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POM Pepco

Filed: 4 Aug 21, 6:53am


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 2021 RESULTS
Earnings Release Highlights
GAAP Net Income of $0.41 per share and Adjusted (non-GAAP) Operating Earnings of $0.89 per share for the second quarter of 2021
Reaffirming range for full year 2021 Adjusted (non-GAAP) Operating Earnings guidance of $2.60-$3.00
Exelon utilities announced the "path to clean" goal to reduce operations-driven emissions 50% by 2030 against a 2015 baseline and achieve net-zero by 2050
Strong utility reliability performance -- all gas utilities achieved top decile in gas odor response and every utility achieved top quartile in outage frequency and outage duration
Generation’s nuclear fleet capacity factor was 93.7% (owned and operated units)
Orders in Pepco Maryland's electric multi-year plan, Pepco DC's electric multi-year plan, and PECO's gas rate cases were received in June. A settlement was also approved in the ACE electric rate case in July.
CHICAGO (Aug. 4, 2021) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2021.
“Ongoing investments in technology and infrastructure continue to drive high reliability and customer satisfaction across our six utilities, and today we announced a new ‘path to clean’ goal that will put Exelon utilities on course to achieve net-zero emissions from operations by 2050,” said Christopher Crane, president and CEO of Exelon. “We also are encouraged to see growing support at the federal level for policies that would value the clean energy from our nuclear fleet, but passage of legislation remains uncertain and, regardless, will come too late to save our Byron and Dresden plants from early retirement this fall. While we remain hopeful that a state solution will pass in time to save the plants, clean energy legislation in Illinois remains caught in negotiations over unrelated policy matters, leaving us no choice but to continue down the path of closing the plants. Looking ahead, we continue to execute our plan to separate our utility and generation businesses into two financially strong, independent companies, and we remain on track to close in the first quarter of 2022.”

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“Adjusted (non-GAAP) Operating Earnings of $0.89 per share in the second quarter was $0.34 ahead of the same period last year, driven in part by the absence of storm costs at Exelon utilities and the recovery of costs associated with ongoing investments to improve reliability and service for customers,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “Exelon Generation also had a strong quarter, with year-over-year earnings up $0.14 per share due to unrealized and realized gains on Constellation’s Technology Venture investments, fewer planned nuclear outage days and realized gains in our nuclear decommissioning trust funds. As a result of these and other factors, we are reaffirming our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.60-$3.00 per share.”
Second Quarter 2021
Exelon's GAAP Net Income for the second quarter of 2021 decreased to $0.41 per share from $0.53 GAAP Net Income per share in the second quarter of 2020. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $0.89 per share from $0.55 per share in the second quarter of 2020. 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 2021 primarily reflect:
Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed ROE due to an increase in treasury rates; the favorable impacts of the multi-year plan at BGE; regulatory rate increases at PHI; favorable volume at PECO and PHI; and lower storm costs at PECO due to the absence of the June 2020 storms.
Higher Generation earnings primarily due to higher net unrealized and realized gains on equity investments; higher realized gains on nuclear decommissioning trust (NDT) funds; and decreased nuclear outage days.
Operating Company Results1
ComEd
ComEd's second quarter of 2021 GAAP Net Income increased to $192 million from a GAAP Net Loss of $(61) million in the second quarter of 2020. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $195 million from $150 million in the second quarter of 2020, primarily due to higher electric distribution earnings from higher rate base and higher allowed ROE due to an increase in treasury rates. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2021 GAAP Net Income increased to $104 million from $39 million in the second quarter of 2020. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $107 million from $44 million in the second quarter of 2020, primarily due to lower storm costs due to the absence of the June 2020 storms and favorable volume.
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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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BGE
BGE’s second quarter of 2021 GAAP Net Income increased to $45 million from $39 million in the second quarter of 2020. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $48 million from $43 million in the second quarter of 2020, primarily due to the favorable impacts of the multi-year plan. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s second quarter of 2021 GAAP Net Income increased to $141 million from $94 million in the second quarter of 2020. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $144 million from $98 million in the second quarter of 2020, primarily due to distribution and transmission rate increases at DPL and ACE, favorable volume at ACE, and lower credit loss expense in 2021 due to an increase in 2020 as a result 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 had a GAAP Net Loss of $(61) million in the second quarter of 2021 compared with GAAP Net Income of $476 million in the second quarter of 2020. Generation's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $393 million from $252 million in the second quarter of 2020, primarily due to net unrealized and realized gains on equity investments, higher realized gains on NDT funds, and decreased nuclear outage days.
As of June 30, 2021, the percentage of expected generation hedged is 98%-101% for 2021.
Recent Developments and Second Quarter Highlights
Exelon Utilities “Path to Clean”: Today, the Exelon utilities announced a “path to clean” goal to collectively reduce their operations-driven emissions 50% by 2030 against a 2015 baseline and to reach net zero operations-driven emissions by 2050. This goal builds upon Exelon’s long-standing commitment to reducing our greenhouse gas emissions. The Exelon utilities “path to clean” will include efficiency and clean electricity for operations, vehicle fleet electrification, equipment and processes to reduce sulfur hexafluoride (SF6) leakage, modern natural gas infrastructure to minimize methane leaks and increase safety and reliability, and investment and collaboration to develop new technologies.
PECO Pennsylvania Natural Gas Distribution Base Rate Case: On June 22, 2021, the Pennsylvania Public Utility Commission (PAPUC) issued an order approving a $29 million increase in PECO's annual natural gas distribution revenues, reflecting a ROE of 10.24%. The rates were effective on July 1, 2021.
Pepco District of Columbia Electric Distribution Base Rate Case: On June 8, 2021, the Public Service Commission of the District of Columbia (DCPSC) approved Pepco’s multi-year plan for the 18-months remaining in 2021 through 2022. The order approved an incremental increase in Pepco’s electric distribution rates of $42 million and $67 million, before offsets, for the remainder of 2021 and 2022, respectively, reflecting an ROE of 9.275%. However, the DCPSC utilized the acceleration of refunds for certain tax benefits along with other rate relief to partially offset the customer rate increases by $22 million and $40 million for the remainder of 2021 and 2022, respectively. These rates were effective on July 1, 2021.

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Pepco Maryland Electric Distribution Base Rate Case: On June 28, 2021, the Maryland Public Service Commission (MDPSC) approved Pepco’s three-year multi-year plan for April 1, 2021 through March 31, 2024. The order approved an incremental increase in Pepco’s electric distribution rates of $21 million, $16 million, and $15 million, before offsets, for the 12-month periods ending March 31, 2022, 2023, and 2024, respectively, reflecting an ROE of 9.55%. However, the MDPSC utilized the acceleration of refunds for certain tax benefits to fully offset the increases such that customer rates remain unchanged through March 31, 2022. The MDPSC has deferred a decision on whether to use additional tax benefits to offset the customer rate increases for periods after March 31, 2022. These rates were effective on June 28, 2021.

ACE New Jersey Electric Distribution Base Rate Case: On July 14, 2021, the New Jersey Board of Public Utilities (NJBPU) approved an increase in ACE's annual electric distribution base rates of $41 million (before New Jersey sales and use tax), reflecting an ROE of 9.6%. The order allows ACE to retain approximately $11 million of certain tax benefits which will result in a decrease to income tax expense in the third quarter of 2021. These rates are effective on Jan. 1, 2022.
Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100% of the CENG units, produced 43,575 gigawatt-hours (GWhs) in the second quarter of 2021, compared with 43,416 GWhs in the second quarter of 2020. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 93.7% capacity factor for the second quarter of 2021, compared with 95.4% for the second quarter of 2020. The number of planned refueling outage days in the second quarter of 2021 totaled 66, compared with 92 in the second quarter of 2020. There were seven non-refueling outage days in the second quarter of 2021 and none in the second quarter of 2020.
Fossil and Renewables Operations: The Dispatch Match rate for Generation’s gas and hydro fleet was 99.5% in the second quarter of 2021, compared with 97.4% in the second quarter of 2020.
Energy Capture for the wind and solar fleet was 96.0% in the second quarter of 2021, compared with 92.7% in the second quarter of 2020.
Financing Activities:
On June 10, 2021, BGE issued $600 million of its 2.25% notes due June 15, 2031. BGE used the proceeds to repay a portion of outstanding commercial paper obligations, repay existing indebtedness, and to fund other general corporate purposes.
On May 13, 2021, West Medway II, LLC (West Medway II), an indirect subsidiary of Generation, entered into a financing agreement for a $150 million nonrecourse senior secured term loan credit facility scheduled to mature on March 31, 2026. The term loan bears interest at an average blended interest rate of LIBOR plus 3%. Generation used the proceeds for general corporate purposes. In addition to the financing, West Medway II entered into interest rate swaps with an initial notional amount of $113 million at an interest rate of 0.61% to manage a portion of the interest rate exposure in connection with financing.



