Exelon Reports Fourth Quarter and Full Year 2023 Results and Initiates 2024 Financial Outlook

Rhea-AI Summary

Exelon Corporation (Nasdaq: EXC) reported strong financial results for the fourth quarter and full year 2023, with GAAP Net Income of $0.62 per share and Adjusted Operating Earnings of $0.60 per share for Q4. The company declared a quarterly dividend of $0.38 per share for Q1 2024, projecting to invest $35 billion in capital expenditures over the next four years. Exelon anticipates an operating EPS growth of 5-7% from 2023 to 2027.

Positive

• Exelon's financial results for Q4 and full year 2023 were robust, with GAAP Net Income of $0.62 per share and Adjusted Operating Earnings of $0.60 per share for Q4.
• The company announced a quarterly dividend of $0.38 per share for Q1 2024, representing a 5.6% increase over the previous quarter.
• Exelon plans to invest $35 billion in capital expenditures over the next four years to support customer needs, expecting a 7.5% rate base growth and an operating EPS compound annual growth of 5-7% from 2023 to 2027.
• The company anticipates Adjusted Operating Earnings of $2.40-$2.50 per share for 2024, driven by continued investments in energy transformations across its jurisdictions.
• Exelon's utilities, including ComEd and PHI, achieved best-on-record performances in outage frequency and duration, with gas utilities maintaining top decile performance in gas odor response for the fourth consecutive quarter.
• The company updated its financing plan to include $1.3 billion of additional equity to fund incremental capital expenditures, aligning with a balanced funding strategy.

Negative

• None.

Insights

Financial Analyst

Exelon Corporation's reported increase in GAAP Net Income and Adjusted Operating Earnings for both the fourth quarter and full year of 2023 indicates a robust financial performance. The company's ability to deliver earnings at the top end of the guidance range, despite challenges such as historically mild weather, demonstrates strong operational efficiency and effective financial management.

The declared dividend growth of 5.6% reflects a positive signal to shareholders, reinforcing the company's commitment to returning value. Moreover, the substantial planned capital expenditures of $35 billion over the next four years, aimed at rate base growth and supporting energy transformation, suggest a strategic focus on long-term infrastructure investment and growth prospects. The anticipated compound annual growth rate of 5-7% in operating EPS through 2027 offers a clear earnings growth trajectory, which is crucial for investor confidence.

However, investors should be mindful of the additional equity issuance of $1.3 billion to fund capital expenditures, as it could potentially dilute existing share value. The balance between equity and debt financing will be key to maintaining a healthy capital structure while pursuing growth opportunities.

Market Research Analyst

The energy sector is increasingly influenced by regulatory outcomes, as evidenced by the rate case developments with ComEd, BGE and ACE. The approved rate increases and multi-year plans are likely to provide revenue predictability and stability, which are favorable for Exelon's business model. The approval of rate increases by regulatory bodies such as the ICC, MDPSC and NJBPU underscores the company's ability to effectively navigate the regulatory environment.

From a market perspective, Exelon's operational milestones, including best-on-record performances in outage frequency and duration and sustained top decile performance in gas odor response, strengthen its market position and reliability as a utility provider. These operational efficiencies can enhance customer satisfaction and retention, contributing positively to the company's reputation and competitive edge.

Energy Sector Analyst

Exelon's commitment to investing in energy transformation aligns with broader industry trends towards sustainable and efficient energy solutions. The company's strategy to innovate and partner with regulators and stakeholders reflects an adaptive approach to the evolving energy landscape, which includes responding to climate change and shifting regulatory demands.

The reference to the Infrastructure and Investment Jobs Act indicates Exelon's proactive stance in securing federal support for projects, which could enhance its financial position and enable it to undertake large-scale infrastructure improvements with external funding assistance. This strategic leveraging of federal programs can mitigate financial risks associated with capital-intensive projects.

It is also important to note the implications of revenue decoupling for ComEd, BGE and PHI. This mechanism, which separates utility revenue from the volume of electricity or gas sold, provides a stable revenue stream and reduces the financial impact of fluctuating demand, contributing to the financial predictability of these utilities.

Earnings Release Highlights

• GAAP Net Income of $0.62 per share and Adjusted (non-GAAP) Operating Earnings of $0.60 per share for the fourth quarter of 2023
• Introducing 2024 Adjusted (non-GAAP) Operating Earnings guidance range of $2.40-$2.50 per share
• Declaring quarterly dividend of $0.38 per share for the first quarter of 2024, representing 5.6% growth over 2023 fourth quarter dividend of $0.36 per share
• Projecting to invest $35 billion of capital expenditures over the next four years to meet customer needs, resulting in expected rate base growth of 7.5% and operating EPS compounded annual growth of 5-7% from 2023 to 2027
• Updating 4-year financing plan to include $1.3 billion of additional equity to fund approximately 40% of $3.2 billion of incremental capital expenditures in line with a balanced funding strategy
• ComEd and PHI ended the year with best-on-record performances in both outage frequency and duration, and all gas utilities sustained top decile performance in gas odor response for the fourth straight quarter
• A settlement was approved in November by the New Jersey Board of Public Utilities (NJBPU) in Atlantic City Electric’s base rate case
• Orders in ComEd’s Multi-Year Rate Plan (“MRP”) and Multi-Year Grid Plan as well as BGE’s multi-year plan were received in December

CHICAGO--(BUSINESS WIRE)-- Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2023.

“Exelon had another strong year in 2023, both financially and operationally,” said President and CEO Calvin Butler. “We delivered in the top half of our guidance range, achieved best-on-record operational performance at multiple utilities, and advocated for a more affordable and equitable energy transformation for our customers. We successfully competed for nearly $200 million in project grants benefiting our customers, supported by the Infrastructure and Investment Jobs Act. In 2024, we will continue to innovate and partner with regulators and stakeholders across Exelon’s jurisdictions to support our shared energy and environmental goals, while demonstrating the power of impact for our customers and communities.”

“We delivered strong financial results for the second year in a row, despite the historically mild weather impacting our non-decoupled jurisdictions,” said Exelon Chief Financial Officer Jeanne Jones. “For the full year 2023, we earned $2.34 per share on a GAAP basis and $2.38 per share on a non-GAAP basis, results that are at the top end of our narrowed guidance range. Over the next four years, Exelon will invest $35 billion to serve our customers, resulting in 7.5% rate base growth and an expected annualized earnings growth rate of 5% to 7% through 2027, off the midpoint of our 2023 guidance, with an expectation of being at midpoint or better in that range. We expect adjusted (non-GAAP) earnings for 2024 of $2.40 to $2.50 per share, driven by continued investment in our jurisdictions’ energy transformations and doing so as affordably and efficiently as possible.”

Fourth Quarter 2023

Exelon's GAAP Net Income from Continuing Operations for the fourth quarter of 2023 increased to $0.62 per share from $0.43 per share in the fourth quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $0.60 per share from $0.43 per share in the fourth quarter of 2022. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.

GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2023 primarily reflect:

• Higher utility earnings primarily due to favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023 at BGE. In addition, there were higher electric distribution earnings from higher allowed electric distribution ROE due to an increase in treasury rates at ComEd and favorable impacts of rate increases at PECO and PHI. This was partially offset by higher contracting costs and interest expense at PHI.
• Higher costs at the Exelon holding company primarily due to higher interest expense and realized losses on hedging activity.

