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

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

	Kathleen Cantillon
	Corporate Communications
	312-394-7417

Exelon Announces First Quarter 2011 Results;

Reaffirms Full Year Operating Earnings Guidance Range

CHICAGO (April 27, 2011) – Exelon Corporation (NYSE: EXC) announced first quarter 2011 consolidated earnings as follows:


	First Quarter
	2011		2010
Adjusted (non-GAAP) Operating Results:
Net Income ($ millions)	$	778	$	662
Diluted Earnings per Share	$	1.17	$	1.00
GAAP Results:
Net Income ($ millions)	$	668	$	749
Diluted Earnings per Share	$	1.01	$	1.13

“Our first quarter earnings were above our expectations primarily driven by results at Generation, including the performance of our generating units during a February cold snap in the Dallas area,” said John W. Rowe, chairman and chief executive officer. “Our operating and financial performance in the first quarter keeps us comfortably on track to be within our earnings guidance range of $3.90 to $4.20 per share. Our nuclear operations also had a strong quarter, with a 94.8 percent capacity factor. Our fleet remains safe and reliable, and we are working closely with regulators, policymakers and the industry to ensure we stay current with any lessons learned from the Fukushima event.”

First Quarter Operating Results

As shown in the table above, Exelon’s adjusted (non-GAAP) operating earnings increased to $1.17 per share in the first quarter of 2011 from $1.00 per share in the first quarter of 2010, primarily due to:

•

The effect at Exelon Generation Company, LLC (Generation) of higher realized energy prices in the Mid-Atlantic region due to the expiration of the power purchase agreement (PPA) with PECO Energy Company (PECO), favorable capacity pricing primarily related to the Reliability

Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market, and increased nuclear volume primarily reflecting the effect of fewer nuclear outage days in 2011; and

•

The effect of new electric and gas distribution rates at PECO effective January 2011.

Higher first quarter 2011 earnings were partially offset by:

•

The effect of a credit in 2010 for the recovery of uncollectible accounts expense at Commonwealth Edison Company (ComEd);

•

The effect of competitive transition charge (CTC) recoveries in 2010, net of amortization expense, associated with PECO’s transition period, which ended on December 31, 2010; and

•

Higher operating and maintenance expense.

Adjusted (non-GAAP) operating earnings for the first quarter of 2011 do not include the following items (after tax) that were included in reported GAAP earnings:


	(in millions)			(per diluted share)
Mark-to-market losses primarily from Generation’s economic hedging activities	$	(89	)	$	(0.14	)
Non-cash charge to remeasure deferred taxes at higher Illinois corporate tax rates	$	(29	)	$	(0.04	)
Unrealized gains related to nuclear decommissioning trust (NDT) fund investments to the extent not offset by contractual accounting	$	24		$	0.04
Costs associated with the planned retirement of certain Generation fossil generating units	$	(16	)	$	(0.02	)

Adjusted (non-GAAP) operating earnings for the first quarter of 2010 did 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 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	)		—

2011 Earnings Outlook

Exelon reaffirmed a guidance range for 2011 adjusted (non-GAAP) operating earnings of $3.90 to $4.20 per share. Operating earnings guidance is based on the assumption of normal weather for the balance of the year.

The outlook for 2011 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

•

Non-cash charge to remeasure deferred taxes at higher Illinois corporate tax rates

•

Financial impacts associated with the planned retirement of fossil generating units

•

Other unusual items

•

Significant changes to GAAP

First Quarter and Recent Highlights

•

U.S. Environmental Protection Agency (EPA) Air Toxics and Cooling Water Rules: On March 16, 2011, the EPA issued a draft air toxics rule under the Clean Air Act, which will require existing and new coal-fired electricity generating plants to reduce emissions of mercury and other hazardous air pollutants. The proposed rule is in line with Exelon’s expectations and provides for facilities to meet the standards by late 2014, with limited exceptions. A public comment period lasts 60 days after the rule is published in the Federal Register. Final action by the EPA is required by November 2011.

On March 28, 2011, the EPA proposed standards to protect fish and other aquatic life under section 316(b) of the Clean Water Act for cooling water systems at large power plants and industrial facilities. The proposed rules address the primary issues in the manner Exelon anticipated; cooling towers are not required as the best technology available for entrainment standards and cost-benefit analysis must be performed. The public comment period lasts 90 days after the rule is published in the Federal Register. A final rule is due by July 2012.

•

Nuclear Operations: On March 11, 2011, Japan experienced a 9.0 magnitude earthquake and ensuing tsunami that seriously damaged the nuclear units at the Fukushima Daiichi plant, which is operated by Tokyo Electric Power Co. Generation is confident its nuclear generating facilities do not have the same operating risks as the Fukushima Daiichi plant because they are designed to withstand extreme environmental hazards, including floods and earthquakes, even though Generation’s plants are not located in significant earthquake zones or in regions where tsunamis are a threat. Generation continues to work with regulators and industry organizations to understand the events in Japan and apply lessons learned. The industry is already taking specific steps to respond. Generation has completed actions requested by the Institute of Nuclear Power Operations (INPO), which include tests that verified its emergency equipment is available and functional, walk-downs on its procedures related to critical safety equipment, and verification of current qualifications of operators and support staff needed to implement the procedures. Generation will continue to engage in industry assessments and actions.

