Exelon Corporation

10/30/2024 | Press release | Distributed by Public on 10/30/2024 04:54

EXELON REPORTS THIRD QUARTER 2024 RESULTS Form 8 K

EXELON REPORTS THIRD QUARTER 2024 RESULTS
Earnings Release Highlights
•GAAP net income of $0.70 per share and Adjusted (non-GAAP) operating earnings of $0.71 per share for the third quarter of 2024
•Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of $2.40-$2.50 per share
•Reaffirming adjusted (non-GAAP) operating EPS compounded annual growth target of 5-7% through 2027
•Strong utility reliability performance - all utilities achieved top quartile in reliability, with ComEd and Pepco Holdings continuing to achieve top decile in SAIFI and SAIDI performance
•DPL filed a natural gas distribution rate case with the Delaware Public Service Commission (DEPSC) in September seeking an increase in gas distribution rates to support investments in infrastructure to maintain safety, reliability, and service for customers, while also offering more predictability in customer bills throughout the year

CHICAGO (Oct. 30, 2024) - Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2024.

"Our strong third quarter performance highlights the dedication of our 20,000 employees delivering top quartile service despite unprecedented challenges," said Exelon President and Chief Executive Officer Calvin Butler. "This summer, our regions faced record-breaking severe weather, including an historic number of tornadoes in the Chicago area. Yet, we maintained top quartile reliability, with ComEd and Pepco Holdings performing in the top decile. We're also making progress on our work with regulators to invest in a resilient grid, and doing our part to keep energy affordability front and center. As we approach the end of 2024, we remain focused on building a cleaner and brighter future for our customers and communities."

"Exelon delivered another quarter of strong financial performance, with third quarter adjusted operating earnings of $0.71 per share, and we remain on track to meet our full year earnings guidance of $2.40 to $2.50 per share," said Exelon Chief Financial Officer Jeanne Jones. "Our disciplined approach to financial management, combined with operational excellence, continues to drive strong results across our local energy companies. We are making $34.5 billion of critical investments in our energy infrastructure for our
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customers, which gives us the confidence to deliver our long-term earnings per share growth target of 5-7% through 2027."
Third Quarter 2024
Exelon's GAAP net income for the third quarter of 2024 remained relatively consistent with the prior period at $0.70 per share. Adjusted (non-GAAP) operating earnings for the third quarter of 2024 increased to $0.71 per share from $0.67 per share in the third quarter of 2023. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 3.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the third quarter of 2024 primarily reflects higher utility earnings due to distribution rate increases at BGE, distribution and transmission rate increases at PHI, timing of distribution earnings and a higher return on regulatory assets at ComEd, and decreased storm costs at PHI. This was partially offset by higher interest expense at PECO, BGE, and PHI; higher credit loss expense at PECO and BGE; higher depreciation and amortization expense at PECO and BGE; and lower carrying costs recovery related to the CMC regulatory asset at ComEd.

Operating Company Results1
ComEd
ComEd's third quarter of 2024 GAAP net income increased to $360 million from $333 million in the third quarter of 2023. ComEd's Adjusted (non-GAAP) operating earnings for the third quarter of 2024 increased to $360 million from $338 million in the third quarter of 2023, primarily due to timing of distribution earnings, higher distribution rate base, and higher return on regulatory assets. These were partially offset by a lower allowed distribution ROE, the absence of a return on the pension asset within distribution earnings, and lower carrying costs recovery related to the CMC regulatory asset. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO's third quarter of 2024 GAAP net income decreased to $117 million from $146 million in the third quarter of 2023. PECO's Adjusted (non-GAAP) operating earnings for the third quarter of 2024 decreased to $118 million from $149 million in the third quarter of 2023, primarily due to increases in credit loss expense, interest expense, and depreciation expense.
BGE
BGE's third quarter of 2024 GAAP net income remained relatively consistent with the prior period at $45 million. BGE's Adjusted (non-GAAP) operating earnings for the third quarter of 2024 decreased to $45 million from $47 million in the third quarter of 2023. GAAP net income remained relatively consistent primarily due to favorable distribution rates, offset by increases in interest expense, depreciation and amortization expense, and credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
___________
1 Exelon's four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

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PHI
PHI's third quarter of 2024 GAAP net income increased to $278 million from $232 million in the third quarter of 2023. PHI's Adjusted (non-GAAP) operating earnings for the third quarter of 2024 increased to $278 million from $234 million in the third quarter of 2023, primarily due to higher electric distribution and transmission rates, and a decrease in storm costs and various operating expenses, partially offset by an increase in interest expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and Third Quarter Highlights
•Dividend: On October 29, 2024, Exelon's Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon's common stock. The dividend is payable on December 13, 2024, to Exelon's shareholders of record as of the close of business on November 11, 2024.
•Rate Case Developments:
◦DPL Delaware Natural Gas Distribution Rate Case: On September 20, 2024, DPL filed an application with the DEPSC to increase its annual natural gas rates by $36 million, reflecting an ROE of 10.65%. DPL currently expects a decision in the first quarter of 2026 but cannot predict if the DEPSC will approve the application as filed.
•Financing Activities:
◦On August 28, 2024, ACE issued $175 million of its First Mortgage Bonds, consisting of $75 million of its First Mortgage 5.29% Series Bonds due on August 28, 2034 and $100 million of its First Mortgage 5.49% Series Bonds due on August 28, 2039. ACE used the proceeds of the sale of the ACE Bonds to repay existing indebtedness and for general corporate purposes.
◦On September 10, 2024, PECO Energy Company (PECO) issued $575 million aggregate principal amount of its First and Refunding Mortgage Bonds, 5.250% Series due September 15, 2054. PECO used the net proceeds from the sale of the Bonds to refinance currently outstanding commercial paper and for general corporate purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the third quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) Exelon
Earnings per
Diluted
Share 		Exelon ComEd PECO BGE PHI
2024 GAAP net income
$ 0.70 $ 707 $ 360 $ 117 $ 45 $ 278
Change in environmental liabilities (net of taxes of $0)
- - - - - -
Change in FERC audit liability (net of taxes of $0)
- - - - - -
Cost management charge (net of taxes of $0, and $0, respectively)
- 1 - 1 - -
2024 Adjusted (non-GAAP) operating earnings
$ 0.71 $ 708 $ 360 $ 118 $ 45 $ 278

