EXELON GENERATION CO LLC - FORM 8-K - EX-99.1 - 2010 EXELON FACT BOOK

EXELON GENERATION CO LLC - FORM 8-K - EX-99.1 - 2010 EXELON FACT BOOK - April 15, 2011

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EXHIBIT 99.1

LOGO

Smart Investment

Exelon Corporation 2010 Fact Book

LOGO


		Table of Contents
		Introduction			1
		Exelon at a Glance
		Profile, Vision and Quick Facts			2
		Company Overview
		Corporate Structure and Operating Company Summary			3
		State Regulation
		Illinois Commerce Commission, Commonwealth Edison Company
		Electric Distribution Rate Cases and Average Residential Rate			4
		Pennsylvania Public Utility Commission, PECO Energy Company
		Electric and Gas Rate Cases and Average Residential Rate
		Federal Regulation
		Federal Energy Regulatory Commission and ComEd Electric
		Transmission Rate Cases			6
		Exelon – Financial and Operating Highlights			7
		Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP
		Consolidated Statements of Operations
		Exelon Corporation			8
		Exelon Generation Company			9
		Commonwealth Edison Company			10
		PECO Energy Company			11
		Exelon and Operating Companies
		Capital Structure, Capitalization Ratios and Credit Ratings			12
		Long-Term Debt Outstanding
		Exelon Corporate			13
		Exelon Generation			13
		Commonwealth Edison			14
		PECO Energy			15
		Exelon and Operating Companies – Credit Facilities and Commercial Paper			15
		Map of Exelon Service Area and Selected Generating Assets			16
		Exelon Generation
		Generating Resources – Sources of Electric Supply, Type of Capacity and Long-Term Contracts			17
		Nuclear Generating Capacity			18
		Total Electric Generating Capacity			20
		Fossil Emissions and Reduction Technology Summary			22
		Annual Electric Supply and Sales Statistics and
		ComEd Financial Swap Agreement			24
		Electric Supply and Sales Statistics by Quarter			25
		Electric Sales Statistics, Revenue and Customer Detail
		Commonwealth Edison			26
		PECO Energy			27
		Gas Sales Statistics, Revenue and Customer Detail – PECO Energy On the cover: Upper left – a view through the Quad Cities Unit 2 generator during that nuclear power station’s low pressure turbine replacement and refueling outage. Upper right – Exelon Power’s Handley Station in Ft. Worth, Texas, with three natural gas-burning generating units totaling 1,265 megawatts. Lower right – Exelon Wind project site in Tiskilwa, Illinois. Lower left – a ComEd underground cable splicer.			28

To the Financial Community,

The Exelon Fact Book is intended to provide historical financial and operating information to assist in the analysis of Exelon and its operating companies. Please refer to the SEC filings of Exelon and its subsidiaries, including the annual Form 10-K and quarterly Forms 10-Q, for more comprehensive and current financial statements and information.

For more information about Exelon and to send e-mail inquiries, visit our website at www.exeloncorp.com.


Investor Information		Stock Symbol: EXC
Exelon Corporation		Common stock is listed on the
Investor Relations		New York and Chicago stock exchanges.
10 South Dearborn Street
Chicago, IL 60603
312.394.2345
312.394.8941 (fax)

Information in this Fact Book is current as of March 31, 2011 unless otherwise noted.

This publication 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 2010 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; and (2) 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 publication. 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 publication.

Exelon at a Glance

Company Profile

Exelon Corporation, headquartered in Chicago, Illinois, is one of the largest electric utilities in the U.S. with approximately 5.4 million customers and more than $18 billion in annual revenues. The company has one of the largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic.

Our Vision

Exelon will be the best group of electric generation and electric and gas delivery companies in the United States – providing superior value for our customers, employees, investors and the communities we serve.

Our Goals


>		Keep the lights on and the gas flowing
>		Run the nuclear fleet at world-class levels
>		Capitalize on environmental leadership and clean nuclear energy
>		Create a challenging and rewarding workplace
>		Enhance the value of our generation
>		Build value through disciplined financial management

Our Values

Safety – for our employees, our customers and our communities

Integrity – the highest ethical standards in what we say and what we do

Diversity – in ethnicity, gender, experience and thought

Respect – trust and teamwork through open and honest communication

Accountability – for our commitments, actions and results

Continuous improvement – stretch goals and measured results


Exelon Quick Facts at year-end 2010				Market Highlights


$18.6	6,050	662 million
billion in revenues	circuit miles of electric transmission lines	common shares outstanding
$52.2
billion in assets	12,548	$2.10
5.4	miles of gas pipelines	current annual dividend rate per share^(a)
million electric customers	31,758	54%
0.5	MWs total U.S. generating resources	2010 dividend payout ratio^(b)
million gas customers	19,214 employees	5.0%
million gas customers	19,214 employees	dividend yield^(c)
94,663
circuit miles of electric distribution lines

(a) Dividends are subject to declaration by the board of directors each quarter.

(b) Based on GAAP earnings per share of $3.87.

Company Overview

LOGO


Nuclear Generation Fossil Generation Renewable/Hydro Generation Power Marketing	Illinois Utility	Pennsylvania Utility
	2010	2010
	(in millions)	(in millions)
	Revenues: $6,204	Revenues: $5,519
2010	Assets: $21,652	Assets: $8,985
(in millions)
Revenues: $10,025
Assets: $24,534

Operating Companies

Our Strategic Direction

Protect today’s value

Grow long-term value

Deliver superior operating performance

Drive the organization to the next level of performance

Advance competitive markets

Adapt and advance Exelon 2020

Exercise financial discipline and maintain financial flexibility

Rigorously evaluate and pursue new growth opportunities in clean

technologies and transmission

Build healthy, self-sustaining

delivery companies

Build the premier, enduring competitive generation company

State Regulation

Illinois Commerce Commission (ICC)

(www.icc.illinois.gov)

The ICC has five full-time members, each appointed by the Governor (currently Pat Quinn, Democrat; term began in January 2009 and ends in January 2015) and confirmed by the Illinois State Senate. The Commissioners serve for five-year, staggered terms. Under Illinois law, no more than three Commissioners may belong to the same political party. The Chairman is designated by the Governor.


Commissioner	Party Affiliation	Service Began	Term Ends	Professional Experience
Douglas P. Scott (Acting Chairman)^(a)	Democrat	3/11	1/14	Attorney; director of the Illinois Environmental
				Protection Agency; mayor of Rockford, IL;
				IL state representative
Sherman J. Elliott	Republican	1/08	1/12	Manager of State Regulatory Affairs for
				MISO; policy advisor to ICC Commissioners;
				ICC senior economist
Lula M. Ford	Democrat	1/03	1/13	Assistant superintendent, Chicago Public
				Schools; teacher; assistant director,
				Central Management Service
Erin O’Connell-Diaz	Republican	4/03	1/13	Attorney; ICC Administrative Law Judge;
				assistant attorney general
John T. Colgan (Acting)^(b)	Democrat	11/09	1/15	Member of Illinois Association of Community
				Action Agencies; executive director of the
				Illinois Hunger Coalition

(a) Approved by Senate Executive Committee but no action taken yet by full Senate.

(b) No action has been taken on this appointment.

ComEd Electric Distribution Rate Cases


($ in millions)	Date	Revenue Increase	Test Year	Rate Base	Overall Rate of Return	Return on Equity	Equity Ratio
ComEd Request	6/30/10	$343^(a)	2009	$7,349^(a)	8.98%^(a)	11.50%	47.28%^(a)

ComEd Request	10/17/07	$345^(b)	2006	$6,753^(b)	8.57%^(b)	10.75%	45.04%^(b)
ICC Order^(c)	9/10/08	$274	2006	$6,694	8.36%	10.30%	45.04%

ComEd Request	8/31/05	$317	2004	$6,187	8.94%	11.00%	54.20%
ICC Order	12/20/06	$83	2004	$5,521	8.01%	10.045%	42.86%


(a)		Reflects ComEd reply brief filed on February 23, 2011. Original rate request included a $396 million revenue increase. ComEd request does not reflect Appellate Court decision relating to depreciation reserve, which ComEd estimates would reduce the revenue requirement by $85 million. ICC decision is expected in May 2011.
(b)		Reflects ComEd surrebuttal testimony filed on April 21, 2008. Original rate request included a $361 million revenue increase.
(c)		On September 30, 2010, the Illinois Appellate Court issued a decision in the appeals related to the ICC’s order in ComEd’s 2007 electric distribution rate case. That decision ruled against ComEd on the treatment of post-test year accumulated depreciation. On November 18, 2010, the Court denied ComEd’s petition for rehearing, and on January 25, 2011, ComEd filed a Petition for Leave to Appeal to the Illinois Supreme Court.