Generation’s nuclear fleet, including its owned output from the Salem Generating Station, produced 35,192 gigawatt-hours (GWh) in the first quarter of 2011, compared with 34,109 GWh in the first quarter of 2010. The Exelon-operated nuclear plants achieved a 94.8 percent capacity

factor for the first quarter of 2011 compared with 92.3 percent for the first quarter of 2010. The Exelon-operated nuclear plants completed one scheduled refueling outage and began two others in the first quarter of 2011, compared with completing three scheduled refueling outages and beginning two others in the first quarter of 2010. Among the planned outages completed in last year’s first quarter was the extended refueling outage at Three Mile Island Unit 1, which included the replacement of steam generators. As a result, the number of refueling outage days totaled 44 in the first quarter of 2011 versus 101 days in the first quarter of 2010. The number of non-refueling outage days at the Exelon-operated plants totaled 14 days in the first quarter of 2011 compared with 5 days in the first quarter of 2010.

•

Nuclear Uprate Program: On April 8, 2011, the U.S. Nuclear Regulatory Commission (NRC) approved Generation’s request to increase the generating capacity of both units of the Limerick Generating Station by 1.65 percent, or 16 megawatts, each. The NRC’s evaluation determined that Generation could safely increase the power output of the units. Exelon plans to implement the uprate for Unit 1 within 90 days of the NRC’s approval and for Unit 2 within 90 days of the completion of its refueling outage on April 24, 2011.

•

Fossil and Hydro Operations: The equivalent demand forced outage rate for Generation’s fossil fleet was 2.3 percent in the first quarter of 2011, compared with 3.8 percent in the first quarter of 2010. The improvement was largely due to approximately the same forced outage hours in the first quarter of 2011 while the fossil units operated more hours, primarily reflecting cold weather in Texas in February. The equivalent availability factor for the hydroelectric facilities was 97.8 percent in the first quarter of 2011, compared with 95.4 percent in the first quarter of 2010. The improvement in 2011 was due to planned inspections that were performed in March 2010.

•

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, 2011 is 93 to 96 percent for 2011, 73 to 76 percent for 2012 and 38 to 41 percent for 2013. The primary objectives of Exelon’s hedging program are 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.

•

ComEd Electric Distribution Rate Case: On June 30, 2010, ComEd filed a rate increase request with the Illinois Commerce Commission (ICC) to allow the utility to continue modernizing its electric delivery system and recover the cost of substantial investments made since the last rate filing in 2007. In subsequent testimony, ComEd revised its requested revenue increase to $343 million, reflecting certain adjustments to its original request of $396 million. On April 1, 2011, the Administrative Law Judges issued a proposed order, which recommends a $152 million increase. After an 11-month proceeding with input from all stakeholders, the ICC is expected to issue its decision about any increase in rates in late May 2011.

•

Illinois Proposed Energy Infrastructure and Modernization Act: On February 8, 2011, legislation (House Bill 14) was introduced in the Illinois General Assembly that would

modernize Illinois’ electric grid. The proposal includes a policy-based approach which would provide a more predictable ratemaking system and would enable utilities to modernize the electric grid and set the stage for fostering economic development while creating and retaining jobs. The proposed legislation includes a process for determining formula rates that would provide for the recovery of actual costs of service that are prudent and reasonable. On April 14, 2011, House Bill 14 was unanimously passed out of the Illinois House Public Utilities Committee subject to the commitment that there would be further negotiations with stakeholders. The current legislative session is scheduled to adjourn at the end of May 2011.

•

Financing Activities: 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. On March 25, 2010, ComEd had replaced its $952 million credit facility with a similar $1 billion unsecured revolving credit facility that expires on March 25, 2013, unless extended.

OPERATING COMPANY RESULTS

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

First quarter 2011 net income was $495 million compared with $561 million in the first quarter of 2010. First quarter 2011 net income included (all after tax) mark-to-market losses of $89 million from economic hedging activities, a non-cash charge of $21 million to remeasure deferred taxes at higher Illinois corporate tax rates, unrealized gains of $24 million related to NDT fund investments and costs of $16 million associated with the planned retirement of certain fossil generating units. First quarter 2010 net income included (all after tax) mark-to-market gains of $142 million from economic hedging activities, 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. Excluding the effects of these items, Generation’s net income in the first quarter of 2011 increased $163 million compared with the same quarter in 2010 primarily due to:

•

The impact on energy gross margin of higher realized energy prices in the Mid-Atlantic region due to the expiration of the PPA with PECO, favorable capacity pricing primarily related to RPM and increased nuclear volume largely reflecting fewer outage days.

The increase in net income was partially offset by:

•

Increased depreciation expense;

•

The impact on energy gross margin of higher nuclear fuel costs; and

•

Higher interest expense.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $44.30 per MWh in the first quarter of 2011 compared with $37.26 per MWh in the first quarter of 2010.

