10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number	Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number	IRS Employer Identification Number
001-16169	EXELON CORPORATION	23-2990190
	(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220
001-01839	COMMONWEALTH EDISON COMPANY	36-0938600
	(an Illinois corporation) 10 South Dearborn Street 49th Floor Chicago, Illinois 60603-2300 (312) 394-4321
000-16844	PECO ENERGY COMPANY	23-0970240
	(a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000
001-01910	BALTIMORE GAS AND ELECTRIC COMPANY	52-0280210
	(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000
001-31403	PEPCO HOLDINGS LLC	52-2297449
	(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068-0001 (202) 872-2000
001-01072	POTOMAC ELECTRIC POWER COMPANY	53-0127880
	(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia 20068-001 (202) 872-2000
001-01405	DELMARVA POWER & LIGHT COMPANY	51-0084283
	(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000
001-03559	ATLANTIC CITY ELECTRIC COMPANY	21-0398280
	(a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware 19702-5440 (202) 872-2000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
EXELON CORPORATION:
Common stock, without par value	EXC	The Nasdaq Stock Market LLC
PECO ENERGY COMPANY:
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy Company	EXC/28	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  x  No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Exelon Corporation	Large Accelerated Filer	x	Accelerated Filer	☐	Non-accelerated Filer	☐	Smaller Reporting Company	☐	Emerging Growth Company	☐
Commonwealth Edison Company	Large Accelerated Filer	☐	Accelerated Filer	☐	Non-accelerated Filer	x	Smaller Reporting Company	☐	Emerging Growth Company	☐
PECO Energy Company	Large Accelerated Filer	☐	Accelerated Filer	☐	Non-accelerated Filer	x	Smaller Reporting Company	☐	Emerging Growth Company	☐
Baltimore Gas and Electric Company	Large Accelerated Filer	☐	Accelerated Filer	☐	Non-accelerated Filer	x	Smaller Reporting Company	☐	Emerging Growth Company	☐
Pepco Holdings LLC	Large Accelerated Filer	☐	Accelerated Filer	☐	Non-accelerated Filer	x	Smaller Reporting Company	☐	Emerging Growth Company	☐
Potomac Electric Power Company	Large Accelerated Filer	☐	Accelerated Filer	☐	Non-accelerated Filer	x	Smaller Reporting Company	☐	Emerging Growth Company	☐
Delmarva Power & Light Company	Large Accelerated Filer	☐	Accelerated Filer	☐	Non-accelerated Filer	x	Smaller Reporting Company	☐	Emerging Growth Company	☐
Atlantic City Electric Company	Large Accelerated Filer	☐	Accelerated Filer	☐	Non-accelerated Filer	x	Smaller Reporting Company	☐	Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  ☐  No  x

The number of shares outstanding of each registrant’s common stock as of March 31, 2022 was:

Exelon Corporation Common Stock, without par value	980,209,605
Commonwealth Edison Company Common Stock, $12.50 par value	127,021,391
PECO Energy Company Common Stock, without par value	170,478,507
Baltimore Gas and Electric Company Common Stock, without par value	1,000
Pepco Holdings LLC	not applicable
Potomac Electric Power Company Common Stock, $0.01 par value	100
Delmarva Power & Light Company Common Stock, $2.25 par value	1,000
Atlantic City Electric Company Common Stock, $3.00 par value	8,546,017

TABLE OF CONTENTS

		Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS		4
FILING FORMAT		7
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION		7
WHERE TO FIND MORE INFORMATION		7
PART I.	FINANCIAL INFORMATION	8
ITEM 1.	FINANCIAL STATEMENTS	8
	Exelon Corporation
	Consolidated Statements of Operations and Comprehensive Income	9
	Consolidated Statements of Cash Flows	10
	Consolidated Balance Sheets	11
	Consolidated Statements of Changes in Shareholders’ Equity	13
	Commonwealth Edison Company
	Consolidated Statements of Operations and Comprehensive Income	14
	Consolidated Statements of Cash Flows	15
	Consolidated Balance Sheets	16
	Consolidated Statements of Changes in Shareholders' Equity	18
	PECO Energy Company
	Consolidated Statements of Operations and Comprehensive Income	19
	Consolidated Statements of Cash Flows	20
	Consolidated Balance Sheets	21
	Consolidated Statements of Changes in Shareholder's Equity	23
	Baltimore Gas and Electric Company
	Statements of Operations and Comprehensive Income	24
	Statements of Cash Flows	25
	Balance Sheets	26
	Statements of Changes in Shareholder's Equity	28
	Pepco Holdings LLC
	Consolidated Statements of Operations and Comprehensive Income	29
	Consolidated Statements of Cash Flows	30
	Consolidated Balance Sheets	31
	Consolidated Statements of Changes in Member's Equity	33

1

	Page No.
Potomac Electric Power Company
Statements of Operations and Comprehensive Income	34
Statements of Cash Flows	35
Balance Sheets	36
Statements of Changes in Shareholder's Equity	38
Delmarva Power & Light Company
Statements of Operations and Comprehensive Income	39
Statements of Cash Flows	40
Balance Sheets	41
Statements of Changes in Shareholder’s Equity	43
Atlantic City Electric Company
Consolidated Statements of Operations and Comprehensive Income	44
Consolidated Statements of Cash Flows	45
Consolidated Balance Sheets	46
Consolidated Statements of Changes in Shareholder’s Equity	48
Combined Notes to Consolidated Financial Statements
1. Significant Accounting Policies	49
2. Discontinued Operations	50
3. Regulatory Matters	55
4. Revenue from Contracts with Customers	58
5. Segment Information	59
6. Accounts Receivable	64
7. Income Taxes	66
8. Retirement Benefits	68
9. Derivative Financial Instruments	72
10. Debt and Credit Agreements	74
11. Fair Value of Financial Assets and Liabilities	77
12. Commitments and Contingencies	83
13. Changes in Accumulated Other Comprehensive Income	90
14. Supplemental Financial Information	90
15. Related Party Transactions	95

2

		Page No.
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	99
	Exelon Corporation	99
	Executive Overview	99
	Financial Results of Operations	99
	Significant 2022 Transactions and Developments	101
	Other Key Business Drivers and Management Strategies	103
	Critical Accounting Policies and Estimates	103
	Results of Operations By Registrant	104
	Commonwealth Edison Company	104
	PECO Energy Company	107
	Baltimore Gas and Electric Company	111
	Pepco Holdings LLC	114
	Potomac Electric Power Company	115
	Delmarva Power & Light Company	118
	Atlantic City Electric Company	122
	Liquidity and Capital Resources	125
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	133
ITEM 4.	CONTROLS AND PROCEDURES	134
PART II.	OTHER INFORMATION	134
ITEM 1.	LEGAL PROCEEDINGS	134
ITEM 1A.	RISK FACTORS	134
ITEM 4.	MINE SAFETY DISCLOSURES	134
ITEM 5.	OTHER INFORMATION	135
ITEM 6.	EXHIBITS	135
SIGNATURES		138
	Exelon Corporation	138
	Commonwealth Edison Company	139
	PECO Energy Company	140
	Baltimore Gas and Electric Company	141
	Pepco Holdings LLC	142
	Potomac Electric Power Company	143
	Delmarva Power & Light Company	144
	Atlantic City Electric Company	145

3

GLOSSARY OF TERMS AND ABBREVIATIONS
Exelon Corporation and Related Entities
Exelon	Exelon Corporation
ComEd	Commonwealth Edison Company
PECO	PECO Energy Company
BGE	Baltimore Gas and Electric Company
Pepco Holdings or PHI	Pepco Holdings LLC
Pepco	Potomac Electric Power Company
DPL	Delmarva Power & Light Company
ACE	Atlantic City Electric Company
Registrants	Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively
Utility Registrants	ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively
ACE Funding or ATF	Atlantic City Electric Transition Funding LLC
BSC	Exelon Business Services Company, LLC
Exelon Corporate	Exelon in its corporate capacity as a holding company
PCI	Potomac Capital Investment Corporation and its subsidiaries
PECO Trust III	PECO Energy Capital Trust III
PECO Trust IV	PECO Energy Capital Trust IV
PHI Corporate	PHI in its corporate capacity as a holding company
PHISCO	PHI Service Company
Former Related Entities
Constellation	Constellation Energy Corporation
Generation	Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon prior to separation on February 1, 2022)

4

GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
Note - of the 2021 Form 10-K	Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2021 Annual Report on Form 10-K
AEC	Alternative Energy Credit that is issued for each megawatt hour of generation from a qualified alternative energy source
AFUDC	Allowance for Funds Used During Construction
AMI	Advanced Metering Infrastructure
AOCI	Accumulated Other Comprehensive Income (Loss)
ARO	Asset Retirement Obligation
BGS	Basic Generation Service
CEJA (formerly Clean Energy Law in the Exelon 2021 Form 10-K)	Climate and Equitable Jobs Act; Illinois Public Act 102-0662 signed into law on September 15, 2021
CERCLA	Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
CMC	Carbon Mitigation Credit
CODM	Chief Operating Decision Maker(s)
DC PLUG	District of Columbia Power Line Undergrounding Initiative
DCPSC	Public Service Commission of the District of Columbia
DEPSC	Delaware Public Service Commission
DOEE	District of Columbia Department of Energy & Environment
DPP	Deferred Purchase Price
EIMA	Energy Infrastructure Modernization Act (Illinois Senate Bill 1652 and Illinois House Bill 3036)
EPA	United States Environmental Protection Agency
ERCOT	Electric Reliability Council of Texas
ERISA	Employee Retirement Income Security Act of 1974, as amended
ETAC	Energy Transition Assistance Charge
FEJA	Illinois Public Act 99-0906 or Future Energy Jobs Act
FERC	Federal Energy Regulatory Commission
GAAP	Generally Accepted Accounting Principles in the United States
GCR	Gas Cost Rate
GSA	Generation Supply Adjustment
GWh	Gigawatt hour
ICC	Illinois Commerce Commission
Illinois Settlement Legislation	Legislation enacted in 2007 affecting electric utilities in Illinois
IPA	Illinois Power Agency
IRC	Internal Revenue Code
IRS	Internal Revenue Service
LIBOR	London Interbank Offered Rate
MDPSC	Maryland Public Service Commission
MGP	Manufactured Gas Plant
mmcf	Million Cubic Feet
MW	Megawatt
MWh	Megawatt hour
N/A	Not applicable
NDT	Nuclear Decommissioning Trust
NJBPU	New Jersey Board of Public Utilities
NPNS	Normal Purchase Normal Sale scope exception

5

GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
NPS	National Park Service
OCI	Other Comprehensive Income
OPEB	Other Postretirement Employee Benefits
PAPUC	Pennsylvania Public Utility Commission
PGC	Purchased Gas Cost Clause
PJM	PJM Interconnection, LLC
POLR	Provider of Last Resort
PPA	Power Purchase Agreement
PP&E	Property, plant, and equipment
PRP	Potentially Responsible Parties
REC	Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source
Regulatory Agreement Units	Nuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting
RFP	Request for Proposal
Rider	Reconcilable Surcharge Recovery Mechanism
ROE	Return on equity
ROU	Right-of-use
RPS	Renewable Energy Portfolio Standards
RTO	Regional Transmission Organization
SEC	United States Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate
SOS	Standard Offer Service
STRIDE	Maryland Strategic Infrastructure Development and Enhancement Program
TCJA	Tax Cuts and Jobs Act
Transition Bonds	Transition Bonds issued by ACE Funding
ZEC	Zero Emission Credit or Zero Emission Certificate

6

FILING FORMAT

This combined Form 10-Q is being filed separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants). Information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION

This Report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” 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.

The factors that could cause actual results to differ materially from the forward-looking statements made by the Registrants include those factors discussed herein, as well as the items discussed in (1) the Registrants' combined 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) this Quarterly Report on Form 10-Q in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. 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 Report.

WHERE TO FIND MORE INFORMATION

The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that the Registrants file electronically with the SEC. These documents are also available to the public from commercial document retrieval services and the Registrants' website at www.exeloncorp.com. Information contained on the Registrants' website shall not be deemed incorporated into, or to be a part of, this Report.

7

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

8

EXELON CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions, except per share data)	2022		2021
Operating revenues
Electric operating revenues	$	4,481	$	3,870
Natural gas operating revenues	817		633
Revenues from alternative revenue programs	29		129
Total operating revenues	5,327		4,632
Operating expenses
Purchased power	1,581		1,140
Purchased fuel	338		218
Purchased power and fuel from affiliates	159		293
Operating and maintenance	1,178		1,083
Depreciation and amortization	817		757
Taxes other than income taxes	354		317
Total operating expenses	4,427		3,808
Operating income	900		824
Other income and (deductions)
Interest expense, net	(332)		(312)
Interest expense to affiliates	(6)		(6)
Other, net	137		58
Total other deductions	(201)		(260)
Income from continuing operations before income taxes	699		564
Income taxes	218		39
Net income from continuing operations after income taxes	481		525
Net income (loss) from discontinued operations after income taxes (Note 2)	117		(789)
Net income (loss)	598		(264)
Net income attributable to noncontrolling interests	1		25
Net income (loss) attributable to common shareholders	$	597	$	(289)
Amounts attributable to common shareholders:
Net income from continuing operations	481		525
Net income (loss) from discontinued operations	116		(814)
Net income (loss) attributable to common shareholders	$	597	$	(289)
Comprehensive income (loss), net of income taxes
Net income (loss)	$	598	$	(264)
Other comprehensive income (loss), net of income taxes
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	—		(1)
Actuarial loss reclassified to periodic benefit cost	14		56
Pension and non-pension postretirement benefit plan valuation adjustment	—		(2)
Unrealized gain on foreign currency translation	—		1
Other comprehensive income	14		54
Comprehensive income (loss)	612		(210)
Comprehensive income attributable to noncontrolling interests	1		25
Comprehensive income (loss) attributable to common shareholders	$	611	$	(235)
Average shares of common stock outstanding:
Basic	981		977
Assumed exercise and/or distributions of stock-based awards	—		1
Diluted(a)	981		978
Earnings per average common share from continuing operations
Basic	$	0.49	$	0.53
Diluted	$	0.49	$	0.53
Earnings (losses) per average common share from discontinued operations
Basic	$	0.12	$	(0.83)
Diluted	$	0.12	$	(0.83)

__________

(a)The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect were none and less than 1 million for the three months ended March 31, 2022 and 2021, respectively.

See the Combined Notes to Consolidated Financial Statements

9

EXELON CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income (loss)	$	598	$	(264)
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,024		2,104
Asset impairments	—		1
Gain on sales of assets and businesses	(10)		(71)
Deferred income taxes and amortization of investment tax credits	110		(142)
Net fair value changes related to derivatives	(59)		(178)
Net realized and unrealized losses (gains) on NDT funds	205		(118)
Net unrealized losses on equity investments	16		23
Other non-cash operating activities	232		(170)
Changes in assets and liabilities:
Accounts receivable	(711)		(372)
Inventories	125		77
Accounts payable and accrued expenses	291		(176)
Option premiums (paid) received, net	(39)		16
Collateral received, net	1,142		273
Income taxes	77		113
Pension and non-pension postretirement benefit contributions	(574)		(537)
Other assets and liabilities	(645)		(1,840)
Net cash flows provided by (used in) operating activities	1,782		(1,261)
Cash flows from investing activities
Capital expenditures	(1,922)		(2,140)
Proceeds from NDT fund sales	488		2,908
Investment in NDT funds	(516)		(2,939)
Collection of DPP	169		1,574
Proceeds from sales of assets and businesses	16		680
Other investing activities	(54)		12
Net cash flows (used in) provided by investing activities	(1,819)		95
Cash flows from financing activities
Changes in short-term borrowings	(700)		597
Proceeds from short-term borrowings with maturities greater than 90 days	1,150		500
Repayments on short-term borrowings with maturities greater than 90 days	(350)		—
Issuance of long-term debt	4,301		1,705
Retirement of long-term debt	(6)		(79)
Dividends paid on common stock	(332)		(374)
Proceeds from employee stock plans	9		31
Transfer of cash, restricted cash, and cash equivalents to Constellation	(2,594)		—
Other financing activities	(62)		(46)
Net cash flows provided by financing activities	1,416		2,334
Increase in cash, restricted cash, and cash equivalents	1,379		1,168
Cash, restricted cash, and cash equivalents at beginning of period	1,619		1,166
Cash, restricted cash, and cash equivalents at end of period	$	2,998	$	2,334
Supplemental cash flow information
Decrease in capital expenditures not paid	$	(322)	$	(324)
Increase in DPP	348		1,339
(Decrease) increase in PP&E related to ARO update	(335)		2

See the Combined Notes to Consolidated Financial Statements

10

EXELON CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	2,476	$	672
Restricted cash and cash equivalents	430		321
Accounts receivable
Customer accounts receivable	2,365		2,189
Customer allowance for credit losses	(389)		(320)
Customer accounts receivable, net	1,976		1,869
Other accounts receivable	1,148		1,068
Other allowance for credit losses	(81)		(72)
Other accounts receivable, net	1,067		996
Inventories, net
Fossil fuel and emission allowances	39		105
Materials and supplies	473		476
Regulatory assets	1,221		1,296
Other	463		387
Current assets of discontinued operations	—		7,835
Total current assets	8,145		13,957
Property, plant, and equipment (net of accumulated depreciation and amortization of $14,878 and $14,430 as of March 31, 2022 and December 31, 2021, respectively)	65,465		64,558
Deferred debits and other assets
Regulatory assets	8,200		8,224
Investments	244		250
Goodwill	6,630		6,630
Receivable related to Regulatory Agreement Units	2,969		—
Other	1,045		885
Property, plant, and equipment, deferred debits, and other assets of discontinued operations	—		38,509
Total deferred debits and other assets	19,088		54,498
Total assets	$	92,698	$	133,013

See the Combined Notes to Consolidated Financial Statements

11

EXELON CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	1,900	$	1,248
Long-term debt due within one year	2,154		2,153
Accounts payable	2,175		2,379
Accrued expenses	1,029		1,137
Payables to affiliates	6		5
Regulatory liabilities	394		376
Mark-to-market derivative liabilities	—		18
Unamortized energy contract liabilities	13		89
Other	964		766
Current liabilities of discontinued operations	—		7,940
Total current liabilities	8,635		16,111
Long-term debt	35,008		30,749
Long-term debt to financing trusts	390		390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	11,089		10,611
Asset retirement obligations	273		271
Pension obligations	1,447		2,051
Non-pension postretirement benefit obligations	800		811
Regulatory liabilities	9,192		9,628
Mark-to-market derivative liabilities	144		201
Unamortized energy contract liabilities	42		146
Other	2,187		1,573
Long-term debt, deferred credits, and other liabilities of discontinued operations	—		25,676
Total deferred credits and other liabilities	25,174		50,968
Total liabilities	69,207		98,218
Commitments and contingencies
Shareholders’ equity
Common stock (No par value, 2,000 shares authorized, 980 shares and 979 shares outstanding at March 31, 2022 and December 31, 2021, respectively)	20,299		20,324
Treasury stock, at cost (2 shares at March 31, 2022 and December 31, 2021)	(123)		(123)
Retained earnings	4,028		16,942
Accumulated other comprehensive loss, net	(713)		(2,750)
Total shareholders’ equity	23,491		34,393
Noncontrolling interests	—		402
Total equity	23,491		34,795
Total liabilities and shareholders’ equity	$	92,698	$	133,013

See the Combined Notes to Consolidated Financial Statements

12

EXELON CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions, shares in thousands)	Issued Shares	Common Stock		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss, net		Noncontrolling Interests		Total Shareholders' Equity
Balance, December 31, 2021	981,291	$	20,324	$	(123)	$	16,942	$	(2,750)	$	402	$	34,795
Net income	—	—		—		597		—		1		598
Long-term incentive plan activity	540	(13)		—		—		—		—		(13)
Employee stock purchase plan issuances	211	9		—		—		—		—		9
Changes in equity of noncontrolling interests	—	—		—		—		—		(7)		(7)
Distribution of Constellation (Note 2)	—	(21)		—		(13,179)		2,023		(396)		(11,573)
Common stock dividends ($0.34/common share)	—	—		—		(332)		—		—		(332)
Other comprehensive income, net of income taxes	—	—		—		—		14		—		14
Balance, March 31, 2022	982,042	$	20,299	$	(123)	$	4,028	$	(713)	$	—	$	23,491

	Three Months Ended March 31, 2021
(In millions, shares in thousands)	Issued Shares	Common Stock		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss, net		Noncontrolling Interests		Total Shareholders' Equity
Balance, December 31, 2020	977,466	$	19,373	$	(123)	$	16,735	$	(3,400)	$	2,283	$	34,868
Net (loss) income	—	—		—		(289)		—		25		(264)
Long-term incentive plan activity	640	5		—		—		—		—		5
Employee stock purchase plan issuances	902	34		—		—		—		—		34
Changes in equity of noncontrolling interests	—	—		—		—		—		(10)		(10)
Common stock dividends ($0.38/common share)	—	—		—		(374)		—		—		(374)
Other comprehensive income, net of income taxes	—	—		—		—		54		—		54
Balance, March 31, 2021	979,008	$	19,412	$	(123)	$	16,072	$	(3,346)	$	2,298	$	34,313

See the Combined Notes to Consolidated Financial Statements

13

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Operating revenues
Electric operating revenues	$	1,688	$	1,475
Revenues from alternative revenue programs	40		54
Operating revenues from affiliates	6		6
Total operating revenues	1,734		1,535
Operating expenses
Purchased power	579		442
Purchased power from affiliate	59		85
Operating and maintenance	266		245
Operating and maintenance from affiliates	85		71
Depreciation and amortization	321		292
Taxes other than income taxes	96		75
Total operating expenses	1,406		1,210
Operating income	328		325
Other income and (deductions)
Interest expense, net	(97)		(93)
Interest expense to affiliates	(3)		(3)
Other, net	12		7
Total other income and (deductions)	(88)		(89)
Income before income taxes	240		236
Income taxes	52		39
Net income	$	188	$	197
Comprehensive income	$	188	$	197

See the Combined Notes to Consolidated Financial Statements

14

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income	$	188	$	197
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	321		292
Deferred income taxes and amortization of investment tax credits	54		63
Other non-cash operating activities	(9)		(9)
Changes in assets and liabilities:
Accounts receivable	(45)		23
Receivables from and payables to affiliates, net	(42)		(15)
Inventories	3		(1)
Accounts payable and accrued expenses	(154)		(176)
Collateral received, net	43		5
Income taxes	(2)		(23)
Pension and non-pension postretirement benefit contributions	(176)		(171)
Other assets and liabilities	(37)		(159)
Net cash flows provided by operating activities	144		26
Cash flows from investing activities
Capital expenditures	(617)		(613)
Other investing activities	7		7
Net cash flows used in investing activities	(610)		(606)
Cash flows from financing activities
Changes in short-term borrowings	—		(188)
Issuance of long-term debt	750		700
Dividends paid on common stock	(144)		(127)
Contributions from parent	167		198
Other financing activities	(10)		(9)
Net cash flows provided by financing activities	763		574
Increase (decrease) in cash, restricted cash, and cash equivalents	297		(6)
Cash, restricted cash, and cash equivalents at beginning of period	384		405
Cash, restricted cash, and cash equivalents at end of period	$	681	$	399
Supplemental cash flow information
Decrease in capital expenditures not paid	$	(50)	$	(107)

See the Combined Notes to Consolidated Financial Statements

15

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	343	$	131
Restricted cash and cash equivalents	246		210
Accounts receivable
Customer accounts receivable	702		647
Customer allowance for credit losses	(92)		(73)
Customer accounts receivable, net	610		574
Other accounts receivable	219		227
Other allowance for credit losses	(20)		(17)
Other accounts receivable, net	199		210
Receivables from affiliates	3		16
Inventories, net	167		170
Regulatory assets	316		335
Other	80		76
Total current assets	1,964		1,722
Property, plant, and equipment (net of accumulated depreciation and amortization of $6,267 and $6,099 as of March 31, 2022 and December 31, 2021, respectively)	26,325		25,995
Deferred debits and other assets
Regulatory assets	1,883		1,870
Investments	6		6
Goodwill	2,625		2,625
Receivables from affiliates	—		2,761
Receivable related to Regulatory Agreement Units	2,484		—
Prepaid pension asset	1,245		1,086
Other	481		405
Total deferred debits and other assets	8,724		8,753
Total assets	$	37,013	$	36,470

See the Combined Notes to Consolidated Financial Statements

16

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	553	$	647
Accrued expenses	275		384
Payables to affiliates	66		121
Customer deposits	98		99
Regulatory liabilities	190		185
Mark-to-market derivative liabilities	—		18
Other	161		133
Total current liabilities	1,343		1,587
Long-term debt	10,515		9,773
Long-term debt to financing trust	205		205
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	4,761		4,685
Asset retirement obligations	145		144
Non-pension postretirement benefits obligations	168		169
Regulatory liabilities	6,551		6,759
Mark-to-market derivative liabilities	144		201
Other	615		592
Total deferred credits and other liabilities	12,384		12,550
Total liabilities	24,447		24,115
Commitments and contingencies
Shareholders’ equity
Common stock	1,588		1,588
Other paid-in capital	9,243		9,076
Retained earnings	1,735		1,691
Total shareholders’ equity	12,566		12,355
Total liabilities and shareholders’ equity	$	37,013	$	36,470

See the Combined Notes to Consolidated Financial Statements

17

COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions)	Common Stock		Other Paid-In Capital		Retained Earnings		Total Shareholders’ Equity
Balance, December 31, 2021	$	1,588	$	9,076	$	1,691	$	12,355
Net income	—		—		188		188
Common stock dividends	—		—		(144)		(144)
Contributions from parent	—		167		—		167
Balance, March 31, 2022	$	1,588	$	9,243	$	1,735	$	12,566
	Three Months Ended March 31, 2021
(In millions)	Common Stock		Other Paid-In Capital		Retained Earnings		Total Shareholders’ Equity
Balance, December 31, 2020	$	1,588	$	8,285	$	1,456	$	11,329
Net income	—		—		197		197
Common stock dividends	—		—		(127)		(127)
Contributions from parent	—		198		—		198
Balance, March 31, 2021	$	1,588	$	8,483	$	1,526	$	11,597

See the Combined Notes to Consolidated Financial Statements

18

PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Operating revenues
Electric operating revenues	$	734	$	649
Natural gas operating revenues	306		228
Revenues from alternative revenue programs	6		10
Operating revenues from affiliates	1		2
Total operating revenues	1,047		889
Operating expenses
Purchased power	229		189
Purchased fuel	145		86
Purchased power from affiliate	33		41
Operating and maintenance	196		193
Operating and maintenance from affiliates	51		41
Depreciation and amortization	92		86
Taxes other than income taxes	47		43
Total operating expenses	793		679
Operating income	254		210
Other income and (deductions)
Interest expense, net	(38)		(35)
Interest expense to affiliates	(3)		(3)
Other, net	7		5
Total other income and (deductions)	(34)		(33)
Income before income taxes	220		177
Income taxes	14		10
Net income	$	206	$	167
Comprehensive income	$	206	$	167

See the Combined Notes to Consolidated Financial Statements

19

PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income	$	206	$	167
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	92		86
Deferred income taxes and amortization of investment tax credits	14		6
Other non-cash operating activities	15		12
Changes in assets and liabilities:
Accounts receivable	(40)		(5)
Receivables from and payables to affiliates, net	(31)		(2)
Inventories	27		13
Accounts payable and accrued expenses	(24)		(36)
Income taxes	—		3
Pension and non-pension postretirement benefit contributions	(12)		(16)
Other assets and liabilities	(106)		(103)
Net cash flows provided by operating activities	141		125
Cash flows from investing activities
Capital expenditures	(344)		(295)
Changes in Exelon intercompany money pool	—		(48)
Other investing activities	2		1
Net cash flows used in investing activities	(342)		(342)
Cash flows from financing activities
Issuance of long-term debt	—		375
Changes in Exelon intercompany money pool	65		(40)
Dividends paid on common stock	(100)		(85)
Contributions from parent	227		—
Other financing activities	(1)		(4)
Net cash flows provided by financing activities	191		246
(Decrease) increase in cash, restricted cash, and cash equivalents	(10)		29
Cash, restricted cash, and cash equivalents at beginning of period	44		26
Cash, restricted cash, and cash equivalents at end of period	$	34	$	55
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$	(41)	$	(44)

See the Combined Notes to Consolidated Financial Statements

20

PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	26	$	36
Restricted cash and cash equivalents	8		8
Accounts receivable
Customer accounts receivable	528		489
Customer allowance for credit losses	(125)		(105)
Customer accounts receivable, net	403		384
Other accounts receivable	129		116
Other allowance for credit losses	(9)		(7)
Other accounts receivable, net	120		109
Receivables from affiliates	—		1
Inventories, net
Fossil fuel	23		51
Materials and supplies	46		45
Prepaid utility taxes	117		1
Regulatory assets	57		48
Other	30		28
Total current assets	830		711
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,004 and $3,964 as of March 31, 2022 and December 31, 2021, respectively)	11,334		11,117
Deferred debits and other assets
Regulatory assets	1,000		943
Investments	33		34
Receivables from affiliates	—		597
Receivable related to Regulatory Agreement Units	486		—
Prepaid pension asset	401		386
Other	29		36
Total deferred debits and other assets	1,949		1,996
Total assets	$	14,113	$	13,824

See the Combined Notes to Consolidated Financial Statements

21

PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Long-term debt due within one year	$	350	$	350
Accounts payable	477		494
Accrued expenses	105		136
Payables to affiliates	38		70
Borrowings from Exelon intercompany money pool	65		—
Customer deposits	50		48
Regulatory liabilities	94		94
Other	41		35
Total current liabilities	1,220		1,227
Long-term debt	3,848		3,847
Long-term debt to financing trusts	184		184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,495		2,421
Asset retirement obligations	29		29
Non-pension postretirement benefits obligations	287		286
Regulatory liabilities	523		635
Other	82		83
Total deferred credits and other liabilities	3,416		3,454
Total liabilities	8,668		8,712
Commitments and contingencies
Shareholder’s equity
Common stock	3,655		3,428
Retained earnings	1,790		1,684
Total shareholder’s equity	5,445		5,112
Total liabilities and shareholder's equity	$	14,113	$	13,824

See the Combined Notes to Consolidated Financial Statements

22

PECO ENERGY COMPANY AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2021	$	3,428	$	1,684	$	5,112
Net income	—		206		206
Common stock dividends	—		(100)		(100)
Contributions from parent	227		—		227
Balance, March 31, 2022	$	3,655	$	1,790	$	5,445
	Three Months Ended March 31, 2021
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2020	$	3,014	$	1,519	$	4,533
Net income	—		167		167
Common stock dividends	—		(85)		(85)
Balance, March 31, 2021	$	3,014	$	1,601	$	4,615

See the Combined Notes to Consolidated Financial Statements

23

BALTIMORE GAS AND ELECTRIC COMPANY

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Operating revenues
Electric operating revenues	$	735	$	620
Natural gas operating revenues	424		330
Revenues from alternative revenue programs	(12)		18
Operating revenues from affiliates	7		6
Total operating revenues	1,154		974
Operating expenses
Purchased power	285		162
Purchased fuel	151		99
Purchased power and fuel from affiliate	18		70
Operating and maintenance	167		152
Operating and maintenance from affiliates	51		45
Depreciation and amortization	171		152
Taxes other than income taxes	76		72
Total operating expenses	919		752
Operating income	235		222
Other income and (deductions)
Interest expense, net	(35)		(34)
Other, net	7		8
Total other income and (deductions)	(28)		(26)
Income before income taxes	207		196
Income taxes	9		(13)
Net income	$	198	$	209
Comprehensive income	$	198	$	209

See the Combined Notes to Consolidated Financial Statements

24

BALTIMORE GAS AND ELECTRIC COMPANY

STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income	$	198	$	209
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	171		152
Deferred income taxes and amortization of investment tax credits	5		(4)
Other non-cash operating activities	44		2
Changes in assets and liabilities:
Accounts receivable	(80)		12
Receivables from and payables to affiliates, net	(2)		(15)
Inventories	32		9
Accounts payable and accrued expenses	(30)		(59)
Income taxes	4		(9)
Pension and non-pension postretirement benefit contributions	(56)		(65)
Other assets and liabilities	(9)		(103)
Net cash flows provided by operating activities	277		129
Cash flows from investing activities
Capital expenditures	(303)		(336)
Other investing activities	3		2
Net cash flows used in investing activities	(300)		(334)
Cash flows from financing activities
Changes in short-term borrowings	120		156
Dividends paid on common stock	(76)		(74)
Other financing activities	(1)		—
Net cash flows provided by financing activities	43		82
Increase (decrease) in cash, restricted cash, and cash equivalents	20		(123)
Cash, restricted cash, and cash equivalents at beginning of period	55		145
Cash, restricted cash, and cash equivalents at end of period	$	75	$	22
Supplemental cash flow information
Decrease in capital expenditures not paid	$	(32)	$	(80)

See the Combined Notes to Consolidated Financial Statements

25

BALTIMORE GAS AND ELECTRIC COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	41	$	51
Restricted cash and cash equivalents	34		4
Accounts receivable
Customer accounts receivable	519		436
Customer allowance for credit losses	(59)		(38)
Customer accounts receivable, net	460		398
Other accounts receivable	126		124
Other allowance for credit losses	(11)		(9)
Other accounts receivable, net	115		115
Receivables from affiliates	—		1
Inventories, net
Fossil fuel	12		42
Materials and supplies	51		53
Prepaid utility taxes	46		49
Regulatory assets	175		215
Other	11		8
Total current assets	945		936
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,376 and $4,299 as of March 31, 2022 and December 31, 2021, respectively)	10,736		10,577
Deferred debits and other assets
Regulatory assets	467		477
Investments	6		14
Prepaid pension asset	315		276
Other	40		44
Total deferred debits and other assets	828		811
Total assets	$	12,509	$	12,324

See the Combined Notes to Consolidated Financial Statements

26

BALTIMORE GAS AND ELECTRIC COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	250	$	130
Long-term debt due within one year	250		250
Accounts payable	299		349
Accrued expenses	168		176
Payables to affiliates	37		48
Customer deposits	98		97
Regulatory liabilities	35		26
Other	61		48
Total current liabilities	1,198		1,124
Long-term debt	3,711		3,711
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,755		1,686
Asset retirement obligations	26		26
Non-pension postretirement benefits obligations	170		175
Regulatory liabilities	872		934
Other	85		98
Total deferred credits and other liabilities	2,908		2,919
Total liabilities	7,817		7,754
Commitments and contingencies
Shareholder's equity
Common stock	2,575		2,575
Retained earnings	2,117		1,995
Total shareholder's equity	4,692		4,570
Total liabilities and shareholder's equity	$	12,509	$	12,324

See the Combined Notes to Consolidated Financial Statements

27

BALTIMORE GAS AND ELECTRIC COMPANY

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2021	$	2,575	$	1,995	$	4,570
Net income	—		198		198
Common stock dividends	—		(76)		(76)
Balance, March 31, 2022	$	2,575	$	2,117	$	4,692
	Three Months Ended March 31, 2021
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2020	$	2,318	$	1,879	$	4,197
Net income	—		209		209
Common stock dividends	—		(74)		(74)
Balance, March 31, 2021	$	2,318	$	2,014	$	4,332

See the Combined Notes to Consolidated Financial Statements

28

PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Operating revenues
Electric operating revenues	$	1,323	$	1,124
Natural gas operating revenues	83		71
Revenues from alternative revenue programs	(5)		46
Operating revenues from affiliates	3		3
Total operating revenues	1,404		1,244
Operating expenses
Purchased power	487		348
Purchased fuel	42		33
Purchased power from affiliates	50		98
Operating and maintenance	248		216
Operating and maintenance from affiliates	51		40
Depreciation and amortization	218		210
Taxes other than income taxes	119		113
Total operating expenses	1,215		1,058
Operating income	189		186
Other income and (deductions)
Interest expense, net	(69)		(67)
Other, net	17		17
Total other income and (deductions)	(52)		(50)
Income before income taxes	137		136
Income taxes	7		8
Net income	$	130	$	128
Comprehensive income	$	130	$	128

See the Combined Notes to Consolidated Financial Statements

29

PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income	$	130	$	128
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	218		210
Deferred income taxes and amortization of investment tax credits	2		4
Other non-cash operating activities	35		(25)
Changes in assets and liabilities:
Accounts receivable	(21)		56
Receivables from and payables to affiliates, net	(51)		(18)
Inventories	7		5
Accounts payable and accrued expenses	(23)		(24)
Income taxes	5		3
Pension and non-pension postretirement benefit contributions	(67)		(36)
Other assets and liabilities	(3)		(94)
Net cash flows provided by operating activities	232		209
Cash flows from investing activities
Capital expenditures	(409)		(456)
Other investing activities	2		1
Net cash flows used in investing activities	(407)		(455)
Cash flows from financing activities
Changes in short-term borrowings	(468)		(368)
Issuance of long-term debt	700		625
Retirement of long-term debt	—		(44)
Changes in Exelon intercompany money pool	39		3
Distributions to member	(102)		(81)
Contributions from member	704		560
Other financing activities	(9)		(5)
Net cash flows provided by financing activities	864		690
Increase in cash, restricted cash, and cash equivalents	689		444
Cash, restricted cash, and cash equivalents at beginning of period	213		160
Cash, restricted cash, and cash equivalents at end of period	$	902	$	604
Supplemental cash flow information
Decrease in capital expenditures not paid	$	(55)	$	(33)

See the Combined Notes to Consolidated Financial Statements

30

PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	796	$	136
Restricted cash and cash equivalents	106		77
Accounts receivable
Customer accounts receivable	618		616
Customer allowance for credit losses	(113)		(104)
Customer accounts receivable, net	505		512
Other accounts receivable	288		283
Other allowance for credit losses	(41)		(39)
Other accounts receivable, net	247		244
Receivables from affiliates	—		2
Inventories, net
Fossil fuel	4		11
Materials and supplies	209		209
Regulatory assets	432		432
Other	69		69
Total current assets	2,368		1,692
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,256 and $2,108 as of March 31, 2022 and December 31, 2021, respectively)	16,701		16,498
Deferred debits and other assets
Regulatory assets	1,770		1,794
Investments	142		145
Goodwill	4,005		4,005
Prepaid pension asset	392		344
Deferred income taxes	5		8
Other	253		258
Total deferred debits and other assets	6,567		6,554
Total assets	$	25,636	$	24,744

See the Combined Notes to Consolidated Financial Statements

31

PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	468
Long-term debt due within one year	400		399
Accounts payable	522		578
Accrued expenses	264		281
Payables to affiliates	51		104
Borrowings from Exelon intercompany money pool	46		7
Customer deposits	80		81
Regulatory liabilities	72		68
Unamortized energy contract liabilities	13		89
PPA termination obligation	85		—
Other	215		171
Total current liabilities	1,748		2,246
Long-term debt	7,833		7,148
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,723		2,675
Asset retirement obligations	70		70
Non-pension postretirement benefit obligations	60		66
Regulatory liabilities	1,182		1,238
Unamortized energy contract liabilities	42		146
Other	661		570
Total deferred credits and other liabilities	4,738		4,765
Total liabilities	14,319		14,159
Commitments and contingencies
Member's equity
Membership interest	11,499		10,795
Undistributed losses	(182)		(210)
Total member's equity	11,317		10,585
Total liabilities and member's equity	$	25,636	$	24,744

See the Combined Notes to Consolidated Financial Statements

32

PEPCO HOLDINGS LLC AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions)	Membership Interest		Undistributed (Losses)/Earnings		Total Member's Equity
Balance, December 31, 2021	$	10,795	$	(210)	$	10,585
Net income	—		130		130
Distributions to member	—		(102)		(102)
Contributions from member	704		—		704
Balance, March 31, 2022	$	11,499	$	(182)	$	11,317

	Three Months Ended March 31, 2021
(In millions)	Membership Interest		Undistributed (Losses)/Earnings		Total Member's Equity
Balance, December 31, 2020	$	10,112	$	(68)	$	10,044
Net income	—		128		128
Distributions to member	—		(81)		(81)
Contributions from member	560		—		560
Balance, March 31, 2021	$	10,672	$	(21)	$	10,651

See the Combined Notes to Consolidated Financial Statements

33

POTOMAC ELECTRIC POWER COMPANY

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Operating revenues
Electric operating revenues	620		$	526
Revenues from alternative revenue programs	(7)		26
Operating revenues from affiliates	1		1
Total operating revenues	614		553
Operating expenses
Purchased power	174		92
Purchased power from affiliate	39		74
Operating and maintenance	73		56
Operating and maintenance from affiliates	58		52
Depreciation and amortization	108		102
Taxes other than income taxes	95		90
Total operating expenses	547		466
Operating income	67		87
Other income and (deductions)
Interest expense, net	(36)		(34)
Other, net	13		12
Total other income and (deductions)	(23)		(22)
Income before income taxes	44		65
Income taxes	(2)		6
Net income	$	46	$	59
Comprehensive income	$	46	$	59

See the Combined Notes to Consolidated Financial Statements

34

POTOMAC ELECTRIC POWER COMPANY

STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income	$	46	$	59
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	108		102
Deferred income taxes and amortization of investment tax credits	(2)		4
Other non-cash operating activities	12		(25)
Changes in assets and liabilities:
Accounts receivable	(2)		26
Receivables from and payables to affiliates, net	(25)		(9)
Inventories	—		1
Accounts payable and accrued expenses	5		—
Income taxes	1		2
Pension and non-pension postretirement benefit contributions	(5)		(5)
Other assets and liabilities	(18)		(58)
Net cash flows provided by operating activities	120		97
Cash flows from investing activities
Capital expenditures	(218)		(220)
Other investing activities	1		1
Net cash flows used in investing activities	(217)		(219)
Cash flows from financing activities
Changes in short-term borrowings	(175)		(35)
Issuance of long-term debt	400		150
Dividends paid on common stock	(42)		(28)
Contributions from parent	387		138
Other financing activities	(5)		(1)
Net cash flows provided by financing activities	565		224
Increase in cash, restricted cash, and cash equivalents	468		102
Cash, restricted cash, and cash equivalents at beginning of period	68		65
Cash, restricted cash, and cash equivalents at end of period	$	536	$	167
Supplemental cash flow information
Decrease in capital expenditures not paid	$	(36)	$	(16)

See the Combined Notes to Consolidated Financial Statements

35

POTOMAC ELECTRIC POWER COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	502	$	34
Restricted cash and cash equivalents	34		34
Accounts receivable
Customer accounts receivable	278		277
Customer allowance for credit losses	(40)		(37)
Customer accounts receivable, net	238		240
Other accounts receivable	157		160
Other allowance for credit losses	(18)		(16)
Other accounts receivable, net	139		144
Inventories, net	119		119
Regulatory assets	216		213
Other	29		25
Total current assets	1,277		809
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,929 and $3,875 as of March 31, 2022 and December 31, 2021, respectively)	8,229		8,104
Deferred debits and other assets
Regulatory assets	496		532
Investments	119		120
Prepaid pension asset	279		279
Other	58		59
Total deferred debits and other assets	952		990
Total assets	$	10,458	$	9,903

See the Combined Notes to Consolidated Financial Statements

36

POTOMAC ELECTRIC POWER COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	175
Long-term debt due within one year	314		313
Accounts payable	246		272
Accrued expenses	158		160
Payables to affiliates	34		59
Customer deposits	36		35
Regulatory liabilities	18		14
Merger related obligation	27		27
Other	64		55
Total current liabilities	897		1,110
Long-term debt	3,527		3,132
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,293		1,275
Asset retirement obligations	45		45
Non-pension postretirement benefit obligations	—		3
Regulatory liabilities	533		549
Other	297		314
Total deferred credits and other liabilities	2,168		2,186
Total liabilities	6,592		6,428
Commitments and contingencies
Shareholder's equity
Shareholder's Equity
Common stock	2,689		2,302
Retained earnings	1,177		1,173
Total shareholder's equity	3,866		3,475
Total liabilities and shareholder's equity	$	10,458	$	9,903

See the Combined Notes to Consolidated Financial Statements

37

POTOMAC ELECTRIC POWER COMPANY

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2021	$	2,302	$	1,173	$	3,475
Net income	—		46		46
Common stock dividends	—		(42)		(42)
Contributions from parent	387		—		387
Balance, March 31, 2022	$	2,689	$	1,177	$	3,866

	Three Months Ended March 31, 2021
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2020	$	2,058	$	1,145	$	3,203
Net income	—		59		59
Common stock dividends	—		(28)		(28)
Contributions from parent	138		—		138
Balance, March 31, 2021	$	2,196	$	1,176	$	3,372

See the Combined Notes to Consolidated Financial Statements

38

DELMARVA POWER & LIGHT COMPANY

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Operating revenues
Electric operating revenues	$	348	$	300
Natural gas operating revenues	83		71
Revenues from alternative revenue programs	(1)		9
Operating revenues from affiliates	1		2
Total operating revenues	431		382
Operating expenses
Purchased power	137		103
Purchased fuel	42		33
Purchased power from affiliates	10		20
Operating and maintenance	51		44
Operating and maintenance from affiliates	42		39
Depreciation and amortization	57		53
Taxes other than income taxes	18		17
Total operating expenses	357		309
Operating income	74		73
Other income and (deductions)
Interest expense, net	(16)		(15)
Other, net	2		3
Total other income and (deductions)	(14)		(12)
Income before income taxes	60		61
Income taxes	4		5
Net income	$	56	$	56
Comprehensive income	$	56	$	56

See the Combined Notes to Consolidated Financial Statements

39

DELMARVA POWER & LIGHT COMPANY

STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income	$	56	$	56
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	57		53
Deferred income taxes and amortization of investment tax credits	5		2
Other non-cash operating activities	9		(1)
Changes in assets and liabilities:
Accounts receivable	(17)		15
Receivables from and payables to affiliates, net	(17)		(11)
Inventories	8		2
Accounts payable and accrued expenses	15		11
Income taxes	(1)		3
Pension and non-pension postretirement benefit contributions	(1)		—
Other assets and liabilities	33		(26)
Net cash flows provided by operating activities	147		104
Cash flows from investing activities
Capital expenditures	(103)		(112)
Other investing activities	1		—
Net cash flows used in investing activities	(102)		(112)
Cash flows from financing activities
Changes in short-term borrowings	(149)		(146)
Issuance of long-term debt	125		125
Dividends paid on common stock	(41)		(40)
Contributions from parent	144		120
Other financing activities	(2)		(2)
Net cash flows provided by financing activities	77		57
Increase in cash, restricted cash, and cash equivalents	122		49
Cash, restricted cash, and cash equivalents at beginning of period	71		15
Cash, restricted cash, and cash equivalents at end of period	$	193	$	64
Supplemental cash flow information
Decrease in capital expenditures not paid	$	(8)	$	(15)

    

See the Combined Notes to Consolidated Financial Statements

40

DELMARVA POWER & LIGHT COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	120	$	28
Restricted cash and cash equivalents	73		43
Accounts receivable
Customer accounts receivable	164		149
Customer allowance for credit losses	(24)		(18)
Customer accounts receivable, net	140		131
Other accounts receivable	62		58
Other allowance for credit losses	(9)		(8)
Other accounts receivable, net	53		50
Receivables from affiliates	—		1
Inventories, net
Fossil fuel	4		11
Materials and supplies	53		54
Prepaid utility taxes	10		20
Regulatory assets	66		68
Other	19		16
Total current assets	538		422
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,671 and $1,635 as of March 31, 2022 and December 31, 2021, respectively)	4,612		4,560
Deferred debits and other assets
Regulatory assets	208		212
Prepaid pension asset	157		157
Other	58		61
Total deferred debits and other assets	423		430
Total assets	$	5,573	$	5,412

See the Combined Notes to Consolidated Financial Statements

41

DELMARVA POWER & LIGHT COMPANY

BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	149
Long-term debt due within one year	83		83
Accounts payable	128		131
Accrued expenses	50		40
Payables to affiliates	15		33
Customer deposits	27		28
Regulatory liabilities	33		25
Other	88		59
Total current liabilities	424		548
Long-term debt	1,852		1,727
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	825		803
Asset retirement obligations	16		16
Non-pension postretirement benefits obligations	10		11
Regulatory liabilities	423		441
Other	87		89
Total deferred credits and other liabilities	1,361		1,360
Total liabilities	3,637		3,635
Commitments and contingencies
Shareholder's equity
Common stock	1,353		1,209
Retained earnings	583		568
Total shareholder's equity	1,936		1,777
Total liabilities and shareholder's equity	$	5,573	$	5,412

See the Combined Notes to Consolidated Financial Statements

42

DELMARVA POWER & LIGHT COMPANY

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2021	$	1,209	$	568	$	1,777
Net income	—		56		56
Common stock dividends	—		(41)		(41)
Contributions from parent	144		—		144
Balance, March 31, 2022	$	1,353	$	583	$	1,936

	Three Months Ended March 31, 2021
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2020	$	1,089	$	587	$	1,676
Net income	—		56		56
Common stock dividends	—		(40)		(40)
Contributions from parent	120		—		120
Balance, March 31, 2021	$	1,209	$	603	$	1,812

See the Combined Notes to Consolidated Financial Statements

43

ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Operating revenues
Electric operating revenues	$	345	$	298
Revenues from alternative revenue programs	3		11
Operating revenues from affiliates	1		1
Total operating revenues	349		310
Operating expenses
Purchased power	176		153
Purchased power from affiliate	2		4
Operating and maintenance	47		42
Operating and maintenance from affiliates	37		34
Depreciation and amortization	47		47
Taxes other than income taxes	2		2
Total operating expenses	311		282
Operating income	38		28
Other income and (deductions)
Interest expense, net	(14)		(15)
Other, net	3		1
Total other income and (deductions)	(11)		(14)
Income before income taxes	27		14
Income taxes	1		—
Net income	$	26	$	14
Comprehensive income	$	26	$	14

See the Combined Notes to Consolidated Financial Statements

44

ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(In millions)	2022		2021
Cash flows from operating activities
Net income	$	26	$	14
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	47		47
Deferred income taxes and amortization of investment tax credits	1		(1)
Other non-cash operating activities	2		(7)
Changes in assets and liabilities:
Accounts receivable	(1)		13
Receivables from and payables to affiliates, net	(6)		1
Inventories	(1)		3
Accounts payable and accrued expenses	(17)		(11)
Income taxes	—		1
Pension and non-pension postretirement benefit contributions	(7)		(3)
Other assets and liabilities	—		(3)
Net cash flows provided by operating activities	44		54
Cash flows from investing activities
Capital expenditures	(87)		(123)
Net cash flows used in investing activities	(87)		(123)
Cash flows from financing activities
Changes in short-term borrowings	(144)		(187)
Issuance of long-term debt	175		350
Retirement of long-term debt	—		(44)
Dividends paid on common stock	(19)		(14)
Contributions from parent	173		303
Other financing activities	(3)		(3)
Net cash flows provided by financing activities	182		405
Increase in cash, restricted cash, and cash equivalents	139		336
Cash, restricted cash, and cash equivalents at beginning of period	29		30
Cash, restricted cash, and cash equivalents at end of period	$	168	$	366
Supplemental cash flow information
Decrease in capital expenditures not paid	$	(10)	$	(2)

See the Combined Notes to Consolidated Financial Statements

45

ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	168	$	29
Accounts receivable
Customer accounts receivable	177		190
Customer allowance for credit losses	(49)		(49)
Customer accounts receivable, net	128		141
Other accounts receivable	79		76
Other allowance for credit losses	(14)		(15)
Other accounts receivable, net	65		61
Receivables from affiliates	—		2
Inventories, net	37		36
Regulatory assets	137		61
Other	5		3
Total current assets	540		333
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,458 and $1,420 as of March 31, 2022 and December 31, 2021, respectively)	3,763		3,729
Deferred debits and other assets
Regulatory assets	559		430
Prepaid pension asset	30		27
Other	37		37
Total deferred debits and other assets	626		494
Total assets	$	4,929	$	4,556

See the Combined Notes to Consolidated Financial Statements

46

ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$	—	$	144
Long-term debt due within one year	3		3
Accounts payable	139		165
Accrued expenses	43		44
Payables to affiliates	23		31
Customer deposits	18		18
Regulatory liabilities	20		28
PPA termination obligation	85		—
Other	18		12
Total current liabilities	349		445
Long-term debt	1,754		1,579
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	692		682
Non-pension postretirement benefit obligations	11		12
Regulatory liabilities	203		214
Other	165		49
Total deferred credits and other liabilities	1,071		957
Total liabilities	3,174		2,981
Commitments and contingencies
Shareholder's equity
Common stock	1,763		1,590
Retained deficit	(8)		(15)
Total shareholder's equity	1,755		1,575
Total liabilities and shareholder's equity	$	4,929	$	4,556

See the Combined Notes to Consolidated Financial Statements

47

ATLANTIC CITY ELECTRIC COMPANY AND SUBSIDIARY COMPANY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

(Unaudited)

	Three Months Ended March 31, 2022
(In millions)	Common Stock		Retained Deficit		Total Shareholder's Equity
Balance, December 31, 2021	$	1,590	$	(15)	$	1,575
Net income	—		26		26
Common stock dividends	—		(19)		(19)
Contributions from parent	173		—		173
Balance, March 31, 2022	$	1,763	$	(8)	$	1,755

	Three Months Ended March 31, 2021
(In millions)	Common Stock		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2020	$	1,271	$	127	$	1,398
Net income	—		14		14
Common stock dividends	—		(14)		(14)
Contributions from parent	303		—		303
Balance, March 31, 2021	$	1,574	$	127	$	1,701

See the Combined Notes to Consolidated Financial Statements

48

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 1 — Significant Accounting Policies

1. Significant Accounting Policies (All Registrants)

Description of Business

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

On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation. The separation was completed on February 1, 2022, creating two publicly traded companies, Exelon and Constellation. See Note 2 — Discontinued Operations for additional information.

Name of Registrant	Business	Service Territories
Commonwealth Edison Company	Purchase and regulated retail sale of electricity	Northern Illinois, including the City of Chicago
	Transmission and distribution of electricity to retail customers
PECO Energy Company	Purchase and regulated retail sale of electricity and natural gas	Southeastern Pennsylvania, including the City of Philadelphia (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Pennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric Company	Purchase and regulated retail sale of electricity and natural gas	Central Maryland, including the City of Baltimore (electricity and natural gas)
	Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLC	Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE	Service Territories of Pepco, DPL, and ACE
Potomac Electric  Power Company	Purchase and regulated retail sale of electricity	District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland
	Transmission and distribution of electricity to retail customers
Delmarva Power & Light Company	Purchase and regulated retail sale of electricity and natural gas	Portions of Delaware and Maryland (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Portions of New Castle County, Delaware (natural gas)
Atlantic City Electric Company	Purchase and regulated retail sale of electricity	Portions of Southern New Jersey
	Transmission and distribution of electricity to retail customers

Basis of Presentation

This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant’s Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated, except for the historical transactions between the Utility Registrants and Generation for the purposes of presenting discontinued operations in all periods presented in the Consolidated Statements of Operations and Comprehensive Income.

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

The accompanying consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 are unaudited but, in the opinion of the management of each Registrant include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The

49

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 1 — Significant Accounting Policies

December 31, 2021 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2022. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

The separation of Constellation, including Generation and its subsidiaries, meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Accounting rules require that certain BSC costs previously allocated to Generation be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Comprehensive income, shareholders' equity, and cash flows related to Constellation have not been segregated and are included in the Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Changes in Shareholders’ Equity, and Consolidated Statements of Cash Flows, respectively, for all periods presented. See Note 2 — Discontinued Operations for additional information.

Prior Period Adjustments and Reclassifications (Exelon, PHI, ACE)

In the first quarter of 2022, management identified an error related to an overstatement of the regulatory liability associated with ACE’s mechanism to recover the cost of Transition Bonds issued in 2002 and 2003 by ACE Funding. Management has concluded that the error was not material to previously issued financial statements for Exelon, PHI or ACE.

The error was corrected through a revision to ACE’s financial statements contained herein. The impact of the error correction was an $8 million increase to ACE’s opening Retained earnings as of January 1, 2021 with a corresponding reduction to Regulatory liabilities of $11 million and an increase to Deferred income taxes and unamortized investment tax credits of $3 million. The impact of the error to ACE’s Total operating revenues and Net income was less than $1 million for the three months ended March 31, 2021. The error did not impact net cash flows provided by operating activities, net cash flows used in investing activities or net cash flows provided by financing activities for the three months ended March 31, 2021.

The error was corrected in the Exelon and PHI financial statements for the three months ended March 31, 2022 as it was not material, resulting in an increase to Net income of $8 million.

