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EXC Exelon

Filed: 4 Aug 20, 6:55am


Exhibit 99.1
News Release
exclogoa49.jpg
Contact:  
Paul Adams
Corporate Communications
410-245-8717

Emily Duncan
Investor Relations
312-394-2345

EXELON REPORTS SECOND QUARTER 2020 RESULTS
Earnings Release Highlights
GAAP Net Income of $0.53 per share and Adjusted (non-GAAP) Operating Earnings of $0.55 per share for the second quarter of 2020
Reaffirming full year 2020 adjusted (non-GAAP) operating earnings guidance of $2.80-$3.10 per share
Strong utility reliability and customer operations performance - every utility achieved top quartile in outage frequency & duration, customer satisfaction, abandon rate, and gas odor response
Generation’s nuclear fleet capacity factor of 95.4% was the highest Q2 value in over a decade
First Multi-Year Plan rate filing in Maryland was filed by BGE in May; filing proposes flat rates through 2022
The annual Benchmarking Air Emissions report published in July showed that Exelon continues to have the lowest carbon intensity among major electricity producers in the United States with an intensity that is 90 percent lower than the industry average
Exelon Utilities announced that by 2025, 30 percent of vehicle fleets will be electrified.  By 2030, that number will increase to 50 percent.
CHICAGO (Aug. 4, 2020) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2020.
“From a financial and operational standpoint, we finished the quarter strong, with each of our utilities maintaining high reliability in the face of a particularly active storm season and our nuclear fleet delivering its highest capacity factor in a decade,” said Christopher M. Crane, president and CEO of Exelon. “We also reached an agreement with the U.S. Attorney’s Office to resolve its investigation into ComEd’s past lobbying practices in Illinois. The conduct cited in the agreement did not live up to our values, and we took immediate action to identify deficiencies and implement new policies to ensure it won’t happen again. As we go forward, our employees remain focused on doing their essential work safely during this pandemic, and serving our customers and communities with the highest standards of ethics, integrity and performance.”
“Accelerated cost savings at Exelon Generation helped offset the impact of damaging storms that affected utility earnings in the mid-Atlantic, resulting in solid adjusted (non-GAAP) earnings of $0.55 per share,

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which exceeded our guidance range of $0.35 to $0.45 per share,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “Despite challenges caused by the pandemic, we continue to move forward with capital projects at our utilities, investing $1.5 billion during the second quarter to improve infrastructure, increase reliability and deliver better service to customers.”
Second Quarter 2020
Exelon's GAAP Net Income for the second quarter of 2020 increased to $0.53 per share from $0.50 per share in the second quarter of 2019. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $0.55 per share from $0.60 per share in the second quarter of 2019. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 5.
Adjusted (non-GAAP) Operating Earnings in the second quarter of 2020 primarily reflect:
Lower utility earnings primarily due to higher storm costs at PECO related to the June 2020 storms, higher credit loss expense at PECO and PHI that includes the impact of COVID-19, and distribution formula rate timing at ComEd, partially offset by favorable weather conditions at PECO; and
Higher Generation earnings due to lower operating and maintenance expense, partially offset by lower capacity revenues and reduction in load due to COVID-19.
Operating Company Results1 
ComEd
ComEd had a GAAP Net Loss of $61 million in the second quarter of 2020 compared with GAAP Net Income of $186 million in the second quarter of 2019. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $150 million from $186 million in the second quarter of 2019, primarily due to distribution formula rate timing. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2020 GAAP Net Income decreased to $39 million from $102 million in the second quarter of 2019. PECO’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $44 million from $103 million in the second quarter of 2019, primarily due to increased storm costs related to the June 2020 storms and credit loss expense that includes the impacts of COVID-19, partially offset by favorable weather conditions.
BGE
BGE’s second quarter of 2020 GAAP Net Income and Adjusted (non-GAAP) Operating Earnings remained relatively consistent with the second quarter of 2019. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s second quarter of 2020 GAAP Net Income decreased to $94 million from $106 million in the second quarter of 2019. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 decreased to $98 million from $107 million in the second quarter of 2019, primarily due to credit loss expense that
___________
1Exelon’s five 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; 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; and Generation, which consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.

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includes the impacts of COVID-19. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns.
Generation
Generation's second quarter of 2020 GAAP Net Income increased to $476 million from $108 million in the second quarter of 2019. Generation’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 increased to $252 million from $202 million in the second quarter of 2019, primarily due to lower operating and maintenance expense, partially offset by lower capacity revenues and reduction in load due to COVID-19.
As of June 30, 2020, the percentage of expected generation hedged is 98%-101% and 76%-79% for 2020 and 2021, respectively.
Recent Developments and Second Quarter Highlights
COVID-19: Exelon continues to monitor developments related to the global outbreak (pandemic) of the 2019 novel coronavirus (COVID-19) pandemic and has taken proactive measures to protect the health and safety of employees, contractors and customers. As a provider of critical resources, Exelon has robust plans and contingencies in place to ensure business and operational continuity across a wide range of potentially disruptive events, including extensive preparedness for major public health crises. Exelon and its operating companies are working in close coordination with designated state and local emergency preparedness and health officials, and at the federal level through the Electric Subsector Coordinating Council. All Exelon employees have access to up-to-date information and resources and are following Centers for Disease Control guidelines to ensure safety. In addition, Exelon utilities have established incident command centers to address emergent customer and employee needs in real time.
The estimated impact of COVID-19 to Exelon utilities’ and Generation’s GAAP Net income as a result of COVID-19 is approximately $100 million and $50 million, respectively, for the second quarter of 2020 and primarily reflects the impact of reduction in load, incremental credit loss expense and direct costs related to COVID-19. Direct costs related to COVID-19 are excluded from Adjusted (non-GAAP) Operating Earnings. The Utility Registrants and Generation also expect a reduction in operating revenues for the second half of 2020 due to expected reduction in electric load. Further, Generation expects an increase in credit loss expense in the second half of 2020. There remains significant uncertainty in the economic forecast for the remainder of the year and its impact on Exelon’s operating revenues. However, Exelon identified and is pursuing approximately $250 million in cost savings across its operating companies to offset part of the expected unfavorable impacts on operating revenues.
BGE Maryland Electric and Natural Gas Rate Case: On May 15, 2020, BGE filed an application for a three-year cumulative multi-year plan for 2021 through 2023 with the Maryland Public Service Commission (MDPSC) to increase its electric distribution rates by $140 million and natural gas distribution rates by $95 million in 2023 to recover capital investments made in late 2019 and planned capital investments from 2020 to 2023, reflecting an ROE of 10.1%. BGE currently expects a decision in the fourth quarter of 2020 but cannot predict if the MDPSC will approve the application as filed or the requested schedule.
DPL Maryland Electric Distribution Rate Case: On July 14, 2020, the MDPSC approved an increase in DPL's annual electric distribution rates of $12 million with an effective date of July 16, 2020 and reflecting an ROE of 9.6%.

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Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100% of the CENG units, produced 43,416 gigawatt-hours (GWhs) in the second quarter of 2020, compared with 44,748 GWhs in the second quarter of 2019. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 95.4% capacity factor for the second quarter of 2020, compared with 95.1% for the second quarter of 2019. The number of planned refueling outage days in the second quarter of 2020 totaled 92, compared with 56 in the second quarter of 2019. There were no non-refueling outage days in the second quarter of 2020 and 28 in the second quarter of 2019.
Fossil and Renewables Operations: The Dispatch Match rate for Generation’s fossil and hydro fleet was 97.4% in the second quarter of 2020, compared with 99.7% in the second quarter of 2019. The lower performance in the quarter was primarily due to outages at gas units in Texas. Energy Capture for the wind and solar fleet was 92.7% in the second quarter of 2020, compared with 96.0% in the second quarter of 2019. The lower performance in the quarter was attributed to turbines in outage awaiting parts to perform repairs.
Financing Activities:
On June 8, 2020, PECO issued $350 million of its First and Refunding Mortgage Bonds, 2.80% Series due June 15, 2050. PECO used the proceeds for general corporate purposes.
On June 5, 2020, BGE issued $400 million of its 2.90% Senior Notes due June 15, 2050. BGE used the proceeds to repay commercial paper obligations and for general corporate purposes.
On June 9, 2020, DPL issued $100 million of its First Mortgage Bonds, 2.53% Series due June 9, 2030. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.
On July 1, 2020, DPL issued $78 million of its 1.05% Tax-Exempt Bonds due January 1, 2031. DPL used the proceeds to repay existing indebtedness.
On June 2, 2020, ACE issued $23 million of its 2.25% Tax-Exempt First Mortgage Bonds due June 1, 2029. ACE used the proceeds to repay existing indebtedness.
On June 9, 2020, ACE issued $100 million of its First Mortgage Bonds, 3.24% Series due June 9, 2050. ACE used the proceeds to repay existing indebtedness and for general corporate purposes.
On May 15, 2020, Generation issued $900 million of its 3.25% Senior Notes due June 1, 2025. Generation used the proceeds to repay existing indebtedness and for general corporate purposes.


