Exelon Reports Second Quarter 2022 Results

Rhea-AI Summary

Exelon Corporation (Nasdaq: EXC) reported a GAAP Net Income of $0.47 per share and Adjusted Operating Earnings of $0.44 per share for Q2 2022, up from $0.33 and $0.36, respectively, in Q2 2021. The company reaffirmed its guidance for full-year Adjusted Operating Earnings at $2.18-$2.32 per share. Exelon plans to issue up to $1 billion in common stock by 2025 and anticipates $500 million in 2022. Notable performance includes ComEd's best CAIDI performance. However, some units, such as BGE and PHI, saw declines in earnings compared to the previous year.

Positive

• GAAP Net Income per share increased from $0.33 to $0.47 YoY.
• Adjusted Operating Earnings rose from $0.36 to $0.44 YoY.
• Exelon reaffirmed full-year Adjusted Operating Earnings guidance of $2.18-$2.32 per share.
• Successful utility reliability performance with ComEd achieving best CAIDI performance.

Negative

• BGE's GAAP Net Income decreased to $37 million from $45 million YoY.
• PHI's GAAP Net Income decreased to $100 million from $141 million YoY.

Earnings Release Highlights

• GAAP Net Income of $0.47 per share and Adjusted (non-GAAP) Operating Earnings of $0.44 per share for the second quarter of 2022
• Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share
• In line with previously announced plans, Exelon anticipates issuing up to $1.0 billion of registered shares of common stock through 2025. Exelon plans to establish a $1.0 billion at-the-market (ATM) program and anticipates issuing $500 million in 2022 through the ATM, a one-time common equity offering, or a combination of these methods.
• Strong utility reliability performance – every utility achieved top quartile in outage duration with ComEd specifically delivering their best-on-record CAIDI performance
• ComEd filed with the Illinois Commerce Commission (ICC) a proposed plan to promote beneficial electrification efforts in its service area
• DPL filed its first multi-year plan with the Maryland Public Service Commission (MDPSC) in May seeking an increase in base rates to support significant investments in the local energy grid and other customer experience improvements during the years 2023 to 2025

CHICAGO--(BUSINESS WIRE)-- Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2022.

“Exelon is the leading transmission and distribution utility company in the nation, consistently delivering reliable results, and the second quarter is no exception,” said Chris Crane, Exelon President and CEO. “Our earnings and strong reliability from our energy companies were delivered despite challenging storms. At the same time, our ability to power a cleaner and brighter future for our customers and communities signifies how essential environmental, social and governance principles are to our company and our work leading the energy transformation.”

“During the second quarter, we continued to invest capital for the benefit of our customers and communities and delivered on earnings expectations, generating Adjusted (non-GAAP) Operating Earnings of $0.44 per share,” said Joe Nigro, Exelon’s Chief Financial Officer. “These investments will improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future. We reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share. We also are working hard to support our jurisdictions’ more vulnerable customers in making this transition to a cleaner future. Our industry-leading efforts to connect communities to financial assistance are a testament to those efforts.”

Second Quarter 2022

Exelon's GAAP Net Income from Continuing Operations for the second quarter of 2022 increased to $0.47 per share from $0.33 GAAP Net Income from Continuing Operations per share in the second quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $0.44 per share from $0.36 per share in the second quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.

Adjusted (non-GAAP) Operating Earnings in the second quarter of 2022 primarily reflect:

• Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base and rate increases at PECO, BGE, and PHI, partially offset by the absence of favorable weather and volume at ACE as ACE became decoupled effective July 1, 2021, higher depreciation expense at BGE and PHI, and higher credit loss expense at PHI.

• Higher earnings at the Exelon holding company due to 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 the second quarter of 2021 as these costs do not qualify as expenses of the discontinued operations per the accounting rules, partially offset by higher interest expense.

Operating Company Results¹

ComEd

ComEd's second quarter of 2022 GAAP Net Income increased to $227 million from $192 million in the second quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $229 million from $195 million in the second quarter of 2021, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed electric distribution ROE due to an increase in treasury rates and the impacts of higher rate base). Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

PECO

PECO’s second quarter of 2022 GAAP Net Income increased to $133 million from $104 million in the second quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 increased to $134 million from $107 million in the second quarter of 2021, primarily due to distribution rate increases.

___________

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.

BGE

BGE’s second quarter of 2022 GAAP Net Income decreased to $37 million from $45 million in the second quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 decreased to $38 million from $48 million in the second quarter of 2021, primarily due to an increase in depreciation expense, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

PHI

PHI’s second quarter of 2022 GAAP Net Income decreased to $100 million from $141 million in the second quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2022 decreased to $101 million from $144 million in the second quarter of 2021, primarily due to the absence of favorable weather and volume at ACE as ACE became decoupled effective July 1, 2021, an increase in depreciation expense, credit loss expense, contracting costs partially due to timing of maintenance projects, and timing of excess deferred tax amortization, partially offset by distribution rate increases. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.

