Exelon Reports Third Quarter 2022 Results

Rhea-AI Summary

Exelon Corporation (Nasdaq: EXC) reported a strong third quarter of 2022, with GAAP Net Income at $0.68 per share and Adjusted Operating Earnings at $0.75 per share. This marks an increase from $0.47 and $0.53 respectively in Q3 2021. The company narrowed its full-year EPS guidance to $2.21-$2.29 per share and aims for 6-8% growth from 2021-2025. Key operational achievements include top quartile reliability performance at ComEd. Recent rate case settlements in Delaware and Pennsylvania are expected to enhance revenue streams.

Positive

• GAAP Net Income increased to $0.68 per share from $0.47 in Q3 2021.
• Adjusted Operating Earnings rose to $0.75 per share from $0.53 in Q3 2021.
• Narrowed full-year EPS guidance to $2.21-$2.29 per share.
• Achieved strong utility reliability performance with ComEd delivering best CAIDI performance.
• Settlements approved for gas distribution rate cases enhancing revenue.

Negative

• BGE's GAAP Net Income decreased to $33 million from $36 million in Q3 2021.

Earnings Release Highlights

• GAAP Net Income of $0.68 per share and Adjusted (non-GAAP) Operating Earnings of $0.75 per share for the third quarter of 2022
• Narrowing guidance range for full year 2022 Adjusted (non-GAAP) Operating Earnings from $2.18-$2.32 per share to $2.21-$2.29 per share
• Strong utility reliability performance – every utility achieved top quartile in outage duration with ComEd continuing to deliver best-on-record CAIDI performance for the third straight quarter
• ComEd announces intent to file its first multi-year plan with the Illinois Commerce Commission (ICC) in January 2023 in accordance with the Climate and Equitable Jobs Act (CEJA)
• Settlements were approved by the Delaware Public Service Commission (DEPSC) and the Pennsylvania Public Utility Commission (PAPUC) in Delmarva Power’s and PECO's gas distribution rate cases in October

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

“As Exelon leads the energy transformation, our commitment to affordability, energy equity and a cleaner future is unwavering, as is our responsibility to our investors,” said Exelon CEO Chris Crane. “Exelon continues its strong operational performance, with ComEd and PECO achieving best on record SAIFI performance. We are on track to invest more than $6.9 billion at our electric and gas companies by year end to enhance reliability and resiliency. This ongoing infrastructure investment in our electric and gas companies is delivering solid financial and customer satisfaction results. Our consistent operational excellence, strategic and equitable investments in our communities, and significant regulatory milestones achieved this quarter will help ensure we deliver on our promise to provide safe, reliable, resilient and affordable service to our more than 10 million customers and value to our investors.”

“Our third-quarter performance remained strong, with adjusted (non-GAAP) earnings of $0.75 per share which, after adjusting for discontinued operations, is $0.14 ahead of the same period last year driven in part by rate adjustments resulting from our continued investments at the utilities to improve reliability and service for customers,” said Jeanne Jones, Exelon executive vice president and chief financial officer. “Our excellent operational performance and progress on the regulatory front through the third quarter – with more on the horizon – is continued evidence that we are on the right path to achieve our long-term goals. To that end, we have narrowed our 2022 EPS guidance range to $2.21 to $2.29 per share, and reaffirmed our 6-8% earnings per share growth from 2021-2025.”

Third Quarter 2022

Exelon's GAAP Net Income from Continuing Operations for the third quarter of 2022 increased to $0.68 per share from $0.47 GAAP Net Income from Continuing Operations per share in the third quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $0.75 per share from $0.53 per share in the third 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 third 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, rate increases at PECO, BGE, and PHI, and decreases in storm costs at PECO and BGE, partially offset by higher depreciation expense at PECO and 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 third 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 third quarter of 2022 GAAP Net Income increased to $291 million from $220 million in the third quarter of 2021. ComEd's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $293 million from $224 million in the third 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 third quarter of 2022 GAAP Net Income increased to $135 million from $111 million in the third quarter of 2021. PECO's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $174 million from $114 million in the third quarter of 2021, primarily due to distribution rate increases and decreases in storm costs, partially offset by an increase in depreciation expense.

___________

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 third quarter of 2022 GAAP Net Income decreased to $33 million from $36 million in the third quarter of 2021. BGE's Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $70 million from $40 million in the third quarter of 2021, primarily due to favorable impacts of the multi-year plans and decreases in storm costs. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

PHI

PHI’s third quarter of 2022 GAAP Net Income increased to $289 million from $266 million in the third quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2022 increased to $286 million from $272 million in the third quarter of 2021, primarily due to distribution rate increases, partially offset by an increase in depreciation 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.

Recent Developments and Third Quarter Highlights

• PECO Pennsylvania Natural Gas Distribution Rate Case: On October 27, 2022, the PAPUC issued an order approving a $55 million increase in PECO's annual natural gas distribution revenues. The rate increase was resolved through a settlement agreement, which did not specify an approved ROE. The rates are effective on January 1, 2023.
• DPL Delaware Natural Gas Base Rate Case: On October 12, 2022, the DEPSC approved an increase in DPL’s annual natural gas distribution rates of $8 million, reflecting an ROE of 9.60%. Interim rates went into effect on August 14, 2022, subject to refund. Rates associated with the approved order are effective on November 1, 2022.
• Financing Activities:
  • On August 4, 2022, Exelon entered into an agreement with certain underwriters in connection with an underwritten public offering of 12.995 million shares of its common stock, no par value. The net proceeds were $563 million before expenses paid. Exelon used the proceeds, together with available cash balances, to repay $575 million in borrowings under a $1.15 billion term loan credit facility.
  • On August 23, 2022, PECO issued $425 million of its First and Refunding Mortgage Bonds, 4.375% Series, due August 15, 2052. PECO used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
  • On September 15, 2022, Pepco issued $225 million of its First Mortgage bonds, 3.35% Series, due September 15, 2032. Pepco 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 third 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	$	0.68		$	676		$	291		$	135		$	33		$	289
Asset Retirement Obligation (net of taxes of $2)		—			(4	)		—			—			—			(4	)
Asset Impairments (net of taxes of $10)		0.04			37			—			—			37			—
Separation Costs (net of taxes of $1, $1, $0, $0, and $0, respectively)		—			(3	)		2			1			1			1
Income Tax-Related Adjustments (entire amount represents tax expense)		0.04			38			—			38			—			—
2022 Adjusted (non-GAAP) Operating Earnings	$	0.75		$	745		$	293		$	174		$	70		$	286