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GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions)Exelon
Earnings per
Diluted
Share
ExelonComEdPECOBGEPHIGeneration
2021 GAAP Net Income (Loss)$0.41 $401 $192 $104 $45 $141 $(61)
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $79)(0.24)(231)— — — — (234)
Unrealized Gains Related to NDT Fund Investments (net of taxes of $134)(0.13)(130)— — — — (130)
Asset Impairments (net of taxes of $124)0.38 368 — — — — 368 
Plant Retirements and Divestitures (net of taxes of $116)0.35 344 — — — — 344 
Cost Management Program (net of taxes of $1)— — — — — 
COVID-19 Direct Costs (net of taxes of $3, $0, $0, $1, and $2, respectively)0.01 — 
Acquisition Related Costs (net of taxes of $1)— — — — — 
ERP System Implementation Costs (net of taxes of $1)— — — — — 
Planned Separation Costs (net of taxes of $7, $1, $1, $1, $1, and $2, respectively)0.01 13 
Costs Related to Suspension of Contractual Offset (net of taxes of $12)0.04 41 — — — — 41 
Income Tax-Related Adjustments (entire amount represents tax expense)— (2)— — — — — 
Noncontrolling Interests (net of taxes of $8)0.05 50 — — — — 50 
2021 Adjusted (non-GAAP) Operating Earnings$0.89 $869 $195 $107 $48 $144 $393 
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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 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 — — — 
Plant Retirements and Divestitures (net of taxes of $2)0.01 — — — — 
Cost Management Program (net of taxes of $3, $1, and $2, respectively)0.01 — — — 
Change in Environmental Liabilities (net of taxes of $0)— — — — — 
COVID-19 Direct Costs (net of taxes of $10, $2, $1, $1, and $6, respectively)0.03 27 — 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 — — — — — 
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 
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) 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 2021 and 2020 ranged from 25.0% 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 losses related to NDT fund investments were 50.6% and 47.4% for the three months ended June 30, 2021 and 2020, respectively.

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Webcast Information
Exelon will discuss second quarter 2021 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.
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 2020 revenue of $33 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, 2021.
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 timing, manner, tax-free nature, and expected benefits associated with the potential separation of Exelon’s competitive power generation and customer-facing energy business from its six regulated electric and gas utilities. 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
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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 discussed herein, as well as the items discussed in (1) the Registrants' 2020 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 19, Commitments and Contingencies; (2) the Registrants' Second Quarter 2021 Quarterly Report on Form 10-Q (to be filed on Aug. 4, 2021) 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 15, 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)
ComEdPECOBGEPHIGenerationOther (a)Exelon
Three Months Ended June 30, 2021
Operating revenues$1,517 $693 $682 $1,140 $4,153 $(270)$7,915 
Operating expenses
Purchased power and fuel500 207 219 396 1,947 (253)3,016 
Operating and maintenance323 209 193 256 1,474 (8)2,447 
Depreciation and amortization296 87 141 194 930 18 1,666 
Taxes other than income taxes77 49 67 109 118 12 432 
Total operating expenses1,196 552 620 955 4,469 (231)7,561 
Gain on sales of assets and businesses— — — — 12 
Operating income (loss)321 141 62 185 (308)(35)366 
Other income and (deductions)
Interest expense, net(98)(42)(34)(67)(76)(79)(396)
Other, net15 20 508 22 581 
Total other income and (deductions)(83)(35)(25)(47)432 (57)185 
Income (loss) before income taxes238 106 37 138 124 (92)551 
Income taxes46 (8)(3)110 (73)74 
Equity in losses of unconsolidated affiliates— — — — (1)— (1)
Net income (loss)192 104 45 141 13 (19)476 
Net income attributable to noncontrolling interests— — — — 74 75 
Net income (loss) attributable to common shareholders$192 $104 $45 $141 $(61)$(20)$401 
Three Months Ended June 30, 2020
Operating revenues$1,417 $681 $616 $1,016 $3,880 $(288)$7,322 
Operating expenses
Purchased power and fuel464 216 194 375 1,942 (267)2,924 
Operating and maintenance536 275 187 281 1,189 (35)2,433 
Depreciation and amortization274 88 129 191 300 19 1,001 
Taxes other than income taxes71 39 63 109 116 13 411 
Total operating expenses1,345 618 573 956 3,547 (270)6,769 
Gain on sales of assets and businesses— — — — 12 — 12 
Operating income (loss)72 63 43 60 345 (18)565 
Other income and (deductions)
Interest expense, net(98)(36)(32)(67)(87)(107)(427)
Other, net11 14 602 18 656 
Total other income and (deductions)(87)(31)(26)(53)515 (89)229 
(Loss) income before income taxes(15)32 17 860 (107)794 
Income taxes46 (7)(22)(87)329 (40)219 
Equity in (losses) earnings of unconsolidated affiliates— — — — (2)(1)
Net (loss) income(61)39 39 94 529 (66)574 
Net income attributable to noncontrolling interests— — — — 53 — 53 
Net (loss) income attributable to common shareholders$(61)$39 $39 $94 $476 $(66)$521 
Change in Net income from 2020 to 2021$253 $65 $$47 $(537)$46 $(120)

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Consolidating Statements of Operations
(unaudited)
(in millions)
 ComEdPECOBGEPHIGenerationOther (a)Exelon
Six Months Ended June 30, 2021
Operating revenues$3,052 $1,582 $1,656 $2,384 $9,712 $(581)$17,805 
Operating expenses
Purchased power and fuel1,025 523 550 874 6,557 (545)8,984 
Operating and maintenance639 443 390 513 2,476 (35)4,426 
Depreciation and amortization589 173 293 404 1,869 35 3,363 
Taxes other than income taxes153 92 139 222 239 25 870 
Total operating expenses2,406 1,231 1,372 2,013 11,141 (520)17,643 
Gain on sales of assets and businesses— — — — 79 83 
Operating income (loss)646 351 284 371 (1,350)(57)245 
Other income and (deductions)
Interest expense, net(193)(80)(67)(134)(148)(161)(783)
Other, net22 12 16 36 675 45 806 
Total other income and (deductions)(171)(68)(51)(98)527 (116)23 
Income (loss) before income taxes475 283 233 273 (823)(173)268 
Income taxes85 12 (21)(70)44 55 
Equity in (losses) earnings of unconsolidated affiliates— — — (3)— (2)
Net income (loss)390 271 254 269 (756)(217)211 
Net income attributable to noncontrolling interests— — — — 98 99 
Net income (loss) attributable to common shareholders$390 $271 $254 $269 $(854)$(218)$112 
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— — — 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 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 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 
Change in Net income from 2020 to 2021$283 $93 $35 $67 $(1,375)$(94)$(991)
__________
(a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
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Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
June 30, 2021December 31, 2020
Assets
Current assets
Cash and cash equivalents$1,578 $663 
Restricted cash and cash equivalents379 438 
Accounts receivable
Customer accounts receivable3,5333,597
Customer allowance for credit losses(395)(366)
Customer accounts receivable, net3,138 3,231 
Other accounts receivable1,4261,469
Other allowance for credit losses(72)(71)
Other accounts receivable, net1,354 1,398 
Mark-to-market derivative assets749 644 
Unamortized energy contract assets37 38 
Inventories, net
Fossil fuel and emission allowances259 297 
Materials and supplies1,443 1,425 
Regulatory assets1,252 1,228 
Renewable energy credits368 633 
Assets held for sale11 958 
Other1,780 1,609 
Total current assets12,348 12,562 
Property, plant, and equipment, net82,120 82,584 
Deferred debits and other assets
Regulatory assets8,745 8,759 
Nuclear decommissioning trust funds15,400 14,464 
Investments421 440 
Goodwill6,677 6,677 
Mark-to-market derivative assets443 555 
Unamortized energy contract assets278 294 
Other2,964 2,982 
Total deferred debits and other assets34,928 34,171 
Total assets$129,396 $129,317 
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June 30, 2021December 31, 2020
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings$1,865 $2,031 
Long-term debt due within one year3,633 1,819 
Accounts payable3,547 3,562 
Accrued expenses1,719 2,078 
Payables to affiliates
Regulatory liabilities686 581 
Mark-to-market derivative liabilities719 295 
Unamortized energy contract liabilities95 100 
Renewable energy credit obligation509 661 
Liabilities held for sale375 
Other1,139 1,264 
Total current liabilities13,919 12,771 
Long-term debt35,077 35,093 
Long-term debt to financing trusts390 390 
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits13,194 13,035 
Asset retirement obligations12,502 12,300 
Pension obligations3,880 4,503 
Non-pension postretirement benefit obligations1,983 2,011 
Spent nuclear fuel obligation1,209 1,208 
Regulatory liabilities9,148 9,485 
Mark-to-market derivative liabilities554 473 
Unamortized energy contract liabilities192 238 
Other2,848 2,942 
Total deferred credits and other liabilities45,510 46,195 
Total liabilities94,896 94,449 
Commitments and contingencies
Shareholders’ equity
Common stock19,454 19,373 
Treasury stock, at cost(123)(123)
Retained earnings16,098 16,735 
Accumulated other comprehensive loss, net(3,289)(3,400)
Total shareholders’ equity32,140 32,585 
Noncontrolling interests2,360 2,283 
Total equity34,500 34,868 
Total liabilities and shareholders’ equity$129,396 $129,317 
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Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Six Months Ended June 30,
 20212020
Cash flows from operating activities
Net income$211 $950 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization4,180 2,741 
Asset impairments500 33 
Gain on sales of assets and businesses(83)(13)
Deferred income taxes and amortization of investment tax credits(163)33 
Net fair value changes related to derivatives(490)(194)
Net realized and unrealized (gains) losses on NDT funds(376)196 
Net unrealized gains on equity investments(96)— 
Other non-cash operating activities(331)671 
Changes in assets and liabilities:
Accounts receivable(16)1,318 
Inventories(14)
Accounts payable and accrued expenses(87)(798)
Option premiums received (paid), net(102)
Collateral received, net957 340 
Income taxes190 (114)
Pension and non-pension postretirement benefit contributions(559)(558)
Other assets and liabilities(2,702)(1,809)
Net cash flows provided by operating activities1,138 2,680 
Cash flows from investing activities
Capital expenditures(4,040)(3,773)
Proceeds from NDT fund sales4,438 2,488 
Investment in NDT funds(4,538)(2,540)
Collection of DPP2,209 1,102 
Proceeds from sales of assets and businesses724 — 
Other investing activities17 
Net cash flows used in investing activities(1,190)(2,719)
Cash flows from financing activities
Changes in short-term borrowings(666)(751)
Proceeds from short-term borrowings with maturities greater than 90 days500 500 
Issuance of long-term debt2,455 6,526 
Retirement of long-term debt(630)(3,894)
Dividends paid on common stock(747)(746)
Proceeds from employee stock plans47 46 
Other financing activities(64)(84)
Net cash flows provided by financing activities895 1,597 
Increase in cash, restricted cash, and cash equivalents843 1,558 
Cash, restricted cash, and cash equivalents at beginning of period1,166 1,122 
Cash, restricted cash, and cash equivalents at end of period$2,009 $2,680 
5