Recent Developments and Second Quarter Highlights

• DPL Maryland Electric Base Rate Case: On May 19, 2022, DPL filed an application for a three-year cumulative multi-year plan for January 1, 2023 through Dec. 31, 2025 with the MDPSC to increase its electric distribution rates by $23 million effective Jan. 1, 2023, $8 million effective January 1, 2024, and $7 million effective January 1, 2025, to recover capital investments made in 2021 and planned capital investments through the end of 2025, reflecting an ROE of 10.25%. DPL is proposing the acceleration of refunds for certain tax benefits to partially offset the customer rate increases by $12 million and $8 million in 2023 and 2024, respectively. DPL currently expects a decision in the fourth quarter of 2022, but cannot predict if the MDPSC will approve the application as filed.
• Financing Activities:
  • On May 24, 2022, PECO issued $350 million aggregate principal amount of its First and Refunding Mortgage Bonds, 4.600% Series due May 15, 2052. PECO used the proceeds to repay existing indebtedness and for general corporate purposes.
  • On June 6, 2022, BGE issued $500 million aggregate principal amount of its 4.550% notes due June 1, 2052. BGE used the proceeds to repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes.
  • Exelon anticipates issuing up to $1.0 billion of registered shares of common stock through 2025. Exelon plans to establish a $1.0 billion ATM program, under which Exelon can issue registered shares of common stock through designated broker-dealers at prevailing market prices. Exelon anticipates issuing $500 million in 2022 through the ATM, a one-time common equity offering, or a combination of these methods.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the second 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 (Loss) from Continuing Operations	$	0.47		$	465		$	227	$	133	$	37	$	100
Separation Costs (net of taxes of $3, $1, $0, $0, and $1, respectively)		0.01			10			2		1		1		2
Income Tax-Related Adjustments (entire amount represents tax expense)		(0.04	)		(43	)		—		—		—		—
2022 Adjusted (non-GAAP) Operating Earnings	$	0.44		$	433		$	229	$	134	$	38	$	101

Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 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
2021 GAAP Net Income (Loss) from Continuing Operations	$	0.33	$	326	$	192	$	104	$	45	$	141
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—		3		—		—		—		—
Cost Management Program (net of taxes of $0)		—		1		—		—		—		—
COVID-19 Direct Costs (net of taxes of $1, $0, $0, and $1, respectively)		—		4		—		1		1		2
Acquisition Related Costs (net of taxes of $1)		—		2		—		—		—		—
ERP System Implementation Costs (net of taxes of $1)		—		2		—		—		—		—
Separation Costs (net of taxes of $6, $1, $1, $1, and $1, respectively)		0.01		10		2		1		1		2
2021 Adjusted (non-GAAP) Operating Earnings	$	0.36	$	348	$	195	$	107	$	48	$	144

Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) 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 2022 and 2021 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss second quarter 2022 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 is a Fortune 200 company and the nation’s largest utility company, serving more than 10 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 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.

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: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Aug. 3, 2022.

Cautionary Statements Regarding Forward-Looking Information

This press 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. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” 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' 2021 Annual Report on Form 10-K filed with the SEC on February 25, 2022 in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current Report on Form 8-K filed with the SEC on June 30, 2022 to recast Exelon's consolidated financial statements and certain other financial information originally included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies; (3) the Registrants' Second Quarter 2022 Quarterly Report on Form 10-Q (to be filed on Aug. 3, 2022) 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 (4) 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	16
DPL	17
ACE	19

Consolidating Statements of Operations (unaudited) (in millions)
	ComEd				PECO				BGE				PHI				Other (a)				Exelon
Three Months Ended June 30, 2022
Operating revenues	$	1,425			$	816			$	786			$	1,221			$	(9	)		$	4,239
Operating expenses
Purchased power and fuel		283				283				289				420				(1	)			1,274
Operating and maintenance		338				215				205				292				59				1,109
Depreciation and amortization		328				93				152				240				17				830
Taxes other than income taxes		90				48				71				114				7				330
Total operating expenses		1,039				639				717				1,066				82				3,543
Loss on sales of assets and businesses		(2	)			—				—				—				—				(2	)
Operating income (loss)		384				177				69				155				(91	)			694
Other income and (deductions)
Interest expense, net		(104	)			(43	)			(36	)			(73	)			(102	)			(358	)
Other, net		13				8				5				19				130				175
Total other (deductions) and income		(91	)			(35	)			(31	)			(54	)			28				(183	)
Income (loss) from continuing operations before income taxes		293				142				38				101				(63	)			511
Income taxes		66				9				1				1				(31	)			46
Net income (loss) from continuing operations after income taxes		227				133				37				100				(32	)			465
Net income from discontinued operations after income taxes		—				—				—				—				—				—
Net income (loss)		227				133				37				100				(32	)			465
Net income attributable to noncontrolling interests		—				—				—				—				—				—
Net income (loss) attributable to common shareholders	$	227			$	133			$	37			$	100			$	(32	)		$	465
Three Months Ended June 30, 2021
Operating revenues	$	1,517			$	693			$	682			$	1,140			$	(12	)		$	4,020
Operating expenses
Purchased power and fuel		500				207				219				396				(1	)			1,321
Operating and maintenance		323				209				193				256				92				1,073
Depreciation and amortization		296				87				141				194				18				736
Taxes other than income taxes		77				49				67				109				12				314
Total operating expenses		1,196				552				620				955				121				3,444
Gain on sales of assets and businesses		—				—				—				—				4				4
Operating income (loss)		321				141				62				185				(129	)			580
Other income and (deductions)
Interest expense, net		(98	)			(42	)			(34	)			(67	)			(83	)			(324	)
Other, net		15				7				9				20				22				73
Total other deductions		(83	)			(35	)			(25	)			(47	)			(61	)			(251	)
Income (loss) from continuing operations before income taxes		238				106				37				138				(190	)			329
Income taxes		46				2				(8	)			(3	)			(34	)			3
Net income (loss) from continuing operations after income taxes		192				104				45				141				(156	)			326
Net income from discontinued operations after income taxes		—				—				—				—				150				150
Net income (loss)		192				104				45				141				(6	)			476
Net income attributable to noncontrolling interests		—				—				—				—				75				75
Net income (loss) attributable to common shareholders	$	192			$	104			$	45			$	141			$	(81	)		$	401
Change in Net income from continuing operations 2021 to 2022	$	35			$	29			$	(8	)		$	(41	)		$	124			$	139