2. Discontinued Operations (Exelon)

On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation, creating two publicly traded companies ("the separation"). Exelon completed the separation on February 1, 2022, through the distribution of 326,663,937 common stock shares of Constellation, the new publicly traded company, to Exelon shareholders. Under the separation plan, Exelon shareholders retained their current shares of Exelon stock and received one share of Constellation common stock for every three shares of Exelon common stock held on January 20, 2022, the record date for the distribution, in a transaction that is tax-free to Exelon and its shareholders for U.S. federal income tax purposes.

Constellation was newly formed and incorporated in Pennsylvania on June 15, 2021 for the purposes of separation and holds Generation (including Generation's subsidiaries).

Pursuant to the separation:

•Exelon entered into four term loans consisting of a 364-day term loan for $1.15 billion and three 18-month term loans for $300 million, $300 million and $250 million, respectively. Exelon issued these term loans primarily to fund the cash payment to Constellation and for general corporate purposes. See Note 10 — Debt and Credit Agreements for additional information.

•Exelon made a cash payment of $1.75 billion to Constellation on January 31, 2022.

50

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 2 — Discontinued Operations

•Exelon contributed its equity ownership interest in Generation to Constellation. Exelon no longer retains any equity ownership interest in Generation or Constellation.

•Exelon transferred certain corporate assets and employee-related obligations to Constellation.

•Exelon received cash from Generation of $258 million to settle the intercompany loan on January 31, 2022. See Note 10 — Debt and Credit Agreements for additional information.

Continuing Involvement

In order to govern the ongoing relationships between Exelon and Constellation after the separation, and to facilitate an orderly transition, Exelon and Constellation have entered into several agreements, including the following:

•Separation Agreement – governs the rights and obligations between Exelon and Constellation regarding certain actions to be taken in connection with the separation, among others, including the allocation of assets and liabilities between Exelon and Constellation.

•Transition Services Agreement (TSA) – governs the terms and conditions of the services that Exelon will provide to Constellation and Constellation will provide to Exelon for an expected period of two years, provided that certain services may be longer than the term and services may be extended with approval from both parties. The services include specified accounting, finance, information technology, human resources, employee benefits and other services that have historically been provided on a centralized basis by BSC. For the period from February 1, 2022 to March 31, 2022, the amounts Exelon billed Constellation and Constellation billed Exelon for these services were $56 million recorded in Other income, net and $9 million recorded in Operating and maintenance expense, respectively.

•Tax Matters Agreement (TMA) – governs the respective rights, responsibilities and obligations of Exelon and Constellation with respect to all tax matters, including tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. See Note 7. Income Taxes for additional information.

In addition, the Utility Registrants will continue to incur expenses from transactions with Generation after the separation. Prior to the separation, such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants. After the separation, such expenses are primarily recorded as Purchased power and an immaterial amount recorded as Operating and maintenance expense at the Utility Registrants.

•ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation.

•PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs.

•BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs.

•Pepco received electric supply from Generation under contracts executed through Pepco’s competitive procurement process approved by the MDPSC and DCPSC.

•DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs.

•ACE received electric supply from Generation under contracts executed through ACE’s competitive procurement process approved by the NJBPU.

ComEd and PECO also have receivables with Generation as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. See Note 10 — Asset Retirement Obligations of the Combined Notes to Consolidated Financial Statements of the Exelon 2021 Form 10-K and Note 15 — Related Party Transactions for additional information.

51

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 2 — Discontinued Operations

Discontinued Operations

The separation represented a strategic shift that would have a major effect on Exelon’s operations and financial results. Accordingly, the separation meets the criteria for discontinued operations.

The following table presents the results of Constellation that have been reclassified from continuing operations and included in discontinued operations within Exelon’s Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2022 and March 31, 2021.

These results are primarily Generation, which is comprised of Exelon’s Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions reportable segments, and include the impact of transaction costs, certain BSC costs, including any transition costs, that were historically allocated and directly attributable to Generation, transactions between Generation and the Utility Registrants, and tax-related adjustments. Transaction costs include costs for external bankers, accountants, appraisers, lawyers, external counsels and other advisors, among others, who are involved in the negotiation, appraisal, due diligence and regulatory approval of the separation. Transition costs are primarily employee-related costs such as recruitment expenses, costs to establish certain stand-alone functions and information technology systems, professional services fees and other separation-related costs during the transition to separate Generation. For the purposes of reporting discontinued operations, these results also include transactions between Generation and the Utility Registrants that were historically eliminated within Exelon’s Consolidated Statements of Operations as these transactions will be ongoing after the separation. Certain BSC costs that were historically allocated to Generation are presented as part of continuing operations in Exelon’s Consolidated Statements of Operations as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

	Three Months Ended March 31,
	2022		2021
Operating revenues
Competitive business revenues	$	1,855	$	5,265
Competitive business revenues from affiliates	161		294
Total operating revenues	2,016		5,559
Operating expenses
Competitive businesses purchased power and fuel	1,138		4,610
Operating and maintenance(a)	371		904
Depreciation and amortization	94		940
Taxes other than income taxes	44		121
Total operating expenses	1,647		6,575
Gain on sales of assets and businesses	10		71
Operating income (loss)	379		(945)
Other income and (deductions)
Interest expense, net	(20)		(68)
Other, net	(281)		167
Total other income and (deductions)	(301)		99
Income (loss) before income taxes	78		(846)
Income taxes	(40)		(58)
Equity in losses of unconsolidated affiliates	(1)		(1)
Net income (loss)	117		(789)
Net income attributable to noncontrolling interests	1		25
Net income (loss) from discontinued operations	$	116	$	(814)

52

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 2 — Discontinued Operations

__________

(a)Includes transaction and transition costs related to the separation of $52 million and $3 million for the three months ended March 31, 2022 and 2021, respectively. $50 million and $2 million of transaction costs and $2 million and less than $1 million of transition costs are included in the results of discontinued operations in the table presented above for the three months ended March 31, 2022 and March 31, 2021, respectively. See discussion above for additional information.

There were no assets and liabilities of discontinued operations included in Exelon’s Consolidated Balance Sheet as of March 31, 2022. Constellation had net assets of $11,573 million that separated on February 1, 2022 that resulted in a reduction to Exelon’s equity during the three months ended March 31, 2022. Refer to the Distribution of Constellation line in Exelon’s Consolidated Statement of Changes in Shareholders’ Equity for further information.

The following table presents the assets and liabilities of discontinued operations in Exelon’s Consolidated Balance Sheet as of December 31, 2021:

	December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	510
Restricted cash and cash equivalents	72
Accounts receivable
Customer accounts receivable	1,724
Customer allowance for credit losses	(55)
Customer accounts receivable, net	1,669
Other accounts receivable	596
Other allowance for credit losses	(4)
Other accounts receivable, net	592
Mark-to-market derivative assets	2,169
Inventories, net
Fossil fuel and emission allowances	284
Materials and supplies	1,004
Renewable energy credits	529
Assets held for sale	13
Other	993
Total current assets of discontinued operations	7,835
Property, plant, and equipment (net of accumulated depreciation and amortization of $15,888)	19,661
Deferred debits and other assets
Nuclear decommissioning trust funds	15,938
Investments	193
Mark-to-market derivative assets	949
Other	1,768
Total property, plant, and equipment, deferred debits, and other assets of discontinued operations	38,509
Total assets of discontinued operations	$	46,344

53

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 2 — Discontinued Operations

	December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	2,082
Long-term debt due within one year	1,220
Accounts payable	1,757
Accrued expenses	818
Mark-to-market derivative liabilities	981
Renewable energy credit obligation	779
Liabilities held for sale	3
Other	300
Total current liabilities of discontinued operations	7,940
Long-term debt	4,575
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,583
Asset retirement obligations	12,819
Pension obligations	939
Non-pension postretirement benefit obligations	876
Spent nuclear fuel obligation	1,210
Mark-to-market derivative liabilities	513
Other	1,161
Total long-term debt, deferred credits, and other liabilities of discontinued operations	25,676
Total liabilities of discontinued operations	$	33,616

The following table presents selected financial information regarding cash flows of the discontinued operations that are included within Exelon’s Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and March 31, 2021.

	Three Months Ended March 31, 2022
	2022		2021
Non-cash items included in net income (loss) from discontinued operations:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	$	207	$	1,346
Gain on sales of assets and businesses	9		(71)
Deferred income taxes and amortization of investment tax credits	(143)		(234)
Net fair value changes related to derivatives	(59)		(178)
Net realized and unrealized losses (gains) on NDT fund investments	205		(118)
Net unrealized losses on equity investments	16		23
Other decommissioning-related activity	36		(332)
Cash flows from investing activities:
Capital expenditures	(227)		(394)
Collection of DPP	169		1,574
Supplemental cash flow information:
Decrease in capital expenditures not paid	(128)		(37)
Increase in DPP	348		1,339
Increase in PP&E related to ARO update	335		—

54

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 3 — Regulatory Matters

3. Regulatory Matters (All Registrants)

As discussed in Note 3 — Regulatory Matters of the Exelon 2021 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2022 and updates to the 2021 Form 10-K.

Distribution Base Rate Case Proceedings

The following tables show the completed and pending distribution base rate case proceedings in 2022.

Completed Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Approved Revenue Requirement Increase		Approved ROE		Approval Date	Rate Effective Date
ComEd - Illinois(a)	April 16, 2021	Electric	$	51	$	46	7.36	%	December 1, 2021	January 1, 2022
PECO - Pennsylvania	March 30, 2021	Electric	246		132		N/A(b)		November 18, 2021	January 1, 2022
BGE - Maryland(c)	May 15, 2020 (amended September 11, 2020)	Electric	203		140		9.50	%	December 16, 2020	January 1, 2021
		Natural Gas	108		74		9.65	%
Pepco - District of Columbia(d)	May 30, 2019 (amended June 1, 2020)	Electric	136		109		9.275	%	June 8, 2021	July 1, 2021
Pepco - Maryland(e)	October 26, 2020 (amended March 31, 2021)	Electric	104		52		9.55	%	June 28, 2021	June 28, 2021
DPL - Maryland(f)	September 1, 2021 (amended December 23, 2021)	Electric	27		13		9.60	%	March 2, 2022	March 2, 2022
ACE - New Jersey(g)	December 9, 2020 (amended February 26, 2021)	Electric	67		41		9.60	%	July 14, 2021	January 1, 2022

__________

(a)ComEd's 2022 approved revenue requirement reflects an increase of $37 million for the initial year revenue requirement for 2022 and an increase of $9 million related to the annual reconciliation for 2020. The revenue requirement for 2022 provides for a weighted average debt and equity return on distribution rate base of 5.72%, inclusive of an allowed ROE of 7.36%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2020 provides for a weighted average debt and equity return on distribution rate base of 5.69%, inclusive of an allowed ROE of 7.29%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points.

(b)The PECO electric base rate case proceeding was resolved through a settlement agreement, which did not specify an approved ROE.

(c)Reflects a three-year cumulative multi-year plan for 2021 through 2023. The MDPSC awarded BGE electric revenue requirement increases of $59 million, $39 million, and $42 million, before offsets, in 2021, 2022, and 2023, respectively, and natural gas revenue requirement increases of $53 million, $11 million, and $10 million, before offsets, in 2021, 2022, and 2023, respectively. BGE proposed to use certain tax benefits to fully offset the increases in 2021 and 2022 and partially offset the increase in 2023. However, the MDPSC utilized the tax benefits to fully offset the increases in 2021 and January 2022 such that customer rates remained unchanged. For the remainder of 2022, the MDPSC chose to offset only 25% of the cumulative 2021 and 2022 electric revenue requirement increases and 50% of the cumulative gas revenue requirement increases. Whether certain tax benefits will be used to offset the customer rate increases in 2023 has not been decided, and BGE cannot predict the outcome.

(d)Reflects a cumulative multi-year plan with 18-months remaining in 2021 through 2022. The DCPSC awarded Pepco electric incremental revenue requirement increases of $42 million and $67 million, before offsets, for 2021 and 2022, respectively. However, the DCPSC utilized the acceleration of refunds for certain tax benefits along with other rate relief to partially offset the customer rate increases by $22 million and $40 million for 2021 and 2022, respectively.

55

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 3 — Regulatory Matters

(e)Reflects a three-year cumulative multi-year plan for April 1, 2021 through March 31, 2024. The MDPSC awarded Pepco electric incremental revenue requirement increases of $21 million, $16 million, and $15 million, before offsets, for the 12-month periods ending March 31, 2022, 2023, and 2024, respectively. Pepco proposed to utilize certain tax benefits to fully offset the increase through 2023 and partially offset customer rate increases in 2024. However, the MDPSC only utilized the acceleration of refunds for certain tax benefits to fully offset the increases such that customer rates remain unchanged through March 31, 2022. On February 23, 2022, the MDPSC chose to offset 25% of the cumulative revenue requirement increase for the 12-month period ending March 31, 2023. Whether certain tax benefits will be used to offset the customer rate increases for the 12-month period ending March 31, 2024 has not been decided, and Pepco cannot predict the outcome.

(f)The approved settlement reflects a 9.60% ROE, which is solely for the purposes of calculating AFUDC and regulatory asset carrying costs.

(g)Requested and approved increases are before New Jersey sales and use tax. The order allows ACE to retain approximately $11 million of certain tax benefits which resulted in a decrease to income tax expense in Exelon's, PHI's, and ACE's Consolidated Statements of Operations and Comprehensive Income in the third quarter of 2021.

Pending Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Requested ROE		Expected Approval Timing
ComEd - Illinois(a)	April 15, 2022	Electric	$	199	7.85	%	Fourth quarter of 2022
PECO - Pennsylvania	March 31, 2022	Natural Gas	82		10.95	%	Fourth quarter of 2022
DPL - Delaware(b)	January 14, 2022 (amended February 28, 2022)	Natural Gas	15		10.30	%	First quarter of 2023

__________

(a)ComEd's 2023 requested revenue requirement reflects an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing under EIMA as a result of the law authorizing the rate setting process sunsetting at the end of 2022. See Note 3. - Regulatory Matters of the Exelon 2021 Form 10-K for additional information on ComEd's transition away from the electric distribution formula rate.

(b)The rates will go into effect on August 14, 2022, subject to refund.

Transmission Formula Rates

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

For 2022, the following total increases were included in ComEd’s and BGE's electric transmission formula rate update. PECO, Pepco, DPL, and ACE intend to file by the required deadline for the annual update.

Registrant(a)	Initial Revenue Requirement Increase		Annual Reconciliation Decrease		Total Revenue Requirement Increase			Allowed Return on Rate Base(c)		Allowed ROE(d)
ComEd	$	24	$	(24)	$	—		8.11	%	11.50	%
BGE	25		(4)		16		(b)	7.30	%	10.50	%

56

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 3 — Regulatory Matters

(a)All rates are effective June 1, 2022 - May 31, 2023, subject to review by interested parties pursuant to review protocols of ComEd's and BGE's tariff.

(b)The increase in BGE's transmission revenue requirement includes a $5 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.

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

(d)As part of the FERC-approved settlements of ComEd’s 2007 transmission rate case, the rate of return on common equity is 11.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO, and the common equity component of the ratio used to calculate the weighted average debt and equity return for the transmission formula rate is currently capped at 55%. As part of the FERC-approved settlement of the ROE complaint against BGE, the rate of return on common equity is 10.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO.

Other State Regulatory Matters

Illinois Regulatory Matters

CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year multi-year plan no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) an extension of and certain adjustments to ComEd’s energy efficiency MWh savings goals, (4) revisions to the Illinois RPS requirements, including expanded charges for the procurement of RECs from wind and solar generation, (5) a requirement to accelerate amortization of ComEd’s unprotected excess deferred income taxes ("EDIT") that ComEd was previously directed by the ICC to amortize using the average rate assumption method which equates to approximately 39.5 years, and (6) requirements that the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics. Regulatory or legal challenges regarding the validity or implementation of CEJA are possible and Exelon and ComEd cannot reasonably predict the outcome of any such challenges.

The ICC initiated a docket to accelerate and fully credit to customers TCJA unprotected property-related EDIT no later than December 31, 2025. On April 13, 2022, a stipulation and agreement on the schedule for the acceleration of EDIT amortization was submitted by ComEd, the Illinois Attorney General's Office, and the Citizens Utility Board. At this time, ComEd cannot predict an outcome of these proceedings.

See Note 3 — Regulatory Matters of the Exelon 2021 Form 10-K for additional information on CEJA (referred to as Clean Energy Law).

New Jersey Regulatory Matters

Termination of Energy Procurement Provisions of PPAs (Exelon, PHI, and ACE).

On December 22, 2021, ACE filed with the NJBPU a petition to terminate the provisions in the PPAs to purchase electricity from two coal-powered generation facilities located in the state of New Jersey. The petition was approved by the NJBPU on March 23, 2022. Upon closing of the transaction on March 31, 2022, ACE recognized a liability of $203 million for the contract termination fee, which is to be paid by the end of 2024, and recognized a corresponding regulatory asset of $203 million.

As of March 31, 2022, the $203 million liability for the contract termination fee consists of $85 million and $118 million included in Other current liabilities and Other deferred credits and other liabilities, respectively, in Exelon's Consolidated Balance Sheet. As of March 31, 2022, the current and noncurrent liability is included in PPA termination obligation and Other deferred credits and other liabilities, respectively, in PHI's and ACE's Consolidated Balance Sheets.

Regulatory Assets and Liabilities

The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2021, unless noted below. See Note 3 — Regulatory Matters of the Exelon 2021 Form 10-K for additional information on the specific regulatory assets and liabilities.

57

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 3 — Regulatory Matters

PECO. Regulatory assets increased $66 million primarily due to an increase of $60 million in the Deferred Income Taxes regulatory asset. Regulatory liabilities decreased by $112 million primarily due to a decrease of $111 million in the Nuclear Decommissioning regulatory liability.

BGE. Regulatory assets decreased $50 million primarily due to a decrease of $19 million in the Electric Energy and Natural Gas Costs regulatory asset and $16 million in the Energy Efficiency and Demand Response Programs regulatory asset. Regulatory liabilities decreased $53 million primarily due to a decrease of $65 million in the Deferred Income Taxes regulatory liability.

ACE. Regulatory assets increased $205 million primarily due to an increase in the Electric Energy Costs regulatory asset as a result of the PPA termination. Regulatory liabilities decreased $19 million primarily due to a decrease of $9 million in the Deferred Income Taxes regulatory liability and $5 million in the Electric Energy Costs regulatory liability.

Capitalized Ratemaking Amounts Not Recognized

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers.

	Exelon		ComEd(a)		PECO		BGE(b)		PHI		Pepco(c)		DPL(c)		ACE
March 31, 2022	$	49	$	2	$	—	$	34	$	13	$	11	$	2	$	—
December 31, 2021	43		1		—		37		5		3		2		—

__________

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

(b)BGE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholder's investment on its AMI programs.

(c)Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholder's investment on their respective AMI Programs and Energy Efficiency and Demand Response Programs, and for Pepco District of Columbia revenue decoupling program. The earnings on energy efficiency are on Pepco District of Columbia and DPL Delaware programs only.

4. Revenue from Contracts with Customers (All Registrants)

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

See Note 4 — Revenue from Contracts with Customers of the Exelon 2021 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.

Contract Liabilities

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

For PHI, Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement with an unrelated owner and manager of communication infrastructure. The revenue attributable to this arrangement will be recognized as operating revenue over the 35 years under the collaborative arrangement.

Revenues recognized were immaterial for Exelon, PHI, Pepco, DPL, and ACE for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, ComEd's, PECO's, and BGE's contract liabilities were immaterial.

58

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 4 — Revenue from Contracts with Customers

Transaction Price Allocated to Remaining Performance Obligations

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2022. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

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

	2022		2023		2024		2025		2026 and thereafter		Total
Exelon	$	6	$	8	$	6	$	5	$	82	$	107
PHI	6		8		6		5		82		107
Pepco	4		6		5		5		65		85
DPL	1		1		—		—		9		11
ACE	1		1		1		—		8		11

Revenue Disaggregation

The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 5 — Segment Information for the presentation of the Registrant's revenue disaggregation.

5. Segment Information (All Registrants)

Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants.

Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL, and ACE's CODMs evaluate the performance of and allocate resources to ComEd, PECO, BGE, Pepco, DPL, and ACE based on net income.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2022 and 2021 is as follows:

59

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 5 — Segment Information

Three Months Ended March 31, 2022 and 2021

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2022
Electric revenues	$	1,734	$	741	$	736	$	1,318	$	—	$	(7)	$	4,522
Natural gas revenues	—		306		418		83		—		(2)		$	805
Shared service and other revenues	—		—		—		3		576		(579)		$	—
Total operating revenues	$	1,734	$	1,047	$	1,154	$	1,404	$	576	$	(588)	$	5,327
2021
Electric revenues	$	1,535	$	661	$	632	$	1,170	$	—	$	(7)	$	3,991
Natural gas revenues	—		228		342		71		—		—		641
Shared service and other revenues	—		—		—		3		491		(494)		—
Total operating revenues	$	1,535	$	889	$	974	$	1,244	$	491	$	(501)	$	4,632
Intersegment revenues(c):
2022	$	6	$	1	$	7	$	3	$	576	$	(587)	$	6
2021	6		2		6		3		487		(497)		7
Depreciation and amortization:
2022	$	321	$	92	$	171	$	218	$	15	$	—	$	817
2021	292		86		152		210		17		—		757
Operating expenses:
2022	$	1,406	$	793	$	919	$	1,215	$	625	$	(531)	$	4,427
2021	1,210		679		752		1,058		448		(339)		3,808
Interest expense, net:
2022	$	100	$	41	$	35	$	69	$	93	$	—	$	338
2021	96		38		34		67		83		—		318
Income (loss) from continuing operations before income taxes:
2022	$	240	$	220	$	207	$	137	$	(62)	$	(43)	$	699
2021	236		177		196		136		(32)		(149)		564
Income Taxes:
2022	$	52	$	14	$	9	$	7	$	146	$	(10)	$	218
2021	39		10		(13)		8		7		(12)		39
Net income (loss) from continuing operations:
2022	$	188	$	206	$	198	$	130	$	(208)	$	(33)	$	481
2021	197		167		209		128		(39)		(137)		525
Capital Expenditures:
2022	$	617	$	344	$	303	$	409	$	22	$	—	$	1,695
2021	613		295		336		456		46		—		1,746
Total assets:
March 31, 2022	$	37,013	$	14,113	$	12,509	$	25,636	$	7,583	$	(4,156)	$	92,698
December 31, 2021	36,470		13,824		12,324		24,744		7,634		(8,319)		86,677

__________

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

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

60

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 5 — Segment Information

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

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2022
Electric revenues	$	614	$	348	$	349	$	—	$	7	$	1,318
Natural gas revenues	—		83		—		—		—		83
Shared service and other revenues	—		—		—		107		(104)		3
Total operating revenues	$	614	$	431	$	349	$	107	$	(97)	$	1,404
2021
Electric revenues	$	553	$	311	$	310	$	—	$	(4)	$	1,170
Natural gas revenues	—		71		—		—		—		71
Shared service and other revenues	—		—		—		95		(92)		3
Total operating revenues	$	553	$	382	$	310	$	95	$	(96)	$	1,244
Intersegment revenues(c):
2022	$	1	$	1	$	1	$	97	$	(97)	$	3
2021	1		2		1		95		(96)		3
Depreciation and amortization:
2022	$	108	$	57	$	47	$	6	$	—	$	218
2021	102		53		47		8		—		210
Operating expenses:
2022	$	547	$	357	$	311	$	97	$	(97)	$	1,215
2021	466		309		282		97		(96)		1,058
Interest expense, net:
2022	$	36	$	16	$	14	$	3	$	—	$	69
2021	34		15		15		3		—		67
Income (loss) before income taxes:
2022	$	44	$	60	$	27	$	6	$	—	$	137
2021	65		61		14		(4)		—		136
Income Taxes:
2022	$	(2)	$	4	$	1	$	4	$	—	$	7
2021	6		5		—		(3)		—		8
Net income (loss):
2022	$	46	$	56	$	26	$	2	$	—	$	130
2021	59		56		14		(1)		—		128
Capital Expenditures:
2022	$	218	$	103	$	87	$	1	$	—	$	409
2021	220		112		123		1		—		456
Total assets:
March 31, 2022	$	10,458	$	5,573	$	4,929	$	4,720	$	(44)	$	25,636
December 31, 2021	9,903		5,412		4,556		4,933		(60)		24,744

__________

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

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

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

61

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 5 — Segment Information

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

	Three Months Ended March 31, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	857	$	487	$	417	$	652	$	275	$	207	$	170
Small commercial & industrial	423		111		81		141		38		56		47
Large commercial & industrial	153		64		131		323		253		26		44
Public authorities & electric railroads	14		8		7		16		8		4		4
Other(a)	239		62		97		193		46		56		81
Total electric revenues(b)	$	1,686	$	732	$	733	$	1,325	$	620	$	349	$	346
Natural gas revenues
Residential	$	—	$	218	$	282	$	51	$	—	$	51	$	—
Small commercial & industrial	—		76		45		21		—		21		—
Large commercial & industrial	—		—		65		3		—		3		—
Transportation	—		8		—		4		—		4		—
Other(c)	—		3		35		4		—		4		—
Total natural gas revenues(d)	$	—	$	305	$	427	$	83	$	—	$	83	$	—
Total revenues from contracts with customers	$	1,686	$	1,037	$	1,160	$	1,408	$	620	$	432	$	346
Other revenues
Revenues from alternative revenue programs	$	40	$	6	$	(12)	$	(5)	$	(7)	$	(1)	$	3
Other electric revenues(e)	8		3		4		1		1		—		—
Other natural gas revenues(e)	—		1		2		—		—		—		—
Total other revenues	$	48	$	10	$	(6)	$	(4)	$	(6)	$	(1)	$	3
Total revenues for reportable segments	$	1,734	$	1,047	$	1,154	$	1,404	$	614	$	431	$	349

62

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 5 — Segment Information

	Three Months Ended March 31, 2021
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	741	$	433	$	362	$	605	$	253	$	190	$	162
Small commercial & industrial	367		100		69		118		33		46		39
Large commercial & industrial	134		57		105		248		184		21		43
Public authorities & electric railroads	11		9		7		13		6		4		3
Other(a)	220		52		77		143		51		41		52
Total electric revenues(b)	$	1,473	$	651	$	620	$	1,127	$	527	$	302	$	299
Natural gas revenues
Residential	$	—	$	160	$	216	$	46	$	—	$	46	$	—
Small commercial & industrial	—		59		35		18		—		18		—
Large commercial & industrial	—		—		54		2		—		2		—
Transportation	—		7		—		4		—		4		—
Other(c)	—		2		31		1		—		1		—
Total natural gas revenues(d)	$	—	$	228	$	336	$	71	$	—	$	71	$	—
Total revenues from contracts with customers	$	1,473	$	879	$	956	$	1,198	$	527	$	373	$	299
Other revenues
Revenues from alternative revenue programs	$	54	$	10	$	18	$	46	$	26	$	9	$	11
Other electric revenues(e)	8		—		—		—		—		—		—
Total other revenues	$	62	$	10	$	18	$	46	$	26	$	9	$	11
Total revenues for reportable segments	$	1,535	$	889	$	974	$	1,244	$	553	$	382	$	310

__________

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

(b)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

•$6 million, $6 million at ComEd

•$1 million, $1 million at PECO

•$2 million, $2 million at BGE

•$3 million, $3 million at PHI

•$1 million, $1 million at Pepco

•$2 million, $2 million at DPL

•$1 million, $1 million at ACE

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

(d)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

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

•$6 million, $4 million at BGE

(e)Includes late payment charge revenues.

63

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 6 — Accounts Receivable

6. Accounts Receivable (All Registrants)

Allowance for Credit Losses on Accounts Receivable

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

	Three Months Ended March 31, 2022
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2021	$	320	$	73	$	105	$	38	$	104	$	37	$	18	$	49
Plus: Current period provision for expected credit losses(a)	110		26		31		26		27		11		7		9
Less: Write-offs, net of recoveries(b)(c)	41		7		11		5		18		8		1		9
Balance as of March 31, 2022	$	389	$	92	$	125	$	59	$	113	$	40	$	24	$	49
	Three Months Ended March 31, 2021
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2020	$	334	$	97	$	116	$	35	$	86	$	32	$	22	$	32
Plus: Current period provision for expected credit losses(d)	70		21		20		9		20		11		6		3
Less: Write-offs, net of recoveries(b)	27		15		6		1		5		2		3		—
Balance as of March 31, 2021	$	377	$	103	$	130	$	43	$	101	$	41	$	25	$	35

__________

(a)For PECO, BGE and ACE, the increase is primarily as a result of increased receivable balances due to the increased aging of receivables. For BGE, also reflects increased receivable balance due to colder weather.

(b)Recoveries were not material to the Registrants.

(c)For ACE, the increase in 2022 is primarily related to the termination of the moratorium, which beginning in March 2020, prevented customer disconnections for non-payment. With disconnection activities restarting in January 2022, write-offs of aging accounts receivable increased throughout the year.

(d)The increase is primarily as a result of increased receivable balances due to the colder weather and the increased aging of receivables, the temporary suspension of customer disconnections for non-payment, temporary cessation of new late payment fees, and reconnection of service for customers previously disconnected due to COVID-19.

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

	Three Months Ended March 31, 2022
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2021	$	72	$	17	$	7	$	9	$	39	$	16	$	8	$	15
Plus: Current period provision for expected credit losses	14		4		3		3		4		2		1		1
Less: Write-offs, net of recoveries(a)	5		1		1		1		2		—		—		2
Balance as of March 31, 2022	$	81	$	20	$	9	$	11	$	41	$	18	$	9	$	14
	Three Months Ended March 31, 2021
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2020	$	71	$	21	$	8	$	9	$	33	$	13	$	9	$	11
Plus: Current period provision for expected credit losses	10		1		4		1		4		2		1		1
Less: Write-offs, net of recoveries(a)	2		—		1		1		—		—		—		—
Balance as of March 31, 2021	$	79	$	22	$	11	$	9	$	37	$	15	$	10	$	12

64

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 6 — Accounts Receivable

__________

(a)Recoveries were not material to the Registrants.

Unbilled Customer Revenue

The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

	Unbilled customer revenues(a)
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022	$	629	$	189	$	127	$	139	$	174	$	89	$	50	$	35
December 31, 2021	747		240		161		171		175		82		53		40

__________

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

Other Purchases of Customer and Other Accounts Receivables

The Utility Registrants are required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participate in the utilities' consolidated billing. The following tables present the total receivables purchased.

	Total receivables purchased
	Exelon(a)		ComEd		PECO		BGE(a)		PHI		Pepco		DPL		ACE
Three months ended March 31, 2022	$	1,044	$	248	$	292	$	222	$	282	$	174	$	57	$	51
Three months ended March 31, 2021	1,023		266		290		199		268		166		56		46

__________

(a)Includes $4 million and $12 million of receivables purchased from Generation for the three months ended March 31, 2022 and 2021, respectively.

65

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 7 — Income Taxes

7. Income Taxes (All Registrants)

Rate Reconciliation

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

	Three Months Ended March 31, 2022(a)
	Exelon		ComEd		PECO(b)		BGE(b)		PHI		Pepco(b)		DPL		ACE(b)
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit(c)	21.1		8.0		(0.1)		2.4		3.7		(4.5)		6.2		6.8
Plant basis differences	(3.6)		(0.6)		(11.3)		(0.9)		(1.6)		(2.6)		(0.7)		(1.3)
Excess deferred tax amortization	(11.5)		(6.3)		(3.2)		(17.6)		(17.7)		(17.4)		(19.4)		(22.2)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.2)		(0.2)
Tax credits(d)	1.7		(0.3)		—		(0.4)		(0.4)		(0.4)		(0.3)		(0.3)
Other(e)	2.6		—		—		(0.1)		0.2		(0.6)		0.1		(0.1)
Effective income tax rate	31.2	%	21.7	%	6.4	%	4.3	%	5.1	%	(4.5)	%	6.7	%	3.7	%

	Three Months Ended March 31, 2021(a)
	Exelon		ComEd		PECO(f)		BGE(f)		PHI		Pepco		DPL		ACE(f)
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	2.8		6.8		(1.6)		(10.1)		6.1		5.5		6.4		6.9
Plant basis differences	(3.4)		(0.6)		(10.5)		(1.4)		(1.5)		(2.1)		(0.7)		(0.9)
Excess deferred tax amortization	(12.0)		(6.9)		(3.2)		(15.5)		(19.3)		(15.1)		(18.5)		(28.7)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.2)		(0.2)
Tax credits	(0.3)		(0.2)		—		(0.4)		(0.2)		(0.2)		(0.1)		(0.3)
Other	(1.1)		(3.5)		(0.1)		(0.1)		(0.1)		0.1		0.3		2.2
Effective income tax rate	6.9	%	16.5	%	5.6	%	(6.6)	%	5.9	%	9.2	%	8.2	%	—	%

__________

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

(b)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits. For Pepco, the income tax benefit is primarily due to the Maryland and Washington, D.C. multi-year plans which resulted in the acceleration of certain income tax benefits. For ACE, the lower effective tax rate is primarily due to the acceleration of certain income tax benefits due to distribution rate case settlements.

(c)For Exelon, the higher state income taxes, net of federal income tax benefit, is primarily due to the long-term marginal state income tax rate change of approximately $67 million and the recognition of a valuation allowance of approximately $40 million against the net deferred tax asset position for certain standalone state filing jurisdictions as a result of the separation.

(d)For Exelon, reflects the income tax expense related to the write-off of federal tax credits subject to recapture of approximately $15 million as a result of the separation.

(e)For Exelon, primarily reflects the nondeductible transaction costs of approximately $19 million arising as part of the separation.

(f)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the income tax benefit is primarily due to the Maryland multi-year plan which resulted in the acceleration of

66

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 7 — Income Taxes

certain income tax benefits. For ACE, the lower effective tax rate is primarily due to the acceleration of certain income tax benefits due to distribution rate case settlements.

Unrecognized Tax Benefits

Exelon, PHI and ACE have the following unrecognized tax benefits as of March 31, 2022 and December 31, 2021. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.

	Exelon		PHI		ACE
March 31, 2022	$	146	$	56	$	16
December 31, 2021	143		56		16

__________

(a)As of March 31, 2022, Exelon recorded a receivable of approximately $50 million in Noncurrent other assets in the Consolidated Balance Sheet for Constellation’s share of unrecognized tax benefits for periods prior to the separation.

Reasonably possible the total amount of unrecognized tax benefits could significantly increase or decrease within 12 months after the reporting date

As of March 31, 2022, ACE has approximately $14 million of unrecognized state tax benefits that could significantly decrease within the 12 months after the reporting date based on the outcome of pending court cases involving other taxpayers. The unrecognized tax benefit, if recognized, may be included in future base rates and that portion would have no impact to the effective tax rate.

Other Tax Matters

Separation (Exelon)

In connection with the separation, Exelon recorded an income tax expense related to continuing operations of approximately $148 million primarily due to the long-term marginal state income tax rate change of approximately $67 million discussed further below, the recognition of valuation allowances of approximately $40 million against the net deferred tax assets positions for certain standalone state filing jurisdictions, the write-off of federal and state tax credits subject to recapture of approximately $17 million, and nondeductible transaction costs for federal and state taxes of approximately $24 million.

Tax Matters Agreement (Exelon)

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

Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the existing Exelon tax sharing agreement. As of March 31, 2022, Exelon recorded a receivable of approximately $55 million in Current other assets in the Consolidated Balance Sheet for Constellation’s share of taxes for periods prior to the separation.

Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the existing Exelon tax sharing agreement.

Tax Attributes. At the date of separation certain tax attributes, primarily pre-closing tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA also provides that Exelon will reimburse Constellation when those allocated tax credit carryforwards are utilized. As of March 31, 2022, Exelon recorded a payable of approximately $11 million and $484 million in Current other liabilities and Noncurrent other liabilities, respectively, in the Consolidated Balance Sheet for tax credit carryforwards that are expected to be utilized and reimbursed to Constellation.

67

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 7 — Income Taxes

Long-Term Marginal State Income Tax Rate (All Registrants)

In the first quarter of 2022, Exelon updated its marginal state income tax rates for changes in state apportionment due to the separation, which resulted in an increase of approximately $67 million to the deferred tax liability at Exelon, and a corresponding adjustment to income tax expense, net of federal taxes.

8. Retirement Benefits (All Registrants)

Defined Benefit Pension and OPEB

Effective February 1, 2022, in connection with the separation, pension and OPEB obligations and assets for current and former employees of the Constellation business and certain other former employees of Exelon and its subsidiaries transferred to pension and OPEB plans and trusts maintained by Constellation or its subsidiaries. The Exelon New England Union Employees Pension Plan and Constellation Mystic Power, LLC Union Employees Pension Plan Including Plan A and Plan B were transferred. The following OPEB plans were also transferred: Constellation Mystic Power, LLC Post-Employment Medical Account Savings Plan, Exelon New England Union Post-Employment Medical Savings Account Plan, and the Nine Mile Point Nuclear Station, LLC Medical Care and Prescription Drug Plan for Retired Employees.

As a result of the separation, Exelon restructured certain of its qualified pension plans. Pension obligations and assets for current and former employees continuing with Exelon and who are participants in the Exelon Employee Pension Plan for Clinton, TMI, and Oyster Creek, Pension Plan of Constellation Energy Nuclear Group, LLC, and Nine Mile Point Pension Plan were merged into the Pension Plan of Constellation Energy Group, Inc, which was subsequently renamed, Exelon Pension Plan (EPP). Exelon employees who participated in these plans prior to the separation now participate in the EPP. The merging of the plans did not change the benefits offered to the plan participants and, thus, had no impact on Exelon's pension obligations.

68

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 8 — Retirement Benefits

The tables below show the pension and OPEB plans in which employees of each operating company participated as of March 31, 2022:

	Operating Company(a)
Name of Plan:	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
Qualified Pension Plans:
Exelon Corporation Retirement Program	X	X	X	X	X	X	X
Exelon Corporation Pension Plan for Bargaining Unit Employees	X
Exelon Pension Plan	X	X	X	X	X	X	X
Pepco Holdings LLC Retirement Plan	X	X	X	X	X	X	X
Non-Qualified Pension Plans:
Exelon Corporation Supplemental Pension Benefit Plan and 2000 Excess Benefit Plan	X	X		X
Exelon Corporation Supplemental Management Retirement Plan	X	X	X	X		X
Constellation Energy Group, Inc. Senior Executive Supplemental Plan			X	X
Constellation Energy Group, Inc. Supplemental Pension Plan			X	X
Constellation Energy Group, Inc. Benefits Restoration Plan		X	X	X
Baltimore Gas & Electric Company Executive Benefit Plan			X
Baltimore Gas & Electric Company Manager Benefit Plan		X	X
Pepco Holdings LLC 2011 Supplemental Executive Retirement Plan				X	X	X	X
Conectiv Supplemental Executive Retirement Plan				X		X	X
Pepco Holdings LLC Combined Executive Retirement Plan				X	X
Atlantic City Electric Director Retirement Plan				X			X

69

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 8 — Retirement Benefits

	Operating Company(a)
Name of Plan:	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
OPEB Plans:
PECO Energy Company Retiree Medical Plan	X	X	X	X	X	X	X
Exelon Corporation Health Care Program	X	X	X	X	X	X	X
Exelon Corporation Employees’ Life Insurance Plan	X	X	X
Exelon Corporation Health Reimbursement Arrangement Plan	X	X	X
BGE Retiree Medical Plan	X	X	X	X	X	X
BGE Retiree Dental Plan			X
Exelon Employee Life Insurance Plan and Family Life Insurance Plan	X		X	X	X	X
Exelon Retiree Medical Plan of Constellation Energy Nuclear Group, LLC	X		X	X
Exelon Retiree Dental Plan of Constellation Energy Nuclear Group, LLC	X		X	X
Pepco Holdings LLC Welfare Plan for Retirees	X	X	X	X	X	X	X

__________

(a)Employees generally remain in their legacy benefit plans when transferring between operating companies.

As of February 1, 2022, in connection with the separation, Exelon's pension and OPEB plans were remeasured. The remeasurement and separation resulted in a decrease to the pension obligation, net of plan assets, of $921 million and a decrease to the OPEB obligation of $893 million. Additionally, accumulated other comprehensive loss, decreased by $1,994 million (after-tax) and regulatory assets and liabilities increased by $14 million and $5 million respectively. Key assumptions were held consistent with the year end December 31, 2021 assumptions with the exception of the discount rate.

The majority of the 2022 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 3.24%. The majority of the 2022 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.44% for funded plans and a discount rate of 3.20%.

During the first quarter of 2022, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of February 1, 2022. This valuation resulted in a decrease to the pension obligation of $24 million and an increase to the OPEB obligation of $5 million. Additionally, accumulated other comprehensive loss increased by $5 million (after-tax) and regulatory assets and liabilities decreased by $30 million and $3 million, respectively.

A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2022 and 2021.

70

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 8 — Retirement Benefits

	Pension Benefits				OPEB
	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	61	$	74	$	10	$	14
Interest cost	110		102		19		17
Expected return on assets	(209)		(213)		(25)		(26)
Amortization of:
Prior service cost (credit)	1		1		(5)		(6)
Actuarial loss	76		100		4		7
Curtailment benefits	—		—		—		(1)
Net periodic benefit cost	$	39	$	64	$	3	$	5

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

	Three Months Ended March 31,
Pension and OPEB Costs	2022		2021
Exelon	$	42	$	69
ComEd	16		32
PECO	(2)		2
BGE	11		15
PHI	13		12
Pepco	2		2
DPL	1		1
ACE	3		3

Defined Contribution Savings Plan

The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the matching contributions to the savings plans for the three months ended March 31, 2022 and 2021, respectively.

	Three Months Ended March 31,
Savings Plans Matching Contributions	2022		2021
Exelon	$	20	$	20
ComEd	8		8
PECO	3		3
BGE	2		2
PHI	3		3
Pepco	1		1
DPL	1		1
ACE	—		—

71

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 9 — Derivative Financial Instruments

9. Derivative Financial Instruments (All Registrants)

The Registrants use derivative instruments to manage commodity price risk related to ongoing business operations.

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

ComEd’s use of cash collateral is generally unrestricted unless ComEd is downgraded below investment grade. Cash collateral held by PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meet certain qualifications.

Commodity Price Risk

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

72

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 9 — Derivative Financial Instruments

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

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

__________

(a)See Note 3 — Regulatory Matters of the 2021 Form 10-K for additional information.

(b)The fair value of the DPL economic hedge is not material as of March 31, 2022 and December 31, 2021.

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

Credit Risk

The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit exposure is mitigated primarily by the ability to recover procurement costs through customer rates. As of March 31, 2022, the amount of cash collateral held with external counterparties by Exelon, ComEd, PHI, and DPL was $192 million, $72 million, $86 million, and $73 million, respectively, which is recorded in Other current liabilities in Exelon's, ComEd's, PHI's, and DPL's Consolidated Balance Sheets. The amounts for PECO, BGE, Pepco, and ACE were not material as of March 31, 2022. As of December 31, 2021, the amounts for ComEd and DPL were $41 million and $43 million, respectively. The amounts for Exelon, PECO, BGE, PHI, Pepco, and ACE were not material as of December 31, 2021.

73

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 9 — Derivative Financial Instruments

The Utility Registrants’ electric supply procurement contracts do not contain provisions that would require them to post collateral. PECO’s, BGE’s, and DPL’s natural gas procurement contracts contain provisions that could require PECO, BGE, and DPL to post collateral in the form of cash or credit support, which vary by contract and counterparty, with thresholds contingent upon PECO’s, BGE's, and DPL’s credit rating. As of March 31, 2022, PECO, BGE, and DPL were not required to post collateral for any of these agreements. If PECO, BGE, or DPL lost their investment grade credit rating as of March 31, 2022, they could have been required to post collateral to their counterparties of $39 million, $62 million, and $16 million, respectively.

10. Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

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

Commercial Paper

The following table reflects the Registrants' commercial paper programs as of March 31, 2022 and December 31, 2021. PECO and ComEd had no commercial paper borrowings as of March 31, 2022 and December 31, 2021.

	Outstanding Commercial Paper as of				Average Interest Rate on Commercial Paper Borrowings as of
Commercial Paper Issuer	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Exelon(a)	$	250	$	599	0.87	%	0.35	%
BGE	250		130		0.87	%	0.37	%
PHI(b)	—		469		—	%	0.35	%
Pepco	—		175		—	%	0.33	%
DPL	—		149		—	%	0.36	%
ACE	—		145		—	%	0.35	%

__________

(a)Exelon Corporate had no outstanding commercial paper borrowings as of March 31, 2022 and December 31, 2021.

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

Revolving Credit Agreements

On February 1, 2022, Exelon Corporate and the Utility Registrants' each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:

Borrower	Aggregate Bank Commitment	Interest Rate
Exelon Corporate	900	SOFR plus 1.275	%
ComEd	1,000	SOFR plus 1.000	%
PECO	600	SOFR plus 0.900	%
BGE	600	SOFR plus 0.900	%
Pepco	300	SOFR plus 1.075	%
DPL	300	SOFR plus 1.000	%
ACE	300	SOFR plus 1.075	%

See Note 17 — Debt and Credit Agreements of the Exelon 2021 Form 10-K for additional information on the Registrants' credit facilities.

74

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 10 — Debt and Credit Agreements

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed on March 14, 2022 and will expire on March 16, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

On March 31, 2021, Exelon Corporate entered into a 364-day term loan agreement for $150 million with a variable interest rate of LIBOR plus 0.65% and an expiration date of March 30, 2022. Exelon Corporate repaid the term loan on March 30, 2022.

In connection with the separation, on January 24, 2022, Exelon Corporate entered into a 364-day term loan agreement for $1.15 billion. The loan agreement will expire on January 23, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.75% with a 22.5 basis point increase commencing on July 24, 2022. All indebtedness pursuant to the loan agreement is unsecured.

Long-Term Debt

Issuance of Long-Term Debt

75

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 10 — Debt and Credit Agreements

During the three months ended March 31, 2022, the following long-term debt was issued:

Company	Type	Interest Rate	Maturity	Amount	Use of Proceeds
Exelon	SMBC Term Loan Agreement	SOFR plus 0.65%	July 21, 2023	$300	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	U.S. Bank Term Loan Agreement	SOFR plus 0.65%	July 21, 2023	300	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	PNC Term Loan Agreement	SOFR plus 0.65%	July 24, 2023	250	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	Notes	2.75%	March 15, 2027	650	Repay existing indebtedness and for general corporate purposes.
Exelon	Notes	3.35%	March 15, 2032	650	Repay existing indebtedness and for general corporate purposes.
Exelon	Notes	4.10%	March 15, 2052	700	Repay existing indebtedness and for general corporate purposes.
ComEd	First Mortgage Bonds, Series 132	3.15%	March 15, 2032	300	Repay outstanding commercial paper obligations and to fund other general corporate purposes.
ComEd	First Mortgage Bonds, Series 133	3.85%	March 15, 2052	450	Repay outstanding commercial paper obligations and to fund other general corporate purposes.
Pepco(a)	First Mortgage Bonds	3.97%	March 24, 2052	400	Repay existing indebtedness and for general corporate purposes.
DPL	First Mortgage Bonds	3.06%	February 15, 2052	125	Repay existing indebtedness and for general corporate purposes.
ACE	First Mortgage Bonds	2.27%	February 15, 2032	25	Repay existing indebtedness and for general corporate purposes.
ACE	First Mortgage Bonds	3.06%	February 15, 2052	150	Repay existing indebtedness and for general corporate purposes.

__________

(a)On March 24, 2022, Pepco entered into a purchase agreement of First Mortgage Bonds of $225 million at 3.35% due on September 15, 2032. The closing date of the issuance is expected to occur in September 2022.

Long-Term Debt to Affiliates

As of December 31, 2021, Exelon Corporate had $319 million recorded to intercompany notes receivable from Generation. See Note 17 — Debt and Credit Agreements of the Exelon 2021 Form 10-K for additional information. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan.

Debt Covenants

As of March 31, 2022, the Registrants are in compliance with debt covenants.

76

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 11 — Fair Value of Financial Assets and Liabilities

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

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

•Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date.

•Level 2 - inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 - unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.

Fair Value of Financial Liabilities Recorded at Amortized Cost

The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2022 and December 31, 2021. The Registrants have no financial liabilities classified as Level 1.

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

	March 31, 2022								December 31, 2021
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
			Level 2		Level 3		Total				Level 2		Level 3		Total
Long-Term Debt, including amounts due within one year(a)
Exelon	$	37,162	$	35,174	$	2,645	$	37,819	$	32,902	$	34,897	$	2,217	$	37,114
ComEd	10,515		10,894		—		10,894		9,773		11,305		—		11,305
PECO	4,198		4,244		50		4,294		4,197		4,740		50		4,790
BGE	3,961		3,969		—		3,969		3,961		4,406		—		4,406
PHI	8,233		5,453		2,595		8,048		7,547		5,970		2,167		8,137
Pepco	3,841		2,901		1,272		4,173		3,445		3,201		975		4,176
DPL	1,935		1,300		592		1,892		1,810		1,426		552		1,978
ACE	1,757		1,007		732		1,739		1,582		1,091		641		1,732
Long-Term Debt to Financing Trusts
Exelon	$	390	$	—	$	435	$	435	$	390	$	—	$	470	$	470
ComEd	205		—		228		228		205		—		248		248
PECO	184		—		207		207		184		—		222		222

__________

(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 17 - Debt and Credit Agreements of the Exelon 2021 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 11 - Leases of the Exelon 2021 Form 10-K for finance lease liabilities.

77

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 11 — Fair Value of Financial Assets and Liabilities

Recurring Fair Value Measurements

The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2022 and December 31, 2021:

Exelon

	As of March 31, 2022								As of December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	2,418	$	—	$	—	$	2,418	$	524	$	—	$	—	$	524
Rabbi trust investments
Cash equivalents	65		—		—		65		60		—		—		60
Mutual funds	55		—		—		55		60		—		—		60
Fixed income	—		9		—		9		—		10		—		10
Life insurance contracts	—		63		37		100		—		61		37		98
Rabbi trust investments subtotal	120		72		37		229		120		71		37		228
Total assets	2,538		72		37		2,647		644		71		37		752
Liabilities
Mark-to-market derivative liabilities	—		—		(144)		(144)		—		—		(219)		(219)
Deferred compensation obligation	—		(84)		—		(84)		—		(131)		—		(131)
Total liabilities	—		(84)		(144)		(228)		—		(131)		(219)		(350)
Total net assets (liabilities)	$	2,538	$	(12)	$	(107)	$	2,419	$	644	$	(60)	$	(182)	$	402

__________    

(a)Exelon excludes cash of $470 million and $464 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $110 million and $49 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $44 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.

78

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 11 — Fair Value of Financial Assets and Liabilities

ComEd, PECO, and BGE

	ComEd								PECO								BGE
As of March 31, 2022	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	537	$	—	$	—	$	537	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Rabbi trust investments
Cash equivalents	—		—		—		—		1		—		—		1		—		—		—		—
Mutual funds	—		—		—		—		9		—		—		9		7		—		—		7
Life insurance contracts	—		—		—		—		—		17		—		17		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		10		17		—		27		7		—		—		7
Total assets	537		—		—		537		19		17		—		36		7		—		—		7
Liabilities
Mark-to-market derivative liabilities(b)	—		—		(144)		(144)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(9)		—		(9)		—		(8)		—		(8)		—		(5)		—		(5)
Total liabilities	—		(9)		(144)		(153)		—		(8)		—		(8)		—		(5)		—		(5)
Total net assets (liabilities)	$	537	$	(9)	$	(144)	$	384	$	19	$	9	$	—	$	28	$	7	$	(5)	$	—	$	2

	ComEd								PECO								BGE
As of December 31, 2021	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	237	$	—	$	—	$	237	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Rabbi trust investments
Mutual funds	—		—		—		—		11		—		—		11		14		—		—		14
Life insurance contracts	—		—		—		—		—		16		—		16		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		11		16		—		27		14		—		—		14
Total assets	237		—		—		237		20		16		—		36		14		—		—		14
Liabilities
Mark-to-market derivative liabilities(b)	—		—		(219)		(219)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(10)		—		(10)		—		(9)		—		(9)		—		(7)		—		(7)
Total liabilities	—		(10)		(219)		(229)		—		(9)		—		(9)		—		(7)		—		(7)
Total net assets (liabilities)	$	237	$	(10)	$	(219)	$	8	$	20	$	7	$	—	$	27	$	14	$	(7)	$	—	$	7

__________

(a)ComEd excludes cash of $71 million and $105 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $73 million and $42 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $43 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $25 million and $35 million as of March 31, 2022 and December 31, 2021, respectively. BGE excludes cash of $41 million and $51 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $34 million and $4 million as of March 31, 2022 and December 31, 2021, respectively.

(b)The Level 3 balance consists of the current and noncurrent liability of none and $144 million, respectively, as of March 31, 2022 and $18 million and $201 million, respectively, as of December 31, 2021 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

79

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 11 — Fair Value of Financial Assets and Liabilities

PHI, Pepco, DPL, and ACE

	As of March 31, 2022								As of December 31, 2021
PHI	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	599	$	—	$	—	$	599	$	110	$	—	$	—	$	110
Rabbi trust investments
Cash equivalents	61		—		—		61		59		—		—		59
Mutual funds	12		—		—		12		14		—		—		14
Fixed income	—		9		—		9		—		10		—		10
Life insurance contracts	—		24		36		60		—		27		35		62
Rabbi trust investments subtotal	73		33		36		142		73		37		35		145
Total assets	672		33		36		741		183		37		35		255
Liabilities
Deferred compensation obligation	—		(17)		—		(17)		—		(18)		—		(18)
Total liabilities	—		(17)		—		(17)		—		(18)		—		(18)
Total net assets	$	672	$	16	$	36	$	724	$	183	$	19	$	35	$	237

	Pepco								DPL								ACE
As of March 31, 2022	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	294	$	—	$	—	$	294	$	152	$	—	$	—	$	152	$	153	$	—	$	—	$	153
Rabbi trust investments
Cash equivalents	59		—		—		59		—		—		—		—		—		—		—		—
Life insurance contracts	—		24		36		60		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	59		24		36		119		—		—		—		—		—		—		—		—
Total assets	353		24		36		413		152		—		—		152		153		—		—		153
Liabilities
Deferred compensation obligation	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total liabilities	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total net assets	$	353	$	22	$	36	$	411	$	152	$	—	$	—	$	152	$	153	$	—	$	—	$	153

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

Note 11 — Fair Value of Financial Assets and Liabilities

	Pepco								DPL								ACE
As of December 31, 2021	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	31	$	—	$	—	$	31	$	43	$	—	$	—	$	43	$	—	$	—	$	—	$	—
Rabbi trust investments
Cash equivalents	58		—		—		58		—		—		—		—		—		—		—		—
Life insurance contracts	—		27		35		62		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	58		27		35		120		—		—		—		—		—		—		—		—
Total assets	89		27		35		151		43		—		—		43		—		—		—		—
Liabilities
Deferred compensation obligation	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total liabilities	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total net assets	$	89	$	25	$	35	$	149	$	43	$	—	$	—	$	43	$	—	$	—	$	—	$	—

__________

(a)PHI excludes cash of $300 million and $100 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. Pepco excludes cash of $239 million and $34 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. DPL excludes cash of $41 million and $28 million as of March 31, 2022 and December 31, 2021, respectively. ACE excludes cash of $15 million and $29 million as of March 31, 2022 and December 31, 2021, respectively.

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

Note 11 — Fair Value of Financial Assets and Liabilities

Reconciliation of Level 3 Assets and Liabilities

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2022 and 2021:

	Exelon		ComEd			PHI and Pepco
Three months ended March 31, 2022	Total		Mark-to-Market Derivatives			Life Insurance Contracts
Balance as of January 1, 2022	$	(182)	$	(219)		$	35
Total realized / unrealized gains
Included in net income(a)	1		—			1
Included in regulatory assets	75		75		(b)	—
Transfers out of Level 3	(1)		—			—
Balance as of March 31, 2022	$	(107)	$	(144)		$	36
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of March 31, 2022	$	1	$	—		$	1

	Exelon		ComEd			PHI and Pepco
Three Months Ended March 31, 2021	Total		Mark-to-Market Derivatives			Life Insurance Contracts
Balance as of January 1, 2021	$	(267)	$	(301)		$	34
Total realized / unrealized gains
Included in net income(a)	1		—			1
Included in regulatory assets	6		6		(b)	—
Balance as of March 31, 2021	$	(260)	$	(295)		$	35
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities as of March 31, 2021	$	1	$	—		$	1

__________

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

(b)Includes $69 million of increases in fair value and an increase for realized losses due to settlements of $6 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2022. Includes $2 million of decreases in fair value and an increase for realized losses due to settlements of $8 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2021.