Full Year 2023

Exelon's GAAP Net Income from Continuing Operations for 2023 increased to $2.34 per share from $2.08 per share in 2022. Adjusted (non-GAAP) Operating Earnings for 2023 increased to $2.38 per share from $2.27 per share in 2022.

GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings for the full year 2023 primarily reflect:

• Higher utility earnings primarily due to higher electric distribution and transmission earnings from higher allowed ROE due to an increase in treasury rates and higher rate base at ComEd and favorable impacts of rate increases at PECO, BGE, and PHI. In addition, at BGE, there were favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023 and favorable carrying costs related to the carbon mitigation credit (CMC) regulatory asset at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense and interest expense at PECO, BGE and PHI, higher contracting costs at PHI, and higher storm costs at PECO and BGE.
• Higher costs at the Exelon holding company primarily due to higher interest expense and realized losses on hedging activity. This was partially offset by certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results in 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

Operating Company Results¹

ComEd

ComEd's fourth quarter of 2023 GAAP Net Income increased to $268 million from $211 million in the fourth quarter of 2022. ComEd's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $269 million from $211 million in the fourth quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

PECO

PECO’s fourth quarter of 2023 GAAP Net Income increased to $153 million from $102 million in the fourth quarter of 2022. PECO's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $154 million from $102 million in the fourth quarter of 2022, primarily due to distribution rate increases and favorable impacts from lower storm costs.

BGE

BGE’s fourth quarter of 2023 GAAP Net Income increased to $199 million from $113 million in the fourth quarter of 2022. BGE's Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $199 million from $114 million in the fourth quarter of 2022, primarily due to favorable impacts of the multi-year plans including the recognition of the reconciliation in 2023. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

PHI

PHI’s fourth quarter of 2023 GAAP Net Income increased to $101 million from $90 million in the fourth quarter of 2022. PHI’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $102 million from $90 million in the fourth quarter of 2022, primarily due to distribution and transmission rate increases and timing of excess deferred tax amortization, partially offset by increases in contracting costs and interest expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.

Initiates Annual Guidance for 2024

Exelon introduced a guidance range for 2024 Adjusted (non-GAAP) Operating Earnings of $2.40-$2.50 per share. There are no adjustments between 2024 projected GAAP Earnings and Adjusted (non-GAAP) Operating Earnings currently.

___________

¹Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

Recent Developments and Fourth Quarter Highlights

• Dividend: On February 21, 2024, Exelon’s Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon’s common stock for the first quarter of 2024. The dividend is payable on Friday, March 15, 2024, to shareholders of record of Exelon as of 5 p.m. Eastern time on Monday, March 4, 2024.
• Rate Case Developments:
  • ComEd Multi-Year Rate Plan: On December 14, 2023, the Illinois Commerce Commission (ICC) issued a final order on ComEd's MRP for 2024-2027. The ICC approved total requested revenue requirement increases of $451 million effective January 1, 2024, $14 million effective January 1, 2025, $6 million effective January 1, 2026, and $30 million effective January 1, 2027, based on an ROE of 8.905%, and an equity ratio of 50%.
  • BGE Electric and Gas Multi-Year Plan: On December 14, 2023, the Maryland Public Service Commission (MDPSC) issued an order on BGE's multi-year plans. The MDPSC order provides for an electric rate increase of approximately $41 million, $113 million, and $25 million in 2024, 2025, and 2026, respectively, based on an ROE of 9.50%. Additionally, the MDPSC order provides for a natural gas rate increase of approximately $126 million, $62 million, and $41 million in 2024, 2025, and 2026, respectively, based on an ROE of 9.45%.
  • ACE Electric Base Rate Case: On November 17, 2023, the NJBPU approved an increase in ACE's annual electric distribution base rates of $45 million (before New Jersey sales and use tax), reflecting an ROE of 9.60%. The order approved incremental increases in ACE's electric distribution base rates of $36 million and $9 million effective December 1, 2023 and February 1, 2024, respectively.
• Financing Activities: On November 8, 2023, DPL issued $340 million, $75 million, and $110 million of First Mortgage Bonds, 5.45%, 5.55%, and 5.72% Series, due November 8, 2033, November 8, 2038, and November 8, 2053, respectively. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:

(in millions, except per share amounts)	Exelon Earnings per Diluted Share			Exelon			ComEd		PECO		BGE		PHI
2023 GAAP Net Income from Continuing Operations		0.62		$	617		$	268	$	153	$	199	$	101
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $6)		(0.02	)		(17	)		—		—		—		—
Separation Costs (net of taxes of $1, $1, $0, $0, and $0, respectively)		—			3			1		1		1		1
2023 Adjusted (non-GAAP) Operating Earnings		0.60		$	603		$	269	$	154	$	199	$	102

Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:

(in millions, except per share amounts)	Exelon Earnings per Diluted Share			Exelon			ComEd		PECO		BGE		PHI
2022 GAAP Net Income from Continuing Operations	$	0.43		$	432		$	211	$	102	$	113	$	90
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—			4			—		—		—		—
Asset Impairments (net of taxes of $0)		—			1			—		—		1		—
Separation Costs (net of taxes of $0)		—			(1	)		—		—		—		—
Income Tax-Related Adjustments (entire amount represents tax expense)		(0.01	)		(8	)		—		—		—		—
2022 Adjusted (non-GAAP) Operating Earnings	$	0.43		$	428		$	211	$	102	$	114	$	90

Adjusted (non-GAAP) Operating Earnings for the full year of 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:

(in millions, except per share amounts)	Exelon Earnings per Diluted Share			Exelon			ComEd		PECO		BGE		PHI
2023 GAAP Net Income from Continuing Operations	$	2.34		$	2,328		$	1,090	$	563	$	485	$	590
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—			(4	)		—		—		—		—
Change in Environmental Liabilities (net of taxes of $8)		0.03			29			—		—		—		29
Asset Retirement Obligations (net of taxes of $1)		—			(1	)		—		—		—		(1	)
SEC Matter Loss Contingency (net of taxes of $0)		0.05			46			—		—		—		—
Separation Costs (net of taxes of $7, $3, $1, $1, and $2, respectively)		0.02			22			8		4		4		6
Change in FERC Audit Liability (net of taxes of $4)		0.01			11			11		—		—		—
Income Tax-Related Adjustments (entire amount represents tax expense)		(0.05	)		(54	)		—		—		—		—
2023 Adjusted (non-GAAP) Operating Earnings	$	2.38		$	2,377		$	1,108	$	566	$	489	$	624

Adjusted (non-GAAP) Operating Earnings for the full year of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:

