Exelon Reports Second Quarter 2026 Results
Earnings Release Highlights
- GAAP net income of $0.39 per share and Adjusted (non-GAAP) operating earnings of $0.43 per share for the second quarter of 2026, in line with expectations
- Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029
- All utilities projecting top quartile reliability performance, with ComEd and PHI in the top decile
- BGE filed an electric distribution rate case with the Maryland Public Service Commission (MDPSC) in July, requesting the funding of investments and operating costs necessary to maintain a safe and reliable electric system, cost of capital, and storm event recovery
- ACE filed a transmission-connected battery storage proposal with the New Jersey Board of Public Utilities
- Executed ~86% of 2026 planned debt financings, supporting continued investment across the utilities
CHICAGO–(BUSINESS WIRE)–
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2026.
“At Exelon, we are focused on delivering where it matters most for our customers and communities by providing safe, reliable and affordable energy,” said Exelon President and Chief Executive Officer Calvin Butler. “Our second-quarter results reflect disciplined execution and strong operational performance, keeping us on track to deliver on our financial commitments. As energy demand continues to grow, we remain focused on advancing solutions through The Exelon Promise that strengthen reliability, protect customers, keep bills as low as possible, and create long-term value for the communities we serve. From grid modernization to practical solutions such as storage and virtual power plants, we are helping meet growing energy demand and enabling a more affordable and reliable grid.”
“Exelon delivered second quarter 2026 adjusted operating earnings of $0.43 per share, in line with the expectations we discussed on our first quarter call,” said Exelon Chief Financial Officer Jeanne Jones. “Through the first half of the year, we remain on track to deliver full-year operating earnings of $2.81 to $2.91 per share and annualized earnings growth near the top end of 5% to 7% from 2025 through 2029. With substantial progress on our financing plan, we are well positioned to fund customer-focused investments across our utilities and advance additional solutions, such as storage, that support affordability, reliability and resource adequacy.”
Second Quarter 2026
Exelon’s GAAP net income for the second quarter of 2026 remained relatively consistent with the prior period at $0.39 per share. Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $0.43 per share from $0.39 per share in the second quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2026 primarily reflect:
- Higher utility earnings primarily due to distribution and transmission rates at ComEd and PHI, distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather at PECO. This was partially offset by higher depreciation at PECO and PHI, higher credit loss expense at BGE, and higher interest expense and income taxes at PECO. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers.
- Lower costs at the Exelon holding company due to the lack of Customer Relief Fund contribution and lower income taxes were offset by higher interest expense.
Operating Company Results1
ComEd
ComEd’s second quarter of 2026 GAAP net income increased to $249 million from $228 million in the second quarter of 2025. ComEd’s Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $249 million from $228 million in the second quarter of 2025, primarily due to an increase in higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs, and higher AFUDC. Due to revenue decoupling, ComEd’s distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO’s second quarter of 2026 GAAP net income decreased to $119 million from $136 million in the second quarter of 2025. PECO’s Adjusted (non-GAAP) operating earnings for the second quarter of 2026 decreased to $130 million from $136 million in the second quarter of 2025, primarily due to an increase in depreciation and interest expense, and higher income taxes due to tax repairs, a portion of which is timing, partially offset by absence of surcharge credits to customers and favorable weather.
|
___________ |
|
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); 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; and 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. |
BGE
BGE’s second quarter of 2026 GAAP net income remained relatively consistent with the prior period at $55 million in the second quarter of 2025. BGE’s Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $70 million from $55 million in the second quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE’s distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PHI
PHI’s second quarter of 2026 GAAP net income decreased to $109 million from $143 million in the second quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2026 decreased to $126 million from $144 million in the second quarter of 2025, primarily due to an increase in depreciation, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, PHI’s distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.
Recent Developments and Second Quarter Highlights
- Dividend: On July 28, 2026, Exelon’s Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon’s common stock. The dividend is payable on September 15, 2026, to Exelon shareholders of record as of the close of business on September 4, 2026.
- Rate Case Developments:
- BGE Maryland Electric Distribution Rate Case: On July 2, 2026, BGE filed an application with the MDPSC to increase its annual electric distribution rates by $156 million, reflecting an ROE of 10.40%. BGE currently expects a decision in the first quarter of 2027, but cannot predict if the MDPSC will approve the application as filed.
- Financing Activities:
- On May 14, 2026, ComEd issued $1,425 million of its First Mortgage Bonds, consisting of $600 million aggregate principal amount of its First Mortgage Bonds, 4.55% Series due June 1, 2031, and $825 million aggregate principal amount of its First Mortgage Bonds, 5.85% Series due June 1, 2056. ComEd used the proceeds to repay existing indebtedness and for general corporate purposes.
- On May 22, 2026, BGE issued $925 million of its notes, consisting of $500 million aggregate principal amount of its 5.15% Series notes due June 1, 2033, and $425 million aggregate principal amount of its 6.05% Series notes due June 1, 2056. BGE used the proceeds to repay existing indebtedness and for general corporate purposes.
- On June 17, 2026, Pepco issued $130 million of its First Mortgage Bonds, 5.74% Series due June 17, 2056. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the second quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income:
|
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
|
2026 GAAP net income |
$ |
0.39 |
$ |
396 |
$ |
249 |
$ |
119 |
$ |
55 |
$ |
109 |
||||||
|
Cost management charge (net of taxes of $16, $4, $6, and $7, respectively ) |
|
0.04 |
|
42 |
|
— |
|
11 |
|
15 |
|
17 |
||||||
|
2026 Adjusted (non-GAAP) operating earnings |
$ |
0.43 |
$ |
438 |
$ |
249 |
$ |
130 |
$ |
70 |
$ |
126 |
||||||
Adjusted (non-GAAP) operating earnings for the second quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
|
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
|
2025 GAAP net income |
$ |
0.39 |
$ |
391 |
$ |
228 |
$ |
136 |
$ |
55 |
$ |
143 |
||||||
|
Income tax-related adjustments (entire amount represents tax expense) |
|
— |
|
1 |
|
— |
|
— |
|
— |
|
1 |
||||||
|
2025 Adjusted (non-GAAP) operating earnings |
$ |
0.39 |
$ |
392 |
$ |
228 |
$ |
136 |
$ |
55 |
$ |
144 |
||||||
|
__________ |
|
Note: |
|
Amounts may not sum due to rounding. |
|
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
Webcast Information
Exelon will discuss second quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at investors.exeloncorp.com/.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon’s more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on July 30, 2026.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants’ most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon’s investors and the public about the Registrants and other matters. Exelon’s posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants’ press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon’s websites and social media channels are not, however, incorporated by reference into this press release.
