Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

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Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a)The following documents are filed as a part of this report:

(1) Exelon


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Balance Sheets at December 31, 2021 and 2020

						Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020, and 2019

						Notes to Consolidated Financial Statements

(ii)						Financial Statement Schedules:

						Schedule I—Condensed Financial Information of Parent (Exelon Corporate) at December 31, 2021 and 2020 and for the Years Ended December 31, 2021, 2020, and 2019

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto.

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Statements of Operations and Other Comprehensive Income


	For the Years Ended December 31,
(In millions)	2021		2020		2019
Operating expenses
Operating and maintenance	$	(9)	$	(2)	$	33
Operating and maintenance from affiliates	38		10		9
Other	2		2		1
Total operating expenses	31		10		43
Operating loss	(31)		(10)		(43)
Other income and (deductions)
Interest expense, net	(333)		(378)		(321)
Equity in earnings of investments	1,996		2,313		3,254
Interest income from affiliates, net	16		30		39
Other, net	—		15		14
Total other income	1,679		1,980		2,986
Income before income taxes	1,648		1,970		2,943
Income taxes	(58)		7		7
Net income	$	1,706	$	1,963	$	2,936
Other comprehensive income (loss), net of income taxes
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic costs	$	(4)	$	(40)	$	(64)
Actuarial loss reclassified to periodic cost	223		190		148
Pension and non-pension postretirement benefit plan valuation adjustment	431		(357)		(289)
Unrealized (loss) gain on cash flow hedges	—		(1)		1
Other comprehensive income (loss)	650		(208)		(204)
Comprehensive income	$	2,356	$	1,755	$	2,732

See the Notes to Financial Statements

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Statements of Cash Flows


	For the Years Ended December 31,
(In millions)	2021		2020		2019
Net cash flows provided by operating activities	$	3,629	$	3,018	$	1,948
Cash flows from investing activities
Changes in Exelon intercompany money pool	381		(477)		95
Notes receivable from affiliates	—		550		—

Investment in affiliates	(2,231)		(1,969)		(1,071)

Other investing activities	1		—		—
Net cash flows used in investing activities	(1,849)		(1,896)		(976)
Cash flows from financing activities

Changes in short-term borrowings	—		(136)		136
Proceeds from short-term borrowings with maturities greater than 90 days	500		—		—
Repayments on short-term borrowings with maturities greater than 90 days	(350)		—		—
Issuance of long-term debt	—		2,000		—

Retirement of long-term debt	(300)		(1,450)		—


Dividends paid on common stock	(1,497)		(1,492)		(1,408)
Proceeds from employee stock plans	80		45		112
Other financing activities	19		(27)		—
Net cash flows used in financing activities	(1,548)		(1,060)		(1,160)
Increase (Decrease) in cash, restricted cash, and cash equivalents	232		62		(188)
Cash, restricted cash, and cash equivalents at beginning of period	63		1		189
Cash, restricted cash, and cash equivalents at end of period	$	295	$	63	$	1

See the Notes to Financial Statements

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Balance Sheets


	December 31,
(In millions)	2021		2020
ASSETS
Current assets
Cash and cash equivalents	$	295	$	63


Accounts receivable, net
Other accounts receivable	318		354
Accounts receivable from affiliates	35		11
Notes receivable from affiliates	217		598
Regulatory assets	266		315
Other	6		4
Total current assets	1,137		1,345
Property, plant, and equipment, net	45		46
Deferred debits and other assets
Regulatory assets	3,164		3,816
Investments in affiliates	44,495		43,149
Deferred income taxes	1,513		1,625

Notes receivable from affiliates	319		324
Other	42		312
Total deferred debits and other assets	49,533		49,226
Total assets	$	50,715	$	50,617

See the Notes to Financial Statements

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Balance Sheets


	December 31,
(In millions)	2021		2020
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	650	$	500
Long-term debt due within one year	1,150		300
Accounts payable	—		1

Accrued expenses	79		76

Payables to affiliates	360		457
Regulatory liabilities	3		4
Pension obligations	75		92
Other	7		4
Total current liabilities	2,324		1,434
Long-term debt	6,265		7,418

Deferred credits and other liabilities
Regulatory liabilities	63		32
Pension obligations	7,038		8,351
Non-pension postretirement benefit obligations	116		387

Deferred income taxes	404		348
Other	112		62
Total deferred credits and other liabilities	7,733		9,180
Total liabilities	16,322		18,032
Commitments and contingencies
Shareholders’ equity
Common stock (No par value, 2,000 shares authorized, 979 shares and 976 shares outstanding as of December 31, 2021 and 2020, respectively)	20,324		19,373
Treasury stock, at cost (2 shares as of December 31, 2021 and 2020)	(123)		(123)
Retained earnings	16,942		16,735
Accumulated other comprehensive loss, net	(2,750)		(3,400)
Total shareholders’ equity	34,393		32,585

Total liabilities and shareholders’ equity	$	50,715	$	50,617

See the Notes to Financial Statements

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Notes to Financial Statements

1. Basis of Presentation

Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements and notes thereto of Exelon Corporation.

As of December 31, 2021 and 2020, Exelon Corporate owned 100% of all of its significant subsidiaries, either directly or indirectly, except for Commonwealth Edison Company (ComEd), of which Exelon Corporate owns more than 99%. As a February 1, 2022, as a result of the completion of the separation, Exelon Corporate no longer owns any interest in Exelon Generation Company, LLC. See Note 26 — Separation of the Combined Notes to Consolidated Financial Statements for additional information.

2. Debt and Credit Agreements

Short-Term Borrowings

Exelon Corporate meets its short-term liquidity requirements primarily through the issuance of commercial paper. Exelon Corporate had no outstanding commercial paper borrowings as of December 31, 2021 and 2020.

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed on March 17, 2021 and will expire on March 16, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Short-term borrowings in Exelon's Consolidated Balance Sheet.

On March 24, 2021, Exelon Corporate entered into a 9-month term loan agreement for $200 million. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.65% and all indebtedness thereunder is unsecured. Exelon Corporate repaid the term loan on December 22, 2021.

On March 31, 2021, Exelon Corporate entered into a 9-month and 364-day term loan agreement for $150 million each with variable interest rates of LIBOR plus 0.65% and expiration dates of December 31, 2021 and March 30, 2022, respectively. The 364-day loan agreement is reflected in Short-term borrowings in Exelon's Consolidated Balance Sheet. Exelon Corporate repaid the 9-month term loan on December 29, 2021.

In connection with the separation, on January 24, 2022, Exelon Corporate entered into a 364-day term loan agreement for $1.15 billion. The loan agreement will expire on January 23, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.75% and all indebtedness thereunder is unsecured.

Revolving Credit Agreements

As of December 31, 2021, Exelon Corporation had a $600 million aggregate bank commitment under its existing syndicated revolving facility in which $594 million was available to support additional commercial paper as of December 31, 2021. See Note 17—Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon Corporation’s credit agreement.

