EXELON GENERATION CO LLC - FORM 8-K - EX-99.1 - PRESS RELEASE AND EARNINGS RELEASE ATTACHMENTS

Attached files

file	filename
8-K - FORM 8-K - EXELON GENERATION CO LLC	d8k.htm
EX-99.2 - EARNINGS CONFERENCE CALL PRESENTATION SLIDES - EXELON GENERATION CO LLC	dex992.htm

EXHIBIT 99.1

LOGO


Contact:	Stacie Frank	FOR IMMEDIATE RELEASE
	Investor Relations
	312-394-3094

	Judy Rader
	Corporate Communications
	312-394-7417

Exelon Announces First Quarter Results;

Raises Bottom End of Guidance Range for Full Year 2010 Earnings

CHICAGO (April 23, 2010) – Exelon Corporation (Exelon) announced first quarter 2010 consolidated earnings as follows:


	First Quarter
	2010		2009
Adjusted (non-GAAP) Operating Results:
Net Income ($ millions)	$	662	$	797
Diluted Earnings per Share	$	1.00	$	1.20
GAAP Results:
Net Income ($ millions)	$	749	$	712
Diluted Earnings per Share	$	1.13	$	1.08

“We again delivered on our financial and operating commitments with first quarter earnings topping our guidance range of $0.85 to $0.95 per share,” said John W. Rowe, Exelon’s chairman and CEO. “We continue to manage the factors in our control, such as our focus on strong operations, which resulted in our Generation company achieving a 92.3% nuclear capacity factor in the first quarter, even with five planned refueling outages, and our utilities ComEd and PECO attaining exceptional performance during adverse winter weather conditions. Expecting to sustain this performance and make further progress on cost management and reflecting market conditions and load slightly favorable to our previous forecast, we are raising the bottom end of our 2010 earnings per share guidance range from $3.60 to $3.70 and keeping the top end at $4.00.”

First Quarter Operating Results

The decrease in first quarter 2010 adjusted (non-GAAP) operating earnings to $1.00 per share from $1.20 per share in first quarter 2009 was primarily due to:

•

Lower energy gross margins at Exelon Generation Company, LLC (Generation) largely reflecting unfavorable market and portfolio conditions and lower nuclear output due to increased scheduled refueling outage days;

•

Increased planned nuclear outage costs due to the increased scheduled refueling outage days;

•

The benefit recognized in the first quarter of 2009 related to an Illinois Supreme Court tax ruling, which was subsequently reversed in the third quarter of 2009; and

•

Increased depreciation and amortization expense primarily related to the higher scheduled competitive transition charge (CTC) amortization at PECO Energy Company (PECO) and increased depreciation expense across the operating companies due to ongoing capital expenditures.

Lower first quarter 2010 earnings were partially offset by:

•

Decreased operating and maintenance expense largely due to recovery of prior year uncollectible accounts expense at Commonwealth Edison Company (ComEd) and savings achieved through the ongoing cost management initiative.

Adjusted (non-GAAP) operating earnings for the first quarter of 2010 do not include the following items (after tax) that were included in reported GAAP earnings:


	(in millions)			(per diluted share)
Mark-to-market gains primarily from Generation’s economic hedging activities	$	142		$	0.21
Non-cash charge resulting from health care legislation related to Federal income tax changes	$	(65	)	$	(0.10	)
Unrealized gains related to nuclear decommissioning trust (NDT) fund investments to the extent not offset by contractual accounting	$	20		$	0.03
Costs associated with the retirement of certain Generation fossil generating units	$	(8	)	$	(0.01	)
Costs associated with the 2007 Illinois electric rate settlement agreement	$	(2	)		—

Adjusted (non-GAAP) operating earnings for the first quarter of 2009 did not include the following items (after tax) that were included in reported GAAP earnings:


	(in millions)			(per diluted share)
Charge related to impairments of certain Texas plants at Generation	$	(135	)	$	(0.20	)
Mark-to-market gains primarily from Generation’s economic hedging activities	$	112		$	0.17
Unrealized losses related to NDT fund investments to the extent not offset by contractual accounting	$	(33	)	$	(0.05	)
Costs associated with the 2007 Illinois electric rate settlement agreement	$	(21	)	$	(0.03	)
External costs related to Exelon’s proposed acquisition of NRG Energy, Inc.	$	(8	)	$	(0.01	)

2010 Earnings Outlook

Exelon narrowed its guidance range for 2010 adjusted (non-GAAP) operating earnings from $3.60 to $4.00 per share to $3.70 to $4.00 per share. Operating earnings guidance is based on the assumption of normal weather for the balance of the year.

The outlook for 2010 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

•

Mark-to-market adjustments from economic hedging activities

•

Unrealized gains and losses from NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements

•

Significant impairments of assets, including goodwill

•

Changes in decommissioning obligation estimates

•

Costs associated with the 2007 Illinois electric rate settlement agreement

•

Costs associated with ComEd’s 2007 settlement with the City of Chicago

•

Costs associated with the retirement of fossil generating units

•

Non-cash charge resulting from the passage of Federal health care legislation

•

Other unusual items

•

Significant future changes to GAAP

First Quarter and Recent Highlights

•

Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station, produced 34,109 gigawatt-hours (GWh) in the first quarter of 2010, compared with 35,382 GWh in the first quarter of 2009. The Exelon-operated nuclear plants achieved a 92.3 percent capacity factor for the first quarter of 2010 compared with 96.2 percent for the first quarter of 2009. The Exelon-operated nuclear plants completed three scheduled refueling outages and began two others in the first quarter of 2010, compared with completing one and beginning two other scheduled refueling outages in the first quarter of 2009. The number of refueling outage days totaled 101 in the first quarter of 2010 versus 34 days in the first quarter of 2009. Among the planned outages completed in this year’s first quarter was the extended refueling outage at Three Mile Island Unit 1, which included the replacement of steam generators. The number of non-refueling outage days at the Exelon-operated plants totaled 5 days in the first quarter of 2010 compared with 13 days in the first quarter of 2009.