Valuation Techniques Used to Determine Fair Value

Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 18 — Fair Value of Financial Assets and Liabilities of the Exelon 2021 Form 10-K.

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

Note 11 — Fair Value of Financial Assets and Liabilities

Mark-to-Market Derivatives (Exelon and ComEd)

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

Type of trade	Fair Value as of March 31, 2022		Fair Value as of December 31, 2021		Valuation Technique	Unobservable Input	2022 Range & Arithmetic Average				2021 Range & Arithmetic Average
Mark-to-market derivatives	$	(144)	$	(219)	Discounted Cash Flow	Forward heat rate(a)	8.90x	-	9.10x	9.00x	9x	-	10x	9.13x
						Marketability reserve	4%	-	5%	4.35%	3%	-	7%	4.77%
						Renewable factor	92%	-	120%	98%	92%	-	120%	97%

__________

(a)Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates.

The inputs listed above, which are as of the balance sheet date, would have a direct impact on the fair value of the above instruments if they were adjusted. An increase to the marketability reserves would decrease the fair value. An increase to the forward heat rate or renewable factor would increase the fair value accordingly.

12. Commitments and Contingencies (All Registrants)

The following is an update to the current status of commitments and contingencies set forth in Note 19 — Commitments and Contingencies of the Exelon 2021 Form 10-K.

Commitments

PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE as of March 31, 2022:

Description	Exelon		PHI		Pepco		DPL		ACE
Total commitments	$	513	$	320	$	120	$	89	$	111
Remaining commitments(a)	65		55		46		6		3

__________

(a)Remaining commitments extend through 2026 and include rate credits, energy efficiency programs and delivery system modernization.

In addition, Exelon has committed to purchase 100 MWs of wind energy in PJM. DPL has committed to conducting three RFPs to procure up to a total of 120 MWs of wind RECs for the purpose of meeting Delaware's renewable portfolio standards. DPL has conducted two of the three wind REC RFPs. The first 40 MW wind REC tranche was conducted in 2017 and did not result in a purchase agreement. The second 40 MW wind REC tranche was conducted in 2018 and resulted in a proposed REC purchase agreement that was approved by the DEPSC in 2019. The RFP for the third and final 40 MW wind REC tranche will be conducted in the second half of 2022.

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 12 — Commitments and Contingencies

Commercial Commitments (All Registrants). The Registrants’ commercial commitments as of March 31, 2022, representing commitments potentially triggered by future events were as follows:

			Expiration within
	Total		2022		2023		2024		2025		2026		2027 and beyond
Exelon
Letters of credit	$	14	$	12	$	2	$	—	$	—	$	—	$	—
Surety bonds(a)	201		188		11		2		—		—		—
Financing trust guarantees	378		—		—		—		—		—		378
Guaranteed lease residual values(b)	30		1		3		6		5		5		10
Total commercial commitments	$	623	$	201	$	16	$	8	$	5	$	5	$	388
ComEd
Letters of credit	$	7	$	7	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	17		12		3		2		—		—		—
Financing trust guarantees	200		—		—		—		—		—		200
Total commercial commitments	$	224	$	19	$	3	$	2	$	—	$	—	$	200
PECO
Letters of credit	$	1	$	1	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	3		2		1		—		—		—		—
Financing trust guarantees	178		—		—		—		—		—		178
Total commercial commitments	$	182	$	3	$	1	$	—	$	—	$	—	$	178
BGE
Letters of credit	$	2	$	2	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	4		3		1		—		—		—		—
Total commercial commitments	$	6	$	5	$	1	$	—	$	—	$	—	$	—
PHI
Surety bonds(a)	$	94	$	91	$	3	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	30		1		3		6		5		5		10
Total commercial commitments	$	124	$	92	$	6	$	6	$	5	$	5	$	10
Pepco
Surety bonds(a)	$	84	$	84	$	—	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	10		—		1		2		2		2		3
Total commercial commitments	$	94	$	84	$	1	$	2	$	2	$	2	$	3
DPL
Surety bonds(a)	$	6	$	3	$	3	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	13		1		1		3		2		2		4
Total commercial commitments	$	19	$	4	$	4	$	3	$	2	$	2	$	4
ACE
Surety bonds(a)	$	4	$	4	$	—	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	7		—		1		1		1		1		3
Total commercial commitments	$	11	$	4	$	1	$	1	$	1	$	1	$	3

__________

(a)Surety bonds — Guarantees issued related to contract and commercial agreements, excluding bid bonds.

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

Note 12 — Commitments and Contingencies

(b)Represents the maximum potential obligation in the event that the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 8 years. The maximum potential obligation at the end of the minimum lease term would be $73 million guaranteed by Exelon and PHI, of which $25 million, $30 million, and $18 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.

Environmental Remediation Matters

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

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

•ComEd has 21 sites that are currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2031.

•PECO has 6 sites that are currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2023.

•BGE has 4 sites that currently require some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2023.

•DPL has 1 site that is currently under study and the required cost at the site is not expected to be material.

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

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

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 12 — Commitments and Contingencies

As of March 31, 2022 and December 31, 2021, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Other current liabilities and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:

	March 31, 2022				December 31, 2021
	Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation		Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation
Exelon	$	354	$	305	$	352	$	303
ComEd	279		279		279		279
PECO	21		20		22		20
BGE	7		6		6		4
PHI	42		—		42		—
Pepco	40		—		40		—
DPL	1		—		1		—
ACE	1		—		1		—

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

Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft “final” RI report which DOEE approved on February 3, 2020. The Pepco Entities are developing a FS to evaluate possible remedial alternatives for submission to DOEE. The Court has established a schedule for completion of the FS, and approval by the DOEE, by September 16, 2022. After completion and approval of the FS, DOEE will prepare a Proposed Plan for public comment and then issue a Record of Decision (ROD) identifying any further response actions determined to be necessary. As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Generation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above.

Anacostia River Tidal Reach (Exelon, PHI, and Pepco). Contemporaneous with the Benning Road site RI/FS, being performed by the Pepco Entities, DOEE and National Park Service ("NPS") have been conducting a separate RI/FS focused on the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The river-wide RI incorporated the results of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by DOEE’s contractor. In April 2018, DOEE released a draft RI report for public review and comment. Pepco submitted written comments to the draft RI and participated in a public hearing.

Exelon, PHI, and Pepco have determined that it is probable that costs for remediation will be incurred and recorded a liability in the third quarter 2019 for management’s best estimate of its share of those costs. On September 30, 2020, DOEE released its Interim ROD. The Interim ROD reflects an adaptive management

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

Note 12 — Commitments and Contingencies

approach which will require several identified “hot spots” in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion. Pepco concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

On July 12, 2021, DOEE and NPS held a virtual meeting with the PRP's in response to a General Notice Letter sent by each agency inviting the PRP's to participate in discussions, which Pepco attended.

In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a Natural Resources Damages (NRD) assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has entered into negotiations with the Trustees to evaluate possible incorporation of NRD assessment and restoration as part of its remedial activities associated with the Benning site to accelerate the NRD benefits for that portion of the Anacostia River Sediment Project ("ARSP") assessment. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the very early stage of the assessment process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process.

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

Litigation and Regulatory Matters

Deferred Prosecution Agreement (DPA) and Related Matters (Exelon and ComEd). Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney’s Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. On October 22, 2019, the SEC notified Exelon and ComEd that it had also opened an investigation into their lobbying activities. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation. Under the DPA, the USAO filed a single charge alleging that ComEd improperly gave and offered to give jobs, vendor subcontracts, and payments associated with those jobs and subcontracts for the benefit of the Speaker of the Illinois House of Representatives and the Speaker’s associates, with the intent to influence the Speaker’s action regarding legislation affecting ComEd’s interests. The DPA provides that the USAO will defer any prosecution of such charge and any other criminal or civil case against ComEd in connection with the matters identified therein for a three-year period subject to certain obligations of ComEd, including payment to the U.S. Treasury of $200 million, which was paid in November 2020. Exelon was not made party to the DPA, and therefore the investigation by the USAO into Exelon’s activities ended with no charges being brought against Exelon. The SEC’s investigation remains ongoing and Exelon and ComEd have cooperated fully and intend to continue to cooperate fully with the SEC. Exelon and ComEd cannot predict the outcome of the SEC investigation. No loss contingency has been reflected in Exelon's and ComEd's consolidated financial statements with respect to the SEC investigation, as this contingency is neither probable nor reasonably estimable at this time.

Subsequent to Exelon announcing the receipt of the subpoenas, various lawsuits were filed, and various demand letters were received related to the subject of the subpoenas, the conduct described in the DPA and the SEC's investigation, including:

•Four putative class action lawsuits against ComEd and Exelon were filed in federal court on behalf of ComEd customers in the third quarter of 2020 alleging, among other things, civil violations of federal racketeering laws. In addition, the Citizens Utility Board (CUB) filed a motion to intervene in these cases

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

Note 12 — Commitments and Contingencies

on October 22, 2020 which was granted on December 23, 2020. On December 2, 2020, the court appointed interim lead plaintiffs in the federal cases which consisted of counsel for three of the four federal cases. These plaintiffs filed a consolidated complaint on January 5, 2021. CUB also filed its own complaint against ComEd only on the same day. The remaining federal case, Potter, et al. v. Exelon et al, differed from the other lawsuits as it named additional individual defendants not named in the consolidated complaint. However, the Potter plaintiffs voluntarily dismissed their complaint without prejudice on April 5, 2021. ComEd and Exelon moved to dismiss the consolidated class action complaint and CUB’s complaint on February 4, 2021 and briefing was completed on March 22, 2021. On March 25, 2021, the parties agreed, along with state court plaintiffs, discussed below, to jointly engage in mediation. The parties participated in a one-day mediation on June 7, 2021 but no settlement was reached. On September 9, 2021, the federal court granted Exelon’s and ComEd’s motion to dismiss and dismissed the plaintiffs’ and CUB’s federal law claim with prejudice. The federal court also dismissed the related state law claims made by the federal plaintiffs and CUB on jurisdictional grounds. Plaintiffs appealed dismissal of the federal law claim to the Seventh Circuit Court of Appeals. Plaintiffs and CUB also refiled their state law claims in state court and moved to consolidate them with the already pending consumer state court class action, discussed below. Plaintiffs' opening appeal brief in the Seventh Circuit was filed on January 14, 2022. Exelon and ComEd filed their response brief on March 7, 2022, and plaintiffs filed their reply brief on April 6, 2022. The court has scheduled oral argument for May 17, 2022.

•Three putative class action lawsuits against ComEd and Exelon were filed in Illinois state court in the third quarter of 2020 seeking restitution and compensatory damages on behalf of ComEd customers. The cases were consolidated into a single action in October of 2020. In November 2020, CUB filed a motion to intervene in the cases pursuant to an Illinois statute allowing CUB to intervene as a party or otherwise participate on behalf of utility consumers in any proceeding which affects the interest of utility consumers. On November 23, 2020, the court allowed CUB’s intervention, but denied CUB's request to stay these cases. Plaintiffs subsequently filed a consolidated complaint, and ComEd and Exelon filed a motion to dismiss on jurisdictional and substantive grounds on January 11, 2021. Briefing on that motion was completed on March 2, 2021. The parties agreed, on March 25, 2021, along with the federal court, plaintiffs discussed above, to jointly engage in mediation. The parties participated in a one-day mediation on June 7, 2021 but no settlement was reached. On December 23, 2021, the state court granted ComEd and Exelon's motion to dismiss with prejudice. On December 30, 2021, plaintiffs filed a motion to reconsider that dismissal and for permission to amend their complaint. The court denied the plaintiffs' motion on January 21, 2022. Plaintiffs have appealed the court's ruling dismissing their complaint to the First District Court of Appeals. On February 15, 2022, Exelon and ComEd moved to dismiss the federal plaintiffs' refiled state law claims, seeking dismissal on the same legal grounds asserted in their motion to dismiss the original state court plaintiffs' complaint. The court granted dismissal of the refiled state claims on February 16, 2022. The original federal plaintiffs appealed that dismissal on February 18, 2022. The two state appeals were consolidated on March 21, 2022. Plaintiffs' opening appellate briefs are currently due June 3, 2022.

•A putative class action lawsuit against Exelon and certain officers of Exelon and ComEd was filed in federal court in December 2019 alleging misrepresentations and omissions in Exelon’s SEC filings related to ComEd’s lobbying activities and the related investigations. The complaint was amended on September 16, 2020, to dismiss two of the original defendants and add other defendants, including ComEd. Defendants filed a motion to dismiss in November 2020. The court denied the motion in April 2021. On May 26, 2021, defendants moved the court to certify its order denying the motion to dismiss for interlocutory appeal. Briefing on the motion was completed in June 2021. That motion was denied on January 28, 2022. In May 2021, the parties each filed respective initial discovery disclosures. On June 9, 2021, defendants filed their answer and affirmative defenses to the complaint and the parties engaged thereafter in discovery. On September 9, 2021, the U.S. government moved to intervene in the lawsuit and stay discovery until the parties entered into an amendment to their protective order that would prohibit the parties from requesting discovery into certain matters, including communications with the U.S. government. The court ordered said amendment to the protective order on November 15, 2021 and discovery resumed. On February 10, 2022, the court granted an extension of the amendment to the protective order, at the U.S. government's request, to May 15, 2022 and directed the parties to submit a proposed joint schedule for the additional case proceedings by May 13, 2022.

88

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 12 — Commitments and Contingencies

•Several shareholders have sent letters to the Exelon Board of Directors from 2020 through May 2022 demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (“SLC”) consisting of disinterested and independent parties to investigate and address these shareholders’ allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC’s investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. On October 12, 2021, the parties to the derivative action filed an agreed motion to stay that litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. On January 31, 2022, the parties jointly moved the court to extend the stay an additional 120 days.

•Two separate shareholder requests seeking review of certain Exelon books and records were received in August 2021 and January 2022. Exelon responded to both requests and both shareholders have since sent formal shareholder demands to the Exelon Board, as discussed above.

No loss contingencies have been reflected in Exelon’s and ComEd’s consolidated financial statements with respect to these matters, as such contingencies are neither probable nor reasonably estimable at this time.

The ICC continues to conduct an investigation into rate impacts of conduct admitted in the DPA initiated on August 12, 2021. On December 16, 2021, ComEd filed direct testimony addressing the costs recovered from customers related to the DPA and Exelon's funding of the fine paid by ComEd. In that testimony, ComEd proposed to voluntarily refund to customers compensation costs of the former officers charged with wrongdoing in connection with events described in the DPA for the period during which those events occurred as well as costs, previously proposed to be returned, of individuals and entities specifically identified in the DPA, as well as individuals and entities who were referred to ComEd as part of the conduct described in the DPA and who failed, during their tenure at ComEd, to perform work to management expectations. The testimony supports the calculation of the refund amount and proposes a refund mechanism (one-time bill credit in April 2023) and also addresses other topics outlined by statute and the ICC orders initiating the investigation. On April 14, 2022, in response to rebuttal testimony from ICC staff and the Illinois Attorney General, City of Chicago, and CUB, ComEd filed surrebuttal testimony, in which ComEd proposed to increase its voluntary customer refund to $38 million of ICC and FERC jurisdictional amounts, and estimated interest to resolve the issue of the potential expenditure of customer monies on activities identified in the DPA in this matter. An accrual for the amount of the voluntary customer refund has been recorded in Other deferred credits and other liabilities in Exelon’s and ComEd’s Consolidated Balance Sheets as of March 31, 2022. The voluntary customer refund will not be recovered in rates or charged to customers and ComEd will not seek or accept reimbursement or indemnification from any source other than Exelon. The evidentiary hearing on the remaining contested issue was held on April 28, 2022. A final order is expected by September 9, 2022.

Savings Plan Claim (Exelon). On December 6, 2021, seven current and former employees filed a putative ERISA class action suit in U.S. District Court for the Northern District of Illinois against Exelon, its Board of Directors, the former Board Investment Oversight Committee, the Corporate Investment Committee, individual defendants, and other unnamed fiduciaries of the Exelon Corporation Employee Savings Plan (“Plan”). The complaint alleges that the defendants violated their fiduciary duties under the Plan by including certain investment options that allegedly were more expensive than and underperformed similar passively-managed or other funds available in the marketplace and permitting a third-party administrative service provider/recordkeeper and an investment adviser to charge excessive fees for the services provided. The plaintiffs seek declaratory, equitable and monetary relief on behalf of the Plan and participants. On February 16, 2022, the court granted the parties' stipulated dismissal of the individual named defendants without prejudice. The remaining defendants filed a motion to dismiss the complaint on February 25, 2022. The plaintiffs filed their response brief on March 28, 2022 and the defendants filed their reply on April 11, 2022. On March 4, 2022, the Chamber of Commerce filed a brief of amicus curiae in support of the defendants' motion to dismiss. No loss contingencies have been reflected in Exelon’s consolidated financial statements with respect to this matter, as such contingencies are neither probable nor reasonably estimable at this time.

General (All Registrants). The Registrants are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex

89

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 12 — Commitments and Contingencies

judgments about future events. The Registrants maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

13. Changes in Accumulated Other Comprehensive Income (Exelon)

The following tables present changes in Exelon's AOCI, net of tax, by component:

Three Months Ended March 31, 2022	Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Balance at December 31, 2021	$	(6)	$	(2,721)	$	(23)	$	(2,750)
Separation of Constellation	6		1,994		23		2,023
Amounts reclassified from AOCI	—		14		—		14
Net current-period OCI	—		14		—		14
Balance at March 31, 2022	$	—	$	(713)	$	—	$	(713)

Three Months Ended March 31, 2021	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Balance at December 31, 2020	$	(5)	$	(3,372)	$	(23)	$	(3,400)
OCI before reclassifications	—		(2)		1		(1)
Amounts reclassified from AOCI	—		55		—		55
Net current-period OCI	—		53		1		54
Balance at March 31, 2021	$	(5)	$	(3,319)	$	(22)	$	(3,346)

______

(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. Additionally, as of February 1, 2022, in connection with the separation, Exelon's pension and OPEB plans were remeasured. See Note 8 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.

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

	Three Months Ended March 31,
	2022		2021
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	$	—	$	1
Actuarial loss reclassified to periodic benefit cost	(5)		(19)

14. Supplemental Financial Information (All Registrants)

Supplemental Statement of Operations Information

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

90

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 14 — Supplemental Financial Information

	Taxes other than income taxes
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Utility taxes(a)	$	221	$	78	$	38	$	27	$	78	$	70	$	7	$	1
Property	94		10		4		46		34		23		10		1
Payroll	37		7		4		4		7		2		1		1
Three Months Ended March 31, 2021
Utility taxes(a)	$	193	$	59	$	35	$	25	$	74	$	67	$	6	$	1
Property	86		8		4		42		32		21		10		1
Payroll	33		7		4		5		7		2		1		—

_________

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

	Other, net
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
AFUDC — Equity	$	36	$	8	$	7	$	6	$	15	$	11	$	2	$	2
Non-service net periodic benefit cost	17		—		—		—		—		—		—		—
Three Months Ended March 31, 2021
AFUDC — Equity	$	28	$	4	$	6	$	7	$	11	$	9	$	1	$	1
Non-service net periodic benefit cost	20		—		—		—		—		—		—		—

Supplemental Cash Flow Information

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

91

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 14 — Supplemental Financial Information

	Depreciation and amortization
	Exelon(a)		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Property, plant, and equipment(b)	$	726	$	254	$	88	$	117	$	164	$	72	$	45	$	41
Amortization of regulatory assets(b)	179		67		4		54		54		36		12		6
Amortization of intangible assets, net(b)	6		—		—		—		—		—		—		—
Amortization of energy contract assets and liabilities(c)	3		—		—		—		—		—		—		—
Nuclear fuel(d)	66		—		—		—		—		—		—		—
ARO accretion(e)	44		—		—		—		—		—		—		—
Total depreciation, amortization, and accretion	$	1,024	$	321	$	92	$	171	$	218	$	108	$	57	$	47
Three Months Ended March 31, 2021
Property, plant, and equipment(b)	$	1,522	$	239	$	82	$	106	$	154	$	67	$	42	$	37
Amortization of regulatory assets(b)	160		53		4		46		56		35		11		10
Amortization of intangible assets, net(b)	15		—		—		—		—		—		—		—
Amortization of energy contract assets and liabilities(c)	4		—		—		—		—		—		—		—
Nuclear fuel(d)	276		—		—		—		—		—		—		—
ARO accretion(e)	127		—		—		—		—		—		—		—
Total depreciation, amortization, and accretion	$	2,104	$	292	$	86	$	152	$	210	$	102	$	53	$	47

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

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

(c)Included in Operating revenues or Purchased power and fuel expense in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.

(d)Included in Purchased fuel expense in Exelon's Consolidated Statement of Operations and Comprehensive Income.

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

92

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 14 — Supplemental Financial Information

	Other non-cash operating activities
	Exelon(a)		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Pension and non-pension postretirement benefit costs	$	44	$	16	$	(2)	$	12	$	13	$	2	$	1	$	3
Allowance for credit losses	78		17		27		18		18		9		6		3
Other decommissioning-related activity	36		—		—		—		—		—		—		—
Energy-related options	60		—		—		—		—		—		—		—
True-up adjustments to decoupling mechanisms and formula rates(b)	(29)		(40)		(6)		12		5		7		1		(3)
Long-term incentive plan	25		—		—		—		—		—		—		—
Amortization of operating ROU asset	23		1		—		7		7		2		2		1
AFUDC — Equity	(36)		(8)		(7)		(6)		(15)		(11)		(2)		(2)
Three Months Ended March 31, 2021
Pension and non-pension postretirement benefit costs	$	95	$	32	$	2	$	14	$	12	$	2	$	1	$	3
Allowance for credit losses	85		13		24		4		10		5		4		1
Other decommissioning-related activity	(322)		—		—		—		—		—		—		—
Energy-related options	17		—		—		—		—		—		—		—
True-up adjustments to decoupling mechanisms and formula rates(b)	(129)		(54)		(10)		(18)		(46)		(26)		(9)		(11)
Long-term incentive plan	32		—		—		—		—		—		—		—
Amortization of operating ROU asset	37		—		—		7		7		1		3		1
AFUDC — Equity	(28)		(4)		(6)		(7)		(11)		(9)		(1)		(1)

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

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

93

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 14 — Supplemental Financial Information

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

	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022
Cash and cash equivalents	$	2,476	$	343	$	26	$	41	$	796	$	502	$	120	$	168
Restricted cash and cash equivalents	430		246		8		34		106		34		73		—
Restricted cash included in other long-term assets	92		92		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	2,998	$	681	$	34	$	75	$	902	$	536	$	193	$	168
December 31, 2021
Cash and cash equivalents	$	672	$	131	$	36	$	51	$	136	$	34	$	28	$	29
Restricted cash and cash equivalents	321		210		8		4		77		34		43		—
Restricted cash included in other long-term assets	44		43		—		—		—		—		—		—
Cash, restricted cash, and cash equivalents from discontinued operations	582		—		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	1,619	$	384	$	44	$	55	$	213	$	68	$	71	$	29
March 31, 2021
Cash and cash equivalents	$	1,908	$	86	$	48	$	21	$	558	$	134	$	64	$	353
Restricted cash and cash equivalents	374		270		7		1		37		33		—		4
Restricted cash included in other long-term assets	52		43		—		—		9		—		—		9
Total cash, restricted cash, and cash equivalents(a)	$	2,334	$	399	$	55	$	22	$	604	$	167	$	64	$	366
December 31, 2020
Cash and cash equivalents	$	663	$	83	$	19	$	144	$	111	$	30	$	15	$	17
Restricted cash and cash equivalents	438		279		7		1		39		35		—		3
Restricted cash included in other long-term assets	53		43		—		—		10		—		—		10
Cash, restricted cash, and cash equivalents - Held for Sale	12		—		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents(a)	$	1,166	$	405	$	26	$	145	$	160	$	65	$	15	$	30

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

For additional information on restricted cash see Note 1 — Significant Accounting Policies of the Exelon 2021 Form 10-K.

94

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 14 — Supplemental Financial Information

Supplemental Balance Sheet Information

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

	Accrued expenses
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022
Compensation-related accruals(a)	$	370	$	95	$	51	$	48	$	73	$	26	$	15	$	12
Taxes accrued	258		95		15		78		94		85		10		9
Interest accrued	346		66		36		39		77		37		21		17
December 31, 2021
Compensation-related accruals(a)	$	596	$	155	$	77	$	78	$	113	$	35	$	20	$	17
Taxes accrued	253		94		14		53		96		88		9		11
Interest accrued	297		116		41		44		52		28		8		11

__________

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

15. Related Party Transactions (All Registrants)

Utility Registrants' expense with Generation

The Utility Registrants incurred expenses from transactions with the Generation affiliate as described in the footnotes to the table below prior to separation on February 1, 2022. Such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants:

	Three Months Ended March 31,
	2022		2021
ComEd(a)	$	59	$	85
PECO(b)	33		42
BGE(c)	18		72
PHI	51		100
Pepco(d)	39		75
DPL(e)	10		21
ACE(f)	2		4

__________

(a)ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation.

(b)PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs.

(c)BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs.

(d)Pepco received electric supply from Generation under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC.

(e)DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs.

(f)ACE received electric supply from Generation under contracts executed through ACE's competitive procurement process approved by the NJBPU.

95

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 15 — Related Party Transactions

Service Company Costs for Corporate Support

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

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

	Operating and maintenance from affiliates				Capitalized costs
	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2021		2022		2021
Exelon
BSC					$	205	$	114
PHISCO					19		17
ComEd
BSC	$	85	$	71	85		45
PECO
BSC	49		39		36		17
BGE
BSC	51		43		38		20
PHI
BSC	50		39		46		32
PHISCO					19		17
Pepco
BSC	29		22		17		13
PHISCO	29		30		8		7
DPL
BSC	18		14		14		10
PHISCO	24		25		6		5
ACE
BSC	15		12		15		8
PHISCO	21		22		5		5

96

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 15 — Related Party Transactions

Current Receivables from/Payables to affiliates

The following tables present current receivables from affiliates and current payables to affiliates:

March 31, 2022

	Receivables from affiliates:
Payables to affiliates:	ComEd		PECO		BGE		Pepco		DPL		ACE		BSC		PHISCO		Other		Total
ComEd			$	—	$	—	$	—	$	—	$	—	$	64	$	—	$	2	$	66
PECO	$	—			—		—		—		—		33		—		5		38
BGE	—		—				—		—		—		35		—		2		37
PHI	—		—		—		—		—		—		7		1		10		18
Pepco	—		—		—				—		—		19		15		—		34
DPL	—		—		—		—				—		3		12		—		15
ACE	—		—		—		—		—				12		11		—		23
Other	3		—		—		—		—		—		—		—				3
Total	$	3	$	—	$	—	$	—	$	—	$	—	$	173	$	39	$	19	$	234

December 31, 2021

	Receivables from affiliates:
Payables to affiliates:	ComEd		PECO		BGE		Pepco		DPL		ACE		Generation		BSC		PHISCO		Other		Total
ComEd			$	—	$	—	$	—	$	—	$	—	41		$	71	$	—	$	9	$	121
PECO	$	—			—		—		—		—		30		36		—		4		70
BGE	—		—				—		—		—		4		41		—		3		48
PHI	—		1		—		—		—		1		—		5		—		9		16
Pepco	—		—		1				1		1		20		21		12		3		59
DPL	—		—		—		—				—		4		17		11		1		33
ACE	—		—		—		—		—				7		13		9		2		31
Generation	13		—		—		—		—		—				102		—		16		131
Other	3		—		—		—		—		—		11		—		—				14
Total	$	16	$	1	$	1	$	—	$	1	$	2	$	117	$	306	$	32	$	47	$	523

Borrowings from Exelon/PHI intercompany money pool

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

Noncurrent Receivables from affiliates

ComEd and PECO have noncurrent receivables with Generation as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. The receivables are recorded in Receivable related to Regulatory Agreement Units as of March 31, 2022 and in noncurrent Receivables from affiliates as of December 31, 2021. See Note 10 — Asset Retirement Obligations of the Combined Notes to Consolidated Financial Statements of the Exelon 2021 Form 10-K for additional information.

Long-term debt to financing trusts

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

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

Note 15 — Related Party Transactions

	March 31, 2022						December 31, 2021
	Exelon		ComEd		PECO		Exelon		ComEd		PECO
ComEd Financing III	$	206	$	205	$	—	$	206	$	205	$	—
PECO Trust III	81		—		81		81		—		81
PECO Trust IV	103		—		103		103		—		103
Total	$	390	$	205	$	184	$	390	$	205	$	184

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ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

Exelon

Executive Overview

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

Exelon has six reportable segments consisting of ComEd, PECO, BGE, Pepco, DPL, and ACE. See Note 1 — Significant Accounting Policies and Note 5 — Segment Information of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon's principal subsidiaries and reportable segments.

Exelon’s consolidated financial information includes the results of its seven separate operating subsidiary registrants, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, which, along with Exelon, are collectively referred to as the Registrants. The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE. However, none of the Registrants makes any representation as to information related solely to any of the other Registrants.

Financial Results of Operations

GAAP Results of Operations. The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders from continuing operations and the Utility Registrants' Net income for the three months ended March 31, 2022 compared to the same period in 2021. For additional information regarding the financial results for the three months ended March 31, 2022 and 2021 see the discussions of Results of Operations by Registrant.

	Three Months Ended March 31,				(Unfavorable) Favorable Variance
	2022		2021
Exelon	$	481	$	525	$	(44)
ComEd	188		197		(9)
PECO	206		167		39
BGE	198		209		(11)
PHI	130		128		2
Pepco	46		59		(13)
DPL	56		56		—
ACE	26		14		12
Other(a)	(241)		(176)		(65)

__________

(a)Primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investing activities.

The separation of Constellation, including Generation and its subsidiaries, meets the criteria for discontinued operations and as such, Generation's results of operations are presented as discontinued operations and have been excluded from Exelon's continuing operations for all periods presented.

Accounting rules require that certain BSC costs previously allocated to Generation be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Such costs are included in Other in the table above. See further discussion below.

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net income attributable to common shareholders from continuing operations decreased by $44 million and diluted

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earnings per average common share from continuing operations decreased to $0.49 in 2022 from $0.53 in 2021 primarily due to:

•An income tax expense recorded in connection with the separation primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs;

•Higher depreciation expense at BGE and PHI; and

•Higher storm costs at PHI.

The decreases were partially offset by:

•Higher electric distribution earnings from higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates at ComEd;

•The favorable impacts of regulatory rate increases at PECO, BGE, and PHI; and

•Lower BSC costs presented in Exelon’s continuing operations, which were previously allocated to Generation but do not qualify as expenses of the discontinued operation per the accounting rules. Such costs, on a pre-tax basis, were $28 million for the period in 2022 prior to the separation on February 1, 2022 (January 1, 2022 to January 31, 2022) and $106 million for the three months ended March 31, 2021.

Adjusted (non-GAAP) Operating Earnings. In addition to net income, 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 information is intended to enhance an investor’s overall understanding of year-to-year 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 information 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’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.

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The following table provides a reconciliation between net income attributable to common shareholders from continuing operations as determined in accordance with GAAP and adjusted (non-GAAP) operating earnings for the three months ended March 31, 2022 compared to the same period in 2021.

	Three Months Ended March 31,
	2022				2021
(In millions, except per share data)			Earnings per Diluted Share				Earnings per Diluted Share
Net Income Attributable to Common Shareholders from Continuing Operations	$	481	$	0.49	$	525	$	0.53
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1)	—		—		(1)		—
COVID-19 Direct Costs (net of taxes of $1)(a)	—		—		2		—
Acquisition Related Costs (net of taxes of $2)(b)	—		—		6		0.01
ERP System Implementation Costs (net of taxes of $0 and $2, respectively)(c)	1		—		5		0.01
Separation Costs (net of taxes of $7 and $1, respectively)(d)	17		0.02		5		0.01
Income Tax-Related Adjustments (entire amount represents tax expense)(e)	134		0.14		—		—
Adjusted (non-GAAP) Operating Earnings	$	634	$	0.64	$	542	$	0.55

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations 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. The marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.

(a)Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense.

(b)Reflects certain BSC costs related to the acquisition of Electricite de France SA's (EDF's) interest in CENG, which was completed in the third quarter of 2021, that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

(c)Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense.

(d)Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense.

(e)In connection with the separation, Exelon recorded an income tax expense primarily due to the long-term marginal state income tax rate change, the recognition of valuation allowances against the net deferred tax assets positions for certain standalone state filing jurisdictions, and nondeductible transaction costs.

Significant 2022 Transactions and Developments

Separation

On February 21, 2021, Exelon’s Board of Directors approved a plan to separate the Utility Registrants and Generation, creating two publicly traded companies (“the separation”). Exelon completed the separation on February 1, 2022. Constellation was newly formed and incorporated in Pennsylvania on June 15, 2021 for the purpose of separation and holds Generation. The separation represented a strategic shift that would have a major effect on Exelon’s operations and financial results. Accordingly, the separation meets the criteria for discontinued operations. See Note 2 — Discontinued Operations of the Combined Notes to Consolidated Financial Statements for additional information on the separation and discontinued operations.

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In connection with the separation, Exelon incurred separation costs impacting continuing operations of $24 million and $4 million on a pre-tax basis for the three months ended March 31, 2022 and March 31, 2021, respectively, which are recorded in Operating and maintenance expense. Total separation costs impacting continuing operations for the remainder of 2022 are not expected to be material. These costs are excluded from Adjusted (non-GAAP) Operating Earnings. The separation costs are primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs.

Distribution Base Rate Case Proceedings

The Utility Registrants file base rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution, and gas distribution rates to recover their costs and earn a fair return on their investments. The outcomes of these regulatory proceedings impact the Utility Registrants’ current and future financial statements.

The following tables show the Utility Registrants’ completed and pending distribution base rate case proceedings in 2022. See Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on these and other regulatory proceedings.

Completed Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Approved Revenue Requirement Increase		Approved ROE		Approval Date	Rate Effective Date
ComEd - Illinois	April 16, 2021	Electric	$	51	$	46	7.36	%	December 1, 2021	January 1, 2022
PECO - Pennsylvania	March 30, 2021	Electric	246		132		N/A		November 18, 2021	January 1, 2022
BGE - Maryland	May 15, 2020 (amended September 11, 2020)	Electric	203		140		9.50	%	December 16, 2020	January 1, 2021
		Natural Gas	108		74		9.65	%
Pepco - District of Columbia	May 30, 2019 (amended June 1, 2020)	Electric	136		109		9.28	%	June 8, 2021	July 1, 2021
Pepco - Maryland	October 26, 2020 (amended March 31, 2021)	Electric	104		52		9.55	%	June 28, 2021	June 28, 2021
DPL - Maryland	September 1, 2021 (amended December 23, 2021)	Electric	27		13		9.60	%	March 2, 2022	March 2, 2022
ACE - New Jersey	December 9, 2020 (amended February 26, 2021)	Electric	67		41		9.60	%	July 14, 2021	January 1, 2022

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Pending Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Requested ROE		Expected Approval Timing
ComEd - Illinois	April 15, 2022	Electric	$	199	7.85	%	Fourth quarter of 2022
PECO - Pennsylvania	March 31, 2022	Natural Gas	82		10.95	%	Fourth quarter of 2022
DPL - Delaware	January 14, 2022 (amended February 28, 2022)	Natural Gas	15		10.30	%	First quarter of 2023

Transmission Formula Rates

For 2022, the following total increases were included in ComEd’s and BGE's electric transmission formula rate update. See Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on these and other regulatory proceedings.

Registrant	Initial Revenue Requirement Increase		Annual Reconciliation Decrease		Total Revenue Requirement Increase		Allowed Return on Rate Base		Allowed ROE
ComEd	$	24	$	(24)	$	—	8.11	%	11.50	%
BGE	25		(4)		16		7.30	%	10.50	%

Other Key Business Drivers and Management Strategies

The following discussion of other key business driver and management strategies includes current developments of previously disclosed matters and new issues arising during the period that may impact future financial statements. This section should be read in conjunction with ITEM 1. Business and ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Other Key Business Drivers and Management Strategies in the Registrants' combined 2021 Form 10-K and Note 12 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements in this report for additional information on various environmental matters.

Legislative and Regulatory Developments

Infrastructure Investment and Jobs Act

On November 15, 2021, President Biden signed the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) into law. IIJA provides for approximately $550 billion in new federal spending. Categories of funding include funding for a variety of infrastructure needs, including but not limited to: (1) power and grid reliability and resilience, (2) resilience for cybersecurity to address critical infrastructure needs, and (3) electric vehicle charging infrastructure for alternative fuel corridors. Federal agencies are in the process of developing guidelines to implement spending programs under IIJA. The time needed to develop these guidelines will vary with some limited program applications opened as early as the first quarter of 2022. The Registrants are analyzing the legislation and considering possible opportunities to apply for funding, either directly or in potential collaborations with state and/or local agencies and key stakeholders. The Registrants cannot predict the ultimate timing and success of securing funding from programs under IIJA.

Critical Accounting Policies and Estimates

Management of each of the Registrants makes a number of significant estimates, assumptions, and judgments in the preparation of its financial statements. At March 31, 2022, the Registrants’ critical accounting policies and estimates had not changed significantly from December 31, 2021 except for critical accounting policies and estimates that relate to Generation, which are no longer applicable to the Registrants. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Critical Accounting Policies and Estimates in the Registrants' 2021 Form 10-K for further information.

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Results of Operations by Registrant

Results of Operations — ComEd

	Three Months Ended March 31,				Favorable (Unfavorable) Variance
	2022		2021
Operating revenues	$	1,734	$	1,535	$	199
Operating expenses
Purchased power	638		527		(111)
Operating and maintenance	351		316		(35)
Depreciation and amortization	321		292		(29)
Taxes other than income taxes	96		75		(21)
Total operating expenses	1,406		1,210		(196)
Operating income	328		325		3
Other income and (deductions)
Interest expense, net	(100)		(96)		(4)
Other, net	12		7		5
Total other income and (deductions)	(88)		(89)		1
Income before income taxes	240		236		4
Income taxes	52		39		(13)
Net income	$	188	$	197	$	(9)

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net income decreased by $9 million as compared to the same period in 2021, primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement, partially offset by increases in electric distribution formula rate earnings (reflecting the impacts of higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates). See Note 12 - Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information related to the Deferred Prosecution Agreement.

The changes in Operating revenues consisted of the following:

	Three Months Ended March 31, 2022
	Increase
Distribution	$	45
Transmission	21
Energy efficiency	7
Other	3
	76
Regulatory required programs	123
Total increase	$	199

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. Operating revenues are not impacted by abnormal weather, usage per customer or number of customers as a result of revenue decoupling mechanisms implemented pursuant to FEJA.

Distribution Revenue. EIMA and FEJA provide for a performance-based formula rate, which requires an annual reconciliation of the revenue requirement in effect to the actual costs that the ICC determines are prudently and reasonably incurred in a given year. Electric distribution revenue varies from year to year based upon fluctuations in the underlying costs, (e.g., severe weather and storm restoration), investments being recovered, and allowed ROE. Electric distribution revenue increased for the three months ended March 31, 2022 as compared to the

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ComEd

same period in 2021, due to the impact of higher rate base, higher allowed ROE due to an increase in treasury rates, and higher fully recoverable costs.

Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs, capital investments being recovered, and the highest daily peak load, which is updated annually in January based on the prior calendar year. Generally, increases/decreases in the highest daily peak load will result in higher/lower transmission revenue. Transmission revenue increased for the three months ended March 31, 2022 as compared to the same periods in 2021 primarily due to the impact of higher rate base and higher fully recoverable costs.

Energy Efficiency Revenue. FEJA provides for a performance-based formula rate, which requires an annual reconciliation of the revenue requirement in effect to the actual costs that the ICC determines are prudently and reasonably incurred in a given year. Under FEJA, energy efficiency revenue varies from year to year based upon fluctuations in the underlying costs, investments being recovered, and allowed ROE. Energy efficiency revenue increased for the three months ended March 31, 2022 as compared to the same period in 2021, primarily due to increased regulatory asset amortization, which is fully recoverable.

Other Revenue primarily includes assistance provided to other utilities through mutual assistance programs. Other revenue remained relatively the same for the three months ended March 31, 2022 as compared to the same period in 2021.

Regulatory Required Programs represents revenues collected under approved riders to recover costs incurred for regulatory programs such as recoveries under the credit loss expense tariff, environmental costs associated with MGP sites, Energy Transition Assistance Charge ("ETAC"), and costs related to electricity, ZEC and REC procurement. ETAC is a retail customer surcharge collected by electric utilities operating in Illinois established by CEJA and remitted to an Illinois state agency for programs to support clean energy jobs and training. The riders are designed to provide full and current cost recovery. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense and Taxes other than income. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries as ComEd remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, ComEd either acts as the billing agent or the competitive supplier separately bills its own customers, and therefore does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from ComEd, ComEd is permitted to recover the electricity, ZEC, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power expense related to the electricity, ZECs, and RECs.

See Note 5 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of ComEd's revenue disaggregation.

The increase of $111 million for the three months ended March 31, 2022 compared to the same period in 2021, in Purchased power expense is offset in Operating revenues as part of regulatory required programs.

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ComEd

The changes in Operating and maintenance expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase (Decrease)
Storm-related costs	$	1
Pension and non-pension postretirement benefits expense	(7)
Labor, other benefits, contracting and materials	2
BSC costs	14
Other(a)	21
	31
Regulatory required programs(b)	4
Total increase	$	35

__________

(a)The increase is primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. See Note 12 - Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information related to the Deferred Prosecution Agreement.

(b)ComEd is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through a rider mechanism.

The changes in Depreciation and amortization expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase
Depreciation and amortization(a)	$	15
Regulatory asset amortization(b)	14
Total increase	$	29

__________

(a)Reflects ongoing capital expenditures.

(b)Includes amortization of ComEd's energy efficiency formula rate regulatory asset

Taxes other than income taxes increased by $21 million for the three months ended March 31, 2022 compared to the same period in 2021, primarily due to taxes related to ETAC, which is recovered through Operating revenues.

Effective income tax rates were 21.7% and 16.5% for the three months ended March 31, 2022 and 2021, respectively. See Note 7 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

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PECO

Results of Operations — PECO

	Three Months Ended March 31,				Favorable (Unfavorable) Variance
	2022		2021
Operating revenues	$	1,047	$	889	$	158
Operating expenses
Purchased power and fuel	407		316		(91)
Operating and maintenance	247		234		(13)
Depreciation and amortization	92		86		(6)
Taxes other than income taxes	47		43		(4)
Total operating expenses	793		679		(114)
Operating income	254		210		44
Other income and (deductions)
Interest expense, net	(41)		(38)		(3)
Other, net	7		5		2
Total other income and (deductions)	(34)		(33)		(1)
Income before income taxes	220		177		43
Income taxes	14		10		(4)
Net income	$	206	$	167	$	39

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net income increased by $39 million, primarily due to increases in electric and gas distribution rates, and volume.

The changes in Operating revenues consisted of the following:

	Three Months Ended March 31, 2022
	(Decrease) Increase
	Electric		Gas		Total
Weather	$	(4)	$	(5)	$	(9)
Volume	7		7		14
Pricing	33		17		50
Transmission	5		—		5
Other	5		3		8
	46		22		68
Regulatory required programs	36		54		90
Total increase	$	82	$	76	$	158

Weather. The demand for electricity and natural gas is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as “favorable weather conditions” because these weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended March 31, 2022 compared to the same period in 2021, Operating revenues related to weather decreased by the impact of unfavorable weather conditions in PECO's service territory.

Heating and cooling degree-days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree-days for a 30-year period in PECO's service territory. The changes in heating and cooling degree-days in

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PECO

PECO’s service territory for the three months ended March 31, 2022 compared to the same period in 2021 and normal weather consisted of the following:

	Three Months Ended March 31,			% Change
PECO Service Territory	2022	2021	Normal	2022 vs. 2021		2022 vs. Normal
Heating Degree-Days	2,228	2,302	2,416	(3.2)	%	(7.8)	%
Cooling Degree-Days	1	5	1	(80.0)	%	—	%

Volume. Electric volume, exclusive of the effects of weather, for the three months ended March 31, 2022, compared to the same period in 2021, increased on a net basis due to an increase in overall usage for customers further increased by customer growth. Natural gas volume for the three months ended March 31, 2022 compared to the same period in 2021, increased due to retail load growth.

Electric Retail Deliveries to Customers (in GWhs)	Three Months Ended March 31,		% Change		Weather - Normal % Change(b)
	2022	2021
Residential	3,758	3,767	(0.2)	%	1.1	%
Small commercial & industrial	1,937	1,881	3.0	%	3.4	%
Large commercial & industrial	3,332	3,272	1.8	%	1.9	%
Public authorities & electric railroads	182	149	22.1	%	22.4	%
Total electric retail deliveries(a)	9,209	9,069	1.5	%	2.2	%

	As of March 31,
Number of Electric Customers	2022	2021
Residential	1,521,255	1,512,255
Small commercial & industrial	155,485	154,637
Large commercial & industrial	3,102	3,109
Public authorities & electric railroads	10,342	10,237
Total	1,690,184	1,680,238

__________

(a)Reflects delivery volumes from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

Natural Gas Deliveries to Customers (in mmcf)	Three Months Ended March 31,		% Change		Weather - Normal % Change(b)
	2022	2021
Residential	20,837	20,674	0.8	%	4.3	%
Small commercial & industrial	10,546	10,170	3.7	%	5.8	%
Large commercial & industrial	10	7	42.9	%	10.2	%
Transportation	7,639	7,650	(0.1)	%	0.7	%
Total natural gas retail deliveries(a)	39,032	38,501	1.4	%	4.0	%

	As of March 31,
Number of Natural Gas Customers	2022	2021
Residential	499,188	493,857
Small commercial & industrial	44,959	44,604
Large commercial & industrial	5	5
Transportation	664	685
Total	544,816	539,151

__________

(a)Reflects delivery volumes 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.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

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PECO

Pricing for the three months ended March 31, 2022 compared to the same period in 2021 increased primarily due to an increase in electric and gas distribution rates charged to customers.

Transmission Revenue. Under a FERC approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered.

Other revenue primarily includes revenue related to late payment charges. Other revenues for the three months ended March 31, 2022 compared to the same period in 2021, remained relatively consistent.

Regulatory Required Programs represents revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency, PGC, and the GSA. The riders are designed to provide full and current cost recovery as well as a return. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Income taxes. Customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. Customer choice programs do not impact the volume of deliveries as PECO remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, PECO either acts as the billing agent or the competitive supplier separately bills its own customers and therefore PECO does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from PECO, PECO is permitted to recover the electricity, natural gas, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power and fuel expense related to the electricity, natural gas, and RECs.     

See Note 5 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of PECO's revenue disaggregation.

The increase of $91 million for the three months ended March 31, 2022 compared to the same period in 2021, respectively, in Purchased power and fuel expense is offset in Operating revenues as part of regulatory required programs.

The changes in Operating and maintenance expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase (Decrease)
BSC costs	$	10
Credit loss expense	3
Storm-related costs	2
Labor, other benefits, contracting and materials	(2)
Pension and non-pension post retirement benefit expense	(1)
Other	(2)
	10
Regulatory required programs	3
Total increase	$	13

The changes in Depreciation and amortization expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase
Depreciation and amortization(a)	$	6
Regulatory asset amortization	—
Total increase	$	6

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

109

PECO

Interest expense, net increased $3 million for the three months ended March 31, 2022 compared to the same period in 2021, primarily due to the issuance of debt in 2021.

Effective income tax rates were 6.4% and 5.6% for the three months ended March 31, 2022 and 2021 respectively. See Note 7 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

110

BGE

Results of Operations — BGE

	Three Months Ended March 31,				Favorable (Unfavorable) Variance
	2022		2021
Operating revenues	$	1,154	$	974	$	180
Operating expenses
Purchased power and fuel	454		331		(123)
Operating and maintenance	218		197		(21)
Depreciation and amortization	171		152		(19)
Taxes other than income taxes	76		72		(4)
Total operating expenses	919		752		(167)
Operating income	235		222		13
Other income and (deductions)
Interest expense, net	(35)		(34)		(1)
Other, net	7		8		(1)
Total other income and (deductions)	(28)		(26)		(2)
Income before income taxes	207		196		11
Income taxes	9		(13)		(22)
Net income	$	198	$	209	$	(11)

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net income decreased $11 million primarily due to an increase in depreciation expense and credit loss expense, partially offset by favorable impacts of the multi-year plans. See Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on the three-year electric and natural gas distribution multi-year plans.

The changes in Operating revenues consisted of the following:

	Three Months Ended March 31, 2022
	Increase
	Electric		Gas		Total
Distribution	$	14	$	10	$	24
Transmission	5		—		5
Other	8		2		10
	27		12		39
Regulatory required programs	78		63		141
Total increase	$	105	$	75	$	180

Revenue Decoupling. The demand for electricity and natural gas is affected by weather and customer usage. However, Operating revenues are not impacted by abnormal weather or usage per customer as a result of a monthly rate adjustment that provides for fixed distribution revenue per customer by customer class. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

	As of March 31,
Number of Electric Customers	2022	2021
Residential	1,199,272	1,192,470
Small commercial & industrial	115,363	114,819
Large commercial & industrial	12,674	12,505
Public authorities & electric railroads	268	266
Total	1,327,577	1,320,060

111

BGE

	As of March 31,
Number of Natural Gas Customers	2022	2021
Residential	653,397	648,824
Small commercial & industrial	38,356	38,318
Large commercial & industrial	6,193	6,120
Total	697,946	693,262

Distribution Revenue increased for the three months ended March 31, 2022, compared to the same period in 2021, due to favorable impacts of the multi-year plans.

Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to the increases in underlying costs and capital investments.

Other Revenue includes revenue related to late payment charges, mutual assistance, off-system sales, and service application fees. Other revenue increased for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to an increase in late fees charged to customers.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as conservation, demand response, STRIDE, and the POLR mechanism. The riders are designed to provide full and current cost recovery, as well as a return in certain instances. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. Customer choice programs do not impact the volume of deliveries as BGE remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, BGE acts as the billing agent and therefore does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from BGE, BGE is permitted to recover the electricity and natural gas procurement costs from customers and therefore records the amounts related to the electricity and/or natural gas in Operating revenues and Purchased power and fuel expense. BGE recovers electricity and natural gas procurement costs from customers with a slight mark-up.

See Note 5 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of BGE's revenue disaggregation.

The increase of $123 million for the three months ended March 31, 2022 compared to the same period in 2021, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs.

112

BGE

The changes in Operating and maintenance expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase (Decrease)
Labor, other benefits, contracting, and materials	$	4
Pension and non-pension postretirement benefits expense	(3)
BSC costs	8
Credit loss expense	14
Other	(3)
	20
Regulatory required programs	1
Total increase	$	21

The changes in Depreciation and amortization expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase
Depreciation and amortization(a)	$	9
Regulatory required programs	7
Regulatory asset amortization	3
Total increase	$	19

__________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Effective income tax rates were 4.3% and (6.6)% for the three months ended March 31, 2022 and 2021, respectively. The change is primarily due to decreases in the multi-year plans' accelerated income tax benefits in 2022 as compared to 2021. See Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on the three-year electric and natural gas distribution multi-year plans and Note 7 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

113

PHI

Results of Operations — PHI

PHI’s Results of Operations include the results of its three reportable segments, Pepco, DPL, and ACE. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services and the costs are directly charged or allocated to the applicable subsidiaries. Additionally, the results of PHI’s corporate operations include interest costs from various financing activities. All material intercompany accounts and transactions have been eliminated in consolidation. The following table sets forth PHI's GAAP consolidated Net income, by Registrant, for the three months ended March 31, 2022 compared to the same period in 2021. See the Results of Operations for Pepco, DPL, and ACE for additional information.

	Three Months Ended March 31,				Favorable (Unfavorable) Variance
	2022		2021
PHI	$	130	$	128	$	2
Pepco	46		59		(13)
DPL	56		56		—
ACE	26		14		12
Other(a)	2		(1)		3

_________

(a)Primarily includes eliminating and consolidating adjustments, PHI's corporate operations, shared service entities, and other financing and investing activities.

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net Income increased by $2 million primarily due to favorable impacts as a result of Pepco's Maryland and District of Columbia multi-year plans and higher electric distribution rates at DPL and ACE, partially offset by an increase in storm costs and depreciation expense.

114

Pepco

Results of Operations — Pepco

	Three Months Ended March 31,				Favorable (Unfavorable) Variance
	2022		2021
Operating revenues	$	614	$	553	$	61
Operating expenses
Purchased power	213		166		(47)
Operating and maintenance	131		108		(23)
Depreciation and amortization	108		102		(6)
Taxes other than income taxes	95		90		(5)
Total operating expenses	547		466		(81)
Operating income	67		87		(20)
Other income and (deductions)
Interest expense, net	(36)		(34)		(2)
Other, net	13		12		1
Total other income and (deductions)	(23)		(22)		(1)
Income before income taxes	44		65		(21)
Income taxes	(2)		6		8
Net income	$	46	$	59	$	(13)

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net income decreased $13 million primarily due to an increase in storm costs, depreciation expense, and credit loss expense, partially offset by the favorable impacts of the Maryland and District of Columbia multi-year plans.

The changes in Operating revenues consisted of the following:

	Three Months Ended March 31, 2022
	Increase (Decrease)
Distribution	$	6
Transmission	3
Other	(3)
	6
Regulatory required programs	55
Total increase	$	61

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in both Maryland and the District of Columbia are not impacted by abnormal weather or usage per customer as a result of a bill stabilization adjustment (BSA) that provides for a fixed distribution charge per customer by customer class. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

	As of March 31,
Number of Electric Customers	2022	2021
Residential	846,258	835,415
Small commercial & industrial	54,509	53,738
Large commercial & industrial	22,620	22,492
Public authorities & electric railroads	184	174
Total	923,571	911,819

Distribution Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to favorable impacts of the Maryland and District of Columbia multi-year plans.

115

Pepco

Transmission Revenue Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to increases in underlying costs.

Other Revenue includes rental revenue, revenue related to late payment charges, mutual assistance revenues, and recoveries of other taxes.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, DC PLUG, and SOS procurement and administrative costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries, as Pepco remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, Pepco acts as the billing agent and therefore, Pepco does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from Pepco, Pepco is permitted to recover the electricity and REC procurement costs from customers and therefore records the amounts related to the electricity and RECs in Operating revenues and Purchased power expense. Pepco recovers electricity and REC procurement costs from customers with a slight mark-up.

See Note 5 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of Pepco's revenue disaggregation.

The increase of $47 million for the three months ended March 31, 2022 compared to the same period in 2021, in Purchased power expense is fully offset in Operating revenues as part of regulatory required programs.

The changes in Operating and maintenance expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase
Storm-related costs	$	6
BSC and PHISCO Costs	6
Credit loss expense	4
Labor, other benefits, contracting and materials	4
Other	3
	23
Regulatory required programs	—
Total increase	$	23

116

Pepco

The changes in Depreciation and amortization expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase (Decrease)
Depreciation and amortization(a)	$	5
Regulatory asset amortization	(4)
Regulatory required programs	5
Total increase	$	6

_________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Effective income tax rates were (4.5)% and 9.2% for the three months ended March 31, 2022 and 2021, respectively. The change is primarily due to the acceleration of certain income tax benefits as a result of the Maryland and District of Columbia multi-year plans. See Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statement for additional information on the three-year electric distribution multi-year plans and Note 7 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

117

DPL

Results of Operations — DPL

	Three Months Ended March 31,				Favorable (Unfavorable) Variance
	2022		2021
Operating revenues	$	431	$	382	$	49
Operating expenses
Purchased power and fuel	189		156		(33)
Operating and maintenance	93		83		(10)
Depreciation and amortization	57		53		(4)
Taxes other than income taxes	18		17		(1)
Total operating expenses	357		309		(48)
Operating income	74		73		1
Other income and (deductions)
Interest expense, net	(16)		(15)		(1)
Other, net	2		3		(1)
Total other income and (deductions)	(14)		(12)		(2)
Income before income taxes	60		61		(1)
Income taxes	4		5		1
Net income	$	56	$	56	$	—

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net income remained consistent.

The changes in Operating revenues consisted of the following:

	Three Months Ended March 31, 2022
	Increase
	Electric		Gas		Total
Volume	$	5	$	1	$	6
Distribution	6		2		8
Transmission	2		—		2
	13		3		16
Regulatory required programs	25		8		33
Total increase	$	38	$	11	$	49

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in Maryland are not impacted by abnormal weather or usage per customer as a result of a bill stabilization adjustment (BSA) that provides for a fixed distribution charge per customer by customer class. While Operating revenues from electric distribution customers in Maryland are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers.

