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​Exelon Generation is America’s leading provider of zero-carbon nuclear energy. We generate power that’s reliable, every minute of the day. Exelon has a balanced (and growing) portfolio of natural gas, hydro, wind and solar. Customers count on us daily for reliable, efficient, often innovative energy production.

Exelon has one of the nation’s largest, cleanest, lowest-cost power generation fleets. Learn more about our energy footprint here.

 

 

LaSalle Generating Station Refueling Outage Powers The RegionLaSalle Generating Station Refueling Outage Powers The Region<p><strong>MARSEILLES, Ill. —</strong>Operators at Exelon Generation's LaSalle County Nuclear Station removed the generator from service early this morning to begin a planned refueling outage. Work completed during the outage will help deliver reliable, carbon-free electricity to Illinois customers during the next two-year operating cycle.</p><p>To support the work, the station will use the talents and expertise of more than 1,000 additional workers, many of whom travel to LaSalle County from outside the area. For several months preceding and following the outage, the influx of workers provides a significant boost to the local economy.</p><p>"When the extra workers come to LaSalle Station for the refueling outage it means additional business for our community," said Assistant Executive Director of the Ottawa Chamber of Commerce Meg Skelly. "Starved Rock Country and the Ottawa Area businesses welcome the additional workers, who take advantage of all the services we have to offer, whether it's our restaurants, hotels or shopping."</p><p>During the outage, technicians will complete testing, maintenance and modifications that can only be done when the station is not generating electricity.</p><p>"We invest heavily in equipment maintenance and upgrades every year to make sure LaSalle Station continues to operate at world-class levels of safety and operational excellence," said LaSalle Site Vice President Bill Trafton. "The work completed during this outage will help ensure we're online during even the most extreme weather conditions, like last month's Polar Vortex."  </p><p>LaSalle Generating Station is a nuclear power facility located about 75 miles southwest of Chicago near Marseilles, Ill. At full power, the facility's two reactors produce more than 2,200 megawatts of carbon free electricity, enough to power 2.3 million typical homes.</p><p style="text-align:center;"># # #</p><p>Exelon Generation, a subsidiary of Exelon Corporation (NYSE: EXC), is one of the largest, most efficient clean energy producers in the U.S., with a generating capacity of more than 32,000 megawatts.  Exelon Generation operates the largest U.S. fleet of carbon-free nuclear plants with more than 19,600 megawatts of capacity from 22 reactors at 13 facilities in Illinois, Maryland, New York and Pennsylvania.  Exelon Generation also operates a diverse mix of wind, solar, landfill gas, hydroelectric, natural gas and oil facilities in 19 states with more than 12,400 megawatts. Exelon Generation has an industry-leading safety record and is an active partner and economic engine in the communities it serves by providing jobs, charitable contributions and tax payments that help towns and regions grow. Follow Exelon Generation on Twitter <a href="https://twitter.com/ExelonGen">@ExelonGen</a>, view the Exelon Generation YouTube channel, and visit <a href="/companies/exelon-generation">http://www.exeloncorp.com/companies/exelon-generation</a>.<br></p>http://www.exeloncorp.com/newsroom/lasalle-generating-station-refueling-outage-powers-the-region2/18/2019 5:00:00 PM
Calvert Cliffs Refueling Outage Powers Local EconomyCalvert Cliffs Refueling Outage Powers Local Economy<p><strong>LUSBY, MD</strong> – Operators at<strong> </strong>Exelon Generation's<strong> </strong>Calvert Cliffs Nuclear Power Plant removed Unit 2 from service just after midnight Sunday to begin a planned refueling outage, capping a best-ever run of 715 consecutive days of power generation. Work completed during the refueling outage will help the unit deliver zero-emission, reliable power to almost a million homes and businesses during the next two-year operating cycle. </p><p>To support the refueling outage, approximately 1,000 additional workers will travel to Calvert for several weeks, filling nearby hotels to capacity and increasing foot traffic in restaurants and shops at a time when tourism is usually slow.</p><p>"The refueling outage at Calvert Cliffs Nuclear Power Plant plays a large factor in our local economy every year; in 2019, we expect the same," said Thomas "Tim" Hutchins, President, Calvert County, Maryland Board of County Commissioners. "We welcome the influx of spending in our local economy. Our restaurants, hotels, B&B's, shops and even residential rentals see a significant uptick when the refueling happens each year."</p><p>While the unit is offline, technicians will replace nearly one-third of the reactor's fuel and perform more than 7,500 inspections, tests, maintenance activities and modifications. Many of the tasks performed during the outage cannot be accomplished while the unit is online.</p><p>"We are proud to produce almost a third of Maryland's power with, safe, reliable, carbon free nuclear generation," said Calvert Cliffs Site Vice President Mark Flaherty. "Our outage investments in state-of- the art equipment and new technologies will help ensure safe, reliable operations for years to come." </p><p>Calvert Cliffs is located on the western shore of the Chesapeake Bay in Calvert County and is Maryland's only nuclear energy facility. The station is home to two pressurized water reactors capable of generating 1,850 megawatts combined, enough to power more approximately 30 percent of all homes and businesses in the state of Maryland.<br></p><p style="text-align:center;">###</p><p><em>Exelon Generation, a subsidiary of Exelon Corporation (NYSE: EXC), is one of the largest, most efficient clean energy producers in the U.S., with a generating capacity of more than 32,000 megawatts.  