CHICAGO--(BUSINESS WIRE)--A stronger, more modernized grid is needed to both withstand the challenges of more frequent severe weather due to climate change and to support a cleaner energy future that will bring improved air quality to northern Illinois communities as more solar energy, electric vehicles (EV) and other all-electric technologies are adopted. ComEd today announced that, in 2023, the company delivered a variety of exceptional benefits to the 9 million people it serves, including enhanced reliab ...

CHICAGO--(BUSINESS WIRE)--Following two periods of sub-freezing temperatures over the past two weeks, households and businesses across northern Illinois may have had to significantly increase their energy use, which could result in higher-than-expected bills for some customers. To help them navigate the situation, ComEd reminds customers that a variety of financial assistance programs are available and urges customers to contact the energy company immediately if they face difficulty paying their electric bi ...

Exelon Corporation (EXC) , with its investments in regulated utility operations for grid modernization, electric transmission and efficient debt management, is expected to be a consistent performer in its industry over the long run.This Zacks Rank #3 (Hold) stock delivered an average four-quarter earnings surprise of 1.77%.  Its long-term (three to five years) earnings growth is currently pegged at 5.64%. Moreover, its current dividend yield of 4.05% is better than its industry average of 3.56%.TailwindsExe ...

CHICAGO--(BUSINESS WIRE)--After significant snowstorms, which dropped 6 – 8 inches of wet, heavy snow, and recorded wind gusts of 55 MPH, moved through northern Illinois Friday morning, ComEd crews have restored power to more than 152,500 customers, approximately 99 percent of the 153,500 customers impacted by the storm. The hardest hit areas were Chicago and the northern areas of Illinois. Approximately 900 customers remain without power due to the storm as of 5:00 am while 1,700 ComEd and contractor util ...

CHICAGO--(BUSINESS WIRE)--ComEd was recognized by The Edison Electric Institute (EEI), a national association that represents all American investor-owned electric companies, with two awards for its outstanding emergency recovery and assistance efforts in 2023: The Emergency Assistance Award, recognizing ComEd’s assistance efforts restoring service to homes and businesses in the Midwest following the June 2023 derecho, a widespread, fast-moving collection of thunderstorms with destructive winds, and the Emer ...

CHICAGO--(BUSINESS WIRE)--The Midwest Energy Efficiency Alliance (MEEA) announced ComEd is being honored with dual Inspiring Efficiency Awards. The awards recognize innovative programs that help income-eligible customers and businesses in low-income communities across northern Illinois take advantage of energy-efficiency and electrification offerings that can help them manage energy bills and support the environment. MEEA named ComEd a recipient of its Innovation Award for the energy company’s cross-functi ...

Igor Kutyaev/iStock via Getty Images Exelon Corporation (NASDAQ:EXC) is a holding company for six regulated gas and electric utilities serving 10.6 million customers. These include Baltimore Gas & Electric (BGE), Commonwealth Edison (ComEd), Philadelphia Electric (PECO), Atlantic City Electric (ACE), Delmarva Power (DPL) and Potomac Electric Power (Pepco). BGE, DPL, and PECO have both gas and electric operations; the other utilities are purely electric. Exelon subsidiaries operate in the major urban are ...

[PART I. FINANCIAL INFORMATION](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited consolidated financial statements and management's discussion and analysis for Exelon and its subsidiaries [ITEM 1. FINANCIAL STATEMENTS](index=8&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents unaudited consolidated financial statements for Exelon and its subsidiaries, with key financial statements and detailed notes [Exelon Corporation Financial Statements](index=9&type=section&id=Exelon%20Corporation%20Financial%20Statements) Exelon reported increased net income and revenues, with total assets growing and operating cash flow decreasing year-over-year Financial Highlights | (In millions, except per share data) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $16,360 | $14,412 | | **Operating income** | $2,931 | $2,606 | | **Net income from continuing operations** | $1,711 | $1,622 | | **Net income attributable to common shareholders** | $1,711 | $1,738 | | **Diluted EPS from continuing operations** | $1.72 | $1.65 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $7,519 | $7,336 | | **Total Assets** | $99,259 | $95,349 | | **Total Current Liabilities** | $8,800 | $10,611 | | **Total Liabilities** | $73,789 | $70,605 | | **Total Shareholders' Equity** | $25,470 | $24,744 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $3,292 | $4,141 | | **Net cash flows used in investing activities** | ($5,515) | ($4,986) | | **Net cash flows provided by financing activities** | $2,080 | $499 | [Commonwealth Edison Company Financial Statements](index=15&type=section&id=Commonwealth%20Edison%20Company%20Financial%20Statements) ComEd reported increased net income and revenues, with total assets growing and operating cash flow increasing year-over-year Financial Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $5,836 | $4,536 | | **Operating income** | $1,364 | $1,177 | | **Net income** | $822 | $706 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $42,042 | $39,661 | | **Total Liabilities** | $27,844 | $26,297 | | **Total Shareholders' Equity** | $14,198 | $13,364 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $985 | $842 | | **Net cash flows used in investing activities** | ($1,918) | ($1,780) | | **Net cash flows provided by financing activities** | $1,073 | $1,042 | [PECO Energy Company Financial Statements](index=20&type=section&id=PECO%20Energy%20Company%20Financial%20Statements) PECO's net income decreased despite increased revenues, with total assets growing and operating cash flow increasing year-over-year Financial Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $2,977 | $2,877 | | **Operating income** | $541 | $647 | | **Net income** | $410 | $474 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $15,259 | $14,502 | | **Total Liabilities** | $9,242 | $8,939 | | **Total Shareholder's Equity** | $6,017 | $5,563 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $777 | $656 | | **Net cash flows used in investing activities** | ($1,118) | ($983) | | **Net cash flows provided by financing activities** | $325 | $386 | [Baltimore Gas and Electric Company Financial Statements](index=25&type=section&id=Baltimore%20Gas%20and%20Electric%20Company%20Financial%20Statements) BGE reported increased net income and revenues, with total assets growing and operating cash flow increasing year-over-year Financial Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $2,986 | $2,810 | | **Operating income** | $483 | $364 | | **Net income** | $286 | $267 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $13,649 | $13,350 | | **Total Liabilities** | $8,427 | $8,414 | | **Total Shareholder's Equity** | $5,222 | $4,936 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $885 | $777 | | **Net cash flows used in investing activities** | ($980) | ($911) | | **Net cash flows provided by financing activities** | $44 | $229 | [Pepco Holdings LLC Financial Statements](index=30&type=section&id=Pepco%20Holdings%20LLC%20Financial%20Statements) PHI's net income decreased despite increased revenues, with total assets growing and operating cash flow decreasing year-over-year Financial Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $4,615 | $4,223 | | **Operating income** | $751 | $688 | | **Net income** | $490 | $518 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $26,656 | $26,082 | | **Total Liabilities** | $14,871 | $14,852 | | **Total Member's Equity** | $11,785 | $11,230 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $919 | $1,082 | | **Net cash flows used in investing activities** | ($1,502) | ($1,169) | | **Net cash flows provided by financing activities** | $356 | $327 | [Potomac Electric Power Company Financial Statements](index=35&type=section&id=Potomac%20Electric%20Power%20Company%20Financial%20Statements) Pepco reported slightly decreased net income despite increased revenues, with total assets growing and operating cash flow increasing year-over-year Financial Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $2,174 | $1,919 | | **Operating income** | $364 | $331 | | **Net income** | $249 | $261 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $11,061 | $10,657 | | **Total Liabilities** | $6,922 | $6,875 | | **Total Shareholder's Equity** | $4,139 | $3,782 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $533 | $401 | | **Net cash flows used in investing activities** | ($709) | ($593) | | **Net cash flows provided by financing activities** | $133 | $222 | [Delmarva Power & Light Company Financial Statements](index=40&type=section&id=Delmarva%20Power%20%26%20Light%20Company%20Financial%20Statements) DPL reported flat net income despite increased revenues, with total assets growing and operating cash flow decreasing significantly Financial Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $1,273 | $1,176 | | **Operating income** | $194 | $177 | | **Net income** | $128 | $130 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $5,870 | $5,802 | | **Total Liabilities** | $3,790 | $3,852 | | **Total Shareholder's Equity** | $2,080 | $1,950 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $274 | $428 | | **Net cash flows used in investing activities** | ($426) | ($317) | | **Net cash flows provided by financing activities** | $6 | $24 | [Atlantic City Electric Company Financial Statements](index=45&type=section&id=Atlantic%20City%20Electric%20Company%20Financial%20Statements) ACE reported decreased net income despite increased revenues, with total assets growing and operating cash flow sharply declining Financial Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $1,172 | $1,120 | | **Operating income** | $201 | $173 | | **Net income** | $122 | $131 | Balance Sheet Highlights | (In millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $5,155 | $4,979 | | **Total Liabilities** | $3,326 | $3,226 | | **Total Shareholder's Equity** | $1,829 | $1,753 | Cash Flow Highlights | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $102 | $292 | | **Net cash flows used in investing activities** | ($376) | ($283) | | **Net cash flows provided by financing activities** | $216 | $74 | [Combined Notes to Consolidated Financial Statements](index=50&type=section&id=Combined%20Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies, regulatory matters, debt, credit agreements, and environmental and legal contingencies - Exelon completed its separation from Constellation (formerly Generation) on February 1, 2022. The results of Constellation are presented as discontinued operations for all periods presented[115](index=115&type=chunk)[121](index=121&type=chunk) - The Registrants are involved in numerous distribution base rate case proceedings and transmission formula rate updates with FERC and state commissions, which are critical to recovering costs and earning returns on investment[135](index=135&type=chunk)[136](index=136&type=chunk)[145](index=145&type=chunk) - ComEd entered into a Deferred Prosecution Agreement (DPA) with the USAO in July 2020, which concluded in July 2023. A related SEC investigation was settled in September 2023 with Exelon agreeing to a **$46.2 million** civil penalty[361](index=361&type=chunk)[362](index=362&type=chunk) - The Registrants have accrued **$434 million** for environmental investigation and remediation liabilities as of September 30, 2023, with a significant portion related to former Manufactured Gas Plant (MGP) sites[349](index=349&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=110&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's analysis covers financial condition, results of operations, key business drivers, liquidity, and capital expenditure plans [Exelon Corporation MD&A](index=110&type=section&id=Exelon%20Corporation%20MD%26A) Exelon's net income increased due to higher formula rate earnings and favorable rate increases, partially offset by higher expenses and weather Net Income from Continuing Operations | (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net income from continuing operations** | $1,711 | $1,622 | | **Variance** | | $89 | - Key drivers for the increase in net income include higher electric distribution formula rate