, as required by the ICC. The FERC jurisdictional refund was completed as of May 2024 as part of ComEd's transmission formula rate update proceeding, submitted on May 12, 2023. The customer refund was not recovered in rates or charged to customers and ComEd will not seek or accept reimbursement or indemnification from any source other than Exelon.

General (All Registrants). The Registrants are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The Registrants are also from time to time subject to audits and investigations by the FERC and other regulators. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex

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judgments about future events. The Registrants maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

12. Shareholders' Equity (Exelon)

At-the-Market Program

On August 4, 2022, Exelon executed an equity distribution agreement (“Equity Distribution Agreement”), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program under which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $1.0 billion. Exelon has no obligation to offer or sell any shares of Common stock under the Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the Equity Distribution Agreement. In the fourth quarter 2023, Exelon issued approximately 3.6 million shares of Common stock at an average gross price of $39.58 per share. In the third quarter 2024, Exelon issued approximately 4.0 million shares of Common Stock at an average gross price of $37.60 per share. The net proceeds from the fourth quarter 2023 and third quarter 2024 issuances were $140 million and $147 million, respectively, which were used for general corporate purposes. As of September 30, 2024, $708 million of Common stock remained available for sale pursuant to the ATM program.

13. Changes in Accumulated Other Comprehensive Income (Loss) (Exelon)

The following table presents changes in Exelon's AOCI, net of tax, by component:

Three Months Ended September 30, 2024			Cash Flow Hedges						Pension and Non-Pension Postretirement Benefit Plan Items(a)												Total
Balance at June 30, 2024			$	27					$	(739)											$	(712)
OCI before reclassifications			(28)						—												(28)
Amounts reclassified from AOCI			(1)						5												4
Net current-period OCI			(29)						5												(24)
Balance at September 30, 2024			$	(2)					$	(734)											$	(736)

Three Months Ended September 30, 2023			Cash Flow Hedges						Pension and Non-Pension Postretirement Benefit Plan Items(a)												Total
Balance at June 30, 2023			$	17					$	(647)											$	(630)
OCI before reclassifications			22						(3)												19
Amounts reclassified from AOCI			(1)						16												15
Net current-period OCI			21						13												34
Balance at September 30, 2023			$	38					$	(634)											$	(596)

Nine Months Ended September 30, 2024			Cash Flow Hedges						Pension and Non-Pension Postretirement Benefit Plan Items(a)																		Total
Balance at December 31, 2023			$	(3)					$	(723)																	$	(726)
OCI before reclassifications			4						(26)																		(22)
Amounts reclassified from AOCI			(3)						15																		12
Net current-period OCI			1						(11)																		(10)
Balance at September 30, 2024			$	(2)					$	(734)																	$	(736)

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 13 — Changes in Accumulated Other Comprehensive Income

Nine Months Ended September 30, 2023			Cash Flow Hedges						Pension and Non-Pension Postretirement Benefit Plan Items(a)																		Total
Balance at December 31, 2022			$	2					$	(640)																	$	(638)
OCI before reclassifications			37						(16)																		21
Amounts reclassified from AOCI			(1)						22																		21
Net current-period OCI			$	36					$	6																	$	42
Balance at September 30, 2023			$	38					$	(634)																	$	(596)

__________

(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. See Note 14 — Retirement Benefits of the 2023 Form 10-K and Note 7 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.

The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Pension and non-pension postretirement benefit plans:
Actuarial losses reclassified to periodic benefit cost			$	(2)					$	(5)					$	(6)					$	(7)
Pension and non-pension postretirement benefit plans valuation adjustments			—						1						8						5
Unrealized gains on cash flow hedges			10						(7)						—						(11)

14. Supplemental Financial Information (All Registrants)

Supplemental Statement of Operations Information

The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income:

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information

			Taxes other than income taxes
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Three Months Ended September 30, 2024
Utility taxes(a)			$	248					$	80					$	51					$	25					$	92					$	84					$	7					$	1
Property			111						7						5						57						41						28						12						1
Payroll			33						9						4						5						7						2						1						—
Three Months Ended September 30, 2023
Utility taxes(a)			$	244					$	82					$	50					$	23					$	89					$	82					$	6					$	1
Property			104						9						4						53						38						25						12						1
Payroll			31						8						4						5						7						2						1						1
Nine Months Ended September 30, 2024
Utility taxes(a)			$	695					$	229					$	134					$	78					$	254					$	230					$	21					$	3
Property			323						25						14						164						119						81						35						2
Payroll			100						27						13						14						22						6						3						2
Nine Months Ended September 30, 2023
Utility taxes(a)			$	665					$	228					$	128					$	73					$	236					$	213					$	20					$	3
Property			300						27						12						153						108						73						34						1
Payroll			93						22						13						14						22						5						3						3

_________

(a)The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.

			Other, net
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Three Months Ended September 30, 2024
AFUDC — Equity			$	38					$	13					$	7					$	5					$	12					$	8					$	3					$	1
Non-service net periodic benefit cost			(13)						—						—						—						—						—						—						—
Three Months Ended September 30, 2023
AFUDC — Equity			$	40					$	7					$	10					$	4					$	19					$	15					$	3					$	1
Non-service net periodic benefit cost			(18)						—						—						—						—						—						—						—
Nine Months Ended September 30, 2024
AFUDC — Equity			$	116					$	32					$	24					$	18					$	42					$	32					$	9					$	1
Non-service net periodic benefit cost			(29)						—						—						—						—						—						—						—
Nine Months Ended September 30, 2023
AFUDC — Equity			$	113					$	25					$	22					$	11					$	55					$	42					$	7					$	6
Non-service net periodic benefit cost			(18)						—						—						—						—						—						—						—

Supplemental Cash Flow Information

The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information

			Depreciation, amortization, and accretion
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Nine Months Ended September 30, 2024
Property, plant, and equipment(a)			$	2,168					$	869					$	308					$	369					$	581					$	249					$	162					$	158
Amortization of regulatory assets and liabilities, net(a)			507						255						10						105						135						58						21						56
Amortization of intangible assets, net(a)			6						—						—						—						—						—						—						—
ARO accretion(b)			2						—						—						—						—						—						—						—
Total depreciation, amortization and accretion			$	2,683					$	1,124					$	318					$	474					$	716					$	307					$	183					$	214
Nine Months Ended September 30, 2023
Property, plant, and equipment(a)			$	2,073					$	815					$	287					$	381					$	550					$	232					$	155					$	145
Amortization of regulatory assets and liabilities, net(a)			537						230						10						106						191						97						27						67
Amortization of intangible assets, net(a)			6						—						—						—						—						—						—						—
ARO accretion(b)			—						—						—						—						—						—						—						—
Total depreciation and amortization			$	2,616					$	1,045					$	297					$	487					$	741					$	329					$	182					$	212

__________

(a)Included in Depreciation and amortization expense in the Registrants' Consolidated Statements of Operations and Comprehensive Income.

(b)Included in Operating and maintenance expense in Exelon's Consolidated Statements of Operations and Comprehensive Income.

			Other non-cash operating activities
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Nine Months Ended September 30, 2024
Pension and OPEB costs (benefit)			$	181					$	53					$	(1)					$	45					$	71					$	24					$	11					$	10
Allowance for credit losses			170						17						79						23						51						25						7						19
True-up adjustments to decoupling mechanisms and formula rates(a)			49						100						(3)						(28)						(20)						(42)						7						15
Amortization of operating ROU asset			28						—						—						5						19						4						6						2
AFUDC — Equity			(116)						(32)						(24)						(18)						(42)						(32)						(9)						(1)
Nine Months Ended September 30, 2023
Pension and OPEB costs (benefit)			$	152					$	19					$	(10)					$	41					$	74					$	26					$	13					$	10
Allowance for credit losses			86						4						31						4						47						27						9						11
True-up adjustments to decoupling mechanisms and formula rates(a)			(522)						(405)						(1)						(47)						(69)						(28)						(15)						(26)
Amortization of operating ROU asset			29						2						—						4						21						5						6						2
Change in environmental liabilities			37						—						—						—						37						37						—						—
AFUDC — Equity			(113)						(25)						(22)						(11)						(55)						(42)						(7)						(6)

__________

(a)For ComEd, reflects the true-up adjustments in Regulatory assets and liabilities associated with its distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in Regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in Regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 3 — Regulatory Matters of the 2023 Form 10-K for additional information.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information

The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants’ Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows.

			Cash, cash equivalents, and restricted cash
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at September 30, 2024
Cash and cash equivalents			$	616					$	109					$	28					$	330					$	100					$	20					$	8					$	17
Restricted cash and cash equivalents			552						481						9						—						22						20						2						—
Restricted cash included in Other deferred debits and other assets			65						65						—						—						—						—						—						—
Total cash, restricted cash, and cash equivalents			$	1,233					$	655					$	37					$	330					$	122					$	40					$	10					$	17
Balance at December 31, 2023
Cash and cash equivalents			$	445					$	110					$	42					$	47					$	180					$	48					$	16					$	21
Restricted cash and cash equivalents			482						402						9						1						24						24						—						—
Restricted cash included in Other deferred debits and other assets			174						174						—						—						—						—						—						—
Total cash, restricted cash, and cash equivalents			$	1,101					$	686					$	51					$	48					$	204					$	72					$	16					$	21
Balance at September 30, 2023
Cash and cash equivalents			$	300					$	79					$	43					$	15					$	121					$	31					$	5					$	14
Restricted cash and cash equivalents			435						360						9						1						25						25						1						—
Restricted cash included in Other deferred debits and other assets			212						212						—						—						—						—						—						—
Total cash, restricted cash, and cash equivalents			$	947					$	651					$	52					$	16					$	146					$	56					$	6					$	14
Balance at December 31, 2022
Cash and cash equivalents			$	407					$	67					$	59					$	43					$	198					$	45					$	31					$	72
Restricted cash and cash equivalents			566						327						9						24						175						54						121						—
Restricted cash included in Other deferred debits and other assets			117						117						—						—						—						—						—						—
Total cash, restricted cash, and cash equivalents			$	1,090					$	511					$	68					$	67					$	373					$	99					$	152					$	72

For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2023 Form 10-K.

Supplemental Balance Sheet Information

The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information

			Accrued expenses
			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Balance at September 30, 2024
Compensation-related accruals(a)			$	546					$	165					$	68					$	70					$	100					$	28					$	19					$	12
Taxes accrued			203						89						19						28						101						89						15						5
Interest accrued			431						92						55						74						85						38						27						18
Balance at December 31, 2023
Compensation-related accruals(a)			$	661					$	206					$	87					$	81					$	107					$	27					$	17					$	12
Taxes accrued			221						204						96						75						137						116						30						10
Interest accrued			414						148						49						44						72						38						13						15

__________

(a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.

Book Overdrafts (BGE)

Book overdrafts representing outstanding checks in excess of funds on deposit are included in Other current liabilities on the Registrants' Consolidated Balance Sheet. The balance of BGE's book overdrafts was $48 million and $9 million as of September 30, 2024 and December 31, 2023, respectively.

15. Related Party Transactions (All Registrants)

Service Company Costs for Corporate Support

The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1 — Significant Accounting Policies for additional information regarding BSC and PHISCO.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 15 — Related Party Transactions

The following table presents the service company costs allocated to the Registrants:

						Operating and maintenance from affiliates																								Capitalized costs
						Three Months Ended September 30,												Nine Months Ended September 30,												Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023						2024						2023						2024						2023
Exelon
BSC																														$	141					$	162					$	458					$	502
PHISCO																														27						25						85						74
ComEd
BSC						$	102					$	92					$	306					$	263					55						71						189						230
PECO
BSC						61						55						180						160						23						29						81						89
BGE
BSC						61						58						182						166						25						23						74						69
PHI
BSC						46						50						145						135						38						39						114						114
PHISCO						—						—						—						—						27						24						85						73
Pepco
BSC						29						30						92						85						16						13						51						41
PHISCO						28						31						94						91						12						9						36						30
DPL
BSC						19						19						58						54						11						12						36						32
PHISCO						24						24						75						73						8						7						25						22
ACE
BSC						16						16						48						45						9						13						24						39
PHISCO						23						23						71						67						7						7						24						20

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 15 — Related Party Transactions

Current Receivables from/Payables to Affiliates

The following tables present current Receivables from affiliates and current Payables to affiliates:

September 30, 2024

									Receivables from affiliates:
			Payables to affiliates:						ComEd						PECO						BGE												Pepco						DPL						ACE						BSC						PHISCO						Other						Total
ComEd												$	1					$	—											$	—					$	—					$	—					$	57					$	—					$	58					$	116
PECO						$	—											—												—						—												30						—						6						36
BGE						1						—																		—						—						—						32						—						15						48
PHI						—						—						—												—						—						—						6						1						10						17
Pepco						—						—						—																		—						—						17						13						1						31
DPL						—						—						—												—												—						10						10						1						21
ACE						—						—						—												—						—												8						10						1						19
Other						3						—						—												—						—						5						—						—												8
Total						$	4					$	1					$	—											$	—					$	—					$	5					$	160					$	34					$	92					$	296

December 31, 2023

									Receivables from affiliates:
			Payables to affiliates:						ComEd						PECO						BGE												Pepco						DPL						ACE						BSC						PHISCO						Other						Total
ComEd												$	—					$	—											$	—					$	—					$	—					$	64					$	—					$	8					$	72
PECO						$	—											—												—						—						—						36						—						3						39
BGE						—						—																		—						—						—						33						—						2						35
PHI						—						—						—												—						—						—						5						—						10						15
Pepco						—						—						—																		—						—						17						14						1						32
DPL						—						1						—												—												—						12						11						1						25
ACE						—						1						—												1						1												11						11						—						25
Other						3						—						—												1						—						3						1						—												8
Total						$	3					$	2					$	—											$	2					$	1					$	3					$	179					$	36					$	25					$	251

Borrowings from Exelon/PHI intercompany money pool

To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing both Exelon and PHI operate an intercompany money pool. PECO and PHI Corporate participate in the Exelon intercompany money pool. Pepco, DPL, and ACE participate in the PHI intercompany money pool.