Weather. The demand for electricity and natural gas in Delaware is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as "favorable weather conditions” because these weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended March 31, 2022 compared to the same period in 2021, Operating revenues related to weather remained consistent.

118

DPL

Heating and cooling degree days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree days for a 20-year period in DPL's Delaware electric service territory and a 30-year period in DPL's Delaware natural gas service territory. The changes in heating and cooling degree days in DPL’s Delaware service territory for the three months ended March 31, 2022 compared to same period in 2021 and normal weather consisted of the following:

	Three Months Ended March 31,			% Change
Delaware Electric Service Territory	2022	2021	Normal	2022 vs. 2021		2022 vs. Normal
Heating Degree-Days	2,355	2,358	2,480	(0.1)	%	(5.0)	%
Cooling Degree-Days	3	3	—	—	%	—	%

	Three Months Ended March 31,			% Change
Delaware Natural Gas Service Territory	2022	2021	Normal	2022 vs. 2021		2022 vs. Normal
Heating Degree-Days	2,355	2,358	2,500	(0.1)	%	(5.8)	%

Volume, exclusive of the effects of weather, increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to customer growth and usage.

Electric Retail Deliveries to Delaware Customers (in GWhs)	Three Months Ended March 31,		% Change		Weather - Normal % Change(b)
	2022	2021
Residential	895	854	4.8	%	4.2	%
Small commercial & industrial	370	342	8.2	%	7.7	%
Large commercial & industrial	765	689	11.0	%	11.0	%
Public authorities & electric railroads	9	9	—	%	5.3	%
Total electric retail deliveries(a)	2,039	1,894	7.7	%	7.3	%

	As of March 31,
Number of Total Electric Customers (Maryland and Delaware)	2022	2021
Residential	478,009	473,917
Small commercial & industrial	63,296	62,647
Large commercial & industrial	1,221	1,208
Public authorities & electric railroads	603	608
Total	543,129	538,380

_________

(a)Reflects delivery volumes from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 20-year average.

Natural Gas Retail Deliveries to Delaware Customers (in mmcf)	Three Months Ended March 31,		% Change		Weather - Normal % Change(b)
	2022	2021
Residential	4,453	4,394	1.3	%	0.3	%
Small commercial & industrial	1,983	1,868	6.2	%	6.0	%
Large commercial & industrial	457	457	—	%	0.1	%
Transportation	2,207	2,224	(0.8)	%	(0.7)	%
Total natural gas deliveries(a)	9,100	8,943	1.8	%	1.3	%

119

DPL

	As of March 31,
Number of Delaware Natural Gas Customers	2022	2021
Residential	128,695	127,522
Small commercial & industrial	10,097	10,043
Large commercial & industrial	17	19
Transportation	159	160
Total	138,968	137,744

__________

(a)Reflects delivery volumes 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.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average.

Distribution Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to higher electric distribution rates in Maryland that became effective in March 2022, higher Distribution System Improvement Charge (DSIC) rates in Delaware that became effective in January 2022, and higher approved electric distribution rates in Delaware that became effective in September 2021.

Transmission Revenues. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to increases in underlying costs.

Other Revenue includes rental revenue, revenue related to late payment charges, mutual assistance revenues, and recoveries of other taxes.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, DE Renewable Portfolio Standards, SOS procurement and administrative costs, and GCR costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. All customers have the choice to purchase electricity from competitive electric generation suppliers; however, only certain commercial and industrial customers have the choice to purchase natural gas from competitive natural gas suppliers. Customer choice programs do not impact the volume of deliveries as DPL remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation or natural gas from competitive suppliers, DPL either acts as the billing agent or the competitive supplier separately bills its own customers, and therefore does not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from DPL, DPL is permitted to recover the electricity, natural gas, and REC procurement costs from customers and therefore records the amounts related to the electricity, natural gas, and RECs in Operating revenues and Purchased power and fuel expense. DPL recovers electricity and REC procurement costs from customers with a slight mark-up, and natural gas costs without mark-up.

See Note 5 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of DPL's revenue disaggregation.

The increase of $33 million for the three months ended March 31, 2022, compared to the same period in 2021, respectively, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs.

120

DPL

The changes in Operating and maintenance expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase
BSC and PHISCO costs	$	3
Storm-related costs	3
Credit loss expense	2
Labor, other benefits, contracting and materials	(2)
Other	3
	9
Regulatory required programs	1
Total increase	$	10

The changes in Depreciation and amortization expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase
Depreciation and amortization(a)	$	3
Regulatory asset amortization	—
Regulatory required programs	1
Total increase	$	4

_________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Effective income tax rates were 6.7% and 8.2% for the three months ended March 31, 2022 and 2021, respectively. See Note 7 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

121

ACE

Results of Operations — ACE

	Three Months Ended March 31,				Favorable (Unfavorable) Variance
	2022		2021
Operating revenues	$	349	$	310	$	39
Operating expenses
Purchased power	178		157		(21)
Operating and maintenance	84		76		(8)
Depreciation and amortization	47		47		—
Taxes other than income taxes	2		2		—
Total operating expenses	311		282		(29)
Operating income	38		28		10
Other income and (deductions)
Interest expense, net	(14)		(15)		1
Other, net	3		1		2
Total other income and (deductions)	(11)		(14)		3
Income before income taxes	27		14		13
Income taxes	1		—		(1)
Net income	$	26	$	14	$	12

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021. Net income increased $12 million primarily due to increases in distribution rates.

The changes in Operating revenues consisted of the following:

	Three Months Ended March 31, 2022
	Increase
Weather	$	1
Volume	2
Distribution	11
Transmission	5
	19
Regulatory required programs	20
Total increase	$	39

Revenue Decoupling. The demand for electricity is affected by weather and customer usage. However, Operating revenues from electric distribution in New Jersey are not impacted by abnormal weather or usage per customer as a result of the Conservation Incentive Program (CIP) which became effective, prospectively, in the third quarter of 2021. The CIP compares current distribution revenues by customer class to approved target revenues established in ACE’s most recent distribution base rate case. The CIP is calculated annually, and recovery is subject to certain conditions, including an earnings test and ceilings on customer rate increases. While Operating revenues are not impacted by abnormal weather or usage per customer, they are impacted by changes in the number of customers. See Note 3 — Regulatory Matters of the Combined Notes to the Consolidated Financial Statements for additional information.

Weather. Prior to the third quarter of 2021, the demand for electricity was affected by weather conditions. With respect to the electric business, very warm weather in summer months and very cold weather in winter months are referred to as “favorable weather conditions” because these weather conditions result in increased deliveries of electricity. Conversely, mild weather reduces demand. During the three months ended March 31, 2022 compared to the same period in 2021, Operating revenues related to weather increased due to the absence of impacts in the first quarter of 2022 as a result of the CIP.

122

ACE

Heating and cooling degree days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree days for a 20-year period in ACE’s service territory. The changes in heating and cooling degree days in ACE’s service territory for the three months ended March 31, 2022 compared to same period in 2021 and normal weather consisted of the following:

	Three Months Ended March 31,		Normal	% Change
Heating and Cooling Degree-Days	2022	2021		2022 vs. 2021		2022 vs. Normal
Heating Degree-Days	2,436	2,348	2,454	3.7	%	(0.7)	%
Cooling Degree-Days	2	4	1	(50.0)	%	100.0	%

Volume, exclusive of the effects of weather, increased for the three months ended March 31, 2022 compared to the same period in 2021, due to the absence of impacts in the first quarter of 2022 as a result of the CIP.

Electric Retail Deliveries to Customers (in GWhs)	Three Months Ended March 31,		% Change		Weather - Normal % Change(b)
	2022	2021
Residential	918	928	(1.1)	%	(2.3)	%
Small commercial & industrial	339	305	11.1	%	9.7	%
Large commercial & industrial	703	716	(1.8)	%	(2.4)	%
Public authorities & electric railroads	14	13	7.7	%	6.2	%
Total electric retail deliveries(a)	1,974	1,962	0.6	%	(0.4)	%

	As of March 31,
Number of Electric Customers	2022	2021
Residential	500,511	498,396
Small commercial & industrial	62,124	61,771
Large commercial & industrial	3,124	3,267
Public authorities & electric railroads	724	704
Total	566,483	564,138

_________

(a)Reflects delivery volumes from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.

(b)Reflects the change in delivery volumes assuming normalized weather based on the historical 20-year average.

Distribution Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 due to higher distribution rates that become effective in January 2022.

Transmission Revenues. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to increases in capital investment and underlying costs.

Other Revenue includes rental revenue, service connection fees, and mutual assistance revenues.

Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, Societal Benefits Charge, Transition Bonds, and BGS procurement and administrative costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. Customers have the choice to purchase electricity from competitive electric generation suppliers. Customer choice programs do not impact the volume of deliveries, as ACE remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues. For customers that choose to purchase electric generation from competitive suppliers, ACE acts as the billing agent and therefore, ACE does not record Operating revenues or Purchased power expense related to the electricity. For customers that choose to purchase electric generation from ACE, ACE is permitted to recover the

123

ACE

electricity, ZEC, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power expense related to the electricity, ZECs, and RECs.

See Note 5 — Segment Information of the Combined Notes to Consolidated Financial Statements for the presentation of ACE's revenue disaggregation.

The increase of $21 million for the three months ended March 31, 2022 compared to the same period in 2021, respectively, in Purchased power expense is fully offset in Operating revenues as part of regulatory required programs.

The changes in Operating and maintenance expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase
BSC and PHISCO costs	$	2
Labor, other benefits, contracting and materials	1
Storm-related costs	1
	4
Regulatory required programs(a)	4
Total increase	$	8

_________

(a)ACE is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through the Societal Benefits Charge.

The changes in Depreciation and amortization expense consisted of the following:

	Three Months Ended March 31, 2022
	Increase (Decrease)
Depreciation and amortization(a)	$	3
Regulatory asset amortization	1
Regulatory required programs	(4)
Total	$	—

_________

(a)Depreciation and amortization increased primarily due to ongoing capital expenditures.

Effective income tax rates were 3.7% and 0.0% for the three months ended March 31, 2022 and 2021, respectively. See Note 7 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.

124

Liquidity and Capital Resources (All Registrants)

All results included throughout the liquidity and capital resources section are presented on a GAAP basis.

The Registrants’ operating and capital expenditures requirements are provided by internally generated cash flows from operations, as well as funds from external sources in the capital markets and through bank borrowings. The Registrants’ businesses are capital intensive and require considerable capital resources. Each of the Registrants annually evaluates its financing plan, dividend practices, and credit line sizing, focusing on maintaining its investment grade ratings while meeting its cash needs to fund capital requirements, including construction expenditures, retire debt, pay dividends, and fund pension and OPEB obligations. The Registrants spend a significant amount of cash on capital improvements and construction projects that have a long-term return on investment. Additionally, the Utility Registrants operate in rate-regulated environments in which the amount of new investment recovery may be delayed or limited and where such recovery takes place over an extended period of time. Each Registrant’s access to external financing on reasonable terms depends on its credit ratings and current overall capital market business conditions, including that of the utility industry in general. If these conditions deteriorate to the extent that the Registrants no longer have access to the capital markets at reasonable terms, the Registrants have access to credit facilities with aggregate bank commitments of $4.0 billion. The Registrants utilize their credit facilities to support their commercial paper programs, provide for other short-term borrowings and to issue letters of credit. See the “Credit Matters and Cash Requirements” section below for additional information. The Registrants expect cash flows to be sufficient to meet operating expenses, financing costs, and capital expenditure requirements. See Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants’ debt and credit agreements.

Cash flows related to Constellation have not been presented as discontinued operations and are included in the Consolidated Statements of Cash Flows for all periods presented. The Exelon Consolidated Statement of Cash Flows for the three months ended March 31, 2022 includes one month of cash flows from Generation. The Exelon Consolidated Statement of Cash Flows for the three months ended March 31, 2021 includes three months of cash flows from Generation. This is the primary reason for the changes in cash flows as shown in the tables unless otherwise noted below.

Cash Flows from Operating Activities

The Utility Registrants' cash flows from operating activities primarily result from the transmission and distribution of electricity and, in the case of PECO, BGE, and DPL, gas distribution services. The Utility Registrants' distribution services are provided to an established and diverse base of retail customers. The Utility Registrants' future cash flows may be affected by the economy, weather conditions, future legislative initiatives, future regulatory proceedings with respect to their rates or operations, and their ability to achieve operating cost reductions.

See Note 3 — Regulatory Matters of the Exelon 2021 Form 10-K and Note 12 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information on regulatory and legal proceedings and proposed legislation.

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The following table provides a summary of the change in cash flows from operating activities for the three months ended March 31, 2022 and 2021 by Registrant:

Increase (decrease) in cash flows from operating activities	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Net income (loss)	$	862	$	(9)	$	39	$	(11)	$	2	$	(13)	$	—	$	12
Adjustments to reconcile net income to cash:
Non-cash operating activities	69		20		17		70		66		37		17		11
Option premiums (paid), net	(55)		—		—		—		—		—		—		—
Collateral received, net	869		38		—		—		—		—		—		—
Income taxes	(36)		21		(3)		13		2		(1)		(4)		(1)
Pension and non-pension postretirement benefit contributions	(37)		(5)		4		9		(31)		—		(1)		(4)
Changes in working capital and other noncurrent assets and liabilities	1,371		53		(41)		67		(16)		—		31		(28)
Increase (decrease) in cash flows from operating activities	$	3,043	$	118	$	16	$	148	$	23	$	23	$	43	$	(10)

Changes in the Registrants' cash flows from operations were generally consistent with changes in each Registrant’s respective results of operations, as adjusted by changes in working capital in the normal course of business, except as discussed below. See above for additional information related to cash flows from Generation. Significant operating cash flow impacts for the Registrants and Generation for the three months ended March 31, 2022 and 2021 were as follows:

•See Note 14 — Supplemental Financial Information of the Combined Notes to Consolidated Financial Statements and the Registrants’ Consolidated Statements of Cash Flows for additional information on non-cash operating activities.

•Changes in collateral depended upon whether Generation was in a net mark-to-market liability or asset position, and collateral may have been required to be posted with or collected from its counterparties. In addition, the collateral posting and collection requirements differed depending on whether the transactions were on an exchange or in the over-the-counter markets.

•See Note 7 — Income Taxes of the Combined Notes to Consolidated Financial Statements and the Registrants' Consolidated Statements of Cash Flows for additional information on income taxes.

•Changes in working capital and other noncurrent assets and liabilities for the Utility Registrants and Exelon Corporate total $88 million and for Generation total $1,283 million. The change for Generation primarily relates to the revolving accounts receivable financing arrangement. See Note 6 — Accounts Receivable of the Exelon 2021 Form 10-K and the Collection of DPP discussion below for additional information.

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Cash Flows from Investing Activities

The following table provides a summary of the change in cash flows from investing activities for the three months ended March 31, 2022 and 2021 by Registrant:

(Decrease) increase in cash flows from investing activities	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Capital expenditures	$	218	$	(4)	$	(49)	$	33	$	47	$	2	$	9	$	36
Investment in NDT fund sales, net	3		—		—		—		—		—		—		—
Collection of DPP	(1,405)		—		—		—		—		—		—		—
Proceeds from sales of assets and businesses	(664)		—		—		—		—		—		—		—
Changes in intercompany money pool	—		—		48		—		—		—		—		—
Other investing activities	(66)		—		1		1		1		—		1		—
(Decrease) increase in cash flows from investing activities	$	(1,914)	$	(4)	$	—	$	34	$	48	$	2	$	10	$	36

Significant investing cash flow impacts for the Registrants for three months ended March 31, 2022 and 2021 were as follows:

•Variances in capital expenditures are primarily due to the timing of cash expenditures for capital projects. See the "Credit Matters and Cash Requirements" section below for additional information on projected capital expenditure spending. See Note 2 — Discontinued Operations of the Combined Notes to Consolidated Financial Statements for capital expenditures related to Generation prior to the separation.

•Collection of DPP relates to the revolving accounts receivable financing agreement which Generation entered into in April of 2020. See Note 6 — Accounts Receivable of the Exelon 2021 Form 10-K for additional information on the transaction and the DPP, including the $400 million of additional funding received in February and March of 2021.

•Proceeds from sales of assets and businesses decreased primarily due to the sale of a significant portion of Generation's solar business in 2021. See Note 2 — Mergers, Acquisitions, and Dispositions of the Exelon 2021 Form 10-K for additional information.

•Changes in intercompany money pool are driven by short-term borrowing needs. Refer below for more information regarding the intercompany money pool.

Cash Flows from Financing Activities

The following table provides a summary of the change in cash flows from financing activities for the three months ended March 31, 2022 and 2021 by Registrant:

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Increase (decrease) in cash flows from financing activities	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Changes in short-term borrowings, net	$	(997)	$	188	$	—	$	(36)	$	(100)	$	(140)	$	(3)	$	43
Long-term debt, net	2,669		50		(375)		—		119		250		—		(131)
Changes in intercompany money pool	—		—		105		—		36		—		—		—
Dividends paid on common stock	42		(17)		(15)		(2)		—		(14)		(1)		(5)
Distributions to member	—		—		—		—		(21)		—		—		—
Contributions from(to) parent/member	—		(31)		227		—		144		249		24		(130)
Transfer of cash, restricted cash, and cash equivalents to Constellation	(2,594)		—		—		—		—		—		—		—
Other financing activities	(38)		(1)		3		(1)		(4)		(4)		—		—
Increase (decrease) in cash flows from financing activities	$	(918)	$	189	$	(55)	$	(39)	$	174	$	341	$	20	$	(223)

Significant financing cash flow impacts for the Registrants for the three months ended March 31, 2022 and 2021 were as follows:

•Changes in short-term borrowings, net, is driven by repayments on and issuances of notes due in less than 365 days. Refer to Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on short-term borrowings for the Registrants. These changes also included repayments of $552 million in commercial paper and term loans by Generation prior to the separation.

•Long-term debt, net, varies due to debt issuances and redemptions each year. Refer to Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on debt issuances. Refer to the debt redemptions table below for additional information.

•Changes in intercompany money pool are driven by short-term borrowing needs. Refer below for more information regarding the intercompany money pool.

•Exelon’s ability to pay dividends on its common stock depends on the receipt of dividends paid by its operating subsidiaries. The payments of dividends to Exelon by its subsidiaries in turn depend on their results of operations and cash flows and other items affecting retained earnings. See Note 19 — Commitments and Contingencies of the Exelon 2021 Form 10-K for additional information on dividend restrictions. See below for quarterly dividends declared.

•Refer to Note 2 - Discontinued Operations for the transfer of cash, restricted cash, and cash equivalents to Constellation related to the separation.

•For the three months ended March 31, 2022, other financing activities primarily consists of debt issuance costs. See Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information of the Registrants’ debt issuances.

Debt

See Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants’ debt issuances.

During the three months ended March 31, 2022, there were no long-term debt retirements or redemptions. However, as of May 9, 2022, the following long-term debt was retired and/or redeemed:

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Company	Type	Interest Rate		Maturity	Amount
Pepco	First Mortgage Bonds	3.05	%	April 1, 2022	$	200
Exelon	Junior Subordinated Notes	3.50	%	May 2, 2022	1,150

Dividends

Quarterly dividends declared by the Exelon Board of Directors during the three months ended March 31, 2022 and for the second quarter of 2022 were as follows:

Period	Declaration Date	Shareholder of Record Date	Dividend Payable Date	Cash per Share(a)
First Quarter 2022	February 8, 2022	February 25, 2022	March 10, 2022	$	0.3375
Second Quarter 2022	April 26, 2022	May 13, 2022	June 10, 2022	$	0.3375

_________

(a)Exelon's Board of Directors approved an updated dividend policy for 2022. The 2022 quarterly dividend will be $0.3375 per share.

Credit Matters and Cash Requirements

The Registrants fund liquidity needs for capital investment, working capital, energy hedging, and other financial commitments through cash flows from continuing operations, public debt offerings, commercial paper markets, and large, diversified credit facilities. The credit facilities include $4.0 billion in aggregate total commitments of which $3.7 billion was available to support additional commercial paper as of March 31, 2022, and of which no financial institution has more than 7% of the aggregate commitments for the Registrants. The Registrants had access to the commercial paper markets and had availability under their revolving credit facilities during the three months ended March 31, 2022 to fund their short-term liquidity needs, when necessary. On February 1, 2022, Exelon Corporate and the Utility Registrants each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. See Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information. The Registrants routinely review the sufficiency of their liquidity position, including appropriate sizing of credit facility commitments, by performing various stress test scenarios, such as commodity price movements, increases in margin-related transactions, changes in hedging levels, and the impacts of hypothetical credit downgrades. The Registrants have continued to closely monitor events in the financial markets and the financial institutions associated with the credit facilities, including monitoring credit ratings and outlooks, credit default swap levels, capital raising, and merger activity. See PART I. ITEM 1A. RISK FACTORS of the Exelon 2021 Form 10-K for additional information regarding the effects of uncertainty in the capital and credit markets.

The Registrants believe their cash flows from operating activities, access to credit markets, and their credit facilities provide sufficient liquidity to support the estimated future cash requirements.

Pursuant to the Separation Agreement between Exelon and Constellation, Exelon made a cash payment of $1.75 billion to Generation on January 31, 2022. See Note 2 — Discontinued Operations of the Combined Notes to Consolidated Financial Statements for additional information on the separation.

The following table presents the incremental collateral that each Utility Registrant would have been required to provide in the event each Utility Registrant lost its investment grade credit rating at March 31, 2022 and available credit facility capacity prior to any incremental collateral at March 31, 2022:

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	PJM Credit Policy Collateral		Other Incremental Collateral Required(a)		Available Credit Facility Capacity Prior to Any Incremental Collateral
ComEd	$	40	$	—	$	998
PECO	2		39		600
BGE	2		62		350
Pepco	2		—		300
DPL	2		16		300
ACE	1		—		300

_________

(a)Represents incremental collateral related to natural gas procurement contracts.

Capital Expenditure Spending

As of March 31, 2022, the most recent estimates of capital expenditures for plant additions and improvements for 2022 are as follows:        

(In millions)	Transmission	Distribution	Gas	Total(a)
Exelon	N/A	N/A	N/A	$	6,900
ComEd	475	2,000	N/A	2,475
PECO	200	800	325	1,325
BGE	250	500	475	1,225
PHI	575	1,200	75	1,850
Pepco	275	675	N/A	950
DPL	125	250	75	450
ACE	175	275	N/A	450

__________

(a)Numbers rounded to the nearest $25M and may not sum due to rounding.

Projected capital expenditures and other investments are subject to periodic review and revision to reflect changes in economic conditions and other factors.

Pension and Other Postretirement Benefits

Management considers various factors when making pension funding decisions, including actuarially determined minimum contribution requirements under ERISA, contributions required to avoid benefit restrictions and at-risk status as defined by the Pension Protection Act of 2006 (the Act), management of the pension obligation, and regulatory implications. The Act requires the attainment of certain funding levels to avoid benefit restrictions (such as an inability to pay lump sums or to accrue benefits prospectively), and at-risk status (which triggers higher minimum contribution requirements and participant notification). The projected contributions reflect a funding strategy to make levelized annual contributions with the objective of achieving 100% funded status on an ABO basis over time. This level funding strategy helps minimize volatility of future period required pension contributions. Post-separation, Exelon's estimated annual qualified pension contributions will be approximately $313 million in 2022. In connection with the separation, additional qualified pension contributions of $207 million and $33 million were completed on February 1, 2022 and March 2, 2022, respectively. Unlike the qualified pension plans, Exelon’s non-qualified pension plans are not funded, given that they are not subject to statutory minimum contribution requirements.

While OPEB plans are also not subject to statutory minimum contribution requirements, Exelon does fund certain of its plans. For Exelon's funded OPEB plans, contributions generally equal accounting costs, however, Exelon’s management has historically considered several factors in determining the level of contributions to its OPEB plans, including liabilities management, levels of benefit claims paid, and regulatory implications (amounts deemed prudent to meet regulatory expectations and best assure continued rate recovery).

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Credit Facilities

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

See Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on the Registrants’ credit facilities and short term borrowing activity.

Security Ratings

The Registrants’ access to the capital markets, including the commercial paper market, and their respective financing costs in those markets, may depend on the securities ratings of the entity that is accessing the capital markets.

The Registrants’ borrowings are not subject to default or prepayment as a result of a downgrading of securities, although such a downgrading of a Registrant’s securities could increase fees and interest charges under that Registrant’s credit agreements.

As part of the normal course of business, the Registrants enter into contracts that contain express provisions or otherwise permit the Registrants and their counterparties to demand adequate assurance of future performance when there are reasonable grounds for doing so. In accordance with the contracts and applicable contracts law, if the Registrants are downgraded by a credit rating agency, it is possible that a counterparty would attempt to rely on such a downgrade as a basis for making a demand for adequate assurance of future performance, which could include the posting of collateral. See Note 9 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information on collateral provisions.

The credit ratings for ComEd, PECO, BGE, and DPL did not change for the three months ended March 31, 2022. On January 14, 2022, Fitch lowered Exelon Corporate's long-term and senior unsecured ratings from BBB+ to BBB and affirmed the short-term rating of F2. In addition, Fitch upgraded Pepco, ACE, and PHI's long-term rating from BBB to BBB+ and upgraded Pepco and ACE's senior secured rating from A- to A.

Intercompany Money Pool

To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing, both Exelon and PHI operate an intercompany money pool. Maximum amounts contributed to and borrowed from the money pool by participant and the net contribution or borrowing as of March 31, 2022, are presented in the following table. Pepco, ACE, and DPL had no activity within the PHI intercompany money pool during the three months ended March 31, 2022.

	During the Three Months Ended March 31, 2022				As of March 31, 2022
Exelon Intercompany Money Pool	Maximum Contributed		Maximum Borrowed		Contributed (Borrowed)
Exelon Corporate	$	396	$	—	$	312
PECO	—		(95)		(65)
BSC	—		(377)		(246)
PHI Corporate	—		(54)		(46)
PCI	50		—		45

Shelf Registration Statements

Exelon and the Utility Registrants have a currently effective combined shelf registration statement unlimited in amount, filed with the SEC, that will expire in August 2022. The ability of each Registrant to sell securities off the

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shelf registration statement or to access the private placement markets will depend on a number of factors at the time of the proposed sale, including other required regulatory approvals, as applicable, the current financial condition of the Registrant, its securities ratings and market conditions.

Regulatory Authorizations

The Utility Registrants are required to obtain short-term and long-term financing authority from Federal and State Commissions as follows:

	As of March 31, 2022
	Short-term Financing Authority				Remaining Long-term Financing Authority
	Commission	Expiration Date	Amount		Commission	Expiration Date	Amount
ComEd(a)	FERC	December 31, 2023	$	2,500	ICC	January 1, 2025	$	1,343
PECO(b)	FERC	December 31, 2023	1,500		PAPUC	December 31, 2024	1,900
BGE	FERC	December 31, 2023	700		MDPSC	N/A	500
Pepco	FERC	December 31, 2023	500		MDPSC / DCPSC	December 31, 2022	225
DPL	FERC	December 31, 2023	500		MDPSC / DEPSC	December 31, 2022	47
ACE(c)	NJBPU	December 31, 2023	350		NJBPU	December 31, 2022	—

_________

(a)On November 18, 2021, ComEd received approval from the ICC for $2 billion in new money long-term debt financing authority with an effective date of January 1, 2022.

(b)On December 2, 2021, PECO received approval from the PAPUC for $2.5 billion in new long-term debt financing authority with an effective date of January 1, 2022.

(c)ACE is currently in the process of renewing its long-term financing authority with the NJBPU and expects approval by August 1, 2022.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The Registrants hold commodity and financial instruments that are exposed to the following market risks:

•Commodity price risk, which is discussed further below.

•Counterparty credit risk associated with non-performance by counterparties on executed derivative instruments and participation in all, or some of the established, wholesale spot energy markets that are administered by PJM. The credit policies of PJM may, under certain circumstances, require that losses arising from the default of one member on spot energy market transactions be shared by the remaining participants. See Note 9 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for a detailed discussion of counterparty credit risk related to derivative instruments.

•Equity price and interest rate risk associated with Exelon’s pension and OPEB plan trusts. See Note 15 — Retirement Benefits of the Exelon 2021 Form 10-K for additional information.

•Interest rate risk associated with changes in interest rates for the Registrants’ outstanding long-term debt. This risk is significantly reduced as substantially all of the Registrants’ outstanding debt has fixed interest rates. There is inherent interest rate risk related to refinancing maturing debt by issuing new long-term debt. The Registrants use a combination of fixed-rate and variable-rate debt to manage interest rate exposure. See Note 10 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information.

The Registrants operate primarily under cost-based rate regulation limiting exposure to the effects of market risk. Hedging programs are utilized to reduce exposure to energy and natural gas price volatility and have no direct earnings impacts as the costs are fully recovered through regulatory-approved recovery mechanisms.

Exelon manages these risks through risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval, and the monitoring and reporting of risk exposures. Risk management issues are reported to Exelon’s Executive Committee, the Risk Management Committees of each Utility Registrant, and the Audit and Risk Committee of Exelon’s Board of Directors.

Commodity Price Risk

Commodity price risk is associated with price movements resulting from changes in supply and demand, fuel costs, market liquidity, weather conditions, governmental regulatory and environmental policies, and other factors. To the extent the total amount of energy Exelon purchases differs from the amount of energy it has contracted to sell, Exelon is exposed to market fluctuations in commodity prices. Exelon seeks to mitigate its commodity price risk through the sale and purchase of electricity and natural gas.

ComEd entered into 20-year floating-to-fixed renewable energy swap contracts beginning in June 2012, which are considered an economic hedge and have changes in fair value recorded to an offsetting regulatory asset or liability. ComEd has block energy contracts to procure electric supply that are executed through a competitive procurement process, which are considered derivatives and qualify for NPNS, and as a result are accounted for on an accrual basis of accounting. PECO, BGE, Pepco, DPL, and ACE have contracts to procure electric supply that are executed through a competitive procurement process. BGE, Pepco, DPL, and ACE have certain full requirements contracts, which are considered derivatives and qualify for NPNS, and as a result are accounted for on an accrual basis of accounting. Other full requirements contracts are not derivatives.

PECO, BGE, and DPL also have executed derivative natural gas contracts, which either qualify for NPNS or have no mark-to-market balances because the derivatives are index priced, to hedge their long-term price risk in the natural gas market. The hedging programs for natural gas procurement have no direct impact on their financial statements.

For additional information on these contracts, see Note 9 — Derivative Financial Instruments and Note 11 — Fair Value of Financial Assets and Liabilities of the Combined Notes to Consolidated Financial Statements.

The following table presents the maturity and source of fair value for Exelon’s and ComEd’s mark-to-market commodity contract liabilities. These liabilities are associated with ComEd’s floating-to-fixed energy swap

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contracts with unaffiliated suppliers. The table provides two fundamental pieces of information. First, the table provides the source of fair value used in determining the carrying amount of Exelon's and ComEd's total mark-to-market liabilities. Second, the table shows the maturity, by year, of Exelon's and ComEd's commodity contract liabilities giving an indication of when these mark-to-market amounts will settle and either generate or require cash. See Note 11 — Fair Value of Financial Assets and Liabilities of the Combined Notes to Consolidated Financial Statements for additional information regarding fair value measurements and the fair value hierarchy.

	Maturities Within												Total Fair Value
	2022		2023		2024		2025		2026		2027 and Beyond
Prices based on model or other valuation methods (Level 3)	$	(1)	$	(8)	$	(18)	$	(18)	$	(18)	$	(81)	$	(144)

ITEM 4.    CONTROLS AND PROCEDURES

During the first quarter of 2022, each of the Registrants' management, including its principal executive officer and principal financial officer, evaluated its disclosure controls and procedures related to the recording, processing, summarizing, and reporting of information in its periodic reports that it files with the SEC. These disclosure controls and procedures have been designed by the Registrants to ensure that (a) material information relating to that Registrant, including its consolidated subsidiaries, is accumulated and made known to that Registrant's management, including its principal executive officer and principal financial officer, by other employees of that Registrant and its subsidiaries as appropriate to allow timely decisions regarding required disclosure, and (b) this information is recorded, processed, summarized, evaluated, and reported, as applicable, within the time periods specified in the SEC’s rules and forms. Due to the inherent limitations of control systems, not all misstatements may be detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls could be circumvented by the individual acts of some persons or by collusion of two or more people.

Accordingly, as of March 31, 2022, the principal executive officer and principal financial officer of each of the Registrants concluded that such Registrant’s disclosure controls and procedures were effective to accomplish its objectives. The Registrants continually strive to improve their disclosure controls and procedures to enhance the quality of its financial reporting and to maintain dynamic systems that change as conditions warrant. There were no changes in internal control over financial reporting during the first quarter of 2022 that materially affected, or are reasonably likely to materially affect, any of the Registrants' internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

The Registrants are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses. For information regarding material lawsuits and proceedings, see (a) ITEM 3. LEGAL PROCEEDINGS of Exelon’s 2021 Form 10-K and (b) Notes 3 — Regulatory Matters and 12 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements in PART I, ITEM 1. FINANCIAL STATEMENTS of this Report. Such descriptions are incorporated herein by these references.

ITEM 1A.    RISK FACTORS

Risks Related to All Registrants

At March 31, 2022, the Registrants' risk factors were consistent with the risk factors described in the Registrants' combined 2021 Form 10-K in ITEM 1A. RISK FACTORS.

ITEM 4.    MINE SAFETY DISCLOSURES

All Registrants

Not applicable to the Registrants.

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ITEM 5.    OTHER INFORMATION

All Registrants

None.

ITEM 6.    EXHIBITS

Certain of the following exhibits are incorporated herein by reference under Rule 12b-32 of the Securities and Exchange Act of 1934, as amended. Certain other instruments which would otherwise be required to be listed below have not been so listed because such instruments do not authorize securities in an amount which exceeds 10% of the total assets of the applicable Registrant and its subsidiaries on a consolidated basis and the relevant Registrant agrees to furnish a copy of any such instrument to the Commission upon request.

Exhibit No.	Description
4.1*	One Hundred and Thirtieth Supplemental Indenture dated as of January 1, 2022, among Delmarva Power & Light Company and The Bank of New York Mellon Company, as trustee*
4.2	Fifth Supplemental Indenture dated as of March 7, 2022, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee (File 001-16169, Form 8-K dated March 7, 2022, Exhibit 4.2)
4.3	Supplement Indenture dated as of February 23, 2022, to Commonwealth Edison Company Mortgage (File 001-01839, Form 8-K/A dated March 15, 2022, Exhibit 4.1)
4.4	Supplemental Indenture dated as of March 1, 2022, to Potomac Electric Power Company Mortgage and Deed of Trust (File No. 001-01072, Form 8-K dated March 24, 2022, Exhibit 4.2)
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*Filed herewith

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Certifications Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 filed by the following officers for the following companies:

Exhibit No.	Description
31-1	Filed by Christopher M. Crane for Exelon Corporation
31-2	Filed by Joseph Nigro for Exelon Corporation
31-3	Filed by Gil C. Quiniones for Commonwealth Edison Company
31-4	Filed by Elisabeth J. Graham for Commonwealth Edison Company
31-5	Filed by Michael A. Innocenzo for PECO Energy Company
31-6	Filed by Robert J. Stefani for PECO Energy Company
31-7	Filed by Carim V. Khouzami for Baltimore Gas and Electric Company
31-8	Filed by David M. Vahos for Baltimore Gas and Electric Company
31-9	Filed by J. Tyler Anthony for Pepco Holdings LLC
31-10	Filed by Phillip S. Barnett for Pepco Holdings LLC
31-11	Filed by J. Tyler Anthony for Potomac Electric Power Company
31-12	Filed by Phillip S. Barnett for Potomac Electric Power Company
31-13	Filed by J. Tyler Anthony for Delmarva Power & Light Company
31-14	Filed by Phillip S. Barnett for Delmarva Power & Light Company
31-15	Filed by J. Tyler Anthony for Atlantic City Electric Company
31-16	Filed by Phillip S. Barnett for Atlantic City Electric Company

136

Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code (Sarbanes — Oxley Act of 2002) as to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 filed by the following officers for the following companies:

Exhibit No.	Description
32-1	Filed by Christopher M. Crane for Exelon Corporation
32-2	Filed by Joseph Nigro for Exelon Corporation
32-3	Filed by Gil C. Quiniones for Commonwealth Edison Company
32-4	Filed by Elisabeth J. Graham for Commonwealth Edison Company
32-5	Filed by Michael A. Innocenzo for PECO Energy Company
32-6	Filed by Robert J. Stefani for PECO Energy Company
32-7	Filed by Carim V. Khouzami for Baltimore Gas and Electric Company
32-8	Filed by David M. Vahos for Baltimore Gas and Electric Company
32-9	Filed by J. Tyler Anthony for Pepco Holdings LLC
32-10	Filed by Phillip S. Barnett for Pepco Holdings LLC
32-11	Filed by J. Tyler Anthony for Potomac Electric Power Company
32-12	Filed by Phillip S. Barnett for Potomac Electric Power Company
32-13	Filed by J. Tyler Anthony for Delmarva Power & Light Company
32-14	Filed by Phillip S. Barnett for Delmarva Power & Light Company
32-15	Filed by J. Tyler Anthony for Atlantic City Electric Company
32-16	Filed by Phillip S. Barnett for Atlantic City Electric Company

137

SIGNATURES

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXELON CORPORATION

/s/    CHRISTOPHER M. CRANE	/s/    JOSEPH NIGRO
Christopher M. Crane	Joseph Nigro
President, Chief Executive Officer (Principal Executive Officer) and Director	Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer)
/s/    FABIAN E. SOUZA
Fabian E. Souza
Senior Vice President and Corporate Controller (Principal Accounting Officer)

May 9, 2022

138

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

COMMONWEALTH EDISON COMPANY

/s/ GIL C. QUINIONES	/s/ ELISABETH J. GRAHAM
Gil C. Quiniones	Elisabeth J. Graham
Chief Executive Officer (Principal Executive Officer)	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/    STEVEN J. CICHOCKI
Steven J. Cichocki
Director, Accounting (Principal Accounting Officer)

May 9, 2022

139

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PECO ENERGY COMPANY

/s/    MICHAEL A. INNOCENZO	/s/    ROBERT J. STEFANI
Michael A. Innocenzo	Robert J. Stefani
President and Chief Executive Officer (Principal Executive Officer)	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/    CAROLINE FULGINITI
Caroline Fulginiti
Director, Accounting (Principal Accounting Officer)

May 9, 2022

140

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BALTIMORE GAS AND ELECTRIC COMPANY

/s/    CARIM V. KHOUZAMI	/s/    DAVID M. VAHOS
Carim V. Khouzami	David M. Vahos
Chief Executive Officer (Principal Executive Officer)	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JASON T. JONES
Jason T. Jones
Director, Accounting (Principal Accounting Officer)

May 9, 2022

141

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PEPCO HOLDINGS LLC

/s/ J. TYLER ANTHONY	/s/    PHILLIP S. BARNETT
J. Tyler Anthony	Phillip S. Barnett
President and Chief Executive Officer (Principal Executive Officer)	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JULIE E. GIESE
Julie E. Giese
Director, Accounting (Principal Accounting Officer)

May 9, 2022

142

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

POTOMAC ELECTRIC POWER COMPANY

/s/ J. TYLER ANTHONY	/s/    PHILLIP S. BARNETT
J. Tyler Anthony	Phillip S. Barnett
President and Chief Executive Officer (Principal Executive Officer)	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JULIE E. GIESE
Julie E. Giese
Director, Accounting (Principal Accounting Officer)

May 9, 2022

143

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DELMARVA POWER & LIGHT COMPANY

/s/ J. TYLER ANTHONY	/s/    PHILLIP S. BARNETT
J. Tyler Anthony	Phillip S. Barnett
President and Chief Executive Officer (Principal Executive Officer)	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JULIE E. GIESE
Julie E. Giese
Director, Accounting (Principal Accounting Officer)

May 9, 2022

144

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ATLANTIC CITY ELECTRIC COMPANY

/s/ J. TYLER ANTHONY	/s/    PHILLIP S. BARNETT
J. Tyler Anthony	Phillip S. Barnett
President and Chief Executive Officer (Principal Executive Officer)	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ JULIE E. GIESE
Julie E. Giese
Director, Accounting (Principal Accounting Officer)

May 9, 2022

145

EX-4.1

1 This Instrument Prepared By: /s/Christie D. Cannon Christie D. Cannon Delmarva Power & Light Company Mailstop 92DC42 500 N. Wakefield Drive Newark, DE 19702-5440 DELMARVA POWER & LIGHT COMPANY TO THE BANK OF NEW YORK MELLON, Trustee. ONE HUNDRED AND THIRTIETH SUPPLEMENTAL INDENTURE Dated as of January 1, 2022 (but executed on the dates shown on the execution page)

2 This ONE HUNDRED AND THIRTIETH SUPPLEMENTAL INDENTURE, dated as of the first day of January, 2022 (but executed on the dates hereinafter shown), made and entered into by and between DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth of Virginia, hereinafter called the Company and THE BANK OF NEW YORK MELLON, a New York banking corporation, hereinafter called the Trustee; WITNESSETH: WHEREAS, the Company heretofore executed and delivered its Indenture of Mortgage and Deed of Trust (hereinafter in this One Hundred and Thirtieth Supplemental Indenture called the “Original Indenture”), dated as of October 1, 1943, to The New York Trust Company, a corporation of the State of New York, as Trustee, to which The Bank of New York Mellon is successor Trustee, to secure the First Mortgage Bonds of the Company, unlimited in aggregate principal amount and issuable in series, from time to time, in the manner and subject to the conditions set forth in the Original Indenture granted and conveyed unto the Trustee, upon the trusts, uses and purposes specifically therein set forth, certain real estate, franchises and other property therein described, including property acquired after the date thereof, except as therein otherwise provided; and WHEREAS, the Original Indenture has been supplemented by one hundred and twenty-nine supplemental indentures specifically subjecting to the lien of the Original Indenture as though included in the granting clause thereof certain property in said supplemental indentures specifically described and amending and modifying the provisions of the Original Indenture (the Original Indenture, as amended, modified and supplemented by all of the indentures supplemental thereto, including this One Hundred and Thirtieth Supplemental Indenture, is hereinafter in this One Hundred and Thirtieth Supplemental Indenture called the “Indenture”); and WHEREAS, the execution and delivery of this One Hundred and Thirtieth Supplemental Indenture has been duly authorized by Unanimous Written Consent of the Board of Directors of the Company, and all conditions and requirements necessary to make this One Hundred and Thirtieth Supplemental Indenture a valid, binding and legal instrument in accordance with its terms, for the purposes herein expressed, and the execution and delivery hereof, have been in all respects duly authorized; and WHEREAS, it is provided in and by the Original Indenture, inter alia, as follows: “IT IS HEREBY AGREED by the Company that all the property, rights and franchises acquired by the Company after the date hereof (except any hereinbefore or hereinafter expressly excepted) shall (subject to the provisions of Section 9.01 hereof and to the extent permitted by law) be as fully embraced within the lien hereof as if such property, rights and franchises were now owned by the Company and/or specifically described herein and conveyed hereby;” and WHEREAS, the Company has acquired certain other property, real, personal and mixed, which heretofore has not been specifically conveyed to the Trustee; NOW, THEREFORE, this ONE HUNDRED AND THIRTIETH SUPPLEMENTAL INDENTURE WITNESSETH that for and in consideration of the premises and in pursuance of the provisions of the Indenture, the Company has granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and granted a security interest therein, and by these presents does grant, bargain, sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm, and grant a security interest therein, subject to the provisions of the Indenture, unto the Trustee and to its successors in the trust in the Indenture created, to its and their assigns forever, all the following described properties of the Company, and does confirm that the Company will not cause or consent to a

3 partition, either voluntary or through legal proceedings, of property, whether herein described or heretofore or hereafter acquired, in which its ownership shall be as tenants in common, except as permitted by, and in conformity with, the provisions of the Indenture and particularly of Article IX thereof: MARYLAND Worcester County Property Name Instrument Date Deed Records Tax Map No. Liber Folio Purchased Wetland Mitigation Easement site to offset wetland disturbances resultant the Culver Substation rebuild – Lewis Road, W/S Berlin, MD 21811 12/28/2021 8309 304 Tax Map 22 Parcel 71 Together with all other property, real, personal and mixed, tangible and intangible (except such property as in said Indenture expressly excepted from the lien and operation thereof), acquired by the Company on or prior to December 31, 2021, and not heretofore specifically subjected to the lien of the Indenture. Also without limitation of the generality of the foregoing, the easements and rights-of-way and other rights in or relating to real estate or the occupancy of the same owned by the Company, and whether used or not used in connection with the Company’s operations, which are conveyed to the Company and recorded in the following Real Property Deed Records to which reference is made for a more particular description, to wit: DELAWARE New Castle County Instrument Date Deed Records Tax ID No. 08/31/20 20210430-0051705 11-054.00-026-083, 11-057.00-245- 290, 11-058.00-012 10/02/20 20210226-0023389 10-028.00-020 10/9/2020 20210415-0044698 15-010.00-160 11/5/2020 20210415-0044710 12-003.00-015 1/18/2021 20210415-0044697 10-050.00-006 1/21/2021 20210524-0061459 10-45.00-007 02/01/21 20210415-0044759 07-042.10-143 2/1/2021 20210315-0030723 11-041.00-085 2/3/2021 20210415-0044800 07-042.30-058 & 618 2/19/2021 20210524-0061443 07-042.30-617 2/23/2021 20210800-0090708 07-032.20-003, 061-069 3/2/2021 20210430-0051704 26-035.30-298, 328 & 329 3/3/2021 20210524-0061444 10-024.00-042 3/16/2021 20210524-0061446 12-026.00-001 & others 3/18/2021 20210524-0061445 12-019.00-320 3/22/2021 20210430-0051703 12-026.00-215 3/23/2021 20210430-0051705 08-040.00-021

4 Instrument Date Deed Records Tax ID No. 3/23/2021 20210524-0061458 12-013.00-093 3/31/2021 20210524-0061455 26-027.30-208 4/6/2021 20210524-0061457 10-048.00-043 4/7/2021 20210524-0061442 26-058.00-019 4/8/2021 20210524-0061441 18-033.00-005 4/14/2021 20210070-0116929 10-005.30-111 4/16/2021 20210524-0061456 08-023.00-001 4/22/2021 20210610-0068389 07-010.00-083 4/28/2021 20210610-0068381 11-033.00-282 4/30/2021 20210524-0061440 09-016.00-016 5/14/2021 20210070-0116928 09-015.00-011 5/19/2021 20210070-0116926 06-049.00-002 6/9/2021 20210804-0090709 13-003.00-001 7/16/2021 20210070-0116927 06-100.00-067 8/2/2021 20211116-0132621 11-023.00-121 8/5/2021 20211214-0143041 09-022.40-227 8/6/2021 20211116-0132616 14-019.00-232 8/6/2021 20211116-0132617 15-012.00-045 8/15/2021 20211116-0132620 08-039.10-160, 258-260 8/17/2021 20211214-0143040 12-026.00-055 8/19/2021 20211116-0132623 08-012.10-195 – 252 8/20/2021 20211116-0132618 11-036.10-151 8/24/2021 20211214-0143039 09-018.00-011 8/25/2021 20211214-0143038 06-136.00-028 9/15/2021 20211116-0132619 11-031.30-040 & 041 9/21/2021 20211116-0132622 11-025.20-233, 11-020.10-035 – 115, 11-025.00-006, 11-025.20-198-235 10/19/2021 20211214-0143051 09-024.00-032 11/1/2021 20211214-0143053 26-035.30-376 11/2/2021 20211214-0143052 08-054.30-102 12/14/2020 20210121-0008763 09-029.00-012 DELAWARE Sussex County Instrument Date Deed Records Tax ID No. Book Page 11/25/2020 5429 230 334-13.00-27.00 2/4/2021 5429 233 134-12.00-433.00 2/10/2021 5431 66 334-20.09-80.00 2/12/2021 5438 296 133-17.17-109 to 133-17.17-273 3/10/2021 5482 286 133-17.17-108.00 4/8/2021 5447 133 234-21.00-138.11 4/14/2021 5462 279 135-11.00-33.00 4/30/2021 5490 181 532-13.00-24.00

5 Instrument Date Deed Records Tax ID No. Book Page 5/27/2021 5490 178 134-5.00-185.00 6/7/2021 5508 274 334-19.00-170.02 6/10/2021 5597 301 234-32.00-117.00 6/11/2021 5489 155 233-5.00-105.00 9/29/2021 5611 208 334-12.00-127.06 9/30/2021 5562 146 334-12.00-127.01, 127.11 & 127.12 10/13/2021 5596 111 235-7.00-161.00 10/26/2020 5384 145 334-19.00-170.03 12/15/2020 5384 141 532-13.00-78.00 MARYLAND Caroline County Instrument Date Deed Records Tax Parcel Book Page 1/13/2021 1544 205 0005 4/8/2021 1500 170 0103 6/9/2021 1511 468 0103 7/13/2021 1526 394 0011 8/12/2021 1544 210 0028 MARYLAND Cecil County Instrument Date Deed Records Map Parcel Book Page 7/29/2020 4988 337 062C 0106 11/17/2020 4805 143 0049 '0002, 0023, 0033, 0034 12/14/2020 4805 135 034E 0559 1/5/2021 4805 139 034E 0834 2/19/2021 4844 377 0013 0736 3/2/2021 4840 10 0020 0049 3/5/2021 4840 6 031A 1284 3/9/2021 4840 3 0035 0598 3/16/2021 4840 13 0025 0729 3/23/2021 4839 92 0321 0106 3/30/2021 4878 39 0007 0244 4/1/2021 4878 33 0042 0350 4/8/2021 4878 36 0013 0241 4/14/2021 4879 180 0009 0725 5/12/2021 4896 238 0019 0376

6 Instrument Date Deed Records Map Parcel Book Page 5/13/2021 4896 241 035C 0617 5/20/2021 4918 459 0017 0611 5/28/2021 4918 455 0035 0276 6/7/2021 4918 462 031E 0618 6/28/2021 4968 106 0024 0241 6/28/2021 4968 103 0002 0045 6/29/2021 4968 99 0036 0591 7/19/2021 4968 68 0031 1224 7/20/2021 4968 71 0003 0004 7/28/2021 4968 74 0251 0128 8/6/2021 4994 246 0013 0161 8/13/2021 4994 262 0025 0031 8/16/2021 4994 242 0035 0577 8/16/2021 4994 253 0041 0392 8/23/2021 4994 257 034E 0857 8/31/2021 4994 249 034E 0548 9/10/2021 5006 314 0012 0411 9/21/2021 5006 306 0042 0429 9/23/2021 5006 303 0026 0630 9/24/2021 5006 300 0020 0131 9/24/2021 5006 296 0037 0567 9/30/2021 5006 310 0012 0313 10/5/2021 5045 98 0014 0623 10/18/2021 5041 336 0020 0667 10/26/2021 5058 210 0020 0076 10/30/2021 5058 206 029E 0070 11/2/2021 5041 339 0031 0564 11/18/2021 5058 218 0024 0064 11/23/2021 5058 214 031D 0183 11/23/2021 5058 223 031D 0184 11/27/2021 5058 226 0019 0203

7 MARYLAND Dorchester County Instrument Date Deed Records Map Parcel Liber Folio 11/2/2020 1699 274 0030 0250 2/24/2021 1659 419 0303 5413 2/25/2021 1635 215 0035 0147 2/25/2021 1659 49 0303 8004 2/26/2021 1659 59 0303 8009 3/1/2021 1659 35 0303 4981 4/7/2021 1659 54 0030 0159 4/7/2021 1659 44 030C 0436 4/7/2021 1659 39 030C 0436 6/16/2021 1659 82 0301 4487 6/18/2021 1675 297 0021 0333 8/10/2021 1675 300 0051 0272 9/1/2021 1700 160 0017 0010 9/17/2021 1684 312 0035 0146 10/20/2021 1700 156 0400 0354 MARYLAND Harford County Instrument Date Deed Records Map Parcel Liber Folio 8/11/2021 15111 438 0027 0074 8/16/2021 15199 17 0026 0057 8/23/2021 15199 14 0011 0357 10/6/2021 15111 443 0020 0236 11/10/2021 15247 259 0020 0236 11/10/2021 15247 252 0027 0074 MARYLAND Kent County Instrument Date Deed Records Map Parcel Liber Folio 12/8/2020 1192 129 0056 0031 10/18/2021 1210 1 0048 0007 10/21/20 1117 1 0300 1728

8 MARYLAND Queen Anne’s County Instrument Date Deed Records Map Parcel Lot Liber Folio 1/14/2021 3615 264 0005 0015 1/26/2021 3924 108 0037 0007 2,3,4 4/6/2021 3705 181 0064 0002 6/3/2021 3850 3 0046 0032 28 6/22/2021 3904 73 058H 0201 8/2/2021 3865 91 0046 0030 8/10/2021 3813 59 044F 0060 8/10/2021 3813 55 0056 0321 8/10/2021 3813 86 044C 0775 8/19/2021 3865 95 0028 0012 8/24/2021 3850 7 0029 0053 3 8/30/2021 3903 195 0023 0196 MARYLAND Somerset County Instrument Date Deed Records Map Parcel Liber Folio 8/18/2020 1134 156 0040 0036 1/19/2021 1139 70 015F 0110 1/19/2021 1139 70 015F 0110 5/17/2021 1163 130 0032 0236 10/15/2021 1198 111 064H 0222, 0223, 0840, 0841 10/26/2021 1109 107 023C 0172 1/13/2021 1127 105 0040 0174 1/13/2021 1127 102 0040 0167 1/13/2021 1127 99 0040 0157&0158 3/30/2021 1142 24 0040 0147 3/30/2021 1142 18 0049 0131 3/30/2021 1142 35 0040 0142 3/30/2021 1142 29 0049 0138 3/30/2021 1142 32 0040 0129 3/30/2021 1142 38 0049 0118 3/30/2021 1142 21 0058 0267 4/6/2021 1144 56 0040 0171 7/27/2021 1167 267 0040 0177 7/27/2021 1167 276 0049 0011 7/27/2021 1167 292 0040 0012 7/27/2021 1167 284 0040 0156 7/27/2021 1167 280 0040 0280

9 Instrument Date Deed Records Map Parcel Liber Folio 7/27/2021 1167 306 0040 0062 7/27/2021 1167 271 0049 0023, lot 2 7/27/2021 1167 301 0049 0144 7/27/2021 1167 296 0040 0048 8/9/2021 1171 193 0040 0061 12/10/2021 1198 53 0058 0050 12/10/2021 1198 58 0058 0023, Lots 2&3 12/10/2021 1198 64 0058 0021 12/10/2021 1198 68 0058 0039 12/10/2021 1198 72 0058 0042 12/10/2021 1198 76 0058 0045 12/10/2021 1198 80 0058 0234 12/10/2021 1198 98 0040 0063 12/10/2021 1198 103 0058 0025 MARYLAND Talbot County Instrument Date Deed Records Map Parcel Liber Folio 1/19/2021 2930 263 0300 1664 2/1/2021 2834 499 0055, 0054, 0059 0085 & others 2/4/2021 5429 223 0030 0130 2/22/21 2827 430 0030 0106 MARYLAND Wicomico County Instrument Date Deed Records Map Parcel Lot Liber Folio 1/7/2021 4771 442 0111 1443 1/7/2021 4771 445 0111 1444 1/7/2021 4771 448 0111 1445 1/7/2021 4771 451 0111 1446 1/12/2021 4796 396 0041 0122 1/28/2021 4813 335 0117 3117 1/28/2021 4813 344 0048 0358 1/28/2021 4813 379 0048 0358 4/13/2021 4851 131 0301 0509 4/26/2021 4865 153 0037 0212 4/26/2021 4866 81 0115 3267 5/17/2021 4888 173 0037 0163

10 Instrument Date Deed Records Map Parcel Lot Liber Folio 9/13/2021 4963 352 0048 0358 9/20/2021 4963 371 0049 0065 5A & 6A 9/28/2021 4963 366 0030 0223 1, 2, 3, 4 11/4/2021 4990 372 0109 2585 PAR 1 MARYLAND Worcester County Instrument Date Deed Records Map Parcel Lot Liber Folio 10/23/2020 7940 198 0063 0182 3/24/2021 8102 476 0055 37 4/14/2021 8103 436 0401 0577 & 0566 6/13/2021 8267 440 0115 0116A 2 6/23/2021 8102 484 0026 0473 A 6/23/2021 8102 480 0026 0473 B 6/23/2021 8102 488 0026 0274 & 0473 multi 6/23/2021 8102 493 0026 0248, 0274 & 0473 multi 6/28/2021 8114 494 0100 0116 6/28/2021 8114 498 0049 0114 8/9/2021 8187 122 0073 0123 8/10/2021 8187 119 0019 0129 10/15/2021 8256 41 0009 0346 10/29/20 7892 81 0010 0153 9/29/20 7892 85 0026 0258 10/09/20 7892 93 0049 0114 10/09/20 7897 294 0063 0140 10/09/20 7897 303 0063 0140 10/31/20 7892 89 0079 0215 11/12/20 7897 299 0113 7975 11/12/20 7909 455 0401 0717

11 The following is a schedule of bonds issued under the Eighty-Eighth Supplemental Indenture and Credit Line Deed of Trust, effective as of October 1, 1994, that can be designated as First Mortgage Bonds, Series I, which may also be designated as Secured Medium Term Notes, Series I; and First Mortgage Bonds, Pledged Series I. First Mortgage Bonds, Series I/Secured Medium Term Notes, Series I Issuance Date Tranche Maturity Principal 06/19/95 7.71% Bonds 06/01/25 $100,000,000 06/19/95 6.95% Amortizing Bonds 06/01/08 $ 25,800,000 11/25/08 6.40% Bonds 12/01/13 $250,000,000 First Mortgage Bonds, Pledged Series I Issuance Date Tranche Maturity Principal 10/12/94 1994 10/01/29 $ 33,750,000 Total Bonds Issued: $409,550,000 As supplemented and amended by this One Hundred and Thirtieth Supplemental Indenture, the Original Indenture and all indentures supplemental thereto are in all respects ratified and confirmed and the Original Indenture and the aforesaid supplemental indentures and this One Hundred and Thirtieth Supplemental Indenture shall be read, taken and construed as one and the same instrument. This One Hundred and Thirtieth Supplemental Indenture shall be simultaneously executed in several counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. The recitals of fact contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The debtor and its mailing address are Delmarva Power & Light Company, Mailstop 92DC42, 500 N. Wakefield Drive, Newark, Delaware 19702-5440. The secured party and its address, from which information concerning the security interest hereunder may be obtained, is The Bank of New York Mellon, 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262, Attn: Corporate Trust Administration. The Company acknowledges that it received a true and correct copy of this One Hundred and Thirtieth Supplemental Indenture. This One Hundred and Thirtieth Supplemental Indenture is executed and delivered pursuant to the provisions of Section 5.11 and paragraph (a) of Section 17.01 of the Indenture for the purpose of conveying, transferring and assigning to the Trustee and of subjecting to the lien of the Indenture with the same force and effect as though included in the granting clause thereof the above described property so acquired by the Company on or prior to the date of execution, and not heretofore specifically subject to the lien of the Indenture; but nothing contained in this One Hundred and Thirtieth Supplemental Indenture shall be deemed in any manner to affect (except for such purposes) or to impair the provisions, terms and conditions of the Original Indenture, or of any indenture supplemental thereto and the provisions, terms and conditions thereof are hereby expressly confirmed.

