56On December 22, 2023, ComEd filed an application for rehearing on several findings in the final order including the use of the 2022 year-end rate base to establish forecast revenue requirements for 2024-2027, ROE, pension asset return, and capital structure. On January 10, 2024, ComEd’s application for rehearing was denied on all issues except for the order’s use of the 2022 year-end rate base. On January 31, 2024, the ICC granted ComEd's motion seeking additional clarification on the scope on rehearing, generally accepting ComEd's proposal and confirming that the rehearing will determine if the forecasted year-end 2023 rate base should be used to set rates for 2024 through 2027 until a refiled Grid Plan is approved. A final rehearing order on that topic is statutorily required by early June 2024. On April 18, 2024, the ICC issued its final order on rehearing and approved increased revenue requirements for 2024-2027.

On January 10, 2024, ComEd also filed an appeal in the Illinois Appellate Court of the issues on which rehearing was denied, including but not limited to the allowed ROE and denial of a return on ComEd’s pension asset. There is no deadline by when the appellate court must rule. On March 7, 2024, the ICC adopted an interim order on scheduling, which confirmed that it intends to issue a final order on ComEd’s Refiled Grid Plan by the end of 2024 and that it will implement rates that will go into effect January 1, 2025, inclusive of a Grid Plan. On March 13, 2024, ComEd filed its Refiled Grid Plan with supporting testimony and schedules with the ICC. The Refiled Grid Plan is designed to meet or exceed every requirement identified by the ICC in its December order that

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 32 — Regulatory Matters

~~rate plan itself. Thus, for example, the rate adjustments necessary~~rejected ComEd’s initial Grid Plan. On March 15, 2024, ComEd filed a petition to ~~reconcile 2024 revenues~~adjust its MRP to ~~ComEd’s actual 2024 costs incurred would take effect in January 2026 after the ICC’s review during 2025. The ICC must issue its decision on both the MRP and Grid Plan by mid-December 2023, for~~authorize increased rates ~~to begin~~consistent with the ~~January~~Refiled Grid Plan. ComEd has completed and placed in service additional utility plant assets in 2023 and 2024 ~~billing cycle.~~and will continue to complete and place in service additional utility plant assets prior to the approval of the new Grid Plan. There are still significant unknowns, but ComEd does not currently believe that it is probable that the initially uncollected depreciation or return on the recently completed plant will ultimately be disallowed.

In January 2022, ComEd filed a request with the ICC proposing performance metrics that would be used in determining ROE incentives and penalties in the event ComEd filed a MRP in January 2023. On September 27, 2022, the ICC issued a final order approving seven performance metrics that provide symmetrical performance adjustments of 32 total basis points to ComEd’s rate of return on common equity based on the extent to which ComEd achieves the annual performance goals. On November 10, 2022, the ICC granted ComEd's application for rehearing, in part. On April 5, 2023, the ICC issued its final order on rehearing for the performance and tracking metrics proceeding, in which the ICC declined to adopt ~~ComEd’s~~ComEd's proposed modifications to the reliability and peak load reduction performance metrics. ~~ComEd is determining how~~Efforts are underway to implement the performance metrics, which ~~take~~took effect on January 1, 2024. ComEd will make its initial filing in 2025 to assess performance achieved under the metrics in 2024, and to determine any ROE adjustment, which would take effect in 2026.

Carbon Mitigation Credit

CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear-powered generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. In the June 2022 billing period, ComEd began issuing credits to its retail customers under its new CMC ~~rider in the June 2022 billing period and recorded a~~rider. A regulatory asset ~~of $1,118 million as of March 31, 2023~~is recorded for the difference between customer credits issued and the credit to be received from the participating nuclear-powered generating facilities. The balance as of March 31, 2024 is $405 million.

Under CEJA, the costs of procuring CMCs, including carrying costs, ~~will be~~are recovered through a rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). ~~The~~As originally approved by the ICC, Rider CFRA provides for an annual reconciliation and true-up to actual costs incurred or credits received by ComEd to purchase CMCs, with any difference to be credited to or collected from ComEd’s retail customers in subsequent periods. The difference between the net payments to (or receivables from) ComEd ratepayers and the credits received by ComEd to purchase CMCs is recorded to Purchased ~~Power~~power expense with an offset to the regulatory asset (or regulatory liability). On December 21, 2022, ComEd filed ~~a supplemental statement~~an amendment to ~~the~~ Rider CFRA proposing that ~~the company~~it recover costs or provide credits faster than the tariff allows, implement monthly reconciliations, and allow ~~the Company~~ComEd to adjust Rider CFRA rates based not only on anticipated differences but also past payments or ~~credits.~~credits, and implement monthly reconciliations beginning the June 2023 delivery period. The ICC approved the proposal on January 19, 2023.In addition, on March 24, 2023, ComEd submitted revisions to Rider CFRA which clarified the methodology for calculating interest to be included in the annual reconciliation associated with the June 2022 through May 2023 delivery year. The ICC approved the proposal on April 20, 2023. On February 2, 2024, ComEd filed a petition with the ICC to initiate the reconciliation proceeding for the costs incurred in connection with the procurement of CMCs during the delivery year beginning June 1, 2022 and extending through May 31, 2023.

Beneficial Electrification Plan

On ~~July 1, 2022, ComEd filed a proposed plan to promote beneficial electrification efforts in its Northern Illinois service area with~~March 23, 2023, the ICC as required by CEJA. ComEd's plan is designed to meaningfully reduce barriers to beneficial electrification, including those related to electric vehicles (EV), such as upfront technology adoption costs, charging costs, and charging availability; promote equity and environmental justice; reduce carbon emissions and surface-level pollutants; and support customer education and awareness of electrification options. As proposed, ComEd could expend approximately $300 million in total overissued its final order approving the ~~three-year period 2023 through 2025. The~~ beneficial electrification plan ~~requests recovery of all those costs through~~for ComEd. The ICC rejected ComEd’s request to treat a rider mechanism, under which certain of the costs would be amortized over ten years with a return on the unrecovered balance. On November 10, 2022, in responses to a Staff motion, the ICC approved an interim order dismissing from ComEd’s Beneficial Electrification Plan certain rebates (rebates to support residential customers’ purchase of EVs; and rebates to ComEd’s commercial and industrial customers to support the installation of EV chargers). However, the ICC found that building electrification measures were properly within the scopelarge portion of beneficial electrification ~~in line~~costs as a regulatory asset and ordered ComEd to seek cost recovery through the multi-year rate plan filing for 2024 and 2025, and the final formula rate reconciliation docket for 2023, rather than through a separate charge. The order also authorized an overall annual budget of $77 million per year for the three-year plan period (2023 through 2025), with ~~ComEd’s proposal. The ICC also adopted ComEd’s position regarding~~flexibility to roll forward unused funds to future years within the ~~rate impact of spending associated with EV related infrastructure.~~same plan period. On ~~November 21, 2022,~~April 18, 2023, ComEd filed an application for rehearing in the beneficial electrification plan docket. The Chicago Transit Authority and City of ~~the interim order, which the ICC denied. On December 9, 2022,~~Chicago, jointly, and the Office of the Illinois Attorney General ~~(AG)~~(ILAG) also filed applications for rehearing. On

Table of Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 32 — Regulatory Matters

sought rehearing. On December 15, 2022, ComEd filed an appeal of the ICC’s interim order and the denial of rehearing with the Illinois Appellate Court. That appeal has been stayed pending the ICC's disposition of the case. Also on December 15, 2022, the ICC denied the AG’s application for rehearing and the AG subsequently filed an appeal.

On March 23, 2023, the ICC issued its final order in the beneficial electrification plan docket. The order adopts the beneficial electrification plan with modifications and directs ComEd to seek cost recovery through the multi-year rate plan filing for 2024 and 2025, and the final formula rate reconciliation docket for 2023, rather than through a new rider beneficial electrification as ComEd had proposed. The order also rejects ComEd’s request for a regulatory asset. The order approves an overall annual budget of $77 million per year for each of the three years in the plan (2023 through 2025), with flexibility to roll forward unused funds to future years within the same plan period. The final order also made specific reductions to the proposed $100 million per year budget, reducing the proposed customer education and awareness budget; the portfolio budget for cross-cutting administrative support; and the light, medium, and heavy-duty EV rebate programs. The order dedicates funds for rebates related to the installation of heat pumps and the promotion of home electrification for low-income customers and those in Environmental Justice and Restore, Reinvest, and Renew designated communities. The order also requires ComEd to propose methods to minimize or exempt low-income ratepayers from the impact of its beneficial electrification plan, possibly through ComEd’s next rate design investigation. On April 18, 2023, ComEd filed an application for rehearing concerning aspects of the ICC’s order, including the approved budgets. The ICC must act on that application by May 8, 2023. On April 21, 2023 the Chicago Transit Authority and city of Chicago jointly filed an application for rehearing requesting the ICC modify the final order so the transit agencies do not pay the cost of make-ready infrastructure and to exempt transit agencies from paying the required deposit or providing a letter of credit to ComEd for the cost of make-ready infrastructure. On April 24, 2023, the AG also filed an application for rehearing on several topics, including the budget, rebate levels, retail rate cap, types of programs included in the beneficial electrification plan, compliance with the EV Act, benefit-to-cost analysis, and rate-related issues. On April 27, 2023, ICC staff filed a motion for clarification, ofseeking clarification from the ~~order’s language regarding~~ICC on the ~~annual budget. The~~precise budget described in the final order. On May 8, 2023, the ICC ~~will likely rule on~~denied all ~~of the~~ applications for rehearing, and ~~staff’s motion at~~entered an amendatory order regarding the annual beneficial electrification plan budgets. ComEd has been directed to use good faith efforts to spend $77 million annually. ComEd subsequently filed its compliance filing in May 2023, detailing project related spending, clarifying the procedure that will be used to seek stakeholder feedback related to beneficial electrification pilot programs, and including the timeline for tariff changes required to implement the programs. ComEd and the ILAG both filed appeals of the ICC’s interim order that addressed the permissible scope of utility beneficial electrification programs outside of transportation and the rate impact cap. The ILAG also filed an appeal seeking reversal of portions of the ICC’s final decision. The final order partly mooted ComEd’s appeal of the interim order and ComEd has decided not to pursue the other issues. As such, ComEd moved to voluntarily dismiss its appeal and the appellate court granted that request. The ILAG consolidated their ~~regularly scheduled May 4,~~appeals and filed their opening brief on April 16, 2024. Any ruling on the appeals, even a negative ruling removing programs from the BE Plan or lowering the overall budget of the BE Plan, will only impact forward-looking costs.