ComEd – Average Total Residential Rate
($/MWh)
Year	Transmission		Distribution		Energy		Other^(a)		Total
2006		$ –		$ –	$	–	$	–	$	86.59^(b)
2007		3.47		30.40		71.76		1.98		107.61
2008		6.90		33.77		72.55		2.46		115.68
2009		6.94		39.29		67.77		3.02		117.02
2010		6.80		38.71		72.81		3.34		121.66

(a) Primarily includes taxes and environmental cost recovery and energy efficiency riders.

(b) Rates for services were bundled prior to 2007.

State Regulation

Pennsylvania Public Utility Commission (PUC)

(www.puc.state.pa.us)

The PUC has five full-time members, each appointed by the Governor (currently Tom Corbett, Republican; term began in January 2011 and ends in January 2015) and confirmed by the Pennsylvania State Senate. The Commissioners serve for five-year, staggered terms. Under Pennsylvania law, no more than three Commissioners may belong to the same political party as the Governor. The Chairman is designated by the Governor, and the Vice Chairman is selected by the PUC commissioners.


Commissioner	Party Affiliation	Service Began	Term Ends	Professional Experience
Robert F. Powelson (Chairman)	Republican	6/08	4/14	President/CEO of Chester County Chamber of Business and Industry; staff assistant to former U.S. Representative Curt Weldon (PA)
John F. Coleman Jr. (Vice Chairman)	Republican	6/10	4/12	President/CEO of Centre County Chamber of Business and Industry; Executive Director of the Jefferson County Department of Development
Tyrone J. Christy	Democrat	6/07	4/11	Executive at Americas Power Partners/ Armstrong Services; board member of Pennsylvania Energy Development Authority; vice chairman of PUC’s Independent Power Committee
Wayne E. Gardner	Democrat	6/08	4/13	Consultant in power generation technologies; executive at Franklin Fuel Cells, Inc.; executive at PECO Energy
James H. Cawley	Democrat	6/05	4/15	Attorney; majority counsel to the Pennsylvania Senate Consumer Affairs Committee

PECO Electric Distribution Rate Case

($ in millions)

Date

Revenue
Increase

Test Year

Rate Base

Overall Rate
of Return

Return on
Equity

Equity Ratio

PECO Request^(a)

3/31/10

$316

2010

$3,236

8.95%

11.75%

53.18%

PUC Order^(b)

12/16/10

$225

2010

n/a

PECO Gas Delivery Rate Cases

($ in millions)

Date

Revenue
Increase

Test Year

Rate Base

Overall Rate
of Return

Return on
Equity

Equity Ratio

PECO Request^(a)

3/31/10

$44

2010

$1,100

8.95%

11.75%

53.18%

PUC Order^(b)

12/16/10

$20

2010

n/a

PECO Request

3/31/08

$98

2008

$1,104

8.87%

11.50%

54.34%

PUC Order^(b)

10/23/08

$77

2008

n/a

(a) Per original filing.

(b) PUC approved a joint settlement; no allowed return was specified. Increase related to December 2010 order was effective January 1, 2011.

PECO Energy – Average Total Residential Rate


($/MWh) Year	Transmission		Distribution		Energy Efficiency Surcharge		CTC^(c)		Energy and Capacity		Total
2010		$5.10		$50.30		$2.90		$25.70		$62.60		$146.60
2011		6.90		58.40		4.70		–		84.00		154.00

Federal Regulation

Federal Energy Regulatory Commission (FERC)

(www.ferc.gov)

The FERC has five full-time members, each appointed by the President of the United States and confirmed by the U.S. Senate. The Commissioners serve for five-year, staggered terms. No more than three Commissioners may belong to the same political party. The Chairman is designated by the President.


Commissioner	Party Affiliation	Service Began	Term Ends	Professional Experience
Jon Wellinghoff (Chairman)	Democrat	7/06	6/13	Attorney, practice focused on energy law and utility regulation; staff advisor to several state utility commissions; Nevada State Consumer Advocate
Philip D. Moeller	Republican	7/06	6/15	Energy policy advisor to former U.S. Senator Slade Gorton (WA); staff coordinator for the WA State Senate Committee on Energy, Utilities and Telecommunications; Alliant Energy Corporation
Marc Spitzer	Republican	7/06	6/11	Attorney; Chair of the Arizona Corporation Commission; Arizona State Senator and Chair of the Judiciary and Finance Committees
John R. Norris	Democrat	1/10	6/12	Attorney; Chief of Staff to Secretary Tom Vilsack of the U.S. Department of Agriculture; Chairman of the Iowa Utilities Board; President of the Organization of MISO States
Cheryl A. LaFleur	Democrat	7/10	6/14	Attorney; executive vice president and acting CEO of National Grid USA; member of the NARUC Committees on Electricity and Critical Infrastructure

ComEd Electric Transmission Rate Cases


($ in millions)	Date	Revenue Adjustment	Test Year	Rate Base	Overall Rate of Return	Return on Equity	Equity Ratio
ComEd Update^(a)	5/16/10	$(24)	2009	$1,949	9.27%	11.50%	56%
			pro forma
ComEd Update^(b)	5/15/09	$(16)	2008	$1,986	9.43%	11.50%	57%
			pro forma
ComEd Update^(c)	5/15/08	$65	2007	$1,980	9.37%	11.50%	58%
			pro forma
FERC Order^(d)	1/08	$120^(e)	2005	$1,847	9.40%	11.50%^(f)	58%^(g)
			pro forma
ComEd Request	3/1/07	$147^(e)	2005	$1,898	9.87%	12.20%^(h)	58%
			pro forma

(a)	Annual update filing based on the formula rate; rate effective June 1, 2010 through May 31, 2011. The revenue requirement decrease primarily reflects lower O&M expenses and an increased true-up credit to the formula.

(b)	Annual update filing based on the formula rate; rate effective June 1, 2009 through May 31, 2010.

(c)	Annual update filing based on the formula rate; rate effective June 1, 2008 through May 31, 2009.

(d)	On January 16, 2008, FERC issued an order that approved ComEd’s proposal to implement a formula-based transmission rate, effective May 1, 2007.

On January 18, 2008, FERC issued an order on rehearing that approved incentive rate treatment for West Loop Phase II project, including a 1.50% ROE adder.

(e)	Year 1 increase.

(f)	FERC approved the 0.50% RTO adder. ROE is fixed and not subject to annual updating.

(g)	Equity cap of 58% for 2 years, declining to 55% by June 2011.

(h)	Reflects base ROE of 11.70% plus requested 0.50% adder for participation in a Regional Transmission Organization (RTO). Additionally, an incentive adder of 1.50% on major new projects was requested.

Exelon Corporation – Financial and Operating Highlights

For the Years ended December 31,


(in millions, except per share data and where indicated)	2010		2009		2008
Operating revenues		$18,644		$17,318		$18,859
Net income		$2,563		$2,707		$2,737
Electric deliveries (in GWhs)^(a)		130,778		124,828		131,282
Gas deliveries (in million cubic feet (mmcf))		87,744		84,309		83,734
Total available electric supply resources (MWs)		31,758		31,003		31,292
Cash flows from operating activities		$5,244		$6,094		$6,551
Capital expenditures		$3,326		$3,273		$3,117

Common Stock Data
Average common shares outstanding – diluted (in millions)		663		662		662
GAAP earnings per share (diluted)		$3.87		$4.09		$4.13
Adjusted (non-GAAP) operating earnings per share (diluted)		$4.06		$4.12		$4.20
Dividends paid per common share		$2.10		$2.10		$2.03

New York Stock Exchange common stock price (per share)
High		$49.88		$58.98		$92.13
Low		$37.24		$38.41		$41.23
Year end		$41.64		$48.87		$55.61

Book value per share		$20.49		$19.16		$16.78
Total market capitalization (year end)		$27,557		$32,244		$36,603
Common shares outstanding (year end)		661.8		659.8		658.2

(a)	One GWh is the equivalent of one million kilowatt hours (kWh).

Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Share to GAAP


	2010			2009			2008
GAAP Earnings per Diluted Share		$3.87			$4.09			$4.13
Mark-to-market impact of economic hedging activities		(0.08	)		(0.16	)		(0.41	)
Asset retirement obligation reduction		(0.01	)		(0.05	)		(0.02	)
Impact of the 2007 Illinois electric rate settlement		0.02			0.10			0.22
Costs associated with ComEd’s City of Chicago settlement		–			0.01			0.02
Resolution of tax matters at Generation related to Sithe Energies, Inc. (Sithe)		–			–			(0.03	)
External costs associated with the proposed aquisition of NRG Energy, Inc. (NRG)		–			0.03			0.02
Unrealized (gains) losses related to nuclear decommissioning trust (NDT) fund investments		(0.08	)		(0.19	)		0.27
Impairment of certain generating assets		–			0.20			–
2009 restructuring charges		–			0.03			–
Non-cash remeasurement of income tax uncertainties and reassessment of state deferred income taxes		0.10			(0.10	)		–
Costs associated with early debt retirements		–			0.11			–
Retirement of fossil generating units		0.08			0.05			–
Impairment of certain emissions allowances		0.05			–			–
John Deere Renewables, LLC (JDR) acquisition costs		0.01			–			–
Non-cash charge resulting from health care legistration		0.10			–			–
Adjusted (non-GAAP) Operating Earnings per Diluted Share		$4.06			$4.12			$4.20

Exelon Corporation – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)


	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009


(in millions, except per share data)	GAAP^(a)			Adjustments			Adjusted Non-GAAP			GAAP^(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$18,644			$25	^(c),(d)		$18,669			$17,318			$114	^(c),(d)		$17,432

Operating expenses
Purchased power		4,425			(3	)^(e)		4,422			3,215			94	^(e)		3,309
Fuel		2,010			32	^(e)(f)		2,042			2,066			87	^(e)		2,153
Operating and maintenance		4,453			(4	)^(g),(h)^,^(i),(j)		4,449			4,612			(265	)^(c),(h)^,^{(i),(j),(m),(n)}		4,347
Operating and maintenance for regulatory required programs^(b)		147			–			147			63			–			63
Depreciation and amortization		2,075			(80	)^(h)		1,995			1,834			(32	)^(h)		1,802
Taxes other than income		808			–			808			778			–			778

Total operating expenses		13,918			(55	)		13,863			12,568			(116	)		12,452


Operating income		4,726			80			4,806			4,750			230			4,980


Other income and deductions
Interest expense, net		(817	)		103	^(k)		(714	)		(731	)		12	^(k),(o)		(719	)
Loss in equity method investments		–			–			–			(27	)		–			(27	)
Other, net		312			(153	)^(k),(l)		159			427			(324	)^(k),(l),(o)		103

Total other income and deductions		(505	)		(50	)		(555	)		(331	)		(312	)		(643	)


Income before income taxes		4,221			30			4,251			4,419			(82	)		4,337

Income taxes		1,658			(96	)^{(c),(d),(e),(f),(g)}		1,562			1,712			(98	)^{(c),(d),(e),(h),(i),(j),}		1,614
						^{(h),(i),(j),(k),(l)}									^{(k),(l),(m),(n),(o)}

Net income		$2,563			$126			$2,689			$2,707			16			$2,723


Effective tax rate		39.3	%					36.7	%		38.7	%					37.2	%

Earnings per average common share
Basic		$3.88			$0.19			$4.07			$4.10			$0.03			$4.13
Diluted		$3.87			$0.19			$4.06			$4.09			$0.03			$4.12


Average common shares outstanding
Basic		661						661			659						659
Diluted		663						663			662						662


(a)		Results reported in accordance with accounting principles generally accepted in the United States (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 costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.
(e)		Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.
(f)		Adjustment to exclude a non-cash charge for the impairment of certain SO2 emission allowances as a result of declining market prices since the release of the EPA’s proposed Transport Rule in the third quarter of 2010.
(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 costs associated with the planned retirement of fossil generating units.
(i)		Adjustment to exclude external costs associated with Exelon’s acquisition of JDR (now known as Exelon Wind) and the proposed acquisition of NRG, which was terminated in July 2009.
(j)		Adjustment to exclude a decrease in 2010 in ComEd and PECO’s asset retirement obligations and a decrease in 2009 in Generation’s decomissioning obligation.
(k)		Adjustment to exclude 2010 and 2009 remeasurements of income tax uncertainties and a 2009 change in state deferred income taxes.
(l)		Adjustment to exclude unrealized gains in 2010 and 2009 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.
(m)		Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.
(n)		Adjustment to exclude a non-cash charge for the impairment of certain of Generation’s Texas plants.
(o)		Adjustment to exclude costs associated with early debt retirements.

Exelon Generation Company – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)


	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009


(in millions)	GAAP^(a)			Adjustments			Adjusted Non-GAAP			GAAP^(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$10,025			$21	^(b)		$10,046			$9,703			$98	^(b)		$9,801

Operating expenses
Purchased power		1,853			(3	)^(c)		1,850			1,338			94	^(c)		1,432
Fuel		1,610			32	^(c),(d)		1,642			1,594			87	^(c)		1,681
Operating and maintenance		2,812			(18	)^(e),(f),(g)		2,794			2,938			(207	)^{(f),(j),(k),(l)}		2,731
Depreciation and amortization		474			(80	)^(f)		394			333			(32	)^(f)		301
Taxes other than income		230			–			230			205			–			205

Total operating expenses		6,979			(69	)		6,910			6,408			(58	)		6,350


Operating income		3,046			90			3,136			3,295			156			3,451


Other income and deductions
Interest expense, net		(153	)		–			(153	)		(113	)		2	^(m)		(111	)
Loss in equity method investments		–			–			–			(3	)		–			(3	)
Other, net		257			(155	)^(h)		102			376			(320	)^(h),(m),(n)		56

Total other income and deductions		104			(155	)		(51	)		260			(318	)		(58	)


Income before income taxes		3,150			(65	)		3,085			3,555			(162	)		3,393

Income taxes		1,178			(21	)^{(b),(c),(d),(e)}^,		1,157			1,433			(132	)^{(b),(c),(f),(h),(j),}		1,301
						^{(f),(g),(h),(i)}									^{(k),(l),(m),(n)}

Net income		$1,972			$(44	)		$1,928			$2,122			(30	)		$2,092


(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 a non-cash charge for the impairment of certain SO2 emission allowances as a result of declining market prices since the release of the EPA’s proposed Transport Rule in the third quarter of 2010.
(e)		Adjustment to exclude costs associated with Exelon’s acquisition of JDR (now known as Exelon Wind).
(f)		Adjustment to exclude costs associated with the planned retirement of fossil generating units.
(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 unrealized gains in 2010 and 2009 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.
(i)		Adjustment to exclude a 2010 remeasurement of income tax uncertainties.
(j)		Adjustment to exclude a decrease in 2009 in Generation’s decommissioning obligation.
(k)		Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.
(l)		Adjustment to exclude a non-cash charge for the impairment of certain of Generation’s Texas plants.
(m)		Adjustment to exclude costs associated with early debt retirements.
(n)		Adjustment to exclude a change in state deferred income taxes.

Commonwealth Edison Company – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)


	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009


(in millions)	GAAP^(a)			Adjustments			Adjusted Non-GAAP			GAAP^(a)			Adjustments			Adjusted Non-GAAP
Operating revenues		$6,204			$4	^(c),(d)		$6,208			$5,774			$16	^(c),(d)		$5,790

Operating expenses
Purchased power		3,307			–			3,307			3,065			–			3,065
Operating and maintenance		975			7	^(e),(f)		982			1,028			(20	)^(c),(h)		1,008
Operating and maintenance for regulatory required programs^(b)		94						94			63			–			63
Depreciation and amortization		516			–			516			494			–			494
Taxes other than income		256			–			256			281			–			281

Total operating expenses		5,148			7			5,155			4,931			(20	)		4,911


Operating income		1,056			(3	)		1,053			843			36			879


Other income and deductions
Interest expense, net		(386	)		59	^(g)		(327	)		(319	)		(6	)^(g)		(325	)
Other, net		24			–			24			79			(60	)^(g)		19

Total other income and deductions		(362	)		59			(303	)		(240	)		(66	)		(306	)


Income before income taxes		694			56			750			603			(30	)		573

Income taxes		357			(59	)^{(c),(d),(e),(f),(g)}		298			229			(12	)^{(c),(d),(g),(h)}		217

Net income		$337			$115			$452			$374			$(18	)		$356


(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.
(c)		Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.
(d)		Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.
(e)		Adjustment to exclude a decrease in 2010 in ComEd’s asset retirement obligation.
(f)		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.
(g)		Adjustment to exclude 2010 and 2009 remeasurements of income tax uncertainties.
(h)		Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.