Exelon
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2021 and 2020
(unaudited)
(in millions, except per share data)
Exelon
Earnings per
Diluted
Share
ComEdPECOBGEPHIGenerationOther (a)Exelon
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)(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) (2)0.02 11 — — — — 19 
Plant Retirements and Divestitures (net of taxes of $2) (3)0.01 — — — — — 
Cost Management Program (net of taxes of $1, $2, and $3, respectively) (4)0.01 — — — — 
Change in Environmental Liabilities (net of taxes of $0)— — — — — — 
COVID-19 Direct Costs (net of taxes of $2, $1, $1, $6, and $10, respectively) (5)0.03 — 16 — 27 
Deferred Prosecution Agreement Payments (net of taxes of $0) (6)0.20 200 — — — — — 200 
Income Tax-Related Adjustments (entire amount represents tax expense)0.01 — — — — — 
Noncontrolling Interest (net of taxes of $20) (7)0.11 — — — — 104 — 104 
2020 Adjusted (non-GAAP) Operating Earnings (Loss)0.55 150 44 43 98 252 (52)536 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
ComEd, PECO, BGE and PHI:
Weather— — (b)(1)— (b)(3)(b)— — (4)
Load0.02 — (b)— (b)(b)— — 17 
Other Energy Delivery (12)0.16 46 (c)(c)30 (c)68 (c)— — 152 
Generation, Excluding Mark-to-Market:
Nuclear Volume— — — — — — 
Nuclear Fuel Cost (13)0.01 — — — — — 
Capacity Revenue (14)— — — — — — 
Market and Portfolio Conditions (15)0.06 — — — — 58 — 58 
Operating and Maintenance Expense:
Labor, Contracting and Materials (16)(0.02)(1)(9)(2)(18)— (22)
Planned Nuclear Refueling Outages (17)0.01 — — — — 13 — 13 
Pension and Non-Pension Postretirement Benefits— (1)— — — 
Other Operating and Maintenance (18)0.07 53 (4)18 (7)69 
Depreciation and Amortization Expense (19)(0.03)(17)(9)(2)(1)(26)
Interest Expense, Net0.01 (4)(1)15 (3)
Income Taxes (20)— 15 12 (9)(47)(5)37 
Noncontrolling Interests (21)(0.08)— — — — (74)— (74)
Other (22)0.13 (1)(5)— 124 125 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings0.34 45 63 5 46 141 34 334 
2021 GAAP Net Income (Loss)0.41 192 104 45 141 (61)(20)401 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $79, $0, and $79, respectively)(0.24)— — — — (234)(231)
Unrealized Gains Related to NDT Fund Investments (net of taxes of $134) (1)(0.13)— — — — (130)— (130)
Asset Impairments (net of taxes of $124) (2)0.38 — — — — 368 — 368 
Plant Retirements and Divestitures (net of taxes of $116) (3)0.35 — — — — 344 — 344 
Cost Management Program (net of taxes of $1) (4)— — — — — — 
COVID-19 Direct Costs (net of taxes of $0, $0, $1, $2, and $3, respectively) (5)0.01 — — 
Acquisition Related Costs (net of taxes of $1) (8)— — — — — — 
ERP System Implementation Costs (net of taxes of $1) (9)— — — — — — 
Planned Separation Costs (net of taxes of $1, $1, $1, $1, $2, $1, and $7, respectively) (10)0.01 13 
Costs Related to Suspension of Contractual Offset (net of taxes of $12) (11)0.04 — — — — 41 — 41 
Income Tax-Related Adjustments (entire amount represents tax expense)— — — — — — (2)(2)
Noncontrolling Interest (net of taxes of $8) (7)0.05 — — — — 50 — 50 
2021 Adjusted (non-GAAP) Operating Earnings (Loss)$0.89 $195 $107 $48 $144 $393 $(18)$869 
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 2021 and 2020 ranged from 25.0% 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 50.6% and 47.4% for the three months ended June 30, 2021 and 2020, 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 on Generation’s NDT fund investments for Non-Regulatory Agreement Units.
(2)In 2020, reflects an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation. In 2021, reflects an impairment in the New England asset group and an impairment recorded as a result of the agreement to sell the Albany Green Energy biomass facility.
(3)In 2020, primarily reflects accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2021, primarily reflects accelerated depreciation and amortization associated with Generation's decision in the third quarter of 2020 to early retire Byron and Dresden nuclear facilities in 2021 and Mystic Units 8 and 9 in 2024.
(4)Primarily represents reorganization costs related to cost management programs.
(5)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.
(6)Reflects the payments made by ComEd under the Deferred Prosecution Agreement, which ComEd entered in July 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.
(7)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.
(8)Reflects costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG.
(9)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(10)Represents costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(11)Decommissioning-related activities for the former ComEd and PECO units (Regulatory Agreement Units), net of applicable taxes, including realized and unrealized gains and losses on the NDT funds, depreciation of the ARC, and accretion of the decommissioning obligation, are generally offset within Exelon’s and Generation’s consolidated statements of operations. These costs reflect the impact of suspension of contractual offset for the Byron units in the second quarter of 2021.
(12)For ComEd, reflects increased electric distribution and energy efficiency revenues (due to higher rate base, higher electric distribution ROE due to increased treasury rates, and higher fully recoverable costs). For PHI, reflects increased revenue primarily due to rate increases. For BGE and PHI, primarily reflects an increase in revenue as a result of the reduction in revenue in 2020 due to the settlement agreement of ongoing transmission related income tax regulatory liabilities. For BGE, also reflects increased distribution revenue due to customer growth. For PHI, also reflects increased revenue primarily due to distribution and transmission rate increases.
(13)Primarily reflects a decrease in fuel prices.
(14)Reflects increased capacity revenues in the Mid-Atlantic and New York, partially offset by decreased revenues in the Midwest and Other Power Regions.
(15)Primarily reflects an increase in New York ZEC revenues due to higher generation and an increase in ZEC prices and higher gas revenues, net of fuel costs, due to higher natural gas prices.
(16)For Generation, primarily reflects higher contracting costs.
(17)Primarily reflects a decrease in the number of nuclear outage days in 2021, excluding Salem.
(18)For PECO, primarily reflects the absence of costs in 2021 due to the June 2020 storms. For PECO and PHI, also reflects lower credit loss expense in 2021 due to an increase in 2020 as a result of COVID-19. For Generation, primarily reflects a decrease in nuclear outage days at Salem in 2021.
(19)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs pursuant to FEJA and increased amortization related to the August 2020 storm regulatory asset.
(20)For PECO, primarily reflects an increase in the tax repairs deduction. For BGE and PHI, primarily reflects the absence of the impacts associated with the prior year settlement agreement of ongoing transmission related income tax regulatory liabilities, partially offset at BGE due to the multi-year plan which resulted in the acceleration of certain income tax benefits. For Corporate, primarily reflects the reversal of part of the tax expense recorded in the first quarter, due to the loss before income taxes at Generation due to the February 2021 extreme cold weather event.
(21)Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG.
(22)For Generation, primarily reflects net unrealized and realized gains on equity investments and higher 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, 2021 and 2020
(unaudited)
(in millions, except per share data)
Exelon
Earnings 
per Diluted
Share
ComEdPECOBGEPHIGenerationOther (a)Exelon
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) (2)0.02 11 — — — 10 — 21 
Plant Retirements and Divestitures (net of taxes of $6) (3)0.02 — — — — 20 — 20 
Cost Management Program (net of taxes of $1, $1, $1, $4, $1, and $6, respectively) (4)0.02 — 13 (3)17 
Change in Environmental Liabilities (net of taxes of $0)— — — — — — 
COVID-19 Direct Costs (net of taxes of $2, $1, $1, $6, and $10, respectively) (5)0.03 — 16 — 27 
Deferred Prosecution Agreement Payments (net of taxes of $0) (6)0.20 200 — — — — — 200 
Income Tax-Related Adjustments (entire amount represents tax expense)— — — — — — 
Noncontrolling Interests (net of taxes of $10) (7)(0.04)— — — — (40)— (40)
2020 Adjusted (non-GAAP) Operating Earnings (Loss)1.42 318 185 225 208 564 (112)1,387 
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings:
ComEd, PECO, BGE and PHI:
Weather0.03 — (b)26 — (b)(b)— — 33 
Load0.03 — (b)16 — (b)11 (b)— — 27 
Other Energy Delivery (12)0.20 88 (c)(c)25 (c)78 (c)— — 195 
Generation, Excluding Mark-to-Market:
Nuclear Volume (13)0.01 — — — — 13 — 13 
Nuclear Fuel Cost (14)0.01 — — — — 11 — 11 
Capacity Revenue (15)0.02 — — — — 19 — 19 
Market and Portfolio Conditions (16)(0.79)— — — — (774)— (774)
Operating and Maintenance Expense:
Labor, Contracting and Materials (17)(0.02)(7)(14)(3)— (15)
Planned Nuclear Refueling Outages (18)0.05 — — — — 49 — 49 
Pension and Non-Pension Postretirement Benefits0.01 (1)— — 
Other Operating and Maintenance (19)0.05 10 46 (9)(1)(7)45 
Depreciation and Amortization Expense (20)(0.06)(30)— (15)(14)(2)(56)
Interest Expense, Net(0.01)(2)(6)(2)15 (17)(11)
Income Taxes (21)(0.19)21 24 38 (39)(142)(91)(189)
Noncontrolling Interests (22)(0.14)— — — — (133)— (133)
