Exhibit 99 [Exelon Logo] ________________________________________________________________________________ Exelon Corporation www.exeloncorp.com P.O. Box 805379 Chicago, IL 60680-5379 June 26, 2003 Note to Exelon's Financial Community: Exelon Generation Company, LLC Exercises Options under Purchase Power Agreement with Midwest Generation, LLC On June 25, 2003, Exelon Generation notified Midwest Generation, LLC (Midwest) of its exercise of Exelon Generation's call option under the existing Coal Generating Stations Purchase Power Agreement dated December 15, 1999 (PPA). Exelon Generation is a subsidiary of Exelon Corporation (Exelon). Midwest is a subsidiary of Edison Mission Energy and Edison International. Exelon Generation has elected to exercise its call option on 687 MWs of the capacity for the fifth contract year, 2004. This option exercise is for the year 2004 and has no effect in 2003 because the 2003 supply plan is already in place. By exercising the call, Exelon Generation will take the output of the following Midwest generating units during 2004 at the contract price included in the PPA. Waukegan Unit 8 - 361 MWs Fisk Unit 19 - 326 MWs ------- Total 687 MWs Exelon Generation did not exercise its option on the 578 MWs of capacity at the remaining option units and will not take the output from the following units during 2004 under the existing contract. Waukegan Unit 6 - 100 MWs Crawford Unit 7 - 216 MWs Will County Unit 3 - 262 MWs ------- Total 578 MWs Under the PPA, during the fifth contract year, 2004, Exelon Generation contracted for 1,696 MWs of non-option capacity from Midwest with a call option on 1,265 MWs of capacity. With the June 25th exercise of the call option, Exelon Generation will take the 1,696 MWs of non-option capacity and 687 MWs of the option capacity from Midwest. Exelon Generation retains its 2004 options relating to certain of Midwest's Collins units (1,084 MWs) and peaker units (694 MWs) and will make a decision on those options by early October 2003. 2004 is the last year under the existing five-year PPA contract between Exelon and Midwest Generation. Providing reliable service to customers in Illinois served by delivery subsidiary ComEd remains a top priority of Exelon. Exelon's exercise of its options under the PPA is expected to provide approximately $100 million (pre-tax) of capacity cost savings in 2004 compared with 2003. Net pre-tax savings, after replacement energy and other associated costs, are expected to be between $20 and $40 million. The actual cost savings achieved will be a function of Exelon Generation's supply portfolio and wholesale energy prices in 2004. For additional information please contact me at (312) 394-7696 or Marybeth Flater at (312) 394-8354. Sincerely, Linda C. Byus, CFA Vice President Investor Relations ================================================================================ Except for the historical information contained herein, certain of the matters discussed in this news release are 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 a registrant include those discussed herein as well as those discussed in Exelon Corporation's 2002 Annual Report on Form10-K in (a) ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations--Business Outlook and the Challenges in Managing Our Business for Exelon, ComEd, PECO and Generation and (b) ITEM 8. Financial Statements and Supplementary Data: Exelon--Note 19, ComEd--Note 16, PECO--Note 18 and Generation--Note 13, and (c) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Registrants). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. 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 press release.