Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

Exelon Corporation and Subsidiary Companies

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions, except per share data)	2025		2024
Operating revenues
Electric operating revenues	$	5,816	$	5,198
Natural gas operating revenues	1,024		739
Revenues from alternative revenue programs	(126)		106
Total operating revenues	6,714		6,043
Operating expenses
Purchased power	2,184		2,197
Purchased fuel	338		213

Operating and maintenance	1,347		1,271
Depreciation and amortization	903		879
Taxes other than income taxes	405		371
Total operating expenses	5,177		4,931

(Loss) gain on sale of assets	(1)		2


Operating income	1,536		1,114
Other income and (deductions)
Interest expense, net	(504)		(462)
Interest expense to affiliates, net	(6)		(6)
Other, net	52		75
Total other income and (deductions)	(458)		(393)
Income before income taxes	1,078		721
Income taxes	170		63





Net income attributable to common shareholders	$	908	$	658






Comprehensive income, net of income taxes
Net income	$	908	$	658
Other comprehensive income, net of income taxes
Pension and non-pension postretirement benefit plans:

Actuarial losses reclassified to periodic benefit cost	5		5
Pension and non-pension postretirement benefit plans valuation adjustments	5		(24)
Unrealized (loss) gain on cash flow hedges	(8)		33



Other comprehensive income	2		14


Comprehensive income attributable to common shareholders	$	910	$	672

Average shares of common stock outstanding:
Basic	1,008		1,000
Assumed exercise and/or distributions of stock-based awards(a)	1		1
Diluted	1,009		1,001

Earnings per average common share
Basic	$	0.90	$	0.66
Diluted	$	0.90	$	0.66

(a)The dilutive effects of stock-based compensation awards are calculated using the treasury stock method for all periods presented.

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Exelon Corporation and Subsidiary Companies

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	908	$	658
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion	905		880


Loss (gain) on sales of assets	1		(2)

Deferred income taxes and amortization of investment tax credits	121		46
Net fair value changes related to derivatives	1		1


Other non-cash operating activities	344		39
Changes in assets and liabilities:
Accounts receivable	(402)		(309)
Inventories	17		12
Accounts payable and accrued expenses	(397)		(238)

Collateral received, net	44		7
Income taxes	59		21
Regulatory assets and liabilities, net	86		252
Pension and non-pension postretirement benefit contributions	(292)		(111)
Other assets and liabilities	(195)		(264)
Net cash flows provided by operating activities	1,200		992
Cash flows from investing activities
Capital expenditures	(1,946)		(1,767)





Proceeds from sales of assets	—		2


Other investing activities	4		(2)
Net cash flows used in investing activities	(1,942)		(1,767)
Cash flows from financing activities
Changes in short-term borrowings	(775)		(317)
Proceeds from short-term borrowings with maturities greater than 90 days	—		150
Repayments on short-term borrowings with maturities greater than 90 days	—		(150)
Issuance of long-term debt	2,425		2,625
Retirement of long-term debt	—		(901)

Issuance of common stock	173		—



Dividends paid on common stock	(403)		(381)
Proceeds from employee stock plans	—		11

Other financing activities	(35)		(55)
Net cash flows provided by financing activities	1,385		982
Increase in cash, restricted cash, and cash equivalents	643		207
Cash, restricted cash, and cash equivalents at beginning of period	939		1,101
Cash, restricted cash, and cash equivalents at end of period	$	1,582	$	1,308

Supplemental cash flow information
Decrease in capital expenditures not paid	(216)		(117)

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Exelon Corporation and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	1,004	$	357
Restricted cash and cash equivalents	578		541

Accounts receivable
Customer accounts receivable	3,488		3,144
Customer allowance for credit losses	(486)		(406)
Customer accounts receivable, net	3,002		2,738
Other accounts receivable	1,127		1,123
Other allowance for credit losses	(113)		(107)
Other accounts receivable, net	1,014		1,016
Inventories, net
Fossil fuel	29		72
Materials and supplies	804		781
Regulatory assets	1,605		1,940
Prepaid renewable energy credits	240		494
Other	523		445
Total current assets	8,799		8,384
Property, plant, and equipment (net of accumulated depreciation and amortization of $18,958 and $18,445 as of March 31, 2025 and December 31, 2024, respectively)	79,177		78,182
Deferred debits and other assets
Regulatory assets	8,859		8,710
Goodwill	6,630		6,630
Receivable related to Regulatory Agreement Units	4,110		4,026
Investments	289		290
Other	1,620		1,562
Total deferred debits and other assets	21,508		21,218
Total assets	$	109,484	$	107,784

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Exelon Corporation and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	1,084	$	1,859
Long-term debt due within one year	1,454		1,453
Accounts payable	2,693		2,994
Accrued expenses	1,186		1,468
Payables to affiliates	5		5
Customer deposits	465		446
Regulatory liabilities	464		411
Mark-to-market derivative liabilities	25		29
Unamortized energy contract liabilities	5		5
Renewable energy credit obligations	215		429
Other	507		512
Total current liabilities	8,103		9,611
Long-term debt	45,342		42,947
Long-term debt to financing trusts	390		390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	13,081		12,793
Regulatory liabilities	10,289		10,198
Pension obligations	1,475		1,745
Non-pension postretirement benefit obligations	480		472
Asset retirement obligations	305		301
Mark-to-market derivative liabilities	130		103
Unamortized energy contract liabilities	20		21
Other	2,262		2,282
Total deferred credits and other liabilities	28,042		27,915
Total liabilities	81,877		80,863
Commitments and contingencies

Shareholders’ equity
Common stock (No par value, 2,000 shares authorized, 1,009 shares and 1,005 shares outstanding as of March 31, 2025 and December 31, 2024, respectively)	21,517		21,338
Treasury stock, at cost (2 shares as of March 31, 2025 and December 31, 2024)	(123)		(123)
Retained earnings	6,931		6,426
Accumulated other comprehensive loss, net	(718)		(720)
Total shareholders’ equity	27,607		26,921


Total liabilities and shareholders’ equity	$	109,484	$	107,784

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Exelon Corporation and Subsidiary Companies

Consolidated Statements of Changes in Shareholders' Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions, shares in thousands)	Issued Shares	Common Stock		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total Shareholders' Equity
Balance at December 31, 2024	1,007,046	$	21,338	$	(123)	$	6,426	$	(720)	$	26,921
Net income	—	—		—		908		—		908
Long-term incentive plan activity	299	4		—		—		—		4
Employee stock purchase plan activity	(8)	2		—		—		—		2
Issuance of Common Stock	4,031	173		—		—		—		173



Common stock dividends ($0.40/common share)	—	—		—		(403)				(403)
Other comprehensive income, net of income taxes	—	—		—		—		2		2

Balance at March 31, 2025	1,011,368	$	21,517	$	(123)	$	6,931	$	(718)	$	27,607


	Three Months Ended March 31, 2024
(In millions, shares in thousands)	Issued Shares	Common Stock		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total Shareholders' Equity
Balance at December 31, 2023	1,001,249	$	21,114	$	(123)	$	5,490	$	(726)	$	25,755
Net income	—	—		—		658		—		658
Long-term incentive plan activity	333	2		—		—		—		2
Employee stock purchase plan activity	276	13		—		—		—		13




Common stock dividends ($0.38/common share)	—	—		—		(381)		—		(381)
Other comprehensive income, net of income taxes	—	—		—		—		14		14

Balance at March 31, 2024	1,001,858	$	21,129	$	(123)	$	5,767	$	(712)	$	26,061

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Commonwealth Edison Company and Subsidiary Companies

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)		2025		2024
Operating revenues
Electric operating revenues		$	2,142	$	2,074
Revenues from alternative revenue programs		(85)		19
Operating revenues from affiliates		8		2
Total operating revenues		2,065		2,095
Operating expenses
Purchased power		689		907

Operating and maintenance		323		318
Operating and maintenance from affiliates		100		100
Depreciation and amortization		380		362
Taxes other than income taxes		99		94
Total operating expenses		1,591		1,781

Operating income		474		314
Other income and (deductions)
Interest expense, net		(125)		(119)
Interest expense to affiliates, net		(3)		(3)
Other, net		21		20
Total other income and (deductions)		(107)		(102)
Income before income taxes		367		212
Income taxes		65		19
Net income		$	302	$	193
Comprehensive income		$	302	$	193

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Commonwealth Edison Company and Subsidiary Companies

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	302	$	193
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	380		362

Deferred income taxes and amortization of investment tax credits	(8)		(1)

Other non-cash operating activities	141		(6)
Changes in assets and liabilities:
Accounts receivable	(111)		(133)
Receivables from and payables to affiliates, net	(21)		—
Inventories	3		(11)
Accounts payable and accrued expenses	(189)		(116)
Collateral received, net	5		8
Income taxes	72		21
Regulatory assets and liabilities, net	76		315
Pension and non-pension postretirement benefit contributions	(189)		(5)
Other assets and liabilities	(102)		(67)
Net cash flows provided by operating activities	359		560
Cash flows from investing activities
Capital expenditures	(590)		(594)




Other investing activities	1		1
Net cash flows used in investing activities	(589)		(593)
Cash flows from financing activities
Changes in short-term borrowings	311		128




Dividends paid on common stock	(203)		(194)
Contributions from parent	87		39
Other financing activities	—		1
Net cash flows provided by (used in) financing activities	195		(26)
Decrease in cash, restricted cash, and cash equivalents	(35)		(59)
Cash, restricted cash, and cash equivalents at beginning of period	632		686
Cash, restricted cash, and cash equivalents at end of period	$	597	$	627

Supplemental cash flow information
Decrease in capital expenditures not paid	$	(25)	$	(74)

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Commonwealth Edison Company and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	96	$	105
Restricted cash and cash equivalents	501		486
Accounts receivable
Customer accounts receivable	1,079		994
Customer allowance for credit losses	(125)		(109)
Customer accounts receivable, net	954		885
Other accounts receivable	291		290
Other allowance for credit losses	(34)		(34)
Other accounts receivable, net	257		256

Receivables from affiliates	8		4

Inventories, net	287		292

Regulatory assets	905		1,159

Other	154		141
Total current assets	3,162		3,328
Property, plant, and equipment (net of accumulated depreciation and amortization of $7,824 and $7,619 as of March 31, 2025 and December 31, 2024, respectively)	30,493		30,211
Deferred debits and other assets
Regulatory assets	2,662		2,562

Goodwill	2,625		2,625

Receivable related to Regulatory Agreement Units	3,798		3,780
Investments	6		6
Prepaid pension asset	1,335		1,165

Other	1,118		1,073
Total deferred debits and other assets	11,544		11,211
Total assets	$	45,199	$	44,750

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Commonwealth Edison Company and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	347	$	36

Accounts payable	656		748
Accrued expenses	403		463
Payables to affiliates	60		77
Customer deposits	147		134
Regulatory liabilities	181		197
Mark-to-market derivative liabilities	25		29

Other	245		270
Total current liabilities	2,064		1,954
Long-term debt	12,031		12,030
Long-term debt to financing trust	206		206
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	5,646		5,601
Regulatory liabilities	8,490		8,421
Asset retirement obligations	169		167

Non-pension postretirement benefit obligations	158		156

Mark-to-market derivative liabilities	126		103

Other	1,243		1,232
Total deferred credits and other liabilities	15,832		15,680
Total liabilities	30,133		29,870
Commitments and contingencies
Shareholders’ equity
Common stock	1,588		1,588


Other paid-in capital	10,715		10,628
Retained earnings	2,763		2,664

Total shareholders’ equity	15,066		14,880
Total liabilities and shareholders’ equity	$	45,199	$	44,750

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Commonwealth Edison Company and Subsidiary Companies

Consolidated Statements of Changes in Shareholders' Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions)	Common Stock		Other Paid-In Capital		Retained Earnings		Total Shareholders’ Equity
Balance at December 31, 2024	$	1,588	$	10,628	$	2,664	$	14,880
Net income	—		—		302		302
Common stock dividends	—		—		(203)		(203)
Contributions from parent	—		87		—		87
Balance at March 31, 2025	$	1,588	$	10,715	$	2,763	$	15,066









	Three Months Ended March 31, 2024
(In millions)	Common Stock		Other Paid-In Capital		Retained Earnings		Total Shareholders’ Equity
Balance at December 31, 2023	$	1,588	$	10,401	$	2,374	$	14,363
Net income	—		—		193		193
Common stock dividends	—		—		(194)		(194)
Contributions from parent	—		39		—		39
Balance at March 31, 2024	$	1,588	$	10,440	$	2,373	$	14,401

See the Combined Notes to Consolidated Financial Statements

Table of Content s

PECO Energy Company and Subsidiary Companies

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)		2025		2024
Operating revenues
Electric operating revenues		$	963	$	782
Natural gas operating revenues		376		272
Revenues from alternative revenue programs		(9)		(2)
Operating revenues from affiliates		3		2
Total operating revenues		1,333		1,054
Operating expenses
Purchased power		361		306
Purchased fuel		141		97

Operating and maintenance		266		235
Operating and maintenance from affiliates		61		58
Depreciation and amortization		109		104
Taxes other than income taxes		60		51
Total operating expenses		998		851
Gain on sales of assets		—		2
Operating income		335		205
Other income and (deductions)
Interest expense, net		(59)		(52)
Interest expense to affiliates		(4)		(3)
Other, net		8		9
Total other income and (deductions)		(55)		(46)
Income before income taxes		280		159
Income taxes		14		10

Net income		$	266	$	149
Comprehensive income		$	266	$	149

See the Combined Notes to Consolidated Financial Statements

Table of Content s

PECO Energy Company and Subsidiary Companies

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	266	$	149
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	109		104

Gain on sales of assets	—		(2)
Deferred income taxes and amortization of investment tax credits	(18)		(8)
Other non-cash operating activities	54		20
Changes in assets and liabilities:
Accounts receivable	(148)		(75)
Receivables from and payables to affiliates, net	(4)		4
Inventories	15		19
Accounts payable and accrued expenses	(25)		(63)
Collateral (paid) received, net	12		—
Income taxes	32		19
Regulatory assets and liabilities, net	27		(20)
Pension and non-pension postretirement benefit contributions	(9)		(2)
Other assets and liabilities	(117)		(104)
Net cash flows provided by operating activities	194		41
Cash flows from investing activities
Capital expenditures	(424)		(361)


Other investing activities	2		2
Net cash flows used in investing activities	(422)		(359)
Cash flows from financing activities

Changes in short-term borrowings	(192)		(165)




Dividends paid on common stock	(137)		(100)
Contributions from parent	563		580



Net cash flows provided by financing activities	234		315
Increase (decrease) in cash, restricted cash, and cash equivalents	6		(3)
Cash, restricted cash, and cash equivalents at beginning of period	48		51
Cash, restricted cash, and cash equivalents at end of period	$	54	$	48

Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$	(20)	$	5

See the Combined Notes to Consolidated Financial Statements

Table of Content s

PECO Energy Company and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	54	$	48

Accounts receivable
Customer accounts receivable	788		670
Customer allowance for credit losses	(160)		(133)
Customer accounts receivable, net	628		537
Other accounts receivable	170		145
Other allowance for credit losses	(22)		(18)
Other accounts receivable, net	148		127




Inventories, net
Fossil fuel	15		37
Materials and supplies	83		79
Prepaid utility taxes	116		2
Prepaid renewable energy credits	31		51
Regulatory assets	61		65

Other	66		27
Total current assets	1,202		973
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,089 and $4,042 as of March 31, 2025 and December 31, 2024, respectively)	14,691		14,392
Deferred debits and other assets
Regulatory assets	1,068		1,003




Receivable related to Regulatory Agreement Units	311		247
Investments	39		41
Prepaid pension asset	443		435

Other	35		32
Total deferred debits and other assets	1,896		1,758
Total assets	$	17,789	$	17,123

See the Combined Notes to Consolidated Financial Statements

Table of Content s

PECO Energy Company and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	192
Long-term debt due within one year	350		350
Accounts payable	631		639
Accrued expenses	169		166
Payables to affiliates	37		41