Adjusted (non-GAAP) Operating Earnings for the third 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	$	0.47		$	457		$	220		$	111		$	36		$	266
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)		—			3			—			—			—			—
Cost Management Program (net of taxes of $0)		—			4			—			1			1			1
COVID-19 Direct Costs (net of taxes of $0)		—			3			—			1			1			1
Asset Retirement Obligation (net of taxes of $1)		—			2			—			—			—			2
Acquisition Related Costs (net of taxes of $2)		0.01			7			—			—			—			—
ERP System Implementation Costs (net of taxes of $1)		—			4			—			—			—			—
Separation Costs (net of taxes of $8, $2, $1, $1, and $1, respectively)		0.02			16			4			2			2			3
Income Tax-Related Adjustments (entire amount represents tax expense)		0.03			26			—			—			—			—
2021 Adjusted (non-GAAP) Operating Earnings	$	0.53		$	522		$	224		$	114		$	40		$	272

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 third 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 (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery 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 powering a cleaner and brighter future for our customers and 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 Nov. 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,” “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' 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' Third Quarter 2022 Quarterly Report on Form 10-Q (to be filed on Nov. 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 13, 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 September 30, 2022
Operating revenues	$	1,378			$	1,014			$	870			$	1,598			$	(15	)		$	4,845
Operating expenses
Purchased power and fuel		121				403				350				610				—				1,484
Operating and maintenance		355				243				235				277				38				1,148
Depreciation and amortization		333				92				148				238				14				825
Taxes other than income taxes		104				60				77				129				7				377
Total operating expenses		913				798				810				1,254				59				3,834
Loss on sales of assets and businesses		—				—				—				—				—				—
Operating income (loss)		465				216				60				344				(74	)			1,011
Other income and (deductions)
Interest expense, net		(104	)			(45	)			(39	)			(72	)			(105	)			(365	)
Other, net		14				8				5				19				76				122
Total other (deductions) and income		(90	)			(37	)			(34	)			(53	)			(29	)			(243	)
Income (loss) from continuing operations before income taxes		375				179				26				291				(103	)			768
Income taxes		84				44				(7	)			2				(31	)			92
Net income (loss) from continuing operations after income taxes		291				135				33				289				(72	)			676
Net income from discontinued operations after income taxes		—				—				—				—				—				—
Net income (loss)		291				135				33				289				(72	)			676
Net income attributable to noncontrolling interests		—				—				—				—				—				—
Net income (loss) attributable to common shareholders	$	291			$	135			$	33			$	289			$	(72	)		$	676
Three Months Ended September 30, 2021
Operating revenues	$	1,789			$	818			$	770			$	1,470			$	16			$	4,863
Operating expenses
Purchased power and fuel		703				277				290				540				(1	)			1,809
Operating and maintenance		330				263				205				278				111				1,187
Depreciation and amortization		304				86				142				210				16				758
Taxes other than income taxes		91				51				72				127				12				353
Total operating expenses		1,428				677				709				1,155				138				4,107
Operating income (loss)		361				141				61				315				(122	)			756
Other income and (deductions)
Interest expense, net		(98	)			(40	)			(36	)			(67	)			(83	)			(324	)
Other, net		13				7				7				16				17				60
Total other deductions		(85	)			(33	)			(29	)			(51	)			(66	)			(264	)
Income (loss) from continuing operations before income taxes		276				108				32				264				(188	)			492
Income taxes		56				(3	)			(4	)			(2	)			(12	)			35
Net income (loss) from continuing operations after income taxes		220				111				36				266				(176	)			457
Net income from discontinued operations after income taxes		—				—				—				—				772				772
Net income		220				111				36				266				596				1,229
Net income attributable to noncontrolling interests		—				—				—				—				26				26
Net income attributable to common shareholders	$	220			$	111			$	36			$	266			$	570			$	1,203
Change in Net income from continuing operations 2021 to 2022	$	71			$	24			$	(3	)		$	23			$	104			$	219