Exelon Generation operates the largest U.S. fleet of carbon-free nuclear plants with more than 19,600 megawatts of capacity from 22 reactors at 13 facilities in Illinois, Maryland, New York and Pennsylvania.  Exelon Generation also operates a diverse mix of wind, solar, landfill gas, hydroelectric, natural gas and oil facilities in 19 states with more than 12,400 megawatts. Exelon Generation has an industry-leading safety record and is an active partner and economic engine in the communities it serves by providing jobs, charitable contributions and tax payments that help towns and regions grow. Follow Exelon Generation on Twitter</em><em> </em><a href="https://twitter.com/ExelonGen"><em>@ExelonGen</em></a><em>, view the </em><a href="https://youtube.com/ExelonGeneration"><em>Exelon Generation YouTube channel</em></a><em>, and visit</em><em> </em><a href="/companies/exelon-generation"><em>http://www.exeloncorp.com/companies/exelon-generation</em></a><em>.</em> </p><p><br></p>http://www.exeloncorp.com/newsroom/calvert-cliffs-refueling-outage-powers-local-economy-(3)2/18/2019 1:00:00 PM
Exelon Reports Fourth Quarter and Full Year 2018 Results and Initiates 2019 Financial OutlookExelon Reports Fourth Quarter and Full Year 2018 Results and Initiates 2019 Financial Outlook<div><ul><li>Exelon's GAAP Net Income for the fourth quarter of 2018 decreased to $0.16 per share from $1.94 per share in the fourth quarter of 2017. Adjusted (non-GAAP) Operating Earnings increased to $0.58 per share in the fourth quarter of 2018 from $0.56 per share in the fourth quarter of 2017<br><br></li><li>Exelon introduces a 2019 adjusted (non-GAAP) operating earnings guidance range of $3.00-$3.30 per share, reflecting growth in Utilities, recognition of New Jersey Zero Emissions Credit (ZEC) revenues, and the impact of previously announced cost reduction initiatives  <br><br></li><li>Exelon Utilities project capital expenditures of $23 billion over the next four years, supporting 7.8 percent annual rate base growth to the benefit of its customers<br><br></li><li>Exelon Generation projects available cash flow of $7.8 billion over the next four years, supporting Exelon’s priorities of Utility reinvestment and debt reduction <br><br></li><li>All four utilities ended the year in the top quartile for SAIFI (outage frequency) while most utilities demonstrated strong performance in CAIDI (outage duration) and customer satisfaction<br><br></li><li>Exelon Nuclear achieved the most nuclear power ever generated at 159 TWhs<br></li></ul></div><div><div><strong>CHICAGO</strong> — Exelon Corporation (NYSE: EXC) today reported its financial results for the fourth quarter and full year 2018.</div><div><br></div><div>“This was another record-breaking year for Exelon, with our Utility and Generation businesses demonstrating best-ever performances in multiple categories thanks to the hard work of our employees, who also surpassed their previous record for volunteerism. Our ongoing strategy to invest in advanced technology and infrastructure resulted in improved resiliency, reliability and customer satisfaction at our electric and gas companies,” said Chris Crane, Exelon president and CEO. “In 2019, we will grow our dividend by 5 percent and seek fair compensation for the zero-carbon power our nuclear fleet provides. We will also modernize the electric grid to address the challenges of climate change and to provide customers with clean, affordable power.”</div><div><br></div><div>“Exelon delivered another solid financial performance in 2018, earning $3.12 per share on an adjusted (non-GAAP) operating basis, which is at the midpoint of our revised full year guidance of $3.05-$3.20 per share and $0.07 above our original midpoint,” said Joe Nigro, Exelon senior executive vice president and CFO. “Over the next four years we will invest nearly $23 billion to strengthen the reliability and resiliency of our system, enable our communities to meet their low carbon energy goals and improve service to our 10 million utility customers.  The successes we achieved in 2018 position us well for the year ahead, and we anticipate even more benefits from much-needed policy and market reforms.”</div><div><br></div><div><h3>Fourth Quarter 2018<br></h3><div><br></div><div>Exelon's GAAP Net Income for the fourth quarter of 2018 decreased to $0.16 per share from $1.94 per share in the fourth quarter of 2017. Adjusted (non-GAAP) Operating Earnings increased to $0.58 per share in the fourth quarter of 2018 from $0.56 per share in the fourth quarter of 2017. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 7.</div><div><br></div><div>Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2018 primarily reflect higher utility earnings due to electric distribution and energy efficiency earnings at ComEd, regulatory rate increases at PHI and the absence of a 2017 impairment of certain transmission-related income tax regulatory assets; and, at Generation, lower realized energy prices, partially offset by the favorable impacts of Illinois ZEC revenue, increased capacity prices and tax savings related to the Tax Cuts and Jobs Act (TCJA).</div><div><br></div><h3>Full Year 2018</h3><div><br></div><div>Exelon's GAAP Net Income decreased to $2.07 per share from $3.99 per share in 2017. Exelon's Adjusted (non-GAAP) Operating Earnings for 2018 increased to $3.12 per share from $2.62 per share in 2017.</div><div><br></div><div>Adjusted (non-GAAP) Operating Earnings for the full year 2018 reflect higher utility earnings due to electric distribution and energy efficiency earnings at ComEd, regulatory rate increases at BGE and PHI, favorable weather conditions and volumes at PECO and PHI and the absence of a 2017 impairment of certain transmission-related income tax regulatory assets, all of which were partially offset by increased storm costs at PECO and BGE. On the Generation side, the Adjusted (non-GAAP) Operating Earnings also reflect the favorable impacts of New York and Illinois ZEC revenue (including the impact of ZECs generated in Illinois from June 1, 2017 through Dec. 31, 2017), increased capacity prices, tax savings related to the TCJA, realized gains on nuclear decommissioning trust (NDT) funds and decreased nuclear outage days, all of which were partially offset by lower realized energy prices and the absence of earnings from Exelon Generation Texas Power due to its deconsolidation in the fourth quarter of 2017.