Other (23)0.20 (4)(4)(1)199 200 
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings(0.59)75 92 33 66 (742)(103)(579)
2021 GAAP Net Income (Loss)0.11 390 271 254 269 (854)(218)112 
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $124, $1, and $125, respectively)(0.37)— — — — (369)(366)
Unrealized Gains Related to NDT Fund Investments (net of taxes of $94) (1)(0.09)— — — — (87)— (87)
Asset Impairments (net of taxes of $124) (2)0.38 — — — — 368 — 368 
Plant Retirements and Divestitures (net of taxes of $219) (3)0.67 — — — — 654 — 654 
Cost Management Program (net of taxes of $1) (4)— — — — — — 
Change in Environmental Liabilities (net of taxes of $1)— — — — — 
COVID-19 Direct Costs (net of taxes of $1, $1, $1, $4, and $7, respectively) (5)0.02 — 13 — 18 
Acquisition Related Costs (net of taxes of $3) (8)0.01 — — — — — 
ERP System Implementation Costs (net of taxes of $0, $0, $0, $1, and $1, respectively) (9)0.01 — — 
Planned Separation Costs (net of taxes of $1, $1, $1, $1, $2, $1, and $7, respectively) (10)0.02 21 
Costs Related to Suspension of Contractual Offset (net of taxes of $12) (11)0.04 — — —��— 41 — 41 
Income Tax-Related Adjustments (entire amount represents tax expense)— — — — — — (4)(4)
Noncontrolling Interests (net of taxes of $3) (7)0.03 — — — — 33 — 33 
2021 Adjusted (non-GAAP) Operating Earnings (Loss)$0.83 $393 $277 $258 $274 $(178)$(215)$809 
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 losses related to NDT fund investments, the marginal statutory income tax rates for 2021 and 2020 ranged from 25.0% 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 51.7% and 41.9% for the six months ended June 30, 2021 and 2020, 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 Agreement Units.
(2)In 2020, reflects an impairment at ComEd related to the acquisition of transmission assets and the impairment of certain wind assets at Generation. In 2021, reflects an impairment in the New England asset group and an impairment recorded as a result of the agreement to sell the Albany Green Energy biomass facility.
(3)In 2020, primarily reflects accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites. In 2021, primarily reflects accelerated depreciation and amortization associated with Generation's decision in the third quarter of 2020 to early retire Byron and Dresden nuclear facilities in 2021 and Mystic Units 8 and 9 in 2024, partially offset by a gain on sale of Generation's solar business.
(4)Primarily represents reorganization costs related to cost management programs.
(5)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.
(6)Reflects the payments made by ComEd under the Deferred Prosecution Agreement, which ComEd entered in July 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.
(7)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.
(8)Reflects costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG.
(9)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(10)Represents costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(11)Decommissioning-related activities for the former ComEd and PECO units (Regulatory Agreement Units), net of applicable taxes, including realized and unrealized gains and losses on the NDT funds, depreciation of the ARC, and accretion of the decommissioning obligation, are generally offset within Exelon’s and Generation’s consolidated statements of operations. These costs reflect the impact of suspension of contractual offset for the Byron units in the second quarter of 2021.
(12)For ComEd, reflects increased electric distribution and energy efficiency revenues (due to higher rate base, higher electric distribution ROE due to increased treasury rates, and higher fully recoverable costs). For PHI, reflects increased revenue primarily due to rate increases. For BGE and PHI, primarily reflects an increase in revenue as a result of the reduction in revenue in 2020 due to the settlement agreement of ongoing transmission related income tax regulatory liabilities. For BGE, also reflects increased distribution revenue due to customer growth. For PHI, also reflects increased revenue primarily due to distribution and transmission rate increases.
(13)Primarily reflects a decrease in nuclear outage days at Salem.
(14)Primarily reflects a decrease in fuel prices.
(15)Reflects increased capacity revenues in the Mid-Atlantic and New York, partially offset by decreased revenues in the Midwest and Other Power Regions.
(16)Primarily reflects the impacts of the February 2021 extreme cold weather event, partially offset by an increase in New York ZEC revenues due to higher generation and an increase in ZEC prices and higher gas revenues, net of fuel costs, due to higher natural gas prices.
(17)For PECO, primarily reflects higher contracting costs.
(18)Primarily reflects a decrease in the number of nuclear outage days in 2021, excluding Salem.
(19)For PECO, primarily reflects the absence of costs in 2021 due to the June 2020 storms. For PECO and PHI, also reflects lower credit loss expense in 2021 due to an increase in 2020 as a result of COVID-19. For Generation, reflects increased credit loss expense primarily due to the impacts of the February 2021 extreme cold weather event, partially offset by a decrease in planned nuclear outage days at Salem in 2021.
(20)Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs pursuant to FEJA and increased amortization related to the August 2020 storm regulatory asset.
(21)For PECO, primarily reflects an increase in the tax repairs deduction. For BGE, primarily due to the multi-year plan which resulted in the acceleration of certain income tax benefits, partially offset by the absence of the impacts associated with the prior year settlement agreement of ongoing transmission related income tax regulatory liabilities. For PHI, reflects the absence of the impacts associated with the prior year settlement agreement of ongoing transmission related income tax regulatory liabilities. For Generation and Corporate, primarily reflects the timing of tax expense driven primarily by the loss before income taxes at Generation due to the February 2021 extreme cold weather event. These timing impacts will continue to reverse by the end of the year. For Generation, also reflects the absence of a prior year one-time tax settlement.
(22)Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG.
(23)For Generation, primarily reflects higher realized NDT fund gains and net unrealized and realized gains on equity investments.
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, 2021
Three Months Ended
June 30, 2020
GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments
Operating revenues$7,915 $240 (b)$7,322 $(21)(b)
Operating expenses
Purchased power and fuel3,016 500 (b),(c)2,924 64 (b),(d)
Operating and maintenance2,447 (364)(c),(d),(e),(f),(g),(h),(i),(j)2,433 (280)(b),(d),(e),(f),(m),(n)
Depreciation and amortization1,666 (633)(c),(j)1,001 (4)(c)
Taxes other than income taxes432 — 411 — 
Total operating expenses7,561 6,769 
Gain on sales of assets and businesses12 (1)(c)12 (4)(b),(c)
Operating income366 565 
Other income and (deductions)
Interest expense, net(396)— (427)23 (b),(o)
Other, net581 (267)(b),(j),(k)656 (569)(b),(k)
Total other income and (deductions)185 229 
Income before income taxes551 794 
Income taxes74 51 (b),(c),(d),(e),(f),(g),(h),(i),(j),(k)219 (262)(b),(c),(d),(e),(f),(k),(o)
Equity in losses of unconsolidated affiliates(1)— (1)— 
Net income476 574 
Net income attributable to noncontrolling interests75 (50)(l)53 (103)(l)
Net income attributable to common shareholders$401 $521 
Effective tax rate(p)
13.4 %27.6 %
Earnings per average common share
Basic$0.41 $0.53 
Diluted$0.41 $0.53 
Average common shares outstanding
Basic978 976 
Diluted979 976 
__________
(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)In 2021, adjustment to exclude costs associated with Generation's decision in the third quarter of 2020 to early retire Byron and Dresden nuclear facilities in 2021 and Mystic Units 8 and 9 in 2024. In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites.
(d)Adjustment to exclude reorganization costs related to cost management programs.
(e)In 2021, adjustment to exclude an impairment in the New England asset group and an impairment recorded as a result of the agreement to sell the Albany Green Energy biomass facility. 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.
(f)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.
(g)Adjustment to exclude costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG.
(h)Adjustment to exclude costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(i)Adjustment to exclude costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(j)Adjustment to exclude the impact of suspension of contractual offset for the Byron units in the second quarter of 2021.
(k)Adjustment to exclude the impact of net unrealized gains on Generation’s NDT fund investments for Non-Regulatory Agreement Units.
(l)Adjustment to exclude 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.
(m)Adjustment to exclude changes in environmental liabilities.
(n)Adjustment to exclude the payments made by ComEd under the Deferred Prosecution Agreement, which ComEd entered in July 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.
(o)Adjustment to exclude income tax related adjustments.