•

Fossil and Hydro Operations: The equivalent demand forced outage rate for Generation’s fossil fleet was 3.8 percent in the first quarter of 2010, down from 5.7 percent in the first quarter of 2009. This favorable change was largely attributable to forced outages at Eddystone and Schuylkill in the first quarter of 2009. The equivalent availability factor for the hydroelectric facilities was 95.4 percent in the first quarter of 2010, compared with 94.4 percent in the first quarter of 2009, largely due to an earlier than planned outage in March 2009 at Muddy Run.

•

Hedging Update: Exelon’s hedging program involves the hedging of commodity risk for Exelon’s expected generation, typically on a ratable basis over a three-year period. Expected generation represents the amount of energy estimated to be generated or purchased through

owned or contracted-for capacity. The proportion of expected generation hedged as of March 31, 2010 is 95 to 98 percent for 2010, 79 to 82 percent for 2011 and 48 to 51 percent for 2012. The primary objective of Exelon’s hedging program is to manage market risks and protect the value of its generation and its investment grade balance sheet while preserving its ability to participate in improving long-term market fundamentals.

•

Illinois Uncollectibles Recovery Rider: In July 2009, comprehensive legislation was enacted into law in Illinois that provides public utility companies the ability to bill or refund customers for the difference between the company’s annual uncollectible accounts expense and amounts collected in rates through a rider mechanism, beginning with 2008 and prospectively. ComEd under-collected approximately $26 million during 2008 and approximately $44 million during 2009. On February 2, 2010, the Illinois Commerce Commission (ICC) issued an order approving ComEd’s proposed tariffs for collecting the increases or decreases in uncollectible accounts expense, with minor modifications. With the ICC’s approval of the tariff, ComEd began collecting past due amounts this month. ComEd recorded the $70 million benefit related to 2008 and 2009 in the first quarter of 2010. As required by the legislation, ComEd also made a one-time contribution of approximately $10 million in the first quarter of 2010 to the Supplemental Low-Income Energy Assistance Fund to assist low-income residential customers.

•

ComEd Credit Facility: On March 25, 2010, ComEd closed on a $1 billion unsecured revolving credit facility that has an initial term expiring on March 25, 2013. ComEd may request up to two one-year extensions of this term. The facility is available for general corporate purposes and letters of credit. A total of 22 banks have commitments in the facility with no one bank having exposure of more than 6 percent of the total. The facility replaces a $952 million revolving credit facility that was due to expire on February 16, 2011.

•

ComEd Credit Rating Upgrade: On January 25, 2010, Fitch Ratings, Ltd. (Fitch) upgraded ComEd’s senior secured debt rating to “BBB+” from “BBB” and its commercial paper rating to “F3” from “B”. The Fitch rating outlook for all the Exelon companies is stable.

•

PECO Electric and Gas Delivery Rate Cases: On March 31, 2010, PECO filed proposals with the Pennsylvania Public Utility Commission (PAPUC) seeking approvals to increase its annual electric and natural gas delivery revenues by $316 million and $44 million, respectively, beginning January 1, 2011. The first electric delivery rate request since 1989 and only the second natural gas delivery rate request in 23 years, the increases will enable PECO to continue to meet customer demand and ensure the safe and reliable delivery of electricity and natural gas. The delivery charge, or the portion of the bill that covers PECO’s costs to deliver electricity and natural gas, represents about one-third of a customer’s overall bill, and is expected to increase 6.94% and 5.28%, respectively, as a percentage of the overall bill.

•

PECO Smart Meter/Smart Grid Program: Effective April 12, 2010, PECO entered into a Financial Assistance Agreement with the U.S. Department of Energy (DOE) for Smart Grid Investment Grant (SGIG) funds under the American Recovery and Reinvestment Act of 2009. Under the SGIG, PECO has been awarded $200 million, the maximum allowable grant under the program, for its SGIG project – Smart Future Greater Philadelphia. The SGIG project has a budget of approximately $436 million and includes demonstration projects by two sub-recipients,

Drexel University and Liberty Property Trust. As a result of SGIG funding, PECO will deploy 600,000 smart meters within three years and accelerate universal deployment of more than 1.6 million smart meters to 10 years from 15 years. The SGIG grant is considered non-taxable based on recent IRS guidance. In total, over the next ten years, PECO is planning to spend up to $650 million on its smart grid and smart meter infrastructure. The $200 million SGIG from the DOE will be used to significantly reduce the impact of those investments on PECO ratepayers. On April 22, 2010, the PAPUC approved PECO’s Smart Meter Procurement and Installation Plan.

OPERATING COMPANY RESULTS

Generation consists of owned and contracted electric generating facilities, wholesale energy marketing operations and competitive retail sales operations.

First quarter 2010 net income was $561 million compared with $528 million in the first quarter of 2009. First quarter 2010 net income included (all after-tax) mark-to-market gains of $142 million from economic hedging activities before the elimination of intercompany transactions, unrealized gains of $20 million related to NDT fund investments, a charge of $26 million related to the passage of Federal health care legislation, costs of $8 million associated with the retirement of certain fossil generating units and a charge of $1 million for costs associated with the 2007 Illinois electric rate settlement. First quarter 2009 net income included (all after tax) mark-to-market gains of $112 million from economic hedging activities before the elimination of intercompany transactions, a charge of $135 million associated with the impairment of certain Texas plants (Handley and Mountain Creek), unrealized losses of $33 million related to NDT fund investments and a charge of $21 million for the costs associated with the 2007 Illinois electric rate settlement. Excluding the impact of these items, Generation’s net income in the first quarter of 2010 decreased $171 million compared with the same quarter last year primarily due to:

•

Lower energy gross margins, largely due to unfavorable market and portfolio conditions, lower pricing from PECO under the power purchase agreement, decreased nuclear output as a result of a higher number of scheduled refueling outage days and higher nuclear fuel costs; and

•

Higher operating and maintenance costs primarily related to increased planned nuclear refueling outages and increased pension and OPEB expense, partially offset by savings achieved through the cost management initiative.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $37.26 per MWh in the first quarter of 2010 compared with $39.25 per MWh in the first quarter of 2009.

