Commonwealth Edison 8-K Barclays Capital CEO Energy-Power Conference

September 6, 2011

Barclays Capital CEO Energy-Power Conference

William A. Von Hoene, Jr., EVP Finance and Legal

Exhibit 99.1

Cautionary Statements Regarding

Forward-Looking Information

2

Except for the historical information contained herein, certain of the matters discussed in this

communication constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and

the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of

1995. Words such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,”

“target,” “forecast,” and words and terms of similar substance used in connection with any discussion of

future plans, actions, or events identify forward-looking statements. These forward-looking statements

include, but are not limited to, statements regarding benefits of the proposed merger of Exelon Corporation

(Exelon) and Constellation Energy Group, Inc. (Constellation), integration plans and expected synergies,

the expected timing of completion of the transaction, anticipated future financial and operating performance

and results, including estimates for growth. These statements are based on the current expectations of

management of Exelon and Constellation, as applicable. There are a number of risks and uncertainties that

could cause actual results to differ materially from the forward-looking statements included in this

communication regarding the proposed merger. For example, (1) the companies may be unable to obtain

shareholder approvals required for the merger; (2) the companies may be unable to obtain regulatory

approvals required for the merger, or required regulatory approvals may delay the merger or result in the

imposition of conditions that could have a material adverse effect on the combined company or cause the

companies to abandon the merger; (3) conditions to the closing of the merger may not be satisfied; (4) an

unsolicited offer of another company to acquire assets or capital stock of Exelon or Constellation could

interfere with the merger; (5) problems may arise in successfully integrating the businesses of the

companies, which may result in the combined company not operating as effectively and efficiently as

expected; (6) the combined company may be unable to achieve cost-cutting synergies or it may take longer

than expected to achieve those synergies; (7) the merger may involve unexpected costs, unexpected

liabilities or unexpected delays, or the effects of purchase accounting may be different from the companies’

expectations; (8) the credit ratings of the combined company or its subsidiaries may be different from what

the companies expect; (9) the businesses of the companies may suffer as a result of uncertainty

surrounding the merger; (10) the companies may not realize the values expected to be obtained for

properties expected or required to be divested; (11) the industry may be subject to future regulatory or

legislative actions that could adversely affect the companies; and (12) the companies may be adversely

affected by other economic, business, and/or competitive factors. Other unknown or unpredictable factors

could also have material adverse effects on future results, performance or achievements of Exelon,

Constellation or the combined company.

Cautionary Statements Regarding

Forward-Looking Information (Continued)

3

Discussions of some of these other important factors and assumptions are contained in Exelon’s and Constellation’s

respective filings with the Securities and Exchange Commission (SEC), and available at the SEC’s website at

www.sec.gov, including: (1)  Exelon’s 2010 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial

Statements and Supplementary Data: Note 18; (2)  Exelon’s Quarterly Report on Form 10-Q for the quarterly period

ended June 30, 2011 in (a) Part II, Other Information, ITEM 1A. Risk Factors, (b) Part 1, Financial Information,

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I,

Financial Information, ITEM 1. Financial Statements: Note 13; (3)  Constellation’s 2010 Annual Report on Form 10-K

in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results

of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 12; and (4) Constellation’s

Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011 in (a) Part II, Other Information, ITEM

1A. Risk Factors and ITEM 5. Other Information, (b) Part I, Financial Information, ITEM 2. Management’s Discussion

and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial

Statements: Notes to Consolidated Financial Statements, Commitments and Contingencies. These risks, as well as

other risks associated with the proposed merger, are more fully discussed in the preliminary joint proxy

statement/prospectus included in Amendment No. 1 to the Registration Statement on Form S-4 that Exelon filed with

the SEC on August 17, 2011 in connection with the proposed merger.  In light of these risks, uncertainties,

assumptions and factors, the forward-looking events discussed in this communication may not occur. Readers are

cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this

communication. Neither Exelon nor Constellation undertake any obligation to publicly release any revision to its

forward-looking statements to reflect events or circumstances after the date of this communication.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a

solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer,

solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such

jurisdiction.  On August 17, 2011, Exelon filed with the SEC Amendment No. 1 to its Registration Statement on Form

S-4 that included a preliminary joint proxy statement/prospectus and other relevant documents to be mailed by

Exelon and Constellation to their respective security holders in connection with the proposed merger of Exelon and

Constellation.