</div><div><br><h3>Operating Company Results<sup class="ms-rteFontSize-3">1</sup><br></h3><div><br></div><div><strong>ComEd</strong></div><div><br></div><div>ComEd's fourth quarter of 2018 GAAP Net Income increased to $141 million from $120 million in the fourth quarter of 2017. ComEd’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 increased to $141 million from $123 million in the fourth quarter of 2017, primarily reflecting higher electric distribution and energy efficiency earnings. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.</div><div><br></div><div>____________________</div><div><br></div><div><sup class="ms-rteFontSize-1">1</sup><sub>Exelon’s five business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware; and Generation, which consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.</sub></div><div><br><div><strong>PECO</strong></div><div><br></div><div>PECO’s fourth quarter of 2018 GAAP Net Income increased to $124 million from $107 million in the fourth quarter of 2017. PECO’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 increased to $125 million from $95 million in the fourth quarter of 2017, primarily due to favorable volumes and income tax impacts.</div><div><br></div><div><strong>BGE</strong></div><div><br></div><div>BGE’s fourth quarter of 2018 GAAP Net Income decreased to $71 million from $76 million in the fourth quarter of 2017. BGE’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 decreased to $72 million from $82 million in the fourth quarter of 2017. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.</div><div><br></div><div><strong>PHI</strong></div><div><br></div><div>PHI’s fourth quarter of 2018 GAAP Net Income increased to $62 million from $4 million in the fourth quarter of 2017. PHI’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 increased to $68 million from $48 million in the fourth quarter of 2017, primarily due to regulatory rate increases and the absence of a 2017 impairment of certain transmission-related income tax regulatory assets. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns.<br></div><div><br></div><div><div><strong>Generation</strong></div><div><br></div><div>Generation had a GAAP Net Loss of $178 million in the fourth quarter of 2018 compared with GAAP Net Income of $2,224 million in the fourth quarter of 2017. Generation’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 decreased to $221 million from $261 million in the fourth quarter of 2017, primarily reflecting lower realized energy prices, partially offset by the favorable impacts of Illinois ZEC revenue, increased capacity prices and tax savings related to the TCJA.</div><div><br></div><div>The proportion of expected generation hedged for the Mid-Atlantic, Midwest, New York and ERCOT reportable segments as of Dec. 31, 2018, was 89.0 percent to 92.0 percent for 2019, 56.0 percent to 59.0 percent for 2020 and 32.0 percent to 35.0 percent for 2021.<br></div></div><div><br></div><div><strong></strong></div><div><h3>Initiates Annual Guidance for 2019</h3><div><br></div><div>Exelon introduced a guidance range for 2019 Adjusted (non-GAAP) Operating Earnings of $3.00 to $3.30 per share. The outlook for 2019 Adjusted (non-GAAP) Operating Earnings for Exelon and its subsidiaries excludes the following items:<br></div><div><ul><li>Mark-to-market adjustments from economic hedging activities;<br><br></li><li>Unrealized gains and losses from NDT funds to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements;  <br><br></li><li>Certain costs incurred related to plant retirements;<br><br></li><li>Certain costs incurred to achieve cost management program savings;<br><br></li><li>Other unusual items; and<br><br></li><li>Generation's noncontrolling interest related to Constellation Energy Nuclear Group (CENG) exclusion items.<br></li></ul></div><div><br><h3>Recent Developments and Fourth Quarter Highlights</h3><div><br></div><div><ul><li><strong>Utility Capex and Rate Base Update: </strong>Exelon Utilities will invest nearly $23 billion of capital over the next four years. These investments will help ensure more reliable and efficient transmission and distribution of electricity and gas for our 10 million utility customers, while also preparing us for the future. The increased capital investments are expected to drive rate base growth 7.8 percent annually to $50.7 billion by 2022 and exceed the 7.4 percent growth expectations for 2017-2021 projected a year ago.<br></li></ul></div><div><ul><li><strong>Generation and Free Cash Flow Outlook:</strong> Cumulatively from 2019 through 2022, Generation projects $7.8 billion of available cash flow before growth capex, which is $0.2 billion higher than the prior 4-year outlook. This financial outlook accounts for the latest power price forwards at year-end, current gross margin outlook at Constellation, latest O&M forecast that reflects pension cost updates and the Everett Marine Terminal acquisition, benefits of previously announced cost reduction initiatives and the planned closure of TMI. The $7.8 billion will primarily support our strategic capital allocation priorities which entail: i) funding $4.0-$4.4 billion of growth capital at the utilities; ii) supporting our 5 percent annual dividend growth commitment; and iii) reducing debt by $2.5 billion.