Energy Efficiency

CEJA extends ComEd’s current cumulative annual energy efficiency MWh savings goals through 2040, adds expanded electrification measures to those goals, increases low-income commitments and adds a new performance adjustment to the energy efficiency formula rate. ComEd expects its annual spend to increase in 2023 ~~regular open meeting. If~~through 2040 to achieve these energy efficiency MWh savings goals, which will be deferred as a separate regulatory asset that will be recovered through the energy efficiency formula rate over the weighted average useful life, as approved by the ICC, ~~denies rehearing, parties have 35 days to appeal arguments raised in their rehearing applications.~~of the related energy efficiency measures.

New Jersey Regulatory Matters

Termination of Energy Procurement Provisions of PPAs (Exelon, PHI, and ACE).

On December 22, 2021, ACE filed with the NJBPU a petition to terminate the provisions in the PPAs to purchase electricity from two coal-powered generation facilities located in the state of New Jersey. The petition was approved by the NJBPU on March 23, 2022. Upon closing of the transaction on March 31, 2022, ACE recognized a liability of $203 million for the contract termination fee, which is to be paid by the end of 2024, and recognized a corresponding regulatory asset of $203 million.

As of March 31, ~~2023,~~2024, the ~~$118~~$31 million liability for the contract termination fee ~~consists of $87 million and $31 million~~is included in Other current liabilities ~~and Other deferred credits and other liabilities, respectively,~~ in Exelon's Consolidated Balance ~~Sheet. The current~~Sheet and ~~noncurrent liabilities are included in~~ PPA termination obligation ~~and Other deferred credits and other liabilities, respectively,~~ in PHI's and ACE's Consolidated Balance Sheets. For the three months ended March 31, 2024 and 2023, ACE has respectively paid $18 million and $19 million of the liability, which is recorded in Changes in Other assets and liabilities in Exelon's, PHI's, and ACE's Consolidated Statements of Cash Flows.

~~Table of Contents~~

~~COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~ — ~~(Continued)~~

~~(Dollars in millions, except per share data, unless otherwise noted)~~

~~Note 3 — Regulatory Matters~~

Other Federal Regulatory Matters

FERC Audit (Exelon and ComEd). The Utility Registrants are subject to periodic audits and investigations by FERC. FERC’s Division of Audits and Accounting initiated a nonpublic audit of ComEd in ~~May~~April 2021 evaluating ComEd’s compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit ~~covered the~~ period ~~from~~extends back to January 1, ~~2017 through August 31, 2022.~~ 2017.

On ~~January 17~~July 27, 2023, FERC issued a final audit report which included, among other things, findings and ~~February 21, 2023, ComEd was provided with information on a series of potential findings, including concerning~~recommendations related to ComEd's methodology regarding the allocation of certain overhead costs to ~~capital~~capitalized construction costs under FERC ~~regulations. As of March 31,~~regulations, including a suggestion that refunds may be due to customers for amounts collected in previous years. On August 28, 2023, ComEd filed a formal notice of the issues it will contest. On December 14, 2023, FERC appointed a settlement judge for the contested overhead allocation findings and set the matter for a trial-type hearing. That hearing process has ~~continued discussions with FERC staff~~been held in abeyance while a formal settlement process, which began in February 2024, takes place. Based on the preliminary findings and the ongoing settlement process, ComEd determined that a loss iswas probable and ~~has~~ recorded aits regulatory liability to reflect its best estimate of that ~~reflects management's best estimate.~~loss. The final outcome and resolution of ~~the findings or~~any contested audit issues as well as a reasonable estimate of ~~the audit itself~~potential future losses cannot be ~~predicted and~~accurately estimated at this stage; however, the ~~results~~final resolution of these matters could result in recognition of future losses, above the amounts currently accrued, that could be material to the Exelon and ComEd financial statements.

Table of Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

Regulatory Assets and Liabilities

The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, ~~2022,~~2023, unless noted below. See Note 3 — Regulatory Matters of the ~~2022~~2023 Form 10-K for additional information on the specific regulatory assets and liabilities.

ComEd. Regulatory assets ~~increased $547~~decreased $286 million primarily due to ~~increases~~a decrease of ~~$275~~$268 million in the CMC ~~regulatory asset, as discussed in CEJA above, and $143 million in the Electric Distribution Formula Rate Annual Reconciliations~~ regulatory asset.

PECO. Regulatory ~~assets~~liabilities increased ~~$44~~$17 million primarily due to an increase of $48 million in the Deferred Income Taxes regulatory asset. Regulatory liabilities increased $45 million primarily due to increases of $31 million in the Electric Energy and Natural Gas Costs regulatory liability and $28$26 million in the Decommissioning the ~~Regulatory Agreement Units~~regulatory agreement units regulatory liability.

BGE. Regulatory liabilities decreased $75 million primarily due to a decrease of $75 million in the Deferred income taxes regulatory liability.

ACE. Regulatory assets increased ~~$66~~$34 million primarily due to an increase of ~~$54~~$13 million in the ~~Under-Recovered Revenue Decoupling~~Under-recovered revenue decoupling regulatory ~~asset.~~

~~DPL. Regulatory assets decreased $17 million primarily due to a decrease~~asset, an increase of ~~$18~~$8 million in the ~~Electric~~ Energy efficiency and ~~Natural Gas Costs~~demand response programs regulatory ~~asset.~~

~~ACE.~~ ~~Regulatory assets decreased $18 million primarily due to a decrease~~asset, and an increase of ~~$35~~$8 million in the ~~Electric Energy Costs~~Deferred storm costs regulatory ~~asset as a result of the PPA termination. Regulatory liabilities decreased $19 million primarily due to a $9 million decrease in the Over-Recovered Revenue Decoupling regulatory liability.~~asset.

Capitalized Ratemaking Amounts Not Recognized

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts ~~as of~~at March 31, ~~2023~~2024 and December 31, ~~2022.~~2023.

Exelon
ComEd(a)
BGE(b)
PHI
Pepco(c)
DPL(c)
ACE(b)
March 31, 2023 $ 53 $ 13 $ 26 $ 14 $ 11 $ 2 $ 1
December 31, 2022 57 8 28 21 18 2 1


	Exelon		ComEd(a)		BGE(b)		PHI		Pepco(c)		DPL(c)		ACE(d)
March 31, 2024	$	106	$	36	$	30	$	40	$	27	$	1	$	12

December 31, 2023	110		32		33		45		34		1		10

__________

(a)Reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its energy efficiency and electric distribution formula rate regulatory assets.

(b)BGE's ~~and ACE's authorized amounts~~amount capitalized for ratemaking purposes primarily ~~relate~~relates to earnings on ~~shareholder's~~shareholders' investment on their ~~respective~~ AMI ~~programs.~~programs and on investments in rate base included in the multi-year plan reconciliations.

(c)Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on ~~shareholder's~~shareholders' investment on their respective AMI ~~Programs~~programs and Energy ~~Efficiency~~efficiency and ~~Demand Response Programs,~~demand response programs, and for Pepco District of Columbia revenue decoupling program. The earnings on energy efficiency are on Pepco District of Columbia and DPL Delaware programs only.

(d)ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.

~~Table of Contents~~

~~COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~ — ~~(Continued)~~

~~(Dollars in millions, except per share data, unless otherwise noted)~~

~~Note 4 — Revenue from Contracts with Customers~~

4.3. Revenue from Contracts with Customers (All Registrants)

The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services.

See Note 4 — Revenue from Contracts with Customers of the ~~2022~~2023 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.

Contract Liabilities

The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets.

For ~~PHI,~~ Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement ("Agreement") with an unrelated owner and manager of communication ~~infrastructure.~~infrastructure, as well as additional consideration received for the payment option amendment

Table of Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 3 — Revenue from Contracts with Customers

("Amendment") executed during the fourth quarter of 2023, which is discussed in further detail within Note 4 — Revenue from Contracts with Customers of the 2023 Form 10-K. The ~~revenue~~contract liability balance attributable to ~~this arrangement will be~~the Agreement and the Amendment is being recognized as Electric operating ~~revenue~~revenues over ~~the~~a 35 ~~years under the collaborative arrangement.~~year period and 31 year period, respectively.