Customer deposits	84		80

Regulatory liabilities	151		122


Other	120		80
Total current liabilities	1,542		1,670
Long-term debt	5,354		5,354
Long-term debt to financing trusts	184		184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,485		2,433
Regulatory liabilities	317		253
Asset retirement obligations	28		27
Non-pension postretirement benefit obligations	288		287





Other	84		100
Total deferred credits and other liabilities	3,202		3,100
Total liabilities	10,282		10,308
Commitments and contingencies
Shareholder’s equity
Common stock	5,208		4,645


Retained earnings	2,299		2,170


Total shareholder’s equity	7,507		6,815
Total liabilities and shareholder's equity	$	17,789	$	17,123

See the Combined Notes to Consolidated Financial Statements

Table of Content s

PECO Energy Company and Subsidiary Companies

Consolidated Statements of Changes in Shareholders' Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2024	$	4,645	$	2,170	$	6,815
Net income	—		266		266
Common stock dividends	—		(137)		(137)
Contributions from parent	563		—		563
Balance at March 31, 2025	$	5,208	$	2,299	$	7,507









	Three Months Ended March 31, 2024
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2023	$	4,050	$	2,019	$	6,069
Net income	—		149		149
Common stock dividends	—		(100)		(100)
Contributions from parent	580		—		580
Balance at March 31, 2024	$	4,630	$	2,068	$	6,698

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Baltimore Gas and Electric Company

Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Operating revenues
Electric operating revenues	$	1,021	$	857
Natural gas operating revenues	560		395
Revenues from alternative revenue programs	(29)		43
Operating revenues from affiliates	2		2
Total operating revenues	1,554		1,297
Operating expenses
Purchased power	450		377
Purchased fuel	159		87

Operating and maintenance	242		205
Operating and maintenance from affiliates	63		59
Depreciation and amortization	164		150
Taxes other than income taxes	96		89
Total operating expenses	1,174		967

Operating income	380		330
Other income and (deductions)
Interest expense, net	(58)		(50)
Other, net	9		8
Total other income and (deductions)	(49)		(42)
Income before income taxes	331		288
Income taxes	71		24
Net income	$	260	$	264
Comprehensive income	$	260	$	264

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Baltimore Gas and Electric Company

Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	260	$	264
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	164		150

Deferred income taxes and amortization of investment tax credits	35		(4)

Other non-cash operating activities	55		(21)
Changes in assets and liabilities:
Accounts receivable	(153)		(95)
Receivables from and payables to affiliates, net	(10)		2
Inventories	20		14
Accounts payable and accrued expenses	(15)		21
Collateral received, net	1		—
Income taxes	36		29
Regulatory assets and liabilities, net	14		—
Pension and non-pension postretirement benefit contributions	(34)		(25)
Other assets and liabilities	49		(18)
Net cash flows provided by operating activities	422		317
Cash flows from investing activities
Capital expenditures	(406)		(324)

Other investing activities	3		8
Net cash flows used in investing activities	(403)		(316)
Cash flows from financing activities
Changes in short-term borrowings	62		70




Dividends paid on common stock	(98)		(92)


Net cash flows used in financing activities	(36)		(22)
Decrease in cash, restricted cash, and cash equivalents	(17)		(21)
Cash, restricted cash, and cash equivalents at beginning of period	34		48
Cash, restricted cash, and cash equivalents at end of period	$	17	$	27

Supplemental cash flow information
Decrease in capital expenditures not paid	$	(48)	$	(8)

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Baltimore Gas and Electric Company

Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	14	$	33
Restricted cash and cash equivalents	3		1
Accounts receivable
Customer accounts receivable	805		654
Customer allowance for credit losses	(72)		(56)
Customer accounts receivable, net	733		598
Other accounts receivable	109		113
Other allowance for credit losses	(6)		(6)
Other accounts receivable, net	103		107




Inventories, net
Fossil fuel	12		29
Materials and supplies	81		84
Prepaid utility taxes	58		115
Regulatory assets	156		207
Prepaid renewable energy credits	52		157
Other	17		17
Total current assets	1,229		1,348
Property, plant, and equipment (net of accumulated depreciation and amortization of $5,079 and $5,005 as of March 31, 2025 and December 31, 2024, respectively)	13,358		13,134
Deferred debits and other assets
Regulatory assets	798		788
Investments	10		10


Prepaid pension asset	231		218

Other	51		44
Total deferred debits and other assets	1,090		1,060
Total assets	$	15,677	$	15,542

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Baltimore Gas and Electric Company

Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	237	$	175

Accounts payable	445		515
Accrued expenses	211		176
Payables to affiliates	38		48
Customer deposits	119		118
Regulatory liabilities	34		12

Renewable energy credit obligations	53		160
Other	39		39
Total current liabilities	1,176		1,243
Long-term debt	5,396		5,395
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,161		2,099
Regulatory liabilities	615		636
Asset retirement obligations	36		36
Non-pension postretirement benefit obligations	145		150



Other	100		97
Total deferred credits and other liabilities	3,057		3,018
Total liabilities	9,629		9,656
Commitments and contingencies
Shareholder's equity
Common stock	3,483		3,483

Retained earnings	2,565		2,403


Total shareholder's equity	6,048		5,886


Total liabilities and shareholder's equity	$	15,677	$	15,542

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Baltimore Gas and Electric Company

Statements of Changes in Shareholder's Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2024	$	3,483	$	2,403	$	5,886
Net income	—		260		260
Common stock dividends	—		(98)		(98)

Balance at March 31, 2025	$	3,483	$	2,565	$	6,048









	Three Months Ended March 31, 2024
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2023	$	3,246	$	2,244	$	5,490
Net income	—		264		264
Common stock dividends	—		(92)		(92)

Balance at March 31, 2024	$	3,246	$	2,416	$	5,662

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Pepco Holdings LLC and Subsidiary Companies

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Operating revenues
Electric operating revenues	$	1,691	$	1,485
Natural gas operating revenues	88		72
Revenues from alternative revenue programs	(3)		46
Operating revenues from affiliates	2		3
Total operating revenues	1,778		1,606
Operating expenses
Purchased power	684		607
Purchased fuel	38		29

Operating and maintenance	296		274
Operating and maintenance from affiliates	53		51
Depreciation and amortization	234		246
Taxes other than income taxes	140		128
Total operating expenses	1,445		1,335

Loss on sale of assets	(1)		—
Operating income	332		271
Other income and (deductions)
Interest expense, net	(99)		(90)
Interest expense to affiliates, net	(1)		—
Other, net	19		27
Total other income and (deductions)	(81)		(63)
Income before income taxes	251		208
Income taxes	57		40

Net income	$	194	$	168








Comprehensive income	$	194	$	168

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Pepco Holdings LLC and Subsidiary Companies

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	194	$	168
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	234		246

Loss on sales of assets	1		—
Deferred income taxes and amortization of investment tax credits	32		16

Other non-cash operating activities	69		9
Changes in assets and liabilities:
Accounts receivable	6		1
Receivables from and payables to affiliates, net	(9)		—
Inventories	(24)		(11)
Accounts payable and accrued expenses	(84)		(23)

Collateral received, net	27		—
Income taxes	25		24
Regulatory assets and liabilities, net	(14)		(42)
Pension and non-pension postretirement benefit contributions	(42)		(72)
Other assets and liabilities	(13)		(27)
Net cash flows provided by operating activities	402		289
Cash flows from investing activities
Capital expenditures	(513)		(453)





Net cash flows used in investing activities	(513)		(453)
Cash flows from financing activities
Changes in short-term borrowings	(530)		(394)


Issuance of long-term debt	425		925
Retirement of long-term debt	—		(400)
Changes in Exelon intercompany money pool	11		8



Distributions to member	(132)		(118)
Contributions from member	352		487


Other financing activities	(8)		(21)
Net cash flows provided by financing activities	118		487
Increase in cash, restricted cash, and cash equivalents	7		323
Cash, restricted cash, and cash equivalents at beginning of period	163		204
Cash, restricted cash, and cash equivalents at end of period	$	170	$	527

Supplemental cash flow information
Decrease in capital expenditures not paid	$	(109)	$	(11)

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Pepco Holdings LLC and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	127	$	139
Restricted cash and cash equivalents	43		24
Accounts receivable
Customer accounts receivable	815		827
Customer allowance for credit losses	(129)		(108)
Customer accounts receivable, net	686		719
Other accounts receivable	281		284
Other allowance for credit losses	(51)		(49)
Other accounts receivable, net	230		235

Receivables from affiliates	8		8


Inventories, net
Fossil fuel	2		7
Materials and supplies	354		325

Prepaid utility taxes	39		70
Regulatory assets	297		323

Prepaid renewable energy credits	58		194
Other	56		36
Total current assets	1,900		2,080
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,892 and $3,728 as of March 31, 2025 and December 31, 2024, respectively)	20,258		20,053
Deferred debits and other assets
Regulatory assets	1,577		1,570
Goodwill	4,005		4,005
Investments	152		152


Prepaid pension asset	266		252


Other	191		185
Total deferred debits and other assets	6,191		6,164
Total assets	$	28,349	$	28,297

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Pepco Holdings LLC and Subsidiary Companies

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	530
Long-term debt due within one year	292		290
Accounts payable	605		721
Accrued expenses	317		367
Payables to affiliates	57		66
Borrowings from Exelon intercompany money pool	74		63

Customer deposits	116		113
Regulatory liabilities	87		69
Unamortized energy contract liabilities	5		5


Renewable energy credit obligations	86		217
Other	128		124
Total current liabilities	1,767		2,565
Long-term debt	9,249		8,834
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,239		3,190
Regulatory liabilities	778		794
Asset retirement obligations	68		67
Non-pension postretirement benefit obligations	28		31




Unamortized energy contract liabilities	20		21
Other	464		473
Total deferred credits and other liabilities	4,597		4,576
Total liabilities	15,613		15,975
Commitments and contingencies

Member's equity
Membership interest	12,914		12,562

Undistributed losses	(178)		(240)

Total member's equity	12,736		12,322
Total liabilities and member's equity	$	28,349	$	28,297

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Pepco Holdings LLC and Subsidiary Companies

Consolidated Statements of Changes in Member's Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions)	Membership Interest		Undistributed (Losses)/Gains		Total Member's Equity
Balance at December 31, 2024	$	12,562	$	(240)	$	12,322
Net income	—		194		194
Distributions to member	—		(132)		(132)
Contributions from member	352		—		352
Balance at March 31, 2025	$	12,914	$	(178)	$	12,736


	Three Months Ended March 31, 2024
(In millions)	Membership Interest		Undistributed (Losses)/Gains		Total Member's Equity
Balance at December 31, 2023	$	12,057	$	(275)	$	11,782
Net income	—		168		168
Distributions to member	—		(118)		(118)
Contributions from member	487		—		487
Balance at March 31, 2024	$	12,544	$	(225)	$	12,319

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Potomac Electric Power Company

Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Operating revenues
Electric operating revenues	$	855	728
Revenues from alternative revenue programs	2		29
Operating revenues from affiliates	2		2
Total operating revenues	859		759
Operating expenses
Purchased power	318		281

Operating and maintenance	96		86
Operating and maintenance from affiliates	63		64
Depreciation and amortization	105		107
Taxes other than income taxes	113		102
Total operating expenses	695		640

Loss on sale of assets	(1)		—

Operating income	163		119
Other income and (deductions)
Interest expense, net	(52)		(45)

Other, net	11		15
Total other income and (deductions)	(41)		(30)
Income before income taxes	122		89
Income taxes	25		14

Net income	$	97	$	75










Comprehensive income	$	97	$	75

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Potomac Electric Power Company

Statements Of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	97	$	75
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	105		107

Deferred income taxes and amortization of investment tax credits	10		3
Loss on sales of assets	1		—
Other non-cash operating activities	12		(13)
Changes in assets and liabilities:
Accounts receivable	(14)		21
Receivables from and payables to affiliates, net	(2)		6
Inventories	(20)		(10)
Accounts payable and accrued expenses	(28)		—
Collateral received (paid), net	10		(1)
Income taxes	15		12
Regulatory assets and liabilities, net	13		6
Pension and non-pension postretirement benefit contributions	(4)		(4)
Other assets and liabilities	(3)		(19)
Net cash flows provided by operating activities	192		183
Cash flows from investing activities
Capital expenditures	(240)		(229)



Changes in PHI intercompany money pool	—		(134)

Net cash flows used in investing activities	(240)		(363)
Cash flows from financing activities
Changes in short-term borrowings	(200)		(132)
Issuance of long-term debt	200		675
Retirement of long-term debt	—		(400)

Dividends paid on common stock	(66)		(51)
Contributions from parent	157		251


Other financing activities	(5)		(15)
Net cash flows provided by financing activities	86		328
Increase in cash, restricted cash, and cash equivalents	38		148
Cash, restricted cash, and cash equivalents at beginning of period	51		72
Cash, restricted cash, and cash equivalents at end of period	$	89	$	220

Supplemental cash flow information
Decrease in capital expenditures not paid	$	(49)	$	(11)

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Potomac Electric Power Company

Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	58	$	30
Restricted cash and cash equivalents	31		21
Accounts receivable
Customer accounts receivable	404		395
Customer allowance for credit losses	(69)		(59)
Customer accounts receivable, net	335		336
Other accounts receivable	147		142
Other allowance for credit losses	(27)		(27)
Other accounts receivable, net	120		115

Receivables from affiliates	—		1


Inventories, net	189		169



Regulatory assets	136		157

Prepaid renewable energy credits	49		165
Other	37		55
Total current assets	955		1,049
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,593 and $4,522 as of March 31, 2025 and December 31, 2024, respectively)	10,205		10,097
Deferred debits and other assets
Regulatory assets	442		446
Investments	136		135



Prepaid pension asset	216		222

Other	57		51
Total deferred debits and other assets	851		854
Total assets	$	12,011	$	12,000

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Potomac Electric Power Company

Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	200
Long-term debt due within one year	6		6
Accounts payable	303		360
Accrued expenses	192		201
Payables to affiliates	34		37



Customer deposits	57		55
Regulatory liabilities	16		17
Merger related obligation	21		22

Renewable energy credit obligations	50		169
Other	43		51
Total current liabilities	722		1,118
Long-term debt	4,553		4,356

Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,530		1,509
Regulatory liabilities	301		310
Asset retirement obligations	50		49






Other	232		223
Total deferred credits and other liabilities	2,113		2,091
Total liabilities	7,388		7,565
Commitments and contingencies
Shareholder's equity
Common stock	3,492		3,335


Retained earnings	1,131		1,100

Total shareholder's equity	4,623		4,435
Total liabilities and shareholder's equity	$	12,011	$	12,000

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Potomac Electric Power Company

Statements Of Changes In Shareholder's Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2024	$	3,335	$	1,100	$	4,435
Net income	—		97		97
Common stock dividends	—		(66)		(66)
Contributions from parent	157		—		157
Balance at March 31, 2025	$	3,492	$	1,131	$	4,623


	Three Months Ended March 31, 2024
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2023	$	3,075	$	1,069	$	4,144
Net income	—		75		75
Common stock dividends	—		(51)		(51)
Contributions from parent	251		—		251
Balance at March 31, 2024	$	3,326	$	1,093	$	4,419

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Delmarva Power & Light Company

Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Operating revenues
Electric operating revenues	$	463	$	413
Natural gas operating revenues	88		72
Revenues from alternative revenue programs	(5)		4
Operating revenues from affiliates	2		2
Total operating revenues	548		491
Operating expenses
Purchased power	209		186
Purchased fuel	38		29

Operating and maintenance	60		51
Operating and maintenance from affiliates	46		44
Depreciation and amortization	63		61
Taxes other than income taxes	21		20
Total operating expenses	437		391



Operating income	111		100
Other income and (deductions)
Interest expense, net	(25)		(22)

Other, net	4		5
Total other income and (deductions)	(21)		(17)
Income before income taxes	90		83
Income taxes	21		17

Net income	$	69	$	66
Comprehensive income	$	69	$	66

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Delmarva Power & Light Company

Statements Of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	69	$	66
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	63		61