<br></li></ul></div><div><ul><li><strong>ComEd Distribution Rate Formula:</strong> On Dec. 4, 2018, the Illinois Commerce Commission (ICC) issued its final order approving ComEd’s 2018 annual distribution formula rate update. The final order resulted in a $24 million decrease to the revenue requirement, reflecting a $58 million decrease for the initial revenue requirement for 2018 and a $34 million increase related to the annual reconciliation for 2017. The increase was set using an allowed return on rate base of 6.52 percent for the initial revenue requirement and the annual reconciliation, inclusive of an allowed ROE of 8.69 percent. The rates took effect in January 2019.<br><br></li><li><strong>PECO Electric Distribution Base Rate Case: </strong>On Dec. 20, 2018, the Pennsylvania Public Utility Commission (PAPUC) approved the partial settlement agreement with an effective date of Jan. 1, 2019, that provides for a $25 million net increase to PECO's annual electric distribution base rates, which includes $71 million in annual ongoing TCJA tax savings. In PECO's original filing with the PAPUC on March 29, 2018, PECO had requested a ROE of 10.95 percent. No approved ROE was specified in the PAPUC order.<br></li></ul></div><div><ul><li><strong>BGE Maryland Natural Gas Distribution Base Rate Case:</strong> On Jan. 4, 2019, the Maryland Public Service Commission (MDPSC) issued its final order providing for a net increase to BGE's annual natural gas distribution base rates of $43 million and reflecting a ROE of 9.8 percent.<br></li></ul></div><div><ul><li><strong>Pepco Maryland Electric Distribution Base Rate Case:</strong> On Jan. 15, 2019, Pepco filed an application with the MDPSC, requesting a $30 million increase to its electric distribution base rates and a 10.3 percent ROE. Pepco currently expects a decision in the third quarter of 2019 but cannot predict if the MDPSC will approve the application as filed.<br></li></ul></div><div><ul><li><strong>DPL Delaware Natural Gas Distribution Base Rate Case:</strong> On Nov. 8, 2018, the Delaware Public Service Commission (DPSC) approved the settlement agreement, providing for a $4 million net decrease to DPL's annual natural gas distribution base rates, which includes annual ongoing TCJA tax savings and reflects a 9.7 percent ROE. In addition, the settlement agreement separately provides a one-time bill credit to customers of approximately $1 million representing the TCJA tax savings for the period Feb. 1, 2018, through March 17, 2018, when full interim rates were put into effect.<br></li></ul></div><div><ul><li><strong>Mystic Cost-of-Service Federal Energy Regulatory Commission (FERC) Filing:</strong>  On Dec. 20, 2018, FERC issued an order accepting Generation’s cost of service agreement reflecting a number of adjustments to the annual fixed revenue requirement and allowing for recovery of a substantial portion of the costs associated with the Everett Marine Terminal.  FERC also directed a paper hearing on ROE using a new methodology.  Initial and reply briefs on ROE will be due on April 18, 2019, and July 18, 2019, respectively. These will be reflected in a compliance filing due Feb. 18, 2019.  On Jan. 4, 2019, Generation notified ISO-NE that it will participate in the Forward Capacity Market auction for the 2022-2023 capacity commitment period. In addition, on Jan. 22, 2019, Exelon and several other parties filed requests for rehearing of certain findings of the Dec. 20, 2018, order. The request for rehearing does not alter Generation's commitment to participate in the Forward Capacity Auction for the 2022-2023 capacity commitment period.<br><br>To ensure the continued reliable supply of fuel to Mystic Units 8 and 9 while they remain operating, on Oct. 1, 2018, Generation acquired the Everett Marine Terminal in Massachusetts for a purchase price of $81 million. Generation also settled its existing long-term gas supply agreement, resulting in a $75 million pre-tax gain.</li></ul></div><div><ul><li><strong>District of Columbia Clean Energy Act:</strong> On Dec. 18, 2018, the Council of the District of Columbia passed the Clean Energy District of Columbia Omnibus Amendment Act of 2018 (the Act), which was subsequently signed by the Mayor of the District of Columbia on Jan. 18, 2019.  The Act is expected to take effect in February 2019 following the expiration of a 30-day review process by the U.S. House of Representatives.  Among other things, the Act would increase electric load by requiring all public buses, taxis and other specified fleets to be solely zero-emissions vehicles by 2045.  The Act would also clarify that, under certain circumstances, the gas and electric utilities may offer and receive cost recovery, including a return on investment on capital and related costs for energy efficiency programs in the District of Columbia.<br></li></ul></div><div><ul><li><strong>Pension Plan Merger: </strong> Effective Jan. 1, 2019, Exelon is merging the Exelon Corporation Cash Balance Pension Plan (CBPP) into the Exelon Corporation Retirement Program (ECRP). The merging of the plans is not changing the benefits offered to the plan participants and, thus, has no impact on Exelon's pension obligation.  However, beginning in 2019, actuarial losses and gains related to the CBPP and ECRP will be amortized over participants’ average remaining service period of the merged ECRP rather than each individual plan, which will lower Exelon’s 2019 pre-tax pension cost by approximately $90 million.<br><br></li><li><strong>Nuclear Operations:</strong> Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100 percent of the CENG units, produced 45,809 gigawatt-hours (GWhs) in the fourth quarter of 2018, compared with 47,528 GWhs in the fourth quarter of 2017. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 95.1 percent capacity factor for the fourth quarter of 2018, compared with 95.3 percent for the fourth quarter of 2017. Excluding Salem, the number of planned refueling outage days in the fourth quarter of 2018 totaled 76, compared with 60 in the fourth quarter of 2017. There were 18 non-refueling outage days in both the fourth quarter of 2018 and 2017.<br></li></ul></div><div><ul><li><strong>Fossil and Renewables Operations:</strong> The Dispatch Match rate for Generation’s gas and hydro fleet was 99.3 percent in the fourth quarter of 2018, compared with 98.4 percent in the fourth quarter of 2017.