(in millions, except per share amounts)	Exelon Earnings per Diluted Share		Exelon			ComEd		PECO		BGE		PHI
2022 GAAP Net Income from Continuing Operations	$	2.08	$	2,054		$	917	$	576	$	380	$	608
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—		4			—		—		—		—
ERP System Implementation Costs (net of taxes of $0)		—		1			—		—		—		—
Asset Retirement Obligations (net of taxes of $2)		—		(4	)		—		—		—		(4	)
Asset Impairments (net of taxes of $10)		0.04		38			—		—		38		—
Separation Costs (net of taxes of $10, $4, $2, $2, and $3, respectively)		0.02		24			9		4		4		7
Income Tax-Related Adjustments (entire amount represents tax expense)		0.12		122			—		38		—		3
2022 Adjusted (non-GAAP) Operating Earnings	$	2.27	$	2,239		$	926	$	619	$	423	$	614
__________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss fourth quarter 2023 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 250 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 19,500 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Feb. 21, 2024.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Third Quarter 2023 Quarterly Report on Form 10-Q (filed on Nov. 2, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and, (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Earnings Release Attachments Table of Contents
Consolidating Statement of Operations	1
Consolidated Balance Sheets	3
Consolidated Statements of Cash Flows	5
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings	6
Statistics
ComEd	10
PECO	11
BGE	13
Pepco	15
DPL	16
ACE	18

Consolidating Statements of Operations (unaudited) (in millions)
	ComEd				PECO				BGE				PHI				Other (a)				Exelon
Three Months Ended December 31, 2023
Operating revenues	$	2,008			$	917			$	1,041			$	1,411			$	(9	)		$	5,368
Operating expenses
Purchased power and fuel		748				347				387				544				—				2,026
Operating and maintenance		373				217				109				336				(11	)			1,024
Depreciation and amortization		358				100				167				249				16				890
Taxes other than income taxes		87				46				80				121				11				345
Total operating expenses		1,566				710				743				1,250				16				4,285
Gain on sales of assets and businesses		—				—				—				9				—				9
Operating income (loss)		442				207				298				170				(25	)			1,092
Other income and (deductions)
Interest expense, net		(120	)			(53	)			(47	)			(84	)			(148	)			(452	)
Other, net		24				10				5				28				10				77
Total other income and (deductions)		(96	)			(43	)			(42	)			(56	)			(138	)			(375	)
Income (loss) before income taxes		346				164				256				114				(163	)			717
Income taxes		78				11				57				13				(59	)			100
Net income (loss)		268				153				199				101				(104	)			617
Net income (loss) attributable to common shareholders	$	268			$	153			$	199			$	101			$	(104	)		$	617
Three Months Ended December 31, 2022
Operating revenues	$	1,225			$	1,026			$	1,086			$	1,342			$	(12	)		$	4,667
Operating expenses
Purchased power and fuel		68				442				474				554				—				1,538
Operating and maintenance		368				288				220				292				69				1,237
Depreciation and amortization		341				95				161				240				15				852
Taxes other than income taxes		84				47				77				114				8				330
Total operating expenses		861				872				932				1,200				92				3,957
Operating income (loss)		364				154				154				142				(104	)			710
Other income and (deductions)
Interest expense, net		(106	)			(48	)			(41	)			(75	)			(115	)			(385	)
Other, net		14				8				5				22				52				101
Total other income and (deductions)		(92	)			(40	)			(36	)			(53	)			(63	)			(284	)
Income (loss) before income taxes		272				114				118				89				(167	)			426
Income taxes		61				12				5				(1	)			(83	)			(6	)
Net income (loss)		211				102				113				90				(84	)			432
Net income (loss) attributable to common shareholders	$	211			$	102			$	113			$	90			$	(84	)		$	432
Change in net income (loss) from 2022 to 2023	$	57			$	51			$	86			$	11			$	(20	)		$	185

Consolidating Statements of Operations (unaudited) (in millions)
	ComEd				PECO				BGE				PHI				Other (a)				Exelon
Twelve Months Ended December 31, 2023
Operating revenues	$	7,844			$	3,894			$	4,027			$	6,026			$	(64	)		$	21,727
Operating expenses
Purchased power and fuel		2,816				1,544				1,531				2,348				2				8,241
Operating and maintenance		1,450				1,003				741				1,289				76				4,559
Depreciation and amortization		1,403				397				654				990				62				3,506
Taxes other than income taxes		369				202				319				487				31				1,408
Total operating expenses		6,038				3,146				3,245				5,114				171				17,714
Gain on sales of assets and businesses		—				—				—				9				1				10
Operating income (loss)		1,806				748				782				921				(234	)			4,023
Other income and (deductions)
Interest expense, net		(477	)			(201	)			(182	)			(323	)			(546	)			(1,729	)
Other, net		75				36				18				108				171				408
Total other income and (deductions)		(402	)			(165	)			(164	)			(215	)			(375	)			(1,321	)
Income (loss) from continuing operations before income taxes		1,404				583				618				706				(609	)			2,702
Income taxes		314				20				133				116				(209	)			374
Net income (loss) from continuing operations after income taxes		1,090				563				485				590				(400	)			2,328
Net income from discontinued operations after income taxes		—				—				—				—				—				—
Net income (loss)		1,090				563				485				590				(400	)			2,328
Net income (loss) attributable to common shareholders	$	1,090			$	563			$	485			$	590			$	(400	)		$	2,328
Twelve Months Ended December 31, 2022
Operating revenues	$	5,761			$	3,903			$	3,895			$	5,565			$	(46	)		$	19,078
Operating expenses
Purchased power and fuel		1,109				1,535				1,567				2,164				(2	)			6,373
Operating and maintenance		1,412				992				877				1,157				235				4,673
Depreciation and amortization		1,323				373				630				938				61				3,325
Taxes other than income taxes		374				202				302				475				37				1,390
Total operating expenses		4,218				3,102				3,376				4,734				331				15,761
Loss on sales of assets and businesses		(2	)			—				—				—				—				(2	)
Operating income (loss)		1,541				801				519				831				(377	)			3,315
Other income and (deductions)
Interest expense, net		(414	)			(177	)			(152	)			(292	)			(412	)			(1,447	)
Other, net		54				31				21				78				351				535
Total other income and (deductions)		(360	)			(146	)			(131	)			(214	)			(61	)			(912	)
Income (loss) from continuing operations before income taxes		1,181				655				388				617				(438	)			2,403
Income taxes		264				79				8				9				(11	)			349
Net income (loss) from continuing operations after income taxes		917				576				380				608				(427	)			2,054
Net income from discontinued operations after income taxes		—				—				—				—				117				117
Net income (loss)		917				576				380				608				(310	)			2,171
Net income attributable to noncontrolling interests		—				—				—				—				1				1
Net income (loss) attributable to common shareholders	$	917			$	576			$	380			$	608			$	(311	)		$	2,170
Change in net income (loss) from continuing operations 2022 to 2023	$	173			$	(13	)		$	105			$	(18	)		$	27			$	274

