Earnings Conference Call Presentation Slides

Earnings Conference Call

4th

Quarter 2007

January 23, 2008

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

Financial

Statements

and

Supplementary

Data:

Note

18;

(2)

Exelon’s

Third

Quarter

2007

Quarterly

Report

Form

10-Q

(a)

Part

II,

Other

Information,

ITEM

1A.

Risk

Factors

and

(b)

Part

Financial

Information,

ITEM

Financial

Statements:

Note

13;

and

(3)

other

factors

discussed

filings

with

the

Securities

and

Exchange

Commission

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

the

date

this

presentation.

None

the

Companies

undertakes

any

obligation

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.

$0.39

$0.78

$0.18

$0.17

$0.13

2006

2007

Exelon Operating EPS

$1.02

Exelon’s strong performance in the fourth quarter was driven primarily by increased earnings

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

HoldCo/Other

ExGen

PECO

ComEd

4th Quarter (Q4)

$1.88

$3.45

$0.67

$0.75

$0.78

$0.30

2006

2007

$3.22

$4.32

$0.72

Full Year (FY)

Refer to Earnings Release Attachments for additional details on Q4 and FY earnings and to the Appendix for a reconciliation of adjusted (non-

GAAP) operating EPS to GAAP EPS.

$0.87

GAAP

EPS

$0.84

$2.35

$4.05

GAAP

EPS

Exelon Generation Operating EPS

Contribution

$0.39

$0.78

Key Drivers –

Q4 ’07 vs. Q4 ’06*

Higher wholesale margins

•

Favorable market and portfolio

conditions

•

End of the below-market PPA with

ComEd

•

Contractual price increase associated

with the PECO PPA

Rebalancing of nuclear

decommissioning trust funds

Labor-related

inflation and nuclear

plant development costs

$3.45

$1.88

2007

2006

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

operating EPS to GAAP EPS

ComEd Operating EPS Contribution

$0.17

$0.13

Key Drivers –

Q4 ’07 vs. Q4 ’06*

End of the regulatory transition period

in IL

Labor-related inflation and

uncollectible accounts expense

Increased distribution revenues

(December 2006 ICC Rate Order)

Increased transmission revenues

(2007 Transmission Rate Case)

Income tax settlements

$0.30

$0.78

2007

2006

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

operating EPS to GAAP EPS

PECO Operating EPS Contribution

$0.18

$0.17

Key Drivers –

Q4 ’07 vs. Q4 ’06*

Scheduled CTC amortization

Uncollectible accounts expense

Favorable weather and load growth

$0.75

$0.67

2007

2006

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

operating EPS to GAAP EPS

2008 Outlook

2008

(1)

$0.55 -

$0.60

$3.15 -

$3.45

$4.00 -

$4.40

$0.35 -

$0.40

2008 EPS Guidance

(1)

Operating EPS: $4.00 -

$4.40

GAAP EPS: $3.70 -

$4.10

ComEd

PECO

Exelon Generation

HoldCo/Other ~$(0.10)

Exelon

(1)

Refer

“Key

Assumptions”

slide

Form

8-K

filed

12/19/07

for

key

assumptions

supporting

2008

earnings

guidance

and

for

expected

2008

earnings

drivers

for

Exelon

Generation,

ComEd

and

PECO.

Operating

Company

ranges

not

add

Exelon

guidance

$4.00

$4.40/share

due

rounding.

Key Drivers 2007 –

2008

Market conditions

Nuclear volume

Inflationary pressures

PECO CTC amortization

Weather

Load growth

ComEd transmission settlement

ComEd distribution rate case

26-29%

21-24%

4Q08

3Q08

2Q08

1Q08

Expected Quarterly EPS Distribution

We expect first quarter 2008 operating earnings to represent 21-24% of Exelon’s 2008

full year operating earnings.

Exelon Generation 2008 EPS Contribution

Exelon Generation’s 2008 earnings are impacted primarily by increased planned refueling

outages and higher nuclear fuel expense

2007

$2,331M

2008

(1)

$2,060M -

$2,260M

($0.09)

$(0.15)

$0.13

$3.15 -

$3.45

RNF

O&M

Other

(2)

$30M

+/-

500 Btu/KWh ATC Heat Rate

$5.5M

+/-

$1/mmBtu Gas

2008

Market Sensitivities (After-Tax)

Depreciation

$(0.02)

$3.45

$ / Share

NOTE:

Refer

“Key

Assumptions”

slide

Form

8-K

filed

12/19/07.

(1)

Estimated contribution to Exelon’s operating earnings guidance.

(2)

Primarily reflects

the

change

outstanding.