Deferred income taxes and amortization of investment tax credits	9		6

Other non-cash operating activities	21		12
Changes in assets and liabilities:
Accounts receivable	(1)		(7)
Receivables from and payables to affiliates, net	(4)		—
Inventories	(4)		1
Accounts payable and accrued expenses	(9)		16
Collateral received, net	9		—
Income taxes	13		10
Regulatory assets and liabilities, net	2		(1)

Other assets and liabilities	7		6
Net cash flows provided by operating activities	175		170
Cash flows from investing activities
Capital expenditures	(156)		(134)


Changes in PHI intercompany money pool	(12)		—

Net cash flows used in investing activities	(168)		(134)
Cash flows from financing activities
Changes in short-term borrowings	(144)		(63)
Issuance of long-term debt	125		175


Dividends paid on common stock	(46)		(45)
Contributions from parent	99		154
Other financing activities	(3)		(3)
Net cash flows provided by financing activities	31		218
Increase in cash, restricted cash, and cash equivalents	38		254
Cash, restricted cash, and cash equivalents at beginning of period	23		16
Cash, restricted cash, and cash equivalents at end of period	$	61	$	270

Supplemental cash flow information
Decrease in capital expenditures not paid	$	(47)	$	(6)

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Delmarva Power & Light Company

Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	50	$	21
Restricted cash and cash equivalents	11		2
Accounts receivable
Customer accounts receivable	215		210
Customer allowance for credit losses	(23)		(17)
Customer accounts receivable, net	192		193
Other accounts receivable	53		63
Other allowance for credit losses	(9)		(9)
Other accounts receivable, net	44		54
Receivables from affiliates	1		—
Receivable from PHI intercompany pool	12		—
Inventories, net
Fossil fuel	2		6
Materials and supplies	103		95
Prepaid utility taxes	13		26

Regulatory assets	49		60
Prepaid renewable energy credits	9		29
Other	21		16
Total current assets	507		502
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,121 and $2,075 as of March 31, 2025 and December 31, 2024, respectively)	5,595		5,540
Deferred debits and other assets
Regulatory assets	220		215


Prepaid pension asset	116		120
Other	46		44
Total deferred debits and other assets	382		379
Total assets	$	6,484	$	6,421

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Delmarva Power & Light Company

Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	144
Long-term debt due within one year	131		130
Accounts payable	131		187
Accrued expenses	65		55
Payables to affiliates	23		26

Customer deposits	34		34
Regulatory liabilities	46		42
Renewable energy credit obligations	37		48
Other	27		22
Total current liabilities	494		688
Long-term debt	2,215		2,090
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	960		946
Regulatory liabilities	323		325
Asset retirement obligations	13		13

Non-pension postretirement benefit obligations	3		3
Other	112		114
Total deferred credits and other liabilities	1,411		1,401
Total liabilities	4,120		4,179
Commitments and contingencies
Shareholder's equity
Common stock	1,714		1,615

Retained earnings	650		627
Total shareholder's equity	2,364		2,242
Total liabilities and shareholder's equity	$	6,484	$	6,421

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Delmarva Power & Light Company

Statements Of Changes In Shareholder's Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2024	$	1,615	$	627	$	2,242
Net income	—		69		69
Common stock dividends	—		(46)		(46)
Contributions from parent	99		—		99
Balance at March 31, 2025	$	1,714	$	650	$	2,364


	Three Months Ended March 31, 2024
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance at December 31, 2023	$	1,455	$	638	$	2,093
Net income	—		66		66
Common stock dividends	—		(45)		(45)
Contributions from parent	154		—		154
Balance at March 31, 2024	$	1,609	$	659	$	2,268

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Atlantic City Electric Company and Subsidiary Company

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Operating revenues
Electric operating revenues	$	372	$	344
Revenues from alternative revenue programs	—		13
Operating revenues from affiliates	1		1
Total operating revenues	373		358
Operating expenses
Purchased power	157		140

Operating and maintenance	51		47
Operating and maintenance from affiliates	39		40
Depreciation and amortization	64		74
Taxes other than income taxes	2		2
Total operating expenses	313		303



Operating income	60		55
Other income and (deductions)
Interest expense, net	(21)		(20)

Other, net	3		5
Total other income and (deductions)	(18)		(15)
Income before income taxes	42		40
Income taxes	11		11

Net income	$	31	$	29
Comprehensive income	$	31	$	29

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Atlantic City Electric Company and Subsidiary Company

Statements Of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities
Net income	$	31	$	29
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	64		74
Deferred income taxes and amortization of investment tax credits	8		7
Other non-cash operating activities	25		2
Changes in assets and liabilities:
Accounts receivable	21		(12)
Receivables from and payables to affiliates, net	(2)		(5)
Inventories	—		(3)
Accounts payable and accrued expenses	(8)		(1)
Collateral received, net	6		1
Income taxes	3		3
Regulatory assets and liabilities, net	(28)		(47)
Pension and non-pension postretirement benefit contributions	(3)		(7)
Other assets and liabilities	(5)		(13)
Net cash flows provided by operating activities	112		28
Cash flows from investing activities
Capital expenditures	(105)		(89)



Net cash flows used in investing activities	(105)		(89)
Cash flows from financing activities
Changes in short-term borrowings	(186)		(199)


Issuance of long-term debt	100		75

Changes in PHI intercompany money pool	12		134
Dividends paid on common stock	(20)		(22)
Contributions from parent	94		81
Other financing activities	(2)		(2)
Net cash flows (used in) provided by financing activities	(2)		67
Increase in cash and cash equivalents	5		6
Cash and cash equivalents at beginning of period	14		21
Cash and cash equivalents at end of period	$	19	$	27

Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$	(12)	$	4

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Atlantic City Electric Company and Subsidiary Company

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	18	$	14
Restricted cash and cash equivalents	1		—
Accounts receivable
Customer accounts receivable	196		223
Customer allowance for credit losses	(37)		(32)
Customer accounts receivable, net	159		191
Other accounts receivable	81		79
Other allowance for credit losses	(15)		(13)
Other accounts receivable, net	66		66

Receivables from affiliates	7		7

Inventories, net	62		62



Regulatory assets	107		101
Other	8		6
Total current assets	428		447
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,839 and $1,798 as of March 31, 2025 and December 31, 2024, respectively)	4,407		4,366
Deferred debits and other assets
Regulatory assets	515		502



Prepaid pension asset	2		1

Other	35		33
Total deferred debits and other assets	552		536
Total assets	$	5,387	$	5,349

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Atlantic City Electric Company and Subsidiary Company

Consolidated Balance Sheets

(Unaudited)


(In millions)	March 31, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	186
Long-term debt due within one year	154		154
Accounts payable	162		163
Accrued expenses	43		52
Payables to affiliates	20		22


Borrowings from PHI intercompany money pool	12		—
Customer deposits	24		24
Regulatory liabilities	25		10

Other	18		10
Total current liabilities	458		621
Long-term debt	1,879		1,779
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	825		816
Regulatory liabilities	141		146






Other	54		62
Total deferred credits and other liabilities	1,020		1,024
Total liabilities	3,357		3,424
Commitments and contingencies
Shareholder's equity
Common stock	2,009		1,915
Retained earnings	21		10

Total shareholder's equity	2,030		1,925
Total liabilities and shareholder's equity	$	5,387	$	5,349

See the Combined Notes to Consolidated Financial Statements

Table of Content s

Atlantic City Electric Company and Subsidiary Company

Consolidated Statements Of Changes In Shareholder's Equity

(Unaudited)


	Three Months Ended March 31, 2025
(In millions)	Common Stock		Retained (Deficit) Earnings		Total Shareholder's Equity
Balance at December 31, 2024	$	1,915	$	10	$	1,925
Net income	—		31		31
Common stock dividends	—		(20)		(20)
Contributions from parent	94		—		94
Balance at March 31, 2025	$	2,009	$	21	$	2,030


	Three Months Ended March 31, 2024
(In millions)	Common Stock		Retained (Deficit) Earnings		Total Shareholder's Equity
Balance at December 31, 2023	$	1,830	$	(18)	$	1,812
Net income	—		29		29
Common stock dividends	—		(22)		(22)
Contributions from parent	81		—		81
Balance at March 31, 2024	$	1,911	$	(11)	$	1,900

See the Combined Notes to Consolidated Financial Statements

Combined Notes to Consolidated Financial Statements

(Dollars in millions, except per share data, unless otherwise noted)

Note 1 — Significant Accounting Policies

1. Significant Accounting Policies (All Registrants)

Description of Business (All Registrants)

Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE.


Name of Registrant	Business	Service Territories
Commonwealth Edison Company	Purchase and regulated retail sale of electricity	Northern Illinois, including the City of Chicago
	Transmission and distribution of electricity to retail customers
PECO Energy Company	Purchase and regulated retail sale of electricity and natural gas	Southeastern Pennsylvania, including the City of Philadelphia (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Pennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric Company	Purchase and regulated retail sale of electricity and natural gas	Central Maryland, including the City of Baltimore (electricity and natural gas)
	Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLC	Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE	Service Territories of Pepco, DPL, and ACE

Potomac Electric Power Company	Purchase and regulated retail sale of electricity	District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland
	Transmission and distribution of electricity to retail customers
Delmarva Power & Light Company	Purchase and regulated retail sale of electricity and natural gas	Portions of Delaware and Maryland (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Portions of New Castle County, Delaware (natural gas)
Atlantic City Electric Company	Purchase and regulated retail sale of electricity	Portions of Southern New Jersey
	Transmission and distribution of electricity to retail customers

Basis of Presentation (All Registrants)

This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant’s Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated.

Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed.

The accompanying consolidated financial statements as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 are unaudited but, in the opinion of each Registrant's management, the Registrants include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2024 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2025. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial

Combined Notes to Consolidated Financial Statements

(Dollars in millions, except per share data, unless otherwise noted)

Note 1 — Significant Accounting Policies

statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

New Accounting Standards (All Registrants)

New Accounting Standards Issued and Not Yet Adopted as of March 31, 2025: The following new authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of March 31, 2025. Unless otherwise indicated, the Registrants are currently assessing the impacts such guidance may have (which could be material) in their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures, as well as the potential to early adopt where applicable. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting.

Improvement to Income Tax Disclosures (Issued December 2023). Provides additional disclosure requirements related to the effective tax rate reconciliation and income taxes paid. Under the revised guidance for the effective tax reconciliations, entities would be required to disclose: (1) eight specific categories in the effective tax rate reconciliation in both percentages and reporting currency amount, (2) additional information for reconciling items over a certain threshold, (3) explanation of individual reconciling items disclosed, and (4) provide a qualitative description of the state and local jurisdictions that contribute to the majority of the state income tax expense. For each annual period presented, the new standard requires disclosure of the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign. It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The standard is effective for annual periods beginning January 1, 2025, with early adoption permitted.

Disaggregation of Income Statement Expenses (Issued November 2024). Provides additional disclosure requirements related to relevant expense captions of income statement expense line items. The revised guidance requires a new tabular disclosure of disaggregated income statement expenses including a break out of (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil and gas producing activities included in each relevant expense line item on the income statement. The tabular disaggregation should include certain amounts already required to be disclosed under GAAP elsewhere. Any remaining amounts not separately disaggregated quantitatively should include a qualitative description. Additionally, on an annual basis, the standard requires disclosure of management’s definition of selling expenses and the amount of expense. The standard is effective January 1, 2027, with early adoption permitted. The Registrants are currently assessing the impacts of this standard.

2. Regulatory Matters (All Registrants)

As discussed in Note 3 — Regulatory Matters of the 2024 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2025 and updates to the 2024 Form 10-K.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

Distribution Base Rate Case Proceedings

The following tables show the completed and pending distribution base rate case proceedings in 2025.

Completed Distribution Base Rate Case Proceedings


Registrant/Jurisdiction			Filing Date			Service				Requested Revenue Requirement Increase				Approved Revenue Requirement Increase			Approved ROE		Approval Date		Rate Effective Date
ComEd - Illinois			January 17, 2023(a)			Electric				$	1,487			$	1,045		8.905%		December 19, 2024		January 1, 2024
	April 26, 2024 (amended on September 11, 2024)(b)			Electric				$	624			$	623			9.89%		October 31, 2024		January 1, 2025
PECO - Pennsylvania			March 28, 2024			Electric(c)(d)				$	464			$	354		N/A(e)		December 12, 2024		January 1, 2025
Natural Gas(d)	$	111		$	78
BGE - Maryland(f)			February 17, 2023			Electric				$	313			$	179		9.50%		December 14, 2023		January 1, 2024
			Natural Gas			$	289			$	229			9.45%
Pepco - District of Columbia(g)			April 13, 2023 (amended February 27, 2024)			Electric				$	186			$	123		9.50%		November 26, 2024		January 1, 2025
Pepco - Maryland(h)			May 16, 2023 (amended February 23, 2024)			Electric				$	111			$	45		9.50%		June 10, 2024		April 1, 2024
DPL - Maryland(i)			May 19, 2022			Electric				$	38			$	29		9.60%		December 14, 2022		January 1, 2023
DPL - Delaware(j)			December 15, 2022 (amended September 29, 2023)			Electric				$	39			$	28		9.60%		April 18, 2024		July 15, 2023
ACE - New Jersey(k)			February 15, 2023 (amended August 21, 2023)			Electric				$	92			$	45		9.60%		November 17, 2023		December 1, 2023

(a)Reflects a four-year cumulative multi-year rate plan for January 1, 2024 to December 31, 2027. The MRP was originally approved by the ICC on December 14, 2023 and was subsequently amended on January 10, 2024, April 18, 2024 and December 19, 2024. The December 19, 2024 order provided a total revenue requirement increase of $1.045 billion inclusive of rate increases of approximately $752 million in 2024, $80 million in 2025, $102 million in 2026, and $111 million in 2027. On March 20, 2025, ComEd filed its annual revenue balancing reconciliation for 2024. This reconciliation, which is a component of revenue decoupling, reflected a revenue reduction of $55 million, effective January 1, 2026. On April 29, 2025, ComEd filed its 2024 MRP Reconciliation reflecting a revenue increase of $268 million, which includes the tax benefit of NOLCs. While NOLCs were included in the MRP Reconciliation, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs.

(b)On October 31, 2024, the Delivery Reconciliation Amount for 2023 defined in Rider Delivery Service Pricing Reconciliation (Rider DSPR) was approved. Rider DSPR allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd's approved MRP. The 2024 order reconciled the delivery service rates in effect in 2023 with the actual delivery service costs incurred in 2023. The reconciliation revenue requirement provides for a weighted average debt and equity return on distribution rate base of 7.02%, inclusive of an allowed ROE of 9.89%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

(c)PECO’s approved annual electric revenue requirement increase of $354 million is partially offset by a one-time credit of $64 million in 2025. In addition, the PAPUC approved the recovery of storm damage costs incurred by PECO in January 2024, up to $23 million, subject to review for reasonableness and prudency in PECO’s next distribution rate case.

(d)On December 12, 2024, the PAPUC issued their Opinions and Orders which approved the non-unanimous partial settlements with limited modifications for both the electric and natural gas base rate cases, and denied the Weather Normalization Adjustment requested in the natural gas base rate case.

(e)The PECO electric and natural gas base rate case proceedings were resolved through settlement agreements, which did not specify an approved ROE.

(f)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026. The MDPSC awarded BGE electric revenue requirement increases of $41 million, $113 million, and $25 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $126 million, $62 million, and $41 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives. The MDPSC also approved a portion of the requested 2021 and 2022 reconciliation amounts, which will be recovered through separate electric and gas riders between March 2024 through February 2025. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The 2021 reconciliation amounts are $13 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $39 million and $15 million for electric and gas, respectively. In April 2024, BGE filed with the MDPSC its request for recovery of the 2023 reconciliation amounts of $79 million and $73 million for electric and gas, respectively, with supporting testimony and schedules.

(g)Reflects a two-year cumulative multi-year plan for January 1, 2025, through December 31, 2026. The DCPSC awarded Pepco electric incremental revenue requirement increases of $99 million and $24 million for 2025 and 2026, respectively.