Long-term debt to financing trusts

The following table presents Long-term debt to financing trusts:

			September 30, 2024																		December 31, 2023
			Exelon						ComEd						PECO						Exelon						ComEd						PECO
ComEd Financing III			$	206					$	206					$	—					$	206					$	205					$	—
PECO Trust III			81						—						81						81						—						81
PECO Trust IV			103						—						103						103						—						103
Total			$	390					$	206					$	184					$	390					$	205					$	184

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ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions except per share data, unless otherwise noted)

Exelon

Executive Overview

Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through it's six reportable segments: ComEd, PECO, BGE, Pepco, DPL, and ACE. See Note 1 — Significant Accounting Policies and Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon's principal subsidiaries and reportable segments.

Exelon’s consolidated financial information includes the results of its seven separate operating subsidiary registrants, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, which, along with Exelon, are collectively referred to as the Registrants. The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE. However, none of the Registrants makes any representation as to information related solely to any of the other Registrants.

Financial Results of Operations

GAAP Results of Operations. The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders by Registrant for the three and nine months ended September 30, 2024 compared to the same period in 2023. For additional information regarding the financial results for the three and nine months ended September 30, 2024 and 2023, see the discussions of Results of Operations by Registrant.

			Three Months Ended September 30,												Favorable (Unfavorable) Variance						Nine Months Ended September 30,												Favorable (Unfavorable) Variance
			2024						2023												2024						2023
Exelon			$	707					$	700					$	7					$	1,813					$	1,711					$	102
ComEd			360						333						27						823						822						1
PECO			117						146						(29)						356						410						(54)
BGE			45						45						—						353						286						67
PHI			278						232						46						603						490						113
Pepco			140						120						20						323						249						74
DPL			55						43						12						156						128						28
ACE			83						71						12						133						122						11
Other(a)			(93)						(56)						(37)						(322)						(297)						(25)

__________

(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net income attributable to common shareholders increased by $7 million and diluted earnings per average common share remained relatively consistent to the prior year at $0.70 primarily due to:

•Timing of distribution earnings at ComEd;

•Favorable impacts of rate increases at BGE and PHI;

•Higher return on regulatory assets at ComEd; and

•Lower storm costs at PHI.

The increases were partially offset by:

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•Higher interest expense at PECO, BGE, and PHI;

•Higher credit loss expense at PECO and BGE;

•Higher depreciation and amortization expense at PECO and BGE;

•Lower electric distribution earnings from lower allowed ROE and the absence of a return on the pension asset at ComEd; and

•Lower carrying cost recovery related to the CMC regulatory asset at ComEd.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023. Net income attributable to common shareholders increased by $102 million and diluted earnings per average common share increased to $1.81 in 2024 from $1.72 in 2023 primarily due to:

•Favorable impacts of rate increases at BGE and PHI;

•Less unfavorable weather at PECO;

•Timing of distribution earnings at ComEd;

•Higher return on regulatory assets at ComEd;

•Favorable impacts of the multi-year plans including the recognition of the reconciliations at Pepco;

•Higher transmission peak load due to higher energy demand at ComEd; and

•Lower storm costs at PHI.

The increases were partially offset by:

•Higher interest expense at PECO, BGE, PHI, and Exelon Corporate;

•Higher credit loss expense at PECO, BGE, and PHI;

•Higher depreciation expense at PECO and PHI;

•Lower electric distribution earnings from lower allowed ROE and the absence of a return on the pension asset at ComEd;

•Higher storm costs at PECO and BGE; and

•Lower carrying cost recovery related to the CMC regulatory asset at ComEd.

Adjusted (non-GAAP) operating earnings. In addition to Net income, 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 information is intended to enhance an investor’s overall understanding of year-over-year 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 information 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’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.

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The following table provides a reconciliation between GAAP Net income attributable to common shareholders and Adjusted (non-GAAP) operating earnings for the three and nine months ended September 30, 2024 compared to the same period in 2023:

			Three Months Ended September 30,
			2024												2023
(In millions, except per share data)									Earnings per Diluted Share												Earnings per Diluted Share
Net income attributable to common shareholders			$	707					$	0.70					$	700					$	0.70
Mark-to-market impact of economic hedging activities (net of taxes of $4)			—						—						12						—
Asset retirement obligation (net of taxes of $0 and $1, respectively)			—						—						(1)						—
Separation costs (net of taxes of $5)(a)			—						—						14						0.01
Cost management charge (net of taxes of $0)(b)			1						—						—						—
Income tax-related adjustments (entire amount represents tax expense)(c)			—						—						(54)						(0.05)
Adjusted (non-GAAP) operating earnings			$	708					$	0.71					$	671					$	0.67

			Nine Months Ended September 30,
			2024												2023
(In millions, except per share data)									Earnings per Diluted Share												Earnings per Diluted Share
Net income attributable to common shareholders			$	1,813					$	1.81					$	1,711					$	1.72
Mark-to-market impact of economic hedging activities (net of taxes of $0 and $4)			—						—						14						0.01
Change in environmental liabilities (net of taxes of $0 and $8, respectively)			(1)						—						29						0.03
Asset retirement obligation (net of taxes of $0 and $1, respectively)			—						—						(1)						—
SEC matter loss contingency (net of taxes of $0)			—						—						46						0.05
Change in FERC audit liability (net of taxes of $13 and $4, respectively)			42						0.04						11						0.01
Separation costs (net of taxes of $7)(a)			—						—						19						0.02
Cost management charge (net of taxes of $3)(b)			10						0.01						—						—
Income tax-related adjustments (entire amount represents tax expense)(c)			—						—						(54)						(0.05)
Adjusted (non-GAAP) operating earnings			$	1,865					$	1.86					$	1,774					$	1.78

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income attributable to common shareholders 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. The marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.

(a)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.

(b)Primarily represents severance and reorganization costs related to cost management.

(c)In 2023, reflects the adjustment to state deferred income taxes dues to changes in forecasted apportionment.

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Significant 2024 Transactions and Developments

Distribution Base Rate Case Proceedings

The Utility Registrants file base rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution, and gas distribution rates to recover their costs and earn a fair return on their investments. The outcomes of these regulatory proceedings impact the Utility Registrants’ current and future financial statements.

The following tables show the Utility Registrants’ completed and pending distribution base rate case proceedings in 2024. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

Completed Distribution Base Rate Case Proceedings

Registrant/Jurisdiction						Filing Date						Service						Requested Revenue Requirement Increase						Approved Revenue Requirement Increase						Approved ROE						Approval Date						Rate Effective Date
ComEd - Illinois						January 17, 2023						Electric						$	1,487					$	501					8.905%						December 14, 2023						January 1, 2024
																		$	838					$	810					8.905%						April 18, 2024						May 1, 2024
						April 21, 2023						Electric						$	247					$	259					8.91%						November 30, 2023						January 1, 2024
BGE - Maryland						February 17, 2023						Electric						$	313					$	179					9.50		%				December 14, 2023						January 1, 2024
												Natural Gas						$	289					$	229					9.45		%
Pepco - Maryland						May 16, 2023 (amended February 23, 2024)						Electric						$	111					$	45					9.50		%				June 10, 2024						April 1, 2024
DPL - Maryland						May 19, 2022						Electric						$	38					$	29					9.60		%				December 14, 2022						January 1, 2023
DPL - Delaware						December 15, 2022 (amended September 29, 2023)						Electric						$	39					$	28					9.60		%				April 18, 2024						July 15, 2023
ACE - New Jersey						February 15, 2023 (amended August 21, 2023)						Electric						$	92					$	45					9.60		%				November 17, 2023						December 1, 2023

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Pending Distribution Base Rate Case Proceedings

Registrant/Jurisdiction						Filing Date						Service						Requested Revenue Requirement Increase						Requested ROE						Expected Approval Timing
ComEd - Illinois						March 15, 2024 (amended August 13, 2024)						Electric						$	667					8.905%						December 2024
						April 26, 2024 (amended September 11, 2024)						Electric						$	624					9.89%						Fourth quarter of 2024
PECO - Pennsylvania						March 28, 2024						Electric						$	464					10.95%						Fourth quarter of 2024
												Natural Gas						$	111					11.15%
Pepco - District of Columbia						April 13, 2023 (amended February 27, 2024)						Electric						$	186					10.50		%				Fourth quarter of 2024
DPL - Delaware						September 20, 2024						Natural Gas						$	36					10.65		%				First quarter of 2026

Transmission Formula Rates

For 2024, the following total increases/(decreases) were included in the Utility Registrant's electric transmission formula rate updates. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

Registrant						Initial Revenue Requirement Increase						Annual Reconciliation (Decrease) Increase						Total Revenue Requirement Increase						Allowed Return on Rate Base						Allowed ROE
ComEd						$	32					$	(12)					$	20					8.14		%				11.50		%
PECO						$	2					$	3					$	5					7.45		%				10.35		%
BGE						$	42					$	13					$	53					7.47		%				10.50		%
Pepco						$	58					$	15					$	73					7.62		%				10.50		%
DPL						$	7					$	17					$	24					7.23		%				10.50		%
ACE						$	14					$	18					$	32					7.11		%				10.50		%

ComEd's FERC Audit

The Utility Registrants are subject to periodic audits and investigations by FERC. FERC’s Division of Audits and Accounting initiated a nonpublic audit of ComEd in April 2021 evaluating ComEd’s compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit period extends back to January 1, 2017.

On July 27, 2023, FERC issued a final audit report which included, among other things, findings and recommendations related to ComEd's methodology regarding the allocation of certain overhead costs to capitalized construction costs under FERC regulations, including a suggestion that refunds may be due to customers for amounts collected in previous years. On August 28, 2023, ComEd filed a formal notice of the issues it contested within the audit report. On December 14, 2023, FERC appointed a settlement judge for the contested overhead allocation findings and set the matter for a trial-type hearing. That hearing process was held in abeyance while a formal settlement process, which began in February 2024, took place.

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On July 30, 2024, ComEd reached an agreement in principle on the contested overhead allocation finding. As a result of the settlement process, ComEd recorded a charge for the probable disallowance of $70 million of certain currently capitalized construction costs to operating expenses, which are not expected to be recovered in future rates. The final settlement is subject to FERC approval. The existing loss estimate is reflected in Exelon and ComEd's financial statements as of September 30, 2024.

Other Key Business Drivers and Management Strategies

The following discussion of other key business drivers and management strategies includes current developments of previously disclosed matters and new issues arising during the period that may impact future financial statements. This section should be read in conjunction with ITEM 1. Business in the 2023 Form 10-K, ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Other Key Business Drivers and Management Strategies in the 2023 Form 10-K, and Note 11 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements in this report for additional information on various environmental matters.

Legislative and Regulatory Developments

Infrastructure Investment and Jobs Act

On November 15, 2021, President Biden signed the $1.2 trillion IIJA into law. IIJA provides for approximately $550 billion in new federal spending. Categories of funding include funding for a variety of infrastructure needs, including but not limited to: (1) power and grid reliability and resilience, (2) resilience for cybersecurity to address critical infrastructure needs, and (3) electric vehicle charging infrastructure for alternative fuel corridors. Federal agencies are developing guidelines to implement spending programs under IIJA. The time needed to develop these guidelines will vary with some limited program applications opened as early as the first quarter of 2022. The Registrants continue to evaluate programs under the legislation and consider possible opportunities to apply for funding, either directly or in potential collaborations with state and/or local agencies and key stakeholders. The Registrants cannot predict the ultimate timing and success of securing funding from programs under IIJA.

In March 2023, Exelon, ComEd, and PHI submitted three applications related to the Smart Grid Grants program under section 40107 of IIJA. These applications are focused on replacing existing Advanced Distribution Management Systems (ADMS) in support of distributed energy resources (DERs) and grid-edged technologies, strengthening interoperability and data architecture of systems in support of two-way power flows and accelerating advanced metering deployment in disadvantaged communities. In October 2023, ComEd’s project, Deployment of a Community-Oriented Interoperable Control Framework for Aggregating and Integrating Distributed Energy Resources and Other Grid-Edge Devices, was recommended by the Grid Deployment Office (GDO) for negotiation of a final award up to $50 million. This project will enable ComEd and its local partners to deploy the next generation of grid technologies that support the growth of solar and electric vehicles (EVs), while piloting new local workforce training initiatives to support job creation connected to the clean energy transition. The award negotiation process is complete and funding has been obligated.