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

ComEd recorded net income of $116 million in the first quarter of 2010, compared with net income of $114 million in the first quarter of 2009. First quarter net income in 2010 included after-tax charges of $12 million related to the passage of Federal health care legislation and $1 million associated with the 2007 Illinois electric rate settlement. Excluding the impact of these items, ComEd’s net income in the first quarter of 2010 was up $15 million from the same quarter last year reflecting:

•

Recovery of 2008 and 2009 under-collection of annual uncollectible accounts expense due to the approval by the ICC of ComEd’s rider mechanism; and

•

Lower operating and maintenance expense, primarily due to Exelon’s ongoing cost management initiative.

The increase in net income was partially offset by:

•

The benefit recognized in the first quarter of 2009 related to an Illinois Supreme Court tax ruling, which was subsequently reversed in the third quarter of 2009.

In the first quarter of 2010, heating degree-days in the ComEd service territory were down 6.3 percent relative to the same period in 2009 and were 3.1 percent below normal. ComEd’s total retail electric deliveries decreased by 1.9 percent quarter over quarter, with declines in deliveries across all major customer classes, primarily driven by the impact of current economic and unfavorable weather conditions.

Weather-normalized retail electric deliveries decreased by 0.8 percent from the first quarter of 2009. For ComEd, weather had an unfavorable after-tax impact of $3 million on first quarter 2010 earnings relative to 2009 and an unfavorable after-tax impact of $1 million relative to normal weather that was incorporated in earnings guidance.

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

PECO’s net income in the first quarter of 2010 was $101 million, down from $113 million in the first quarter of 2009. First quarter net income in 2010 included an after-tax charge of $10 million related to the passage of Federal health care legislation. Excluding the impact of these items, PECO’s net income in the first quarter of 2010 was down $2 million from the same quarter last year reflecting:

•

Higher CTC amortization, which was in accordance with PECO’s 1998 restructuring settlement with the PAPUC; and

•

Increased storm costs.

The decrease in net income was partially offset by:

•

Lower energy prices under the power purchase agreement with Generation due to increased CTC revenue to ensure full recovery of stranded costs during 2010, the final year of the transition period, which resulted from lower than expected sales volume in 2009.

In the first quarter of 2010, heating degree-days in the PECO service territory were down 4.9 percent from 2009 and were 3.9 percent below normal. Total retail electric deliveries were down 0.5 percent from last year, reflecting a decline in deliveries across all customer classes, primarily driven by the impact of unfavorable weather conditions. On the retail gas side, deliveries in the first quarter of 2010 were down 3.6 percent from the first quarter of 2009.

Weather-normalized retail electric deliveries increased by 0.5 percent from the first quarter of 2009, primarily reflecting increased residential deliveries. For PECO, weather had an unfavorable after-tax impact of $7 million on first quarter 2010 earnings relative to 2009 and an unfavorable after-tax impact of $8 million relative to normal weather that was incorporated in earnings guidance.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from NDT fund investments, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached. Additional earnings release attachments, which include the reconciliation on page 6, are posted on Exelon’s Web site: www.exeloncorp.com and have been furnished to the Securities and Exchange Commission on Form 8-K on April 23, 2010.

Conference call information: Exelon has scheduled a conference call for 11:00 AM ET (10:00 AM CT) on April 23, 2010. The call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is 973-935-8753. If requested, the conference ID number is 66924279. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site: www.exeloncorp.com. (Please select the Investors page.)

Telephone replays will be available until May 7. The U.S. and Canada call-in number for replays is 800-642-1687, and the international call-in number is 706-645-9291. The conference ID number is 66924279.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2009 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s First Quarter 2010 Quarterly Report on Form 10-Q (to be filed on April 23, 2010) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 12 and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Companies 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.

###

Exelon Corporation is one of the nation’s largest electric utilities with approximately $17 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 486,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

EXELON CORPORATION

Earnings Release Attachments

Table of Contents


Consolidating Statements of Operations - Three Months Ended March 31, 2010 and 2009		1

Business Segment Comparative Statements of Operations - Generation and ComEd - Three Months Ended March 31, 2010 and 2009		2

Business Segment Comparative Statements of Operations - PECO and Other - Three Months Ended March 31, 2010 and 2009		3

Consolidated Balance Sheets - March 31, 2010 and December 31, 2009		4

Consolidated Statements of Cash Flows - Three Months Ended March 31, 2010 and 2009		5

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended March 31, 2010 and 2009		6

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended March 31, 2010 and 2009		7

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three Months Ended March 31, 2010 and 2009		8

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three Months Ended March 31, 2010 and 2009		9

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three Months Ended March 31, 2010 and 2009		10

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three Months Ended March 31, 2010 and 2009		11

Exelon Generation Statistics - Three Months Ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009		12

ComEd Statistics - Three Months Ended March 31, 2010 and 2009		13

PECO Statistics - Three Months Ended March 31, 2010 and 2009		14

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)


	Three Months Ended March 31, 2010
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,421		$	1,415		$	1,455		$	(830	)	$	4,461

Operating expenses
Purchased power		208			753			524			(827	)		658
Fuel		391			—			211			(1	)		601
Operating and maintenance		740			159			181			(18	)		1,062
Operating and maintenance for regulatory required programs (a)		—			19			8			—			27
Depreciation and amortization		109			130			265			10			514
Taxes other than income		57			63			72			5			197


Total operating expenses		1,505			1,124			1,261			(831	)		3,059


Operating income		916			291			194			1			1,402


Other income and deductions
Interest expense, net		(35	)		(84	)		(45	)		(19	)		(183	)
Other, net		79			3			4			7			93


Total other income and deductions		44			(81	)		(41	)		(12	)		(90	)