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

Exelon Consolidated Balance Sheets (unaudited) (in millions)
		December 31, 2023				December 31, 2022
Assets
Current assets
Cash and cash equivalents		$	445			$	407
Restricted cash and cash equivalents			482				566
Accounts receivable
Customer accounts receivable			2,659				2,544
Customer allowance for credit losses			(317	)			(327	)
Customer accounts receivable, net			2,342				2,217
Other accounts receivable			1,101				1,426
Other allowance for credit losses			(82	)			(82	)
Other accounts receivable, net			1,019				1,344
Inventories, net
Fossil fuel			94				208
Materials and supplies			707				547
Regulatory assets			2,215				1,641
Other			473				406
Total current assets			7,777				7,336
Property, plant, and equipment, net			73,593				69,076
Deferred debits and other assets
Regulatory assets			8,698				8,037
Goodwill			6,630				6,630
Receivable related to Regulatory Agreement Units			3,232				2,897
Investments			251				232
Other			1,365				1,141
Total deferred debits and other assets			20,176				18,937
Total assets		$	101,546			$	95,349
Liabilities and Shareholders' Equity
Current liabilities
Short-term borrowings		$	2,523			$	2,586
Long-term debt due within one year			1,403				1,802
Accounts payable			2,846				3,382
Accrued expenses			1,375				1,226
Payables to affiliates			5				5
Regulatory liabilities			389				437
Mark-to-market derivative liabilities			74				8
Unamortized energy contract liabilities			8				10
Other			968				1,155
Total current liabilities			9,591				10,611
Long-term debt			39,692				35,272
Long-term debt to financing trusts			390				390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			11,956				11,250
Regulatory liabilities			9,576				9,112
Pension obligations			1,571				1,109
Non-pension postretirement benefit obligations			527				507
Asset retirement obligations			267				269
Mark-to-market derivative liabilities			106				83
Unamortized energy contract liabilities			27				35
Other			2,088				1,967
Total deferred credits and other liabilities			26,118				24,332
Total liabilities			75,791				70,605
Commitments and contingencies
Shareholders’ equity
Common stock			21,114				20,908
Treasury stock, at cost			(123	)			(123	)
Retained earnings			5,490				4,597
Accumulated other comprehensive loss, net			(726	)			(638	)
Total shareholders’ equity			25,755				24,744
Total liabilities and shareholders' equity		$	101,546			$	95,349

Exelon Consolidated Statements of Cash Flows (unaudited) (in millions)
		Twelve Months Ended December 31,
			2023				2022
Cash flows from operating activities
Net income		$	2,328			$	2,171
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization			3,506				3,533
Asset impairments			—				48
Gain on sales of assets and businesses			(10	)			(8	)
Deferred income taxes and amortization of investment tax credits			319				255
Net fair value changes related to derivatives			22				(53	)
Net realized and unrealized losses on NDT funds			—				205
Net unrealized losses on equity investments			—				16
Other non-cash operating activities			(335	)			370
Changes in assets and liabilities:
Accounts receivable			(37	)			(1,222	)
Inventories			(45	)			(121	)
Accounts payable and accrued expenses			(191	)			1,318
Option premiums paid, net			—				(39	)
Collateral (paid) received, net			(146	)			1,248
Income taxes			48				(4	)
Regulatory assets and liabilities, net			(439	)			(1,326	)
Pension and non-pension postretirement benefit contributions			(129	)			(616	)
Other assets and liabilities			(188	)			(905	)
Net cash flows provided by operating activities			4,703				4,870
Cash flows from investing activities
Capital expenditures			(7,408	)			(7,147	)
Proceeds from NDT fund sales			—				488
Investment in NDT funds			—				(516	)
Collection of DPP			—				169
Proceeds from sales of assets and businesses			25				16
Other investing activities			8				—
Net cash flows used in investing activities			(7,375	)			(6,990	)
Cash flows from financing activities
Changes in short-term borrowings			(313	)			986
Proceeds from short-term borrowings with maturities greater than 90 days			400				1,300
Repayments on short-term borrowings with maturities greater than 90 days			(150	)			(1,500	)
Issuance of long-term debt			5,825				6,309
Retirement of long-term debt			(1,713	)			(2,073	)
Issuance of common stock			140				563
Dividends paid on common stock			(1,433	)			(1,334	)
Proceeds from employee stock plans			41				36
Transfer of cash, restricted cash, and cash equivalents to Constellation			—				(2,594	)
Other financing activities			(114	)			(102	)
Net cash flows provided by financing activities			2,683				1,591
Increase (decrease) in cash, restricted cash, and cash equivalents			11				(529	)
Cash, restricted cash, and cash equivalents at beginning of period			1,090				1,619
Cash, restricted cash, and cash equivalents at end of period		$	1,101			$	1,090

Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended December 31, 2023 and 2022 (unaudited) (in millions, except per share data)
	Exelon Earnings per Diluted Share				ComEd				PECO				BGE				PHI				Other (a)				Exelon
2022 GAAP Net Income (Loss) from Continuing Operations	$	0.43			$	211			$	102			$	113			$	90			$	(84	)		$	432
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—				—				—				—				—				4				4
Asset Impairments (net of taxes of $0) (1)		—				—				—				1				—				—				1
Separation Costs (net of taxes of $0) (2)		—				—				—				—				—				(1	)			(1	)
Income Tax-Related Adjustments (entire amount represents tax (expense) (3)		(0.01	)			—				—				—				—				(8	)			(8	)
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.43			$	211			$	102			$	114			$	90			$	(89	)		$	428
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	(0.01	)		$	—		(b)	$	(13	)		$	—		(b)	$	—		(b)	$	—			$	(13	)
Load		(0.01	)			—		(b)		(2	)			—		(b)		(4	)	(b)		—				(6	)
Distribution and Transmission Rates (4)		0.06				19		(c)		21		(c)		10		(c)		21		(c)		(16	)			55
Other Energy Delivery (5)		0.06				54		(c)		(17	)	(c)		(7	)	(c)		32		(c)		—				62
Operating and Maintenance Expense (6)		0.14				(4	)			54				81				(27	)			50				154
Pension and Non-Pension Postretirement Benefits		—				2				—				(1	)			(4	)			—				(3	)
Depreciation and Amortization Expense (7)		(0.02	)			(12	)			(4	)			(4	)			(4	)			—				(24	)
Interest Expense and Other (8)		(0.05	)			(1	)			13				6				(2	)			(66	)			(50	)
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.17			$	58			$	52			$	85			$	12			$	(32	)		$	175
2023 GAAP Net Income (Loss) from Continuing Operations	$	0.62			$	268			$	153			$	199			$	101			$	(104	)		$	617
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $6)		(0.02	)			—				—				—				—				(17	)			(17	)
Separation Costs (net of taxes of $1, $0, $0, $0, $0, and $1, respectively) (2)		—				1				1				1				1				(1	)			3
2023 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.60			$	269			$	154			$	199			$	102			$	(121	)		$	603

Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%.
(a)		Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)		For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)		For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)		Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.
(2)		Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.
(3)		In 2022, in connection with the separation, Exelon recorded an income tax benefit related to deductible transaction costs.
(4)		For ComEd, reflects an increase in distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates. For PECO, reflects an increase in revenue primarily due to higher gas distribution rates charged to customers, coupled with higher overall effective rates for both electric and gas attributable to decreased usage. For BGE, reflects an increase in revenue due to distribution rate increases. For PHI, reflects an increase in revenue primarily due to distribution and transmission rate increases. For Corporate, reflects an increase in realized losses from hedging activity.
(5)		For ComEd, primarily reflect an increase in electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PECO, reflects a decrease in transmission and energy efficiency revenues due to regulatory required programs. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is fully offset in Interest expense and Other. For PHI, also reflects higher transmission revenues due to increased Income taxes, Depreciation and amortization, and Operating and maintenance expense, which are fully offset in a combination of Operating and maintenance expense, Depreciation and amortization expense, and Interest expense and Other.
(6)		Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, primarily reflects a decrease in other operating expenses, a decrease in program costs related to regulatory required programs, and a decrease in storm costs. For BGE, primarily reflects a decrease in other operating expense due to favorable impacts from the multi-year plan reconciliations. For PHI, primarily reflects an increase in contracting costs primarily due to the ACE employee strike. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(7)		Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd.
(8)		For PHI, primarily reflects higher income tax expense due to certain EDIT benefits being fully amortized and passed through to customers, with an offsetting increase in Other energy delivery. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense.

Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Twelve Months Ended December 31, 2023 and 2022 (unaudited) (in millions, except per share data)
	Exelon Earnings per Diluted Share				ComEd				PECO				BGE				PHI				Other (a)				Exelon
2022 GAAP Net Income (Loss) from Continuing Operations	$	2.08			$	917			$	576			$	380			$	608			$	(427	)		$	2,054
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—				—				—				—				—				4				4
ERP System Implementation Costs (net of taxes of $0 ) (1)		—				—				—				—				—				1				1
Asset Retirement Obligations (net of taxes of $2)		—				—				—				—				(4	)			—				(4	)
Asset Impairments (net of taxes of $10) (2)		0.04				—				—				38				—				—				38
Separation Costs (net of taxes of $4, $2, $2, $3, and $10, respectively) (3)		0.02				9				4				4				7				—				24
Income Tax-Related Adjustments (entire amount represents tax expense) (4)		0.12				—				38				—				3				81				122
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	2.27			$	926			$	619			$	423			$	614			$	(343	)		$	2,239
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	(0.12	)		$	—		(b)	$	(105	)		$	—		(b)	$	(12	)	(b)	$	—			$	(117	)
Load		(0.01	)			—		(b)		2				—		(b)		(8	)	(b)		—				(6	)
Distribution and Transmission Rates (5)		0.28				117		(c)		62		(c)		42		(c)		80		(c)		(16	)			285
Other Energy Delivery (6)		0.29				162		(c)		28		(c)		(10	)	(c)		109		(c)		—				289
Operating and Maintenance Expense (7)		0.07				(37	)			(10	)			67				(51	)			104				73
Pension and Non-Pension Postretirement Benefits		(0.02	)			9				2				(4	)			(16	)			(13	)			(22	)
Depreciation and Amortization Expense (8)		(0.12	)			(57	)			(18	)			(13	)			(28	)			(3	)			(119	)
Interest Expense and Other (9)		(0.25	)			(12	)			(14	)			(16	)			(64	)			(139	)			(245	)
Share Differential (10)		(0.02	)			—				—				—				—				—				—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.11			$	182			$	(53	)		$	66			$	10			$	(67	)		$	138
2023 GAAP Net Income (Loss) from Continuing Operations	$	2.34			$	1,090			$	563			$	485			$	590			$	(400	)		$	2,328
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—				—				—				—				—				(4	)			(4	)
Change in Environmental Liabilities (net of taxes of $8)		0.03				—				—				—				29				—				29
Asset Retirement Obligations (net of taxes of $1)		—				—				—				—				(1	)			—				(1	)
SEC Matter Loss Contingency (net of taxes of $0)		0.05				—				—				—				—				46				46
Separation Costs (net of taxes of $3, $1, $1, $2, and $7, respectively) (3)		0.02				8				4				4				6				—				22
Change in FERC Audit Liability (net of taxes of $4)		0.01				11				—				—				—				—				11
Income Tax-Related Adjustments (entire amount represents tax expense) (4)		(0.05	)			—				—				—				—				(54	)			(54	)
2023 Adjusted (non-GAAP) Operating Earnings (Loss)	$	2.38			$	1,108			$	566			$	489			$	624			$	(410	)		$	2,377

Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from 24.0% to 29.0%.
(a)		Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)		For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)		For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)		Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(2)		Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense.
(3)		Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.
(4)		In 2022, for PECO, primarily reflects an adjustment to exclude one-time non-cash impacts associated with the remeasurement of deferred income taxes as a result of the reduction in Pennsylvania corporate income tax rate. For Corporate, in connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs partially offset by a one-time impact associated with a state tax benefit. In 2023, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(5)		For ComEd, reflects an increase in distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects an increase in revenue primarily due to higher gas distribution rates charged to customers, coupled with higher overall effective rates for both electric and gas attributable to decreased usage. For BGE, reflects an increase in revenue due to distribution and transmission rate increases. For PHI, reflects an increase in revenue primarily due to distribution and transmission rate increases. For Corporate, reflects an increase in realized losses from hedging activity.
(6)		For ComEd, reflects an increase in electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PECO, reflects an increase in transmission and energy efficiency revenues due to regulatory required programs. For PHI, primarily reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is fully offset in Interest expense and Other and the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable. For PHI, also reflects higher transmission revenues due to increased Income taxes, Depreciation and amortization, and Operating and maintenance expense, which are fully offset in a combination of Operating and maintenance expense, Depreciation and amortization expense, and Interest expense and Other.
(7)		Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an increase in credit loss expense. For PECO, primarily reflects an increase in storm costs, an increase in program costs related to regulatory required programs, partially offset by a decrease in other operating expenses. For BGE, primarily reflects a decrease due to favorable impacts resulting from the multi-year plan reconciliations, partially offset by an increase in storm costs. For PHI, reflects an increase in contracting costs primarily due to the ACE employee strike. For Corporate, includes the following three items: 1) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, 2) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules (2023 includes no costs compared to one month of costs for the period prior to the separation for 2022), and 3) an increase in costs for DPA related matters.
(8)		Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(9)		For PHI, primarily reflects higher income tax expense due to certain EDIT benefits being fully amortized and passed through to customers, with an offsetting increase in Other energy delivery. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense, partially offset by an increase in other income for the proposed settlement of the DPA related derivative claims.
(10)		Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance.

ComEd Statistics Three Months Ended December 31, 2023 and 2022
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2023		2022		% Change			Weather - Normal % Change				2023			2022			% Change
Electric Deliveries and Revenues(a)
Residential	5,806		5,984		(3.0	)%		(1.4	)%		$	821		$	695			18.1	%
Small commercial & industrial	6,852		7,061		(3.0	)%		(1.1	)%			494			220			124.5	%
Large commercial & industrial	6,607		6,543		1.0	%		1.2	%			271			(43	)		(730.2	)%
Public authorities & electric railroads	233		250		(6.8	)%		(4.4	)%			18			7			157.1	%
Other(b)	—		—		n/a			n/a				250			237			5.5	%
Total electric revenues(c)	19,498		19,838		(1.7	)%		(0.5	)%			1,854			1,116			66.1	%
Other Revenues(d)												154			110			40.0	%
Total Electric Revenues											$	2,008		$	1,226			63.8	%
Purchased Power											$	748		$	68			1,000.0	%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	1,747		2,091		2,139		(16.5	)%		(18.3	)%
Cooling Degree-Days	56		19		14		194.7	%		300.0	%