|
Earnings Release Attachments Table of Contents |
|
|
Consolidating Statement of Operations |
1 |
|
|
|
|
Consolidated Balance Sheets |
2 |
|
|
|
|
Consolidated Statements of Cash Flows |
4 |
|
|
|
|
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
6 |
|
|
|
|
Statistics |
|
|
ComEd |
7 |
|
PECO |
8 |
|
BGE |
10 |
|
Pepco |
13 |
|
DPL |
14 |
|
ACE |
16 |
|
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
|
Three Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating revenues |
$ |
1,985 |
|
|
$ |
1,062 |
|
|
$ |
1,218 |
|
|
$ |
1,712 |
|
|
$ |
(10 |
) |
|
$ |
5,967 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Purchased power and fuel |
|
579 |
|
|
|
389 |
|
|
|
545 |
|
|
|
698 |
|
|
|
— |
|
|
|
2,211 |
|
|
Operating and maintenance |
|
449 |
|
|
|
300 |
|
|
|
293 |
|
|
|
395 |
|
|
|
(51 |
) |
|
|
1,386 |
|
|
Depreciation and amortization |
|
416 |
|
|
|
125 |
|
|
|
166 |
|
|
|
245 |
|
|
|
16 |
|
|
|
968 |
|
|
Taxes other than income taxes |
|
107 |
|
|
|
62 |
|
|
|
96 |
|
|
|
145 |
|
|
|
13 |
|
|
|
423 |
|
|
Total operating expenses |
|
1,551 |
|
|
|
876 |
|
|
|
1,100 |
|
|
|
1,483 |
|
|
|
(22 |
) |
|
|
4,988 |
|
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Operating income |
|
434 |
|
|
|
186 |
|
|
|
118 |
|
|
|
229 |
|
|
|
12 |
|
|
|
979 |
|
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net |
|
(143 |
) |
|
|
(72 |
) |
|
|
(68 |
) |
|
|
(108 |
) |
|
|
(183 |
) |
|
|
(574 |
) |
|
Other, net |
|
41 |
|
|
|
13 |
|
|
|
22 |
|
|
|
20 |
|
|
|
(6 |
) |
|
|
90 |
|
|
Total other income and (deductions) |
|
(102 |
) |
|
|
(59 |
) |
|
|
(46 |
) |
|
|
(88 |
) |
|
|
(189 |
) |
|
|
(484 |
) |
|
Income (loss) before income taxes |
|
332 |
|
|
|
127 |
|
|
|
72 |
|
|
|
141 |
|
|
|
(177 |
) |
|
|
495 |
|
|
Income taxes |
|
83 |
|
|
|
8 |
|
|
|
17 |
|
|
|
32 |
|
|
|
(41 |
) |
|
|
99 |
|
|
Net income (loss) attributable to common shareholders |
$ |
249 |
|
|
$ |
119 |
|
|
$ |
55 |
|
|
$ |
109 |
|
|
$ |
(136 |
) |
|
$ |
396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating revenues |
$ |
1,836 |
|
|
$ |
1,000 |
|
|
$ |
1,029 |
|
|
$ |
1,579 |
|
|
$ |
(17 |
) |
|
$ |
5,427 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Purchased power and fuel |
|
550 |
|
|
|
339 |
|
|
|
406 |
|
|
|
601 |
|
|
|
— |
|
|
|
1,896 |
|
|
Operating and maintenance |
|
422 |
|
|
|
305 |
|
|
|
264 |
|
|
|
340 |
|
|
|
(10 |
) |
|
|
1,321 |
|
|
Depreciation and amortization |
|
387 |
|
|
|
112 |
|
|
|
154 |
|
|
|
233 |
|
|
|
16 |
|
|
|
902 |
|
|
Taxes other than income taxes |
|
97 |
|
|
|
54 |
|
|
|
85 |
|
|
|
136 |
|
|
|
11 |
|
|
|
383 |
|
|
Total operating expenses |
|
1,456 |
|
|
|
810 |
|
|
|
909 |
|
|
|
1,310 |
|
|
|
17 |
|
|
|
4,502 |
|
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
Operating income (loss) |
|
380 |
|
|
|
190 |
|
|
|
120 |
|
|
|
271 |
|
|
|
(34 |
) |
|
|
927 |
|
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net |
|
(131 |
) |
|
|
(60 |
) |
|
|
(61 |
) |
|
|
(103 |
) |
|
|
(176 |
) |
|
|
(531 |
) |
|
Other, net |
|
31 |
|
|
|
10 |
|
|
|
11 |
|
|
|
17 |
|
|
|
(4 |
) |
|
|
65 |
|
|
Total other income and (deductions) |
|
(100 |
) |
|
|
(50 |
) |
|
|
(50 |
) |
|
|
(86 |
) |
|
|
(180 |
) |
|
|
(466 |
) |
|
Income (loss) before income taxes |
|
280 |
|
|
|
140 |
|
|
|
70 |
|
|
|
185 |
|
|
|
(214 |
) |
|
|
461 |
|
|
Income taxes |
|
52 |
|
|
|
4 |
|
|
|
15 |
|
|
|
42 |
|
|
|
(43 |
) |
|
|
70 |
|
|
Net income (loss) attributable to common shareholders |
$ |
228 |
|
|
$ |
136 |
|
|
$ |
55 |
|
|
$ |
143 |
|
|
$ |
(171 |
) |
|
$ |
391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Change in net income (loss) from 2025 to 2026 |
$ |
21 |
|
|
$ |
(17 |
) |
|
$ |
— |
|
|
$ |
(34 |
) |
|
$ |
35 |
|
|
$ |
5 |
|
|
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
|
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating revenues |
$ |
3,898 |
|
|
$ |
2,554 |
|
|
$ |
3,046 |
|
|
$ |
3,742 |
|
|
$ |
(31 |
) |
|
$ |
13,209 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Purchased power and fuel |
|
1,031 |
|
|
|
1,001 |
|
|
|
1,353 |
|
|
|
1,602 |
|
|
|
— |
|
|
|
4,987 |
|
|
Operating and maintenance |
|
886 |
|
|
|
636 |
|
|
|
619 |
|
|
|
820 |
|
|
|
(109 |
) |
|
|
2,852 |
|
|
Depreciation and amortization |
|
820 |
|
|
|
247 |
|
|
|
334 |
|
|
|
491 |
|
|
|
28 |
|
|
|
1,920 |
|
|
Taxes other than income taxes |
|
212 |
|
|
|
131 |
|
|
|
200 |
|
|
|
296 |
|
|
|
27 |
|
|
|
866 |
|
|
Total operating expenses |
|
2,949 |
|
|
|
2,015 |
|
|
|
2,506 |
|
|
|
3,209 |
|
|
|
(54 |
) |
|
|
10,625 |
|
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Operating income |
|
949 |
|
|
|
539 |
|
|
|
540 |
|
|
|
533 |
|
|
|
23 |
|
|
|
2,584 |
|
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net |
|
(279 |
) |
|
|
(144 |
) |
|
|
(129 |
) |
|
|
(215 |
) |
|
|
(361 |
) |
|
|
(1,128 |
) |
|
Other, net |
|
73 |
|
|
|
25 |
|
|
|
38 |
|
|
|
39 |
|
|
|
(16 |
) |
|
|
159 |
|
|
Total other income and (deductions) |
|
(206 |
) |
|
|
(119 |
) |
|
|
(91 |
) |
|
|
(176 |
) |
|
|
(377 |
) |
|
|
(969 |
) |
|
Income (loss) before income taxes |
|
743 |
|
|
|
420 |
|
|
|
449 |
|
|
|
357 |
|
|
|
(354 |
) |
|
|
1,615 |
|
|
Income taxes |
|
184 |
|
|
|
23 |
|
|
|
96 |
|
|
|
79 |
|
|
|
(82 |
) |
|
|
300 |
|
|
Net income (loss) attributable to common shareholders |
$ |
559 |
|
|
$ |
397 |
|
|
$ |
353 |
|
|
$ |
278 |
|
|
$ |
(272 |
) |
|
$ |
1,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating revenues |
$ |
3,901 |
|
|
$ |
2,333 |
|
|
$ |
2,583 |
|
|
$ |
3,357 |
|
|
$ |
(33 |
) |
|
$ |
12,141 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Purchased power and fuel |
|
1,239 |
|
|
|
841 |
|
|
|
1,016 |
|
|
|
1,322 |
|
|
|
— |
|
|
|
4,418 |
|
|
Operating and maintenance |
|
845 |
|
|
|
631 |
|
|
|
568 |
|
|
|
689 |
|
|
|
(65 |
) |
|
|
2,668 |
|
|
Depreciation and amortization |
|
767 |
|
|
|
221 |
|
|
|
318 |
|
|
|
467 |
|
|
|
32 |
|
|
|
1,805 |
|
|
Taxes other than income taxes |
|
196 |
|
|
|
115 |
|
|
|
181 |
|
|
|
276 |
|
|
|
20 |
|
|
|
788 |
|
|
Total operating expenses |
|
3,047 |
|
|
|
1,808 |
|
|
|
2,083 |
|
|
|
2,754 |
|
|
|
(13 |
) |
|
|
9,679 |
|
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
Operating income (loss) |
|
854 |
|
|
|
525 |
|
|
|
500 |
|
|
|
604 |
|
|
|
(20 |
) |
|
|
2,463 |
|
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net |
|
(260 |
) |
|
|
(124 |
) |
|
|
(120 |
) |
|
|
(203 |
) |
|
|
(333 |
) |
|
|
(1,040 |
) |
|
Other, net |
|
53 |
|
|
|
18 |
|
|
|
20 |
|
|
|
35 |
|
|
|
(9 |
) |
|
|
117 |
|
|