Consolidating Statements of Operations (unaudited) (in millions)
	ComEd				PECO				BGE				PHI				Other (a)				Exelon
Six Months Ended June 30, 2022
Operating revenues	$	3,158			$	1,863			$	1,940			$	2,626			$	(21	)		$	9,566
Operating expenses
Purchased power and fuel		921				689				743				999				—				3,352
Operating and maintenance		689				463				423				591				122				2,288
Depreciation and amortization		649				185				322				459				32				1,647
Taxes other than income taxes		185				95				148				233				23				684
Total operating expenses		2,444				1,432				1,636				2,282				177				7,971
Loss on sales of assets and businesses		(2	)			—				—				—				—				(2	)
Operating income (loss)		712				431				304				344				(198	)			1,593
Other income and (deductions)
Interest expense, net		(204	)			(84	)			(71	)			(143	)			(195	)			(697	)
Other, net		26				16				11				37				223				313
Total other (deductions) and income		(178	)			(68	)			(60	)			(106	)			28				(384	)
Income (loss) from continuing operations before income taxes		534				363				244				238				(170	)			1,209
Income taxes		119				24				10				8				102				263
Net income (loss) from continuing operations after income taxes		415				339				234				230				(272	)			946
Net income from discontinued operations after income taxes		—				—				—				—				117				117
Net income (loss)		415				339				234				230				(155	)			1,063
Net income attributable to noncontrolling interests		—				—				—				—				1				1
Net income (loss) attributable to common shareholders	$	415			$	339			$	234			$	230			$	(156	)		$	1,062
Six Months Ended June 30, 2021
Operating revenues	$	3,052			$	1,582			$	1,656			$	2,384			$	(22	)		$	8,652
Operating expenses
Purchased power and fuel		1,025				523				550				874				—				2,972
Operating and maintenance		639				443				390				513				170				2,155
Depreciation and amortization		589				173				293				404				35				1,494
Taxes other than income taxes		153				92				139				222				25				631
Total operating expenses		2,406				1,231				1,372				2,013				230				7,252
Gain on sales of assets and businesses		—				—				—				—				4				4
Operating income (loss)		646				351				284				371				(248	)			1,404
Other income and (deductions)
Interest expense, net		(193	)			(80	)			(67	)			(134	)			(169	)			(643	)
Other, net		22				12				16				36				45				131
Total other (deductions)		(171	)			(68	)			(51	)			(98	)			(124	)			(512	)
Income (loss) from continuing operations before income taxes		475				283				233				273				(372	)			892
Income taxes		85				12				(21	)			5				(39	)			42
Equity in earnings of unconsolidated affiliates		—				—				—				1				—				1
Net income (loss) from continuing operations after income taxes		390				271				254				269				(333	)			851
Net (loss) from discontinued operations after income taxes		—				—				—				—				(640	)			(640	)
Net income (loss)		390				271				254				269				(973	)			211
Net income attributable to noncontrolling interests		—				—				—				—				99				99
Net income (loss) attributable to common shareholders	$	390			$	271			$	254			$	269			$	(1,072	)		$	112
Change in Net income from continuing operations 2021 to 2022	$	25			$	68			$	(20	)		$	(39	)		$	61			$	95

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

Exelon Consolidated Balance Sheets (unaudited) (in millions)
		June 30, 2022				December 31, 2021
Assets
Current assets
Cash and cash equivalents		$	816			$	672
Restricted cash and cash equivalents			961				321
Accounts receivable
Customer accounts receivable			2,219				2,189
Customer allowance for credit losses			(354	)			(320	)
Customer accounts receivable, net			1,865				1,869
Other accounts receivable			1,403				1,068
Other allowance for credit losses			(81	)			(72	)
Other accounts receivable, net			1,322				996
Inventories, net
Fossil fuel			133				105
Materials and supplies			491				476
Regulatory assets			1,239				1,296
Other			515				387
Current assets of discontinued operations			—				7,835
Total current assets			7,342				13,957
Property, plant, and equipment, net			66,456				64,558
Deferred debits and other assets
Regulatory assets			8,350				8,224
Goodwill			6,630				6,630
Receivable related to Regulatory Agreement Units			2,265				—
Investments			235				250
Other			1,017				885
Property, plant, and equipment, deferred debits, and other assets of discontinued operations			—				38,509
Total deferred debits and other assets			18,497				54,498
Total assets		$	92,295			$	133,013
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings		$	2,003			$	1,248
Long-term debt due within one year			505				2,153
Accounts payable			2,451				2,379
Accrued expenses			1,057				1,137
Payables to affiliates			5				5
Regulatory liabilities			411				376
Mark-to-market derivative liabilities			—				18
Unamortized energy contract liabilities			11				89
Other			1,588				766
Current liabilities of discontinued operations			—				7,940
Total current liabilities			8,031				16,111
Long-term debt			35,789				30,749
Long-term debt to financing trusts			390				390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			11,240				10,611
Regulatory liabilities			8,513				9,628
Pension obligations			1,406				2,051
Non-pension postretirement benefit obligations			800				811
Asset retirement obligations			275				271
Mark-to-market derivative liabilities			103				201
Unamortized energy contract liabilities			38				146
Other			2,054				1,573
Long-term debt, deferred credits, and other liabilities of discontinued operations			—				25,676
Total deferred credits and other liabilities			24,429				50,968
Total liabilities			68,639				98,218
Commitments and contingencies
Shareholders’ equity
Common stock			20,319				20,324
Treasury stock, at cost			(123	)			(123	)
Retained earnings			4,161				16,942
Accumulated other comprehensive loss, net			(701	)			(2,750	)
Total shareholders’ equity			23,656				34,393
Noncontrolling interests			—				402
Total equity			23,656				34,795
Total liabilities and shareholders’ equity		$	92,295			$	133,013