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

ComEd recorded net income of $69 million in the first quarter of 2011, compared with net income of $116 million in the first quarter of 2010. First quarter net income in 2011 included an after-tax non-cash charge of $4 million to remeasure deferred taxes at higher Illinois corporate tax rates. 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 effects of these items, ComEd’s net income in the first quarter of 2011 was down $56 million from the same quarter in 2010 primarily reflecting:

•

The credit in 2010 for the recovery of uncollectible accounts expense; and

•

The recording of an estimated refund obligation as a result of the September 2010 Illinois Appellate Court ruling regarding ComEd’s 2007 rate case.

In the first quarter of 2011, heating degree-days in the ComEd service territory were up 7.1 percent relative to the same period in 2010 and were 3.9 percent above normal. As a result, ComEd’s total retail electric deliveries increased 1.2 percent quarter over quarter.

Weather-normalized retail electric deliveries decreased 0.1 percent in the first quarter of 2011, primarily reflecting a decrease in deliveries to residential customers. For ComEd, weather had a favorable after-tax effect of $3 million on first quarter 2011 earnings relative to 2010 and a favorable after-tax effect of $2 million relative to normal weather that is incorporated in Exelon’s 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 2011 was $126 million, up from $101 million in the first quarter of 2010. 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 effect of this item, PECO’s net income in the first quarter of 2011 was up $15 million from the same quarter in 2010 primarily reflecting:

•

The effect of new electric and gas distribution rates effective January 2011; and

•

Lower interest expense on long-term debt.

The increase in net income was partially offset by the effect of CTC recoveries in 2010, net of amortization expense, associated with PECO’s transition period, which ended on December 31, 2010.

In the first quarter of 2011, heating degree-days in the PECO service territory were up 3.9 percent from 2010 and were close to normal. Total retail electric deliveries were down 0.6 percent from last year, primarily reflecting a decrease in deliveries to large commercial and industrial customers. On the retail gas side, deliveries in the first quarter of 2011 were up 4.2 percent from the first quarter of 2010, largely driven by the effects of colder weather conditions compared with last year.

Weather-normalized retail electric deliveries were down 1.1 percent in the first quarter of 2011, primarily reflecting a decline in large commercial and industrial deliveries. Weather-normalized retail gas deliveries were up 0.7 percent in the first quarter of 2011. For PECO, weather had a favorable after-tax effect of $4 million on first quarter 2011 earnings relative to 2010 and an unfavorable after-tax effect of $2 million relative to normal weather that is incorporated in Exelon’s 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 27, 2011.

Conference call information: Exelon has scheduled a conference call for 11:00 AM ET (10:00 AM CT) on April 27, 2011. 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 58390808. 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 11. 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 58390808.

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 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; (2) Exelon’s First Quarter 2011 Quarterly Report on Form 10-Q (to be filed on April 27, 2011) in (a) Part II, Other Information, ITEM 1A. Risk Factors, (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) 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 more than $18 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 490,000 customers in the Philadelphia area. Exelon is

headquartered in Chicago and trades on the NYSE under the ticker EXC.

Earnings Release Attachments

Table of Contents


Consolidating Statements of Operations - Three Months Ended March 31, 2011 and 2010			10

Business Segment Comparative Statements of Operations - Generation and ComEd - Three Months Ended March 31, 2011 and 2010			11

Business Segment Comparative Statements of Operations - PECO and Other - Three Months Ended March 31, 2011 and 2010			12

Consolidated Balance Sheets - March 31, 2011 and December 31, 2010			13

Consolidated Statements of Cash Flows - Three Months Ended March 31, 2011 and 2010			14

Reconciliation of Adjusted (non - GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon-Three Months Ended March 31, 2011 and 2010			15

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended March 31, 2011 and 2010			16

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three Months Ended March 31, 2011 and 2010			18

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three Months Ended March 31, 2011 and 2010			19

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three Months Ended March 31, 2011 and 2010			20

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three Months Ended March 31, 2011 and 2010			21

Exelon Generation Statistics-Three Months Ended March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010			22

ComEd Statistics - Three Months Ended March 31, 2011 and 2010			23

PECO Statistics - Three Months Ended March 31, 2011 and 2010			24

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)


	Three Months Ended March 31, 2011
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,739		$	1,466		$	1,153		$	(306	)	$	5,052
Operating expenses
Purchased power		549			789			451			(304	)		1,485
Fuel		430			—			182			—			612
Operating and maintenance		754			248			186			(3	)		1,185
Operating and maintenance for regulatory required programs(a)		—			18			20			—			38
Depreciation and amortization		139			134			48			6			327
Taxes other than income		66			77			56			4			203

Total operating expenses		1,938			1,266			943			(297	)		3,850

Operating income (loss)		801			200			210			(9	)		1,202

Other income and deductions
Interest expense		(45	)		(85	)		(34	)		(17	)		(181	)
Other, net		75			4			6			8			93

Total other income and deductions		30			(81	)		(28	)		(9	)		(88	)

Income (loss) before income taxes		831			119			182			(18	)		1,114
Income taxes		336			50			56			4			446

Net income (loss)	$	495		$	69		$	126		$	(22	)	$	668


	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 (loss)		916			291			194			1			1,402

Other income and deductions
Interest expense		(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

(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.