Total other income and (deductions) |
|
(207 |
) |
|
|
(106 |
) |
|
|
(100 |
) |
|
|
(168 |
) |
|
|
(342 |
) |
|
|
(923 |
) |
|
Income (loss) before income taxes |
|
647 |
|
|
|
419 |
|
|
|
400 |
|
|
|
436 |
|
|
|
(362 |
) |
|
|
1,540 |
|
|
Income taxes |
|
117 |
|
|
|
17 |
|
|
|
85 |
|
|
|
99 |
|
|
|
(78 |
) |
|
|
240 |
|
|
Net income (loss) attributable to common shareholders |
$ |
530 |
|
|
$ |
402 |
|
|
$ |
315 |
|
|
$ |
337 |
|
|
$ |
(284 |
) |
|
$ |
1,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Change in net income (loss) from 2025 to 2026 |
$ |
29 |
|
|
$ |
(5 |
) |
|
$ |
38 |
|
|
$ |
(59 |
) |
|
$ |
12 |
|
|
$ |
15 |
|
|
__________ |
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
Exelon Consolidated Balance Sheets (unaudited) (in millions) |
||||||||
|
|
|
June 30, 2026 |
|
December 31, 2025 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
1,813 |
|
|
$ |
626 |
|
|
Restricted cash and cash equivalents |
|
|
608 |
|
|
|
525 |
|
|
Accounts receivable |
|
|
|
|
||||
|
Customer accounts receivable |
|
|
3,567 |
|
|
|
3,732 |
|
|
Customer allowance for credit losses |
|
|
(508 |
) |
|
|
(435 |
) |
|
Customer accounts receivable, net |
|
|
3,059 |
|
|
|
3,297 |
|
|
Other accounts receivable |
|
|
1,294 |
|
|
|
1,879 |
|
|
Other allowance for credit losses |
|
|
(94 |
) |
|
|
(94 |
) |
|
Other accounts receivable, net |
|
|
1,200 |
|
|
|
1,785 |
|
|
Inventories, net |
|
|
|
|
||||
|
Fossil fuel |
|
|
62 |
|
|
|
88 |
|
|
Materials and supplies |
|
|
832 |
|
|
|
780 |
|
|
Regulatory assets |
|
|
1,352 |
|
|
|
1,359 |
|
|
Prepaid renewable energy credits |
|
|
381 |
|
|
|
563 |
|
|
Other |
|
|
490 |
|
|
|
523 |
|
|
Total current assets |
|
|
9,797 |
|
|
|
9,546 |
|
|
Property, plant, and equipment, net |
|
|
87,123 |
|
|
|
84,318 |
|
|
Deferred debits and other assets |
|
|
|
|
||||
|
Regulatory assets |
|
|
9,412 |
|
|
|
9,214 |
|
|
Goodwill |
|
|
6,630 |
|
|
|
6,630 |
|
|
Receivable related to Regulatory Agreement Units |
|
|
5,280 |
|
|
|
4,755 |
|
|
Investments |
|
|
327 |
|
|
|
312 |
|
|
Other |
|
|
1,936 |
|
|
|
1,795 |
|
|
Total deferred debits and other assets |
|
|
23,585 |
|
|
|
22,706 |
|
|
Total assets |
|
$ |
120,505 |
|
|
$ |
116,570 |
|
|
|
|
|
|
|
||||
|
|
|
June 30, 2026 |
|
December 31, 2025 |
||||
|
Liabilities and shareholders’ equity |
|
|
|
|
||||
|
Current liabilities |
|
|
|
|
||||
|
Short-term borrowings |
|
$ |
1,243 |
|
|
$ |
612 |
|
|
Long-term debt due within one year |
|
|
727 |
|
|
|
1,665 |
|
|
Accounts payable |
|
|
3,475 |
|
|
|
3,721 |
|
|
Accrued expenses |
|
|
1,447 |
|
|
|
1,582 |
|
|
Payables to affiliates |
|
|
5 |
|
|
|
5 |
|
|
Customer deposits |
|
|
589 |
|
|
|
533 |
|
|
Regulatory liabilities |
|
|
573 |
|
|
|
1,128 |
|
|
Mark-to-market derivative liabilities |
|
|
23 |
|
|
|
30 |
|
|
Unamortized energy contract liabilities |
|
|
4 |
|
|
|
5 |
|
|
Renewable energy credit obligations |
|
|
332 |
|
|
|
473 |
|
|
Other |
|
|
590 |
|
|
|
577 |
|
|
Total current liabilities |
|
|
9,008 |
|
|
|
10,331 |
|
|
Long-term debt |
|
|
50,313 |
|
|
|
47,413 |
|
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
|
Deferred credits and other liabilities |
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits |
|
|
14,348 |
|
|
|
13,715 |
|
|
Regulatory liabilities |
|
|
11,727 |
|
|
|
11,016 |
|
|
Pension obligations |
|
|
1,429 |
|
|
|
1,749 |
|
|
Non-pension postretirement benefit obligations |
|
|
564 |
|
|
|
546 |
|
|
Asset retirement obligations |
|
|
322 |
|
|
|
321 |
|
|
Mark-to-market derivative liabilities |
|
|
105 |
|
|
|
106 |
|
|
Unamortized energy contract liabilities |
|
|
14 |
|
|
|
16 |
|
|
Other |
|
|
2,587 |
|
|
|
2,169 |
|
|
Total deferred credits and other liabilities |
|
|
31,096 |
|
|
|
29,638 |
|
|
Total liabilities |
|
|
90,807 |
|
|
|
87,772 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Shareholders’ equity |
|
|
|
|
||||
|
Common stock |
|
|
22,540 |
|
|
|
22,106 |
|
|
Treasury stock, at cost |
|
|
(123 |
) |
|
|
(123 |
) |
|
Retained earnings |
|
|
8,031 |
|
|
|
7,577 |
|
|
Accumulated other comprehensive loss, net |
|
|
(750 |
) |
|
|
(762 |
) |
|
Total shareholders’ equity |
|
|
29,698 |
|
|
|
28,798 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
120,505 |
|
|
$ |
116,570 |
|
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) |
||||||||
|
|
|
Six Months Ended June 30, |
||||||
|
|
|
|
2026 |
|
|
|
2025 |
|
|
Cash flows from operating activities |
|
|
|
|
||||
|
Net income |
|
$ |
1,315 |
|
|
$ |
1,300 |
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
|
||||
|
Depreciation, amortization, and accretion |
|
|
1,921 |
|
|
|
1,806 |
|
|
Deferred income taxes and amortization of investment tax credits |
|
|
432 |
|
|
|
165 |
|
|
Net fair value changes related to derivatives |
|
|
— |
|
|
|
3 |
|
|
Other non-cash operating activities |
|
|
464 |
|
|
|
734 |
|
|
Changes in assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
787 |
|
|
|
(460 |
) |
|
Inventories |
|
|
(29 |
) |
|
|
(20 |
) |
|
Accounts payable and accrued expenses |
|
|
(210 |
) |
|
|
(38 |
) |
|
Collateral received, net |
|
|
72 |
|
|
|
14 |
|
|
Income taxes |
|
|
(140 |
) |
|
|
(3 |
) |
|
Regulatory assets and liabilities, net |
|
|
(874 |
) |
|
|
(294 |
) |
|
Pension and non-pension postretirement benefit contributions |
|
|
(356 |
) |
|
|
(302 |
) |
|
Other assets and liabilities |
|
|
287 |
|
|
|
(194 |
) |
|
Net cash flows provided by operating activities |
|
|
3,669 |
|
|
|
2,711 |
|
|
Cash flows from investing activities |
|
|
|
|
||||
|
Capital expenditures |
|
|
(4,558 |
) |
|
|
(3,959 |
) |
|
Proceeds from sales of assets |
|
|
— |
|
|
|
2 |
|
|
Other investing activities |
|
|
(2 |
) |
|
|
(5 |
) |
|
Net cash flows used in investing activities |
|
|
(4,560 |
) |
|
|
(3,962 |
) |
|
Cash flows from financing activities |
|
|
|
|
||||
|
Changes in short-term borrowings |
|
|
131 |
|
|
|
(750 |
) |
|
Proceeds from short-term borrowings with maturities greater than 90 days |
|
|
500 |
|
|
|
— |
|
|
Issuance of long-term debt |
|
|
3,600 |
|
|
|
3,800 |
|
|
Retirement of long-term debt |
|
|
(1,600 |
) |
|
|
(807 |
) |
|
Issuance of common stock |
|
|
382 |
|
|
|
173 |
|
|
Dividends paid on common stock |
|
|
(860 |
) |
|
|
(808 |
) |
|
Proceeds from employee stock plans |
|
|
24 |
|
|
|
11 |
|
|
Other financing activities |
|
|
(57 |
) |
|
|
(56 |
) |
|
Net cash flows provided by financing activities |
|
|
2,120 |
|
|
|
1,563 |
|
|
Increase in cash, restricted cash, and cash equivalents |
|
|
1,229 |
|
|