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Adjusted (non-GAAP) operating earnings for the third quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) Exelon
Earnings per
Diluted
Share 		Exelon ComEd PECO BGE PHI
2023 GAAP net income
$ 0.70 $ 700 $ 333 $ 146 $ 45 $ 232
Mark-to-market impact of economic hedging activities (net of taxes of $4)
0.01 12 - - - -
Asset retirement obligation (net of taxes of $1)
- (1) - - - (1)
Separation costs (net of taxes of $5, $2, $1, $1, and $1, respectively)
0.01 14 5 3 2 4
Income tax-related adjustments (entire amount represents tax expense) (0.05) (54) - - - -
2023 Adjusted (non-GAAP) operating earnings
$ 0.67 $ 671 $ 338 $ 149 $ 47 $ 234
__________
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2024 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation's largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities - Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor's overall understanding of period over period operating results and provide an indication of Exelon's baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies' presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the
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financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon's website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Oct. 30, 2024.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
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, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company "Registrants" include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Third Quarter 2024 Quarterly Report on Form 10-Q (to be filed on October 30, 2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 11, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, 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.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.
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Earnings Release Attachments
Table of Contents

Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd PECO BGE PHI Other (a) Exelon
Three Months Ended September 30, 2024
Operating revenues $ 2,229 $ 1,030 $ 1,044 $ 1,862 $ (11) $ 6,154
Operating expenses
Purchased power and fuel 835 386 420 742 - 2,383
Operating and maintenance 410 313 281 322 (51) 1,275
Depreciation and amortization 387 108 162 235 16 908
Taxes other than income taxes 99 61 86 140 9 395
Total operating expenses 1,731 868 949 1,439 (26) 4,961
Gain on sale of assets - - - - 3 3
Operating income 498 162 95 423 18 1,196
Other income and (deductions)
Interest expense, net (128) (58) (57) (95) (158) (496)
Other, net 26 9 11 22 (11) 57
Total other income and (deductions) (102) (49) (46) (73) (169) (439)
Income (loss) before income taxes 396 113 49 350 (151) 757
Income taxes 36 (4) 4 72 (58) 50
Net income (loss) attributable to common shareholders $ 360 $ 117 $ 45 $ 278 $ (93) $ 707
Three Months Ended September 30, 2023
Operating revenues $ 2,268 $ 1,037 $ 932 $ 1,773 $ (30) $ 5,980
Operating expenses
Purchased power and fuel 896 411 380 710 - 2,397
Operating and maintenance 385 277 214 339 (28) 1,187
Depreciation and amortization 357 100 161 257 15 890
Taxes other than income taxes 100 59 80 134 10 383
Total operating expenses 1,738 847 835 1,440 (3) 4,857
Operating income (loss) 530 190 97 333 (27) 1,123
Other income and (deductions)
Interest expense, net (119) (52) (47) (80) (139) (437)
Other, net 16 11 6 28 20 81
Total other income and (deductions) (103) (41) (41) (52) (119) (356)
Income (loss) before income taxes 427 149 56 281 (146) 767
Income taxes 94 3 11 49 (90) 67
Net income (loss) attributable to common shareholders $ 333 $ 146 $ 45 $ 232 $ (56) $ 700
Change in net income (loss) from 2023 to 2024 $ 27 $ (29) $ - $ 46 $ (37) $ 7