PECO Energy Company – Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Consolidated Statements of Operations (unaudited)


	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009


(in millions)	GAAP^(a)			Adjustments			Adjusted Non-GAAP			GAAP^(a)			Adjustments			Adjusted Non-GAAP

Operating revenues		$5,519			$–			$5,519			$5,311			$–			$5,311

Operating expenses
Purchased power		2,361			–			2,361			2,274			–			2,274
Fuel		401			–			401			472			–			472
Operating and maintenance		680			(1	)^(c),(d)		679			640			(3	)^(f)		637
Operating and maintenance for regulatory required programs^(b)		53			–			53			–			–			–
Depreciation and amortization		1,060			–			1,060			952			–			952
Taxes other than income		303			–			303			276			–			276

Total operating expenses		4,858			(1	)		4,857			4,614			(3	)		4,611


Operating income		661			1			662			697			3			700


Other income and deductions
Interest expense, net		(193	)		36	^(e)		(157	)		(187	)		–			(187	)
Equity in losses of unconsolidated affiliates		–			–			–			(24	)		–			(24	)
Other, net		8			2	^(e)		10			13			–			13

Total other income and deductions		(185	)		38			(147	)		(198	)		–			(198	)


Income before income taxes		476			39			515			499			3			502

Income taxes		152			8	^(c),(d),(e)		160			146			2	^(f)		148

Net income		$324			$31			$355			$353			$1			$354


(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.
(c)		Adjustment to exclude a decrease in 2010 in PECO’s asset retirement obligation.
(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.
(e)		Adjustment to exclude a 2010 remeasurement of income tax uncertainties.
(f)		Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.

Exelon and Operating Companies – Capital Structure and Capitalization Ratios


(at December 31)	2010					2009							2008


Exelon (consolidated)		(in millions	)	(in percent	)		(in millions	)	(in percent	)	(in percent	)^(a)		(in millions	)	(in percent	)	(in percent	)^(a)
Total Debt		$12,828		48.4			$12,594		49.7		48.9			$13,151		54.1		51.9
Preferred Securities of Subsidiaries		87		0.3			87		0.3		0.3			87		0.4		0.4
Total Equity		13,563		51.2			12,640		49.9		50.8			11,047		45.5		47.7

Total Capitalization		$26,478					$25,321							$24,285

Transition Debt		$–					$415							$1,124

Exelon Generation
Total Debt		$3,679		33.9			$2,993		30.6					$2,514		27.7
Total Equity		7,177		66.1			6,792		69.4					6,566		72.3

Total Capitalization		$10,856					$9,785							$9,080


ComEd
Total Debt		$5,207		43.0			$5,072		42.4					$4,992		42.6
Total Shareholders’ Equity		6,910		57.0			6,882		57.6					6,735		57.4

Total Capitalization		$12,117					$11,954							$11,727


PECO Energy
Total Debt^(b)		$2,631		47.0			$2,820		51.5		47.6			$3,374		59.8		49.8
Preferred Securities		87		1.6			87		1.6		1.7			87		1.5		1.9
Total Shareholders’ Equity		2,883		51.5			2,565		46.9		50.7			2,182		38.7		48.3

Total Capitalization		$5,601					$5,472							$5,643

Transition Debt		$–					$415							$1,124

(a) Excluding PECO transition debt.

(b) Includes PECO’s accounts receivable agreement at December 31, 2010 of $225 million, which is classified as a short-term note payable.

Note: Numbers may not add due to rounding.

Credit Ratings as of March 31, 2011

Moody’s Investors
Service

^(a)

Standard & Poor’s
Corporation

^(a)

Fitch Ratings

^(a)

Exelon Corporation

Senior Unsecured Debt

Baa1

BBB-

BBB+

Commercial Paper

Exelon Generation

Senior Unsecured Debt

BBB

BBB+

Commercial Paper

ComEd

Senior Secured Debt

Baa1

A-

BBB+

Senior Unsecured Debt

Baa3

BBB

Commercial Paper

PECO Energy

Senior Secured Debt

A-

Senior Unsecured Debt

not rated

A-

Commercial Paper

(a) Rating outlook for all entities is stable.

Exelon Corporate – Long-Term Debt Outstanding as of December 31, 2010

Series

Interest
Rate

Date
Issued

Maturity
Date

Total Debt
Outstanding

Current
Portion

Long-Term
Debt

(in millions)

Senior Notes

2005 Senior Notes

4.90

6/9/05

6/15/15

$800

$–

$800

2005 Senior Notes

5.625

6/9/05

6/15/35

500

–

500

Total Senior Notes

$1,300

$–

$1,300

Unamortized Debt Disc. & Prem. & Fair Value Hedge Carrying Value Adj., Net

–

Total Long-Term Debt

$1,313

$–

$1,313


Maturities
2011	$	–	2014		–
2012		–	2015	$	800
2013		–

Exelon Generation – Long-Term Debt Outstanding as of December 31, 2010


Series	Interest Rate			Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
Senior Notes
2003 Senior Unsecured Notes		5.35	%		12/19/03		1/15/14		$500			$–		$500
2007 Senior Unsecured Notes		6.20	%		9/28/07		10/1/17		700			–		700
2009 Senior Unsecured Notes		5.20	%		9/23/09		10/1/19		600			–		600
2010 Senior Unsecured Notes		4.00	%		9/30/10		10/1/20		550			–		550
2009 Senior Unsecured Notes		6.25	%		9/23/09		10/1/39		900			–		900
2010 Senior Unsecured Notes		5.75	%		9/30/10		10/1/41		350			–		350
Exelon Wind		2.00	%		12/10/10		7/31/17		0			0		0
Exelon Wind		2.00	%		12/10/10		7/31/17		1			0		1

Total Senior Notes									$3,602			$0		$3,602


Unsecured Pollution Control Notes
Armstrong Co. 2009 A		5.00	%		6/3/09		12/1/42		46			–		46

Total Unsec. Pollution Control Notes									$46			$–		$46


Notes Payable
Capital Leases									$36			$3		$33

Unamortized Debt Discount & Premium, Net									(5	)		–		(5	)

Total Long-Term Debt									$3,679			$3		$3,676


Maturities
2011	$	3	2014		503
2012		3	2015	$	3
2013		3

Note: Amounts may not add due to rounding.

ComEd – Long-Term Debt Outstanding as of December 31, 2010


Series	Interest Rate		Date Issued		Maturity Date		Total Debt Outstanding			Current Portion		Long-Term Debt
(in millions)
First Mortgage Bonds
105		5.40%		12/19/06		12/15/11		$345			$345		$–
98		6.15%		3/13/02		3/15/12		450			–		450
92		7.625%		4/15/93		4/15/13		125			–		125
94		7.50%		7/1/93		7/1/13		127			–		127
Pollution Control-1994C		5.85%		1/15/94		1/15/14		17			–		17
101		4.70%		4/7/03		4/15/15		260			–		260
104		5.95%		8/28/06		8/15/16		415			–		415
IL Fin. Authority Series 2008 F		var. rate		5/9/08		3/1/17		91			–		91
106		6.15%		9/10/07		9/15/17		425			–		425
108		5.80%		3/27/08		3/15/18		700			–		700
IL Fin. Authority Series 2008 D		var. rate		5/9/08		3/1/20		50			–		50
109		4.00%		8/2/10		8/1/20		500			–		500
IL Fin. Authority Series 2008 E		var. rate		6/27/08		5/1/21		50			–		50
100		5.875%		1/22/03		2/1/33		254			–		254
103		5.90%		3/6/06		3/15/36		625			–		625
107		6.45%		1/16/08		1/15/38		450			–		450

Total First Mortgage Bonds								$4,883			$345		$4,538


Sinking Fund Debentures
Sinking Fund Debenture		4.75%		12/1/61		12/1/11		2			2		–

Total Sinking Fund Debentures								$2			$2		$–


Notes Payable
Notes Payable		6.95%		7/16/98		7/15/18		140			–		140

Total Notes Payable								$140			$–		$140


Long-Term Debt To Financing Trusts
Subordinated Debentures to ComEd Financing III		6.35%		3/17/03		3/15/33		206			–		206

Total Long-Term Debt to Financing Trusts								$206			$–		$206

Unamortized Debt Disc. & Prem., Net								(24	)		–		(24	)

Total Long-Term Debt								$5,207			$347		$4,860


Maturities
2011	$	347
2012		450
2013		252
2014		17
2015	$	260

Note: Amounts may not add due to rounding.