|
312 |
|
|
Cash, restricted cash, and cash equivalents at beginning of period |
|
|
1,201 |
|
|
|
939 |
|
|
Cash, restricted cash, and cash equivalents at end of period |
|
$ |
2,430 |
|
|
$ |
1,251 |
|
|
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2026 and 2025 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
|
2025 GAAP net income (loss) |
$ |
0.39 |
|
|
$ |
228 |
|
|
$ |
136 |
|
|
$ |
55 |
|
|
$ |
143 |
|
|
$ |
(171 |
) |
|
$ |
391 |
|
|
Income tax-related adjustments (entire amount represents tax expense) (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
2025 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.39 |
|
|
$ |
228 |
|
|
$ |
136 |
|
|
$ |
55 |
|
|
$ |
144 |
|
|
$ |
(171 |
) |
|
$ |
392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|||||||||||||||||||||||||||
|
Weather |
$ |
— |
|
|
$ |
— |
|
(b) |
$ |
4 |
|
|
$ |
— |
|
(b) |
$ |
— |
|
(b) |
$ |
— |
|
|
$ |
4 |
|
|
Load |
|
(0.01 |
) |
|
|
— |
|
(b) |
|
(5 |
) |
|
|
— |
|
(b) |
|
(1 |
) |
(b) |
|
— |
|
|
|
(6 |
) |
|
Distribution and transmission rates (2) |
|
0.04 |
|
|
|
17 |
|
(c) |
|
(2 |
) |
(c) |
|
12 |
|
(c) |
|
14 |
|
(c) |
|
— |
|
|
|
41 |
|
|
Other energy delivery (3) |
|
0.06 |
|
|
|
51 |
|
(c) |
|
11 |
|
(c) |
|
1 |
|
(c) |
|
1 |
|
(c) |
|
— |
|
|
|
64 |
|
|
Operating and maintenance expense (4) |
|
0.03 |
|
|
|
(19 |
) |
|
|
14 |
|
|
|
13 |
|
|
|
(11 |
) |
|
|
38 |
|
|
|
35 |
|
|
Depreciation and amortization expense (5) |
|
(0.05 |
) |
|
|
(21 |
) |
|
|
(10 |
) |
|
|
(6 |
) |
|
|
(12 |
) |
|
|
1 |
|
|
|
(48 |
) |
|
Interest expense and other (6) |
|
(0.04 |
) |
|
|
(7 |
) |
|
|
(18 |
) |
|
|
(5 |
) |
|
|
(9 |
) |
|
|
(4 |
) |
|
|
(43 |
) |
|
Total year over year effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.04 |
|
|
$ |
21 |
|
|
$ |
(6 |
) |
|
$ |
15 |
|
|
$ |
(18 |
) |
|
$ |
35 |
|
|
$ |
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
2026 GAAP net income (loss) |
$ |
0.39 |
|
|
$ |
249 |
|
|
$ |
119 |
|
|
$ |
55 |
|
|
$ |
109 |
|
|
$ |
(136 |
) |
|
$ |
396 |
|
|
Cost management program (net of taxes of $4, $6, $7, and $16, respectively) (7) |
|
0.04 |
|
|
|
— |
|
|
|
11 |
|
|
|
15 |
|
|
|
17 |
|
|
|
— |
|
|
|
42 |
|
|
2026 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.43 |
|
|
$ |
249 |
|
|
$ |
130 |
|
|
$ |
70 |
|
|
$ |
126 |
|
|
$ |
(136 |
) |
|
$ |
438 |
|
|
Note: |
|
|
Amounts may not sum due to rounding. |
|
|
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
|
|
|
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
|
(c) |
ComEd’s distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). |
|
(1) |
Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. |
|
(2) |
For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. |
|
(3) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. |
|
(4) |
Represents Operating and maintenance expense. For Corporate, reflects the absence of the Customer Relief Fund contribution recorded in the prior period. |
|
(5) |
Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization. |
|
(6) |
For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in interest expense and income tax expense due to tax repairs, a portion of which is timing. For Corporate, reflects an increase in interest expense offset by a decrease in income tax expense due to timing. |
|
(7) |
Primarily represents severance costs related to cost management program. |
|
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Six Months Ended June 30, 2026 and 2025 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
|
2025 GAAP net income (loss) |
$ |
1.29 |
|
|
$ |
530 |
|
|
$ |
402 |
|
|
$ |
315 |
|
|
$ |
337 |
|
|
$ |
(284 |
) |
|
$ |
1,300 |
|
|
Change in FERC audit liability (net of taxes of $1) |
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
Cost management program (net of taxes of $0) (1) |
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
Income tax-related adjustments (entire amount represents tax expense) (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
Regulatory matters (net of taxes of $7) (3) |
|
0.02 |
|
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
22 |
|
|
2025 Adjusted (non-GAAP) operating earnings (loss) |
$ |
1.31 |
|
|
$ |
553 |
|
|
$ |
401 |
|
|
$ |
315 |
|
|
$ |
338 |
|
|
$ |
(283 |
) |
|
$ |
1,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Weather |
$ |
0.02 |
|
|
$ |
— |
|
(b) |
$ |
16 |
|
|
$ |
— |
|
(b) |
$ |
3 |
|
(b) |
$ |
— |
|
|
$ |
19 |
|
|
Load |
|
(0.01 |
) |
|
|
— |
|
(b) |
|
(6 |
) |
|
|
— |
|
(b) |
|
— |
|
(b) |
|
— |
|
|
|
(6 |
) |
|
Distribution and transmission rates (4) |
|
0.10 |
|
|
|
32 |
|
(c) |
|
4 |
|
(c) |
|
40 |
|
(c) |
|
27 |
|
(c) |
|
— |
|
|
|
103 |
|
|
Other energy delivery (5) |
|
0.11 |
|
|
|
68 |
|
(c) |
|
23 |
|
(c) |
|
14 |
|
(c) |
|
7 |
|
(c) |
|
— |
|
|
|
112 |
|
|
Operating and maintenance expense (6) |
|
(0.02 |
) |
|
|
(50 |
) |
|
|
7 |
|
|
|
16 |
|
|
|
(28 |
) |
|
|
39 |
|
|
|
(16 |
) |
|
Depreciation and amortization expense (7) |
|
(0.09 |
) |
|
|
(38 |
) |
|
|
(20 |
) |
|
|
(14 |
) |
|
|
(23 |
) |
|
|
4 |
|
|
|
(91 |
) |
|
Interest expense and other (8) |
|
(0.07 |
) |
|
|
(6 |
) |
|
|
(17 |
) |
|
|
(3 |
) |
|
|
(18 |
) |
|
|
(32 |
) |
|
|
(76 |
) |
|
Total year over year effects on Adjusted (non-GAAP) operating earnings |
$ |
0.02 |
|
|
$ |
6 |
|
|
$ |
7 |
|
|
$ |
53 |
|
|
$ |
(32 |
) |
|
$ |
11 |
|
|
$ |
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
2026 GAAP net income (loss) |
$ |
1.28 |
|
|
$ |
559 |
|
|
$ |
397 |
|
|
$ |
353 |
|
|
$ |
278 |
|
|
$ |
(272 |
) |
|
$ |
1,315 |
|
|
Cost management program (net of taxes of $4, $6, $7, and $16, respectively) (1) |
|
0.04 |
|
|
|
— |
|
|
|
11 |
|
|
|
15 |
|
|
|
17 |
|
|
|
— |
|
|
|
42 |
|
|
Regulatory matters (net of taxes of $4) (3) |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
|
2026 Adjusted (non-GAAP) operating earnings (loss) |
$ |
1.33 |
|
|
$ |
559 |
|
|
$ |
408 |
|
|
$ |
368 |
|
|
$ |
306 |
|
|
$ |
(272 |
) |
|
$ |
1,368 |
|
|
Note: |
|
|
Amounts may not sum due to rounding. |
|
|
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
|
(c) |
ComEd’s distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). |
|
(1) |
Primarily represents severance costs related to cost management program. |
|
(2) |
Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. |
|
(3) |
Represents the disallowance of certain capitalized costs. |
|
(4) |
For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. |
|
(5) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. |
|
(6) |