Consolidating Statements of Operations (unaudited) (in millions)
	ComEd				PECO				BGE				PHI				Other (a)				Exelon
Nine Months Ended September 30, 2022
Operating revenues	$	4,536			$	2,877			$	2,810			$	4,223			$	(34	)		$	14,412
Operating expenses
Purchased power and fuel		1,041				1,093				1,093				1,609				(1	)			4,835
Operating and maintenance		1,045				705				658				867				161				3,436
Depreciation and amortization		982				277				470				697				46				2,472
Taxes other than income taxes		289				155				225				362				30				1,061
Total operating expenses		3,357				2,230				2,446				3,535				236				11,804
Loss on sales of assets and businesses		(2	)			—				—				—				—				(2	)
Operating income (loss)		1,177				647				364				688				(270	)			2,606
Other income and (deductions)
Interest expense, net		(308	)			(129	)			(110	)			(216	)			(300	)			(1,063	)
Other, net		40				23				16				56				300				435
Total other (deductions) and income		(268	)			(106	)			(94	)			(160	)			—				(628	)
Income (loss) from continuing operations before income taxes		909				541				270				528				(270	)			1,978
Income taxes		203				67				3				10				73				356
Net income (loss) from continuing operations after income taxes		706				474				267				518				(343	)			1,622
Net income from discontinued operations after income taxes		—				—				—				—				117				117
Net income (loss)		706				474				267				518				(226	)			1,739
Net income attributable to noncontrolling interests		—				—				—				—				1				1
Net income (loss) attributable to common shareholders	$	706			$	474			$	267			$	518			$	(227	)		$	1,738
Nine Months Ended September 30, 2021
Operating revenues	$	4,840			$	2,399			$	2,426			$	3,854			$	(5	)		$	13,514
Operating expenses
Purchased power and fuel		1,728				800				840				1,414				(1	)			4,781
Operating and maintenance		969				706				595				790				280				3,340
Depreciation and amortization		893				259				434				614				53				2,253
Taxes other than income taxes		243				143				211				349				37				983
Total operating expenses		3,833				1,908				2,080				3,167				369				11,357
Gain on sales of assets and businesses		—				—				—				—				3				3
Operating income (loss)		1,007				491				346				687				(371	)			2,160
Other income and (deductions)
Interest expense, net		(292	)			(119	)			(103	)			(201	)			(252	)			(967	)
Other, net		35				20				23				52				60				190
Total other (deductions)		(257	)			(99	)			(80	)			(149	)			(192	)			(777	)
Income (loss) from continuing operations before income taxes		750				392				266				538				(563	)			1,383
Income taxes		141				9				(24	)			3				(53	)			76
Net income (loss) from continuing operations after income taxes		609				383				290				535				(510	)			1,307
Net income from discontinued operations after income taxes		—				—				—				—				134				134
Net income (loss)		609				383				290				535				(376	)			1,441
Net income attributable to noncontrolling interests		—				—				—				—				126				126
Net income (loss) attributable to common shareholders	$	609			$	383			$	290			$	535			$	(502	)		$	1,315
Change in Net income from continuing operations 2021 to 2022	$	97			$	91			$	(23	)		$	(17	)		$	167			$	315

__________

(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)
		September 30, 2022				December 31, 2021
Assets
Current assets
Cash and cash equivalents		$	446			$	672
Restricted cash and cash equivalents			744				321
Accounts receivable
Customer accounts receivable			2,129				2,189
Customer allowance for credit losses			(341	)			(320	)
Customer accounts receivable, net			1,788				1,869
Other accounts receivable			1,726				1,068
Other allowance for credit losses			(84	)			(72	)
Other accounts receivable, net			1,642				996
Inventories, net
Fossil fuel			235				105
Materials and supplies			522				476
Regulatory assets			1,300				1,296
Other			378				387
Current assets of discontinued operations			—				7,835
Total current assets			7,055				13,957
Property, plant, and equipment, net			67,572				64,558
Deferred debits and other assets
Regulatory assets			8,224				8,224
Goodwill			6,630				6,630
Receivable related to Regulatory Agreement Units			2,658				—
Investments			230				250
Other			1,086				885
Property, plant, and equipment, deferred debits, and other assets of discontinued operations			—				38,509
Total deferred debits and other assets			18,828				54,498
Total assets		$	93,455			$	133,013
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings		$	1,690			$	1,248
Long-term debt due within one year			1,300				2,153
Accounts payable			2,693				2,379
Accrued expenses			1,213				1,137
Payables to affiliates			5				5
Regulatory liabilities			493				376
Mark-to-market derivative liabilities			—				18
Unamortized energy contract liabilities			10				89
Other			1,313				766
Current liabilities of discontinued operations			—				7,940
Total current liabilities			8,717				16,111
Long-term debt			35,283				30,749
Long-term debt to financing trusts			390				390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits			11,113				10,611
Regulatory liabilities			8,844				9,628
Pension obligations			1,366				2,051
Non-pension postretirement benefit obligations			796				811
Asset retirement obligations			266				271
Mark-to-market derivative liabilities			67				201
Unamortized energy contract liabilities			37				146
Other			1,994				1,573
Long-term debt, deferred credits, and other liabilities of discontinued operations			—				25,676
Total deferred credits and other liabilities			24,483				50,968
Total liabilities			68,873				98,218
Commitments and contingencies
Shareholders’ equity
Common stock			20,895				20,324
Treasury stock, at cost			(123	)			(123	)
Retained earnings			4,502				16,942
Accumulated other comprehensive loss, net			(692	)			(2,750	)
Total shareholders’ equity			24,582				34,393
Noncontrolling interests			—				402
Total equity			24,582				34,795
Total liabilities and shareholders’ equity		$	93,455			$	133,013

