EXELON CORP - FORM 8-K - EX-99.1 - PRESS RELEASE AND EARNINGS RELEASE ATTACHMENTS

Attached files

file	filename
8-K - 8-K - EXELON CORP	d574503d8k.htm
EX-99.2 - EARNINGS CONFERENCE CALL PRESENTATION SLIDES - EXELON CORP	d574503dex992.htm

Exhibit 99.1


		News Release

Contact:

Ravi Ganti

Investor Relations

312-394-2348

Paul Adams

Corporate Communications

410-470-4167

FOR IMMEDIATE RELEASE

EXELON ANNOUNCES SECOND QUARTER 2013 RESULTS,

REAFFIRMS FULL-YEAR GUIDANCE

CHICAGO (July 31, 2013) — Exelon Corporation (NYSE: EXC) announced second quarter 2013 consolidated earnings as follows:


	Second Quarter
	2013		2012

Adjusted (non-GAAP) Operating Results:

Net Income (Loss) ($ millions)	$	454	$	522

Diluted Earnings per Share	$	0.53	$	0.61


GAAP Results:

Net Income (Loss) ($ millions)	$	490	$	286

Diluted Earnings per Share	$	0.57	$	0.33

“Exelon delivered earnings within its guidance range and continued to operate well this quarter, both in the generation and utility businesses,” said Christopher M. Crane, Exelon’s president and CEO. “The nuclear capacity factor for the first six months of the year was nearly 95%. We maintained our constant focus on creating value and our commitment to financial discipline.”

Exelon also reaffirmed its full-year operating earnings guidance of $2.35 - $2.65 per share.

Second Quarter Operating Results

As shown in the table above, Exelon’s adjusted (non-GAAP) operating earnings declined to $0.53 per share in the second quarter of 2013 from $0.61 per share in the second quarter of 2012. Earnings in the second quarter of 2013 primarily reflected the following negative factors:

•

Lower energy margins at Generation, resulting from decreased capacity pricing related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market, higher nuclear fuel costs, lower realized energy prices, and a reduction in load volumes;

•

Higher operating and maintenance (O&M) expenses, including increased labor, contracting and materials costs;

•

Increased depreciation and amortization expense primarily due to ongoing capital expenditures; and

•

The impact of unfavorable weather at ComEd.

These factors were partially offset by:

•

Increased distribution revenue at ComEd due to recovery of increased costs and capital investment pursuant to the formula rate under the Energy Infrastructure Modernization Act (EIMA);

•

Merger O&M synergies; and

•

Favorable income taxes, primarily reflecting an increase in investment tax credit (ITC) benefit related to the AVSR solar project at Generation and a benefit for the gas property repairs deduction at PECO.

Adjusted (non-GAAP) operating earnings for the second quarter of 2013 do not include the following items (after tax) that were included in reported GAAP earnings:


	(in millions)			(per diluted share)
Exelon Adjusted (non-GAAP) Operating Earnings	$	454		$	0.53
Mark-to-Market Impact of Economic Hedging Activities		253			0.30
Unrealized Losses Related to Nuclear Decommissioning Trust (NDT) Fund Investments		(22	)		(0.03	)
Constellation Merger and Integration Costs		(15	)		(0.02	)
Amortization of Commodity Contract Intangibles		(115	)		(0.13	)
Amortization of the Fair Value of Certain Debt		4			—
Long-Lived Asset Impairment		(69	)		(0.08	)

Exelon GAAP Net Income (Loss)	$	490		$	0.57

Adjusted (non-GAAP) operating earnings for the second quarter of 2012 do not include the following items (after tax) that were included in reported GAAP earnings:


	(in millions)			(per diluted share)
Exelon Adjusted (non-GAAP) Operating Earnings	$	522		$	0.61
Mark-to-Market Impact of Economic Hedging Activities		123			0.15
Unrealized Losses Related to Nuclear Decommissioning Trust (NDT) Fund Investments		(19	)		(0.02	)
Plant Retirements and Divestitures		1			—
Constellation Merger and Integration Costs		(67	)		(0.08	)
Amortization of Commodity Contract Intangibles		(281	)		(0.33	)
Amortization of the Fair Value of Certain Debt		3			—
Non-cash Remeasurement of Deferred Income Taxes		4			—

Exelon GAAP Net Income (Loss)	$	286		$	0.33

Second Quarter and Recent Highlights

•

Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station, produced 34,601 gigawatt-hours (GWh) in the second quarter of 2013, compared with 35,137 GWh in the second quarter of 2012. The output data excludes the units owned by Constellation Energy Nuclear Group LLC (CENG). Excluding Salem and the units owned by CENG, the Exelon-operated nuclear plants achieved a 92.8 percent capacity factor for the second quarter of 2013, compared with 93.4 percent for the second quarter of 2012. The number of planned refueling outage days totaled 47 in the second quarter of 2013 versus 51 days in the second quarter of 2012. The number of non-refueling outage days totaled 31 days in the second quarter of 2013, compared with 16 days in the second quarter of 2012.

•

Fossil and Renewables Operations: The dispatch match rate for Generation’s fossil and hydro fleet was 99.1 percent in the second quarter of 2013, compared with 93.7 percent in the second quarter of 2012. Energy capture for the wind and solar fleet was 92.4 percent in the second quarter of 2013, compared with 95.0 percent in the second quarter of 2012. Energy capture in the second quarter of 2013 was impacted by late season winter weather, outages, transmission constraints and economic dispatch.

•

Constellation Energy Nuclear Group (CENG) Operating Services Agreement: On July 29, 2013, Exelon, Generation and subsidiaries of Generation entered into a Master Agreement with Electricité de France, S.A. (EDF), a subsidiary of EDF, Constellation Energy Nuclear Group LLC (CENG), and subsidiaries of CENG. The Master Agreement contemplates that the parties will execute a series of additional agreements at a closing that will occur following the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Exelon currently expects that the closing will occur during the first quarter or early second quarter of 2014.

Under the terms of the agreement, the CENG plant operating licenses will be transferred to Exelon; Exelon will integrate the CENG fleet under its management model; Exelon will lend $400 million to CENG to support a special dividend to EDF; and EDF will retain an option to sell its CENG stake to Exelon at fair market value between 2016 and 2022. For additional information, please see the Form 8-K that Exelon filed on July 30, 2013.

•

Nuclear License Renewals: On May 29, 2013, Exelon Generation filed license renewal applications with the Nuclear Regulatory Commission (NRC) for its Braidwood and Byron Generating Stations. The application filings begin a multiyear review by the NRC to extend the stations’ licenses to operate for another 20 years. Braidwood Units 1 and 2 currently are licensed to operate until 2026 and 2027, respectively. Byron Units 1 and 2 are licensed to operate until 2024 and 2026 respectively. A final NRC decision on the applications is expected in 2015.

•

Nuclear Uprates: On June 5, 2013, Exelon decided, based on market conditions, to cancel the previously deferred extended power uprate projects at the LaSalle County and Limerick Generating Stations. As a result of this decision, the costs for these projects previously capitalized in property, plant and equipment became impaired, and therefore, Exelon and Exelon Generation recorded in the second quarter of 2013 a pre-tax charge, including early contract termination costs, to operating and maintenance expense of $100 million. Management has excluded these charges from adjusted (non-GAAP) operating earnings.

•

Illinois Senate Bill 9: On May 22, 2013, the Illinois General Assembly overrode the governor’s veto of Senate Bill 9, which then became effective immediately. The enacted legislation clarifies that for ComEd’s distribution formula rate structure, a year-end rate base and capital structure should be used, a weighted average cost of capital return should be applied against the reconciliation and a return shall be allowed on the pension asset. These adjustments resulted in an increase in pre-tax earnings of $10 million in the second quarter of 2013. For full year 2013, the expected impact is an increase in pre-tax earnings of approximately $16 million.

•

BGE Gas and Electric Distribution Rate Case: On May 17, 2013, BGE filed an application with the Maryland Public Service Commission (MDPSC) for increases of $101 million and $30 million to its electric and gas base rates, respectively. The requested rate of return on equity in the application is 10.50 percent for electric and 10.35 percent for gas. The MDPSC will determine any increase in rates after a seven-month proceeding with input from all interested parties. The new electric and gas distribution base rates are expected to take effect in mid December 2013.

•

Redemption of Junior Subordinated Debentures: On June 15, 2013, Exelon redeemed all of its outstanding Series A Junior Subordinated Debentures at a redemption price equal to 100 percent of the principal amount. The aggregate outstanding principal amount of the Debentures was $450 million and the annual interest rate was 8.625 percent.

•

Hedging Update: Exelon’s hedging program involves the hedging of commodity risk for Exelon’s expected generation, typically on a ratable basis over a three-year period. Expected generation represents the amount of energy estimated to be generated or purchased through owned or contracted-for capacity. The proportion of expected generation hedged as of June 30, 2013, is 96 percent to 99 percent for 2013, 78 percent to 81 percent for 2014, and 41 percent to 44 percent for 2015. The primary objective of Exelon’s hedging program is to manage market risks and protect the value of its generation and its investment-grade balance sheet, while preserving its ability to participate in improving long-term market fundamentals.

Operating Company Results

Generation consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products, risk management services and natural gas exploration and production activities.

Second quarter 2013 GAAP net income was $330 million, compared with net income of $166 million in the second quarter of 2012. Adjusted (non-GAAP) operating earnings for the second quarter of 2013 and 2012 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income (Loss) is in the table below:


($ millions)	2Q13			2Q12
Generation Adjusted (non-GAAP) Operating Earnings	$	273		$	399
Mark-to-Market Impact of Economic Hedging Activities		263			120
Unrealized Losses Related to NDT Fund Investments		(22	)		(19	)
Plant Retirements and Divestitures		—			1
Constellation Merger and Integration Costs		(12	)		(57	)
Amortization of Commodity Contract Intangibles		(115	)		(281	)
Amortization of the Fair Value of Certain Debt		4			3
Long-Lived Asset Impairment		(61	)		—

Generation GAAP Net Income (Loss)	$	330		$	166

Generation’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2013 decreased $126 million compared with the same quarter in 2012. This decrease primarily reflected:

•

Lower energy margins at Generation, resulting from decreased capacity pricing related to RPM for the PJM market, higher nuclear fuel costs, lower realized market prices, and a reduction in load volumes; and

•

Increased depreciation and amortization expense due to ongoing capital expenditures and the completion of wind and solar facilities placed in service in the second half of 2012 and in 2013.

These items were partially offset by favorable O&M expense. primarily driven by merger synergies and favorable income taxes driven by an increase in ITC benefits related to the AVSR solar project.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $27.34 per megawatt-hour (MWh) in the second quarter of 2013, compared with $26.15 per MWh in the second quarter of 2012.

ComEd consists of electricity transmission and distribution operations in northern Illinois.

ComEd recorded GAAP net income of $96 million in the second quarter of 2013, compared with net income of $42 million in the second quarter of 2012. ComEd’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2013 were up $54 million from the same quarter in 2012, primarily due to the discrete impacts of the 2012 Distribution Formula Rate Order recorded in the second quarter of 2012 and increased distribution revenue due to recovery of increased costs and capital investment pursuant to the formula rate under EIMA.