Additional Information and Where to Find It

4

These materials are not yet final and may be amended.  WE URGE INVESTORS AND SECURITY HOLDERS TO READ

THE PRELIMINARY JOINT PROXY STATEMENT/PROSPECTUS AND THE DEFINITIVE JOINT PROXY

STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE,

BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION about Exelon, Constellation and the

proposed merger.  Investors and security holders will be able to obtain these materials (when they are available) and

other documents filed with the SEC free of charge at the SEC's website, www.sec.gov.  In addition, a copy of the

preliminary joint proxy statement/prospectus and definitive joint proxy statement/prospectus (when it becomes available)

may be obtained free of charge from Exelon Corporation, Investor Relations, 10 South Dearborn Street, P.O. Box 805398,

Chicago, Illinois 60680-5398, or from Constellation Energy Group, Inc., Investor Relations, 100 Constellation Way, Suite

600C, Baltimore, MD 21202. Investors and security holders may also read and copy any reports, statements and other

information filed by Exelon, or Constellation, with the SEC, at the SEC public reference room at 100 F Street, N.E.,

Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its

public reference room.

Participants in the Merger Solicitation 

Exelon, Constellation, and their respective directors, executive officers and certain other members of management and

employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.

Information regarding Exelon’s directors and executive officers is available in its proxy statement filed with the SEC by

Exelon on March 24, 2011 in connection with its 2011 annual meeting of shareholders, and information regarding

Constellation’s directors and executive officers is available in its proxy statement filed with the SEC by Constellation on

April 15, 2011 in connection with its 2011 annual meeting of shareholders. Other information regarding the participants in

the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained

in the preliminary joint proxy statement/prospectus and will be contained in the definitive joint proxy statement/prospectus.

Merger Approvals Process on Schedule    

(as of 9/1/11)

5

Stakeholder

Status of Key Milestones

Filed

Approved

Securities and Exchange

Commission (SEC)

(File No. 333-175162)

•

Filed S-4 Amended Registration Statement August

17, 2011

•

Shareholder approval anticipated in Q4 2011

Department of Justice

(DOJ)

•

Submitted Hart-Scott-Rodino filing on May 31, 2011

for review under U.S. antitrust laws

•

Approval expected by January 2012

Federal Energy Regulatory

Commission (FERC)

(Docket No. EC 11-83)

•

Filed merger approval application and related filings

on May 20, 2011, which assesses market power-

related issues

•

Approval expected in Q4 2011

Nuclear Regulatory

Commission

(Docket Nos. 50-317, 50-318, 50-220,

50-410, 50-244, 72-8, 72-67)

•

Filed for indirect transfer of Constellation Energy

licenses on May 12, 2011

•

Approval expected by January 2012

Maryland PSC

(Case No. 9271)

•

Filed for approval with the Maryland Public Service

Commission on May 25, 2011

•

Approval expected by January 5, 2012

New York PSC

(Case No. 11-E-0245)

•

Filed for approval with the New York State Public

Service Commission on May 17, 2011

•

Approval expected in Q4 2011

Texas PUC

(Case No. 39413)

•

Filed for approval with the Public Utility Commission

of Texas on May 17, 2011

•

Approval received on  August 3, 2011

6

EPA Regulations Are Moving Forward

Develop Toxics Rule

EPA regulations will provide regulatory certainty and

significant environmental benefits

Pre Compliance Period

Compliance With Toxics

Rule

Develop Cross-

State Air Pollution

Rule

Compliance With Cross-State Air Pollution Rule (CSAPR)

Develop 316(b) Regulations

Pre

Compliance Period

Phase In Of

Compliance

Hazardous Air

Pollutants

Criteria

Pollutants

Cooling Water

2010

2011

2012

2013

2014

2015

2016

For definition of the EPA regulations referred to on this slide, please see the EPA’s Terms of Environment (http://www.epa.gov/OCEPAterms/).