10

(p)The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 12.3% and (9.7)% for the three months ended June 30, 2021 and 2020, respectively.
11



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, 2021
Six Months Ended
June 30, 2020
GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments
Operating revenues$17,805 $323 (b)$16,069 $(201)(b)
Operating expenses
Purchased power and fuel8,984 705 (b),(c)6,791 16 (b)
Operating and maintenance4,426 (192)(c),(d),(e),(f),(g),(h),(i),(j),(k)4,637 (304)(c),(d),(e),(f),(k),(n)
Depreciation and amortization3,363 (1,275)(c),(j)2,023 (14)(c)
Taxes other than income taxes870 — 847 — 
Total operating expenses17,643 14,298 
Gain on sales of assets and businesses83 (69)(c)13 (4)(b),(c)
Operating income245 1,784 
Other income and (deductions)
Interest expense, net(783)(4)(b)(837)39 (b),(o)
Other, net806 (184)(b),(j),(l)(68)310 (l)
Total other income and (deductions)23 (905)
Income before income taxes268 879 
Income taxes55 162 (b),(c),(d),(e),(f),(g),(h),(i),(j),(k),(l)(75)119 (b),(c),(d),(e),(f),(l),(o)
Equity in losses of unconsolidated affiliates(2)— (4)— 
Net income211 950 
Net income (loss) attributable to noncontrolling interests99 (32)(m)(153)42 (m)
Net income attributable to common shareholders$112 $1,103 
Effective tax rate(p)
20.5 %(8.5)%
Earnings per average common share
Basic$0.11 $1.13 
Diluted$0.11 $1.13 
Average common shares outstanding
Basic978 975 
Diluted979 976 
__________
(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)In 2021, adjustment to exclude costs associated with Generation's decision in the third quarter of 2020 to early retire Byron and Dresden nuclear facilities in 2021 and Mystic Units 8 and 9 in 2024, partially offset by a gain on sale of Generation's solar business. In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites.
(d)Adjustment to exclude reorganization costs related to cost management programs.
(e)In 2021, adjustment to exclude an impairment in the New England asset group and an impairment recorded as a result of the agreement to sell the Albany Green Energy biomass facility. 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.
(f)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.
(g)Adjustment to exclude costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG.
(h)Adjustment to exclude costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(i)Adjustment to exclude costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(j)Adjustment to exclude the impact of suspension of contractual offset for the Byron units in the second quarter of 2021.
(k)Adjustment to exclude changes in environmental liabilities.
(l)Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory Agreement Units.
(m)Adjustment to exclude 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.
(n)Adjustment to exclude the payments made by ComEd under the Deferred Prosecution Agreement, which ComEd entered in July 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.
12

(o)Adjustment to exclude income tax related adjustments.
(p)The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 19.8% and 3.3% for the six months ended June 30, 2021 and 2020, respectively.
13

ComEd
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments 
Operating revenues$1,517 $— $1,417 $— 
Operating expenses
Purchased power and fuel500 — 464 —  
Operating and maintenance323 (3)(d)536 (215)(b), (c)
Depreciation and amortization296 — 274 — 
Taxes other than income taxes77 — 71 — 
Total operating expenses1,196 1,345 
Operating income321 72 
Other income and (deductions)
Interest expense, net(98)— (98)— 
Other, net15 — 11 — 
Total other income and (deductions)(83)(87)
Income before income taxes238 (15)
Income taxes46 (d)46 (b)
Net income$192 $(61)
 Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments
Operating revenues$3,052 $— $2,856 $— 
Operating expenses
Purchased power and fuel1,025 — 951 — 
Operating and maintenance639 (4)(d)853 (215)(b), (c)
Depreciation and amortization589 — 547 — 
Taxes other than income taxes153 — 146 — 
Total operating expenses2,406 2,497 
Operating income646 359 
Other income and (deductions)
Interest expense, net(193)— (192)— 
Other, net22 — 22 — 
Total other income and (deductions)(171)(170)
Income before income taxes475 189 
Income taxes85 (d)82 (b)
Net income$390 $107 
__________
(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 made by ComEd under the Deferred Prosecution Agreement, which ComEd entered in July 2020 with the U.S. Attorney’s Office for the Northern District of Illinois.
(d)Represents costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
14

PECO
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments 
Operating revenues$693 $— $681 $—  
Operating expenses
Purchased power and fuel207 — 216 —  
Operating and maintenance209 (3)(b),(c)275 (7)(b),(e)
Depreciation and amortization87 — 88 —  
Taxes other than income taxes49 — 39 —  
Total operating expenses552 618 
Operating income141 63  
Other income and (deductions)
Interest expense, net(42)— (36)—  
Other, net— —  
Total other income and (deductions)(35)(31) 
Income before income taxes106 32  
Income taxes(b),(c)(7)(b),(e)
Net income$104 $39  
 Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments 
Operating revenues$1,582 $— $1,493 $—  
Operating expenses
Purchased power and fuel523 — 499 —  
Operating and maintenance443 (7)(b),(c),(d)492 (10)(b),(e)
Depreciation and amortization173 — 173 —  
Taxes other than income taxes92 — 78 —  
Total operating expenses1,231 1,242 
Operating income351 251  
Other income and (deductions)
Interest expense, net(80)— (71)—  
Other, net12 — —  
Total other income and (deductions)(68)(64) 
Income before income taxes283 187  
Income taxes12 (b),(c),(d)(b),(e)
Net income$271 $178  
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)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.
(c)Represents costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(d)Adjustment to exclude costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(e)Adjustment to exclude reorganization costs related to cost management programs.
15

BGE
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments 
Operating revenues$682 $— $616 $—  
Operating expenses
Purchased power and fuel219 — 194 —  
Operating and maintenance193 (3)(b),(c)187 (6)(b),(e)
Depreciation and amortization141 — 129 —  
Taxes other than income taxes67 — 63 —  
Total operating expenses620 573 
Operating income62 43  
Other income and (deductions)
Interest expense, net(34)— (32)—  
Other, net— —  
Total other income and (deductions)(25)(26) 
Income before income taxes37 17  
Income taxes(8)(b),(c)(22)(b),(e)
Net income$45 $39  
 Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments 
Operating revenues$1,656 $— $1,554 $—  
Operating expenses
Purchased power and fuel550 — 483 —  
Operating and maintenance390 (6)(b),(c),(d)376 (7)(b),(e)
Depreciation and amortization293 — 272 —  
Taxes other than income taxes139 — 132 —  
Total operating expenses1,372 1,263  
Operating income284 291 
Other income and (deductions)
Interest expense, net(67)— (64)—  
Other, net16 — 10 —  
Total other income and (deductions)(51)(54) 
Income before income taxes233 237 
Income taxes(21)(b),(c),(d)18 (b),(e)
Net income$254 $219 
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)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.
(c)Adjustment to exclude costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(d)Adjustment to exclude costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(e)Adjustment to exclude reorganization costs related to cost management programs.

16

PHI
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments
Operating revenues$1,140 $— $1,016 $— 
Operating expenses
Purchased power and fuel396 — 375 — 
Operating and maintenance256 (5)(b),(c),(d),(e)281 (6)(d), (e)
Depreciation and amortization194 — 191 — 
Taxes other than income taxes109 — 109 — 
Total operating expenses955 956 
Operating income185 60 
Other income and (deductions)
Interest expense, net(67)— (67)— 
Other, net20 — 14 — 
Total other income and (deductions)(47)(53)
Income before income taxes138 
Income taxes(3)(b),(c),(d),(e)(87)(d), (e)
Net income$141 $94 
 Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
 GAAP (a)Non-GAAP AdjustmentsGAAP (a)Non-GAAP Adjustments
Operating revenues$2,384 $— $2,187 $— 
Operating expenses
Purchased power and fuel874 — 810 — 
Operating and maintenance513 (8)(b),(c),(d),(e)538 (8)(d), (e)
Depreciation and amortization404 — 385 — 
Taxes other than income taxes222 — 222 — 
Total operating expenses2,013 1,955 
Gain on sales of assets— — — 
Operating income371 234 
Other income and (deductions)
Interest expense, net(134)— (134)— 
Other, net36 — 26 — 
Total other income and (deductions)(98)(108)
Income before income taxes273 126 
Income taxes(b),(c),(d),(e)(76)(d), (e)
Equity in earnings of unconsolidated affiliates— 
Net income$269 $202 
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)Adjustment to exclude costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(c)Adjustment to exclude costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(d)Adjustment to exclude reorganization costs related to cost management programs.
(e)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.