Income (loss) before income taxes		960			210			153			(11	)		1,312

Income taxes		399			94			52			18			563


Net income (loss)	$	561		$	116		$	101		$	(29	)	$	749


	Three Months Ended March 31, 2009
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,601		$	1,553		$	1,514		$	(946	)	$	4,722

Operating expenses
Purchased power		175			882			570			(944	)		683
Fuel		510			—			266			—			776
Operating and maintenance		928			253			177			3			1,361
Operating and maintenance for regulatory required programs (a)		—			11			—			—			11
Depreciation and amortization		76			123			225			12			436
Taxes other than income		50			78			66			6			200


Total operating expenses		1,739			1,347			1,304			(923	)		3,467


Operating income (loss)		862			206			210			(23	)		1,255


Other income and deductions
Interest expense, net		(29	)		(83	)		(50	)		(25	)		(187	)
Loss in equity method investments		(1	)		—			(7	)		—			(8	)
Other, net		(82	)		32			5			8			(37	)


Total other income and deductions		(112	)		(51	)		(52	)		(17	)		(232	)


Income (loss) before income taxes		750			155			158			(40	)		1,023

Income taxes		222			41			45			3			311


Net income (loss)	$	528		$	114		$	113		$	(43	)	$	712

(a)	Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)


	Generation

	Three Months Ended March 31,
	2010			2009			Variance
Operating revenues	$	2,421		$	2,601		$	(180	)

Operating expenses
Purchased power		208			175			33
Fuel		391			510			(119	)
Operating and maintenance		740			928			(188	)
Depreciation and amortization		109			76			33
Taxes other than income		57			50			7


Total operating expenses		1,505			1,739			(234	)


Operating income		916			862			54


Other income and deductions
Interest expense, net		(35	)		(29	)		(6	)
Loss in equity method investments		—			(1	)		1
Other, net		79			(82	)		161


Total other income and deductions		44			(112	)		156


Income before income taxes		960			750			210

Income taxes		399			222			177


Net income	$	561		$	528		$	33


	ComEd

	Three Months Ended March 31,
	2010			2009			Variance
Operating revenues	$	1,415		$	1,553		$	(138	)

Operating expenses
Purchased power		753			882			(129	)
Operating and maintenance		159			253			(94	)
Operating and maintenance for regulatory required programs (a)		19			11			8
Depreciation and amortization		130			123			7
Taxes other than income		63			78			(15	)


Total operating expenses		1,124			1,347			(223	)


Operating income		291			206			85


Other income and deductions
Interest expense, net		(84	)		(83	)		(1	)
Other, net		3			32			(29	)


Total other income and deductions		(81	)		(51	)		(30	)


Income before income taxes		210			155			55

Income taxes		94			41			53


Net income	$	116		$	114		$	2

(a)	Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)


	PECO

	Three Months Ended March 31,
	2010			2009			Variance
Operating revenues	$	1,455		$	1,514		$	(59	)

Operating expenses
Purchased power		524			570			(46	)
Fuel		211			266			(55	)
Operating and maintenance		181			177			4
Operating and maintenance for regulatory required programs (a)		8			—			8
Depreciation and amortization		265			225			40
Taxes other than income		72			66			6


Total operating expenses		1,261			1,304			(43	)


Operating income		194			210			(16	)


Other income and deductions
Interest expense, net		(45	)		(50	)		5
Loss in equity method investments		—			(7	)		7
Other, net		4			5			(1	)


Total other income and deductions		(41	)		(52	)		11


Income before income taxes		153			158			(5	)

Income taxes		52			45			7


Net income	$	101		$	113		$	(12	)

(a)	Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.


	Other (a)

	Three Months Ended March 31,
	2010			2009			Variance
Operating revenues	$	(830	)	$	(946	)	$	116

Operating expenses
Purchased power		(827	)		(944	)		117
Fuel		(1	)		—			(1	)
Operating and maintenance		(18	)		3			(21	)
Depreciation and amortization		10			12			(2	)
Taxes other than income		5			6			(1	)


Total operating expenses		(831	)		(923	)		92


Operating income (loss)		1			(23	)		24


Other income and deductions
Interest expense, net		(19	)		(25	)		6
Other, net		7			8			(1	)


Total other income and deductions		(12	)		(17	)		5


Loss before income taxes		(11	)		(40	)		29

Income taxes		18			3			15


Net loss	$	(29	)	$	(43	)	$	14

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

EXELON CORPORATION

Consolidated Balance Sheets

(unaudited)

(in millions)


	March 31, 2010			December 31, 2009
Assets

Current assets
Cash and cash equivalents	$	2,524		$	2,010
Restricted cash and investments		42			40
Restricted cash and cash equivalents of variable interest entity		197			—
Accounts receivable, net
Customer		1,628			1,563
Other		439			486
Mark-to-market derivative assets		463			376
Inventories, net
Fossil fuel		130			198
Materials and supplies		562			559
Other		399			209


Total current assets		6,384			5,441


Property, plant and equipment, net		27,737			27,341

Deferred debits and other assets
Regulatory assets		4,668			4,872
Nuclear decommissioning trust (NDT) funds		6,885			6,669
Investments		724			724
Goodwill		2,625			2,625
Mark-to-market derivative assets		867			649
Other		851			859


Total deferred debits and other assets		16,620			16,398

Total assets	$	50,741		$	49,180


Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	256		$	155
Short-term notes payable-accounts receivable agreement		225			—
Long-term debt due within one year		827			639
Long-term debt of variable interest entity due within one year		404			—
Long-term debt to PECO Energy Transition Trust due within one year		—			415
Accounts payable		1,143			1,345
Accrued expenses		1,191			923
Deferred income taxes		220			152
Mark-to-market derivative liabilities		183			198
Other		441			411