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GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions)Exelon
Earnings per
Diluted
Share
ExelonComEdPECOBGEPHIGeneration
2020 GAAP Net Income (Loss)$0.53
$521
$(61)$39
$39
$94
$476
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $18 and $20, respectively)(0.05)(51)



(60)
Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Fund Investments (net of taxes of $275)(0.31)(305)



(305)
Asset Impairments (net of taxes of $7, $4 and $3, respectively)0.02
19
11



8
Plant Retirements and Divestitures (net of taxes of $2)0.01
7




7
Cost Management Program (net of taxes of $3, $1 and $2, respectively)0.01
6



1
5
Change in Environmental Liabilities (net of taxes of $0)
1




1
COVID-19 Direct Costs (net of taxes of $10, $2, $2, $1 and $6, respectively)0.03
27

5
4
3
16
Deferred Prosecution Agreement Payments (net of taxes of $0)0.20
200
200




Income Tax-Related Adjustments (entire amount represents tax expense)0.01
5





Noncontrolling Interests (net of taxes of $20)0.11
104




104
2020 Adjusted (non-GAAP) Operating Earnings$0.55
$536
$150
$44
$43
$98
$252

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Adjusted (non-GAAP) Operating Earnings for the second quarter of 2019 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions)Exelon
Earnings per
Diluted
Share
ExelonComEdPECOBGEPHIGeneration
2019 GAAP Net Income$0.50
$484
$186
$102
$45
$106
$108
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $22 and $20, respectively)0.07
68




65
Unrealized Losses Related to NDT Fund Investments (net of taxes of $28)0.05
52




52
Asset Impairments (net of taxes of $1)
1




1
Plant Retirements and Divestitures (net of taxes of $37 and $38, respectively)(0.02)(24)



(23)
Cost Management Program (net of taxes of $1, $0, $0, $0 and $1, respectively)0.01
6

1
1
1
3
Litigation Settlement Gain (net of taxes of $7)(0.02)(19)



(19)
Noncontrolling Interests (net of taxes of $3)0.02
15




15
2019 Adjusted (non-GAAP) Operating Earnings$0.60
$583
$186
$103
$46
$107
$202
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 except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2020 and 2019 ranged from 26.0% to 29.0%. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT fund investments were 47.4% and 35.1% for the three months ended June 30, 2020 and 2019, respectively.
Webcast Information
Exelon will discuss second quarter 2020 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 www.exeloncorp.com/investor-relations.

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About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2019 revenue of $34 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
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. The Company has provided the non-GAAP financial measure as supplemental information and in addition to the 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: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Aug. 4, 2020.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties including among others those related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of various governments and regulatory bodies, our customers, and the company, on our business, financial condition and results of operations; any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” 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, Exelon Generation Company, LLC, 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

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discussed herein, as well as the items discussed in (1) the Registrants' 2019 Annual Report on Form 10-K 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' Second Quarter 2020 Quarterly Report on Form 10-Q (to be filed on Aug. 4, 2020) 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 14, 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.


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Earnings Release Attachments
Table of Contents




Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEd PECO BGE PHI Generation Other (a) 
Exelon
Consolidated
Three Months Ended June 30, 2020             
Operating revenues$1,417
 $681
 $616
 $1,016
 $3,880
 $(288) $7,322
Operating expenses             
Purchased power and fuel464
 216
 194
 375
 1,942
 (267) 2,924
Operating and maintenance536
 275
 187
 281
 1,189
 (35) 2,433
Depreciation and amortization274
 88
 129
 191
 300
 19
 1,001
Taxes other than income taxes71
 39
 63
 109
 116
 13
 411
Total operating expenses1,345
 618
 573
 956
 3,547
 (270) 6,769
Gain on sales of assets and businesses
 
 
 
 12
 
 12
Operating income (loss)72
 63
 43
 60
 345
 (18) 565
Other income and (deductions)             
Interest expense, net(98) (36) (32) (67) (87) (107) (427)
Other, net11
 5
 6
 14
 602
 18
 656
Total other income and (deductions)(87) (31) (26) (53) 515
 (89) 229
(Loss) income before income taxes(15) 32
 17
 7
 860
 (107) 794
Income taxes46
 (7) (22) (87) 329
 (40) 219
Equity in (losses) earnings of unconsolidated affiliates
 
 
 
 (2) 1
 (1)
Net (loss) income(61) 39
 39
 94
 529
 (66) 574
Net income attributable to noncontrolling interests
 
 
 
 53
 
 53
Net (loss) income attributable to common shareholders$(61) $39
 $39
 $94
 $476
 $(66) $521
              
Three Months Ended June 30, 2019             
Operating revenues$1,351
 $655
 $649
 $1,091
 $4,210
 $(267) $7,689
Operating expenses             
Purchased power and fuel407
 191
 208
 382
 2,292
 (255) 3,225
Operating and maintenance305
 199
 182
 248
 1,266
 (41) 2,159
Depreciation and amortization257
 83
 117
 188
 409
 25
 1,079
Taxes other than income taxes71
 37
 62
 108
 129
 11
 418
Total operating expenses1,040
 510
 569
 926
 4,096
 (260) 6,881
Gain on sales of assets and businesses
 
 
 
 33
 
 33
Operating income (loss)311
 145
 80
 165
 147
 (7) 841
Other income and (deductions)          
  
Interest expense, net(89) (33) (29) (67) (116) (75) (409)
Other, net10
 3
 5
 14
 171
 9
 212
Total other income and (deductions)(79) (30) (24) (53) 55
 (66) (197)
Income (loss) before income taxes232
 115
 56
 112
 202
 (73) 644
Income taxes46
 13
 11
 6
 78
 (10) 144
Equity in losses of unconsolidated affiliates
 
 
 
 (6) 
 (6)
Net income (loss)186
 102
 45
 106
 118
 (63) 494
Net income attributable to noncontrolling interests
 
 
 
 10
 
 10
Net income (loss) attributable to common shareholders$186
 $102
 $45
 $106
 $108
 $(63) $484
              
Change in Net Income from 2019 to 2020$(247) $(63) $(6) $(12) $368
 $(3) $37
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.



1


Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEd PECO BGE PHI Generation Other (a) 
Exelon
Consolidated
Six Months Ended June 30, 2020             
Operating revenues$2,856
 $1,493
 $1,554
 $2,187
 $8,613
 $(634) $16,069
Operating expenses             
Purchased power and fuel951
 499
 483
 810
 4,646
 (598) 6,791
Operating and maintenance853
 492
 376
 538
 2,451
 (73) 4,637
Depreciation and amortization547
 173
 272
 385
 604
 42
 2,023
Taxes other than income taxes146
 78
 132
 222
 246
 23
 847
Total operating expenses2,497
 1,242
 1,263
 1,955
 7,947
 (606) 14,298
Gain (loss) on sales of assets and businesses
 
 
 2
 12
 (1) 13
Operating income359
 251
 291
 234
 678
 (29) 1,784
Other income and (deductions)             
Interest expense, net(192) (71) (64) (134) (197) (179) (837)
Other, net22
 7
 10
 26
 (168) 35
 (68)
Total other income and (deductions)(170) (64) (54) (108) (365) (144) (905)
Income (loss) before income taxes189
 187
 237
 126
 313
 (173) 879
Income taxes82
 9
 18
 (76) (59) (49) (75)
Equity in losses of unconsolidated affiliates
 
 
 
 (4) 
 (4)
Net income (loss)107
 178
 219
 202
 368
 (124) 950
Net loss attributable to noncontrolling interests
 
 
 
 (153) 
 (153)
Net income (loss) attributable to common shareholders$107
 $178
 $219
 $202
 $521
 $(124) $1,103
              
Six Months Ended June 30, 2019             
Operating revenues$2,759
 $1,554
 $1,625
 $2,319
 $9,506
 $(597) $17,166
Operating expenses          
  
Purchased power and fuel892
 520
 570
 872
 5,497
 (573) 7,778
Operating and maintenance626
 424
 372
 520
 2,484
 (79) 4,347
Depreciation and amortization508
 164
 252
 369
 814
 47
 2,154
Taxes other than income taxes148
 79
 131
 220
 264
 21
 863
Total operating expenses2,174
 1,187
 1,325
 1,981
 9,059
 (584) 15,142
Gain on sales of assets and businesses3
 
 
 
 33
 
 36
Operating income588
 367
 300
 338
 480
 (13) 2,060
Other income and (deductions)             
Interest expense, net(178) (67) (58) (131) (227) (152) (813)
Other, net19
 7
 11
 27
 601
 14
 679
Total other income and (deductions)(159) (60) (47) (104) 374
 (138) (134)
Income (loss) before income taxes429

307

253
 234
 854
 (151) 1,926
Income taxes85
 37
 47
 11
 301
 (27) 454
Equity in earnings (losses) of unconsolidated affiliates
 
 
 
 (13) 1
 (12)
Net income (loss)344
 270
 206
 223
 540
 (123) 1,460
Net income attributable to noncontrolling interests
 
 
 
 68
 1
 69
Net income (loss) attributable to common shareholders$344
 $270
 $206
 $223
 $472
 $(124) $1,391
              
Change in Net Income from 2019 to 2020$(237) $(92) $13
 $(21) $49
 $
 $(288)
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

2


Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
  June 30, 2020 December 31, 2019
Assets    
Current assets    
Cash and cash equivalents $2,129
 $587
Restricted cash and cash equivalents 373
 358
Accounts receivable    
Customer accounts receivable 3,075 4,835
Customer allowance for credit losses (261) (243)
Customer accounts receivable, net 2,814
 4,592
Other accounts receivable 1,549 1,631
Other allowance for credit losses (61) (48)
Other accounts receivable, net 1,488
 1,583
Mark-to-market derivative assets 573
 679
Unamortized energy contract assets 43
 47
Inventories, net    
Fossil fuel and emission allowances 273
 312
Materials and supplies 1,508
 1,456
Regulatory assets 1,193
 1,170
Other 2,139
 1,253
Total current assets 12,533
 12,037
Property, plant and equipment, net 81,748
 80,233
Deferred debits and other assets    
Regulatory assets 8,313
 8,335
Nuclear decommissioning trust funds 12,730
 13,190
Investments 424
 464
Goodwill 6,677
 6,677
Mark-to-market derivative assets 466
 508
Unamortized energy contract assets 321
 336
Other 3,101
 3,197
Total deferred debits and other assets 32,032
 32,707
Total assets $126,313
 $124,977

3


  June 30, 2020 December 31, 2019
Liabilities and shareholders’ equity    
Current liabilities    
Short-term borrowings $1,119
 $1,370
Long-term debt due within one year 2,514
 4,710
Accounts payable 3,047
 3,560
Accrued expenses 1,616
 1,981
Payables to affiliates 5
 5
Regulatory liabilities 495
 406
Mark-to-market derivative liabilities 204
 247
Unamortized energy contract liabilities 113
 132
Renewable energy credit obligation 478
 443
Other 1,474
 1,331
Total current liabilities 11,065
 14,185
Long-term debt 36,112
 31,329
Long-term debt to financing trusts 390
 390
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 12,720
 12,351
Asset retirement obligations 11,059
 10,846
Pension obligations 3,659
 4,247
Non-pension postretirement benefit obligations 2,121
 2,076
Spent nuclear fuel obligation 1,206
 1,199
Regulatory liabilities 9,414
 9,986
Mark-to-market derivative liabilities 440
 393
Unamortized energy contract liabilities 292
 338
Other 2,964
 3,064
Total deferred credits and other liabilities 43,875
 44,500
Total liabilities 91,442
 90,404
Commitments and contingencies    
Shareholders’ equity    
Common stock 19,336
 19,274
Treasury stock, at cost (123) (123)
Retained earnings 16,622
 16,267
Accumulated other comprehensive loss, net (3,132) (3,194)
Total shareholders’ equity 32,703
 32,224
Noncontrolling interests 2,168
 2,349
Total equity 34,871
 34,573
Total liabilities and shareholders’ equity $126,313
 $124,977