17

Generation
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
 GAAP (a)Non-GAAP Adjustments GAAP (a)Non-GAAP Adjustments 
Operating revenues$4,153 $240 (b)$3,880 $(21)(b)
Operating expenses
Purchased power and fuel1,947 500 (b),(c)1,942 64 (b)
Operating and maintenance1,474 (347)(c),(d),(e),(f),(g),(h),(i),(j)1,189 (46)(c),(d),(e),(f),(k)
Depreciation and amortization930 (633)(c),(j)300 (4)(c)
Taxes other than income taxes118 — 116 — 
Total operating expenses4,469 3,547 
Gain on sales of assets and businesses(1)(c)12 (4)(b),(c)
Operating (loss) income(308)345 
Other income and (deductions)
Interest expense, net(76)— (87)(1)(b)
Other, net508 (270)(j),(l)602 (569)(b),(l)
Total other income and (deductions)432 515 
Income before income taxes124 860 
Income taxes110 44 (b),(c),(d),(e),(f),(g),(h),(i),(j),(l)329 (282)(b),(c),(d),(e),(f),(l)
Equity in losses of unconsolidated affiliates(1)— (2)— 
Net income13 529 
Net income attributable to noncontrolling interests74 (50)(m)53 (103)(m)
Net (loss) income attributable to membership interest$(61)$476 
 Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
 GAAP (a)Non-GAAP Adjustments GAAP (a)Non-GAAP Adjustments 
Operating revenues$9,712 $323 (b)$8,613 $(201)(b)
Operating expenses
Purchased power and fuel6,557 705 (b),(c)4,646 16 (b)
Operating and maintenance2,476 (161)(c),(d),(e),(f),(g),(h),(i),(j),(k)2,451 (67)(c),(d),(e),(f),(k)
Depreciation and amortization1,869 (1,275)(c),(j)604 (14)(c)
Taxes other than income taxes239 — 246 — 
Total operating expenses11,141 7,947 
Gain on sales of assets and businesses79 (69)(c)12 (4)(b),(c)
Operating (loss) income(1,350)678 
Other income and (deductions)
Interest expense, net(148)(4)(b)(197)12 (b)
Other, net675 (186)(j),(l)(168)310 (l)
Total other income and (deductions)527 (365)
(Loss) income before income taxes(823)313 
Income taxes(70)150 (b),(c),(d),(e),(f),(g),(h),(i),(j),(k),(l)(59)97 (b),(c),(d),(e),(f),(l)
Equity in losses of unconsolidated affiliates(3)— (4)— 
Net (loss) income(756)368 
Net income (loss) attributable to noncontrolling interests98 (32)(m)(153)42 (m)
Net (loss) income attributable to membership interest$(854)$521  
__________
(a)Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
18

(b)Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.
(c)In 2021, adjustment to exclude costs associated with Generation's decision in the third quarter of 2020 to early retire Byron and Dresden nuclear facilities in 2021 and Mystic Units 8 and 9 in 2024, partially offset by a gain on sale of Generation's solar business. In 2020, adjustment to exclude accelerated depreciation and amortization expenses associated with the early retirement of certain fossil sites.
(d)Adjustment to exclude reorganization costs related to cost management programs.
(e)In 2021, adjustment to exclude an impairment in the New England asset group and an impairment recorded as a result of the agreement to sell the Albany Green Energy biomass facility. In 2020, adjustment to exclude the impairment of certain wind assets at Generation.
(f)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.
(g)Adjustment to exclude costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG.
(h)Adjustment to exclude costs related to a multi-year Enterprise Resource Program (ERP) system implementation.
(i)Adjustment to exclude costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(j)Adjustment to exclude the impact of suspension of contractual offset for the Byron units in the second quarter of 2021.
(k)Adjustment to exclude changes in environmental liabilities.
(l)Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory Agreement Units.
(m)Adjustment to exclude 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.


19

Other (a)
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions)
 Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
 GAAP (b)Non-GAAP Adjustments GAAP (b)Non-GAAP Adjustments 
Operating revenues$(270)$—  $(288)$— 
Operating expenses
Purchased power and fuel(253)— (267)—  
Operating and maintenance(8)(3)(c)(35)— 
Depreciation and amortization18 — 19 — 
Taxes other than income taxes12 — 13 — 
Total operating expenses(231)(270)
Gain on sales of assets and businesses— — — 
Operating loss(35)(18)
Other income and (deductions)
Interest expense, net(79)— (107)24 (d),(e)
Other, net22 (d)18 — 
Total other income and (deductions)(57)(89)
Loss before income taxes(92)(107)
Income taxes(73)(c),(d),(e)(40)10 (d),(e)
Equity in earnings of unconsolidated affiliates— — — 
Net loss(19)(66)
Net income attributable to noncontrolling interests— 
Net loss attributable to common shareholders$(20) $(66) 
 Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
 GAAP (b)Non-GAAP Adjustments GAAP (b)Non-GAAP Adjustments 
Operating revenues$(581)$—  $(634)$— 
Operating expenses
Purchased power and fuel(545)— (598)— 
Operating and maintenance(35)(6)(c)(73)(f)
Depreciation and amortization35 — 42 — 
Taxes other than income taxes25 — 23 — 
Total operating expenses(520)(606)
Gain on sales of assets— (1)— 
Operating loss(57)(29)
Other income and (deductions)
Interest expense, net(161)— (179)27 (d),(e)
Other, net45 (d)35 — 
Total other income and (deductions)(116)(144)
Loss before income taxes(173)(173)
Income taxes44 (c),(d),(e)(49)12 (d),(e),(f)
Net loss(217)(124)
Net income attributable to noncontrolling interests— 
Net loss attributable to common shareholders$(218) $(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 costs related to the planned separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the planned separation, and employee-related severance costs.
(d)Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.
(e)Adjustment to exclude income tax-related adjustments.
(f)Adjustment to exclude reorganization costs related to cost management programs.

20


ComEd Statistics
Three Months Ended June 30, 2021 and 2020
 Electric Deliveries (in GWhs)Revenue (in millions)
 20212020% ChangeWeather - Normal % Change20212020% Change
Rate-Regulated Deliveries and Revenues(a)
Residential6,558 6,669 (1.7)%(2.3)%$759 $767 (1.0)%
Small commercial & industrial7,101 6,424 10.5 %10.5 %377 327 15.3 %
Large commercial & industrial6,368 5,948 7.1 %7.0 %138 119 16.0 %
Public authorities & electric railroads203 215 (5.6)%(5.5)%11 11 — %
Other(b)
— — n/an/a214 218 (1.8)%
Total rate-regulated electric revenues(c)
20,230 19,256 5.1 %5.0 %1,499 1,442 4.0 %
Other Rate-Regulated Revenues(d)
18 (25)(172.0)%
Total Electric Revenues$1,517 $1,417 7.1 %
Purchased Power$500 $464 7.8 %
   % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days627 725 734 (13.5)%(14.6)%
Cooling Degree-Days391 363 241 7.7 %62.2 %

Six Months Ended June 30, 2021 and 2020

 Electric Deliveries (in GWhs)Revenue (in millions)
 20212020% ChangeWeather - Normal % Change20212020% Change
Rate-Regulated Deliveries and Revenues(a)
Residential13,243 12,905 2.6 %0.8 %$1,502 $1,468 2.3 %
Small commercial & industrial14,366 13,994 2.7 %1.6 %744 689 8.0 %
Large commercial & industrial12,847 12,671 1.4 %0.4 %271 253 7.1 %
Public authorities & electric railroads470 509 (7.7)%(8.3)%22 23 (4.3)%
Other(b)
— — n/an/a433 430 0.7 %
Total rate-regulated electric revenues(c)
40,926 40,079 2.1 %0.8 %2,972 2,863 3.8 %
Other Rate-Regulated Revenues(d)
80 (7)(1,242.9)%
Total Electric Revenues$3,052 $2,856 6.9 %
Purchased Power$1,025 $951 7.8 %
   % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days3,616 3,483 3,875 3.8 %(6.7)%
Cooling Degree-Days391 363 241 7.7 %62.2 %

Number of Electric Customers20212020
Residential3,697,515 3,680,724 
Small commercial & industrial388,877 385,857 
Large commercial & industrial1,852 1,986 
Public authorities & electric railroads4,873 4,858 
Total4,093,117 4,073,425 
__________
(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 $5 million and $11 million for the three months ended June 30, 2021 and 2020, respectively, and $11 million and $16 million for the six months ended June 30, 2021 and 2020, respectively.
(d)Includes alternative revenue programs and late payment charges.