On February 1, 2022, Exelon Corporate entered into a new 5-year revolving credit facility with an aggregate bank commitment of $900 million at a variable interest rate of SOFR plus 1.275% which replaced its existing $600 million syndicated revolving credit facility.

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Notes to Financial Statements

Long-Term Debt

The following tables present the outstanding long-term debt for Exelon Corporate as of December 31, 2021 and December 31, 2020:


						Maturity Date	December 31,
	Rates					2021	2020
Long-term debt(a)
Junior subordinated notes				3.50	%	2022	$	1,150	$	1,150

Senior unsecured notes(b)	3.40	%	-	7.60	%	2025 - 2050	6,139		6,439
Total long-term debt							7,289		7,589
Unamortized debt discount and premium, net							(10)		(10)
Unamortized debt issuance costs							(39)		(47)
Fair value adjustment							175		186
Long-term debt due within one year							(1,150)		(300)
Long-term debt							$	6,265	$	7,418

(a)In connection with the separation, Exelon Corporate entered into three 18-month term loan agreements. On January 21, 2022, two of the loan agreements were issued for $300 million each with an expiration date of July 21, 2023. On January 24, 2022, the third loan agreement was issued for $250 million with an expiration date of July 24, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65%.

(b)Senior unsecured notes include mirror debt that is held on Exelon Corporation's balance sheet. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan. See Note 17 — Debt and Credit Agreements for additional information on the merger debt.

The debt maturities for Exelon Corporate for the periods 2022, 2023, 2024, 2025, 2026, and thereafter are as follows:


2022	$	1,150
2023	—
2024	—
2025	807
2026	750
Thereafter	4,582
Total long-term debt	$	7,289

3. Commitments and Contingencies

See Note 19—Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for Exelon Corporate’s commitments and contingencies related to environmental matters and fund transfer restrictions.

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Notes to Financial Statements

4. Related Party Transactions

The financial statements of Exelon Corporate include related party transactions as presented in the tables below:


	For the Years Ended December 31,
(In millions)	2021		2020		2019
Operating and maintenance from affiliates:
BSC(a)	$	38	$	10	$	9

Total operating and maintenance from affiliates:	$	38	$	10	$	9
Interest income from affiliates, net:
Generation	$	16	$	29	$	36
BSC	—		1		3

Total interest income from affiliates, net:	$	16	$	30	$	39
Equity in earnings (losses) of investments:
EEDC(b)	$	2,215	$	1,729	$	2,054
Generation	(206)		589		1,125
UII	—		—		97
PCI	(1)		—		1

Exelon Enterprises	—		—		(16)
Exelon INQB8R	(13)		(6)		(8)
Exelon Transmission Company	—		—		(2)
Other	1		1		3
Total equity in earnings of investments:	$	1,996	$	2,313	$	3,254

Cash contributions received from affiliates	$	3,674	$	3,372	$	2,514

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Notes to Financial Statements


	As of December 31,
(in millions)	2021		2020
Accounts receivable from affiliates (current):
BSC(a)	$	4	$	—
Generation	13		3
ComEd	5		—
PECO	4		1
BGE	2		—
PHISCO	6		6
Exelon Enterprises	1		1

Total accounts receivable from affiliates (current):	$	35	$	11
Notes receivable from affiliates (current):
BSC(a)	$	210	$	252
Generation(c)	—		285
PECO	—		40
PHI	7		21
Total notes receivable from affiliates (current):	$	217	$	598
Investments in affiliates:
BSC(a)	$	195	$	196
EEDC(b)	32,621		30,103
Generation	11,219		12,400
PCI	62		62
UII	365		365
Voluntary Employee Beneficiary Association trust	3		—
Exelon Enterprises	3		3
Exelon INQB8R, LLC	29		23
Other	(2)		(3)
Total investments in affiliates:	$	44,495	$	43,149
Notes receivable from affiliates (non-current):
Generation(c)	$	319	$	324


Accounts payable to affiliates (current):

UII	$	360	$	360
BSC	—		91
EEDC(b)	—		4
Generation(c)	—		2

Total accounts payable to affiliates (current):	$	360	$	457

(a)Exelon Corporate receives a variety of corporate support services from BSC, including legal, human resources, financial, information technology, and supply management services. All services are provided at cost, including applicable overhead.

(b)EEDC consists of ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE.

(c)In connection with the debt obligations assumed by Exelon as part of the Constellation merger, Exelon and subsidiaries of Generation (former Constellation subsidiaries) entered into intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes receivable at Exelon Corporate from Generation. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan. See Schedule 1 - 2. Debit and Credit agreements for additional information on the merger debt.

Exelon Corporation and Subsidiary Companies

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C						Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts			Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses(a)	$	437	$	141	(b)	$	—		$	127	(c)	$	451
Deferred tax valuation allowance	27		—			32		(d)	—			59
Reserve for obsolete materials	276		(1)			(2)			10			263
For the year ended December 31, 2020
Allowance for credit losses(a)	$	294	$	240	(b)	$	(18)	(e)	$	79	(c)	$	437
Deferred tax valuation allowance	26		—			1			—			27
Reserve for obsolete materials	155		128		(f)	(1)			6			276
For the year ended December 31, 2019
Allowance for credit losses(a)	$	319	$	119	(b)	$	26		$	170	(c)	$	294
Deferred tax valuation allowance	35		—			(9)			—			26
Reserve for obsolete materials	156		6			—			7			155

(a)Excludes the non-current allowance for credit losses related to PECO’s installment plan receivables of $14 million, $5 million, and $9 million for the years ended December 31, 2021, 2020, and 2019, respectively.

(b)The amount charged to costs and expenses includes the amount that was reclassified to regulatory assets/liabilities under different mechanisms applicable to the different jurisdictions the Utility Registrants operate in.

(c)Primarily reflects write-offs, net of recoveries of individual accounts receivable.

(d)DPL recorded a full valuation allowance against Delaware net operating losses carryforwards due to a change in Delaware tax law. See Note 14 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information on the valuation allowance.

(e)Includes a decrease related to the sale of customer accounts receivable at Generation in the second quarter of 2020. See Note 6—Accounts Receivable of the Combined Notes to Consolidated Financial Statements for additional information.

(f)Primarily reflects expense resulting from materials and supplies inventory reserve adjustments as a result of the decision to early retire Byron, Dresden, and Mystic 8 and 9. See Note 7—Early Plant Retirements of the Combined Notes to Consolidated Financial Statements for additional information.