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Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd PECO BGE PHI Other (a) Exelon
Nine Months Ended September 30, 2024
Operating revenues $ 6,403 $ 2,975 $ 3,268 $ 4,938 $ (27) $ 17,557
Operating expenses
Purchased power and fuel 2,504 1,113 1,228 1,939 - 6,784
Operating and maintenance 1,277 876 795 927 (119) 3,756
Depreciation and amortization 1,124 318 474 716 49 2,681
Taxes other than income taxes 287 164 254 395 27 1,127
Total operating expenses 5,192 2,471 2,751 3,977 (43) 14,348
Gain on sales of assets 5 4 - - 3 12
Operating income 1,216 508 517 961 19 3,221
Other income and (deductions)
Interest expense, net (374) (170) (159) (279) (464) (1,446)
Other, net 66 27 27 79 (3) 196
Total other income and (deductions) (308) (143) (132) (200) (467) (1,250)
Income (loss) before income taxes 908 365 385 761 (448) 1,971
Income taxes 85 9 32 158 (126) 158
Net income (loss) attributable to common shareholders $ 823 $ 356 $ 353 $ 603 $ (322) $ 1,813
Nine Months Ended September 30, 2023
Operating revenues $ 5,836 $ 2,977 $ 2,986 $ 4,615 $ (54) $ 16,360
Operating expenses
Purchased power and fuel 2,068 1,197 1,145 1,805 - 6,215
Operating and maintenance 1,077 786 632 952 88 3,535
Depreciation and amortization 1,045 297 487 741 46 2,616
Taxes other than income taxes 282 156 239 366 20 1,063
Total operating expenses 4,472 2,436 2,503 3,864 154 13,429
Operating income (loss) 1,364 541 483 751 (208) 2,931
Other income and (deductions)
Interest expense, net (357) (149) (135) (238) (398) (1,277)
Other, net 50 26 14 80 161 331
Total other income and (deductions) (307) (123) (121) (158) (237) (946)
Income (loss) before income taxes 1,057 418 362 593 (445) 1,985
Income taxes 235 8 76 103 (148) 274
Net income (loss) attributable to common shareholders $ 822 $ 410 $ 286 $ 490 $ (297) $ 1,711
Change in net income (loss) from 2023 to 2024 $ 1 $ (54) $ 67 $ 113 $ (25) $ 102
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
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Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
September 30, 2024 December 31, 2023
Assets
Current assets
Cash and cash equivalents $ 616 $ 445
Restricted cash and cash equivalents 552 482
Accounts receivable
Customer accounts receivable 2,971 2,659
Customer allowance for credit losses (426) (317)
Customer accounts receivable, net 2,545 2,342
Other accounts receivable 1,226 1,101
Other allowance for credit losses (111) (82)
Other accounts receivable, net 1,115 1,019
Inventories, net
Fossil fuel 78 94
Materials and supplies 777 707
Regulatory assets 1,869 2,215
Other 471 473
Total current assets 8,023 7,777
Property, plant, and equipment, net 76,661 73,593
Deferred debits and other assets
Regulatory assets 8,657 8,698
Goodwill 6,630 6,630
Receivable related to Regulatory Agreement Units 4,322 3,232
Investments 279 251
Other 1,498 1,365
Total deferred debits and other assets 21,386 20,176
Total assets $ 106,070 $ 101,546
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September 30, 2024 December 31, 2023
Liabilities and shareholders' equity
Current liabilities
Short-term borrowings $ 1,031 $ 2,523
Long-term debt due within one year 954 1,403
Accounts payable 2,648 2,846
Accrued expenses 1,284 1,375
Payables to affiliates 5 5
Customer deposits 432 411
Regulatory liabilities 430 389
Mark-to-market derivative liabilities 25 74
Unamortized energy contract liabilities 6 8
Other 569 557
Total current liabilities 7,384 9,591
Long-term debt 43,701 39,692
Long-term debt to financing trusts 390 390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 12,551 11,956
Regulatory liabilities 10,563 9,576
Pension obligations 1,553 1,571
Non-pension postretirement benefit obligations 528 527
Asset retirement obligations 289 267
Mark-to-market derivative liabilities 180 106
Unamortized energy contract liabilities 22 27
Other 2,287 2,088
Total deferred credits and other liabilities 27,973 26,118
Total liabilities 79,448 75,791
Commitments and contingencies
Shareholders' equity
Common stock 21,320 21,114
Treasury stock, at cost (123) (123)
Retained earnings 6,161 5,490
Accumulated other comprehensive loss, net (736) (726)
Total shareholders' equity 26,622 25,755
Total liabilities and shareholders' equity $ 106,070 $ 101,546
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Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended September 30,
2024 2023
Cash flows from operating activities
Net income $ 1,813 $ 1,711
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion 2,683 2,616
Gain on sales of assets (12) -
Deferred income taxes and amortization of investment tax credits 102 210
Net fair value changes related to derivatives 1 21
Other non-cash operating activities 441 (237)
Changes in assets and liabilities:
Accounts receivable (489) 82
Inventories (57) (8)
Accounts payable and accrued expenses (309) (454)
Collateral received (paid), net 21 (183)
Income taxes (18) 50
Regulatory assets and liabilities, net 194 (395)
Pension and non-pension postretirement benefit contributions (140) (97)
Other assets and liabilities (87) (24)
Net cash flows provided by operating activities 4,143 3,292
Cash flows from investing activities
Capital expenditures (5,161) (5,540)
Proceeds from sales of assets and businesses 38 -
Other investing activities 9 25
Net cash flows used in investing activities (5,114) (5,515)
Cash flows from financing activities
Changes in short-term borrowings (1,093) (1,116)
Proceeds from short-term borrowings with maturities greater than 90 days 150 400
Repayments on short-term borrowings with maturities greater than 90 days (549) (150)
Issuance of long-term debt 4,975 5,300
Retirement of long-term debt (1,336) (1,209)
Issuance of common stock 148 -
Dividends paid on common stock (1,142) (1,074)
Proceeds from employee stock plans 33 30
Other financing activities (83) (101)
Net cash flows provided by financing activities 1,103 2,080
Increase (decrease) in cash, restricted cash, and cash equivalents 132 (143)
Cash, restricted cash, and cash equivalents at beginning of period 1,101 1,090
Cash, restricted cash, and cash equivalents at end of period $ 1,233 $ 947

