Commonwealth Edison 8-K This presentation contains certain forward-looking statements within the meaning of the Private Securities

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Conference

Jack Thayer, EVP & Chief Financial Officer

September 5, 2012

Exhibit 99.1

Cautionary Statements Regarding

Forward-Looking Information

This presentation contains certain 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 the forward-looking statements made by Exelon Corporation, Commonwealth

Edison Company, PECO Energy Company, Baltimore Gas and Electric Company and Exelon Generation

Company, LLC (Registrants) include those factors discussed herein, as well as the items discussed in (1) 

Exelon’s 2011 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) Constellation Energy Group’s 2011 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; (3) the

Registrant’s Second Quarter 2012 Quarterly Report on Form 10-Q 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

16; and (4) other factors discussed in filings with the SEC by the Registrants. 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 Registrants undertakes any obligation to publicly release any revision to its forward-

looking statements to reflect events or circumstances after the date of this presentation.

1

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Market Fundamentals –

Exelon’s Macro View on the Economy

2

GDP growth at 2% or less in 2012 and 2013

Housing starts at ~500 thousand units / year

Unemployment expected to stay over 8%

Oil prices in the $100/bbl range

Load growth is flat

GDP growth in excess of 2.5% in 2014

Housing starts exceed 1 million units / year

Unemployment moves under 8%

Oil prices remain in the $100/bbl range

Load growth is positive but at a rate lower

than GDP

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Current & Near Term

2012 & 2013

Medium to Long Term

2014 & Beyond

Slow but positive growth in the near term will give way to higher growth

levels in 2014 and beyond. This will result in higher gas and power demand,

stabilizing prices in the short term and a positive trajectory going forward.

Market Fundamentals –

Natural Gas Price Expectations

3

Market Dynamics

Steady production

Record

warm

winter

in

2012

resulting

in

excess gas storage, partially offset by hot

summer

Coal to gas switching reduces supply glut 

and provides market elasticity

Anticipated Price Range

$2.00 -

$4.00 / mmbtu

Limited downside to gas prices from coal to

gas switching

Market Dynamics

Declining production from oil drilling competition

Growing industrial demand

Increased transportation demand

Increased power generation demand

Potential for LNG exports

Anticipated Price Range

$4.00 -

$6.00 / mmbtu

Limited downside to gas prices from increasing

demand and market elasticity

Current & Near Term

2012 & 2013

Medium to Long Term

2014 & Beyond

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We anticipate 2013 to be a transition year, with demand side pressures from a

variety of factors coming into play in 2014 and beyond

Market Fundamentals –

Expectations for Power Prices in PJM

4

Current & Near Term

2012 & 2013

Medium to Long Term

2014 & Beyond

Market Dynamics

No major impact on power prices from CSAPR

being vacated on power prices

~ 15 GW of retirements expected in latter half    

of 2012 and 2013

High heat rates in 2012 due to low gas prices and

summer heat. Current forwards are fairly valued

Exelon Portfolio Impact

4

Fully hedged in 2012, and >80% hedged

in 2013

Market Dynamics

Low

gas

prices

&

MATS

rule

are

major

drivers

of

coal retirements

~40 GW of coal retirements, with almost 70%

already announced

. Includes ~25 GW of

retirements in 2014 and 2015

Internal view of $3-5/MWh upside in power prices

not currently reflected in forward prices

Exelon Portfolio Impact

4

53% open in 2014, and mostly open              

beyond 2014

3. Retirement estimate is for the Eastern Interconnect as per Exelon’s internal projections. 

4. Portfolio hedge percentages are shown as of 6/30/2012.

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1. Cross State Air Pollution Rule

2. Mercury and Air Toxics Standards

1

2

3

Our baseload and intermediate generation fleet is well positioned and mostly 

open in 2015 to capture the upside in power prices

Market Fundamentals –

Expected Upside in Power Prices

5

We believe PJM Power forwards do not fully reflect the upcoming changes in the

generation supply stack

Supply stack changes driven by the following:

~18 GW of retirements in PJM by 2016

Increased compliance cost that will impact cost of operations for coal units that survive

and increase their marginal cost

Contango

1

in gas market of ~$0.80 cents from 2013 to 2017 results in a $5/MWh increase

in power prices at NIHUB

We

believe

the

higher

power

prices

only

reflect

gas

contango

and

not

a

restructuring

of

the

generation stack

PJM Market View indicates the following:

NIHUB has the most upside with ~1 heat rate point increase over current forward market

Some upside is already reflected in PJM-WHUB and we anticipate ~1/2 point heat rate

increase

Significant amount of upside is already reflected in PJM-EHUB due to large number of gas

units in that area

1. Contango

refers

to

upward

trajectory

in

forward

prices.

Data

as

of

7/30/2012.

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Expect power prices to move higher than gas prices resulting in higher heat rates

6

Exelon’s

Texas

and

New

England

Portfolio

21

17

20

18

New England

30

ERCOT

44

ERCOT

New England

Intermediate

3,750

2,740

Peaking

1,260

710

Total

5,010

3,450

Generation Capacity, Expected Generation & Load

(2012 in TWh  )

Generation Capacity

(MW)

1.

Data as of 06/30/2012. Owned and contracted capacity converted from MW to MWh assuming 100% capacity factor for all technology types, except renewables which are

shown at estimated capacity factor.

2.

Represents installed capacity owned or net contracted as of 6/30/2012. Capacity is rounded to the nearest 10 MW.

Well balanced portfolio in Texas and New England 

Retail provides a lucrative channel to market our generation

Intermediate and peaking generation assets are effectively call options at various heat

rates that benefit from price volatility

Leverage strong asset base and utilize market-based hedging instruments to effectively

manage load-following obligations

Premium asset location

Sizeable generation position in TX close to large load pockets in Dallas and Houston

Sizeable generation position in MA close to large load pockets in Boston

Generation Capacity -

Intermediate

Generation Capacity -

Peaking

Expected Generation

Expected Load

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1

2

7

Asset Divestiture Update –

Maryland Coal Assets

Transaction Background and Overview

Competitive sales process despite buyer restrictions due to market power considerations

Cumulative cash proceeds of ~$605 million

~$400

million

sales

price

represents

strong

value

for

the

assets

in

a

challenging

market

environment

$205 million tax benefit resulting from differences in sale proceeds versus tax basis

Sale

requires

approval

by

FERC

and

DOJ

-

anticipate

closing

in

the

fourth

quarter

of

this

year

Earnings and ExGen Disclosures

No impact on operating earnings or gross margins shown in ExGen disclosures

Units

Installed Capacity

Technology Type

Brandon Shores

1, 273 MW

2 coal units

C.P. Crane

399 MW

2 coal & 1 oil unit

H.A. Wagner

976 MW

2 coal, 2 oil & 1 dual fuel

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