For the second quarter of 2013, heating degree-days in the ComEd service territory were up 43.0 percent relative to the same period in 2012 and were 1.7 percent above normal. For the second quarter of 2013, cooling degree-days in the ComEd service territory were down 43.3 percent relative to the same period in 2012 and were 10.1 percent above normal. Total retail electric deliveries decreased 3.5 percent quarter over quarter.

Weather-normalized retail electric deliveries increased 1.0 percent in the second quarter of 2013 relative to 2012, reflecting increases in deliveries to small commercial and industrial

(C&I) and residential customers offset by a decrease in deliveries to large C&I customers. For ComEd, weather had an unfavorable after-tax effect of $13 million on second quarter 2013 earnings relative to 2012 and a favorable after-tax effect of $1 million relative to normal weather.

PECO consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania.

PECO’s GAAP net income in the second quarter of 2013 was $72 million, compared with $79 million in the second quarter of 2012. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2013 and 2012 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:


($ millions)	2Q13			2Q12
PECO Adjusted (non-GAAP) Operating Earnings	$	74		$	81
Constellation Merger and Integration Costs		(2	)		(2	)

PECO GAAP Net Income (Loss)	$	72		$	79

PECO’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2013 decreased $7 million from the same quarter in 2012, primarily due to higher operating and maintenance expense offset by favorable income taxes driven by benefit for the gas property repairs deduction.

For the second quarter of 2013, heating degree-days in the PECO service territory were up 24.9 percent relative to the same period in 2013 and were 9.1 percent below normal. For the second quarter of 2013, cooling degree-days in the PECO service territory were down 2.8 percent relative to the same period in 2012 and were 20.1 percent above normal. Total retail electric deliveries were flat quarter over quarter. On the gas side, deliveries in the second quarter of 2013 were up 6.7 percent from the second quarter of 2012.

Weather-normalized retail electric deliveries increased 0.8 percent in the second quarter of 2013 relative to 2012, reflecting an increase in deliveries to both small and large C&I customers offset by a decrease in deliveries to residential customers. Weather-normalized gas deliveries were up 1.8 percent in the second quarter of 2013. For PECO, weather had no impact on second quarter 2013 earnings relative to 2012 and a favorable after-tax effect of $2 million relative to normal weather.

BGE consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland.

BGE’s GAAP net income in the second quarter of 2013 was $22 million, compared with $13 million in the second quarter of 2012. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2013 and 2012 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:


($ millions)	2Q13			2Q12
BGE Adjusted (non-GAAP) Operating Earnings	$	23		$	14
Constellation Merger and Integration Costs		(1	)		(1	)

BGE GAAP Net Income (Loss)	$	22		$	13

BGE’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2013 increased $9 million from the same quarter in 2012, primarily due to higher electric and gas distribution rates. Due to revenue decoupling, BGE is not affected by actual weather with the exception of major storms.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from NDT fund investments, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached. Additional earnings release attachments, which include the reconciliation on pages 10 and 11 are posted on Exelon’s Web site: www.exeloncorp.com and have been furnished to the Securities and Exchange Commission on Form 8-K on July 31, 2013.

Cautionary Statements Regarding Forward-Looking Information

This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company and Exelon Generation Company, LLC (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2012 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 19; (2) Exelon’s First Quarter 2013 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 17; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this news release.

# # #

Exelon Corporation is the nation’s leading competitive energy provider, with 2012 revenues of approximately $23.5 billion. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with approximately 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon’s utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).

Earnings Release Attachments

Table of Contents


Consolidating Statements of Operations - Three Months Ended June 30, 2013 and 2012			1

Consolidating Statements of Operations - Six Months Ended June 30, 2013 and 2012			2

Business Segment Comparative Statements of Operations - Generation and ComEd - Three and Six Months Ended June 30, 2013 and 2012			3

Business Segment Comparative Statements of Operations - PECO and BGE - Three and Six Months Ended June 30, 2013 and 2012			4

Business Segment Comparative Statements of Operations - Other - Three and Six Months Ended June 30, 2013 and 2012			5

Consolidated Balance Sheets - June 30, 2013 and December 31, 2012			6

Consolidated Statements of Cash Flows - Six Months Ended June 30, 2013 and 2012			7

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended June 30, 2013 and 2012			8

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Six Months Ended June 30, 2013 and 2012			9

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended June 30, 2013 and 2012			10

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Six Months Ended June 30, 2013 and 2012			11

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three and Six Months Ended June 30, 2013 and 2012			12

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three and Six Months Ended June 30, 2013 and 2012			13

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three and Six Months Ended June 30, 2013 and 2012			14

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - BGE - Three Months Ended June 30, 2013 and 2012, and Six Months Ended and March 12, 2012 through June 30, 2013 and 2012, respectively.			15

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three and Six Months Ended June 30, 2013 and 2012			16

Exelon Generation Statistics - Three Months Ended June 30, 2013, March 31, 2013, December 31, 2012, September 30, 2012 and June 30, 2012			17

Exelon Generation Statistics - Six Months Ended June 30, 2013 and 2012			18

ComEd Statistics - Three and Six Months Ended June 30, 2013 and 2012			19

PECO Statistics - Three and Six Months Ended June 30, 2013 and 2012			20

BGE Statistics - Three and Six Months Ended June 30, 2013 and 2012			21

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)


	Three Months Ended June 30, 2013
	Generation			ComEd			PECO			BGE			Other (a)			Exelon Consolidated
Operating revenues	$	4,070		$	1,080		$	672		$	653		$	(334	)	$	6,141
Operating expenses
Purchased power and fuel		1,946			248			258			288			(321	)		2,419
Operating and maintenance		1,189			359			181			160			3			1,892
Depreciation, amortization, accretion and depletion		210			170			56			82			15			533
Taxes other than income		101			71			39			54			6			271

Total operating expenses		3,446			848			534			584			(297	)		5,115
Equity in loss of unconsolidated affiliates		(21	)		—			—			—			—			(21	)

Operating income (loss)		603			232			138			69			(37	)		1,005

Other income and deductions
Interest expense		(93	)		(76	)		(28	)		(32	)		(23	)		(252	)
Other, net		(33	)		6			—			4			6			(17	)

Total other income and deductions		(126	)		(70	)		(28	)		(28	)		(17	)		(269	)

Income (loss) before income taxes		477			162			110			41			(54	)		736
Income taxes		149			66			32			16			(24	)		239

Net income (loss)		328			96			78			25			(30	)		497
Net income (loss) attributable to noncontrolling interests, preferred security dividends and redemption and preference stock dividends		(2	)		—			6			3			—			7

Net income (loss) on common stock	$	330		$	96		$	72		$	22		$	(30	)	$	490


	Three Months Ended June 30, 2012
	Generation			ComEd			PECO			BGE			Other (a)			Exelon Consolidated
Operating revenues	$	3,765		$	1,281		$	715		$	616		$	(411	)	$	5,966
Operating expenses
Purchased power and fuel		1,852			587			296			285			(414	)		2,606
Operating and maintenance		1,178			331			172			161			(1	)		1,841
Depreciation, amortization, accretion and depletion		204			152			54			71			13			494
Taxes other than income		90			69			42			47			6			254

Total operating expenses		3,324			1,139			564			564			(396	)		5,195
Equity in loss of unconsolidated affiliates		(57	)		—			—			—			—			(57	)

Operating income (loss)		384			142			151			52			(15	)		714

Other income and deductions
Interest expense		(85	)		(74	)		(31	)		(34	)		(32	)		(256	)
Other, net		(76	)		3			2			7			21			(43	)

Total other income and deductions		(161	)		(71	)		(29	)		(27	)		(11	)		(299	)

Income (loss) before income taxes		223			71			122			25			(26	)		415
Income taxes		58			29			42			9			(12	)		126

Net income (loss)		165			42			80			16			(14	)		289
Net income (loss) attributable to noncontrolling interests, preferred security dividends and preference stock dividends		(1	)		—			1			3			—			3

Net income (loss) on common stock	$	166		$	42		$	79		$	13		$	(14	)	$	286

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

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)


	Six Months Ended June 30, 2013
	Generation			ComEd			PECO			BGE			Other (b)			Exelon Consolidated
Operating revenues	$	7,603		$	2,239		$	1,567		$	1,533		$	(719	)	$	12,223
Operating expenses
Purchased power and fuel		4,114			630			664			713			(721	)		5,400
Operating and maintenance		2,302			687			369			303			(5	)		3,656
Depreciation, amortization, accretion and depletion		424			337			113			175			27			1,076
Taxes other than income		194			145			80			109			20			548

Total operating expenses		7,034			1,799			1,226			1,300			(679	)		10,680
Equity in loss of unconsolidated affiliates		(30	)		—			—			—			—			(30	)

Operating income (loss)		539			440			341			233			(40	)		1,513

Other income and deductions
Interest expense		(176	)		(429	)		(57	)		(66	)		(148	)		(876	)
Other, net		95			11			3			9			37			155

Total other income and deductions		(81	)		(418	)		(54	)		(57	)		(111	)		(721	)

Income (loss) before income taxes		458			22			287			176			(151	)		792
Income taxes		148			8			87			70			(19	)		294

Net income (loss)		310			14			200			106			(132	)		498
Net income (loss) attributable to noncontrolling interests, preferred security dividends and redemption and preference stock dividends		(1	)		—			7			6			—			12

Net income (loss) on common stock	$	311		$	14		$	193		$	100		$	(132	)	$	486


	Six Months Ended June 30, 2012 (a)
	Generation			ComEd			PECO			BGE			Other (b)			Exelon Consolidated
Operating revenues	$	6,508		$	2,670		$	1,590		$	668		$	(780	)	$	10,656
Operating expenses
Purchased power and fuel		2,896			1,208			707			352			(792	)		4,371
Operating and maintenance		2,356			650			375			222			206			3,809
Depreciation, amortization, accretion and depletion		357			300			107			90			22			876
Taxes other than income		164			144			74			57			9			448

Total operating expenses		5,773			2,302			1,263			721			(555	)		9,504
Equity in loss of unconsolidated affiliates		(79	)		—			—			—			—			(79	)

Operating income (loss)		656			368			327			(53	)		(225	)		1,073

Other income and deductions
Interest expense		(138	)		(156	)		(62	)		(42	)		(53	)		(451	)
Other, net		103			7			5			8			29			152

Total other income and deductions		(35	)		(149	)		(57	)		(34	)		(24	)		(299	)

Income (loss) before income taxes		621			219			270			(87	)		(249	)		774
Income taxes		289			90			93			(38	)		(150	)		284

Net income (loss)		332			129			177			(49	)		(99	)		490
Net income (loss) attributable to noncontrolling interests, preferred security dividends and preference stock dividends		(2	)		—			2			4			—			4

Net income (loss) on common stock	$	334		$	129		$	175		$	(53	)	$	(99	)	$	486

(a)	Includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

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

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)


	Generation
	Three Months Ended June 30,									Six Months Ended June 30,
	2013			2012			Variance			2013			2012 (a)			Variance
Operating revenues	$	4,070		$	3,765		$	305		$	7,603		$	6,508		$	1,095
Operating expenses
Purchased power and fuel		1,946			1,852			94			4,114			2,896			1,218
Operating and maintenance		1,189			1,178			11			2,302			2,356			(54	)
Depreciation, amortization, accretion and depletion		210			204			6			424			357			67
Taxes other than income		101			90			11			194			164			30

Total operating expenses		3,446			3,324			122			7,034			5,773			1,261
Equity in loss of unconsolidated affiliates		(21	)		(57	)		36			(30	)		(79	)		49

Operating income		603			384			219			539			656			(117	)

Other income and deductions
Interest expense		(93	)		(85	)		(8	)		(176	)		(138	)		(38	)
Other, net		(33	)		(76	)		43			95			103			(8	)

Total other income and deductions		(126	)		(161	)		35			(81	)		(35	)		(46	)

Income before income taxes		477			223			254			458			621			(163	)
Income taxes		149			58			91			148			289			(141	)

Net income		328			165			163			310			332			(22	)
Net loss attributable to noncontrolling interests		(2	)		(1	)		(1	)		(1	)		(2	)		1

Net income on common stock	$	330		$	166		$	164		$	311		$	334		$	(23	)

(a)	Includes financial results for Constellation beginning on March 12, 2012, the date the merger was completed.


