 Earnings Conference Call 1 Quarter 2008 April 24, 2008 Exhibit 99.2 st |
 2 Forward-Looking Statements 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 2007 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 19; (2) Exelon’s First Quarter 2008 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 13; and (3) other factors discussed in filings with the Securities and Exchange Commission by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, and PECO Energy Company (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 includes references to adjusted (non-GAAP) operating earnings that exclude the impact of certain factors. We believe that these adjusted operating earnings are representative of the underlying operational results of the Companies. Please refer to the attachments to the earnings release and the appendix to this presentation for a reconciliation of adjusted (non-GAAP) operating earnings to GAAP earnings. |
 3 Sustainable Value • Continued strong financial and operating performance, and long- term earnings growth driven by unregulated generation • Largest, lowest-cost nuclear fleet in the US, all in competitive markets • Executing regulatory recovery plan to put ComEd on a path toward appropriate returns and solid credit metrics • Managing transition to competitive markets in Pennsylvania • Increasingly strong cash flows and investment-grade balance sheet • Alignment of and consistency between value return, hedging, capital structure and capital investment policies • Well-positioned to capture growth opportunities consistent with Low Carbon Energy Strategy Exelon is uniquely positioned to create sustainable value |
 4 $0.91 $0.73 $0.19 $0.15 $0.07 $0.01 2007 2008 Exelon Operating EPS $0.93 Exelon’s decrease in Q1 2008 earnings was driven by lower earnings at Generation, as expected, and PECO, partially offset by higher earnings at ComEd HoldCo/Other ExGen PECO ComEd 1st Quarter (Q1) Refer to Earnings Release Attachments for additional details on Q1 earnings and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS. $1.02 GAAP EPS $0.88 $1.07 |
 5 Exelon Generation Operating EPS Contribution 1Q08 $0.91 $0.73 Key Drivers – Q1 ’08 vs. Q1 ’07* Nuclear outages Realized losses in NDTs related to tax planning 2007 PJM settlement Higher wholesale margins 2008 2007 *Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS |
 6 Key Drivers – Q1 ’08 vs. Q1 ’07* Increased transmission revenues (2007 Transmission Rate Case) Weather Illinois Distribution Tax refund Interest expense ComEd Operating EPS Contribution $0.01 2008 2007 *Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS $0.07 1Q08 |
 7 ComEd Rate Case Update Comparison of ComEd’s informational revenue increase of $314 million to ICC Staff recommendation of $269 million: (5) $6,707 $6,753 Rate Base (3) 344 347 Depreciation and Amortization $(45) Difference in Revenue Increase (6) 652 658 Other O&M Expenses (8) 331 339 A&G Expenses $(23) 10.30% ROE / 45.04% Equity 10.75% ROE / 45.04% Equity ROE/Cap Structure Impact on Revenue Increase ICC Staff Rebuttal Testimony (4/10/08) ComEd Surrebuttal Testimony (4/21/08) (1) ($ in millions) (1) Filed for informational purposes by ComEd and reflects impacts of Staff/ComEd stipulation and certain other positions to which ComEd will not object. If the Illinois Commerce Commission does not accept the stipulation, ComEd’s requested increase in revenue requirement would be $345 million. (Docket No. 07-566) |
 8 1Q08 PECO Operating EPS Contribution Key Drivers – Q1 ’08 vs. Q1 ’07* Scheduled CTC amortization Weather Uncollectible accounts expense $0.19 $0.15 2008 2007 *Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS |
 9 2008 Outlook 2008 (1) $0.55 - $0.60 $3.15 - $3.45 $4.00 - $4.40 $0.35 - $0.40 2008 EPS Guidance (1) Operating EPS: $4.00 - $4.40 GAAP EPS: $3.70 - $4.10 ComEd PECO Exelon Generation HoldCo/Other ~$(0.10) Exelon (1) Operating Company ranges do not add to Exelon guidance of $4.00 - $4.40/share due to rounding. Key Drivers 2007 – 2008 Market conditions Nuclear volume Inflationary pressures PECO CTC amortization Weather Load growth ComEd transmission settlement ComEd distribution rate case We are reaffirming FY08 EPS guidance of $4.00 to $4.40 and expect Q2 earnings to be 22% to 25% of full year earnings |
 10 Appendix |
 11 Market Price Snapshot As of March 31, 2008. Source: OTC quotes and electronic trading system. Quotes are daily. Forward NYMEX Natural Gas PJM-West and Ni-Hub On-Peak Forward Prices PJM-West On-Peak Implied Heat Rate Ni-Hub On-Peak Implied Heat Rate 2009 2010 2010 2009 2009 PJM-West 2010 PJM-West 2010 Ni-Hub 2009 Ni-Hub 2009 2010 7.7 8.2 8.7 9.2 9.7 10.2 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 57 62 67 72 77 82 87 92 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 8.84 9.04 9.24 9.44 9.64 9.84 10.04 10.24 10.44 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 7 7.2 7.4 7.6 7.8 8 8.2 8.4 8.6 8.8 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 |
 12 Market Price Snapshot 2009 2010 2009 2010 As of March 31, 2008. Source: OTC quotes and electronic trading system. Quotes are daily. 2009 2010 Houston Ship Channel Natural Gas Forward Prices ERCOT North ATC Forward Prices ERCOT North ATC v. Houston Ship Channel Implied Heat Rate 7.1 7.6 8.1 8.6 9.1 9.6 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 58 60 62 64 66 68 70 72 74 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 7.5 7.7 7.9 8.1 8.3 8.5 8.7 4/07 5/07 6/07 7/07 8/07 9/07 10/07 11/07 12/07 1/08 2/08 3/08 |
 13 GAAP EPS Reconciliation $1.02 ($0.01) $0.19 $0.01 $0.83 Q1 2007 GAAP Earnings (Loss) Per Share $1.07 ($0.04) $0.19 $0.01 $0.91 2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share 0.01 - - - 0.01 Settlement of a tax matter at Generation related to Sithe 0.01 - - - 0.01 Sale of Generation's investments in TEG and TEP 0.03 0.03 - - - Investments in synthetic fuel-producing facilities (0.10) - - - (0.10) Mark-to-market adjustments from economic hedging activities Exelon Other (1) PECO (1) ComEd (1) ExGen (1) Three Months Ended March 31, 2007 (1) Amounts shown per Exelon share and represent contributions to Exelon's EPS. $0.88 $0.00 $0.15 $0.07 $0.66 Q1 2008 GAAP Earnings (Loss) Per Share $0.93 $(0.02) $0.15 $0.07 $0.73 2008 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share (0.07) - - - (0.07) 2007 Illinois Electric Rate Settlement 0.08 0.02 - - 0.06 Mark-to-market adjustments from economic hedging activities (0.06) - - - (0.06) Unrealized gains and losses related to nuclear decommissioning trust funds Exelon Other (1) PECO (1) ComEd (1) ExGen (1) Three Months Ended March 31, 2008 |