<br><br>Energy Capture for the wind and solar fleet was 97.0 percent in the fourth quarter of 2018, compared with 96.2 percent in the fourth quarter of 2017.<br><br></li><li><strong>Financing Activities:</strong> On Nov. 11, 2018, Pepco issued $100 million aggregate principal amount of its First Mortgage Bonds, 4.31 percent due Nov. 1, 2048. Pepco used the proceeds to repay outstanding commercial paper and for general corporate purposes.<br><br></li></ul></div><div><h3>GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliations<br></h3><div><br></div><div>Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 do not include the following items (after tax) that were included in reported GAAP Net Income:</div><div><br></div><div><table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableHeaderRow-3"><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="width:12.5%;"><strong>(in millions)</strong><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="width:12.5%;text-align:center;"><div><strong>Exelon</strong></div><div><strong>Earnings per </strong></div><div><strong>Diluted </strong><br></div><div><strong>Share</strong><br></div></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="width:12.5%;text-align:center;"><strong>Exelon</strong><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="width:12.5%;text-align:center;"><strong>ComEd</strong><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="width:12.5%;text-align:center;"><strong>PECO</strong><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="width:12.5%;text-align:center;"><strong>BGE</strong><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="width:12.5%;text-align:center;"><strong>PHI</strong><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="width:12.5%;text-align:center;"><strong>Generation</strong><br></th></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"><strong>2018 GAAP Net Income (Loss)</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$0.16</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><strong>$152</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$141</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><strong>$124</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$71</strong><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><strong>$62</strong><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><strong>$(178)</strong><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $63 and $61, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.19<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">178<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">176<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Losses Related to Nuclear Decommissioning Trust (NDT) Funds (net of taxes of $172)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.25<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">243<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">243<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Merger Commitments (net of taxes of $0 and $1, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $32 and $31, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.10<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">90<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">91<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $6, $0, $0, $1 and $5, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.02<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">18<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">2<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">14<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Annual Asset Retirement Obligation Update (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">4<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Change in Environmental Liabilities (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">3<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Gain on Contract Settlement (net of taxes of $20 and $19, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.06)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(55)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(56)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Reassessment of Deferred Income Taxes (entire amount represents tax expense)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">1<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Noncontrolling Interests (net of taxes of $15)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.08)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(77)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(77)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1"><strong>2018 Adjusted (non-GAAP) Operating Earnings</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><strong>$0.58</strong><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><strong>$559</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><strong>$141</strong><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><strong>$125</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><strong>$72</strong><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><strong>$68</strong><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><strong>$221</strong><br></td></tr></tbody></table><br>Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2017 do not include the following items (after tax) that were included in reported GAAP Net Income:<br></div><div><br></div><div><table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableHeaderRow-3"><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="width:159px;"><span style="font-family:benton-sans-medium;">(in millions)</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:86px;"><div><span style="font-family:benton-sans-medium;">Exelon</span></div><div><span style="font-family:benton-sans-medium;">Earnings per </span></div><div><span style="font-family:benton-sans-medium;">Diluted </span><br></div><div><span