In April 2023, ComEd, PECO, BGE, and PHI submitted seven applications related to the Grid Resilience Grants program under section 40101(c) of IIJA. These applications are broadly focused on improving grid resilience with an emphasis on disadvantaged communities, relief of capacity constraints and modernizing infrastructure, deployment of DER and microgrid technologies and providing improved resilience through storm hardening projects. In October 2023, PECO’s project, Creating a Resilient, Equitable, and Accessible Transformation in Energy for Greater Philadelphia (CREATE), was recommended by the GDO for negotiation of a final award up to $100 million. This project will support critical electric infrastructure investments to help reduce the impact of extreme weather and historic flooding on the Registrants' electric distribution system. The award negotiation process is complete and funding has been obligated.

The Registrants are supporting three different Regional Clean Hydrogen Hub opportunities, covering all five states that Exelon operates in plus Washington D.C. under a program that will create networks of hydrogen producers, consumers, and local connective infrastructure to accelerate the use of hydrogen as a clean energy carrier that can deliver or store energy. Applications for the three opportunities under this program were submitted in April 2023. In October 2023 the DOE announced it selected two of the projects for further negotiation: (1) the Mid-Atlantic Clean Hydrogen Hub (MACH2), which is being supported by PECO and PHI, and (2) the Midwest Alliance for Clean Hydrogen (MachH2), which is being supported by ComEd.

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In November 2023, the GDO announced up to $3.9 billion available through the second-round funding opportunity of the Grid Resilience and Innovation Partnerships (GRIP) Program for fiscal years 2024 and 2025. This funding opportunity focuses on projects that will improve electric transmission by increasing funding and advancing interconnection processes for faster build out of energy projects, create comprehensive solutions that link grid communications systems and operations to increase resilience and reduce power outages and threats, and deploy advanced technologies such as distributed energy resources and battery systems to provide essential grid services to ensure American communities across the country have access to affordable, reliable, clean electricity. In March 2024, Exelon, BGE, PHI, Pepco, DPL, and ACE submitted five applications for Topic Area 2 (Smart Grid Grants). These applications focus on improving resilience of the electric grid and deployment of technologies to enhance grid flexibility and deliver benefits to customers across the Exelon footprint.

In October 2024, Exelon’s project, Renewable-Aware Distribution Operations: Pioneering a cleaner future for all our communities, and BGE’s project, Baltimore Interconnection Readiness & Deployment of Storage (BIRDS), were recommended by the GDO for negotiation of a final award up to $100 million and $50 million, respectively. The Exelon project will deploy advanced Distribution Energy Resource Management System (DERMS) capabilities and pilot technology to increase the flexibility, efficiency, reliability, and resilience of its distribution network. BGE’s project will facilitate a programmatic approach to a flexible and decentralized energy distribution grid while setting an automated and digitized framework for unlocking future clean energy investments. The GDO has indicated the negotiation process is expected to take a minimum of 120 days.

PJM Regional Transmission Expansion

On July 11, 2024, BGE submitted an application to the MDPSC for a Certificate of Public Convenience and Necessity for certain overhead transmission system upgrades necessitated due to the planned retirement of the Brandon Shores Generating Station. The total estimated costs of all work by BGE directed by PJM in connection with the retirement of the Brandon Shores Generating Station is approximately $1.1 billion.

Critical Accounting Policies and Estimates

Management of each of the Registrants makes a number of significant estimates, assumptions, and judgments in the preparation of its financial statements. As of September 30, 2024, the Registrants’ critical accounting policies and estimates had not changed significantly from December 31, 2023. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Critical Accounting Policies and Estimates in the 2023 Form 10-K for further information.

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Results of Operations by Registrant

Results of Operations — ComEd

			Three Months Ended September 30,												(Unfavorable) Favorable Variance						Nine Months Ended September 30,												Favorable (Unfavorable) Variance
			2024						2023												2024						2023
Operating revenues			$	2,229					$	2,268					$	(39)					$	6,403					$	5,836					$	567
Operating expenses
Purchased power			835						896						61						2,504						2,068						(436)
Operating and maintenance			410						385						(25)						1,277						1,077						(200)
Depreciation and amortization			387						357						(30)						1,124						1,045						(79)
Taxes other than income taxes			99						100						1						287						282						(5)
Total operating expenses			1,731						1,738						7						5,192						4,472						(720)
Gain on sales of assets			—						—						—						5						—						5
Operating income			498						530						(32)						1,216						1,364						(148)
Other income and (deductions)
Interest expense, net			(128)						(119)						(9)						(374)						(357)						(17)
Other, net			26						16						10						66						50						16
Total other income and (deductions)			(102)						(103)						1						(308)						(307)						(1)
Income before income taxes			396						427						(31)						908						1,057						(149)
Income taxes			36						94						58						85						235						150
Net income			$	360					$	333					$	27					$	823					$	822					$	1

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net income increased by $27 million as compared to the same period in 2023, primarily due to timing of distribution earnings, higher distribution rate base, and higher return on regulatory assets. These were partially offset by a lower allowed distributions ROE, the absence of a return on the pension asset within distribution earnings, and lower carrying cost recovery related to the CMC regulatory asset.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023. Net income increased by $1 million as compared to the same period in 2023, primarily due to timing of distribution earnings, higher distribution rate base, higher return on regulatory assets, and higher transmission peak load. These were partially offset by a lower allowed distribution ROE, the absence of a return on the pension asset within distribution earnings, and lower carrying cost recovery related to the CMC regulatory asset.

The changes in Operating revenues consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase (Decrease)						Increase
Distribution			$	46					$	189
Transmission			19						76
Energy efficiency			13						43
Other			16						14
			94						322
Regulatory required programs			(133)						245
Total (decrease) increase			$	(39)					$	567

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. Operating revenues are not impacted by abnormal weather, usage per customer, or number of customers as a result of revenue decoupling mechanisms.

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ComEd

Distribution Revenue. Distribution revenues were under a performance-based formula rate through 2023. Starting in 2024, distribution revenues are under a MRP. Both the performance-based formula rate and the MRP require annual reconciliations of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred with certain limitations for the MRP reconciliations. Electric distribution revenue varies from year to year based upon fluctuations in the underlying costs, (e.g., severe weather and storm restoration), investments being recovered, and allowed ROE. Electric distribution revenues increased for the three and nine months ended September 30, 2024 as compared to the same period in 2023, primarily due to differences in the timing of distribution earnings and higher rate base, partially offset by lower allowed ROE and the absence of a return on the pension asset.

Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs, capital investments being recovered, and the highest daily peak load, which is updated annually in January based on the prior calendar year. Transmission revenues increased for the three and nine months ended September 30, 2024 as compared to the same period in 2023, primarily due to higher fully recoverable costs, higher peak load, and the impacts of higher rate base.

Energy Efficiency Revenue. Energy efficiency revenues are under a performance-based formula rate, which requires an annual reconciliation of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred in a given year. Energy efficiency revenue varies from year to year based upon fluctuations in the underlying costs, investments being recovered, and allowed ROE. Energy efficiency revenues increased for the three and nine months ended September 30, 2024 as compared to the same periods in 2023, primarily due to increased regulatory asset amortization, which is fully recoverable.

Other Revenue primarily includes assistance provided to other utilities through mutual assistance programs. Other revenues increased for the three and nine months ended September 30, 2023 as compared to the same periods in 2023, which primarily reflects increased mutual assistance revenues associated with storm restoration efforts.

Regulatory Required Programs represents revenues collected under approved riders to recover costs incurred for regulatory programs such as recoveries under the credit loss expense tariff, environmental costs associated with MGP sites, ETAC, and costs related to electricity, ZEC, CMC, and REC procurement. ETAC is a retail customer surcharge collected and remitted to an Illinois state agency for programs to support clean energy jobs and training. The riders are designed to provide full and current cost recovery. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries as ComEd remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, ComEd either acts as the billing agent or the competitive supplier separately bills its own customers, and therefore does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from ComEd, ComEd is permitted to recover the electricity, ZEC, CMC, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power expense related to the electricity, ZECs, CMCs, and RECs.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of ComEd's revenue disaggregation.

The $61 million decrease and $436 million increase in Purchased power expense for the three and nine months ended September 30, 2024 compared to the same periods in 2023, respectively, is offset in Operating revenues as part of regulatory required programs.

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The changes in Operating and maintenance expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase (Decrease)						Increase (Decrease)
Labor, other benefits, contracting and materials(a)			$	9					$	81
BSC costs			10						43
Pension and non-pension postretirement benefits expense			6						18
Storm-related costs			(7)						(4)
Other(b)			(5)						77
			13						215
Regulatory required programs(c)			12						(15)
Total increase			$	25					$	200

__________

(a)Primarily reflects an updated rate of capitalization of certain overhead costs.

(b)Primarily reflects the reclassification and increase of the FERC audit liability during the current year and an increase in credit loss expense. See Note 2 — Regulatory Matters for additional information regarding the FERC audit liability.

(c)ComEd is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through a rider mechanism.

The changes in Depreciation and amortization expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase						Increase
Depreciation and amortization(a)			$	20					$	53
Regulatory asset amortization(b)			10						26
Total increase			$	30					$	79

__________

(a)Reflects ongoing capital expenditures.

(b)Includes amortization of ComEd's energy efficiency formula rate regulatory asset.

Effective income tax rates were 9.1% and 22.0% for the three months ended September 30, 2024 and 2023, respectively, and 9.4% and 22.2% for the nine months ended September 30, 2024 and 2023, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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PECO

Results of Operations — PECO

			Three Months Ended September 30,												(Unfavorable) Favorable Variance						Nine Months Ended September 30,												(Unfavorable) Favorable Variance
			2024						2023												2024						2023
Operating revenues			$	1,030					$	1,037					$	(7)					$	2,975					$	2,977					$	(2)
Operating expenses
Purchased power and fuel			386						411						25						1,113						1,197						84
Operating and maintenance			313						277						(36)						876						786						(90)
Depreciation and amortization			108						100						(8)						318						297						(21)
Taxes other than income taxes			61						59						(2)						164						156						(8)
Total operating expenses			868						847						(21)						2,471						2,436						(35)
Gain on sales of assets			—						—						—						4						—						4
Operating income			162						190						(28)						508						541						(33)
Other income and (deductions)
Interest expense, net			(58)						(52)						(6)						(170)						(149)						(21)
Other, net			9						11						(2)						27						26						1
Total other income and (deductions)			(49)						(41)						(8)						(143)						(123)						(20)
Income before income taxes			113						149						(36)						365						418						(53)
Income taxes			(4)						3						7						9						8						(1)
Net income			$	117					$	146					$	(29)					$	356					$	410					$	(54)

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net income decreased by $29 million, due to an increase in credit loss expense, interest expense, and depreciation expense.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023. Net income decreased by $54 million, due to an increase in credit loss expense, interest expense, depreciation expense, and storm costs, partially offset by an increase in revenue as a result of less unfavorable weather impact relative to the same period last year.

The changes in Operating revenues consisted of the following:

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			(Decrease) Increase																		Increase (Decrease)
			Electric						Gas						Total						Electric						Gas						Total
Weather			$	—					$	—					$	—					$	57					$	13					$	70
Volume			3						1						4						11						—						11
Pricing			14						2						16						12						—						12
Transmission			(11)						—						(11)						4						—						4
Other			4						1						5						(3)						(3)						(6)
			10						4						14						81						10						91
Regulatory required programs			(20)						(1)						(21)						(28)						(65)						(93)
Total decrease			$	(10)					$	3					$	(7)					$	53					$	(55)					$	(2)

Weather. The demand for electricity and natural gas is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as “favorable weather conditions” because these weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended September 30, 2024 compared to the same period in 2023, Operating revenues related to weather remained consistent in PECO's service territory. During the nine months ended September 30, 2024 compared to the same period in 2023, Operating revenues related to weather increased due to less unfavorable weather conditions in PECO's service territory.

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PECO

Heating and cooling degree-days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree-days for a 30-year period in PECO's service territory. The changes in heating and cooling degree-days in PECO’s service territory for the three and nine months ended September 30, 2024 compared to the same period in 2023 and normal weather consisted of the following:

			Three Months Ended September 30,																		% Change
PECO Service Territory			2024						2023						Normal						2024 vs. 2023						2024 vs. Normal
Heating Degree-Days			1						18						21						(94.4)		%				(95.2)		%
Cooling Degree-Days			1,062						1,064						1,038						(0.2)		%				2.3		%
			Nine Months Ended September 30,																		% Change
			2024						2023						Normal						2024 vs. 2023						2024 vs. Normal
Heating Degree-Days			2,441						2,236						2,853						9.2		%				(14.4)		%
Cooling Degree-Days			1,599						1,297						1,430						23.3		%				11.8		%

Volume. Electric volume, exclusive of the effects of weather, for the three months ended September 30, 2024 compared to the same period in 2023, remained relatively consistent. Electric volume, exclusive of the effects of weather, for the nine months ended September 30, 2024 compared to the same period in 2023, increased due to customer load growth. Natural gas volume for the three and nine months ended September 30, 2024 compared to the same period in 2023, remained relatively consistent.