(h)Reflects the amounts requested (before offsets) and awarded for a one-year multi-year plan for April 1, 2024 through March 31, 2025. The MDPSC awarded Pepco an electric incremental revenue requirement increase of $45 million for the 12-month period ending March 31, 2025. The MDPSC did not adopt the requested revenue requirement increases of $80 million (before offsets), $51 million, and $14 million as filed for 2025, 2026, and the 2027 nine-month extension period, respectively. The MDPSC also approved the requested reconciliation amounts for the 12-month periods ending March 31, 2022, and March 31, 2023, which will be recovered through a rider between August 2024 through March 2026. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The reconciliation amounts are $1 million and $7 million, for the 12-month periods ending March 31, 2022, and March 31, 2023, respectively. In July 2024, Pepco filed its request with the MDPSC for recovery of $31 million for the 12-month period ended March 31, 2024, with supporting testimony and schedules.

(i)Reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025. The MDPSC awarded DPL electric incremental revenue requirement increases of $17 million, $6 million, and $6 million for 2023, 2024, and 2025, respectively.

(j)On April 18, 2024, the DEPSC approved the Significant Storm Expense Rate Rider (Rider SSER) which will allow DPL to recover expenses associated with qualified storms. A qualified storm will be an individual storm for which DPL incurs expenses between $5 million and $15 million. The Rider SSER allows DPL to recover significant storm damage expenses for the previous 12-month period over a future 24-month period. For individual storm events for which DPL incurs expenses of more than $15 million, the future recovery period will be evaluated on a case-by-case basis and the unamortized balance will earn a return at DPL's authorized long-term cost of debt. The Rider SSER will have an annual true-up filing, subject to DEPSC review and approval.

(k)Requested and approved increases are before New Jersey sales and use tax. The NJBPU awarded ACE electric revenue requirement increases of $36 million and $9 million effective December 1, 2023 and February 1, 2024, respectively.

Pending Distribution Base Rate Case Proceedings


Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Requested ROE	Expected Approval Timing
DPL - Delaware(a)	September 20, 2024 (amended February 28, 2025)	Natural Gas	$	42	10.65%	First quarter of 2026

ACE - New Jersey(b)	November 21, 2024	Electric	109		10.70%	Fourth quarter of 2025

(a)DPL implemented interim rates on April 20, 2025, subject to refund. Interim rates are not to exceed 10% of interstate operating revenues.

(b)Requested increases are before New Jersey sales and use tax. ACE intends to put rates into effect on August 21, 2025, subject to refund.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

Transmission Formula Rates

The Utility Registrants' transmission rates are each established based on a FERC-approved formula. ComEd, BGE, Pepco, DPL, and ACE are required to file an annual update to the FERC-approved formula on or before May 15, and PECO is required to file on or before May 31, with the resulting rates effective on June 1 of the same year. The annual update for BGE is based on prior year actual costs and current year projected capital additions, accumulated depreciation, depreciation and amortization expense, and accumulated deferred income taxes. The update for BGE also reconciles any differences between the actual costs and actual revenues for the calendar year (annual reconciliation).

For 2025, the following increase was included in the Utility Registrant's electric transmission formula rate update:


Registrant(a)	Initial Revenue Requirement Increase		Annual Reconciliation Increase		Total Revenue Requirement Increase(b)			Allowed Return on Rate Base(c)		Allowed ROE(d)


BGE	$	21	$	21	$	35	(e)	7.53	%	10.50	%

(a)All rates are effective June 1, 2025 - May 31, 2026, subject to review by interested parties pursuant to review protocols of BGE's tariffs.

(b)While the transmission filing reflects the tax benefit of NOLCs, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs.

(c)Represents the weighted average debt and equity return on transmission rate base.

(d)The rate of return on common equity for BGE includes a 50-basis-point incentive adder for being a member of an RTO.

(e)The increase in BGE's transmission revenue requirement includes a $7 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.

Other State Regulatory Matters

Illinois Regulatory Matters

CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics.

ComEd Electric Distribution Rates

Beginning in 2024, ComEd recovers from retail customers, subject to certain exceptions, the costs it incurs to provide electric delivery services either through its electric distribution rate or other recovery mechanisms authorized by CEJA. On January 17, 2023, ComEd filed a petition with the ICC seeking approval of a MRP for 2024-2027. The MRP supports a multi-year grid plan (Grid Plan), also filed on January 17, covering planned investments on the electric distribution system within ComEd’s service area through 2027. Costs incurred during each year of the MRP are subject to ICC review and the plan’s revenue requirement for each year will be reconciled with the actual costs that the ICC determines are prudently and reasonably incurred for that year. The reconciliation is subject to adjustment for certain costs, including a limitation on recovery of costs that are more than 105% of certain costs in the previously approved MRP revenue requirement, absent a modification of the rate plan itself. Thus, for example, the rate adjustments necessary to reconcile 2024 revenues to ComEd’s actual 2024 costs incurred would take effect in January 2026 after the ICC’s review during 2025.

On December 14, 2023, the ICC issued a final order. The ICC rejected ComEd’s Grid Plan as non-compliant with certain requirements of CEJA and required ComEd to file a revised Grid Plan. In the absence of an approved Grid Plan, the ICC set ComEd’s forecast revenue requirements for 2024-2027 based on ComEd's approved year-end 2022 rate base. This resulted in a total cumulative revenue requirement increase of $501 million, a $986 million total revenue reduction from the requested cumulative revenue requirement increase but remained subject to annual reconciliation in accordance with CEJA. The final order approved the process and formulas associated with the MRP reconciliation mechanisms. The ICC's December 2023 order also denied ComEd's ability to earn a return on its pension asset.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

On December 22, 2023, ComEd filed an application for rehearing on several findings in the final order including the use of the 2022 year-end rate base to establish forecast revenue requirements for 2024-2027, ROE, pension asset return, and capital structure. On January 10, 2024, ComEd’s application for rehearing was denied on all issues except for the order’s use of the 2022 year-end rate base. On April 18, 2024, the ICC issued its final order on rehearing, which approved the use of the forecasted year-end 2023 rate base that resulted in increased revenue requirements for 2024-2027. These revenue requirements determined during the rehearing process established base revenue requirements until the ICC approved the Refiled Grid Plan on December 19, 2024.

On January 10, 2024, ComEd filed an appeal in the Illinois Appellate Court of the issues on which rehearing was denied, including but not limited to the allowed ROE, 50% equity ratio, and denial of a return on ComEd’s pension asset. There is no deadline by when the appellate court must rule. On March 13, 2024, ComEd filed its Refiled Grid Plan with supporting testimony and schedules with the ICC and subsequently on March 15, 2024, ComEd also filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled Grid Plan. On December 19, 2024, the ICC approved the Refiled Grid Plan and adjusted the approved MRP with rates effective on January 1, 2025. The final approved MRP, as adjusted, which reflects the Refiled Grid Plan, resulted in a total cumulative revenue requirement increase of $1.045 billion over the 2024-2027 plan years and remains subject to annual reconciliations in accordance with CEJA. ComEd filed timely requests for rehearing and an appeal of the MRP order, again limited to the issues on which rehearing of the December 2023 order was denied, including the allowed ROE, 50% equity ratio, and denial of a return on ComEd's pension asset.

In January 2022, ComEd filed a request with the ICC proposing performance metrics that would be used in determining ROE incentives and penalties in the event ComEd filed a MRP in January 2023. On September 27, 2022, the ICC issued a final order approving seven performance metrics that provide symmetrical performance adjustments of 32 total basis points to ComEd’s rate of return on common equity based on the extent to which ComEd achieves the annual performance goals. On November 10, 2022, the ICC granted ComEd's application for rehearing, in part. On April 5, 2023, the ICC issued its final order on rehearing for the performance and tracking metrics proceeding, in which the ICC declined to adopt ComEd's proposed modifications to the reliability and peak load reduction performance metrics.

Carbon Mitigation Credit

CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear power generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. The seller has not provided notification to ComEd or the IPA that any subsidies or tax credits, such as nuclear production tax credits that became available for electricity generated beginning January 1, 2024, have been monetized and the IPA did not adjust the CMC price paid by ComEd in 2024. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. Beginning with the June 2022 monthly billing period, ComEd began issuing credits and/or charges to its retail customers under its CMC rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). A regulatory asset is recorded for the difference between ComEd's costs associated with the procurement of CMCs from participating nuclear power generating facilities and revenues received from customers. The balance as of March 31, 2025 is $17 million.

Energy Efficiency

CEJA extends ComEd’s current cumulative annual energy efficiency MWh savings goals through 2040, adds expanded electrification measures to those goals, increases low-income commitments, and adds a new performance adjustment to the energy efficiency formula rate. ComEd expects its annual spend to increase in 2023 through 2040 to achieve these energy efficiency MWh savings goals, which is deferred as a separate regulatory asset that is recovered through the energy efficiency formula rate over the weighted average useful life, as approved by the ICC, of the related energy efficiency measures.

Other Federal Regulatory Matters

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 2 — Regulatory Matters

FERC Audit (Exelon and ComEd). The Utility Registrants are subject to periodic audits and investigations by FERC. FERC’s Division of Audits and Accounting initiated a nonpublic audit of ComEd in April 2021 evaluating ComEd’s compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit period extended back to January 1, 2017.

On July 27, 2023, FERC published a final audit report which included, among other things, findings and recommendations related to ComEd's methodology regarding the allocation of certain overhead costs to capitalized construction costs under FERC regulations, including a suggestion that refunds may be due to customers for amounts collected in previous years. ComEd responded to that report and on August 28, 2023, ComEd filed a formal notice of the issues it contested within the audit report. On December 14, 2023, FERC appointed a settlement judge for the contested overhead allocation findings and set the matter for a trial-type hearing. That hearing process was held in abeyance while a formal settlement process, which began in February 2024, took place.

On July 30, 2024, ComEd reached an agreement in principle on the contested overhead allocation finding. As a result of the settlement process, ComEd recorded a charge for the probable disallowance of $70 million of certain currently capitalized construction costs to operating expenses, which are not expected to be recovered in future rates. The existing loss estimate was reflected in Exelon and ComEd's financial statements as of December 31, 2024. ComEd and FERC staff jointly filed the settlement agreement with FERC for approval on February 11, 2025. The settlement was approved by FERC on April 4, 2025.

Regulatory Assets and Liabilities

The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2024, unless noted below. See Note 3 — Regulatory Matters of the 2024 Form 10-K for additional information on the specific regulatory assets and liabilities.

PECO. Regulatory assets increased $61 million primarily due to an increase of $71 million in the Deferred Income Taxes regulatory asset. Regulatory liabilities increased $93 million primarily due to an increase of $64 million in the Decommissioning the Regulatory Agreement Units and an increase of $32 million in the Electric energy and natural gas costs regulatory liabilities.

ACE. Regulatory liabilities increased $10 million primarily due to an increase of $8 million in the Transmission formula rate annual reconciliations regulatory liability.

Capitalized Ratemaking Amounts Not Recognized

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at March 31, 2025 and December 31, 2024.


	Exelon		ComEd(a)		BGE(b)		PHI		Pepco(c)		DPL(d)		ACE(e)
March 31, 2025	$	87	$	38	$	9	$	40	$	24	$	1	$	15

December 31, 2024	117		46		16		55		40		1		14

(a)Reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and formula rates regulatory assets.

(b)BGE's amount capitalized for ratemaking purposes primarily relates to earnings on shareholders' investment on AMI programs and investments in rate base included in the multi-year plan reconciliations.

(c)Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.

(d)DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs.

(e)ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 3 — Revenue from Contracts with Customers

3. Revenue from Contracts with Customers (All Registrants)

The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services.

See Note 4 — Revenue from Contracts with Customers of the 2024 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.

Contract Liabilities

The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets.

For Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement ("Agreement") with an unrelated owner and manager of communication infrastructure, as well as additional consideration received for the payment option amendment ("Amendment") executed during the fourth quarter of 2023, which is discussed in further detail within Note 4 — Revenue from Contracts with Customers of the 2024 Form 10-K. The contract liability balance attributable to the Agreement and the Amendment is being recognized as Electric operating revenues over a 35 year period and 31 year period, respectively.

The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three months ended March 31, 2025 and 2024. At March 31, 2025 and December 31, 2024, ComEd's, PECO's, and BGE's contract liabilities were immaterial.



	Exelon(a)		PHI(a)		Pepco(a)		DPL		ACE
Balance at December 31, 2024	$	127	$	127	$	101	$	13	$	13
Revenues recognized	(1)		(1)		(1)		—		—
Balance at March 31, 2025	$	126	$	126	$	100	$	13	$	13





	Exelon(a)		PHI(a)		Pepco(a)		DPL		ACE
Balance at December 31, 2023	$	133	$	133	$	107	$	13	$	13
Revenues recognized	(2)		(2)		(2)		—		—
Balance at March 31, 2024	$	131	$	131	$	105	$	13	$	13

(a)Revenues recognized in the three months ended March 31, 2025 and 2024, were included in the contract liabilities at December 31, 2024 and 2023, respectively.

Transaction Price Allocated to Remaining Performance Obligations

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2025. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 3 — Revenue from Contracts with Customers


Year	Exelon		PHI		Pepco		DPL		ACE
2025	$	4	$	4	$	4	$	—	$	—
2026	6		6		5		1		—
2027	5		5		5		—		—
2028	5		5		5		—		—
2029 and thereafter	106		106		81		12		13
Total	$	126	$	126	$	100	$	13	$	13

Revenue Disaggregation

The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of the Registrants' revenue disaggregation.

4. Segment Information (All Registrants)

Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer.

Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2025 and 2024 is as follows:


	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2025
Electric revenues	$	2,065	$	956	$	1,012	$	1,687	$	—	$	(11)	$	5,709
Natural gas revenues	—		377		542		88		—		(2)		1,005
Shared service and other revenues	—		—		—		3		466		(469)		—
Total operating revenues	$	2,065	$	1,333	$	1,554	$	1,778	$	466	$	(482)	$	6,714
2024
Electric revenues	$	2,095	$	782	$	881	$	1,532	$	—	$	(6)	$	5,284
Natural gas revenues	—		272		416		72		—		(1)		759
Shared service and other revenues	—		—		—		2		459		(461)		—
Total operating revenues	$	2,095	$	1,054	$	1,297	$	1,606	$	459	$	(468)	$	6,043
Less:
Purchased power
2025	$	689	$	361	$	450	$	684	$	—	$	—	$	2,184
2024	907		306		377		607		—		—		2,197
Purchased fuel
2025	$	—	$	141	$	159	$	38	$	—	$	—	$	338
2024	—		97		87		29		—		—		213

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information


	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating and maintenance
2025	$	323	$	266	$	242	$	296	$	429	$	(209)	$	1,347
2024	318		235		205		274		438		(199)		1,271
Operating and maintenance from affiliates
2025	$	100	$	61	$	63	$	53	$	11	$	(288)	$	—
2024	100		58		59		51		9		(277)		—
Depreciation and amortization
2025	$	380	$	109	$	164	$	234	$	16	$	—	$	903
2024	362		104		150		246		17		—		879
Taxes other than income taxes
2025	$	99	$	60	$	96	$	140	$	10	$	—	$	405
2024	94		51		89		128		9		—		371
(Gain) loss on sale of assets
2025	$	—	$	—	$	—	$	1	$	—	$	—	$	1
2024	—		(2)		—		—		—		—		(2)
Interest expense, net(c)
2025	$	125	$	59	$	58	$	99	$	163	$	—	$	504
2024	119		52		50		90		151		—		462
Interest expense from affiliates, net(c)
2025	$	3	$	4	$	—	$	1	$	(1)	$	(1)	$	6
2024	3		3		—		—		—		—		6
Other, net
2025	$	(21)	$	(8)	$	(9)	$	(19)	$	(11)	$	16	$	(52)
2024	(20)		(9)		(8)		(27)		(19)		8		(75)
Income taxes
2025	$	65	$	14	$	71	$	57	$	(37)	$	—	$	170
2024	19		10		24		40		(30)		—		63
Net income (loss) attributable to common shareholders
2025	$	302	$	266	$	260	$	194	$	(114)	$	—	$	908
2024	193		149		264		168		(116)		—		658
Supplemental segment information
Intersegment revenues(d)
2025	$	8	$	3	$	2	$	2	$	463	$	(478)	$	—
2024	2		2		2		3		457		(466)		—
Capital expenditures
2025	$	590	$	424	$	406	$	513	$	13	$	—	$	1,946
2024	594		361		324		453		35		—		1,767
Total assets
March 31, 2025	$	45,199	$	17,789	$	15,677	$	28,349	$	6,530	$	(4,060)	$	109,484
December 31, 2024	44,750		17,123		15,542		28,297		6,012		(3,940)		107,784

(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information

(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.