earnings at ComEd, favorable rate increases at PECO, BGE, and PHI, and carrying costs on CMC regulatory assets at ComEd[408](index=408&type=chunk) - Offsetting factors included higher interest expense at PECO, BGE, PHI, and Exelon Corporate, unfavorable weather at PECO and PHI, and higher storm-related operating expenses[408](index=408&type=chunk) [Results of Operations By Registrant](index=119&type=section&id=Results%20of%20Operations%20By%20Registrant) This section details financial results for each utility registrant, highlighting net income changes driven by various operational factors - **ComEd:** Net income for the nine months ended Sep 30, 2023, increased by **$116 million**, primarily due to higher electric distribution formula rate earnings and carrying costs on CMC regulatory assets[443](index=443&type=chunk) - **PECO:** Net income for the nine months ended Sep 30, 2023, decreased by **$64 million**, driven by higher storm-related operating expenses, depreciation, and interest expense[458](index=458&type=chunk) - **BGE:** Net income for the nine months ended Sep 30, 2023, increased by **$19 million**, mainly due to favorable impacts from its multi-year rate plans, partially offset by higher storm costs and interest expense[476](index=476&type=chunk) - **PHI:** Consolidated net income for the nine months ended Sep 30, 2023, decreased by **$28 million**, primarily due to an increase in environmental liabilities at Pepco, higher depreciation, and interest expense across its subsidiaries[493](index=493&type=chunk) [Liquidity and Capital Resources](index=140&type=section&id=Liquidity%20and%20Capital%20Resources) Registrants maintain liquidity through operating cash flows, capital markets, and credit facilities, with significant capital expenditure plans - The Registrants have access to credit facilities with aggregate bank commitments of **$4.0 billion** to support liquidity needs[542](index=542&type=chunk) Estimated Capital Expenditures | (In millions) | 2023 Estimated Capital Expenditures | | :--- | :--- | | **Exelon Total** | **$7,300** | | ComEd | $2,575 | | PECO | $1,425 | | BGE | $1,350 | | PHI | $1,925 | - Exelon established an At-the-Market (ATM) equity program for up to **$1.0 billion** in common stock, but has not issued any shares under the program as of September 30, 2023[371](index=371&type=chunk)[560](index=560&type=chunk) - Exelon's estimated annual qualified pension contributions will be **$20 million** in 2023, reflecting a strategy to achieve 100% funded status over time[564](index=564&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=148&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Registrants face and manage market risks including commodity price, counterparty credit, and interest rate fluctuations - Primary market risks include commodity price, counterparty credit, and interest rate risk[580](index=580&type=chunk) - The company operates primarily under cost-based rate regulation, which limits exposure to market risk effects. Hedging programs are used to reduce energy price volatility, with costs recovered from customers[580](index=580&type=chunk) - ComEd's ROE for its electric distribution service through 2023 is directly correlated to yields on U.S. Treasury bonds, creating an electric operating revenues risk that Exelon Corporate may hedge[583](index=583&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=149&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls - As of September 30, 2023, the principal executive and financial officers of each Registrant concluded that their disclosure controls and procedures were effective[588](index=588&type=chunk) - There were no changes in internal control over financial reporting during the third quarter of 2023 that materially affected, or are reasonably likely to materially affect, any of the Registrants' internal control over financial reporting[588](index=588&type=chunk) [PART II. OTHER INFORMATION](index=149&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, and exhibits [ITEM 1. LEGAL PROCEEDINGS](index=149&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section incorporates by reference material lawsuits and regulatory proceedings from financial statement notes and the 2022 Form 10-K - Information regarding material lawsuits and proceedings is incorporated by reference from Notes 3 and 12 of the financial statements in this report and from the 2022 Form 10-K[590](index=590&type=chunk) [ITEM 1A. RISK FACTORS](index=150&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company's risk factors align with the 2022 Form 10-K, with an amendment on the DPA and SEC investigation's reputational impact - The risk factors as of September 30, 2023, are consistent with the 2022 Form 10-K, except for one amended risk factor[591](index=591&type=chunk) - The amended risk factor relates to the potential for the past Deferred Prosecution Agreement and the resolved SEC investigation to have a material adverse effect on Exelon's and ComEd's reputation and relationships with legislators, regulators, and customers[592](index=592&type=chunk)[593](index=593&type=chunk) [ITEM 5. OTHER INFORMATION](index=150&type=section&id=ITEM%205.%20OTHER%20INFORMATION) There is no other information to report for any of the Registrants under this item for the reporting period - None[594](index=594&type=chunk) [ITEM 6. EXHIBITS](index=151&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including certifications from principal officers and Inline XBRL documents - The report includes certifications filed by the principal executive and financial officers for Exelon Corporation and each of its subsidiary registrants[596](index=596&type=chunk)[597](index=597&type=chunk) - Inline XBRL Instance, Schema, Calculation, Definition, Labels, and Presentation documents are included as exhibits[598](index=598&type=chunk)

Exelon Corporation (NASDAQ:EXC) Q2 2023 Earnings Conference Call August 2, 2023 10:00 AM ET Company Participants Andy Plenge - Vice President, Investor Relations Calvin Butler - President and Chief Executive Officer Jeanne Jones - Chief Financial Officer Carim Khouzami - President and Chief Executive Officer, Baltimore Gas and Electric Company David Velazquez - Executive Vice President, Utility Operations Gil Quiniones - Chief Executive Officer, ComEd Conference Call Participants David Arcaro - Morgan Stanl ...