Commonwealth Edison Company and Subsidiary Companies

(2) ComEd


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Balance Sheets at December 31, 2021 and 2020

						Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2021, 2020, and 2019

						Notes to Consolidated Financial Statements

(ii)						Financial Statement Schedule:

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

Commonwealth Edison Company and Subsidiary Companies

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C					Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts		Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses	$	118	$	18	(a)	$	1	$	47	(b)	$	90
Reserve for obsolete materials	6		3			—		2			7
For the year ended December 31, 2020
Allowance for credit losses	$	79	$	54	(a)	$	13	$	28	(b)	$	118
Reserve for obsolete materials	7		3			—		4			6
For the year ended December 31, 2019
Allowance for credit losses	$	81	$	35	(a)	$	20	$	57	(b)	$	79
Reserve for obsolete materials	6		6			—		5			7

(a)ComEd is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through a rider mechanism. The amount charged to costs and expenses includes the amount that was reclassified to regulatory assets/liabilities under such mechanism. See Note 3 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

(b)Write-offs, net of recoveries of individual accounts receivable.

PECO Energy Company and Subsidiary Companies

(3) PECO


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Balance Sheets at December 31, 2021 and 2020

						Consolidated Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2021, 2020, and 2019

						Notes to Consolidated Financial Statements

(ii)						Financial Statement Schedule:

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

PECO Energy Company and Subsidiary Companies

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C					Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts		Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses(a)	$	124	$	32	(b)	$	(6)	$	38	(c)	$	112
Deferred tax valuation allowance	1		—			2		—			$	3
Reserve for obsolete materials	2		1			—		1			2
For the year ended December 31, 2020
Allowance for credit losses(a)	$	62	$	76	(b)	$	6	$	20	(c)	$	124
Deferred tax valuation allowance	—		—			1		—			1
Reserve for obsolete materials	2		1			—		1			2
For the year ended December 31, 2019
Allowance for credit losses(a)	$	61	$	31		$	3	$	33	(c)	$	62
Reserve for obsolete materials	2		—			—		—			2

(b)The amount charged to costs and expenses includes the amount that was reclassified to the COVID-19 regulatory asset. See Note 3 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

(c)Write-offs, net of recoveries of individual accounts receivable.

Baltimore Gas and Electric Company

(4) BGE


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

						Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

						Balance Sheets at December 31, 2021 and 2020

						Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2021, 2020 and 2019

						Notes to Financial Statements

(ii)						Financial Statement Schedule:

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

Baltimore Gas and Electric Company

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C					Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts		Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses	$	44	$	16	(a)	$	3	$	16	(b)	$	47

Reserve for obsolete materials	1		—			—		—			1
For the year ended December 31, 2020
Allowance for credit losses	$	17	$	31	(a)	$	6	$	10	(b)	$	44
Deferred tax valuation allowance	1		—			(1)		—			—
Reserve for obsolete materials	1		—			—		—			1
For the year ended December 31, 2019
Allowance for credit losses	$	20	$	8	(a)	$	7	$	18	(b)	$	17
Deferred tax valuation allowance	1		—			—		—			1
Reserve for obsolete materials	1		—			—		—			1

(a)The amount charged to costs and expenses includes the amount that was reclassified to regulatory assets/liabilities under different mechanisms as approved by the MDPSC.

(b)Write-offs, net of recoveries of individual accounts receivable.

Pepco Holdings LLC and Subsidiary Companies

(5) PHI


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Balance Sheets at December 31, 2021 and 2020

						Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020, and 2019

						Notes to Consolidated Financial Statements

(ii)						Financial Statement Schedule:

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

Pepco Holdings LLC and Subsidiary Companies

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C						Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts			Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses	$	119	$	41	(a)	$	2		$	19	(b)	$	143
Deferred tax valuation allowance	—		—			31		(c)	—			31
Reserve for obsolete materials	2		1			—			—			3
For the year ended December 31, 2020
Allowance for credit losses	$	53	$	69	(a)	$	13		$	16	(b)	$	119

Reserve for obsolete materials	3		—			—			1			2
For the year ended December 31, 2019
Allowance for credit losses	$	53	$	17	(a)	$	7		$	24	(d)	$	53
Deferred tax valuation allowance	8		—			(8)			—			—
Reserve for obsolete materials	2		1			—			—			3

(a)The amount charged to costs and expenses includes the amount that was reclassified to regulatory assets/liabilities under different mechanisms applicable to the different jurisdictions Pepco, DPL, and ACE operate in.

(b)Write-offs, net of recoveries of individual accounts receivable.

(c)DPL recorded a full valuation allowance against Delaware net operating losses carryforwards due to a change in Delaware tax law. See Note 14 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information on the valuation allowance.

(d)Write-offs of individual accounts receivable.

Potomac Electric Power Company

(6) Pepco


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

						Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

						Balance Sheets at December 31, 2021 and 2020

						Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2021, 2020 and 2019

						Notes to Financial Statements

(ii)						Financial Statement Schedule:

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

Potomac Electric Power Company

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C					Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts		Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses	$	45	$	14	(a)	$	2	$	8	(b)	$	53

Reserve for obsolete materials	1		—			—		—			1
For the year ended December 31, 2020
Allowance for credit losses	$	20	$	25	(a)	$	5	$	5	(b)	$	45

Reserve for obsolete materials	1		—			—		—			1
For the year ended December 31, 2019
Allowance for credit losses	$	21	$	7	(a)	$	2	$	10	(c)	$	20

Reserve for obsolete materials	1		—			—		—			1

(a)The amount charged to costs and expenses includes the amount that was reclassified to regulatory assets/liabilities under different mechanisms as approved by the DCPSC and MDPSC.

(b)Write-offs, net of recoveries of individual accounts receivable.

(c)Write-off of individual accounts receivable.

Delmarva Power & Light Company

(7) DPL


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019

						Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019

						Balance Sheets at December 31, 2021 and 2020

						Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2021, 2020 and 2019

						Notes to Financial Statements

(ii)						Financial Statement Schedule:

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

Delmarva Power & Light Company

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C						Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts			Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses	$	31	$	6	(a)	$	(1)		$	10	(b)	$	26
Deferred tax valuation allowance	—		—			31		(c)	—			31

For the year ended December 31, 2020
Allowance for credit losses	$	15	$	16	(a)	$	4		$	4	(b)	$	31


For the year ended December 31, 2019
Allowance for credit losses	$	13	$	4	(a)	$	3		$	5	(d)	$	15

(a)The amount charged to costs and expenses includes the amount that was reclassified to regulatory assets/liabilities under different mechanisms as approved by the DEPSC and MDPSC.

(b)Write-offs, net of recoveries of individual accounts receivable.

(d)Write-off of individual accounts receivable.