The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three months ended March 31, ~~2023~~2024 and ~~2022. As of~~2023. At March 31, ~~2023~~2024 and December 31, ~~2022,~~2023, ComEd's, PECO's, and BGE's contract liabilities were immaterial.

Exelon(a)
PHI(a)
Pepco(a)
DPL ACE
Balance as of December 31, 2022 $ 101 $ 101 $ 81 $ 10 $ 10
Revenues recognized (1) (1) (1) — —
Balance as of March 31, 2023 $ 100 $ 100 $ 80 $ 10 $ 10
Exelon(a)
PHI(a)
Pepco(a)
DPL ACE
Balance as of December 31, 2021 $ 109 $ 109 $ 87 $ 11 $ 11
Revenues recognized (2) (2) (2) — —
Balance as of March 31, 2022 $ 107 $ 107 $ 85 $ 11 $ 11



	Exelon(a)		PHI(a)		Pepco(a)		DPL		ACE
Balance at December 31, 2023	$	133	$	133	$	107	$	13	$	13
Revenues recognized	(2)		(2)		(2)		—		—
Balance at March 31, 2024	$	131	$	131	$	105	$	13	$	13





	Exelon(a)		PHI(a)		Pepco(a)		DPL		ACE
Balance at December 31, 2022	$	101	$	101	$	81	$	10	$	10
Revenues recognized	(1)		(1)		(1)		—		—
Balance at March 31, 2023	$	100	$	100	$	80	$	10	$	10

__________

(a)Revenues recognized in the three months ended March 31, ~~2023~~2024 and ~~2022,~~2023, were included in the contract liabilities at December 31, ~~2022~~2023 and ~~2021,~~2022, respectively.

Transaction Price Allocated to Remaining Performance Obligations

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, ~~2023.~~2024. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.


Year	Year	Exelon		PHI		Pepco		DPL		ACE		Year	Exelon	PHI	Pepco	DPL	ACE
2023		$	7	$	7	$	5	$	1	$	1
2024	2024	6		6		5		—		1
2025	2025	5		5		5		—		—
2026	2026	5		5		5		—		—
2027 and thereafter		77		77		60		9		8
2027
2028 and thereafter
Total	Total	$	100	$	100	$	80	$	10	$	10

Table of ~~March 31, 2023~~Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 9 — Debt and ~~December 31, 2022, ACE had no commercial paper borrowings:~~Credit Agreements

Outstanding Commercial
Paper as of Average Interest Rate on
Commercial Paper Borrowings as of
Commercial Paper Issuer March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022
Exelon(a)
$ 807 $ 1,938 5.12 % 4.77 %
ComEd 409 427 5.09 % 4.71 %
PECO 145 239 5.04 % 4.71 %
BGE 243 409 5.24 % 4.81 %
PHI(b)
— 414 — % 4.78 %
Pepco — 299 — % 4.79 %
DPL — 115 — % 4.76 %

__________

(a)Exelon Corporate had ~~$10~~$571 million and ~~$449~~$527 million in outstanding commercial paper borrowings ~~as of~~at March 31, ~~2023~~2024 and December 31, ~~2022,~~2023, respectively.

(b)Represents the consolidated amounts of Pepco, DPL, and ACE.

Revolving Credit Agreements

Exelon Corporate and the Utility Registrants each have a 5-year revolving credit facility. The following table reflects the credit agreements:


Borrower	Aggregate Bank Commitment		Interest Rate
Exelon Corporate	$	900	SOFR plus 1.275	%
ComEd	$	1,000	SOFR plus 1.000	%
PECO	$	600	SOFR plus 0.900	%
BGE	$	600	SOFR plus 0.900	%
Pepco	$	300	SOFR plus 1.075	%
DPL	$	300	SOFR plus 1.000	%
ACE	$	300	SOFR plus ~~1.075~~1.000	%

Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of March 31, ~~2023.~~2024.

The Utility Registrants have credit facility agreements, arranged at minority and community banks, which are solely utilized to issue letters of credit. The ~~new~~ facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October ~~6, 2023.~~

~~Table of Contents~~

~~COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~ — ~~(Continued)~~

~~(Dollars in millions, except per share data, unless otherwise noted)~~

~~Note 10 — Debt and Credit Agreements~~

4, 2024.

See Note 16 — Debt and Credit Agreements of the ~~2022~~2023 Form 10-K for additional information on the Registrants' credit facilities.

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed in the first quarter of ~~2023~~2024 and was bifurcated into two tranches of ~~$300~~$350 million and $150 million on March 14, ~~2023 and $200 million on March 24, 2023.~~2024. The agreements will expire on March 14, ~~2024 and March 22, 2024, respectively.~~2025. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus ~~0.90%~~1.05% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

On ~~October 4, 2022,~~May 9, 2023, ComEd entered into a 364-day term loan agreement for ~~$150~~$400 million with a variable rate equal to SOFR plus ~~0.75%~~1.00% and an expiration date of ~~October 3, 2023.~~May 7, 2024. On May 1, 2024, ComEd entered into an agreement to extend the $400 million term loan through the expiration date of June 28, 2024. Interest on the extended loan will be based on a variable rate equal to SOFR plus 1.00%. The original proceeds from ~~this~~the loan were used to repay outstanding commercial paper ~~obligations.~~obligations and for general corporate purposes. The ~~balance~~loan agreement is reflected in Exelon's and ComEd's Consolidated Balance Sheets within Short-term borrowings.

Table of ~~the loan was repaid on January 13, 2023~~Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in ~~conjunction with the $400 million~~millions, except per share data, unless otherwise noted)

Note 9 — Debt and ~~$575 million First Mortgage Bond agreements that were entered into on January 3, 2023. Refer to the Issuance of Long-Term Debt table below for further information.~~Credit Agreements

Long-Term Debt

Issuance of Long-Term Debt

During the three months ended March 31, ~~2023,~~2024, the following long-term debt was issued:

Company

Type

Interest Rate

Maturity

Amount

Use of Proceeds

Exelon

Notes

5.15%

March 15, 2028

$1,000

Repay existing indebtedness and for general corporate purposes.

Exelon

Notes

5.30%

March 15, 2033

850

Repay existing indebtedness and for general corporate purposes.

Exelon

Notes

5.60%

March 15, 2053

650

Repay existing indebtedness and for general corporate purposes.

ComEd

First Mortgage Bonds, Series 134

4.90%

February 1, 2033

400

Repay outstanding commercial paper obligations and to fund other general corporate purposes.

ComEd

First Mortgage Bonds Series 135

5.30%

February 1, 2053

575

Repay outstanding commercial paper obligations and to fund other general corporate purposes.

Pepco(a)

First Mortgage Bonds

5.30%

March 15, 2033

Repay existing indebtedness and for general corporate purposes.

Exelon

Pepco

First Mortgage Bonds

5.40%

March 15, 2038

Repay existing indebtedness and for general corporate purposes.

Pepco

First Mortgage Bonds

5.57%

March 15, 2053

125

Repay existing indebtedness and for general corporate purposes.

DPL(b)

First Mortgage Bonds

5.30%

March 15, 2033

Repay existing indebtedness and for general corporate purposes.

Pepco

DPL

First Mortgage Bonds

5.57%

March 15, 2053

Repay existing indebtedness and for general corporate purposes.

ACE

First Mortgage Bonds

5.57%

March 15, 2053

Repay existing indebtedness and for general corporate purposes.

DPL

ACE(a)

Table of Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 1110 — Fair Value of Financial Assets and Liabilities

Reconciliation of Level 3 Assets and Liabilities

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, ~~2023~~2024 and ~~2022:~~2023:

Exelon ComEd PHI and Pepco
Three Months Ended March 31, 2023 Total Mark-to-Market
Derivatives Life Insurance Contracts
Balance as of December 31, 2022 $ (44) $ (84) $ 40
Total realized / unrealized gains
Included in net income(a)
1 — 1
Included in regulatory assets/liabilities (14) (14) (b) —
Balance as of March 31, 2023 $ (57) $ (98) (c) $ 41
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of March 31, 2023 $ 1 $ — $ 1


	Exelon		ComEd			PHI and Pepco
Three Months Ended March 31, 2024	Total		Commodity Derivatives			Life Insurance Contracts
Balance at December 31, 2023	$	(90)	$	(133)		$	41
Total realized / unrealized gains (losses)
Included in net income(a)	—		—			—


Included in regulatory assets/liabilities	25		25		(b)	—








Balance at March 31, 2024	$	(65)	$	(108)	(c)	$	41
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at March 31, 2024	$	—	$	—		$	—

Exelon ComEd PHI and Pepco
Three Months Ended March 31, 2022 Total Mark-to-Market
Derivatives Life Insurance Contracts
Balance as of December 31, 2021 $ (182) $ (219) $ 35
Total realized / unrealized gains
Included in net income(a)
1 — 1
Included in regulatory assets 75 75 (b) —
Transfers out of Level 3 (1) — —
Balance as of March 31, 2022 $ (107) $ (144) $ 36
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities as of March 31, 2022 $ 1 $ — $ 1


	Exelon		ComEd			PHI and Pepco
Three Months Ended March 31, 2023	Total		Commodity Derivatives			Life Insurance Contracts
Balance at December 31, 2022	$	(44)	$	(84)		$	40
Total realized / unrealized gains (losses)
Included in net income(a)	1		—			1


Included in regulatory assets/liabilities	(14)		(14)		(b)	—








Balance at March 31, 2023	$	(57)	$	(98)		$	41
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities at March 31, 2023	$	1	$	—		$	1

__________

(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.

