Exelon (EXC) 8-K Bank of America Merrill Lynch Power & Gas Leaders Conference

Bank of America Merrill Lynch Power & Gas Leaders Conference

Chip Pardee, Senior Vice President and Chief Nuclear Officer

September 22, 2009

Exhibit 99.1

Forward-Looking Statements

and Other Important Information

This presentation 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 2008

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 Second Quarter

2009 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk

Factors and (b) Part I, Financial Information, ITEM 1. Financial

Statements: Note 14 and

(3) other factors discussed in filings with the Securities and Exchange Commission (SEC)

by Exelon Corporation 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 presentation. 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 presentation.

This presentation is not an offer to purchase, or a solicitation

of acceptance of an offer to

purchase, Exelon Corporation 6.75% Senior Notes due May 1, 2011,

or Exelon Generation

Company, LLC 6.95% Senior Notes due June 15, 2011.  This presentation is not an offer

to sell, or the solicitation of an offer to buy, Exelon Generation Company, LLC 5.20%

Senior Notes due October 1, 2019 or 6.25% Senior Notes due October 1, 2039.

2

3

Key Messages

•

Consistently operating the largest nuclear fleet in the U.S.

at world-class levels

•

Nuclear uprate plan is a lower-cost, low-risk opportunity

to add valuable MW to Exelon’s portfolio

•

Revised licensing strategy for Victoria County preserves

option value while recognizing current economic

challenges with building new nuclear plants

Operational Excellence Across the Fleet

0

10

20

30

40

50

60

2004

2005

2006

2007

2008

Exelon w/ Salem

Industry w/o Exelon

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

$19.00

$20.00

2003

2004

2005

2006

2007

2008

Exelon

Industry (excl. Exelon)

Nuclear Capacity Factor

Exelon’s fleet and operational prowess cannot be replicated

Exelon Power Fleet Availability

Nuclear Annual Average

Production Cost ($/MWh)

Refueling Outage Duration

EXC: 93.8%

4

90.7%

93.5%

91.2%

89.1%

96.9%

92.9%

93.8%

94.8%

95.8%

96.6%

80%

85%

90%

95%

100%

2005

2006

2007

2008

2009 YTD

through 6/30

Fossil Fleet Commercial Availability

Hydro Equivalent Availability

70%

75%

80%

85%

90%

95%

Range

5 Year Average

5

Nuclear Uprates Offer Sustainable Value

Key component of Exelon 2020 low carbon roadmap

Creates additional low-carbon generation capacity

Capitalizes on Exelon’s proven track record of execution

Dedicated project management team

Proven technology design

No ongoing incremental O&M expense

Creates long-term value over extended license lives

Uprates equivalent in size to a new nuclear plant but significantly

lower cost, shorter timeline and more predictable spend

Straightforward regulatory and environmental licenses, permits

and approvals

Potential for uprates to meet state alternative energy standards

Uprate projects enable cost-effective growth and leverage Exelon’s

operational excellence

Strategic

Value

Grow

Value

Regulatory

Feasibility

Execution

Feasibility

6

Three Major Categories of Exelon Uprates

Uprates

Overnight

Cost

(1)

MUR (Measurement Uncertainty Recapture)

•

Through the use of advanced techniques and more precise

instrumentation, reactor power can be more accurately calculated

•

Can achieve up to 1.7 percent additional output

•

Requires NRC approval

187–234 MW

$300M

2 years

899–1016 MW

$2,400M

EPU (Extended Power Uprate)

•

Through a combination of more sophisticated analysis and upgrades

to plant equipment, uprates can be obtained for as much as 20

percent of original licensed power level

•

Requires NRC approval

3 -

5

years

237–266 MW

$800M

Megawatt Recovery and Component Upgrades

•

Replacement

of

major

components

in

the

plant

occur

in

the

normal

life

cycle process –

with newer technology, replacements result in

increased efficiency

•

Equipment includes generators, turbines, motors and transformers

•

Megawatt Recovery and Component Upgrades must conform to NRC

standards, but do not require additional NRC approval

2 -

3

years

~1,300–1,500 MW

$3,500M

Project Duration

Exelon’s $2,200 –

$2,500 / kW overnight cost for its MUR and EPU projects is an

advantageous deployment of capital relative to other generation options

(1) In 2007 Dollars. Overnight costs do not include financing costs or cost escalation.

7

Phased Execution Lowers Risk

•

Safe, economical and proven methods to improve efficiency and

output

•

Leverages Exelon’s substantial experience managing successful

uprate projects over the past 10 years

Note: Data contained in this slide is rounded.

Uprates program allows us to adjust timing to respond to market conditions

EPUs

MURs

MW Recovery and           

Component Upgrades

Maximum                        

Potential MW

Year Uprates Become Operational

1999-

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2009-

2017

Exelon’s Uprate Plan

1,100 MW

1,300 –

1,500  MW

Average Overnight Cost

Estimate: $2,200 -

2,500/KW

0

200

400

600

800

1,000

1,200

1,400

1,600

Planned Capital

Spend

(1)

$150

2017

$625

2013

$675

2012

$550

2011

$350

2010

$725

2015

$725

2014

$400

2016

$4,425

2008 -

2017

$225

2008 -

2009                                           

(1)

Dollars shown are nominal, reflecting 6% escalation, in millions. 