	ComEd
	Three Months Ended June 30,									Six Months Ended June 30,
	2013			2012			Variance			2013			2012			Variance
Operating revenues	$	1,080		$	1,281		$	(201	)	$	2,239		$	2,670		$	(431	)
Operating expenses
Purchased power		248			587			(339	)		630			1,208			(578	)
Operating and maintenance		359			331			28			687			650			37
Depreciation and amortization		170			152			18			337			300			37
Taxes other than income		71			69			2			145			144			1

Total operating expenses		848			1,139			(291	)		1,799			2,302			(503	)

Operating income		232			142			90			440			368			72

Other income and deductions
Interest expense		(76	)		(74	)		(2	)		(429	)		(156	)		(273	)
Other, net		6			3			3			11			7			4

Total other income and deductions		(70	)		(71	)		1			(418	)		(149	)		(269	)

Income before income taxes		162			71			91			22			219			(197	)
Income taxes		66			29			37			8			90			(82	)

Net income	$	96		$	42		$	54		$	14		$	129		$	(115	)

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)


	PECO
	Three Months Ended June 30,									Six Months Ended June 30,
	2013			2012			Variance			2013			2012			Variance
Operating revenues	$	672		$	715		$	(43	)	$	1,567		$	1,590		$	(23	)
Operating expenses
Purchased power and fuel		258			296			(38	)		664			707			(43	)
Operating and maintenance		181			172			9			369			375			(6	)
Depreciation and amortization		56			54			2			113			107			6
Taxes other than income		39			42			(3	)		80			74			6

Total operating expenses		534			564			(30	)		1,226			1,263			(37	)

Operating income		138			151			(13	)		341			327			14

Other income and deductions
Interest expense		(28	)		(31	)		3			(57	)		(62	)		5
Other, net		—			2			(2	)		3			5			(2	)

Total other income and deductions		(28	)		(29	)		1			(54	)		(57	)		3

Income before income taxes		110			122			(12	)		287			270			17
Income taxes		32			42			(10	)		87			93			(6	)

Net income		78			80			(2	)		200			177			23
Preferred security dividends and redemption		6			1			5			7			2			5

Net income on common stock	$	72		$	79		$	(7	)	$	193		$	175		$	18


	BGE
	Three Months Ended June 30,									Six Months Ended June 30,
	2013			2012			Variance			2013			2012 (a)			Variance
Operating revenues	$	653		$	616		$	37		$	1,533		$	668		$	865
Operating expenses
Purchased power and fuel		288			285			3			713			352			361
Operating and maintenance		160			161			(1	)		303			222			81
Depreciation and amortization		82			71			11			175			90			85
Taxes other than income		54			47			7			109			57			52

Total operating expenses		584			564			20			1,300			721			579

Operating income (loss)		69			52			17			233			(53	)		286

Other income and deductions
Interest expense		(32	)		(34	)		2			(66	)		(42	)		(24	)
Other, net		4			7			(3	)		9			8			1

Total other income and deductions		(28	)		(27	)		(1	)		(57	)		(34	)		(23	)

Income (loss) before income taxes		41			25			16			176			(87	)		263
Income taxes		16			9			7			70			(38	)		108

Net income (loss)		25			16			9			106			(49	)		155
Preference stock dividends		3			3			—			6			4			2

Net income (loss) on common stock	$	22		$	13		$	9		$	100		$	(53	)	$	153

(a)	Includes financial results for BGE beginning on March 12, 2012, the date the merger was completed.

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)


	Other (a)
	Three Months Ended June 30,									Six Months Ended June 30,
	2013			2012			Variance			2013			2012 (b)			Variance
Operating revenues	$	(334	)	$	(411	)	$	77		$	(719	)	$	(780	)	$	61
Operating expenses
Purchased power and fuel		(321	)		(414	)		93			(721	)		(792	)		71
Operating and maintenance		3			(1	)		4			(5	)		206			(211	)
Depreciation and amortization		15			13			2			27			22			5
Taxes other than income		6			6			—			20			9			11

Total operating expenses		(297	)		(396	)		99			(679	)		(555	)		(124	)

Operating loss		(37	)		(15	)		(22	)		(40	)		(225	)		185

Other income and deductions
Interest expense		(23	)		(32	)		9			(148	)		(53	)		(95	)
Other, net		6			21			(15	)		37			29			8

Total other income and deductions		(17	)		(11	)		(6	)		(111	)		(24	)		(87	)

Loss before income taxes		(54	)		(26	)		(28	)		(151	)		(249	)		98
Income taxes		(24	)		(12	)		(12	)		(19	)		(150	)		131

Net loss	$	(30	)	$	(14	)	$	(16	)	$	(132	)	$	(99	)	$	(33	)

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

(b)	Includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

EXELON CORPORATION

Consolidated Balance Sheets

(in millions)


	June 30, 2013			December 31, 2012
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	956		$	1,411
Cash and cash equivalents of variable interest entities		35			75
Restricted cash and investments		61			86
Restricted cash and investments of variable interest entities		53			47
Accounts receivable, net
Customer		2,609			2,795
Other		1,224			1,141
Accounts receivable, net, variable interest entities		252			292
Mark-to-market derivative assets		845			938
Unamortized energy contract assets		573			886
Inventories, net
Fossil fuel		214			246
Materials and supplies		805			768
Deferred income taxes		288			131
Regulatory assets		804			764
Other		690			560

Total current assets		9,409			10,140

Property, plant and equipment, net		45,994			45,186
Deferred debits and other assets
Regulatory assets		6,519			6,497
Nuclear decommissioning trust funds		7,463			7,248
Investments		1,171			1,184
Investments in affiliates		22			22
Investment in CENG		1,876			1,849
Goodwill		2,625			2,625
Mark-to-market derivative assets		772			937
Unamortized energy contracts assets		856			1,073
Pledged assets for Zion Station decommissioning		538			614
Other		1,175			1,186

Total deferred debits and other assets		23,017			23,235

Total assets	$	78,420		$	78,561

Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	662		$	—
Short-term notes payable - accounts receivable agreement		210			210
Long-term debt due within one year		1,944			975
Long-term debt due within one year of variable interest entities		87			72
Accounts payable		2,210			2,446
Accounts payable of variable interest entities		147			202
Accrued expenses		1,382			1,800
Deferred income taxes		45			58
Regulatory liabilities		357			368
Mark-to-market derivative liabilities		147			352
Unamortized energy contract liabilities		360			455
Other		823			853

Total current liabilities		8,374			7,791

Long-term debt		16,121			17,190
Long-term debt to financing trusts		648			648
Long-term debt of variable interest entities		449			508
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		11,519			11,551
Asset retirement obligations		5,202			5,074
Pension obligations		3,164			3,428
Non-pension postretirement benefit obligations		2,706			2,662
Spent nuclear fuel obligation		1,020			1,020
Regulatory liabilities		4,044			3,981
Mark-to-market derivative liabilities		178			281
Unamortized energy contract liabilities		399			528
Payable for Zion Station decommissioning		373			432
Other		2,635			1,650

Total deferred credits and other liabilities		31,240			30,607

Total liabilities		56,832			56,744


Commitments and contingencies
Preferred securities of subsidiary		—			87
Shareholders’ equity
Common stock		16,693			16,632
Treasury stock, at cost		(2,327	)		(2,327	)
Retained earnings		9,660			9,893
Accumulated other comprehensive loss, net		(2,673	)		(2,767	)

Total shareholders’ equity		21,353			21,431

BGE preference stock not subject to mandatory redemption		193			193
Noncontrolling interest		42			106

Total equity		21,588			21,730

Total liabilities and shareholders’ equity	$	78,420		$	78,561

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)


	Six Months Ended
	June 30,
	2013			2012 (a)
Cash flows from operating activities
Net income	$	498			490
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, depletion and accretion, including nuclear fuel and energy contract amortization		1,972			1,895
Deferred income taxes and amortization of investment tax credits		(468	)		227
Net fair value changes related to derivatives		(28	)		(323	)
Net realized and unrealized gains on nuclear decommissioning trust fund investments		(27	)		(70	)
Other non-cash operating activities		576			959
Changes in assets and liabilities:
Accounts receivable		131			414
Inventories		(18	)		45
Accounts payable, accrued expenses and other current liabilities		(583	)		(1,063	)
Option premiums paid, net		(10	)		(108	)
Counterparty collateral (posted) received, net		(259	)		451
Income taxes		705			259
Pension and non-pension postretirement benefit contributions		(284	)		(90	)
Other assets and liabilities		133			(373	)

Net cash flows provided by operating activities		2,338			2,713

Cash flows from investing activities
Capital expenditures		(2,518	)		(2,800	)
Proceeds from nuclear decommissioning trust fund sales		1,448			5,371
Investment in nuclear decommissioning trust funds		(1,565	)		(5,483	)
Cash and restricted cash acquired from Constellation		—			964
Proceeds from sales of investments		4			12
Purchases of investments		(3	)		(5	)
Change in restricted cash		22			(15	)
Other investing activities		63			(12	)

Net cash flows used in investing activities		(2,549	)		(1,968	)

Cash flows from financing activities
Changes in short-term debt		662			179
Issuance of long-term debt		509			850
Retirement of long-term debt		(616	)		(649	)
Redemption of preferred securities		(93	)		—
Dividends paid on common stock		(716	)		(773	)
Dividends paid to former Constellation shareholders		—			(51	)
Proceeds from employee stock plans		32			42
Other financing activities		(62	)		(10	)

Net cash flows used in financing activities		(284	)		(412	)

(Decrease) increase in cash and cash equivalents		(495	)		333
Cash and cash equivalents at beginning of period		1,486			1,016