Atlantic City Electric Company and Subsidiary Company

(8) ACE


(i)						Financial Statements (Item 8):

						Report of Independent Registered Public Accounting Firm dated February 25, 2022 of PricewaterhouseCoopers LLP (PCAOB ID 238)

						Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020, and 2019

						Consolidated Balance Sheets at December 31, 2021 and 2020

						Consolidated Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2021, 2020, and 2019

						Notes to Consolidated Financial Statements

(ii)						Financial Statement Schedule:

						Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020, and 2019

						Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

Atlantic City Electric Company and Subsidiary Company

Schedule II – Valuation and Qualifying Accounts


Column A	Column B		Column C					Column D			Column E
			Additions and adjustments
Description	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts		Deductions			Balance at End of Period
(In millions)
For the year ended December 31, 2021
Allowance for credit losses	$	43	$	21	(a)	$	1	$	1	(b)	$	64

Reserve for obsolete materials	—		1			—		—			1
For the year ended December 31, 2020
Allowance for credit losses	$	18	$	28	(a)	$	4	$	7	(b)	$	43

Reserve for obsolete materials	1		—			—		1			—
For the year ended December 31, 2019
Allowance for credit losses	$	19	$	5	(a)	$	2	$	8	(c)	$	18

Reserve for obsolete materials	1		—			—		—			1

(a)ACE is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through the Societal Benefits Charge. The amount charged to costs and expenses includes the amount that was reclassified to regulatory assets/liabilities under such mechanism. See Note 3 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.

(b)Write-offs, net of recoveries of individual accounts receivable.

(c)Write-off of individual accounts receivable.

Exhibits required by Item 601 of Regulation S-K:

Certain of the following exhibits are incorporated herein by reference under Rule 12b-32 of the Securities and Exchange Act of 1934, as amended. Certain other instruments which would otherwise be required to be listed below have not been so listed because such instruments do not authorize securities in an amount which exceeds 10% of the total assets of the applicable registrant and its subsidiaries on a consolidated basis and the relevant registrant agrees to furnish a copy of any such instrument to the Commission upon request.


Exhibit No.			Description
2-1			Separation Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation (File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 2.1)

3-1			Amended and Restated Articles of Incorporation of Exelon Corporation, as amended July 24, 2018 (File No. 001-16169, Form 8-K dated July 27, 2018, Exhibit 3.1).

3-2			Exelon Corporation Amended and Restated Bylaws, as amended on August 3, 2020 (File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 3.1).

3-3			Restated Articles of Incorporation of Commonwealth Edison Company Effective February 20, 1985, including Statements of Resolution Establishing Series, relating to the establishment of three new series of Commonwealth Edison Company preference stock known as the “$9.00 Cumulative Preference Stock,” the “$6.875 Cumulative Preference Stock” and the “$2.425 Cumulative Preference Stock” (File No. 001-01839, Form 10-K dated March 30, 1995, Exhibit 3.2).

3-4			Commonwealth Edison Company Amended and Restated By-Laws, Effective February 22, 2021 (File 001-01839, Form 10-K dated February 24, 2021, Exhibit 3.6).

3-5			Amended and Restated Articles of Incorporation of PECO Energy Company (File No. 001-01401, Form 10-K dated April 2, 2001, Exhibit 3.3).

3-6			PECO Energy Company Amended and Restated Bylaws dated August 3, 2020 (File 000-16844, Form 10-Q dated August 4, 2020, Exhibit 3.3).

3-7			Articles of Restatement to the Charter of Baltimore Gas and Electric Company, restated as of August 16, 1996. (File No. 001-01910, Form 10-Q dated November 14, 1996, Exhibit 3).

3-8			Articles of Amendment to the Charter of Baltimore Gas and Electric Company as of February 2, 2010. (File No. 001-01910, Form 8-K dated February 4, 2010, Exhibit 3.1).

3-9			Amended and Restated Bylaws of Baltimore Gas and Electric Company dated August 3, 2020 (File No. 001-01910, Form 10-Q dated August 4, 2020, Exhibit 3.4).

3-10			Certificate of Formation of Pepco Holdings LLC, dated March 23, 2016 (File No. 001-31403, Form 8-K dated March 24, 2016, Exhibit 3.2).

3-11			Amended and Restated Limited Liability Company Agreement of Pepco Holdings LLC, dated August 3, 2020 (File No. 001-31403, Form 10-Q dated August 4, 2020, Exhibit 3.5).

3-12			Potomac Electric Power Company Restated Articles of Incorporation and Articles of Restatement of (as filed in the District of Columbia) (File No. 001-31403, Form 10-Q dated May 5, 2006, Exhibit 3.1).

3-13			Potomac Electric Power Company Restated Articles of Incorporation and Articles of Restatement of (as filed in Virginia) (File No. 001-01072, Form 10-Q dated November 4, 2011, Exhibit 3.3).

3-14			Delmarva Power & Light Company Articles of Restatement of Certificate and Articles of Incorporation (filed in Delaware and Virginia 02/22/07) (File No. 001-01405, Form 10-K dated March 1, 2007, Exhibit 3.3).

3-15			Atlantic City Electric Company Restated Certificate of Incorporation (filed in New Jersey on August 9, 2002) (File No. 001-03559, Amendment No. 1 to Form U5B dated February 13, 2003, Exhibit B.8.1).


Exhibit No.			Description
3-1 6			Bylaws of Potomac Electric Power Company (File No. 001-01072, Form 10-Q dated May 5, 2006, Exhibit 3.2).

3-1 7			Bylaws of Delmarva Power & Light Company (File No. 001-01405, Form 10-Q dated May 9, 2005, Exhibit 3.2.1).

3-1 8			Bylaws of Atlantic City Electric Company (File No. 001-03559, Form 10-Q dated May 9, 2005, Exhibit 3.2.2).


Exhibit No.	Description
4-1	First and Refunding Mortgage dated May 1, 1923 between The Counties Gas and Electric Company (predecessor to PECO Energy Company) and Fidelity Trust Company, Trustee (U.S. Bank National Association, as current successor trustee), (Registration No. 2-2281, Exhibit B-1).(a)

4-1-1	Supplemental Indentures to PECO Energy Company’s First and Refunding Mortgage:

	Dated as of	File Reference	Exhibit No.
	December 1, 1941	2-4863(a)	B-1(h)

	April 15, 2004	000-16844, Form 10-Q dated September 30, 2004	4-1-1

	September 15, 2006	000-16844, Form 8-K dated September 25, 2006	4.1

	March 1, 2007	000-16844, Form 8-K dated March 19, 2007	4.1

	September 1, 2012	000-16844, Form 8-K dated September 17, 2012	4.1

	September 1, 2014	000-16844, Form 8-K dated September 15, 2014	4.1

	September 15, 2015	000-16844, Form 8-K dated October 5, 2015	4.1

	September 1, 2017	000-16844, Form 8-K dated September 18, 2017	4.1

	February 1, 2018	000-16844, Form 8-K dated February 23, 2018	4.1

	September 1, 2018	000-16844, Form 8-K dated September 11, 2018	4.1

	August 15, 2019	000-16844, Form 8-K dated September 10, 2019	4.1

	June 1, 2020	000-16844, Form 8-K dated June 8, 2020	4.1

	February 15, 2021	000-16844, Form 8-K dated March 8, 2021	4.1

	September 1, 2021	000-16844, Form 8-K, dated September 14, 2021	4.1


Exhibit No.			Description
4-2			Exelon Corporation Direct Stock Purchase Plan (Registration Statement No. 333-206474, Form S-3, Prospectus).