Exelon Consolidated Statements of Cash Flows (unaudited) (in millions)
		Six Months Ended June 30,
		2022				2021
Cash flows from operating activities
Net income		$	1,063			$	211
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization			1,854				4,180
Asset impairments			—				500
Gain on sales of assets and businesses			(8	)			(83	)
Deferred income taxes and amortization of investment tax credits			143				(163	)
Net fair value changes related to derivatives			(59	)			(490	)
Net realized and unrealized losses (gains) on NDT funds			205				(376	)
Net unrealized losses (gains) on equity investments			16				(96	)
Other non-cash operating activities			276				(331	)
Changes in assets and liabilities:
Accounts receivable			(795	)			(16	)
Inventories			12				1
Accounts payable and accrued expenses			544				(87	)
Option premiums (paid) received, net			(39	)			2
Collateral received, net			1,689				957
Income taxes			23				190
Regulatory assets and liabilities, net			(376	)			(276	)
Pension and non-pension postretirement benefit contributions			(585	)			(559	)
Other assets and liabilities			(723	)			(2,426	)
Net cash flows provided by operating activities			3,240				1,138
Cash flows from investing activities
Capital expenditures			(3,507	)			(4,040	)
Proceeds from NDT fund sales			488				4,438
Investment in NDT funds			(516	)			(4,538	)
Collection of DPP			169				2,209
Proceeds from sales of assets and businesses			16				724
Other investing activities			4				17
Net cash flows used in investing activities			(3,346	)			(1,190	)
Cash flows from financing activities
Changes in short-term borrowings			(597	)			(666	)
Proceeds from short-term borrowings with maturities greater than 90 days			1,150				500
Repayments on short-term borrowings with maturities greater than 90 days			(350	)			—
Issuance of long-term debt			5,151				2,455
Retirement of long-term debt			(1,707	)			(630	)
Dividends paid on common stock			(663	)			(747	)
Proceeds from employee stock plans			17				47
Transfer of cash, restricted cash, and cash equivalents to Constellation			(2,594	)			—
Other financing activities			(84	)			(64	)
Net cash flows provided by financing activities			323				895
Increase in cash, restricted cash, and cash equivalents			217				843
Cash, restricted cash, and cash equivalents at beginning of period			1,619				1,166
Cash, restricted cash, and cash equivalents at end of period		$	1,836			$	2,009

Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2022 and 2021 (unaudited) (in millions, except per share data)
	Exelon Earnings per Diluted Share				ComEd				PECO				BGE				PHI				Other (a)				Exelon
2021 GAAP Net Income (Loss) from Continuing Operations	$	0.33			$	192			$	104			$	45			$	141			$	(156	)		$	326
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—				—				—				—				—				3				3
Cost Management Program (net of taxes of $0)		—				—				—				—				—				1				1
COVID-19 Direct Costs (net of taxes of $0, $0, $1, and $1 respectively) (1)		—				—				1				1				2				—				4
Acquisition Related Costs (net of taxes of $1) (2)		—				—				—				—				—				2				2
ERP System Implementation Costs (net of taxes of $1) (3)		—				—				—				—				—				2				2
Separation Costs (net of taxes of $1, $1, $1, $1, $2 and $6, respectively) (4)		0.01				2				1				1				2				4				10
2021 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.36			$	195			$	107			$	48			$	144			$	(146	)		$	348
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	(0.01	)		$	—		(b)	$	(1	)		$	—		(b)	$	(4	)	(b)	$	—			$	(5	)
Load		(0.01	)			—		(b)		1				—		(b)		(9	)	(b)		—				(8	)
Distribution and Transmission Rates (6)		0.09				30		(c)		27		(c)		13		(c)		23		(c)		—				93
Other Energy Delivery (7)		0.10				59		(c)		6		(c)		8		(c)		30		(c)		—				103
Operating and Maintenance Expense (8)		(0.06	)			(15	)			(7	)			(13	)			(28	)			9				(54	)
Pension and Non-Pension Postretirement Benefits		0.01				5				2				2				—				3				12
Depreciation and Amortization Expense (9)		(0.07	)			(23	)			(4	)			(8	)			(33	)			—				(68	)
Other (10)		0.01				(22	)			3				(12	)			(22	)			65				12
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.08			$	34			$	27			$	(10	)		$	(43	)		$	77			$	85
2022 GAAP Net Income (Loss) from Continuing Operations	$	0.47			$	227			$	133			$	37			$	100			$	(32	)		$	465
Separation Costs (net of taxes of $1, $0, $0, $1, $1, and $4, respectively) (4)		0.01				2				1				1				2				4				10
Income Tax-Related Adjustments (entire amount represents tax expense) (5)		(0.04	)			—				—				—				—				(43	)			(43	)
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.44			$	229			$	134			$	38			$	101			$	(69	)		$	433

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 2022 and 2021 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)		Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)		Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (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.
(3)		Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)		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.
(5)		In connection with the separation, Exelon recorded a one-time impact associated with a state tax benefit.
(6)		For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
(7)		For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(8)		Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PHI, primarily reflects increased credit loss expense and higher contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) 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 and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(9)		Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, also includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(10)		For ComEd, includes increased taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PHI, reflects the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase 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 Six Months Ended June 30, 2022 and 2021 (unaudited) (in millions, except per share data)
	Exelon Earnings per Diluted Share				ComEd				PECO				BGE				PHI				Other (a)				Exelon
2021 GAAP Net Income (Loss) from Continuing Operations	$	0.87			$	390			$	271			$	254			$	269			$	(333	)		$	851
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—				—				—				—				—				3				3
Cost Management Program (net of taxes of $0)		—				—				—				—				—				1				1
COVID-19 Direct Costs (net of taxes of $1, $1, $1 and $3, respectively) (1)		0.01				—				2				1				2				—				5
Acquisition Related Costs (net of taxes of $3) (2)		0.01				—				—				—				—				7				7
ERP System Implementation Costs (net of taxes of $0, $0, $0, $1 and $1, respectively) (3)		0.01				—				1				1				1				4				7
Separation Costs (net of taxes of $1, $1, $1, $1, $2 and $6, respectively) (4)		0.02				3				2				2				3				5				15
Income Tax-Related Adjustments (entire amount represents tax expense)		—				—				—				—				—				(2	)			(2	)
2021 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.91			$	393			$	277			$	258			$	274			$	(315	)		$	887
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	(0.01	)		$	—		(b)	$	(7	)		$	—		(b)	$	(3	)	(b)	$	—			$	(10	)
Load		0.01				—		(b)		10				—		(b)		(4	)	(b)		—				6
Distribution and Transmission Rates (6)		0.17				43		(c)		63		(c)		19		(c)		49		(c)		—				174
Other Energy Delivery (7)		0.19				107		(c)		16		(c)		29		(c)		39		(c)		—				191
Operating and Maintenance Expense (8)		(0.14	)			(42	)			(18	)			(29	)			(57	)			10				(136	)
Pension and Non-Pension Postretirement Benefits		0.02				10				3				4				1				6				24
Depreciation and Amortization Expense (9)		(0.11	)			(42	)			(9	)			(21	)			(40	)			1				(111	)
Other (10)		0.04				(47	)			7				(22	)			(21	)			123				40
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.17			$	29			$	65			$	(20	)		$	(36	)		$	140			$	178
2022 GAAP Net Income (Loss) from Continuing Operations	$	0.96			$	415			$	339			$	234			$	230			$	(272	)		$	946
ERP System Implementation Costs (net of taxes of $0) (3)		—				—				—				—				—				1				1
Separation Costs (net of taxes of $3, $1, $1, $2, $3, and $11, respectively) (4)		0.03				7				3				4				5				8				27
Income Tax-Related Adjustments (entire amount represents tax expense) (5)		0.09				—				—				—				3				89				92
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	1.08			$	422			$	342			$	238			$	238			$	(175	)		$	1,065