style="font-family:benton-sans-medium;">Share</span><br></div></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:68px;"><span style="font-family:benton-sans-medium;">Exelon</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:73px;"><span style="font-family:benton-sans-medium;">ComEd</span><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:61px;"><span style="font-family:benton-sans-medium;">PECO</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:49px;"><span style="font-family:benton-sans-medium;">BGE</span><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:46px;"><span style="font-family:benton-sans-medium;">PHI</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:107px;"><span style="font-family:benton-sans-medium;">Generation</span><br></th></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"><span style="font-family:benton-sans-medium;">2017 GAAP Net Income</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$1.94</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$1,880</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$120</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$107</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$76<span style="white-space:pre;"> </span></span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$4</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$2,224</span><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $7 and $6, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.01<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">8<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">9<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Gains Related to NDT Funds (net of taxes of $105)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.11)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(108)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(108)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Amortization of Commodity Contract Intangibles (net of taxes of $5)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.01<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">8<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">8<span style="white-space:pre;"> </span><br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Merger and Integration Costs (net of taxes of $1, $1 and $0, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">1<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Long-Lived Asset Impairments (net of taxes of $16, $9 and $8, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.03<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">29<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">16<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">12<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $45)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.07<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">70<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">70<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $6, $1, $0 and $5, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.01<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">10<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">8<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Vacation Policy Change (net of taxes of $21, $1, $1, $3 and $16, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.03)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(33)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(1)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(1)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(5)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(26)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Change in Environmental Liabilities (net of taxes of $17)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.03<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">27<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">27<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Gain on Deconsolidation of Businesses (net of taxes of $83)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.14)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(130)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(130)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Reassessment of Deferred Income Taxes (entire amount represents tax expense)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(1.30)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(1,257)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">3<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(12)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">5<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">33</td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(1,874)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Noncontrolling Interests (net of taxes of $8)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.04<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">40</td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">40<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1"><span style="font-family:benton-sans-medium;">2017 Adjusted (non-GAAP) Operating Earnings</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$0.56</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$545</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$123</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$95</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$82</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$48</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$261</span><br></td></tr></tbody></table><br><span aria-hidden="true"></span><br></div><div><br></div><div>Adjusted (non-GAAP) Operating Earnings for the full year 2018 do not include the following items (after tax) that were included in reported GAAP Net Income:<br><br></div><table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableHeaderRow-3"><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="width:159px;"><span style="font-family:benton-sans-medium;">(in millions)</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:86px;"><div><span