Key Items:

Nuclear volume: $(0.10)

Nuclear fuel expense: $(0.06)

State Line buyout: $(0.03)

Market / portfolio: $0.12

Interest

Expense

$(0.03)

Key Items:

Inflation: $(0.07)

Add’l

refueling outages: $(0.06)

Nuclear security: $(0.02)

ComEd 2008 EPS Contribution

ComEd’s operating earnings are expected to increase in 2008 primarily due to execution

of its Regulatory Recovery Plan

2007

$200M

RNF

O&M

Depreciation /

Amortization

Interest

Expense

Other

$0.35 -

$0.40

$0.30

$0.19

$0.04

($0.02)

$(0.03)

2008

(1)

$220M -

$260M

(2)

$(0.08)

Key Items:

Storms: $0.03

Uncollectible accounts: $0.02

($0.04)

Weather

$ / Share

NOTE:

Refer

“Key

Assumptions”

slide

Form

8-K

filed

12/19/07.

(1)

Estimated

contribution

Exelon’s

operating

earnings

guidance.

(2)

Assumes

full

$361M

revenue

increase

granted

current

distribution

rate

case

and

effective

10/1/08.

Key Items:

Distribution case

(2)

: $0.09

Transmission revenue: $0.04

Load growth: $0.03

Key Items:

Income tax settlements: $(0.07)

PECO 2008 EPS Contribution

PECO’s operating earnings are expected to decrease in 2008 primarily due to

increasing CTC amortization expense

2007

$507M

2008

(1)

$360M -

$400M

$0.75

($0.08)

$0.01

($0.03)

($0.06)

$0.55 -

$0.60

RNF

O&M

CTC

Amortization /

Depreciation

Other

NOTE:

Refer

“Key

Assumptions”

slide

Form

8-K

filed

12/19/07.

(1) Estimated contribution to Exelon’s operating earnings guidance.

($0.03)

Weather

$0.02

Interest

Expense

$ / Share

Key Items:

Tax settlements: $(0.08)

7.2

7.4

7.6

7.8

8.2

8.4

8.6

8.8

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

7.4

7.6

7.8

8.2

8.4

8.6

8.8

9.2

9.4

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

Market Price Snapshot

As of December 31, 2007. Source: OTC quotes and electronic trading system. Quotes are daily.

Forward NYMEX Natural Gas

PJM-West and Ni-Hub On-Peak

Forward Prices

PJM-West On-Peak Implied Heat Rate

Ni-Hub On-Peak Implied Heat Rate

8.84

9.04

9.24

9.44

9.64

9.84

10.04

10.24

10.44

10.64

10.84

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

2008

2009

2008

2008 PJM-West

2009 PJM-West

2009 Ni-Hub

2008 Ni-Hub

2008

2009

7.7

7.8

7.9

8.1

8.2

8.3

8.4

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

7.5

8.5

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

Market Price Snapshot

2008

2009

2008

2009

As of December 31, 2007. Source: OTC quotes and electronic trading system. Quotes are daily.

2008

2009

Houston Ship Channel Natural Gas

Forward Prices

ERCOT North ATC Forward Prices

ERCOT North ATC v. Houston Ship Channel

Implied Heat Rate

Appendix –

GAAP Reconciliation

GAAP EPS Reconciliation

Three Months Ended December 31, 2006

$0.72

$(0.02)

$0.18

$0.17

$0.39

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

(0.14)

Recovery of severance charges at ComEd

(0.04)

Investments in synthetic fuel-producing facilities

0.03

Mark-to-market adjustments from economic hedging activities

$0.87

$0.02

$0.18

$0.31

$0.36

Q4 2006 GAAP Earnings Per Share

Exelon

Other

(1)

PECO

(1)

ComEd

(1)

ExGen

(1)

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

GAAP EPS Reconciliation

Three Months Ended December 31, 2007

(1)

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

0.28

0.01

0.27

2007 Illinois electric rate settlement

0.02

City of Chicago settlement

0.11

Georgia Power tolling agreement

0.03

Mark-to-market adjustments from economic hedging activities

$1.02

$(0.06)

$0.17

$0.13

$0.78

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

(0.04)

(0.08)

0.04

Non-cash deferred tax items

(0.19)

Termination of State Line PPA

(0.03)

Investments in synthetic fuel-producing facilities

$0.84

$0.05

$0.17

$0.10

$0.52

Q4 2007 GAAP Earnings Per Share

Exelon

Other

(1)

PECO

(1)

ComEd

(1)

ExGen

(1)

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

0.06

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

(1)

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

GAAP EPS Reconciliation

Year Ended December 31, 2007

(1)

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

(0.01)

Settlement of a tax matter at Generation related to Sithe

(0.04)

(0.08)

0.04

Non-cash deferred tax items

(0.14)

Investments in synthetic fuel-producing facilities

0.41

0.03

0.38

2007 Illinois electric rate settlement

(0.19)

Termination of State Line PPA

0.11

Georgia Power tolling agreement

Exelon

Other

(1)

PECO

(1)

ComEd

(1)

ExGen

(1)

$4.32

$(0.18)

$0.75

$0.30

$3.45

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

(0.01)

Sale of Generation's investments in TEG and TEP

0.02

City of Chicago settlement

(0.03)

Nuclear decommissioning obligation reduction

0.15

Mark-to-market adjustments from economic hedging activities

$4.05

$0.04

$0.75

$0.25

$3.01

2007 GAAP Earnings Per Share