12 IN WITNESS WHEREOF, each of the Company and the Trustee has caused this instrument to be signed in its name and behalf by an Authorized Officer, effective as of the 1st day of January, 2022. DELMARVA POWER & LIGHT COMPANY Date of Execution By /s/Elizabeth Hensen March 22, 2022 Elizabeth Hensen Authorized Officer STATE OF ILLINOIS ) ) SS. COUNTY OF COOK ) BE IT REMEMBERED that as of the 22nd day of March, 2022, personally came before me, a notary public for the State of Illinois, Elizabeth Hensen, Authorized Officer of DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth of Virginia (the “Company”), party to the foregoing instrument, known to me personally to be such, and acknowledged the instrument to be her own act and deed and the act and deed of the Company; that her signature is in her own proper handwriting; and that her act of signing, executing and delivering such instrument was duly authorized by resolution of the Board of Directors of the Company. GIVEN under my hand and official seal the day and year aforesaid. /s/Helene A. Menaglia Notary Public, State of Illinois My commission expires 4/14/2023 . [OFFICIAL NOTARIAL SEAL]

13 THE BANK OF NEW YORK MELLON, as Trustee Date of Execution By /s/Francine Kincaid March 29, 2022 Francine Kincaid______________ Vice President STATE OF NEW YORK ) ) SS. COUNTY OF NEW YORK ) BE IT REMEMBERED that as of the 29th day of March, 2022, personally came before me, a Notary Public for the State of New York, Francine Kincaid, Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation (the “Trustee”), party to the foregoing instrument, known to me personally to be such, and acknowledged the instrument to be her own act and deed and the act and deed of the Trustee; that her signature is her own proper handwriting; and that her act of signing, executing and delivering said instrument was duly authorized by resolution of the Board of Directors of the Trustee. GIVEN under my hand and official seal the day and year aforesaid. /s/Helen Choi Helen Choi Notary Public, State of New York No. 01CH6291290 Qualified in New York County Commission Expires October 15, 2025 [OFFICIAL NOTARIAL SEAL]

14 CERTIFICATE OF RESIDENCE THE BANK OF NEW YORK MELLON, successor Trustee to the Trustee within named, hereby certifies that it has a residence at 240 Greenwich Street, in the Borough of Manhattan, in The City of New York, in the State of New York. THE BANK OF NEW YORK MELLON By/s/Francine Kincaid Francine Kincaid Vice President

15 Certification This document was prepared under the supervision of an attorney admitted to practice before the Court of Appeals of Maryland, or by or on behalf of one of the parties named in the within instrument. /s/Christie D. Cannon Christie D. Cannon

EX-31.1

Exhibit 31-1

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Christopher M. Crane, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Exelon Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    CHRISTOPHER M. CRANE

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2022

EX-31.2

Exhibit 31-2

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Joseph Nigro, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Exelon Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    JOSEPH NIGRO

Senior Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

Date: May 9, 2022

EX-31.3

Exhibit 31-3

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Gil C. Quiniones, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Commonwealth Edison Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    GIL C. QUINIONES

Chief Executive Officer
(Principal Executive Officer)

Date: May 9, 2022

EX-31.4

Exhibit 31-4

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Elisabeth J. Graham, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Commonwealth Edison Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ ELISABETH J. GRAHAM

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 9, 2022

EX-31.5

Exhibit 31-5

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Michael A. Innocenzo, certify that:

1.I have reviewed this quarterly report on Form 10-Q of PECO Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    MICHAEL A. INNOCENZO

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2022

EX-31.6

Exhibit 31-6

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Robert J. Stefani, certify that:

1.I have reviewed this quarterly report on Form 10-Q of PECO Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    ROBERT J. STEFANI

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 9, 2022

EX-31.7

Exhibit 31-7

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Carim V. Khouzami, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Baltimore Gas and Electric Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    CARIM V. KHOUZAMI

Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2022

EX-31.8

Exhibit 31-8

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, David M. Vahos, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Baltimore Gas and Electric Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    DAVID M. VAHOS

Senior Vice President, Chief Financial Officer
and Treasurer

(Principal Financial Officer)

Date: May 9, 2022

EX-31.9

Exhibit 31-9

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, J. Tyler Anthony, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Pepco Holdings LLC;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    J. TYLER ANTHONY

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2022

EX-31.10

Exhibit 31-10

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Phillip S. Barnett, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Pepco Holdings LLC;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    PHILLIP S. BARNETT

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 9, 2022

EX-31.11

Exhibit 31-11

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, J. Tyler Anthony, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Potomac Electric Power Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    J. TYLER ANTHONY

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2022

EX-31.12

Exhibit 31-12

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Phillip S. Barnett, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Potomac Electric Power Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    PHILLIP S. BARNETT

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 9, 2022

EX-31.13

Exhibit 31-13

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, J. Tyler Anthony, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Delmarva Power & Light Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    J. TYLER ANTHONY

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2022

EX-31.14

Exhibit 31-14

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Phillip S. Barnett, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Delmarva Power & Light Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    PHILLIP S. BARNETT

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 9, 2022

EX-31.15

Exhibit 31-15

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, J. Tyler Anthony, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Atlantic City Electric Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    J. TYLER ANTHONY

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2022

EX-31.16

Exhibit 31-16

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) OF THE SECURITIES

AND EXCHANGE ACT OF 1934

I, Phillip S. Barnett, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Atlantic City Electric Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    PHILLIP S. BARNETT

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date: May 9, 2022

EX-32.1

Exhibit 32-1

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Exelon Corporation for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Exelon Corporation.

/s/    CHRISTOPHER M. CRANE

Christopher M. Crane

President and Chief Executive Officer

Date: May 9, 2022

EX-32.2

Exhibit 32-2

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Exelon Corporation for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Exelon Corporation.

/s/    JOSEPH NIGRO

Joseph Nigro

Senior Executive Vice President and Chief Financial Officer

Date: May 9, 2022

EX-32.3

Exhibit 32-3

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Commonwealth Edison Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Commonwealth Edison Company.

/s/    GIL C. QUINIONES

Gil C. Quiniones

Chief Executive Officer

Date: May 9, 2022

EX-32.4

Exhibit 32-4

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Commonwealth Edison Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Commonwealth Edison Company.

/s/ ELISABETH J. GRAHAM

Elisabeth J. Graham

Senior Vice President, Chief Financial Officer and Treasurer

Date: May 9, 2022

EX-32.5

Exhibit 32-5

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of PECO Energy Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of PECO Energy Company.

/s/    MICHAEL A. INNOCENZO

Michael A. Innocenzo

President and Chief Executive Officer

Date: May 9, 2022

EX-32.6

Exhibit 32-6

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of PECO Energy Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of PECO Energy Company.

/s/    ROBERT J. STEFANI

Robert J. Stefani

Senior Vice President, Chief Financial Officer and Treasurer

Date: May 9, 2022

EX-32.7

Exhibit 32-7

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Baltimore Gas and Electric Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Baltimore Gas and Electric Company.

/s/    CARIM V. KHOUZAMI

Carim V. Khouzami

Chief Executive Officer

Date: May 9, 2022

EX-32.8

Exhibit 32-8

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Baltimore Gas and Electric Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Baltimore Gas and Electric Company.

/s/    DAVID M. VAHOS

David M. Vahos

Senior Vice President, Chief Financial Officer and Treasurer

Date: May 9, 2022

EX-32.9

Exhibit 32-9

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Pepco Holdings LLC for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Pepco Holdings LLC.

/s/    J. TYLER ANTHONY

J. Tyler Anthony

President and Chief Executive Officer

Date: May 9, 2022

EX-32.10

Exhibit 32-10

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Pepco Holdings LLC for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Pepco Holdings LLC.

/s/    PHILLIP S. BARNETT

Phillip S. Barnett

Senior Vice President, Chief Financial Officer and Treasurer

Date: May 9, 2022

EX-32.11

Exhibit 32-11

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Potomac Electric Power Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Potomac Electric Power Company.

/s/    J. TYLER ANTHONY

J. Tyler Anthony

President and Chief Executive Officer

Date: May 9, 2022

EX-32.12

Exhibit 32-12

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Potomac Electric Power Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Potomac Electric Power Company.

/s/    PHILLIP S. BARNETT

Phillip S. Barnett

Senior Vice President, Chief Financial Officer and Treasurer

Date: May 9, 2022

EX-32.13

Exhibit 32-13

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Delmarva Power & Light Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Delmarva Power & Light Company.

/s/    J. TYLER ANTHONY

J. Tyler Anthony

President and Chief Executive Officer

Date: May 9, 2022

EX-32.14

Exhibit 32-14

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Delmarva Power & Light Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Delmarva Power & Light Company.

/s/    PHILLIP S. BARNETT

Phillip S. Barnett

Senior Vice President, Chief Financial Officer and Treasurer

Date: May 9, 2022

EX-32.15

Exhibit 32-15

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Atlantic City Electric Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Atlantic City Electric Company.

/s/    J. TYLER ANTHONY

J. Tyler Anthony

President and Chief Executive Officer

Date: May 9, 2022

EX-32.16

Exhibit 32-16

Certificate Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code

The undersigned officer hereby certifies, as to the quarterly report on Form 10-Q of Atlantic City Electric Company for the quarterly period ended March 31, 2022, that (i) the report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Atlantic City Electric Company.

/s/    PHILLIP S. BARNETT

Phillip S. Barnett

Senior Vice President, Chief Financial Officer and Treasurer

Date: May 9, 2022

XML

Cover Page	3 Months Ended
	Mar. 31, 2022 shares
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-16169
Entity Registrant Name	EXELON CORPORATION
Entity Tax Identification Number	23-2990190
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	10 South Dearborn Street
Entity Address, Address Line Two	P.O. Box 805379
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60680-5379
City Area Code	(800)
Local Phone Number	483-3220
Title of 12(b) Security	Common stock, without par value
Trading Symbol	EXC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding	980,209,605
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001109357
Amendment Flag	false
Commonwealth Edison Co [Member]
Entity File Number	001-01839
Entity Registrant Name	COMMONWEALTH EDISON COMPANY
Entity Tax Identification Number	36-0938600
Entity Incorporation, State or Country Code	IL
Entity Address, Address Line One	10 South Dearborn Street
Entity Address, Address Line Two	49th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60603-2300
City Area Code	(312)
Local Phone Number	394-4321
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding	127,021,391
Entity Central Index Key	0000022606
PECO Energy Co [Member]
Entity File Number	000-16844
Entity Registrant Name	PECO ENERGY COMPANY
Entity Tax Identification Number	23-0970240
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	P.O. Box 8699
Entity Address, Address Line Two	2301 Market Street
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19101-8699
City Area Code	(215)
Local Phone Number	841-4000
Title of 12(b) Security	Cumulative Preferred Security, Series D
Trading Symbol	EXC/28
Security Exchange Name	NYSE
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding	170,478,507
Entity Central Index Key	0000078100
Baltimore Gas and Electric Company [Member]
Entity File Number	001-01910
Entity Registrant Name	BALTIMORE GAS AND ELECTRIC COMPANY
Entity Tax Identification Number	52-0280210
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	2 Center Plaza
Entity Address, Address Line Two	110 West Fayette Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21201-3708
City Area Code	(410)
Local Phone Number	234-5000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding	1,000
Entity Central Index Key	0000009466
Pepco Holdings LLC [Member]
Entity File Number	001-31403
Entity Registrant Name	PEPCO HOLDINGS LLC
Entity Tax Identification Number	52-2297449
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	701 Ninth Street, N.W.
Entity Address, City or Town	Washington, District of Columbia
Entity Address, Postal Zip Code	20068-0001
City Area Code	(202)
Local Phone Number	872-2000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001135971
Potomac Electric Power Company [Member]
Entity File Number	001-01072
Entity Registrant Name	POTOMAC ELECTRIC POWER COMPANY
Entity Tax Identification Number	53-0127880
Entity Address, Address Line One	701 Ninth Street, N.W.
Entity Address, City or Town	Washington, District of Columbia
Entity Address, Postal Zip Code	20068-001
City Area Code	(202)
Local Phone Number	872-2000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding	100
Entity Central Index Key	0000079732
Delmarva Power and Light Company [Member]
Entity File Number	001-01405
Entity Registrant Name	DELMARVA POWER & LIGHT COMPANY
Entity Tax Identification Number	51-0084283
Entity Address, Address Line One	500 North Wakefield Drive
Entity Address, City or Town	Newark
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19702-5440
City Area Code	(202)
Local Phone Number	872-2000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding	1,000
Entity Central Index Key	0000027879
Atlantic City Electric Company [Member]
Entity File Number	001-03559
Entity Registrant Name	ATLANTIC CITY ELECTRIC COMPANY
Entity Tax Identification Number	21-0398280
Entity Incorporation, State or Country Code	NJ
Entity Address, Address Line One	500 North Wakefield Drive
Entity Address, City or Town	Newark
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19702-5440
City Area Code	(202)
Local Phone Number	872-2000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding	8,546,017
Entity Central Index Key	0000008192
DISTRICT OF COLUMBIA | Potomac Electric Power Company [Member]
Entity Incorporation, State or Country Code	DC
VIRGINIA | Potomac Electric Power Company [Member]
Entity Incorporation, State or Country Code	VA
VIRGINIA | Delmarva Power and Light Company [Member]
Entity Incorporation, State or Country Code	VA
DELAWARE | Delmarva Power and Light Company [Member]
Entity Incorporation, State or Country Code	DE

XML

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Operating revenues
Revenues from alternative revenue programs		$ 29	$ 129
Operating revenues from affiliates		6	7
Total operating revenues		5,327	4,632
Operating expenses
Purchased power and/or fuel from affiliates		159	293
Operating and maintenance		1,178	1,083
Depreciation and amortization		817	757
Taxes other than income taxes		354	317
Total operating expenses		4,427	3,808
Operating income (loss)		900	824
Other income and (deductions)
Interest expense, net		(332)	(312)
Interest expense to affiliates		(6)	(6)
Other, net		137	58
Total other deductions		(201)	(260)
Income (Loss) before income taxes		699	564
Income taxes		218	39
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		481	525
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		117	(789)
Net income (loss)		598	(264)
Net income (loss) attributable to noncontrolling interests		1	25
Net Income (Loss) Available to Common Stockholders, Basic		597	(289)
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic		481	525
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic		116	(814)
Other comprehensive income (loss), net of income taxes
Prior service benefit reclassified to periodic benefit cost		0	(1)
Actuarial loss reclassified to periodic benefit cost		14	56
Pension and non-pension postretirement benefit plan valuation adjustment		0	(2)
Unrealized gain (loss) on foreign currency translation		0	1
Other comprehensive income		14	54
Comprehensive income		612	(210)
Comprehensive income attributable to noncontrolling interests		1	25
Comprehensive income attributable to common shareholders/membership interest		$ 611	$ (235)
Average shares of common stock outstanding:
Basic average shares of common stock outstanding		981	977
Assumed exercise and/or distributions of stock-based awards		0	1
Diluted average shares of common stock outstanding	[1]	981	978
Earnings per average common share from continuing operations
Income (Loss) from Continuing Operations, Per Basic Share		$ 0.49	$ 0.53
Income (Loss) from Continuing Operations, Per Diluted Share		0.49	0.53
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share		0.12	(0.83)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share		$ 0.12	$ (0.83)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			1
Commonwealth Edison Co [Member]
Operating revenues
Revenues from alternative revenue programs		$ 40	$ 54
Operating revenues from affiliates		6	6
Total operating revenues		1,734	1,535
Operating expenses
Purchased power and/or fuel from affiliates		59	85
Operating and maintenance		266	245
Related Party Transaction, Expenses from Transactions with Related Party		85	71
Depreciation and amortization		321	292
Taxes other than income taxes		96	75
Total operating expenses		1,406	1,210
Operating income (loss)		328	325
Other income and (deductions)
Interest expense, net		(97)	(93)
Interest expense to affiliates		(3)	(3)
Other, net		12	7
Total other deductions		(88)	(89)
Income (Loss) before income taxes		240	236
Income taxes		52	39
Net income (loss)		188	197
Other comprehensive income (loss), net of income taxes
Comprehensive income		188	197
PECO Energy Co [Member]
Operating revenues
Revenues from alternative revenue programs		6	10
Operating revenues from affiliates		1	2
Total operating revenues		1,047	889
Operating expenses
Purchased power and/or fuel from affiliates		33	41
Operating and maintenance		196	193
Related Party Transaction, Expenses from Transactions with Related Party		51	41
Depreciation and amortization		92	86
Taxes other than income taxes		47	43
Total operating expenses		793	679
Operating income (loss)		254	210
Other income and (deductions)
Interest expense, net		(38)	(35)
Interest expense to affiliates		(3)	(3)
Other, net		7	5
Total other deductions		(34)	(33)
Income (Loss) before income taxes		220	177
Income taxes		14	10
Net income (loss)		206	167
Other comprehensive income (loss), net of income taxes
Comprehensive income		206	167
Baltimore Gas and Electric Company [Member]
Operating revenues
Revenues from alternative revenue programs		(12)	18
Operating revenues from affiliates		7	6
Total operating revenues		1,154	974
Operating expenses
Purchased power and/or fuel from affiliates		18	70
Operating and maintenance		167	152
Related Party Transaction, Expenses from Transactions with Related Party		51	45
Depreciation and amortization		171	152
Taxes other than income taxes		76	72
Total operating expenses		919	752
Operating income (loss)		235	222
Other income and (deductions)
Interest expense, net		(35)	(34)
Other, net		7	8
Total other deductions		(28)	(26)
Income (Loss) before income taxes		207	196
Income taxes		9	(13)
Net income (loss)		198	209
Other comprehensive income (loss), net of income taxes
Comprehensive income		198	209
Pepco Holdings LLC [Member]
Operating revenues
Revenues from alternative revenue programs		(5)	46
Operating revenues from affiliates		3	3
Total operating revenues		1,404	1,244
Operating expenses
Purchased power and/or fuel from affiliates		50	98
Operating and maintenance		248	216
Related Party Transaction, Expenses from Transactions with Related Party		51	40
Depreciation and amortization		218	210
Taxes other than income taxes		119	113
Total operating expenses		1,215	1,058
Operating income (loss)		189	186
Other income and (deductions)
Interest expense, net		(69)	(67)
Other, net		17	17
Total other deductions		(52)	(50)
Income (Loss) before income taxes		137	136
Income taxes		7	8
Net income (loss)		130	128
Other comprehensive income (loss), net of income taxes
Comprehensive income attributable to common shareholders/membership interest		130	128
Potomac Electric Power Company [Member]
Operating revenues
Revenues from alternative revenue programs		(7)	26
Operating revenues from affiliates		1	1
Total operating revenues		614	553
Operating expenses
Purchased power and/or fuel from affiliates		39	74
Operating and maintenance		73	56
Related Party Transaction, Expenses from Transactions with Related Party		58	52
Depreciation and amortization		108	102
Taxes other than income taxes		95	90
Total operating expenses		547	466
Operating income (loss)		67	87
Other income and (deductions)
Interest expense, net		(36)	(34)
Other, net		13	12
Total other deductions		(23)	(22)
Income (Loss) before income taxes		44	65
Income taxes		(2)	6
Net income (loss)		46	59
Other comprehensive income (loss), net of income taxes
Comprehensive income		46	59
Delmarva Power and Light Company [Member]
Operating revenues
Revenues from alternative revenue programs		(1)	9
Operating revenues from affiliates		1	2
Total operating revenues		431	382
Operating expenses
Purchased power and/or fuel from affiliates		10	20
Operating and maintenance		51	44
Related Party Transaction, Expenses from Transactions with Related Party		42	39
Depreciation and amortization		57	53
Taxes other than income taxes		18	17
Total operating expenses		357	309
Operating income (loss)		74	73
Other income and (deductions)
Interest expense, net		(16)	(15)
Other, net		2	3
Total other deductions		(14)	(12)
Income (Loss) before income taxes		60	61
Income taxes		4	5
Net income (loss)		56	56
Other comprehensive income (loss), net of income taxes
Comprehensive income		56	56
Atlantic City Electric Company [Member]
Operating revenues
Revenues from alternative revenue programs		3	11
Operating revenues from affiliates		1	1
Total operating revenues		349	310
Operating expenses
Purchased power and/or fuel from affiliates		2	4
Operating and maintenance		47	42
Related Party Transaction, Expenses from Transactions with Related Party		37	34
Depreciation and amortization		47	47
Taxes other than income taxes		2	2
Total operating expenses		311	282
Operating income (loss)		38	28
Other income and (deductions)
Interest expense, net		(14)	(15)
Other, net		3	1
Total other deductions		(11)	(14)
Income (Loss) before income taxes		27	14
Income taxes		1	0
Net income (loss)		26	14
Other comprehensive income (loss), net of income taxes
Comprehensive income		26	14
Generation commodities and services
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		4,481	3,870
Operating expenses
Purchased power and/or fuel		1,581	1,140
Natural gas operating revenues
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		817	633
Operating expenses
Purchased power and/or fuel		338	218
Electricity, US Regulated
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		4,522	3,991
Electricity, US Regulated | Commonwealth Edison Co [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		1,688	1,475
Operating expenses
Purchased power and/or fuel		579	442
Electricity, US Regulated | PECO Energy Co [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		734	649
Operating expenses
Purchased power and/or fuel		229	189
Electricity, US Regulated | Baltimore Gas and Electric Company [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		735	620
Operating expenses
Purchased power and/or fuel		285	162
Electricity, US Regulated | Pepco Holdings LLC [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		1,323	1,124
Operating expenses
Purchased power and/or fuel		487	348
Electricity, US Regulated | Potomac Electric Power Company [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		620	526
Operating expenses
Purchased power and/or fuel		174	92
Electricity, US Regulated | Delmarva Power and Light Company [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		348	300
Operating expenses
Purchased power and/or fuel		137	103
Electricity, US Regulated | Atlantic City Electric Company [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		345	298
Operating expenses
Purchased power and/or fuel		176	153
Natural Gas, US Regulated
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		805	641
Natural Gas, US Regulated | PECO Energy Co [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		306	228
Operating expenses
Purchased power and/or fuel		145	86
Natural Gas, US Regulated | Baltimore Gas and Electric Company [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		424	330
Operating expenses
Purchased power and/or fuel		151	99
Natural Gas, US Regulated | Pepco Holdings LLC [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		83	71
Operating expenses
Purchased power and/or fuel		42	33
Natural Gas, US Regulated | Delmarva Power and Light Company [Member]
Operating revenues
Revenue from Contract with Customer, Including Assessed Tax		83	71
Operating expenses
Purchased power and/or fuel		$ 42	$ 33

[1] The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect were none and less than 1 million for the three months ended March 31, 2022 and 2021, respectively

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 598	$ (264)
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,024	2,104
Asset impairments	0	1
Gain on sales of assets and businesses	(10)	(71)
Deferred income taxes and amortization of investment tax credits	110	(142)
Net fair value changes related to derivatives	(59)	(178)
Net realized and unrealized (gains) losses on NDT funds	205	(118)
Net unrealized (gains) losses on equity investments	16	23
Other non-cash operating activities	232	(170)
Changes in assets and liabilities:
Accounts receivable	(711)	(372)
Inventories	125	77
Accounts payable and accrued expenses	291	(176)
Option premiums (paid) received, net	(39)	16
Collateral received (posted), net	1,142	273
Income taxes	77	113
Pension and non-pension postretirement benefit contributions	(574)	(537)
Other assets and liabilities	(645)	(1,840)
Net Cash Provided by (Used in) Operating Activities, Total	1,782	(1,261)
Cash flows from investing activities
Capital expenditures	(1,922)	(2,140)
Proceeds from NDT fund sales	488	2,908
Investment in NDT funds	(516)	(2,939)
Collection of deferred purchase price	169	1,574
Proceeds from Sale of Property Held-for-sale	16	680
Other investing activities	(54)	12
Net Cash Provided by (Used in) Investing Activities, Total	(1,819)	95
Cash flows from financing activities
Changes in short-term borrowings	(700)	597
Proceeds from short-term borrowings with maturities greater than 90 days	1,150	500
Repayments on short-term borrowings with maturities greater than 90 days	(350)	0
Issuance of long-term debt	4,301	1,705
Retirement of long-term debt	(6)	(79)
Dividends paid on common stock	(332)	(374)
Proceeds from employee stock plans	9	31
Transfer of cash, restricted cash, and cash equivalents to Constellation	(2,594)	0
Other financing activities	(62)	(46)
Net cash flows provided by financing activities	1,416	2,334
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	1,379	1,168
Cash, restricted cash, and cash equivalents at beginning of period	1,619	1,166
Cash, restricted cash, and cash equivalents at end of period	2,998	2,334
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(322)	(324)
Increase in deferred purchase price	348	1,339
Increase in PPE related to ARO update	(335)	2
Exelon Generation Co L L C [Member]
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	207	1,346
Gain on sales of assets and businesses	9	(71)
Deferred income taxes and amortization of investment tax credits	(143)	(234)
Net fair value changes related to derivatives	(59)	(178)
Net realized and unrealized (gains) losses on NDT funds	205	(118)
Net unrealized (gains) losses on equity investments	16	23
Other non-cash operating activities	(36)	332
Cash flows from investing activities
Capital expenditures	(227)	(394)
Collection of deferred purchase price	169	1,574
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(128)	(37)
Increase in deferred purchase price	348	1,339
Increase in PPE related to ARO update	335	0
Commonwealth Edison Co [Member]
Cash flows from operating activities
Net income (loss)	188	197
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	321	292
Deferred income taxes and amortization of investment tax credits	54	63
Other non-cash operating activities	(9)	(9)
Changes in assets and liabilities:
Accounts receivable	(45)	23
Change in receivables from payables to affiliates, net	(42)	(15)
Inventories	3	(1)
Accounts payable and accrued expenses	(154)	(176)
Collateral received (posted), net	43	5
Income taxes	(2)	(23)
Pension and non-pension postretirement benefit contributions	(176)	(171)
Other assets and liabilities	(37)	(159)
Net Cash Provided by (Used in) Operating Activities, Total	144	26
Cash flows from investing activities
Capital expenditures	(617)	(613)
Other investing activities	7	7
Net Cash Provided by (Used in) Investing Activities, Total	(610)	(606)
Cash flows from financing activities
Changes in short-term borrowings	0	(188)
Issuance of long-term debt	750	700
Dividends paid on common stock	(144)	(127)
Contributions from parent	167	198
Other financing activities	(10)	(9)
Net cash flows provided by financing activities	763	574
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	297	(6)
Cash, restricted cash, and cash equivalents at beginning of period	384	405
Cash, restricted cash, and cash equivalents at end of period	681	399
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(50)	(107)
PECO Energy Co [Member]
Cash flows from operating activities
Net income (loss)	206	167
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	92	86
Deferred income taxes and amortization of investment tax credits	14	6
Other non-cash operating activities	15	12
Changes in assets and liabilities:
Accounts receivable	(40)	(5)
Change in receivables from payables to affiliates, net	(31)	(2)
Inventories	27	13
Accounts payable and accrued expenses	(24)	(36)
Income taxes	0	3
Pension and non-pension postretirement benefit contributions	(12)	(16)
Other assets and liabilities	(106)	(103)
Net Cash Provided by (Used in) Operating Activities, Total	141	125
Cash flows from investing activities
Capital expenditures	(344)	(295)
Changes in Exelon/PHI intercompany money pool	0	(48)
Other investing activities	2	1
Net Cash Provided by (Used in) Investing Activities, Total	(342)	(342)
Cash flows from financing activities
Issuance of long-term debt	0	375
Increase (Decrease) in Due to Affiliates, Current	65	(40)
Dividends paid on common stock	(100)	(85)
Contributions from parent	227	0
Other financing activities	(1)	(4)
Net cash flows provided by financing activities	191	246
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	(10)	29
Cash, restricted cash, and cash equivalents at beginning of period	44	26
Cash, restricted cash, and cash equivalents at end of period	34	55
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(41)	(44)
Baltimore Gas and Electric Company [Member]
Cash flows from operating activities
Net income (loss)	198	209
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	171	152
Deferred income taxes and amortization of investment tax credits	5	(4)
Other non-cash operating activities	44	2
Changes in assets and liabilities:
Accounts receivable	(80)	12
Change in receivables from payables to affiliates, net	(2)	(15)
Inventories	32	9
Accounts payable and accrued expenses	(30)	(59)
Income taxes	4	(9)
Pension and non-pension postretirement benefit contributions	(56)	(65)
Other assets and liabilities	(9)	(103)
Net Cash Provided by (Used in) Operating Activities, Total	277	129
Cash flows from investing activities
Capital expenditures	(303)	(336)
Other investing activities	3	2
Net Cash Provided by (Used in) Investing Activities, Total	(300)	(334)
Cash flows from financing activities
Changes in short-term borrowings	120	156
Dividends paid on common stock	(76)	(74)
Other financing activities	(1)	0
Net cash flows provided by financing activities	43	82
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	20	(123)
Cash, restricted cash, and cash equivalents at beginning of period	55	145
Cash, restricted cash, and cash equivalents at end of period	75	22
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(32)	(80)
Pepco Holdings LLC [Member]
Cash flows from operating activities
Net income (loss)	130	128
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	218	210
Deferred income taxes and amortization of investment tax credits	2	4
Other non-cash operating activities	35	(25)
Changes in assets and liabilities:
Accounts receivable	(21)	56
Change in receivables from payables to affiliates, net	(51)	(18)
Inventories	7	5
Accounts payable and accrued expenses	(23)	(24)
Income taxes	5	3
Pension and non-pension postretirement benefit contributions	(67)	(36)
Other assets and liabilities	(3)	(94)
Net Cash Provided by (Used in) Operating Activities, Total	232	209
Cash flows from investing activities
Capital expenditures	(409)	(456)
Other investing activities	2	1
Net Cash Provided by (Used in) Investing Activities, Total	(407)	(455)
Cash flows from financing activities
Changes in short-term borrowings	(468)	(368)
Issuance of long-term debt	700	625
Retirement of long-term debt	0	(44)
Increase (Decrease) in Due to Affiliates, Current	39	3
Payments of Distributions to Affiliates	(102)	(81)
Proceeds from Contributions from Affiliates	704	560
Other financing activities	(9)	(5)
Net cash flows provided by financing activities	864	690
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	689	444
Cash, restricted cash, and cash equivalents at beginning of period	213	160
Cash, restricted cash, and cash equivalents at end of period	902	604
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(55)	(33)
Potomac Electric Power Company [Member]
Cash flows from operating activities
Net income (loss)	46	59
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	108	102
Deferred income taxes and amortization of investment tax credits	(2)	4
Other non-cash operating activities	12	(25)
Changes in assets and liabilities:
Accounts receivable	(2)	26
Change in receivables from payables to affiliates, net	(25)	(9)
Inventories	0	1
Accounts payable and accrued expenses	5	0
Income taxes	1	2
Pension and non-pension postretirement benefit contributions	(5)	(5)
Other assets and liabilities	(18)	(58)
Net Cash Provided by (Used in) Operating Activities, Total	120	97
Cash flows from investing activities
Capital expenditures	(218)	(220)
Other investing activities	1	1
Net Cash Provided by (Used in) Investing Activities, Total	(217)	(219)
Cash flows from financing activities
Changes in short-term borrowings	(175)	(35)
Issuance of long-term debt	400	150
Dividends paid on common stock	(42)	(28)
Contributions from parent	387	138
Other financing activities	(5)	(1)
Net cash flows provided by financing activities	565	224
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	468	102
Cash, restricted cash, and cash equivalents at beginning of period	68	65
Cash, restricted cash, and cash equivalents at end of period	536	167
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(36)	(16)
Delmarva Power and Light Company [Member]
Cash flows from operating activities
Net income (loss)	56	56
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	57	53
Deferred income taxes and amortization of investment tax credits	5	2
Other non-cash operating activities	9	(1)
Changes in assets and liabilities:
Accounts receivable	(17)	15
Change in receivables from payables to affiliates, net	(17)	(11)
Inventories	8	2
Accounts payable and accrued expenses	15	11
Income taxes	(1)	3
Pension and non-pension postretirement benefit contributions	(1)	0
Other assets and liabilities	33	(26)
Net Cash Provided by (Used in) Operating Activities, Total	147	104
Cash flows from investing activities
Capital expenditures	(103)	(112)
Other investing activities	1	0
Net Cash Provided by (Used in) Investing Activities, Total	(102)	(112)
Cash flows from financing activities
Changes in short-term borrowings	(149)	(146)
Issuance of long-term debt	125	125
Dividends paid on common stock	(41)	(40)
Contributions from parent	144	120
Other financing activities	(2)	(2)
Net cash flows provided by financing activities	77	57
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	122	49
Cash, restricted cash, and cash equivalents at beginning of period	71	15
Cash, restricted cash, and cash equivalents at end of period	193	64
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	(8)	(15)
Atlantic City Electric Company [Member]
Cash flows from operating activities
Net income (loss)	26	14
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	47	47
Deferred income taxes and amortization of investment tax credits	1	(1)
Other non-cash operating activities	2	(7)
Changes in assets and liabilities:
Accounts receivable	(1)	13
Change in receivables from payables to affiliates, net	(6)	1
Inventories	(1)	3
Accounts payable and accrued expenses	(17)	(11)
Income taxes	0	1
Pension and non-pension postretirement benefit contributions	(7)	(3)
Other assets and liabilities	0	(3)
Net Cash Provided by (Used in) Operating Activities, Total	44	54
Cash flows from investing activities
Capital expenditures	(87)	(123)
Net Cash Provided by (Used in) Investing Activities, Total	(87)	(123)
Cash flows from financing activities
Changes in short-term borrowings	(144)	(187)
Issuance of long-term debt	175	350
Retirement of long-term debt	0	(44)
Dividends paid on common stock	(19)	(14)
Contributions from parent	173	303
Other financing activities	(3)	(3)
Net cash flows provided by financing activities	182	405
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total	139	336
Cash, restricted cash, and cash equivalents at beginning of period	29	30
Cash, restricted cash, and cash equivalents at end of period	168	366
Supplemental Cash Flow Information
Decrease in capital expenditures not paid	$ (10)	$ (2)

XML

Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 2,476	$ 672
Restricted cash and cash equivalents	430	321
Accounts receivable
Customer accounts receivable	2,365	2,189
Customer allowance for credit losses	(389)	(320)
Customer accounts receivable, net	1,976	1,869
Other accounts receivable	1,148	1,068
Other allowance for credit losses	(81)	(72)
Other accounts receivable, net	1,067	996
Inventories, net
Fossil fuel and emission allowances	39	105
Materials and supplies	473	476
Regulatory assets, current	1,221	1,296
Current assets of discontinued operations	0	7,835
Other	463	387
Total current assets	8,145	13,957
Accumulated depreciation and amortization	14,878	14,430
Property, plant and equipment, net	65,465	64,558
Deferred debits and other assets
Regulatory assets, noncurrent	8,200	8,224
Investments	244	250
Goodwill	6,630	6,630
Receivable related to Regulatory Agreement Units	2,969	0
Property, plant, and equipment, deferred debits, and other assets of discontinued operations	0	38,509
Other	1,045	885
Total deferred debits and other assets	19,088	54,498
Total assets	92,698	133,013
Current Liabilities
Short-term borrowings	1,900	1,248
Long-term debt due within one year	2,154	2,153
Accounts payable	2,175	2,379
Accrued expenses	1,029	1,137
Payables to affiliates, current	6	5
Regulatory liabilities, current	394	376
Mark-to-market derivative liabilities, current	0	18
Unamortized energy contract liabilities, current	13	89
Current liabilities of discontinued operations	0	7,940
Other	964	766
Total current liabilities	8,635	16,111
Long-term debt	35,008	30,749
Long-term debt to financing trusts	390	390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	11,089	10,611
Asset retirement obligations, noncurrent	273	271
Pension obligations	1,447	2,051
Non-pension postretirement benefit obligations	800	811
Regulatory liabilities, noncurrent	9,192	9,628
Mark-to-market derivative liabilities, noncurrent	144	201
Unamortized energy contract liabilities, noncurrent	42	146
Long-term debt, deferred credits, and other liabilities of discontinued operations	0	25,676
Other	2,187	1,573
Total deferred credits and other liabilities	25,174	50,968
Liabilities	69,207	98,218
Commitments and contingencies
Shareholders' equity
Common Stock, No Par Value	$ 0	$ 0
Common stock, shares authorized	2,000	2,000
Common stock, shares outstanding	980	979
Common stock	$ 20,299	$ 20,324
Treasury stock, shares	2	2
Treasury stock, at cost	$ (123)	$ (123)
Retained earnings/Undistributed earnings (losses)	4,028	16,942
Accumulated other comprehensive loss, net	(713)	(2,750)
Total shareholders’ equity	23,491	34,393
Members' Equity [Abstract]
Noncontrolling interests	0	402
Total equity	23,491	34,795
Total liabilities and shareholders’ equity	92,698	133,013
Commonwealth Edison Co [Member]
Current Assets
Cash and cash equivalents	343	131
Restricted cash and cash equivalents	246	210
Accounts receivable
Customer accounts receivable	702	647
Customer allowance for credit losses	(92)	(73)
Customer accounts receivable, net	610	574
Other accounts receivable	219	227
Other allowance for credit losses	(20)	(17)
Other accounts receivable, net	199	210
Receivables from affiliates, current	3	16
Inventories, net
Inventories, net	167	170
Regulatory assets, current	316	335
Other	80	76
Total current assets	1,964	1,722
Accumulated depreciation and amortization	6,267	6,099
Property, plant and equipment, net	26,325	25,995
Deferred debits and other assets
Regulatory assets, noncurrent	1,883	1,870
Investments	6	6
Goodwill	2,625	2,625
Receivables from affiliates, noncurrent	0	2,761
Receivable related to Regulatory Agreement Units	2,484	0
Prepaid pension asset	1,245	1,086
Other	481	405
Total deferred debits and other assets	8,724	8,753
Total assets	37,013	36,470
Current Liabilities
Accounts payable	553	647
Accrued expenses	275	384
Payables to affiliates, current	66	121
Customer deposits	98	99
Regulatory liabilities, current	190	185
Mark-to-market derivative liabilities, current	0	18
Other	161	133
Total current liabilities	1,343	1,587
Long-term debt	10,515	9,773
Long-term debt to financing trusts	205	205
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	4,761	4,685
Asset retirement obligations, noncurrent	145	144
Non-pension postretirement benefit obligations	168	169
Regulatory liabilities, noncurrent	6,551	6,759
Mark-to-market derivative liabilities, noncurrent	144	201
Other	615	592
Total deferred credits and other liabilities	12,384	12,550
Liabilities	24,447	24,115
Commitments and contingencies
Shareholders' equity
Common stock	1,588	1,588
Retained earnings/Undistributed earnings (losses)	1,735	1,691
Other paid-in capital	9,243	9,076
Total shareholders’ equity	12,566	12,355
Members' Equity [Abstract]
Total liabilities and shareholders’ equity	37,013	36,470
PECO Energy Co [Member]
Current Assets
Cash and cash equivalents	26	36
Restricted cash and cash equivalents	8	8
Accounts receivable
Customer accounts receivable	528	489
Customer allowance for credit losses	(125)	(105)
Customer accounts receivable, net	403	384
Other accounts receivable	129	116
Other allowance for credit losses	(9)	(7)
Other accounts receivable, net	120	109
Receivables from affiliates, current	0	1
Inventories, net
Fossil fuel and emission allowances	23	51
Materials and supplies	46	45
Prepaid utility taxes	117	1
Regulatory assets, current	57	48
Other	30	28
Total current assets	830	711
Accumulated depreciation and amortization	4,004	3,964
Property, plant and equipment, net	11,334	11,117
Deferred debits and other assets
Regulatory assets, noncurrent	1,000	943
Investments	33	34
Receivables from affiliates, noncurrent	0	597
Receivable related to Regulatory Agreement Units	486	0
Prepaid pension asset	401	386
Other	29	36
Total deferred debits and other assets	1,949	1,996
Total assets	14,113	13,824
Current Liabilities
Long-term debt due within one year	350	350
Accounts payable	477	494
Accrued expenses	105	136
Payables to affiliates, current	38	70
Borrowings from Exelon/PHI intercompany money pool	65	0
Customer deposits	50	48
Regulatory liabilities, current	94	94
Other	41	35
Total current liabilities	1,220	1,227
Long-term debt	3,848	3,847
Long-term debt to financing trusts	184	184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,495	2,421
Asset retirement obligations, noncurrent	29	29
Non-pension postretirement benefit obligations	287	286
Regulatory liabilities, noncurrent	523	635
Other	82	83
Total deferred credits and other liabilities	3,416	3,454
Liabilities	8,668	8,712
Commitments and contingencies
Shareholders' equity
Common stock	3,655	3,428
Retained earnings/Undistributed earnings (losses)	1,790	1,684
Total shareholders’ equity	5,445	5,112
Members' Equity [Abstract]
Total liabilities and shareholders’ equity	14,113	13,824
Baltimore Gas and Electric Company [Member]
Current Assets
Cash and cash equivalents	41	51
Restricted cash and cash equivalents	34	4
Accounts receivable
Customer accounts receivable	519	436
Customer allowance for credit losses	(59)	(38)
Customer accounts receivable, net	460	398
Other accounts receivable	126	124
Other allowance for credit losses	(11)	(9)
Other accounts receivable, net	115	115
Receivables from affiliates, current	0	1
Inventories, net
Fossil fuel and emission allowances	12	42
Materials and supplies	51	53
Prepaid utility taxes	46	49
Regulatory assets, current	175	215
Other	11	8
Total current assets	945	936
Accumulated depreciation and amortization	4,376	4,299
Property, plant and equipment, net	10,736	10,577
Deferred debits and other assets
Regulatory assets, noncurrent	467	477
Investments	6	14
Prepaid pension asset	315	276
Other	40	44
Total deferred debits and other assets	828	811
Total assets	12,509	12,324
Current Liabilities
Short-term borrowings	250	130
Long-term debt due within one year	250	250
Accounts payable	299	349
Accrued expenses	168	176
Payables to affiliates, current	37	48
Customer deposits	98	97
Regulatory liabilities, current	35	26
Other	61	48
Total current liabilities	1,198	1,124
Long-term debt	3,711	3,711
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,755	1,686
Asset retirement obligations, noncurrent	26	26
Non-pension postretirement benefit obligations	170	175
Regulatory liabilities, noncurrent	872	934
Other	85	98
Total deferred credits and other liabilities	2,908	2,919
Liabilities	7,817	7,754
Commitments and contingencies
Shareholders' equity
Common stock	2,575	2,575
Retained earnings/Undistributed earnings (losses)	2,117	1,995
Total shareholders’ equity	4,692	4,570
Members' Equity [Abstract]
Total liabilities and shareholders’ equity	12,509	12,324
Pepco Holdings LLC [Member]
Current Assets
Cash and cash equivalents	796	136
Restricted cash and cash equivalents	106	77
Accounts receivable
Customer accounts receivable	618	616
Customer allowance for credit losses	(113)	(104)
Customer accounts receivable, net	505	512
Other accounts receivable	288	283
Other allowance for credit losses	(41)	(39)
Other accounts receivable, net	247	244
Receivables from affiliates, current	0	2
Inventories, net
Fossil fuel and emission allowances	4	11
Materials and supplies	209	209
Regulatory assets, current	432	432
Other	69	69
Total current assets	2,368	1,692
Accumulated depreciation and amortization	2,256	2,108
Property, plant and equipment, net	16,701	16,498
Deferred debits and other assets
Regulatory assets, noncurrent	1,770	1,794
Investments	142	145
Goodwill	4,005	4,005
Prepaid pension asset	392	344
Deferred income taxes	5	8
Other	253	258
Total deferred debits and other assets	6,567	6,554
Total assets	25,636	24,744
Current Liabilities
Short-term borrowings	0	468
Long-term debt due within one year	400	399
Accounts payable	522	578
Accrued expenses	264	281
Payables to affiliates, current	51	104
Borrowings from Exelon/PHI intercompany money pool	46	7
Customer deposits	80	81
Regulatory liabilities, current	72	68
Unamortized energy contract liabilities, current	13	89
PPA termination obligation	85	0
Other	215	171
Total current liabilities	1,748	2,246
Long-term debt	7,833	7,148
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,723	2,675
Asset retirement obligations, noncurrent	70	70
Non-pension postretirement benefit obligations	60	66
Regulatory liabilities, noncurrent	1,182	1,238
Unamortized energy contract liabilities, noncurrent	42	146
Other	661	570
Total deferred credits and other liabilities	4,738	4,765
Liabilities	14,319	14,159
Commitments and contingencies
Shareholders' equity
Retained earnings/Undistributed earnings (losses)	(182)	(210)
Members' Equity [Abstract]
Membership interest	11,499	10,795
Total members' equity	11,317	10,585
Total liabilities and shareholders’ equity	25,636	24,744
Potomac Electric Power Company [Member]
Current Assets
Cash and cash equivalents	502	34
Restricted cash and cash equivalents	34	34
Accounts receivable
Customer accounts receivable	278	277
Customer allowance for credit losses	(40)	(37)
Customer accounts receivable, net	238	240
Other accounts receivable	157	160
Other allowance for credit losses	(18)	(16)
Other accounts receivable, net	139	144
Receivables from affiliates, current	0	0
Inventories, net
Inventories, net	119	119
Regulatory assets, current	216	213
Other	29	25
Total current assets	1,277	809
Accumulated depreciation and amortization	3,929	3,875
Property, plant and equipment, net	8,229	8,104
Deferred debits and other assets
Regulatory assets, noncurrent	496	532
Investments	119	120
Prepaid pension asset	279	279
Other	58	59
Total deferred debits and other assets	952	990
Total assets	10,458	9,903
Current Liabilities
Short-term borrowings	0	175
Long-term debt due within one year	314	313
Accounts payable	246	272
Accrued expenses	158	160
Payables to affiliates, current	34	59
Customer deposits	36	35
Regulatory liabilities, current	18	14
Merger related obligation	27	27
Other	64	55
Total current liabilities	897	1,110
Long-term debt	3,527	3,132
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,293	1,275
Asset retirement obligations, noncurrent	45	45
Non-pension postretirement benefit obligations	0	3
Regulatory liabilities, noncurrent	533	549
Other	297	314
Total deferred credits and other liabilities	2,168	2,186
Liabilities	6,592	6,428
Commitments and contingencies
Shareholders' equity
Common stock	2,689	2,302
Retained earnings/Undistributed earnings (losses)	1,177	1,173
Total shareholders’ equity	3,866	3,475
Members' Equity [Abstract]
Total liabilities and shareholders’ equity	10,458	9,903
Delmarva Power and Light Company [Member]
Current Assets
Cash and cash equivalents	120	28
Restricted cash and cash equivalents	73	43
Accounts receivable
Customer accounts receivable	164	149
Customer allowance for credit losses	(24)	(18)
Customer accounts receivable, net	140	131
Other accounts receivable	62	58
Other allowance for credit losses	(9)	(8)
Other accounts receivable, net	53	50
Receivables from affiliates, current	0	1
Inventories, net
Fossil fuel and emission allowances	4	11
Materials and supplies	53	54
Prepaid utility taxes	10	20
Regulatory assets, current	66	68
Other	19	16
Total current assets	538	422
Accumulated depreciation and amortization	1,671	1,635
Property, plant and equipment, net	4,612	4,560
Deferred debits and other assets
Regulatory assets, noncurrent	208	212
Prepaid pension asset	157	157
Other	58	61
Total deferred debits and other assets	423	430
Total assets	5,573	5,412
Current Liabilities
Short-term borrowings	0	149
Long-term debt due within one year	83	83
Accounts payable	128	131
Accrued expenses	50	40
Payables to affiliates, current	15	33
Customer deposits	27	28
Regulatory liabilities, current	33	25
Other	88	59
Total current liabilities	424	548
Long-term debt	1,852	1,727
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	825	803
Asset retirement obligations, noncurrent	16	16
Non-pension postretirement benefit obligations	10	11
Regulatory liabilities, noncurrent	423	441
Other	87	89
Total deferred credits and other liabilities	1,361	1,360
Liabilities	3,637	3,635
Commitments and contingencies
Shareholders' equity
Common stock	1,353	1,209
Retained earnings/Undistributed earnings (losses)	583	568
Total shareholders’ equity	1,936	1,777
Members' Equity [Abstract]
Total liabilities and shareholders’ equity	5,573	5,412
Atlantic City Electric Company [Member]
Current Assets
Cash and cash equivalents	168	29
Restricted cash and cash equivalents	0	0
Accounts receivable
Customer accounts receivable	177	190
Customer allowance for credit losses	(49)	(49)
Customer accounts receivable, net	128	141
Other accounts receivable	79	76
Other allowance for credit losses	(14)	(15)
Other accounts receivable, net	65	61
Receivables from affiliates, current	0	2
Inventories, net
Inventories, net	37	36
Regulatory assets, current	137	61
Other	5	3
Total current assets	540	333
Accumulated depreciation and amortization	1,458	1,420
Property, plant and equipment, net	3,763	3,729
Deferred debits and other assets
Regulatory assets, noncurrent	559	430
Prepaid pension asset	30	27
Other	37	37
Total deferred debits and other assets	626	494
Total assets	4,929	4,556
Current Liabilities
Short-term borrowings	0	144
Long-term debt due within one year	3	3
Accounts payable	139	165
Accrued expenses	43	44
Payables to affiliates, current	23	31
Customer deposits	18	18
Regulatory liabilities, current	20	28
PPA termination obligation	85	0
Other	18	12
Total current liabilities	349	445
Long-term debt	1,754	1,579
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	692	682
Non-pension postretirement benefit obligations	11	12
Regulatory liabilities, noncurrent	203	214
Other	165	49
Total deferred credits and other liabilities	1,071	957
Liabilities	3,174	2,981
Commitments and contingencies
Shareholders' equity
Common stock	1,763	1,590
Retained earnings/Undistributed earnings (losses)	(8)	(15)
Total shareholders’ equity	1,755	1,575
Members' Equity [Abstract]
Total liabilities and shareholders’ equity	$ 4,929	$ 4,556

XML

Consolidated Statements of Changes in Shareholders Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Correcting Adjustment [Member]	Common Stock [Member]	Common Stock [Member] Correcting Adjustment [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Commonwealth Edison Co [Member]	Commonwealth Edison Co [Member] Common Stock [Member]	Commonwealth Edison Co [Member] Retained Earnings [Member]	Commonwealth Edison Co [Member] Other Paid-in-Capital [Member]	PECO Energy Co [Member]	PECO Energy Co [Member] Common Stock [Member]	PECO Energy Co [Member] Retained Earnings [Member]	Baltimore Gas and Electric Company [Member]	Baltimore Gas and Electric Company [Member] Common Stock [Member]	Baltimore Gas and Electric Company [Member] Retained Earnings [Member]	Pepco Holdings LLC [Member]	Pepco Holdings LLC [Member] Retained Earnings [Member]	Pepco Holdings LLC [Member] Membership Interest [Member]	Potomac Electric Power Company [Member]	Potomac Electric Power Company [Member] Common Stock [Member]	Potomac Electric Power Company [Member] Retained Earnings [Member]	Delmarva Power and Light Company [Member]	Delmarva Power and Light Company [Member] Common Stock [Member]	Delmarva Power and Light Company [Member] Retained Earnings [Member]	Atlantic City Electric Company [Member]	Atlantic City Electric Company [Member] Common Stock [Member]	Atlantic City Electric Company [Member] Retained Earnings [Member]
Beginning balance (in shares) at Dec. 31, 2020	977,466
Beginning balance at Dec. 31, 2020	$ 34,868		$ 19,373		$ (123)	$ 16,735	$ (3,400)	$ 2,283
Beginning Balance at Dec. 31, 2020																			$ 10,044	$ (68)	$ 10,112
Beginning Balance at Dec. 31, 2020									$ 11,329	$ 1,588	$ 1,456	$ 8,285	$ 4,533	$ 3,014	$ 1,519	$ 4,197	$ 2,318	$ 1,879				$ 3,203	$ 2,058	$ 1,145	$ 1,676	$ 1,089	$ 587	$ 1,398	$ 1,271	$ 127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (264)					(289)		25	197		197		167		167	209		209	128	128		59		59	56		56	14		14
Long -Term Incentive Plan Activity (shares)	640
Long-Term Incentive Plan Activity		$ 5		$ 5
Employee stock purchase plan issuances (shares)	902
Employee stock purchase plan issuances	$ 34		34
Changes in equity of noncontrolling interests	$ (10)							(10)
Common Stock, Dividends, Per Share, Declared	$ 0.38
Common stock dividends	$ (374)					(374)			(127)		(127)		(85)		(85)	(74)		(74)				(28)		(28)	(40)		(40)	(14)		(14)
Distributions to member																			(81)	(81)
Contributions from parent									198			198							560		560	138	138		120	120		303	303
Other comprehensive income (loss), net of income taxes	$ 54						54
Ending balance (in shares) at Mar. 31, 2021	979,008
Ending balance at Mar. 31, 2021	$ 34,313		19,412		(123)	16,072	(3,346)	2,298
Ending Balance at Mar. 31, 2021																			10,651	(21)	10,672
Ending Balance at Mar. 31, 2021									11,597	1,588	1,526	8,483	4,615	3,014	1,601	4,332	2,318	2,014				3,372	2,196	1,176	1,812	1,209	603	1,701	1,574	127
Beginning balance (in shares) at Dec. 31, 2021	981,291
Beginning balance at Dec. 31, 2021	$ 34,795		20,324		(123)	16,942	(2,750)	402
Beginning Balance at Dec. 31, 2021																			10,585	(210)	10,795
Beginning Balance at Dec. 31, 2021	34,393								12,355	1,588	1,691	9,076	5,112	3,428	1,684	4,570	2,575	1,995				3,475	2,302	1,173	1,777	1,209	568	1,575	1,590	(15)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 598					597		1	188		188		206		206	198		198	130	130		46		46	56		56	26		26
Long -Term Incentive Plan Activity (shares)	540
Long-Term Incentive Plan Activity	$ (13)		(13)
Employee stock purchase plan issuances (shares)	211
Employee stock purchase plan issuances	$ 9		9
Changes in equity of noncontrolling interests	$ (7)							(7)
Common Stock, Dividends, Per Share, Declared	$ 0.34
Distribution of Constellation	$ (11,573)		(21)			(13,179)	2,023	(396)
Common stock dividends	(332)					(332)			(144)		(144)		(100)		(100)	(76)		(76)				(42)		(42)	(41)		(41)	(19)		(19)
Distributions to member																			(102)	(102)
Contributions from parent									167			167	227	227					704		704	387	387		144	144		173	173
Other comprehensive income (loss), net of income taxes	$ 14						14
Ending balance (in shares) at Mar. 31, 2022	982,042
Ending balance at Mar. 31, 2022	$ 23,491		$ 20,299		$ (123)	$ 4,028	$ (713)	$ 0
Ending Balance at Mar. 31, 2022																			$ 11,317	$ (182)	$ 11,499
Ending Balance at Mar. 31, 2022	$ 23,491								$ 12,566	$ 1,588	$ 1,735	$ 9,243	$ 5,445	$ 3,655	$ 1,790	$ 4,692	$ 2,575	$ 2,117				$ 3,866	$ 2,689	$ 1,177	$ 1,936	$ 1,353	$ 583	$ 1,755	$ 1,763	$ (8)

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Significant Accounting Policies (All Registrants)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies (All Registrants)

Significant Accounting Policies (All Registrants)

Description of Business

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

On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation. The separation was completed on February 1, 2022, creating two publicly traded companies, Exelon and Constellation. See Note 2 — Discontinued Operations for additional information.