Represents Operating and maintenance expense. For PHI, reflects unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recorded in the prior period. |
|
(7) |
Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization. |
|
(8) |
For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, PHI, and Corporate, reflects an increase in interest expense. |
|
ComEd Statistics Three Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather – Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
6,010 |
|
|
6,553 |
|
|
(8.3 |
)% |
|
1.0 |
% |
|
$ |
1,101 |
|
|
$ |
1,094 |
|
|
0.6 |
% |
|
Small commercial & industrial |
6,815 |
|
|
6,920 |
|
|
(1.5 |
)% |
|
— |
% |
|
|
527 |
|
|
|
553 |
|
|
(4.7 |
)% |
|
Large commercial & industrial |
7,637 |
|
|
6,731 |
|
|
13.5 |
% |
|
6.1 |
% |
|
|
131 |
|
|
|
177 |
|
|
(26.0 |
)% |
|
Public authorities & electric railroads |
196 |
|
|
166 |
|
|
18.1 |
% |
|
15.6 |
% |
|
|
12 |
|
|
|
12 |
|
|
— |
% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
255 |
|
|
|
224 |
|
|
13.8 |
% |
||
|
Total electric revenues(c) |
20,658 |
|
|
20,370 |
|
|
1.4 |
% |
|
2.5 |
% |
|
|
2,026 |
|
|
|
2,060 |
|
|
(1.7 |
)% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(41 |
) |
|
|
(224 |
) |
|
(81.7 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
1,985 |
|
|
$ |
1,836 |
|
|
8.1 |
% |
||||
|
Purchased Power |
|
|
|
|
|
|
|
|
$ |
579 |
|
|
$ |
550 |
|
|
5.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
560 |
|
676 |
|
697 |
|
(17.2 |
)% |
|
(19.7 |
)% |
|||
|
Cooling Degree-Days |
259 |
|
330 |
|
266 |
|
(21.5 |
)% |
|
(2.6 |
)% |
|||
|
Six Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather – Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
12,570 |
|
|
13,227 |
|
|
(5.0 |
)% |
|
0.2 |
% |
|
$ |
2,126 |
|
|
$ |
2,087 |
|
|
1.9 |
% |
|
Small commercial & industrial |
14,133 |
|
|
14,279 |
|
|
(1.0 |
)% |
|
— |
% |
|
|
1,011 |
|
|
|
1,153 |
|
|
(12.3 |
)% |
|
Large commercial & industrial |
14,599 |
|
|
13,734 |
|
|
6.3 |
% |
|
2.4 |
% |
|
|
251 |
|
|
|
472 |
|
|
(46.8 |
)% |
|
Public authorities & electric railroads |
440 |
|
|
444 |
|
|
(0.9 |
)% |
|
0.2 |
% |
|
|
23 |
|
|
|
29 |
|
|
(20.7 |
)% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
504 |
|
|
|
461 |
|
|
9.3 |
% |
||
|
Total electric revenues(c) |
41,742 |
|
|
41,684 |
|
|
0.1 |
% |
|
0.9 |
% |
|
|
3,915 |
|
|
|
4,202 |
|
|
(6.8 |
)% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(17 |
) |
|
|
(301 |
) |
|
(94.4 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
3,898 |
|
|
$ |
3,901 |
|
|
(0.1 |
)% |
||||
|
Purchased Power |
|
|
|
|
|
|
|
|
$ |
1,031 |
|
|
$ |
1,239 |
|
|
(16.8 |
)% |
||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
3,428 |
|
3,661 |
|
3,750 |
|
(6.4 |
)% |
|
(8.6 |
)% |
|||
|
Cooling Degree-Days |
260 |
|
330 |
|
266 |
|
(21.2 |
)% |
|
(2.3 |
)% |
|||
|
Number of Electric Customers |
2026 |
|
2025 |
||
|
Residential |
3,779,015 |
|
3,758,791 |
||
|
Small commercial & industrial |
397,129 |
|
397,795 |
||
|
Large commercial & industrial |
1,970 |
|
1,922 |
||
|
Public authorities & electric railroads |
5,795 |
|
5,789 |
||
|
Total |
4,183,909 |
|
4,164,297 |
||
|
__________ |
|
|
(a) |
Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling $2 million and $10 million for the three months ended June 30, 2026 and 2025, respectively, and $13 million and $17 million for the six months ended June 30, 2026 and 2025, respectively. |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
PECO Statistics Three Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
3,042 |
|
|
3,030 |
|
|
0.4 |
% |
|
(1.8 |
)% |
|
$ |
601 |
|
|
$ |
555 |
|
|
8.3 |
% |
|
Small commercial & industrial |
1,742 |
|
|
1,832 |
|
|
(4.9 |
)% |
|
(3.6 |
)% |
|
|
157 |
|
|
|
155 |
|
|
1.3 |
% |
|
Large commercial & industrial |
3,426 |
|
|
3,314 |
|
|
3.4 |
% |
|
2.4 |
% |
|
|
85 |
|
|
|
75 |
|
|
13.3 |
% |
|
Public authorities & electric railroads |
157 |
|
|
163 |
|
|
(3.7 |
)% |
|
(3.6 |
)% |
|
|
9 |
|
|
|
10 |
|
|
(10.0 |
)% |
|
Other(b) |
— |
|
|
— |
|
n/a |
|
|
n/a |
|
|
|
77 |
|
|
|
77 |
|
|
— |
% |
|
|
Total electric revenues(c) |
8,367 |
|
|
8,339 |
|
|
0.3 |
% |
|
(0.5 |
)% |
|
|
929 |
|
|
|
872 |
|
|
6.5 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
12 |
|
|
|
8 |
|
|
50.0 |
% |
||||
|
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
941 |
|
|
|
880 |
|
|
6.9 |
% |
||||
|
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
4,525 |
|
|
4,571 |
|
|
(1.0 |
)% |
|
1.9 |
% |
|
|
84 |
|
|
|
79 |
|
|
6.3 |
% |
|
Small commercial & industrial |
3,072 |
|
|
3,398 |
|
|
(9.6 |
)% |
|
(9.0 |
)% |
|
|
29 |
|
|
|
31 |
|
|
(6.5 |
)% |
|
Large commercial & industrial |
1 |
|
|
2 |
|
|
(50.0 |
)% |
|
2.3 |
% |
|
|
— |
|
|
— |
|
n/a |
|
||
|
Transportation |
6,578 |
|
|
5,436 |
|
|
21.0 |
% |
|
25.6 |
% |
|
|
6 |
|
|
|
8 |
|
|
(25.0 |
)% |
|
Other(f) |
— |
|
— |
|
|
n/a |
|
|
n/a |
|
|
|
1 |
|
|
|
2 |
|
|
(50.0 |
)% |
|
|
Total natural gas revenues(g) |
14,176 |
|
|
13,407 |
|
|
5.7 |
% |
|
8.1 |
% |
|
|
120 |
|
|
|
120 |
|
|
— |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
|
— |
|
|
n/a |
|
||||
|
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
121 |
|
|
|
120 |
|
|
0.8 |
% |
||||
|
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,062 |
|
|
$ |
1,000 |
|
|
6.2 |
% |
|||||||
|
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
389 |
|
|
$ |
339 |
|
|
14.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
321 |
|
333 |
|
415 |
|
(3.6 |
)% |
|
(22.7 |
)% |
|||
|
Cooling Degree-Days |
526 |
|
425 |
|
387 |
|
23.8 |
% |
|
35.9 |
% |
|||
|
Six Months Ended June 30, 2026 |
||||||||||||||||||||||
|
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
6,994 |
|
|
6,889 |
|
|
1.5 |
% |
|
(0.7 |
)% |
|
$ |
1,326 |
|
|
$ |
1,186 |
|
|
11.8 |
% |
|
Small commercial & industrial |
3,752 |
|
|
3,778 |
|
|
(0.7 |
)% |
|
(1.2 |
)% |
|
|
329 |
|
|
|
317 |
|
|
3.8 |
% |
|
Large commercial & industrial |
6,558 |
|
|
6,739 |
|
|
(2.7 |
)% |
|
(3.9 |
)% |
|
|
172 |
|
|
|
159 |
|
|
8.2 |
% |
|
Public authorities & electric railroads |
333 |
|
|
352 |
|
|
(5.4 |
)% |
|
(5.4 |
)% |
|
|
17 |
|
|
|
18 |
|
|
(5.6 |
)% |
|
Other(b) |
— |
|
|
— |
|
|
n/a |
|
|
n/a |
|
|
|
154 |
|
|
|
153 |
|
|
0.7 |
% |
|
Total electric revenues(c) |
17,637 |
|
|
17,758 |
|
|
(0.7 |
)% |
|
(2.1 |
)% |
|
|
1,998 |
|
|
|
1,833 |
|
|
9.0 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
25 |
|
|
|
3 |
|
|
733.3 |
% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
|
2,023 |
|
|
|
1,836 |