7

Rule encourages future development of nation’s transmission

infrastructure

Appropriately assigns the cost of new transmission lines to customers

benefitting from improved reliability

Maintains the ability of transmission providers like ComEd and PECO

to construct transmission upgrades in their service territories

PJM tariffs will require modifications to achieve goals of the final rule

FERC Transmission Ruling Supports

Competitive Markets

Exelon is committed to ensuring PJM’s tariff is modified to achieve the goals

of the FERC Order 

8

Q&A Session

9

Appendix

10

Exelon Generation Hedging Disclosures

(as of June 30, 2011)

11

Important Information

The following slides are intended to provide additional information regarding the hedging

program at Exelon Generation and to serve as an aid for the purposes of modeling Exelon

Generation’s gross margin (operating revenues less purchased power and fuel expense).

The information on the following slides is not intended to represent earnings guidance or

a forecast of future events.  In fact, many of the factors that ultimately will determine

Exelon Generation’s actual gross margin are based upon highly variable market factors

outside of our control.  The information on the following slides is as of June 30, 2011.  We

update this information on a quarterly basis.

Certain information on the following slides is based upon an internal simulation model

that incorporates assumptions regarding future market conditions, including power and

commodity prices, heat rates, and demand conditions, in addition to operating

performance and dispatch characteristics of our generating fleet.  Our simulation model

and the assumptions therein are subject to change.  For example, actual market

conditions and the dispatch profile of our generation fleet in future periods will likely differ

–

and may differ significantly – from the assumptions underlying the simulation results

included in the slides.  In addition, the forward-looking information included in the

following slides will likely change over time due to continued refinement of our simulation

model and changes in our views on future market conditions.

12

Portfolio Management Objective

Align Hedging Activities with Financial Commitments

Power Team utilizes several product types

and channels to market

•

Wholesale and retail sales

•

Block products

•

Load-following products

and load auctions

•

Put/call options

Exelon’s hedging program is designed to

protect the long-term value of our

generating fleet and maintain an

investment-grade balance sheet

•

Hedge enough commodity risk to meet future

cash requirements if prices drop

•

Consider:  financing policy (credit rating

objectives, capital structure, liquidity); spending

(capital and O&M); shareholder value return policy

Consider market, credit, operational risk

Approach to managing volatility

•

Increase hedging as delivery approaches

•

Have enough supply to meet peak load

•

Purchase fossil fuels as power is sold

•

Choose hedging products based on generation

portfolio –

sell what we own

•

Heat rate options

•

Fuel products

•

Capacity

•

Renewable credits

% Hedged

High End of Profit

Low End of Profit

Open Generation

with LT Contracts

Portfolio

Optimization

Portfolio

Management

Portfolio Management Over Time

13

Percentage of Expected

Generation Hedged

•

How many equivalent MW have been

hedged at forward market prices;  all hedge

products used are converted to an

equivalent average MW volume

•

Takes ALL

hedges into account whether

they are power sales or financial products

Equivalent MWs Sold

Expected Generation

=

Our normal practice is to hedge commodity risk on a ratable basis

over the three years leading to the spot market

•

Carry operational length into spot market to manage forced outage and load-following

risks

•

By

using

the

appropriate

product

mix,

expected

generation

hedged

approaches

the

mid-90s percentile as the delivery period approaches

•

Participation in larger procurement events, such as utility auctions, and some flexibility

in the timing of hedging may mean the hedge program is not strictly ratable from

quarter to quarter

Exelon Generation Hedging Program

14

2011

2012

2013

Estimated Open Gross Margin ($ millions)

(1)(2)

$5,450

$5,000

$5,600

Open gross margin assumes all expected generation is

sold at the Reference Prices listed below

Reference Prices

(1)

Henry Hub Natural Gas ($/MMBtu)

NI-Hub ATC Energy Price ($/MWh)

PJM-W ATC Energy Price ($/MWh)    

ERCOT

North

ATC

Spark

Spread

($/MWh)

(3)

$4.37

$33.18

$46.07

$3.77

$4.84

$33.10

$46.02

$1.40

$5.16

$34.45

$47.45

$2.27

Exelon Generation Open Gross Margin and

Reference Prices

(1)

Based on June 30, 2011 market conditions. 