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Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended September 30, 2024 and 2023
(unaudited)
(in millions, except per share data)
Exelon
Earnings per
Diluted
Share 		ComEd PECO BGE PHI Other (a) Exelon
2023 GAAP net income (loss) $ 0.70 $ 333 $ 146 $ 45 $ 232 $ (56) $ 700
Mark-to-market impact of economic hedging activities (net of taxes of $4)
0.01 - - - - 12 12
Asset retirement obligation (net of taxes of $1)
- - - - (1) - (1)
Separation costs (net of taxes of $2, $1, $1, $1, and $5, respectively) (1)
0.01 5 3 2 4 - 14
Income tax-related adjustments (entire amount represents tax expense) (2) (0.05) - - - - (54) (54)
2023 Adjusted (non-GAAP) operating earnings (loss) $ 0.67 $ 338 $ 149 $ 47 $ 234 $ (97) $ 671
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather $ - $ - (b) $ - $ - (b) $ (4) (b) $ - $ (4)
Load 0.01 - (b) 3 - (b) 4 (b) - 7
Distribution and transmission rates (3) 0.06 (21) (c) 12 (c) 42 (c) 30 (c) - 63
Other energy delivery (4) 0.08 80 (c) (1) (c) (6) (c) 8 (c) - 81
Operating and maintenance expense (5) (0.05) (18) (28) (35) 22 10 (49)
Pension and non-pension postretirement benefits 0.01 (4) (1) - 1 10 6
Depreciation and amortization expense (6) (0.03) (22) (6) (5) 6 - (27)
Interest expense and other (7) (0.04) 7 (10) 2 (23) (16) (40)
Total year over year effects on Adjusted (non-GAAP) Operating Earnings $ 0.04 $ 22 $ (31) $ (2) $ 44 $ 4 $ 37
2024 GAAP net income (loss) $ 0.70 $ 360 $ 117 $ 45 $ 278 $ (93) $ 707
Change in environmental liabilities (net of taxes of $0)
- - - - - - -
Change in FERC audit liability (net of taxes of $0)
- - - - - - -
Cost management charge (net of taxes of $0) (8)
- - 1 - - - 1
2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.71 $ 360 $ 118 $ 45 $ 278 $ (93) $ 708
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.

(a)Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.
(2)In 2023, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(3)For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset, partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases.
(4)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and higher return on regulatory assets, partially offset by lower carrying cost recovery related to the CMC regulatory asset.
(5)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, reflects decreased storm costs. For Corporate, reflects decreased in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA).
(6)Reflects ongoing capital expenditures across all utilities.
(7)For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense.
(8)Primarily represents severance and reorganization costs related to cost management.
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Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Nine Months Ended September 30, 2024 and 2023
(unaudited)
(in millions, except per share data)
Exelon
Earnings
per Diluted
Share 		ComEd PECO BGE PHI Other (a) Exelon
2023 GAAP net income (loss) $ 1.72 $ 822 $ 410 $ 286 $ 490 $ (297) $ 1,711
Mark-to-market impact of economic hedging activities (net of taxes of $4)
0.01 - - - - 14 14
Asset retirement obligation (net of taxes of $1)
- - - - (1) - (1)
Change in environmental liabilities (net of taxes of $8)
0.03 - - - 29 - 29
SEC matter loss contingency (net of taxes of $0) 0.05 - - - - 46 46
Change in FERC audit liability (net of taxes of $4)
0.01 11 - - - - 11
Separation costs (net of taxes of $3, $1, $1, $2, $0, and $7, respectively) (1)
0.02 7 3 3 5 1 19
Income tax-related adjustments (entire amount represents tax expense) (2) (0.05) - - - - (54) (54)
2023 Adjusted (non-GAAP) operating earnings (loss) $ 1.78 $ 839 $ 413 $ 289 $ 522 $ (289) $ 1,774
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather $ 0.06 $ - (b) $ 53 $ - (b) $ 6 (b) $ - $ 59
Load 0.01 - (b) 8 - (b) 2 (b) - 10
Distribution and transmission rates (3) 0.23 (38) (c) 9 (c) 161 (c) 97 (c) - 229
Other energy delivery (4) 0.24 220 (c) (8) (c) (13) (c) 38 (c) - 237
Operating and maintenance expense (5) (0.10) (95) (63) (58) 4 107 (105)
Pension and non-pension postretirement benefits (0.01) (13) (4) - 1 8 (8)
Depreciation and amortization expense (6) (0.09) (57) (16) (17) (2) (1) (93)
Interest expense and other (7) (0.24) 7 (32) (8) (61) (144) (238)
Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.08 $ 24 $ (53) $ 65 $ 85 $ (30) $ 91
2024 GAAP net income (loss) $ 1.81 $ 823 $ 356 $ 353 $ 603 $ (322) $ 1,813
Change in environmental liabilities (net of taxes of $0)
- - - - (1) - (1)
Change in FERC audit liability (net of taxes of $13)
0.04 40 - - - 2 42
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (8)
0.01 - 4 1 5 - 10
2024 Adjusted (non-GAAP) operating earnings (loss) $ 1.86 $ 863 $ 360 $ 354 $ 607 $ (319) $ 1,865
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.
(a)Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
(b)For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net.
(2)In 2023, reflects the adjustment to state deferred income taxes dues to changes in forecasted apportionment.
(3)For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset, partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases.
(4)For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, higher return on regulatory assets, and higher transmission peak load, partially offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(5)Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA.
(6)Reflects ongoing capital expenditures across all utilities.
(7)For PECO, primarily reflects an increase in interest expense. For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense.
(8)Primarily represents severance and reorganization costs related to cost management.
7