(b)Includes $13 million of increases in fair value and an increase for realized gains due to settlements of $12 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2024. Includes $25 million of decreases in fair value and an increase for realized ~~gains~~losses due to settlements of $11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2023. Includes $69 million of increases in fair value and an increase for realized losses due to settlements of $6 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2022.

(c)The balance of the current and noncurrent asset was effectively zero as of March 31, 2024. The balance consists of a current and noncurrent liability of ~~$22~~$29 million and ~~$76~~$79 million, respectively, as of March 31, ~~2023.~~2024.

Commodity Derivatives (Exelon and ComEd)

~~Valuation Techniques Used~~The table below discloses the significant unobservable inputs to ~~Determine Fair Value~~

~~Exelon’s valuation techniques~~the forward curve used to ~~measure~~value mark-to-market derivatives.


Type of trade	Fair Value at March 31, 2024		Fair Value at December 31, 2023		Valuation Technique	Unobservable Input	2024 Range & Arithmetic Average				2023 Range & Arithmetic Average
Commodity derivatives	$	(108)	$	(133)	Discounted Cash Flow	Forward power price(a)	$22.68	-	$84.62	$46.94	$30.27	-	$73.71	$43.35

________

(a)An increase to the forward power price would increase the fair ~~value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 17 — Fair Value of Financial Assets and Liabilities of the 2022 Form 10-K.~~value.

Table of Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — ~~Fair Value of Financial Assets~~Commitments and ~~Liabilities~~Contingencies

~~Mark-to-Market Derivatives (Exelon and ComEd)~~

~~The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.~~

Type of trade Fair Value as of March 31, 2023 Fair Value as of December 31, 2022 Valuation
Technique Unobservable
Input 2023 Range & Arithmetic Average 2022 Range & Arithmetic Average
Mark-to-market derivatives $ (98) $ (84) Discounted
Cash Flow
Forward power price(a)
$22.49 - $83.26 $47.69 $34.78 - $75.71 $48.44

~~________~~

~~(a)An increase to the forward power price would increase the fair value.~~

~~12.~~11. Commitments and Contingencies (All Registrants)

The following is an update to the current status of commitments and contingencies set forth in Note 18 — Commitments and Contingencies of the ~~2022~~2023 Form 10-K.

Commitments

PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE ~~as of~~at March 31, ~~2023:~~2024:


Description	Description	Exelon		PHI		Pepco		DPL		ACE		Description	Exelon	PHI	Pepco	DPL	ACE
Total commitments	Total commitments	$	513	$	320	$	120	$	89	$	111
Remaining commitments(a)	Remaining commitments(a)	48		42		37		3		2

__________

(a)Remaining commitments extend through 2026 and include escrow funds, charitable contributions, and rate ~~credits, energy efficiency programs and delivery system modernization.~~credits.

Table of Contents

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 1211 — Commitments and Contingencies

Commercial Commitments (All Registrants). The Registrants’ commercial commitments ~~as of~~at March 31, ~~2023,~~2024, representing commitments potentially triggered by future events were as follows:


					Expiration within
		Total			2023		2024		2025		2026		2027		2028 and beyond
				Expiration within																			Expiration within
	Total																Total	2024	2025	2026	2027	2028		2029 and beyond
Exelon	Exelon
Letters of credit		$	19		$	17	$	2	$	—	$	—	$	—	$	—
Surety bonds(a)		205			190		15		—		—		—		—
Financing trust guarantees		378			—		—		—		—		—		378
Guaranteed lease residual values(b)		29			—		5		6		5		4		9
Letters of credit(a)
Letters of credit(a)
Letters of credit(a)
Surety bonds(b)
Financing trust guarantees(c)
Guaranteed lease residual values(d)
Total commercial commitments	Total commercial commitments	$	631		$	207	$	22	$	6	$	5	$	4	$	387

ComEd	ComEd
Letters of credit		$	12		$	10	$	2	$	—	$	—	$	—	$	—
Surety bonds(a)		47			42		5		—		—		—		—
Financing trust guarantees		200			—		—		—		—		—		200
ComEd
ComEd
Letters of credit(a)
Letters of credit(a)
Letters of credit(a)
Surety bonds(b)
Financing trust guarantees(c)
Total commercial commitments	Total commercial commitments	$	259		$	52	$	7	$	—	$	—	$	—	$	200

PECO	PECO
Letters of credit		$	1		$	1	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)		2			1		1		—		—		—		—
Financing trust guarantees		178			—		—		—		—		—		178
PECO
PECO
Letters of credit(a)
Letters of credit(a)
Letters of credit(a)
Surety bonds(b)
Financing trust guarantees(c)
Total commercial commitments	Total commercial commitments	$	181		$	2	$	1	$	—	$	—	$	—	$	178

BGE	BGE
Letters of credit		$	2		$	2	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)		3			2		1		—		—		—		—
BGE
BGE
Letters of credit(a)
Letters of credit(a)
Letters of credit(a)
Surety bonds(b)
Total commercial commitments	Total commercial commitments	$	5		$	4	$	1	$	—	$	—	$	—	$	—

PHI	PHI
PHI
PHI

Surety bonds(a)		$	95		$	90	$	5	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)		29			—		5		6		5		4		9
Surety bonds(b)

Surety bonds(b)

Surety bonds(b)
Guaranteed lease residual values(d)
Total commercial commitments	Total commercial commitments	$	124		$	90	$	10	$	6	$	5	$	4	$	9

Pepco	Pepco
Pepco
Pepco

Surety bonds(a)	Surety bonds(a)	$	84		$	84	$	—	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)		10			—		2		2		2		1		3

Surety bonds(a)

Surety bonds(a)
Guaranteed lease residual values(d)
Total commercial commitments	Total commercial commitments	$	94		$	84	$	2	$	2	$	2	$	1	$	3

DPL	DPL
DPL
DPL

Surety bonds(a)		$	6		$	2	$	4	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)		12			—		2		2		2		2		4
Surety bonds(b)

Surety bonds(b)

Surety bonds(b)
Guaranteed lease residual values(d)
Total commercial commitments	Total commercial commitments	$	18		$	2	$	6	$	2	$	2	$	2	$	4

ACE	ACE
Surety bonds(a)		$	5		$	4	$	1	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)		7			—		1		2		1		1		2
ACE
ACE
Surety bonds(b)
Surety bonds(b)
Surety bonds(b)
Guaranteed lease residual values(d)
Total commercial commitments	Total commercial commitments	$	12		$	4	$	2	$	2	$	1	$	1	$	2


Commission File Number	Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number	IRS Employer Identification Number

001-16169	EXELON CORPORATION	23-2990190
	(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220

001-01839	COMMONWEALTH EDISON COMPANY	36-0938600
	(an Illinois corporation) 10 South Dearborn Street Chicago, Illinois 60603-2300 (312) 394-4321

000-16844	PECO ENERGY COMPANY	23-0970240
	(a Pennsylvania corporation) 2301 Market Street P.O. Box 8699 ~~2301 Market Street~~ Philadelphia, Pennsylvania 19101-8699 (215) 841-4000

001-01910	BALTIMORE GAS AND ELECTRIC COMPANY	52-0280210
	(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000

001-31403	PEPCO HOLDINGS LLC	52-2297449
	(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000

001-01072	POTOMAC ELECTRIC POWER COMPANY	53-0127880
	(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia ~~20068-001~~20068-0001 (202) 872-2000

001-01405	DELMARVA POWER & LIGHT COMPANY	51-0084283
	(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000

001-03559	ATLANTIC CITY ELECTRIC COMPANY	21-0398280
	(a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000


Exelon Corporation Common Stock, without par value			~~994,568,998~~1,000,025,124
Commonwealth Edison Company Common Stock, $12.50 par value			~~127,021,394~~127,021,409
PECO Energy Company Common Stock, without par value			170,478,507
Baltimore Gas and Electric Company Common Stock, without par value			1,000
Pepco Holdings LLC			not applicable
Potomac Electric Power Company Common Stock, $0.01 par value			100
Delmarva Power & Light Company Common Stock, $2.25 par value			1,000
Atlantic City Electric Company Common Stock, $3.00 par value			8,546,017


						Page No.
			Potomac Electric Power Company
			Statements of Operations and Comprehensive Income			34
			Statements of Cash Flows			35
			Balance Sheets			36
			Statements of Changes in Shareholder's Equity			38
			Delmarva Power & Light Company
			Statements of Operations and Comprehensive Income			39
			Statements of Cash Flows			40
			Balance Sheets			41
			Statements of Changes in Shareholder’s Equity			43
			Atlantic City Electric Company
			Consolidated Statements of Operations and Comprehensive Income			44
			Consolidated Statements of Cash Flows			45
			Consolidated Balance Sheets			46
			Consolidated Statements of Changes in Shareholder’s Equity			48
			Combined Notes to Consolidated Financial Statements
			1. Significant Accounting Policies			49
			2. ~~Discontinued Operations~~Regulatory Matters			50
			3. ~~Regulatory Matters~~			53
			4. Revenue from Contracts with Customers			6057
			5.4. Segment Information			6158
			5. Accounts Receivable			63

			6. ~~Accounts Receivable~~Income Taxes			65
			7. Retirement Benefits			66

			~~7. Income Taxes~~8. Derivative Financial Instruments			68
			~~8. Retirement Benefits~~			70
			9. ~~Derivative Financial Instruments~~			71
			~~10.~~ Debt and Credit Agreements			7572
			~~11.~~10. Fair Value of Financial Assets and Liabilities			7774
			~~12.~~11. Commitments and Contingencies			8381
			~~13.~~12. Shareholders' Equity			9088
			~~14.~~13. Changes in Accumulated Other Comprehensive Income			9088

			~~15.~~14. Supplemental Financial Information			9189
			~~16.~~15. Related Party Transactions			9592


		Page No.


ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	9894
	Exelon Corporation	9894
	Executive Overview	9894
	Financial Results of Operations	9894
	Significant ~~2023~~2024 Transactions and Developments	~~100~~95


	Other Key Business Drivers and Management Strategies	~~103~~98
	Critical Accounting Policies and Estimates	~~104~~99
	Results of Operations By Registrant	~~105~~100
	Commonwealth Edison Company	~~105~~100
	PECO Energy Company	~~108~~103
	Baltimore Gas and Electric Company	~~112~~107
	Pepco Holdings LLC	~~115~~110
	Potomac Electric Power Company	~~116~~111
	Delmarva Power & Light Company	~~119~~114
	Atlantic City Electric Company	~~123~~118
	Liquidity and Capital Resources	~~126~~121

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	~~134~~129
ITEM 4.	CONTROLS AND PROCEDURES	~~135~~130
PART II.	OTHER INFORMATION	~~135~~130
ITEM 1.	LEGAL PROCEEDINGS	~~135~~130
ITEM 1A.	RISK FACTORS	~~136~~130

ITEM 5.	OTHER INFORMATION	~~136~~131
ITEM 6.	EXHIBITS	~~136~~131
SIGNATURES		~~139~~134
	Exelon Corporation	~~139~~134
	Commonwealth Edison Company	~~140~~135
	PECO Energy Company	~~141~~136
	Baltimore Gas and Electric Company	~~142~~137
	Pepco Holdings LLC	~~143~~138
	Potomac Electric Power Company	~~144~~139
	Delmarva Power & Light Company	~~145~~140
	Atlantic City Electric Company	~~146~~141


GLOSSARY OF TERMS AND ABBREVIATIONS
Exelon Corporation and Related Entities
Exelon						Exelon Corporation
ComEd						Commonwealth Edison Company
PECO						PECO Energy Company
BGE						Baltimore Gas and Electric Company
Pepco Holdings or PHI						Pepco Holdings LLC
Pepco						Potomac Electric Power Company
DPL						Delmarva Power & Light Company
ACE						Atlantic City Electric Company
Registrants						Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively
Utility Registrants						ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively


BSC						Exelon Business Services Company, LLC
Exelon Corporate						Exelon in its corporate capacity as a holding company
PCI						Potomac Capital Investment Corporation and its subsidiaries
PECO Trust III						PECO Energy Capital Trust III
PECO Trust IV						PECO Energy Capital Trust IV

PHI Corporate						PHI in its corporate capacity as a holding company
PHISCO						PHI Service Company
Former Related Entities
Constellation						Constellation Energy Corporation
Generation						Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon prior to separation on February 1, 2022)


☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


		Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS		4
FILING FORMAT		7
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION		7
WHERE TO FIND MORE INFORMATION		7
PART I.	FINANCIAL INFORMATION	8
ITEM 1.	FINANCIAL STATEMENTS	8
	Exelon Corporation
	Consolidated Statements of Operations and Comprehensive Income	9
	Consolidated Statements of Cash Flows	10
	Consolidated Balance Sheets	11
	Consolidated Statements of Changes in Shareholders’ Equity	13
	Commonwealth Edison Company
	Consolidated Statements of Operations and Comprehensive Income	14
	Consolidated Statements of Cash Flows	15
	Consolidated Balance Sheets	16
	Consolidated Statements of Changes in Shareholders' Equity	18
	PECO Energy Company
	Consolidated Statements of Operations and Comprehensive Income	19
	Consolidated Statements of Cash Flows	20
	Consolidated Balance Sheets	21
	Consolidated Statements of Changes in Shareholder's Equity	23
	Baltimore Gas and Electric Company
	Statements of Operations and Comprehensive Income	24
	Statements of Cash Flows	25
	Balance Sheets	26
	Statements of Changes in Shareholder's Equity	28
	Pepco Holdings LLC
	Consolidated Statements of Operations and Comprehensive Income	29
	Consolidated Statements of Cash Flows	30
	Consolidated Balance Sheets	31
	Consolidated Statements of Changes in Member's Equity	33


GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
Note - of the ~~2022~~2023 Form 10-K						Reference to specific Combined Note to Consolidated Financial Statements within Exelon's ~~2022~~2023 Annual Report on Form 10-K
ABO						Accumulated Benefit Obligation
~~AECs~~						~~Alternative Energy Credits that are issued for each megawatt hour of generation from a qualified alternative energy source~~
AFUDC						Allowance for Funds Used During Construction
AMI						Advanced Metering Infrastructure
AOCI						Accumulated Other Comprehensive Income (Loss)
ARO						Asset Retirement Obligation
ATM						At the market
BGS						Basic Generation Service
BSA						Bill Stabilization Adjustment
CEJA						Climate and Equitable Jobs Act; Illinois Public Act 102-0662 signed into law on September 15, 2021
CERCLA						Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
CIP						Conservation Incentive Program
CMC						Carbon Mitigation Credit
CODMs						Chief Operating Decision ~~Maker(s)~~Makers
DC PLUG						District of Columbia Power Line Undergrounding Initiative
DCPSC						Public Service Commission of the District of Columbia
DEPSC						Delaware Public Service Commission
DOEE						District of Columbia Department of Energy & Environment
DPA						Deferred Prosecution Agreement
~~DPP~~						~~Deferred Purchase Price~~
DSIC						Distribution System Improvement Charge
EIMA						Energy Infrastructure Modernization Act (Illinois Senate Bill 1652 and Illinois House Bill 3036)
EPA						United States Environmental Protection Agency
~~ERCOT~~						~~Electric Reliability Council of Texas~~
ERISA						Employee Retirement Income Security Act of 1974, as amended
~~ERP~~						~~Enterprise Resource Program~~
ETAC						Energy Transition Assistance Charge
~~FEJA~~						~~Illinois Public Act 99-0906 or Future Energy Jobs Act~~
FERC						Federal Energy Regulatory Commission
GAAP						Generally Accepted Accounting Principles in the United States
GCR						Gas Cost Rate
GSA						Generation Supply Adjustment
GWhs						Gigawatt hours
ICC						Illinois Commerce Commission
IIJA						Infrastructure Investment and Jobs Act
Illinois Settlement Legislation						Legislation enacted in 2007 affecting electric utilities in Illinois
IPA						Illinois Power Agency
IRA						Inflation Reduction Act
IRC						Internal Revenue Code
IRS						Internal Revenue Service

MDPSC						Maryland Public Service Commission
MGP						Manufactured Gas Plant
mmcf						Million Cubic Feet
MRP						Multi-Year Rate Plan
MWh						Megawatt hour
N/A						Not applicable
NAV						Net Asset Value


GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
~~mmcf~~						~~Million Cubic Feet~~
~~MMG~~						~~Middle Mile Grant~~
~~MRP~~						~~Multi-Year Rate Plan~~

~~MWh~~						~~Megawatt hour~~
~~N/A~~						~~Not applicable~~
~~NAV~~						~~Net Asset Value~~
~~NDT~~						~~Nuclear Decommissioning Trust~~
NJBPU						New Jersey Board of Public Utilities
NPNS						Normal Purchase Normal Sale scope exception
NPS						National Park Service
NRD						Natural Resources Damages
OCI						Other Comprehensive Income
OPEB						Other Postretirement Employee Benefits
PAPUC						Pennsylvania Public Utility Commission
PGC						Purchased Gas Cost Clause
PJM						PJM Interconnection, LLC
POLR						Provider of Last Resort
PPA						Power Purchase Agreement
~~PP&E~~						~~Property, plant, and equipment~~
PRPs						Potentially Responsible Parties
REC						Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source
Regulatory Agreement Units						Nuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting
~~RFP~~						~~Request for Proposal~~
Rider						Reconcilable Surcharge Recovery Mechanism
ROE						Return on equity
ROU						Right-of-use
~~RPS~~						~~Renewable Energy Portfolio Standards~~
RTO						Regional Transmission Organization
SEC						United States Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
SOS						Standard Offer Service
~~STRIDE~~						~~Maryland Strategic Infrastructure Development and Enhancement Program~~
TCJA						Tax Cuts and Jobs Act
ZEC						Zero Emission Credit or Zero Emission Certificate


	Three Months Ended March 31,
(In millions, except per share data)		2024		2023
Operating revenues
Electric operating revenues		$	5,198	$	4,462
Natural gas operating revenues		739		822
Revenues from alternative revenue programs		106		279
Total operating revenues		6,043		5,563
Operating expenses
Purchased power		2,197		1,733
Purchased fuel		213		358