|
|
10.2 |
% |
||||
|
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
26,961 |
|
|
26,405 |
|
|
2.1 |
% |
|
(-0.4 |
)% |
|
|
369 |
|
|
|
346 |
|
|
6.6 |
% |
|
Small commercial & industrial |
14,423 |
|
|
13,803 |
|
|
4.5 |
% |
|
2.3 |
% |
|
|
125 |
|
|
|
117 |
|
|
6.8 |
% |
|
Large commercial & industrial |
(9 |
) |
|
14 |
|
|
(164.3 |
)% |
|
(10.5 |
)% |
|
|
— |
|
|
— |
|
n/a |
|
||
|
Transportation |
13,720 |
|
|
12,678 |
|
|
8.2 |
% |
|
9.2 |
% |
|
|
26 |
|
|
|
21 |
|
|
23.8 |
% |
|
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
9 |
|
|
|
12 |
|
|
(25.0 |
)% |
||
|
Total natural gas revenues(g) |
55,095 |
|
|
52,900 |
|
|
4.1 |
% |
|
2.5 |
% |
|
|
529 |
|
|
|
496 |
|
|
6.7 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
1 |
|
|
100.0 |
% |
||||
|
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
531 |
|
|
|
497 |
|
|
6.8 |
% |
||||
|
Total electric and natural gas revenues |
|
|
|
|
|
$ |
2,554 |
|
|
$ |
2,333 |
|
|
9.5 |
% |
|||||||
|
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
1,001 |
|
|
$ |
841 |
|
|
19.0 |
% |
||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
2,720 |
|
2,684 |
|
2,774 |
|
1.3 |
% |
|
(1.9 |
)% |
|||
|
Cooling Degree-Days |
536 |
|
426 |
|
388 |
|
25.8 |
% |
|
38.1 |
% |
|||
|
Number of Electric Customers |
2026 |
|
2025 |
|
Number of Natural Gas Customers |
2026 |
|
2025 |
||||
|
Residential |
1,540,384 |
|
1,538,280 |
|
Residential |
511,121 |
|
509,671 |
||||
|
Small commercial & industrial |
154,463 |
|
154,977 |
|
Small commercial & industrial |
44,494 |
|
44,646 |
||||
|
Large commercial & industrial |
3,141 |
|
3,155 |
|
Large commercial & industrial |
7 |
|
7 |
||||
|
Public authorities & electric railroads |
10,133 |
|
10,343 |
|
Transportation |
605 |
|
623 |
||||
|
Total |
1,708,121 |
|
1,706,755 |
|
Total |
556,227 |
|
554,947 |
||||
|
__________ |
|
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling $2 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $6 million and $5 million for the six months ended June 30, 2026 and 2025, respectively. |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. |
|
(f) |
Includes revenues primarily from off-system sales. |
|
(g) |
Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended June 30, 2026 and 2025, respectively, and $1 million for both six months ended June 30, 2026 and 2025. |
|
BGE Statistics Three Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
2,725 |
|
|
2,701 |
|
|
0.9 |
% |
|
0.6 |
% |
|
$ |
641 |
|
|
$ |
497 |
|
|
29.0 |
% |
|
Small commercial & industrial |
615 |
|
|
624 |
|
|
(1.4 |
)% |
|
— |
% |
|
|
108 |
|
|
|
90 |
|
|
20.0 |
% |
|
Large commercial & industrial |
3,178 |
|
|
3,229 |
|
|
(1.6 |
)% |
|
(0.6 |
)% |
|
|
161 |
|
|
|
140 |
|
|
15.0 |
% |
|
Public authorities & electric railroads |
48 |
|
|
49 |
|
|
(2.0 |
)% |
|
(1.6 |
)% |
|
|
8 |
|
|
|
8 |
|
|
— |
% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
121 |
|
|
118 |
|
|
2.5 |
% |
|||
|
Total electric revenues(c) |
6,566 |
|
|
6,603 |
|
|
(0.6 |
)% |
|
(0.1 |
)% |
|
|
1,039 |
|
|
|
853 |
|
|
21.8 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
11 |
|
|
|
(4 |
) |
|
(375.0 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
|
1,050 |
|
|
|
849 |
|
|
23.7 |
% |
||||
|
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
3,981 |
|
|
4,368 |
|
|
(8.9 |
)% |
|
(18.6 |
)% |
|
|
93 |
|
|
|
108 |
|
|
(13.9 |
)% |
|
Small commercial & industrial |
1,211 |
|
|
1,349 |
|
|
(10.2 |
)% |
|
(15.9 |
)% |
|
|
17 |
|
|
|
23 |
|
|
(26.1 |
)% |
|
Large commercial & industrial |
8,213 |
|
|
7,943 |
|
|
3.4 |
% |
|
(0.7 |
)% |
|
|
48 |
|
|
|
46 |
|
|
4.3 |
% |
|
Other(f) |
823 |
|
|
506 |
|
|
62.6 |
% |
|
n/a |
|
|
|
7 |
|
|
|
7 |
|
|
— |
% |
|
Total natural gas revenues(g) |
14,228 |
|
|
14,166 |
|
|
0.4 |
% |
|
(8.4 |
)% |
|
|
165 |
|
|
|
184 |
|
|
(10.3 |
)% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
3 |
|
|
|
(4 |
) |
|
(175.0 |
)% |
||||
|
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
168 |
|
|
|
180 |
|
|
(6.7 |
)% |
||||
|
Total electric and natural gas revenues |
|
|
|
|
|
$ |
1,218 |
|
|
$ |
1,029 |
|
|
18.4 |
% |
|||||||
|
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
545 |
|
|
$ |
406 |
|
|
34.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
420 |
|
356 |
|
479 |
|
18.0 |
% |
|
(12.3 |
)% |
|||
|
Cooling Degree-Days |
289 |
|
291 |
|
266 |
|
(0.7 |
)% |
|
8.6 |
% |
|||
|
Six Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
6,513 |
|
|
6,370 |
|
|
2.2 |
% |
|
(1.9 |
)% |
|
$ |
1,459 |
|
|
$ |
1,145 |
|
|
27.4 |
% |
|
Small commercial & industrial |
1,344 |
|
|
1,354 |
|
|
(0.7 |
)% |
|
(2.4 |
)% |
|
|
238 |
|
|
|
199 |
|
|
19.6 |
% |
|
Large commercial & industrial |
6,390 |
|
|
6,373 |
|
|
0.3 |
% |
|
(0.7 |
)% |
|
|
342 |
|
|
|
284 |
|
|
20.4 |
% |
|
Public authorities & electric railroads |
96 |
|
|
97 |
|
|
(1.0 |
)% |
|
(1.7 |
)% |
|
|
17 |
|
|
|
17 |
|
|
— |
% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
237 |
|
|
|
230 |
|
|
3.0 |
% |
||
|
Total electric revenues(c) |
14,343 |
|
|
14,194 |
|
|
1.0 |
% |
|
(1.4 |
)% |
|
|
2,293 |
|
|
|
1,875 |
|
|
22.3 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
(14 |
) |
|
(114.3 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
|
2,295 |
|
|
|
1,861 |
|
|
23.3 |
% |
||||
|
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
25,279 |
|
|
25,239 |
|
|
0.2 |
% |
|
(7.1 |
)% |
|
|
494 |
|
|
|
486 |
|
|
1.6 |
% |
|
Small commercial & industrial |
6,001 |
|
|
5,917 |
|
|
1.4 |
% |
|
(2.4 |
)% |
|
|
80 |
|
|
|
86 |
|
|
(7.0 |
)% |
|
Large commercial & industrial |
22,663 |
|
|
22,321 |
|
|
1.5 |
% |
|
(0.8 |
)% |
|
|
141 |
|
|
|
142 |
|
|
(0.7 |
)% |
|
Other(f) |
4,338 |
|
|
4,351 |
|
|
(0.3 |
)% |
|
n/a |
|
|
|
38 |
|
|
|
31 |
|
|
22.6 |
% |
|
Total natural gas revenues(g) |
58,281 |
|
|
57,828 |
|
|
0.8 |
% |
|
(4.0 |
)% |
|
|
753 |
|
|
|
745 |
|
|
1.1 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
(23 |
) |
|
(91.3 |
)% |
||||
|
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
751 |
|
|
|
722 |
|
|
4.0 |
% |
||||
|
Total electric and natural gas revenues |
|
|
|
|
|
$ |
3,046 |
|
|
$ |
2,583 |
|
|
17.9 |
% |
|||||||
|
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
1,353 |
|
|
$ |
1,016 |
|
|
33.2 |
% |
||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
2,864 |
|
2,659 |
|
2,810 |
|
7.7 |
% |
|
1.9 |
% |
|||
|
Cooling Degree-Days |
303 |
|
291 |
|
269 |
|
4.1 |
% |
|
12.6 |
% |
|||
|
Number of Electric Customers |
2026 |
|
2025 |
|