Electric Retail Deliveries to Customers (in GWhs)			Three Months Ended September 30,												% Change						Weather - Normal % Change(b)						Nine Months Ended September 30,												% Change						Weather - Normal % Change(b)
			2024						2023																		2024						2023
Residential			4,146						4,134						0.3		%				0.2		%				10,897						10,186						7.0		%				0.7		%
Small commercial & industrial			2,129						2,070						2.9		%				2.8		%				5,876						5,616						4.6		%				1.5		%
Large commercial & industrial			3,768						3,830						(1.6)		%				(1.5)		%				10,531						10,398						1.3		%				—		%
Public authorities & electric railroads			156						152						2.6		%				2.0		%				470						464						1.3		%				1.3		%
Total electric retail deliveries(a)			10,199						10,186						0.1		%				0.1		%				27,774						26,664						4.2		%				0.6		%

			At September 30,
Number of Electric Customers			2024						2023
Residential			1,529,205						1,531,168
Small commercial & industrial			155,126						155,932
Large commercial & industrial			3,156						3,111
Public authorities & electric railroads			10,716						10,416
Total			1,698,203						1,700,627

__________

(a)Reflects delivery volumes from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

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Natural Gas Deliveries to Customers (in mmcf)			Three Months Ended September 30,												% Change						Weather - Normal % Change(b)						Nine Months Ended September 30,												% Change						Weather - Normal % Change(b)
			2024						2023																		2024						2023
Residential			2,359						2,134						10.5		%				13.4		%				25,779						23,697						8.8		%				1.5		%
Small commercial & industrial			1,933						1,939						(0.3)		%				1.4		%				14,742						14,381						2.5		%				(3.3)		%
Large commercial & industrial			1						4						(75.0)		%				(4.6)		%				17						39						(56.4)		%				(9.4)		%
Transportation			5,232						5,278						(0.9)		%				(2.5)		%				17,248						17,482						(1.3)		%				(3.0)		%
Total natural gas retail deliveries(a)			9,525						9,355						1.8		%				1.9		%				57,786						55,599						3.9		%				(1.1)		%

			At September 30,
Number of Natural Gas Customers			2024						2023
Residential			506,476						505,370
Small commercial & industrial			44,682						44,743
Large commercial & industrial			7						9
Transportation			643						629
Total			551,808						550,751

__________

(a)Reflects delivery volumes 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.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

Pricing for the three and nine months ended September 30, 2024 compared to the same period in 2023 increased primarily due to higher electric DSIC rates in PECO's service territories.

Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered.

Other revenue primarily includes revenue related to late payment charges. Other revenue for the three and nine months ended September 30, 2024 compared to the same period in 2023 remained relatively consistent.

Regulatory Required Programs represents revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency, PGC, and the GSA. The riders are designed to provide full and current cost recovery as well as a return. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Income taxes. Customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. Customer choice programs do not impact the volume of deliveries as PECO remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, PECO either acts as the billing agent or the competitive supplier separately bills its own customers and therefore PECO does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from PECO, PECO is permitted to recover the electricity, natural gas, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power and fuel expense related to the electricity, natural gas, and RECs.     

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of PECO's revenue disaggregation.

The decrease of $25 million and decrease of $84 million for the three and nine months ended September 30, 2024 compared to the same period in 2023, in Purchased power and fuel expense is offset in Operating revenues as part of regulatory required programs.

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PECO

The changes in Operating and maintenance expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase (Decrease)						Increase (Decrease)
Credit loss expense			$	19					$	47
BSC costs			6						19
Storm-related costs			(10)						13
Pension and non-pension postretirement benefit expense			2						5
Labor, other benefits, contracting and materials			5						—
Other			8						11
			30						95
Regulatory required programs			6						(5)
Total increase			$	36					$	90

The changes in Depreciation and amortization expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase						Increase
Depreciation and amortization(a)			$	8					$	21
Regulatory asset amortization			—						—
Total increase			$	8					$	21

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Interest expense, net increased $6 million and $21 million for the three and nine months ended September 30, 2024, compared to the same period in 2023, primarily due to an increase in interest rates and the issuance of debt in the third quarter of 2024.

Effective income tax rates were (3.5)% and 2.0% for the three months ended September 30, 2024 and 2023, respectively, and 2.5% and 1.9% for the nine months ended September 30, 2024 and 2023, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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BGE

Results of Operations — BGE

			Three Months Ended September 30,												Favorable (Unfavorable) Variance						Nine Months Ended September 30,												Favorable (Unfavorable) Variance
			2024						2023												2024						2023
Operating revenues			$	1,044					$	932					$	112					$	3,268					$	2,986					$	282
Operating expenses
Purchased power and fuel			420						380						(40)						1,228						1,145						(83)
Operating and maintenance			281						214						(67)						795						632						(163)
Depreciation and amortization			162						161						(1)						474						487						13
Taxes other than income taxes			86						80						(6)						254						239						(15)
Total operating expenses			949						835						(114)						2,751						2,503						(248)
Operating income			95						97						(2)						517						483						34
Other income and (deductions)
Interest expense, net			(57)						(47)						(10)						(159)						(135)						(24)
Other, net			11						6						5						27						14						13
Total other income and (deductions)			(46)						(41)						(5)						(132)						(121)						(11)
Income before income taxes			49						56						(7)						385						362						23
Income taxes			4						11						7						32						76						44
Net income			$	45					$	45					$	—					$	353					$	286					$	67

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net Income remained consistent with favorable distribution rates, offset by an increase in credit loss expense, various operating expenses and interest expense.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023. Net Income increased $67 million primarily due to favorable distribution rates, partially offset by an increase in storm costs, credit loss expense, various operating expenses and interest expense.

The changes in Operating revenues consisted of the following:

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			Increase (Decrease)																		Increase (Decrease)
			Electric						Gas						Total						Electric						Gas						Total
Distribution			$	25					$	23					$	48					$	68					$	82					$	150
Transmission			17						—						17						20						—						20
Other			2						1						3						3						(1)						2
			44						24						68						91						81						172
Regulatory required programs			45						(1)						44						176						(66)						110
Total increase			$	89					$	23					$	112					$	267					$	15					$	282

Revenue Decoupling. The demand for electricity and natural gas is affected by weather and customer usage. However, Operating revenues are not impacted by abnormal weather or usage per customer as a result of a monthly rate adjustment that provides for fixed distribution revenue per customer by customer class. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

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			At September 30,
Number of Electric Customers			2024						2023
Residential			1,215,873						1,208,230
Small commercial & industrial			115,032						115,557
Large commercial & industrial			13,206						13,007
Public authorities & electric railroads			260						264
Total			1,344,371						1,337,058

			At September 30,
Number of Natural Gas Customers			2024						2023
Residential			658,485						655,753
Small commercial & industrial			37,752						37,950
Large commercial & industrial			6,353						6,289
Total			702,590						699,992

Distribution Revenue increased for the three and nine months ended September 30, 2024, compared to the same period in 2023, due to favorable impacts of the multi-year plans.

Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three and nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in underlying costs and capital investments.

Other Revenue includes revenue related to late payment charges, mutual assistance, off-system sales, and service application fees. Other Revenue remained relatively consistent for the three and nine months ended September 30, 2024 compared to the same period in 2023.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as conservation, demand response, and the POLR mechanism. The riders are designed to provide full and current cost recovery, as well as a return in certain instances. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. Customer choice programs do not impact the volume of deliveries as BGE remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, BGE acts as the billing agent and therefore does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from BGE, BGE is permitted to recover the electricity and natural gas procurement costs from customers and therefore records the amounts related to the electricity and/or natural gas in Operating revenues and Purchased power and fuel expense. BGE recovers electricity and natural gas procurement costs from customers with a slight mark-up.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of BGE's revenue disaggregation.

The increase of $40 million and $83 million for the three and nine months ended September 30, 2024 compared to the same period in 2023, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs.

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BGE

The changes in Operating and maintenance expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			(Decrease) Increase						Increase
Storm-related costs			(4)						6
BSC costs			3						16
Credit loss expense			11						19
Labor, other benefits, contracting, and materials			14						14
Other(a)			21						22
			45						77
Regulatory required programs(b)			22						86
Total increase			$	67					$	163

__________

(a)Primarily related to capital write-offs.

(b)Increase due to the cost recovery associated with EmPOWER Maryland. Please refer to 2023 10-K Note 3 — Regulatory Matters for additional information.

The changes in Depreciation and amortization expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			(Decrease) Increase						(Decrease) Increase
Depreciation and amortization			$	(7)					$	(3)
Regulatory required programs(a)			(9)						(49)
Regulatory asset amortization			17						39
Total increase (decrease)			$	1					$	(13)

__________

(a)Decrease due to the cost recovery associated with EmPOWER Maryland. Please refer to 2023 10-K Note 3 — Regulatory Matters for additional information.

Interest expense, net increased by $10 million and $24 million for the three and nine months ended September 30, 2024 , respectively compared to the same period in 2023, primarily due to an increase in interest rates and the issuance of debt in the second quarter of 2024 and 2023.

Taxes other than income taxes increased by $6 million and $15 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023, primarily due to increased property taxes.

Other, net increased by $5 million and $13 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023, primarily due to increased interest income and higher AFUDC equity.

Effective income tax rates were 8.2% and 19.6% for the three months ended September 30, 2024 and 2023, respectively, and 8.3% and 21.0% for the nine months ended September 30, 2024 and 2023, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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PHI

Results of Operations — PHI

PHI’s Results of Operations include the results of its three reportable segments, Pepco, DPL, and ACE. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services, and the costs are directly charged or allocated to the applicable subsidiaries. Additionally, the results of PHI’s corporate operations include interest costs from various financing activities. All material intercompany accounts and transactions have been eliminated in consolidation. The following table sets forth PHI's GAAP consolidated Net income, by Registrant, for the three and nine months ended September 30, 2024 compared to the same period in 2023. See the Results of Operations for Pepco, DPL, and ACE for additional information.

			Three Months Ended September 30,												Favorable Variance						Nine Months Ended September 30,												Favorable Variance
			2024						2023												2024						2023
PHI			$	278					$	232					$	46					$	603					$	490					$	113
Pepco			140						120						20						323						249						74
DPL			55						43						12						156						128						28
ACE			83						71						12						133						122						11
Other(a)			—						(2)						2						(9)						(9)						—

__________

(a)Primarily includes eliminating and consolidating adjustments, PHI's corporate operations, shared service entities, and other financing and investment activities.

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net Income increased by $46 million primarily due to higher ACE and DPL Delaware electric distribution rates, favorable impacts of the Pepco Maryland multi-year plans, higher transmission rates at Pepco, and a decrease in storm costs and various operating expenses, partially offset by an increase in interest expense.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023. Net Income increased by $113 million 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, higher ACE and DPL Delaware electric distribution rates, higher transmission rates at Pepco and DPL, and a decrease in storm costs and various operating expenses, partially offset by increases in interest expense and depreciation expense.

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Pepco

Results of Operations — Pepco

			Three Months Ended September 30,												Favorable (Unfavorable) Variance						Nine Months Ended September 30,												Favorable (Unfavorable) Variance
			2024						2023												2024						2023
Operating revenues			$	861					$	822					$	39					$	2,320					$	2,174					$	146
Operating expenses
Purchased power			294						288						(6)						808						750						(58)
Operating and maintenance			140						149						9						392						440						48
Depreciation and amortization			102						112						10						307						329						22
Taxes other than income taxes			114						109						(5)						317						291						(26)
Total operating expenses			650						658						8						1,824						1,810						(14)
Operating income			211						164						47						496						364						132
Other income and (deductions)
Interest expense, net			(50)						(41)						(9)						(142)						(122)						(20)
Other, net			11						18						(7)						43						50						(7)
Total other income and (deductions)			(39)						(23)						(16)						(99)						(72)						(27)
Income before income taxes			172						141						31						397						292						105
Income taxes			32						21						(11)						74						43						(31)
Net income			$	140					$	120					$	20					$	323					$	249					$	74

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net Income increased by $20 million primarily due to higher transmission rates, favorable impacts of the Maryland multi-year plans, customer growth, and decrease in storm costs, partially offset by increases in depreciation expense and interest expense.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023. Net Income increased by $74 million primarily due to the favorable impacts of the Maryland multi-year plans including the recognition of the reconciliations, the absence of an increase in environmental liabilities, higher transmission rates, customer growth, and decrease in storm costs partially offset by increases in depreciation expense and interest expense.