Twelve Months Ended December 31, 2023 and 2022
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2023		2022		% Change			Weather - Normal % Change				2023			2022		% Change
Electric Deliveries and Revenues(a)
Residential	26,023		27,819		(6.5	)%		(2.9	)%		$	3,565		$	3,304		7.9	%
Small commercial & industrial	28,706		29,766		(3.6	)%		(2.0	)%			1,857			1,173		58.3	%
Large commercial & industrial	26,708		26,904		(0.7	)%		(0.2	)%			824			5		16,380.0	%
Public authorities & electric railroads	855		909		(5.9	)%		(4.7	)%			51			29		75.9	%
Other(b)	—		—		n/a			n/a				965			955		1.0	%
Total electric revenues(c)	82,292		85,398		(3.6	)%		(1.8	)%			7,262			5,466		32.9	%
Other Revenues(d)												582			295		97.3	%
Total Electric Revenues											$	7,844		$	5,761		36.2	%
Purchased Power											$	2,816		$	1,109		153.9	%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	5,014		6,044		5,968		(17.0	)%		(16.0	)%
Cooling Degree-Days	1,145		1,174		1,002		(2.5	)%		14.3	%

Number of Electric Customers	2023		2022
Residential	3,744,213		3,723,282
Small commercial & industrial	391,675		391,298
Large commercial & industrial	1,877		1,890
Public authorities & electric railroads	4,807		4,858
Total	4,142,572		4,121,328

__________
(a)		Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $2 million and $2 million for the three months ended December 31, 2023 and 2022, respectively, and $16 million and $16 million for the twelve months ended December 31, 2023 and 2022, respectively.
(d)		Includes alternative revenue programs and late payment charges.

PECO Statistics Three Months Ended December 31, 2023 and 2022
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2023		2022		% Change			Weather- Normal % Change				2023				2022		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	3,076		3,175		(3.1	)%		(0.3	)%		$	473			$	488		(3.1	)%
Small commercial & industrial	1,751		1,812		(3.4	)%		(1.0	)%			111				135		(17.8	)%
Large commercial & industrial	3,240		3,355		(3.4	)%		(2.6	)%			53				70		(24.3	)%
Public authorities & electric railroads	142		149		(4.7	)%		(5.1	)%			7				7		—	%
Other(b)	—		—		n/a			n/a				79				69		14.5	%
Total electric revenues(c)	8,209		8,491		(3.3	)%		(1.4	)%			723				769		(6.0	)%
Other Revenues(d)												(5	)			6		(183.3	)%
Total Electric Revenues												718				775		(7.4	)%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	12,145		13,895		(12.6	)%		(1.6	)%			138				177		(22.0	)%
Small commercial & industrial	6,801		7,211		(5.7	)%		(1.6	)%			49				61		(19.7	)%
Large commercial & industrial	12		11		9.1	%		0.1	%			—				—		n/a
Transportation	6,259		6,503		(3.8	)%		(2.5	)%			7				7		—	%
Other(f)	—		—		n/a			n/a				5				5		—	%
Total natural gas revenues(g)	25,217		27,620		(8.7	)%		(1.8	)%			199				250		(20.4	)%
Other Revenues(d)												—				1		(100.0	)%
Total Natural Gas Revenues												199				251		(20.7	)%
Total Electric and Natural Gas Revenues											$	917			$	1,026		(10.6	)%
Purchased Power and Fuel											$	347			$	442		(21.5	)%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	1,351		1,503		1,534		(10.1	)%		(11.9	)%
Cooling Degree-Days	48		18		32		166.7	%		50.0	%

Twelve Months Ended December 31, 2023 and 2022
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2023		2022		% Change			Weather- Normal % Change				2023			2022		% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	13,262		14,379		(7.8	)%		0.5	%		$	2,090		$	2,026		3.2	%
Small commercial & industrial	7,367		7,701		(4.3	)%		(0.3	)%			526			521		1.0	%
Large commercial & industrial	13,638		14,046		(2.9	)%		(0.8	)%			249			299		(16.7	)%
Public authorities & electric railroads	606		638		(5.0	)%		(5.0	)%			30			30		—	%
Other(b)	—		—		n/a			n/a				298			271		10.0	%
Total electric revenues(c)	34,873		36,764		(5.1	)%		(0.3	)%			3,193			3,147		1.5	%
Other Revenues(d)												9			18		(50.0	)%
Total Electric Revenues												3,202			3,165		1.2	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	35,842		42,135		(14.9	)%		(3.2	)%			473			512		(7.6	)%
Small commercial & industrial	21,182		23,449		(9.7	)%		(1.7	)%			172			186		(7.5	)%
Large commercial & industrial	51		31		64.5	%		2.7	%			1			—		n/a
Transportation	23,741		25,011		(5.1	)%		(2.4	)%			27			26		3.8	%
Other(f)	—		—		n/a			n/a				17			12		41.7	%
Total natural gas revenues(g)	80,816		90,626		(10.8	)%		(2.6	)%			690			736		(6.3	)%
Other Revenues(d)												2			2		100.0	%
Total Natural Gas Revenues												692			738		(6.2	)%
Total Electric and Natural Gas Revenues											$	3,894		$	3,903		(0.2	)%
Purchased Power and Fuel											$	1,544		$	1,535		0.6	%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	3,587		4,135		4,399		(13.3	)%		(18.5	)%
Cooling Degree-Days	1,345		1,743		1,440		(22.8	)%		(6.6	)%

Number of Electric Customers	2023		2022		Number of Natural Gas Customers	2023		2022
Residential	1,535,927		1,525,635		Residential	507,197		502,944
Small commercial & industrial	156,248		155,576		Small commercial & industrial	45,001		44,957
Large commercial & industrial	3,127		3,121		Large commercial & industrial	9		9
Public authorities & electric railroads	10,417		10,393		Transportation	627		655
Total	1,705,719		1,694,725		Total	552,834		548,565

__________
(a)		Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended December 31, 2023 and 2022, respectively, and $7 million and $7 million for the twelve months ended December 31, 2023 and 2022, respectively.
(d)		Includes alternative revenue programs and late payment charges.
(e)		Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)		Includes revenues primarily from off-system sales.
(g)		Includes operating revenues from affiliates totaling less than $1 million and less than $1 million for the three months ended December 31, 2023 and 2022, respectively, and $2 million and less than $1 million for the twelve months ended December 31, 2023 and 2022, respectively.

BGE Statistics Three Months Ended December 31, 2023 and 2022
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2023		2022		% Change			Weather- Normal % Change				2023			2022			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	2,864		3,038		(5.7	)%		—	%		$	457		$	406			12.6	%
Small commercial & industrial	633		655		(3.4	)%		(0.5	)%			79			88			(10.2	)%
Large commercial & industrial	3,032		3,123		(2.9	)%		(1.2	)%			116			148			(21.6	)%
Public authorities & electric railroads	51		49		4.1	%		(1.6	)%			7			7			—	%
Other(b)	—		—		n/a			n/a				98			101			(3.0	)%
Total electric revenues(c)	6,580		6,865		(4.2	)%		(0.6	)%			757			750			0.9	%
Other Revenues(d)												29			(1	)		(3,000.0	)%
Total Electric Revenues												786			749			4.9	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	11,769		13,569		(13.3	)%		(1.9	)%			163			229			(28.8	)%
Small commercial & industrial	2,571		2,999		(14.3	)%		(5.4	)%			27			35			(22.9	)%
Large commercial & industrial	11,221		11,777		(4.7	)%		(0.5	)%			43			55			(21.8	)%
Other(f)	1,668		1,735		(3.9	)%		n/a				10			20			(50.0	)%
Total natural gas revenues(g)	27,229		30,080		(9.5	)%		(1.7	)%			243			339			(28.3	)%
Other Revenues(d)												12			(2	)		(700.0	)%
Total Natural Gas Revenues												255			337			(24.3	)%
Total Electric and Natural Gas Revenues											$	1,041		$	1,086			(4.1	)%
Purchased Power and Fuel											$	387		$	474			(18.4	)%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	1,395		1,595		1,633		(12.5	)%		(14.6	)%
Cooling Degree-Days	42		20		29		110.0	%		44.8	%