4-3			Mortgage of Commonwealth Edison Company to Illinois Merchants Trust Company, Trustee (BNY Mellon Trust Company of Illinois, as current successor Trustee), dated July 1, 1923, as supplemented and amended by Supplemental Indenture thereto dated August 1, 1944. (Registration No. 2-60201, Form S-7, Exhibit 2-1).(a)


Exhibit No.	Description
4-3-1	Supplemental Indentures to Commonwealth Edison Company Mortgage.

	Dated as of	File Reference	Exhibit No.
	January 13, 2003	001-01839, Form 8-K dated February 13, 2003	4-4

	February 22, 2006	001-01839, Form 8-K dated March 6, 2006	4.1

	March 1, 2007	001-01839, Form 8-K dated March 23, 2007	4.1

	December 20, 2007	001-01839, Form 8-K dated January 16, 2008	4.1

	September 17, 2012	001-01839, Form 8-K dated October 1, 2012	4.1

	August 1, 2013	001-01839, Form 8-K dated August 19, 2013	4.1

	January 2, 2014	001-01839, Form 8-K dated January 10, 2014	4.1

	October 28, 2014	001-01839, Form 8-K dated November 10, 2014	4.1

	February 18, 2015	001-01839, Form 8-K dated March 2, 2015	4.1

	November 4, 2015	001-01839, Form 8-K dated November 19, 2015	4.1

	June 15, 2016	001-01839, Form 8-K dated June 27, 2016	4.1

	August 9, 2017	001-01839, Form 8-K dated August 23, 2017	4.1

	February 6, 2018	001-01839, Form 8-K dated February 20, 2018	4.1

	July 26, 2018	001-01839, Form 8-K dated August 14, 2018	4.1

	February 7, 2019	001-01839, Form 8-K dated February 19, 2019	4.1

	October 29, 2019	001-01839, Form 8-K dated November 12, 2019	4.1

	February 10, 2020	001-01839, Form 8-K dated February 25 , 2020	4.1

	February 16, 2021	001-01839, Form 8-K dated March 9, 2021	4.1

	August 2, 2021	001-01839, Form 8-K dated August 12, 2021	4.1


Exhibit No.			Description
4-4			Instrument of Resignation, Appointment and Acceptance dated as of February 20, 2002, under the provisions of the Mortgage of Commonwealth Edison Company dated July 1, 1923, and Indentures Supplemental thereto, regarding corporate trustee (File No. 001-01839, Form 10-K dated April 1, 2002, Exhibit 4.4.2).

4-5			Instrument dated as of January 31, 1996, under the provisions of the Mortgage of Commonwealth Edison Company dated July 1, 1923 and Indentures Supplemental thereto, regarding individual trustee (File No. 001-01839, Form 10-K dated March 29, 1996, Exhibit 4.29).

4-6			Indenture to Subordinated Debt Securities dated as of June 24, 2003 between PECO Energy Company, as Issuer, and U.S. Bank National Association, as Trustee (File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.1).

4-7			Form of 2.80% Senior Note due 2022 issued by Baltimore Gas and Electric Company. (File No. 001-01910, Form 8-K dated August 17, 2012, Exhibit 4.1).

4-8			Form of 3.35% Senior Note due 2023 Baltimore Gas and Electric Company. (File No. 001-01910, Form 8-K dated June 17, 2013, Exhibit 4.1).

4-9			Preferred Securities Guarantee Agreement between PECO Energy Company, as Guarantor, and U.S. Bank National Association, as Trustee, dated as of June 24, 2003 (File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.2).

4-1 0			PECO Energy Capital Trust IV Amended and Restated Declaration of Trust among PECO Energy Company, as Sponsor, U.S. Bank Trust National Association, as Delaware Trustee and Property Trustee, and J. Barry Mitchell, George R. Shicora and Charles S. Walls as Administrative Trustees dated as of June 24, 2003 (File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.3).

4-1 1			Indenture dated May 1, 2001 between Exelon Corporation and The Bank of New York Mellon Trust Company, National Association, as trustee (File No. 001-16169, Form 10-Q dated July 26, 2005, Exhibit 4.10).

4-1 2			Form of $500,000,000 5.625% senior notes due 2035 dated June 9, 2005 issued by Exelon Corporation (File No. 001-16169, Form 8-K dated June 9, 2005, Exhibit 99.3).

4-13			Indenture dated as of July 24, 2006 between Baltimore Gas and Electric Company and Deutsche Bank Trust Company Americas, as trustee. (File No. 333-135991, Registration Statement on Form S-3 dated July 24, 2006, Exhibit 4(b)).

4-14			Indenture, dated as of June 17, 2014, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee. (File No. 001-16169, Form 8-K dated June 23, 2014, Exhibit 4.1).

4-14-1			First Supplemental Indenture, dated as of June 17, 2014, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee. (File No. 001-16169, Form 8-K dated June 23, 2014, Exhibit 4.2).

4-1 4-2			Second Supplemental Indenture, dated April 3, 2017, between Exelon and The Bank of New York Mellon Trust Company, N.A., as trustee, to that certain Indenture (For Unsecured Subordinated Debt Securities), dated June 17, 2014 (File No. 001-16169, Form 8-K dated April 4, 2017, Exhibit 4.3).

4-1 5			Indenture, dated as of June 11, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, National Association, as trustee (File No. 001-16169, Form 8-K dated June 11, 2015, Exhibit 4.1).

4-1 5-1			First Supplemental Indenture, dated as of June 11, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, National Association, as trustee (File No. 001-16169, Form 8-K dated June 11, 2015, Exhibit 4.2).


Exhibit No.			Description
4-1 5-2			Second Supplemental Indenture, dated as of December 2, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, National Association, as trustee (File No. 001-16169, Form 8-K dated December 2, 2015, Exhibit 4.1).

4-15-3			Third Supplemental Indenture, dated as of April 7, 2016, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee (File No. 001-16169, Form 8-K dated April 7, 2016, Exhibit 4.2).

4-1 5 -4			Fourth Supplemental Indenture, dated as of April 1, 2020, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee (File No. 001-16169, Form 8-K dated April 1, 2020, Exhibit 4.2).

4-1 6			Form of Conversion Supplemental Indenture, dated March 23, 2016 (File No. 001-31403, Form 8-K dated March 24, 2016, Exhibit 4.1).