21



PECO Statistics
Three Months Ended June 30, 2021 and 2020
 Electric and Natural Gas DeliveriesRevenue (in millions)
 20212020% ChangeWeather-
Normal
% Change
20212020% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential3,116 3,143 (0.9)%(1.9)%$383 $377 1.6 %
Small commercial & industrial1,758 1,571 11.9 %10.8 %99 88 12.5 %
Large commercial & industrial3,475 3,181 9.2 %8.3 %59 55 7.3 %
Public authorities & electric railroads121 112 8.0 %8.2 %14.3 %
Other(b)
— — n/an/a54 55 (1.8)%
Total rate-regulated electric revenues(c)
8,470 8,007 5.8 %4.8 %603 582 3.6 %
Other Rate-Regulated Revenues(d)
75.0 %
Total Electric Revenues610 586 4.1 %
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Revenues(e)
Residential5,027 6,464 (22.2)%(9.7)%55 70 (21.4)%
Small commercial & industrial3,121 2,054 51.9 %76.9 %22 19 15.8 %
Large commercial & industrial(33.3)%27.1 %— — n/a
Transportation5,468 5,148 6.2 %8.6 %(16.7)%
Other(f)
— — n/an/a— %
Total rate-regulated natural gas revenues(g)
13,618 13,669 (0.4)%9.9 %83 96 (13.5)%
Other Rate-Regulated Revenues(d)
— (1)n/a
Total Natural Gas Revenues83 95 (12.6)%
Total Electric and Natural Gas Revenues$693 $681 1.8 %
Purchased Power and Fuel$207 $216 (4.2)%
    % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days404 568 423 (28.9)%(4.5)%
Cooling Degree-Days418 376 388 11.2 %7.7 %






















22


Six Months Ended June 30, 2021 and 2020
Electric and Natural Gas DeliveriesRevenue (in millions)
20212020% ChangeWeather-
Normal
% Change
20212020% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential6,883 6,397 7.6 %2.5 %$816 $759 7.5 %
Small commercial & industrial3,639 3,476 4.7 %1.9 %199 187 6.4 %
Large commercial & industrial6,747 6,602 2.2 %1.4 %116 108 7.4 %
Public authorities & electric railroads270 263 2.7 %2.7 %17 14 21.4 %
Other(b)
— — n/an/a106 113 (6.2)%
Total rate-regulated electric revenues(c)
17,539 16,738 4.8 %1.9 %1,254 1,181 6.2 %
Other Rate-Regulated Revenues(d)
17 112.5 %
Total Electric Revenues1,271 1,189 6.9 %
Natural Gas (in mmcfs)
Rate-Regulated Natural Gas Deliveries and Revenues(e)
Residential25,701 23,746 8.2 %0.2 %215 220 (2.3)%
Small commercial & industrial13,291 10,863 22.4 %10.7 %81 70 15.7 %
Large commercial & industrial12 (25.0)%11.1 %— — N/A
Transportation13,118 12,283 6.8 %3.6 %12 12 — %
Other(f)
— — n/an/a50.0 %
Total rate-regulated natural gas revenues(g)
52,119 46,904 11.1 %3.6 %311 304 2.3 %
Other Rate-Regulated Revenues(d)
— — 100.0 %
Total Natural Gas Revenues311 304 2.3 %
Total Electric and Natural Gas Revenues$1,582 $1,493 6.0 %
Purchased Power and Fuel$523 $499 4.8 %
% Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days2,706 2,557 2,840 5.8 %(4.7)%
Cooling Degree-Days423 376 389 12.5 %8.7 %
Number of Electric Customers20212020Number of Natural Gas Customers20212020
Residential1,513,456 1,501,259 Residential494,895 489,201 
Small commercial & industrial154,842 154,016 Small commercial & industrial44,450 44,189 
Large commercial & industrial3,108 3,096 Large commercial & industrial
Public authorities & electric railroads10,285 10,119 Transportation677 719 
Total1,681,691 1,668,490 Total540,028 534,115 
__________
(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 and $1 million for the three months ended June 30, 2021 and 2020, and $3 million and $3 million for the six months ended June 30, 2021 and 2020 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 both the three months ended June 30, 2021 and 2020, and $1 million and less than $1 million for the six months ended June 30, 2021 and 2020, respectively.
23


BGE Statistics
Three Months Ended June 30, 2021 and 2020
 Electric and Natural Gas DeliveriesRevenue (in millions)
 20212020% ChangeWeather-
Normal
% Change
20212020% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential2,772 2,770 0.1 %(2.6)%$299 $304 (1.6)%
Small commercial & industrial627 572 9.6 %8.1 %60 51 17.6 %
Large commercial & industrial3,192 2,955 8.0 %7.2 %108 94 14.9 %
Public authorities & electric railroads49 46 6.5 %5.0 %— %
Other(b)
— — n/an/a87 76 14.5 %
Total rate-regulated electric revenues(c)
6,640 6,343 4.7 %3.0 %561 532 5.5 %
Other Rate-Regulated Revenues(d)
(3)(28)(89.3)%
Total Electric Revenues558 504 10.7 %
Natural Gas (in mmcfs)
Rate-Regulated Natural Gas Deliveries and Revenues(e)
Residential4,948 5,264 (6.0)%5.6 %81 81 — %
Small commercial & industrial1,306 1,231 6.1 %12.5 %13 12 8.3 %
Large commercial & industrial8,224 7,622 7.9 %8.8 %27 24 12.5 %
Other(f)
903 377 139.5 % n/a100.0 %
Total rate-regulated natural gas revenues(g)
15,381 14,494 6.1 %8.0 %127 120 5.8 %
Other Rate-Regulated Revenues(d)
(3)(8)(62.5)%
Total Natural Gas Revenues124 112 10.7 %
Total Electric and Natural Gas Revenues$682 $616 10.7 %
Purchased Power and Fuel$219 $194 12.9 %
   % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days469 550 497 (14.7)%(5.6)%
Cooling Degree-Days300 247 260 21.5 %15.4 %
























24



Six Months Ended June 30, 2021 and 2020

Electric and Natural Gas DeliveriesRevenue (in millions)
20212020% ChangeWeather-
Normal
% Change
20212020% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential6,310 5,888 7.2 %1.0 %$662 $644 2.8 %
Small commercial & industrial1,350 1,279 5.6 %1.3 %129 118 9.3 %
Large commercial & industrial6,300 6,077 3.7 %1.0 %213 198 7.6 %
Public authorities & electric railroads97 106 (8.5)%(7.7)%13 14 (7.1)%
Other(b)
— — n/an/a165 154 7.1 %
Total rate-regulated electric revenues(c)
14,057 13,350 5.3 %0.9 %1,182 1,128 4.8 %
Other Rate-Regulated Revenues(d)
(10)(180.0)%
Total Electric Revenues1,190 1,118 6.4 %
Natural Gas (in mmcfs)
Rate-Regulated Natural Gas Deliveries and Revenues(e)
Residential23,399 23,873 (2.0)%(12.0)%297 287 3.5 %
Small commercial & industrial5,324 5,378 (1.0)%(9.2)%48 46 4.3 %
Large commercial & industrial22,263 20,265 9.9 %4.4 %81 76 6.6 %
Other(f)
8,512 3,678 131.4 %n/a36 13 176.9 %
Total rate-regulated natural gas revenues(g)
59,498 53,194 11.9 %(5.4)%462 422 9.5 %
Other Rate-Regulated Revenues(d)
14 (71.4)%
Total Natural Gas Revenues466 436 6.9 %
Total Electric and Natural Gas Revenues$1,656 $1,554 6.6 %
Purchased Power and Fuel$550 $483 13.9 %
   % Change
Heating Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days2,666 2,429 2,884 9.8 %(7.6)%
Cooling Degree-Days300 247 260 21.5 %15.4 %
Number of Electric Customers20212020Number of Natural Gas Customers20212020
Residential1,192,135 1,185,718 Residential647,534 643,745 
Small commercial & industrial114,682 114,118 Small commercial & industrial38,223 38,255 
Large commercial & industrial12,528 12,416 Large commercial & industrial6,132 6,079 
Public authorities & electric railroads267 264 Total691,889 688,079 
Total1,319,612 1,312,516 
__________
(a)Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)Includes operating revenues from affiliates totaling $4 million and $3 million for the three months ended June 30, 2021 and 2020, respectively, and $6 million for both the six months ended June 30, 2021 and 2020.
(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 $3 million and $1 million for the three months ended June 30, 2021 and 2020, respectively, and $7 million and $4 million for the six months ended June 30, 2021 and 2020, respectively.
25

Pepco Statistics
Three Months Ended June 30, 2021 and 2020
 Electric Deliveries (in GWhs)Revenue (in millions)
 20212020% ChangeWeather-
Normal
% Change
20212020% Change
Rate-Regulated Deliveries and Revenues(a)
Residential1,819 1,792 1.5 %3.7 %$223 $237 (5.9)%
Small commercial & industrial280 247 13.4 %14.8 %32 29 10.3 %
Large commercial & industrial3,175 3,031 4.8 %5.0 %188 175 7.4 %
Public authorities & electric railroads217 149 45.6 %46.2 %10 25.0 %
Other(b)
— — n/an/a50 58 (13.8)%
Total rate-regulated electric revenues(c)
5,491 5,219 5.2 %6.2 %503 507 (0.8)%
Other Rate-Regulated Revenues(d)
20 (13)(253.8)%
Total Electric Revenues$523 $494 5.9 %
Purchased Power$133 $138 (3.6)%
   % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days331 432 308 (23.4)%7.5 %
Cooling Degree-Days496 450 504 10.2 %(1.6)%