(2)

Gross margin is defined as operating revenues less fuel expense and purchased power expense, excluding the impact of decommissioning and other incidental

revenues. Open gross margin is estimated based upon an internal model that is developed by dispatching our expected generation to current market power and fossil

fuel prices.  Open gross margin assumes there is no hedging in place other than fixed assumptions for capacity cleared in the RPM auctions and uranium costs for

nuclear power plants.  Open gross margin contains assumptions for other gross margin line items such as various ISO bill and ancillary revenues and costs and PPA

capacity revenues and payments.  The estimation of open gross margin incorporates management discretion and modeling assumptions that are subject to change.

(3)

ERCOT North ATC spark spread using Houston Ship Channel Gas, 7,200 heat rate, $2.50 variable O&M.

15

2011

2012

2013

Expected Generation

(GWh)

(1)

166,100

165,600

163,000

Midwest

99,000

97,900

95,800

Mid-Atlantic

56,300

57,100

56,500

South & West

10,800

10,600

10,700

Percentage of Expected Generation Hedged

(2)

95-98%

82-85%

49-52%

Midwest

95-98

81-84

48-51

Mid-Atlantic

96-99

85-88

50-53

South & West

86-89

63-66

45-48

Effective Realized Energy Price

($/MWh)

(3)

Midwest

$43.00

$41.00

$40.00

Mid-Atlantic

$57.00

$50.00

$50.50

South & West

$4.50

$0.00

($2.00)

Generation Profile

(1)

Expected generation represents the amount of energy estimated to be generated or purchased through owned or contracted for capacity.  Expected generation is based

upon a simulated dispatch model that makes assumptions regarding future market conditions, which are calibrated to market quotes for power, fuel, load following products,

and options. Expected generation assumes 12 refueling outages in 2011 and 10 refueling outages in 2012 and 2013 at Exelon-operated nuclear plants and Salem. 

Expected generation assumes capacity factors of 93.0%, 93.4% and 93.2% in 2011, 2012 and 2013 at Exelon-operated nuclear plants. These estimates of expected

generation in 2012 and 2013 do not represent guidance or a forecast of future results as Exelon has not completed its planning or optimization processes for those years.

(2)

Percent of expected generation hedged is the amount of equivalent sales divided by the expected generation.  Includes all hedging products, such as wholesale and retail

sales of power, options, and swaps.  Uses expected value on options. Reflects decision to permanently retire Cromby Station and Eddystone Units 1&2 as of May 31, 2011.

(3)

Effective realized energy price is representative of an all-in hedged price, on a per MWh basis, at which expected generation has been hedged.  It is developed by

considering the energy revenues and costs associated with our hedges and by considering the fossil fuel that has been purchased to lock in margin. It excludes uranium

costs and RPM capacity revenue, but includes the mark-to-market value of capacity contracted at prices other than RPM clearing prices including our load obligations.  It

can be compared with the reference prices used to calculate open gross margin in order to determine the mark-to-market value of Exelon Generation's energy hedges.

16

Gross Margin Sensitivities with Existing Hedges ($ millions)

(1)

Henry Hub Natural Gas

+ $1/MMBtu

-

$1/MMBtu

NI-Hub ATC Energy Price

+$5/MWH

-$5/MWH

PJM-W ATC Energy Price

+$5/MWH

-$5/MWH

Nuclear Capacity Factor

+1% / -1%

2011

$5

$(5)

$5

$(5)

$5

$(5)

+/-

$25

2012

$85

$(35)

$95

$(75)

$55

$(55)

+/-

$45

2013

$340

$(290)

$250

$(245)

$155

$(150)

+/-

$50

Exelon Generation Gross Margin Sensitivities

(with Existing Hedges)

(1) 

Based on June 30, 2011 market conditions and hedged position. Gas price sensitivities are based on an assumed gas-power relationship derived from an internal model that is

updated periodically. Power prices sensitivities are derived by adjusting the power price assumption while keeping all other prices inputs constant. Due to correlation of the

various assumptions, the hedged gross margin impact calculated by aggregating individual sensitivities may not be equal to the hedged gross margin impact calculated when

correlations between the various assumptions are also considered.