Operating and maintenance		1,271		1,151
Depreciation and amortization		879		860
Taxes other than income taxes		371		355
Total operating expenses		4,931		4,457

Gain on sale of assets and businesses		2		—


Operating income		1,114		1,106
Other income and (deductions)
Interest expense, net		(462)		(406)
Interest expense to affiliates		(6)		(6)
Other, net		75		109
Total other income and (deductions)		(393)		(303)
Income before income taxes		721		803
Income taxes		63		134





Net income attributable to common shareholders		$	658	$	669






Comprehensive income, net of income taxes
Net income		$	658	$	669
Other comprehensive income (loss), net of income taxes
Pension and non-pension postretirement benefit plans:

Actuarial losses reclassified to periodic benefit cost		5		3
Pension and non-pension postretirement benefit plans valuation adjustments		(24)		(10)
Unrealized gains on cash flow hedges		33		6



Other comprehensive income (loss)		14		(1)


Comprehensive income attributable to common shareholders		$	672	$	668

Average shares of common stock outstanding:
Basic		1,000		995
Assumed exercise and/or distributions of stock-based awards(a)		1		1
Diluted		1,001		996

Earnings per average common share
Basic		$	0.66	$	0.67
Diluted		$	0.66	$	0.67


	Three Months Ended March 31,
(In millions)	2023		2022
Cash flows from operating activities
Net income	$	669	$	598
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	860		1,024


Gain on sales of assets and businesses	—		(10)

Deferred income taxes and amortization of investment tax credits	113		110
Net fair value changes related to derivatives	—		(59)
Net realized and unrealized losses on NDT funds	—		205
Net unrealized losses on equity investments	—		16
Other non-cash operating activities	(138)		232
Changes in assets and liabilities:
Accounts receivable	106		(711)
Inventories	102		125
Accounts payable and accrued expenses	(482)		291
Option premiums paid, net	—		(39)
Collateral (paid) received, net	(214)		1,142
Income taxes	23		77
Regulatory assets and liabilities, net	(324)		(31)
Pension and non-pension postretirement benefit contributions	(44)		(574)
Other assets and liabilities	(187)		(614)
Net cash flows provided by operating activities	484		1,782
Cash flows from investing activities
Capital expenditures	(1,881)		(1,922)
Proceeds from NDT fund sales	—		488
Investment in NDT funds	—		(516)
Collection of DPP	—		169


Proceeds from sales of assets and businesses	—		16


Other investing activities	10		(54)
Net cash flows used in investing activities	(1,871)		(1,819)
Cash flows from financing activities
Changes in short-term borrowings	(1,130)		(700)
Proceeds from short-term borrowings with maturities greater than 90 days	—		1,150
Repayments on short-term borrowings with maturities greater than 90 days	(150)		(350)
Issuance of long-term debt	3,925		4,301
Retirement of long-term debt	(857)		(6)





Dividends paid on common stock	(358)		(332)
Proceeds from employee stock plans	10		9
Transfer of cash, restricted cash, and cash equivalents to Constellation	—		(2,594)
Other financing activities	(60)		(62)
Net cash flows provided by financing activities	1,380		1,416
(Decrease) increase in cash, restricted cash, and cash equivalents	(7)		1,379
Cash, restricted cash, and cash equivalents at beginning of period	1,090		1,619
Cash, restricted cash, and cash equivalents at end of period	$	1,083	$	2,998

Supplemental cash flow information
Decrease in capital expenditures not paid	$	(201)	$	(322)
Increase in DPP	—		348
Decrease in PP&E related to ARO update	—		(335)


(In millions)	(In millions)	March 31, 2023		December 31, 2022		(In millions)	March 31, 2024		December 31, 2023
ASSETS	ASSETS
Current assets	Current assets
Current assets
Current assets
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalents	Cash and cash equivalents	$	522	$	407
Restricted cash and cash equivalents	Restricted cash and cash equivalents	381		566

Accounts receivable	Accounts receivable
Accounts receivable
Accounts receivable
Customer accounts receivable
Customer accounts receivable
Customer accounts receivable	Customer accounts receivable	2,493		2,544		2,896		2,659
Customer allowance for credit losses	Customer allowance for credit losses	(389)		(327)		Customer allowance for credit losses	(346)		(317)
Customer accounts receivable, net	Customer accounts receivable, net	2,104		2,217
Other accounts receivable	Other accounts receivable	1,346		1,426		Other accounts receivable	1,131		1,101
Other allowance for credit losses	Other allowance for credit losses	(91)		(82)		Other allowance for credit losses	(96)		(82)
Other accounts receivable, net	Other accounts receivable, net	1,255		1,344
Inventories, net	Inventories, net
Fossil fuel	Fossil fuel	70		208
Fossil fuel
Fossil fuel
Materials and supplies	Materials and supplies	582		547
Regulatory assets	Regulatory assets	2,386		1,641
Other	Other	477		406
Total current assets	Total current assets	7,777		7,336
Property, plant, and equipment (net of accumulated depreciation and amortization of $16,384 and $15,930 as of March 31, 2023 and December 31, 2022, respectively)		70,117		69,076
Property, plant, and equipment (net of accumulated depreciation and amortization of $17,711 and $17,251 as of March 31, 2024 and December 31, 2023, respectively)
Deferred debits and other assets	Deferred debits and other assets
Regulatory assets
Regulatory assets
Regulatory assets	Regulatory assets	7,878		8,037
Goodwill	Goodwill	6,630		6,630
Receivable related to Regulatory Agreement Units	Receivable related to Regulatory Agreement Units	3,069		2,897
Investments	Investments	234		232
Other	Other	1,220		1,141
Total deferred debits and other assets	Total deferred debits and other assets	19,031		18,937
Total assets	Total assets	$	96,925	$	95,349


	Three Months Ended March 31, 2022
(In millions, shares in thousands)	Issued Shares	Common Stock		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss, net		Noncontrolling Interests		Total Shareholders' Equity
Balance, December 31, 2021	981,291	$	20,324	$	(123)	$	16,942	$	(2,750)	$	402	$	34,795
Net income	—	—		—		597		—		1		598
Long-term incentive plan activity	540	(13)		—		—		—		—		(13)
Employee stock purchase plan issuances	211	9		—		—		—		—		9

Changes in equity of noncontrolling interests	—	—		—		—		—		(7)		(7)

Distribution of Constellation (Note 2)	—	(21)		—		(13,179)		2,023		(396)		(11,573)
Common stock dividends ($0.34/common share)	—	—		—		(332)		—		—		(332)
Other comprehensive income, net of income taxes	—	—		—		—		14		—		14

Balance, March 31, 2022	982,042	$	20,299	$	(123)	$	4,028	$	(713)	$	—	$	23,491


Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Approved Revenue Requirement Increase		Approved ROE	Approval Date	Rate Effective Date
ComEd - Illinois	January 17, 2023	Electric	$	1,487	$	501	8.905%	December 14, 2023(a)	January 1, 2024
			$	838	$	810	8.905%	April 18, 2024(b)	May 1, 2024
	April 21, 2023(c)	Electric	$	247	$	259	8.91%	November 30, 2023	January 1, 2024
BGE - Maryland(d)	February 17, 2023	Electric	$	313	$	179	9.50%	December 14, 2023	January 1, 2024
		Natural Gas	$	289	$	229	9.45%

Pepco - Maryland(e)	October 26, 2020 (amended March 31, 2021)	Electric	$	104	$	52	9.55%	June 28, 2021	June 28, 2021
DPL - Maryland(f)	May 19, 2022	Electric	$	38	$	29	9.60%	December 14, 2022	January 1, 2023
DPL - Delaware	December 15, 2022 (amended September 29, 2023)	Electric	$	39	$	28	9.60%	April 18, 2024	July 15, 2023
ACE - New Jersey(g)	February 15, 2023 (amended August 21, 2023)	Electric	$	92	$	45	9.60%	November 17, 2023	December 1, 2023


	Three Months Ended March 31,
	~~2022~~
~~Operating revenues~~
~~Competitive business revenues~~	$	~~1,855~~
~~Competitive business revenues from affiliates~~	~~161~~
~~Total operating revenues~~	~~2,016~~
~~Operating expenses~~
~~Competitive businesses purchased power and fuel~~	~~1,138~~

~~Operating and maintenance(a)~~	~~371~~

~~Depreciation and amortization~~	94
~~Taxes other than income taxes~~	44
~~Total operating expenses~~	~~1,647~~
~~Gain on sales of assets and businesses~~	10
~~Operating income~~	~~379~~
~~Other income and (deductions)~~
~~Interest expense, net~~	~~(20)~~

~~Other, net~~	~~(281)~~
~~Total other (deductions) and income~~	~~(301)~~
~~Income before income taxes~~	78
~~Income taxes~~	~~(40)~~
~~Equity in losses of unconsolidated affiliates~~	~~(1)~~
~~Net income~~	~~117~~
~~Net income attributable to noncontrolling interests~~	1
~~Net income from discontinued operations~~	$	~~116~~


	Three Months Ended March 31,
	~~2022~~
~~Non-cash items included in net income from discontinued operations:~~
~~Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization~~	$	~~207~~