Six Months Ended June 30, 2021 and 2020

Electric Deliveries (in GWhs)Revenue (in millions)
20212020% ChangeWeather-
Normal
% Change
20212020% Change
Rate-Regulated Deliveries and Revenues(a)
Residential4,038 3,738 8.0 %3.4 %$476 $472 0.8 %
Small commercial & industrial578 562 2.8 %1.2 %65 65 — %
Large commercial & industrial6,229 6,303 (1.2)%(1.8)%372 363 2.5 %
Public authorities & electric railroads341 353 (3.4)%(3.9)%16 17 (5.9)%
Other(b)
— — n/an/a101 119 (15.1)%
Total rate-regulated electric revenues(c)
11,186 10,956 2.1 %0.1 %1,030 1,036 (0.6)%
Other Rate-Regulated Revenues(d)
46 1,433.3 %
Total Electric Revenues$1,076 $1,039 3.6 %
Purchased Power$298 $303 (1.7)%
   % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days2,343 2,111 2,432 11.0 %(3.7)%
Cooling Degree-Days503 455 507 10.5 %(0.8)%
Number of Electric Customers20212020
Residential837,744 825,000 
Small commercial & industrial53,669 53,809 
Large commercial & industrial22,579 22,467 
Public authorities & electric railroads178 168 
Total914,170 901,444 
__________
(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, 2021 and 2020, and $3 million for both the six months ended June 30, 2021 and 2020.
(d)Includes alternative revenue programs and late payment charge revenues.
26

DPL Statistics
Three Months Ended June 30, 2021 and 2020
 Electric and Natural Gas DeliveriesRevenue (in millions)
 20212020% ChangeWeather -
Normal
% Change
20212020% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential1,131 1,142 (1.0)%0.3 %$147 $147 — %
Small commercial & industrial557 453 23.0 %23.4 %46 39 17.9 %
Large commercial & industrial1,066 1,053 1.2 %1.0 %22 22 — %
Public authorities & electric railroads12 11 9.1 %13.3 %— %
Other(b)
— — n/an/a46 51 (9.8)%
Total rate-regulated electric revenues(c)
2,766 2,659 4.0 %4.6 %264 262 0.8 %
Other Rate-Regulated Revenues(d)
10 (25)(140.0)%
Total Electric Revenues274 237 15.6 %
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Revenues(e)
Residential713 1,168 (39.0)%(23.5)%12 17 (29.4)%
Small commercial & industrial430 557 (22.8)%(6.2)%(25.0)%
Large commercial & industrial393 411 (4.4)%(4.3)%— %
Transportation1,470 1,472 (0.1)%3.4 %— %
Other(g)
— — n/an/a100.0 %
Total rate-regulated natural gas revenues3,006 3,608 (16.7)%(6.8)%24 30 (20.0)%
Other Rate-Regulated Revenues(f)
— — n/a
Total Natural Gas Revenues24 30 (20.0)%
Total Electric and Natural Gas Revenues$298 $267 11.6 %
Purchased Power and Fuel$108 $107 0.9 %
Electric Service Territory   % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days461 576 463 (20.0)%(0.4)%
Cooling Degree-Days373 318 344 17.3 %8.4 %
Natural Gas Service Territory   % Change
Heating Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days480 606 490 (20.8)%(2.0)%
27

Six Months Ended June 30, 2021 and 2020
Electric and Natural Gas Deliveries
Revenue (in millions)
20212020% ChangeWeather -
Normal
% Change
20212020% Change
Electric (in GWhs)
Rate-Regulated Electric Deliveries and Revenues(a)
Residential2,651 2,453 8.1 %3.3 %$337 $308 9.4 %
Small commercial & industrial1,116 960 16.3 %14.1 %92 82 12.2 %
Large commercial & industrial1,985 2,121 (6.4)%(7.2)%43 45 (4.4)%
Public authorities & electric railroads24 22 9.1 %9.6 %16.7 %
Other(b)
— — n/an/a87 105 (17.1)%
Total rate-regulated electric revenues(c)
5,776 5,556 4.0 %1.3 %566 546 3.7 %
Other Rate-Regulated Revenues(d)
19 (23)(182.6)%
Total Electric Revenues585 523 11.9 %
Natural Gas (in mmcfs)
Rate-Regulated Natural Gas Deliveries and Revenues(e)
Residential5,107 4,815 6.1 %(2.0)%57 57 — %
Small commercial & industrial2,295 2,228 3.0 %(4.3)%24 25 (4.0)%
Large commercial & industrial853 863 (1.2)%(1.5)%50.0 %
Transportation3,694 3,580 3.2 %0.7 %14.3 %
Other(f)
— — n/an/a— %
Total rate-regulated natural gas revenues11,949 11,486 4.0 %(1.6)%95 94 1.1 %
Other Rate-Regulated Revenues(d)
— — n/a
Total Natural Gas Revenues95 94 1.1 %
Total Electric and Natural Gas Revenues$680 $617 10.2 %
Purchased Power and Fuel$263 $249 5.6 %
Electric Service Territory% Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days2,730 2,504 2,877 9.0 %(5.1)%
Cooling Degree-Days378 320 345 18.1 %9.6 %
Natural Gas Service Territory% Change
Heating Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days2,838 2,609 2,987 8.8 %(5.0)%
Number of Electric Customers20212020Number of Natural Gas Customers20212020
Residential475,061 470,788 Residential127,503 126,245 
Small commercial & industrial62,880 61,958 Small commercial & industrial9,953 9,914 
Large commercial & industrial1,213 1,402 Large commercial & industrial18 17 
Public authorities & electric railroads607 612 Transportation158 159 
Total539,761 534,760 Total137,632 136,335 
__________
(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, 2021 and 2020, and $4 million for both the six months ended June 30, 2021 and 2020.
(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.
28

ACE Statistics
Three Months Ended June 30, 2021 and 2020
 Electric Deliveries (in GWhs)Revenue (in millions)
 20212020% ChangeWeather -
Normal
% Change
20212020% Change
Rate-Regulated Deliveries and Revenues(a)
Residential975 850 14.7 %16.2 %$167 $145 15.2 %
Small commercial & industrial333 276 20.7 %22.3 %46 37 24.3 %
Large commercial & industrial761 702 8.4 %8.8 %47 43 9.3 %
Public authorities & electric railroads11 11 — %2.0 %— %
Other(b)
— — n/an/a43 53 (18.9)%
Total rate-regulated electric revenues(c)
2,080 1,839 13.1 %14.2 %307 282 8.9 %
Other Rate-Regulated Revenues(d)
12 (26)(146.2)%
Total Electric Revenues$319 $256 24.6 %
Purchased Power$154 $130 18.5 %
    % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days525 613 540 (14.4)%(2.8)%
Cooling Degree-Days321 312 305 2.9 %5.2 %

Six Months Ended June 30, 2021 and 2020

Electric Deliveries (in GWhs)Revenue (in millions)
20212020% ChangeWeather -
Normal
% Change
20212020% Change
Rate-Regulated Deliveries and Revenues(a)
Residential1,903 1,660 14.6 %11.3 %$329 $282 16.7 %
Small commercial & industrial638 570 11.9 %9.9 %85 74 14.9 %
Large commercial & industrial1,477 1,437 2.8 %2.4 %90 85 5.9 %
Public authorities & electric railroads24 24 — %1.4 %— %
Other(b)
— — n/an/a95 109 (12.8)%
Total rate-regulated electric revenues(c)
4,042 3,691 9.5 %7.6 %606 557 8.8 %
Other Rate-Regulated Revenues(d)
23 (25)(192.0)%
Total Electric Revenues$629 $532 18.2 %
Purchased Power$311 $259 20.1 %
    % Change
Heating and Cooling Degree-Days20212020NormalFrom 2020From Normal
Heating Degree-Days2,873 2,561 3,008 12.2 %(4.5)%
Cooling Degree-Days325 312 305 4.2 %6.6 %
Number of Electric Customers20212020
Residential499,436 496,668 
Small commercial & industrial61,836 61,468 
Large commercial & industrial3,243 3,327 
Public authorities & electric railroads707 687 
Total565,222 562,150 
__________
(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, 2021 and 2020, and $1 million for both the six months ended June 30, 2021 and 2020.
(d)Includes alternative revenue programs.
29

Generation Statistics
 Three Months EndedSix Months Ended
 June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Supply (in GWhs)
Nuclear Generation(a)
Mid-Atlantic13,197 13,167 26,451 25,951 
Midwest23,299 23,860 46,454 47,458 
New York7,079 6,389 14,135 12,562 
Total Nuclear Generation43,575 43,416 87,040 85,971 
Fossil and Renewables
Mid-Atlantic522 707 1,185 1,560 
Midwest262 268 585 656 
New York— 
ERCOT2,797 3,251 5,581 6,263 
Other Power Regions(b)
2,239 2,603 5,205 6,110 
Total Fossil and Renewables5,820 6,830 12,557 14,591 
Purchased Power
Mid-Atlantic3,089 3,730 7,571 9,672 
Midwest131 236 310 524 
ERCOT1,259 1,255 2,031 2,246 
Other Power Regions(b)
12,356 11,303 25,189 23,469 
Total Purchased Power16,835 16,524 35,101 35,911 
Total Supply/Sales by Region
Mid-Atlantic(c)
16,808 17,604 35,207 37,183 
Midwest(c)
23,692 24,364 47,349 48,638 
New York7,079 6,390 14,136 12,564 
ERCOT4,056 4,506 7,612 8,509 
Other Power Regions(b)
14,595 13,906 30,394 29,579 
Total Supply/Sales by Region66,230 66,770 134,698 136,473 
 Three Months EndedSix Months Ended
 June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Outage Days(d)
Refueling66 92 150 186 
Non-refueling— 10 11 
Total Outage Days73 92 160 197 
__________
(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.
30