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)


	Generation
	Three Months Ended March 31,
	2011			2010			Variance
Operating revenues	$	2,739		$	2,421		$	318
Operating expenses
Purchased power		549			208			341
Fuel		430			391			39
Operating and maintenance		754			740			14
Depreciation and amortization		139			109			30
Taxes other than income		66			57			9

Total operating expenses		1,938			1,505			433

Operating income		801			916			(115	)

Other income and deductions
Interest expense		(45	)		(35	)		(10	)
Other, net		75			79			(4	)

Total other income and deductions		30			44			(14	)

Income before income taxes		831			960			(129	)
Income taxes		336			399			(63	)

Net income	$	495		$	561		$	(66	)


	ComEd
	Three Months Ended March 31,
	2011			2010			Variance
Operating revenues	$	1,466		$	1,415		$	51
Operating expenses
Purchased power		789			753			36
Operating and maintenance		248			159			89
Operating and maintenance for regulatory required programs(a)		18			19			(1	)
Depreciation and amortization		134			130			4
Taxes other than income		77			63			14

Total operating expenses		1,266			1,124			142

Operating income		200			291			(91	)

Other income and deductions
Interest expense		(85	)		(84	)		(1	)
Other, net		4			3			1

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

Income before income taxes		119			210			(91	)
Income taxes		50			94			(44	)

Net income	$	69		$	116		$	(47	)

(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.

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)


	PECO
	Three Months Ended March 31,
	2011			2010			Variance
Operating revenues	$	1,153		$	1,455		$	(302	)
Operating expenses
Purchased power		451			524			(73	)
Fuel		182			211			(29	)
Operating and maintenance		186			181			5
Operating and maintenance for regulatory required programs(a)		20			8			12
Depreciation and amortization		48			265			(217	)
Taxes other than income		56			72			(16	)

Total operating expenses		943			1,261			(318	)

Operating income		210			194			16

Other income and deductions
Interest expense		(34	)		(45	)		11
Other, net		6			4			2

Total other income and deductions		(28	)		(41	)		13

Income before income taxes		182			153			29
Income taxes		56			52			4

Net income	$	126		$	101		$	25


	Other(b)
	Three Months Ended March 31,
	2011			2010			Variance
Operating revenues	$	(306	)	$	(830	)	$	524
Operating expenses
Purchased power		(304	)		(827	)		523
Fuel		—			(1	)		1
Operating and maintenance		(3	)		(18	)		15
Depreciation and amortization		6			10			(4	)
Taxes other than income		4			5			(1	)

Total operating expenses		(297	)		(831	)		534

Operating loss		(9	)		1			(10	)

Other income and deductions
Interest expense		(17	)		(19	)		2
Other, net		8			7			1

Total other income and deductions		(9	)		(12	)		3

Loss before income taxes		(18	)		(11	)		(7	)
Income taxes		4			18			(14	)

Net loss	$	(22	)	$	(29	)	$	7

(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.

(b)	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, 2011			December 31, 2010
ASSETS
Current assets
Cash and cash equivalents	$	487		$	1,612
Restricted cash and investments		22			30
Accounts receivable, net
Customer		1,800			1,932
Other		547			1,196
Mark-to-market derivative assets		462			487
Inventories, net
Fossil fuel		122			216
Materials and supplies		606			590
Deferred income taxes		90			—
Regulatory assets		87			10
Other		436			325

Total current assets		4,659			6,398

Property, plant and equipment, net		30,549			29,941
Deferred debits and other assets
Regulatory assets		4,178			4,140
Nuclear decommissioning trust (NDT) funds		6,625			6,408
Investments		740			732
Goodwill		2,625			2,625
Mark-to-market derivative assets		425			409
Pledged assets for Zion Station decommissioning		809			824
Other		766			763

Total deferred debits and other assets		16,168			15,901

Total assets	$	51,376		$	52,240

Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	50		$	—
Short-term notes payable - accounts receivable agreement		225			225
Long-term debt due within one year		1,049			599
Accounts payable		1,331			1,373
Accrued expenses		852			1,040
Deferred income taxes		—			85
Mark-to-market derivative liabilities		37			38
Regulatory liabilities		66			44
Other		561			836

Total current liabilities		4,171			4,240

Long-term debt		11,762			11,614
Long-term debt to financing trusts		390			390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		7,215			6,621
Asset retirement obligations		3,546			3,494
Pension obligations		1,516			3,658
Non-pension postretirement benefit obligations		2,251			2,218
Spent nuclear fuel obligation		1,019			1,018
Regulatory liabilities		3,722			3,555
Mark-to-market derivative liabilities		28			21
Payable for Zion Station decommissioning		644			659
Other		1,091			1,102

Total deferred credits and other liabilities		21,032			22,346

Total liabilities		37,355			38,590

Preferred securities of subsidiary		87			87
Shareholders’ equity
Common stock		9,032			9,006
Treasury stock, at cost		(2,327	)		(2,327	)
Retained earnings		9,623			9,304
Accumulated other comprehensive loss, net		(2,397	)		(2,423	)

Total shareholders’ equity		13,931			13,560
Noncontrolling interest		3			3

Total equity		13,934			13,563

Total liabilities and shareholders’ equity	$	51,376		$	52,240

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)