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 2022 and 2021 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)		Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.
(2)		Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Constellation Energy Generation, LLC (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.
(3)		Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.
(4)		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.
(5)		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.
(6)		For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases.
(7)		For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable.
(8)		Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For BGE, reflects higher credit loss expense. For PHI, includes increased storm costs, increased credit loss expense, and higher contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) 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 (YTD Q2 2022 includes one month of costs for the period prior to the separation compared to six months of costs included in YTD Q2 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(9)		Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, includes the regulatory asset amortization of the ACE Power Purchase Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery.
(10)		For ComEd, includes increased taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in tax repairs deduction. For PHI, primarily reflects increased interest expense and the timing of tax expense driven by the timing of excess deferred tax amortization, which will reverse by the end of the year. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting increase in Operating and maintenance expense.

ComEd Statistics Three Months Ended June 30, 2022 and 2021
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2022		2021		% Change			Weather - Normal % Change			2022			2021			% Change
Electric Deliveries and Revenues(a)
Residential	6,617		6,558		0.9	%		(0.1	)%		$	819		$	759		7.9	%
Small commercial & industrial	7,198		7,101		1.4	%		1.1	%			312			377		(17.2	)%
Large commercial & industrial	6,641		6,368		4.3	%		4.4	%			11			138		(92.0	)%
Public authorities & electric railroads	186		203		(8.4	)%		(8.6	)%			5			11		(54.5	)%
Other(b)	—		—		n/a			n/a				234			214		9.3	%
Total electric revenues(c)	20,642		20,230		2.0	%		1.7	%			1,381			1,499		(7.9	)%
Other Revenues(d)												44			18		144.4	%
Total Electric Revenues											$	1,425		$	1,517		(6.1	)%
Purchased Power											$	283		$	500		(43.4	)%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	713		627		697		13.7	%		2.3	%
Cooling Degree-Days	377		391		266		(3.6	)%		41.7	%

Six Months Ended June 30, 2022 and 2021
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2022		2021		% Change			Weather - Normal % Change			2022			2021			% Change
Electric Deliveries and Revenues(a)
Residential	13,368		13,243		0.9	%		(0.7	)%		$	1,675		$	1,502		11.5	%
Small commercial & industrial	14,702		14,366		2.3	%		1.7	%			736			744		(1.1	)%
Large commercial & industrial	13,388		12,847		4.2	%		4.0	%			165			271		(39.1	)%
Public authorities & electric railroads	443		470		(5.7	)%		(5.9	)%			20			22		(9.1	)%
Other(b)	—		—		n/a			n/a				472			433		9.0	%
Total electric revenues(c)	41,901		40,926		2.4	%		1.6	%			3,068			2,972		3.2	%
Other Revenues(d)												90			80		12.5	%
Total Electric Revenues											$	3,158		$	3,052		3.5	%
Purchased Power											$	921		$	1,025		(10.1	)%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	3,878		3,616		3,782		7.2	%		2.5	%
Cooling Degree-Days	377		391		266		(3.6	) %		41.7	%

Number of Electric Customers	2022		2021
Residential	3,711,023		3,697,515
Small commercial & industrial	390,357		388,877
Large commercial & industrial	1,900		1,852
Public authorities & electric railroads	4,853		4,873
Total	4,108,133		4,093,117

__________
(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 $3 million and $5 million for the three months ended June 30, 2022 and 2021, respectively, and $8 million and $11 million for the six months ended June 30, 2022 and 2021, respectively.
(d)		Includes alternative revenue programs and late payment charges.

PECO Statistics Three Months Ended June 30, 2022 and 2021
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2022		2021		% Change			Weather- Normal % Change			2022			2021			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	3,060		3,116		(1.8	)%		(1.1	)%		$	431		$	383		12.5	%
Small commercial & industrial	1,813		1,758		3.1	%		3.0	%			126			99		27.3	%
Large commercial & industrial	3,416		3,475		(1.7	)%		(1.8	)%			72			59		22.0	%
Public authorities & electric railroads	135		121		11.6	%		11.9	%			7			8		(12.5	)%
Other(b)	—		—		n/a			n/a				68			54		25.9	%
Total electric revenues(c)	8,424		8,470		(0.5	)%		(0.4	)%			704			603		16.7	%
Other Revenues(d)												4			7		(42.9	)%
Total Electric Revenues												708			610		16.1	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	5,206		5,027		3.6	%		4.9	%			71			55		29.1	%
Small commercial & industrial	3,638		3,121		16.6	%		17.2	%			29			22		31.8	%
Large commercial & industrial	4		2		100.0	%		12.6	%			—			—		N/A
Transportation	5,707		5,468		4.4	%		5.7	%			6			5		20.0	%
Other(f)	—		—		n/a			n/a				2			1		100.0	%
Total natural gas revenues(g)	14,555		13,618		6.9	%		8.0	%			108			83		30.1	%
Other Revenues(d)												—			—		100.0	%
Total Natural Gas Revenues												108			83		30.1	%
Total Electric and Natural Gas Revenues											$	816		$	693		17.7	%
Purchased Power and Fuel											$	283		$	207		36.7	%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	385		404		424		(4.7	)%		(9.2	)%
Cooling Degree-Days	434		418		391		3.8	%		11.0	%