17

95% case

5% case

$5,500

$7,100

$6,900

$6,000

Exelon Generation Gross Margin Upside / Risk 

(with Existing Hedges)

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

2011

2012

2013

$6,800

$5,200

(1) 

Represents an approximate range of expected gross margin, taking into account hedges in place, between the 5th and 95th percent confidence levels assuming all unhedged

supply is sold into the spot market.  Approximate gross margin ranges are based upon an internal simulation model and are subject to change based upon market inputs, future

transactions and potential modeling changes. These ranges of approximate gross margin in 2012 and 2013 do not represent earnings guidance or a forecast of future results as

Exelon has not completed its planning or optimization processes for those years. The price distributions that generate this range are calibrated to market quotes for power, fuel,

load following products, and options as of June 30, 2011.

18

Midwest

Mid-Atlantic

South & West

Step 1

Start with

fleetwide open gross margin 

$5.45 billion

Step 2

Determine

the

mark-to-market

value

of

energy hedges

99,000GWh * 96% *

($43.00/MWh-$33.18MWh)

= $0.93 billion

56,300GWh * 97% *

($57.00/MWh-$46.07MWh)

= $0.60 billion

10,800GWh * 87% *

($4.50/MWh-$3.77MWh)

= $0.00 billion

Step 3

Estimate

hedged

gross

margin

by

adding open gross margin to mark-to-

market value of energy hedges

Open gross margin:

MTM value of energy hedges:

Estimated hedged gross margin:

Illustrative Example

of Modeling Exelon Generation 2011 Gross Margin

(with Existing Hedges)

$5.45 billion

$0.93

billion

+

$0.60

billion

+

$0.00

billion

$6.98 billion

20

25

30

35

40

45

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

35

40

45

50

55

60

65

70

75

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

50

55

60

65

70

75

80

85

90

95

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

Market Price Snapshot

Forward NYMEX Natural Gas

PJM-West and Ni-Hub On-Peak Forward Prices

PJM-West and Ni-Hub Wrap Forward Prices

2012

$4.79

2013  $5.16

Forward NYMEX Coal

2012

$81.91

2013

$86.11

2012 Ni-Hub  $42.20

2013 Ni-Hub

$44.54

2013 PJM-West  $56.95

2012 PJM-West

$54.64

2012 Ni-Hub

$27.02

2013 Ni-Hub

$28.96

2013 PJM-West

$42.06

2012 PJM-West

$39.97

19

Rolling 12 months, as of July 21

st

2011. Source: OTC quotes and electronic trading system. Quotes are daily.

4.5

5.5

6.5

7.5

8.5

9.5

10.5

11.5

12.5

13.5

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

8.2

8.4

8.6

8.8

9.0

9.2

9.4

9.6

9.8

10.0

10.2

10.4

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

35

40

45

50

55

60

65

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7/10

8/10

9/10

10/10

11/10

12/10

1/11

2/11

3/11

4/11

5/11

6/11

7/11

Market Price Snapshot

2013

10.13

2012

9.91

2012

$46.86

2013

$51.26

2012

$4.73

2013

$5.06

Houston Ship Channel Natural Gas

Forward Prices

ERCOT North On-Peak Forward Prices

ERCOT North On-Peak v. Houston Ship Channel

Implied Heat Rate

2012

$10.24

2013

$12.25

ERCOT North On Peak Spark Spread

Assumes a 7.2 Heat Rate, $1.50 O&M, and $.15 adder

Rolling 12 months, as of July 21

st

2011. Source: OTC quotes and electronic trading system. Quotes are daily.

20

Significant Events

Date of Event

•

Filing of Application

May 25, 2011

•

Intervention Deadline

June 24, 2011

•

Prehearing Conference

June 28, 2011

•

Filing of Staff, Office of People Counsel and Intervenor Testimony

September 16, 2011*

•

Filing of Rebuttal Testimony

October 12, 2011*

•

Filing of Surrebuttal Testimony

October 26, 2011

•

Status Conference

October 28, 2011

•

Evidentiary Hearings

October 31, 2011 -

November 10, 2011

•

Public Comment Hearings

November 29, December 1 &

December 5, 2011

•

Filing of Initial Briefs

December 1, 2011

•

Filing of Reply Briefs

December 15, 2011

•

Decision Deadline

January 5, 2012

21

Maryland PSC Review Schedule

*Initial

intervenor

testimony

with

respect

to

market

power

is

due

on

September

23

rd

for

all parties except for the Independent Market Monitor, and rebuttal testimony with

respect

to

market

power

is

due

on

October

17

th

.