[Glossary of Terms and Abbreviations](index=4&type=section&id=GLOSSARY%20OF%20TERMS%20AND%20ABBREVIATIONS) This section provides definitions for key terms and abbreviations used throughout the report [Filing Format](index=9&type=section&id=FILING%20FORMAT) This section details the filing structure, identifying the registrants and their respective responsibilities - This is a combined Form 10-Q filed separately by Exelon Corporation and its subsidiaries (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) Each registrant is responsible only for information relating to itself[19](index=19&type=chunk) [Cautionary Statements Regarding Forward-Looking Information](index=9&type=section&id=CAUTIONARY%20STATEMENTS%20REGARDING%20FORWARD-LOOKING%20INFORMATION) This section warns investors about forward-looking statements, highlighting inherent risks and uncertainties - The report contains forward-looking statements subject to risks and uncertainties, and investors are cautioned not to place undue reliance on them Factors that could cause actual results to differ materially are discussed in the 2022 Form 10-K and this 10-Q[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [Where to Find More Information](index=9&type=section&id=WHERE%20TO%20FIND%20MORE%20INFORMATION) This section directs readers to official sources for additional company reports and information - Reports and other information filed electronically with the SEC are available on www.sec.gov and the Registrants' website at www.exeloncorp.com[24](index=24&type=chunk) [Part I](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the unaudited consolidated financial statements and related disclosures for the company and its subsidiaries [Item 1. Financial Statements](index=8&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Exelon Corporation's unaudited consolidated financial statements, including operations, cash flows, balance sheets, and equity, along with detailed utility registrant financials and comprehensive notes [Exelon Corporation Consolidated Financial Statements](index=9&type=section&id=Exelon%20Corporation%20Consolidated%20Financial%20Statements) Exelon Corporation reported mixed net income trends, with a three-month decrease and six-month increase, alongside rising operating revenues and a significant decrease in operating cash flows Operating Revenues, Income, and EPS (Millions, except per share data) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---| | **Operating Revenues** | | Electric operating revenues | $4,434 | $3,934 | $8,896 | $8,415 | | Natural gas operating revenues | $258 | $307 | $1,080 | $1,124 | | Revenues from alternative revenue programs | $126 | $(2) | $404 | $27 | | **Total operating revenues** | **$4,818** | **$4,239** | **$10,380** | **$9,566** | | **Operating Income** | **$704** | **$694** | **$1,809** | **$1,593** | | **Net income attributable to common shareholders** | **$343** | **$465** | **$1,012** | **$1,062** | | **Diluted EPS from continuing operations** | **$0.34** | **$0.47** | **$1.02** | **$0.96** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$98,080** | **$95,349** | | **Total Liabilities** | **$73,001** | **$70,605** | | **Total Shareholders' Equity** | **$25,079** | **$24,744** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$1,761** | **$3,240** | | **Net cash flows used in investing activities** | **$(3,675)** | **$(3,346)** | | **Net cash flows provided by financing activities** | **$1,859** | **$323** | | **Cash, restricted cash, and cash equivalents at end of period** | **$1,035** | **$1,836** | [Commonwealth Edison Company Consolidated Financial Statements](index=18&type=section&id=Commonwealth%20Edison%20Company%20Consolidated%20Financial%20Statements) ComEd reported increased net income for both periods, driven by electric operating revenues and alternative revenue programs, despite decreased operating cash flows, with financing activities providing substantial cash Operating Revenues and Net Income (Millions) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---|\n| Electric operating revenues | $1,781 | $1,387 | $3,293 | $3,075 | | Revenues from alternative revenue programs | $118 | $35 | $270 | $75 | | **Total operating revenues** | **$1,901** | **$1,425** | **$3,568** | **$3,158** | | **Net income** | **$249** | **$227** | **$489** | **$415** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$41,672** | **$39,661** | | **Total Liabilities** | **$27,820** | **$26,297** | | **Total Shareholders' Equity** | **$13,852** | **$13,364** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$304** | **$588** | | **Net cash flows used in investing activities** | **$(1,259)** | **$(1,193)** | | **Net cash flows provided by financing activities** | **$1,080** | **$784** | | **Cash, restricted cash, and cash equivalents at end of period** | **$636** | **$563** | [PECO Energy Company Consolidated Financial