Exelon Consolidated Statements of Cash Flows (unaudited) (in millions)
		Nine Months Ended September 30,
			2022				2021
Cash flows from operating activities
Net income		$	1,739			$	1,441
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization			2,679				6,204
Asset impairments			46				541
Gain on sales of assets and businesses			(8	)			(147	)
Deferred income taxes and amortization of investment tax credits			256				(45	)
Net fair value changes related to derivatives			(59	)			(1,244	)
Net realized and unrealized losses (gains) on NDT funds			205				(383	)
Net unrealized losses on equity investments			16				83
Other non-cash operating activities			265				(293	)
Changes in assets and liabilities:
Accounts receivable			(1,049	)			(254	)
Inventories			(121	)			(101	)
Accounts payable and accrued expenses			823				354
Option premiums paid, net			(39	)			(186	)
Collateral received, net			1,456				2,111
Income taxes			3				250
Regulatory assets and liabilities, net			(689	)			(367	)
Pension and non-pension postretirement benefit contributions			(596	)			(602	)
Other assets and liabilities			(786	)			(3,221	)
Net cash flows provided by operating activities			4,141				4,141
Cash flows from investing activities
Capital expenditures			(5,179	)			(5,970	)
Proceeds from NDT fund sales			488				5,766
Investment in NDT funds			(516	)			(5,900	)
Collection of DPP			169				3,052
Proceeds from sales of assets and businesses			16				801
Other investing activities			36				40
Net cash flows used in investing activities			(4,986	)			(2,211	)
Cash flows from financing activities
Changes in short-term borrowings			(335	)			(744	)
Proceeds from short-term borrowings with maturities greater than 90 days			1,150				1,380
Repayments on short-term borrowings with maturities greater than 90 days			(925	)			—
Issuance of long-term debt			5,801				3,406
Retirement of long-term debt			(2,067	)			(1,618	)
Issuance of common stock			563				—
Dividends paid on common stock			(999	)			(1,121	)
Acquisition of CENG noncontrolling interest			—				(885	)
Proceeds from employee stock plans			26				63
Transfer of cash, restricted cash, and cash equivalents to Constellation			(2,594	)			—
Other financing activities			(121	)			(93	)
Net cash flows provided by financing activities			499				388
(Decrease) increase in cash, restricted cash, and cash equivalents			(346	)			2,318
Cash, restricted cash, and cash equivalents at beginning of period			1,619				1,166
Cash, restricted cash, and cash equivalents at end of period		$	1,273			$	3,484

Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended September 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	$	0.47			$	220			$	111			$	36			$	266			$	(176	)		$	457
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				1				1				4
COVID-19 Direct Costs (net of taxes of $0) (1)		—				—				1				1				1				—				3
Asset Retirement Obligation (net of taxes of $1)		—				—				—				—				2				—				2
Acquisition Related Costs (net of taxes of $2) (2)		0.01				—				—				—				—				7				7
ERP System Implementation Costs (net of taxes of $1) (3)		—				—				—				—				—				4				4
Separation Costs (net of taxes of $2, $1, $1, $1, $3 and $8, respectively) (4)		0.02				4				2				2				3				5				16
Income Tax-Related Adjustments (entire amount represents tax (expense) (5)		0.03				—				—				—				—				26				26
2021 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.53			$	224			$	114			$	40			$	272			$	(128	)		$	522
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	0.02			$	—		(b)	$	21			$	—		(b)	$	1		(b)	$	—			$	22
Load		(0.02	)			—		(b)		(17	)			—		(b)		(1	)	(b)		—				(18	)
Distribution and Transmission Rates (7)		0.12				39		(c)		35		(c)		26		(c)		21		(c)		—				121
Other Energy Delivery (8)		0.12				83		(c)		14		(c)		2		(c)		18		(c)		—				117
Operating and Maintenance Expense (9)		0.01				(27	)			10				8				(7	)			23				7
Pension and Non-Pension Postretirement Benefits		0.01				6				2				2				(1	)			5				14
Depreciation and Amortization Expense (10)		(0.05	)			(22	)			(5	)			(4	)			(20	)			2				(49	)
Other (11)		0.01				(10	)			—				(4	)			3				20				9
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.22			$	69			$	60			$	30			$	14			$	50			$	223
2022 GAAP Net Income (Loss) from Continuing Operations	$	0.68			$	291			$	135			$	33			$	289			$	(72	)		$	676
Asset Retirement Obligation (net of taxes of $2)		—				—				—				—				(4	)			—				(4	)
Asset Impairments (net of taxes of $10) (6)		0.04				—				—				37				—				—				37
Separation Costs (net of taxes of $1, $0, $0, $0, $2, and $1, respectively) (4)		—				2				1				1				1				(8	)			(3	)
Income Tax-Related Adjustments (entire amount represents tax expense) (5)		0.04				—				38				—				—				—				38
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	0.75			$	293			$	174			$	70			$	286			$	(78	)		$	745

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 2022, for PECO, 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. In 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)	Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)	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.
(8)	For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(9)	Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects higher contracting costs. For PECO, primarily reflects decreased storm costs, partially offset by increases in various expenses. For BGE, primarily reflects decreased storm costs. 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).
(10)	Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs.
(11)	For ComEd, includes increased charges related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. 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, partially offset by an increase in interest expense.

Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Nine Months Ended September 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	$	1.33			$	609			$	383			$	290			$	535			$	(510	)		$	1,307
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $2)		0.01				—				—				—				—				6				6
Cost Management Program (net of taxes of $0)		0.01				—				1				1				1				2				5
COVID-19 Direct Costs (net of taxes of $1, $1, $1 and $3, respectively) (1)		0.01				—				3				2				2				—				7
Asset Retirement Obligation (net of taxes of $1)		—				—				—				—				2				—				2
Acquisition Related Costs (net of taxes of $5) (2)		0.02				—				—				—				—				15				15
ERP System Implementation Costs (net of taxes of $0, $0, $0, $2 and $2, respectively) (3)		0.01				—				1				1				1				7				10
Separation Costs (net of taxes of $3, $1, $1, $2, $6 and $13, respectively) (4)		0.03				7				3				4				5				10				29
Income Tax-Related Adjustments (entire amount represents tax expense) (5)		0.02				—				—				—				—				24				24
2021 Adjusted (non-GAAP) Operating Earnings (Loss)	$	1.43			$	617			$	391			$	298			$	546			$	(447	)		$	1,405
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
Weather	$	0.01			$	—		(b)	$	14			$	—		(b)	$	(2	)	(b)	$	—			$	12
Load		(0.01	)			—		(b)		(6	)			—		(b)		(4	)	(b)		—				(10	)
Distribution and Transmission Rates (7)		0.30				82		(c)		101		(c)		46		(c)		68		(c)		—				297
Other Energy Delivery (8)		0.32				192		(c)		31		(c)		31		(c)		59		(c)		—				313
Operating and Maintenance Expense (9)		(0.13	)			(68	)			(7	)			(23	)			(64	)			31				(131	)
Pension and Non-Pension Postretirement Benefits		0.04				16				5				7				1				9				38
Depreciation and Amortization Expense (10)		(0.16	)			(64	)			(14	)			(26	)			(60	)			3				(161	)
Other (11)		0.05				(60	)			2				(25	)			(21	)			152				48
Share Differential (12)		(0.01	)			—				—				—				—				—				—
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings	$	0.41			$	98			$	126			$	10			$	(23	)		$	195			$	406
2022 GAAP Net Income (Loss) from Continuing Operations	$	1.65			$	706			$	474			$	267			$	518			$	(343	)		$	1,622
Asset Retirement Obligation (net of taxes of $2)		—				—				—				—				(4	)			—				(4	)
ERP System Implementation Costs (net of taxes of $0) (3)		—				—				—				—				—				1				1
Asset Impairments (net of taxes of $10) (6)		0.04				—				—				37				—				—				37
Separation Costs (net of taxes of $4, $2, $2, $3, $0, and $10, respectively) (4)		0.03				9				4				4				7				1				25
Income Tax-Related Adjustments (entire amount represents tax expense) (5)		0.13				—				38				—				3				89				130
2022 Adjusted (non-GAAP) Operating Earnings (Loss)	$	1.84			$	715			$	517			$	308			$	523			$	(252	)		$	1,811

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 2022, for PECO, 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. In 2022, 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 2021, for Corporate, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment.
(6)	Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expenses.
(7)	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.
(8)	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.
(9)	Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, partially reflects the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement and higher contracting costs. For PECO, reflects increases in various expenses, mostly offset by decreased storm costs. For BGE, reflects higher credit loss expense and decreased storm costs. 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 Q3 2022 includes one month of costs for the period prior to the separation compared to nine months of costs included in YTD Q3 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).
(10)	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.
(11)	For ComEd, includes increased charges 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, partially offset by an increase in interest expense.
(12)	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 September 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	8,467			8,986			(5.8	)%		0.1	%		$	935			$	978			(4.4	)%
Small commercial & industrial	8,003			8,243			(2.9	)%		(1.4	)%			217				433			(49.9	)%
Large commercial & industrial	6,973			7,109			(1.9	)%		(0.8	)%			(117	)			148			(179.1	)%
Public authorities & electric railroads	216			228			(5.3	)%		(4.8	)%			3				11			(72.7	)%
Other(b)	—			—			n/a			n/a				246				245			0.4	%
Total electric revenues(c)	23,659			24,566			(3.7	)%		(0.7	)%			1,284				1,815			(29.3	)%
Other Revenues(d)														94				(26	)		(461.5	)%
Total Electric Revenues													$	1,378			$	1,789			(23.0	)%
Purchased Power													$	121			$	703			(82.8	)%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	75			16			79			368.8	%		(5.1	)%
Cooling Degree-Days	778			866			722			(10.2	)%		7.8	%

Nine Months Ended September 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	21,835			22,228			(1.8	)%		(0.4	)%		$	2,610			$	2,479			5.3	%
Small commercial & industrial	22,705			22,610			0.4	%		0.6	%			953				1,176			(19.0	)%
Large commercial & industrial	20,361			19,956			2.0	%		2.3	%			48				420			(88.6	)%
Public authorities & electric railroads	659			698			(5.6	)%		(5.5	)%			22				33			(33.3	)%
Other(b)	—			—			n/a			n/a				718				676			6.2	%
Total electric revenues(c)	65,560			65,492			0.1	%		0.7	%			4,351				4,784			(9.1	)%
Other Revenues(d)														185				56			230.4	%
Total Electric Revenues													$	4,536			$	4,840			(6.3	)%
Purchased Power													$	1,041			$	1,728			(39.8	)%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	3,953			3,632			3,861			8.8	%		2.4	%
Cooling Degree-Days	1,155			1,257			988			(8.1	)%		16.9	%

Number of Electric Customers	2022			2021
Residential	3,711,894			3,699,376
Small commercial & industrial	390,303			389,348
Large commercial & industrial	1,892			1,865
Public authorities & electric railroads	4,854			4,853
Total	4,108,943			4,095,442

__________

(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 $6 million and $9 million for the three months ended September 30, 2022 and 2021, respectively, and $14 million and $19 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)	Includes alternative revenue programs and late payment charges.