Six Months Ended June 30, 2022 and 2021
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2022		2021		% Change			Weather- Normal % Change			2022			2021			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	6,818		6,883		(0.9	)%		0.1	%		$	918		$	816		12.5	%
Small commercial & industrial	3,750		3,639		3.1	%		3.2	%			237			199		19.1	%
Large commercial & industrial	6,748		6,747		—	%		—	%			136			116		17.2	%
Public authorities & electric railroads	317		270		17.4	%		17.7	%			15			17		(11.8	)%
Other(b)	—		—		n/a			n/a				130			106		22.6	%
Total electric revenues(c)	17,633		17,539		0.5	%		1.0	%			1,436			1,254		14.5	%
Other Revenues(d)												13			17		(23.5	)%
Total Electric Revenues												1,449			1,271		14.0	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	26,043		25,701		1.3	%		4.4	%			289			215		34.4	%
Small commercial & industrial	14,184		13,291		6.7	%		8.4	%			105			81		29.6	%
Large commercial & industrial	14		9		55.6	%		11.4	%			—			—		N/A
Transportation	13,346		13,118		1.7	%		2.7	%			14			12		16.7	%
Other(f)	—		—		n/a			n/a				5			3		66.7	%
Total natural gas revenues(g)	53,587		52,119		2.8	%		5.0	%			413			311		32.8	%
Other Revenues(d)												1			—		100.0	%
Total Natural Gas Revenues												414			311		33.1	%
Total Electric and Natural Gas Revenues											$	1,863		$	1,582		17.8	%
Purchased Power and Fuel											$	689		$	523		31.7	%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	2,613		2,706		2,840		(3.4	)%		(8.0	)%
Cooling Degree-Days	435		423		392		2.8	%		11.0	%

Number of Electric Customers	2022		2021		Number of Natural Gas Customers	2022		2021
Residential	1,521,728		1,513,456		Residential	499,678		494,895
Small commercial & industrial	155,484		154,842		Small commercial & industrial	44,726		44,450
Large commercial & industrial	3,114		3,108		Large commercial & industrial	10		6
Public authorities & electric railroads	10,386		10,285		Transportation	659		677
Total	1,690,712		1,681,691		Total	545,073		540,028

__________
(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 $1 million for both the three months ended June 30, 2022 and 2021, respectively, and $2 million and $3 million for the six months ended June 30, 2022 and 2021, 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 for both the three months ended June 30, 2022 and 2021, respectively, and less than $1 million and $1 million for the six months ended June 30, 2022 and 2021, respectively.

BGE Statistics Three Months Ended June 30, 2022 and 2021
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2022		2021		% Change			Weather- Normal % Change			2022				2021				% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	2,752		2,772		(0.7	)%		(0.1	)%		$	334			$	299			11.7	%
Small commercial & industrial	637		627		1.6	%		0.8	%			70				60			16.7	%
Large commercial & industrial	3,214		3,192		0.7	%		1.1	%			129				108			19.4	%
Public authorities & electric railroads	53		49		8.2	%		11.4	%			7				7			—	%
Other(b)	—		—		n/a			n/a				99				87			13.8	%
Total electric revenues(c)	6,656		6,640		0.2	%		0.6	%			639				561			13.9	%
Other Revenues(d)												(10	)			(3	)		233.3	%
Total Electric Revenues												629				558			12.7	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	4,943		4,948		(0.1	)%		(2.8	)%			96				81			18.5	%
Small commercial & industrial	1,389		1,306		6.4	%		4.6	%			18				13			38.5	%
Large commercial & industrial	9,168		8,224		11.5	%		11.3	%			35				27			29.6	%
Other(f)	931		903		3.1	%		n/a				12				6			100.0	%
Total natural gas revenues(g)	16,431		15,381		6.8	%		5.7	%			161				127			26.8	%
Other Revenues(d)												(4	)			(3	)		33.3	%
Total Natural Gas Revenues												157				124			26.6	%
Total Electric and Natural Gas Revenues											$	786			$	682			15.2	%
Purchased Power and Fuel											$	289			$	219			32.0	%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	446		469		499		(4.9	) %		(10.6	) %
Cooling Degree-Days	279		300		259		(7.0	) %		7.7	%

Six Months Ended June 30, 2022 and 2021
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2022		2021		% Change			Weather- Normal % Change			2022				2021			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	6,321		6,310		0.2	%		(0.9	)%		$	752			$	662		13.6	%
Small commercial & industrial	1,372		1,350		1.6	%		0.6	%			151				129		17.1	%
Large commercial & industrial	6,387		6,300		1.4	%		1.7	%			260				213		22.1	%
Public authorities & electric railroads	106		97		9.3	%		9.0	%			14				13		7.7	%
Other(b)	—		—		n/a			n/a				196				165		18.8	%
Total electric revenues(c)	14,186		14,057		0.9	%		0.4	%			1,373				1,182		16.2	%
Other Revenues(d)												(7	)			8		(187.5	)%
Total Electric Revenues												1,366				1,190		14.8	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	26,061		23,399		11.4	%		7.9	%			378				297		27.3	%
Small commercial & industrial	6,050		5,324		13.6	%		9.0	%			63				48		31.3	%
Large commercial & industrial	23,911		22,263		7.4	%		6.6	%			100				81		23.5	%
Other(f)	5,391		8,512		(36.7	)%		n/a				47				36		30.6	%
Total natural gas revenues(g)	61,413		59,498		3.2	%		7.5	%			588				462		27.3	%
Other Revenues(d)												(14	)			4		(450.0	)%
Total Natural Gas Revenues												574				466		23.2	%
Total Electric and Natural Gas Revenues											$	1,940			$	1,656		17.1	%
Purchased Power and Fuel											$	743			$	550		35.1	%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	2,688		2,666		2,887		0.8	%		(6.9	) %
Cooling Degree-Days	279		300		259		(7.0	) %		7.7	%