Statements](index=23&type=section&id=PECO%20Energy%20Company%20Consolidated%20Financial%20Statements) PECO Energy Company experienced decreased net income for both periods despite increased operating revenues, primarily due to higher operating expenses, while operating cash flows increased and investing activities saw higher cash usage Operating Revenues and Net Income (Millions) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---|\n| Electric operating revenues | $723 | $707 | $1,521 | $1,441 | | Natural gas operating revenues | $108 | $108 | $425 | $414 | | **Total operating revenues** | **$828** | **$816** | **$1,940** | **$1,863** | | **Net income** | **$97** | **$133** | **$263** | **$339** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$15,207** | **$14,502** | | **Total Liabilities** | **$9,253** | **$8,939** | | **Total Shareholder's Equity** | **$5,954** | **$5,563** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$545** | **$412** | | **Net cash flows used in investing activities** | **$(932)** | **$(653)** | | **Net cash flows provided by financing activities** | **$410** | **$229** | | **Cash, restricted cash, and cash equivalents at end of period** | **$91** | **$32** | [Baltimore Gas and Electric Company Financial Statements](index=28&type=section&id=Baltimore%20Gas%20and%20Electric%20Company%20Financial%20Statements) BGE reported increased net income and total operating revenues for both periods, with decreased operating cash flows, increased capital expenditures, and reduced cash from financing activities due to short-term borrowing changes Operating Revenues and Net Income (Millions) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---|\n| Electric operating revenues | $670 | $642 | $1,449 | $1,377 | | Natural gas operating revenues | $121 | $161 | $530 | $585 | | **Total operating revenues** | **$797** | **$786** | **$2,053** | **$1,940** | | **Net income** | **$42** | **$37** | **$241** | **$234** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$13,488** | **$13,350** | | **Total Liabilities** | **$8,232** | **$8,414** | | **Total Shareholder's Equity** | **$5,256** | **$4,936** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$611** | **$676** | | **Net cash flows used in investing activities** | **$(652)** | **$(571)** | | **Net cash flows provided by financing activities** | **$64** | **$399** | | **Cash, restricted cash, and cash equivalents at end of period** | **$90** | **$559** | [Pepco Holdings LLC Consolidated Financial Statements](index=33&type=section&id=Pepco%20Holdings%20LLC%20Consolidated%20Financial%20Statements) PHI reported increased net income and total operating revenues for both periods, with decreased operating cash flows, significantly increased capital expenditures, and reduced cash from financing activities due to short-term borrowings and distributions Operating Revenues and Net Income (Millions) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---|\n| Electric operating revenues | $1,265 | $1,199 | $2,637 | $2,522 | | Natural gas operating revenues | $29 | $37 | $126 | $120 | | **Total operating revenues** | **$1,305** | **$1,221** | **$2,841** | **$2,626** | | **Net income** | **$103** | **$100** | **$258** | **$230** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$26,241** | **$26,082** | | **Total Liabilities** | **$14,560** | **$14,852** | | **Total Member's Equity** | **$11,681** | **$11,230** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$528** | **$790** | | **Net cash flows used in investing activities** | **$(1,014)** | **$(773)** | | **Net cash flows provided by financing activities** | **$249** | **$389** | | **Cash, restricted cash, and cash equivalents at end of period** | **$136** | **$619** | [Potomac Electric Power Company Financial Statements](index=38&type=section&id=Potomac%20Electric%20Power%20Company%20Financial%20Statements) Pepco reported a three-month net income decrease but a six-month increase, despite growing electric operating revenues, with increased operating cash flows, higher capital expenditures, and reduced cash from financing activities Operating Revenues and Net Income (Millions) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---|\n| Electric operating revenues | $633 | $580 | $1,302 | $1,200 | | Revenues from alternative revenue programs | $7 | $(1) | $46 | $(7) | | **Total operating revenues** | **$642** | **$581** | **$1,351** | **$1,195** | | **Net income** | **$64** | **$70** | **$130** | **$116** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$10,838** | **$10,657** | | **Total Liabilities** | **$6,799** | **$6,875** | | **Total Shareholder's Equity** | **$4,039** | **$3,782** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$306** | **$241** | | **Net cash flows used in investing activities** | **$(475)** | **$(400)** | | **Net cash flows provided by financing activities** | **$112** | **$222** | | **Cash, restricted cash, and