PECO Energy – Long-Term Debt Outstanding as of December 31, 2010

Series

Interest
Rate

Date
Issued

Maturity
Date

Total Debt
Outstanding

Current
Portion

Long-Term
Debt

(in millions)

First Mortgage Bonds

FMB

5.95%

11/1/01

11/1/11

$250

$–

FMB

4.75%

9/23/02

10/1/12

225

–

225

FMB

5.60%

10/2/08

10/15/13

300

–

300

FMB

5.00%

3/26/09

10/1/14

250

–

250

FMB

5.35%

3/3/08

3/1/18

500

–

500

FMB

5.90%

4/23/04

5/1/34

–

FMB

5.95%

9/25/06

10/1/36

300

–

300

FMB

5.70%

3/19/07

3/15/37

175

–

175

Total First Mortgage Bonds

$2,075

$250

$1,825

Mortgage-Backed Pollution Control Notes

Delaware Co. 2008 Ser. A

4.00%

3/5/08

12/1/12

150

–

150

Total Mortgage-Backed Pollution Control Notes

$150

$–

$150

Long-Term Debt to Financing Trusts

PECO Energy Capital Trust III

7.38%

4/6/98

4/6/28

–

PECO Energy Capital Trust IV

5.75%

6/24/03

6/15/33

103

–

103

Total Long-Term Debt to Financing Trusts

$184

$–

$184

Unamortized Debt Discount & Premium, Net

)

–

)

Total Long-Term Debt

$2,406

$250

$2,156

(a) PETT = PECO Energy Transition Trust


Maturities
2011			$250
2012			375
2013			300
2014			250
2015			$–

Exelon and Operating Companies – Credit Facilities and Commercial Paper as of December 31, 2010


	Generation			ComEd			PECO			Exelon Corporate			Total
(in millions)
Unsecured Revolving Credit Facilities^(a),(b)		$4,834			$1,000			$574			$957			$7,365
Outstanding Facility Draws		–			–			–			–			–
Outstanding Letters of Credit		(214	)		(196	)		(1	)		(7	)		(418	)

Available Capacity under Facilities^(c)		4,620			804			573			950			6,947
Outstanding Commercial Paper		–			–			–			–			–

Available Capacity less Outstanding Comm. Paper		$4,620			$804			$573			$950			$6,947

(a)

Equals aggregate bank commitments under revolving credit agreements. On March 23, 2011, Exelon Corporate, Generation and PECO replaced their unsecured revolving credit facilities with new facilities with aggregate bank commitments of $500 million, $5.3 billion and $600 million, respectively. These credit facilities expire on March 23, 2016, unless extended. ComEd’s facility extends to March 25, 2013.

(b)

Excludes additional credit facility agreements for Generation, ComEd and PECO with aggregate commitments of $30 million, $32 million and $32 million, respectively, arranged with minority and community banks. These facilities expire on October 21, 2011 and are solely for issuing letters of credit, which totaled $11 million, $26 million and $20 million for Generation, ComEd and PECO, respectively, as of December 31, 2010.

(c)	Represents unused bank commitments under the borrower’s credit agreements net of outstanding letters of credit and credit facility draws. The amount of commercial paper outstanding does not reduce the available capacity under the credit agreements.

Exelon Service Area and Selected Generating Assets^(a)

LOGO

Illinois

Pennsylvania

2010 Exelon Generation – Ownership Equity

Exelon Corporate HQ

Exelon Power Team HQ

ComEd HQ

Exelon Power HQ

Output in

Capacity in

Exelon Nuclear HQ

Exelon Generation HQ

Megawatt Hours (MWh)

Megawatts (MW)

Braidwood (N)

PECO HQ

Nuclear

92.9%

66.5%

Byron (N)

Conemaugh (F)

Coal

5.1%

5.6%

Clinton (N)

Cromby (F)

Oil

0.1%

7.7%

Dresden (N)

Eddystone (F)

Gas

0.9%

10.6%

LaSalle (N)

Fairless Hills (R)

Hydro/Renewables

1.0%

9.6%

Quad Cities (N)

Keystone (F)

Southeast Chicago (F)

Limerick (N)

City Solar (R)

Muddy Run (R)

Peach Bottom (N)

Maine

Schuylkill (F)

(a) Owned generating capacity in service at December 31, 2010, excluding long-term contracts. Map does not show 8 sites in the Philadelphia area where Exelon has peaking combustion turbines.

(b) Refer to page 21 for a detailed list of Exelon Wind facilities and locations.

Wyman (F)

Three Mile Island (N)

Texas

Maryland

Conowingo (R)

Handley (F)

LaPorte (F)

Massachusetts

Mountain Creek (F)

Framingham (F)

New Boston (F)

West Medway (F)

New Jersey

Oyster Creek (N)

Salem (N)

Exelon Generation – Generating Resources

Sources of Electric Supply^(a)



(GWhs)	2010		2009		2008
Nuclear units		140,010		139,670		139,342
Purchases – non-trading portfolio^(b)		21,062		23,206		26,263
Fossil, renewable and hydroelectric units		10,717		10,189		10,569
Total supply		171,789		173,065		176,174

Type of Capacity

(MWs) At December 31,		2010		2009		2008
Owned generation assets
Nuclear		17,047		17,009		16,983
Fossil		6,189		6,189		6,184
Hydroelectric and renewable		2,383		1,652		1,642
Owned generation assets		25,619		24,850		24,809
Long-term contracts		6,139		6,153		6,483
Total generating resources		31,758		31,003		31,292

(a) Represents Generation’s proportionate share of the output of its generating plants.

(b) Reflects all power purchased under long-term contracts.

Long-Term Contracts

(At December 31, 2010)

ISO Region

Dispatch Type

Location

Seller

Fuel Type

Delivery Term

Capacity (MW)

PJM

Base-load

Kincaid, IL

Kincaid Generation, LLC

Coal

1998 – 2013

1,108

SERC

Peaking

Franklin, GA

Tenaska Georgia Partners, LP^(a)

Oil/Gas

2001 – 2030

945

ERCOT

Intermediate

Shiro, TX

Tenaska Frontier Partners, Ltd.

Oil/Gas

2000 – 2020

830

SPP

Intermediate

Jenks, OK

Green Country Energy, LLC^(b)

Oil/Gas

2002 – 2022

778

PJM

Peaking

Elwood, IL

Elwood Energy, LLC

Oil/Gas

2001 – 2012

775

PJM

Peaking

Manhattan, IL

Lincoln Generating Facility, LLC

Oil/Gas

2003 – 2011

664

ERCOT

Intermediate

Granbury, TX

Wolf Hollow 1, LP

Oil/Gas

2003 – 2023

350

PJM

Base-load

McLean, IL

Old Trail Windfarm, LLC

Wind

2008 – 2026

198

PJM

Intermediate

Philadelphia, PA

Trigen-Philadelphia Energy Corp.

Oil/Gas

1997 – 2017

150

PJM

Peaking

Morris, IL

Morris Cogeneration, LLC

Oil/Gas

2001 – 2011

100

PJM

Base-load

Thomas, WV

NextEra Energy Resources, LLC

Wind

2002 – 2022

PJM

Base-load

Wayne County, PA

NextEra Energy Resources, LLC

Wind

2003 – 2023

PJM

Peaking

Kincaid, IL

Kincaid Generation, LLC

Coal

2001 – 2013

PJM

NUG

W. Conshohocken, PA

Montenay Montgomery, LP

Municipal waste

1991 – 2011

PJM

Base-load

Mill Run, PA

NextEra Energy Resources, LLC

Wind

2001 – 2021

PJM

Base-load

Somerset, PA

NextEra Energy Resources, LLC

Wind

2001 – 2021

PJM

Base-load

Bellefontaine, OH

Bellefontaine Gas Producers, LLC

Landfill gas

2009 – 2018

PJM

Peaking

Morrisville, PA

Epuron LLC

Solar

2008 – 2028

Total

6,139

ISO = Independent System Operator

NUG = Non-utility generator

(a)	Generation has sold its rights to 945 MW of capacity, energy, and ancillary services supplied from its existing long-term contract with Tenaska Georgia Partners, LP through a PPA with Georgia Power, a subsidiary of Southern Company, for a 20-year period that began on June 1, 2010.

(b)

Commencing June 1, 2012 and lasting for 10 years, Generation has agreed to sell its rights to 520 MW, or approximately two-thirds, of capacity, energy, and ancillary services supplied from its existing long-term contract with Green Country Energy, LLC through a PPA with Public Service Company of Oklahoma, a subsidiary of American Electric Power Company, Inc.

Exelon Generation – Nuclear Generating Capacity

Exelon Nuclear Fleet^(a)

(At December 31, 2010)

Station

Net Annual

of Units

Location

Water Body

Plant

Type

NSSS

Vendor

Net Annual

Mean Rating (MW)

Ownership

Braidwood

Braidwood, IL

Kankakee River

PWR

1,194/1,166

100%

Byron

Byron, IL

Rock River

PWR

1,183/1,153

100%

Clinton

Clinton, IL

Clinton Lake

BWR

1,067

100%

Dresden

Morris, IL

Kankakee River

BWR

880/871

100%

LaSalle

Seneca, IL

Illinois River

BWR

1,136/1,150

100%

Limerick

Limerick Township, PA

Schuylkill River^(f)

BWR

1,144/1,145

100%

Oyster Creek

Forked River, NJ

Barnegat Bay

BWR

625

100%

Peach Bottom

Peach Bottom Township, PA Susquehanna River

BWR

1,148/1,148

50% Exelon,

50% PSEG Nuclear

Quad Cities

Cordova, IL

Mississippi River

BWR

883/910

75% Exelon

25% Mid-American
Energy Holdings

Three Mile Island

Londonberry Township, PA

Susquehanna River

PWR

B&W

837

100%

Total

17,642

16,044 MW owned

Average in-service time = 30 years

Note: Fleet also includes 4 shutdown units: Peach Bottom 1, Dresden 1, Zion 1 and 2.


