Earnings conference call presentation slides

Earnings Conference Call

Quarter 2007

October 26, 2007

Exhibit 99.2

Forward-Looking Statements

This presentation includes forward-looking statements within the meaning of the Private Securities

Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause

actual results to differ materially from these forward-looking statements include those discussed herein

as well as those discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk

Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of

Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s

Third Quarter 2007 Quarterly Report on Form 10-Q (to be filed on October 26, 2007) in (a) Part II,

Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial

Statements: Note 13; and (3) other factors discussed in filings with the Securities and Exchange

Commission by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison

Company, and PECO Energy Company (Companies). Readers are cautioned not to place undue

reliance on these forward-looking statements, which apply only as of the date of this presentation.

None of the Companies undertakes any obligation to publicly release any revision to its forward-

looking statements to reflect events or circumstances after the date of this presentation.

This presentation includes references to adjusted (non-GAAP) operating earnings that exclude the

impact of certain factors. We believe that these adjusted operating earnings are representative of the

underlying operational results of the company. Please refer to the attachments to the earnings release

and the appendix to this presentation for a reconciliation of adjusted (non-GAAP) operating earnings to

GAAP earnings.

2006

2007

Exelon Operating EPS

$1.21

Exelon’s strong performance for the third quarter was driven primarily by increased earnings at

Exelon Generation, which were partially offset by the expected decrease in ComEd earnings

$0.90

$0.25

$0.10

HoldCo/Other

ExGen

PECO

ComEd

Third Quarter (Q3)

2006

2007

$2.50

$1.49

$0.61

$0.49

$3.31

$2.67

$0.17

$0.58

$1.02

$0.51

$0.33

$0.21

Year-to-Date (YTD)

Refer to Earnings Release Attachments for additional details on Q3 and YTD earnings and to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS.

Exelon Generation Operating EPS

YTD

$0.51

$0.90

Key Drivers –

Q3 ’07 vs. Q3 ’06*

Higher wholesale margins

•

End of the below-market PPA with

ComEd

•

Contractual price increase associated

with the PECO PPA

•

Favorable market and portfolio

conditions

Nuclear refueling outages

•

Lower number of refueling outage days

during the quarter favorably impacted

margins and outage costs

Lower hydro generation

Labor-related inflation and nuclear

plant development costs

$2.67

$1.49

2007

2006

*Refer to the Earnings Release Attachments for additional details. Refer to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

YTD

ComEd Operating EPS

$0.33

$0.10

Key Drivers –

Q3 ’07 vs. Q3 ’06*

End of the regulatory transition

period in IL

Higher storm costs

One-time 2006 benefit for

environmental cost recovery

Warmer weather

Increased distribution revenues

(December 2006 ICC Rate Order)

Increased transmission revenues

(2007 Transmission Rate Case)

$0.17

$0.61

2007

2006

*Refer to the Earnings Release Attachments for additional details. Refer to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

ComEd Transmission Case Settlement

(1)

($ in millions)

FERC Filing

3/1/07

Preliminary Order

6/5/07

Settlement Filing

10/5/07

(1)

Total Revenue Requirement (in year 1)

(2)

$415

$387

$364

Revenue Requirement increase (in year 1)

$146

$116

(3)

$93

Rate Base (in year 1)

$1,826

$1,744

$1,672

(4)

Common Equity Ratio

58%

(5)

Return on Equity (ROE)

(6)

12.20%

11.70% + 0.50% RTO adder

12.20%

11.70% + 0.50% RTO adder

11.50%

11.0% + 0.50% RTO adder

Return on Rate Base (ROR)

9.87%

9.40%

Rate settlement establishes reasonable framework for timely recovery of transmission

investment on an annual basis through formula rates

(1) Subject to final FERC approval

(2) Included a request for project incentives of $16 million

(3) Rates effective 5/1/07, subject to refund

(4) Excludes pension asset; 6.51% debt return allowed in operating expenses

(5) Equity cap of 58% for 2 years, declining to 55% by 2011

(6) ROE is fixed and not subject to annual updating

RTO = Regional Transmission Organization

(Docket Nos. ER07-583-000 & EL07-41-000)

Formula Transmission Rate Annual

Update Process

(1)

Annual filing by May 15th

will update the current year revenue

requirement and true-up prior year to actual:

Update current year

Estimate current year revenue requirement using updated costs based on prior

year actual data per FERC Form 1 plus projected plant additions for the current

calendar year

True-up prior year

Perform a true-up of the prior year’s rates by comparing prior year actual data

per FERC Form 1 to the estimate used for that year; over/under-recoveries for

the prior year are collected in the current year

Rates take effect on June 1st

Interested parties have 180 days to submit information requests and

raise concerns; unresolved concerns go before FERC for resolution

The combination of annual updating and true-up virtually eliminates regulatory lag