The changes in Operating revenues consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase						Increase (Decrease)
Distribution			$	14					$	30
Transmission			24						48
Other			1						(1)
			39						77
Regulatory required programs			—						69
Total increase			$	39					$	146

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in both Maryland and the District of Columbia are not impacted by abnormal weather or usage per customer as a result of a BSA that provides for a fixed distribution charge per customer by customer class. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

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			At September 30,
Number of Electric Customers			2024						2023
Residential			875,456						862,321
Small commercial & industrial			54,058						54,082
Large commercial & industrial			23,054						22,952
Public authorities & electric railroads			207						205
Total			952,775						939,560

Distribution Revenue increased for the three and nine months ended September 30, 2024 compared to the same period in 2023 primarily due to favorable impacts of the Maryland multi-year plans and customer growth.

Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three and nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in underlying costs and capital investments.

Other Revenue includes rental revenue, revenue related to late payment charges, mutual assistance revenues, and recoveries of other taxes.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, DC PLUG, and SOS procurement and administrative costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries, as Pepco remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, Pepco acts as the billing agent and therefore, Pepco does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from Pepco, Pepco is permitted to recover the electricity and REC procurement costs from customers and therefore records the amounts related to the electricity and RECs in Operating revenues and Purchased power expense. Pepco recovers electricity and REC procurement costs from customers with a slight mark-up.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of Pepco's revenue disaggregation.

The increase of $6 million and $58 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023, in Purchased power expense is fully offset in Operating revenues as part of regulatory required programs.

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The changes in Operating and maintenance expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			(Decrease) Increase						Increase (Decrease)
BSC and PHISCO costs			$	(3)					$	11
Credit loss expense			(3)						(3)
Storm-related costs			(4)						(4)
Pension and non-pension postretirement benefits expense			—						(2)
Labor, other benefits, contracting and materials(a)			(7)						(36)
Pepco Maryland multi-year plan reconciliations(b)			(3)						(27)
Other (c)			—						(21)
			(20)						(82)
Regulatory required programs(d)			11						34
Total decrease			$	(9)					$	(48)

_________

(a)Primarily reflects the absence of an increase in environmental liabilities for the nine months ended September 30, 2024 compared to the same period in 2023.

(b)See Note 2 — Regulatory Matters for additional information on multi-year plan reconciliations.

(c)Primarily relates to a revenue deferral mechanism approved by the MDPSC to capture rate increases attributable to April 1, 2024 through June 30, 2024.

(d)Increase primarily due to the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 2 — Regulatory Matters for additional information.

The changes in Depreciation and amortization expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase (Decrease)						Increase (Decrease)
Depreciation and amortization(a)			$	7					$	18
Regulatory asset amortization			—						—
Regulatory required programs			(17)						(40)
Total decrease			$	(10)					$	(22)

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Taxes other than income taxes increased $5 million and $26 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023, primarily due to increases in utility taxes, which are offset in revenues, and property taxes.

Interest expense, net increased by $9 million and $20 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023, primarily due to increases in interest rates and the issuance of debt in 2023 and 2024.

Effective income tax rates were 18.6% and 14.9% for the three months ended September 30, 2024 and 2023, respectively, and 18.6% and 14.7% for the nine months ended September 30, 2024 and 2023, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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DPL

Results of Operations — DPL

			Three Months Ended September 30,												Favorable (Unfavorable) Variance						Nine Months Ended September 30,												Favorable (Unfavorable) Variance
			2024						2023												2024						2023
Operating revenues			$	462					$	450					$	12					$	1,343					$	1,273					$	70
Operating expenses
Purchased power and fuel			203						201						(2)						573						562						(11)
Operating and maintenance			92						104						12						284						278						(6)
Depreciation and amortization			62						62						—						183						182						(1)
Taxes other than income taxes			20						19						(1)						59						57						(2)
Total operating expenses			377						386						9						1,099						1,079						(20)
Operating income			85						64						21						244						194						50
Other income and (deductions)
Interest expense, net			(22)						(18)						(4)						(69)						(53)						(16)
Other, net			6						5						1						20						12						8
Total other income and (deductions)			(16)						(13)						(3)						(49)						(41)						(8)
Income before income taxes			69						51						18						195						153						42
Income taxes			14						8						(6)						39						25						(14)
Net income			$	55					$	43					$	12					$	156					$	128					$	28

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net income increased $12 million primarily due to higher Delaware electric distribution rates, and a decrease in storm costs, partially offset by unfavorable weather conditions at Delaware electric service territories.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2024. Net income increased $28 million primarily due to higher Delaware electric distribution rates, favorable weather conditions at Delaware electric and natural gas service territories, and higher transmission rates, partially offset by an increase in interest expense.

The changes in Operating revenues consisted of the following:

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			(Decrease) Increase																		Increase (Decrease)
			Electric						Gas						Total						Electric						Gas						Total
Weather			$	(4)					$	—					$	(4)					$	5					$	4					$	9
Volume			4						—						4						3						—						3
Distribution			12						1						13						34						3						37
Transmission			(2)						—						(2)						11						—						11
Other			1						—						1						3						—						3
			11						1						12						56						7						63
Regulatory required programs			2						(2)						—						41						(34)						7
Total increase (decrease)			$	13					$	(1)					$	12					$	97					$	(27)					$	70

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in Maryland are not impacted by abnormal weather or usage per customer as a result of a BSA that provides for a fixed distribution charge per customer by customer class. While Operating revenues from electric distribution customers in Maryland are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

Weather. The demand for electricity and natural gas in Delaware is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as "favorable weather conditions” because these

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DPL

weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended September 30, 2024 compared to the same period in 2023, Operating revenues related to weather decreased due to unfavorable weather conditions in Delaware electric service territories. During the nine months ended September 30, 2024 compared to the same period in 2023, Operating revenues related to weather increased due to favorable weather conditions in Delaware electric and natural gas service territories.

Heating and cooling degree days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree days for a 20-year period in the Delaware electric service territory and a 30-year period in the Delaware natural gas service territory. The changes in heating and cooling degree days in the Delaware service territory for the three and nine months ended September 30, 2024, compared to same period in 2023 and normal weather consisted of the following:

			Three Months Ended September 30,																		% Change
Delaware Electric Service Territory			2024						2023						Normal						2024 vs. 2023						2024 vs. Normal
Heating Degree-Days			13						37						28						(64.9)		%				(53.6)		%
Cooling Degree-Days			856						996						920						(14.1)		%				(7.0)		%
			Nine Months Ended September 30,																		% Change
Delaware Electric Service Territory			2024						2023						Normal						2024 vs. 2023						2024 vs. Normal
Heating Degree-Days			2,620						2,306						2,924						13.6		%				(10.4)		%
Cooling Degree-Days			1,256						1,249						1,261						0.6		%				(0.4)		%

			Three Months Ended September 30,																		% Change
Delaware Natural Gas Service Territory			2024						2023						Normal						2024 vs. 2023						2024 vs. Normal
Heating Degree-Days			13						37						35						(64.9)		%				(62.9)		%
			Nine Months Ended September 30,																		% Change
Delaware Natural Gas Service Territory			2024						2023						Normal						2024 vs. 2023						2024 vs. Normal
Heating Degree-Days			2,620						2,306						2,993						13.6		%				(12.5)		%

Volume, exclusive of the effects of weather, increased for both the three and nine months ended September 30, 2024 compared to the same period in 2023, primarily due to an increase in customer usage and customer growth.

Electric Retail Deliveries to Delaware Customers (in GWhs)			Three Months Ended September 30,												% Change						Weather - Normal % Change(b)						Nine Months Ended September 30,												% Change						Weather - Normal % Change(b)
			2024						2023																		2024						2023
Residential			974						995						(2.1)		%				6.3		%				2,529						2,403						5.2		%				1.9		%
Small commercial & industrial			402						405						(0.7)		%				3.2		%				1,094						1,081						1.2		%				(0.3)		%
Large commercial & industrial			811						849						(4.5)		%				(2.7)		%				2,285						2,349						(2.7)		%				(3.1)		%
Public authorities & electric railroads			8						7						14.3		%				12.4		%				22						23						(4.3)		%				(5.1)		%
Total electric retail deliveries(a)			2,195						2,256						(2.7)		%				2.3		%				5,930						5,856						1.3		%				(0.5)		%

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DPL

			At September 30,
Number of Total Electric Customers (Maryland and Delaware)			2024						2023
Residential			489,634						484,425
Small commercial & industrial			64,626						64,101
Large commercial & industrial			1,267						1,245
Public authorities & electric railroads			598						593
Total			556,125						550,364

__________

(a)Reflects delivery volumes from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 20-year average.

Natural Gas Retail Deliveries to Delaware Customers (in mmcf)			Three Months Ended September 30,												% Change						Weather - Normal % Change(b)						Nine Months Ended September 30,												% Change						Weather - Normal % Change(b)
			2024						2023																		2024						2023
Residential			397						414						(4.1)		%				4.1		%				5,162						4,781						8.0		%				(1.8)		%
Small commercial & industrial			343						350						(2.0)		%				2.9		%				2,590						2,494						3.8		%				(5.4)		%
Large commercial & industrial			408						381						7.1		%				7.1		%				1,239						1,166						6.3		%				6.3		%
Transportation			1,190						1,119						6.3		%				7.2		%				4,491						4,350						3.2		%				0.4		%
Total natural gas deliveries(a)			2,338						2,264						3.3		%				6.0		%				13,482						12,791						5.4		%				(1.2)		%

			At September 30,
Number of Delaware Natural Gas Customers			2024						2023
Residential			130,885						129,436
Small commercial & industrial			10,110						10,039
Large commercial & industrial			14						14
Transportation			161						165
Total			141,170						139,654

__________

(a)Reflects delivery volumes 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.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

Distribution Revenue increased for the three and nine months ended September 30, 2024 compared to the same period in 2023 primarily due to favorable impacts of the higher electric distribution rates in Delaware that became effective July 2023, and higher natural gas DSIC rates in Delaware that became effective in January 2024, partially offset by lower electric DSIC rates in Delaware that became effective in January 2024.

Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. During the three months ended September 30, 2024 compared to the same period in 2023, transmission revenue remained relatively consistent. During the nine months ended September 30, 2024 compared to the same period in 2023, transmission revenue increased due to increases in underlying costs and capital investments.

Other Revenue includes rental revenue, service connection fees, and mutual assistance revenues.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, DE Renewable Portfolio Standards, SOS procurement and administrative costs, and GCR costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes

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DPL

other than income taxes. All customers have the choice to purchase electricity from competitive electric generation suppliers; however, only certain commercial and industrial customers have the choice to purchase natural gas from competitive natural gas suppliers. Customer choice programs do not impact the volume of deliveries as DPL remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, DPL either acts as the billing agent or the competitive supplier separately bills its own customers, and therefore does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from DPL, DPL is permitted to recover the electricity, natural gas, and REC procurement costs from customers and therefore records the amounts related to the electricity, natural gas, and RECs in Operating revenues and Purchased power and fuel expense. DPL recovers electricity and REC procurement costs from customers with a slight mark-up, and natural gas costs without mark-up.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of DPL's revenue disaggregation.

The increase of $2 million and $11 million for the three and nine months ended September 30, 2024, compared to the same period in 2023, respectively, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs.

The changes in Operating and maintenance expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			(Decrease) Increase						Increase (Decrease)
BSC and PHISCO costs			$	—					$	6
Labor and contracting			(3)						—
Pension and non-pension postretirement benefits expense			(1)						(1)
Credit loss expense			(1)						(2)
Storm-related Costs			(8)						(3)
Other			(2)						(1)
			(15)						(1)
Regulatory required programs (a)			3						7
Total (decrease) increase			$	(12)					$	6

__________

(a)Increase primarily due to the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 2 — Regulatory Matters for additional information

The changes in Depreciation and amortization expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase (Decrease)						Increase (Decrease)
Depreciation and amortization(a)			$	3					$	6
Regulatory asset amortization			—						1
Regulatory required programs			(3)						(6)
Total increase			$	—					$	1

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Interest expense, net increased by $4 million and $16 million for the three and nine months ended September 30, 2024 compared to the same period in 2023, respectively, primarily due to an increase in interest rates and the issuance of debt in 2023 and 2024.

Other, net increased by $1 million and $8 million for the three and nine months ended September 30, 2024 compared to the same period in 2023, respectively, primarily due to higher AFUDC equity.

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DPL

Effective income tax rates were 20.3% and 15.7% for the three months ended September 30, 2024 and 2023, respectively, and 20.0% and 16.3% for the nine months ended September 30, 2024 and 2023, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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ACE

Results of Operations — ACE

			Three Months Ended September 30,												Favorable (Unfavorable) Variance						Nine Months Ended September 30,												Favorable (Unfavorable) Variance
			2024						2023												2024						2023
Operating revenues			$	540					$	502					$	38					$	1,280					$	1,172					$	108
Operating expenses
Purchased power			245						221						(24)						557						493						(64)
Operating and maintenance			96						94						(2)						274						259						(15)
Depreciation and amortization			67						77						10						214						212						(2)
Taxes other than income taxes			2						2						—						7						7						—
Total operating expenses			410						394						(16)						1,052						971						(81)
Operating income			130						108						22						228						201						27
Other income and (deductions)
Interest expense, net			(21)						(19)						(2)						(59)						(52)						(7)
Other, net			4						5						(1)						12						13						(1)
Total other income and (deductions)			(17)						(14)						(3)						(47)						(39)						(8)
Income before income taxes			113						94						19						181						162						19
Income taxes			30						23						(7)						48						40						(8)
Net income			$	83					$	71					$	12					$	133					$	122					$	11

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023. Net income increased by $12 million primarily due to higher distribution rates.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023. Net income increased by $11 million primarily due to higher distribution rates partially offset by increases in depreciation expense and interest expense.