ComEd Statistics
Three Months Ended September 30, 2024 and 2023
Electric Deliveries (in GWhs) Revenue (in millions)
2024 2023 % Change Weather - Normal % Change 2024 2023 % Change
Electric Deliveries and Revenues(a)
Residential 8,409 8,199 2.6 % 4.0 % $ 1,117 $ 1,047 6.7 %
Small commercial & industrial 7,869 7,822 0.6 % 0.4 % 603 540 11.7 %
Large commercial & industrial 6,903 7,039 (1.9) % 2.7 % 286 263 8.7 %
Public authorities & electric railroads 210 209 0.5 % 0.6 % 11 11 - %
Other(b)
- - n/a n/a 280 265 5.7 %
Total electric revenues(c)
23,391 23,269 0.5 % 2.4 % 2,297 2,126 8.0 %
Other Revenues(d)
(68) 142 (147.9) %
Total electric revenues $ 2,229 $ 2,268 (1.7) %
Purchased Power $ 835 $ 896 (6.8) %
% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 15 15 79 - % (81.0) %
Cooling Degree-Days 818 791 722 3.4 % 13.3 %

Nine Months Ended September 30, 2024 and 2023

Electric Deliveries (in GWhs) Revenue (in millions)
2024 2023 % Change Weather - Normal % Change 2024 2023 % Change
Electric Deliveries and Revenues(a)
Residential 21,617 20,217 6.9 % 3.1 % $ 3,017 $ 2,744 9.9 %
Small commercial & industrial 21,586 21,854 (1.2) % (0.2) % 1,755 1,363 28.8 %
Large commercial & industrial 20,577 20,101 2.4 % 2.4 % 875 553 58.2 %
Public authorities & electric railroads 589 622 (5.3) % (5.6) % 43 33 30.3 %
Other(b)
- - n/a n/a 803 716 12.2 %
Total electric revenues(c)
64,369 62,794 2.5 % 1.6 % 6,493 5,409 20.0 %
Other Revenues(d)
(90) 427 (121.1) %
Total electric revenues $ 6,403 $ 5,836 9.7 %
Purchased Power $ 2,504 $ 2,068 21.1 %

% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 3,028 3,267 3,829 (7.3) % (20.9) %
Cooling Degree-Days 1,176 1,089 988 8.0 % 19.0 %

Number of Electric Customers 2024 2023
Residential 3,703,677 3,733,678
Small commercial & industrial 393,796 391,222
Large commercial & industrial 2,044 1,887
Public authorities & electric railroads 5,762 4,802
Total 4,105,279 4,131,589
__________
(a)Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million and $9 million for the three months ended September 30, 2024 and 2023, respectively, and $6 million and $14 million for the nine months ended September 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charges.

8

PECO Statistics
Three Months Ended September 30, 2024 and 2023
Electric and Natural Gas Deliveries Revenue (in millions)
2024 2023 % Change Weather-
Normal
% Change 		2024 2023 % Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential 4,146 4,134 0.3 % 0.2 % $ 641 $ 654 (2.0) %
Small commercial & industrial 2,129 2,070 2.9 % 2.8 % 153 148 3.4 %
Large commercial & industrial 3,768 3,830 (1.6) % (1.5) % 73 67 9.0 %
Public authorities & electric railroads 156 152 2.6 % 2.0 % 7 7 - %
Other(b)
- - n/a n/a 74 80 (7.5) %
Total electric revenues(c)
10,199 10,186 0.1 % 0.1 % 948 956 (0.8) %
Other Revenues(d)
12 14 (14.3) %
Total Electric Revenues 960 970 (1.0) %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential 2,359 2,134 10.5 % 13.4 % 44 43 2.3 %
Small commercial & industrial 1,933 1,939 (0.3) % 1.4 % 17 16 6.3 %
Large commercial & industrial 1 4 (75.0) % (4.6) % - - n/a
Transportation 5,232 5,278 (0.9) % (2.5) % 7 7 - %
Other(f)
- - n/a n/a 2 1 100.0 %
Total natural gas revenues(g)
9,525 9,355 1.8 % 1.9 % 70 67 4.5 %
Other Revenues(d)
- - n/a
Total Natural Gas Revenues 70 67 4.5 %
Total Electric and Natural Gas Revenues $ 1,030 $ 1,037 (0.7) %
Purchased Power and Fuel $ 386 $ 411 (6.1) %
% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 1 18 21 (94.4) % (95.2) %
Cooling Degree-Days 1,062 1,064 1,038 (0.2) % 2.3 %