	Three Months Ended March 31,
	2011			2010
Cash flows from operating activities
Net income	$	668		$	749
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities:
Depreciation, amortization and accretion, including nuclear fuel amortization		552			718
Deferred income taxes and amortization of investment tax credits		340			(4	)
Net fair value changes related to derivatives		148			(233	)
Net realized and unrealized gains on NDT fund investments		(40	)		(36	)
Other non-cash operating activities		223			72
Changes in assets and liabilities:
Accounts receivable		53			40
Inventories		78			67
Accounts payable, accrued expenses and other current liabilities		(526	)		(303	)
Option premiums received, net		19			66
Counterparty collateral received (posted), net		(150	)		477
Income taxes		733			517
Pension and non-pension postretirement benefit contributions		(2,088	)		(98	)
Other assets and liabilities		(217	)		(171	)

Net cash flows provided by (used in) operating activities		(207	)		1,861

Cash flows from investing activities
Capital expenditures		(1,150	)		(878	)
Proceeds from nuclear decommissioning trust fund sales		1,195			909
Investment in nuclear decommissioning trust funds		(1,247	)		(966	)
Change in restricted cash		8			214
Other investing activities		15			12

Net cash flows used in investing activities		(1,179	)		(709	)

Cash flows from financing activities
Changes in short-term debt		50			101
Issuance of long-term debt		599			—
Retirement of long-term debt		(1	)		(1	)
Retirement of long-term debt of variable interest entity		—			(402	)
Dividends paid on common stock		(348	)		(347	)
Proceeds from employee stock plans		8			11
Other financing activities		(47	)		—

Net cash flows provided by (used in) financing activities		261			(638	)

Increase (decrease) in cash and cash equivalents		(1,125	)		514
Cash and cash equivalents at beginning of period		1,612			2,010

Cash and cash equivalents at end of period	$	487		$	2,524

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, 2011									Three Months Ended March 31, 2010
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	5,052		$	—		$	5,052		$	4,461		$	3	(g)	$	4,464
Operating expenses
Purchased power		1,485			(95	)(c)		1,390			658			185	(c)		843
Fuel		612			(52	)(c)		560			601			48	(c)		649
Operating and maintenance		1,185			(2	)(d)		1,183			1,062			2	(d)		1,064
Operating and maintenance for regulatory required programs (b)		38			—			38			27			—			27
Depreciation and amortization		327			(24	)(d)		303			514			(15	)(d)		499
Taxes other than income		203			—			203			197			—			197

Total operating expenses		3,850			(173	)		3,677			3,059			220			3,279

Operating income		1,202			173			1,375			1,402			(217	)		1,185

Other income and deductions
Interest expense		(181	)		—			(181	)		(183	)		—			(183	)
Other, net		93			(63	)(e)		30			93			(58	)(e)		35

Total other income and deductions		(88	)		(63	)		(151	)		(90	)		(58	)		(148	)

Income before income taxes		1,114			110			1,224			1,312			(275	)		1,037
Income taxes		446			—	(c),(d),(e),(f)		446			563			(188	)(c),(d),(e)(g),(h)		375

Net income	$	668		$	110		$	778		$	749		$	(87	)	$	662

Effective tax rate		40.0	%					36.4	%		42.9	%					36.2	%
Earnings per average common share
Basic	$	1.01		$	0.16		$	1.17		$	1.13		$	(0.13	)	$	1.00
Diluted	$	1.01		$	0.16		$	1.17		$	1.13		$	(0.13	)	$	1.00

Average common shares outstanding
Basic		662						662			661						661
Diluted		664						664			662						662
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (c)				$	0.14								$	(0.21	)
Retirement of fossil generating units (d)					0.02									0.01
Unrealized gains related to NDT fund investments (e)					(0.04	)								(0.03	)
Charge resulting from Illinois tax rate change legislation (f)					0.04									—
2007 Illinois electric rate settlement (g)					—									—
Charge resulting from health care legislation (h)					—									0.10

Total adjustments				$	0.16								$	(0.13	)

(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 mark-to-market impact of Exelon’s economic hedging activities.

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

(e)	Adjustment to exclude the unrealized gains in 2011 and 2010 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(f)	Adjustment to exclude a one-time, non-cash charge to remeasure deferred taxes at higher corporate tax rates pursuant to the Illinois tax rate change legislation.

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

(h)	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 Earnings (in milllions)

Three Months Ended March 31, 2011 and 2010


	Execlon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exclon
2010 GAAP Earnings (Loss)	$	1.13		$	561		$	116		$	101		$	(29	)	$	749
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 (1)		(0.03	)		(20	)		—			—			—			(20	)
Non-Cash Charge Resulting From Health Care Legislation (2)		0.10			26			12			10			17			65
Retirement of Fossil Generating Units (3)		0.01			8			—			—			—			8

