EXHIBIT 99.2
EXELON CORPORATION
Consolidating Statements of Income
(unaudited)
(in millions, except per share data)
Three Months Ended March 31, 2001
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Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
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Operating Revenues $ 2,497 $ 1,628 $ 667 $ (969) $ 3,823
Operating Expenses
Fuel and Purchased Power 1,097 818 361 (946) 1,330
Operating and Maintenance 350 404 323 (19) 1,058
Depreciation and Amortization 268 92 15 3 378
Taxes Other Than Income 115 46 4 3 168
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Total Operating Expenses 1,830 1,360 703 (959) 2,934
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Operating Income 667 268 (36) (10) 889
Other Income and Deductions
Interest Expense (246) (33) (13) - (292)
Distributions on Preferred Securities of Subsidiaries (11) - - - (11)
Equity in Earnings (Losses) of Unconsolidated Affiliates, net - 26 (8) - 18
Other, net 47 4 17 (13) 55
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Total Other Income and Deductions (210) (3) (4) (13) (230)
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Income Before Income Taxes and Cumulative Effect
of Change in Accounting Principle 457 265 (40) (23) 659
Income Taxes 191 107 (15) (11) 272
------- ------- ------- ------- -------
Income Before Cumulative Effect of Change in
Accounting Principle 266 158 (25) (12) 387
Cumulative Effect of Change in Accounting
Principle, Net of Income Taxes - 12 - - 12
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Net Income $ 266 $ 170 $ (25) $ (12) $ 399
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Average Common Shares Outstanding - Diluted 324
Net Income per Average Common Share - Diluted $ 1.23
May 17, 2002
EXELON CORPORATION
Consolidating Statements of Income
(unaudited)
(in millions, except per share data)
Three Months Ended June 30, 2001
--------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
------- ------- ------- ------- -------
Operating Revenues $ 2,436 $ 1,618 $ 546 $ (949) $ 3,651
Operating Expenses
Fuel and Purchased Power 980 986 161 (917) 1,210
Operating and Maintenance 374 405 382 (27) 1,134
Depreciation and Amortization 267 75 16 4 362
Taxes Other Than Income 110 39 3 1 153
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Total Operating Expenses 1,731 1,505 562 (939) 2,859
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Operating Income 705 113 (16) (10) 792
Other Income and Deductions
Interest Expense (260) (26) (9) 6 (289)
Distributions on Preferred Securities of Subsidiaries (12) - - - (12)
Equity in Earnings (Losses) of Unconsolidated Affiliates, net - 13 (6) - 7
Other, net 24 14 21 (15) 44
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Total Other Income and Deductions (248) 1 6 (9) (250)
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Income Before Income Taxes and Cumulative Effect
of Change in Accounting Principle 457 114 (10) (19) 542
Income Taxes 193 43 (5) (4) 227
------- ------- ------- ------- -------
Income Before Cumulative Effect of Change in
Accounting Principle 264 71 (5) (15) 315
Cumulative Effect of Change in Accounting
Principle, Net of Income Taxes - - - - -
------- ------- ------- ------- -------
Net Income $ 264 $ 71 $ (5) $ (15) $ 315
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Average Common Shares Outstanding - Diluted 324
Net Income per Average Common Share - Diluted $ 0.97
May 17, 2002
EXELON CORPORATION
Consolidating Statements of Income
(unaudited)
(in millions, except per share data)
Three Months Ended September 30, 2001
-------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
------- ------- ------- ------- -------
Operating Revenues $ 2,970 $ 2,291 $ 529 $(1,505) $ 4,285
Operating Expenses
Fuel and Purchased Power 1,425 1,610 151 (1,455) 1,731
Operating and Maintenance 421 364 361 (45) 1,101
Depreciation and Amortization 293 57 16 3 369
Taxes Other Than Income 133 36 1 2 172
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Total Operating Expenses 2,272 2,067 529 (1,495) 3,373
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Operating Income 698 224 - (10) 912
Other Income and Deductions
Interest Expense (253) (41) (9) 20 (283)
Distributions on Preferred Securities of Subsidiaries (11) - - - (11)
Equity in Earnings (Losses) of Unconsolidated Affiliates, net - 60 (8) - 52