22

2011 Projected Sources and Uses of Cash

(1)

Excludes counterparty collateral activity.

(2)

Cash Flow from Operations primarily includes net cash flows provided by operating activities and net cash flows used in investing activities other than capital expenditures. 

(3)

Assumes 2011 dividend of $2.10/share.  Dividends are subject to declaration by the Board of Directors.

(4)

Includes $400 million in Nuclear Uprates and $225 million for Exelon Wind spend.

(5)

Represents new business, smart grid/smart meter investment and transmission growth projects.

(6)

Excludes ComEd’s $191 million of tax-exempt bonds that are backed by letters of credit (LOCs).  Excludes PECO’s $225 million Accounts Receivable (A/R) Agreement with Bank of Tokyo.

PECO’s A/R Agreement was extended in accordance with its terms through September 6, 2011.

(7)

“Other”

includes proceeds from options and expected changes in short-term debt.

(8)   Includes cash flow activity from Holding Company, eliminations, and other corporate entities.

($ millions)

Exelon

(8)

Beginning Cash Balance

(1)

$800

Cash Flow from Operations

(2)

375

875

3,175

4,350

CapEx (excluding Nuclear Fuel, Nuclear

Uprates, Exelon Wind, Utility Growth CapEx

and Wolf Hollow)

(725)

(325)

(850)

(1,950)

Nuclear Fuel

n/a

n/a

(1,050)

(1,050)

Dividend

(3)

(1,400)

Nuclear Uprates and Exelon Wind

(4)

n/a

n/a

(625)

(625)

Wolf Hollow Acquisition

n/a

n/a

(300)

(300)

Utility Growth CapEx

(5)

(300)

(125)

n/a

(425)

Net Financing (excluding Dividend):

Planned Debt Issuances

(6)

1,000

--

--

1,000

Planned Debt Retirements

(350)

(250)

--

(600)

Other

(7)

300

(125)

200

550

Ending Cash Balance

(1)

$350

23

Exelon

Nuclear

Fleet

Overview

–

IL

Plant

Location

Type/

Containment

Water Body

License Extension

Status / License

Expiration

(1)

Ownership

Spent Fuel Storage/

Date to lose full

core discharge

capacity

(2)

Braidwood, IL

(Units 1 and 2)

PWR

Concrete/Steel

Lined

Kankakee

River

Expect to file

application in 2013/

2026, 2027

100%

Dry Cask (Fall 2011)

Byron, IL

(Units 1 and 2)

PWR

Concrete/Steel

Lined

Rock River

Expect to file

application in 2013/

2024, 2026

100%

Dry Cask

Clinton, IL

(Unit 1)

BWR

Concrete/Steel

Lined

Clinton Lake

2026

100%

2018

Dresden, IL

(Units 2 and 3)

BWR

Steel Vessel

Kankakee

River

Renewed / 2029,

2031

100%

Dry cask

LaSalle, IL

(Units 1 and 2)

BWR

Concrete/Steel

Lined

Illinois River

2022, 2023

100%

Dry Cask

Quad Cities, IL

(Units 1 and 2)

BWR

Steel Vessel

Mississippi

River

Renewed / 2032

75% Exelon, 25%

Mid-American

Holdings

Dry cask

Exelon pursues license extensions well in advance of expiration to ensure adequate time

for review by the NRC

(1)

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

(2)

The date for loss of full core reserve identifies when the on-site storage pool will no longer have sufficient space to receive a full complement of fuel

from the reactor core. Dry cask storage will be in operation at those sites prior to losing full core discharge capacity in their on-site storage pools.