Number of Natural Gas Customers |
2026 |
|
2025 |
||||
|
Residential |
1,230,523 |
|
1,219,904 |
|
Residential |
664,257 |
|
660,049 |
||||
|
Small commercial & industrial |
114,986 |
|
115,316 |
|
Small commercial & industrial |
37,638 |
|
37,806 |
||||
|
Large commercial & industrial |
13,430 |
|
13,345 |
|
Large commercial & industrial |
6,406 |
|
6,387 |
||||
|
Public authorities & electric railroads |
250 |
|
257 |
|
|
|
|
|
||||
|
Total |
1,359,189 |
|
1,348,822 |
|
Total |
708,301 |
|
704,242 |
||||
|
__________ |
|
|
(a) |
Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2026 and 2025, respectively, and $4 million and $3 million for the six months ended June 30, 2026 and 2025, respectively. |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. |
|
(f) |
Includes revenues primarily from off-system sales. |
|
(g) |
Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2026 and 2025, respectively, and $1 million for both the six months ended June 30, 2026 and 2025, respectively. |
|
Pepco Statistics Three Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
1,744 |
|
|
1,737 |
|
|
0.4 |
% |
|
(3.5 |
)% |
|
$ |
396 |
|
|
$ |
348 |
|
|
13.8 |
% |
|
Small commercial & industrial |
256 |
|
|
269 |
|
|
(4.8 |
)% |
|
(5.7 |
)% |
|
|
49 |
|
|
|
48 |
|
|
2.1 |
% |
|
Large commercial & industrial |
3,418 |
|
|
3,488 |
|
|
(2.0 |
)% |
|
(2.6 |
)% |
|
|
321 |
|
|
|
292 |
|
|
9.9 |
% |
|
Public authorities & electric railroads |
180 |
|
|
172 |
|
|
4.7 |
% |
|
4.3 |
% |
|
|
11 |
|
|
|
12 |
|
|
(8.3 |
)% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
94 |
|
|
|
91 |
|
|
3.3 |
% |
||
|
Total electric revenues(c) |
5,598 |
|
|
5,666 |
|
|
(1.2 |
)% |
|
(2.8 |
)% |
|
|
871 |
|
|
|
791 |
|
|
10.1 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(12 |
) |
|
|
(15 |
) |
|
(20.0 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
859 |
|
|
$ |
776 |
|
|
10.7 |
% |
||||
|
Purchased Power |
|
|
|
|
|
|
|
|
$ |
316 |
|
|
$ |
256 |
|
|
23.4 |
% |
||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
263 |
|
218 |
|
284 |
|
20.6 |
% |
|
(7.4 |
)% |
|||
|
Cooling Degree-Days |
575 |
|
525 |
|
525 |
|
9.5 |
% |
|
9.5 |
% |
|||
|
Six Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
4,103 |
|
|
4,073 |
|
|
0.7 |
% |
|
(4.1 |
)% |
|
$ |
902 |
|
|
$ |
772 |
|
|
16.8 |
% |
|
Small commercial & industrial |
551 |
|
|
569 |
|
|
(3.2 |
)% |
|
(5.1 |
)% |
|
|
103 |
|
|
|
99 |
|
|
4.0 |
% |
|
Large commercial & industrial |
6,719 |
|
|
6,827 |
|
|
(1.6 |
)% |
|
(2.7 |
)% |
|
|
642 |
|
|
|
581 |
|
|
10.5 |
% |
|
Public authorities & electric railroads |
354 |
|
|
332 |
|
|
6.6 |
% |
|
6.0 |
% |
|
|
21 |
|
|
|
20 |
|
|
5.0 |
% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
188 |
|
|
|
176 |
|
|
6.8 |
% |
||
|
Total electric revenues(c) |
11,727 |
|
|
11,801 |
|
|
(0.6 |
)% |
|
(3.1 |
)% |
|
|
1,856 |
|
|
|
1,648 |
|
|
12.6 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(7 |
) |
|
|
(13 |
) |
|
(46.2 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
1,849 |
|
|
$ |
1,635 |
|
|
13.1 |
% |
||||
|
Purchased Power |
|
|
|
|
|
|
|
|
$ |
727 |
|
|
$ |
574 |
|
|
26.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
2,450 |
|
2,205 |
|
2,320 |
|
11.1 |
% |
|
5.6 |
% |
|||
|
Cooling Degree-Days |
591 |
|
550 |
|
530 |
|
7.5 |
% |
|
11.5 |
% |
|||
|
Number of Electric Customers |
2026 |
|
2025 |
||
|
Residential |
887,885 |
|
883,151 |
||
|
Small commercial & industrial |
54,091 |
|
53,952 |
||
|
Large commercial & industrial |
23,208 |
|
23,175 |
||
|
Public authorities & electric railroads |
209 |
|
205 |
||
|
Total |
965,393 |
|
960,483 |
||
|
__________ |
|
|
(a) |
Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2026 and 2025, respectively, and $4 million for both the six months ended June 30, 2026 and 2025, respectively. |
|
(d) |
Includes alternative revenue programs and late payment charge revenues. |
|
DPL Statistics Three Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather – Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
1,130 |
|
|
1,090 |
|
|
3.7 |
% |
|
3.9 |
% |
|
$ |
230 |
|
|
$ |
210 |
|
|
9.5 |
% |
|
Small commercial & industrial |
570 |
|
|
587 |
|
|
(2.9 |
)% |
|
(2.5 |
)% |
|
|
66 |
|
|
|
64 |
|
|
3.1 |
% |
|
Large commercial & industrial |
1,019 |
|
|
1,033 |
|
|
(1.4 |
)% |
|
(0.9 |
)% |
|
|
33 |
|
|
|
31 |
|
|
6.5 |
% |
|
Public authorities & electric railroads |
(14 |
) |
|
11 |
|
|
(227.3 |
)% |
|
(219.7 |
)% |
|
|
4 |
|
|
|
5 |
|
|
(20.0 |
)% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
78 |
|
|
|
77 |
|
|
1.3 |
% |
||
|
Total electric revenues(c) |
2,705 |
|
|
2,721 |
|
|
(0.6 |
)% |
|
(0.3 |
)% |
|
|
411 |
|
|
|
387 |
|
|
6.2 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
3 |
|
|
|
1 |
|
|
200.0 |
% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
|
414 |
|
|
|
388 |
|
|
6.7 |
% |
||||
|
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
729 |
|
|
803 |
|
|
(9.2 |
)% |
|
(8.8 |
)% |
|
|
18 |
|
|
|
17 |
|
|
5.9 |
% |
|
Small commercial & industrial |
482 |
|
|
535 |
|
|
(9.9 |
)% |
|
(10.0 |
)% |
|
|
9 |
|
|
|
8 |
|
|
12.5 |
% |
|
Large commercial & industrial |
400 |
|
|
405 |
|
|
(1.2 |
)% |
|
(1.3 |
)% |
|
|
1 |
|
|
|
1 |
|
|
— |
% |
|
Transportation |
1,270 |
|
|
1,282 |
|
|
(0.9 |
)% |
|
(1.3 |
)% |
|
|
4 |
|
|
|
4 |
|
|
— |
% |
|
Other(f) |
— |
|
|
— |
|
|
n/a |
|
|
n/a |
|
|
|
8 |
|
|
|
3 |
|
|
166.7 |
% |
|
Total natural gas revenues |
2,881 |
|
|
3,025 |
|
|
(4.8 |
)% |
|
(5.1 |
)% |
|
|
40 |
|
|
|
33 |
|
|
21.2 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||||||
|
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
40 |
|
|
|
33 |
|
|
21.2 |
% |
||||
|
Total electric and natural gas revenues |
|
|
|
|
|
$ |
454 |
|
|
$ |
421 |
|
|
7.8 |
% |
|||||||
|
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
195 |
|
|
$ |
172 |
|
|
13.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric Service Territory |
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
381 |
|
368 |
|
427 |
|
3.5 |
% |
|
(10.8 |
)% |
|||
|
Cooling Degree-Days |
409 |
|
406 |
|
362 |
|
0.7 |
% |
|
13.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
|||||||
|
Heating Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
376 |
|
373 |
|
476 |
|
0.8 |
% |
|
(21.0 |
)% |
|||
|
Six Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather – Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
2,839 |
|
|
2,735 |
|
|
3.8 |
% |
|
2.4 |
% |
|
$ |
559 |
|
|
$ |
508 |
|
|
10.0 |
% |
|
Small commercial & industrial |
1,178 |
|