9
Nine Months Ended September 30, 2024 and 2023
Electric and Natural Gas Deliveries Revenue (in millions)
2024 2023 % Change Weather-
Normal
% Change 		2024 2023 % Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential 10,897 10,186 7.0 % 0.7 % $ 1,683 $ 1,617 4.1 %
Small commercial & industrial 5,876 5,616 4.6 % 1.5 % 407 415 (1.9) %
Large commercial & industrial 10,531 10,398 1.3 % - % 191 196 (2.6) %
Public authorities & electric railroads 470 464 1.3 % 1.3 % 21 23 (8.7) %
Other(b)
- - n/a n/a 221 219 0.9 %
Total electric revenues(c)
27,774 26,664 4.2 % 0.6 % 2,523 2,470 2.1 %
Other Revenues(d)
14 14 - %
Total electric revenues 2,537 2,484 2.1 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential 25,779 23,697 8.8 % 1.5 % 300 335 (10.4) %
Small commercial & industrial 14,742 14,381 2.5 % (3.3) % 106 123 (13.8) %
Large commercial & industrial 17 39 (56.4) % (9.4) % - 1 (100.0) %
Transportation 17,248 17,482 (1.3) % (3.0) % 20 20 - %
Other(f)
- - n/a n/a 11 12 (8.3) %
Total natural gas revenues(g)
57,786 55,599 3.9 % (1.1) % 437 491 (11.0) %
Other Revenues(d)
1 2 (50.0) %
Total natural gas revenues 438 493 (11.2) %
Total electric and natural gas revenues $ 2,975 $ 2,977 (0.1) %
Purchased Power and Fuel $ 1,113 $ 1,197 (7.0) %

% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 2,441 2,236 2,853 9.2 % (14.4) %
Cooling Degree-Days 1,599 1,297 1,430 23.3 % 11.8 %

Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023
Residential 1,529,205 1,531,168 Residential 506,476 505,370
Small commercial & industrial 155,126 155,932 Small commercial & industrial 44,682 44,743
Large commercial & industrial 3,156 3,111 Large commercial & industrial 7 9
Public authorities & electric railroads 10,716 10,416 Transportation 643 629
Total 1,698,203 1,700,627 Total 551,808 550,751
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended September 30, 2024 and 2023, respectively, and $5 million and $5 million for the nine months ended September 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended September 30, 2024 and 2023, respectively, and$2 million and $1 millionfor the nine months ended September 30, 2024 and 2023, respectively.
10

BGE Statistics
Three Months Ended September 30, 2024 and 2023
Electric and Natural Gas Deliveries Revenue (in millions)
2024 2023 % Change Weather-
Normal
% Change 		2024 2023 % Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential 3,589 3,601 (0.3) % 1.3 % $ 558 $ 512 9.0 %
Small commercial & industrial 733 722 1.5 % 0.2 % 96 86 11.6 %
Large commercial & industrial 3,675 3,664 0.3 % 0.8 % 154 144 6.9 %
Public authorities & electric railroads 46 50 (8.0) % (8.8) % 8 7 14.3 %
Other(b)
- - n/a n/a 110 104 5.8 %
Total electric revenues(c)
8,043 8,037 0.1 % 0.9 % 926 853 8.6 %
Other Revenues(d)
(1) (17) (94.1) %
Total electric revenues 925 836 10.6 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential 2,210 2,258 (2.1) % (2.4) % 58 57 1.8 %
Small commercial & industrial 781 782 (0.1) % (0.1) % 11 10 10.0 %
Large commercial & industrial 7,058 7,512 (6.0) % (5.8) % 32 25 28.0 %
Other(f)
426 7 5,985.7 % n/a 3 4 (25.0) %
Total natural gas revenues(g)
10,475 10,559 (0.8) % (4.6) % 104 96 8.3 %
Other Revenues(d)
15 - n/a
Total natural gas revenues 119 96 24.0 %
Total electric and natural gas revenues $ 1,044 $ 932 12.0 %
Purchased Power and Fuel $ 420 $ 380 10.5 %
% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 48 41 68 17.1 % (29.4) %
Cooling Degree-Days 701 706 622 (0.7) % 12.7 %

11
Nine Months Ended September 30, 2024 and 2023
Electric and Natural Gas Deliveries Revenue (in millions)
2024 2023 % Change Weather-
Normal
% Change 		2024 2023 % Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential 9,755 9,162 6.5 % 1.1 % $ 1,556 $ 1,308 19.0 %
Small commercial & industrial 2,078 2,005 3.6 % 0.8 % 274 253 8.3 %
Large commercial & industrial 10,061 9,812 2.5 % 1.2 % 425 412 3.2 %
Public authorities & electric railroads 150 153 (2.0) % (2.3) % 24 22 9.1 %
Other(b)
- - n/a n/a 303 303 - %
Total electric revenues(c)
22,044 21,132 4.3 % 1.1 % 2,582 2,298 12.4 %
Other Revenues(d)
6 24 (75.0) %
Total electric revenues 2,588 2,322 11.5 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential 24,489 22,954 6.7 % (2.6) % 418 406 3.0 %
Small commercial & industrial 5,994 5,706 5.0 % (2.3) % 76 66 15.2 %
Large commercial & industrial 28,890 28,785 0.4 % (2.6) % 143 124 15.3 %
Other(f)
1,323 1,692 (21.8) % n/a 12 28 (57.1) %
Total natural gas revenues(g)
60,696 59,137 2.6 % (2.6) % 649 624 4.0 %
Other Revenues(d)
31 40 (22.5) %
Total natural gas revenues 680 664 2.4 %
Total electric and natural gas revenues $ 3,268 $ 2,986 9.4 %
Purchased Power and Fuel $ 1,228 $ 1,145 7.2 %

% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 2,429 2,195 2,909 10.7 % (16.5) %
Cooling Degree-Days 1,039 917 885 13.3 % 17.4 %

Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023
Residential 1,215,873 1,208,230 Residential 658,485 655,753
Small commercial & industrial 115,032 115,557 Small commercial & industrial 37,752 37,950
Large commercial & industrial 13,206 13,007 Large commercial & industrial 6,353 6,289
Public authorities & electric railroads 260 264
Total 1,344,371 1,337,058 Total 702,590 699,992
__________
(a)Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended September 30, 2024 and 2023, respectively, and $5 million and $4 million for the nine months ended September 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.
(g)Includes operating revenues from affiliates totaling $1 million and $1 million for the three months ended September 30, 2024 and 2023, respectively, and $2 million and $2 million for the nine months ended September 30, 2024 and 2023, respectively.
12
Pepco Statistics
Three Months Ended September 30, 2024 and 2023
Electric Deliveries (in GWhs) Revenue (in millions)
2024 2023 % Change Weather-
Normal
% Change 		2024 2023 % Change
Electric Deliveries and Revenues(a)
Residential 2,432 2,529 (3.8) % (1.1) % $ 426 $ 405 5.2 %
Small commercial & industrial 306 315 (2.9) % (2.6) % 52 54 (3.7) %
Large commercial & industrial 3,834 3,975 (3.5) % (3.6) % 281 303 (7.3) %
Public authorities & electric railroads 164 175 (6.3) % (6.3) % 9 9 - %
Other(b)
- - n/a n/a 85 67 26.9 %
Total electric revenues(c)
6,736 6,994 (3.7) % (2.7) % 853 838 1.8 %
Other Revenues(d)
8 (16) (150.0) %
Total electric revenues $ 861 $ 822 4.7 %
Purchased Power $ 294 $ 288 2.1 %
% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days - 11 8 (100.0) % (100.0) %
Cooling Degree-Days 1,229 1,182 1,193 4.0 % 3.0 %

Nine Months Ended September 30, 2024 and 2023

Electric Deliveries (in GWhs) Revenue (in millions)
2024 2023 % Change Weather-
Normal
% Change 		2024 2023 % Change
Electric Deliveries and Revenues(a)
Residential 6,300 6,090 3.4 % (2.9) % $ 1,085 $ 954 13.7 %
Small commercial & industrial 856 831 3.0 % (0.6) % 141 134 5.2 %
Large commercial & industrial 10,535 10,299 2.3 % (0.2) % 794 838 (5.3) %
Public authorities & electric railroads 454 442 2.7 % 2.3 % 26 25 4.0 %
Other(b)
- - n/a n/a 224 187 19.8 %
Total electric revenues(c)
18,145 17,662 2.7 % (1.1) % 2,270 2,138 6.2 %
Other Revenues(d)
50 36 38.9 %
Total electric revenues $ 2,320 $ 2,174 6.7 %
Purchased Power $ 808 $ 750 7.7 %

% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 2,006 1,840 2,382 9.0 % (15.8) %
Cooling Degree-Days 1,879 1,572 1,708 19.5 % 10.0 %

Number of Electric Customers 2024 2023
Residential 875,456 862,321
Small commercial & industrial 54,058 54,082
Large commercial & industrial 23,054 22,952
Public authorities & electric railroads 207 205
Total 952,775 939,560

__________
(a)Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended September 30, 2024 and 2023, respectively, and $5 million for both the nine months ended September 30, 2024 and 2023.
(d)Includes alternative revenue programs and late payment charge revenues.
13
DPL Statistics
Three Months Ended September 30, 2024 and 2023

Electric and Natural Gas Deliveries Revenue (in millions)
2024 2023 % Change Weather -
Normal
% Change 		2024 2023 % Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential 1,578 1,620 (2.6) % 6.0 % $ 267 $ 255 4.7 %
Small commercial & industrial 672 683 (1.6) % 1.5 % 69 70 (1.4) %
Large commercial & industrial 1,115 1,154 (3.4) % (0.8) % 31 32 (3.1) %
Public authorities & electric railroads 10 9 11.1 % 9.8 % 4 3 33.3 %
Other(b)
- - n/a n/a 70 67 4.5 %
Total electric revenues(c)
3,375 3,466 (2.6) % 2.8 % 441 427 3.3 %
Other Revenues(d)
(2) (1) 100.0 %
Total electric revenues 439 426 3.1 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential 397 414 (4.1) % 4.1 % 11 12 (8.3) %
Small commercial & industrial 343 350 (2.0) % 2.9 % 6 7 (14.3) %
Large commercial & industrial 408 381 7.1 % 7.1 % 1 1 - %
Transportation 1,190 1,119 6.3 % 7.2 % 4 3 33.3 %
Other(f)
- - n/a n/a 1 1 - %
Total natural gas revenues 2,338 2,264 3.3 % 6.0 % 23 24 (4.2) %
Other Revenues(d)
- - n/a
Total natural gas revenues 23 24 (4.2) %
Total electric and natural gas revenues $ 462 $ 450 2.7 %
Purchased Power and Fuel $ 203 $ 201 1.0 %

Electric Service Territory % Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 14 26 25 (46.2) % (44.0) %
Cooling Degree-Days 858 1,007 928 (14.8) % (7.5) %
Natural Gas Service Territory % Change
Heating Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 13 37 35 (64.9) % (62.9) %