Total current liabilities		4,890			4,238

Long-term debt		10,808			10,995
Long-term debt to financing trusts		390			390

Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		5,983			5,750
Asset retirement obligations		3,481			3,434
Pension obligations		3,536			3,625
Non-pension postretirement benefits obligations		2,220			2,180
Spent nuclear fuel obligation		1,017			1,017
Regulatory liabilities		3,572			3,492
Mark-to-market derivative liabilities		8			23
Other		1,298			1,309


Total deferred credits and other liabilities		21,115			20,830

Total liabilities		37,203			36,453


Preferred securities of subsidiary		87			87

Shareholders’ equity
Common stock		8,940			8,923
Treasury stock, at cost		(2,328	)		(2,328	)
Retained earnings		8,534			8,134
Accumulated other comprehensive loss, net		(1,695	)		(2,089	)


Total shareholders’ equity		13,451			12,640


Total liabilities and shareholders’ equity	$	50,741		$	49,180

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)


	Three Months Ended March 31,
	2010			2009
Cash flows from operating activities
Net income	$	749		$	712
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel amortization		718			622
Impairment of long-lived assets		—			223
Deferred income taxes and amortization of investment tax credits		(4	)		(80	)
Net fair value changes related to derivatives		(233	)		(164	)
Net realized and unrealized (gains) losses on NDT fund investments		(36	)		68
Other non-cash operating activities		72			280
Changes in assets and liabilities:
Accounts receivable		40			108
Inventories		67			132
Accounts payable, accrued expenses and other current liabilities		(303	)		(542	)
Option premiums (paid) received, net		66			(68	)
Counterparty collateral received, net		477			784
Income taxes		517			161
Pension and non-pension postretirement benefit contributions		(98	)		(37	)
Other assets and liabilities		(171	)		(249	)

Net cash flows provided by operating activities		1,861			1,950


Cash flows from investing activities
Capital expenditures		(878	)		(712	)
Proceeds from NDT fund sales		5,968			3,050
Investment in NDT funds		(6,025	)		(3,109	)
Change in restricted cash		214			23
Other investing activities		12			(4	)

Net cash flows used in investing activities		(709	)		(752	)


Cash flows from financing activities
Changes in short-term debt		101			(4	)
Issuance of long-term debt		—			249
Retirement of long-term debt		(1	)		(64	)
Retirement of long-term debt of variable interest entity		(402	)		—
Retirement of long-term debt to financing affiliates		—			(169	)
Dividends paid on common stock		(347	)		(346	)
Proceeds from employee stock plans		11			9
Other financing activities		—			5

Net cash flows used in financing activities		(638	)		(320	)


Increase in cash and cash equivalents		514			878
Cash and cash equivalents at beginning of period		2,010			1,271

Cash and cash equivalents at end of period	$	2,524		$	2,149

EXELON CORPORATION

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

(unaudited)

(in millions, except per share data)


	Three Months Ended March 31, 2010									Three Months Ended March 31, 2009
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,461		$	3	(c)	$	4,464		$	4,722		$	33	(c)	$	4,755

Operating expenses
Purchased power		658			185	(d)		843			683			201	(d)		884
Fuel		601			48	(d)		649			776			(16	)(d)		760
Operating and maintenance		1,062			2	(e)		1,064			1,361			(236	)(h),(i)		1,125
Operating and maintenance for regulatory required programs (b)		27			—			27			11			—			11
Depreciation and amortization		514			(15	)(e)		499			436			—			436
Taxes other than income		197			—			197			200			—			200

Total operating expenses		3,059			220			3,279			3,467			(51	)		3,416

Operating income		1,402			(217	)		1,185			1,255			84			1,339

Other income and deductions
Interest expense, net		(183	)		—			(183	)		(187	)		—			(187	)
Loss in equity method investments		—			—			—			(8	)		—			(8	)
Other, net		93			(58	)(f)		35			(37	)		96	(f)		59

Total other income and deductions		(90	)		(58	)		(148	)		(232	)		96			(136	)


Income before income taxes		1,312			(275	)		1,037			1,023			180			1,203

Income taxes		563			(188	)(c),(d),(e),(f),(g)		375			311			95	(c),(d),(f),(h),(i)		406


Net income	$	749		$	(87	)	$	662		$	712		$	85		$	797


Effective tax rate		42.9	%					36.2	%		30.4	%					33.7	%

Earnings per average common share
Basic:
Net income	$	1.13		$	(0.13	)	$	1.00		$	1.08		$	0.13		$	1.21

Diluted:
Net income	$	1.13		$	(0.13	)	$	1.00		$	1.08		$	0.12		$	1.20

Average common shares outstanding
Basic		661						661			659						659
Diluted		662						662			661						661
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (c)				$	—								$	0.03
Mark-to-market impact of economic hedging activities (d)					(0.21	)								(0.17	)
Retirement of fossil generating units (e)					0.01									—
Unrealized gains and losses related to NDT fund investments (f)					(0.03	)								0.05
Non-cash charge resulting from health care legislation (g)					0.10									—
NRG acquisition costs (h)					—									0.01
Impairment of certain generating assets (i)					—									0.20

Total adjustments				$	(0.13	)							$	0.12

(a)	Results reported in accordance with GAAP.

(b)	Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c)	Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

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

(e)	Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(f)	Adjustment to exclude the unrealized losses in 2009 and unrealized gains in 2010 associated with Generation’s NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(g)	Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(h)	Adjustment to exclude external costs associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(i)	Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Three Months Ended March 31, 2010 and 2009


	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2009 GAAP Earnings (Loss)	$	1.08		$	528		$	114		$	113		$	(43	)	$	712

2009 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.03			21			—			—			—			21
Mark-to-Market Impact of Economic Hedging Activities		(0.17	)		(112	)		—			—			—			(112	)
Unrealized Losses Related to NDT Fund Investments (1)		0.05			33			—			—			—			33
NRG Acquisition Costs (2)		0.01			—			—			—			8			8
Impairment of Certain Generating Assets (3)		0.20			135			—			—			—			135