4


Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
  Six Months Ended June 30,
  2020 2019
Cash flows from operating activities    
Net income $950
 $1,460
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 2,741
 2,922
Asset impairments 33
 9
Gain on sales of assets and businesses (13) (33)
Deferred income taxes and amortization of investment tax credits 33
 284
Net fair value changes related to derivatives (194) 107
Net realized and unrealized losses (gains) on NDT funds 196
 (404)
Other non-cash operating activities 671
 277
Changes in assets and liabilities:    
Accounts receivable 1,318
 618
Inventories (14) 19
Accounts payable and accrued expenses (798) (924)
Option premiums (paid) received, net (102) 48
Collateral received (posted), net 340
 (311)
Income taxes (114) 151
Pension and non-pension postretirement benefit contributions (558) (355)
Other assets and liabilities (1,809) (970)
Net cash flows provided by operating activities 2,680
 2,898
Cash flows from investing activities    
Capital expenditures (3,773) (3,572)
Proceeds from NDT fund sales 2,488
 6,920
Investment in NDT funds (2,540) (6,847)
Collection of DPP 1,102
 
Proceeds from sales of assets and businesses 
 14
Other investing activities 4
 26
Net cash flows used in investing activities (2,719) (3,459)
Cash flows from financing activities    
Changes in short-term borrowings (751) 470
Proceeds from short-term borrowings with maturities greater than 90 days 500
 
Repayments on short-term borrowings with maturities greater than 90 days 
 (125)
Issuance of long-term debt 6,526
 850
Retirement of long-term debt (3,894) (574)
Dividends paid on common stock (746) (704)
Proceeds from employee stock plans 46
 75
Other financing activities (84) (34)
Net cash flows provided by (used in) financing activities 1,597
 (42)
Increase (decrease) in cash, cash equivalents and restricted cash 1,558
 (603)
Cash, cash equivalents and restricted cash at beginning of period 1,122
 1,781
Cash, cash equivalents and restricted cash at end of period $2,680
 $1,178

5



Exelon
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2020 and 2019
(unaudited)
(in millions, except per share data)
 Exelon
Earnings per
Diluted
Share
 ComEd PECO BGE PHI Generation Other (a) Exelon
2019 GAAP Net Income (Loss)$0.50
 $186
 $102
 $45
 $106
 $108
 $(63) $484
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $20, $2 and $22, respectively)0.07
 
 
 
 
 65
 3
 68
Unrealized Gains Related to NDT Fund Investments (net of taxes of $28) (1)0.05
 
 
 
 
 52
 
 52
Asset Impairments (net of taxes of $1)
 
 
 
 
 1
 
 1
Plant Retirements and Divestitures (net of taxes of $38, $1 and $37, respectively) (2)(0.02) 
 
 
 
 (23) (1) (24)
Cost Management Program (net of taxes of $0, $0, $0, $1 and $1, respectively) (3)0.01
 
 1
 1
 1
 3
 
 6
Litigation Settlement Gain (net of taxes of $7)(0.02) 
 
 
 
 (19) 
 (19)
Noncontrolling Interest (net of taxes of $3) (4)0.02
 
 
 
 
 15
 
 15
2019 Adjusted (non-GAAP) Operating Earnings (Loss)0.60

186

103

46
 107
 202
 (61) 583
                
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
ComEd, PECO, BGE and PHI:               
Weather0.01
 
(b)8
 
(b)4
(b)
 
 12
Load
 
(b)
 
(b)(3)(b)
 
 (3)
Other Energy Delivery (8)(0.07) 6
(c)(7)(c)(14)(c)(50)(c)
 
 (65)
Generation, Excluding Mark-to-Market:               
Nuclear Volume (9)(0.02) 
 
 
 
 (23) 
 (23)
Nuclear Fuel Cost (10)0.01
 
 
 
 
 13
 
 13
Capacity Revenue (11)(0.06) 
 
 
 
 (60) 
 (60)
Market and Portfolio Conditions (12)(0.04) 
 
 
 
 (37) 
 (37)
Operating and Maintenance Expense:               
Labor, Contracting and Materials (13)0.06
 (1) (1) (1) (14) 76
 
 59
Planned Nuclear Refueling Outages (14)(0.02) 
 
 
 
 (20) 
 (20)
Pension and Non-Pension Postretirement Benefits0.01
 (1) 1
 1
 2
 3
 
 6
Other Operating and Maintenance (15)(0.04) (9) (50) 
 (9) 34
 (6) (40)
Depreciation and Amortization Expense (16)(0.01) (12) (4) (9) (2) 11
 2
 (14)
Interest Expense, Net(0.01) (8) (2) (2) 
 6
 (4) (10)
Income Taxes (17)0.12
 (13) (4) 22
 64
 24
 20
 113
Noncontrolling Interests (18)0.03
 
 
 
 
 31
 
 31
Other (19)(0.01) 2
 
 
 (1) (8) (3) (10)
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings(0.05) (36) (59) (3) (9) 50
 9
 (48)
                
2020 GAAP Net Income (Loss)0.53
 (61) 39
 39
 94
 476
 (66) 521
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $20, $2 and $18, respectively)(0.05) 
 
 
 
 (60) 9
 (51)
Unrealized Gains Related to NDT Fund Investments (net of taxes of $275) (1)(0.31) 
 
 
 
 (305) 
 (305)
Asset Impairments (net of taxes of $4, $3 and $7, respectively) (5)0.02
 11
 
 
 
 8
 
 19
Plant Retirements and Divestitures (net of taxes of $2) (2)0.01
 
 
 
 
 7
 
 7
Cost Management Program (net of taxes of $1, $2 and $3, respectively) (3)0.01
 
 
 
 1
 5
 
 6
Change in Environmental Liabilities (net of taxes of $0)
 
 
 
 
 1
 
 1
COVID-19 Direct Costs (net of taxes of $2, $1, $1, $6, and $10, respectively) (6)0.03
 
 5
 4
 3
 16
 
 27
Deferred Prosecution Agreement Payments (net of taxes of $0) (7)0.20
 200
 
 
 
 
 
 200
Income Tax-Related Adjustments (entire amount represents tax expense)0.01
 
 
 
 
 
 5
 5
Noncontrolling Interest (net of taxes of $20) (4)0.11
 
 
 
 
 104
 
 104
2020 Adjusted (non-GAAP) Operating Earnings (Loss)$0.55
 $150
 $44
 $43
 $98
 $252
 $(52) $536

6


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 except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2020 and 2019 ranged from 26.0% to 29.0%. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT fund investments were 47.4% and 35.1% for the three months ended June 30, 2020 and 2019, respectively.

(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 and DPL Maryland, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For regulatory recovery mechanisms, including ComEd’s distribution formula rate, ComEd, PECO, BGE and PHI utilities transmission formula rates, and riders across all 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)Reflects the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.
(2)
In 2019, primarily reflects net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019 and a gain on the sale of certain wind assets, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility. In 2020, primarily reflects accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites.
(3)Primarily represents reorganization costs related to cost management programs.
(4)
Represents elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to unrealized gains and losses on NDT fund investments for CENG units.
(5)
Reflects an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation.
(6)
Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.
(7)
Reflects the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.
(8)
For ComEd, reflects decreased electric distribution and energy efficiency revenues (due to lower electric distribution ROE due to decreased treasury rates and distribution formula rate timing partially offset by higher rate base and fully recoverable costs). For BGE and PHI, reflects decreased revenue primarily due to the settlement agreement of ongoing transmission related income tax regulatory liabilities.
(9)
Primarily reflects the permanent cease of generation operations at TMI in September 2019.
(10)
Primarily reflects a decrease in fuel prices and decreased nuclear output as a result of the permanent cease of generation operations at TMI.
(11)
Reflects decreased capacity revenues in the Mid-Atlantic, Midwest, and Other Power Regions, partially offset by increased revenues in New York.
(12)
Primarily reflects reduction in load due to COVID-19, partially offset by higher portfolio optimization.
(13)
For Generation, primarily reflects decreased costs related to the permanent cease of generation operations at TMI and decreased contracting costs.
(14)
Primarily reflects an increase in the number of nuclear outage days in 2020, excluding Salem.
(15)
For PECO and PHI, reflects an increase in credit loss expense that includes the impacts of COVID-19. For PECO, also reflects increased storm costs related to the June 2020 storms. For PHI, the increase in credit loss expense was partially offset by decreases in various expenses. For Generation, primarily reflects a decrease in planned nuclear outage days at Salem in 2020 and an increase in credit loss expense that includes the impacts of COVID-19.
(16)
Reflects ongoing capital expenditures across all utilities. For Generation, reflects a decrease primarily due to the extension of the Peach Bottom license.
(17)
For BGE and PHI, reflects the settlement agreement of ongoing transmission related income tax regulatory liabilities. For Generation, primarily reflects one-time income tax settlements and an increase in tax credits.
(18)
Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG.
(19)
For Generation, primarily reflects lower realized NDT fund gains.