14
Nine Months Ended September 30, 2024 and 2023

Electric and Natural Gas Deliveries Revenue (in millions)
2024 2023 % Change Weather -
Normal
% Change 		2024 2023 % Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential 4,188 3,993 4.9 % 1.9 % $ 725 $ 626 15.8 %
Small commercial & industrial 1,793 1,765 1.6 % (0.5) % 191 189 1.1 %
Large commercial & industrial 3,115 3,138 (0.7) % (1.2) % 91 98 (7.1) %
Public authorities & electric railroads 30 31 (3.2) % (3.7) % 12 11 9.1 %
Other(b)
- - n/a n/a 198 186 6.5 %
Total electric revenues(c)
9,126 8,927 2.2 % 0.5 % 1,217 1,110 9.6 %
Other Revenues(d)
4 13 (69.2) %
Total electric revenues 1,221 1,123 8.7 %
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential 5,162 4,781 8.0 % (1.8) % 72 88 (18.2) %
Small commercial & industrial 2,590 2,494 3.8 % (5.4) % 29 40 (27.5) %
Large commercial & industrial 1,239 1,166 6.3 % 6.3 % 4 3 33.3 %
Transportation 4,491 4,350 3.2 % 0.4 % 12 11 9.1 %
Other(f)
- - n/a n/a 5 8 (37.5) %
Total natural gas revenues 13,482 12,791 5.4 % (1.2) % 122 150 (18.7) %
Other Revenues(d)
- - n/a
Total natural gas revenues 122 150 (18.7) %
Total electric and natural gas revenues $ 1,343 $ 1,273 5.5 %
Purchased Power and Fuel $ 573 $ 562 2.0 %

Electric Service Territory % Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 2,517 2,223 2,832 13.2 % (11.1) %
Cooling Degree-Days 1,256 1,259 1,281 (0.2) % (2.0) %
Natural Gas Service Territory % Change
Heating Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 2,620 2,306 2,993 13.6 % (12.5) %

Number of Electric Customers 2024 2023 Number of Natural Gas Customers 2024 2023
Residential 489,634 484,425 Residential 130,885 129,436
Small commercial & industrial 64,626 64,101 Small commercial & industrial 10,110 10,039
Large commercial & industrial 1,267 1,245 Large commercial & industrial 14 14
Public authorities & electric railroads 598 593 Transportation 161 165
Total 556,125 550,364 Total 141,170 139,654
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $2 millionfor both the three months ended September 30, 2024 and 2023, and $5 million for both the nine months ended September 30, 2024 and 2023.
(d)Includes alternative revenue programs and late payment charges.
(e)Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)Includes revenues primarily from off-system sales.

15
ACE Statistics
Three Months Ended September 30, 2024 and 2023
Electric Deliveries (in GWhs) Revenue (in millions)
2024 2023 % Change Weather -
Normal
% Change 		2024 2023 % Change
Electric Deliveries and Revenues(a)
Residential 1,343 1,587 (15.4) % (7.3) % $ 323 $ 299 8.0 %
Small commercial & industrial 519 509 2.0 % 4.6 % 82 75 9.3 %
Large commercial & industrial 885 923 (4.1) % (2.3) % 53 51 3.9 %
Public authorities & electric railroads 10 10 - % (1.3) % 5 4 25.0 %
Other(b)
- - n/a n/a 71 68 4.4 %
Total electric revenues(c)
2,757 3,029 (9.0) % (3.6) % 534 497 7.4 %
Other Revenues(d)
6 5 20.0 %
Total electric revenues $ 540 $ 502 7.6 %
Purchased Power $ 245 $ 221 10.9 %

% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 19 31 32 (38.7) % (40.6) %
Cooling Degree-Days 828 852 880 (2.8) % (5.9) %

Nine Months Ended September 30, 2024 and 2023

Electric Deliveries (in GWhs) Revenue (in millions)
2024 2023 % Change Weather -
Normal
% Change 		2024 2023 % Change
Electric Deliveries and Revenues(a)
Residential 3,232 3,122 3.5 % (2.1) % $ 727 $ 601 21.0 %
Small commercial & industrial 1,246 1,227 1.5 % (1.1) % 187 180 3.9 %
Large commercial & industrial 2,348 2,455 (4.4) % (6.0) % 149 163 (8.6) %
Public authorities & electric railroads 32 33 (3.0) % (2.0) % 14 13 7.7 %
Other(b)
- - n/a n/a 206 194 6.2 %
Total electric revenues(c)
6,858 6,837 0.3 % (3.3) % 1,283 1,151 11.5 %
Other Revenues(d)
(3) 21 (114.3) %
Total electric revenues $ 1,280 $ 1,172 9.2 %
Purchased Power $ 557 $ 493 13.0 %

% Change
Heating and Cooling Degree-Days 2024 2023 Normal From 2023 From Normal
Heating Degree-Days 2,685 2,558 2,982 5.0 % (10.0) %
Cooling Degree-Days 1,242 1,007 1,184 23.3 % 4.9 %

Number of Electric Customers 2024 2023
Residential 507,060 504,330
Small commercial & industrial 62,761 62,410
Large commercial & industrial 2,848 2,980
Public authorities & electric railroads 707 729
Total 573,376 570,449
__________
(a)Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended September 30, 2024 and 2023, respectively, and $2 million and $1 million for the nine months ended September 30, 2024 and 2023, respectively.
(d)Includes alternative revenue programs.
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