2010 Adjusted (non-GAAP) Operating Earnings (Loss)		1.00			434			129			111			(12	)		662
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Volume (4)		0.04			29			—			—			—			29
Nuclear Fuel Costs (5)		(0.01	)		(8	)		—			—			—			(8	)
Capacity Pricing		0.06			37			—			—			—			37
Market and Portfolio Conditions (6)		0.21			139			—			—			—			139
ComEd and PECO Margins:
Weather		0.01			—			3			4			—			7
Load		(0.01	)		—			(2	)		(3	)		—			(5	)
Other Energy Delivery (7)		0.06			—			2			36			—			38
2010 Competitive Transition Charge (CTC), net (8)		(0.05	)		—			—			(32	)		—			(32	)
Operating and Maintenance Expense:
Labor, Contracting and Materials (9)		(0.07	)		(25	)		(10	)		(10	)		—			(45	)
Planned Nuclear Refueling Outages (10)		0.03			19			—			—			—			19
Pension and Non-Pension Postretirement Benefits (11)		0.01			2			(1	)		1			2			4
2010 Recovery of Bad Debt Expense at ComEd (12)		(0.06	)		—			(36	)		—			—			(36	)
Other Operating and Maintenance		(0.01	)		2			(2	)		4			(8	)		(4	)
Depreciation and Amortization Expense (13)		(0.02	)		(13	)		(2	)		(2	)		3			(14	)
Income Taxes (14)		—			6			2			(3	)		(7	)		(2	)
Interest Expense (15)		0.01			(6	)		(1	)		7			6			6
Other (16)		(0.03	)		(19	)		(9	)		13			(2	)		(17	)

2011 Adjusted (non-GAAP) Operating Earnings (Loss)		1.17			597			73			126			(18	)		778
2011 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.14	)		(89	)		—			—			—			(89	)
Unrealized Gains Related to NDT Fund Investments (1)		0.04			24			—			—			—			24
Retirement of Fossil Generating Units (3)		(0.02	)		(16	)		—			—			—			(16	)
Non-Cash Charge Resulting From Illinois Tax Rate Change Legislation (17)		(0.04	)		(21	)		(4	)		—			(4	)		(29	)

2011 GAAP Earnings (Loss)	$	1.01		$	495		$	69		$	126		$	(22	)	$	668

(1)	Reflects the impact of unrealized gains in 2010 and 2011 on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2)	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.

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

(4)	Primarily reflects the impact of decreased planned nuclear outage days in 2011, including Salem.

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

(6)	Primarily reflects the impact of increased realized market prices for the sale of energy in the Mid-Atlantic region due to the end of the PECO Power Purchase Agreement (PPA) and energy margins at Exelon Wind, which was acquired in December 2010.

(7)	Primarily reflects increased distribution revenue at PECO resulting from the 2010 Pennsylvania electric and gas distribution rate cases.

(8)	Reflects the impact of 2010 CTC recoveries, net of amortization expense, associated with PECO’s transition period, which ended on December 31, 2010.

(9)	Primarily reflects the impacts of increased wages and other benefits and increased contracting expenses.

(10)	Primarily reflects the impact of decreased planned nuclear outage days in 2011, excluding Salem.

(11)	Primarily reflects the impact of the $2.1 billion pension contribution made in January 2011, partially offset by the lower assumed discount rate and expected return on plan assets used in 2011 as compared to 2010 to calculate the pension and other postretirement benefit obligations and costs.

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

(13)	Primarily reflects increased depreciation expense across the operating companies, including the impacts of Exelon Wind, due to ongoing capital expenditures.

(14)

Primarily reflects a reduction in Generation’s manufacturing deduction benefits (given reduced taxable income as a result of bonus depreciation), higher corporate tax rates pursuant to the Illinois tax rate change legislation and increased Pennsylvania state tax expense resulting from the expiration of the CTCs and associated tax planning benefits, partially offset by benefits associated with Pennsylvania bonus depreciation and production tax credits at Exelon Wind.

(15)	Reflects lower interest expense at PECO resulting from the retirement of the PECO Energy Transition Trust (PETT) transition bonds on September 1, 2010 and lower outstanding debt at Corporate, partially offset by higher interest expense at Generation and ComEd due to higher outstanding debt.

(16)	Primarily reflects a reduction in realized gains associated with NDT funds at Generation and Illinois electric distribution tax refunds received in 2010 at ComEd, partially offset by decreased gross receipts tax at PECO (completely offset by decreased PECO margins above).

(17)	Reflects the impact of a one-time, non-cash charge to remeasure deferred taxes at higher corporate tax rates pursuant to the Illinois tax rate change legislation.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	Generation
	Three Months Ended March 31, 2011									Three Months Ended March 31, 2010
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	2,739		$	—		$	2,739		$	2,421		$	2	(f)	$	2,423
Operating expenses
Purchased power		549			(95	)(b)		454			208			185	(b)		393
Fuel		430			(52	)(b)		378			391			48	(b)		439
Operating and maintenance		754			(2	)(c)		752			740			(1	)(c),(g)		739
Depreciation and amortization		139			(24	)(c)		115			109			(15	)(c)		94
Taxes other than income		66			—			66			57			—			57

Total operating expenses		1,938			(173	)		1,765			1,505			217			1,722

Operating income		801			173			974			916			(215	)		701

Other income and deductions
Interest expense		(45	)		—			(45	)		(35	)		—			(35	)
Other, net		75			(63	)(d)		12			79			(58	)(d)		21

Total other income and deductions		30			(63	)		(33	)		44			(58	)		(14	)

Income before income taxes		831			110			941			960			(273	)		687
Income taxes		336			8	(b),(c),(d),(e)		344			399			(146	)(b),(c),(d),(f),(g)		253

Net income	$	495		$	102		$	597		$	561		$	(127	)	$	434

(a)	Results reported in accordance with GAAP.