7


Exelon
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2020 and 2019
(unaudited)
(in millions, except per share data)
 Exelon
Earnings 
per Diluted 
Share
 ComEd PECO BGE PHI Generation Other (a) Exelon
2019 GAAP Net Income (Loss)$1.43
 $344
 $270
 $206
 $223
 $472
 $(124) $1,391
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $30, $4 and $34, respectively)0.10
 
 
 
 
 90
 8
 98
Unrealized Gains Related to NDT Fund Investments (net of taxes of $133) (1)(0.15) 
 
 
 
 (142) 
 (142)
Asset Impairments (net of taxes of $2)0.01
 
 
 
 
 6
 
 6
Plant Retirements and Divestitures (net of taxes of $32) (2)
 
 
 
 
 (4) 
 (4)
Cost Management Program (net of taxes of $0, $1, $1, $5 and $7, respectively) (3)0.02
 
 1
 1
 2
 12
 
 16
Litigation Settlement Gain (net of taxes of $7)(0.02) 
 
 
 
 (19) 
 (19)
Noncontrolling Interests (net of taxes of $15) (4)0.08
 
 
 
 
 82
 
 82
2019 Adjusted (non-GAAP) Operating Earnings (Loss)1.47
 344

271

207

225

497
 (116) 1,429
                
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:              
ComEd, PECO, BGE and PHI:               
Weather(0.03) 
(b)(26) 
(b)(7)(b)
 
 (33)
Load(0.01) 
(b)(7) 
(b)(3)(b)
 
 (10)
Other Energy Delivery (8)
 27
(c)4
(c)12
(c)(40)(c)
 
 3
Generation, Excluding Mark-to-Market:               
Nuclear Volume (9)(0.09) 
 
 
 
 (90) 
 (90)
Nuclear Fuel Cost (10)0.03
 
 
 
 
 31
 
 31
Capacity Revenue (11)(0.17) 
 
 
 
 (169) 
 (169)
Zero Emission Credit Revenue (12)0.02
 
 
 
 
 16
 
 16
Market and Portfolio Conditions (13)(0.06) 
 
 
 
 (63) 
 (63)
Operating and Maintenance Expense:        
     
Labor, Contracting and Materials (14)0.12
 6
 4
 (2) (12) 119
 
 115
Planned Nuclear Refueling Outages (15)(0.05) 
 
 
 
 (51) 
 (51)
Pension and Non-Pension Postretirement Benefits0.01
 (3) 1
 1
 4
 7
 
 10
Other Operating and Maintenance (16)(0.02) (12) (46) 3
 (1) 44
 (7) (19)
Depreciation and Amortization Expense (17)(0.04) (28) (6) (14) (12) 19
 4
 (37)
Interest Expense, Net (18)(0.01) (11) (4) (4) (3) 16
 (1) (7)
Income Taxes (19)0.17
 (8) (7) 25
 57
 85
 10
 162
Noncontrolling Interests (20)0.08
 
 
 
 
 76
 
 76
Other (21)0.03
 3
 1
 (3) 
 27
 (2) 26
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings(0.05) (26)
(86)
18

(17)
67
 4
 (40)
                
2020 GAAP Net Income (Loss)1.13
 107
 178
 219
 202
 521
 (124) 1,103
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $53, $3 and $50, respectively)(0.15) 
 
 
 
 (157) 11
 (146)
Unrealized Losses Related to NDT Fund Investments (net of taxes of $130) (1)0.18
 
 
 
 
 180
 
 180
Asset Impairments (net of taxes of $4, $3 and $7, respectively) (5)0.02
 11
 
 
 
 10
 
 21
Plant Retirements and Divestitures (net of taxes of $6) (2)0.02
 
 
 
 
 20
 
 20
Cost Management Program (net of taxes of $1, $1, $1, $4, $1 and $6, respectively) (3)0.02
 
 2
 2
 3
 13
 (3) 17
Change in Environmental Liabilities (net of taxes of $0)
 
 
 
 
 1
 
 1
COVID-19 Direct Costs (net of taxes of $2, $1, $1, $6 and $10, respectively) (6)0.03
 
 5
 4
 3
 16
 
 27
Deferred Prosecution Agreement Payments (net of taxes of $0) (7)0.20
 200
 
 
 
 
 
 200
Income Tax-Related Adjustments (entire amount represents tax expense)
 
 
 
 
 
 4
 4
Noncontrolling Interests (net of taxes of $10) (4)(0.04) 
 
 
 
 (40) 
 (40)
2020 Adjusted (non-GAAP) Operating Earnings (Loss)$1.42
 $318

$185

$225

$208

$564
 $(112) $1,387

8


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 except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2020 and 2019 ranged from 26.0% to 29.0%. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT fund investments were 41.9% and 48.4% for the six months ended June 30, 2020 and 2019, respectively.
(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 and DPL Maryland, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)For regulatory recovery mechanisms, including ComEd’s distribution formula rate, ComEd, PECO, BGE and PHI utilities transmission formula rates, and riders across all 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)Reflects the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.
(2)
In 2019, primarily reflects net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019, a benefit associated with a remeasurement in the first quarter 2019 of the TMI asset retirement obligation and a gain on the sale of certain wind assets in the second quarter of 2019, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility. In 2020, primarily reflects accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites.
(3)Primarily represents reorganization costs related to cost management programs.
(4)
Represents elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to unrealized gains and losses on NDT fund investments for CENG units.
(5)
Reflects an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation.
(6)
Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.
(7)
Reflects the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.
(8)
For ComEd, reflects increased electric distribution and energy efficiency revenues (due to higher rate base, higher fully recoverable costs, partially offset by lower electric distribution ROE due to decreased treasury rates). For BGE, reflects rate increases partially offset by decreased revenue primarily due to the settlement agreement of ongoing transmission related income tax regulatory liabilities. For PHI, reflects decreased revenue primarily due to the settlement agreement of ongoing transmission related income tax regulatory liabilities partially offset by rate increases.
(9)Primarily reflects the permanent cease of generation operations at TMI in September 2019 and an increase in nuclear outage days.
(10)Primarily reflects a decrease in fuel prices and decreased nuclear output as a result of the permanent cease of generation operations at TMI.
(11)Reflects decreased capacity revenues in the Mid-Atlantic, Midwest and Other Power Regions, partially offset by increased revenues in New York.
(12)Primarily reflects the approval of the New Jersey ZEC Program in the second quarter of 2019.
(13)Primarily reflects reduction in load due to mild weather in the first quarter of 2020 and COVID-19, partially offset by higher portfolio optimization.
(14)For Generation, primarily reflects decreased costs related to the permanent cease of generation operations at TMI, lower labor costs resulting from previous cost management programs and lower contracting costs.
(15)
Primarily reflects an increase in the number of nuclear outage days in 2020, excluding Salem.
(16)
For PECO and PHI, reflects an increase in credit loss expense that includes the impacts of COVID-19. For PECO, also reflects increased storm costs related to the June 2020 storms. For PHI, the increase in credit loss expense was partially offset by decreases in various expenses. For Generation, primarily reflects a decrease in planned nuclear outage days at Salem in 2020 and an increase in credit loss expense that includes the impacts of COVID-19.
(17)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs pursuant to FEJA. For Generation, reflects a decrease primarily due to the extension of the Peach Bottom license.
(18)
For Generation, includes an interest benefit related to a one-time income tax settlement.
(19)
For BGE and PHI, reflects the settlement agreement of ongoing transmission related income tax regulatory liabilities. For Generation, primarily reflects one-time income tax settlements.
(20)Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG.
(21)
For Generation, primarily reflects higher realized NDT fund gains.

9



Exelon
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions, except per share data)
 Three Months Ended
June 30, 2020
 Three Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$7,322
 $(21) (b) $7,689
 $(38) (b)
Operating expenses           
Purchased power and fuel2,924
 64
 (b),(c) 3,225
 (117) (b),(d)
Operating and maintenance2,433
 (280) (c),(d),(e),(f),(g),(m) 2,159
 (2) (c),(d),(f),(l)
Depreciation and amortization1,001
 (4) (d) 1,079
 (99) (d)
Taxes other than income taxes411
 
   418
 
  
Total operating expenses6,769
 

   6,881
 

  
Gain on sales of assets and businesses12
 (4) (b),(d) 33
 (33) (d)
Operating income565
 

   841
 

  
Other income and (deductions)           
Interest expense, net(427) 23
 (b),(h) (409) 14
 (b)
Other, net656
 (569) (b),(i) 212
 (68) (b),(d),(i)
Total other income and (deductions)229
 

   (197) 

  
Income before income taxes794
 

   644
 

  
Income taxes219
 (262) (b),(c),(d),(f),(g),(h),(i) 144
 9
 (b),(c),(d),(f),(i),(l)
Equity in losses of unconsolidated affiliates(1) 
   (6) 
  
Net income574
 

   494
 

  
Net income attributable to noncontrolling interests53
 (103) (k) 10
 (15) (k)
Net income attributable to common shareholders$521
 

   $484
 

  
Effective tax rate(j)
27.6%     22.4%    
Earnings per average common share           
Basic$0.53
     $0.50
    
Diluted$0.53
     $0.50
    
Average common shares outstanding           
Basic976
     972
    
Diluted976
     974
    
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.
(c)Adjustment to exclude reorganization costs related to cost management programs.
(d)
In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2019, adjustment to exclude net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019 and a gain on the sale of certain wind assets, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility.
(e)Adjustment to exclude a change in environmental liabilities.
(f)In 2020, adjustment to exclude an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation. In 2019, adjustment to exclude other asset impairments.
(g)Adjustment to exclude direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.
(h)Adjustment to exclude income tax related adjustments.
(i)Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.
(j)The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is (9.7)% and 20.8% for the three months ended June 30, 2020 and 2019, respectively.
(k)Adjustment to exclude elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.
(l)Adjustment to exclude litigation settlement gain.
(m)Adjustment to exclude the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.