4-17			Mortgage and Deed of Trust, dated July 1, 1936, of Potomac Electric Power Company to The Bank of New York Mellon as successor trustee, securing First Mortgage Bonds of Potomac Electric Power Company, and Supplemental Indenture dated July 1, 1936 (File No. 2-2232, Registration Statement dated June 19, 1936, Exhibit B-4).(a)

4-17-1			Supplemental Indentures to Potomac Electric Power Company Mortgage.


Dated as of	File Reference	Exhibit No.
December 10, 1939	Form 8-K dated January 3, 1940(a)	B

March 16, 2004	001-01072, Form 8-K dated March 23, 2004	4.3

May 24, 2005	001-01072, Form 8-K dated May 26, 2005	4.2

November 13, 2007	001-01072, Form 8-K dated November 15, 2007	4.2

March 24, 2008	001-01072, Form 8-K dated March 28, 2008	4.1

December 3, 2008	001-01072, Form 8-K dated December 8, 2008	4.2

March 28, 2012	001-01072, Form 8-K dated March 29, 2012	4.2

March 11, 2013	001-01072, Form 8-K dated March 12, 2013	4.2

November 14, 2013	001-01072, Form 8-K dated November 15, 2013	4.2

March 11, 2014	001-01072, Form 8-K dated March 12, 2014	4.2

March 9, 2015	001-01072, Form 8-K dated March 10, 2015	4.3

May 15, 2017	001-01072, Form 8-K dated May 22, 2017	4.2

June 1, 2018	001-01072, Form 8-K dated June 21, 2018	4.2

May 2, 2019	001-01072, Form 8-K dated June 13, 2019	4.2

February 12, 2020	001-01072, Form 8-K dated February 25, 2020	4.2

February 15, 2021	001-01072, Form 8-K dated March 30, 2021	4.2


Exhibit No.	Description
4-18	Mortgage and Deed of Trust of Delaware Power & Light Company to The Bank of New York Mellon (ultimate successor to the New York Trust Company), as trustee, dated as of October 1, 1943, and copies of the First through Sixty-Eighth Supplemental Indentures thereto (File No. 33-1763, Registration Statement dated November 27, 1985, Exhibit 4-A)(a)

4-18-1	Supplemental Indentures to Delmarva Power & Light Company Mortgage.

	Dated as of	File Reference	Exhibit No.
	October 1, 1993	33-53855, Registration Statement dated January 30, 1995(a)	4-L

	October 1, 1994	33-53855, Registration Statement dated January 30, 1995(a)	4-N

	November 7, 2013	001-01405, Form 8-K dated November 8, 2013	4.2

	June 2, 2014	001-01405, Form 8-K dated June 3, 2014	4.3

	May 4, 2015	001-01405, Form 8-K dated May 5, 2015	4.2

	December 5, 2016	001-01405, Form 8-K dated December 12, 2016	4.2

	June 1, 2018	000-01405, Form 8-K dated June 21, 2018	4.2

	May 2, 2019	001-01405, Form 8-K dated December 12, 2019	4.2

	March 18, 2020	001-01405, Form 10-Q dated May 8, 2020	4.4

	June 1, 2020	001-01405, Form 8-K dated June 9, 2020	4.4

	February 15, 2021	001-01405, Form 8-K dated March 30, 2021	4.4

	February 15, 2022	001-01405, Form 8-K dated February 15, 2022	4.4


Exhibit No.	Description
4-19	Mortgage and Deed of Trust, dated January 15, 1937, between Atlantic City Electric Company and The Bank of New York Mellon (formerly Irving Trust Company), as trustee (File No. 2-66280, Registration Statement dated December 21, 1979, Exhibit 2(a)).(a)

4-19-1	Supplemental Indentures to Atlantic City Electric Company Mortgage.

	Dated as of	File Reference	Exhibit No.
	June 1, 1949	2-66280, Registration Statement dated December 21, 1979(a)	2(b)

	March 1, 1991	Form 10-K dated March 28, 1991(a)	4(d)(1)

	April 1, 2004	001-03559, Form 8-K dated April 6, 2004	4.3

	March 8, 2006	001-03559, Form 8-K dated March 17, 2006	4

	March 29, 2011	001-03559, Form 8-K dated April 1, 2011	4.2

	August 18, 2014	001-03559, Form 8-K dated August 19, 2014	4.2

	December 1, 2015	001-03559, Form 8-K dated December 2, 2015	4.2

	October 9, 2018	001-03559, Form 8-K dated October 16, 2018	4.1

	May 2, 2019	001-03559, Form 8-K dated May 21, 2019	4.3

	June 1, 2020	001-03559, Form 8-K dated June 9, 2020	4.2

	February 15, 2021	001-03559, Form 8-K dated March 10, 2021	4.1

	November 1, 2021	001-03559, Form 8-K dated November 16, 2021	4.2

	February 15, 2022	001-03559, Form 8-K dated February 15, 2022	4.2


Exhibit No.			Description
4-2 0			Form of 2.400% notes due 2026 (File No. 001-01910, Form 8-K dated August 18, 2016, Exhibit 4.1).

4-2 1			Form of 3.500% notes due 2046 (File No. 001-01910, Form 8-K dated August 18, 2016, Exhibit 4.2).

4-2 2			Form of Exelon Corporation 3.497% junior subordinated notes due 2022 (File No. 001-16169, Form 8-K dated April 4, 2017, Exhibit 4.4).

4-2 3			Form of Pepco First Mortgage Bond, 4.15% Series due March 15, 2043 (File No. 001-01072, Form 8-K dated May 22, 2017, Exhibit 4.2).


Exhibit No.			Description
4-2 4			Form of 3.750% BGE notes due 2047 (File No. 001-01910, Form 8-K dated August 24, 2017, Exhibit 4.1).

4-25			Exempt Facilities Loan Agreement dated as of June 1, 2019 between the Maryland Economic Development Corporation and Potomac Electric Power Company (File No. 001-01072, Form 8-K dated June 27, 2019, Exhibit 4.1).

4-26			Indenture, dated as of September 1, 2019, between Baltimore Gas and Electric Company and U.S. Bank National Association, as trustee (File No. 001-01910, Form 8-K dated September 12, 2019, Exhibit 4.1).

4-27			Description of Exelon Securities (File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 4.63).

4-28			Description of PECO Securities (File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 4.64).

4-29			Description of ComEd Securities (File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 4.65).

4-3 0			Pollution Control Facilities Loan Agreement, dated as of June 1, 2020, between The Pollution Control Financing Authority of Salem County and Atlantic City Electric (File No. 001-03559, Form 8-K dated June 2, 2020, Exhibit 4.1).

4-3 1			Gas Facilities Loan Agreement, dated as of July 1, 2020, between The Delaware Economic Development Authority and Delmarva Power & Light Company (File No. 001-01405, Form 8-K dated July 1, 2020, Exhibit 4.1).

10-1			Exelon Corporation Non-Employee Directors’ Deferred Stock Unit Plan (As Amended and Restated Effective April 28, 2020). (File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.1).