~~Loss on sales of assets and businesses~~	9
~~Deferred income taxes and amortization of investment tax credits~~	~~(143)~~
~~Net fair value changes related to derivatives~~	~~(59)~~
~~Net realized and unrealized losses on NDT fund investments~~	~~205~~
~~Net unrealized losses on equity investments~~	16
~~Other decommissioning-related activity~~	36
~~Cash flows from investing activities:~~
~~Capital expenditures~~	~~(227)~~
~~Collection of DPP~~	~~169~~
~~Supplemental cash flow information:~~
~~Decrease in capital expenditures not paid~~	~~(128)~~
~~Increase in DPP~~	~~348~~
~~Increase in PP&E related to ARO update~~	~~335~~


Registrant(a)	Registrant(a)	Initial Revenue Requirement Increase		Annual Reconciliation Decrease		Total Revenue Requirement Increase			Allowed Return on Rate Base(b)		Allowed ROE(c)		Registrant(a)			Initial Revenue Requirement Increase					Annual Reconciliation (Decrease) Increase					Total Revenue Requirement Increase					Allowed Return on Rate Base(b)				Allowed ROE(c)
ComEd													ComEd			$	32				$	(12)				$	20				8.14	%			11.50	%

BGE
BGE
BGE	BGE	$	19	$	(12)	$	4	(d)	7.34	%	10.50	%		$	42			$	$	13			$	$	53		(d)	(d)	7.47	%			10.50	%


	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2023
Electric revenues	$	1,667	$	795	$	814	$	1,436	$	—	$	(5)	$	4,707
Natural gas revenues	—		317		443		97		—		(1)		856
Shared service and other revenues	—		—		—		3		437		(440)		—
Total operating revenues	$	1,667	$	1,112	$	1,257	$	1,536	$	437	$	(446)	$	5,563
2022
Electric revenues	$	1,734	$	741	$	736	$	1,318	$	—	$	(7)	$	4,522
Natural gas revenues	—		306		418		83		—		(2)		805
Shared service and other revenues	—		—		—		3		576		(579)		—
Total operating revenues	$	1,734	$	1,047	$	1,154	$	1,404	$	576	$	(588)	$	5,327

Intersegment revenues(c):
2023	$	3	$	2	$	3	$	3	$	434	$	(445)	$	—
2022	6		1		7		3		576		(587)		6
Depreciation and amortization:
2023	$	338	$	98	$	167	$	241	$	16	$	—	$	860
2022	321		92		171		218		15		—		817
Operating expenses:
2023	$	1,256	$	902	$	964	$	1,297	$	485	$	(447)	$	4,457
2022	1,406		793		919		1,215		625		(531)		4,427
Interest expense, net:
2023	$	117	$	48	$	44	$	76	$	127	$	—	$	412
2022	100		41		35		69		93		—		338
Income (loss) from continuing operations before income taxes:
2023	$	312	$	170	$	252	$	189	$	(120)	$	—	$	803
2022	240		220		207		137		(62)		(43)		699
Income taxes:
2023	$	71	$	4	$	52	$	34	$	(27)	$	—	$	134
2022	52		14		9		7		146		(10)		218
Net income (loss) from continuing operations:
2023	$	241	$	166	$	200	$	155	$	(93)	$	—	$	669
2022	188		206		198		130		(208)		(33)		481
Capital expenditures:
2023	$	617	$	335	$	350	$	561	$	18	$	—	$	1,881
2022	617		344		303		409		22		—		1,695
Total assets:
March 31, 2023	$	40,720	$	14,738	$	13,411	$	26,208	$	6,042	$	(4,194)	$	96,925
December 31, 2022	39,661		14,502		13,350		26,082		6,014		(4,260)		95,349


	Unbilled customer revenues(a)
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2023	$	709	$	237	$	149	$	149	$	174	$	74	$	49	$	51
December 31, 2022	912		223		219		247		223		103		74		46


	Total receivables purchased
	Exelon(a)		ComEd		PECO		BGE(a)		PHI		Pepco		DPL		ACE
Three months ended March 31, 2023	$	1,108	$	240	$	309	$	245	$	314	$	210	$	56	$	48
Three months ended March 31, 2022	1,044		248		292		222		282		174		57		51


		Three Months Ended March 31, 2023(a)
		Exelon		ComEd		PECO(b)		BGE		PHI		Pepco		DPL		ACE
		Three Months Ended March 31, 2024(a)
		Three Months Ended March 31, 2024(a)
		Three Months Ended March 31, 2024(a)
		Exelon
		Exelon
		Exelon
U.S. Federal statutory rate
U.S. Federal statutory rate
U.S. Federal statutory rate	U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:	Increase (decrease) due to:
State income taxes, net of Federal income tax benefit		6.0		7.9		(1.4)		6.4		6.0		5.4		6.3		6.9
Increase (decrease) due to:
Increase (decrease) due to:
State income taxes, net of federal income tax benefit
State income taxes, net of federal income tax benefit
State income taxes, net of federal income tax benefit
Plant basis differences
Plant basis differences
Plant basis differences	Plant basis differences	(4.0)		(0.3)		(15.2)		(0.7)		(1.8)		(2.5)		(1.0)		(0.9)
Excess deferred tax amortization	Excess deferred tax amortization	(6.3)		(5.7)		(2.4)		(5.4)		(7.0)		(8.4)		(8.8)		(2.0)
Excess deferred tax amortization
Excess deferred tax amortization
Amortization of investment tax credit, including deferred taxes on basis difference
Amortization of investment tax credit, including deferred taxes on basis difference
Amortization of investment tax credit, including deferred taxes on basis difference	Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.1)		(0.1)
Tax credits	Tax credits	(0.5)		(0.3)		—		(0.5)		(0.4)		(0.4)		(0.4)		(0.3)
Tax credits
Tax credits
Other
Other
Other	Other	0.6		0.3		0.4		(0.1)		0.3		0.5		(0.3)		0.4
Effective income tax rate	Effective income tax rate	16.7	%	22.8	%	2.4	%	20.6	%	18.0	%	15.6	%	16.7	%	25.0	%
Effective income tax rate
Effective income tax rate


		Three Months Ended March 31, 2022(a)
		Exelon		ComEd		PECO(c)		BGE(c)		PHI		Pepco(c)		DPL		ACE(c)
	Three Months Ended March 31, 2023(a)																																		Three Months Ended March 31, 2023(a)
	Exelon																				Exelon			ComEd			PECO(c)			BGE			PHI			Pepco			DPL			ACE
U.S. Federal statutory rate	U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	U.S. Federal statutory rate	21.0	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%
Increase (decrease) due to:	Increase (decrease) due to:
State income taxes, net of Federal income tax benefit(d)		21.1		8.0		(0.1)		2.4		3.7		(4.5)		6.2		6.8
State income taxes, net of federal income tax benefit
State income taxes, net of federal income tax benefit
State income taxes, net of federal income tax benefit
Plant basis differences	Plant basis differences	(3.6)		(0.6)		(11.3)		(0.9)		(1.6)		(2.6)		(0.7)		(1.3)
Excess deferred tax amortization	Excess deferred tax amortization	(11.5)		(6.3)		(3.2)		(17.6)		(17.7)		(17.4)		(19.4)		(22.2)
Amortization of investment tax credit, including deferred taxes on basis difference	Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.2)		(0.2)
Tax credits(e)		1.7		(0.3)		—		(0.4)		(0.4)		(0.4)		(0.3)		(0.3)
Other(f)		2.6		—		—		(0.1)		0.2		(0.6)		0.1		(0.1)
Tax credits
Other
Effective income tax rate	Effective income tax rate	31.2	%	21.7	%	6.4	%	4.3	%	5.1	%	(4.5)	%	6.7	%	3.7	%	Effective income tax rate	16.7	%		22.8	%		2.4	%		20.6	%		18.0	%		15.6	%		16.7	%		25.0	%


		Pension Benefits
		Pension Benefits				OPEB
		Three Months Ended March 31,				Three Months Ended March 31,
		2023		2022		2023		2022
Components of net periodic benefit cost:

		Pension Benefits

		Pension Benefits										OPEB
	Three Months Ended March 31,												Three Months Ended March 31,
	2024									2024	2023			2024	2023
Components of net periodic benefit cost
Service cost
Service cost
Service cost	Service cost	$	39	$	61	$	6	$	10
Interest cost	Interest cost	145		110		25		19
Expected return on assets	Expected return on assets	(189)		(209)		(21)		(25)
Amortization of:	Amortization of:
Prior service cost (credit)	Prior service cost (credit)	1		1		(2)		(5)
Prior service cost (credit)
Prior service cost (credit)
Actuarial loss	Actuarial loss	41		76		—		4

Net periodic benefit cost	Net periodic benefit cost	$	37	$	39	$	8	$	3

Net periodic benefit cost

Net periodic benefit cost




		Three Months Ended March 31,						Three Months Ended March 31,
Pension and OPEB Costs (Benefit)	Pension and OPEB Costs (Benefit)		2023		2022		Pension and OPEB Costs (Benefit)		2024	2023
Exelon	Exelon		$	45	$	42
ComEd	ComEd		6		16
PECO	PECO		(3)		(2)
BGE	BGE		14		11
PHI	PHI		24		13
Pepco	Pepco		8		2
DPL	DPL		4		1
ACE	ACE		4		3


Registrant	Commodity	Accounting Treatment	Hedging Instrument
ComEd	Electricity	NPNS	Fixed price contracts based on all requirements in the IPA procurement plans.
	Electricity	Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a)	20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year.
PECO	Electricity	NPNS	Fixed price contracts for default supply requirements through full requirements contracts.
	Gas	NPNS	Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales.
BGE	Electricity	NPNS	Fixed price contracts for all SOS requirements through full requirements contracts.
	Gas	NPNS	Fixed price contracts for between 10-20% of forecasted system supply requirements for flowing (i.e., non-storage) gas for the November through March period.
Pepco	Electricity	NPNS	Fixed price contracts for all SOS requirements through full requirements contracts.
DPL	Electricity	NPNS	Fixed price contracts for all SOS requirements through full requirements contracts.
	Gas	NPNS	Fixed and index priced contracts through full requirements contracts.
	Gas	Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b)	Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections.
ACE	Electricity	NPNS	Fixed price contracts for all BGS requirements through full requirements contracts.