PECO Statistics Three Months Ended September 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	4,386			4,318			1.6	%		(5.6	)%		$	620			$	509			21.8	%
Small commercial & industrial	2,139			2,157			(0.8	)%		(3.3	)%			149				113			31.9	%
Large commercial & industrial	3,943			3,880			1.6	%		0.1	%			93				67			38.8	%
Public authorities & electric railroads	172			155			11.0	%		10.5	%			8				7			14.3	%
Other(b)	—			—			n/a			n/a				71				61			16.4	%
Total electric revenues(c)	10,640			10,510			1.2	%		(2.8	)%			941				757			24.3	%
Other Revenues(d)														—				5			(100.0	)%
Total Electric Revenues														941				762			23.5	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	2,197			2,244			(2.1	)%		0.3	%			46				36			27.8	%
Small commercial & industrial	2,054			1,926			6.6	%		9.5	%			20				13			53.8	%
Large commercial & industrial	6			4			50.0	%		19.6	%			—				—			n/a
Transportation	5,162			5,356			(3.6	)%		(9.3	)%			5				5			—	%
Other(f)	—			—			n/a			n/a				2				2			—	%
Total natural gas revenues(g)	9,419			9,530			(1.2	)%		(3.1	)%			73				56			30.4	%
Other Revenues(d)														—				—			100.0	%
Total Natural Gas Revenues														73				56			30.4	%
Total Electric and Natural Gas Revenues													$	1,014			$	818			24.0	%
Purchased Power and Fuel													$	403			$	277			45.5	%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	19			4			24			375.0	%		(20.8	)%
Cooling Degree-Days	1,290			1,094			1,021			17.9	%		26.3	%

Nine Months Ended September 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	11,204			11,201			—	%		(2.0	)%		$	1,538			$	1,325			16.1	%
Small commercial & industrial	5,889			5,796			1.6	%		0.8	%			386				312			23.7	%
Large commercial & industrial	10,691			10,627			0.6	%		—	%			229				183			25.1	%
Public authorities & electric railroads	489			425			15.1	%		15.1	%			23				24			(4.2	)%
Other(b)	—			—			n/a			n/a				202				167			21.0	%
Total electric revenues(c)	28,273			28,049			0.8	%		(0.4	)%			2,378				2,011			18.2	%
Other Revenues(d)														12				22			(45.5	)%
Total Electric Revenues														2,390				2,033			17.6	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	28,240			27,945			1.1	%		4.1	%			335				251			33.5	%
Small commercial & industrial	16,238			15,217			6.7	%		8.5	%			125				94			33.0	%
Large commercial & industrial	20			13			53.8	%		14.0	%			—				—			n/a
Transportation	18,508			18,474			0.2	%		(0.7	)%			19				17			11.8	%
Other(f)	—			—			n/a			n/a				7				4			75.0	%
Total natural gas revenues(g)	63,006			61,649			2.2	%		3.8	%			486				366			32.8	%
Other Revenues(d)														1				—			100.0	%
Total Natural Gas Revenues														487				366			33.1	%
Total Electric and Natural Gas Revenues													$	2,877			$	2,399			19.9	%
Purchased Power and Fuel													$	1,093			$	800			36.6	%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	2,632			2,710			2,864			(2.9	)%		(8.1	)%
Cooling Degree-Days	1,725			1,517			1,413			13.7	%		22.1	%

Number of Electric Customers	2022			2021			Number of Natural Gas Customers	2022			2021
Residential	1,523,269			1,514,836			Residential	500,934			495,752
Small commercial & industrial	155,516			155,006			Small commercial & industrial	46,074			44,435
Large commercial & industrial	3,120			3,108			Large commercial & industrial	9			6
Public authorities & electric railroads	10,393			10,271			Transportation	656			670
Total	1,692,298			1,683,221			Total	547,673			540,863

__________

(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 September 30, 2022 and 2021, and $5 million and $5 million for the nine months ended September 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 September 30, 2022 and 2021, respectively, and $1 million and $1 million for the nine months ended September 30, 2022 and 2021, respectively.

BGE Statistics Three Months Ended September 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	3,664			3,736			(1.9	)%		—	%		$	406			$	383			6.0	%
Small commercial & industrial	754			779			(3.2	)%		—	%			88				73			20.5	%
Large commercial & industrial	3,703			3,753			(1.3	)%		(0.6	)%			158				128			23.4	%
Public authorities & electric railroads	46			52			(11.5	)%		(9.1	)%			7				7			—	%
Other(b)	—			—			n/a			n/a				101				104			(2.9	)%
Total electric revenues(c)	8,167			8,320			(1.8	)%		(0.4	)%			760				695			9.4	%
Other Revenues(d)														(3	)			(18	)		(83.3	)%
Total Electric Revenues														757				677			11.8	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	2,321			2,359			(1.6	)%		(2.4	)%			70				57			22.8	%
Small commercial & industrial	844			902			(6.4	)%		(6.5	)%			13				10			30.0	%
Large commercial & industrial	7,943			7,296			8.9	%		10.3	%			28				22			27.3	%
Other(f)	82			612			(86.6	)%		n/a				2				6			(66.7	)%
Total natural gas revenues(g)	11,190			11,169			0.2	%		5.9	%			113				95			18.9	%
Other Revenues(d)														—				(2	)		(100.0	)%
Total Natural Gas Revenues														113				93			21.5	%
Total Electric and Natural Gas Revenues													$	870			$	770			13.0	%
Purchased Power and Fuel													$	350			$	290			20.7	%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	50			42			71			19.0	%		(29.6	)%
Cooling Degree-Days	711			739			613			(3.8	)%		16.0	%