10


Exelon
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions, except per share data)
 Six Months Ended
June 30, 2020
 Six Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$16,069
 $(201) (b) $17,166
 $14
 (b)
Operating expenses           
Purchased power and fuel6,791
 16
 (b) 7,778
 (97) (b),(c),(d)
Operating and maintenance4,637
 (304) (c),(d),(e),(f),(g),(m) 4,347
 55
 (c),(d),(l)
Depreciation and amortization2,023
 (14) (d) 2,154
 (199) (d)
Taxes other than income taxes847
 
   863
 
  
Total operating expenses14,298
 

   15,142
 

  
Gain on sales of assets and businesses13
 (4) (b),(d) 36
 (33) (d)
Operating income1,784
 

   2,060
 

  
Other income and (deductions)           
Interest expense, net(837) 39
 (b),(h) (813) 29
 (b)
Other, net(68) 310
 (i) 679
 (426) (b),(d),(i)
Total other income and (deductions)(905) 

   (134) 

  
Income before income taxes879
 

   1,926
 

  
Income taxes(75) 119
 (b),(c),(d),(f),(g),(h),(i) 454
 (130) (b),(c),(d),(i),(l)
Equity in losses of unconsolidated affiliates(4) 
   (12) 
  
Net income950
 

   1,460
 

  
Net (loss) income attributable to noncontrolling interests(153) 42
 (k) 69
 (82) (k)
Net income attributable to common shareholders$1,103
 

   $1,391
 

  
Effective tax rate(j)
(8.5)%     23.6%    
Earnings per average common share           
Basic$1.13
     $1.43
    
Diluted$1.13
     $1.43
    
Average common shares outstanding           
Basic975
     972
    
Diluted976
     973
    
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.
(c)Adjustment to exclude reorganization costs related to cost management programs.
(d)
In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2019, adjustment to exclude net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019, a benefit associated with a remeasurement in the first quarter 2019 of the TMI asset retirement obligation and a gain on the sale of certain wind assets in the second quarter of 2019, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility.
(e)Adjustment to exclude a change in environmental liabilities.
(f)Adjustment to exclude an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation.
(g)Adjustment to exclude direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.
(h)Adjustment to exclude income tax related adjustments.
(i)Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.
(j)The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 3.3% and 18.5% for the six months ended June 30, 2020 and 2019, respectively.
(k)Adjustment to exclude elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.
(l)Adjustment to exclude litigation settlement gain.
(m)Adjustment to exclude the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.

11


ComEd
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2020
 Three Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$1,417
 $
   $1,351
 $
  
Operating expenses           
Purchased power and fuel464
 
   407
 
  
Operating and maintenance536
 (215) 
(b), (c)

 305
 
  
Depreciation and amortization274
 
   257
 
  
Taxes other than income taxes71
 
   71
 
  
Total operating expenses1,345
 

   1,040
 

  
Gain of sale of assets
 
   
 
  
Operating income72
 

   311
 

  
Other income and (deductions)           
Interest expense, net(98) 
   (89) 
  
Other, net11
 
   10
 
  
Total other income and (deductions)(87) 

   (79) 

  
(Loss) income before income taxes(15) 

   232
 

  
Income taxes46
 4
 (b) 46
 
  
Net (loss) income$(61) 

   $186
 

  
            
 Six Months Ended
June 30, 2020
 Six Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$2,856
 $
   $2,759
 $
  
Operating expenses           
Purchased power and fuel951
 
   892
 
  
Operating and maintenance853
 (215) 
(b), (c)

 626
 
  
Depreciation and amortization547
 
   508
 
  
Taxes other than income taxes146
 
   148
 
  
Total operating expenses2,497
 

   2,174
 

  
Gain on sales of assets
 
   3
 
  
Operating income359
 

   588
 

  
Other income and (deductions)           
Interest expense, net(192) 
   (178) 
  
Other, net22
 
   19
 
  
Total other income and (deductions)(170) 

   (159) 

  
Income before income taxes189
 

   429
 

  
Income taxes82
 4
 (b) 85
 
  
Net income$107
 

   $344
 

  
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude an impairment related to the acquisition of transmission assets.
(c)Adjustment to exclude the payments that ComEd will make under the Deferred Prosecution Agreement, which ComEd entered into on July 17, 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.

12


PECO
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2020
 Three Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$681
 $
   $655
 $
  
Operating expenses           
Purchased power and fuel216
 
   191
 
  
Operating and maintenance275
 (7) (b) 199
 (1) (b)
Depreciation and amortization88
 
   83
 
  
Taxes other than income taxes39
 
   37
 
  
Total operating expenses618
 

   510
 

  
Operating income63
 

   145
 

  
Other income and (deductions)           
Interest expense, net(36) 
   (33) 
  
Other, net5
 
   3
 
  
Total other income and (deductions)(31) 

   (30) 

  
Income before income taxes32
 

   115
 

  
Income taxes(7) 2
 (b) 13
 
  
Net income$39
 

   $102
 

  
            
 Six Months Ended
June 30, 2020
 Six Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$1,493
 $
   $1,554
 $
  
Operating expenses           
Purchased power and fuel499
 
   520
 
  
Operating and maintenance492
 (10) (b) 424
 (1) (b)
Depreciation and amortization173
 
   164
 
  
Taxes other than income taxes78
 
   79
 
  
Total operating expenses1,242
 

   1,187
 

  
Operating income251
 

   367
 

  
Other income and (deductions)           
Interest expense, net(71) 
   (67) 
  
Other, net7
 
   7
 
  
Total other income and (deductions)(64) 

   (60) 

  
Income before income taxes187
 

   307
 

  
Income taxes9
 3
 (b) 37
 
  
Net income$178
 

   $270
 

  
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude reorganization costs related to cost management programs and direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.

13


BGE
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2020
 Three Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$616
 $
   $649
 $
  
Operating expenses           
Purchased power and fuel194
 
   208
 
  
Operating and maintenance187
 (6) (b), (c) 182
 (1) (b)
Depreciation and amortization129
 
   117
 
  
Taxes other than income taxes63
 
   62
 
  
Total operating expenses573
 

   569
 

  
Operating income43
 

   80
 

  
Other income and (deductions)           
Interest expense, net(32) 
   (29) 
  
Other, net6
 
   5
 
  
Total other income and (deductions)(26) 

   (24) 

  
Income before income taxes17
 

   56
 

  
Income taxes(22) 2
 (b), (c) 11
 
  
Net income$39
 

   $45
 

  
            
 Six Months Ended
June 30, 2020
 Six Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$1,554
 $
   $1,625
 $
  
Operating expenses           
Purchased power and fuel483
 
   570
 
  
Operating and maintenance376
 (7) (b), (c) 372
 (2) (b)
Depreciation and amortization272
 
   252
 
  
Taxes other than income taxes132
 
   131
 
  
Total operating expenses1,263
 

   1,325
 

  
Operating income291
 

   300
 

  
Other income and (deductions)           
Interest expense, net(64) 
   (58) 
  
Other, net10
 
   11
 
  
Total other income and (deductions)(54) 

   (47) 

  
Income before income taxes237
 

   253
 

  
Income taxes18
 1
 (b), (c) 47
 1
 
(b)

Net income$219
 

   $206
 

  
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude reorganization costs related to cost management programs.
(c)Adjustment to exclude direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.


14


PHI
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2020
 Three Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$1,016
 $
   $1,091
 $
  
Operating expenses           
Purchased power and fuel375
 
   382
 
  
Operating and maintenance281
 (6) (b), (c) 248
 (2) (b)
Depreciation and amortization191
 
   188
 
  
Taxes other than income taxes109
 
   108
 
  
Total operating expenses956
 

   926
 

  
Operating income60
 

   165
 

  
Other income and (deductions)           
Interest expense, net(67) 
   (67) 
  
Other, net14
 
   14
 
  
Total other income and (deductions)(53) 

   (53) 

  
Income before income taxes7
 

   112
 

  
Income taxes(87) 2
 (b), (c) 6
 1
 (b)
Net income$94
 

   $106
 

  
            
 Six Months Ended
June 30, 2020
 Six Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$2,187
 $
   $2,319
 $
  
Operating expenses           
Purchased power and fuel810
 
   872
 
  
Operating and maintenance538
 (8) (b), (c) 520
 (3) (b)
Depreciation and amortization385
 
   369
 
  
Taxes other than income taxes222
 
   220
 
  
Total operating expenses1,955
 

   1,981
 

  
Gain on sales of assets2
 
   
 
  
Operating income234
 

   338
 

  
Other income and (deductions)           
Interest expense, net(134) 
   (131) 
  
Other, net26
 
   27
 
  
Total other income and (deductions)(108) 

   (104) 

  
Income before income taxes126
 

   234
 

  
Income taxes(76) 2
 (b), (c) 11
 1
 (b)
Net income$202
 

   $223
 

  
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude reorganization costs related to cost management programs.
(c)Adjustment to exclude direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.


15


Generation
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2020
 Three Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$3,880
 $(21) (b) $4,210
 $(38) (b)
Operating expenses           
Purchased power and fuel1,942
 64
 (b) 2,292
 (117) (b),(d)
Operating and maintenance1,189
 (46) (c),(d),(e),(f),(g) 1,266
 2
 (c),(d),(f),(j)
Depreciation and amortization300
 (4) (d) 409
 (99) (d)
Taxes other than income116
 
   129
 
  
Total operating expenses3,547
 

   4,096
    
Gain on sales of assets and businesses12
 (4) (b)(d) 33
 (33) (d)
Operating income345
 

   147
 

  
Other income and (deductions)           
Interest expense, net(87) (1) (b) (116) 9
 (b)
Other, net602
 (569) (b)(h) 171
 (68) (b),(d),(h)
Total other income and (deductions)515
 

   55
 

  
Income before income taxes860
 

   202
 

  
Income taxes329
 (282) (b),(c),(d),(f),(g),(h) 78
 5
 (b),(c),(d),(f),(h),(j)
Equity in losses of unconsolidated affiliates(2) 
 
 (6) 
  
Net income529
 

   118
 

  
Net income attributable to noncontrolling interests53
 (103) (i) 10
 (15) (i)
Net income attributable to membership interest$476
 

   $108
 

  
            
            
 Six Months Ended
June 30, 2020
 Six Months Ended
June 30, 2019
 GAAP (a) Non-GAAP Adjustments   GAAP (a) Non-GAAP Adjustments  
Operating revenues$8,613
 $(201) (b) $9,506
 $14
 (b)
Operating expenses           
Purchased power and fuel4,646
 16
 (b) 5,497
 (97) (b),(d)
Operating and maintenance2,451
 (67) (c),(d),(e),(f),(g) 2,484
 61
 (c),(d),(f),(j)
Depreciation and amortization604
 (14) (d) 814
 (199) (d)
Taxes other than income taxes246
 
   264
 
  
Total operating expenses7,947
 

   9,059
 

  
Gain on sales of assets and businesses12
 (4) (b),(d) 33
 (33) (d)
Operating income678
 

   480
 

  
Other income and (deductions)           
Interest expense, net(197) 12
 (b) (227) 17
 (b)
Other, net(168) 310
 (h) 601
 (426) (b),(d),(h)
Total other income and (deductions)(365) 

   374
 

  
Income before income taxes313
 

   854
 

  
Income taxes(59) 97
 (b),(c),(d),(f),(g),(h) 301
 (136) (b),(c),(d),(f),(h),(j)
Equity in losses of unconsolidated affiliates(4) 
 
 (13) 
  
Net income368
 

   540
 

  
Net (loss) income attributable to noncontrolling interests(153) 42
 (i) 68
 (82) (i)
Net income attributable to membership interest$521
 

   $472
 

  
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

16


(c)
Adjustment to exclude reorganization costs related to cost management programs..
(d)
In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2019, adjustment to exclude net realized gains related to Oyster Creek's NDT fund investments in conjunction with the Holtec sale on July 1, 2019, a benefit associated with a remeasurement in the first quarter 2019 of the TMI asset retirement obligation and a gain on the sale of certain wind assets in the second quarter of 2019, partially offset by accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility.
(e)Adjustment to exclude a change in environmental liabilities.
(f)In 2020, adjustment to exclude the impairment of certain wind assets at Generation. In 2019, adjustment to exclude other asset impairments.
(g)Adjustment to exclude direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees.
(h)Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.
(i)Adjustment to exclude elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.
(j)Adjustment to exclude litigation settlement gain.