(1) Subject to final FERC approval

ComEd Delivery Service

Rate Case Filing

$361

(6)

Total ($2,049 million revenue requirement)

$(51)

Other adjustments

(5)

$48

O&M expenses

$99

Administrative & General expenses

(4)

$50

Capital Structure

(3)

: ROE -

10.75% /

Common Equity -

45.11% / ROR -

8.55%

$215

(2)

Rate Base: $7,071 million

(1)

Requested Revenue

Requirement Increase

($ in millions)

Revenue increase needed to recover significant distribution system investment and

represents an important step in ComEd’s regulatory recovery plan

(1) Based on 2006 test year, including pro forma capital additions through 3Q 2008; represents a $1,550 million increase from 2006 ICC order

(2) Includes increased depreciation expense associated with capital additions

(3) Requested cap structure does not include goodwill; ICC docket 05-0597 allowed 10.045% ROE, 42.86% equity ratio and 8.01% ROR (return

on rate base)

(4) Primarily includes increases in pension and other post-retirement benefits costs and effects of a reclassification of rental revenue of $20

million, which is offset in “Other adjustments”

(5) Includes taxes other than income, regulatory expenses, and reductions for other revenues and load growth

(6) Or approximately $359 million adjusted for normal weather

ComEd Delivery Service

Rate Case Filing –

Tentative Schedule

Filed –

October 17, 2007

Rebuttal Testimony –

February 2008

Hearings –

May 2008

Administrative Law Judge (ALJ) Order –

July 2008

Final Order Expected –

September 2008

Note: Dates are based on typical approach to rate cases but the

Illinois Commerce Commission (ICC) will

set the actual schedule.

YTD

PECO Operating EPS

$0.21

$0.25

Key Drivers –

Q3 ’07 vs. Q3 ’06*

Load growth

Reduction in reserve for property

taxes (PURTA)

Absence of storm costs (2006)

Scheduled CTC amortization

Favorable tax settlement in 2006

$0.58

$0.49

2007

2006

*Refer to the Earnings Release Attachments for additional details. Refer to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

2007 Operating

EPS Guidance

(1)

$3.22

$0.78

$0.67

$1.88

$0.65 -

$0.70

$3.45 -

$3.55

$4.15 -

$4.30

$0.20 -

$0.25

2006 Operating

EPS Actual

$ / Share

HoldCo/Other

ExGen

PECO

ComEd

$0.60 -

$0.63

(1)

Earnings

Guidance;

Operating

EPS

Guidance

revised

9/4/07

from

range

$4.00

$4.30

per

(2)

GAAP

Guidance

revised

10/26/07

from

range

$3.70

$4.00

per

2007 and Beyond

Exelon Generation

ComEd

PECO

Exelon expects to see robust earnings growth over next five years driven by

Exelon Generation and ComEd’s recovery

Operating EPS

(1)

$4.15 -

$4.30 per share

GAAP EPS

(2)

$3.90 -

$4.20 per share

2007 Operating Earnings Guidance

ComEd regulatory recovery plan

Improving market fundamentals

Gas prices

Capacity values

Heat rates

End of IL and PA transition periods

Carbon regulation

Earnings Drivers

Reliability Pricing Model Auction

40.80

197.67

111.92

148.80

191.32

102.04

Rest of Market

Eastern MAAC

MAAC + APS

2007/2008

2008/2009

2009/2010

1,500 MW

N/A

MAAC + APS

(7)

9,750 -

9,950 MW

(3)

9,500 MW

9,550 -

9,850 MW

(3)

9,500 MW

9,500 -

9,800 MW

(3)

9,500 MW

Eastern MAAC

4,750 -

4,950 MW

(6)

12,700 MW

6,600 -

6,800 MW

14,500 MW

(5)

6,600 -

6,800 MW

16,000 MW

(4)

Rest of Market

Obligation

Capacity

(2)

Obligation

Capacity

(2)

Obligation

Capacity

(2)

2009 / 2010

2008 / 2009

2007 / 2008

Exelon Generation Participation within PJM Reliability Pricing Model

(1)

PJM RPM Auction Results ($/MW day)

(6) In 09/10, obligation is reduced due to roll-off of part of ComEd auction load obligation in May 2009

(3) EMAAC obligation consists of load from PECO and BGS commitments

(7) MAAC = Mid-Atlantic Area Council; APS = Allegheny Power System

(5) 08/09 Capacity supply decreased due to roll-off of several purchase power agreements (PPAs)