Name of Registrant	Business	Service Territories
Commonwealth Edison Company	Purchase and regulated retail sale of electricity	Northern Illinois, including the City of Chicago
	Transmission and distribution of electricity to retail customers
PECO Energy Company	Purchase and regulated retail sale of electricity and natural gas	Southeastern Pennsylvania, including the City of Philadelphia (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Pennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric Company	Purchase and regulated retail sale of electricity and natural gas	Central Maryland, including the City of Baltimore (electricity and natural gas)
	Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLC	Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE	Service Territories of Pepco, DPL, and ACE
Potomac Electric  Power Company	Purchase and regulated retail sale of electricity	District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland
	Transmission and distribution of electricity to retail customers
Delmarva Power & Light Company	Purchase and regulated retail sale of electricity and natural gas	Portions of Delaware and Maryland (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Portions of New Castle County, Delaware (natural gas)
Atlantic City Electric Company	Purchase and regulated retail sale of electricity	Portions of Southern New Jersey
	Transmission and distribution of electricity to retail customers

Basis of Presentation

This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant’s Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated, except for the historical transactions between the Utility Registrants and Generation for the purposes of presenting discontinued operations in all periods presented in the Consolidated Statements of Operations and Comprehensive Income.

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

The accompanying consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 are unaudited but, in the opinion of the management of each Registrant include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The

December 31, 2021 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2022. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

The separation of Constellation, including Generation and its subsidiaries, meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Accounting rules require that certain BSC costs previously allocated to Generation be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Comprehensive income, shareholders' equity, and cash flows related to Constellation have not been segregated and are included in the Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Changes in Shareholders’ Equity, and Consolidated Statements of Cash Flows, respectively, for all periods presented. See Note 2 — Discontinued Operations for additional information.

Prior Period Adjustments and Reclassifications (Exelon, PHI, ACE)

In the first quarter of 2022, management identified an error related to an overstatement of the regulatory liability associated with ACE’s mechanism to recover the cost of Transition Bonds issued in 2002 and 2003 by ACE Funding. Management has concluded that the error was not material to previously issued financial statements for Exelon, PHI or ACE.

The error was corrected through a revision to ACE’s financial statements contained herein. The impact of the error correction was an $8 million increase to ACE’s opening Retained earnings as of January 1, 2021 with a corresponding reduction to Regulatory liabilities of $11 million and an increase to Deferred income taxes and unamortized investment tax credits of $3 million. The impact of the error to ACE’s Total operating revenues and Net income was less than $1 million for the three months ended March 31, 2021. The error did not impact net cash flows provided by operating activities, net cash flows used in investing activities or net cash flows provided by financing activities for the three months ended March 31, 2021.

The error was corrected in the Exelon and PHI financial statements for the three months ended March 31, 2022 as it was not material, resulting in an increase to Net income of $8 million.

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Discontinued Operations (Exelon)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations (Exelon)

On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation, creating two publicly traded companies ("the separation"). Exelon completed the separation on February 1, 2022, through the distribution of 326,663,937 common stock shares of Constellation, the new publicly traded company, to Exelon shareholders. Under the separation plan, Exelon shareholders retained their current shares of Exelon stock and received one share of Constellation common stock for every three shares of Exelon common stock held on January 20, 2022, the record date for the distribution, in a transaction that is tax-free to Exelon and its shareholders for U.S. federal income tax purposes.

Constellation was newly formed and incorporated in Pennsylvania on June 15, 2021 for the purposes of separation and holds Generation (including Generation's subsidiaries).

Pursuant to the separation:

•Exelon entered into four term loans consisting of a 364-day term loan for $1.15 billion and three 18-month term loans for $300 million, $300 million and $250 million, respectively. Exelon issued these term loans primarily to fund the cash payment to Constellation and for general corporate purposes. See Note 10 — Debt and Credit Agreements for additional information.

•Exelon made a cash payment of $1.75 billion to Constellation on January 31, 2022.

•Exelon contributed its equity ownership interest in Generation to Constellation. Exelon no longer retains any equity ownership interest in Generation or Constellation.

•Exelon transferred certain corporate assets and employee-related obligations to Constellation.

•Exelon received cash from Generation of $258 million to settle the intercompany loan on January 31, 2022. See Note 10 — Debt and Credit Agreements for additional information.

Continuing Involvement

In order to govern the ongoing relationships between Exelon and Constellation after the separation, and to facilitate an orderly transition, Exelon and Constellation have entered into several agreements, including the following:

•Separation Agreement – governs the rights and obligations between Exelon and Constellation regarding certain actions to be taken in connection with the separation, among others, including the allocation of assets and liabilities between Exelon and Constellation.

•Transition Services Agreement (TSA) – governs the terms and conditions of the services that Exelon will provide to Constellation and Constellation will provide to Exelon for an expected period of two years, provided that certain services may be longer than the term and services may be extended with approval from both parties. The services include specified accounting, finance, information technology, human resources, employee benefits and other services that have historically been provided on a centralized basis by BSC. For the period from February 1, 2022 to March 31, 2022, the amounts Exelon billed Constellation and Constellation billed Exelon for these services were $56 million recorded in Other income, net and $9 million recorded in Operating and maintenance expense, respectively.

•Tax Matters Agreement (TMA) – governs the respective rights, responsibilities and obligations of Exelon and Constellation with respect to all tax matters, including tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. See Note 7. Income Taxes for additional information.

In addition, the Utility Registrants will continue to incur expenses from transactions with Generation after the separation. Prior to the separation, such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants. After the separation, such expenses are primarily recorded as Purchased power and an immaterial amount recorded as Operating and maintenance expense at the Utility Registrants.

•ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation.

•PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs.

•BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs.

•Pepco received electric supply from Generation under contracts executed through Pepco’s competitive procurement process approved by the MDPSC and DCPSC.

•DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs.

•ACE received electric supply from Generation under contracts executed through ACE’s competitive procurement process approved by the NJBPU.

ComEd and PECO also have receivables with Generation as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. See Note 10 — Asset Retirement Obligations of the Combined Notes to Consolidated Financial Statements of the Exelon 2021 Form 10-K and Note 15 — Related Party Transactions for additional information.

Discontinued Operations

The separation represented a strategic shift that would have a major effect on Exelon’s operations and financial results. Accordingly, the separation meets the criteria for discontinued operations.

The following table presents the results of Constellation that have been reclassified from continuing operations and included in discontinued operations within Exelon’s Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2022 and March 31, 2021.

These results are primarily Generation, which is comprised of Exelon’s Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions reportable segments, and include the impact of transaction costs, certain BSC costs, including any transition costs, that were historically allocated and directly attributable to Generation, transactions between Generation and the Utility Registrants, and tax-related adjustments. Transaction costs include costs for external bankers, accountants, appraisers, lawyers, external counsels and other advisors, among others, who are involved in the negotiation, appraisal, due diligence and regulatory approval of the separation. Transition costs are primarily employee-related costs such as recruitment expenses, costs to establish certain stand-alone functions and information technology systems, professional services fees and other separation-related costs during the transition to separate Generation. For the purposes of reporting discontinued operations, these results also include transactions between Generation and the Utility Registrants that were historically eliminated within Exelon’s Consolidated Statements of Operations as these transactions will be ongoing after the separation. Certain BSC costs that were historically allocated to Generation are presented as part of continuing operations in Exelon’s Consolidated Statements of Operations as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

	Three Months Ended March 31,
	2022		2021
Operating revenues
Competitive business revenues	$	1,855	$	5,265
Competitive business revenues from affiliates	161		294
Total operating revenues	2,016		5,559
Operating expenses
Competitive businesses purchased power and fuel	1,138		4,610
Operating and maintenance(a)	371		904
Depreciation and amortization	94		940
Taxes other than income taxes	44		121
Total operating expenses	1,647		6,575
Gain on sales of assets and businesses	10		71
Operating income (loss)	379		(945)
Other income and (deductions)
Interest expense, net	(20)		(68)
Other, net	(281)		167
Total other income and (deductions)	(301)		99
Income (loss) before income taxes	78		(846)
Income taxes	(40)		(58)
Equity in losses of unconsolidated affiliates	(1)		(1)
Net income (loss)	117		(789)
Net income attributable to noncontrolling interests	1		25
Net income (loss) from discontinued operations	$	116	$	(814)

__________

(a)Includes transaction and transition costs related to the separation of $52 million and $3 million for the three months ended March 31, 2022 and 2021, respectively. $50 million and $2 million of transaction costs and $2 million and less than $1 million of transition costs are included in the results of discontinued operations in the table presented above for the three months ended March 31, 2022 and March 31, 2021, respectively. See discussion above for additional information.

There were no assets and liabilities of discontinued operations included in Exelon’s Consolidated Balance Sheet as of March 31, 2022. Constellation had net assets of $11,573 million that separated on February 1, 2022 that resulted in a reduction to Exelon’s equity during the three months ended March 31, 2022. Refer to the Distribution of Constellation line in Exelon’s Consolidated Statement of Changes in Shareholders’ Equity for further information.

The following table presents the assets and liabilities of discontinued operations in Exelon’s Consolidated Balance Sheet as of December 31, 2021:

	December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	510
Restricted cash and cash equivalents	72
Accounts receivable
Customer accounts receivable	1,724
Customer allowance for credit losses	(55)
Customer accounts receivable, net	1,669
Other accounts receivable	596
Other allowance for credit losses	(4)
Other accounts receivable, net	592
Mark-to-market derivative assets	2,169
Inventories, net
Fossil fuel and emission allowances	284
Materials and supplies	1,004
Renewable energy credits	529
Assets held for sale	13
Other	993
Total current assets of discontinued operations	7,835
Property, plant, and equipment (net of accumulated depreciation and amortization of $15,888)	19,661
Deferred debits and other assets
Nuclear decommissioning trust funds	15,938
Investments	193
Mark-to-market derivative assets	949
Other	1,768
Total property, plant, and equipment, deferred debits, and other assets of discontinued operations	38,509
Total assets of discontinued operations	$	46,344

	December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	2,082
Long-term debt due within one year	1,220
Accounts payable	1,757
Accrued expenses	818
Mark-to-market derivative liabilities	981
Renewable energy credit obligation	779
Liabilities held for sale	3
Other	300
Total current liabilities of discontinued operations	7,940
Long-term debt	4,575
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,583
Asset retirement obligations	12,819
Pension obligations	939
Non-pension postretirement benefit obligations	876
Spent nuclear fuel obligation	1,210
Mark-to-market derivative liabilities	513
Other	1,161
Total long-term debt, deferred credits, and other liabilities of discontinued operations	25,676
Total liabilities of discontinued operations	$	33,616

The following table presents selected financial information regarding cash flows of the discontinued operations that are included within Exelon’s Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and March 31, 2021.

	Three Months Ended March 31, 2022
	2022		2021
Non-cash items included in net income (loss) from discontinued operations:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	$	207	$	1,346
Gain on sales of assets and businesses	9		(71)
Deferred income taxes and amortization of investment tax credits	(143)		(234)
Net fair value changes related to derivatives	(59)		(178)
Net realized and unrealized losses (gains) on NDT fund investments	205		(118)
Net unrealized losses on equity investments	16		23
Other decommissioning-related activity	36		(332)
Cash flows from investing activities:
Capital expenditures	(227)		(394)
Collection of DPP	169		1,574
Supplemental cash flow information:
Decrease in capital expenditures not paid	(128)		(37)
Increase in DPP	348		1,339
Increase in PP&E related to ARO update	335		—

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Mergers, Acquisitions, and Dispositions (Exelon and Generation)	3 Months Ended
	Mar. 31, 2022
Mergers, Acquisitions, and Dispositions [Abstract]
Mergers, Acquisitions, and Dispositions (Exelon and Generation)	Mergers, Acquisitions, and Dispositions (Exelon)

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Regulatory Matters (All Registrants)

3 Months Ended

Mar. 31, 2022

Regulated Operations [Abstract]

Regulatory Matters (All Registrants)

Regulatory Matters (All Registrants)

As discussed in Note 3 — Regulatory Matters of the Exelon 2021 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2022 and updates to the 2021 Form 10-K.

Distribution Base Rate Case Proceedings

The following tables show the completed and pending distribution base rate case proceedings in 2022.

Completed Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Approved Revenue Requirement Increase		Approved ROE		Approval Date	Rate Effective Date
ComEd - Illinois(a)	April 16, 2021	Electric	$	51	$	46	7.36	%	December 1, 2021	January 1, 2022
PECO - Pennsylvania	March 30, 2021	Electric	246		132		N/A(b)		November 18, 2021	January 1, 2022
BGE - Maryland(c)	May 15, 2020 (amended September 11, 2020)	Electric	203		140		9.50	%	December 16, 2020	January 1, 2021
		Natural Gas	108		74		9.65	%
Pepco - District of Columbia(d)	May 30, 2019 (amended June 1, 2020)	Electric	136		109		9.275	%	June 8, 2021	July 1, 2021
Pepco - Maryland(e)	October 26, 2020 (amended March 31, 2021)	Electric	104		52		9.55	%	June 28, 2021	June 28, 2021
DPL - Maryland(f)	September 1, 2021 (amended December 23, 2021)	Electric	27		13		9.60	%	March 2, 2022	March 2, 2022
ACE - New Jersey(g)	December 9, 2020 (amended February 26, 2021)	Electric	67		41		9.60	%	July 14, 2021	January 1, 2022

__________

(a)ComEd's 2022 approved revenue requirement reflects an increase of $37 million for the initial year revenue requirement for 2022 and an increase of $9 million related to the annual reconciliation for 2020. The revenue requirement for 2022 provides for a weighted average debt and equity return on distribution rate base of 5.72%, inclusive of an allowed ROE of 7.36%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2020 provides for a weighted average debt and equity return on distribution rate base of 5.69%, inclusive of an allowed ROE of 7.29%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points.

(b)The PECO electric base rate case proceeding was resolved through a settlement agreement, which did not specify an approved ROE.

(c)Reflects a three-year cumulative multi-year plan for 2021 through 2023. The MDPSC awarded BGE electric revenue requirement increases of $59 million, $39 million, and $42 million, before offsets, in 2021, 2022, and 2023, respectively, and natural gas revenue requirement increases of $53 million, $11 million, and $10 million, before offsets, in 2021, 2022, and 2023, respectively. BGE proposed to use certain tax benefits to fully offset the increases in 2021 and 2022 and partially offset the increase in 2023. However, the MDPSC utilized the tax benefits to fully offset the increases in 2021 and January 2022 such that customer rates remained unchanged. For the remainder of 2022, the MDPSC chose to offset only 25% of the cumulative 2021 and 2022 electric revenue requirement increases and 50% of the cumulative gas revenue requirement increases. Whether certain tax benefits will be used to offset the customer rate increases in 2023 has not been decided, and BGE cannot predict the outcome.

(d)Reflects a cumulative multi-year plan with 18-months remaining in 2021 through 2022. The DCPSC awarded Pepco electric incremental revenue requirement increases of $42 million and $67 million, before offsets, for 2021 and 2022, respectively. However, the DCPSC utilized the acceleration of refunds for certain tax benefits along with other rate relief to partially offset the customer rate increases by $22 million and $40 million for 2021 and 2022, respectively.

(e)Reflects a three-year cumulative multi-year plan for April 1, 2021 through March 31, 2024. The MDPSC awarded Pepco electric incremental revenue requirement increases of $21 million, $16 million, and $15 million, before offsets, for the 12-month periods ending March 31, 2022, 2023, and 2024, respectively. Pepco proposed to utilize certain tax benefits to fully offset the increase through 2023 and partially offset customer rate increases in 2024. However, the MDPSC only utilized the acceleration of refunds for certain tax benefits to fully offset the increases such that customer rates remain unchanged through March 31, 2022. On February 23, 2022, the MDPSC chose to offset 25% of the cumulative revenue requirement increase for the 12-month period ending March 31, 2023. Whether certain tax benefits will be used to offset the customer rate increases for the 12-month period ending March 31, 2024 has not been decided, and Pepco cannot predict the outcome.

(f)The approved settlement reflects a 9.60% ROE, which is solely for the purposes of calculating AFUDC and regulatory asset carrying costs.

(g)Requested and approved increases are before New Jersey sales and use tax. The order allows ACE to retain approximately $11 million of certain tax benefits which resulted in a decrease to income tax expense in Exelon's, PHI's, and ACE's Consolidated Statements of Operations and Comprehensive Income in the third quarter of 2021.

Pending Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Requested ROE		Expected Approval Timing
ComEd - Illinois(a)	April 15, 2022	Electric	$	199	7.85	%	Fourth quarter of 2022
PECO - Pennsylvania	March 31, 2022	Natural Gas	82		10.95	%	Fourth quarter of 2022
DPL - Delaware(b)	January 14, 2022 (amended February 28, 2022)	Natural Gas	15		10.30	%	First quarter of 2023

__________

(a)ComEd's 2023 requested revenue requirement reflects an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing under EIMA as a result of the law authorizing the rate setting process sunsetting at the end of 2022. See Note 3. - Regulatory Matters of the Exelon 2021 Form 10-K for additional information on ComEd's transition away from the electric distribution formula rate.

(b)The rates will go into effect on August 14, 2022, subject to refund.

Transmission Formula Rates

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

For 2022, the following total increases were included in ComEd’s and BGE's electric transmission formula rate update. PECO, Pepco, DPL, and ACE intend to file by the required deadline for the annual update.

Registrant(a)	Initial Revenue Requirement Increase		Annual Reconciliation Decrease		Total Revenue Requirement Increase			Allowed Return on Rate Base(c)		Allowed ROE(d)
ComEd	$	24	$	(24)	$	—		8.11	%	11.50	%
BGE	25		(4)		16		(b)	7.30	%	10.50	%

(a)All rates are effective June 1, 2022 - May 31, 2023, subject to review by interested parties pursuant to review protocols of ComEd's and BGE's tariff.

(b)The increase in BGE's transmission revenue requirement includes a $5 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.

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

(d)As part of the FERC-approved settlements of ComEd’s 2007 transmission rate case, the rate of return on common equity is 11.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO, and the common equity component of the ratio used to calculate the weighted average debt and equity return for the transmission formula rate is currently capped at 55%. As part of the FERC-approved settlement of the ROE complaint against BGE, the rate of return on common equity is 10.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO.

Other State Regulatory Matters

Illinois Regulatory Matters

CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year multi-year plan no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) an extension of and certain adjustments to ComEd’s energy efficiency MWh savings goals, (4) revisions to the Illinois RPS requirements, including expanded charges for the procurement of RECs from wind and solar generation, (5) a requirement to accelerate amortization of ComEd’s unprotected excess deferred income taxes ("EDIT") that ComEd was previously directed by the ICC to amortize using the average rate assumption method which equates to approximately 39.5 years, and (6) requirements that the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics. Regulatory or legal challenges regarding the validity or implementation of CEJA are possible and Exelon and ComEd cannot reasonably predict the outcome of any such challenges.

The ICC initiated a docket to accelerate and fully credit to customers TCJA unprotected property-related EDIT no later than December 31, 2025. On April 13, 2022, a stipulation and agreement on the schedule for the acceleration of EDIT amortization was submitted by ComEd, the Illinois Attorney General's Office, and the Citizens Utility Board. At this time, ComEd cannot predict an outcome of these proceedings.

See Note 3 — Regulatory Matters of the Exelon 2021 Form 10-K for additional information on CEJA (referred to as Clean Energy Law).

New Jersey Regulatory Matters

Termination of Energy Procurement Provisions of PPAs (Exelon, PHI, and ACE).

On December 22, 2021, ACE filed with the NJBPU a petition to terminate the provisions in the PPAs to purchase electricity from two coal-powered generation facilities located in the state of New Jersey. The petition was approved by the NJBPU on March 23, 2022. Upon closing of the transaction on March 31, 2022, ACE recognized a liability of $203 million for the contract termination fee, which is to be paid by the end of 2024, and recognized a corresponding regulatory asset of $203 million.

As of March 31, 2022, the $203 million liability for the contract termination fee consists of $85 million and $118 million included in Other current liabilities and Other deferred credits and other liabilities, respectively, in Exelon's Consolidated Balance Sheet. As of March 31, 2022, the current and noncurrent liability is included in PPA termination obligation and Other deferred credits and other liabilities, respectively, in PHI's and ACE's Consolidated Balance Sheets.

Regulatory Assets and Liabilities

The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2021, unless noted below. See Note 3 — Regulatory Matters of the Exelon 2021 Form 10-K for additional information on the specific regulatory assets and liabilities.

PECO. Regulatory assets increased $66 million primarily due to an increase of $60 million in the Deferred Income Taxes regulatory asset. Regulatory liabilities decreased by $112 million primarily due to a decrease of $111 million in the Nuclear Decommissioning regulatory liability.

BGE. Regulatory assets decreased $50 million primarily due to a decrease of $19 million in the Electric Energy and Natural Gas Costs regulatory asset and $16 million in the Energy Efficiency and Demand Response Programs regulatory asset. Regulatory liabilities decreased $53 million primarily due to a decrease of $65 million in the Deferred Income Taxes regulatory liability.

ACE. Regulatory assets increased $205 million primarily due to an increase in the Electric Energy Costs regulatory asset as a result of the PPA termination. Regulatory liabilities decreased $19 million primarily due to a decrease of $9 million in the Deferred Income Taxes regulatory liability and $5 million in the Electric Energy Costs regulatory liability.

Capitalized Ratemaking Amounts Not Recognized

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers.

	Exelon		ComEd(a)		PECO		BGE(b)		PHI		Pepco(c)		DPL(c)		ACE
March 31, 2022	$	49	$	2	$	—	$	34	$	13	$	11	$	2	$	—
December 31, 2021	43		1		—		37		5		3		2		—

__________

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

(b)BGE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholder's investment on its AMI programs.

(c)Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholder's investment on their respective AMI Programs and Energy Efficiency and Demand Response Programs, and for Pepco District of Columbia revenue decoupling program. The earnings on energy efficiency are on Pepco District of Columbia and DPL Delaware programs only.

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Revenue from Contracts with Customers (All Registrants)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers (All Registrants)

Revenue from Contracts with Customers (All Registrants)

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

See Note 4 — Revenue from Contracts with Customers of the Exelon 2021 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.

Contract Liabilities

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

For PHI, Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement with an unrelated owner and manager of communication infrastructure. The revenue attributable to this arrangement will be recognized as operating revenue over the 35 years under the collaborative arrangement.

Revenues recognized were immaterial for Exelon, PHI, Pepco, DPL, and ACE for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, ComEd's, PECO's, and BGE's contract liabilities were immaterial.

Transaction Price Allocated to Remaining Performance Obligations

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2022. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

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

	2022		2023		2024		2025		2026 and thereafter		Total
Exelon	$	6	$	8	$	6	$	5	$	82	$	107
PHI	6		8		6		5		82		107
Pepco	4		6		5		5		65		85
DPL	1		1		—		—		9		11
ACE	1		1		1		—		8		11

Revenue Disaggregation

The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 5 — Segment Information for the presentation of the Registrant's revenue disaggregation.

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Segment Information (All Registrants)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information (All Registrants)

Segment Information (All Registrants)

Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants.

Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL, and ACE's CODMs evaluate the performance of and allocate resources to ComEd, PECO, BGE, Pepco, DPL, and ACE based on net income.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2022 and 2021 is as follows:

Three Months Ended March 31, 2022 and 2021

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2022
Electric revenues	$	1,734	$	741	$	736	$	1,318	$	—	$	(7)	$	4,522
Natural gas revenues	—		306		418		83		—		(2)		$	805
Shared service and other revenues	—		—		—		3		576		(579)		$	—
Total operating revenues	$	1,734	$	1,047	$	1,154	$	1,404	$	576	$	(588)	$	5,327
2021
Electric revenues	$	1,535	$	661	$	632	$	1,170	$	—	$	(7)	$	3,991
Natural gas revenues	—		228		342		71		—		—		641
Shared service and other revenues	—		—		—		3		491		(494)		—
Total operating revenues	$	1,535	$	889	$	974	$	1,244	$	491	$	(501)	$	4,632
Intersegment revenues(c):
2022	$	6	$	1	$	7	$	3	$	576	$	(587)	$	6
2021	6		2		6		3		487		(497)		7
Depreciation and amortization:
2022	$	321	$	92	$	171	$	218	$	15	$	—	$	817
2021	292		86		152		210		17		—		757
Operating expenses:
2022	$	1,406	$	793	$	919	$	1,215	$	625	$	(531)	$	4,427
2021	1,210		679		752		1,058		448		(339)		3,808
Interest expense, net:
2022	$	100	$	41	$	35	$	69	$	93	$	—	$	338
2021	96		38		34		67		83		—		318
Income (loss) from continuing operations before income taxes:
2022	$	240	$	220	$	207	$	137	$	(62)	$	(43)	$	699
2021	236		177		196		136		(32)		(149)		564
Income Taxes:
2022	$	52	$	14	$	9	$	7	$	146	$	(10)	$	218
2021	39		10		(13)		8		7		(12)		39
Net income (loss) from continuing operations:
2022	$	188	$	206	$	198	$	130	$	(208)	$	(33)	$	481
2021	197		167		209		128		(39)		(137)		525
Capital Expenditures:
2022	$	617	$	344	$	303	$	409	$	22	$	—	$	1,695
2021	613		295		336		456		46		—		1,746
Total assets:
March 31, 2022	$	37,013	$	14,113	$	12,509	$	25,636	$	7,583	$	(4,156)	$	92,698
December 31, 2021	36,470		13,824		12,324		24,744		7,634		(8,319)		86,677

__________

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

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

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

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2022
Electric revenues	$	614	$	348	$	349	$	—	$	7	$	1,318
Natural gas revenues	—		83		—		—		—		83
Shared service and other revenues	—		—		—		107		(104)		3
Total operating revenues	$	614	$	431	$	349	$	107	$	(97)	$	1,404
2021
Electric revenues	$	553	$	311	$	310	$	—	$	(4)	$	1,170
Natural gas revenues	—		71		—		—		—		71
Shared service and other revenues	—		—		—		95		(92)		3
Total operating revenues	$	553	$	382	$	310	$	95	$	(96)	$	1,244
Intersegment revenues(c):
2022	$	1	$	1	$	1	$	97	$	(97)	$	3
2021	1		2		1		95		(96)		3
Depreciation and amortization:
2022	$	108	$	57	$	47	$	6	$	—	$	218
2021	102		53		47		8		—		210
Operating expenses:
2022	$	547	$	357	$	311	$	97	$	(97)	$	1,215
2021	466		309		282		97		(96)		1,058
Interest expense, net:
2022	$	36	$	16	$	14	$	3	$	—	$	69
2021	34		15		15		3		—		67
Income (loss) before income taxes:
2022	$	44	$	60	$	27	$	6	$	—	$	137
2021	65		61		14		(4)		—		136
Income Taxes:
2022	$	(2)	$	4	$	1	$	4	$	—	$	7
2021	6		5		—		(3)		—		8
Net income (loss):
2022	$	46	$	56	$	26	$	2	$	—	$	130
2021	59		56		14		(1)		—		128
Capital Expenditures:
2022	$	218	$	103	$	87	$	1	$	—	$	409
2021	220		112		123		1		—		456
Total assets:
March 31, 2022	$	10,458	$	5,573	$	4,929	$	4,720	$	(44)	$	25,636
December 31, 2021	9,903		5,412		4,556		4,933		(60)		24,744

__________

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

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

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

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

	Three Months Ended March 31, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	857	$	487	$	417	$	652	$	275	$	207	$	170
Small commercial & industrial	423		111		81		141		38		56		47
Large commercial & industrial	153		64		131		323		253		26		44
Public authorities & electric railroads	14		8		7		16		8		4		4
Other(a)	239		62		97		193		46		56		81
Total electric revenues(b)	$	1,686	$	732	$	733	$	1,325	$	620	$	349	$	346
Natural gas revenues
Residential	$	—	$	218	$	282	$	51	$	—	$	51	$	—
Small commercial & industrial	—		76		45		21		—		21		—
Large commercial & industrial	—		—		65		3		—		3		—
Transportation	—		8		—		4		—		4		—
Other(c)	—		3		35		4		—		4		—
Total natural gas revenues(d)	$	—	$	305	$	427	$	83	$	—	$	83	$	—
Total revenues from contracts with customers	$	1,686	$	1,037	$	1,160	$	1,408	$	620	$	432	$	346
Other revenues
Revenues from alternative revenue programs	$	40	$	6	$	(12)	$	(5)	$	(7)	$	(1)	$	3
Other electric revenues(e)	8		3		4		1		1		—		—
Other natural gas revenues(e)	—		1		2		—		—		—		—
Total other revenues	$	48	$	10	$	(6)	$	(4)	$	(6)	$	(1)	$	3
Total revenues for reportable segments	$	1,734	$	1,047	$	1,154	$	1,404	$	614	$	431	$	349

	Three Months Ended March 31, 2021
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	741	$	433	$	362	$	605	$	253	$	190	$	162
Small commercial & industrial	367		100		69		118		33		46		39
Large commercial & industrial	134		57		105		248		184		21		43
Public authorities & electric railroads	11		9		7		13		6		4		3
Other(a)	220		52		77		143		51		41		52
Total electric revenues(b)	$	1,473	$	651	$	620	$	1,127	$	527	$	302	$	299
Natural gas revenues
Residential	$	—	$	160	$	216	$	46	$	—	$	46	$	—
Small commercial & industrial	—		59		35		18		—		18		—
Large commercial & industrial	—		—		54		2		—		2		—
Transportation	—		7		—		4		—		4		—
Other(c)	—		2		31		1		—		1		—
Total natural gas revenues(d)	$	—	$	228	$	336	$	71	$	—	$	71	$	—
Total revenues from contracts with customers	$	1,473	$	879	$	956	$	1,198	$	527	$	373	$	299
Other revenues
Revenues from alternative revenue programs	$	54	$	10	$	18	$	46	$	26	$	9	$	11
Other electric revenues(e)	8		—		—		—		—		—		—
Total other revenues	$	62	$	10	$	18	$	46	$	26	$	9	$	11
Total revenues for reportable segments	$	1,535	$	889	$	974	$	1,244	$	553	$	382	$	310

__________

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

(b)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

•$6 million, $6 million at ComEd

•$1 million, $1 million at PECO

•$2 million, $2 million at BGE

•$3 million, $3 million at PHI

•$1 million, $1 million at Pepco

•$2 million, $2 million at DPL

•$1 million, $1 million at ACE

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

(d)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

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

•$6 million, $4 million at BGE

(e)Includes late payment charge revenues.

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Accounts Receivable (All Registrants)

3 Months Ended

Mar. 31, 2022

Credit Loss [Abstract]

Accounts Receivable (All Registrants)

Accounts Receivable (All Registrants)

Allowance for Credit Losses on Accounts Receivable

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

	Three Months Ended March 31, 2022
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2021	$	320	$	73	$	105	$	38	$	104	$	37	$	18	$	49
Plus: Current period provision for expected credit losses(a)	110		26		31		26		27		11		7		9
Less: Write-offs, net of recoveries(b)(c)	41		7		11		5		18		8		1		9
Balance as of March 31, 2022	$	389	$	92	$	125	$	59	$	113	$	40	$	24	$	49
	Three Months Ended March 31, 2021
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2020	$	334	$	97	$	116	$	35	$	86	$	32	$	22	$	32
Plus: Current period provision for expected credit losses(d)	70		21		20		9		20		11		6		3
Less: Write-offs, net of recoveries(b)	27		15		6		1		5		2		3		—
Balance as of March 31, 2021	$	377	$	103	$	130	$	43	$	101	$	41	$	25	$	35

__________

(a)For PECO, BGE and ACE, the increase is primarily as a result of increased receivable balances due to the increased aging of receivables. For BGE, also reflects increased receivable balance due to colder weather.

(b)Recoveries were not material to the Registrants.

(c)For ACE, the increase in 2022 is primarily related to the termination of the moratorium, which beginning in March 2020, prevented customer disconnections for non-payment. With disconnection activities restarting in January 2022, write-offs of aging accounts receivable increased throughout the year.

(d)The increase is primarily as a result of increased receivable balances due to the colder weather and the increased aging of receivables, the temporary suspension of customer disconnections for non-payment, temporary cessation of new late payment fees, and reconnection of service for customers previously disconnected due to COVID-19.

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

	Three Months Ended March 31, 2022
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2021	$	72	$	17	$	7	$	9	$	39	$	16	$	8	$	15
Plus: Current period provision for expected credit losses	14		4		3		3		4		2		1		1
Less: Write-offs, net of recoveries(a)	5		1		1		1		2		—		—		2
Balance as of March 31, 2022	$	81	$	20	$	9	$	11	$	41	$	18	$	9	$	14
	Three Months Ended March 31, 2021
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2020	$	71	$	21	$	8	$	9	$	33	$	13	$	9	$	11
Plus: Current period provision for expected credit losses	10		1		4		1		4		2		1		1
Less: Write-offs, net of recoveries(a)	2		—		1		1		—		—		—		—
Balance as of March 31, 2021	$	79	$	22	$	11	$	9	$	37	$	15	$	10	$	12

__________

(a)Recoveries were not material to the Registrants.

Unbilled Customer Revenue

The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

	Unbilled customer revenues(a)
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022	$	629	$	189	$	127	$	139	$	174	$	89	$	50	$	35
December 31, 2021	747		240		161		171		175		82		53		40

__________

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

Other Purchases of Customer and Other Accounts Receivables

The Utility Registrants are required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participate in the utilities' consolidated billing. The following tables present the total receivables purchased.

	Total receivables purchased
	Exelon(a)		ComEd		PECO		BGE(a)		PHI		Pepco		DPL		ACE
Three months ended March 31, 2022	$	1,044	$	248	$	292	$	222	$	282	$	174	$	57	$	51
Three months ended March 31, 2021	1,023		266		290		199		268		166		56		46

__________

(a)Includes $4 million and $12 million of receivables purchased from Generation for the three months ended March 31, 2022 and 2021, respectively.

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Nuclear Decommissioning (Exelon and Generation)

3 Months Ended

Mar. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Nuclear Decommissioning (Exelon and Generation)

Nuclear Decommissioning (Exelon)

Accounting Implications of the Regulatory Agreements with ComEd and PECO

Based on the regulatory agreements with the ICC and PAPUC that dictate Generation’s obligations related to the shortfall or excess of NDT funds necessary for decommissioning the former ComEd units on a unit-by-unit basis and the former PECO units in total, decommissioning-related activities net of applicable taxes, including realized and unrealized gains and losses on the NDT funds, depreciation of the ARC, and accretion of the decommissioning obligation, are generally offset within Exelon’s and Generation’s Consolidated Statements of Operations and Comprehensive Income and are recorded by Generation and the corresponding regulated utility as a component of the intercompany and regulatory balances on the balance sheet. For the purposes of making this determination, the decommissioning obligation referred to is different from the calculation used in the NRC minimum funding obligation filings based on NRC guidelines.

For the former ComEd units, given no further recovery from ComEd customers is permitted and Generation retains an obligation to ultimately return any unused NDTs to ComEd customers (on a unit-by-unit basis), to the extent the related NDT investment balances are expected to exceed the total estimated decommissioning obligation for each unit, the offset of decommissioning-related activities within the Consolidated Statements of Operations and Comprehensive Income results with Generation recognizing an intercompany payable to ComEd while ComEd records an intercompany receivable from Generation with a corresponding regulatory liability. However, given the asymmetric settlement provision that does not allow for continued recovery from ComEd customers in the event of a shortfall, recognition of a regulatory asset at ComEd is not permissible and accounting for decommissioning-related activities at Generation for that unit would not be offset, and the impact to Exelon’s and Generation’s Consolidated Statements of Operations and Comprehensive Income could be material during such periods. During the second quarter of 2022, a pre-tax charge of $53 million was recorded in Exelon’s and Generation’s Consolidated Statements of Operations and Comprehensive Income for decommissioning-related activities that were not offset for the Byron units due to contractual offset being suspended. Generation believes that additional growth of the NDT funds for the Byron units will ultimately be sufficient to cover the future costs of decommissioning.

As of March 31, 2022, decommissioning-related activities for all of the former ComEd units, except for Byron (see discussion above) and Zion (see Note 10 – Asset Retirement Obligations of the Exelon 2021 Form 10-K), are currently offset within Exelon’s and Generation’s Consolidated Statements of Operations and Comprehensive Income.

The decommissioning-related activities related to the Non-Regulatory Agreement Units are reflected in Exelon’s and Generation’s Consolidated Statements of Operations and Comprehensive Income.

See Note 10 – Asset Retirement Obligations of the Exelon 2021 Form 10-K for additional information, including the former PECO units.

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Income Taxes (All Registrants)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes (All Registrants)

Income Taxes (All Registrants)

Rate Reconciliation

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

	Three Months Ended March 31, 2022(a)
	Exelon		ComEd		PECO(b)		BGE(b)		PHI		Pepco(b)		DPL		ACE(b)
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit(c)	21.1		8.0		(0.1)		2.4		3.7		(4.5)		6.2		6.8
Plant basis differences	(3.6)		(0.6)		(11.3)		(0.9)		(1.6)		(2.6)		(0.7)		(1.3)
Excess deferred tax amortization	(11.5)		(6.3)		(3.2)		(17.6)		(17.7)		(17.4)		(19.4)		(22.2)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.2)		(0.2)
Tax credits(d)	1.7		(0.3)		—		(0.4)		(0.4)		(0.4)		(0.3)		(0.3)
Other(e)	2.6		—		—		(0.1)		0.2		(0.6)		0.1		(0.1)
Effective income tax rate	31.2	%	21.7	%	6.4	%	4.3	%	5.1	%	(4.5)	%	6.7	%	3.7	%

	Three Months Ended March 31, 2021(a)
	Exelon		ComEd		PECO(f)		BGE(f)		PHI		Pepco		DPL		ACE(f)
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	2.8		6.8		(1.6)		(10.1)		6.1		5.5		6.4		6.9
Plant basis differences	(3.4)		(0.6)		(10.5)		(1.4)		(1.5)		(2.1)		(0.7)		(0.9)
Excess deferred tax amortization	(12.0)		(6.9)		(3.2)		(15.5)		(19.3)		(15.1)		(18.5)		(28.7)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.2)		(0.2)
Tax credits	(0.3)		(0.2)		—		(0.4)		(0.2)		(0.2)		(0.1)		(0.3)
Other	(1.1)		(3.5)		(0.1)		(0.1)		(0.1)		0.1		0.3		2.2
Effective income tax rate	6.9	%	16.5	%	5.6	%	(6.6)	%	5.9	%	9.2	%	8.2	%	—	%

__________

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

(b)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits. For Pepco, the income tax benefit is primarily due to the Maryland and Washington, D.C. multi-year plans which resulted in the acceleration of certain income tax benefits. For ACE, the lower effective tax rate is primarily due to the acceleration of certain income tax benefits due to distribution rate case settlements.

(c)For Exelon, the higher state income taxes, net of federal income tax benefit, is primarily due to the long-term marginal state income tax rate change of approximately $67 million and the recognition of a valuation allowance of approximately $40 million against the net deferred tax asset position for certain standalone state filing jurisdictions as a result of the separation.

(d)For Exelon, reflects the income tax expense related to the write-off of federal tax credits subject to recapture of approximately $15 million as a result of the separation.

(e)For Exelon, primarily reflects the nondeductible transaction costs of approximately $19 million arising as part of the separation.

(f)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the income tax benefit is primarily due to the Maryland multi-year plan which resulted in the acceleration of

certain income tax benefits. For ACE, the lower effective tax rate is primarily due to the acceleration of certain income tax benefits due to distribution rate case settlements.

Unrecognized Tax Benefits

Exelon, PHI and ACE have the following unrecognized tax benefits as of March 31, 2022 and December 31, 2021. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.

	Exelon		PHI		ACE
March 31, 2022	$	146	$	56	$	16
December 31, 2021	143		56		16

__________

(a)As of March 31, 2022, Exelon recorded a receivable of approximately $50 million in Noncurrent other assets in the Consolidated Balance Sheet for Constellation’s share of unrecognized tax benefits for periods prior to the separation.

Reasonably possible the total amount of unrecognized tax benefits could significantly increase or decrease within 12 months after the reporting date

As of March 31, 2022, ACE has approximately $14 million of unrecognized state tax benefits that could significantly decrease within the 12 months after the reporting date based on the outcome of pending court cases involving other taxpayers. The unrecognized tax benefit, if recognized, may be included in future base rates and that portion would have no impact to the effective tax rate.

Other Tax Matters

Separation (Exelon)

In connection with the separation, Exelon recorded an income tax expense related to continuing operations of approximately $148 million primarily due to the long-term marginal state income tax rate change of approximately $67 million discussed further below, the recognition of valuation allowances of approximately $40 million against the net deferred tax assets positions for certain standalone state filing jurisdictions, the write-off of federal and state tax credits subject to recapture of approximately $17 million, and nondeductible transaction costs for federal and state taxes of approximately $24 million.

Tax Matters Agreement (Exelon)

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

Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the existing Exelon tax sharing agreement. As of March 31, 2022, Exelon recorded a receivable of approximately $55 million in Current other assets in the Consolidated Balance Sheet for Constellation’s share of taxes for periods prior to the separation.

Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the existing Exelon tax sharing agreement.

Tax Attributes. At the date of separation certain tax attributes, primarily pre-closing tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA also provides that Exelon will reimburse Constellation when those allocated tax credit carryforwards are utilized. As of March 31, 2022, Exelon recorded a payable of approximately $11 million and $484 million in Current other liabilities and Noncurrent other liabilities, respectively, in the Consolidated Balance Sheet for tax credit carryforwards that are expected to be utilized and reimbursed to Constellation.

Long-Term Marginal State Income Tax Rate (All Registrants)In the first quarter of 2022, Exelon updated its marginal state income tax rates for changes in state apportionment due to the separation, which resulted in an increase of approximately $67 million to the deferred tax liability at Exelon, and a corresponding adjustment to income tax expense, net of federal taxes.

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Retirement Benefits (All Registrants)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Retirement Benefits (All Registrants)

Retirement Benefits (All Registrants)

Defined Benefit Pension and OPEB

Effective February 1, 2022, in connection with the separation, pension and OPEB obligations and assets for current and former employees of the Constellation business and certain other former employees of Exelon and its subsidiaries transferred to pension and OPEB plans and trusts maintained by Constellation or its subsidiaries. The Exelon New England Union Employees Pension Plan and Constellation Mystic Power, LLC Union Employees Pension Plan Including Plan A and Plan B were transferred. The following OPEB plans were also transferred: Constellation Mystic Power, LLC Post-Employment Medical Account Savings Plan, Exelon New England Union Post-Employment Medical Savings Account Plan, and the Nine Mile Point Nuclear Station, LLC Medical Care and Prescription Drug Plan for Retired Employees.

As a result of the separation, Exelon restructured certain of its qualified pension plans. Pension obligations and assets for current and former employees continuing with Exelon and who are participants in the Exelon Employee Pension Plan for Clinton, TMI, and Oyster Creek, Pension Plan of Constellation Energy Nuclear Group, LLC, and Nine Mile Point Pension Plan were merged into the Pension Plan of Constellation Energy Group, Inc, which was subsequently renamed, Exelon Pension Plan (EPP). Exelon employees who participated in these plans prior to the separation now participate in the EPP. The merging of the plans did not change the benefits offered to the plan participants and, thus, had no impact on Exelon's pension obligations.

The tables below show the pension and OPEB plans in which employees of each operating company participated as of March 31, 2022:

	Operating Company(a)
Name of Plan:	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
Qualified Pension Plans:
Exelon Corporation Retirement Program	X	X	X	X	X	X	X
Exelon Corporation Pension Plan for Bargaining Unit Employees	X
Exelon Pension Plan	X	X	X	X	X	X	X
Pepco Holdings LLC Retirement Plan	X	X	X	X	X	X	X
Non-Qualified Pension Plans:
Exelon Corporation Supplemental Pension Benefit Plan and 2000 Excess Benefit Plan	X	X		X
Exelon Corporation Supplemental Management Retirement Plan	X	X	X	X		X
Constellation Energy Group, Inc. Senior Executive Supplemental Plan			X	X
Constellation Energy Group, Inc. Supplemental Pension Plan			X	X
Constellation Energy Group, Inc. Benefits Restoration Plan		X	X	X
Baltimore Gas & Electric Company Executive Benefit Plan			X
Baltimore Gas & Electric Company Manager Benefit Plan		X	X
Pepco Holdings LLC 2011 Supplemental Executive Retirement Plan				X	X	X	X
Conectiv Supplemental Executive Retirement Plan				X		X	X
Pepco Holdings LLC Combined Executive Retirement Plan				X	X
Atlantic City Electric Director Retirement Plan				X			X

	Operating Company(a)
Name of Plan:	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
OPEB Plans:
PECO Energy Company Retiree Medical Plan	X	X	X	X	X	X	X
Exelon Corporation Health Care Program	X	X	X	X	X	X	X
Exelon Corporation Employees’ Life Insurance Plan	X	X	X
Exelon Corporation Health Reimbursement Arrangement Plan	X	X	X
BGE Retiree Medical Plan	X	X	X	X	X	X
BGE Retiree Dental Plan			X
Exelon Employee Life Insurance Plan and Family Life Insurance Plan	X		X	X	X	X
Exelon Retiree Medical Plan of Constellation Energy Nuclear Group, LLC	X		X	X
Exelon Retiree Dental Plan of Constellation Energy Nuclear Group, LLC	X		X	X
Pepco Holdings LLC Welfare Plan for Retirees	X	X	X	X	X	X	X

__________

(a)Employees generally remain in their legacy benefit plans when transferring between operating companies.

As of February 1, 2022, in connection with the separation, Exelon's pension and OPEB plans were remeasured. The remeasurement and separation resulted in a decrease to the pension obligation, net of plan assets, of $921 million and a decrease to the OPEB obligation of $893 million. Additionally, accumulated other comprehensive loss, decreased by $1,994 million (after-tax) and regulatory assets and liabilities increased by $14 million and $5 million respectively. Key assumptions were held consistent with the year end December 31, 2021 assumptions with the exception of the discount rate.

The majority of the 2022 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 3.24%. The majority of the 2022 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.44% for funded plans and a discount rate of 3.20%.

During the first quarter of 2022, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of February 1, 2022. This valuation resulted in a decrease to the pension obligation of $24 million and an increase to the OPEB obligation of $5 million. Additionally, accumulated other comprehensive loss increased by $5 million (after-tax) and regulatory assets and liabilities decreased by $30 million and $3 million, respectively.

A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2022 and 2021.

	Pension Benefits				OPEB
	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	61	$	74	$	10	$	14
Interest cost	110		102		19		17
Expected return on assets	(209)		(213)		(25)		(26)
Amortization of:
Prior service cost (credit)	1		1		(5)		(6)
Actuarial loss	76		100		4		7
Curtailment benefits	—		—		—		(1)
Net periodic benefit cost	$	39	$	64	$	3	$	5

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

	Three Months Ended March 31,
Pension and OPEB Costs	2022		2021
Exelon	$	42	$	69
ComEd	16		32
PECO	(2)		2
BGE	11		15
PHI	13		12
Pepco	2		2
DPL	1		1
ACE	3		3

Defined Contribution Savings Plan

The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the matching contributions to the savings plans for the three months ended March 31, 2022 and 2021, respectively.

	Three Months Ended March 31,
Savings Plans Matching Contributions	2022		2021
Exelon	$	20	$	20
ComEd	8		8
PECO	3		3
BGE	2		2
PHI	3		3
Pepco	1		1
DPL	1		1
ACE	—		—

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Derivative Financial Instruments (All Registrants)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments (All Registrants)

Derivative Financial Instruments (All Registrants)

The Registrants use derivative instruments to manage commodity price risk related to ongoing business operations.

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

ComEd’s use of cash collateral is generally unrestricted unless ComEd is downgraded below investment grade. Cash collateral held by PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meet certain qualifications.

Commodity Price Risk

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

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

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

__________

(a)See Note 3 — Regulatory Matters of the 2021 Form 10-K for additional information.

(b)The fair value of the DPL economic hedge is not material as of March 31, 2022 and December 31, 2021.

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

Credit Risk

The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit exposure is mitigated primarily by the ability to recover procurement costs through customer rates. As of March 31, 2022, the amount of cash collateral held with external counterparties by Exelon, ComEd, PHI, and DPL was $192 million, $72 million, $86 million, and $73 million, respectively, which is recorded in Other current liabilities in Exelon's, ComEd's, PHI's, and DPL's Consolidated Balance Sheets. The amounts for PECO, BGE, Pepco, and ACE were not material as of March 31, 2022. As of December 31, 2021, the amounts for ComEd and DPL were $41 million and $43 million, respectively. The amounts for Exelon, PECO, BGE, PHI, Pepco, and ACE were not material as of December 31, 2021.

The Utility Registrants’ electric supply procurement contracts do not contain provisions that would require them to post collateral. PECO’s, BGE’s, and DPL’s natural gas procurement contracts contain provisions that could require PECO, BGE, and DPL to post collateral in the form of cash or credit support, which vary by contract and counterparty, with thresholds contingent upon PECO’s, BGE's, and DPL’s credit rating. As of March 31, 2022, PECO, BGE, and DPL were not required to post collateral for any of these agreements. If PECO, BGE, or DPL lost their investment grade credit rating as of March 31, 2022, they could have been required to post collateral to their counterparties of $39 million, $62 million, and $16 million, respectively.

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Debt and Credit Agreements (All Registrants)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt and Credit Agreements (All Registrants)

Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

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

Commercial Paper

The following table reflects the Registrants' commercial paper programs as of March 31, 2022 and December 31, 2021. PECO and ComEd had no commercial paper borrowings as of March 31, 2022 and December 31, 2021.

	Outstanding Commercial Paper as of				Average Interest Rate on Commercial Paper Borrowings as of
Commercial Paper Issuer	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Exelon(a)	$	250	$	599	0.87	%	0.35	%
BGE	250		130		0.87	%	0.37	%
PHI(b)	—		469		—	%	0.35	%
Pepco	—		175		—	%	0.33	%
DPL	—		149		—	%	0.36	%
ACE	—		145		—	%	0.35	%

__________

(a)Exelon Corporate had no outstanding commercial paper borrowings as of March 31, 2022 and December 31, 2021.

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

Revolving Credit Agreements

On February 1, 2022, Exelon Corporate and the Utility Registrants' each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:

Borrower	Aggregate Bank Commitment	Interest Rate
Exelon Corporate	900	SOFR plus 1.275	%
ComEd	1,000	SOFR plus 1.000	%
PECO	600	SOFR plus 0.900	%
BGE	600	SOFR plus 0.900	%
Pepco	300	SOFR plus 1.075	%
DPL	300	SOFR plus 1.000	%
ACE	300	SOFR plus 1.075	%

See Note 17 — Debt and Credit Agreements of the Exelon 2021 Form 10-K for additional information on the Registrants' credit facilities.

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed on March 14, 2022 and will expire on March 16, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

On March 31, 2021, Exelon Corporate entered into a 364-day term loan agreement for $150 million with a variable interest rate of LIBOR plus 0.65% and an expiration date of March 30, 2022. Exelon Corporate repaid the term loan on March 30, 2022.

In connection with the separation, on January 24, 2022, Exelon Corporate entered into a 364-day term loan agreement for $1.15 billion. The loan agreement will expire on January 23, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.75% with a 22.5 basis point increase commencing on July 24, 2022. All indebtedness pursuant to the loan agreement is unsecured.

Long-Term Debt

Issuance of Long-Term Debt

During the three months ended March 31, 2022, the following long-term debt was issued:

Company	Type	Interest Rate	Maturity	Amount	Use of Proceeds
Exelon	SMBC Term Loan Agreement	SOFR plus 0.65%	July 21, 2023	$300	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	U.S. Bank Term Loan Agreement	SOFR plus 0.65%	July 21, 2023	300	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	PNC Term Loan Agreement	SOFR plus 0.65%	July 24, 2023	250	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	Notes	2.75%	March 15, 2027	650	Repay existing indebtedness and for general corporate purposes.
Exelon	Notes	3.35%	March 15, 2032	650	Repay existing indebtedness and for general corporate purposes.
Exelon	Notes	4.10%	March 15, 2052	700	Repay existing indebtedness and for general corporate purposes.
ComEd	First Mortgage Bonds, Series 132	3.15%	March 15, 2032	300	Repay outstanding commercial paper obligations and to fund other general corporate purposes.
ComEd	First Mortgage Bonds, Series 133	3.85%	March 15, 2052	450	Repay outstanding commercial paper obligations and to fund other general corporate purposes.
Pepco(a)	First Mortgage Bonds	3.97%	March 24, 2052	400	Repay existing indebtedness and for general corporate purposes.
DPL	First Mortgage Bonds	3.06%	February 15, 2052	125	Repay existing indebtedness and for general corporate purposes.
ACE	First Mortgage Bonds	2.27%	February 15, 2032	25	Repay existing indebtedness and for general corporate purposes.
ACE	First Mortgage Bonds	3.06%	February 15, 2052	150	Repay existing indebtedness and for general corporate purposes.

__________

(a)On March 24, 2022, Pepco entered into a purchase agreement of First Mortgage Bonds of $225 million at 3.35% due on September 15, 2032. The closing date of the issuance is expected to occur in September 2022.

Long-Term Debt to Affiliates

As of December 31, 2021, Exelon Corporate had $319 million recorded to intercompany notes receivable from Generation. See Note 17 — Debt and Credit Agreements of the Exelon 2021 Form 10-K for additional information. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan.

Debt Covenants

As of March 31, 2022, the Registrants are in compliance with debt covenants.

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Fair Value of Financial Assets and Liabilities (All Registrants)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities (All Registrants)

Fair Value of Financial Assets and Liabilities (All Registrants)

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

•Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date.

•Level 2 - inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 - unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.

Fair Value of Financial Liabilities Recorded at Amortized Cost

The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2022 and December 31, 2021. The Registrants have no financial liabilities classified as Level 1.

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

	March 31, 2022								December 31, 2021
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
			Level 2		Level 3		Total				Level 2		Level 3		Total
Long-Term Debt, including amounts due within one year(a)
Exelon	$	37,162	$	35,174	$	2,645	$	37,819	$	32,902	$	34,897	$	2,217	$	37,114
ComEd	10,515		10,894		—		10,894		9,773		11,305		—		11,305
PECO	4,198		4,244		50		4,294		4,197		4,740		50		4,790
BGE	3,961		3,969		—		3,969		3,961		4,406		—		4,406
PHI	8,233		5,453		2,595		8,048		7,547		5,970		2,167		8,137
Pepco	3,841		2,901		1,272		4,173		3,445		3,201		975		4,176
DPL	1,935		1,300		592		1,892		1,810		1,426		552		1,978
ACE	1,757		1,007		732		1,739		1,582		1,091		641		1,732
Long-Term Debt to Financing Trusts
Exelon	$	390	$	—	$	435	$	435	$	390	$	—	$	470	$	470
ComEd	205		—		228		228		205		—		248		248
PECO	184		—		207		207		184		—		222		222

__________

(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 17 - Debt and Credit Agreements of the Exelon 2021 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 11 - Leases of the Exelon 2021 Form 10-K for finance lease liabilities.