17


Other (a)
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2020
 Three Months Ended
June 30, 2019
 GAAP (b) Non-GAAP Adjustments   GAAP (b) Non-GAAP Adjustments  
Operating revenues$(288) $
   $(267) $
  
Operating expenses     ��     
Purchased power and fuel(267) 
   (255) 
  
Operating and maintenance(35) 
   (41) 
  
Depreciation and amortization19
 
   25
 
  
Taxes other than income taxes13
 
   11
 
  
Total operating expenses(270) 

   (260)    
Operating loss(18) 

   (7)    
Other income and (deductions)           
Interest expense, net(107) 24
 (c),(d) (75) 5
 (c)
Other, net18
 
   9
 
  
Total other income and (deductions)(89) 

   (66)    
Loss before income taxes(107) 

   (73)    
Income taxes(40) 10
 (c),(d) (10) 3
 (c),(f)
Equity in earnings of unconsolidated affiliates1
 
   
 
  
Net loss(66) 

   (63) 

  
Net loss attributable to common shareholders$(66) 

   $(63) 

  
            
 Six Months Ended
June 30, 2020
 Six Months Ended
June 30, 2019
 GAAP (b) Non-GAAP Adjustments   GAAP (b) Non-GAAP Adjustments  
Operating revenues$(634) $
   $(597) $
  
Operating expenses           
Purchased power and fuel(598) 
   (573) 
  
Operating and maintenance(73) 3
 (e) (79) 
  
Depreciation and amortization42
 
   47
 
  
Taxes other than income taxes23
 
   21
 
  
Total operating expenses(606)     (584)    
Loss on sales of assets(1) 
   
 
  
Operating loss(29) 

   (13)    
Other income and (deductions)           
Interest expense, net(179) 27
 (c),(d) (152) 12
 (c)
Other, net35
 
   14
 
  
Total other income and (deductions)(144) 

   (138)    
Loss before income taxes(173) 

   (151) 

  
Income taxes(49) 12
 (c),(d),(e) (27) 4
 (c),(f)
Equity in earnings of unconsolidated affiliates
 
   1
 
  
Net loss(124)     (123)    
Net income attributable to noncontrolling interests
     1
    
Net loss attributable to common shareholders$(124) 

   $(124)    
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.
(b)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(c)Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.
(d)Adjustment to exclude income tax-related adjustments.
(e)Adjustment to exclude reorganization costs related to cost management programs.
(f)Adjustment to exclude costs associated with plant retirements and divestitures.

18



ComEd Statistics
Three Months Ended June 30, 2020 and 2019
              
 Electric Deliveries (in GWhs) Revenue (in millions)
 2020 2019 % Change Weather - Normal % Change 2020 2019 % Change
Rate-Regulated Deliveries and Revenues(a)
             
Residential6,669
 5,521
 20.8 % 3.9 % $767
 $647
 18.5 %
Small commercial & industrial6,424
 7,254
 (11.4)% (13.6)% 327
 349
 (6.3)%
Large commercial & industrial5,948
 6,459
 (7.9)% (9.6)% 119
 127
 (6.3)%
Public authorities & electric railroads215
 261
 (17.6)% (17.0)% 11
 10
 10.0 %
Other(b)

 
 n/a
 n/a
 218
 227
 (4.0)%
Total rate-regulated electric revenues(c)
19,256
 19,495
 (1.2)% (7.2)% 1,442
 1,360
 6.0 %
Other Rate-Regulated Revenues(d)
        (25) (9) 177.8 %
Total Electric Revenues        $1,417
 $1,351
 4.9 %
Purchased Power        $464
 $407
 14.0 %
          
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days725
 730
 734
 (0.7)% (1.2)%
Cooling Degree-Days363
 163
 241
 122.7 % 50.6 %

Six Months Ended June 30, 2020 and 2019
 Electric Deliveries (in GWhs) Revenue (in millions)
 2020 2019 % Change Weather - Normal % Change 2020 2019 % Change
Rate-Regulated Deliveries and Revenues(a)
             
Residential12,905
 12,284
 5.1 % 1.3 % $1,468
 $1,356
 8.3 %
Small commercial & industrial13,994
 15,065
 (7.1)% (6.5)% 689
 709
 (2.8)%
Large commercial & industrial12,671
 13,421
 (5.6)% (5.1)% 253
 259
 (2.3)%
Public authorities & electric railroads509
 628
 (18.9)% (18.4)% 23
 23
  %
Other(b)

 
 n/a
 n/a
 430
 442
 (2.7)%
Total rate-regulated electric revenues(c)
40,079
 41,398
 (3.2)% (3.9)% 2,863
 2,789
 2.7 %
Other Rate-Regulated Revenues(d)
        (7) (30) (76.7)%
Total Electric Revenues        $2,856
 $2,759
 3.5 %
Purchased Power        $951
 $892
 6.6 %
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days3,483
 4,121
 3,875
 (15.5)% (10.1)%
Cooling Degree-Days363
 163
 241
 122.7 % 50.6 %
Number of Electric Customers2020 2019
Residential3,680,724
 3,655,068
Small Commercial & Industrial385,857
 383,411
Large Commercial & Industrial1,986
 1,963
Public Authorities & Electric Railroads4,858
 4,822
Total4,073,425
 4,045,264
__________
(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 $16 million and $9 million for the six months ended June 30, 2020 and 2019, respectively.
(d)Includes alternative revenue programs and late payment charges.

19


PECO Statistics
Three Months Ended June 30, 2020 and 2019
              
 Electric and Natural Gas Deliveries Revenue (in millions)
 2020 2019 % Change 
Weather-
Normal
% Change
 2020 2019 % Change
Electric (in GWhs)             
Rate-Regulated Electric Deliveries and Revenues(a)
             
Residential3,143
 2,821
 11.4 % 8.4 % $377
 $343
 9.9 %
Small commercial & industrial1,571
 1,823
 (13.8)% (12.9)% 88
 99
 (11.1)%
Large commercial & industrial3,181
 3,769
 (15.6)% (14.7)% 55
 52
 5.8 %
Public authorities & electric railroads112
 182
 (38.5)% (38.5)% 7
 7
  %
Other(b)

 
 n/a
 n/a
 55
 62
 (11.3)%
Total rate-regulated electric revenues(c)
8,007
 8,595
 (6.8)% (7.1)% 582
 563
 3.4 %
Other Rate-Regulated Revenues(d)
        4
 3
 33.3 %
Total Electric Revenues        586
 566
 3.5 %
Natural Gas (in mmcfs)             
Rate-Regulated Gas Deliveries and Revenues(e)
             
Residential6,464
 3,351
 92.9 % 9.3 % $70
 $49
 42.9 %
Small commercial & industrial2,054
 4,040
 (49.2)% (46.0)% 19
 33
 (42.4)%
Large commercial & industrial3
 17
 (82.4)% (30.0)% 
 
 n/a
Transportation5,148
 5,719
 (10.0)% (16.0)% 6
 6
  %
Other(f)

 
 n/a
 n/a
 1
 1
  %
Total rate-regulated natural gas revenues(g)
13,669
 13,127
 4.1 % (13.7)% 96
 89
 7.9 %
Other Rate-Regulated Revenues(d)
        (1) 
 n/a
Total Natural Gas Revenues        95
 89
 6.7 %
Total Electric and Natural Gas Revenues     $681
 $655
 4.0 %
Purchased Power and Fuel        $216
 $191
 13.1 %
          
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days568
 270
 432
 110.4 % 31.5 %
Cooling Degree-Days376
 425
 386
 (11.5)% (2.6)%


20


Six Months Ended June 30, 2020 and 2019
 Electric and Natural Gas Deliveries Revenue (in millions)
 2020 2019 % Change Weather-
Normal
% Change
 2020 2019 % Change
Electric (in GWhs)             
Rate-Regulated Electric Deliveries and Revenues(a)
             
Residential6,397
 6,462
 (1.0)% 3.3 % $759
 $752
 0.9 %
Small commercial & industrial3,476
 3,889
 (10.6)% (7.7)% 187
 195
 (4.1)%
Large commercial & industrial6,602
 7,340
 (10.1)% (9.2)% 108
 100
 8.0 %
Public authorities & electric railroads263
 377
 (30.2)% (30.4)% 14
 14
  %
Other(b)

 
 n/a
 n/a
 113
 123
 (8.1)%
Total rate-regulated electric revenues(c)
16,738
 18,068
 (7.4)% (4.8)% 1,181
 1,184
 (0.3)%
Other Rate-Regulated Revenues(d)
        8
 1
 700.0 %
Total Electric Revenues        1,189
 1,185
 0.3 %
Natural Gas (in mmcfs)             
Rate-Regulated Gas Deliveries and Revenues(e)
             