(a)		Does not include Exelon Generation’s 42.59%, 1,003 MW, interest in Salem Units 1 and 2 (PWRs). Last refueling outages: Salem Unit 1 completed April 2010 and Unit 2 completed November 2009 (18-month cycle). 2010 capacity and generation data is at ownership. Salem located in Hancock’s Bridge, NJ on the Delaware Estuary and has an open cooling water system.
(b)		Open — a system that circulates water withdrawn from the environment, returning it, albeit at a higher temperature, to its source. Closed — a system that recirculates cooling water with waste heat dissipated to the atmosphere through evaporation.
(c)		Dry cask storage will be in operation at all sites prior to the closing of on-site storage pools.
(d)		18-month refueling cycle.
(e)		24-month refueling cycle.
(f)		Supplemented with water from the Wadesville Mine Pool and the Still Creek Reservoir at Tamaqua via the Schuylkill River, and the Delaware River via the Bradshaw Reservoir and Perkiomen Creek.
(g)		On December 8, 2010, Generation announced that it will permanently cease generation operation at Oyster Creek by December 31, 2019.


Notes:		PWR = pressurized water reactor; BWR = boiling water reactor
		NSSS Vendor = Nuclear Steam Supply System Vendor
		Amounts may not add due to rounding.

Nuclear Operating Data


	2010		2009		2008
Fleet capacity factor^(a)		93.9%		93.6%		93.9%
Fleet production cost per MWh^(a)		$17.31		$16.07		$15.87

Refueling Outages – 2010

– Conducted 9 refueling outages^(a)

– Average refueling outage duration: 26 days^(a)

Net Generation – 2010

– GWhs, excluding Salem 132,032

– GWhs, including Salem 140,010

Refueling Outages (including Salem)

2010: 10 actual

2011: 12 planned

2012: 10 planned

2013: 10 planned

2014: 11 planned

2015: 11 planned

(a) Excludes Salem; Salem Unit 1 and Unit 2 capacity factors in 2010 were 85.3% and 96.9%, respectively.

Exelon Generation – Nuclear Generating Capacity

Station

Start

Date

License
Expires

Cooling Water
System^(b)

Spent Fuel Pool
Capacity
Reached^(c)

Last Refueling
Completed

by Unit

2010
Generation (GWh)

Braidwood

1988

2026/2027

Closed

2012

Nov-10/Oct-09^(d)

19,200

(dedicated pond)

Byron

1985/1987

2024/2026

Closed

Dry cask storage

Oct-09/May-10^(d)

19,856

Clinton

1987

2026

Closed

2018

Feb-10^(e)

8,614

Dresden

1970/1971

2029/2031

Open

Dry cask storage

Dec-09/Nov-10^(e)

14,593

LaSalle

1984

2022/2023

Closed

Dry cask storage

Mar-10/Mar-11^(e)

19,133

Limerick

1986/1990

2024/2029

Closed

Dry cask storage

Apr-10/Apr-09^(e)

18,926

Oyster Creek

1969

2029^(g)

Open

Dry cask storage

Dec-10^(e)

4,602

Peach Bottom

1974

2033/2034

Open

Dry cask storage

Oct-10/Oct-09^(e)

9,378

Quad Cities

1973

2032/2032

Open

Dry cask storage

May-09/Apr-10^(e)

11,097

Three Mile Island

1974

2034

Closed

2023

Jan-10^(e)

6,634

Total

132,032

Exelon Generation – Total Electric Generating Capacity

Owned net electric generating capacity by station at December 31, 2010:

Base-load units are plants that normally operate to take all or part of the minimum continuous load of a system, and consequently produce electricity at an essentially constant rate. Intermediate units are plants that normally operate to take load of a system during the daytime higher load hours, and consequently produce electricity by cycling on and off daily. Peaking units consist of low-efficiency, quick response steam units, gas turbines, diesels, and pumped-storage hydroelectric equipment normally used during the maximum load periods.

Station

Location

Number

of Units

Percent

Owned

^(a)

Primary

Fuel Type

Primary

Dispatch

Type

Net

Generation
Capacity

(MW)

^(b)

Nuclear

Braidwood

Braidwood, IL

Uranium

Base-load

2,360

Byron

Byron, IL

Uranium

Base-load

2,336

Clinton

Clinton, IL

Uranium

Base-load

1,067

Dresden

Morris, IL

Uranium

Base-load

1,751

LaSalle

Seneca, IL

Uranium

Base-load

2,286

Limerick

Limerick Twp., PA

Uranium

Base-load

2,289

Oyster Creek

Forked River, NJ

Uranium

Base-load

625

^(c)

Peach Bottom

Peach Bottom Twp., PA

50.00

Uranium

Base-load

1,148

^(d)

Quad Cities

Cordova, IL

75.00

Uranium

Base-load

1,345

^(d)

Salem

Hancock’s Bridge, NJ

42.59

Uranium

Base-load

1,003

^(d)

Three Mile Island

Londonderry Twp, PA

Uranium

Base-load

837

17,047

Fossil (Steam Turbines)

Conemaugh

New Florence, PA

20.72

Coal

Base-load

352

^(d)

Cromby 1

Phoenixville, PA

Coal

Intermediate

144

^(e)

Cromby 2

Phoenixville, PA

Oil/Gas

Intermediate

201

^(e)

Eddystone 1, 2

Eddystone, PA

Coal

Intermediate

588

^(e)

Eddystone 3, 4

Eddystone, PA

Oil/Gas

Intermediate

760

Fairless Hills

Falls Twp, PA

Landfill Gas

Peaking

Handley 4, 5

Fort Worth, TX

Gas

Peaking

870

Handley 3

Fort Worth, TX

Gas

Intermediate

395

Keystone

Shelocta, PA

20.99

Coal

Base-load

357

^(d)

Mountain Creek 6, 7

Dallas, TX

Gas

Peaking

240

Mountain Creek 8

Dallas, TX

Gas

Intermediate

565

Schuylkill

Philadelphia, PA

Oil

Peaking

166

Wyman

Yarmouth, ME

5.89

Oil

Intermediate

^(d)

4,734

Fossil (Combustion Turbines)

Chester

Chester, PA

Oil

Peaking

Croydon

Bristol Twp., PA

Oil

Peaking

391

Delaware

Philadelphia, PA

Oil

Peaking

Eddystone

Eddystone, PA

Oil

Peaking

Falls

Falls Twp., PA

Oil

Peaking

Framingham

Framingham, MA

Oil

Peaking

LaPorte

Laporte, TX

Gas

Peaking

152

Medway

West Medway, MA

Oil/Gas

Peaking

105

Moser

Lower Pottsgrove Twp., PA

Oil

Peaking

New Boston

South Boston, MA

Oil

Peaking

Pennsbury

Falls Twp., PA

Landfill Gas

Peaking

Richmond

Philadelphia, PA

Oil

Peaking

Salem

Hancock’s Bridge, NJ

42.59

Oil

Peaking

^(d)

Schuylkill

Philadelphia, PA

Oil

Peaking

Southeast Chicago

Chicago, IL

Gas

Peaking

296

Southwark

Philadelphia, PA

Oil

Peaking

1,442

Exelon Generation – Total Electric Generating Supply

(continued)

Owned net electric generating capacity by station at December 31, 2010:

Station

Location

Number

of Units

Percent

Owned

^(a)

Primary

Fuel Type

Primary

Dispatch

Type

Net

Generation
Capacity

(MW)

^(b)

Fossil (Internal Combustion/Diesel)

Conemaugh

New Florence, PA

20.72

Oil

Peaking

^(d)

Cromby

Phoenixville, PA

Oil

Peaking

Delaware

Philadelphia, PA

Oil

Peaking

Keystone

Shelocta, PA

20.99

Oil

Peaking

^(d)

Schuylkill

Philadelphia, PA

Oil

Peaking

Hydroelectric and Renewable^(f)

AgriWind

Bureau Co., IL

Wind

Base-load

^(d)

Blue Breezes

Faribault Co., MN

Wind

Base-load

Bluegrass Ridge

Gentry Co., MO

Wind

Base-load

^(d)

Brewster

Jackson Co., MN

94-99

Wind

Base-load

^(d)

Cassia

Twin Falls Co., ID

Wind

Base-load

Cisco

Jackson Co., MN

Wind

Base-load

^(d)

City Solar

Chicago, IL

n.a.