Cash and cash equivalents at end of period	$	991		$	1,349

(a)	Includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)


	Three Months Ended June 30, 2013									Three Months Ended June 30, 2012
							Adjusted									Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	6,141		$	(259	)(b),(c)	$	5,882		$	5,966		$	412	(b),(c),(h)	$	6,378
Operating expenses
Purchased power and fuel		2,419			(9	)(b),(c)		2,410			2,606			262	(b),(c),(h)		2,868
Operating and maintenance		1,892			(133	)(d),(e)		1,759			1,841			(101	)(d),(h)		1,740
Depreciation, amortization, accretion and depletion		533			(1	)(d)		532			494			(14	)(d),(h)		480
Taxes other than income		271			—			271			254			(2	)(h)		252

Total operating expenses		5,115			(143	)		4,972			5,195			145			5,340
Equity in loss of unconsolidated affiliates		(21	)		21	(c)		—			(57	)		52	(c),(d)		(5	)

Operating income		1,005			(95	)		910			714			319			1,033

Other income and deductions
Interest expense		(252	)		4	(e),(f)		(248	)		(256	)		(5	)(f)		(261	)
Other, net		(17	)		57	(d),(f),(g)		40			(43	)		105	(d),(g),(h)		62

Total other income and deductions		(269	)		61			(208	)		(299	)		100			(199	)

Income before income taxes		736			(34	)		702			415			419			834
Income taxes		239			2	(b),(c),(d),(e),(f),(g)		241			126			183	(b),(c),(d),(f),(g),(h),(i)		309

Net income		497			(36	)		461			289			236			525
Net income attributable to noncontrolling interests, preferred security dividends and redemption and preference stock dividends		7			—			7			3			—			3

Net income on common stock	$	490		$	(36	)	$	454		$	286		$	236		$	522

Effective tax rate		32.5	%					34.3	%		30.4	%					37.1	%
Earnings per average common share
Basic	$	0.57		$	(0.04	)	$	0.53		$	0.34		$	0.28		$	0.62
Diluted	$	0.57		$	(0.04	)	$	0.53		$	0.33		$	0.28		$	0.61

Average common shares outstanding
Basic		856						856			853						853
Diluted		860						860			856						856

Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:

Mark-to-market impact of economic hedging activities (b)				$	(0.30	)							$	(0.15	)
Amortization of commodity contract intangibles (c)					0.13									0.33
Constellation merger and integration costs (d)					0.02									0.08
Long-lived asset impairment (e)					0.08									—
Amortization of the fair value of certain debt (f)					—									—
Unrealized losses related to NDT fund investments (g)					0.03									0.02
Plant retirements and divestitures (h)					—									—
Non-cash remeasurement of deferred income taxes (i)					—									—

Total adjustments				$	(0.04	)							$	0.28

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

(c)	Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(d)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

(e)	Adjustment to exclude a 2013 charge to earnings primarily related to Generation’s cancellation of previously capitalized nuclear uprate projects.

(f)	Adjustment to exclude the non-cash amortization of certain debt recorded at fair value at the merger date, which was retired in the second quarter of 2013.

(g)	Adjustment to exclude the unrealized losses on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(h)	Adjustment to exclude the impacts associated with the sale or retirement of generating stations.

(i)	Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)


	Six Months Ended June 30, 2013									Six Months Ended June 30, 2012 (a)
							Adjusted									Adjusted
	GAAP (b)			Adjustments			Non-GAAP			GAAP (b)			Adjustments			Non-GAAP
Operating revenues	$	12,223		$	552	(c),(d)	$	12,775		$	10,656		$	559	(c),(d),(e),(k)	$	11,215
Operating expenses
Purchased power and fuel		5,400			244	(c),(d)		5,644			4,371			262	(c),(d),(e),(f)		4,633
Operating and maintenance		3,656			(170	)(e),(f),(g)		3,486			3,809			(673	)(d),(e),(f),(k),(l),(m)		3,136
Depreciation, amortization, accretion and depletion		1,076			(2	)(f)		1,074			876			(30	)(e),(f)		846
Taxes other than income		548			—			548			448			(1	)(e),(k)		447

Total operating expenses		10,680			72			10,752			9,504			(442	)		9,062
Equity in earnings (loss) of unconsolidated affiliates		(30	)		39	(d)		9			(79	)		60	(d),(f)		(19	)

Operating income		1,513			519			2,032			1,073			1,061			2,134

Other income and deductions
Interest expense		(876	)		371	(f),(g),(h),(i)		(505	)		(451	)		(6	)(i)		(457	)
Other, net		155			(53	)(e),(f),(j),(i)		102			152			(14	)(e),(f),(j)		138

Total other income and deductions		(721	)		318			(403	)		(299	)		(20	)		(319	)

Income before income taxes		792			837			1,629			774			1,041			1,815
Income taxes		294			267	(c),(d),(e),(f),(g),(h),(i),(j)		561			284			402	(c),(d),(e),(f),(i),(j),(k),(l),(m),(n)		686

Net income		498			570			1,068			490			639			1,129
Net income attributable to noncontrolling interests, preferred security dividends and redemption and preference stock dividends		12			—			12			4			—			4

Net income on common stock	$	486		$	570		$	1,056		$	486		$	639		$	1,125

Effective tax rate		37.1	%					34.4	%		36.7	%					37.8	%
Earnings per average common share
Basic	$	0.57		$	0.67		$	1.24		$	0.62		$	0.82		$	1.44
Diluted	$	0.57		$	0.66		$	1.23		$	0.62		$	0.82		$	1.44

Average common shares outstanding
Basic		856						856			779						779
Diluted		859						859			781						781

Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (c)				$	(0.02	)							$	(0.21	)
Amortization of commodity contract intangibles (d)					0.27									0.46
Plant retirements and divestitures (e)					(0.02	)								0.01
Constellation merger and integration costs (f)					0.05									0.23
Long-lived asset impairment (g)					0.10									—
Remeasurement of like-kind exchange tax position (h)					0.31									—
Amortization of the fair value of certain debt (i)					(0.01	)								—
Unrealized (gains) related to NDT fund investments (j)					(0.02	)								(0.02	)
Maryland commitments (k)					—									0.29
FERC settlement (l)					—									0.22
Other acquisition costs (m)					—									—
Non-cash remeasurement of deferred income taxes (n)					—									(0.16	)

Total adjustments				$	0.66								$	0.82

(a)	For the six months ended June 31, 2012, includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

(b)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(c)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

(d)	Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(e)	Adjustment to exclude the impacts associated with the sale or retirement of generating stations.

(f)

Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies, partially offset in 2013 by a one-time benefit pursuant to the February 22, 2013 order for BGE’s 2012 Maryland electric and natural gas distribution rates case for the recovery of previously incurred integration costs.

(g)	Adjustment to exclude a 2013 charge to earnings primarily related to Generation’s cancellation of previously capitalized nuclear uprate projects.

(h)	Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(i)	Adjustment to exclude the non-cash amortization of certain debt recorded at fair value at the merger date, which was retired in the second quarter of 2013.

(j)	Adjustment to exclude the unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(k)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

(l)	Adjustment to exclude costs associated with a March 2012 settlement with the FERC to resolve a dispute related to Constellation’s prior period hedging and risk management transactions.

(m)	Adjustment to exclude certain costs associated with various acquisitions.

(n)	Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Three Months Ended June 30, 2013 and 2012


	Exelon
	Earnings per
	Diluted Share			Generation			ComEd			PECO			BGE			Other (a)			Exelon
2012 GAAP Earnings (Loss)	$	0.33		$	166		$	42		$	79		$	13		$	(14	)	$	286

2012 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.15	)		(120	)		—			—			—			(3	)		(123	)
Unrealized Losses Related to NDT Fund Investments (1)		0.02			19			—			—			—			—			19
Plant Retirements and Divestitures (2)		—			(1	)		—			—			—			—			(1	)
Constellation Merger and Integration Costs (3)		0.08			57			—			2			1			7			67
Amortization of Commodity Contract Intangibles (4)		0.33			281			—			—			—			—			281
Amortization of the Fair Value of Certain Debt (5)		—			(3	)		—			—			—			—			(3	)
Non-Cash Remeasurement of Deferred Income Taxes (6)		—			—			—			—			—			(4	)		(4	)


2012 Adjusted (non-GAAP) Operating Earnings (Loss)		0.61			399			42			81			14			(14	)		522

Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Volume (7)		(0.01	)		(9	)		—			—			—			—			(9	)
Nuclear Fuel Costs (8)		(0.01	)		(7	)		—			—			—			—			(7	)
Capacity Pricing (9)		(0.02	)		(13	)		—			—			—			—			(13	)
Market and Portfolio Conditions (10)		(0.11	)		(101	)		—			—			—			—			(101	)
ComEd, PECO and BGE Margins:
Weather		(0.02	)		—			(13	)		—			—	(b)		—			(13	)
Load		—			—			3			(2	)		—	(b)		—			1
Discrete Impacts of the 2012 Distribution Formula Rate Order (11)		0.07			—			59			—			—			—			59
Other Energy Delivery (12)		0.06			—			33			(2	)		21			—			52
Operating and Maintenance Expense:
Labor, Contracting and Materials (13)		(0.02	)		3			(6	)		(9	)		(5	)		—			(17	)
Planned Nuclear Refueling Outages		—			(1	)		—			—			—			—			(1	)
Pension and Non-Pension Postretirement Benefits (14)		—			—			(3	)		2			(1	)		1			(1	)
Other Operating and Maintenance (15)		0.01			8			(8	)		—			5			—			5
Depreciation and Amortization Expense (16)		(0.04	)		(13	)		(11	)		(1	)		(7	)		—			(32	)
Equity in Earnings of Unconsolidated Affiliates (17)		—			3			—			—			—			—			3
Income Taxes (18)		0.03			12			—			7			—			5			24
Interest Expense, Net		—			—			(1	)		1			1			(1	)		—
Other (19)		(0.01	)		(8	)		1			3			(5	)		(3	)		(12	)
Preferred Securities Redemption (20)		(0.01	)		—			—			(6	)		—			—			(6	)


2013 Adjusted (non-GAAP) Operating Earnings (Loss)		0.53			273			96			74			23			(12	)		454

2013 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		0.30			263			—			—			—			(10	)		253
Unrealized Losses Related to NDT Fund Investments (1)		(0.03	)		(22	)		—			—			—			—			(22	)
Constellation Merger and Integration Costs (3)		(0.02	)		(12	)		—			(2	)		(1	)		—			(15	)
Amortization of Commodity Contract Intangibles (4)		(0.13	)		(115	)		—			—			—			—			(115	)
Amortization of the Fair Value of Certain Debt (5)		—			4			—			—			—			—			4
Long-Lived Asset Impairment (21)		(0.08	)		(61	)		—			—			—			(8	)		(69	)


2013 GAAP Earnings (Loss)	$	0.57		$	330		$	96		$	72		$	22		$	(30	)	$	490

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

(b)	As approved by the Maryland PSC, BGE records a monthly adjustment to rates for residential and the majority of its commercial and industrial customers to eliminate the effect of abnormal weather and usage patterns per customer on distribution volumes.