2009 Adjusted (non-GAAP) Operating Earnings (Loss)		1.20			605			114			113			(35	)		797

Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Output (4)		(0.04	)		(28	)		—			—			—			(28	)
Nuclear Fuel Costs (5)		(0.03	)		(18	)		—			—			—			(18	)
Market and Portfolio Conditions (6)		(0.05	)		(34	)		—			—			—			(34	)
ComEd and PECO Margins:
Weather		(0.02	)		—			(3	)		(7	)		—			(10	)
Load (7)		—			—			(1	)		1			—			—
Other Energy Delivery		(0.01	)		—			(7	)		(3	)		—			(10	)
Competitive Transition Charge (CTC) Recoveries (8)		—			(29	)		—			33			(4	)		—
Operating and Maintenance Expense:
Bad Debt (9)		0.01			(1	)		1			7			—			7
Recovery of Prior Year Bad Debt Expense at ComEd (10)		0.06			—			36			—			—			36
Labor, Contracting and Materials (11)		0.02			5			13			(2	)		—			16
Other Operating and Maintenance (12)		0.02			8			8			(6	)		—			10
Pension and Non-Pension Postretirement Benefits (13)		(0.01	)		(5	)		—			—			—			(5	)
Planned Nuclear Refueling Outages (14)		(0.05	)		(31	)		—			—			—			(31	)
Depreciation and Amortization Expense (15)		(0.03	)		(11	)		(4	)		(3	)		1			(17	)
Scheduled CTC Amortization Expense (16)		(0.04	)		—			—			(26	)		—			(26	)
Benefit From Illinois Tax Ruling (17)		(0.06	)		(8	)		(35	)		—			1			(42	)
Income Taxes (18)		—			(17	)		(2	)		—			19			—
Interest Expense		—			(6	)		—			3			2			(1	)
Other (19)		0.03			4			9			1			4			18

2010 Adjusted (non-GAAP) Operating Earnings (Loss)		1.00			434			129			111			(12	)		662

2010 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		—			(1	)		(1	)		—			—			(2	)
Mark-to-Market Impact of Economic Hedging Activities		0.21			142			—			—			—			142
Unrealized Gains Related to NDT Fund Investments		0.03			20			—			—			—			20
Retirement of Fossil Generating Units (20)		(0.01	)		(8	)		—			—			—			(8	)
Non-Cash Charge Resulting From Health Care Legislation (21)		(0.10	)		(26	)		(12	)		(10	)		(17	)		(65	)

2010 GAAP Earnings (Loss)	$	1.13		$	561		$	116		$	101		$	(29	)	$	749

(1)	Reflects the impact of unrealized losses in 2009 and unrealized gains in 2010 on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2)	Reflects external costs incurred associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(3)	Reflects the impact of the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

(4)	Primarily reflects the impact of increased planned nuclear outage days in 2010, partially due to steam generator replacement at Three Mile Island.

(5)	Reflects the impact of higher nuclear fuel prices.

(6)	Reflects the impact of a decrease in realized market prices for the sale of energy.

(7)	Reflects the weather-normalized impact of decreased electric deliveries of 0.8% at ComEd and increased electric deliveries of 0.5% at PECO.

(8)	Reflects the impact of lower energy prices under the PPA between Generation and PECO, which expires on December 31, 2010, resulting from increased CTC recoveries at PECO. Generation and PECO marginal tax rate differences are reflected at Exelon Corporate.

(9)	Primarily reflects decreased customer account charge-offs at PECO as a result of improved accounts receivable aging.

(10)	Reflects a credit for the recovery of 2008 and 2009 bad debt expense pursuant to the Illinois Commerce Commission’s February 2010 approval of a bad debt rider, partially offset by a contribution mandated by Illinois legislation.

(11)	Primarily reflects the impact of Exelon’s ongoing cost management initiative, partially offset by inflation related to labor, contracting and materials expense (exclusive of incremental storm costs and planned nuclear refueling outages as disclosed in numbers 12 and 14 below).

(12)	Primarily reflects reduced stock-based compensation costs across the operating companies and the impact of Exelon’s ongoing cost management initiative, partially offset by increased storm costs in 2010 in the PECO service territory.

(13)	Primarily reflects the impact of a decrease in the assumed discount rate used in 2010 to calculate the pension and other postretirement benefit obligations.

(14)	Primarily reflects the impact of increased planned nuclear outage days in 2010, excluding Salem, partially due to steam generator replacement at Three Mile Island.

(15)	Primarily reflects increased depreciation expense across the operating companies due to ongoing capital expenditures and the impact of a first quarter 2010 depreciation study at Generation.

(16)	Reflects an increase in scheduled amortization expense of CTCs at PECO, which will be fully amortized at the end of the transition period on December 31, 2010.

(17)	Reflects the impact of benefits associated with a February 2009 Illinois Supreme Court decision granting Illinois investment tax credits to Exelon recognized in the first quarter of 2009, which were subsequently reversed in the third quarter of 2009.

(18)	Primarily reflects the 2009 impact of tax planning opportunities.

(19)	Primarily reflects decreased taxes other than income at ComEd and realized gains associated with NDT funds at Generation as a result of favorable market conditions in 2010.

(20)	Primarily reflects accelerated depreciation expense associated with the planned retirement of four fossil generating units.