Solar

Base-load

Conception

Nodaway Co., MO

Wind

Base-load

Conowingo

Harford Co., MD

Hydroelectric

Base-load

572

Cow Branch

Atchinson Co., MO

Wind

Base-load

Cowell

Pipestone Co., MN

Wind

Base-load

^(d)

CP Windfarm

Faribault Co., MN

Wind

Base-load

Echo 1

Umatilla Co., OR

Wind

Base-load

^(d)

Echo 2

Morrow Co., OR

Wind

Base-load

Echo 3

Morrow Co., OR

Wind

Base-load

^(d)

Ewington

Jackson Co., MN

Wind

Base-load

^(d)

Greensburg

Kiowa Co., KS

Wind

Base-load

Harvest

Huron Co., MI

Wind

Base-load

High Plains

Moore Co., TX

99.5

Wind

Base-load

^(d)

Exelon Wind 1

Hansford Co., TX

Wind

Base-load

Exelon Wind 2

Hansford Co., TX

Wind

Base-load

Exelon Wind 3

Hansford Co., TX

Wind

Base-load

Exelon Wind 4

Hansford Co., TX

Wind

Base-load

Exelon Wind 5

Sherman Co., TX

Wind

Base-load

Exelon Wind 6

Sherman Co., TX

Wind

Base-load

Exelon Wind 7

Moore Co., TX

Wind

Base-load

Exelon Wind 8

Moore Co., TX

Wind

Base-load

Exelon Wind 9

Moore Co., TX

Wind

Base-load

Exelon Wind 10

Moore Co., TX

Wind

Base-load

Exelon Wind 11

Moore Co., TX

Wind

Base-load

Loess Hills

Atchinson Co., MO

Wind

Base-load

Marshall

Lyon Co., MN

98-99

Wind

Base-load

^(d)

Michigan Wind

Bingham Twp., MI

Wind

Base-load

Mountain Home

Elmore Co., ID

Wind

Base-load

Muddy Run

Lancaster, PA

Hydroelectric

Intermediate

1,070

Norgaard

Lincoln Co., MN

Wind

Base-load

^(d)

Threemile Canyon

Morrow Co., OR

Wind

Base-load

Tuana Springs

Twin Falls Co., ID

Wind

Base-load

Wolf

Nobles Co., MN

Wind

Base-load

^(d)

2,383

Total

25,619


(a)		100%, unless otherwise indicated.
(b)		For nuclear stations, capacity reflects the annual mean rating. All other stations reflect a summer rating.
(c)		On December 8, 2010, Generation announced that it will permanently cease generation operation at Oyster Creek by December 31, 2019.
(d)		Net generation capacity is stated at proportionate ownership share.
(e)		On December 2, 2009, Generation announced its intention to permanently retire four of its fossil-fired generating units. Cromby 1 and Eddystone 1 scheduled to retire effective May 31, 2011. Cromby 2 and Eddystone 2 scheduled to retire effective December 31, 2011 and June 1, 2012, respectively.
(f)		Includes Exelon Wind assets acquired on December 9, 2010.

Fossil Emissions and Reduction Technology Summary

Owned generation as of December 31, 2010. Table does not include station auxiliary

equipment or peaking combustion turbines.


			Net Generation Available for Sale (GWh)

Fossil Station (Location) / Water Body	Capacity (MW, Summer Rating)		2010		2009		2008

Conemaugh (New Florence, PA) / Conemaugh River Units: 2 coal units (baseload) Data reflects Exelon Generation’s 20.72% plant ownership.		352		2,519		2,517		2,376

Cromby^(a)(Phoenixville, PA) / Schuylkill River Units: 1 coal unit (intermediate), 1 oil/gas steam unit (intermediate)		345		564		524		679

Eddystone^(a)(Eddystone, PA) / Delaware River Units: 2 coal units (intermediate), 2 oil/gas steam units (intermediate)		1,348		2,033		2,041		2,152

Fairless Hills (Falls Township, PA) / Delaware River Units: 2 landfill gas units (peaking)		60		239		237		227

Handley (Ft. Worth, TX) / Lake Arlington Units: 3 gas steam units (2 peaking/1 intermediate)		1,265		362		523		426

Keystone (Shelocta, PA) / Keystone Lake Units: 2 coal units (baseload) Data reflects Exelon Generation’s 20.99% plant ownership.		357		2,844		2,212		2,969

Mountain Creek (Dallas, TX) / Mountain Creek cooling pond Units: 3 gas steam units (2 peaking/1 intermediate)		805		726		689		246

Schuylkill (Philadelphia, PA) / Schuylkill River Units: 1 oil steam unit (peaking)		166		8		9		28


(a)		On December 2, 2009, Generation announced its intention to permanently retire four of its fossil-fired generating units. Cromby 1 and Eddystone 1 scheduled to retire effective May 31, 2011. Cromby 2 and Eddystone 2 scheduled to retire effective December 31, 2011 and June 1, 2012, respectively.

Fossil Emissions and Reduction Technology Summary


Emissions (thousand tons)							Reduction Technology
Type	2010		2009		2008		SO2 Scrubber			Post combustion NOx controls (SCR or SNCR)			Low NOx burners with separated overfire air			Induced flue gas recirculation for NOx			Cooling Water System
Conemaugh
SO2		1.5		1.5		1.3		X
NOx		4.0		3.9		3.6								X						Closed
CO2		2,488.2		2,486.0		2,254.9

Cromby
SO2		2.1		2.2		3.4		X
NOx		1.3		1.1		1.9		(Coal Unit	)		X			X
CO2		680.6		615.4		965.0					(Coal Unit	)		(Coal Unit	)					Open

Eddystone
SO2		4.9		5.3		5.4		X
NOx		3.8		3.8		4.1		(Coal Units	)		X			X
CO2		2,748.0		2,754.5		2,827.0					(Coal Units	)		(Coal Units	)					Open

Fairless Hills
SO2		0.1		0.1		0.1
NOx		0.1		0.1		0.1
CO2		201.1		226.0		373.8														Open

Handley
SO2		*		*		*
NOx		*		*		*					X
CO2		263.8		377.0		319.6					(Units 3, 4, 5	)								Open

Keystone
SO2		8.2		23.7		39.9		X
NOx		1.2		0.8		3.3					X			X
CO2		2,803.3		2,146.2		2,867.1														Closed

Mountain Creek
SO2		*		*		*
NOx		0.1		0.1		*					X						X
CO2		488.6		470.5		170.0					(Unit 8	)					(Units 6, 7	)		Open

Schuylkill
SO2		*		*		0.4
NOx		*		*		*
CO2		14.9		14.1		28.9														Open

*Indicates emissions less than 50 tons.

Exelon Generation – Annual Electric Supply and Sales Statistics


	Twelve Months Ended December 31,
(in GWhs)	2010			2009
Supply
Nuclear Generation
Mid-Atlantic^(a)		47,517			47,866
Midwest		92,493			91,804
Total Nuclear Generation		140,010			139,670
Fossil and Renewables
Mid-Atlantic^(b)		9,436			8,938
Midwest		68			4
South and West		1,213			1,247
Total Fossil and Renewables		10,717			10,189
Purchased Power
Mid-Atlantic		1,918			1,747
Midwest		7,032			7,738
South and West		12,112			13,721
Total Purchased Power		21,062			23,206
Total Supply by Region
Mid-Atlantic		58,871			58,551
Midwest		99,593			99,546
South and West		13,325			14,968
Total Supply		171,789			173,065

Electric Sales
ComEd ^(c)		5,323			16,830
PECO		42,003			39,897
Market and Retail^(c)		124,463			116,338
Total Electric Sales^(d),(e)		171,789			173,065
Average Margin ($/MWh)^(f),(g)
Mid-Atlantic		$42.67			$44.03
Midwest		40.98			41.67
South and West		(9.83	)		(7.82	)
Average Margin – Overall Portfolio		37.62			38.20

Around-the-clock (ATC) Market Prices ($/MWh)^(h)
PJM West Hub		$45.93			$38.30
NIHUB		33.09			28.85
ERCOT North Spark Spread		2.31			0.35

(a)	Includes Generation’s proportionate share of the output of its nuclear generating plants, including Salem.

(b)	Includes New England generation.

(c)	ComEd line item represents sales under the 2006 ComEd Auction. Settlements of the ComEd swap and sales under the Request for Proposal (RFP) are included within Market and Retail sales. In addition, renewable energy credit sales to affiliates have been included within Market and Retail sales.