The changes in Operating revenues consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase						Increase
Distribution			$	16					$	45
Transmission			4						4
			20						49
Regulatory required programs			18						59
Total increase			$	38					$	108

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in New Jersey are not impacted by abnormal weather or usage per customer as a result of the CIP which became effective, prospectively, in the third quarter of 2021. The CIP compares current distribution revenues by customer class to approved target revenues established in ACE’s most recent distribution base rate case. The CIP is calculated annually, and recovery is subject to certain conditions, including an earnings test and ceilings on customer rate increases. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

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ACE

			At September 30,
Number of Electric Customers			2024						2023
Residential			507,060						504,330
Small commercial & industrial			62,761						62,410
Large commercial & industrial			2,848						2,980
Public authorities & electric railroads			707						729
Total			573,376						570,449

Distribution Revenue increased for the three and nine months ended September 30, 2024 compared to the same period in 2023 due to higher distribution rates that became effective December 2023 and the expiration of customer credits related to the TCJA tax benefits.

Transmission Revenues. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three and nine months ended September 30, 2024 compared to the same period in 2023 due to increases in underlying costs and capital investments.

Other Revenue includes rental revenue, revenue related to late payment charges, mutual assistance revenues, and recoveries of other taxes.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, Societal Benefits Charge, Transition Bond Charge, and BGS procurement and administrative costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries, as ACE remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, ACE acts as the billing agent and therefore, ACE does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from ACE, ACE is permitted to recover the electricity, ZEC, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power expense related to the electricity, ZECs, and RECs.

See Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of ACE's revenue disaggregation.

The increase of $24 million and $64 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023 in Purchased power expense is fully offset in Operating revenues as part of regulatory required programs.

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The changes in Operating and maintenance expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			(Decrease) Increase						Increase (Decrease)
BSC and PHISCO costs			$	—					$	7
Labor and contracting			(4)						(6)
Storm-related costs			(3)						1
Other			—						2
			(7)						4
Regulatory required programs(a)			9						11
Total increase			$	2					$	15

__________

(a)ACE is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through the Societal Benefits Charge.

The changes in Depreciation and amortization expense consisted of the following:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Increase (Decrease)						Increase (Decrease)
Depreciation and amortization(a)			$	5					$	13
Regulatory asset amortization			1						4
Regulatory required programs			(16)						(15)
Total (decrease) increase			$	(10)					$	2

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Interest expense, net increased $2 million and $7 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023 primarily due to increases in interest rates and the issuance of debt in 2023 and 2024.

Effective income tax rates were 26.5% and 24.5% for the three months ended September 30, 2024 and 2023, respectively, and 26.5% and 24.7% for the nine months ended September 30, 2024 and 2023, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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Liquidity and Capital Resources (All Registrants)

All results included throughout the liquidity and capital resources section are presented on a GAAP basis.

The Registrants’ operating and capital expenditures requirements are provided by internally generated cash flows from operations, as well as funds from external sources in the capital markets and through bank borrowings. The Registrants’ businesses are capital intensive and require considerable capital resources. Each of the Registrants annually evaluates its financing plan, dividend practices, and credit line sizing, focusing on maintaining its investment grade ratings while meeting its cash needs to fund capital requirements, including construction expenditures, retire debt, pay dividends, and fund pension and OPEB obligations. The Registrants spend a significant amount of cash on capital improvements and construction projects that have a long-term return on investment. Additionally, the Utility Registrants operate in rate-regulated environments in which the amount of new investment recovery may be delayed or limited and where such recovery takes place over an extended period of time. Each Registrant’s access to external financing on reasonable terms depends on its credit ratings and current overall capital market business conditions, including that of the utility industry in general. If these conditions deteriorate to the extent that the Registrants no longer have access to the capital markets at reasonable terms, the Registrants have access to credit facilities with aggregate bank commitments of $4.0 billion. The Registrants utilize their credit facilities to support their commercial paper programs, provide for other short-term borrowings, and to issue letters of credit. See the “Credit Matters and Cash Requirements” section below for additional information. The Registrants expect cash flows to be sufficient to meet operating expenses, financing costs, and capital expenditure requirements. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants’ debt and credit agreements.

Cash Flows from Operating Activities

The Utility Registrants' cash flows from operating activities primarily result from the transmission and distribution of electricity and, in the case of PECO, BGE, and DPL, gas distribution services. The Utility Registrants' distribution services are provided to an established and diverse base of retail customers. The Utility Registrants' future cash flows may be affected by the economy, weather conditions, future legislative initiatives, future regulatory proceedings with respect to their rates or operations, and their ability to achieve operating cost reductions. Additionally, ComEd is required to purchase CMCs from participating nuclear-powered generating facilities for a five-year period that began in June 2022, and all of its costs of doing so will be recovered through a rider. The price to be paid for each CMC is established through a competitive bidding process. ComEd will provide net payments to, or collect net payments from, customers for the difference between customer credits issued and the credit to be received from the participating nuclear-powered generating facilities. ComEd’s cash flows are affected by the establishment of CMC prices and the timing of recovering costs through the CMC regulatory asset.

See Note 3 — Regulatory Matters of the 2023 Form 10-K and Notes 2 — Regulatory Matters and 11 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information on regulatory and legal proceedings and proposed legislation.

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The following table provides a summary of the change in cash flows from operating activities for the nine months ended September 30, 2024 and 2023 by Registrant:

Increase (decrease) in cash flows from operating activities			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Net income (loss)			$	102					$	1					$	(54)					$	67					$	113					$	74					$	28					$	11
Adjustments to reconcile net income to cash:
Non-cash operating activities			605						447						90						(10)						3						(71)						27						62
Collateral received (paid), net			204						(7)						—						22						192						25						122						45
Income taxes			(68)						(159)						(131)						(70)						(92)						(60)						(40)						(8)
Pension and non-pension postretirement benefit contributions			(43)						15						(2)						(19)						(64)						2						(1)						(6)
Regulatory assets and liabilities, net			589						670						16						82						(156)						(47)						(74)						(34)
Changes in working capital and other assets and liabilities			(538)						84						(199)						(68)						72						37						(9)						39
Increase (decrease) in cash flows from operating activities			$	851					$	1,051					$	(280)					$	4					$	68					$	(40)					$	53					$	109

Changes in the Registrants' cash flows from operations were generally consistent with changes in each Registrant’s respective results of operations, as adjusted by changes in working capital in the normal course of business, except as discussed below. Significant operating cash flow impacts for the Registrants for the nine months ended September 30, 2024 and 2023 were as follows:

•See Note 14 — Supplemental Financial Information of the Combined Notes to Consolidated Financial Statements and the Registrants’ Consolidated Statements of Cash Flows for additional information on non-cash operating activities.

•Changes in collateral depended upon whether the Registrant was in a net mark-to-market liability or asset position, and collateral may have been required to be posted with or collected from its counterparties. In addition, the collateral posting and collection requirements differed depending on whether the transactions were on an exchange or in the over-the-counter markets. Changes in collateral for the Registrants are dependent upon the credit exposure of procurement contracts that may require suppliers to post collateral. The change in Collateral received (paid), net, when comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, is due to stable energy prices for the current year. See Note 8 — Derivative Financial Instruments for additional information.

•See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements and the Registrants' Consolidated Statements of Cash Flows for additional information on income taxes.

•Changes in Pension and non-pension postretirement benefit contributions relates to Exelon's increased contributions to the Qualified Plans during the nine months ended September 30, 2024. See Note 14 — Retirement Benefits of the 2023 Form 10-K for additional information.

•Changes in regulatory assets and liabilities, net, are due to the timing of cash payments for costs recoverable, or cash receipts for costs recovered, under our regulatory mechanisms differing from the recovery period of those costs. Included within the changes is energy efficiency spend for ComEd of $266 million and $299 million for the nine months ended September 30, 2024 and 2023, respectively. Also included within the changes is energy efficiency and demand response programs spend for BGE, Pepco, DPL and ACE of $94 million, $34 million, $14 million, and $24 million for the nine months ended September 30, 2024 and $102 million, $49 million, $19 million, and $14 million for the nine months ended September 30, 2023, respectively. PECO had no energy efficiency and demand response programs spend recorded to the regulatory asset for the nine months ended September 30, 2024 and 2023. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

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•Changes in working capital and other assets and liabilities for the Utility Registrants and Exelon Corporate totaled $(116) million and $(538) million, respectively. The change in working capital and other noncurrent assets and liabilities for Exelon Corporate and the Utility Registrants is dependent upon the normal course of operations for all Registrants. For ComEd, it is also dependent upon whether the participating nuclear-powered generating facilities are owed money from ComEd as a result of the established pricing for CMCs. For the nine months ended September 30, 2024, the established pricing resulted in ComEd owing payments to nuclear-powered generating facilities, which is reported within the cash flows from operations as a change in accounts payable and accrued expense.

Cash Flows from Investing Activities

The following table provides a summary of the change in cash flows from investing activities for the nine months ended September 30, 2024 and 2023 by Registrant:

Increase (decrease) in cash flows from investing activities			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Capital expenditures			$	379					$	307					$	(57)					$	(47)					$	167					$	38					$	12					$	111
Proceeds from sales of assets and businesses			38						—						—						—						—						—						—						—
Changes in intercompany money pool			—						—						(38)						—						—						7						10						—
Other investing activities			(16)						—						4						4						(8)						(8)						—						—
Increase (decrease) in cash flows from investing activities			$	401					$	307					$	(91)					$	(43)					$	159					$	37					$	22					$	111

Significant investing cash flow impacts for the Registrants for nine months ended September 30, 2024 and 2023 were as follows:

•Changes in capital expenditures are primarily due to the timing of cash expenditures for capital projects. See the "Credit Matters and Cash Requirements" section below for additional information on projected capital expenditure spending for the Utility Registrants.

•Changes in intercompany money pool are driven by short-term borrowing needs. Refer to more information regarding the intercompany money pool below.

Cash Flows from Financing Activities

The following table provides a summary of the change in cash flows from financing activities for the nine months ended September 30, 2024 and 2023 by Registrant:

(Decrease) increase in cash flows from financing activities			Exelon						ComEd						PECO						BGE						PHI						Pepco						DPL						ACE
Changes in short-term borrowings, net			$	(626)					$	(629)					$	74					$	13					$	65					$	216					$	52					$	(203)
Long-term debt, net			(452)						(425)						50						400						(33)						(75)						17						25
Changes in intercompany money pool			—						—						—						—						(8)						—						—						(17)
Issuance of common stock			148						—						—						—						—						—						—						—
Dividends paid on common stock			(68)						(22)						3						(39)						—						(86)						(65)						11
Distributions to member			—						—						—						—						(139)						—						—						—
Contributions from parent/member			—						(453)						247						—						30						(48)						61						20
Other financing activities			21						—						(1)						(2)						3						7						—						(2)
(Decrease) increase in cash flows from financing activities			$	(977)					$	(1,529)					$	373					$	372					$	(82)					$	14					$	65					$	(166)

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Significant financing cash flow impacts for the Registrants for the nine months ended September 30, 2024 and 2023 were as follows:

•Changes in short-term borrowings, net, is driven by repayments on and issuances of notes due in less than 365 days. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on short-term borrowings for the Registrants.

•Long-term debt, net, varies due to debt issuances and redemptions each year. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on debt issuances. Refer to the debt redemptions table below for additional information.

•Changes in intercompany money pool are driven by short-term borrowing needs. Refer below for more information regarding the intercompany money pool.

•Issuance of common stock relates to the August 2024 issuance of Exelon common stock. See Note 12 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information.

•Exelon’s ability to pay dividends on its common stock depends on the receipt of dividends paid by its operating subsidiaries. The payments of dividends to Exelon by its subsidiaries in turn depend on their results of operations and cash flows and other items affecting retained earnings. See Note 18 — Commitments and Contingencies of the 2023 Form 10-K for additional information on dividend restrictions. See below for quarterly dividends declared.

Debt

See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants’ debt issuances.

During the nine months ended September 30, 2024, the following long-term debt was retired and/or redeemed:

Company						Type						Interest Rate									Maturity						Amount
Exelon						SMBC Term Loan Agreement						SOFR plus 0.85%									April 8, 2024						$	500
Exelon						Software Licensing Agreement						3.62		%							December 1, 2025						$	1
Exelon						Software Licensing Agreement						3.95		%							May 1, 2024						$	2
ComEd						First Mortgage Bonds						3.10		%							November 1, 2024						$	250
Pepco						First Mortgage Bonds						3.60		%							March 15, 2024						$	400
DPL(a)						Unsecured tax-exempt bonds						4.32		%							July 1, 2024						$	33
ACE						First Mortgage Bonds						3.38		%							September 1, 2024						150

__________

(a)Variable interest on the DPL unsecured tax-exempt bonds reset on a weekly basis.