style="font-family:benton-sans-medium;">Exelon</span></div><div><span style="font-family:benton-sans-medium;">Earnings per </span></div><div><span style="font-family:benton-sans-medium;">Diluted </span><br></div><div><span style="font-family:benton-sans-medium;">Share</span><br></div></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:68px;"><span style="font-family:benton-sans-medium;">Exelon</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:73px;"><span style="font-family:benton-sans-medium;">ComEd</span><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:61px;"><span style="font-family:benton-sans-medium;">PECO</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:49px;"><span style="font-family:benton-sans-medium;">BGE</span><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:46px;"><span style="font-family:benton-sans-medium;">PHI</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:107px;"><span style="font-family:benton-sans-medium;">Generation</span><br></th></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"><span style="font-family:benton-sans-medium;">2018 GAAP Net Income</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$2.07</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$2,010</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$664</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$460</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$313</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$398</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$370</span><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $89 and $84, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.26<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">252<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">241<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Losses Related to NDT Funds (net of taxes of $289)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.35<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">337<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">337<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Merger and Integration Costs (net of taxes of $2)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">3<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Merger Commitments (net of taxes of $0 and $1, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Long-Lived Asset Impairments (net of taxes of $13)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.04<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">35<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">35<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $181 and $178, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.53<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">512<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">514<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Cost Management Program (net of taxes of $16, $1, $1, $2 and $12 respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.05<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">48<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">3<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">37<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Annual Asset Retirement Obligation Update (net of taxes of $7, $6 and $1, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.02<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">20<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">16<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">4<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Change in Environmental Liabilities (net of taxes of $0)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(1)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(1)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Gain on Contract Settlement (net of taxes of $20 and $19, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.06)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(55)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(56)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Reassessment of Deferred Income Taxes (entire amount represents tax expense)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.02)</td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(22)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—</td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(7)</td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(28)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Noncontrolling Interests (net of taxes of $24)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.12)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(113)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—</td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—</td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(113)</td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1"><span style="font-family:benton-sans-medium;">2018 Adjusted (non-GAAP) Operating Earnings</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><strong>$3.12</strong><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$3,026</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$664</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$463</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$316</span><br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$415</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;"><span style="font-family:benton-sans-medium;">$1,343</span><br></td></tr></tbody></table><br></div><div>Adjusted (non-GAAP) Operating Earnings for the full year 2017 do not include the following items (after tax) that were included in reported GAAP Net Income:<br></div></div><br><table cellspacing="0" width="100%" class="ms-rteTable-3"><tbody><tr class="ms-rteTableHeaderRow-3"><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="width:159px;"><span style="font-family:benton-sans-medium;">(in millions)</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:86px;"><div><span style="font-family:benton-sans-medium;">Exelon</span></div><div><span