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

(e)	Total sales do not include trading volume of 3,625 GWhs and 7,578 GWhs for the years ended December 31, 2010 and 2009, respectively.

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

(g)	Results of transactions with PECO and ComEd are included in the Mid-Atlantic and Midwest regions, respectively.

(h)	Represents the average for the year.

Financial Swap Agreement with ComEd


Portion of Term	Fixed Price ($/MWh)		Notional Quantity (MW)^(a)

January 1, 2011 – December 31, 2011		$51.26		3,000
January 1, 2012 – December 31, 2012		$52.37		3,000
January 1, 2013 – May 31, 2013		$53.48		3,000

(a)	Market-based contract for ATC baseload energy only; does not include capacity, ancillary services or congestion. Agreement effective June 1, 2008.

Exelon Generation – Electric Supply and Sales Statistics by Quarter


	Three Months Ended
(in GWhs)	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Supply
Nuclear Generation
Mid-Atlantic^(a)		11,974			12,076			11,691			11,776			11,137
Midwest		23,141			23,675			23,344			22,333			22,472
Total Nuclear Generation		35,115			35,751			35,035			34,109			33,609
Fossil and Renewables
Mid-Atlantic^(b)		2,115			2,582			2,175			2,564			1,986
Midwest		45			16			7			–			–
South and West		93			691			310			119			48
Total Fossil and Renewables		2,253			3,289			2,492			2,683			2,034
Purchased Power
Mid-Atlantic		442			599			414			463			342
Midwest		1,776			1,774			1,568			1,914			1,991
South and West		2,632			4,084			2,695			2,701			2,851
Total Purchased Power		4,850			6,457			4,677			5,078			5,184
Total Supply by Region
Mid-Atlantic		14,531			15,257			14,280			14,803			13,465
Midwest		24,962			25,465			24,919			24,247			24,463
South and West		2,725			4,775			3,005			2,820			2,899
Total Supply		42,218			45,497			42,204			41,870			40,827

	Three Months Ended
(in GWhs)	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Electric Sales
ComEd^(c)		–			–			1,895			3,428			3,439
PECO		9,756			11,976			10,044			10,228			9,588
Market and Retail^(c)		32,462			33,521			30,265			28,214			27,800
Total Electric Sales^(d),(e)		42,218			45,497			42,204			41,870			40,827
Average Margin ($/MWh)^(f),(g)
Mid-Atlantic		$51.75			$36.97			$40.83			$41.41			$43.15
Midwest		41.14			41.00			40.78			41.00			41.98
South and West		(10.64	)		(2.30	)		(14.31	)		(16.67	)		(14.49	)
Average Margin – Overall Portfolio		41.45			35.11			36.87			37.26			38.36

Around-the-clock Market Prices ($/MWh)^(h)
PJM West Hub		$43.65			$52.25			$43.21			$44.54			$37.31
NIHUB		27.26			38.32			32.35			34.47			29.61
ERCOT North Spark Spread		(0.69	)		8.25			1.52			(0.02	)		(1.34	)

(a)	Includes Generation’s proportionate share of the output of its nuclear generating plants, including Salem.

(b)	Includes New England generation.

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

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

(e)	Total sales do not include trading volume of 740 GWhs, 1,077 GWhs, 889 GWhs, 920 GWhs and 1,599 GWhs for the three months ended December 31, 2010, September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, respectively.

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

(g)	Results of transactions with PECO and ComEd are included in the Mid-Atlantic and Midwest regions, respectively.

(h)	Represents the average for the quarter.

ComEd

Electric Sales Statistics, Revenue and Customer Detail


	2010		2009
Retail Deliveries^(a)(in GWhs)
Residential		29,171		26,621
Small Commercial & Industrial		32,904		32,234
Large Commercial & Industrial		27,717		26,668
Public Authorities & Electric Railroads		1,273		1,237
Total Retail Deliveries		91,065		86,760

Electric Revenue (in millions)
Retail Revenues^(a)
Residential	$	3,549	$	3,115
Small Commercial & Industrial		1,639		1,660
Large Commercial & Industrial		397		387
Public Authorities & Electric Railroads		62		57
Total Retail Revenues		5,647		5,219
Other Revenues^(b)		557		555
Total Electric Revenues	$	6,204	$	5,774

Customers at Year End
	2010		2009
Retail Deliveries Customers
Residential		3,438,677		3,425,570
Small Commercial & Industrial		363,393		360,779
Large Commercial & Industrial		2,005		1,985
Public Authorities & Electric Railroads		5,078		5,008
Total Retail Deliveries Customers		3,809,153		3,793,342

Heating and Cooling Degree Days

	2010		2009
Heating Degree Days (normal=6,362)		5,991		6,429

Cooling Degree Days (normal=855)		1,181		589

Peak System Load
		2010		2009
Summer^(c)
Highest Peak Load (MW)		21,914		21,218

Winter^(d)
Highest Peak Load (MW)		16,092		16,328

(a)

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

(b)	Other revenue primarily includes transmission revenue from PJM Interconnection, LLC (PJM).

(c)	Summer is defined as June 1 to September 30 of the reporting year.

(d)	Winter is defined as November 1 of the previous year to March 31 of the reporting year.

PECO

Electric Sales Statistics, Revenue and Customer Detail


	2010		2009
Retail Deliveries^(a)(in GWhs)
Residential		13,913		12,893
Small Commercial & Industrial		8,503		8,397
Large Commercial & Industrial		16,372		15,848
Public Authorities & Electric Railroads		925		930
Total Retail Deliveries		39,713		38,068

Electric Revenue (in millions)
Retail Revenues^(a)
Residential		$2,069		$1,859
Small Commercial & Industrial		1,060		1,034
Large Commercial & Industrial		1,362		1,307
Public Authorities & Electric Railroads		89		90
Total Retail Revenues		4,580		4,290
Other Revenues^(b)		255		259
Total Electric Revenues		$4,835		$4,549

Customers at Year End
	2010		2009
Retail Deliveries Customers
Residential		1,411,643		1,404,416
Small Commercial & Industrial		156,865		156,305
Large Commercial & Industrial		3,071		3,094
Public Authorities & Electric Railroads		1,102		1,085
Total Retail Deliveries Customers		1,572,681		1,564,900

Heating and Cooling Degree Days
	2010		2009
Heating Degree Days (normal=4,638)		4,396		4,534

Cooling Degree Days (normal=1,292)		1,817		1,246

Peak System Load
	2010		2009
Summer^(c)
Highest Peak Load (MW)		8,864		7,993

Winter^(d)
Highest Peak Load (MW)		6,333		6,728

(a)

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

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

(c)	Summer is defined as June 1 to September 30 of the reporting year.

(d)	Winter is defined as November 1 of the previous year to March 31 of the reporting year.

PECO

Gas Sales Statistics, Revenue and Customer Detail


	2010		2009
Deliveries to Customers (in mmcf)
Retail Sales		56,833		57,103
Transportation		30,911		27,206
Total Gas Deliveries		87,744		84,309

Gas Revenue (in millions)
Retail Sales		$656		$732
Transportation and Other		28		30
Total Gas Revenue		$684		$762

Gas Customers at Year End
	2010		2009
Customers
Residential		448,391		444,923
Commercial & Industrial		41,303		40,991
Total Retail Customers		489,694		485,914
Transportation		838		778
Total Gas Customers		490,532		486,692

Gas Maximum Day Sendout
	2010		2009
Winter
Maximum Day Sendout (in thousand cubic feet (mcf))		662,945		681,418

Exelon Generation Company

Exelon Transmission Company

Commonwealth Edison Company

PECO Energy Company

Exelon Generation (Generation) engages in competitive electric generation operations, including owned and contracted-for generating facilities, power marketing activities through Power Team, and competitive retail energy sales through Exelon Energy. Exelon Nuclear Partners offers Exelon’s industry-leading nuclear generation experience to other nuclear operators and those looking to develop new nuclear capabilities.

Exelon Transmission Company was formed in October 2009 as a national venture seeking to capitalize on the growing market for new transmission lines.

Commonwealth Edison (ComEd) is a regulated electricity transmission and distribution company with a service area in northern Illinois, including the City of Chicago, of approximately 11,300 square miles and an estimated population of 9 million. ComEd has approximately 3.8 million customers.

PECO Energy (PECO) is a regulated electricity transmission and distribution company and natural gas distribution company with a combined service area in southeastern Pennsylvania, including the City of Philadelphia, of approximately 2,100 square miles and an estimated population of 3.8 million. PECO has approximately 1.6 million electric customers and 490,000 natural gas customers.