(1)	Reflects the impact of unrealized losses on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2)	Reflects the impacts associated with the sale or retirement of generating stations.

(3)	Reflects certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

(4)	Represents the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(5)	Represents the non-cash amortization of certain debt recorded at fair value at the merger date, which was retired in the second quarter of 2013.

(6)	Reflects the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

(7)	Primarily reflects the impact of increased planned and unplanned nuclear outage days in 2013, including Salem but excluding Constellation Energy Nuclear Group, LLC (CENG).

(8)	Primarily reflects the impact of higher nuclear fuel prices during the amortization period, excluding CENG.

(9)	Primarily reflects the impact of decreased capacity prices related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market.

(10)	Primarily reflects the impact of decreased realized energy prices and decreased load served.

(11)	Reflects the impacts on distribution revenues recorded prior to March 31, 2012, pursuant to the May 2012 order issued by the Illinois Commerce Commission (ICC) on the 2011 performance based formula rate proceeding under the Energy Infrastructure Modernization Act (EIMA).

(12)

(13)	Primarily reflects the impacts of inflation across all operating companies, increased EIMA contracting costs at ComEd, offset in part by realized merger synergies at Generation.

(14)

Primarily reflects the impact of lower actuarially assumed discount rates for 2013, partially offset by favorable 2012 asset return experience relative to expectations, and certain 2012 OPEB plan design changes and positive claims experience in 2012. At PECO, also reflects the end of OPEB transition cost amortization in 2012.

(15)	Primarily reflects the impact of merger synergy savings for Exelon’s corporate operations and shared service entities, offset in part by the timing of nuclear refueling outage costs related to Generation’s ownership interest in Salem and increased storm costs in the ComEd service territory.

(16)

Primarily reflects increased depreciation expense across the operating companies for ongoing capital expenditures. For Generation, also reflects the completion of wind and solar facilities placed in service in the second half of 2012 and in 2013. For ComEd and BGE, also reflects increased regulatory asset amortization related to higher manufactured gas plant (MGP) remediation expenditures and higher costs for energy efficiency and demand response programs (primarily offset by increased other energy delivery revenues), respectively.

(17)	Primarily reflects equity in earnings in CENG, partially offset by the non-cash amortization of the fair value basis difference recorded at the merger date.

(18)	At Generation, primarily reflects an increase in investment tax credit benefits related to the AVSR solar project. At PECO, primarily reflects a benefit for the gas property repairs deduction.

(19)	For Generation, primarily reflects increased real estate taxes and higher realized NDT fund gains in 2012.

(20)	Reflects the impact of the preferred securities redemption at PECO in the second quarter of 2013.

(21)	Reflects a 2013 charge to earnings primarily related to the cancellation of previously capitalized nuclear uprate projects.

EXELON CORPORATION (a)

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Six Months Ended June 30, 2013 and 2012


	Exelon
	Earnings per
	Diluted Share			Generation			ComEd			PECO			BGE			Other (b)			Exelon
2012 GAAP Earnings (Loss)	$	0.62		$	334		$	129		$	175		$	(53	)	$	(99	)	$	486

2012 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.21	)		(157	)		—			—			—			(10	)		(167	)
Unrealized Gains Related to NDT Fund Investments (1)		(0.02	)		(17	)		—			—			—			—			(17	)
Plant Retirements and Divestitures (2)		0.01			7			—			—			—			—			7
Constellation Merger and Integration Costs (3)		0.23			102			1			7			2			68			180
Maryland Commitments (4)		0.29			22			—			—			83			122			227
Amortization of Commodity Contract Intangibles (5)		0.46			358			—			—			—			—			358
Amortization of the Fair Value of Certain Debt (6)		—			(3	)		—			—			—			—			(3	)
FERC Settlement (7)		0.22			172			—			—			—			—			172
Non-Cash Remeasurement of Deferred Income Taxes (8)		(0.16	)		(13	)		—			—			—			(108	)		(121	)
Other Acquisition Costs		—			3			—			—			—			—			3


2012 Adjusted (non-GAAP) Operating Earnings (Loss)		1.44			808			130			182			32			(27	)		1,125

Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Volume		—			3			—			—			—			—			3
Nuclear Fuel Costs (9)		(0.03	)		(23	)		—			—			—			—			(23	)
Capacity Pricing (10)		(0.05	)		(42	)		—			—			—			—			(42	)
Market and Portfolio Conditions (11)		0.07			56			—			—			—			—			56
ComEd, PECO and BGE Margins:
Weather		0.03			—			(2	)		29			—	(c)		—			27
Load		—			—			1			(4	)		—	(c)		—			(3	)
Discrete Impacts of the 2012 Distribution Formula Rate Order (12)		0.06			—			52			—			—			—			52
Other Energy Delivery (13)		0.30			—			36			(13	)		234			—			257
Operating and Maintenance Expense:
Labor, Contracting and Materials (14)		(0.19	)		(95	)		(15	)		(6	)		(45	)		—			(161	)
Planned Nuclear Refueling Outages (15)		0.02			15			—			—			—			—			15
Pension and Non-Pension Postretirement Benefits (16)		(0.01	)		(4	)		(7	)		4			(5	)		2			(10	)
Other Operating and Maintenance (17)		(0.07	)		(46	)		(1	)		3			(21	)		1			(64	)
Depreciation and Amortization Expense (18)		(0.16	)		(62	)		(22	)		(4	)		(51	)		(2	)		(141	)
Equity in Earnings of Unconsolidated Affiliates (19)		0.02			18			—			—			—			—			18
Income Taxes (20)		0.07			43			2			12			(3	)		7			61
Interest Expense, Net (21)		(0.03	)		(21	)		8			3			(14	)		(5	)		(29	)
Other (22)		(0.10	)		(41	)		3			(4	)		(31	)		(6	)		(79	)
Preferred Securities Redemption (23)		(0.01	)		—			—			(6	)		—			—			(6	)
Share Differential (24)		(0.13	)		—			—			—			—			—			—


2013 Adjusted (non-GAAP) Operating Earnings (Loss)		1.23			609			185			196			96			(30	)		1,056

2013 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		0.02			16			—			—			—			2			18
Unrealized Gains Related to NDT Fund Investments (1)		0.02			14			—			—			—			—			14
Plant Retirements and Divestitures (2)		0.02			13			—			—			—			—			13
Constellation Merger and Integration Costs (3)		(0.05	)		(41	)		—			(3	)		4			(3	)		(43	)
Amortization of Commodity Contract Intangibles (5)		(0.27	)		(232	)		—			—			—			—			(232	)
Amortization of the Fair Value of Certain Debt (6)		0.01			7			—			—			—			—			7
Remeasurement of Like-Kind Exchange Tax Position (25)		(0.31	)		—			(171	)		—			—			(94	)		(265	)
Long-Lived Asset Impairment (26)		(0.10	)		(75	)		—			—			—			(7	)		(82	)


2013 GAAP Earnings (Loss)	$	0.57		$	311		$	14		$	193		$	100		$	(132	)	$	486

(a)

For the six months ended June 30, 2012, includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed. Therefore, the results of operations from 2013 and 2012 are not comparable for Generation, BGE, Other and Exelon. The explanations below identify any other significant or unusual items affecting the results of operations.

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

(c)	As approved by the Maryland PSC, BGE records a monthly adjustment to rates for residential and the majority of its commercial and industrial customers to eliminate the effect of abnormal weather and usage patterns per customer on distribution volumes.

(1)	Reflects the impact of unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2)	Reflects the impacts associated with the sale or retirement of generating stations.

(3)

Reflects certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies, partially offset in 2013 by a one-time benefit pursuant to the February 22, 2013 order for BGE’s 2012 Maryland electric and natural gas distribution rates case for the recovery of previously incurred integration costs.

(4)	Reflects costs incurred as part of the Maryland order approving the merger transaction.

(5)	Represents the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(6)	Represents the non-cash amortization of certain debt recorded at fair value at the merger date, which was retired in the second quarter of 2013.

(7)	Reflects costs incurred as part of a March 2012 settlement with the FERC to resolve a dispute related to Constellation’s prior period hedging and risk management transactions.

(8)	Reflects the non-cash impacts of the remeasurement of state deferred income taxes, primarily as a result of the merger.

(9)	Primarily reflects the impact of higher nuclear fuel prices during the amortization period, excluding CENG.

(10)	Primarily reflects the impact of decreased capacity prices related to the RPM for the PJM market, partially offset by the inclusion of Constellation’s financial results for the full period in 2013.

(11)	Primarily reflects the inclusion of Constellation’s financial results for the full period in 2013, partially offset by the impact of decreased realized energy prices and decreased load served.

(12)	Reflects the impacts on distribution revenues recorded prior to December 31, 2011, pursuant to the May 2012 order issued by the ICC on the 2011 performance based formula rate proceeding under EIMA.

(13)

For ComEd, primarily reflects increased distribution revenue due to recovery of increased costs and capital investment pursuant to the formula rate under EIMA and increased distribution revenue as a result of the May 2013 enactment of Senate Bill 9. For PECO, primarily reflects the customer refund in 2013 of the tax cash benefit related to gas property distribution repairs (completely offset in income taxes) and a decrease in gross receipts tax revenue (completely offset in taxes other than income). For BGE, primarily reflects the inclusion of results for the full period in 2013, which includes increased distribution revenue pursuant to the February 22, 2013 order for BGE’s 2012 Maryland electric and natural gas distribution rates case and increased cost recovery for energy efficiency and demand response programs (primarily offset in depreciation and amortization expense).

(14)	Primarily reflects the inclusion of Constellation and BGE’s results for the full period in 2013, the impacts of inflation across all operating companies and increased EIMA contracting costs at ComEd, offset in part by the impact of realized merger synergies at Generation.

(15)	Primarily reflects the impact of decreased planned nuclear refueling outage days in 2013, excluding Salem and CENG.

(16)

(17)	Primarily reflects the inclusion of Constellation and BGE’s results for the full period in 2013. Also reflects the impact of timing of nuclear refueling outage costs related to Generation’s ownership interest in Salem.

(18)

Primarily reflects the inclusion of Constellation and BGE’s results for the full period in 2013 and increased depreciation expense across the operating companies for ongoing capital expenditures. For Generation, also reflects the completion of wind and solar facilities placed in service in the second half of 2012 and in 2013, and the non-cash amortization of intangible assets primarily related to the trade name and retail relationships recorded at fair value at the merger date. For ComEd and BGE, also reflects increased regulatory asset amortization related to higher MGP remediation expenditures and higher costs for energy efficiency and demand response programs (primarily offset by increased other energy delivery revenues), respectively.

(19)	Primarily reflects equity in earnings in CENG, partially offset by the non-cash amortization of the fair value basis difference recorded at the merger date.

(20)	At Generation, primarily reflects an increase in investment tax credit benefits related to the AVSR solar project. At PECO, primarily reflects a benefit for the gas property repairs deduction.