24

Exelon

Nuclear

Fleet

Overview

–

PA

and

NJ

Plant, Location

Type,

Containment

Water Body

License Extension

Status / License

Expiration

(1)

Ownership

Spent Fuel Storage/

Date to lose full

core discharge

capacity

(2)

Limerick, PA

(Units 1 and 2)

BWR

Concrete/Steel

Lined

Schuylkill

River

Filed application in

June 2011

(decision expected

in 2013)/ 2024,

2029

100%

Dry cask

Oyster Creek, NJ

(Unit 1)

BWR

Steel Vessel

Barnegat Bay

Renewed / 2029

(3)

100%

Dry cask

Peach Bottom, PA

(Units 2 and 3)

BWR

Steel Vessel

Susquehanna

River

Renewed / 2033,

2034

50% Exelon,

50% PSEG

Dry cask

TMI, PA (Unit 1)

PWR

Concrete/Steel

Lined

Susquehanna

River

Renewed / 2034

100%

2023

Salem, NJ (Units 1

and 2)

PWR

Concrete/Steel

Lined

Delaware

River

Renewed / 2036,

2040

42.6% Exelon,

57.4% PSEG

Dry Cask

Exelon pursues license extensions well in advance of expiration to ensure adequate time

for review by the NRC

(1)

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

(2)

The date for loss of full core reserve identifies when the on-site storage pool will no longer have sufficient space to receive a full complement of fuel

from the reactor core. Dry cask storage will be in operation at those sites prior to losing full core discharge capacity in their on-site storage pools.

(3)

On December 8, 2010, Exelon announced that Generation will permanently cease generation operations at Oyster Creek by December 31, 2019.

The current NRC license for Oyster Creek expires in 2029.

ComEd Load Trends

Chicago

U.S.

Unemployment rate

(1)

9.3%

2011 annualized growth in

gross domestic/metro product

(2)

2.5%                  

Note: C&I = Commercial & Industrial

2010 

2Q11      2011E

Average Customer Growth

0.2%  

0.4%    

0.4%

Average Use-Per-Customer

(1.4)%

(2.0)%

0.0%

Total Residential

(1.2)%   

(1.6)%       0.4%

Small C&I

(0.6)%

(0.2)%    

(0.3)%

Large C&I

2.6%  

(0.9)%     

0.0%

All Customer Classes

0.2%   

(0.8)%     

0.0%

(1)

Source:  U.S. Dept. of Labor (June 2011) and Illinois

Department of Security (June 2011)

(2)  Source: Global Insight (May 2011)

-6.0%

-3.0%

0.0%

3.0%

6.0%

-6.0%

-3.0%

0.0%

3.0%

6.0%

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

All Customer Classes

Large C&I

Residential

Gross Metro Product

25

Weather-Normalized Load Year-over-Year 

Key Economic Indicators

Weather-Normalized Load

9.2%

2.7%

26

PECO Load Trends

Philadelphia

U.S.

Unemployment rate

(1)

7.9%

2011 annualized growth in

gross domestic/metro product

(2)

2.4%                  

Note: C&I = Commercial & Industrial

2010

2Q11     2011E

Average Customer Growth

0.3%  

0.5%    

0.4%

Average Use-Per-Customer

0.3%

2.8%

1.7%

Total Residential

0.5%   

3.2%       2.2%

Small C&I

(1.9)%

1.7%        0.7%

Large C&I

0.8%  

(3.3)%      (2.3)%

All Customer Classes

0.1%   

(0.1)%      (0.0)%

(1)  Source:

U.S

Dept.

of

Labor

data

June

2011

-

US

U.S

Dept.

of

Labor

prelim.

data

May

2011

-

Philadelphia

(2)  Source: Global Insight May 2011

-

6.0%

-

3.0%

0.0%

3.0%

6.0%

-

6.0%

-

3.0%

0.0%

3.0%

6.0%

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

All Customer Classes

Large C&I

Residential

Gross Metro Product

Weather-Normalized Load Year-over-Year 

Key Economic Indicators

Weather-Normalized Load

9.2%

2.7%