10-2			Form of Exelon Corporation Unfunded Deferred Compensation Plan for Directors (as amended and restated Effective March 12, 2012) * (File No. 001-16169, Form 10-K dated February 10, 2016, Exhibit 10.3).

10-3			Form of Restricted Stock Award Agreement under the Exelon Corporation Long-Term Incentive Plan* (File No. 1-16169, Form 10-Q dated October 31, 2019, Exhibit 10.2).

10-4			Unicom Corporation Deferred Compensation Unit Plan, as amended (File No. 001-11375, Form 10-K dated March 29, 1996, Exhibit 10.12).

10-5			Amendment Number One to the Unicom Corporation Deferred Compensation Unit Plan, as amended January 1, 2008 * (File No. 001-16169, Form 10-K dated February 6, 2009, Exhibit 10.16).

10-6			Exelon Corporation Supplemental Management Retirement Plan (As Amended and Restated Effective January 1, 2009) * (File No. 001-16169, Form 10-K dated February 6, 2009, Exhibit 10.19).

10-7			PECO Energy Company Supplemental Pension Benefit Plan (As Amended and Restated Effective January 1, 2009) (File No. 000-16844, Form 10-K dated February 6, 2009, Exhibit 10.20).

10-8			Exelon Corporation Annual Incentive Plan for Senior Executives (As Amended Effective January 1, 2014 * (File No. 001-16169, Proxy Statement dated April 1, 2014, Appendix A).

10-9			Exelon Corporation Employee Stock Purchase Plan, as amended and restated effective September 25, 2019 (File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.3).


Exhibit No.			Description
10-10			Exelon Corporation 2006 Long-Term Incentive Plan (Registration Statement No. 333-122704, Form S-4, Joint Proxy Statement-Prospectus pursuant to Rule 424(b)(3) filed June 3, 2005, Annex H).

10-11			Form of Stock Option Grant Instrument under the Exelon Corporation 2006 Long-Term Incentive Plan (File No. 001-16169, Form 8-K dated January 27, 2006, Exhibit 99.2).

10-12			Exelon Corporation Employee Stock Purchase Plan for Unincorporated Subsidiaries, as amended and restated effective September 25, 2019 (File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.4).

10-13			Exelon Corporation Senior Management Severance Plan (As Amended and Restated Effective January 1, 2020) * (File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 10.13).

10-14			Exelon Corporation Executive Death Benefits Plan dated as of January 1, 2003 * (File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.52).

10-15			First Amendment to Exelon Corporation Executive Death Benefits Plan, Effective January 1, 2006 * (File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.53).

10-16			Amendment Number One to the Exelon Corporation 2006 Long-Term Incentive Plan, Effective December 4, 2006 (File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.54).

10-17			Exelon Corporation Deferred Compensation Plan (As Amended and Restated Effective January 1, 2005) (File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.56).

10-18			Exelon Corporation Stock Deferral Plan (As Amended and Restated Effective September 25, 2019) (File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.5).

10-19			Restricted stock unit award agreement (File 001-16169, Form 8-K dated August 31, 2007, Exhibit 99.1).

10-20			Form of Exelon Corporation 2011 Long-Term Incentive Plan, as amended effective December 18, 2014. * (File No. 001-16169, Form 10-K dated February 10, 2016, Exhibit 10.34).

10-20-1			Form of Exelon Corporation Long-Term Incentive Program, as amended and restated as of January 1, 2020. * (File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 10.21).

10-20-2			Amendment Number Two to the Exelon Corporation 2011 Long-Term Incentive Plan (As Amended and Restated Effective January 21, 2014), Effective October 26, 2015. * (File No. 001-16169, Form 10-K dated February 10, 2016, Exhibit 10.34.3).

10-21			Form of Separation Agreement under Exelon Corporation Senior Management Severance Plan (As Amended and Restated Effective January 1, 2020) (File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 10.21).

10-22			Credit Agreement for $500,000,000 dated as of March 23, 2011 between Exelon Corporation and Various Financial Institutions (File No. 001-16169, Form 8-K dated March 23, 2011, Exhibit 99.1).

10-23			Bond Purchase Agreement, dated December 1, 2015, among Atlantic City Electric Company and the purchasers signatory thereto (File No. 001-03559, Form 8-K dated December 2, 2015, Exhibit 1.1).


Exhibit No.			Description
10-24			2016 Form of Exelon Corporation Change in Control Agreement (File No. 001-16169, Form 10-Q dated October 26, 2016, Exhibit 10.1).

10-25			Letter Agreement, dated May 7, 2018, between Exelon Corporation and Denis P. O’Brien (File No. 001-16169, Form 10-Q dated August 2, 2018, Exhibit 10.3).


Exhibit No.			Description
10-26			Letter Agreement, dated May 7, 2018, between Exelon Corporation and Jonathan W. Thayer (File No. 001-16169, Form 10-Q dated August 2, 2018, Exhibit 10.4).

10 -27			Exelon Corporation 2020 Long-Term Incentive Plan (Effective April 28, 2020) (File No. 001-16169, Proxy Statement dated March 18, 2020, Appendix A).

10 -28			Exelon Corporation 2020 Long-Term Incentive Plan Prospectus, dated May 27, 2020 (File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.3).

10 -29			Form of Restricted Stock Unit Award Notice and Agreement under the Exelon Corporation 2020 Long-Term Incentive Plan (File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.4).

10 -30			Form of Performance Share Award Notice and Agreement under the Exelon Corporation 2020 Long-Term Incentive Plan (File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.5).

10 -31			Letter Agreement, dated Jun e 4, 2020, between Exelon Corporation and William A. Von Hoene, Jr . (File 001-16169, Form 10-K dated February 24, 2021, Exhibit 10.74)

10 -32			Deferred Prosecution Agreement, dated July 17, 2020, between Commonwealth Edison Company and the U.S. Department of Justice and the U.S. Attorney for the Northern District of Illinois (File No. 001-16169, Form 8-K dated July 17, 2020, Exhibit 10.1).

10-33			Transition Services Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation (File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.1)

10-34			Tax Matters Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation (File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.2)

10-35			Employee Matters Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation (File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.3)

10-36			Credit Agreement for $300,000,000 dated January 21, 2022, between Exelon Corporation, various financial institutions, and Sumitomo Mitsui Banking Corp**

10-37			Credit Agreement for $300,000,000 dated January 21, 2022, between Exelon Corporation, various financial institutions, and U.S. Bank**

10-38			Credit Agreement for $1,150,000,000 dated January 24, 2022, between Exelon Corporation and Barclays Bank PLC**

10-39			Credit Agreement for $250,000,000 dated January 24, 2022, between Exelon Corporation, various financial institutions and PNC Bank**

10-40			Credit Agreement for $900,000,000 dated February 1, 2022, between Exelon Corporation and various financial institutions**

10-41			Credit Agreement for $600,000,000 dated February 1, 2022, between Baltimore Gas and Electric Company and various financial institutions**

10-42			Credit Agreement for $1,000,000,000 dated February 1, 2022, between Commonwealth Edison Company and various financial institutions**

10-43			Credit Agreement for $600,000,000 dated February 1, 2022, between PECO Energy Company and various financial institutions**

10-44			Credit Agreement for $900,000,000 dated February 1, 2022, between Potomac Electric Power Company, Delmarva Power & Light Company, Atlantic City Electric Company and various financial institutions**


Exhibit No.			Description
14			Exelon Code of Conduct, as amended March 12, 2012 (File No. 1-16169, Form 8-K dated March 14, 2012, Exhibit No. 14-1).