(21)

Primarily reflects the inclusion of Constellation and BGE’s results for the full period in 2013. For Generation, also reflects the impact of higher interest expense due to higher outstanding debt during 2013. For ComEd, primarily reflects lower interest expense related to the 1999-2001 IRS settlement.

(22)	Primarily reflects the inclusion of Constellation and BGE’s results for the full period in 2013. For PECO, primarily reflects the impact of a 2012 sales and use tax reserve reduction resulting from an audit.

(23)	Reflects the impact of the preferred securities redemption at PECO in the second quarter of 2013.

(24)	Reflects the impact on earnings per share due to the increase in Exelon’s average diluted common shares outstanding as a result of the merger.

(25)	Represents a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(26)	Reflects a 2013 charge to earnings primarily related to the cancellation of previously capitalized nuclear uprate projects.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	Generation
	Three Months Ended June 30, 2013									Three Months Ended June 30, 2012
	GAAP (b)			Adjustments			Adjusted Non-GAAP			GAAP (b)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,070		$	(270	)(c),(d)	$	3,800		$	3,765		$	417	(c),(d),(i)	$	4,182
Operating expenses
Purchased power and fuel		1,946			(9	)(c),(d)		1,937			1,852			262	(c),(d),(i)		2,114
Operating and maintenance		1,189			(113	)(e),(f)		1,076			1,178			(83	)(e),(i)		1,095
Depreciation, amortization, accretion and depletion		210			(1	)(e)		209			204			(14	)(e),(i)		190
Taxes other than income		101			—			101			90			(2	)(i)		88

Total operating expenses		3,446			(123	)		3,323			3,324			163			3,487
Equity in loss of unconsolidated affiliates		(21	)		21	(d)		—			(57	)		52	(d),(e)		(5	)

Operating income		603			(126	)		477			384			306			690

Other income and deductions
Interest expense		(93	)		4	(f),(g)		(89	)		(85	)		(5	)(g)		(90	)
Other, net		(33	)		57	(e),(g),(h)		24			(76	)		105	(e),(h),(i)		29

Total other income and deductions		(126	)		61			(65	)		(161	)		100			(61	)

Income before income taxes		477			(65	)		412			223			406			629

Income taxes		149			(8	)(c),(d),(e),(f),(g),(h)		141			58			173	(c),(d),(e),(g),(h),(i)		231

Net income		328			(57	)		271			165			233			398
Net loss attributable to noncontrolling interests		(2	)		—			(2	)		(1	)		—			(1	)

Net income on common stock	$	330		$	(57	)	$	273		$	166		$	233		$	399


	Six Months Ended June 30, 2013									Six Months Ended June 30, 2012 (a)
	GAAP (b)			Adjustments			Adjusted Non-GAAP			GAAP (b)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	7,603		$	558	(c),(d)	$	8,161		$	6,508		$	462	(c),(d),(i)	$	6,970
Operating expenses

Purchased power and fuel		4,114			244	(c),(d)		4,358			2,896			262	(c),(d),(e),(i)		3,158

Operating and maintenance		2,302			(154	)(e),(f),(i)		2,148			2,356			(404	)(d),(e),(i),(j),(k),(l)		1,952
Depreciation, amortization, accretion and depletion		424			(2	)(e)		422			357			(30	)(e),(i)		327
Taxes other than income		194			—			194			164			(3	)(i)		161

Total operating expenses		7,034			88			7,122			5,773			(175	)		5,598
Equity in earnings (loss) of unconsolidated affiliates		(30	)		39	(d)		9			(79	)		60	(d),(e)		(19	)

Operating income		539			509			1,048			656			697			1,353

Other income and deductions
Interest expense		(176	)		2	(e),(f),(g)		(174	)		(138	)		(6	)(g)		(144	)
Other, net		95			(53	)(e),(g),(h),(i)		42			103			(14	)(e),(h),(i)		89

Total other income and deductions		(81	)		(51	)		(132	)		(35	)		(20	)		(55	)

Income before income taxes		458			458			916			621			677			1,298

Income taxes		148			160	(c),(d),(e),(f),(g),(h),(i)		308			289			203	(c),(d),(e),(g),(h),(i),(j),(k),(l),(m)		492

Net income		310			298			608			332			474			806

Net loss attributable to noncontrolling interests		(1	)		—			(1	)		(2	)		—			(2	)

Net income on common stock	$	311		$	298		$	609		$	334		$	474		$	808

(a)	Includes financial results for Constellation beginning on March 12, 2012, the date the merger was completed.

(b)	Results reported in accordance with GAAP.

(c)	Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.

(d)	Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(e)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

(f)	Adjustment to exclude a 2013 charge to earnings related to Generation’s cancellation of previously capitalized nuclear uprate projects.

(g)	Adjustment to exclude the non-cash amortization of certain debt recorded at fair value at the merger date, which was retired in the second quarter of 2013.

(h)	Adjustment to exclude the unrealized (gains) losses on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(i)	Adjustment to exclude the impacts associated with the sale or retirement of generating stations.

(j)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

(k)	Adjustment to exclude certain costs associated with various acquisitions.

(l)	Adjustment to exclude costs incurred as part of a March 2012 settlement with the FERC to resolve a dispute related to Constellation’s prior period hedging and risk management transactions.

(m)	Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	ComEd
	Three Months Ended June 30, 2013									Three Months Ended June 30, 2012
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,080		$	—		$	1,080		$	1,281		$	—		$	1,281

Operating expenses
Purchased power		248			—			248			587			—			587
Operating and maintenance		359			—			359			331			—			331
Depreciation and amortization		170			—			170			152			—			152
Taxes other than income		71			—			71			69			—			69


Total operating expenses		848			—			848			1,139			—			1,139


Operating income		232			—			232			142			—			142


Other income and deductions
Interest expense		(76	)		—			(76	)		(74	)		—			(74	)
Other, net		6			—			6			3			—			3


Total other income and deductions		(70	)		—			(70	)		(71	)		—			(71	)


Income before income taxes		162			—			162			71			—			71

Income taxes		66			—			66			29			—			29


Net income	$	96		$	—		$	96		$	42		$	—		$	42


	Six Months Ended June 30, 2013									Six Months Ended June 30, 2012
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	2,239		$	—		$	2,239		$	2,670		$	—		$	2,670

Operating expenses
Purchased power		630			—			630			1,208			—			1,208
Operating and maintenance		687			—			687			650			(2	)(c)		648
Depreciation and amortization		337			—			337			300			—			300
Taxes other than income		145			—			145			144			—			144


Total operating expenses		1,799			—			1,799			2,302			(2	)		2,300


Operating income		440			—			440			368			2			370


Other income and deductions
Interest expense		(429	)		288	(b)		(141	)		(156	)		—			(156	)
Other, net		11			—			11			7			—			7


Total other income and deductions		(418	)		288			(130	)		(149	)		—			(149	)


Income before income taxes		22			288			310			219			2			221

Income taxes		8			117	(b)		125			90			1	(c)		91


Net income	$	14		$	171		$	185		$	129		$	1		$	130

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(c)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	PECO
	Three Months Ended June 30, 2013									Three Months Ended June 30, 2012
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	672		$	—		$	672		$	715		$	—		$	715

Operating expenses
Purchased power and fuel		258			—			258			296			—			296
Operating and maintenance		181			(3	)(b)		178			172			(4	)(b)		168
Depreciation and amortization		56			—			56			54			—			54
Taxes other than income		39			—			39			42			—			42


Total operating expenses		534			(3	)		531			564			(4	)		560


Operating income		138			3			141			151			4			155


Other income and deductions
Interest expense		(28	)		—			(28	)		(31	)		—			(31	)
Other, net		—			—			—			2			—			2


Total other income and deductions		(28	)		—			(28	)		(29	)		—			(29	)


Income before income taxes		110			3			113			122			4			126

Income taxes		32			1	(b)		33			42			2	(b)		44


Net income		78			2			80			80			2			82

Preferred security dividends and redemption		6			—			6			1			—			1


Net income on common stock	$	72		$	2		$	74		$	79		$	2		$	81


	Six Months Ended June 30, 2013									Six Months Ended June 30, 2012
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,567		$	—		$	1,567		$	1,590		$	—		$	1,590

Operating expenses
Purchased power and fuel		664			—			664			707			—			707
Operating and maintenance		369			(5	)(b)		364			375			(10	)(b)		365
Depreciation and amortization		113			—			113			107			—			107
Taxes other than income		80			—			80			74			—			74


Total operating expenses		1,226			(5	)		1,221			1,263			(10	)		1,253


Operating income		341			5			346			327			10			337


Other income and deductions
Interest expense		(57	)		—			(57	)		(62	)		—			(62	)
Other, net		3			—			3			5			—			5


Total other income and deductions		(54	)		—			(54	)		(57	)		—			(57	)


Income before income taxes		287			5			292			270			10			280

Income taxes		87			2	(b)		89			93			3	(b)		96


Net income		200			3			203			177			7			184

Preferred security dividends and redemption		7			—			7			2			—			2


Net income on common stock	$	193		$	3		$	196		$	175		$	7		$	182

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	BGE
	Three Months Ended June 30, 2013									Three Months Ended June 30, 2012
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	653		$	—		$	653		$	616		$	—		$	616

Operating expenses
Purchased power and fuel		288			—			288			285			—			285
Operating and maintenance		160			(1	)(b)		159			161			(3	)(b)		158
Depreciation and amortization		82			—			82			71			—			71
Taxes other than income		54			—			54			47			—			47


Total operating expenses		584			(1	)		583			564			(3	)		561


Operating income		69			1			70			52			3			55


Other income and deductions
Interest expense		(32	)		—			(32	)		(34	)		—			(34	)
Other, net		4			—			4			7			—			7


Total other income and deductions		(28	)		—			(28	)		(27	)		—			(27	)


Income before income taxes		41			1			42			25			3			28

Income taxes		16			—	(b)		16			9			2	(b)		11


Net income		25			1			26			16			1			17

Preference stock dividends		3			—			3			3			—			3


Net income on common stock	$	22		$	1		$	23		$	13		$	1		$	14


	Six Months Ended June 30, 2013									March 12, 2012 through June 30, 2012
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,533		$	—		$	1,533		$	668		$	113	(c)	$	781

Operating expenses
Purchased power and fuel		713			—			713			352			—			352
Operating and maintenance		303			6	(b)		309			222			(32	)(b),(c)		190

Depreciation and amortization		175			—			175			90			—			90
Taxes other than income		109			—			109			57			2	(c)		59


Total operating expenses		1,300			6			1,306			721			(30	)		691


Operating income (loss)		233			(6	)		227			(53	)		143			90


Other income and deductions
Interest expense		(66	)		—			(66	)		(42	)		—			(42	)
Other, net		9			—			9			8			—			8


Total other income and deductions		(57	)		—			(57	)		(34	)		—			(34	)


Income (loss) before income taxes		176			(6	)		170			(87	)		143			56

Income taxes		70			(2	)(b)		68			(38	)		58	(b),(c)		20


Net income (loss)		106			(4	)		102			(49	)		85			36

Preference stock dividends		6			—			6			4			—			4


Net income (loss) on common stock	$	100		$	(4	)	$	96		$	(53	)	$	85		$	32

(a)	Results reported in accordance with GAAP.