(d)See Note 15 — Related Party Transactions for additional information on intersegment revenues.

PHI:


	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2025
Electric revenues	$	859	$	460	$	373	$	—	$	(5)	$	1,687
Natural gas revenues	—		88		—		—		—		88
Shared service and other revenues	—		—		—		106		(103)		3
Total operating revenues	$	859	$	548	$	373	$	106	$	(108)	$	1,778
2024
Electric revenues	$	759	$	419	$	358	$	—	$	(4)	$	1,532
Natural gas revenues	—		72		—		—		—		72
Shared service and other revenues	—		—		—		109		(107)		2
Total operating revenues	$	759	$	491	$	358	$	109	$	(111)	$	1,606
Less:
Purchased power
2025	$	318	$	209	$	157	$	—	$	—	$	684
2024	281		186		140		—		—		607
Purchased fuel
2025	$	—	$	38	$	—	$	—	$	—	$	38
2024	—		29		—		—		—		29



Operating and maintenance
2025	$	96	$	60	$	51	$	89	$	—	$	296
2024	86		51		47		90		—		274
Operating and maintenance from affiliates
2025	$	63	$	46	$	39	$	13	$	(108)	$	53
2024	64		44		40		14		(111)		51
Depreciation and amortization
2025	$	105	$	63	$	64	$	2	$	—	$	234
2024	107		61		74		4		—		246
Taxes other than income taxes
2025	$	113	$	21	$	2	$	4	$	—	$	140
2024	102		20		2		4		—		128
Loss on sale of assets
2025	$	1	$	—	$	—	$	—	$	—	$	1
2024	—		—		—		—		—		—
Interest expense, net(c)
2025	$	52	$	25	$	21	$	1	$	—	$	99
2024	45		22		20		3		—		90
Interest expense to affiliates, net(c)
2025	$	—	$	—	$	—	$	1	$	—	$	1
2024	—		—		—		—		—		—
Other, net
2025	$	(11)	$	(4)	$	(3)	$	(1)	$	—	$	(19)
2024	(15)		(5)		(5)		(2)		—		(27)

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information


Income taxes
2025	$	25	$	21	$	11	$	—	$	—	$	57
2024	14		17		11		(2)		—		40
Net income (loss) attributable to common shareholders
2025	$	97	$	69	$	31	$	(3)	$	—	$	194
2024	75		66		29		(2)		—		168
Supplemental segment information
Intersegment revenues(d)
2025	$	2	$	2	$	1	$	106	$	(109)	$	2
2024	2		2		1		109		(111)		3
Capital expenditures
2025	$	240	$	156	$	105	$	12	$	—	$	513
2024	229		134		89		1		—		453
Total assets
March 31, 2025	$	12,011	$	6,484	$	5,387	$	4,521	$	(54)	$	28,349
December 31, 2024	12,000		6,421		5,349		4,567		(40)		28,297

(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.

(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.

(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.

Electric and Gas Revenue by Customer Class (Utility Registrants):

The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information



	Three Months Ended March 31, 2025
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	993	$	631	$	648	$	918	$	424	$	298	$	196
Small commercial & industrial	600		162		109		169		51		64		54
Large commercial & industrial	296		84		144		367		289		28		50
Public authorities & electric railroads	17		8		8		17		8		4		5
Other(a)	236		76		113		223		86		71		68
Total electric revenues(b)	$	2,142	$	961	$	1,022	$	1,694	$	858	$	465	$	373
Natural gas revenues
Residential	$	—	$	267	$	378	$	56	$	—	$	56	$	—
Small commercial & industrial	—		86		63		21		—		21		—
Large commercial & industrial	—		—		96		3		—		3		—
Transportation	—		13		—		5		—		5		—
Other(c)	—		10		24		3		—		3		—
Total natural gas revenues(d)	$	—	$	376	$	561	$	88	$	—	$	88	$	—
Total revenues from contracts with customers	$	2,142	$	1,337	$	1,583	$	1,782	$	858	$	553	$	373
Other revenues
Revenues from alternative revenue programs	$	(85)	$	(9)	$	(29)	$	(3)	$	2	$	(5)	$	—
Other electric revenues(e)	8		4		—		(1)		(1)		—		—
Other natural gas revenues(e)	—		1		—		—		—		—		—

Total other revenues	$	(77)	$	(4)	$	(29)	$	(4)	$	1	$	(5)	$	—
Total revenues for reportable segments	$	2,065	$	1,333	$	1,554	$	1,778	$	859	$	548	$	373

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 4 — Segment Information



	Three Months Ended March 31, 2024
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	918	$	520	$	534	$	775	$	345	$	256	$	174
Small commercial & industrial	594		126		90		158		46		62		50
Large commercial & industrial	320		57		132		340		262		29		49
Public authorities & electric railroads	17		7		7		20		11		4		5
Other(a)	227		74		93		192		64		63		67
Total electric revenues(b)	$	2,076	$	784	$	856	$	1,485	$	728	$	414	$	345
Natural gas revenues
Residential	$	—	$	193	$	271	$	46	$	—	$	46	$	—
Small commercial & industrial	—		64		47		17		—		17		—
Large commercial & industrial	—		—		72		2		—		2		—
Transportation	—		8		—		5		—		5		—
Other(c)	—		7		5		2		—		2		—
Total natural gas revenues(d)	$	—	$	272	$	395	$	72	$	—	$	72	$	—
Total revenues from contracts with customers	$	2,076	$	1,056	$	1,251	$	1,557	$	728	$	486	$	345
Other revenues
Revenues from alternative revenue programs	$	19	$	(2)	$	43	$	46	$	29	$	4	$	13
Other electric revenues(e)	—		—		2		3		2		1		—
Other natural gas revenues(e)	—		—		1		—		—		—		—

Total other revenues	$	19	$	(2)	$	46	$	49	$	31	$	5	$	13
Total revenues for reportable segments	$	2,095	$	1,054	$	1,297	$	1,606	$	759	$	491	$	358

(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

(b)Includes operating revenues from affiliates in 2025 and 2024 respectively of:

$8 million, $2 million at ComEd
$2 million, $2 million at PECO
$1 million, $1 million at BGE
$2 million, $3 million at PHI
$2 million, $2 million at Pepco
$2 million, $2 million at DPL
$1 million, $1 million at ACE

(c)Includes revenues from off-system natural gas sales.

(d)Includes operating revenues from affiliates in 2025 and 2024 respectively of:

$1 million, less than $1 million at PECO
$1 million, $1 million at BGE

(e)Includes late payment charge revenues.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 5 — Accounts Receivable

5. Accounts Receivable (All Registrants)

Allowance for Credit Losses on Accounts Receivable

The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.
















	Three Months Ended March 31, 2025
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance at December 31, 2024	$	406	$	109	$	133	$	56	$	108	$	59	$	17	$	32
Plus: Current period provision for expected credit losses(a)	133		33		41		23		36		17		10		9
Less: Write-offs(b), net of recoveries(c)	53		17		14		7		15		7		4		4
Balance at March 31, 2025	$	486	$	125	$	160	$	72	$	129	$	69	$	23	$	37

	Three Months Ended March 31, 2024
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance at December 31, 2023	$	317	$	69	$	95	$	46	$	107	$	52	$	19	$	36
Plus: Current period provision for expected credit losses	79		22		23		15		19		12		3		4
Less: Write-offs, net of recoveries	50		9		11		9		21		12		5		4
Balance at March 31, 2024	$	346	$	82	$	107	$	52	$	105	$	52	$	17	$	36

(a)For ComEd, PECO, BGE, Pepco, DPL, and ACE, the increase is primarily a result of increased receivable balances.

(b)For Pepco, the decrease is primarily attributable to favorable customer payment behavior.

(c)Recoveries were not material to the Registrants.

The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
















	Three Months Ended March 31, 2025
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance at December 31, 2024	$	107	$	34	$	18	$	6	$	49	$	27	$	9	$	13
Plus: Current period provision for expected credit losses(a)	15		2		9		1		3		—		—		3
Less: Write-offs(b), net of recoveries(c)	9		2		5		1		1		—		—		1
Balance at March 31, 2025	$	113	$	34	$	22	$	6	$	51	$	27	$	9	$	15

	Three Months Ended March 31, 2024
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance at December 31, 2023	$	82	$	17	$	8	$	7	$	50	$	28	$	8	$	14
Plus: Current period provision for expected credit losses	18		3		5		2		8		7		—		1
Less: Write-offs, net of recoveries	4		1		—		2		1		—		—		1
Balance at March 31, 2024	$	96	$	19	$	13	$	7	$	57	$	35	$	8	$	14

(a)For Pepco, the decrease is primarily a result of changes in customer risk profile.

(b)For PECO, the increase is primarily a result of increased terminations.

(c)Recoveries were not material to the Registrants.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 5 — Accounts Receivable

Unbilled Customer Revenue

The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.


	Unbilled customer revenues(a)
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2025	$	961	$	366	$	235	$	171	$	189	$	95	$	51	$	43
December 31, 2024	1,114		335		254		257		268		121		76		71

(a)Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets.

Other Purchases of Customer and Other Accounts Receivables

For the three months ended March 31, 2025 and 2024, the Utility Registrants were required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participated in the utilities' consolidated billing. The following table presents the total receivables purchased.


	Total receivables purchased
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three months ended March 31, 2025	$	1,138	$	253	$	334	$	225	$	326	$	201	$	68	$	57
Three months ended March 31, 2024	1,060		235		297		219		309		194		60		55

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 6 — Income Taxes

6. Income Taxes (All Registrants)

Rate Reconciliation

The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:


	Three Months Ended March 31, 2025(a)
	Exelon		ComEd(b)		PECO(c)		BGE		PHI		Pepco		DPL		ACE
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	5.1		7.6		(3.5)		6.2		6.5		6.4		6.4		7.0
Plant basis differences	(3.8)		(1.0)		(11.1)		(1.5)		(0.7)		(1.0)		(0.5)		(0.3)
Excess deferred tax amortization	(6.5)		(9.4)		(1.6)		(4.1)		(3.9)		(5.3)		(3.3)		(1.4)
Amortization of investment tax credit, including deferred taxes on basis difference	—		(0.1)		—		—		—		—		(0.1)		(0.1)
Tax credits	(0.5)		(0.7)		—		(0.3)		(0.3)		(0.3)		(0.3)		(0.3)
Other	0.5		0.3		0.2		0.2		0.1		(0.3)		0.1		0.3
Effective income tax rate	15.8	%	17.7	%	5.0	%	21.5	%	22.7	%	20.5	%	23.3	%	26.2	%


	Three Months Ended March 31, 2024(a)
	Exelon		ComEd(d)		PECO(c)		BGE(d)		PHI		Pepco		DPL		ACE
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	6.4		7.8		(0.6)		6.3		6.4		6.2		6.2		7.1
Plant basis differences	(3.8)		(0.9)		(12.2)		(1.2)		(0.9)		(1.3)		(1.1)		0.1
Excess deferred tax amortization	(14.7)		(18.9)		(2.3)		(17.5)		(6.8)		(9.9)		(5.4)		(1.3)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		—		(0.1)		—		(0.1)		(0.1)
Tax credits	(0.4)		(0.3)		—		(0.4)		(0.3)		(0.3)		(0.3)		(0.3)
Other	0.3		0.4		0.4		0.1		(0.1)		—		0.2		1.0
Effective income tax rate	8.7	%	9.0	%	6.3	%	8.3	%	19.2	%	15.7	%	20.5	%	27.5	%

(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.

(b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits.

(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.

(d)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 6 — Income Taxes

Unrecognized Tax Benefits

Exelon, PHI and DPL have the following unrecognized tax benefits at March 31, 2025 and December 31, 2024. ComEd's, PECO's, BGE's, Pepco's, and ACE's amounts are not material.


	Exelon(a)		PHI		DPL
March 31, 2025	$	100	$	51	$	15
December 31, 2024	96		48		12

(a)At March 31, 2025 and December 31, 2024, Exelon's unrecognized tax benefits is inclusive of $31 million related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $31 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.

Other Tax Matters

Tax Matters Agreement (Exelon)

In connection with the separation, Exelon entered into a TMA with Constellation. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon’s consolidated group for U.S. federal, state, and local tax purposes.

Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the existing Exelon tax sharing agreement. At March 31, 2025, there is no balance due to or from Constellation.

Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the existing Exelon tax sharing agreement. At March 31, 2025, there is no balance due to or from Constellation.

Tax Attributes. At the date of separation certain tax attributes, primarily pre-closing tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA also provides that Exelon will reimburse Constellation when those allocated tax attribute carryforwards are utilized. At March 31, 2025, Exelon recorded a payable of $141 million and $198 million in Other current liabilities and Other deferred credits and other liabilities, respectively, in the Consolidated Balance Sheet for tax attribute carryforwards that are expected to be utilized and reimbursed to Constellation.

Corporate Alternative Minimum Tax (All Registrants)

On August 16, 2022, the IRA was signed into law and implements a new corporate alternative minimum tax (CAMT) that imposes a 15.0% tax on modified GAAP net income. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT.

Beginning in 2023, based on the existing statute, Exelon and each of the Utility Registrants will be subject to and will report the CAMT on a separate Registrant basis in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent Exelon’s consolidated deferred tax liabilities exceed the minimum tax credit carryforward. Exelon’s deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required.

On September 12, 2024, the U.S. Treasury issued proposed regulations providing further guidance addressing the implementation of CAMT. The proposed regulations are consistent with Exelon’s prior interpretation and therefore there are no financial statement impacts. Exelon will continue to monitor and assess the potential financial statement impacts of final regulations or other guidance when issued.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 6 — Income Taxes

Allocation of Income Taxes to Regulated Utilities (All Registrants)

In Q2 2024, the IRS issued a series of PLRs, to another taxpayer, providing guidance with respect to the application of the tax normalization rules to the allocation of consolidated tax benefits among the members of a consolidated group associated with NOLC for ratemaking purposes. The rulings provide that for ratemaking purposes the tax benefit of NOLC should be reflected on a separate company basis not taking into consideration the utilization of losses by other affiliates. A PLR issued to another taxpayer may not be relied on as precedent.

For the Utility Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes. The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purposes. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS.

7. Retirement Benefits (All Registrants)

Defined Benefit Pension and OPEB

The majority of the 2025 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 5.68%. The majority of the 2025 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50% for funded plans and a discount rate of 5.64%.

During the first quarter of 2025, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2025. This valuation resulted in an increase to the pension obligation of $1 million and an increase to the OPEB obligation and asset of $6 million and $2 million, respectively. Additionally, AOCI decreased by $5 million (after-tax) and regulatory assets increased by $8 million and liabilities decreased by $3 million.

A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2025 and 2024.
















	Pension Benefits				OPEB
	Three Months Ended March 31,				Three Months Ended March 31,
	2025		2024		2025		2024
Components of net periodic benefit cost
Service cost	$	38	$	42	$	6	$	7
Interest cost	146		141		25		24
Expected return on assets	(178)		(184)		(21)		(21)
Amortization of:
Prior service cost (credit)	1		1		(2)		(2)
Actuarial loss	53		53		—		—


Net periodic benefit cost	$	60	$	53	$	8	$	8

The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For PHI and each of the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 7 — Retirement Benefits


	Three Months Ended March 31,
Pension and OPEB Costs		2025		2024
Exelon		$	68	$	61
ComEd		21		17
PECO		2		—
BGE		16		15
PHI		25		23
Pepco		8		9
DPL		4		4
ACE		3		3

Defined Contribution Savings Plan

The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
Savings Plan Employer Contributions		2025		2024
Exelon		$	26	$	22
ComEd		10		10
PECO		4		3
BGE		3		3
PHI		5		2
Pepco		1		1
DPL		1		1
ACE		1		—

8. Derivative Financial Instruments (All Registrants)

The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. The Registrants do not execute derivatives for speculative or proprietary trading purposes.

Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. At ComEd, derivative economic hedges related to commodities are recorded at fair value and offset by a corresponding regulatory asset or liability. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or consumed. At Exelon, derivative hedges that qualify and are designated as cash flow hedges are recorded at fair value and offsets are recorded to AOCI.

Commodity Price Risk

The Utility Registrants employ established policies and procedures to manage their risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, which are either determined to be non-derivative or classified as economic hedges. The Utility Registrants procure electric and natural gas supply through a competitive procurement process approved by each of the respective state utility commissions. The Utility Registrants’ hedging programs are intended to reduce exposure to energy and natural gas price volatility and have no direct earnings impact as the costs are fully recovered from customers through

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 8 — Derivative Financial Instruments

regulatory-approved recovery mechanisms. The following table provides a summary of the Utility Registrants’ primary derivative hedging instruments, listed by commodity and accounting treatment.


Registrant	Commodity	Accounting Treatment	Hedging Instrument
ComEd	Electricity	NPNS	Fixed price contracts based on all requirements in the IPA procurement plans.
Electricity	Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a)	20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year.
PECO	Electricity	NPNS	Fixed price contracts for default supply requirements through full requirements contracts.
Gas	NPNS	Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales.
BGE	Electricity	NPNS	Fixed price contracts for all SOS requirements through full requirements contracts.
Gas	NPNS	Fixed price purchases associated with forecasted gas supply requirements.
Pepco	Electricity	NPNS	Fixed price contracts for all SOS requirements through full requirements contracts.
DPL	Electricity	NPNS	Fixed price contracts for all SOS requirements through full requirements contracts.
Gas	NPNS	Fixed and index priced contracts through full requirements contracts.
Gas	Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b)	Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections.
ACE	Electricity	NPNS	Fixed price contracts for all BGS requirements through full requirements contracts.

(a)See Note 3 — Regulatory Matters of the 2024 Form 10-K for additional information.

(b)The fair value of the DPL economic hedge is not material at March 31, 2025 and December 31, 2024.

The fair value of derivative economic hedges is presented in Other current assets and current and noncurrent Mark-to-market derivative liabilities in Exelon's and ComEd's Consolidated Balance Sheets.

Interest Rate Risk (Exelon)

Exelon Corporate uses a combination of fixed-rate and variable-rate debt to manage interest rate exposure. Exelon Corporate may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges. A hypothetical 50 basis point change in the interest rates associated with Exelon's interest rate swaps as of March 31, 2025 would result in an immaterial impact to Exelon's Consolidated Net Income.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 8 — Derivative Financial Instruments

Below is a summary of the interest rate hedge balances at March 31, 2025 and December 31, 2024.


	Derivatives Designated as Hedging Instruments
	March 31, 2025		December 31, 2024
Other current assets	$	—	$	14
Other deferred debits (noncurrent assets)	4		12
Total derivative assets	4		26
Mark-to-market derivative liabilities (current liabilities)	—		(1)
Mark-to-market derivative liabilities (noncurrent liabilities)	(4)		—
Total mark-to-market derivative liabilities	(4)		(1)
Total mark-to-market derivative net assets	$	—	$	25

Cash Flow Hedges (Interest Rate Risk)

For derivative instruments that qualify and are designated as cash flow hedges, the changes in fair value each period are initially recorded in AOCI and reclassified into earnings when the underlying transaction affects earnings.

In February 2025, Exelon terminated the previously issued floating-to-fixed swaps with a total notional of $765 million upon issuance of $1 billion of debt. See Note 9 – Debt and Credit Agreements for additional information on the debt issuance. The settlements resulted in a cash receipt of $16 million. The accumulated AOCI gain of $13 million (net of tax) is being amortized into Interest expense in Exelon's Consolidated Statement of Operations and Comprehensive Income over the 5-year and 10-year terms of the swaps. The following table provides the notional amounts outstanding held by Exelon at March 31, 2025 and December 31, 2024.


	March 31, 2025		December 31, 2024
5-year maturity floating-to-fixed swaps	$	275	$	657
10-year maturity floating-to-fixed swaps	275		658
Total	$	550	$	1,315

The related AOCI derivative loss for the three months ended March 31, 2025 was $9 million (net of tax). The related AOCI derivative gain for the three months ended March 31, 2024 was immaterial. See Note 13 – Changes in Accumulated Other Comprehensive Income (Loss) for additional information.

Credit Risk

The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit exposure is mitigated primarily by the ability to recover procurement costs through customer rates. The amount of cash collateral received from external counterparties remained relatively consistent as of March 31, 2025. Cash collateral held by ComEd, PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meets certain qualifications. The following table reflects the Registrants' cash collateral held from external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, as of March 31, 2025 and December 31, 2024:

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 8 — Derivative Financial Instruments


	March 31, 2025		December 31, 2024
Exelon	$	225	$	181
ComEd	181		176
PECO(a)	12		—
BGE	1		1
PHI	31		4
Pepco	11		1
DPL	11		2
ACE(a)	6		—

(a)PECO and ACE had less than one million in cash collateral held from external parties at December 31, 2024.

The Utility Registrants’ electric supply procurement contracts do not contain provisions that would require them to post collateral. PECO’s, BGE’s, and DPL’s natural gas procurement contracts contain provisions that could require PECO, BGE, and DPL to post collateral in the form of cash or credit support, which vary by contract and counterparty. As of March 31, 2025, PECO, BGE, and DPL were not required to post collateral for any of these agreements. If PECO, BGE, or DPL lost their investment grade credit rating as of March 31, 2025, they could have been required to post collateral to their counterparties of $45 million, $51 million, and $15 million, respectively.

9. Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.

Commercial Paper

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at March 31, 2025 and December 31, 2024.


	Outstanding Commercial Paper at				Average Interest Rate on Commercial Paper Borrowings at
Commercial Paper Issuer	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Exelon(a)	$	584	$	1,359	4.62	%	4.66	%
ComEd	$	347	$	36	4.61	%	4.55	%
PECO	$	—	$	192	—	%	4.65	%
BGE	$	237	$	175	4.63	%	4.61	%
PHI(b)	$	—	$	530	—	%	4.70	%

Pepco	$	—	$	200	—	%	4.69	%
DPL	$	—	$	144	—	%	4.74	%
ACE	$	—	$	186	—	%	4.67	%

(a)Exelon Corporate had no outstanding commercial paper borrowings at March 31, 2025 and $426 million in outstanding commercial paper borrowings at December 31, 2024.

(b)Represents the consolidated amounts of Pepco, DPL, and ACE.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 9 — Debt and Credit Agreements

Revolving Credit Agreements

On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facility, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:


Borrower	Aggregate Bank Commitment		Interest Rate
Exelon Corporate	$	900	SOFR plus 1.075%
ComEd	$	1,000	SOFR plus 1.000%
PECO	$	600	SOFR plus 0.900%
BGE	$	600	SOFR plus 0.900%
Pepco	$	300	SOFR plus 1.000%
DPL	$	300	SOFR plus 1.000%
ACE	$	300	SOFR plus 1.000%

Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of March 31, 2025.

The Utility Registrants have credit facility agreements, arranged at community banks, which may be utilized to issue letters of credit. The facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 3, 2025.

See Note 16 — Debt and Credit Agreements of the 2024 Form 10-K for additional information on the Registrants' credit facilities.

Short-Term Loan Agreements

On March 14, 2024, Exelon Corporate amended and bifurcated the $500 million term loan agreement into two tranches of $350 million and $150 million. The loan agreements were renewed in the first quarter of 2025, extending the expiration date to March 13, 2026. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 1.00% and all indebtedness thereunder is unsecured. The loan agreements are reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 9 — Debt and Credit Agreements

Long-Term Debt

Issuance of Long-Term Debt

During the three months ended March 31, 2025, the following long-term debt was issued:


Company	Type	Interest Rate	Maturity	Amount	Use of Proceeds
Exelon	Junior Subordinated Notes(a)	6.50%	March 15, 2055	$1,000	Repay outstanding commercial paper obligations, and for general corporate purposes.
Exelon	Notes	5.125%	March 15, 2031	$500	Repay outstanding commercial paper obligations, and for general corporate purposes.
Exelon	Notes	5.875%	March 15, 2055	$500	Repay outstanding commercial paper obligations, and for general corporate purposes.
Pepco(b)	First Mortgage Bonds	5.48%	March 26, 2040	$200	Repay existing indebtedness and for general corporate purposes.
DPL	First Mortgage Bonds	5.28%	March 26, 2035	$125	Repay existing indebtedness and for general corporate purposes.
ACE(c)	First Mortgage Bonds	5.28%	March 26, 2035	$100	Repay existing indebtedness and for general corporate purposes.

(a)The Junior Subordinated Notes bear interest at 6.50% per annum, commencing February 19, 2025 to, but excluding March 15, 2035. Thereafter, the interest rate resets every five years on March 15 and will be set at a rate per annum equal to the Five-year U.S. Treasury Rate plus a spread of 1.975%.

(b)On March 26, 2025, Pepco entered into a purchase agreement of First Mortgage Bonds of $75 million at 5.78% due on September 17, 2055. The closing date of the issuance is expected to occur in September 2025.

(c)On March 26, 2025, ACE entered into a purchase agreement of First Mortgage Bonds of $75 million and $75 million at 5.54% and 5.81% due on November 19, 2040 and November 19, 2055, respectively. The closing date of the issuance is expected to occur in November 2025.

Debt Covenants

As of March 31, 2025, the Registrants are in compliance with debt covenants.

10. Fair Value of Financial Assets and Liabilities (All Registrants)

Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date.
Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.
Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.

Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 17 — Fair Value of Financial Assets and Liabilities of the 2024 Form 10-K.

Fair Value of Financial Liabilities Recorded at Amortized Cost

The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2025 and December 31, 2024. The Registrants have no financial liabilities measured using the NAV practical expedient.

The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.


	March 31, 2025														December 31, 2024
	Carrying Amount			Fair Value											Carrying Amount		Fair Value
			Level 1			Level 2			Level 3			Total			Level 1		Level 2		Level 3		Total
Long-Term Debt, including amounts due within one year(a)
Exelon	$	46,796		$	—		$	37,601		$	4,159		$	41,760	$	44,400	$	—	$	35,337	$	3,720	$	39,057
ComEd	12,031			—			10,330			—			10,330		12,030		—		10,260		—		10,260
PECO	5,704			—			4,827			—			4,827		5,704		—		4,816		—		4,816
BGE	5,396			—			4,726			—			4,726		5,395		—		4,702		—		4,702
PHI	9,541			—			4,145			4,159			8,304		9,124		—		4,093		3,720		7,813
Pepco	4,559			—			2,499			1,750			4,249		4,362		—		2,475		1,544		4,019
DPL	2,346			—			641			1,378			2,019		2,220		—		623		1,250		1,873
ACE	2,033			—			793			1,031			1,824		1,933		—		787		925		1,712
Long-Term Debt to Financing Trusts
Exelon	$	390		$	—		$	—		$	393		$	393	$	390	$	—	$	—	$	396	$	396
ComEd	206			—			—			206			206		206		—		—		208		208
PECO	184			—			—			187			187		184		—		—		188		188

(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 16 — Debt and Credit Agreements of the 2024 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases of the 2024 Form 10-K for finance lease liabilities.

Recurring Fair Value Measurements

The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at March 31, 2025 and December 31, 2024. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively:

Exelon


	At March 31, 2025						At December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	1,190	$	—	$	—	$	1,190	$	544	$	—	$	—	$	544
Rabbi trust investments
Cash equivalents	95		—		—		95		94		—		—		94
Mutual funds	63		—		—		63		65		—		—		65
Fixed income	—		6		—		6		—		6		—		6
Life insurance contracts	—		72		22		94		—		73		22		95
Rabbi trust investments subtotal	158		78		22		258		159		79		22		260

Interest rate derivative assets
Derivatives designated as hedging instruments	—		4		—		4		—		26		—		26
Economic hedges	—		—		—		—		—		—		—		—
Interest rate derivative assets subtotal	—		4		—		4		—		26		—		26
Total assets	1,348		82		22		1,452		703		105		22		830
Liabilities
Commodity derivative liabilities	—		—		(151)		(151)		—		—		(132)		(132)
Interest rate derivative liabilities
Derivatives designated as hedging instruments	—		(4)		—		(4)		—		(1)		—		(1)
Economic hedges	—		—		—		—		—		—		—		—
Interest rate derivative liabilities subtotal	—		(4)		—		(4)		—		(1)		—		(1)
Deferred compensation obligation	—		(69)		—		(69)		—		(74)		—		(74)
Total liabilities	—		(73)		(151)		(224)		—		(75)		(132)		(207)
Total net assets (liabilities)	$	1,348	$	9	$	(129)	$	1,228	$	703	$	30	$	(110)	$	623

(a)Exelon excludes cash of $210 million and $219 million at March 31, 2025 and December 31, 2024, respectively, and restricted cash of $182 million and $176 million at March 31, 2025 and December 31, 2024, respectively, and includes long-term restricted cash of zero and $41 million at March 31, 2025 and December 31, 2024, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets.

ComEd, PECO, and BGE


	ComEd								PECO								BGE
At March 31, 2025	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	345	$	—	$	—	$	345	$	2	$	—	$	—	$	2	$	3	$	—	$	—	$	3
Rabbi trust investments

Mutual funds	—		—		—		—		11		—		—		11		10		—		—		10
Life insurance contracts	—		—		—		—		—		21		—		21		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		11		21		—		32		10		—		—		10

Total assets	345		—		—		345		13		21		—		34		13		—		—		13
Liabilities
Commodity derivative liabilities(b)	—		—		(151)		(151)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(8)		—		(8)		—		(7)		—		(7)		—		(4)		—		(4)
Total liabilities	—		(8)		(151)		(159)		—		(7)		—		(7)		—		(4)		—		(4)
Total net assets (liabilities)	$	345	$	(8)	$	(151)	$	186	$	13	$	14	$	—	$	27	$	13	$	(4)	$	—	$	9


	ComEd								PECO								BGE
At December 31, 2024	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	390	$	—	$	—	$	390	$	29	$	—	$	—	$	29	$	1	$	—	$	—	$	1
Rabbi trust investments
Mutual funds	—		—		—		—		12		—		—		12		10		—		—		10
Life insurance contracts	—		—		—		—		—		22		—		22		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		12		22		—		34		10		—		—		10
Total assets	390		—		—		390		41		22		—		63		11		—		—		11
Liabilities
Commodity derivative liabilities(b)	—		—		(132)		(132)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(8)		—		(8)		—		(7)		—		(7)		—		(4)		—		(4)
Total liabilities	—		(8)		(132)		(140)		—		(7)		—		(7)		—		(4)		—		(4)
Total net assets (liabilities)	$	390	$	(8)	$	(132)	$	250	$	41	$	15	$	—	$	56	$	11	$	(4)	$	—	$	7

(a)ComEd excludes cash of $71 million and $66 million at March 31, 2025 and December 31, 2024, respectively, and restricted cash of $181 million and $176 million at March 31, 2025 and December 31, 2024, respectively. Additionally, ComEd includes long-term restricted cash of zero and $41 million at March 31, 2025 and December 31, 2024, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO

excludes cash of $52 million and $19 million at March 31, 2025 and December 31, 2024, respectively. BGE excludes cash of $14 million and $33 million at March 31, 2025 and December 31, 2024, respectively.