Dividends

Quarterly dividends declared by the Exelon Board of Directors during the nine months ended September 30, 2024 and for the fourth quarter of 2024 were as follows:

Period

Declaration Date

Shareholder of Record Date

Dividend Payable Date

Cash per Share(a)

First Quarter 2024

February 21, 2024

March 4, 2024

March 15, 2024

$

0.3800

Second Quarter 2024

April 30, 2024

May 13, 2024

June 14, 2024

$

0.3800

Third Quarter 2024

July 30, 2024

August 12, 2024

September 13, 2024

$

0.3800

Fourth Quarter 2024

October 29, 2024

November 11, 2024

December 13, 2024

$

0.3800

__________

(a)Exelon's Board of Directors approved an updated dividend policy for 2024. The 2024 quarterly dividend will be $0.38 per share.

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Credit Matters and Cash Requirements

The Registrants fund liquidity needs for capital investment, working capital, energy hedging, and other financial commitments through cash flows from continuing operations, public debt offerings, commercial paper markets, and large, diversified credit facilities. The credit facilities include $4.0 billion in aggregate total commitments of which $3.4 billion was available to support additional commercial paper as of September 30, 2024, and of which no financial institution has more than 6.2% of the aggregate commitments for the Registrants. The Registrants had access to the commercial paper markets and had availability under their revolving credit facilities during the nine months ended September 30, 2024 to fund their short-term liquidity needs, when necessary. Exelon Corporate and the Utility Registrants each have a 5-year revolving credit facility. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information. The Registrants routinely review the sufficiency of their liquidity position, including appropriate sizing of credit facility commitments, by performing various stress test scenarios, such as commodity price movements, increases in margin-related transactions, changes in hedging levels, and the impacts of hypothetical credit downgrades. The Registrants have continued to closely monitor events in the financial markets and the financial institutions associated with the credit facilities, including monitoring credit ratings and outlooks, credit default swap levels, capital raising, and merger activity. See PART I. ITEM 1A. RISK FACTORS of the 2023 Form 10-K for additional information regarding the effects of uncertainty in the capital and credit markets.

The Registrants believe their cash flows from operating activities, access to credit markets, and their credit facilities provide sufficient liquidity to support the estimated future cash requirements.

On August 4, 2022, Exelon executed an equity distribution agreement (“Equity Distribution Agreement”), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program under which it may offer and sell shares of its common stock, having an aggregate gross sales price of up to $1.0 billion. Exelon has no obligation to offer or sell any shares of common stock under the Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the Equity Distribution Agreement. In November and December 2023, Exelon issued approximately 3.6 million shares of common stock at an average gross price of $39.58 per share. In the third quarter 2024, Exelon issued approximately 4.0 million shares of Common Stock at an average gross price of $37.60 per share. The net proceeds from the fourth quarter 2023 issuances and third quarter 2024 issuances were $140 million and $147 million, respectively, which were used for general corporate purposes. As of September 30, 2024, $708 million of Common stock remained available for sale pursuant to the ATM program.

The following table presents the incremental collateral that each Utility Registrant would have been required to provide in the event each Utility Registrant lost its investment grade credit rating at September 30, 2024 and available credit facility capacity prior to any incremental collateral at September 30, 2024:

			PJM Credit Policy Collateral						Other Incremental Collateral Required(a)						Available Credit Facility Capacity Prior to Any Incremental Collateral
ComEd			$	19					$	—					$	913
PECO			—						18						596
BGE			—						37						575
Pepco			—						—						249
DPL			—						9						300
ACE			—						—						131

__________

(a)Represents incremental collateral related to natural gas procurement contracts.

Capital Expenditure Spending

As of September 30, 2024, the most recent estimates of capital expenditures for plant additions and improvements for 2024 are as follows:        

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(In millions)			Transmission						Distribution						Gas						Total(a)
Exelon			N/A						N/A						N/A						$	7,450
ComEd			450						1,775						N/A						2,225
PECO			100						1,200						375						1,700
BGE			350						675						500						1,550
PHI			550						1,325						100						1,975
Pepco			225						750						N/A						975
DPL			200						300						100						625
ACE			125						275						N/A						400

__________

(a)Numbers rounded to the nearest $25M and may not sum due to rounding.

Projected capital expenditures and other investments are subject to periodic review and revision to reflect changes in economic conditions and other factors.

Retirement Benefits

Management considers various factors when making pension funding decisions, including actuarially determined minimum contribution requirements under ERISA, contributions required to avoid benefit restrictions and at-risk status as defined by the Pension Protection Act of 2006 (the Act), management of the pension obligation, and regulatory implications. The Act requires the attainment of certain funding levels to avoid benefit restrictions (such as an inability to pay lump sums or to accrue benefits prospectively), and at-risk status (which triggers higher minimum contribution requirements and participant notification). The projected contributions reflect a funding strategy to make annual contributions with the objective of achieving 100% funded status on an ABO basis over time. This funding strategy helps minimize volatility of future period required pension contributions. Exelon’s estimated annual qualified pension contributions will be $93 million in 2024. Unlike the qualified pension plans, Exelon’s non-qualified pension plans are not funded, given that they are not subject to statutory minimum contribution requirements.

While OPEB plans are also not subject to statutory minimum contribution requirements, Exelon does fund certain of its plans. For Exelon's funded OPEB plans, contributions generally equal accounting costs, however, Exelon’s management has historically considered several factors in determining the level of contributions to its OPEB plans, including liabilities management, levels of benefit claims paid, and regulatory implications (amounts deemed prudent to meet regulatory expectations and best assure continued rate recovery).

To the extent interest rates decline significantly or the pension and OPEB plans earn less than the expected asset returns, annual pension contribution requirements in future years could increase. Conversely, to the extent interest rates increase significantly or the pension and OPEB plans earn greater than the expected asset returns, annual pension and OPEB contribution requirements in future years could decrease. Additionally, expected contributions could change if Exelon changes its pension or OPEB funding strategy.

See Note 14 — Retirement Benefits of the Combined Notes to Consolidated Financial Statements of the 2023 Form 10-K for additional information on pension and OPEB contributions.

Credit Facilities

Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.

See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants’ credit facilities and short term borrowing activity.

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Security Ratings

The Registrants’ access to the capital markets, including the commercial paper market, and their respective financing costs in those markets, may depend on the securities ratings of the entity that is accessing the capital markets.

The Registrants’ borrowings are not subject to default or prepayment as a result of a downgrading of securities, although such a downgrading of a Registrant’s securities could increase fees and interest charges under that Registrant’s credit agreements.

As part of the normal course of business, the Registrants enter into contracts that contain express provisions or otherwise permit the Registrants and their counterparties to demand adequate assurance of future performance when there are reasonable grounds for doing so. In accordance with the contracts and applicable contracts law, if the Registrants are downgraded by a credit rating agency, it is possible that a counterparty would attempt to rely on such a downgrade as a basis for making a demand for adequate assurance of future performance, which could include the posting of collateral. See Note 8 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information on collateral provisions.

The credit ratings for the Registrants did not change for the nine months ended September 30, 2024.

Intercompany Money Pool

To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing, both Exelon and PHI operate an intercompany money pool. Maximum amounts contributed to and borrowed from the money pool by participant and the net contribution or borrowing as of September 30, 2024, are presented in the following table:

						During the Nine Months Ended September 30, 2024												At September 30, 2024
Exelon Intercompany Money Pool						Maximum Contributed						Maximum Borrowed						Contributed (Borrowed)
Exelon Corporate						$	626					$	—					$	177
PECO						241						(255)						89
BSC						—						(420)						(236)
PHI Corporate						—						(86)						(75)
PCI						45						—						45

						During the Nine Months Ended September 30, 2024												At September 30, 2024
PHI Intercompany Money Pool						Maximum Contributed						Maximum Borrowed						Contributed (Borrowed)
Pepco						$	171					$	(35)					$	—
DPL						130						(33)						—
ACE						—						(197)						—

Shelf Registration Statements

As of January 1st, 2024 Exelon and the Utility Registrants had an effective combined shelf registration statement, unlimited in amount (“Legacy Registration Statement”). On February 20, 2024, Exelon Corporation filed with the SEC Post-Effective Amendment 1 to its Legacy Registration Statement to remove and withdraw registration of all registered securities of ACE, DPL, PECO and BGE.

On February 21, 2024, Exelon Corporation, together with Pepco and ComEd as co-registrants, filed with the SEC Post-Effective Amendment 2 to its Legacy Registration Statement. Post-Effective Amendment 2 amends the Legacy Registration Statement to include an authorized limit of $7,200 million, which can be used to issue Exelon Corporation debt securities and equity securities, as well as Pepco and ComEd debt securities, through the expiration date of August 3, 2025. The amended Legacy Registration Statement was declared effective by the SEC on April 30, 2024. On February 21, 2024, PECO and BGE filed with the SEC a standalone automatically effective shelf registration statement, unlimited in amount, which can be used to issue PECO and BGE debt

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securities through the expiration date of February 20, 2027. The ability of Exelon Corporation, ComEd, Pepco, PECO and BGE to sell securities off their corresponding registration Statements, or to access the private placement markets, will depend on a number of factors at the time of the proposed sale, including other required regulatory approvals, as applicable, the current financial condition of the Registrant, its securities ratings and market conditions.

As a result of Post-Effect Amendment 1, DPL and ACE filed to deregister all securities that remain unsold. DPL and ACE periodically issue securities through the private placement markets. DPL and ACE's ability to access the private placement markets will depend on a number of factors at the time of the proposed sale, including other required regulatory approvals, as applicable, current financial condition, securities ratings and market conditions.

Regulatory Authorizations

The Utility Registrants are required to obtain short-term and long-term financing authority from Federal and State Commissions as follows:

At September 30, 2024

Short-term Financing Authority

Remaining Long-term Financing Authority

Commission

Expiration Date

Amount

Commission

Expiration Date

Amount

ComEd

FERC

December 31, 2025

$

2,500

ICC

January 1, 2027 & May 1, 2027

$

2,318

PECO(c)

FERC

December 31, 2025

1,500

PAPUC

December 31, 2024

—

BGE

FERC

December 31, 2025

700

MDPSC

N/A

300

Pepco(a)

FERC

December 31, 2025

500

MDPSC / DCPSC

December 31, 2025

375

DPL(a)

FERC

December 31, 2025

500

MDPSC / DEPSC

December 31, 2025

375

ACE(b)

NJBPU

December 31, 2025

350

NJBPU

December 31, 2024

375

__________

(a)The financing authority filed with MDPSC does not have an expiration date, while the financing authority filed with DCPSC and DEPSC have an expiration date of December 31, 2025.

(b)On June 24, 2024, ACE filed an application with the NJBPU for renewal of their long-term financing authority through December 31, 2026. ACE expects approval of their application by December 31, 2024.

(c)On October 16, 2024, PECO filed an application for $3.5 billion with the PAPUC for a new long-term financing authority order through December 31, 2027. PECO expects approval of their application by December 31, 2024.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The Registrants hold commodity and financial instruments that are exposed to the following market risks:

•Commodity price risk, which is discussed further below.

•Counterparty credit risk associated with non-performance by counterparties on executed derivative instruments and participation in all, or some of the established, wholesale spot energy markets that are administered by PJM. The credit policies of PJM may, under certain circumstances, require that losses arising from the default of one member on spot energy market transactions be shared by the remaining participants. See Note 8 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for a detailed discussion of counterparty credit risk related to derivative instruments.

•Equity price and interest rate risk associated with Exelon’s pension and OPEB plan trusts. See Note 7 — Retirement Benefits of the 2023 Form 10-K for additional information.

•Interest rate risk associated with changes in interest rates for the Registrants’ outstanding long-term debt. This risk is significantly reduced as substantially all of the Registrants’ outstanding debt has fixed interest rates. There is inherent interest rate risk related to refinancing maturing debt by issuing new long-term debt. The Registrants use a combination of fixed-rate and variable-rate debt to manage interest rate exposure. See Note 9 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information. In addition, Exelon may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges, or to lock in rate levels on borrowings, which are typically designated as economic hedges. See Note 8 – Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information.

The Registrants operate primarily under cost-based rate regulation limiting exposure to the effects of market risk. Hedging programs are utilized to reduce exposure to energy and natural gas price volatility and have no direct earnings impacts as the costs are fully recovered through regulatory-approved recovery mechanisms.

Exelon manages these risks through risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval, and the monitoring and reporting of risk exposures. Risk management issues are reported to Exelon’s Executive Committee, the Risk Management Committees of each Utility Registrant, and the Audit and Risk Committee of Exelon’s Board of Directors.

Commodity Price Risk

Commodity price risk is associated with price movements resulting from changes in supply and demand, fuel costs, market liquidity, weather conditions, governmental regulatory and environmental policies, and other factors. To the extent the total amount of energy Exelon purchases differs from the amount of energy it has contracted to sell, Exelon is exposed to market fluctuations in commodity prices. Exelon seeks to mitigate its commodity price risk through the sale and purchase of electricity and natural gas.