Nine Months Ended September 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	9,985			10,046			(0.6	)%		(0.5	)%		$	1,158			$	1,044			10.9	%
Small commercial & industrial	2,126			2,128			(0.1	)%		0.3	%			239				202			18.3	%
Large commercial & industrial	10,090			10,054			0.4	%		0.8	%			418				342			22.2	%
Public authorities & electric railroads	152			149			2.0	%		2.9	%			20				20			—	%
Other(b)	—			—			n/a			n/a				297				269			10.4	%
Total electric revenues(c)	22,353			22,377			(0.1	)%		0.2	%			2,132				1,877			13.6	%
Other Revenues(d)														(10	)			(11	)		(9.1	)%
Total Electric Revenues														2,122				1,866			13.7	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	28,382			25,758			10.2	%		7.0	%			448				354			26.6	%
Small commercial & industrial	6,895			6,226			10.7	%		6.9	%			77				59			30.5	%
Large commercial & industrial	31,854			29,559			7.8	%		7.5	%			128				103			24.3	%
Other(f)	5,472			9,125			(40.0	)%		n/a				50				41			22.0	%
Total natural gas revenues(g)	72,603			70,668			2.7	%		7.2	%			703				557			26.2	%
Other Revenues(d)														(15	)			3			(600.0	)%
Total Natural Gas Revenues														688				560			22.9	%
Total Electric and Natural Gas Revenues													$	2,810			$	2,426			15.8	%
Purchased Power and Fuel													$	1,093			$	840			30.1	%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	2,737			2,708			2,958			1.1	%		(7.5	)%
Cooling Degree-Days	990			1,039			872			(4.7	)%		13.5	%

Number of Electric Customers	2022			2021			Number of Natural Gas Customers	2022			2021
Residential	1,200,786			1,194,254			Residential	653,413			649,745
Small commercial & industrial	115,778			114,814			Small commercial & industrial	38,128			38,216
Large commercial & industrial	12,774			12,584			Large commercial & industrial	6,222			6,167
Public authorities & electric railroads	266			268
Total	1,329,604			1,321,920			Total	697,763			694,128

__________

(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 September 30, 2022 and 2021, respectively, and $5 million and $10 million for the nine months ended September 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 September 30, 2022 and 2021, respectively, and $8 million and $10 million for the nine months ended September 30, 2022 and 2021, respectively.

Pepco Statistics Three Months Ended September 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	2,384			2,457			(3.0	)%		(2.4	)%		$	318			$	309			2.9	%
Small commercial & industrial	299			306			(2.3	)%		(1.9	)%			44				36			22.2	%
Large commercial & industrial	3,866			3,862			0.1	%		0.4	%			303				244			24.2	%
Public authorities & electric railroads	176			165			6.7	%		6.5	%			9				8			12.5	%
Other(b)	—			—			n/a			n/a				57				53			7.5	%
Total electric revenues(c)	6,725			6,790			(1.0	)%		(0.5	)%			731				650			12.5	%
Other Revenues(d)														(7	)			10			(170.0	)%
Total Electric Revenues													$	724			$	660			9.7	%
Purchased Power													$	230			$	172			33.7	%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	19			—			7			n/a			171.4	%
Cooling Degree-Days	1,218			1,221			1,185			(0.2	)%		2.8	%

Nine Months Ended September 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	6,390			6,495			(1.6	)%		(1.5	)%		$	826			$	785			5.2	%
Small commercial & industrial	855			884			(3.3	)%		(3.4	)%			117				101			15.8	%
Large commercial & industrial	10,499			10,091			4.0	%		3.9	%			806				616			30.8	%
Public authorities & electric railroads	451			506			(10.9	)%		(10.8	)%			25				24			4.2	%
Other(b)	—			—			n/a			n/a				157				154			1.9	%
Total electric revenues(c)	18,195			17,976			1.2	%		1.2	%			1,931				1,680			14.9	%
Other Revenues(d)														(12	)			56			(121.4	)%
Total Electric Revenues													$	1,919			$	1,736			10.5	%
Purchased Power													$	605			$	471			28.5	%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	2,357			2,343			2,429			0.6	%		(3.0	)%
Cooling Degree-Days	1,721			1,724			1,696			(0.2	)%		1.5	%

Number of Electric Customers	2022			2021
Residential	853,873			839,574
Small commercial & industrial	54,423			53,849
Large commercial & industrial	22,789			22,586
Public authorities & electric railroads	196			179
Total	931,281			916,188

__________

(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 $2 million for the three months ended September 30, 2022 and 2021, respectively, and $4 million and $4 million for the nine months ended September 30, 2022 and 2021, respectively.
(d)	Includes alternative revenue programs and late payment charge revenues.

DPL Statistics Three Months Ended September 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	1,574			1,594			(1.3	)%		(2.7	)%		$	207			$	198			4.5	%
Small commercial & industrial	667			671			(0.6	)%		(1.2	)%			65				53			22.6	%
Large commercial & industrial	1,167			1,160			0.6	%		0.2	%			43				27			59.3	%
Public authorities & electric railroads	10			10			—	%		(1.6	)%			4				4			—	%
Other(b)	—			—			n/a			n/a				55				56			(1.8	)%
Total electric revenues(c)	3,418			3,435			(0.5	)%		(1.4	)%			374				338			10.7	%
Other Revenues(d)														—				(1	)		(100.0	)%
Total Electric Revenues														374				337			11.0	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	374			399			(6.3	)%		(15.2	)%			10				10			—	%
Small commercial & industrial	331			352			(6.0	)%		(10.2	)%			6				5			20.0	%
Large commercial & industrial	397			395			0.5	%		0.6	%			3				2			50.0	%
Transportation	1,284			1,303			(1.5	)%		(2.1	)%			3				3			—	%
Other(g)	—			—			n/a			n/a				16				3			433.3	%
Total natural gas revenues	2,386			2,449			(2.6	)%		(5.2	)%			38				23			65.2	%
Other Revenues(f)														—				—			n/a
Total Natural Gas Revenues														38				23			65.2	%
Total Electric and Natural Gas Revenues													$	412			$	360			14.4	%
Purchased Power and Fuel													$	183			$	138			32.6	%

Electric Service Territory										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	31			9			24			244.4	%		29.2	%
Cooling Degree-Days	1,046			998			911			4.8	%		14.8	%