|
1,173 |
|
|
0.4 |
% |
|
— |
% |
|
|
137 |
|
|
|
128 |
|
|
7.0 |
% |
|
Large commercial & industrial |
1,948 |
|
|
1,971 |
|
|
(1.2 |
)% |
|
(1.2 |
)% |
|
|
64 |
|
|
|
60 |
|
|
6.7 |
% |
|
Public authorities & electric railroads |
(5 |
) |
|
21 |
|
|
(123.8 |
)% |
|
(122.4 |
)% |
|
|
9 |
|
|
|
9 |
|
|
— |
% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
153 |
|
|
|
148 |
|
|
3.4 |
% |
||
|
Total electric revenues(c) |
5,960 |
|
|
5,900 |
|
|
1.0 |
% |
|
0.2 |
% |
|
|
922 |
|
|
|
853 |
|
|
8.1 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(3 |
) |
|
|
(4 |
) |
|
(25.0 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
|
919 |
|
|
|
849 |
|
|
8.2 |
% |
||||
|
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
5,407 |
|
|
5,393 |
|
|
0.3 |
% |
|
(3.4 |
)% |
|
|
92 |
|
|
|
73 |
|
|
26.0 |
% |
|
Small commercial & industrial |
2,606 |
|
|
2,502 |
|
|
4.2 |
% |
|
— |
% |
|
|
38 |
|
|
|
28 |
|
|
35.7 |
% |
|
Large commercial & industrial |
833 |
|
|
837 |
|
|
(0.5 |
)% |
|
(0.5 |
)% |
|
|
5 |
|
|
|
4 |
|
|
25.0 |
% |
|
Transportation |
3,297 |
|
|
3,387 |
|
|
(2.7 |
)% |
|
(4.3 |
)% |
|
|
10 |
|
|
|
9 |
|
|
11.1 |
% |
|
Other(f) |
— |
|
|
— |
|
|
n/a |
|
|
n/a |
|
|
|
12 |
|
|
|
6 |
|
|
100.0 |
% |
|
Total natural gas revenues |
12,143 |
|
|
12,119 |
|
|
0.2 |
% |
|
(2.7 |
)% |
|
|
157 |
|
|
|
120 |
|
|
30.8 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||||||
|
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
157 |
|
|
|
120 |
|
|
30.8 |
% |
||||
|
Total electric and natural gas revenues |
|
|
|
|
|
$ |
1,076 |
|
|
$ |
969 |
|
|
11.0 |
% |
|||||||
|
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
483 |
|
|
$ |
419 |
|
|
15.3 |
% |
||||
|
Electric Service Territory |
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
2,824 |
|
2,722 |
|
2,750 |
|
3.7 |
% |
|
2.7 |
% |
|||
|
Cooling Degree-Days |
418 |
|
416 |
|
364 |
|
0.5 |
% |
|
14.8 |
% |
|||
|
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
|||||||
|
Heating Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
2,906 |
|
2,771 |
|
2,925 |
|
4.9 |
% |
|
(0.6 |
)% |
|||
|
Number of Electric Customers |
2026 |
|
2025 |
|
Number of Natural Gas Customers |
2026 |
|
2025 |
||||
|
Residential |
496,515 |
|
492,999 |
|
Residential |
131,951 |
|
131,332 |
||||
|
Small commercial & industrial |
65,710 |
|
65,177 |
|
Small commercial & industrial |
10,207 |
|
10,146 |
||||
|
Large commercial & industrial |
1,295 |
|
1,253 |
|
Large commercial & industrial |
14 |
|
14 |
||||
|
Public authorities & electric railroads |
626 |
|
628 |
|
Transportation |
160 |
|
161 |
||||
|
Total |
564,146 |
|
560,057 |
|
Total |
142,332 |
|
141,653 |
||||
|
__________ |
|
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2026 and 2025, and $4 million for both the six months ended June 30, 2026 and 2025. |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. |
|
(f) |
Includes revenues primarily from off-system sales. |
|
ACE Statistics Three Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather – Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
887 |
|
|
942 |
|
|
(5.8 |
)% |
|
(5.9 |
)% |
|
$ |
241 |
|
|
$ |
222 |
|
|
8.6 |
% |
|
Small commercial & industrial |
384 |
|
|
381 |
|
|
0.8 |
% |
|
0.2 |
% |
|
|
65 |
|
|
|
56 |
|
|
16.1 |
% |
|
Large commercial & industrial |
721 |
|
|
734 |
|
|
(1.8 |
)% |
|
(2.0 |
)% |
|
|
43 |
|
|
|
47 |
|
|
(8.5 |
)% |
|
Public authorities & electric railroads |
10 |
|
|
10 |
|
|
— |
% |
|
1.0 |
% |
|
|
5 |
|
|
|
5 |
|
|
— |
% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
58 |
|
|
|
67 |
|
|
(13.4 |
)% |
||
|
Total electric revenues(c) |
2,002 |
|
|
2,067 |
|
|
(3.1 |
)% |
|
(3.3 |
)% |
|
|
412 |
|
|
|
397 |
|
|
3.8 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(11 |
) |
|
|
(13 |
) |
|
(15.4 |
)% |
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
401 |
|
|
$ |
384 |
|
|
4.4 |
% |
||||
|
Purchased Power |
|
|
|
|
|
|
|
|
$ |
187 |
|
|
$ |
173 |
|
|
8.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
496 |
|
432 |
|
509 |
|
14.8 |
% |
|
(2.6 |
)% |
|||
|
Cooling Degree-Days |
391 |
|
338 |
|
312 |
|
15.7 |
% |
|
25.3 |
% |
|||
|
Six Months Ended June 30, 2026 and 2025 |
||||||||||||||||||||||
|
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
|
2026 |
|
2025 |
|
% Change |
|
Weather – Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
|
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential |
1,842 |
|
|
1,844 |
|
|
(0.1 |
)% |
|
(1.2 |
)% |
|
$ |
499 |
|
|
$ |
418 |
|
|
19.4 |
% |
|
Small commercial & industrial |
788 |
|
|
771 |
|
|
2.2 |
% |
|
1.6 |
% |
|
|
133 |
|
|
|
111 |
|
|
19.8 |
% |
|
Large commercial & industrial |
1,409 |
|
|
1,447 |
|
|
(2.6 |
)% |
|
(2.8 |
)% |
|
|
87 |
|
|
|
97 |
|
|
(10.3 |
)% |
|
Public authorities & electric railroads |
22 |
|
|
23 |
|
|
(4.3 |
)% |
|
(4.2 |
)% |
|
|
10 |
|
|
|
10 |
|
|
— |
% |
|
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
122 |
|
|
|
134 |
|
|
(9.0 |
)% |
||
|
Total electric revenues(c) |
4,061 |
|
|
4,085 |
|
|
(0.6 |
)% |
|
(1.2 |
)% |
|
|
851 |
|
|
|
770 |
|
|
10.5 |
% |
|
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(29 |
) |
|
|
(13 |
) |
|
n/a |
|
||||
|
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
822 |
|
|
$ |
757 |
|
|
8.6 |
% |
||||
|
Purchased Power |
|
|
|
|
|
|
|
|
$ |
392 |
|
|
$ |
329 |
|
|
19.1 |
% |
||||
|
|
|
|
|
|
|
|
% Change |
|||||||
|
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
|
Heating Degree-Days |
3,039 |
|
2,840 |
|
2,895 |
|
7.0 |
% |
|
5.0 |
% |
|||
|
Cooling Degree-Days |
394 |
|
338 |
|
313 |
|
16.6 |
% |
|
25.9 |
% |
|||
|
Number of Electric Customers |
|
2026 |
|
2025 |
||
|
Residential |
|
511,568 |
|
508,775 |
||
|
Small commercial & industrial |
|
63,070 |
|
62,817 |
||
|
Large commercial & industrial |
|
2,665 |
|
2,803 |
||
|
Public authorities & electric railroads |
|
767 |
|
729 |
||
|
Total |
|
578,070 |
|
575,124 |
||
|
__________ |
|
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended June 30, 2026 and 2025, respectively, and $2 million and $1 million for the six months ended June 30, 2026 and 2025, respectively. |
|
(d) |
Includes alternative revenue programs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260730326292/en/
Khanya Brann
Corporate Communications
301-535-3292
Ryan Brown
Investor Relations
779-231-0017
KEYWORDS: Illinois Maryland Pennsylvania United States North America
INDUSTRY KEYWORDS: Energy Utilities Oil/Gas
MEDIA:
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