(4) Removing State Line from the supply in October 2007 reduces this by 515 MW

(2) All capacity values are in installed capacity terms (summer

ratings)

(1) All values are approximate and not inclusive of wholesale transactions

Appendix –

GAAP Reconciliation

GAAP EPS Reconciliation

Three Months Ended September 30, 2006

1.02

(0.03)

0.21

0.33

0.51

2006 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.08)

Recovery of debt costs at ComEd

1.15

Impairment of ComEd's

goodwill

0.02

0.01

Severance charges

0.06

0.05

0.01

Charges related to now terminated merger with PSEG

0.02

Investments in synthetic fuel-producing facilities

(0.08)

Mark-to-market adjustments from economic hedging activities

$(0.07)

$(0.10)

$0.20

$(0.75)

$0.58

2006 GAAP Earnings (Loss) Per Share

Exelon

Other

(1)

PECO

(1)

ComEd

(1)

ExGen

(1)

Note: Amounts may not add due to rounding

(1)

Amounts shown per Exelon share and represent contributions to Exelon's EPS

GAAP EPS Reconciliation

Three Months Ended September 30, 2007

Note: Amounts may not add due to rounding

(1)

Amounts shown per Exelon share and represent contributions to Exelon's EPS

1.21

(0.04)

0.25

0.10

0.90

2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.03)

Nuclear decommissioning obligation reduction

0.12

2007 Illinois electric rate settlement

(0.03)

Investments in synthetic fuel-producing facilities

$1.15

$(0.01)

$0.25

$0.10

$0.81

2007 GAAP Earnings (Loss) Per Share

Exelon

Other

(1)

PECO

(1)

ComEd

(1)

ExGen

(1)

GAAP EPS Reconciliation

Nine Months Ended September 30, 2006

2.50

(0.09)

0.49

0.61

1.49

2006 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.08)

Recovery of debt costs at ComEd

1.15

Impairment of ComEd's

goodwill

0.02

0.01

Severance charges

(0.13)

Nuclear decommissioning obligation reduction

0.09

0.06

0.02

0.01

Charges related to now terminated merger with PSEG

0.08

Investments in synthetic fuel-producing facilities

(0.11)

Mark-to-market adjustments from economic hedging activities

$1.48

$(0.23)

$0.47

$(0.48)

$1.72

2006 GAAP Earnings (Loss) Per Share

Exelon

Other

(1)

PECO

(1)

ComEd

(1)

ExGen

(1)

Note: Amounts may not add due to rounding

(1)

Amounts shown per Exelon share and represent contributions to Exelon's EPS

GAAP EPS Reconciliation

Nine Months Ended September 30, 2007

Note: Amounts may not add due to rounding

(1)

Amounts shown per Exelon share and represent contributions to Exelon's EPS

Exelon

Other

(1)

PECO

(1)

ComEd

(1)

ExGen

(1)

3.31

(0.11)

0.58

0.17

2.67

2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.01)

Sale of Generation's investments in TEG and TEP

0.14

0.03

0.11

2007 Illinois electric rate settlement

(0.01)

Settlement of a tax matter at Generation related to Sithe

(0.03)

Nuclear decommissioning obligation reduction

(0.10)

Investments in synthetic fuel-producing facilities

0.12

Mark-to-market adjustments from economic hedging activities

$3.20

$(0.01)

$0.58

$0.14

$2.49

2007 GAAP Earnings (Loss) Per Share

GAAP EPS Reconciliation

Year Ended December 31, 2006

3.22

(0.11)

0.67

0.78

1.88

2006 Adjusted (non-GAAP) Operating Earnings (Loss)

Per Share

$2.35

$(0.21)

$0.65

$(0.17)

$2.08

2006 GAAP Earnings (Loss) Per Share

0.05

0.04

Other

(1)

(0.14)

1.15

(0.08)

0.01

ComEd

(1)

(0.13)

0.01

(0.09)

ExGen

(1)

0.01

PECO

(1)

Exelon

1.15

Impairment of ComEd’s goodwill

(0.08)

Recovery of debt costs at ComEd

0.03

Severance charges

(0.13)

Nuclear decommissioning obligation reduction

(0.14)

Recovery of severance costs at ComEd

0.09

Charges related to now terminated merger with PSEG

0.04

Investments in synthetic fuel-producing facilities

(0.09)

Mark-to-market adjustments from economic hedging activities

Note: Amounts may not add due to rounding

(1)

Amounts shown per Exelon share and represent contributions to Exelon's EPS