cash equivalents at end of period** | **$42** | **$131** | [Delmarva Power & Light Company Financial Statements](index=43&type=section&id=Delmarva%20Power%20%26%20Light%20Company%20Financial%20Statements) DPL reported increased net income and total operating revenues for both periods, with significantly decreased operating cash flows, increased capital expenditures, and reduced cash from financing activities due to short-term borrowings Operating Revenues and Net Income (Millions) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---|\n| Electric operating revenues | $315 | $295 | $682 | $643 | | Natural gas operating revenues | $29 | $37 | $126 | $120 | | **Total operating revenues** | **$349** | **$332** | **$823** | **$763** | | **Net income** | **$25** | **$21** | **$85** | **$77** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$5,823** | **$5,802** | | **Total Liabilities** | **$3,749** | **$3,852** | | **Total Shareholder's Equity** | **$2,074** | **$1,950** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$181** | **$383** | | **Net cash flows used in investing activities** | **$(360)** | **$(265)** | | **Net cash flows provided by financing activities** | **$45** | **$60** | | **Cash, restricted cash, and cash equivalents at end of period** | **$18** | **$249** | [Atlantic City Electric Company Consolidated Financial Statements](index=48&type=section&id=Atlantic%20City%20Electric%20Company%20Consolidated%20Financial%20Statements) ACE reported increased net income and total operating revenues for both periods, with significantly decreased operating cash flows, increased capital expenditures, and increased cash from financing activities due to short-term borrowings and parent contributions Operating Revenues and Net Income (Millions) | Metric | 3 Months Ended June 30, 2023 (Millions) | 3 Months Ended June 30, 2022 (Millions) | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|:---|:---|\n| Electric operating revenues | $317 | $323 | $653 | $668 | | Revenues from alternative revenue programs | $(1) | $(15) | $16 | $(12) | | **Total operating revenues** | **$317** | **$309** | **$670** | **$658** | | **Net income** | **$18** | **$11** | **$51** | **$37** | Balance Sheet Highlights (Millions) | Metric | June 30, 2023 (Millions) | December 31, 2022 (Millions) | |:---|:---|:---|\n| **Total Assets** | **$5,088** | **$4,979** | | **Total Liabilities** | **$3,257** | **$3,226** | | **Total Shareholder's Equity** | **$1,831** | **$1,753** | Cash Flow Highlights (Millions) | Metric | 6 Months Ended June 30, 2023 (Millions) | 6 Months Ended June 30, 2022 (Millions) | |:---|:---|:---|\n| **Net cash flows provided by operating activities** | **$41** | **$221** | | **Net cash flows used in investing activities** | **$(275)** | **$(179)** | | **Net cash flows provided by financing activities** | **$186** | **$162** | | **Cash and cash equivalents at end of period** | **$24** | **$233** | [1. Significant Accounting Policies](index=53&type=section&id=1.%20Significant%20Accounting%20Policies) Exelon, a utility services holding company, completed the separation of its generation business (Constellation) in February 2022, with financial statements prepared as unaudited interim reports in accordance with GAAP and SEC regulations - Exelon Corporation is a utility services holding company engaged in energy transmission and distribution through ComEd, PECO, BGE, Pepco, DPL, and ACE[117](index=117&type=chunk) - On February 1, 2022, Exelon completed the separation of its generation business, creating two publicly traded companies: Exelon and Constellation Constellation now holds Generation and its subsidiaries[118](index=118&type=chunk)[124](index=124&type=chunk) - The financial statements are unaudited and include all necessary adjustments for fair presentation in accordance with GAAP, with certain information condensed or omitted per SEC rules for Form 10-Q[122](index=122&type=chunk) [2. Discontinued Operations](index=54&type=section&id=2.%20Discontinued%20Operations) The February 2022 separation of Constellation is classified as discontinued operations, with no results for Q2/H1 2023, but significant revenues and net income in H1 2022, governed by ongoing separation agreements - The separation of Constellation (Generation) on February 1, 2022, is classified as discontinued operations due to its strategic impact on Exelon's financial results[128](index=128&type=chunk) - There were no results from discontinued operations for the three and six months ended June 30, 2023, and the three months ended June 30, 2022[129](index=129&type=chunk) Discontinued Operations (Constellation) - Six Months Ended June 30, 2022 | Metric | Amount (Millions) | |:---|:---|\n| Operating revenues | | Competitive business revenues | $1,855 | | Competitive business revenues from affiliates | $161 | | **Total operating revenues** | **$2,016** | | Operating expenses | $1,647 | | Operating income | $379 | | Income before income taxes | $78 | | Income taxes | $(40) | | Equity in losses of unconsolidated affiliates | $(1) | | **Net income** | **$117** | | Net income attributable to noncontrolling interests | $1 | | **Net income from discontinued operations** | **$116** | - Exelon and Constellation entered into a Separation Agreement, Transition Services Agreement (TSA), and Tax Matters Agreement (TMA) to govern ongoing relationships post-separation[125](index=125&type=chunk)[126](index=126&type=chunk) [3. Regulatory Matters](index=57&type=section&id=3.