(b)The Level 3 balance consists of the current and noncurrent liability of $25 million and $126 million, respectively, at March 31, 2025 and $29 million and $103 million, respectively, at December 31, 2024 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

PHI, Pepco, DPL, and ACE


	At March 31, 2025								At December 31, 2024
PHI	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	118	$	—	$	—	$	118	$	93	$	—	$	—	$	93
Rabbi trust investments
Cash equivalents	93		—		—		93		92		—		—		92
Mutual funds	9		—		—		9		9		—		—		9
Fixed income	—		6		—		6		—		6		—		6
Life insurance contracts	—		23		21		44		—		23		21		44
Rabbi trust investments subtotal	102		29		21		152		101		29		21		151
Total assets	220		29		21		270		194		29		21		244
Liabilities
Deferred compensation obligation	—		(10)		—		(10)		—		(12)		—		(12)



Total liabilities	—		(10)		—		(10)		—		(12)		—		(12)
Total net assets	$	220	$	19	$	21	$	260	$	194	$	17	$	21	$	232


	Pepco								DPL								ACE
At March 31, 2025	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	69	$	—	$	—	$	69	$	49	$	—	$	—	$	49	$	—	$	—	$	—	$	—




Rabbi trust investments
Cash equivalents	92		—		—		92		—		—		—		—		—		—		—		—

Life insurance contracts	—		23		21		44		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	92		23		21		136		—		—		—		—		—		—		—		—
Total assets	161		23		21		205		49		—		—		49		—		—		—		—
Liabilities
Deferred compensation obligation	—		(1)		—		(1)		—		—		—		—		—		—		—		—



Total liabilities	—		(1)		—		(1)		—		—		—		—		—		—		—		—
Total net assets	$	161	$	22	$	21	$	204	$	49	$	—	$	—	$	49	$	—	$	—	$	—	$	—


	Pepco								DPL								ACE
At December 31, 2024	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	21	$	—	$	—	$	21	$	3	$	—	$	—	$	3	$	—	$	—	$	—	$	—
Rabbi trust investments
Cash equivalents	91		—		—		91		—		—		—		—		—		—		—		—


Life insurance contracts	—		23		21		44		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	91		23		21		135		—		—		—		—		—		—		—		—
Total assets	112		23		21		156		3		—		—		3		—		—		—		—
Liabilities
Deferred compensation obligation	—		(1)		—		(1)		—		—		—		—		—		—		—		—



Total liabilities	—		(1)		—		(1)		—		—		—		—		—		—		—		—
Total net assets	$	112	$	22	$	21	$	155	$	3	$	—	$	—	$	3	$	—	$	—	$	—	$	—

(a)PHI excludes cash of $51 million and $70 million at March 31, 2025 and December 31, 2024, respectively, and restricted cash of $1 million and zero at March 31, 2025 and December 31, 2024. Pepco excludes cash of $20 million and $30 million at March 31, 2025 and December 31, 2024, respectively. DPL excludes cash of $12 million and $20 million at March 31, 2025 and December 31, 2024, respectively. ACE excludes cash of $19 million and $14 million at March 31, 2025 and December 31, 2024, respectively and restricted cash of $1 million and zero at March 31, 2025 and December 31, 2024, respectively

Reconciliation of Level 3 Assets and Liabilities

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2025 and 2024:



	Exelon		ComEd			PHI and Pepco
Three Months Ended March 31, 2025	Total		Commodity Derivatives			Life Insurance Contracts
Balance at December 31, 2024	$	(110)	$	(132)		$	21
Total realized / unrealized gains (losses)
Included in net income(a)	—		—			—


Included in regulatory assets/liabilities	(19)		(19)		(b)	—

Purchases, sales, and settlements






Balance at March 31, 2025	$	(129)	$	(151)	(c)	$	21
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at March 31, 2025	$	—	$	—		$	—



	Exelon		ComEd			PHI and Pepco
Three Months Ended March 31, 2024	Total		Commodity Derivatives			Life Insurance Contracts
Balance at December 31, 2023	$	(90)	$	(133)		$	41
Total realized / unrealized gains (losses)
Included in net income(a)	—		—			—

Included in regulatory assets/liabilities	25		25		(b)	—








Balance at March 31, 2024	$	(65)	$	(108)		$	41
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at March 31, 2024	$	—	$	—		$	—

(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.

(b)Includes $30 million of decreases in fair value and an increase for realized gains due to settlements of $11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2025. Includes $13 million of increases in fair value and an increase for realized gains due to settlements of $12 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2024.

(c)The balance of the current and noncurrent asset was effectively zero as of March 31, 2025. The balance consists of a current and noncurrent liability of $25 million and $126 million, respectively, as of March 31, 2025.

Commodity Derivatives (Exelon and ComEd)

The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.


Type of trade						Fair Value at March 31, 2025						Fair Value at December 31, 2024						Valuation Technique						Unobservable Input						2025 Range & Arithmetic Average															2024 Range & Arithmetic Average
Commodity derivatives						$	(151)					$	(132)					Discounted Cash Flow						Forward power price(a)						$28.45			-			$62.87			$38.62						$30.31			-			$59.88			$42.08

(a)An increase to the forward power price would increase the fair value.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — Commitments and Contingencies

11. Commitments and Contingencies (All Registrants)

The following is an update to the current status of commitments and contingencies set forth in Note 18 — Commitments and Contingencies of the 2024 Form 10-K.

Commitments

PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at March 31, 2025:


Description	Exelon		PHI		Pepco		DPL		ACE
Total commitments	$	513	$	320	$	120	$	89	$	111
Remaining commitments(a)	26		23		22		1		—

(a)Remaining commitments extend through 2026 and include escrow funds, charitable contributions, and rate credits.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — Commitments and Contingencies

Commercial Commitments (All Registrants). The Registrants’ commercial commitments at March 31, 2025, representing commitments potentially triggered by future events were as follows:


			Expiration within
	Total		2025		2026		2027		2028		2029		2030 and beyond
Exelon
Letters of credit(a)	$	55	$	47	$	8	$	—	$	—	$	—	$	—
Surety bonds(b)	275		182		13		2		78		—		—
Financing trust guarantees(c)	378		—		—		—		78		—		300
Guaranteed lease residual values(d)	24		—		3		4		6		4		7
Total commercial commitments	$	732	$	229	$	24	$	6	$	162	$	4	$	307

ComEd
Letters of credit(a)	$	18	$	15	$	3	$	—	$	—	$	—	$	—
Surety bonds(b)	37		32		3		2		—		—		—
Financing trust guarantees(c)	200		—		—		—		—		—		200
Total commercial commitments	$	255	$	47	$	6	$	2	$	—	$	—	$	200

PECO
Letters of credit(a)	$	4	$	1	$	3	$	—	$	—	$	—	$	—
Surety bonds(b)	3		2		1		—		—		—		—
Financing trust guarantees(c)	178		—		—		—		78		—		100
Total commercial commitments	$	185	$	3	$	4	$	—	$	78	$	—	$	100

BGE
Letters of credit(a)	$	27	$	27	$	—	$	—	$	—	$	—	$	—
Surety bonds(b)	3		2		1		—		—		—		—
Total commercial commitments	$	30	$	29	$	1	$	—	$	—	$	—	$	—

PHI
Letters of credit(a)	$	3	$	3	$	—	$	—	$	—	$	—	$	—
Surety bonds(b)	173		91		4		—		78		—		—
Guaranteed lease residual values(d)	24		—		3		4		6		4		7
Total commercial commitments	$	200	$	94	$	7	$	4	$	84	$	4	$	7

Pepco
Letters of credit(a)	$	2	$	2	$	—	$	—	$	—	$	—	$	—
Surety bonds(b)	162		84		—		—		78		—		—
Guaranteed lease residual values(d)	8		—		1		1		2		1		3
Total commercial commitments	$	172	$	86	$	1	$	1	$	80	$	1	$	3

DPL
Letters of credit(a)	$	1	$	1	$	—	$	—	$	—	$	—	$	—
Surety bonds(b)	6		3		3		—		—		—		—
Guaranteed lease residual values(d)	9		—		1		2		2		2		2
Total commercial commitments	$	16	$	4	$	4	$	2	$	2	$	2	$	2

ACE
Surety bonds(b)	$	5	$	4	$	1	$	—	$	—	$	—	$	—
Guaranteed lease residual values(d)	7		—		1		1		2		1		2
Total commercial commitments	$	12	$	4	$	2	$	1	$	2	$	1	$	2

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — Commitments and Contingencies

(a)Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties.

(b)Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Historically, payments under the guarantees have not been made and the likelihood of payments being required is remote.

(c)Reflects guarantee of ComEd and PECO securities held by ComEd Financing III, PECO Trust III, and PECO Trust IV.

(d)Represents the maximum potential obligation in the event the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $55 million guaranteed by Exelon and PHI, of which $18 million, $21 million, and $16 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.

Environmental Remediation Matters

General (All Registrants). The Registrants’ operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under federal and state environmental laws, the Registrants are generally liable for the costs of remediating environmental contamination of property now or formerly owned by them and of property contaminated by hazardous substances generated by them. The Registrants own or lease a number of real estate parcels, including parcels on which their operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, the Registrants are currently involved in a number of proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, the Registrants cannot reasonably estimate whether they will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by the Registrants, environmental agencies, or others, or whether such costs will be recoverable from third parties, including customers. Additional costs could have a material, unfavorable impact on the Registrants' financial statements.

MGP Sites (All Registrants). ComEd, PECO, BGE, and DPL have identified sites where former MGP or gas purification activities have or may have resulted in actual site contamination. For some sites, there are additional PRPs that may share responsibility for the ultimate remediation of each location.

ComEd has 16 sites currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2031.
PECO has 6 sites currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2028.
BGE has 4 sites currently requiring some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2026.
DPL has 1 site currently under study and the required cost at the site is not expected to be material.

The historical nature of the MGP and gas purification sites, and the fact that many of the sites have been buried and built over, impacts the ability to determine a precise estimate of the ultimate costs prior to initial sampling and determination of the exact scope and method of remedial activity. Management determines its best estimate of remediation costs using all available information at the time of each study, including probabilistic and deterministic modeling for ComEd and PECO, and the remediation standards currently required by the applicable state environmental agency. Prior to performing any significant clean up, each site remediation plan is approved by the appropriate state environmental agency.

ComEd, pursuant to an ICC order, and PECO, pursuant to a PAPUC order, are currently recovering environmental remediation costs of former MGP facility sites through customer rates. While BGE and DPL do not have riders for MGP clean-up costs, they have historically received recovery of actual clean-up costs in distribution rates.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — Commitments and Contingencies

At March 31, 2025 and December 31, 2024, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:


	March 31, 2025				December 31, 2024
	Total Environmental Investigation and Remediation Liabilities		Portion of Total Related to MGP Investigation and Remediation		Total Environmental Investigation and Remediation Liabilities		Portion of Total Related to MGP Investigation and Remediation
Exelon	$	396	$	319	$	403	$	322
ComEd	282		282		285		284
PECO	29		27		29		28
BGE	14		10		13		10
PHI	70		—		75		—
Pepco	68		—		73		—
DPL	1		—		1		—
ACE	1		—		1		—

Benning Road Site (Exelon, PHI, and Pepco)****. In September 2010, PHI received a letter from the EPA identifying the Benning Road site as one of six land-based sites potentially contributing to contamination of the lower Anacostia River. A portion of the site, which is owned by Pepco, was formerly the location of an electric generating facility owned by Pepco subsidiary, Pepco Energy Services (PES), which became a part of Generation following the 2016 merger between PHI and Exelon. This generating facility was deactivated in June 2012. The remaining portion of the site consists of a Pepco transmission and distribution service center that remains in operation. In December 2011, the U.S. District Court for the District of Columbia approved a Consent Decree entered into by Pepco and Pepco Energy Services (hereinafter "Pepco Entities") with the DOEE, which requires the Pepco Entities to conduct a Remedial Investigation and Feasibility Study (RI/FS) for the Benning Road site and an approximately 10 to 15-acre portion of the adjacent Anacostia River. The purpose of this RI/FS is to define the nature and extent of contamination from the Benning Road site and to evaluate remedial alternatives.

Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft “final” RI report which the DOEE approved on February 3, 2020. In October 2022, the DOEE approved dividing the work to complete the landside portion of the FS from the waterside portion to expedite the overall schedule for completion of the project. The landside FS was approved by the DOEE on March 15th, 2024, and the waterside FS was approved by the DOEE on December 16, 2024. On October 3, 2023, the DOEE and Pepco entered into an addendum to the Benning Consent Decree pursuant to which Pepco has agreed to fund or perform the remedial actions to be selected by the DOEE for the landside and waterside areas. This addendum to the Benning Consent Decree was entered by the Court on February 27, 2024 and became effective on that date. Pepco drafted a proposed plan for the landside area, which was approved and issued by the DOEE for public comment on December 16, 2024. The landside area public comment period closed on April 18, 2025. Pepco will submit a matrix of proposed responses to the public comments and a proposed Record of Decision (ROD) to the DOEE for the landside area before August 18, 2025. Pepco also submitted a draft proposed plan to the DOEE for the waterside area on April 15, 2025. The DOEE will review Pepco’s draft and issue a final proposed plan for public comment. After the waterside area public comment period closes, Pepco will submit a matrix of proposed responses to the public comments and a proposed ROD to the DOEE for the waterside area. The DOEE will issue ROD(s) identifying the remedial actions determined to be necessary for the landside and waterside areas.

As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Generation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — Commitments and Contingencies

Anacostia River Tidal Reach (Exelon, PHI, and Pepco)****. Contemporaneous with the Benning Road site RI/FS being performed by the Pepco Entities, the DOEE and NPS have been conducting a separate RI/FS focused on the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The riverwide RI incorporated the results of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by the DOEE’s contractor.

On September 30, 2020, the DOEE released its Interim ROD for the Anacostia River sediments. The Interim ROD reflects an adaptive management approach which will require several identified “hot spots” in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by the DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion.

On July 15, 2022, Pepco received a letter from the District of Columbia's Office of the Attorney General (D.C. OAG) on behalf of the DOEE conveying a settlement offer to resolve all PRPs' liability to the District of Columbia (District) for their past costs and their anticipated future costs to complete the work for the Interim ROD. Pepco responded on July 27, 2022 agreeing to enter into settlement discussions. On October 3, 2023, Pepco and the District entered into another consent decree (the “Anacostia River Consent Decree”) pursuant to which Pepco agreed to pay $47 million to resolve its liability to the District for all past costs to perform the riverwide RI/FS and all future costs to complete the work required by the Interim ROD. This amount was agreed to be paid in four equal annual installments beginning a year after the effective date of the Anacostia River Consent Decree. Pepco paid the first installment of $12 million on April 9, 2025. The funds were deposited into the DOEE’s Clean Land Fund for the District’s costs of the Interim ROD work. The Anacostia River Consent Decree caps Pepco’s liability for these costs and provides Pepco with the right to seek contributions from other PRPs. The Anacostia River Consent Decree was signed by the judge for the U.S. District Court for the District of Columbia and became effective on April 11, 2024. Exelon, PHI, and Pepco have accrued a liability for Pepco’s payment obligations under the Anacostia Consent Decree and management's best estimate of its share of any other future Anacostia River response costs. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a NRD assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the early stage of the NRD process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process. Pepco has become aware, however, that the District is pursuing claims against other parties. Specifically, in January 2025, D.C. OAG filed a lawsuit against the United States seeking to declare the United States liable under CERCLA and the District of Columbia’s Brownfield Revitalization Act of 2000 and to recover the District’s response costs associated with its investigation and remediation of the river and for future NRDs. This lawsuit is in the early stages. Pepco is monitoring this lawsuit and considering its legal options.

As noted in the Benning Road Site disclosure above, as part of the separation of Exelon and Constellation in February 2022, an assumption agreement was executed transferring any potential future remediation liabilities associated with the Benning Site remediation to a non-utility subsidiary of Exelon. Similarly, any potential future liability associated with the Anacostia River Sediment Project was also assumed by this entity.