Residential23,746
 24,569
 (3.3)% 1.2 % 220
 247
 (10.9)%
Small commercial & industrial10,863
 14,684
 (26.0)% (10.8)% 70
 105
 (33.3)%
Large commercial & industrial12
 36
 (66.7)% (18.0)% 
 1
 (100.0)%
Transportation12,283
 13,692
 (10.3)% (8.0)% 12
 13
 (7.7)%
Other(f)

 
 n/a
 n/a
 2
 3
 (33.3)%
Total rate-regulated natural gas revenues(g)
46,904
 52,981
 (11.5)% (4.3)% 304
 369
 (17.6)%
Other Rate-Regulated Revenues(d)
        
 
 100.0 %
Total Natural Gas Revenues        304
 369
 (17.6)%
Total Electric and Natural Gas Revenues     $1,493
 $1,554
 (3.9)%
Purchased Power and Fuel        $499
 $520
 (4.0)%
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days2,557
 2,702
 2,850
 (5.4)% (10.3)%
Cooling Degree-Days376
 427
 387
 (11.9)% (2.8)%
Number of Electric Customers2020 2019 Number of Natural Gas Customers2020 2019
Residential1,501,259
 1,486,973
 Residential489,201
 483,657
Small Commercial & Industrial154,016
 153,387
 Small Commercial & Industrial44,189
 43,953
Large Commercial & Industrial3,096
 3,105
 Large Commercial & Industrial6
 2
Public Authorities & Electric Railroads10,119
 9,733
 Transportation719
 737
Total1,668,490
 1,653,198
 Total534,115
 528,349
__________
(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 $1 million for the three months ended June 30, 2020 and 2019, and $3 million and $2 million for the six months ended June 30, 2020 and 2019, 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 less than $1 million for the three months ended June 30, 2020 and 2019, and less than $1 million and $1 million for the six months ended June 30, 2020 and 2019, respectively.

21


BGE Statistics
Three Months Ended June 30, 2020 and 2019
              
 Electric and Natural Gas Deliveries Revenue (in millions)
 2020 2019 % Change 
Weather-
Normal
% Change
 2020 2019 % Change
Electric (in GWhs)             
Rate-Regulated Electric Deliveries and Revenues(a)
             
Residential2,770
 2,558
 8.3 % 8.9 % $304
 $282
 7.8 %
Small commercial & industrial572
 664
 (13.9)% (11.6)% 51
 59
 (13.6)%
Large commercial & industrial2,955
 3,458
 (14.5)% (11.5)% 94
 109
 (13.8)%
Public authorities & electric railroads46
 64
 (28.1)% (30.9)% 7
 6
 16.7 %
Other(b)

 
 n/a
 n/a
 76
 82
 (7.3)%
Total rate-regulated electric revenues(c)
6,343
 6,744
 (5.9)% (3.8)% 532
 538
 (1.1)%
Other Rate-Regulated Revenues(d)
        (28) 2
 (1,500.0)%
Total Electric Revenues        504
 540
 (6.7)%
Natural Gas (in mmcfs)             
Rate-Regulated Gas Deliveries and Revenues(e)
             
Residential5,264
 3,852
 36.7 % 2.8 % 81
 60
 35.0 %
Small commercial & industrial1,231
 1,008
 22.1 % 6.1 % 12
 11
 9.1 %
Large commercial & industrial7,622
 8,506
 (10.4)% (12.9)% 24
 23
 4.3 %
Other(f)
377
 1,803
 (79.1)% n/a
 3
 7
 (57.1)%
Total rate-regulated natural gas revenues(g)
14,494
 15,169
 (4.4)% (6.3)% 120
 101
 18.8 %
Other Rate-Regulated Revenues(d)
        (8) 8
 (200.0)%
Total Natural Gas Revenues

 

 

   112
 109
 2.8 %
Total Electric and Natural Gas Revenues     $616
 $649
 (5.1)%
Purchased Power and Fuel        $194
 $208
 (6.7)%
          
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days550
 320
 497
 71.9 % 10.7 %
Cooling Degree-Days247
 320
 260
 (22.8)% (5.0)%


22


Six Months Ended June 30, 2020 and 2019
 Electric and Natural Gas Deliveries Revenue (in millions)
 2020 2019 % Change 
Weather-
Normal
% Change
 2020
2019 % Change
Electric (in GWhs)             
Rate-Regulated Electric Deliveries and Revenues(a)
             
Residential5,888
 6,108
 (3.6)% 5.6 % $644
 $667
 (3.4)%
Small commercial & industrial1,279
 1,438
 (11.1)% (5.2)% 118
 129
 (8.5)%
Large commercial & industrial6,077
 6,691
 (9.2)% (6.7)% 198
 219
 (9.6)%
Public authorities & electric railroads106
 126
 (15.9)% (18.3)% 14
 13
 7.7 %
Other(b)

 
 n/a
 n/a
 154
 160
 (3.8)%
Total rate-regulated electric revenues(c)
13,350
 14,363
 (7.1)% (1.5)% 1,128
 1,188
 (5.1)%
Other Rate-Regulated Revenues(d)
        (10) 10
 (200.0)%
Total Electric Revenues        1,118
 1,198
 (6.7)%
Natural Gas (in mmcfs)             
Rate-Regulated Gas Deliveries and Revenues(e)
             
Residential23,873
 25,882
 (7.8)% 9.0 % 287
 279
 2.9 %
Small commercial & industrial5,378
 5,581
 (3.6)% 11.6 % 46
 46
  %
Large commercial & industrial20,265
 24,288
 (16.6)% (10.3)% 76
 73
 4.1 %
Other(f)
3,678
 2,900
 26.8 % n/a
 13
 13
  %
Total rate-regulated natural gas revenues(g)
53,194
 58,651
 (9.3)% 0.9 % 422
 411
 2.7 %
Other Rate-Regulated Revenues(d)
        14
 16
 (12.5)%
Total Natural Gas Revenues        436
 427
 2.1 %
Total Electric and Natural Gas Revenues     $1,554
 $1,625
 (4.4)%
Purchased Power and Fuel        $483
 $570
 (15.3)%
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days2,429
 2,723
 2,887
 (10.8)% (15.9)%
Cooling Degree-Days247
 320
 260
 (22.8)% (5.0)%

Number of Electric Customers2020 2019 Number of Natural Gas Customers2020 2019
Residential1,185,718
 1,171,815
 Residential643,745
 634,939
Small Commercial & Industrial114,118
 113,982
 Small Commercial & Industrial38,255
 38,164
Large Commercial & Industrial12,416
 12,275
 Large Commercial & Industrial6,079
 5,991
Public Authorities & Electric Railroads264
 264
 Total688,079
 679,094
Total1,312,516
 1,298,336
  

 

__________
(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 revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $3 million and $1 million for the three months ended June 30, 2020 and 2019, respectively, and $6 million and $3 million for the six months ended June 30, 2020 and 2019, 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 $4 million for the three months ended June 30, 2020 and 2019, respectively, and $4 million and $9 million for the six months ended June 30, 2020 and 2019, respectively.

23


Pepco Statistics
Three Months Ended June 30, 2020 and 2019
              
 Electric Deliveries (in GWhs) Revenue (in millions)
 2020 2019 % Change 
Weather-
Normal
% Change
 2020 2019 % Change
Rate-Regulated Deliveries and Revenues(a)
             
Residential1,792
 1,749
 2.5 % 3.1 % $237
 $224
 5.8 %
Small commercial & industrial247
 312
 (20.8)% (20.7)% 29
 35
 (17.1)%
Large commercial & industrial3,031
 3,614
 (16.1)% (16.7)% 175
 207
 (15.5)%
Public authorities & electric railroads149
 179
 (16.8)% (15.2)% 8
 8
  %
Other(b)

 
 n/a
 n/a
 58
 56
 3.6 %
Total rate-regulated electric revenues(c)
5,219
 5,854
 (10.8)% (11.1)% 507
 530
 (4.3)%
Other Rate-Regulated Revenues(d)
        (13) 1
 (1,400.0)%
Total Electric Revenues
 

     $494
 $531
 (7.0)%
Purchased Power        $138
 $144
 (4.2)%
          
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days432
 169
 303
 155.6 % 42.6 %
Cooling Degree-Days450
 595
 504
 (24.4)% (10.7)%

Six Months Ended June 30, 2020 and 2019
 Electric Deliveries (in GWhs) Revenue (in millions)
 2020 2019 % Change 
Weather-
Normal
% Change
 2020 2019 % Change
Rate-Regulated Deliveries and Revenues(a)
             
Residential3,738
 3,973
 (5.9)% (0.5)% $472
 $480
 (1.7)%
Small commercial & industrial562
 658
 (14.6)% (12.1)% 65
 73
 (11.0)%
Large commercial & industrial6,303
 7,105
 (11.3)% (10.6)% 363
 411
 (11.7)%
Public authorities & electric railroads353
 366
 (3.6)% (2.1)% 17
 17
  %
Other(b)

 
 n/a
 n/a
 119
 108
 10.2 %
Total rate-regulated electric revenues(c)
10,956
 12,102
 (9.5)% (7.1)% 1,036
 1,089
 (4.9)%
Other Rate-Regulated Revenues(d)
        3
 17
 (82.4)%
Total Electric Revenues        $1,039
 $1,106
 (6.1)%
Purchased Power        $303
 $331
 (8.5)%
       % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days2,111
 2,236
 2,441
 (5.6)% (13.5)%
Cooling Degree-Days455
 599
 506
 (24.0)% (10.1)%
Number of Electric Customers2020 2019
Residential825,000
 811,985
Small Commercial & Industrial53,809
 54,194
Large Commercial & Industrial22,467
 22,155
Public Authorities & Electric Railroads168
 155
Total901,444
 888,489
__________
(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 $1 million for both the three months ended June 30, 2020 and 2019, and $3 million for both the six months ended June 30, 2020 and 2019,.
(d)Includes alternative revenue programs and late payment charge revenues.