style="font-family:benton-sans-medium;">Earnings per </span></div><div><span style="font-family:benton-sans-medium;">Diluted </span><br></div><div><span style="font-family:benton-sans-medium;">Share</span><br></div></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:68px;"><span style="font-family:benton-sans-medium;">Exelon</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:73px;"><span style="font-family:benton-sans-medium;">ComEd</span><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:61px;"><span style="font-family:benton-sans-medium;">PECO</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:49px;"><span style="font-family:benton-sans-medium;">BGE</span><br></th><th class="ms-rteTableHeaderEvenCol-3" rowspan="1" colspan="1" style="text-align:center;width:46px;"><span style="font-family:benton-sans-medium;">PHI</span><br></th><th class="ms-rteTableHeaderOddCol-3" rowspan="1" colspan="1" style="text-align:center;width:107px;"><span style="font-family:benton-sans-medium;">Generation</span><br></th></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3"><span style="font-family:benton-sans-medium;">2017 GAAP Net Income</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$3.99</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$3,786</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$567</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$434</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$307</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$362</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="font-family:benton-sans-medium;">$2,710</span><br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $68 and $66, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.11<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">107<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">109<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Unrealized Gains Related to NDT Funds (net of taxes of $286)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.34)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(318)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(318)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Amortization of Commodity Contract Intangibles (net of taxes of $22)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.04<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">34<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">34<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Merger and Integration Costs (net of taxes of $25, $0, $2, $2, $7 and $27, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.04<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">40<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">1<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">2<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">2<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(10)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">44<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Merger Commitments (net of taxes of $137, $52 and $18, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(0.14)<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">(137)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;"><span style="text-align:center;">—</span><br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;"><span style="text-align:center;">(59</span><span style="text-align:center;">)</span><br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">(18)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3">Long-Lived Asset Impairments (net of taxes of $204, $9 and $194, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.34<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">321<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">16<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">306<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3">Plant Retirements and Divestitures (net of taxes of $134 and $133, respectively)<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">0.22<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">207<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" style="text-align:center;">208<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Cost Management Program (net of taxes of $21, $3, $3 and $15, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.04<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">34<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">4<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">5<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;"><span style="text-align:center;background-color:#d8d8d8;">—</span><br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">25<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Annual Asset Retirement Obligation Update (net of taxes of $1)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(2)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(2)<br></td></tr><tr class="ms-rteTableOddRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Vacation Policy Change (net of taxes of $21, $1, $1, $3 and $16, respectively)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(0.03)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(33)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">—<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(1)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(1)<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">(5)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">(26)<br></td></tr><tr class="ms-rteTableEvenRow-3"><td class="ms-rteTableEvenCol-3" rowspan="1">Change in Environmental Liabilities (net of taxes of $17)<br></td><td class="ms-rteTableOddCol-3" rowspan="1" style="text-align:center;">0.03<br></td><td class="ms-rteTableEvenCol-3" rowspan="1" style="text-align:center;">27<br></td><td class="ms-rteTableOddCol-3" rowhttp://www.exeloncorp.com/newsroom/exelon-reports-fourth-quarter-and-full-year-2018-results-and-initiates-2019-financial-outlook2/8/2019 10:00:00 AM

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