(21)	Reflects a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	Generation
	Three Months Ended March 31, 2010									Three Months Ended March 31, 2009
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	2,421		$	2	(b)	$	2,423		$	2,601		$	33	(b)	$	2,634
Operating expenses
Purchased power		208			185	(c)		393			175			201	(c)		376
Fuel		391			48	(c)		439			510			(16	)(c)		494
Operating and maintenance		740			(1	)(d),(e)		739			928			(223	)(g)		705
Depreciation and amortization		109			(15	)(d)		94			76			—			76
Taxes other than income		57			—			57			50			—			50


Total operating expenses		1,505			217			1,722			1,739			(38	)		1,701

Operating income		916			(215	)		701			862			71			933

Other income and deductions
Interest expense, net		(35	)		—			(35	)		(29	)		—			(29	)
Loss in equity method investments		—			—			—			(1	)		—			(1	)
Other, net		79			(58	)(f)		21			(82	)		96	(f)		14


Total other income and deductions		44			(58	)		(14	)		(112	)		96			(16	)


Income before income taxes		960			(273	)		687			750			167			917

Income taxes		399			(146	)(b),(c),(d),(e),(f)		253			222			90	(b),(c),(f),(g)		312


Net income	$	561		$	(127	)	$	434		$	528		$	77		$	605

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

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

(d)	Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(e)	Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(f)	Adjustment to exclude the unrealized losses in 2009 and unrealized gains in 2010 associated with Generation’s NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(g)	Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	ComEd
	Three Months Ended March 31, 2010									Three Months Ended March 31, 2009
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	1,415		$	1	(c)	$	1,416		$	1,553		$	—	$	1,553

Operating expenses
Purchased power		753			—			753			882			—		882
Operating and maintenance		159			(3	)(d)		156			253			—		253
Operating and maintenance for regulatory required programs (b)		19			—			19			11			—		11
Depreciation and amortization		130			—			130			123			—		123
Taxes other than income		63			—			63			78			—		78


Total operating expenses		1,124			(3	)		1,121			1,347			—		1,347


Operating income		291			4			295			206			—		206

Other income and deductions
Interest expense, net		(84	)		—			(84	)		(83	)		—		(83	)
Other, net		3			—			3			32			—		32


Total other income and deductions		(81	)		—			(81	)		(51	)		—		(51	)


Income before income taxes		210			4			214			155			—		155

Income taxes		94			(9	)(c),(d)		85			41			—		41


Net income	$	116		$	13		$	129		$	114		$	—	$	114

(a)	Results reported in accordance with GAAP.

(b)	Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c)	Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(d)	Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	PECO
	Three Months Ended March 31, 2010									Three Months Ended March 31, 2009
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	1,455		$	—		$	1,455		$	1,514		$	—	$	1,514

Operating expenses
Purchased power		524			—			524			570			—		570
Fuel		211			—			211			266			—		266
Operating and maintenance		181			(2	)(c)		179			177			—		177
Operating and maintenance for regulatory required programs (b)		8			—			8			—			—		—
Depreciation and amortization		265			—			265			225			—		225
Taxes other than income		72			—			72			66			—		66


Total operating expenses		1,261			(2	)		1,259			1,304			—		1,304


Operating income		194			2			196			210			—		210


Other income and deductions
Interest expense, net		(45	)		—			(45	)		(50	)		—		(50	)
Loss in equity method investments		—			—			—			(7	)		—		(7	)
Other, net		4			—			4			5			—		5


Total other income and deductions		(41	)		—			(41	)		(52	)		—		(52	)


Income before income taxes		153			2			155			158			—		158

Income taxes		52			(8	)(c)		44			45			—		45


Net income	$	101		$	10		$	111		$	113		$	—	$	113

(a)	Results reported in accordance with GAAP.

(b)	Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c)	Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	Other

	Three Months Ended March 31, 2010									Three Months Ended March 31, 2009
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(830	)	$	—		$	(830	)	$	(946	)	$	—		$	(946	)

Operating expenses
Purchased power		(827	)		—			(827	)		(944	)		—			(944	)
Fuel		(1	)		—			(1	)		—			—			—
Operating and maintenance		(18	)		8	(b)		(10	)		3			(13	)(c)		(10	)
Depreciation and amortization		10			—			10			12			—			12
Taxes other than income		5			—			5			6			—			6


Total operating expenses		(831	)		8			(823	)		(923	)		(13	)		(936	)


Operating income (loss)		1			(8	)		(7	)		(23	)		13			(10	)


Other income and deductions
Interest expense, net		(19	)		—			(19	)		(25	)		—			(25	)
Other, net		7			—			7			8			—			8


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


Loss before income taxes		(11	)		(8	)		(19	)		(40	)		13			(27	)

Income taxes		18			(25	)(b)		(7	)		3			5	(c)		8


Net loss	$	(29	)	$	17		$	(12	)	$	(43	)	$	8		$	(35	)

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(c)	Adjustment to exclude external costs associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

EXELON CORPORATION

Exelon Generation Statistics


	Three Months Ended
	Mar. 31, 2010			Dec. 31, 2009			Sept. 30, 2009			Jun. 30, 2009			Mar. 31, 2009
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic (a)		11,776			11,137			12,349			12,276			12,104
Midwest		22,333			22,472			23,335			22,719			23,278

Total Nuclear Generation		34,109			33,609			35,684			34,995			35,382
Fossil and Hydro Generation
Mid-Atlantic (b)		2,564			1,986			2,044			2,279			2,629
Midwest		—			—			—			3			1
South		119			48			645			419			135

Total Fossil and Hydro Generation		2,683			2,034			2,689			2,701			2,765
Purchased Power
Mid-Atlantic		463			342			531			372			502
Midwest		1,914			1,991			1,923			1,673			2,151
South		2,701			2,851			4,215			3,231			3,424

Total Purchased Power		5,078			5,184			6,669			5,276			6,077
Total Supply by Region
Mid-Atlantic		14,803			13,465			14,924			14,927			15,235
Midwest		24,247			24,463			25,258			24,395			25,430
South		2,820			2,899			4,860			3,650			3,559

Total Supply		41,870			40,827			45,042			42,972			44,224


	Three Months Ended
	Mar. 31, 2010			Dec. 31, 2009			Sept. 30, 2009			Jun. 30, 2009			Mar. 31, 2009
Electric Sales (in GWhs)
ComEd (e)		3,428			3,439			3,639			4,215			5,537
PECO		10,228			9,588			10,809			9,277			10,223
Market and Retail (e)		28,214			27,800			30,594			29,480			28,464

Total Electric Sales (c) (d)		41,870			40,827			45,042			42,972			44,224


Average Margin ($/MWh) (f)
Mid-Atlantic	$	41.41		$	43.15		$	41.47		$	45.76		$	45.56
Midwest		41.00			41.98			40.94			41.73			42.26
South		(16.67	)		(14.49	)		(3.50	)		(6.85	)		(9.18	)
Average Margin - Overall Portfolio	$	37.26		$	38.36		$	36.32		$	38.96		$	39.25

Around-the-clock Market Prices ($/MWh) (g)
PJM West Hub	$	44.54		$	37.31		$	33.20		$	33.70		$	49.18
NiHub		34.47			29.61			25.69			26.11			34.09
Henry Hub		5.15			4.25			3.15			3.69			4.58

(a)	Includes Generation’s proportionate share of the output of its nuclear generating plants, including Salem Generating Station (Salem), which is operated by PSEG Nuclear, LLC.