(b)

(c)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	Other (a)
	Three Months Ended June 30, 2013									Three Months Ended June 30, 2012
	GAAP (c)			Adjustments			Adjusted Non- GAAP			GAAP (c)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	(334	)	$	11	(d)	$	(323	)	$	(411	)	$	(5	)(d)	$	(416	)

Operating expenses
Purchased power and fuel		(321	)		—			(321	)		(414	)		—			(414	)
Operating and maintenance		3			(16	)(e),(f)		(13	)		(2	)		(11	)(e)		(13	)
Depreciation and amortization		15			—			15			13			—			13
Taxes other than income		6			—			6			6			—			6


Total operating expenses		(297	)		(16	)		(313	)		(397	)		(11	)		(408	)


Operating loss		(37	)		27			(10	)		(14	)		6			(8	)


Other income and deductions
Interest expense		(23	)		—			(23	)		(32	)		—			(32	)
Other, net		6			—			6			20			—			20


Total other income and deductions		(17	)		—			(17	)		(12	)		—			(12	)


Loss before income taxes		(54	)		27			(27	)		(26	)		6			(20	)

Income taxes		(24	)		9	(d),(e),(f)		(15	)		(12	)		6	(d),(e),(h)		(6	)


Net loss	$	(30	)	$	18		$	(12	)	$	(14	)	$	—		$	(14	)


	Six Months Ended June 30, 2013									Six Months Ended June 30, 2012 (b)
	GAAP (c)			Adjustments			Adjusted Non- GAAP			GAAP (c)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	(719	)	$	(6	)(d)	$	(725	)	$	(780	)	$	(16	)(d)	$	(796	)

Operating expenses
Purchased power and fuel		(721	)		—			(721	)		(792	)		—			(792	)
Operating and maintenance		(5	)		(17	)(e),(f)		(22	)		206			(225	)(e),(i)		(19	)
Depreciation and amortization		27			—			27			22			—			22
Taxes other than income		20			—			20			9			—			9


Total operating expenses		(679	)		(17	)		(696	)		(555	)		(225	)		(780	)


Operating loss		(40	)		11			(29	)		(225	)		209			(16	)


Other income and deductions
Interest expense		(148	)		81	(g)		(67	)		(53	)		—			(53	)
Other, net		37			—			37			29			—			29


Total other income and deductions		(111	)		81			(30	)		(24	)		—			(24	)


Loss before income taxes		(151	)		92			(59	)		(249	)		209			(40	)

Income taxes		(19	)		(10	)(d),(e),(f),(g)		(29	)		(150	)		137	(d),(e),(h),(i)		(13	)


Net loss	$	(132	)	$	102		$	(30	)	$	(99	)	$	72		$	(27	)

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

(b)	For the six months ended June 30, 2012, includes financial results for Constellation and BGE beginning on March 12, 2012, the date the merger was completed.

(c)	Results reported in accordance with GAAP.

(d)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(e)	Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

(f)	Adjustment to exclude a 2013 charge to earnings related to the impairment of investment in long-term leases.

(g)	Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(h)	Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

(i)	Adjustment to exclude costs incurred as part of the Maryland order approving the merger transaction.

EXELON CORPORATION

Exelon Generation Statistics


	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012		Jun. 30, 2012
Supply (in GWhs)
Nuclear Generation (a)
Mid-Atlantic		11,794			12,762			11,547			11,449		12,277
Midwest		22,807			23,269			23,335			23,132		22,860

Total Nuclear Generation		34,601			36,031			34,882			34,581		35,137
Fossil and Renewables (a)
Mid-Atlantic (a)(c)		2,796			3,160			2,154			2,547		2,316
Midwest		318			581			300			171		228
New England		3,132			2,392			2,368			3,953		2,755
ERCOT		1,617			733			755			2,410		2,177
Other (d)		1,431			2,254			1,358			1,813		1,923

Total Fossil and Renewables		9,294			9,120			6,935			10,894		9,399
Purchased Power
Mid-Atlantic (b)		2,616			3,233			4,332			6,811		7,111
Midwest		1,503			1,700			2,661			3,035		1,558
New England		1,365			1,507			2,304			1,961		3,905
New York (b)		3,073			3,511			3,678			4,026		2,818
ERCOT		4,269			4,199			6,043			7,741		6,686
Other (d)		4,998			3,703			4,172			5,372		6,012

Total Purchased Power		17,824			17,853			23,190			28,946		28,090
Total Supply/Sales by Region (f)
Mid-Atlantic (e)		17,206			19,155			18,033			20,807		21,704
Midwest (e)		24,628			25,550			26,296			26,338		24,646
New England		4,497			3,899			4,672			5,914		6,660
New York		3,073			3,511			3,678			4,026		2,818
ERCOT		5,886			4,932			6,798			10,151		8,863
Other (d)		6,429			5,957			5,530			7,185		7,935

Total Supply/Sales by Region		61,719			63,004			65,007			74,421		72,626


	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012		Jun. 30, 2012
Average Margin ($/MWh) (g) (h)
Mid-Atlantic (i)	$	44.64		$	44.04		$	48.24		$	43.64	$	40.68
Midwest (i)		27.77			28.08			26.09			27.68		31.00
New England		11.12			7.63			3.64			13.70		9.01
New York		4.56			(6.27	)		4.35			3.23		13.84
ERCOT		19.03			20.54			13.39			15.66		13.43
Other (d)		9.18			7.61			7.96			5.85		4.28
Average Margin - Overall Portfolio	$	27.33		$	27.23		$	26.52		$	25.96	$	26.15
Around-the-clock Market Prices ($/MWh) (j)
PJM West Hub	$	37.63		$	37.53		$	35.94		$	38.13	$	30.40
NiHub		31.77			30.93			28.37			34.29		26.02
New England Mass Hub ATC Spark Spread		4.96			(6.63	)		3.07			12.69		7.77
NYPP Zone A		34.38			40.23			34.70			34.56		27.87
ERCOT North Spark Spread		(0.20	)		(0.66	)		(0.27	)		3.60		6.01

	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012		Jun. 30, 2012
Outage Days (k)
Refueling		47			49			113			43		51
Non-refueling		31			6			1			40		16

Total Outage Days		78			55			114			83		67

(a)	Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and does not include ownership through equity method investments (e.g. CENG).

(b)

Purchased power includes physical volumes of 3,114 GWhs, 2,588 GWhs, 3,255 GWhs, 3,126 GWhs and 3,225 GWhs in the Mid-Atlantic and 2,655 GWhs, 3,213 GWhs, 2,814 GWhs, 2,997 GWhs and 2,817 GWhs in New York as a result of the PPA with CENG for the three months ended June 30, 2013, March 31, 2013, December 31, 2012, September, 30, 2012 and June 30, 2012, respectively.

(c)	Excludes generation under the reliability-must-run rate schedule and generation of Brandon Shores, H.A. Wagner and C.P. Crane, the generating facilities divested in Q4 2012 as a result of the Exelon and Constellation merger.

(d)	Other Regions includes South, West and Canada, which are not considered individually significant.

(e)	Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(f)	Total sales do not include physical trading volumes of 1,995 GWhs, 1,572 GWhs, 2,977 GWhs, 4,352 GWhs and 4,248 GWhs for the three months ended June 30, 2013, March 31, 2013, December 31, 2012, September 30, 2012 and June 30, 2012, respectively.

(g)

Excludes Generation’s other business activities not allocated to a region, including retail and wholesale gas, upstream natural gas, proprietary trading, energy efficiency, energy management and demand response, and the design, construction and operation of renewable energy facilities. Also excludes Generation’s compensation under the reliability-must-run rate schedule, the financial results of Brandon Shores, H.A. Wagner, and C.P. Crane, the generating facilities divested in Q4 2012 as a result of the merger, amortization of certain intangible assets relating to commodity contracts recorded at fair value as a result of the Exelon and Constellation merger and other miscellaneous revenues not allocated to a region.

(h)	Excludes the mark-to-market impact of Generation’s economic hedging activities.

(i)	Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd and settlements of the ComEd swap in the Midwest region.

(j)	Represents the average for the quarter.

(k)	Outage days exclude Salem and CENG.

EXELON CORPORATION

Exelon Generation Statistics

Six Months Ended June 30, 2013 and 2012


	June 30, 2013			June 30, 2012 (a)
Supply (in GWhs)
Nuclear Generation (b)
Mid-Atlantic		24,556			24,341
Midwest		46,076			46,058

Total Nuclear Generation		70,632			70,399
Fossil and Renewables (b)
Mid-Atlantic (b)(d)		5,956			4,107
Midwest		899			500
New England		5,524			3,644
ERCOT		2,350			3,017
Other (e)		3,685			2,742

Total Fossil and Renewables		18,414			14,010
Purchased Power
Mid-Atlantic (c)		5,849			9,688
Midwest		3,203			4,110
New England		2,872			5,005
New York (c)		6,584			3,753
ERCOT		8,468			9,518
Other (e)		8,701			7,781

Total Purchased Power		35,677			39,855
Total Supply/Sales by Region (g)
Mid-Atlantic (f)		36,361			38,136
Midwest (f)		50,178			50,668
New England		8,396			8,649
New York		6,584			3,753
ERCOT		10,818			12,535
Other (e)		12,386			10,523

Total Supply/Sales by Region		124,723			124,264


	June 30, 2013			June 30, 2012 (a)
Average Margin ($/MWh) (h) (i)
Mid-Atlantic (j)	$	44.33		$	43.35
Midwest (j)		27.92			31.20
New England		9.53			11.45
New York		(1.22	)		12.52
ERCOT		19.69			12.21
Other (e)		8.48			4.56
Average Margin - Overall Portfolio	$	27.28		$	28.82
Around-the-clock Market Prices ($/MWh) (k)
PJM West Hub	$	37.41		$	30.75
NiHub		31.31			26.57
NEPOOL Mass Hub		(1.36	)		6.17
NYPP Zone A		37.08			29.55
ERCOT North Spark Spread		(0.46	)		4.78

(a)	Includes results for Constellation beginning on March 12, 2012, the date the merger was completed.

(b)	Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and does not include ownership through equity method investments (e.g. CENG).

(c)	Purchased power includes physical volumes of 5,702 GWhs and 3,544 GWhs in the Mid-Atlantic, and 5,868 GWhs and 3,539 GWhs in New York as a result of the PPA with CENG for the six months ended June 30, 2013 and 2012, respectively.

(d)	Excludes generation under the reliability-must-run rate schedule and generation of Brandon Shores, H.A. Wagner, and C.P. Crane, the generating facilities divested in Q4 2012 as a result of the Exelon and Constellation merger.

(e)	Other Regions includes South, West and Canada, which are not considered individually significant.

(f)	Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(g)	Total sales do not include physical proprietary trading volumes of 3,567 GWhs and 6,077 GWhs for the six months ended June 30, 2013 and 2012, respectively.