%20Regulatory%20Matters) Registrants are engaged in various rate and regulatory proceedings, with completed and pending distribution base rate cases, increased transmission formula rates, and ongoing Illinois regulatory matters and a FERC audit with potential material financial impacts Completed Distribution Base Rate Case Proceedings (2023) | Registrant/Jurisdiction | Service | Approved Revenue Requirement Increase (Millions) | Approved ROE | |:---|:---|:---|:---|\n| ComEd - Illinois | Electric | $199 | **7.85%** | | PECO - Pennsylvania | Natural Gas | $55 | N/A | | BGE - Maryland | Electric | $42 (2023 portion) | **9.50%** | | BGE - Maryland | Natural Gas | $10 (2023 portion) | **9.65%** | | DPL - Maryland | Electric | $17 (2023 portion) | **9.60%** | Pending Distribution Base Rate Case Proceedings (as of June 30, 2023) | Registrant/Jurisdiction | Service | Requested Revenue Requirement Increase (Millions) | Requested ROE | Expected Approval Timing | |:---|:---|:---|:---|:---|\n| ComEd - Illinois | Electric | $1,545 | **10.50%** to **10.65%** | Fourth quarter of 2023 | | ComEd - Illinois | Electric | $247 | **8.91%** | Fourth quarter of 2023 | | BGE - Maryland | Electric | $313 | **10.40%** | Fourth quarter of 2023 | | BGE - Maryland | Natural Gas | $289 | **10.40%** | Fourth quarter of 2023 | | Pepco - District of Columbia | Electric | $191 | **10.50%** | Second quarter of 2024 | | Pepco - Maryland | Electric | $214 | **10.50%** | Second quarter of 2024 | | DPL - Delaware | Electric | $42 | **10.50%** | Second quarter of 2024 | | ACE - New Jersey | Electric | $94 | **10.50%** | First quarter of 2024 | 2023 Electric Transmission Formula Rate Updates (Effective June 1, 2023) | Registrant | Total Revenue Requirement Increase (Millions) | Allowed Return on Rate Base | Allowed ROE | |:---|:---|:---|:---|\n| ComEd | $83 | **8.09%** | **11.50%** | | PECO | $47 | **7.41%** | **10.35%** | | BGE | $4 | **7.34%** | **10.50%** | | Pepco | $32 | **7.57%** | **10.50%** | | DPL | $29 | **7.08%** | **10.50%** | | ACE | $29 | **7.08%** | **10.50%** | - ComEd's regulatory assets increased by **$779 million**, primarily due to a **$252 million** increase in Electric Distribution Formula Rate Annual Reconciliations, a **$236 million** increase in the Carbon Mitigation Credit (CMC) regulatory asset, and a **$145 million** increase in the Zero Emission Credit (ZEC) regulatory asset[176](index=176&type=chunk) - A FERC audit of ComEd's overhead cost allocation methodology concluded with a final report on July 27, 2023 ComEd disagrees with findings, and the final resolution could result in material future losses beyond current accruals[173](index=173&type=chunk)[174](index=174&type=chunk) [4. Revenue from Contracts with Customers](index=64&type=section&id=4.%20Revenue%20from%20Contracts%20with%20Customers) Registrants recognize revenue from regulated electric and gas tariff sales, distribution, and transmission services, with contract liabilities primarily from a communication infrastructure arrangement, and future revenues projected through 2027 and beyond - The Registrants' primary revenue sources are regulated electric and gas tariff sales, distribution, and transmission services[182](index=182&type=chunk) - Contract liabilities for PHI, Pepco, DPL, and ACE primarily relate to upfront consideration from a collaborative arrangement for communication infrastructure, with revenue recognized over **35 years**[185](index=185&type=chunk) Transaction Price Allocated to Remaining Performance Obligations (Millions) | Year | Exelon | PHI | Pepco | DPL | ACE | |:---|:---|:---|:---|:---|:---|\n| 2023 | $7 | $7 | $5 | $1 | $1 | | 2024 | $6 | $6 | $5 | $0 | $1 | | 2025 | $5 | $5 | $5 | $0 | $0 | | 2026 | $5 | $5 | $5 | $0 | $0 | | 2027 and thereafter | $75 | $75 | $58 | $9 | $8 | | **Total** | **$98** | **$98** | **$78** | **$10** | **$10** | [5. Segment Information](index=65&type=section&id=5.