ComEd entered into 20-year floating-to-fixed renewable energy swap contracts beginning in June 2012, which are considered an economic hedge and have changes in fair value recorded to an offsetting regulatory asset or liability. ComEd has block energy contracts to procure electric supply that are executed through a competitive procurement process, which are considered derivatives and qualify for NPNS, and as a result are accounted for on an accrual basis of accounting. PECO, BGE, Pepco, DPL, and ACE have contracts to procure electric supply that are executed through a competitive procurement process. PECO, BGE, Pepco, DPL, and ACE have certain full requirements contracts, which are considered derivatives and qualify for NPNS, and as a result are accounted for on an accrual basis of accounting. Other full requirements contracts are not derivatives.

PECO, BGE, and DPL also have executed derivative natural gas contracts, which qualify for NPNS, to hedge their long-term price risk in the natural gas market. The hedging programs for natural gas procurement have no direct impact on their financial statements.

For additional information on these contracts, see Note 8 — Derivative Financial Instruments and Note 10 — Fair Value of Financial Assets and Liabilities of the Combined Notes to Consolidated Financial Statements.

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The following table presents the maturity and source of fair value for Exelon’s and ComEd’s mark-to-market commodity contract net liabilities. These net liabilities are associated with ComEd’s floating-to-fixed energy swap contracts with unaffiliated suppliers. The table provides two fundamental pieces of information. First, the table provides the source of fair value used in determining the carrying amount of Exelon's and ComEd's total mark-to-market net liabilities. Second, the table shows the maturity, by year, of Exelon's and ComEd's commodity contract net liabilities giving an indication of when these mark-to-market amounts will settle and either generate or require cash. See Note 10 — Fair Value of Financial Assets and Liabilities of the Combined Notes to Consolidated Financial Statements for additional information regarding fair value measurements and the fair value hierarchy.

			Maturities Within																																				Total Fair Value
Commodity derivative contracts(a):			2024						2025						2026						2027						2028						2029 and Beyond
Prices based on model or other valuation methods (Level 3)			$	(11)					$	(22)					$	(20)					$	(19)					$	(21)					$	(72)					$	(165)

_________

(a)Represents ComEd's net liabilities associated with the floating-to-fixed energy swap contracts with unaffiliated suppliers.

ITEM 4.    CONTROLS AND PROCEDURES

During the third quarter of 2024, each of the Registrants' management, including its principal executive officer and principal financial officer, evaluated its disclosure controls and procedures related to the recording, processing, summarizing, and reporting of information in its periodic reports that it files with the SEC. These disclosure controls and procedures have been designed by the Registrants to ensure that (a) material information relating to that Registrant, including its consolidated subsidiaries, is accumulated and made known to that Registrant's management, including its principal executive officer and principal financial officer, by other employees of that Registrant and its subsidiaries as appropriate to allow timely decisions regarding required disclosure, and (b) this information is recorded, processed, summarized, evaluated, and reported, as applicable, within the time periods specified in the SEC’s rules and forms. Due to the inherent limitations of control systems, not all misstatements may be detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls could be circumvented by the individual acts of some persons or by collusion of two or more people.

Accordingly, as of September 30, 2024, the principal executive officer and principal financial officer of each of the Registrants concluded that such Registrant’s disclosure controls and procedures were effective to accomplish its objectives. The Registrants continually strive to improve their disclosure controls and procedures to enhance the quality of its financial reporting and to maintain dynamic systems that change as conditions warrant. In the first quarter of 2024, ComEd and PECO implemented a new customer care and billing information system replacing the existing system. ComEd and PECO expect the new system to further automate, enhance and standardize the processes by which they engage with their customers. As part of this system implementation, ComEd and PECO appropriately considered the impacts to internal controls over financial reporting. There were no other changes in internal control over financial reporting that occurred during the three and nine months ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, any of the Registrants' internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

The Registrants are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses. For information regarding material lawsuits and proceedings, see (a) ITEM 3. LEGAL PROCEEDINGS of the 2023 Form 10-K, (b) Notes 3 — Regulatory Matters and 18 — Commitments and Contingencies of the 2023 Form 10-K, and (c) Notes 2 — Regulatory Matters and 11 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements in PART I, ITEM 1. FINANCIAL STATEMENTS of this Report. Such descriptions are incorporated herein by these references.

ITEM 1A.    RISK FACTORS

Risks Related to All Registrants

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At September 30, 2024, the Registrants' risk factors were consistent with the risk factors described in the Registrants' combined 2023 Form 10-K in ITEM 1A. RISK FACTORS.

ITEM 5.    OTHER INFORMATION

All Registrants

None.

ITEM 6.    EXHIBITS

Certain of the following exhibits are incorporated herein by reference under Rule 12b-32 of the Securities and Exchange Act of 1934, as amended. Certain other instruments which would otherwise be required to be listed below have not been so listed because such instruments do not authorize securities in an amount which exceeds 10% of the total assets of the applicable Registrant and its subsidiaries on a consolidated basis and the relevant. Registrant agrees to furnish a copy of any such instrument to the Commission upon request.

(4) Instruments Defining the Rights of Securities Holders, Including Indentures

PECO Energy Company
Exhibit No.			Description			Location
4-1			Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of August 15, 2024			File No. 001-16844, Form 8-K dated September 10, 2024, Exhibit 4.1

(10) Material Contracts

Exelon Corporation
Exhibit No.			Description			Location
10-1			Amended and Restated Credit Agreement for $900,000,000 dated August 29, 2024 between Exelon, JPMorgan Chase Bank (JPMCB), as Administrative Agent, and various financial institutions			Filed herewithin
10-2			Amended and Restated Credit Agreement for $1,000,000,000 dated August 29, 2024 between ComEd, JPMCB, as Administrative Agent, and various financial institutions			Filed herewithin
10-3			Amended and Restated Credit Agreement for $600,000,000 dated August 29, 2024 between PECO, JPMCB, as Administrative Agent, and various financial institutions			Filed herewithin
10-4			Amended and Restated Credit Agreement for $600,000,000 dated August 29, 2024 between BGE, JPMCB, as Administrative Agent, and various financial institutions			Filed herewithin
10-5			Amended and Restated Credit Agreement for $900,000,000 dated August 29, 2024 between the PHI Utilities, JPMCB, as Administrative Agent, and various financial institutions			Filed herewithin

Certifications Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 filed by the following officers for the following companies:

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Exelon Corporation
Exhibit No.			Description
31-1			Filed by Calvin G. Butler, Jr. for Exelon Corporation
31-2			Filed by Jeanne M. Jones for Exelon Corporation
Commonwealth Edison Company
Exhibit No.			Description
31-3			Filed by Gil C. Quiniones for Commonwealth Edison Company
31-4			Filed by Joshua S. Levin for Commonwealth Edison Company
PECO Energy Company
Exhibit No.			Description
31-5			Filed by David M. Velazquez for PECO Energy Company
31-6			Filed by Marissa E. Humphrey for PECO Energy Company
Baltimore Gas and Electric Company
Exhibit No.			Description
31-7			Filed by Carim V. Khouzami for Baltimore Gas and Electric Company
31-8			Filed by Michael J. Cloyd for Baltimore Gas and Electric Company
Pepco Holdings LLC
Exhibit No.			Description
31-9			Filed by J. Tyler Anthony for Pepco Holdings LLC
31-10			Filed by David M. Vahos for Pepco Holdings LLC
Potomac Electric Power Company
Exhibit No.			Description
31-11			Filed by J. Tyler Anthony for Potomac Electric Power Company
31-12			Filed by David M. Vahos for Potomac Electric Power Company
Delmarva Power & Light Company
Exhibit No.			Description
31-13			Filed by J. Tyler Anthony for Delmarva Power & Light Company
31-14			Filed by David M. Vahos for Delmarva Power & Light Company
Atlantic City Electric Company
Exhibit No.			Description
31-15			Filed by J. Tyler Anthony for Atlantic City Electric Company
31-16			Filed by David M. Vahos for Atlantic City Electric Company

Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code (Sarbanes-Oxley Act of 2002) as to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 filed by the following officers for the following companies:

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Exelon Corporation
Exhibit No.			Description
32-1			Filed by Calvin G. Butler, Jr. for Exelon Corporation
32-2			Filed by Jeanne M. Jones for Exelon Corporation
Commonwealth Edison Company
Exhibit No.			Description
32-3			Filed by Gil C. Quiniones for Commonwealth Edison Company
32-4			Filed by Joshua S. Levin for Commonwealth Edison Company
PECO Energy Company
Exhibit No.			Description
32-5			Filed by David M. Velazquez for PECO Energy Company
32-6			Filed by Marissa E. Humphrey for PECO Energy Company
Baltimore Gas and Electric Company
Exhibit No.			Description
32-7			Filed by Carim V. Khouzami for Baltimore Gas and Electric Company
32-8			Filed by Michael J. Cloyd for Baltimore Gas and Electric Company
Pepco Holdings LLC
Exhibit No.			Description
32-9			Filed by J. Tyler Anthony for Pepco Holdings LLC
32-10			Filed by David M. Vahos for Pepco Holdings LLC
Potomac Electric Power Company
Exhibit No.			Description
32-11			Filed by J. Tyler Anthony for Potomac Electric Power Company
32-12			Filed by David M. Vahos for Potomac Electric Power Company
Delmarva Power & Light Company
Exhibit No.			Description
32-13			Filed by J. Tyler Anthony for Delmarva Power & Light Company
32-14			Filed by David M. Vahos for Delmarva Power & Light Company
Atlantic City Electric Company
Exhibit No.			Description
32-15			Filed by J. Tyler Anthony for Atlantic City Electric Company
32-16			Filed by David M. Vahos for Atlantic City Electric Company
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXELON CORPORATION

 

/s/    CALVIN G. BUTLER, JR.						/s/    JEANNE M. JONES
Calvin G. Butler, Jr.						Jeanne M. Jones
President, Chief Executive Officer (Principal Executive Officer) and Director						Executive Vice President and Chief Financial Officer (Principal Financial Officer)
/s/ ROBERT A. KLECZYNSKI
Robert A. Kleczynski
Senior Vice President, Corporate Controller and Tax (Principal Accounting Officer)

October 30, 2024

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Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

COMMONWEALTH EDISON COMPANY

 

/s/ GIL C. QUINIONES						/s/ JOSHUA S. LEVIN
Gil C. Quiniones						Joshua S. Levin
President, Chief Executive Officer (Principal Executive Officer) and Director						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/    CAROLINE FULGINITI
Caroline Fulginiti
Vice President and Assistant Controller, Exelon (Principal Accounting Officer, ComEd)

October 30, 2024

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Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PECO ENERGY COMPANY

 

/s/   DAVID M. VELAZQUEZ						/s/    MARISSA E. HUMPHREY
David M. Velazquez						Marissa E. Humphrey
President, Chief Executive Officer (Principal Executive Officer) and Director						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/    MARIANA HUFFORD
Mariana Hufford
Director, Accounting (Principal Accounting Officer)

October 30, 2024

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Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BALTIMORE GAS AND ELECTRIC COMPANY

 

/s/    CARIM V. KHOUZAMI						/s/ MICHAEL J. CLOYD
Carim V. Khouzami						Michael J. Cloyd
President, Chief Executive Officer (Principal Executive Officer) and Director						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ DAMON M. SCOLERI
Damon M. Scoleri
Director, Accounting (Principal Accounting Officer)

October 30, 2024

152

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Table of Contents

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PEPCO HOLDINGS LLC

/s/ J. TYLER ANTHONY						/s/    DAVID M. VAHOS
J. Tyler Anthony						David M. Vahos
President, Chief Executive Officer (Principal Executive Officer) and Director						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JASON T. JONES
Jason T. Jones
Director, Accounting (Principal Accounting Officer)

October 30, 2024

153

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Table of Contents

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

POTOMAC ELECTRIC POWER COMPANY

/s/ J. TYLER ANTHONY						/s/    DAVID M. VAHOS
J. Tyler Anthony						David M. Vahos
President, Chief Executive Officer (Principal Executive Officer) and Director						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JASON T. JONES
Jason T. Jones
Director, Accounting (Principal Accounting Officer)

October 30, 2024

154

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Table of Contents

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DELMARVA POWER & LIGHT COMPANY

/s/ J. TYLER ANTHONY						/s/    DAVID M. VAHOS
J. Tyler Anthony						David M. Vahos
President, Chief Executive Officer (Principal Executive Officer) and Director						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JASON T. JONES
Jason T. Jones
Director, Accounting (Principal Accounting Officer)

October 30, 2024

155

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Table of Contents

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ATLANTIC CITY ELECTRIC COMPANY

/s/ J. TYLER ANTHONY						/s/    DAVID M. VAHOS
J. Tyler Anthony						David M. Vahos
President, Chief Executive Officer (Principal Executive Officer) and Director						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JASON T. JONES
Jason T. Jones
Director, Accounting (Principal Accounting Officer)

October 30, 2024

156