			Subsidiaries

21-1			Exelon Corporation

21-2			Commonwealth Edison Company

21-3			PECO Energy Company

21-4			Baltimore Gas and Electric Company

21-5			Pepco Holdings LLC

21-6			Potomac Electric Power Company

21-7			Delmarva Power & Light Company

21-8			Atlantic City Electric Company

			Consent of Independent Registered Public Accountants

23-1			Exelon Corporation

23-2			Commonwealth Edison Company

23-3			PECO Energy Company

23-4			Baltimore Gas and Electric Company

23-5			Potomac Electric Power Company

23-6			Delmarva Power & Light Company

23-7			Atlantic City Electric Company

			Power of Attorney (Exelon Corporation)

24-1			Anthony K. Anderson

24-2			Ann C. Berzin

24-3			W. Paul Bowers

24-4			M arjorie Rodgers Cheshi re

24-5			Christopher M. Crane

24-6			Carlos Gutierrez

24-7			Linda P. Jojo

24-8			Paul Joskow

24-9			Mayo A. S hattuck III

24-10			John F. You n g

			Power of Attorney (Commonwealth Edison Company)

24-11			Calvin G. Butler, Jr.

24-12			Christopher M. Cra n e

24-13			Nicholas DeBenedictis

24-14			Ricardo Estra da


Exhibit No.			Description

24-15			Zaldwaynaka Scott

24-16			Smita Shah

24-17			Gil C. Quiniones

			Power of Attorney (PECO Energy Company)

24-18			Calvin G. Butle r, Jr.

24-19			Christopher M. Crane

24-20			Nicholas DeBenedict i s

24-21			Nelson A. Diaz

24-22			John S. Grady

24-23			Rosemarie B. Grec o

24-24			Michael A. Innocenzo

24-25			Charisse R . Lil l ie

			Power of Attorney (Baltimore Gas and Electric Company)

24-26			Ann C. Berzin

24-27			Calvin G. Butler, Jr.

24-28			Christopher M. Crane

24-29			Michael E. Cryor

24-30			James R. Curtiss

24-31			Joseph Haskins, Jr.

24-32			Carim V . Khouzami

24-33			Amy Seto

24-34			Maria Harris Tildo n

			Power of Attorney (Pepco Holdings LLC)

24-35			Antoine Allen

24-36			J. Tyler Anthony

24-37			Calvin G. Butler, Jr.

24-38			Christopher M. Crane

24-39			Linda W. Cropp

24-40			Michael E. Cryor

24-41			Debra P. DiLorenzo

			Power of Attorney (Potomac Electric Power Company)

24-42			J. Tyler Anthony

24-43			Phillip S. Barnett

24-44			Calvin G. Butler, Jr.


Exhibit No.			Description
24-45			Christopher M. Crane

24-46			Rodney Oddoye

24-47			Elizabeth O'Donnell

24-48			Tamla Olivie r

			Power of Attorney (Delmarva Power & Light Company)

24-49			J. Tyler Antho ny

24-50			Calvin G. Butler, J r.

			Power of Attorney (Atlantic City Electric Company)

24-51			J. Tyler Anthony


Certifications Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as to the Annual Report on Form 10-K for the year ended December 31, 2021 filed by the following officers for the following registrants:

Exhibit No.			Description
31-1			Filed by Christopher M. Crane for Exelon Corporation

31-2			Filed by Joseph Nigro for Exelon Corporation

31-3			Filed by Gil C. Quiniones for Commonwealth Edison Company

31-4			Filed by Joseph R. Trpik for Commonwealth Edison Company

31-5			Filed by Michael A. Innocenzo for PECO Energy Com pany

31-6			Filed by Robert J. Stefani for PECO Energy Company

31-7			Filed by Carim V. Khouzami for Baltimore Gas and Electric Company

31-8			Filed by David M. Vahos for Baltimore Gas and Electric Company

31-9			Filed by J. Tyler Anthony for Pepco Holdings LLC

31-10			Filed by Phillip S. Barnett for Pepco Holdings LLC

31-11			Filed by J. Tyler Anthony for Potomac Electric Power Company

31-12			Filed by Phillip S. Barnett for P otomac Electric Power Company

31-13			Filed by J. Tyler Anthony for Delmarva Power & Light Com pany

31-14			Filed by Phillip S. Barnett for Delmarva Power & Light Company

31-15			Filed by J. Tyler Anthony for Atlantic City Electric Company

31-16			Filed by Phillip S. Barnett for Atlantic City Electric Company

Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code as to the Annual Report on Form 10-K for the year ended December 31, 2021 filed by the following officers for the following registrants:

Exhibit No.			Description
32-1			Filed by Christopher M. Crane for Exelon Corporation

32-2			Filed by Joseph Nigro for Exelon Corporation

32-3			Filed by Gil C. Quiniones for Commonwealth Edison Company

32-4			Filed by Joseph R. Trpik for Commonwealth Edison Company


Exhibit No.			Description
32-5			Filed by Michael A. Innocenzo for PECO Energy Company

32-6			Filed by Robert J. Stefani for PECO Energy Company

32-7			Filed by Carim V. Khouzami for Baltimore Gas and Electric Company

32-8			Filed by David M. Vahos for Baltimore Gas and Electric Company

32-9			Filed by J. Tyler Anthony for Pepco Holdings LLC

32-10			Filed by Phillip S. Barnett for Pepco Holdings LLC

32-11			Filed by J. Tyler Anthony for Potomac Electric Power Company

32-12			Filed by Phillip S. Barnett for Potomac Electric Power Company

32-13			Filed by J.Tyler Anthony for Delmarva Power & Light Company

32-14			Filed by Phillip S. Barnett for Delmarva Power & Light Company

32-15			Filed by J. Tyler Anthony for Atlantic C ity Electric Company

32-16			Filed by Phillip S. Barnett for Atlantic City Electric Company

101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH			Inline XBRL Taxonomy Extension Schema Document.

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB			Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Compensatory plan or arrangements in which directors or officers of the applicable registrant participate and which are not available to all employees.

** Filed herewith.

(a)These filings are not available electronically on the SEC website as they were filed in paper previous to the electronic system that is currently in place.

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