Recurring Fair Value Measurements

The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2022 and December 31, 2021:

Exelon

	As of March 31, 2022								As of December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	2,418	$	—	$	—	$	2,418	$	524	$	—	$	—	$	524
Rabbi trust investments
Cash equivalents	65		—		—		65		60		—		—		60
Mutual funds	55		—		—		55		60		—		—		60
Fixed income	—		9		—		9		—		10		—		10
Life insurance contracts	—		63		37		100		—		61		37		98
Rabbi trust investments subtotal	120		72		37		229		120		71		37		228
Total assets	2,538		72		37		2,647		644		71		37		752
Liabilities
Mark-to-market derivative liabilities	—		—		(144)		(144)		—		—		(219)		(219)
Deferred compensation obligation	—		(84)		—		(84)		—		(131)		—		(131)
Total liabilities	—		(84)		(144)		(228)		—		(131)		(219)		(350)
Total net assets (liabilities)	$	2,538	$	(12)	$	(107)	$	2,419	$	644	$	(60)	$	(182)	$	402

__________    

(a)Exelon excludes cash of $470 million and $464 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $110 million and $49 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $44 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.

ComEd, PECO, and BGE

	ComEd								PECO								BGE
As of March 31, 2022	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	537	$	—	$	—	$	537	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Rabbi trust investments
Cash equivalents	—		—		—		—		1		—		—		1		—		—		—		—
Mutual funds	—		—		—		—		9		—		—		9		7		—		—		7
Life insurance contracts	—		—		—		—		—		17		—		17		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		10		17		—		27		7		—		—		7
Total assets	537		—		—		537		19		17		—		36		7		—		—		7
Liabilities
Mark-to-market derivative liabilities(b)	—		—		(144)		(144)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(9)		—		(9)		—		(8)		—		(8)		—		(5)		—		(5)
Total liabilities	—		(9)		(144)		(153)		—		(8)		—		(8)		—		(5)		—		(5)
Total net assets (liabilities)	$	537	$	(9)	$	(144)	$	384	$	19	$	9	$	—	$	28	$	7	$	(5)	$	—	$	2

	ComEd								PECO								BGE
As of December 31, 2021	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	237	$	—	$	—	$	237	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Rabbi trust investments
Mutual funds	—		—		—		—		11		—		—		11		14		—		—		14
Life insurance contracts	—		—		—		—		—		16		—		16		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		11		16		—		27		14		—		—		14
Total assets	237		—		—		237		20		16		—		36		14		—		—		14
Liabilities
Mark-to-market derivative liabilities(b)	—		—		(219)		(219)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(10)		—		(10)		—		(9)		—		(9)		—		(7)		—		(7)
Total liabilities	—		(10)		(219)		(229)		—		(9)		—		(9)		—		(7)		—		(7)
Total net assets (liabilities)	$	237	$	(10)	$	(219)	$	8	$	20	$	7	$	—	$	27	$	14	$	(7)	$	—	$	7

__________

(a)ComEd excludes cash of $71 million and $105 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $73 million and $42 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $43 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $25 million and $35 million as of March 31, 2022 and December 31, 2021, respectively. BGE excludes cash of $41 million and $51 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $34 million and $4 million as of March 31, 2022 and December 31, 2021, respectively.

(b)The Level 3 balance consists of the current and noncurrent liability of none and $144 million, respectively, as of March 31, 2022 and $18 million and $201 million, respectively, as of December 31, 2021 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

PHI, Pepco, DPL, and ACE

	As of March 31, 2022								As of December 31, 2021
PHI	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	599	$	—	$	—	$	599	$	110	$	—	$	—	$	110
Rabbi trust investments
Cash equivalents	61		—		—		61		59		—		—		59
Mutual funds	12		—		—		12		14		—		—		14
Fixed income	—		9		—		9		—		10		—		10
Life insurance contracts	—		24		36		60		—		27		35		62
Rabbi trust investments subtotal	73		33		36		142		73		37		35		145
Total assets	672		33		36		741		183		37		35		255
Liabilities
Deferred compensation obligation	—		(17)		—		(17)		—		(18)		—		(18)
Total liabilities	—		(17)		—		(17)		—		(18)		—		(18)
Total net assets	$	672	$	16	$	36	$	724	$	183	$	19	$	35	$	237

	Pepco								DPL								ACE
As of March 31, 2022	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	294	$	—	$	—	$	294	$	152	$	—	$	—	$	152	$	153	$	—	$	—	$	153
Rabbi trust investments
Cash equivalents	59		—		—		59		—		—		—		—		—		—		—		—
Life insurance contracts	—		24		36		60		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	59		24		36		119		—		—		—		—		—		—		—		—
Total assets	353		24		36		413		152		—		—		152		153		—		—		153
Liabilities
Deferred compensation obligation	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total liabilities	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total net assets	$	353	$	22	$	36	$	411	$	152	$	—	$	—	$	152	$	153	$	—	$	—	$	153

	Pepco								DPL								ACE
As of December 31, 2021	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	31	$	—	$	—	$	31	$	43	$	—	$	—	$	43	$	—	$	—	$	—	$	—
Rabbi trust investments
Cash equivalents	58		—		—		58		—		—		—		—		—		—		—		—
Life insurance contracts	—		27		35		62		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	58		27		35		120		—		—		—		—		—		—		—		—
Total assets	89		27		35		151		43		—		—		43		—		—		—		—
Liabilities
Deferred compensation obligation	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total liabilities	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total net assets	$	89	$	25	$	35	$	149	$	43	$	—	$	—	$	43	$	—	$	—	$	—	$	—

__________

(a)PHI excludes cash of $300 million and $100 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. Pepco excludes cash of $239 million and $34 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. DPL excludes cash of $41 million and $28 million as of March 31, 2022 and December 31, 2021, respectively. ACE excludes cash of $15 million and $29 million as of March 31, 2022 and December 31, 2021, respectively.

Reconciliation of Level 3 Assets and Liabilities

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2022 and 2021:

	Exelon		ComEd			PHI and Pepco
Three months ended March 31, 2022	Total		Mark-to-Market Derivatives			Life Insurance Contracts
Balance as of January 1, 2022	$	(182)	$	(219)		$	35
Total realized / unrealized gains
Included in net income(a)	1		—			1
Included in regulatory assets	75		75		(b)	—
Transfers out of Level 3	(1)		—			—
Balance as of March 31, 2022	$	(107)	$	(144)		$	36
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of March 31, 2022	$	1	$	—		$	1

	Exelon		ComEd			PHI and Pepco
Three Months Ended March 31, 2021	Total		Mark-to-Market Derivatives			Life Insurance Contracts
Balance as of January 1, 2021	$	(267)	$	(301)		$	34
Total realized / unrealized gains
Included in net income(a)	1		—			1
Included in regulatory assets	6		6		(b)	—
Balance as of March 31, 2021	$	(260)	$	(295)		$	35
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities as of March 31, 2021	$	1	$	—		$	1

__________

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

(b)Includes $69 million of increases in fair value and an increase for realized losses due to settlements of $6 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2022. Includes $2 million of decreases in fair value and an increase for realized losses due to settlements of $8 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2021.

Valuation Techniques Used to Determine Fair Value

Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 18 — Fair Value of Financial Assets and Liabilities of the Exelon 2021 Form 10-K.

Mark-to-Market Derivatives (Exelon and ComEd)

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

Type of trade	Fair Value as of March 31, 2022		Fair Value as of December 31, 2021		Valuation Technique	Unobservable Input	2022 Range & Arithmetic Average				2021 Range & Arithmetic Average
Mark-to-market derivatives	$	(144)	$	(219)	Discounted Cash Flow	Forward heat rate(a)	8.90x	-	9.10x	9.00x	9x	-	10x	9.13x
						Marketability reserve	4%	-	5%	4.35%	3%	-	7%	4.77%
						Renewable factor	92%	-	120%	98%	92%	-	120%	97%

__________

(a)Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates.

The inputs listed above, which are as of the balance sheet date, would have a direct impact on the fair value of the above instruments if they were adjusted. An increase to the marketability reserves would decrease the fair value. An increase to the forward heat rate or renewable factor would increase the fair value accordingly.

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Commitments and Contingencies (All Registrants)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (All Registrants)

Commitments and Contingencies (All Registrants)

The following is an update to the current status of commitments and contingencies set forth in Note 19 — Commitments and Contingencies of the Exelon 2021 Form 10-K.

Commitments

PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE as of March 31, 2022:

Description	Exelon		PHI		Pepco		DPL		ACE
Total commitments	$	513	$	320	$	120	$	89	$	111
Remaining commitments(a)	65		55		46		6		3

__________

(a)Remaining commitments extend through 2026 and include rate credits, energy efficiency programs and delivery system modernization.

In addition, Exelon has committed to purchase 100 MWs of wind energy in PJM. DPL has committed to conducting three RFPs to procure up to a total of 120 MWs of wind RECs for the purpose of meeting Delaware's renewable portfolio standards. DPL has conducted two of the three wind REC RFPs. The first 40 MW wind REC tranche was conducted in 2017 and did not result in a purchase agreement. The second 40 MW wind REC tranche was conducted in 2018 and resulted in a proposed REC purchase agreement that was approved by the DEPSC in 2019. The RFP for the third and final 40 MW wind REC tranche will be conducted in the second half of 2022.

Commercial Commitments (All Registrants). The Registrants’ commercial commitments as of March 31, 2022, representing commitments potentially triggered by future events were as follows:

			Expiration within
	Total		2022		2023		2024		2025		2026		2027 and beyond
Exelon
Letters of credit	$	14	$	12	$	2	$	—	$	—	$	—	$	—
Surety bonds(a)	201		188		11		2		—		—		—
Financing trust guarantees	378		—		—		—		—		—		378
Guaranteed lease residual values(b)	30		1		3		6		5		5		10
Total commercial commitments	$	623	$	201	$	16	$	8	$	5	$	5	$	388
ComEd
Letters of credit	$	7	$	7	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	17		12		3		2		—		—		—
Financing trust guarantees	200		—		—		—		—		—		200
Total commercial commitments	$	224	$	19	$	3	$	2	$	—	$	—	$	200
PECO
Letters of credit	$	1	$	1	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	3		2		1		—		—		—		—
Financing trust guarantees	178		—		—		—		—		—		178
Total commercial commitments	$	182	$	3	$	1	$	—	$	—	$	—	$	178
BGE
Letters of credit	$	2	$	2	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	4		3		1		—		—		—		—
Total commercial commitments	$	6	$	5	$	1	$	—	$	—	$	—	$	—
PHI
Surety bonds(a)	$	94	$	91	$	3	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	30		1		3		6		5		5		10
Total commercial commitments	$	124	$	92	$	6	$	6	$	5	$	5	$	10
Pepco
Surety bonds(a)	$	84	$	84	$	—	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	10		—		1		2		2		2		3
Total commercial commitments	$	94	$	84	$	1	$	2	$	2	$	2	$	3
DPL
Surety bonds(a)	$	6	$	3	$	3	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	13		1		1		3		2		2		4
Total commercial commitments	$	19	$	4	$	4	$	3	$	2	$	2	$	4
ACE
Surety bonds(a)	$	4	$	4	$	—	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	7		—		1		1		1		1		3
Total commercial commitments	$	11	$	4	$	1	$	1	$	1	$	1	$	3

__________

(a)Surety bonds — Guarantees issued related to contract and commercial agreements, excluding bid bonds.

(b)Represents the maximum potential obligation in the event that the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 8 years. The maximum potential obligation at the end of the minimum lease term would be $73 million guaranteed by Exelon and PHI, of which $25 million, $30 million, and $18 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.

Environmental Remediation Matters

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

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

•ComEd has 21 sites that are currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2031.

•PECO has 6 sites that are currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2023.

•BGE has 4 sites that currently require some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2023.

•DPL has 1 site that is currently under study and the required cost at the site is not expected to be material.

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

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

As of March 31, 2022 and December 31, 2021, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Other current liabilities and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:

	March 31, 2022				December 31, 2021
	Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation		Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation
Exelon	$	354	$	305	$	352	$	303
ComEd	279		279		279		279
PECO	21		20		22		20
BGE	7		6		6		4
PHI	42		—		42		—
Pepco	40		—		40		—
DPL	1		—		1		—
ACE	1		—		1		—

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

Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft “final” RI report which DOEE approved on February 3, 2020. The Pepco Entities are developing a FS to evaluate possible remedial alternatives for submission to DOEE. The Court has established a schedule for completion of the FS, and approval by the DOEE, by September 16, 2022. After completion and approval of the FS, DOEE will prepare a Proposed Plan for public comment and then issue a Record of Decision (ROD) identifying any further response actions determined to be necessary. As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Generation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above.

Anacostia River Tidal Reach (Exelon, PHI, and Pepco). Contemporaneous with the Benning Road site RI/FS, being performed by the Pepco Entities, DOEE and National Park Service ("NPS") have been conducting a separate RI/FS focused on the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The river-wide RI incorporated the results of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by DOEE’s contractor. In April 2018, DOEE released a draft RI report for public review and comment. Pepco submitted written comments to the draft RI and participated in a public hearing.

Exelon, PHI, and Pepco have determined that it is probable that costs for remediation will be incurred and recorded a liability in the third quarter 2019 for management’s best estimate of its share of those costs. On September 30, 2020, DOEE released its Interim ROD. The Interim ROD reflects an adaptive management

approach which will require several identified “hot spots” in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion. Pepco concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above.

On July 12, 2021, DOEE and NPS held a virtual meeting with the PRP's in response to a General Notice Letter sent by each agency inviting the PRP's to participate in discussions, which Pepco attended.

In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a Natural Resources Damages (NRD) assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has entered into negotiations with the Trustees to evaluate possible incorporation of NRD assessment and restoration as part of its remedial activities associated with the Benning site to accelerate the NRD benefits for that portion of the Anacostia River Sediment Project ("ARSP") assessment. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the very early stage of the assessment process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process.

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

Litigation and Regulatory Matters

Deferred Prosecution Agreement (DPA) and Related Matters (Exelon and ComEd). Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney’s Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. On October 22, 2019, the SEC notified Exelon and ComEd that it had also opened an investigation into their lobbying activities. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation. Under the DPA, the USAO filed a single charge alleging that ComEd improperly gave and offered to give jobs, vendor subcontracts, and payments associated with those jobs and subcontracts for the benefit of the Speaker of the Illinois House of Representatives and the Speaker’s associates, with the intent to influence the Speaker’s action regarding legislation affecting ComEd’s interests. The DPA provides that the USAO will defer any prosecution of such charge and any other criminal or civil case against ComEd in connection with the matters identified therein for a three-year period subject to certain obligations of ComEd, including payment to the U.S. Treasury of $200 million, which was paid in November 2020. Exelon was not made party to the DPA, and therefore the investigation by the USAO into Exelon’s activities ended with no charges being brought against Exelon. The SEC’s investigation remains ongoing and Exelon and ComEd have cooperated fully and intend to continue to cooperate fully with the SEC. Exelon and ComEd cannot predict the outcome of the SEC investigation. No loss contingency has been reflected in Exelon's and ComEd's consolidated financial statements with respect to the SEC investigation, as this contingency is neither probable nor reasonably estimable at this time.

Subsequent to Exelon announcing the receipt of the subpoenas, various lawsuits were filed, and various demand letters were received related to the subject of the subpoenas, the conduct described in the DPA and the SEC's investigation, including:

•Four putative class action lawsuits against ComEd and Exelon were filed in federal court on behalf of ComEd customers in the third quarter of 2020 alleging, among other things, civil violations of federal racketeering laws. In addition, the Citizens Utility Board (CUB) filed a motion to intervene in these cases

on October 22, 2020 which was granted on December 23, 2020. On December 2, 2020, the court appointed interim lead plaintiffs in the federal cases which consisted of counsel for three of the four federal cases. These plaintiffs filed a consolidated complaint on January 5, 2021. CUB also filed its own complaint against ComEd only on the same day. The remaining federal case, Potter, et al. v. Exelon et al, differed from the other lawsuits as it named additional individual defendants not named in the consolidated complaint. However, the Potter plaintiffs voluntarily dismissed their complaint without prejudice on April 5, 2021. ComEd and Exelon moved to dismiss the consolidated class action complaint and CUB’s complaint on February 4, 2021 and briefing was completed on March 22, 2021. On March 25, 2021, the parties agreed, along with state court plaintiffs, discussed below, to jointly engage in mediation. The parties participated in a one-day mediation on June 7, 2021 but no settlement was reached. On September 9, 2021, the federal court granted Exelon’s and ComEd’s motion to dismiss and dismissed the plaintiffs’ and CUB’s federal law claim with prejudice. The federal court also dismissed the related state law claims made by the federal plaintiffs and CUB on jurisdictional grounds. Plaintiffs appealed dismissal of the federal law claim to the Seventh Circuit Court of Appeals. Plaintiffs and CUB also refiled their state law claims in state court and moved to consolidate them with the already pending consumer state court class action, discussed below. Plaintiffs' opening appeal brief in the Seventh Circuit was filed on January 14, 2022. Exelon and ComEd filed their response brief on March 7, 2022, and plaintiffs filed their reply brief on April 6, 2022. The court has scheduled oral argument for May 17, 2022.

•Three putative class action lawsuits against ComEd and Exelon were filed in Illinois state court in the third quarter of 2020 seeking restitution and compensatory damages on behalf of ComEd customers. The cases were consolidated into a single action in October of 2020. In November 2020, CUB filed a motion to intervene in the cases pursuant to an Illinois statute allowing CUB to intervene as a party or otherwise participate on behalf of utility consumers in any proceeding which affects the interest of utility consumers. On November 23, 2020, the court allowed CUB’s intervention, but denied CUB's request to stay these cases. Plaintiffs subsequently filed a consolidated complaint, and ComEd and Exelon filed a motion to dismiss on jurisdictional and substantive grounds on January 11, 2021. Briefing on that motion was completed on March 2, 2021. The parties agreed, on March 25, 2021, along with the federal court, plaintiffs discussed above, to jointly engage in mediation. The parties participated in a one-day mediation on June 7, 2021 but no settlement was reached. On December 23, 2021, the state court granted ComEd and Exelon's motion to dismiss with prejudice. On December 30, 2021, plaintiffs filed a motion to reconsider that dismissal and for permission to amend their complaint. The court denied the plaintiffs' motion on January 21, 2022. Plaintiffs have appealed the court's ruling dismissing their complaint to the First District Court of Appeals. On February 15, 2022, Exelon and ComEd moved to dismiss the federal plaintiffs' refiled state law claims, seeking dismissal on the same legal grounds asserted in their motion to dismiss the original state court plaintiffs' complaint. The court granted dismissal of the refiled state claims on February 16, 2022. The original federal plaintiffs appealed that dismissal on February 18, 2022. The two state appeals were consolidated on March 21, 2022. Plaintiffs' opening appellate briefs are currently due June 3, 2022.

•A putative class action lawsuit against Exelon and certain officers of Exelon and ComEd was filed in federal court in December 2019 alleging misrepresentations and omissions in Exelon’s SEC filings related to ComEd’s lobbying activities and the related investigations. The complaint was amended on September 16, 2020, to dismiss two of the original defendants and add other defendants, including ComEd. Defendants filed a motion to dismiss in November 2020. The court denied the motion in April 2021. On May 26, 2021, defendants moved the court to certify its order denying the motion to dismiss for interlocutory appeal. Briefing on the motion was completed in June 2021. That motion was denied on January 28, 2022. In May 2021, the parties each filed respective initial discovery disclosures. On June 9, 2021, defendants filed their answer and affirmative defenses to the complaint and the parties engaged thereafter in discovery. On September 9, 2021, the U.S. government moved to intervene in the lawsuit and stay discovery until the parties entered into an amendment to their protective order that would prohibit the parties from requesting discovery into certain matters, including communications with the U.S. government. The court ordered said amendment to the protective order on November 15, 2021 and discovery resumed. On February 10, 2022, the court granted an extension of the amendment to the protective order, at the U.S. government's request, to May 15, 2022 and directed the parties to submit a proposed joint schedule for the additional case proceedings by May 13, 2022.

•Several shareholders have sent letters to the Exelon Board of Directors from 2020 through May 2022 demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (“SLC”) consisting of disinterested and independent parties to investigate and address these shareholders’ allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC’s investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. On October 12, 2021, the parties to the derivative action filed an agreed motion to stay that litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. On January 31, 2022, the parties jointly moved the court to extend the stay an additional 120 days.

•Two separate shareholder requests seeking review of certain Exelon books and records were received in August 2021 and January 2022. Exelon responded to both requests and both shareholders have since sent formal shareholder demands to the Exelon Board, as discussed above.

No loss contingencies have been reflected in Exelon’s and ComEd’s consolidated financial statements with respect to these matters, as such contingencies are neither probable nor reasonably estimable at this time.

The ICC continues to conduct an investigation into rate impacts of conduct admitted in the DPA initiated on August 12, 2021. On December 16, 2021, ComEd filed direct testimony addressing the costs recovered from customers related to the DPA and Exelon's funding of the fine paid by ComEd. In that testimony, ComEd proposed to voluntarily refund to customers compensation costs of the former officers charged with wrongdoing in connection with events described in the DPA for the period during which those events occurred as well as costs, previously proposed to be returned, of individuals and entities specifically identified in the DPA, as well as individuals and entities who were referred to ComEd as part of the conduct described in the DPA and who failed, during their tenure at ComEd, to perform work to management expectations. The testimony supports the calculation of the refund amount and proposes a refund mechanism (one-time bill credit in April 2023) and also addresses other topics outlined by statute and the ICC orders initiating the investigation. On April 14, 2022, in response to rebuttal testimony from ICC staff and the Illinois Attorney General, City of Chicago, and CUB, ComEd filed surrebuttal testimony, in which ComEd proposed to increase its voluntary customer refund to $38 million of ICC and FERC jurisdictional amounts, and estimated interest to resolve the issue of the potential expenditure of customer monies on activities identified in the DPA in this matter. An accrual for the amount of the voluntary customer refund has been recorded in Other deferred credits and other liabilities in Exelon’s and ComEd’s Consolidated Balance Sheets as of March 31, 2022. The voluntary customer refund will not be recovered in rates or charged to customers and ComEd will not seek or accept reimbursement or indemnification from any source other than Exelon. The evidentiary hearing on the remaining contested issue was held on April 28, 2022. A final order is expected by September 9, 2022.

Savings Plan Claim (Exelon). On December 6, 2021, seven current and former employees filed a putative ERISA class action suit in U.S. District Court for the Northern District of Illinois against Exelon, its Board of Directors, the former Board Investment Oversight Committee, the Corporate Investment Committee, individual defendants, and other unnamed fiduciaries of the Exelon Corporation Employee Savings Plan (“Plan”). The complaint alleges that the defendants violated their fiduciary duties under the Plan by including certain investment options that allegedly were more expensive than and underperformed similar passively-managed or other funds available in the marketplace and permitting a third-party administrative service provider/recordkeeper and an investment adviser to charge excessive fees for the services provided. The plaintiffs seek declaratory, equitable and monetary relief on behalf of the Plan and participants. On February 16, 2022, the court granted the parties' stipulated dismissal of the individual named defendants without prejudice. The remaining defendants filed a motion to dismiss the complaint on February 25, 2022. The plaintiffs filed their response brief on March 28, 2022 and the defendants filed their reply on April 11, 2022. On March 4, 2022, the Chamber of Commerce filed a brief of amicus curiae in support of the defendants' motion to dismiss. No loss contingencies have been reflected in Exelon’s consolidated financial statements with respect to this matter, as such contingencies are neither probable nor reasonably estimable at this time.

General (All Registrants). The Registrants are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex

judgments about future events. The Registrants maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

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Changes in Accumulated Other Comprehensive Income (Exelon)

3 Months Ended

Mar. 31, 2022

Changes in Accumulated Other Comprehensive Income [Abstract]

Changes in Accumulated Other Comprehensive Income

Changes in Accumulated Other Comprehensive Income (Exelon)

The following tables present changes in Exelon's AOCI, net of tax, by component:

Three Months Ended March 31, 2022	Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Balance at December 31, 2021	$	(6)	$	(2,721)	$	(23)	$	(2,750)
Separation of Constellation	6		1,994		23		2,023
Amounts reclassified from AOCI	—		14		—		14
Net current-period OCI	—		14		—		14
Balance at March 31, 2022	$	—	$	(713)	$	—	$	(713)

Three Months Ended March 31, 2021	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Balance at December 31, 2020	$	(5)	$	(3,372)	$	(23)	$	(3,400)
OCI before reclassifications	—		(2)		1		(1)
Amounts reclassified from AOCI	—		55		—		55
Net current-period OCI	—		53		1		54
Balance at March 31, 2021	$	(5)	$	(3,319)	$	(22)	$	(3,346)

______

(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. Additionally, as of February 1, 2022, in connection with the separation, Exelon's pension and OPEB plans were remeasured. See Note 8 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.

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

	Three Months Ended March 31,
	2022		2021
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	$	—	$	1
Actuarial loss reclassified to periodic benefit cost	(5)		(19)

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Supplemental Financial Information (All Registrants)

3 Months Ended

Mar. 31, 2022

Supplemental Financial Information [Abstract]

Supplemental Financial Information (All Registrants)

Supplemental Financial Information (All Registrants)

Supplemental Statement of Operations Information

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

	Taxes other than income taxes
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Utility taxes(a)	$	221	$	78	$	38	$	27	$	78	$	70	$	7	$	1
Property	94		10		4		46		34		23		10		1
Payroll	37		7		4		4		7		2		1		1
Three Months Ended March 31, 2021
Utility taxes(a)	$	193	$	59	$	35	$	25	$	74	$	67	$	6	$	1
Property	86		8		4		42		32		21		10		1
Payroll	33		7		4		5		7		2		1		—

_________

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

	Other, net
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
AFUDC — Equity	$	36	$	8	$	7	$	6	$	15	$	11	$	2	$	2
Non-service net periodic benefit cost	17		—		—		—		—		—		—		—
Three Months Ended March 31, 2021
AFUDC — Equity	$	28	$	4	$	6	$	7	$	11	$	9	$	1	$	1
Non-service net periodic benefit cost	20		—		—		—		—		—		—		—

Supplemental Cash Flow Information

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

	Depreciation and amortization
	Exelon(a)		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Property, plant, and equipment(b)	$	726	$	254	$	88	$	117	$	164	$	72	$	45	$	41
Amortization of regulatory assets(b)	179		67		4		54		54		36		12		6
Amortization of intangible assets, net(b)	6		—		—		—		—		—		—		—
Amortization of energy contract assets and liabilities(c)	3		—		—		—		—		—		—		—
Nuclear fuel(d)	66		—		—		—		—		—		—		—
ARO accretion(e)	44		—		—		—		—		—		—		—
Total depreciation, amortization, and accretion	$	1,024	$	321	$	92	$	171	$	218	$	108	$	57	$	47
Three Months Ended March 31, 2021
Property, plant, and equipment(b)	$	1,522	$	239	$	82	$	106	$	154	$	67	$	42	$	37
Amortization of regulatory assets(b)	160		53		4		46		56		35		11		10
Amortization of intangible assets, net(b)	15		—		—		—		—		—		—		—
Amortization of energy contract assets and liabilities(c)	4		—		—		—		—		—		—		—
Nuclear fuel(d)	276		—		—		—		—		—		—		—
ARO accretion(e)	127		—		—		—		—		—		—		—
Total depreciation, amortization, and accretion	$	2,104	$	292	$	86	$	152	$	210	$	102	$	53	$	47

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

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

(c)Included in Operating revenues or Purchased power and fuel expense in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.

(d)Included in Purchased fuel expense in Exelon's Consolidated Statement of Operations and Comprehensive Income.

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

	Other non-cash operating activities
	Exelon(a)		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Pension and non-pension postretirement benefit costs	$	44	$	16	$	(2)	$	12	$	13	$	2	$	1	$	3
Allowance for credit losses	78		17		27		18		18		9		6		3
Other decommissioning-related activity	36		—		—		—		—		—		—		—
Energy-related options	60		—		—		—		—		—		—		—
True-up adjustments to decoupling mechanisms and formula rates(b)	(29)		(40)		(6)		12		5		7		1		(3)
Long-term incentive plan	25		—		—		—		—		—		—		—
Amortization of operating ROU asset	23		1		—		7		7		2		2		1
AFUDC — Equity	(36)		(8)		(7)		(6)		(15)		(11)		(2)		(2)
Three Months Ended March 31, 2021
Pension and non-pension postretirement benefit costs	$	95	$	32	$	2	$	14	$	12	$	2	$	1	$	3
Allowance for credit losses	85		13		24		4		10		5		4		1
Other decommissioning-related activity	(322)		—		—		—		—		—		—		—
Energy-related options	17		—		—		—		—		—		—		—
True-up adjustments to decoupling mechanisms and formula rates(b)	(129)		(54)		(10)		(18)		(46)		(26)		(9)		(11)
Long-term incentive plan	32		—		—		—		—		—		—		—
Amortization of operating ROU asset	37		—		—		7		7		1		3		1
AFUDC — Equity	(28)		(4)		(6)		(7)		(11)		(9)		(1)		(1)

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

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

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

	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022
Cash and cash equivalents	$	2,476	$	343	$	26	$	41	$	796	$	502	$	120	$	168
Restricted cash and cash equivalents	430		246		8		34		106		34		73		—
Restricted cash included in other long-term assets	92		92		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	2,998	$	681	$	34	$	75	$	902	$	536	$	193	$	168
December 31, 2021
Cash and cash equivalents	$	672	$	131	$	36	$	51	$	136	$	34	$	28	$	29
Restricted cash and cash equivalents	321		210		8		4		77		34		43		—
Restricted cash included in other long-term assets	44		43		—		—		—		—		—		—
Cash, restricted cash, and cash equivalents from discontinued operations	582		—		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	1,619	$	384	$	44	$	55	$	213	$	68	$	71	$	29
March 31, 2021
Cash and cash equivalents	$	1,908	$	86	$	48	$	21	$	558	$	134	$	64	$	353
Restricted cash and cash equivalents	374		270		7		1		37		33		—		4
Restricted cash included in other long-term assets	52		43		—		—		9		—		—		9
Total cash, restricted cash, and cash equivalents(a)	$	2,334	$	399	$	55	$	22	$	604	$	167	$	64	$	366
December 31, 2020
Cash and cash equivalents	$	663	$	83	$	19	$	144	$	111	$	30	$	15	$	17
Restricted cash and cash equivalents	438		279		7		1		39		35		—		3
Restricted cash included in other long-term assets	53		43		—		—		10		—		—		10
Cash, restricted cash, and cash equivalents - Held for Sale	12		—		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents(a)	$	1,166	$	405	$	26	$	145	$	160	$	65	$	15	$	30

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

For additional information on restricted cash see Note 1 — Significant Accounting Policies of the Exelon 2021 Form 10-K.

Supplemental Balance Sheet Information

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

	Accrued expenses
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022
Compensation-related accruals(a)	$	370	$	95	$	51	$	48	$	73	$	26	$	15	$	12
Taxes accrued	258		95		15		78		94		85		10		9
Interest accrued	346		66		36		39		77		37		21		17
December 31, 2021
Compensation-related accruals(a)	$	596	$	155	$	77	$	78	$	113	$	35	$	20	$	17
Taxes accrued	253		94		14		53		96		88		9		11
Interest accrued	297		116		41		44		52		28		8		11

__________

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

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Related Party Transactions (All Registrants)

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions (All Registrants)

Related Party Transactions (All Registrants)

Utility Registrants' expense with Generation

The Utility Registrants incurred expenses from transactions with the Generation affiliate as described in the footnotes to the table below prior to separation on February 1, 2022. Such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants:

	Three Months Ended March 31,
	2022		2021
ComEd(a)	$	59	$	85
PECO(b)	33		42
BGE(c)	18		72
PHI	51		100
Pepco(d)	39		75
DPL(e)	10		21
ACE(f)	2		4

__________

(a)ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation.

(b)PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs.

(c)BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs.

(d)Pepco received electric supply from Generation under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC.

(e)DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs.

(f)ACE received electric supply from Generation under contracts executed through ACE's competitive procurement process approved by the NJBPU.

Service Company Costs for Corporate Support

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

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

	Operating and maintenance from affiliates				Capitalized costs
	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2021		2022		2021
Exelon
BSC					$	205	$	114
PHISCO					19		17
ComEd
BSC	$	85	$	71	85		45
PECO
BSC	49		39		36		17
BGE
BSC	51		43		38		20
PHI
BSC	50		39		46		32
PHISCO					19		17
Pepco
BSC	29		22		17		13
PHISCO	29		30		8		7
DPL
BSC	18		14		14		10
PHISCO	24		25		6		5
ACE
BSC	15		12		15		8
PHISCO	21		22		5		5

Current Receivables from/Payables to affiliates

The following tables present current receivables from affiliates and current payables to affiliates:

March 31, 2022

	Receivables from affiliates:
Payables to affiliates:	ComEd		PECO		BGE		Pepco		DPL		ACE		BSC		PHISCO		Other		Total
ComEd			$	—	$	—	$	—	$	—	$	—	$	64	$	—	$	2	$	66
PECO	$	—			—		—		—		—		33		—		5		38
BGE	—		—				—		—		—		35		—		2		37
PHI	—		—		—		—		—		—		7		1		10		18
Pepco	—		—		—				—		—		19		15		—		34
DPL	—		—		—		—				—		3		12		—		15
ACE	—		—		—		—		—				12		11		—		23
Other	3		—		—		—		—		—		—		—				3
Total	$	3	$	—	$	—	$	—	$	—	$	—	$	173	$	39	$	19	$	234

December 31, 2021

	Receivables from affiliates:
Payables to affiliates:	ComEd		PECO		BGE		Pepco		DPL		ACE		Generation		BSC		PHISCO		Other		Total
ComEd			$	—	$	—	$	—	$	—	$	—	41		$	71	$	—	$	9	$	121
PECO	$	—			—		—		—		—		30		36		—		4		70
BGE	—		—				—		—		—		4		41		—		3		48
PHI	—		1		—		—		—		1		—		5		—		9		16
Pepco	—		—		1				1		1		20		21		12		3		59
DPL	—		—		—		—				—		4		17		11		1		33
ACE	—		—		—		—		—				7		13		9		2		31
Generation	13		—		—		—		—		—				102		—		16		131
Other	3		—		—		—		—		—		11		—		—				14
Total	$	16	$	1	$	1	$	—	$	1	$	2	$	117	$	306	$	32	$	47	$	523

Borrowings from Exelon/PHI intercompany money pool

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

Noncurrent Receivables from affiliates

ComEd and PECO have noncurrent receivables with Generation as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. The receivables are recorded in Receivable related to Regulatory Agreement Units as of March 31, 2022 and in noncurrent Receivables from affiliates as of December 31, 2021. See Note 10 — Asset Retirement Obligations of the Combined Notes to Consolidated Financial Statements of the Exelon 2021 Form 10-K for additional information.

Long-term debt to financing trusts

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

	March 31, 2022						December 31, 2021
	Exelon		ComEd		PECO		Exelon		ComEd		PECO
ComEd Financing III	$	206	$	205	$	—	$	206	$	205	$	—
PECO Trust III	81		—		81		81		—		81
PECO Trust IV	103		—		103		103		—		103
Total	$	390	$	205	$	184	$	390	$	205	$	184

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Planned Separation

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations (Exelon)

On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation, creating two publicly traded companies ("the separation"). Exelon completed the separation on February 1, 2022, through the distribution of 326,663,937 common stock shares of Constellation, the new publicly traded company, to Exelon shareholders. Under the separation plan, Exelon shareholders retained their current shares of Exelon stock and received one share of Constellation common stock for every three shares of Exelon common stock held on January 20, 2022, the record date for the distribution, in a transaction that is tax-free to Exelon and its shareholders for U.S. federal income tax purposes.

Constellation was newly formed and incorporated in Pennsylvania on June 15, 2021 for the purposes of separation and holds Generation (including Generation's subsidiaries).

Pursuant to the separation:

•Exelon entered into four term loans consisting of a 364-day term loan for $1.15 billion and three 18-month term loans for $300 million, $300 million and $250 million, respectively. Exelon issued these term loans primarily to fund the cash payment to Constellation and for general corporate purposes. See Note 10 — Debt and Credit Agreements for additional information.

•Exelon made a cash payment of $1.75 billion to Constellation on January 31, 2022.

•Exelon contributed its equity ownership interest in Generation to Constellation. Exelon no longer retains any equity ownership interest in Generation or Constellation.

•Exelon transferred certain corporate assets and employee-related obligations to Constellation.

•Exelon received cash from Generation of $258 million to settle the intercompany loan on January 31, 2022. See Note 10 — Debt and Credit Agreements for additional information.

Continuing Involvement

In order to govern the ongoing relationships between Exelon and Constellation after the separation, and to facilitate an orderly transition, Exelon and Constellation have entered into several agreements, including the following:

•Separation Agreement – governs the rights and obligations between Exelon and Constellation regarding certain actions to be taken in connection with the separation, among others, including the allocation of assets and liabilities between Exelon and Constellation.

•Transition Services Agreement (TSA) – governs the terms and conditions of the services that Exelon will provide to Constellation and Constellation will provide to Exelon for an expected period of two years, provided that certain services may be longer than the term and services may be extended with approval from both parties. The services include specified accounting, finance, information technology, human resources, employee benefits and other services that have historically been provided on a centralized basis by BSC. For the period from February 1, 2022 to March 31, 2022, the amounts Exelon billed Constellation and Constellation billed Exelon for these services were $56 million recorded in Other income, net and $9 million recorded in Operating and maintenance expense, respectively.

•Tax Matters Agreement (TMA) – governs the respective rights, responsibilities and obligations of Exelon and Constellation with respect to all tax matters, including tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. See Note 7. Income Taxes for additional information.

In addition, the Utility Registrants will continue to incur expenses from transactions with Generation after the separation. Prior to the separation, such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants. After the separation, such expenses are primarily recorded as Purchased power and an immaterial amount recorded as Operating and maintenance expense at the Utility Registrants.

•ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation.

•PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs.

•BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs.

•Pepco received electric supply from Generation under contracts executed through Pepco’s competitive procurement process approved by the MDPSC and DCPSC.

•DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs.

•ACE received electric supply from Generation under contracts executed through ACE’s competitive procurement process approved by the NJBPU.

ComEd and PECO also have receivables with Generation as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. See Note 10 — Asset Retirement Obligations of the Combined Notes to Consolidated Financial Statements of the Exelon 2021 Form 10-K and Note 15 — Related Party Transactions for additional information.

Discontinued Operations

The separation represented a strategic shift that would have a major effect on Exelon’s operations and financial results. Accordingly, the separation meets the criteria for discontinued operations.

The following table presents the results of Constellation that have been reclassified from continuing operations and included in discontinued operations within Exelon’s Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2022 and March 31, 2021.

These results are primarily Generation, which is comprised of Exelon’s Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions reportable segments, and include the impact of transaction costs, certain BSC costs, including any transition costs, that were historically allocated and directly attributable to Generation, transactions between Generation and the Utility Registrants, and tax-related adjustments. Transaction costs include costs for external bankers, accountants, appraisers, lawyers, external counsels and other advisors, among others, who are involved in the negotiation, appraisal, due diligence and regulatory approval of the separation. Transition costs are primarily employee-related costs such as recruitment expenses, costs to establish certain stand-alone functions and information technology systems, professional services fees and other separation-related costs during the transition to separate Generation. For the purposes of reporting discontinued operations, these results also include transactions between Generation and the Utility Registrants that were historically eliminated within Exelon’s Consolidated Statements of Operations as these transactions will be ongoing after the separation. Certain BSC costs that were historically allocated to Generation are presented as part of continuing operations in Exelon’s Consolidated Statements of Operations as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

	Three Months Ended March 31,
	2022		2021
Operating revenues
Competitive business revenues	$	1,855	$	5,265
Competitive business revenues from affiliates	161		294
Total operating revenues	2,016		5,559
Operating expenses
Competitive businesses purchased power and fuel	1,138		4,610
Operating and maintenance(a)	371		904
Depreciation and amortization	94		940
Taxes other than income taxes	44		121
Total operating expenses	1,647		6,575
Gain on sales of assets and businesses	10		71
Operating income (loss)	379		(945)
Other income and (deductions)
Interest expense, net	(20)		(68)
Other, net	(281)		167
Total other income and (deductions)	(301)		99
Income (loss) before income taxes	78		(846)
Income taxes	(40)		(58)
Equity in losses of unconsolidated affiliates	(1)		(1)
Net income (loss)	117		(789)
Net income attributable to noncontrolling interests	1		25
Net income (loss) from discontinued operations	$	116	$	(814)

__________

(a)Includes transaction and transition costs related to the separation of $52 million and $3 million for the three months ended March 31, 2022 and 2021, respectively. $50 million and $2 million of transaction costs and $2 million and less than $1 million of transition costs are included in the results of discontinued operations in the table presented above for the three months ended March 31, 2022 and March 31, 2021, respectively. See discussion above for additional information.

There were no assets and liabilities of discontinued operations included in Exelon’s Consolidated Balance Sheet as of March 31, 2022. Constellation had net assets of $11,573 million that separated on February 1, 2022 that resulted in a reduction to Exelon’s equity during the three months ended March 31, 2022. Refer to the Distribution of Constellation line in Exelon’s Consolidated Statement of Changes in Shareholders’ Equity for further information.

The following table presents the assets and liabilities of discontinued operations in Exelon’s Consolidated Balance Sheet as of December 31, 2021:

	December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	510
Restricted cash and cash equivalents	72
Accounts receivable
Customer accounts receivable	1,724
Customer allowance for credit losses	(55)
Customer accounts receivable, net	1,669
Other accounts receivable	596
Other allowance for credit losses	(4)
Other accounts receivable, net	592
Mark-to-market derivative assets	2,169
Inventories, net
Fossil fuel and emission allowances	284
Materials and supplies	1,004
Renewable energy credits	529
Assets held for sale	13
Other	993
Total current assets of discontinued operations	7,835
Property, plant, and equipment (net of accumulated depreciation and amortization of $15,888)	19,661
Deferred debits and other assets
Nuclear decommissioning trust funds	15,938
Investments	193
Mark-to-market derivative assets	949
Other	1,768
Total property, plant, and equipment, deferred debits, and other assets of discontinued operations	38,509
Total assets of discontinued operations	$	46,344

	December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	2,082
Long-term debt due within one year	1,220
Accounts payable	1,757
Accrued expenses	818
Mark-to-market derivative liabilities	981
Renewable energy credit obligation	779
Liabilities held for sale	3
Other	300
Total current liabilities of discontinued operations	7,940
Long-term debt	4,575
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,583
Asset retirement obligations	12,819
Pension obligations	939
Non-pension postretirement benefit obligations	876
Spent nuclear fuel obligation	1,210
Mark-to-market derivative liabilities	513
Other	1,161
Total long-term debt, deferred credits, and other liabilities of discontinued operations	25,676
Total liabilities of discontinued operations	$	33,616

The following table presents selected financial information regarding cash flows of the discontinued operations that are included within Exelon’s Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and March 31, 2021.

	Three Months Ended March 31, 2022
	2022		2021
Non-cash items included in net income (loss) from discontinued operations:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	$	207	$	1,346
Gain on sales of assets and businesses	9		(71)
Deferred income taxes and amortization of investment tax credits	(143)		(234)
Net fair value changes related to derivatives	(59)		(178)
Net realized and unrealized losses (gains) on NDT fund investments	205		(118)
Net unrealized losses on equity investments	16		23
Other decommissioning-related activity	36		(332)
Cash flows from investing activities:
Capital expenditures	(227)		(394)
Collection of DPP	169		1,574
Supplemental cash flow information:
Decrease in capital expenditures not paid	(128)		(37)
Increase in DPP	348		1,339
Increase in PP&E related to ARO update	335		—

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Description of Business and Basis of Presentation (All Registrants)

Description of Business

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

On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation. The separation was completed on February 1, 2022, creating two publicly traded companies, Exelon and Constellation. See Note 2 — Discontinued Operations for additional information.

Name of Registrant	Business	Service Territories
Commonwealth Edison Company	Purchase and regulated retail sale of electricity	Northern Illinois, including the City of Chicago
	Transmission and distribution of electricity to retail customers
PECO Energy Company	Purchase and regulated retail sale of electricity and natural gas	Southeastern Pennsylvania, including the City of Philadelphia (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Pennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric Company	Purchase and regulated retail sale of electricity and natural gas	Central Maryland, including the City of Baltimore (electricity and natural gas)
	Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLC	Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE	Service Territories of Pepco, DPL, and ACE
Potomac Electric  Power Company	Purchase and regulated retail sale of electricity	District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland
	Transmission and distribution of electricity to retail customers
Delmarva Power & Light Company	Purchase and regulated retail sale of electricity and natural gas	Portions of Delaware and Maryland (electricity)
	Transmission and distribution of electricity and distribution of natural gas to retail customers	Portions of New Castle County, Delaware (natural gas)
Atlantic City Electric Company	Purchase and regulated retail sale of electricity	Portions of Southern New Jersey
	Transmission and distribution of electricity to retail customers

Basis of Presentation

This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant’s Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated, except for the historical transactions between the Utility Registrants and Generation for the purposes of presenting discontinued operations in all periods presented in the Consolidated Statements of Operations and Comprehensive Income.

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

The accompanying consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 are unaudited but, in the opinion of the management of each Registrant include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The

December 31, 2021 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2022. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

The separation of Constellation, including Generation and its subsidiaries, meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Accounting rules require that certain BSC costs previously allocated to Generation be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Comprehensive income, shareholders' equity, and cash flows related to Constellation have not been segregated and are included in the Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Changes in Shareholders’ Equity, and Consolidated Statements of Cash Flows, respectively, for all periods presented. See Note 2 — Discontinued Operations for additional information.

Prior Period Adjustments and Reclassifications (Exelon, PHI, ACE)

In the first quarter of 2022, management identified an error related to an overstatement of the regulatory liability associated with ACE’s mechanism to recover the cost of Transition Bonds issued in 2002 and 2003 by ACE Funding. Management has concluded that the error was not material to previously issued financial statements for Exelon, PHI or ACE.

The error was corrected through a revision to ACE’s financial statements contained herein. The impact of the error correction was an $8 million increase to ACE’s opening Retained earnings as of January 1, 2021 with a corresponding reduction to Regulatory liabilities of $11 million and an increase to Deferred income taxes and unamortized investment tax credits of $3 million. The impact of the error to ACE’s Total operating revenues and Net income was less than $1 million for the three months ended March 31, 2021. The error did not impact net cash flows provided by operating activities, net cash flows used in investing activities or net cash flows provided by financing activities for the three months ended March 31, 2021.

The error was corrected in the Exelon and PHI financial statements for the three months ended March 31, 2022 as it was not material, resulting in an increase to Net income of $8 million.

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Discontinued Operations (Tables) - Exelon Generation Co L L C [Member]

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Discontinued Operations - Income Statement

Discontinued Operations - Income Statement

The following table presents the results of Constellation that have been reclassified from continuing operations and included in discontinued operations within Exelon’s Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2022 and March 31, 2021.

These results are primarily Generation, which is comprised of Exelon’s Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions reportable segments, and include the impact of transaction costs, certain BSC costs, including any transition costs, that were historically allocated and directly attributable to Generation, transactions between Generation and the Utility Registrants, and tax-related adjustments. Transaction costs include costs for external bankers, accountants, appraisers, lawyers, external counsels and other advisors, among others, who are involved in the negotiation, appraisal, due diligence and regulatory approval of the separation. Transition costs are primarily employee-related costs such as recruitment expenses, costs to establish certain stand-alone functions and information technology systems, professional services fees and other separation-related costs during the transition to separate Generation. For the purposes of reporting discontinued operations, these results also include transactions between Generation and the Utility Registrants that were historically eliminated within Exelon’s Consolidated Statements of Operations as these transactions will be ongoing after the separation. Certain BSC costs that were historically allocated to Generation are presented as part of continuing operations in Exelon’s Consolidated Statements of Operations as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

	Three Months Ended March 31,
	2022		2021
Operating revenues
Competitive business revenues	$	1,855	$	5,265
Competitive business revenues from affiliates	161		294
Total operating revenues	2,016		5,559
Operating expenses
Competitive businesses purchased power and fuel	1,138		4,610
Operating and maintenance(a)	371		904
Depreciation and amortization	94		940
Taxes other than income taxes	44		121
Total operating expenses	1,647		6,575
Gain on sales of assets and businesses	10		71
Operating income (loss)	379		(945)
Other income and (deductions)
Interest expense, net	(20)		(68)
Other, net	(281)		167
Total other income and (deductions)	(301)		99
Income (loss) before income taxes	78		(846)
Income taxes	(40)		(58)
Equity in losses of unconsolidated affiliates	(1)		(1)
Net income (loss)	117		(789)
Net income attributable to noncontrolling interests	1		25
Net income (loss) from discontinued operations	$	116	$	(814)

__________

(a)Includes transaction and transition costs related to the separation of $52 million and $3 million for the three months ended March 31, 2022 and 2021, respectively. $50 million and $2 million of transaction costs and $2 million and less than $1 million of transition costs are included in the results of discontinued operations in the table presented above for the three months ended March 31, 2022 and March 31, 2021, respectively. See discussion above for additional information.

Discontinued Operations - Balance Sheet [Table Text Block]

The following table presents the assets and liabilities of discontinued operations in Exelon’s Consolidated Balance Sheet as of December 31, 2021:

	December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	510
Restricted cash and cash equivalents	72
Accounts receivable
Customer accounts receivable	1,724
Customer allowance for credit losses	(55)
Customer accounts receivable, net	1,669
Other accounts receivable	596
Other allowance for credit losses	(4)
Other accounts receivable, net	592
Mark-to-market derivative assets	2,169
Inventories, net
Fossil fuel and emission allowances	284
Materials and supplies	1,004
Renewable energy credits	529
Assets held for sale	13
Other	993
Total current assets of discontinued operations	7,835
Property, plant, and equipment (net of accumulated depreciation and amortization of $15,888)	19,661
Deferred debits and other assets
Nuclear decommissioning trust funds	15,938
Investments	193
Mark-to-market derivative assets	949
Other	1,768
Total property, plant, and equipment, deferred debits, and other assets of discontinued operations	38,509
Total assets of discontinued operations	$	46,344

	December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	2,082
Long-term debt due within one year	1,220
Accounts payable	1,757
Accrued expenses	818
Mark-to-market derivative liabilities	981
Renewable energy credit obligation	779
Liabilities held for sale	3
Other	300
Total current liabilities of discontinued operations	7,940
Long-term debt	4,575
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,583
Asset retirement obligations	12,819
Pension obligations	939
Non-pension postretirement benefit obligations	876
Spent nuclear fuel obligation	1,210
Mark-to-market derivative liabilities	513
Other	1,161
Total long-term debt, deferred credits, and other liabilities of discontinued operations	25,676
Total liabilities of discontinued operations	$	33,616

Discontinued Operations - Cash Flows [Table Text Block]

The following table presents selected financial information regarding cash flows of the discontinued operations that are included within Exelon’s Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and March 31, 2021.

	Three Months Ended March 31, 2022
	2022		2021
Non-cash items included in net income (loss) from discontinued operations:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	$	207	$	1,346
Gain on sales of assets and businesses	9		(71)
Deferred income taxes and amortization of investment tax credits	(143)		(234)
Net fair value changes related to derivatives	(59)		(178)
Net realized and unrealized losses (gains) on NDT fund investments	205		(118)
Net unrealized losses on equity investments	16		23
Other decommissioning-related activity	36		(332)
Cash flows from investing activities:
Capital expenditures	(227)		(394)
Collection of DPP	169		1,574
Supplemental cash flow information:
Decrease in capital expenditures not paid	(128)		(37)
Increase in DPP	348		1,339
Increase in PP&E related to ARO update	335		—

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Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2022

Regulated Operations [Abstract]

Public Utilities Distribution Rate Cases [Table Text Block]

The following tables show the completed and pending distribution base rate case proceedings in 2022.

Completed Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Approved Revenue Requirement Increase		Approved ROE		Approval Date	Rate Effective Date
ComEd - Illinois(a)	April 16, 2021	Electric	$	51	$	46	7.36	%	December 1, 2021	January 1, 2022
PECO - Pennsylvania	March 30, 2021	Electric	246		132		N/A(b)		November 18, 2021	January 1, 2022
BGE - Maryland(c)	May 15, 2020 (amended September 11, 2020)	Electric	203		140		9.50	%	December 16, 2020	January 1, 2021
		Natural Gas	108		74		9.65	%
Pepco - District of Columbia(d)	May 30, 2019 (amended June 1, 2020)	Electric	136		109		9.275	%	June 8, 2021	July 1, 2021
Pepco - Maryland(e)	October 26, 2020 (amended March 31, 2021)	Electric	104		52		9.55	%	June 28, 2021	June 28, 2021
DPL - Maryland(f)	September 1, 2021 (amended December 23, 2021)	Electric	27		13		9.60	%	March 2, 2022	March 2, 2022
ACE - New Jersey(g)	December 9, 2020 (amended February 26, 2021)	Electric	67		41		9.60	%	July 14, 2021	January 1, 2022

__________

(a)ComEd's 2022 approved revenue requirement reflects an increase of $37 million for the initial year revenue requirement for 2022 and an increase of $9 million related to the annual reconciliation for 2020. The revenue requirement for 2022 provides for a weighted average debt and equity return on distribution rate base of 5.72%, inclusive of an allowed ROE of 7.36%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2020 provides for a weighted average debt and equity return on distribution rate base of 5.69%, inclusive of an allowed ROE of 7.29%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points.

(b)The PECO electric base rate case proceeding was resolved through a settlement agreement, which did not specify an approved ROE.

(c)Reflects a three-year cumulative multi-year plan for 2021 through 2023. The MDPSC awarded BGE electric revenue requirement increases of $59 million, $39 million, and $42 million, before offsets, in 2021, 2022, and 2023, respectively, and natural gas revenue requirement increases of $53 million, $11 million, and $10 million, before offsets, in 2021, 2022, and 2023, respectively. BGE proposed to use certain tax benefits to fully offset the increases in 2021 and 2022 and partially offset the increase in 2023. However, the MDPSC utilized the tax benefits to fully offset the increases in 2021 and January 2022 such that customer rates remained unchanged. For the remainder of 2022, the MDPSC chose to offset only 25% of the cumulative 2021 and 2022 electric revenue requirement increases and 50% of the cumulative gas revenue requirement increases. Whether certain tax benefits will be used to offset the customer rate increases in 2023 has not been decided, and BGE cannot predict the outcome.

(d)Reflects a cumulative multi-year plan with 18-months remaining in 2021 through 2022. The DCPSC awarded Pepco electric incremental revenue requirement increases of $42 million and $67 million, before offsets, for 2021 and 2022, respectively. However, the DCPSC utilized the acceleration of refunds for certain tax benefits along with other rate relief to partially offset the customer rate increases by $22 million and $40 million for 2021 and 2022, respectively.

(e)Reflects a three-year cumulative multi-year plan for April 1, 2021 through March 31, 2024. The MDPSC awarded Pepco electric incremental revenue requirement increases of $21 million, $16 million, and $15 million, before offsets, for the 12-month periods ending March 31, 2022, 2023, and 2024, respectively. Pepco proposed to utilize certain tax benefits to fully offset the increase through 2023 and partially offset customer rate increases in 2024. However, the MDPSC only utilized the acceleration of refunds for certain tax benefits to fully offset the increases such that customer rates remain unchanged through March 31, 2022. On February 23, 2022, the MDPSC chose to offset 25% of the cumulative revenue requirement increase for the 12-month period ending March 31, 2023. Whether certain tax benefits will be used to offset the customer rate increases for the 12-month period ending March 31, 2024 has not been decided, and Pepco cannot predict the outcome.

(f)The approved settlement reflects a 9.60% ROE, which is solely for the purposes of calculating AFUDC and regulatory asset carrying costs.

(g)Requested and approved increases are before New Jersey sales and use tax. The order allows ACE to retain approximately $11 million of certain tax benefits which resulted in a decrease to income tax expense in Exelon's, PHI's, and ACE's Consolidated Statements of Operations and Comprehensive Income in the third quarter of 2021.