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

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

(d)	Adjustment to exclude the unrealized gains in 2011 and 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.

(e)	Adjustment to exclude a one-time, non-cash charge to remeasure deferred taxes at higher corporate tax rates pursuant to the Illinois tax rate change legislation.

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

(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.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	ComEd
	Three Months Ended March 31, 2011									Three Months Ended March 31, 2010
	GAAP (a)			Adjustments			Adjusted Non - GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,466		$	—		$	1,466		$	1,415		$	1	(d)	$	1,416
Operating expenses
Purchased power		789			—			789			753			—			753
Operating and maintenance		248			—			248			159			(3	)(e)		156
Operating and maintenance for regulatory required programs (b)		18			—			18			19			—			19
Depreciation and amortization		134			—			134			130			—			130
Taxes other than income		77			—			77			63			—			63

Total operating expenses		1,266			—			1,266			1,124			(3	)		1,121

Operating income		200			—			200			291			4			295

Other income and deductions
Interest expense		(85	)		—			(85	)		(84	)		—			(84	)
Other, net		4			—			4			3			—			3

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

Income before income taxes		119			—			119			210			4			214
Income taxes		50			(4	)(c)		46			94			(9	)(d),(e)		85

Net income	$	69		$	4		$	73		$	116		$	13		$	129

(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 one-time, non-cash charge to remeasure deferred taxes at higher corporate tax rates pursuant to the Illinois tax rate change legislation.

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

(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.

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)


	PECO
	Three Months Ended March 31, 2011								Three Months Ended March 31, 2010
	GAAP (a)			Adjustments		Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,153		$	—	$	1,153		$	1,455		$	—		$	1,455
Operating expenses
Purchased power		451			—		451			524			—			524
Fuel		182			—		182			211			—			211
Operating and maintenance		186			—		186			181			(2	)(c)		179
Operating and maintenance for regulatory required programs (b)		20			—		20			8			—			8
Depreciation and amortization		48			—		48			265			—			265
Taxes other than income		56			—		56			72			—			72

Total operating expenses		943			—		943			1,261			(2	)		1,259

Operating income		210			—		210			194			2			196

Other income and deductions
Interest expense		(34	)		—		(34	)		(45	)		—			(45	)
Other, net		6			—		6			4			—			4

Total other income and deductions		(28	)		—		(28	)		(41	)		—			(41	)

Income before income taxes		182			—		182			153			2			155
Income taxes		56			—		56			52			(8	)(c)		44

Net income	$	126		$	—	$	126		$	101		$	10		$	111

(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 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, 2011									Three Months Ended March 31, 2010
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	(306	)	$	—		$	(306	)	$	(830	)	$	—		$	(830	)
Operating expenses
Purchased power		(304	)		—			(304	)		(827	)		—			(827	)
Fuel		—			—			—			(1	)		—			(1	)
Operating and maintenance		(3	)		—			(3	)		(18	)		8	(c)		(10	)
Depreciation and amortization		6			—			6			10			—			10
Taxes other than income		4			—			4			5			—			5

Total operating expenses		(297	)		—			(297	)		(831	)		8			(823	)

Operating income (loss)		(9	)		—			(9	)		1			(8	)		(7	)

Other income and deductions
Interest expense		(17	)		—			(17	)		(19	)		—			(19	)
Other, net		8			—			8			7			—			7

Total other income and deductions		(9	)		—			(9	)		(12	)		—			(12	)

Loss before income taxes		(18	)		—			(18	)		(11	)		(8	)		(19	)
Income taxes		4			(4	)(b)		—			18			(25	)(c)		(7	)

Net loss	$	(22	)	$	4		$	(18	)	$	(29	)	$	17		$	(12	)

(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude a one-time, non-cash charge to remeasure deferred taxes at higher corporate tax rates pursuant to the Illinois tax rate change legislation.

(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

Exelon Generation Statistics


	Three Months Ended
	Mar. 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Jun. 30, 2010			Mar. 31, 2010
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic (a)		12,370			11,974			12,076			11,691			11,776
Midwest		22,822			23,141			23,675			23,344			22,333

Total Nuclear Generation		35,192			35,115			35,751			35,035			34,109
Fossil and Renewables
Mid-Atlantic (b)		2,166			2,115			2,582			2,175			2,564
Midwest		157			45			16			7			—
South and West		509			93			691			310			119

Total Fossil and Renewables		2,832			2,253			3,289			2,492			2,683
Purchased Power
Mid-Atlantic		750			442			599			414			463
Midwest		1,412			1,776			1,774			1,568			1,914
South and West		2,181			2,632			4,084			2,695			2,701

Total Purchased Power		4,343			4,850			6,457			4,677			5,078
Total Supply by Region
Mid-Atlantic		15,286			14,531			15,257			14,280			14,803
Midwest		24,391			24,962			25,465			24,919			24,247
South and West		2,690			2,725			4,775			3,005			2,820