Buzzard Point Site (Exelon, PHI, and Pepco). On December 8, 2022, Pepco received a letter from the D.C. OAG, alleging wholly past violations of the District's stormwater discharge and waste disposal requirements related to operations at the Buzzard Point facility, a 9-acre parcel of waterfront property in Washington, D.C. occupied by an active substation and former steam plant building. The letter also alleged wholly past violations by Pepco of stormwater discharge requirements related to its district-wide system of underground vaults. On October 3, 2023, Pepco entered into a Consent Order with the District of Columbia to resolve the alleged

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — Commitments and Contingencies

violations without any admission of liability. The Consent Order requires Pepco to pay a civil penalty of $10 million. In addition, Pepco has agreed to assess the environmental conditions at its Buzzard Point facility and conduct any remedial actions deemed necessary as a result of the assessment, and also to assess potential environmental impacts associated with the operation of its underground vaults. The court signed and entered the Consent Order, and it became effective on February 2, 2024. Exelon, PHI, and Pepco have accrued a liability for the projected costs for the required environmental assessments and remediation. In January 2025, Pepco paid the last installment of the civil penalty. Pepco has concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

Litigation and Regulatory Matters

DPA and Related Matters (Exelon and ComEd). Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney’s Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. The Companies cooperated fully with the USAO and any government requests or inquiries. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation into its historical state legislative lobbying and related practices in Illinois. The agreement resolved the Department of Justice investigation into both ComEd and Exelon, which included a payment to the U.S. Treasury of $200 million, which was paid in November 2020. The three-year term of the DPA ended on July 17, 2023, and on that same date the court granted the USAO’s motion to dismiss the pending charge against ComEd that had been deferred by the DPA.

Subsequent to Exelon announcing the receipt of the USAO subpoenas, various lawsuits were filed related to the subject of the subpoenas and the conduct described in the DPA. Several putative class actions were brought in federal and state court by ComEd customers. These actions were dismissed prior to discovery or trial and those dismissals were affirmed on appeal.

In addition, subsequent to Exelon announcing the receipt of the USAO subpoenas, several shareholders sent letters to the Exelon Board of Directors demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (SLC) consisting of disinterested and independent parties to investigate and address these shareholders’ allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC’s investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. Since that date, multiple parties have filed separate derivative lawsuits that were subsequently consolidated. On October 12, 2021, the parties filed an agreed motion to stay the litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. The stay was extended several times. Through mediation efforts, a settlement of the derivative claims was reached by the SLC, the Independent Review Committee of the Board (which had been formed in the third quarter of 2022, to ensure the Board’s consideration of any SLC recommendations would be independent and objective), the Board, and certain of the derivative shareholders. On June 16, 2023, the SLC filed a motion for preliminary approval of the settlement, attaching the Stipulation and Agreement of Settlement (Stipulation), which contained the terms of the proposed settlement. The proposed settlement terms include but are not limited to: a payment of $40 million to Exelon by Exelon’s insurers of which $10 million constitutes the attorneys’ fee award to be paid to the Settling Shareholders’ counsel; various compliance and disclosure-related reforms; and certain changes in Board and Committee composition. The non-settling shareholders objected to the settlement and opposed preliminary approval. On September 20, 2024, the court denied without prejudice the SLC’s motion for preliminary approval. The court’s order provided that if the SLC can substantiate or otherwise revise the attorneys’ fees aspect of the settlement, then the SLC could renew its motion for preliminary approval by October 21, 2024. On October 21, 2024, the SLC filed its second renewed motion for preliminary approval, and the Settling Shareholders filed a brief in support of the SLC's second renewed motion for preliminary approval. On November 20, 2024, the non-settling plaintiffs filed an opposition to the renewed motion for preliminary approval. On December 18, 2024, the SLC and Settling Shareholders filed replies in support of the renewed motion for preliminary approval.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 11 — Commitments and Contingencies

Maryland Sales and Use Tax Refund Claim (Exelon, BGE, PHI, Pepco, and DPL). Maryland imposes a 6% sales and use tax on the purchase of most goods and services. BGE, Pepco, and DPL have filed or plan to file protective refund claims, totaling an estimated $100 million, treating electric transmission and distribution machinery and equipment as nontaxable pursuant to the manufacturing exemption available under the Maryland sales and use tax law. The Maryland Comptroller has initially denied the refund claim and litigation is pending.

On November 22, 2024, the Appellate Court of Maryland, in a case involving a regulated electric utility operating in Maryland, ruled the purchase of certain transmission and distribution equipment qualify for the sales tax manufacturing exemption. On December 20, 2024, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a motion for reconsideration with the Appellate Court of Maryland of its ruling. The motion for reconsideration was denied on February 3, 2025.

On February 18, 2025, the Maryland Attorney General, on behalf of the Maryland Comptroller, filed a petition with the Maryland Supreme Court requesting review of the Appellate Court of Maryland’s ruling.

In the event transmission and distribution equipment is determined to be exempt, Exelon, BGE, PHI, Pepco, and DPL will record estimated receivables of $100 million, $65 million, $35 million, $25 million, and $10 million, respectively. The sales tax payments were primarily capitalized; therefore, the refund would be recorded as a reduction to property, plant, and equipment included in rate base.

General (All Registrants). The Registrants are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The Registrants are also from time to time subject to audits and investigations by the FERC and other regulators. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. The Registrants maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

12. Shareholders' Equity (Exelon)

At-the-Market Program

On August 4, 2022, Exelon executed an equity distribution agreement (“Equity Distribution Agreement”), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program under which it may offer and sell shares of its Common stock, having an aggregate gross sales price of up to $1 billion. Exelon has no obligation to offer or sell any shares of Common stock under the Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the Equity Distribution Agreement.

During the first quarter 2025, Exelon issued approximately 4.0 million shares of Common stock at an average gross price of $43.42 per share. The net proceeds from the issuance were $173 million, which were used for general corporate purposes.

In the first quarter of 2025, Exelon entered into two separate forward sale agreements for 1.7 million shares and 4.0 million shares of Common stock, with an initial forward price of $42.81 and $43.42 per share, respectively. The forward sale agreements require Exelon to, at its election prior to December 15, 2025, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements. No amounts have been or will be recorded on Exelon's balance sheet with respect to the equity offerings until the equity forward sale agreements have been settled. Each initial forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. Until settlement of the equity forward, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. For the three months ended March 31, 2025, approximately 5.6 million shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 12 — Shareholders' Equity

Inclusive of the impact of the forward sale agreements, $283 million of Common stock remained available for sale pursuant to the ATM program as of March 31, 2025.

13. Changes in Accumulated Other Comprehensive Income (Loss) (Exelon)

The following table presents changes in Exelon's AOCI, net of tax, by component:


Three Months Ended March 31, 2025	Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Total
Balance at December 31, 2024	$	45	$	(765)	$	(720)
OCI before reclassifications	(6)		5		(1)
Amounts reclassified from AOCI	(2)		5		3
Net current-period OCI	(8)		10		2
Balance at March 31, 2025	$	37	$	(755)	$	(718)


Three Months Ended March 31, 2024	Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Total
Balance at December 31, 2023	$	(3)	$	(723)	$	(726)
OCI before reclassifications	34		(24)		10
Amounts reclassified from AOCI	(1)		5		4
Net current-period OCI	33		(19)		14
Balance at March 31, 2024	$	30	$	(742)	$	(712)

(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. See Note 14 — Retirement Benefits and Note 7 — Retirement Benefits of the 2024 Form 10-K for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.

The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss):


	Three Months Ended March 31,
	2025		2024
Pension and non-pension postretirement benefit plans:

Actuarial losses reclassified to periodic benefit cost	$	(2)	$	(2)
Pension and non-pension postretirement benefit plans valuation adjustments	(2)		8
Unrealized gains on cash flow hedges	3		(10)

14. Supplemental Financial Information (All Registrants)

Supplemental Statement of Operations Information

The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income:

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information


	Taxes other than income taxes
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2025
Utility taxes(a)	$	258	$	81	$	50	$	34	$	93	$	84	$	8	$	1
Property	111		9		5		57		40		28		12		—
Payroll	33		8		5		5		7		1		1		1

Three Months Ended March 31, 2024
Utility taxes(a)	$	229	$	75	$	41	$	31	$	82	$	74	$	8	$	—
Property	105		9		4		53		38		26		11		1
Payroll	34		9		5		5		7		2		1		1

(a)The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.


	Other, net
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2025
AFUDC — Equity	$	39	$	12	$	7	$	9	$	11	$	8	$	2	$	1
Non-service net periodic benefit cost	(13)		—		—		—		—		—		—		—

Three Months Ended March 31, 2024
AFUDC — Equity	$	40	$	10	$	8	$	7	$	15	$	12	$	3	$	—
Non-service net periodic benefit cost	(7)		—		—		—		—		—		—		—

Supplemental Cash Flow Information

The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information


	Depreciation, amortization, and accretion
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2025
Property, plant, and equipment(a)	$	750	$	302	$	108	$	124	$	201	$	88	$	57	$	55
Amortization of regulatory assets and liabilities, net(a)	152		78		1		40		33		17		6		9
Amortization of intangible assets, net(a)	2		—		—		—		—		—		—		—


ARO accretion(b)	1		—		—		—		—		—		—		—
Total depreciation, amortization and accretion	$	905	$	380	$	109	$	164	$	234	$	105	$	63	$	64

Three Months Ended March 31, 2024
Property, plant, and equipment(a)	$	711	$	284	$	101	$	122	$	190	$	81	$	52	$	53
Amortization of regulatory assets and liabilities, net(a)	166		78		3		28		56		26		9		21
Amortization of intangible assets, net(a)	2		—		—		—		—		—		—		—


ARO accretion(b)	1		—		—		—		—		—		—		—
Total depreciation and amortization	$	880	$	362	$	104	$	150	$	246	$	107	$	61	$	74

(a)Included in Depreciation and amortization expense in the Registrants' Consolidated Statements of Operations and Comprehensive Income.

(b)Included in Operating and maintenance expense in Exelon's Consolidated Statements of Operations and Comprehensive Income.


	Other non-cash operating activities
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2025
Pension and OPEB costs	$	68	$	21	$	2	$	16	$	25	$	8	$	4	$	3
Allowance for credit losses	97		11		43		14		29		10		9		10


True-up adjustments to decoupling mechanisms and formula rates(a)	136		85		9		29		13		(2)		5		10





Amortization of operating ROU asset	9		—		—		2		6		1		2		2


AFUDC — Equity	(39)		(12)		(7)		(9)		(11)		(8)		(2)		(1)

Three Months Ended March 31, 2024
Pension and OPEB costs	$	61	$	17	$	—	$	15	$	23	$	9	$	4	$	3
Allowance for credit losses	63		2		27		12		22		16		3		3


True-up adjustments to decoupling mechanisms and formula rates(a)	(91)		(19)		2		(43)		(31)		(29)		4		(6)





Amortization of operating ROU asset	9		—		—		2		6		1		2		1


AFUDC — Equity	(40)		(10)		(8)		(7)		(15)		(12)		(3)		—

(a)For ComEd, reflects the true-up adjustments in Regulatory assets and liabilities associated with its distribution MRP and distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in Regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in Regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 3 — Regulatory Matters of the 2024 Form 10-K for additional information.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information

The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants’ Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows.


	Cash, cash equivalents, and restricted cash
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance at March 31, 2025
Cash and cash equivalents	$	1,004	$	96	$	54	$	14	$	127	$	58	$	50	$	18
Restricted cash and cash equivalents	578		501		—		3		43		31		11		1
Restricted cash included in Other deferred debits and other assets	—		—		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	1,582	$	597	$	54	$	17	$	170	$	89	$	61	$	19

Balance at December 31, 2024
Cash and cash equivalents	$	357	$	105	$	48	$	33	$	139	$	30	$	21	$	14
Restricted cash and cash equivalents	541		486		—		1		24		21		2		—
Restricted cash included in Other deferred debits and other assets	41		41		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	939	$	632	$	48	$	34	$	163	$	51	$	23	$	14

Balance at March 31, 2024
Cash and cash equivalents	$	720	$	100	$	39	$	27	$	504	$	198	$	269	$	27
Restricted cash and cash equivalents	489		428		9		—		23		22		1		—
Restricted cash included in Other deferred debits and other assets	99		99		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	1,308	$	627	$	48	$	27	$	527	$	220	$	270	$	27

For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2024 Form 10-K.

Supplemental Balance Sheet Information

The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets.

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 14 — Supplemental Financial Information


	Accrued expenses
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance at March 31, 2025
Compensation-related accruals(a)	$	377	$	115	$	53	$	51	$	64	$	19	$	13	$	9
Taxes accrued	222		148		31		81		138		116		21		12
Interest accrued	440		89		56		77		83		37		27		17


Balance at December 31, 2024
Compensation-related accruals(a)	$	679	$	197	$	87	$	88	$	132	$	38	$	26	$	18
Taxes accrued	217		96		13		34		110		92		11		11
Interest accrued	468		150		60		50		83		44		16		18

(a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.

15. Related Party Transactions (All Registrants)

Service Company Costs for Corporate Support

The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1 — Significant Accounting Policies for additional information regarding BSC and PHISCO.

The following table presents the service company costs allocated to the Registrants:


	Operating and maintenance from affiliates				Capitalized costs
	Three Months Ended March 31,					Three Months Ended March 31,
	2025		2024				2025		2024
Exelon
BSC							$	160	$	158
PHISCO							25		29
ComEd
BSC	$	100	$	100			62		71
PECO
BSC	59		58				27		29
BGE
BSC	63		59				33		24
PHI
BSC	52		50				39		34
PHISCO	—		—				25		29
Pepco
BSC	32		31				17		17
PHISCO	31		33				10		12

DPL
BSC	20		19				12		12
PHISCO	25		25				8		9

ACE
BSC	16		16				8		5
PHISCO	23		23				7		8

Combined Notes to Consolidated Financial Statements — (Continued)

(Dollars in millions, except per share data, unless otherwise noted)

Note 15 — Related Party Transactions

Current Receivables from/Payables to Affiliates

The following tables present current Receivables from affiliates and current Payables to affiliates:

March 31, 2025


				Receivables from affiliates:
	Payables to affiliates:			ComEd			PECO			BGE			Pepco			DPL			ACE			BSC			PHISCO			Other			Total
ComEd					$	—		$	—		$	—		$	—		$	—		$	58		$	—		$	2		$	60
PECO		$	1					—			—			—			—			30			—			6			37
BGE		1			—						—			—			—			36			—			1			38
PHI		1			—			—			—			—			—			7			—			11			19
Pepco		—			—			—						—			—			17			16			1			34
DPL		1			—			—			—						—			11			12			(1)			23
ACE		—			—			—			—			—						10			11			(1)			20
Other		4			—			—			—			1			7			—			—						12
Total		$	8		$	—		$	—		$	—		$	1		$	7		$	169		$	39		$	19		$	243

December 31, 2024


				Receivables from affiliates:
	Payables to affiliates:			ComEd			PECO			BGE			Pepco			DPL			ACE			BSC			PHISCO			Other			Total
ComEd					$	—		$	—		$	—		$	—		$	—		$	67		$	—		$	10		$	77
PECO		$	—					—			—			—			—			37			—			4			41
BGE		—			—						—			—			—			47			—			1			48
PHI		—			—			—			—			—			—			7			1			10			18
Pepco		—			—			—						—			—			21			15			1			37
DPL		—			—			—			—						—			14			11			1			26
ACE		—			—			—			—			—						11			10			1			22
Other		4			—			—			1			—			7			—			—						12
Total		$	4		$	—		$	—		$	1		$	—		$	7		$	204		$	37		$	28		$	281

Borrowings from Exelon/PHI intercompany money pool

To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing both Exelon and PHI operate an intercompany money pool. PECO and PHI Corporate participate in the Exelon intercompany money pool. Pepco, DPL, and ACE participate in the PHI intercompany money pool.

Long-term debt to financing trusts

The following table presents Long-term debt to financing trusts:


	March 31, 2025						December 31, 2024
	Exelon		ComEd		PECO		Exelon		ComEd		PECO
ComEd Financing III	$	206	$	206	$	—	$	206	$	206	$	—
PECO Trust III	81		—		81		81		—		81
PECO Trust IV	103		—		103		103		—		103
Total	$	390	$	206	$	184	$	390	$	206	$	184

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