(b)	Includes New England generation.

(c)	Excludes retail gas activity, trading portfolio and other operating revenue.

(d)	Total sales do not include trading volume of 920 GWhs, 1,599 GWhs, 1,645 GWhs, 2,003 GWhs and 2,331 GWhs for the three months ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.

(e)	ComEd line item represents sales under the 2006 ComEd Auction. Settlements of the ComEd swap and sales under the RFP have been excluded from ComEd and included in Market and Retail sales. In addition, renewable energy credit sales to affiliates have been included within Market and Retail sales.

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

(g)	Represents the average for the quarter.

EXELON CORPORATION

ComEd Statistics

Three Months Ended March 31, 2010 and 2009


	Electric Deliveries (in GWhs)						Revenue (in millions)
	2010	2009	% Change		Weather-Normal % Change		2010			2009		% Change
Retail Deliveries and Sales (a)
Residential	6,943	7,063	(1.7	)%	0.1	%	$	778		$	846	(8.0	)%
Small Commercial & Industrial	7,930	8,149	(2.7	)%	(1.7	)%		387			449	(13.8	)%
Large Commercial & Industrial	6,663	6,775	(1.7	)%	(1.1	)%		97			100	(3.0	)%
Public Authorities & Electric Railroads	367	346	6.1	%	9.1	%		18			15	20.0	%


Total Retail	21,903	22,333	(1.9	)%	(0.8	)%		1,280			1,410	(9.2	)%


Other Revenue (b)								135			143	(5.6	)%

Total Electric Revenue							$	1,415		$	1,553	(8.9	)%


Purchased Power							$	753		$	882	(14.6	)%


Heating and Cooling Degree-Days					% Change
	2010	2009	Normal		From 2009		From Normal
Heating Degree-Days	3,110	3,320	3,208		(6.3	)%		(3.1	)%
Cooling Degree-Days	—	—	—		—			—

Number of Electric Customers	2010	2009
Residential	3,441,055	3,438,554
Small Commercial & Industrial	361,370	359,523
Large Commercial & Industrial	1,967	2,059
Public Authorities & Electric Railroads	4,986	5,045

Total	3,809,378	3,805,181

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from ComEd and customers electing to receive electric generation services from a competitive electric generation supplier. All customers are assessed charges for delivery. For customers purchasing electricity from ComEd, revenue also reflects the cost of energy.

(b)	Other revenue primarily includes transmission revenue from PJM Interconnection, LLC (PJM). Other items include late payment charges and mutual assistance program revenues.

EXELON CORPORATION

PECO Statistics

Three Months Ended March 31, 2010 and 2009


	Electric and Gas Deliveries						Revenue (in millions)
	2010	2009	% Change		Weather-Normal % Change		2010			2009		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential	3,527	3,535	(0.2	)%	1.8	%	$	473		$	466	1.5	%
Small Commercial & Industrial	2,150	2,196	(2.1	)%	(0.9	)%		248			250	(0.8	)%
Large Commercial & Industrial	3,794	3,792	0.1	%	0.1	%		324			319	1.6	%
Public Authorities & Electric Railroads	246	246	0.0	%	(0.3	)%		23			24	(4.2	)%

Total Retail	9,717	9,769	(0.5	)%	0.5	%		1,068			1,059	0.8	%

Other Revenue (b)								61			67	(9.0	)%

Total Electric Revenue								1,129			1,126	0.3	%

Gas (in mmcfs)
Retail Sales	27,584	28,614	(3.6	)%	1.4	%		318			380	(16.3	)%
Transportation and Other	8,617	7,878	9.4	%	9.6	%		8			8	0.0	%

Total Gas	36,201	36,492	(0.8	)%	3.1	%		326			388	(16.0	)%

Total Electric and Gas Revenues							$	1,455		$	1,514	(3.9	)%

Purchased Power							$	524		$	570	(8.1	)%
Fuel								211			266	(20.7	)%

Total Purchased Power and Fuel							$	735		$	836	(12.1	)%

					% Change
Heating and Cooling Degree-Days	2010	2009	Normal		From 2009		From Normal
Heating Degree-Days	2,411	2,534	2,510		(4.9	%)		(3.9	%)
Cooling Degree-Days	—	—	—		—			—
Number of Electric Customers	2010	2009	Number of Gas Customers				2010			2009
Residential	1,406,614	1,407,089	Residential					446,440			444,349
Small Commercial & Industrial	156,374	156,065	Commercial & Industrial					41,286			41,285

Large Commercial & Industrial	3,091	3,088	Total Retail					487,726			485,634
Public Authorities & Electric Railroads	1,084	1,080	Transportation					795			732

Total	1,567,163	1,567,322	Total					488,521			486,366

(a)

Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers electing to receive electric generation service from a competitive electric generation supplier. All customers are assessed charges for transmission, distribution and a CTC. For customers purchasing electricity from PECO, revenue also reflects the cost of energy.

(b)	Other revenue includes transmission revenue from PJM, wholesale revenue and other wholesale energy sales.

EXELON GENERATION CO LLC - FORM 8-K - EX-99.1 - PRESS RELEASE AND EARNINGS RELEASE ATTACHMENTS - April 23, 2010

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