		42,367			42,218			45,497			42,204			41,870


	Three Months Ended
	Mar. 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Jun. 30, 2010			Mar. 31, 2010
Electric Sales (in GWhs)
ComEd (c)		—			—			—			1,895			3,428
PECO		—			9,756			11,976			10,044			10,228
Market and Retail (c)		42,367			32,462			33,521			30,265			28,214

Total Electric Sales (d)		42,367			42,218			45,497			42,204			41,870

Average Margin ($/MWh) (e)(f)(g)
Mid-Atlantic	$	59.92		$	51.75		$	36.97		$	40.83		$	41.41
Midwest		39.60			41.14			41.00			40.78			41.00
South and West		(1.49	)		(10.64	)		(2.30	)		(14.31	)		(16.67	)
Average Margin - Overall Portfolio	$	44.30		$	41.45		$	35.11		$	36.87		$	37.26
Around-the-clock Market Prices ($/MWh) (h)
PJM West Hub	$	45.82		$	43.65		$	52.25		$	43.21		$	44.54
NiHub		34.10			27.26			38.32			32.35			34.47
ERCOT North Spark Spread		8.00			(0.69	)		8.25			1.52			(0.02	)

(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)	Total sales do not include trading volume of 1,333 GWhs, 740 GWhs, 1,077 GWhs, 889 GWhs and 920 GWhs for the three months ended March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.

(e)	Excludes retail gas activity, trading portfolio, the $57 million lower of cost or market impairment of certain SO2 allowances and amounts paid related to the Illinois Settlement Legislation.

(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. Henry Hub prices denominated in $/mmbtu.

EXELON CORPORATION

ComEd Statistics

Three Months Ended March 31, 2011 and 2010


	Electric Deliveries (in GWhs)										Revenue (in millions)
	2011		2010		% Change			Weather- Normal % Change			2011			2010		% Change
Retail Deliveries and Sales (a)
Residential		6,953		6,943		0.1	%		(1.8	)%	$	834		$	778		7.2	%
Small Commercial & Industrial		8,074		7,930		1.8	%		0.6	%		382			387		(1.3	)%
Large Commercial & Industrial		6,819		6,663		2.3	%		1.4	%		90			97		(7.2	)%
Public Authorities & Electric Railroads		330		367		(10.1	)%		(11.5	)%		14			18		(22.2	)%

Total Retail		22,176		21,903		1.2	%		(0.1	)%		1,320			1,280		3.1	%

Other Revenue (b)												146			135		8.1	%

Total Electric Revenue											$	1,466		$	1,415		3.6	%

Purchased Power											$	789		$	753		4.8	%


								% Change
Heating and Cooling Degree-Days	2011		2010		Normal			From 2010			From Normal
Heating Degree-Days		3,332		3,110		3,208			7.1	%		3.9	%

Number of Electric Customers	2011		2010
Residential		3,454,410		3,441,055
Small Commercial & Industrial		364,585		361,370
Large Commercial & Industrial		1,994		1,967
Public Authorities & Electric Railroads		5,004		4,986

Total		3,825,993		3,809,378

(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). Other items include late payment charges and mutual assistance program revenues.

EXELON CORPORATION

PECO Statistics

Three Months Ended March 31, 2011 and 2010


	Electric and Gas Deliveries									Revenue (in millions)
	2011		2010		% Change			Weather- Normal % Change		2011		2010		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		3,590		3,527		1.8	%		0.5%	$	493	$	473		4.2%
Small Commercial & Industrial		2,139		2,150		(0.5	)%		(1.1)%		169		248		(31.9)%
Large Commercial & Industrial		3,688		3,794		(2.8	)%		(2.7)%		108		324		(66.7)%
Public Authorities & Electric Railroads		242		246		(1.6	)%		(1.6)%		11		23		(52.2)%

Total Retail		9,659		9,717		(0.6	)%		(1.1)%		781		1,068		(26.9)%

Other Revenue (b)											63		61		3.3%

Total Electric Revenue											844		1,129		(25.2)%

Gas (in mmcfs)
Retail Sales		28,734		27,584		4.2	%		0.7%		296		318		(6.9)%
Transportation and Other		8,960		8,617		4.0	%		4.1%		13		8		62.5%

Total Gas		37,694		36,201		4.1	%		1.5%		309		326		(5.2)%

Total Electric and Gas Revenues										$	1,153	$	1,455		(20.8)%

Purchased Power										$	451	$	524		(13.9)%
Fuel										$	182	$	211		(13.7)%

Total Purchased Power and Fuel										$	633	$	735		(13.9)%


							% Change
Heating and Cooling Degree-Davs	2011		2010		Normal		From 2010			From Normal
Heating Degree-Days		2,506		2,411		2,510		3.9	%		(0.2	)%


Number of Electric Customers	2011		2010		Number of Gas Customers	2011		2010
Residential		1,414,103		1,406,614	Residential		449,398		446,440
Small Commercial & Industrial		156,759		156,374	Commercial & Industrial		41,254		41,286

Large Commercial & Industrial		3,096		3,091	Total Retail		490,652		487,726
Public Authorities & Electric Railroads		1,081		1,084	Transportation		857		795

Total		1,575,039		1,567,163	Total		491,509		488,521

(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 distribution. For customers purchasing electricity from PECO, revenue also reflects the cost of energy and transmission.

(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 - April 27, 2011

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