Number of Electric Customers	2022		2021		Number of Natural Gas Customers	2022		2021
Residential	1,200,397		1,192,135		Residential	653,409		647,534
Small commercial & industrial	115,769		114,682		Small commercial & industrial	38,227		38,223
Large commercial & industrial	12,721		12,528		Large commercial & industrial	6,211		6,132
Public authorities & electric railroads	267		267		Total	697,847		691,889
Total	1,329,154		1,319,612

__________
(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 $4 million for the three months ended June 30, 2022 and 2021, respectively, and $3 million and $6 million for the six months ended June 30, 2022 and 2021, 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 $3 million for the three months ended June 30, 2022 and 2021, respectively, and $7 million for both the six months ended June 30, 2022 and 2021.

Pepco Statistics Three Months Ended June 30, 2022 and 2021
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2022		2021		% Change			Weather- Normal % Change			2022			2021			% Change
Electric Deliveries and Revenues(a)
Residential	1,719		1,819		(5.5	)%		(5.9	)%		$	234		$	223		4.9	%
Small commercial & industrial	257		280		(8.2	)%		(8.4	)%			35			32		9.4	%
Large commercial & industrial	3,384		3,175		6.6	%		6.4	%			250			188		33.0	%
Public authorities & electric railroads	125		217		(42.4	)%		(42.4	)%			8			10		(20.0	)%
Other(b)	—		—		n/a			n/a				54			50		8.0	%
Total electric revenues(c)	5,485		5,491		(0.1	)%		(0.4	)%			581			503		15.5	%
Other Revenues(d)												—			20		(100.0	)%
Total Electric Revenues											$	581		$	523		11.1	%
Purchased Power											$	162		$	133		21.8	%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	325		331		309		(1.8	)%		5.2	%
Cooling Degree-Days	498		496		508		0.4	%		(2.0	)%

Six Months Ended June 30, 2022 and 2021
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2022		2021		% Change			Weather- Normal % Change			2022				2021			% Change
Electric Deliveries and Revenues(a)
Residential	4,006		4,038		(0.8	)%		(1.0	)%		$	509			$	476		6.9	%
Small commercial & industrial	556		578		(3.8	)%		(4.2	)%			73				65		12.3	%
Large commercial & industrial	6,633		6,229		6.5	%		6.0	%			503				372		35.2	%
Public authorities & electric railroads	275		341		(19.4	)%		(19.1	)%			16				16		—	%
Other(b)	—		—		n/a			n/a				100				101		(1.0	)%
Total electric revenues(c)	11,470		11,186		2.5	%		2.2	%			1,201				1,030		16.6	%
Other Revenues(d)												(6	)			46		(113.0	)%
Total Electric Revenues											$	1,195			$	1,076		11.1	%
Purchased Power											$	375			$	298		25.8	%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	2,338		2,343		2,422		(0.2	)%		(3.5	)%
Cooling Degree-Days	504		503		510		0.2	%		(1.2	)%

Number of Electric Customers	2022		2021
Residential	850,569		837,744
Small commercial & industrial	54,349		53,669
Large commercial & industrial	22,771		22,579
Public authorities & electric railroads	194		178
Total	927,883		914,170

__________
(a)		Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2022 and 2021, respectively, and $2 million and $3 million for the six months ended June 30, 2022 and 2021, respectively.
(d)		Includes alternative revenue programs and late payment charge revenues.

DPL Statistics Three Months Ended June 30, 2022 and 2021
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2022		2021		% Change			Weather - Normal % Change			2022				2021			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	1,106		1,131		(2.2	)%		(0.3	)%		$	155			$	147		5.4	%
Small commercial & industrial	536		557		(3.8	)%		(3.0	)%			51				46		10.9	%
Large commercial & industrial	1,025		1,066		(3.8	)%		(3.3	)%			30				22		36.4	%
Public authorities & electric railroads	10		12		(16.7	)%		(16.4	)%			3				3		—	%
Other(b)	—		—		n/a			n/a				57				46		23.9	%
Total electric revenues(c)	2,677		2,766		(3.2	)%		(2.1	)%			296				264		12.1	%
Other Revenues(d)												(1	)			10		(110.0	)%
Total Electric Revenues												295				274		7.7	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	983		713		37.9	%		44.6	%			17				12		41.7	%
Small commercial & industrial	570		430		32.6	%		39.2	%			8				6		33.3	%
Large commercial & industrial	402		393		2.3	%		2.3	%			3				1		200.0	%
Transportation	1,444		1,470		(1.8	)%		(0.7	)%			3				3		—	%
Other(g)	—		—		n/a			n/a				6				2		200.0	%
Total natural gas revenues	3,399		3,006		13.1	%		16.3	%			37				24		54.2	%
Other Revenues(f)												—				—		n/a
Total Natural Gas Revenues												37				24		54.2	%
Total Electric and Natural Gas Revenues											$	332			$	298		11.4	%
Purchased Power and Fuel											$	135			$	108		25.0	%

Electric Service Territory							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	429		461		463		(6.9	)%		(7.3	)%
Cooling Degree-Days	342		373		348		(8.3	)%		(1.7	)%

Natural Gas Service Territory							% Change
Heating Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	441		480		492		(8.1	)%		(10.4	)%