Twelve Months Ended December 31, 2023 and 2022
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2023		2022		% Change			Weather- Normal % Change				2023			2022			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	12,026		13,024		(7.7	)%		(0.2	)%		$	1,765		$	1,564			12.9	%
Small commercial & industrial	2,638		2,781		(5.1	)%		(0.7	)%			331			327			1.2	%
Large commercial & industrial	12,844		13,213		(2.8	)%		(1.2	)%			528			567			(6.9	)%
Public authorities & electric railroads	204		201		1.5	%		0.3	%			29			27			7.4	%
Other(b)	—		—		n/a			n/a				402			398			1.0	%
Total electric revenues(c)	27,712		29,219		(5.2	)%		(0.7	)%			3,055			2,883			6.0	%
Other Revenues(d)												54			(12	)		(550.0	)%
Total Electric Revenues												3,109			2,871			8.3	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	34,724		41,951		(17.2	)%		0.1	%			568			678			(16.2	)%
Small commercial & industrial	8,276		9,894		(16.4	)%		(4.0	)%			100			111			(9.9	)%
Large commercial & industrial	40,006		43,631		(8.3	)%		3.0	%			161			183			(12.0	)%
Other(f)	3,361		7,206		(53.4	)%		n/a				37			68			(45.6	)%
Total natural gas revenues(g)	86,367		102,682		(15.9	)%		(1.7	)%			866			1,040			(16.7	)%
Other Revenues(d)												52			(16	)		(425.0	)%
Total Natural Gas Revenues												918			1,024			(10.4	)%
Total Electric and Natural Gas Revenues											$	4,027		$	3,895			3.4	%
Purchased Power and Fuel											$	1,531		$	1,567			(2.3	)%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	3,590		4,333		4,575		(17.1	)%		(21.5	)%
Cooling Degree-Days	960		1,010		912		(5.0	)%		5.3	%

Number of Electric Customers	2023		2022		Number of Natural Gas Customers	2023		2022
Residential	1,211,889		1,204,429		Residential	657,823		655,373
Small commercial & industrial	115,787		115,524		Small commercial & industrial	37,993		38,207
Large commercial & industrial	13,072		12,839		Large commercial & industrial	6,309		6,233
Public authorities & electric railroads	261		266		Total	702,125		699,813
Total	1,341,009		1,333,058

__________
(a)		Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $2 million and $2 million for the three months ended December 31, 2023 and 2022, respectively, and $6 million and $7 million for the twelve months ended December 31, 2023 and 2022, respectively.
(d)		Includes alternative revenue programs and late payment charges.
(e)		Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)		Includes revenues primarily from off-system sales.
(g)		Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended December 31, 2023 and 2022, respectively, and $3 million and $8 million for the twelve months ended December 31, 2023 and 2022.

Pepco Statistics Three Months Ended December 31, 2023 and 2022
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2023		2022		% Change			Weather- Normal % Change				2023				2022			% Change
Electric Deliveries and Revenues(a)
Residential	1,535		1,772		(13.4	)%		(3.9	)%		$	282			$	250			12.8	%
Small commercial & industrial	240		258		(7.0	)%		(3.4	)%			42				38			10.5	%
Large commercial & industrial	3,195		3,298		(3.1	)%		(2.1	)%			249				277			(10.1	)%
Public authorities & electric railroads	186		166		12.0	%		12.3	%			10				9			11.1	%
Other(b)	—		—		n/a			n/a				70				51			37.3	%
Total electric revenues(c)	5,156		5,494		(6.2	)%		(2.3	)%			653				625			4.5	%
Other Revenues(d)												(3	)			(13	)		(76.9	)%
Total Electric Revenues											$	650			$	612			6.2	%
Purchased Power											$	224			$	228			(1.8	)%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	1,190		1,376		1,328		(13.5	)%		(10.4	)%
Cooling Degree-Days	72		25		51		188.0	%		41.2	%

Twelve Months Ended December 31, 2023 and 2022
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2023		2022		% Change			Weather- Normal % Change				2023			2022			% Change
Electric Deliveries and Revenues(a)
Residential	7,625		8,162		(6.6	)%		(0.8	)%		$	1,236		$	1,076			14.9	%
Small commercial & industrial	1,071		1,113		(3.8	)%		(1.0	)%			176			155			13.5	%
Large commercial & industrial	13,494		13,797		(2.2	)%		(0.6	)%			1,087			1,083			0.4	%
Public authorities & electric railroads	628		617		1.8	%		2.4	%			34			34			—	%
Other(b)	—		—		n/a			n/a				258			208			24.0	%
Total electric revenues(c)	22,818		23,689		(3.7	)%		(0.6	)%			2,791			2,556			9.2	%
Other Revenues(d)												33			(25	)		(232.0	)%
Total Electric Revenues											$	2,824		$	2,531			11.6	%
Purchased Power											$	974		$	834			16.8	%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	3,030		3,732		3,765		(18.8	) %		(19.5	)%
Cooling Degree-Days	1,643		1,746		1,744		(5.9	)%		(5.8	)%

Number of Electric Customers	2023		2022
Residential	866,018		856,037
Small commercial & industrial	54,142		54,339
Large commercial & industrial	22,941		22,841
Public authorities & electric railroads	208		197
Total	943,309		933,414

__________
(a)		Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $4 million and $1 million for the three months ended December 31, 2023 and 2022, respectively, and $9 million and $5 million for the twelve months ended December 31, 2023 and 2022, respectively.
(d)		Includes alternative revenue programs and late payment charge revenues.

DPL Statistics Three Months Ended December 31, 2023 and 2022
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2023		2022		% Change			Weather - Normal % Change				2023			2022			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	1,139		1,189		(4.2	)%		(3.6	)%		$	201		$	180			11.7	%
Small commercial & industrial	526		553		(4.9	)%		(5.1	)%			57			63			(9.5	)%
Large commercial & industrial	994		1,043		(4.7	)%		(4.9	)%			28			37			(24.3	)%
Public authorities & electric railroads	13		11		18.2	%		11.9	%			5			4			25.0	%
Other(b)	—		—		n/a			n/a				64			60			6.7	%
Total electric revenues(c)	2,672		2,796		(4.4	)%		(4.3	)%			355			344			3.2	%
Other Revenues(d)												5			(5	)		(200.0	)%
Total Electric Revenues												360			339			6.2	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	2,544		2,899		(12.2	)%		(9.3	)%			34			49			(30.6	)%
Small commercial & industrial	1,168		1,294		(9.7	)%		(6.4	)%			13			20			(35.0	)%
Large commercial & industrial	420		438		(4.1	)%		(4.1	)%			1			3			(66.7	)%
Transportation	1,654		1,762		(6.1	)%		(4.9	)%			5			4			25.0	%
Other(g)	—		—		n/a			n/a				2			4			(50.0	)%
Total natural gas revenues	5,786		6,393		(9.5	)%		(7.1	)%			55			80			(31.3	)%
Other Revenues(f)												—			—			n/a
Total Natural Gas Revenues												55			80			(31.3	)%
Total Electric and Natural Gas Revenues											$	415		$	419			(1.0	)%
Purchased Power and Fuel											$	176		$	199			(11.6	)%