Natural Gas Service Territory										% Change
Heating Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	32			11			36			190.9	%		(11.1	)%

Nine Months Ended September 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	4,257			4,245			0.3	%		(0.1	)%		$	570			$	535			6.5	%
Small commercial & industrial	1,809			1,787			1.2	%		1.1	%			173				145			19.3	%
Large commercial & industrial	3,207			3,145			2.0	%		2.0	%			99				70			41.4	%
Public authorities & electric railroads	32			34			(5.9	)%		(4.7	)%			11				11			—	%
Other(b)	—			—			n/a			n/a				168				143			17.5	%
Total rate-regulated electric revenues(c)	9,305			9,211			1.0	%		0.8	%			1,021				904			12.9	%
Other Revenues(d)														(2	)			18			(111.1	)%
Total Electric Revenues														1,019				922			10.5	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential	5,810			5,507			5.5	%		4.7	%			77				67			14.9	%
Small commercial & industrial	2,882			2,647			8.9	%		9.1	%			35				29			20.7	%
Large commercial & industrial	1,259			1,247			1.0	%		0.9	%			9				5			80.0	%
Transportation	4,934			4,997			(1.3	)%		(1.1	)%			11				11			—	%
Other(f)	—			—			n/a			n/a				25				6			316.7	%
Total rate-regulated natural gas revenues	14,885			14,398			3.4	%		3.2	%			157				118			33.1	%
Other Revenues(d)														—				—			n/a
Total Natural Gas Revenues														157				118			33.1	%
Total Electric and Natural Gas Revenues													$	1,176			$	1,040			13.1	%
Purchased Power and Fuel													$	507			$	402			26.1	%

Electric Service Territory										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	2,724			2,739			2,889			(0.5	)%		(5.7	)%
Cooling Degree-Days	1,392			1,376			1,260			1.2	%		10.5	%

Natural Gas Service Territory										% Change
Heating Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	2,828			2,848			3,029			(0.7	)%		(6.6	)%

Number of Electric Customers	2022			2021			Number of Natural Gas Customers	2022			2021
Residential	480,779			476,008			Residential	129,005			127,740
Small commercial & industrial	63,685			62,990			Small commercial & industrial	10,044			9,935
Large commercial & industrial	1,230			1,215			Large commercial & industrial	16			21
Public authorities & electric railroads	597			605			Transportation	156			158
Total	546,291			540,818			Total	139,221			137,854

__________

(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 $1 million and $2 million for the three months ended September 30, 2022 and 2021, respectively and $5 million and $6 million for the nine months ended September 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 September 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	1,516			1,540			(1.6	)%		(2.8	)%		$	283			$	275			2.9	%
Small commercial & industrial	478			435			9.9	%		10.1	%			70				61			14.8	%
Large commercial & industrial	885			874			1.3	%		0.9	%			55				49			12.2	%
Public authorities & electric railroads	9			9			—	%		(1.6	)%			3				3			—	%
Other(b)	—			—			n/a			n/a				54				63			(14.3	)%
Total electric revenues(c)	2,888			2,858			1.0	%		0.3	%			465				451			3.1	%
Other Revenues(d)														(3	)			—			n/a
Total Electric Revenues													$	462			$	451			2.4	%
Purchased Power													$	197			$	230			(14.3	)%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	38			11			30			245.5	%		26.7	%
Cooling Degree-Days	955			922			872			3.6	%		9.5	%

Nine Months Ended September 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	3,293			3,443			(4.4	)%		(4.6	)%		$	611			$	604			1.2	%
Small commercial & industrial	1,179			1,073			9.9	%		9.8	%			171				146			17.1	%
Large commercial & industrial	2,396			2,351			1.9	%		1.8	%			151				139			8.6	%
Public authorities & electric railroads	34			33			3.0	%		—	%			11				10			10.0	%
Other(b)	—			—			n/a			n/a				190				158			20.3	%
Total electric revenues(c)	6,902			6,900			—	%		(0.2	)%			1,134				1,057			7.3	%
Other Revenues(d)														(14	)			23			(160.9	)%
Total Electric Revenues													$	1,120			$	1,080			3.7	%
Purchased Power													$	497			$	541			(8.1	)%

										% Change
Heating and Cooling Degree-Days	2022			2021			Normal			From 2021			From Normal
Heating Degree-Days	3,007			2,884			3,024			4.3	%		(0.6	)%
Cooling Degree-Days	1,231			1,246			1,178			(1.2	)%		4.5	%

Number of Electric Customers		2022			2021
Residential		501,869			499,775
Small commercial & industrial		62,204			61,838
Large commercial & industrial		3,075			3,209
Public authorities & electric railroads		731			707
Total		567,879			565,529

__________

(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 and $1 million for the three months ended September 30, 2022 and 2021, respectively, and $2 million for both the nine months ended September 30, 2022 and 2021.
(d)	Includes alternative revenue programs.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005600/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 in Q3 2022?

Exelon reported GAAP Net Income of $0.68 per share and Adjusted Operating Earnings of $0.75 per share for Q3 2022.

What is Exelon's EPS guidance for 2022?

Exelon narrowed its full-year EPS guidance for 2022 to $2.21-$2.29 per share.

How did Exelon's utility performance fare in Q3 2022?

All utilities achieved top quartile in outage duration, with ComEd achieving best-on-record CAIDI performance.

What recent developments occurred with Exelon's rate cases?

Settlements were approved by regulatory commissions in Delaware and Pennsylvania for gas distribution rate cases.

What is Exelon's anticipated earnings growth from 2021-2025?

Exelon reaffirmed its anticipated earnings growth at 6-8% from 2021 to 2025.