Other, net 46 (25) (34) (38) (51)
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Total Other Income and Deductions (218) (6) (51) (18) (293)
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Income Before Income Taxes and Cumulative Effect
of Change in Accounting Principle 480 218 (51) (28) 619
Income Taxes 200 78 (18) (17) 243
------- ------- ------- ------- -------
Income Before Cumulative Effect of Change in
Accounting Principle 280 140 (33) (11) 376
Cumulative Effect of Change in Accounting
Principle, Net of Income Taxes - - - - -
------- ------- ------- ------- -------
Net Income $ 280 $ 140 $ (33) $ (11) $ 376
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Average Common Shares Outstanding - Diluted 323
Net Income per Average Common Share - Diluted $ 1.16
May 17, 2002
EXELON CORPORATION
Consolidating Statements of Income
(unaudited)
(in millions, except per share data)
Three Months Ended December 31, 2001
--------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
------- ------- ------- ------- -------
Operating Revenues $ 2,268 $ 1,511 $ 550 $ (948) $ 3,381
Operating Expenses
Fuel and Purchased Power 970 804 181 (913) 1,042
Operating and Maintenance 423 354 370 (47) 1,100
Depreciation and Amortization 253 58 22 7 340
Taxes Other Than Income 99 28 2 1 130
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Total Operating Expenses 1,745 1,244 575 (952) 2,612
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Operating Income 523 267 (25) 4 769
Other Income and Deductions
Interest Expense (214) (15) (6) (8) (243)
Distributions on Preferred Securities of Subsidiaries (15) - - - (15)
Equity in Earnings (Losses) of Unconsolidated Affiliates, net - (9) 3 (9) (15)
Other, net 37 (1) 1 (6) 31
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Total Other Income and Deductions (192) (25) (2) (23) (242)
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Income Before Income Taxes and Cumulative Effect
of Change in Accounting Principle 331 242 (27) (19) 527
Income Taxes 119 99 (5) (24) 189
------- ------- ------- ------- -------
Income Before Cumulative Effect of Change in
Accounting Principle 212 143 (22) 5 338
Cumulative Effect of Change in Accounting
Principle, Net of Income Taxes - - - - -
------- ------- ------- ------- -------
Net Income $ 212 $ 143 $ (22) $ 5 $ 338
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Average Common Shares Outstanding - Diluted 322
Net Income per Average Common Share - Diluted $ 1.05
May 17, 2002
EXELON CORPORATION
Consolidating Statements of Income
(unaudited)
(in millions, except per share data)
Twelve Months Ended December 31, 2001
------------------------------------------------------------------
Energy Exelon
Delivery Generation Enterprises Corp/Elim Consolidated
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Operating Revenues $ 10,171 $ 7,048 $ 2,292 $ (4,371) $ 15,140
Operating Expenses
Fuel and Purchased Power 4,472 4,218 854 (4,231) 5,313
Operating and Maintenance 1,568 1,527 1,436 (138) 4,393
Depreciation and Amortization 1,081 282 69 17 1,449
Taxes Other Than Income 457 149 10 7 623
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Total Operating Expenses 7,578 6,176 2,369 (4,345) 11,778
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Operating Income 2,593 872 (77) (26) 3,362
Other Income and Deductions
Interest Expense (973) (115) (37) 18 (1,107)
Distributions on Preferred Securities of Subsidiaries (49) - - - (49)
Equity in Earnings (Losses) of Unconsolidated Affiliates, net - 90 (19) (9) 62
Other, net 154 (8) 5 (72) 79
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Total Other Income and Deductions (868) (33) (51) (63) (1,015)
-------- -------- -------- -------- --------
Income Before Income Taxes and Cumulative Effect
of Change in Accounting Principle 1,725 839 (128) (89) 2,347
Income Taxes 703 327 (43) (56) 931
-------- -------- -------- -------- --------
Income Before Cumulative Effect of Change in
Accounting Principle 1,022 512 (85) (33) 1,416
Cumulative Effect of Change in Accounting
Principle, Net of Income Taxes - 12 - - 12
-------- -------- -------- -------- --------
Net Income $ 1,022 $ 524 $ (85) $ (33) $ 1,428
======== ======== ======== ======== ========
Average Common Shares Outstanding - Diluted 322
Net Income per Average Common Share - Diluted $ 4.43
May 17, 2002