8

Exelon’s Victoria Project

•

Pursuing Early Site Permit (ESP) at Victoria, TX site in lieu of

Combined Operating License Application

–

Limited DOE loan guarantees

–

Demand

–

Natural gas and power prices

•

Allows for flexibility in technology, spend and schedule

•

Timeframe for ESP

–

Application to be submitted in late 2009/early 2010

–

NRC sets review schedule (expected to be 3-4 year process)

Early Site Permit allows Exelon to maintain option value for future nuclear plant when

economic conditions and other criteria are met

Appendix

10

Effectively Managing Nuclear Fuel Costs

Components of Fuel Expense in 2009

Projected Total Nuclear Fuel Spend

Projected Exelon Average Uranium Cost vs. Market

Projected Exelon Uranium Demand

Note: At Ownership.  Excludes costs reimbursed under the settlement agreement

with the DOE.

2009

–

2012:

100% hedged in volume

2013:

~90% hedged in volume

2014:

100% hedged in volume

All charts exclude Salem

0.0

2.0

4.0

6.0

8.0

10.0

2009

2010

2011

2012

2013

2014

0

200

400

600

800

1,000

1,200

1,400

2009

2010

2011

2012

2013

2014

Nuclear Fuel Expense (Amortization + Spent Fuel)

Nuclear Fuel Capex

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009

2010

2011

2012

2013

2014

Exelon Average Reload Price

Projected Market Price (Spot)

Enrichment

38%

Fabrication

16%

Nuclear Waste

Fund

19%

Tax/Interest

1%

Conversion

3%

Uranium

23%

11

Uprates Across the Exelon Fleet

Base

Maximum

Station

Case

Potential

MW

MW

Braidwood - MUR

34

-

42

2012

Byron - MUR

34

-

42

2012

Clinton - EPU

17

-

17

2016

Clinton - EPU

2

-

3

2010

Dresden - MW Recovery & Component Upgrades

103

-

110

2012

Dresden - MW Recovery & Component Upgrades

5

-

5

2011

Dresden - MUR

25

-

31

2014

LaSalle - MUR

32

-

40

2011

LaSalle - EPU

303

-

336

2016

Limerick - MUR

33

-

41

2011

Limerick - MW Recovery & Component Upgrades

6

-

6

2012

Limerick - EPU

306

-

340

2017

Peach Bottom - MW Recovery & Component Upgrades

25

-

32

2012

Peach Bottom - EPU

134

-

148

2015

Peach Bottom - MW Recovery & Component Upgrades

3

-

3

2014

Quad Cities - MUR

19

-

23

2013

Quad Cities - MW Recovery & Component Upgrades

95

-

110

2011

TMI - EPU

138

-

172

2016

TMI - MUR

12

-

15

2014

Total

1,323

-

1,516

Year of

Operation

Uprates will largely be completed during scheduled refueling outages

Note:  MW shown at ownership, excluding Salem. 

12

License Renewal Schedule 

In Process –

decision

expected in 2010

2014

1

Three Mile Island

In Process  –

decision expected 2011-12

2020

2

Salem

In Process –

decision expected 2011-12

2016

1

Salem

Received

2032

2

Quad Cities

Received

2032

1

Quad Cities

Received

2034

3

Peach Bottom

Received

2033

2

Peach Bottom

Received

2029

1

Oyster Creek

To be filed

2029

2

Limerick

To be filed

2024

1

Limerick

To be filed

2023

2

LaSalle

To be filed

2022

1

LaSalle

Received

2031

3

Dresden

Received

2029

2

Dresden

To be filed

2026

1

Clinton

To be filed

2026

2

Byron

To be filed

2024

1

Byron

To be filed

2027

2

Braidwood

To be filed

2026

1

Braidwood

Status of License Extension

(1)

Current License Expiration

Unit

Station

(1) Operating license renewal process takes approximately 4-5 years from commencement until completion of NRC review

Uprates + license extensions = long term value creation

Oyster Creek

license extension

received in April

2009

13

•

Acquired 198 MW of wind farm output, 4.8 MW of landfill gas output and 4.5 MW of

solar output, bringing Exelon’s renewables portfolio to more than 2,000 MW

•

Unveiled plans to develop the nation’s largest urban solar power plant in Chicago

•

Completed a 38-MW nuclear uprate at Quad Cities Station, launching a series of

planned uprates that will generate 1,300-1,500 MW of additional nuclear capacity

Exelon 2020 –

Progress Update for 2009

Offer more low

carbon electricity in

the marketplace

Help our customers

and the communities

we serve reduce their

GHG emissions

Reduce or offset our

footprint by greening

our operations

Exelon’s strategy to reduce, offset or displace more than 15 million metric

tons of GHG emissions per year by 2020

•

Retired less efficient and higher-emitting fossil fuel power plants in Massachusetts,

Pennsylvania and Texas

•

Reduced energy use across Exelon’s facilities by 16%

•

Earned LEED certification for three Exelon buildings

•

Greened Exelon’s vehicle fleet to include 1,900 hybrid-electric and alternative-fuel

vehicles at ComEd and a 57% environmentally friendly fleet at PECO

•

Unveiled plans to spend more than $350 million through 2011 on energy efficiency and

demand

response

programs

to

reduce

customers’

energy

consumption

by

1.6

million

MWh and reduce peak load by 226 MW

•

Building

on

its

residential

real-time

pricing

program,

ComEd

introduced

a

“smart”

meter

pilot program that will provide advanced automated meters to up to 141,000 customers

•

PECO is investing $342 million in customer programs to reduce overall electricity

consumption by 3% and peak load by 4.5% by 2013

3

2

1