Six Months Ended June 30, 2022 and 2021
	Electric and Natural Gas Deliveries										Revenue (in millions)
	2022		2021		% Change			Weather - Normal % Change			2022				2021			% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential	2,683		2,651		1.2	%		1.4	%		$	362			$	337		7.4	%
Small commercial & industrial	1,142		1,116		2.3	%		2.5	%			107				92		16.3	%
Large commercial & industrial	2,040		1,985		2.8	%		3.0	%			56				43		30.2	%
Public authorities & electric railroads	23		24		(4.2	)%		(6.0	)%			7				7		—	%
Other(b)	—		—		n/a			n/a				113				87		29.9	%
Total rate-regulated electric revenues(c)	5,888		5,776		1.9	%		2.1	%			645				566		14.0	%
Other Revenues(d)												(2	)			19		(110.5	)%
Total Electric Revenues												643				585		9.9	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	5,436		5,107		6.4	%		6.3	%			68				57		19.3	%
Small commercial & industrial	2,550		2,295		11.1	%		12.0	%			29				24		20.8	%
Large commercial & industrial	863		853		1.2	%		1.1	%			6				3		100.0	%
Transportation	3,650		3,694		(1.2	)%		(0.7	)%			7				8		(12.5	)%
Other(f)	—		—		n/a			n/a				10				3		233.3	%
Total rate-regulated natural gas revenues	12,499		11,949		4.6	%		4.9	%			120				95		26.3	%
Other Revenues(d)												—				—		n/a
Total Natural Gas Revenues												120				95		26.3	%
Total Electric and Natural Gas Revenues											$	763			$	680		12.2	%
Purchased Power and Fuel											$	324			$	263		23.2	%

Electric Service Territory							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	2,693		2,730		2,865		(1.4	)%		(6.0	)%
Cooling Degree-Days	346		378		349		(8.5	)%		(0.9	)%

Natural Gas Service Territory							% Change
Heating Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	2,796		2,838		2,993		(1.5	)%		(6.6	)%

Number of Electric Customers	2022		2021		Number of Natural Gas Customers	2022		2021
Residential	479,728		475,061		Residential	128,715		127,503
Small commercial & industrial	63,574		62,880		Small commercial & industrial	10,068		9,953
Large commercial & industrial	1,222		1,213		Large commercial & industrial	16		18
Public authorities & electric railroads	598		607		Transportation	157		158
Total	545,122		539,761		Total	138,956		137,632

__________
(a)		Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2022 and 2021, and $3 million and $4 million for the six months ended June 30, 2022 and 2021, 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 June 30, 2022 and 2021
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2022		2021		% Change			Weather - Normal % Change			2022				2021			% Change
Electric Deliveries and Revenues(a)
Residential	859		975		(11.9	)%		(9.7	)%		$	159			$	167		(4.8	)%
Small commercial & industrial	362		333		8.7	%		9.7	%			54				46		17.4	%
Large commercial & industrial	808		761		6.2	%		6.7	%			52				47		10.6	%
Public authorities & electric railroads	11		11		—	%		(5.8	) %			4				4		—	%
Other(b)	—		—		n/a			n/a				55				43		27.9	%
Total electric revenues(c)	2,040		2,080		(1.9	)%		(0.5	)%			324				307		5.5	%
Other Revenues(d)												(15	)			12		(225.0	)%
Total Electric Revenues											$	309			$	319		(3.1	)%
Purchased Power											$	123			$	154		(20.1	)%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	533		525		540		1.5	%		(1.3	)%
Cooling Degree-Days	275		321		305		(14.3	)%		(9.8	)%

Six Months Ended June 30, 2022 and 2021
	Electric Deliveries (in GWhs)										Revenue (in millions)
	2022		2021		% Change			Weather - Normal % Change			2022				2021			% Change
Electric Deliveries and Revenues(a)
Residential	1,777		1,903		(6.6	)%		(6.0	)%		$	329			$	329		—	%
Small commercial & industrial	701		638		9.9	%		9.7	%			101				85		18.8	%
Large commercial & industrial	1,511		1,477		2.3	%		2.3	%			96				90		6.7	%
Public authorities & electric railroads	25		24		4.2	%		0.6	%			8				7		14.3	%
Other(b)	—		—		n/a			n/a				136				95		43.2	%
Total electric revenues(c)	4,014		4,042		(0.7	)%		(0.5	)%			670				606		10.6	%
Other Revenues(d)												(12	)			23		(152.2	)%
Total Electric Revenues											$	658			$	629		4.6	%
Purchased Power											$	301			$	311		(3.2	)%

							% Change
Heating and Cooling Degree-Days	2022		2021		Normal		From 2021			From Normal
Heating Degree-Days	2,969		2,873		2,994		3.3	%		(0.8	)%
Cooling Degree-Days	277		325		305		(14.8	)%		(9.2	)%

Number of Electric Customers		2022		2021
Residential		501,494		499,436
Small commercial & industrial		62,291		61,836
Large commercial & industrial		3,085		3,243
Public authorities & electric railroads		726		707
Total		567,596		565,222

__________
(a)		Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)		Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)		Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2022 and 2021, and $2 million and $1 million for the six months ended June 30, 2022 and 2021, respectively.
(d)		Includes alternative revenue programs.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005290/en/

Nick Alexopulos

Corporate Communications

312-394-7417

Andrew Plenge

Investor Relations

312-394-2345

Source: Exelon Corporation

FAQ

What were Exelon's earnings per share for Q2 2022?

Exelon reported a GAAP Net Income of $0.47 per share and Adjusted Operating Earnings of $0.44 per share for Q2 2022.

What is Exelon's earnings guidance for 2022?

Exelon reaffirmed its full-year Adjusted Operating Earnings guidance at $2.18 to $2.32 per share.

How much common stock does Exelon plan to issue?

Exelon plans to issue up to $1.0 billion in registered shares of common stock through 2025.

What contributed to the earnings increase at ComEd?

ComEd's earnings increased due to higher allowed electric distribution ROE and rate base.

Did any of Exelon's units report a decline in earnings?

Yes, BGE and PHI reported declines in GAAP Net Income compared to the previous year.