		March 31, 2023
		Derivatives Designated as Hedging Instruments		Economic Hedges		Total
	March 31, 2024									March 31, 2024
	Derivatives Designated as Hedging Instruments							Derivatives Designated as Hedging Instruments	Economic Hedges		Total

Other deferred debits (noncurrent assets)	Other deferred debits (noncurrent assets)	$	—	$	3	$	3
Other deferred debits (noncurrent assets)
Other deferred debits (noncurrent assets)
Total derivative assets	Total derivative assets	—		3		3
Mark-to-market derivative liabilities (current liabilities)		—		(1)		(1)

Mark-to-market derivative liabilities (noncurrent liabilities)
Mark-to-market derivative liabilities (noncurrent liabilities)
Mark-to-market derivative liabilities (noncurrent liabilities)	Mark-to-market derivative liabilities (noncurrent liabilities)	(1)		—		(1)
Total mark-to-market derivative liabilities	Total mark-to-market derivative liabilities	(1)		(1)		(2)
Total mark-to-market derivative net assets	Total mark-to-market derivative net assets	$	(1)	$	2	$	1


	March 31, 2024		December 31, 2023
5-year maturity floating-to-fixed swaps	$	145	$	655
10-year maturity floating-to-fixed swaps	145		655
Total	$	290	$	1,310


			~~Gain (Loss)~~Three Months Ended March 31, 2024				Three Months Ended March 31, 2023
Income Statement Location			~~2023~~Gain (Loss)				Gain (Loss)
Electric operating revenues			$	1
~~Interest expense~~			~~(1)~~
~~Total~~			$	—			$	1
Interest expense	—				(1)
Total	$	—			$	—


	Outstanding Commercial Paper at				Average Interest Rate on Commercial Paper Borrowings at
Commercial Paper Issuer	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Exelon(a)	$	1,307	$	1,624	5.53	%	5.58	%
ComEd	$	330	$	202	5.43	%	5.53	%
PECO	$	—	$	165	—	%	5.57	%
BGE	$	406	$	336	5.57	%	5.59	%
PHI(b)	$	—	$	394	—	%	5.60	%

Pepco	$	—	$	132	—	%	5.59	%
DPL	$	—	$	63	—	%	5.60	%
ACE	$	—	$	199	—	%	5.60	%


	Outstanding Commercial Paper as of				Average Interest Rate on Commercial Paper Borrowings as of
Commercial Paper Issuer	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Exelon(a)	$	807	$	1,938	5.12	%	4.77	%
ComEd	409		427		5.09	%	4.71	%
PECO	145		239		5.04	%	4.71	%
BGE	243		409		5.24	%	4.81	%
PHI(b)	—		414		—	%	4.78	%

Pepco	—		299		—	%	4.79	%
DPL	—		115		—	%	4.76	%


			March 31, 2023												December 31, 2022
			Carrying Amount				Fair Value								Carrying Amount			Fair Value
					Level 2				Level 3			Total					Level 2			Level 3			Total
		March 31, 2024																												March 31, 2024						December 31, 2023
		Carrying Amount																									Carrying Amount	Fair Value				Carrying Amount		Fair Value
						Level 1																						Level 1	Level 2		Level 3		Total		Level 1		Level 2	Level 3	Total
Long-Term Debt, including amounts due within one year(a)	Long-Term Debt, including amounts due within one year(a)																									Long-Term Debt, including amounts due within one year(a)
Exelon	Exelon		$	40,088			$	33,224		$	2,870		$	36,094	$	37,074		$	29,902		$	2,327		$	32,229
ComEd	ComEd		11,480				10,236			—			10,236		10,518			9,006			—			9,006
PECO	PECO		4,613				3,946			50			3,996		4,612			3,864			50			3,914
BGE	BGE		4,208				3,685			—			3,685		4,207			3,613			—			3,613
PHI	PHI		8,553				4,632			2,820			7,452		8,120			4,507			2,277			6,784
Pepco	Pepco		3,995				2,295			1,507			3,802		3,751			2,229			1,205			3,434
DPL	DPL		2,061				1,183			604			1,787		1,938			1,164			458			1,622
ACE	ACE		1,831				935			709			1,644		1,757			909			614			1,523
Long-Term Debt to Financing Trusts	Long-Term Debt to Financing Trusts																									Long-Term Debt to Financing Trusts
Exelon	Exelon		$	390			$	—		$	392		$	392	$	390		$	—		$	384		$	384
ComEd	ComEd		205				—			207			207		205			—			204			204
PECO	PECO		184				—			185			185		184			—			180			180


		As of March 31, 2023						As of December 31, 2022
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
		At March 31, 2024
		At March 31, 2024
		At March 31, 2024																			At December 31, 2023
	Level 1																	Level 1	Level 2	Level 3		Total	Level 1	Level 2	Level 3	Total
Assets	Assets
Cash equivalents(a)	Cash equivalents(a)	$	523	$	—	$	—	$	523	$	664	$	—	$	—	$	664
Cash equivalents(a)
Cash equivalents(a)
Rabbi trust investments	Rabbi trust investments
Cash equivalents
Cash equivalents
Cash equivalents	Cash equivalents	65		—		—		65		62		—		—		62
Mutual funds	Mutual funds	49		—		—		49		49		—		—		49
Fixed income	Fixed income	—		7		—		7		—		7		—		7
Life insurance contracts	Life insurance contracts	—		56		41		97		—		58		40		98
Rabbi trust investments subtotal	Rabbi trust investments subtotal	114		63		41		218		111		65		40		216

Interest rate derivative assets	Interest rate derivative assets
Interest rate derivative assets
Interest rate derivative assets
Derivatives designated as hedging instruments
Derivatives designated as hedging instruments
Derivatives designated as hedging instruments	Derivatives designated as hedging instruments	—		—		—		—		—		6		—		6
Economic hedges	Economic hedges	—		3		—		3		—		5		—		5
Interest rate derivative assets subtotal	Interest rate derivative assets subtotal	—		3		—		3		—		11		—		11
Total assets	Total assets	637		66		41		744		775		76		40		891
Liabilities	Liabilities
Mark-to-market derivative liabilities		—		—		(98)		(98)		—		—		(84)		(84)
Commodity derivative liabilities
Commodity derivative liabilities
Commodity derivative liabilities
Interest rate derivative liabilities	Interest rate derivative liabilities
Derivatives designated as hedging instruments
Derivatives designated as hedging instruments
Derivatives designated as hedging instruments	Derivatives designated as hedging instruments	—		(1)		—		(1)		—		(4)		—		(4)
Economic hedges	Economic hedges	—		(1)		—		(1)		—		(3)		—		(3)
Interest rate derivative liabilities subtotal	Interest rate derivative liabilities subtotal	—		(2)		—		(2)		—		(7)		—		(7)
Deferred compensation obligation	Deferred compensation obligation	—		(75)		—		(75)		—		(75)		—		(75)
Total liabilities	Total liabilities	—		(77)		(98)		(175)		—		(82)		(84)		(166)
Total net assets (liabilities)	Total net assets (liabilities)	$	637	$	(11)	$	(57)	$	569	$	775	$	(6)	$	(44)	$	725


Type of trade	Fair Value as of March 31, 2023		Fair Value as of December 31, 2022		Valuation Technique	Unobservable Input	2023 Range & Arithmetic Average				2022 Range & Arithmetic Average
Mark-to-market derivatives	$	(98)	$	(84)	Discounted Cash Flow	Forward power price(a)	$22.49	-	$83.26	$47.69	$34.78	-	$75.71	$48.44


		March 31, 2023				December 31, 2022
		Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation		Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation
	March 31, 2024										March 31, 2024			December 31, 2023
	Total Environmental Investigation and Remediation Liabilities									Total Environmental Investigation and Remediation Liabilities		Portion of Total Related to MGP Investigation and Remediation	Total Environmental Investigation and Remediation Liabilities		Portion of Total Related to MGP Investigation and Remediation
Exelon	Exelon	$	421	$	343	$	409	$	355
ComEd	ComEd	313		312		325		324
PECO	PECO	25		23		25		23
BGE	BGE	9		8		9		8
PHI	PHI	70		—		46		—
Pepco	Pepco	68		—		44		—
DPL	DPL	1		—		1		—
ACE	ACE	1		—		1		—