%20Segment%20Information) Exelon operates through six reportable segments (ComEd, PECO, BGE, Pepco, DPL, ACE), evaluating performance by net income and disaggregating revenues by electric and natural gas sales across various customer groups, with intersegment eliminations applied at consolidated levels - Exelon has **six reportable segments**: ComEd, PECO, BGE, Pepco, DPL, and ACE Each represents a single reportable segment, and performance is evaluated based on net income[194](index=194&type=chunk) Exelon Consolidated Operating Revenues by Segment (Three Months Ended June 30, 2023) | Segment | Electric Revenues (Millions) | Natural Gas Revenues (Millions) | Shared Service and Other Revenues (Millions) | Total Operating Revenues (Millions) | |:---|:---|:---|:---|:---|\n| ComEd | $1,901 | $0 | $0 | $1,901 | | PECO | $719 | $109 | $0 | $828 | | BGE | $672 | $125 | $0 | $797 | | PHI | $1,274 | $29 | $2 | $1,305 | | Other | $0 | $0 | $434 | $434 | | Intersegment Eliminations | $(10) | $(1) | $(436) | $(447) | | **Exelon Total** | **$4,556** | **$262** | **$0** | **$4,818** | Exelon Consolidated Operating Revenues by Segment (Six Months Ended June 30, 2023) | Segment | Electric Revenues (Millions) | Natural Gas Revenues (Millions) | Shared Service and Other Revenues (Millions) | Total Operating Revenues (Millions) | |:---|:---|:---|:---|:---|\n| ComEd | $3,568 | $0 | $0 | $3,568 | | PECO | $1,514 | $426 | $0 | $1,940 | | BGE | $1,485 | $568 | $0 | $2,053 | | PHI | $2,711 | $126 | $4 | $2,841 | | Other | $0 | $0 | $871 | $871 | | Intersegment Eliminations | $(14) | $(4) | $(875) | $(893) | | **Exelon Total** | **$9,264** | **$1,116** | **$0** | **$10,380** | Exelon Total Assets by Segment (Millions) | Segment | June 30, 2023 | December 31, 2022 | |:---|:---|:---|\n| ComEd | $41,672 | $39,661 | | PECO | $15,207 | $14,502 | | BGE | $13,488 | $13,350 | | PHI | $26,241 | $26,082 | | Other | $5,922 | $6,014 | | Intersegment Eliminations | $(4,450) | $(4,260) | | **Exelon Total** | **$98,080** | **$95,349** | [6. Accounts Receivable](index=75&type=section&id=6.%20Accounts%20Receivable) Exelon's allowance for customer credit losses decreased to **$323 million**, while other accounts receivable allowance increased to **$87 million**, and unbilled customer revenues decreased to **$789 million**, with utility registrants purchasing **$1,979 million** in receivables from suppliers Allowance for Credit Losses on Customer Accounts Receivable (Millions) | Registrant | Balance at Dec 31, 2022 | Current Period Provision | Write-offs, net of recoveries | Balance at Jun 30, 2023 | |:---|:---|:---|:---|:---|\n| Exelon | $327 | $71 | $75 | $323 | | ComEd | $59 | $21 | $13 | $67 | | PECO | $105 | $18 | $22 | $101 | | BGE | $54 | $14 | $18 | $50 | | PHI | $109 | $18 | $22 | $105 | | Pepco | $47 | $13 | $10 | $50 | | DPL | $21 | $4 | $4 | $21 | | ACE | $41 | $1 | $8 | $34 | Allowance for Credit Losses on Other Accounts Receivable (Millions) | Registrant | Balance at Dec 31, 2022 | Current Period Provision | Write-offs, net of recoveries | Balance at Jun 30, 2023 | |:---|:---|:---|:---|:---|\n| Exelon | $82 | $15 | $10 | $87 | | ComEd | $17 | $3 | $2 | $18 | | PECO | $9 | $1 | $2 | $8 | | BGE | $10 | $2 | $4 | $8 | | PHI | $46 | $9 | $2 | $53 | | Pepco | $25 | $6 | $0 | $31 | | DPL | $7 | $2 | $0 | $9 | | ACE | $14 | $1 | $2 | $13 | Unbilled Customer Revenues (Millions) | Registrant | June 30, 2023 | December 31, 2022 | |:---|:---|:---|\n| Exelon | $789 | $912 | | ComEd | $329 | $223 | | PECO | $144 | $219 | | BGE | $116 | $247 | | PHI | $200 | $223 | | Pepco | $96 | $103 | | DPL | $37 | $74 | | ACE | $67 | $46 | Total Receivables Purchased (Six Months Ended June 30, 2023) (Millions) | Registrant | Total Receivables Purchased | |:---|:---|\n| Exelon | $1,979 | | ComEd | $445 | | PECO | $546 | | BGE | $420 | | PHI | $568 | | Pepco | $371 | | DPL | $107 | | ACE | $90 | [7. Income Taxes](index=78&type=section&id=7.%20Income%20Taxes) Exelon's effective income tax rate from continuing operations varied from the U.S. federal statutory rate, influenced by state taxes and deferred tax amortization, with unrecognized tax benefits reported by some registrants, and the new IRA corporate alternative minimum tax effective in 2023 Effective Income Tax Rate from Continuing Operations (Three Months Ended June 30) | Registrant | 2023 | 2022 | |:---|:---|:---|\n| Exelon | **17.5%** | **9.0%** | | ComEd | **22.2%** | **22.5%** | | PECO | **2.0%** | **6.3%** | | BGE | **22.2%** | **2.6%** | | PHI | **16.3%** | **1.0%** | | Pepco | **13.5%** | (**1.4%)** | | DPL | **16.7%** | **8.7%** | | ACE | **25.0%** | **0.0%** | Effective Income Tax Rate from Continuing Operations (Six Months Ended June 30) | Registrant | 2023 | 2022 | |:---|:---|:---|\n| Exelon | **16.9%** | **21.8%** | | ComEd | **22.5%** | **22.3%** | | PECO | **1.9%** | **6.6%** | | BGE | **21.2%** | **4.1%** | | PHI | **17.3%** | **3.4%** | | Pepco | **14.5%** | (**2.7%)** | | DPL | **16.7%** | **7.2%** | | ACE | **25.0%** | **2.6%** | Unrecognized Tax Benefits (Millions) | Registrant | June 30, 2023 | December 31, 2022 | |:---|:---|:---|\n| Exelon | $148 | $148 | | PHI | $59 | $59 | | ACE | $17 | $17 | - The Inflation Reduction Act (IRA) of 2022 implements a new corporate alternative minimum tax (CAMT) of **15.0%** on modified GAAP net income, effective 2