Electric Service Territory							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	1,451		1,547		1,543		(6.2	)%		(6.0	)%
Cooling Degree-Days	32		13		34		146.2	%		(5.9	)%

Natural Gas Service Territory							% Change
Heating Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	1,540		1,600		1,643		(3.8	)%		(6.3	)%

Twelve Months Ended December 31, 2023 and 2022
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2023		2022		% Change			Weather - Normal % Change				2023			2022			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	5,132		5,446		(5.8	)%		(1.4	)%		$	827		$	750			10.3	%
Small commercial & industrial	2,291		2,362		(3.0	)%		(1.8	)%			246			235			4.7	%
Large commercial & industrial	4,132		4,250		(2.8	)%		(1.7	)%			126			137			(8.0	)%
Public authorities & electric railroads	44		44		—	%		(0.2	)%			16			15			6.7	%
Other(b)	—		—		n/a			n/a				250			227			10.1	%
Total rate-regulated electric revenues(c)	11,599		12,102		(4.2	)%		(1.6	)%			1,465			1,364			7.4	%
Other Revenues(d)												18			(7	)		(357.1	)%
Total Electric Revenues												1,483			1,357			9.3	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	7,326		8,709		(15.9	)%		(6.4	)%			122			127			(3.9	)%
Small commercial & industrial	3,660		4,176		(12.4	)%		(2.1	)%			53			55			(3.6	)%
Large commercial & industrial	1,588		1,697		(6.4	)%		(6.4	)%			4			12			(66.7	)%
Transportation	6,004		6,696		(10.3	)%		(7.1	)%			16			15			6.7	%
Other(f)	—		—		n/a			n/a				10			29			(65.5	)%
Total rate-regulated natural gas revenues	18,578		21,278		(12.7	)%		(5.7	)%			205			238			(13.9	)%
Other Revenues(d)												—			—			n/a
Total Natural Gas Revenues												205			238			(13.9	)%
Total Electric and Natural Gas Revenues											$	1,688		$	1,595			5.8	%
Purchased Power and Fuel											$	737		$	706			4.4	%

Electric Service Territory							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	3,674		4,271		4,434		(14.0	)%		(17.1	)%
Cooling Degree-Days	1,291		1,405		1,303		(8.1	)%		(0.9	)%

Natural Gas Service Territory							% Change
Heating Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	3,845		4,428		4,662		(13.2	)%		(17.5	)%

Number of Electric Customers	2023		2022		Number of Natural Gas Customers	2023		2022
Residential	485,713		481,688		Residential	129,903		129,502
Small commercial & industrial	64,220		63,738		Small commercial & industrial	10,133		10,144
Large commercial & industrial	1,260		1,235		Large commercial & industrial	14		17
Public authorities & electric railroads	593		597		Transportation	163		156
Total	551,786		547,258		Total	140,213		139,819

__________
(a)		Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $3 million and $1 million for the three months ended December 31, 2023 and 2022, and $8 million and $6 million for the twelve months ended December 31, 2023 and 2022, respectively.
(d)		Includes alternative revenue programs and late payment charges.
(e)		Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)		Includes revenues primarily from off-system sales.

ACE Statistics Three Months Ended December 31, 2023 and 2022
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2023		2022		% Change			Weather - Normal % Change				2023			2022			% Change
Electric Deliveries and Revenues(a)
Residential	892		838		6.4	%		2.1	%		$	182		$	152			19.7	%
Small commercial & industrial	324		320		1.3	%		0.3	%			49			47			4.3	%
Large commercial & industrial	673		707		(4.8	)%		(5.3	)%			43			50			(14.0	)%
Public authorities & electric railroads	10		13		(23.1	)%		(18.9	)%			4			4			—	%
Other(b)	—		—		n/a			n/a				66			63			4.8	%
Total electric revenues(c)	1,899		1,878		1.1	%		(1.1	)%			344			316			8.9	%
Other Revenues(d)												6			(5	)		(220.0	)%
Total Electric Revenues											$	350		$	311			12.5	%
Purchased Power											$	144		$	127			13.4	%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	1,485		1,623		1,555		(8.5	)%		(4.5	)%
Cooling Degree-Days	22		12		30		83.3	%		(26.7	)%

Twelve Months Ended December 31, 2023 and 2022
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2023		2022		% Change			Weather - Normal % Change				2023			2022			% Change
Electric Deliveries and Revenues(a)
Residential	4,013		4,131		(2.9	)%		(1.8	)%		$	782		$	764			2.4	%
Small commercial & industrial	1,551		1,499		3.5	%		4.2	%			229			217			5.5	%
Large commercial & industrial	3,128		3,103		0.8	%		1.3	%			207			202			2.5	%
Public authorities & electric railroads	44		47		(6.4	)%		(6.6	)%			17			15			13.3	%
Other(b)	—		—		n/a			n/a				260			252			3.2	%
Total electric revenues(c)	8,736		8,780		(0.5	)%		0.3	%			1,495			1,450			3.1	%
Other Revenues(d)												27			(19	)		(242.1	)%
Total Electric Revenues											$	1,522		$	1,431			6.4	%
Purchased Power											$	637		$	624			2.1	%

							% Change
Heating and Cooling Degree-Days	2023		2022		Normal		From 2022			From Normal
Heating Degree-Days	4,043		4,629		4,591		(12.7	)%		(11.9	)%
Cooling Degree-Days	1,029		1,243		1,214		(17.2	)%		(15.2	)%

Number of Electric Customers		2023		2022
Residential		504,919		502,247
Small commercial & industrial		62,646		62,246
Large commercial & industrial		2,909		3,051
Public authorities & electric railroads		727		734
Total		571,201		568,278

__________
(a)		Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling less than $1 million for both the three months ended December 31, 2023 and 2022, respectively, and $2 million for both the twelve months ended December 31, 2023 and 2022.
(d)		Includes alternative revenue programs.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221832808/en/

James Gherardi

Corporate Communications

312-394-7417



Andrew Plenge

Investor Relations

312-394-2345

Source: Exelon Corporation

FAQ

What was Exelon's GAAP Net Income per share for the fourth quarter of 2023?

Exelon reported a GAAP Net Income of $0.62 per share for the fourth quarter of 2023.

What was Exelon's Adjusted Operating Earnings per share for the fourth quarter of 2023?

Exelon's Adjusted Operating Earnings were $0.60 per share for the fourth quarter of 2023.

What is the quarterly dividend declared by Exelon for the first quarter of 2024?

Exelon declared a quarterly dividend of $0.38 per share for the first quarter of 2024.

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Exelon plans to invest $35 billion in capital expenditures over the next four years.

What is the expected rate base growth for Exelon from 2023 to 2027?

Exelon expects a rate base growth of 7.5% and an operating EPS compound annual growth of 5-7% from 2023 to 2027.