(h)

(i)	Excludes the mark-to-market impact of Generation’s economic hedging activities.

(j)	Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd and settlements of the ComEd swap in the Midwest region.

(k)	Represents the average for the six months ended June 30, 2013 and 2012

EXELON CORPORATION

ComEd Statistics

Three Months Ended June 30, 2013 and 2012


	Electric Deliveries (in GWhs)										Revenue (in millions)
	2013		2012		% Change			Weather- Normal % Change			2013		2012		% Change
Retail Deliveries and Sales (a)
Residential		6,090		6,674		(8.8	)%		1.1	%	$	476	$	720		(33.9	)%
Small Commercial & Industrial		7,832		7,888		(0.7	)%		2.2	%		315		306		2.9	%
Large Commercial & Industrial		6,711		6,839		(1.9	)%		(0.6	)%		113		94		20.2	%
Public Authorities & Electric Railroads		294		293		0.3	%		4.0	%		12		9		33.3	%


Total Retail		20,927		21,694		(3.5	)%		1.0	%		916		1,129		(18.9	)%


Other Revenue (b)												164		152		7.9	%


Total Electric Revenue											$	1,080	$	1,281		(15.7	)%


Purchased Power											$	248	$	587		(57.8	)%


							% Change
Heating and Cooling Degree-Days	2013		2012		Normal		From 2012			From Normal
Heating Degree-Days		778		544		765		43.0	%		1.7	%
Cooling Degree-Days		240		423		218		(43.3	)%		10.1	%

Six Months Ended June 30, 2013 and 2012


	Electric Deliveries (in GWhs)										Revenue (in millions)
	2013		2012		% Change			Weather- Normal % Change			2013		2012		% Change
Retail Deliveries and Sales (a)
Residential		12,966		13,080		(0.9	)%		0.5	%	$	1,060	$	1,496		(29.1	)%
Small Commercial & Industrial		15,705		15,804		(0.6	)%		(0.6	)%		623		654		(4.7	)%
Large Commercial & Industrial		13,551		13,542		0.1	%		(0.5	)%		215		194		10.8	%
Public Authorities & Electric Railroads		667		617		8.1	%		11.6	%		24		21		14.3	%


Total Retail		42,889		43,043		(0.4	)%		(0.2	)%		1,922		2,365		(18.7	)%


Other Revenue (b)												317		305		3.9	%


Total Electric Revenue											$	2,239	$	2,670		(16.1	)%


Purchased Power											$	630	$	1,208		(47.8	)%


							% Change
Heating and Cooling Degree-Days	2013		2012		Normal		From 2012			From Normal
Heating Degree-Days		4,037		2,928		3,929		37.9	%		2.7	%
Cooling Degree-Days		240		462		218		(48.1	)%		10.1	%


Number of Electric Customers	2013		2012
Residential		3,465,712		3,456,312
Small Commercial & Industrial		366,153		365,474
Large Commercial & Industrial		2,006		1,990
Public Authorities & Electric Railroads		4,852		4,793

Total		3,838,723		3,828,569

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenue also reflects the cost of energy and transmission.

(b)	Other revenue primarily includes transmission revenue from PJM. Other items include rental revenues, revenues related to late payment charges, assistance provided to other utilities through mutual assistance programs, and recoveries of environmental costs associated with MGP sites.

EXELON CORPORATION

PECO Statistics

Three Months Ended June 30, 2013 and 2012


	Electric and Gas Deliveries										Revenue (in millions)
	2013		2012		% Change			Weather- Normal % Change			2013		2012		% Change
Electric (in GWhs)

Retail Deliveries and Sales (a)
Residential		2,888		2,929		(1.4	)%		(0.8	)%	$	354	$	393		(9.9	)%
Small Commercial & Industrial		1,960		1,959		0.1	%		0.9	%		109		119		(8.4	)%
Large Commercial & Industrial		3,784		3,743		1.1	%		1.9	%		61		59		3.4	%
Public Authorities & Electric Railroads		238		237		0.4	%		0.4	%		8		8		0.0	%

Total Retail		8,870		8,868		0.0	%		0.8	%		532		579		(8.1	)%

Other Revenue (b)												53		56		(5.4	)%

Total Electric Revenue												585		635		(7.9	)%


Gas (in mmcfs)

Retail Deliveries and Sales
Retail Sales (c)		6,919		6,228		11.1	%		0.6	%		78		73		6.8	%
Transportation and Other		5,956		5,835		2.1	%		3.5	%		9		7		28.6	%

Total Gas		12,875		12,063		6.7	%		1.8	%		87		80		8.8	%

Total Electric and Gas Revenues											$	672	$	715		(6.0	)%

Purchased Power and Fuel											$	258	$	296		(12.8	)%


							% Change
Heating and Cooling Degree-Days	2013		2012		Normal		From 2012			From Normal
Heating Degree-Days		421		337		463		24.9	%		(9.1	)%
Cooling Degree-Days		418		430		348		(2.8	)%		20.1	%

Six Months Ended June 30, 2013 and 2012


	Electric and Gas Deliveries										Revenue (in millions)
	2013		2012		% Change			Weather- Normal % Change			2013		2012		% Change
Electric (in GWhs)

Retail Deliveries and Sales (a)
Residential		6,353		6,095		4.2	%		(0.1	)%	$	749	$	800		(6.4	)%
Small Commercial & Industrial		3,969		3,910		1.5	%		(1.9	)%		215		237		(9.3	)%
Large Commercial & Industrial		7,430		7,380		0.7	%		1.7	%		120		113		6.2	%
Public Authorities & Electric Railroads		493		474		4.0	%		4.0	%		16		16		0.0	%

Total Retail		18,245		17,859		2.2	%		0.4	%		1,100		1,166		(5.7	)%


Other Revenue (b)												108		112		(3.6	)%

Total Electric Revenue												1,208		1,278		(5.5	)%


Gas (in mmcfs)

Retail Deliveries and Sales
Retail Sales (c)		35,357		28,655		23.4	%		(0.2	)%		338		295		14.6	%
Transportation and Other		14,839		13,601		9.1	%		2.3	%		21		17		23.5	%

Total Gas		50,196		42,256		18.8	%		0.5	%		359		312		15.1	%

Total Electric and Gas Revenues											$	1,567	$	1,590		(1.4	)%

Purchased Power and Fuel											$	664	$	707		(6.1	)%


							% Change
Heating and Cooling Degree-Days	2013		2012		Normal		From 2012			From Normal
Heating Degree-Days		2,861		2,251		2,939		27.1	%		(2.7	)%
Cooling Degree-Days		418		434		348		(3.7	)%		20.1	%


Number of Electric Customers	2013		2012		Number of Gas Customers	2013		2012
Residential		1,419,977		1,417,346	Residential		455,518		452,478
Small Commercial & Industrial		148,723		148,837	Commercial & Industrial		41,648		41,383

Large Commercial & Industrial		3,109		3,107	Total Retail		497,166		493,861
Public Authorities & Electric Railroads		9,672		9,680	Transportation		903		888

Total		1,581,481		1,578,970	Total		498,069		494,749

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenue also reflects the cost of energy and transmission.

(b)	Other revenue includes transmission revenue from PJM and wholesale electric revenues.

(c)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

EXELON CORPORATION

BGE Statistics

Three Months Ended June 30, 2013 and 2012


	Electric and Gas Deliveries							Revenue (in millions)
	2013		2012		% Change			2013		2012		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		2,757		2,664		3.5	%	$	302	$	295		2.4	%
Small Commercial & Industrial		716		706		1.4	%		60		60		0.0	%
Large Commercial & Industrial		3,610		3,942		(8.4	)%		112		99		13.1	%
Public Authorities & Electric Railroads		80		71		12.7	%		8		7		14.3	%

Total Retail		7,163		7,383		(3.0	)%		482		461		4.6	%

Other Revenue (b)									61		57		7.0	%

Total Electric Revenue									543		518		4.8	%

Gas (in mmcfs)

Retail Deliveries and Sales (c)
Retail Sales		14,951		15,535		(3.8	)%		100		84		19.0	%
Transportation and Other (d)		1,545		4,854		(68.2	)%		10		14		(28.6	)%

Total Gas		16,496		20,389		(19.1	)%		110		98		12.2	%

Total Electric and Gas Revenues								$	653	$	616		6.0	%

Purchased Power and Fuel								$	288	$	285		1.1	%


							% Change
Heating and Cooling Degree-Days	2013		2012		Normal		From 2012			From Normal
Heating Degree-Days		492		402		517		22.4	%		(4.8	)%
Cooling Degree-Days		263		289		250		(9.0	)%		5.2	%

Six Months Ended June 30, 2013 and March 12, 2012 Through June 30, 2012


	Electric and Gas Deliveries						Revenue (in millions)
	2013		2012		% Change		2013		2012		% Change
Electric (in GWhs)

Retail Deliveries and Sales (a)
Residential		6,293		3,279		n.m.	$	667	$	282		n.m.
Small Commercial & Industrial		1,492		849		n.m.		125		72		n.m.
Large Commercial & Industrial		7,164		4,785		n.m.		217		120		n.m.
Public Authorities & Electric Railroads		161		96		n.m.		15		10		n.m.

Total Retail		15,110		9,009		n.m.		1,024		484		n.m.


Other Revenue (b)								124		74		n.m.


Total Electric Revenue								1,148		558		n.m.


Gas (in mmcfs)

Retail Deliveries and Sales (c)
Retail Sales		55,212		20,402		n.m.		345		90		n.m.
Transportation and Other (d)		7,195		6,764		n.m.		40		20		n.m.

Total Gas		62,407		27,166		n.m.		385		110		n.m.

Total Electric and Gas Revenues							$	1,533	$	668		n.m.

Purchased Power and Fuel							$	713	$	352		n.m.


							% Change
Heating and Cooling Degree-Days	2013		2012		Normal		From 2012		From Normal
Heating Degree-Days		2,943		2,119		2,902		n.m.		1.4	%
Cooling Degree-Days		264		289		250		n.m.		5.6	%


Number of Electric Customers	2013		2012		Number of Gas Customers	2013		2012
Residential		1,117,569		1,115,107	Residential		611,146		610,073
Small Commercial & Industrial		113,009		113,232	Commercial & Industrial		44,059		44,011

Large Commercial & Industrial		11,612		11,537	Total Retail		655,205		654,084
Public Authorities & Electric Railroads		294		297	Transportation		—		—

Total		1,242,484		1,240,173	Total		655,205		654,084

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenue also reflects the cost of energy and transmission.

(b)	Other revenue includes wholesale transmission revenue and late payment charges.

(c)

Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(d)

Transportation and other gas revenue includes off-system revenue of 1,545 mmcfs ($8 million) and 4,854 mmcfs ($12 million) for the three months ended June 30, 2013 and 2012, respectively, and 7,195 mmcfs ($32 million) and 6,764 mmcfs ($17 million) for the six months ended June 30, 2013 and from March 12, 2012 through June 30, 2012, respectively.

Attached files

Stock widget

Investing forum