24


DPL Statistics
Three Months Ended June 30, 2020 and 2019
              
 Electric and Natural Gas Deliveries Revenue (in millions)
 2020 2019 % Change 
Weather -
Normal
% Change
 2020 2019 % Change
Electric (in GWhs)             
Rate-Regulated Electric Deliveries and Revenues(a)
             
Residential1,142
 1,066
 7.1 % 2.9 % $147
 $135
 8.9 %
Small Commercial & industrial453
 522
 (13.2)% (14.0)% 39
 44
 (11.4)%
Large Commercial & industrial1,053
 1,122
 (6.1)% (5.6)% 22
 25
 (12.0)%
Public authorities & electric railroads11
 12
 (8.3)% (6.1)% 3
 4
 (25.0)%
Other(b)

 
 n/a
 n/a
 51
 54
 (5.6)%
Total rate-regulated electric revenues(c)
2,659
 2,722
 (2.3)% (3.8)% 262
 262
  %
Other Rate-Regulated Revenues(d)
        (25) 1
 (2,600.0)%
Total Electric Revenues        237
 263
 (9.9)%
Natural Gas (in mmcfs)             
Rate-Regulated Gas Deliveries and Revenues(e)
             
Residential1,168
 741
 57.6 % (11.8)% 17
 11
 54.5 %
Small commercial & industrial557
 566
 (1.6)% (35.0)% 8
 7
 14.3 %
Large commercial & industrial411
 442
 (7.0)% (7.0)% 1
 2
 (50.0)%
Transportation1,472
 1,475
 (0.2)% (8.0)% 3
 3
  %
Other(g)

 
 n/a
 n/a
 1
 1
  %
Total rate-regulated natural gas revenues3,608
 3,224
 11.9 % (14.1)% 30
 24
 25.0 %
Other Rate-Regulated Revenues(f)
        
 
 n/a
Total Natural Gas Revenues

 

 

   30
 24
 25.0 %
Total Electric and Natural Gas Revenues     $267
 $287
 (7.0)%
Purchased Power and Fuel        $107
 $107
  %
          
Electric Service Territory      % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days576
 282
 460
 104.3 % 25.2 %
Cooling Degree-Days318
 413
 345
 (23.0)% (7.8)%
          
Natural Gas Service Territory      % Change
Heating Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days606
 300
 486
 102.0% 24.7%






















25


Six Months Ended June 30, 2020 and 2019
 Electric and Natural Gas Deliveries 
Revenue (in millions)
 2020 2019 % Change 
Weather -
Normal
% Change
 2020 2019 % Change
Electric (in GWhs)             
Rate-Regulated Electric Deliveries and Revenues(a)
             
Residential2,453
 2,570
 (4.6)% 0.6 % $308
 $320
 (3.8)%
Small Commercial & industrial960
 1,076
 (10.8)% (8.7)% 82
 93
 (11.8)%
Large Commercial & industrial2,121
 2,178
 (2.6)% (1.3)% 45
 49
 (8.2)%
Public authorities & electric railroads22
 23
 (4.3)% (3.3)% 6
 7
 (14.3)%
Other(b)

 
 n/a
 n/a
 105
 101
 4.0 %
Total rate-regulated electric revenues(c)
5,556
 5,847
 (5.0)% (1.8)% 546
 570
 (4.2)%
Other Rate-Regulated Revenues(d)
        (23) 2
 (1,250.0)%
Total Electric Revenues        523
 572
 (8.6)%
Natural Gas (in mmcfs)             
Rate-Regulated Gas Deliveries and Revenues(e)
             
Residential4,815
 5,348
 (10.0)% (2.8)% 57
 55
 3.6 %
Small commercial & industrial2,228
 2,586
 (13.8)% (7.4)% 25
 26
 (3.8)%
Large commercial & industrial863
 965
 (10.6)% (10.6)% 2
 3
 (33.3)%
Transportation3,580
 3,693
 (3.1)% (0.9)% 7
 7
  %
Other(g)

 
 n/a
 n/a
 3
 4
 (25.0)%
Total rate-regulated natural gas revenues11,486
 12,592
 (8.8)% (3.8)% 94
 95
 (1.1)%
Other Rate-Regulated Revenues(f)
        
 
 n/a
Total Natural Gas Revenues

 

 

   94
 95
 (1.1)%
Total Electric and Natural Gas Revenues     $617
 $667
 (7.5)%
Purchased Power and Fuel        $249
 $271
 (8.1)%
Electric Service Territory      % Change
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days2,504
 2,707
 2,892
 (7.5)% (13.4)%
Cooling Degree-Days320
 414
 346
 (22.7)% (7.5)%
Natural Gas Service Territory      % Change
Heating Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days2,609
 2,822
 2,984
 (7.5)% (12.6)%
Number of Electric Customers2020 2019 Number of Natural Gas Customers2020 2019
Residential470,788
 465,423
 Residential126,245
 124,325
Small Commercial & Industrial61,958
 61,552
 Small Commercial & Industrial9,914
 9,907
Large Commercial & Industrial1,402
 1,398
 Large Commercial & Industrial17
 18
Public Authorities & Electric Railroads612
 619
 Transportation159
 158
Total534,760
 528,992
 Total136,335
 134,408
__________
(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 million for both the three months ended June 30, 2020 and 2019, and $4 million and $3 million for the six months ended June 30, 2020 and 2019, respectively.
(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.

26


ACE Statistics
Three Months Ended June 30, 2020 and 2019
              
 Electric Deliveries (in GWhs) Revenue (in millions)
 2020 2019 % Change 
Weather -
Normal
% Change
 2020 2019 % Change
Rate-Regulated Deliveries and Revenues(a)
             
Residential850
 804
 5.7 % 6.5 % $145
 $135
 7.4 %
Small Commercial & industrial276
 314
 (12.1)% (12.8)% 37
 41
 (9.8)%
Large Commercial & industrial702
 872
 (19.5)% (19.3)% 43
 46
 (6.5)%
Public Authorities & Electric Railroads11
 11
  % 2.8 % 4
 4
  %
Other(b)

 
 n/a
 n/a
 53
 50
 6.0 %
Total rate-regulated electric revenues(c)
1,839
 2,001
 (8.1)% (7.9)% 282
 276
 2.2 %
Other Rate-Regulated Revenues(d)
        (26) (2) 1,200.0 %
Total Electric Revenues        $256
 $274
 (6.6)%
Purchased Power        $130
 $131
 (0.8)%
        
Heating and Cooling Degree-Days2020 2019 Normal From 2019 From Normal
Heating Degree-Days613
 380
 541
 61.3 % 13.3%
Cooling Degree-Days312
 351
 304
 (11.1)% 2.6%

Six Months Ended June 30, 2020 and 2019
 Electric Deliveries (in GWhs) Revenue (in millions)
 2020 2019 % Change 
Weather -
Normal
% Change
 2020 2019 % Change
Rate-Regulated Deliveries and Revenues(a)
             
Residential1,660
 1,713
 (3.1)% 1.3 % $282
 $273
 3.3 %
Small Commercial & industrial570
 624
 (8.7)% (6.4)% 74
 75
 (1.3)%
Large Commercial & industrial1,437
 1,662
 (13.5)% (12.7)% 85
 85
  %
Public Authorities & Electric Railroads24
 24
  % (0.9)% 7
 7
  %
Other(b)

 
 n/a
 n/a
 109
 108
 0.9 %
Total rate-regulated electric revenues(c)
3,691
 4,023
 (8.3)% (5.7)% 557
 548
 1.6 %
Other Rate-Regulated Revenues(d)
        (25) (1) 2,400.0 %
Total Electric Revenues        $532
 $547
 (2.7)%
Purchased Power        $259
 $270
 (4.1)%
        % Change
Heating and Cooling Degree-Days 2020 2019 Normal From 2019 From Normal
Heating Degree-Days 2,561
 2,886
 3,034
 (11.3)% (15.6)%
Cooling Degree-Days 312
 351
 305
 (11.1)% 2.3 %
Number of Electric Customers 2020 2019
Residential 496,668
 492,940
Small Commercial & Industrial 61,468
 61,416
Large Commercial & Industrial 3,327
 3,464
Public Authorities & Electric Railroads 687
 672
Total 562,150
 558,492
__________
(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 for both the three months ended June 30, 2020 and 2019 and $1 million for both the six months ended June 30, 2020 and 2019.
(d)Includes alternative revenue programs and late payment charge revenues.

27


Generation Statistics
  Three Months Ended Six Months Ended
  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Supply (in GWhs)        
Nuclear Generation(a)
        
Mid-Atlantic 13,167
 14,075
 25,951
 29,155
Midwest 23,860
 23,996
 47,458
 47,729
New York 6,389
 6,677
 12,562
 13,579
Total Nuclear Generation 43,416
 44,748
 85,971
 90,463
Fossil and Renewables        
Mid-Atlantic 707
 915
 1,560
 1,865
Midwest 268
 328
 656
 719
New York 1
 1
 2
 2
ERCOT 3,251
 3,066
 6,263
 6,144
Other Power Regions(b)
 2,603
 2,514
 6,110
 5,654
Total Fossil and Renewables 6,830
 6,824
 14,591
 14,384
Purchased Power        
Mid-Atlantic 3,730
 2,557
 9,672
 5,123
Midwest 236
 250
 524
 538
ERCOT 1,255
 1,213
 2,246
 2,255
Other Power Regions(b)
 11,303
 11,116
 23,469
 23,684
Total Purchased Power 16,524
 15,136
 35,911
 31,600
Total Supply/Sales by Region(e)
        
Mid-Atlantic(c)
 17,604
 17,547
 37,183
 36,143
Midwest(c)
 24,364
 24,574
 48,638
 48,986
New York 6,390
 6,678
 12,564
 13,581
ERCOT 4,506
 4,279
 8,509
 8,399
Other Power Regions(b)
 13,906
 13,630
 29,579
 29,338
Total Supply/Sales by Region 66,770
 66,708
 136,473
 136,447
         
  Three Months Ended Six Months Ended
  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Outage Days(d)
        
Refueling 92
 56
 186
 130
Non-refueling 
 28
 11
 28
Total Outage Days 92
 84
 197
 158
__________
(a)Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG).
(b)Other Power Regions includes New England, South, West and Canada.
(c)Includes affiliate sales to PECO, BGE, Pepco, DPL and ACE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.
(d)Outage days exclude Salem.
(e)Reflects a decrease in load due to COVID-19.

28