Pending Distribution Base Rate Case Proceedings

Registrant/Jurisdiction	Filing Date	Service	Requested Revenue Requirement Increase		Requested ROE		Expected Approval Timing
ComEd - Illinois(a)	April 15, 2022	Electric	$	199	7.85	%	Fourth quarter of 2022
PECO - Pennsylvania	March 31, 2022	Natural Gas	82		10.95	%	Fourth quarter of 2022
DPL - Delaware(b)	January 14, 2022 (amended February 28, 2022)	Natural Gas	15		10.30	%	First quarter of 2023

__________

(a)ComEd's 2023 requested revenue requirement reflects an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing under EIMA as a result of the law authorizing the rate setting process sunsetting at the end of 2022. See Note 3. - Regulatory Matters of the Exelon 2021 Form 10-K for additional information on ComEd's transition away from the electric distribution formula rate.

(b)The rates will go into effect on August 14, 2022, subject to refund.

Public Utilities Transmission Rate Filings [Table Text Block]

For 2022, the following total increases were included in ComEd’s and BGE's electric transmission formula rate update. PECO, Pepco, DPL, and ACE intend to file by the required deadline for the annual update.

Registrant(a)	Initial Revenue Requirement Increase		Annual Reconciliation Decrease		Total Revenue Requirement Increase			Allowed Return on Rate Base(c)		Allowed ROE(d)
ComEd	$	24	$	(24)	$	—		8.11	%	11.50	%
BGE	25		(4)		16		(b)	7.30	%	10.50	%

(a)All rates are effective June 1, 2022 - May 31, 2023, subject to review by interested parties pursuant to review protocols of ComEd's and BGE's tariff.

(b)The increase in BGE's transmission revenue requirement includes a $5 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.

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

(d)As part of the FERC-approved settlements of ComEd’s 2007 transmission rate case, the rate of return on common equity is 11.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO, and the common equity component of the ratio used to calculate the weighted average debt and equity return for the transmission formula rate is currently capped at 55%. As part of the FERC-approved settlement of the ROE complaint against BGE, the rate of return on common equity is 10.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO.

Capitalized Ratemaking Amounts Not Recognized [Table Text Block]

The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers.

	Exelon		ComEd(a)		PECO		BGE(b)		PHI		Pepco(c)		DPL(c)		ACE
March 31, 2022	$	49	$	2	$	—	$	34	$	13	$	11	$	2	$	—
December 31, 2021	43		1		—		37		5		3		2		—

__________

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

(b)BGE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholder's investment on its AMI programs.

(c)Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholder's investment on their respective AMI Programs and Energy Efficiency and Demand Response Programs, and for Pepco District of Columbia revenue decoupling program. The earnings on energy efficiency are on Pepco District of Columbia and DPL Delaware programs only.

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

Contracts with Customers [Line Items]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2022. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

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

	2022		2023		2024		2025		2026 and thereafter		Total
Exelon	$	6	$	8	$	6	$	5	$	82	$	107
PHI	6		8		6		5		82		107
Pepco	4		6		5		5		65		85
DPL	1		1		—		—		9		11
ACE	1		1		1		—		8		11

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Tables [Line Items]

Analysis and reconciliation of reportable segment information

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2022 and 2021 is as follows:

Three Months Ended March 31, 2022 and 2021

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2022
Electric revenues	$	1,734	$	741	$	736	$	1,318	$	—	$	(7)	$	4,522
Natural gas revenues	—		306		418		83		—		(2)		$	805
Shared service and other revenues	—		—		—		3		576		(579)		$	—
Total operating revenues	$	1,734	$	1,047	$	1,154	$	1,404	$	576	$	(588)	$	5,327
2021
Electric revenues	$	1,535	$	661	$	632	$	1,170	$	—	$	(7)	$	3,991
Natural gas revenues	—		228		342		71		—		—		641
Shared service and other revenues	—		—		—		3		491		(494)		—
Total operating revenues	$	1,535	$	889	$	974	$	1,244	$	491	$	(501)	$	4,632
Intersegment revenues(c):
2022	$	6	$	1	$	7	$	3	$	576	$	(587)	$	6
2021	6		2		6		3		487		(497)		7
Depreciation and amortization:
2022	$	321	$	92	$	171	$	218	$	15	$	—	$	817
2021	292		86		152		210		17		—		757
Operating expenses:
2022	$	1,406	$	793	$	919	$	1,215	$	625	$	(531)	$	4,427
2021	1,210		679		752		1,058		448		(339)		3,808
Interest expense, net:
2022	$	100	$	41	$	35	$	69	$	93	$	—	$	338
2021	96		38		34		67		83		—		318
Income (loss) from continuing operations before income taxes:
2022	$	240	$	220	$	207	$	137	$	(62)	$	(43)	$	699
2021	236		177		196		136		(32)		(149)		564
Income Taxes:
2022	$	52	$	14	$	9	$	7	$	146	$	(10)	$	218
2021	39		10		(13)		8		7		(12)		39
Net income (loss) from continuing operations:
2022	$	188	$	206	$	198	$	130	$	(208)	$	(33)	$	481
2021	197		167		209		128		(39)		(137)		525
Capital Expenditures:
2022	$	617	$	344	$	303	$	409	$	22	$	—	$	1,695
2021	613		295		336		456		46		—		1,746
Total assets:
March 31, 2022	$	37,013	$	14,113	$	12,509	$	25,636	$	7,583	$	(4,156)	$	92,698
December 31, 2021	36,470		13,824		12,324		24,744		7,634		(8,319)		86,677

__________

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

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

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

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2022
Electric revenues	$	614	$	348	$	349	$	—	$	7	$	1,318
Natural gas revenues	—		83		—		—		—		83
Shared service and other revenues	—		—		—		107		(104)		3
Total operating revenues	$	614	$	431	$	349	$	107	$	(97)	$	1,404
2021
Electric revenues	$	553	$	311	$	310	$	—	$	(4)	$	1,170
Natural gas revenues	—		71		—		—		—		71
Shared service and other revenues	—		—		—		95		(92)		3
Total operating revenues	$	553	$	382	$	310	$	95	$	(96)	$	1,244
Intersegment revenues(c):
2022	$	1	$	1	$	1	$	97	$	(97)	$	3
2021	1		2		1		95		(96)		3
Depreciation and amortization:
2022	$	108	$	57	$	47	$	6	$	—	$	218
2021	102		53		47		8		—		210
Operating expenses:
2022	$	547	$	357	$	311	$	97	$	(97)	$	1,215
2021	466		309		282		97		(96)		1,058
Interest expense, net:
2022	$	36	$	16	$	14	$	3	$	—	$	69
2021	34		15		15		3		—		67
Income (loss) before income taxes:
2022	$	44	$	60	$	27	$	6	$	—	$	137
2021	65		61		14		(4)		—		136
Income Taxes:
2022	$	(2)	$	4	$	1	$	4	$	—	$	7
2021	6		5		—		(3)		—		8
Net income (loss):
2022	$	46	$	56	$	26	$	2	$	—	$	130
2021	59		56		14		(1)		—		128
Capital Expenditures:
2022	$	218	$	103	$	87	$	1	$	—	$	409
2021	220		112		123		1		—		456
Total assets:
March 31, 2022	$	10,458	$	5,573	$	4,929	$	4,720	$	(44)	$	25,636
December 31, 2021	9,903		5,412		4,556		4,933		(60)		24,744

__________

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

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

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

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

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

	Three Months Ended March 31, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	857	$	487	$	417	$	652	$	275	$	207	$	170
Small commercial & industrial	423		111		81		141		38		56		47
Large commercial & industrial	153		64		131		323		253		26		44
Public authorities & electric railroads	14		8		7		16		8		4		4
Other(a)	239		62		97		193		46		56		81
Total electric revenues(b)	$	1,686	$	732	$	733	$	1,325	$	620	$	349	$	346
Natural gas revenues
Residential	$	—	$	218	$	282	$	51	$	—	$	51	$	—
Small commercial & industrial	—		76		45		21		—		21		—
Large commercial & industrial	—		—		65		3		—		3		—
Transportation	—		8		—		4		—		4		—
Other(c)	—		3		35		4		—		4		—
Total natural gas revenues(d)	$	—	$	305	$	427	$	83	$	—	$	83	$	—
Total revenues from contracts with customers	$	1,686	$	1,037	$	1,160	$	1,408	$	620	$	432	$	346
Other revenues
Revenues from alternative revenue programs	$	40	$	6	$	(12)	$	(5)	$	(7)	$	(1)	$	3
Other electric revenues(e)	8		3		4		1		1		—		—
Other natural gas revenues(e)	—		1		2		—		—		—		—
Total other revenues	$	48	$	10	$	(6)	$	(4)	$	(6)	$	(1)	$	3
Total revenues for reportable segments	$	1,734	$	1,047	$	1,154	$	1,404	$	614	$	431	$	349

	Three Months Ended March 31, 2021
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	741	$	433	$	362	$	605	$	253	$	190	$	162
Small commercial & industrial	367		100		69		118		33		46		39
Large commercial & industrial	134		57		105		248		184		21		43
Public authorities & electric railroads	11		9		7		13		6		4		3
Other(a)	220		52		77		143		51		41		52
Total electric revenues(b)	$	1,473	$	651	$	620	$	1,127	$	527	$	302	$	299
Natural gas revenues
Residential	$	—	$	160	$	216	$	46	$	—	$	46	$	—
Small commercial & industrial	—		59		35		18		—		18		—
Large commercial & industrial	—		—		54		2		—		2		—
Transportation	—		7		—		4		—		4		—
Other(c)	—		2		31		1		—		1		—
Total natural gas revenues(d)	$	—	$	228	$	336	$	71	$	—	$	71	$	—
Total revenues from contracts with customers	$	1,473	$	879	$	956	$	1,198	$	527	$	373	$	299
Other revenues
Revenues from alternative revenue programs	$	54	$	10	$	18	$	46	$	26	$	9	$	11
Other electric revenues(e)	8		—		—		—		—		—		—
Total other revenues	$	62	$	10	$	18	$	46	$	26	$	9	$	11
Total revenues for reportable segments	$	1,535	$	889	$	974	$	1,244	$	553	$	382	$	310

__________

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

(b)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

•$6 million, $6 million at ComEd

•$1 million, $1 million at PECO

•$2 million, $2 million at BGE

•$3 million, $3 million at PHI

•$1 million, $1 million at Pepco

•$2 million, $2 million at DPL

•$1 million, $1 million at ACE

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

(d)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

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

•$6 million, $4 million at BGE

(e)Includes late payment charge revenues.

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Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2022

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Allowance for credit loss rollforward

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

	Three Months Ended March 31, 2022
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2021	$	320	$	73	$	105	$	38	$	104	$	37	$	18	$	49
Plus: Current period provision for expected credit losses(a)	110		26		31		26		27		11		7		9
Less: Write-offs, net of recoveries(b)(c)	41		7		11		5		18		8		1		9
Balance as of March 31, 2022	$	389	$	92	$	125	$	59	$	113	$	40	$	24	$	49
	Three Months Ended March 31, 2021
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2020	$	334	$	97	$	116	$	35	$	86	$	32	$	22	$	32
Plus: Current period provision for expected credit losses(d)	70		21		20		9		20		11		6		3
Less: Write-offs, net of recoveries(b)	27		15		6		1		5		2		3		—
Balance as of March 31, 2021	$	377	$	103	$	130	$	43	$	101	$	41	$	25	$	35

__________

(a)For PECO, BGE and ACE, the increase is primarily as a result of increased receivable balances due to the increased aging of receivables. For BGE, also reflects increased receivable balance due to colder weather.

(b)Recoveries were not material to the Registrants.

(c)For ACE, the increase in 2022 is primarily related to the termination of the moratorium, which beginning in March 2020, prevented customer disconnections for non-payment. With disconnection activities restarting in January 2022, write-offs of aging accounts receivable increased throughout the year.

(d)The increase is primarily as a result of increased receivable balances due to the colder weather and the increased aging of receivables, the temporary suspension of customer disconnections for non-payment, temporary cessation of new late payment fees, and reconnection of service for customers previously disconnected due to COVID-19.

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

	Three Months Ended March 31, 2022
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2021	$	72	$	17	$	7	$	9	$	39	$	16	$	8	$	15
Plus: Current period provision for expected credit losses	14		4		3		3		4		2		1		1
Less: Write-offs, net of recoveries(a)	5		1		1		1		2		—		—		2
Balance as of March 31, 2022	$	81	$	20	$	9	$	11	$	41	$	18	$	9	$	14
	Three Months Ended March 31, 2021
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Balance as of December 31, 2020	$	71	$	21	$	8	$	9	$	33	$	13	$	9	$	11
Plus: Current period provision for expected credit losses	10		1		4		1		4		2		1		1
Less: Write-offs, net of recoveries(a)	2		—		1		1		—		—		—		—
Balance as of March 31, 2021	$	79	$	22	$	11	$	9	$	37	$	15	$	10	$	12

__________

(a)Recoveries were not material to the Registrants.

Unbilled customer revenue

The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

	Unbilled customer revenues(a)
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022	$	629	$	189	$	127	$	139	$	174	$	89	$	50	$	35
December 31, 2021	747		240		161		171		175		82		53		40

__________

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

Purchases and sales of accounts receivable

The Utility Registrants are required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participate in the utilities' consolidated billing. The following tables present the total receivables purchased.

	Total receivables purchased
	Exelon(a)		ComEd		PECO		BGE(a)		PHI		Pepco		DPL		ACE
Three months ended March 31, 2022	$	1,044	$	248	$	292	$	222	$	282	$	174	$	57	$	51
Three months ended March 31, 2021	1,023		266		290		199		268		166		56		46

__________

(a)Includes $4 million and $12 million of receivables purchased from Generation for the three months ended March 31, 2022 and 2021, respectively.

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

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

	Three Months Ended March 31, 2022(a)
	Exelon		ComEd		PECO(b)		BGE(b)		PHI		Pepco(b)		DPL		ACE(b)
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit(c)	21.1		8.0		(0.1)		2.4		3.7		(4.5)		6.2		6.8
Plant basis differences	(3.6)		(0.6)		(11.3)		(0.9)		(1.6)		(2.6)		(0.7)		(1.3)
Excess deferred tax amortization	(11.5)		(6.3)		(3.2)		(17.6)		(17.7)		(17.4)		(19.4)		(22.2)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.2)		(0.2)
Tax credits(d)	1.7		(0.3)		—		(0.4)		(0.4)		(0.4)		(0.3)		(0.3)
Other(e)	2.6		—		—		(0.1)		0.2		(0.6)		0.1		(0.1)
Effective income tax rate	31.2	%	21.7	%	6.4	%	4.3	%	5.1	%	(4.5)	%	6.7	%	3.7	%

	Three Months Ended March 31, 2021(a)
	Exelon		ComEd		PECO(f)		BGE(f)		PHI		Pepco		DPL		ACE(f)
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	2.8		6.8		(1.6)		(10.1)		6.1		5.5		6.4		6.9
Plant basis differences	(3.4)		(0.6)		(10.5)		(1.4)		(1.5)		(2.1)		(0.7)		(0.9)
Excess deferred tax amortization	(12.0)		(6.9)		(3.2)		(15.5)		(19.3)		(15.1)		(18.5)		(28.7)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.1)		(0.1)		—		(0.1)		(0.1)		—		(0.2)		(0.2)
Tax credits	(0.3)		(0.2)		—		(0.4)		(0.2)		(0.2)		(0.1)		(0.3)
Other	(1.1)		(3.5)		(0.1)		(0.1)		(0.1)		0.1		0.3		2.2
Effective income tax rate	6.9	%	16.5	%	5.6	%	(6.6)	%	5.9	%	9.2	%	8.2	%	—	%

__________

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

(b)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits. For Pepco, the income tax benefit is primarily due to the Maryland and Washington, D.C. multi-year plans which resulted in the acceleration of certain income tax benefits. For ACE, the lower effective tax rate is primarily due to the acceleration of certain income tax benefits due to distribution rate case settlements.

(c)For Exelon, the higher state income taxes, net of federal income tax benefit, is primarily due to the long-term marginal state income tax rate change of approximately $67 million and the recognition of a valuation allowance of approximately $40 million against the net deferred tax asset position for certain standalone state filing jurisdictions as a result of the separation.

(d)For Exelon, reflects the income tax expense related to the write-off of federal tax credits subject to recapture of approximately $15 million as a result of the separation.

(e)For Exelon, primarily reflects the nondeductible transaction costs of approximately $19 million arising as part of the separation.

(f)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the income tax benefit is primarily due to the Maryland multi-year plan which resulted in the acceleration of

certain income tax benefits. For ACE, the lower effective tax rate is primarily due to the acceleration of certain income tax benefits due to distribution rate case settlements.

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Exelon, PHI and ACE have the following unrecognized tax benefits as of March 31, 2022 and December 31, 2021. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.

	Exelon		PHI		ACE
March 31, 2022	$	146	$	56	$	16
December 31, 2021	143		56		16

__________

(a)As of March 31, 2022, Exelon recorded a receivable of approximately $50 million in Noncurrent other assets in the Consolidated Balance Sheet for Constellation’s share of unrecognized tax benefits for periods prior to the separation.

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Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Calculation of Net Periodic Benefit Costs

A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2022 and 2021.

	Pension Benefits				OPEB
	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	61	$	74	$	10	$	14
Interest cost	110		102		19		17
Expected return on assets	(209)		(213)		(25)		(26)
Amortization of:
Prior service cost (credit)	1		1		(5)		(6)
Actuarial loss	76		100		4		7
Curtailment benefits	—		—		—		(1)
Net periodic benefit cost	$	39	$	64	$	3	$	5

Allocated Portion of Pension and Postretirement Benefit Costs

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

	Three Months Ended March 31,
Pension and OPEB Costs	2022		2021
Exelon	$	42	$	69
ComEd	16		32
PECO	(2)		2
BGE	11		15
PHI	13		12
Pepco	2		2
DPL	1		1
ACE	3		3

Defined Contribution Savings Plans

The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the matching contributions to the savings plans for the three months ended March 31, 2022 and 2021, respectively.

	Three Months Ended March 31,
Savings Plans Matching Contributions	2022		2021
Exelon	$	20	$	20
ComEd	8		8
PECO	3		3
BGE	2		2
PHI	3		3
Pepco	1		1
DPL	1		1
ACE	—		—

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Debt and Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2022

Debt Instrument [Line Items]

Schedule of Commercial Paper Borrowings

The following table reflects the Registrants' commercial paper programs as of March 31, 2022 and December 31, 2021. PECO and ComEd had no commercial paper borrowings as of March 31, 2022 and December 31, 2021.

	Outstanding Commercial Paper as of				Average Interest Rate on Commercial Paper Borrowings as of
Commercial Paper Issuer	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Exelon(a)	$	250	$	599	0.87	%	0.35	%
BGE	250		130		0.87	%	0.37	%
PHI(b)	—		469		—	%	0.35	%
Pepco	—		175		—	%	0.33	%
DPL	—		149		—	%	0.36	%
ACE	—		145		—	%	0.35	%

__________

(a)Exelon Corporate had no outstanding commercial paper borrowings as of March 31, 2022 and December 31, 2021.

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

Schedule of Revolving Credit Agreements

On February 1, 2022, Exelon Corporate and the Utility Registrants' each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:

Borrower	Aggregate Bank Commitment	Interest Rate
Exelon Corporate	900	SOFR plus 1.275	%
ComEd	1,000	SOFR plus 1.000	%
PECO	600	SOFR plus 0.900	%
BGE	600	SOFR plus 0.900	%
Pepco	300	SOFR plus 1.075	%
DPL	300	SOFR plus 1.000	%
ACE	300	SOFR plus 1.075	%

Schedule of Long-term Debt Instruments [Table Text Block]

During the three months ended March 31, 2022, the following long-term debt was issued:

Company	Type	Interest Rate	Maturity	Amount	Use of Proceeds
Exelon	SMBC Term Loan Agreement	SOFR plus 0.65%	July 21, 2023	$300	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	U.S. Bank Term Loan Agreement	SOFR plus 0.65%	July 21, 2023	300	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	PNC Term Loan Agreement	SOFR plus 0.65%	July 24, 2023	250	Fund a cash payment to Constellation and for general corporate purposes.
Exelon	Notes	2.75%	March 15, 2027	650	Repay existing indebtedness and for general corporate purposes.
Exelon	Notes	3.35%	March 15, 2032	650	Repay existing indebtedness and for general corporate purposes.
Exelon	Notes	4.10%	March 15, 2052	700	Repay existing indebtedness and for general corporate purposes.
ComEd	First Mortgage Bonds, Series 132	3.15%	March 15, 2032	300	Repay outstanding commercial paper obligations and to fund other general corporate purposes.
ComEd	First Mortgage Bonds, Series 133	3.85%	March 15, 2052	450	Repay outstanding commercial paper obligations and to fund other general corporate purposes.
Pepco(a)	First Mortgage Bonds	3.97%	March 24, 2052	400	Repay existing indebtedness and for general corporate purposes.
DPL	First Mortgage Bonds	3.06%	February 15, 2052	125	Repay existing indebtedness and for general corporate purposes.
ACE	First Mortgage Bonds	2.27%	February 15, 2032	25	Repay existing indebtedness and for general corporate purposes.
ACE	First Mortgage Bonds	3.06%	February 15, 2052	150	Repay existing indebtedness and for general corporate purposes.

__________

(a)On March 24, 2022, Pepco entered into a purchase agreement of First Mortgage Bonds of $225 million at 3.35% due on September 15, 2032. The closing date of the issuance is expected to occur in September 2022.

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Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Liabilities Recorded at Amortized Cost

Fair Value of Financial Liabilities Recorded at Amortized Cost

The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2022 and December 31, 2021. The Registrants have no financial liabilities classified as Level 1.

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

	March 31, 2022								December 31, 2021
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
			Level 2		Level 3		Total				Level 2		Level 3		Total
Long-Term Debt, including amounts due within one year(a)
Exelon	$	37,162	$	35,174	$	2,645	$	37,819	$	32,902	$	34,897	$	2,217	$	37,114
ComEd	10,515		10,894		—		10,894		9,773		11,305		—		11,305
PECO	4,198		4,244		50		4,294		4,197		4,740		50		4,790
BGE	3,961		3,969		—		3,969		3,961		4,406		—		4,406
PHI	8,233		5,453		2,595		8,048		7,547		5,970		2,167		8,137
Pepco	3,841		2,901		1,272		4,173		3,445		3,201		975		4,176
DPL	1,935		1,300		592		1,892		1,810		1,426		552		1,978
ACE	1,757		1,007		732		1,739		1,582		1,091		641		1,732
Long-Term Debt to Financing Trusts
Exelon	$	390	$	—	$	435	$	435	$	390	$	—	$	470	$	470
ComEd	205		—		228		228		205		—		248		248
PECO	184		—		207		207		184		—		222		222

__________

(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 17 - Debt and Credit Agreements of the Exelon 2021 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 11 - Leases of the Exelon 2021 Form 10-K for finance lease liabilities.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Recurring Fair Value Measurements

The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2022 and December 31, 2021:

Exelon

	As of March 31, 2022								As of December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	2,418	$	—	$	—	$	2,418	$	524	$	—	$	—	$	524
Rabbi trust investments
Cash equivalents	65		—		—		65		60		—		—		60
Mutual funds	55		—		—		55		60		—		—		60
Fixed income	—		9		—		9		—		10		—		10
Life insurance contracts	—		63		37		100		—		61		37		98
Rabbi trust investments subtotal	120		72		37		229		120		71		37		228
Total assets	2,538		72		37		2,647		644		71		37		752
Liabilities
Mark-to-market derivative liabilities	—		—		(144)		(144)		—		—		(219)		(219)
Deferred compensation obligation	—		(84)		—		(84)		—		(131)		—		(131)
Total liabilities	—		(84)		(144)		(228)		—		(131)		(219)		(350)
Total net assets (liabilities)	$	2,538	$	(12)	$	(107)	$	2,419	$	644	$	(60)	$	(182)	$	402

__________    

(a)Exelon excludes cash of $470 million and $464 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $110 million and $49 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $44 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.

ComEd, PECO, and BGE

	ComEd								PECO								BGE
As of March 31, 2022	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	537	$	—	$	—	$	537	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Rabbi trust investments
Cash equivalents	—		—		—		—		1		—		—		1		—		—		—		—
Mutual funds	—		—		—		—		9		—		—		9		7		—		—		7
Life insurance contracts	—		—		—		—		—		17		—		17		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		10		17		—		27		7		—		—		7
Total assets	537		—		—		537		19		17		—		36		7		—		—		7
Liabilities
Mark-to-market derivative liabilities(b)	—		—		(144)		(144)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(9)		—		(9)		—		(8)		—		(8)		—		(5)		—		(5)
Total liabilities	—		(9)		(144)		(153)		—		(8)		—		(8)		—		(5)		—		(5)
Total net assets (liabilities)	$	537	$	(9)	$	(144)	$	384	$	19	$	9	$	—	$	28	$	7	$	(5)	$	—	$	2

	ComEd								PECO								BGE
As of December 31, 2021	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	237	$	—	$	—	$	237	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Rabbi trust investments
Mutual funds	—		—		—		—		11		—		—		11		14		—		—		14
Life insurance contracts	—		—		—		—		—		16		—		16		—		—		—		—
Rabbi trust investments subtotal	—		—		—		—		11		16		—		27		14		—		—		14
Total assets	237		—		—		237		20		16		—		36		14		—		—		14
Liabilities
Mark-to-market derivative liabilities(b)	—		—		(219)		(219)		—		—		—		—		—		—		—		—
Deferred compensation obligation	—		(10)		—		(10)		—		(9)		—		(9)		—		(7)		—		(7)
Total liabilities	—		(10)		(219)		(229)		—		(9)		—		(9)		—		(7)		—		(7)
Total net assets (liabilities)	$	237	$	(10)	$	(219)	$	8	$	20	$	7	$	—	$	27	$	14	$	(7)	$	—	$	7

__________

(a)ComEd excludes cash of $71 million and $105 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $73 million and $42 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $43 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $25 million and $35 million as of March 31, 2022 and December 31, 2021, respectively. BGE excludes cash of $41 million and $51 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $34 million and $4 million as of March 31, 2022 and December 31, 2021, respectively.

(b)The Level 3 balance consists of the current and noncurrent liability of none and $144 million, respectively, as of March 31, 2022 and $18 million and $201 million, respectively, as of December 31, 2021 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

PHI, Pepco, DPL, and ACE

	As of March 31, 2022								As of December 31, 2021
PHI	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	599	$	—	$	—	$	599	$	110	$	—	$	—	$	110
Rabbi trust investments
Cash equivalents	61		—		—		61		59		—		—		59
Mutual funds	12		—		—		12		14		—		—		14
Fixed income	—		9		—		9		—		10		—		10
Life insurance contracts	—		24		36		60		—		27		35		62
Rabbi trust investments subtotal	73		33		36		142		73		37		35		145
Total assets	672		33		36		741		183		37		35		255
Liabilities
Deferred compensation obligation	—		(17)		—		(17)		—		(18)		—		(18)
Total liabilities	—		(17)		—		(17)		—		(18)		—		(18)
Total net assets	$	672	$	16	$	36	$	724	$	183	$	19	$	35	$	237

	Pepco								DPL								ACE
As of March 31, 2022	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	294	$	—	$	—	$	294	$	152	$	—	$	—	$	152	$	153	$	—	$	—	$	153
Rabbi trust investments
Cash equivalents	59		—		—		59		—		—		—		—		—		—		—		—
Life insurance contracts	—		24		36		60		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	59		24		36		119		—		—		—		—		—		—		—		—
Total assets	353		24		36		413		152		—		—		152		153		—		—		153
Liabilities
Deferred compensation obligation	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total liabilities	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total net assets	$	353	$	22	$	36	$	411	$	152	$	—	$	—	$	152	$	153	$	—	$	—	$	153

	Pepco								DPL								ACE
As of December 31, 2021	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	31	$	—	$	—	$	31	$	43	$	—	$	—	$	43	$	—	$	—	$	—	$	—
Rabbi trust investments
Cash equivalents	58		—		—		58		—		—		—		—		—		—		—		—
Life insurance contracts	—		27		35		62		—		—		—		—		—		—		—		—
Rabbi trust investments subtotal	58		27		35		120		—		—		—		—		—		—		—		—
Total assets	89		27		35		151		43		—		—		43		—		—		—		—
Liabilities
Deferred compensation obligation	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total liabilities	—		(2)		—		(2)		—		—		—		—		—		—		—		—
Total net assets	$	89	$	25	$	35	$	149	$	43	$	—	$	—	$	43	$	—	$	—	$	—	$	—

__________

(a)PHI excludes cash of $300 million and $100 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. Pepco excludes cash of $239 million and $34 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. DPL excludes cash of $41 million and $28 million as of March 31, 2022 and December 31, 2021, respectively. ACE excludes cash of $15 million and $29 million as of March 31, 2022 and December 31, 2021, respectively.

Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

Reconciliation of Level 3 Assets and Liabilities

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2022 and 2021:

	Exelon		ComEd			PHI and Pepco
Three months ended March 31, 2022	Total		Mark-to-Market Derivatives			Life Insurance Contracts
Balance as of January 1, 2022	$	(182)	$	(219)		$	35
Total realized / unrealized gains
Included in net income(a)	1		—			1
Included in regulatory assets	75		75		(b)	—
Transfers out of Level 3	(1)		—			—
Balance as of March 31, 2022	$	(107)	$	(144)		$	36
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of March 31, 2022	$	1	$	—		$	1

	Exelon		ComEd			PHI and Pepco
Three Months Ended March 31, 2021	Total		Mark-to-Market Derivatives			Life Insurance Contracts
Balance as of January 1, 2021	$	(267)	$	(301)		$	34
Total realized / unrealized gains
Included in net income(a)	1		—			1
Included in regulatory assets	6		6		(b)	—
Balance as of March 31, 2021	$	(260)	$	(295)		$	35
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities as of March 31, 2021	$	1	$	—		$	1

__________

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

(b)Includes $69 million of increases in fair value and an increase for realized losses due to settlements of $6 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2022. Includes $2 million of decreases in fair value and an increase for realized losses due to settlements of $8 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2021.

Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique

Mark-to-Market Derivatives (Exelon and ComEd)

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

Type of trade	Fair Value as of March 31, 2022		Fair Value as of December 31, 2021		Valuation Technique	Unobservable Input	2022 Range & Arithmetic Average				2021 Range & Arithmetic Average
Mark-to-market derivatives	$	(144)	$	(219)	Discounted Cash Flow	Forward heat rate(a)	8.90x	-	9.10x	9.00x	9x	-	10x	9.13x
						Marketability reserve	4%	-	5%	4.35%	3%	-	7%	4.77%
						Renewable factor	92%	-	120%	98%	92%	-	120%	97%

__________

(a)Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

PHI Merger Commitments

The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE as of March 31, 2022:

Description	Exelon		PHI		Pepco		DPL		ACE
Total commitments	$	513	$	320	$	120	$	89	$	111
Remaining commitments(a)	65		55		46		6		3

__________

(a)Remaining commitments extend through 2026 and include rate credits, energy efficiency programs and delivery system modernization.

Commercial Commitments

The Registrants’ commercial commitments as of March 31, 2022, representing commitments potentially triggered by future events were as follows:

			Expiration within
	Total		2022		2023		2024		2025		2026		2027 and beyond
Exelon
Letters of credit	$	14	$	12	$	2	$	—	$	—	$	—	$	—
Surety bonds(a)	201		188		11		2		—		—		—
Financing trust guarantees	378		—		—		—		—		—		378
Guaranteed lease residual values(b)	30		1		3		6		5		5		10
Total commercial commitments	$	623	$	201	$	16	$	8	$	5	$	5	$	388
ComEd
Letters of credit	$	7	$	7	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	17		12		3		2		—		—		—
Financing trust guarantees	200		—		—		—		—		—		200
Total commercial commitments	$	224	$	19	$	3	$	2	$	—	$	—	$	200
PECO
Letters of credit	$	1	$	1	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	3		2		1		—		—		—		—
Financing trust guarantees	178		—		—		—		—		—		178
Total commercial commitments	$	182	$	3	$	1	$	—	$	—	$	—	$	178
BGE
Letters of credit	$	2	$	2	$	—	$	—	$	—	$	—	$	—
Surety bonds(a)	4		3		1		—		—		—		—
Total commercial commitments	$	6	$	5	$	1	$	—	$	—	$	—	$	—
PHI
Surety bonds(a)	$	94	$	91	$	3	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	30		1		3		6		5		5		10
Total commercial commitments	$	124	$	92	$	6	$	6	$	5	$	5	$	10
Pepco
Surety bonds(a)	$	84	$	84	$	—	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	10		—		1		2		2		2		3
Total commercial commitments	$	94	$	84	$	1	$	2	$	2	$	2	$	3
DPL
Surety bonds(a)	$	6	$	3	$	3	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	13		1		1		3		2		2		4
Total commercial commitments	$	19	$	4	$	4	$	3	$	2	$	2	$	4
ACE
Surety bonds(a)	$	4	$	4	$	—	$	—	$	—	$	—	$	—
Guaranteed lease residual values(b)	7		—		1		1		1		1		3
Total commercial commitments	$	11	$	4	$	1	$	1	$	1	$	1	$	3

__________

(a)Surety bonds — Guarantees issued related to contract and commercial agreements, excluding bid bonds.

(b)Represents the maximum potential obligation in the event that the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 8 years. The maximum potential obligation at the end of the minimum lease term would be $73 million guaranteed by Exelon and PHI, of which $25 million, $30 million, and $18 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.

Accrued environmental liabilities

As of March 31, 2022 and December 31, 2021, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Other current liabilities and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:

	March 31, 2022				December 31, 2021
	Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation		Total environmental investigation and remediation liabilities		Portion of total related to MGP investigation and remediation
Exelon	$	354	$	305	$	352	$	303
ComEd	279		279		279		279
PECO	21		20		22		20
BGE	7		6		6		4
PHI	42		—		42		—
Pepco	40		—		40		—
DPL	1		—		1		—
ACE	1		—		1		—

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Changes in Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2022

Changes in Accumulated Other Comprehensive Income [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following tables present changes in Exelon's AOCI, net of tax, by component:

Three Months Ended March 31, 2022	Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Balance at December 31, 2021	$	(6)	$	(2,721)	$	(23)	$	(2,750)
Separation of Constellation	6		1,994		23		2,023
Amounts reclassified from AOCI	—		14		—		14
Net current-period OCI	—		14		—		14
Balance at March 31, 2022	$	—	$	(713)	$	—	$	(713)

Three Months Ended March 31, 2021	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Balance at December 31, 2020	$	(5)	$	(3,372)	$	(23)	$	(3,400)
OCI before reclassifications	—		(2)		1		(1)
Amounts reclassified from AOCI	—		55		—		55
Net current-period OCI	—		53		1		54
Balance at March 31, 2021	$	(5)	$	(3,319)	$	(22)	$	(3,346)

______

(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. Additionally, as of February 1, 2022, in connection with the separation, Exelon's pension and OPEB plans were remeasured. See Note 8 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI.

Schedule of Income Taxes Allocated to Other Comprehensive Income (Loss) Components

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

	Three Months Ended March 31,
	2022		2021
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	$	—	$	1
Actuarial loss reclassified to periodic benefit cost	(5)		(19)

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Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2022

Supplemental Financial Information [Abstract]

Taxes Other Than Income Taxes

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

	Taxes other than income taxes
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Utility taxes(a)	$	221	$	78	$	38	$	27	$	78	$	70	$	7	$	1
Property	94		10		4		46		34		23		10		1
Payroll	37		7		4		4		7		2		1		1
Three Months Ended March 31, 2021
Utility taxes(a)	$	193	$	59	$	35	$	25	$	74	$	67	$	6	$	1
Property	86		8		4		42		32		21		10		1
Payroll	33		7		4		5		7		2		1		—

_________

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

Schedule of Other Nonoperating Income, by Component

	Other, net
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
AFUDC — Equity	$	36	$	8	$	7	$	6	$	15	$	11	$	2	$	2
Non-service net periodic benefit cost	17		—		—		—		—		—		—		—
Three Months Ended March 31, 2021
AFUDC — Equity	$	28	$	4	$	6	$	7	$	11	$	9	$	1	$	1
Non-service net periodic benefit cost	20		—		—		—		—		—		—		—

Cash Flow Supplemental Disclosures

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

	Depreciation and amortization
	Exelon(a)		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Property, plant, and equipment(b)	$	726	$	254	$	88	$	117	$	164	$	72	$	45	$	41
Amortization of regulatory assets(b)	179		67		4		54		54		36		12		6
Amortization of intangible assets, net(b)	6		—		—		—		—		—		—		—
Amortization of energy contract assets and liabilities(c)	3		—		—		—		—		—		—		—
Nuclear fuel(d)	66		—		—		—		—		—		—		—
ARO accretion(e)	44		—		—		—		—		—		—		—
Total depreciation, amortization, and accretion	$	1,024	$	321	$	92	$	171	$	218	$	108	$	57	$	47
Three Months Ended March 31, 2021
Property, plant, and equipment(b)	$	1,522	$	239	$	82	$	106	$	154	$	67	$	42	$	37
Amortization of regulatory assets(b)	160		53		4		46		56		35		11		10
Amortization of intangible assets, net(b)	15		—		—		—		—		—		—		—
Amortization of energy contract assets and liabilities(c)	4		—		—		—		—		—		—		—
Nuclear fuel(d)	276		—		—		—		—		—		—		—
ARO accretion(e)	127		—		—		—		—		—		—		—
Total depreciation, amortization, and accretion	$	2,104	$	292	$	86	$	152	$	210	$	102	$	53	$	47

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

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

(c)Included in Operating revenues or Purchased power and fuel expense in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.

(d)Included in Purchased fuel expense in Exelon's Consolidated Statement of Operations and Comprehensive Income.

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

	Other non-cash operating activities
	Exelon(a)		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Three Months Ended March 31, 2022
Pension and non-pension postretirement benefit costs	$	44	$	16	$	(2)	$	12	$	13	$	2	$	1	$	3
Allowance for credit losses	78		17		27		18		18		9		6		3
Other decommissioning-related activity	36		—		—		—		—		—		—		—
Energy-related options	60		—		—		—		—		—		—		—
True-up adjustments to decoupling mechanisms and formula rates(b)	(29)		(40)		(6)		12		5		7		1		(3)
Long-term incentive plan	25		—		—		—		—		—		—		—
Amortization of operating ROU asset	23		1		—		7		7		2		2		1
AFUDC — Equity	(36)		(8)		(7)		(6)		(15)		(11)		(2)		(2)
Three Months Ended March 31, 2021
Pension and non-pension postretirement benefit costs	$	95	$	32	$	2	$	14	$	12	$	2	$	1	$	3
Allowance for credit losses	85		13		24		4		10		5		4		1
Other decommissioning-related activity	(322)		—		—		—		—		—		—		—
Energy-related options	17		—		—		—		—		—		—		—
True-up adjustments to decoupling mechanisms and formula rates(b)	(129)		(54)		(10)		(18)		(46)		(26)		(9)		(11)
Long-term incentive plan	32		—		—		—		—		—		—		—
Amortization of operating ROU asset	37		—		—		7		7		1		3		1
AFUDC — Equity	(28)		(4)		(6)		(7)		(11)		(9)		(1)		(1)

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

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

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

	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022
Cash and cash equivalents	$	2,476	$	343	$	26	$	41	$	796	$	502	$	120	$	168
Restricted cash and cash equivalents	430		246		8		34		106		34		73		—
Restricted cash included in other long-term assets	92		92		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	2,998	$	681	$	34	$	75	$	902	$	536	$	193	$	168
December 31, 2021
Cash and cash equivalents	$	672	$	131	$	36	$	51	$	136	$	34	$	28	$	29
Restricted cash and cash equivalents	321		210		8		4		77		34		43		—
Restricted cash included in other long-term assets	44		43		—		—		—		—		—		—
Cash, restricted cash, and cash equivalents from discontinued operations	582		—		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents	$	1,619	$	384	$	44	$	55	$	213	$	68	$	71	$	29
March 31, 2021
Cash and cash equivalents	$	1,908	$	86	$	48	$	21	$	558	$	134	$	64	$	353
Restricted cash and cash equivalents	374		270		7		1		37		33		—		4
Restricted cash included in other long-term assets	52		43		—		—		9		—		—		9
Total cash, restricted cash, and cash equivalents(a)	$	2,334	$	399	$	55	$	22	$	604	$	167	$	64	$	366
December 31, 2020
Cash and cash equivalents	$	663	$	83	$	19	$	144	$	111	$	30	$	15	$	17
Restricted cash and cash equivalents	438		279		7		1		39		35		—		3
Restricted cash included in other long-term assets	53		43		—		—		10		—		—		10
Cash, restricted cash, and cash equivalents - Held for Sale	12		—		—		—		—		—		—		—
Total cash, restricted cash, and cash equivalents(a)	$	1,166	$	405	$	26	$	145	$	160	$	65	$	15	$	30

__________

(a)Exelon's amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information.

For additional information on restricted cash see Note 1 — Significant Accounting Policies of the Exelon 2021 Form 10-K.

Supplemental Balance Sheet Disclosures

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

	Accrued expenses
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
March 31, 2022
Compensation-related accruals(a)	$	370	$	95	$	51	$	48	$	73	$	26	$	15	$	12
Taxes accrued	258		95		15		78		94		85		10		9
Interest accrued	346		66		36		39		77		37		21		17
December 31, 2021
Compensation-related accruals(a)	$	596	$	155	$	77	$	78	$	113	$	35	$	20	$	17
Taxes accrued	253		94		14		53		96		88		9		11
Interest accrued	297		116		41		44		52		28		8		11

__________

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

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Operating Revenues and Purchased Power and Fuel

The Utility Registrants incurred expenses from transactions with the Generation affiliate as described in the footnotes to the table below prior to separation on February 1, 2022. Such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants:

	Three Months Ended March 31,
	2022		2021
ComEd(a)	$	59	$	85
PECO(b)	33		42
BGE(c)	18		72
PHI	51		100
Pepco(d)	39		75
DPL(e)	10		21
ACE(f)	2		4

__________

(a)ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation.

(b)PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs.

(c)BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs.

(d)Pepco received electric supply from Generation under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC.

(e)DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs.

(f)ACE received electric supply from Generation under contracts executed through ACE's competitive procurement process approved by the NJBPU.

BSC and PHISCO Service Companies

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

	Operating and maintenance from affiliates				Capitalized costs
	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2021		2022		2021
Exelon
BSC					$	205	$	114
PHISCO					19		17
ComEd
BSC	$	85	$	71	85		45
PECO
BSC	49		39		36		17
BGE
BSC	51		43		38		20
PHI
BSC	50		39		46		32
PHISCO					19		17
Pepco
BSC	29		22		17		13
PHISCO	29		30		8		7
DPL
BSC	18		14		14		10
PHISCO	24		25		6		5
ACE
BSC	15		12		15		8
PHISCO	21		22		5		5

Current Receivables From/Payables To Affiliates

The following tables present current receivables from affiliates and current payables to affiliates:

March 31, 2022

	Receivables from affiliates:
Payables to affiliates:	ComEd		PECO		BGE		Pepco		DPL		ACE		BSC		PHISCO		Other		Total
ComEd			$	—	$	—	$	—	$	—	$	—	$	64	$	—	$	2	$	66
PECO	$	—			—		—		—		—		33		—		5		38
BGE	—		—				—		—		—		35		—		2		37
PHI	—		—		—		—		—		—		7		1		10		18
Pepco	—		—		—				—		—		19		15		—		34
DPL	—		—		—		—				—		3		12		—		15
ACE	—		—		—		—		—				12		11		—		23
Other	3		—		—		—		—		—		—		—				3
Total	$	3	$	—	$	—	$	—	$	—	$	—	$	173	$	39	$	19	$	234

December 31, 2021

	Receivables from affiliates:
Payables to affiliates:	ComEd		PECO		BGE		Pepco		DPL		ACE		Generation		BSC		PHISCO		Other		Total
ComEd			$	—	$	—	$	—	$	—	$	—	41		$	71	$	—	$	9	$	121
PECO	$	—			—		—		—		—		30		36		—		4		70
BGE	—		—				—		—		—		4		41		—		3		48
PHI	—		1		—		—		—		1		—		5		—		9		16
Pepco	—		—		1				1		1		20		21		12		3		59
DPL	—		—		—		—				—		4		17		11		1		33
ACE	—		—		—		—		—				7		13		9		2		31
Generation	13		—		—		—		—		—				102		—		16		131
Other	3		—		—		—		—		—		11		—		—				14
Total	$	16	$	1	$	1	$	—	$	1	$	2	$	117	$	306	$	32	$	47	$	523

Long Term Debt to Financing Trusts

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

	March 31, 2022						December 31, 2021
	Exelon		ComEd		PECO		Exelon		ComEd		PECO
ComEd Financing III	$	206	$	205	$	—	$	206	$	205	$	—
PECO Trust III	81		—		81		81		—		81
PECO Trust IV	103		—		103		103		—		103
Total	$	390	$	205	$	184	$	390	$	205	$	184

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Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jan. 01, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Retained earnings/Undistributed earnings (losses)	$ 4,028		$ 16,942
Deferred income taxes and unamortized investment tax credits	11,089		10,611
Net income (loss)	598	$ (264)
Atlantic City Electric Company [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Retained earnings/Undistributed earnings (losses)	(8)		(15)
Deferred income taxes and unamortized investment tax credits	692		682
Net income (loss)	26	14
Pepco Holdings LLC [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Retained earnings/Undistributed earnings (losses)	(182)		(210)
Deferred income taxes and unamortized investment tax credits	2,723		$ 2,675
Net income (loss)	130	128
Atlantic City Electric Company [Member] | Atlantic City Electric Company [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Retained earnings/Undistributed earnings (losses)				$ 8
Regulatory Liabilities				11
Deferred income taxes and unamortized investment tax credits				$ 3
Net income (loss)		$ 1
Pepco Holdings LLC [Member] | Pepco Holdings LLC [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ 8

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Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Feb. 01, 2022	Jan. 31, 2022
Discontinued Operations - Income Statement
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Expense	$ 56
Exelon Generation Co L L C [Member]
Discontinued Operations - Income Statement
Net assets			$ (11,573)
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Expense	9
Corporate, Non-Segment [Member]
Discontinued Operations - Income Statement
Common Stock, Shares, Issued			326,663,937
Separation Cash Payment				$ 1,750
Proceeds from Sale and Collection of Notes Receivable		$ 258
Corporate, Non-Segment [Member] | ShortTermDebtSOFRplus0.75Jan2023
Discontinued Operations - Income Statement
Short-term Bank Loans and Notes Payable	1,150	1,150
Corporate, Non-Segment [Member] | SMBCTermLoanJuly2023 | Notes Payable to Banks [Member]
Discontinued Operations - Income Statement
Debt Instrument, Face Amount	300	300
Corporate, Non-Segment [Member] | USBTermLoanJuly2023 | Notes Payable to Banks [Member]
Discontinued Operations - Income Statement
Debt Instrument, Face Amount	300	300
Corporate, Non-Segment [Member] | PNCTermLoanJuly2023 | Notes Payable to Banks [Member]
Discontinued Operations - Income Statement
Debt Instrument, Face Amount	$ 250	$ 250

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Discontinued Operations and Disposal Groups (Details) - Income Statement - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations - Income Statement
Revenue from Related Parties	$ 6	$ 7
Operating and maintenance	1,178	1,083
Cost, Depreciation and Amortization	817	757
Taxes, Miscellaneous	354	317
Costs and Expenses	4,427	3,808
Other, net	137	58
Nonoperating Income (Expense)	(201)	(260)
Income taxes	218	39
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	117	(789)
Net income (loss) attributable to noncontrolling interests	1	25
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic	116	(814)
Total transaction and transition costs incurred related to the Separation	52	3
Total transaction costs relating to the Separation	19
Exelon Generation Co L L C [Member]
Discontinued Operations - Income Statement
Revenue from Contract with Customer, Including Assessed Tax	1,855	5,265
Revenue from Related Parties	161	294
Disposal Group, Including Discontinued Operation, Revenue	2,016	5,559
Purchased power and/or fuel	1,138	4,610
Operating and maintenance	371	904
Cost, Depreciation and Amortization	94	940
Taxes, Miscellaneous	44	121
Costs and Expenses	1,647	6,575
Gain (Loss) on Disposition of Assets	10	71
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	379	(945)
Disposal Group, Including Discontinued Operation, Interest Expense	(20)	(68)
Other, net	(281)	167
Nonoperating Income (Expense)	(301)	99
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	78	(846)
Income taxes	(40)	(58)
Income (Loss) from Equity Method Investments	(1)	(1)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	117	(789)
Net income (loss) attributable to noncontrolling interests	1	25
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic	116	(814)
Total transition costs relating to the Separation	2	1
Total transaction costs relating to the Separation	$ 50	$ 2

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Discontinued Operations and Disposal Groups (Details) - Balance Sheet - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Discontinued Operations - Income Statement
Restricted cash	$ 430	$ 321	$ 374	$ 438
Customer accounts receivable	2,365	2,189
Accounts Receivable, Allowance for Credit Loss, Current	(389)	(320)
Other accounts receivable	1,148	1,068
Allowance for Credit Loss, Receivable, Other, Current	(81)	(72)
Other Receivables, Net, Current	1,067	996
Fossil fuel and emission allowances	39	105
Materials and supplies inventory, net	473	476
Current assets of discontinued operations	0	7,835
Accumulated depreciation and amortization	14,878	14,430
Investments	244	250
Other Assets, Noncurrent	1,045	885
Property, plant, and equipment, deferred debits, and other assets of discontinued operations	0	38,509
Assets	92,698	133,013
Short-term Debt	1,900	1,248
Long-term Debt and Lease Obligation, Current	2,154	2,153
Mark-to-market derivative liabilities (current liabilities)	0	18
Current liabilities of discontinued operations	0	7,940
Long-term Debt, Excluding Current Maturities	35,008	30,749
Deferred income taxes and unamortized investment tax credits	11,089	10,611
Asset retirement obligations, noncurrent	273	271
Derivative Liability, Noncurrent	144	201
Other	2,187	1,573
Long-term debt, deferred credits, and other liabilities of discontinued operations	0	25,676
Liabilities	$ 69,207	98,218
Exelon Generation Co L L C [Member]
Discontinued Operations - Income Statement
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents		510
Restricted cash		72
Customer accounts receivable		1,724
Accounts Receivable, Allowance for Credit Loss, Current		(55)
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net		1,669
Other accounts receivable		596
Allowance for Credit Loss, Receivable, Other, Current		(4)
Other Receivables, Net, Current		592
Mark-to-market derivative assets, current		2,169
Fossil fuel and emission allowances		284
Materials and supplies inventory, net		1,004
Renewable energy credits, current		529
Disposal Group, Including Discontinued Operations, Assets, Current - Assets held for sale		13
Disposal Group, Including Discontinued Operation, Other Assets, Current		993
Current assets of discontinued operations		7,835
Accumulated depreciation and amortization		15,888
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent		19,661
Nuclear decommissioning trust funds		15,938
Investments		193
Derivative Asset, Noncurrent		949
Other Assets, Noncurrent		1,768
Property, plant, and equipment, deferred debits, and other assets of discontinued operations		38,509
Assets		46,344
Short-term Debt		2,082
Long-term Debt and Lease Obligation, Current		1,220
Disposal Group, Including Discontinued Operation, Accounts Payable, Current		1,757
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current		818
Mark-to-market derivative liabilities (current liabilities)		981
Energy Marketing Accounts Payable		779
Disposal Group, Including Discontinued Operations, Assets, Current - Liabilities held for sale		3
Disposal Group, Including Discontinued Operation, Other Liabilities, Current		300
Current liabilities of discontinued operations		7,940
Long-term Debt, Excluding Current Maturities		4,575
Deferred income taxes and unamortized investment tax credits		3,583
Asset retirement obligations, noncurrent		12,819
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation, Noncurrent		939
Disposal Group, Including Discontinued Operation, Postretirement Plan Benefit Obligation, Noncurrent		876
Spent Nuclear Fuel Obligation, Noncurrent		1,210
Derivative Liability, Noncurrent		513
Other		1,161
Long-term debt, deferred credits, and other liabilities of discontinued operations		25,676
Liabilities		$ 33,616

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Discontinued Operations and Disposal Groups (Details) - Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations - Income Statement
Depreciation, Amortization and Accretion, Net	$ 1,024	$ 2,104
Gain (Loss) on Sale of Assets and Asset Impairment Charges	(10)	(71)
Deferred income taxes and amortization of investment tax credits	110	(142)
Net fair value changes related to derivatives	(59)	(178)
Net realized and unrealized (gains) losses on NDT funds	205	(118)
Net unrealized (gains) losses on equity investments	16	23
Other non-cash operating activities	(232)	170
Payments to Acquire Property, Plant, and Equipment	(1,922)	(2,140)
Collection of deferred purchase price	169	1,574
Decrease in capital expenditures not paid	(322)	(324)
Increase in deferred purchase price	348	1,339
Increase in PPE related to ARO update	(335)	2
Exelon Generation Co L L C [Member]
Discontinued Operations - Income Statement
Depreciation, Amortization and Accretion, Net	207	1,346
Gain (Loss) on Sale of Assets and Asset Impairment Charges	9	(71)
Deferred income taxes and amortization of investment tax credits	(143)	(234)
Net fair value changes related to derivatives	(59)	(178)
Net realized and unrealized (gains) losses on NDT funds	205	(118)
Net unrealized (gains) losses on equity investments	16	23
Other non-cash operating activities	36	(332)
Payments to Acquire Property, Plant, and Equipment	(227)	(394)
Collection of deferred purchase price	169	1,574
Decrease in capital expenditures not paid	(128)	(37)
Increase in deferred purchase price	348	1,339
Increase in PPE related to ARO update	$ 335	$ 0

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Mergers, Acquisitions, and Dispositions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Dispositions
Gain (Loss) on Sale of Assets and Asset Impairment Charges	$ 10	$ 71

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Regulatory Matters - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
PECO Energy Co [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Assets	$ 66
Increase (Decrease) in Regulatory Liabilities	(112)
PECO Energy Co [Member] | Nuclear Decommissioning [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Liabilities	(111)
PECO Energy Co [Member] | Deferred Income Tax Charge [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Assets	60
Baltimore Gas and Electric Company [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Assets	(50)
Increase (Decrease) in Regulatory Liabilities	(53)
Baltimore Gas and Electric Company [Member] | Deferred Income Tax Charge [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Liabilities	(65)
Baltimore Gas and Electric Company [Member] | Electric Energy and Natural Gas Cost [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Assets	(19)
Baltimore Gas and Electric Company [Member] | Energy Efficiency and Demand Response Programs
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Assets	(16)
Atlantic City Electric Company [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Contract Termination Liability	203
Increase (Decrease) in Regulatory Assets	205
Increase (Decrease) in Regulatory Liabilities	(19)
Atlantic City Electric Company [Member] | Other Current Liabilities
Regulatory Matters Additional Narrative Information [Line Items]
Contract Termination Liability	85
Atlantic City Electric Company [Member] | Other Noncurrent Liabilities
Regulatory Matters Additional Narrative Information [Line Items]
Contract Termination Liability	118
Atlantic City Electric Company [Member] | Deferred Income Tax Charge [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Liabilities	(9)
Atlantic City Electric Company [Member] | Electric Transmission Formula Rate Annual Reconciliations [Member]
Regulatory Matters Additional Narrative Information [Line Items]
Increase (Decrease) in Regulatory Liabilities	$ (5)

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Regulatory Matters - Schedule of Completed Rate Cases (Details) - USD ($) $ in Millions	Mar. 02, 2022	Feb. 23, 2022	Dec. 23, 2021	Dec. 22, 2021	Dec. 01, 2021	Nov. 18, 2021	Jul. 14, 2021	Jun. 28, 2021	Jun. 08, 2021	Apr. 16, 2021	Mar. 31, 2021	Mar. 30, 2021	Feb. 26, 2021	Dec. 16, 2020	Sep. 11, 2020	Jun. 01, 2020
Commonwealth Edison Co [Member] | Illinois 2021 Electric Distribution Base Rate Case
Regulatory Matters Completed Rate Cases [Line Items]
Requested Revenue Requirement Increase (Decrease)										$ 51
Approved Revenue Requirement Increase (Decrease)					$ 46
Approved Return on Equity, Percentage					7.36%
Commonwealth Edison Co [Member] | Illinois 2021 Electric Distribution Base Rate Case | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)					$ 37
Approved Return on Equity, Percentage					7.36%
Public Utilities, Approved Equity Capital Structure, Percentage					5.72%
Basis points for ComEd's Revenue Requirement					580
Commonwealth Edison Co [Member] | Illinois 2021 Electric Distribution Base Rate Case 2020 Reconciliation | 2020
Regulatory Matters Completed Rate Cases [Line Items]
Approved Return on Equity, Percentage					7.29%
Public Utilities Requested Rate Increase (Decrease), Prior Year Annual Reconciliation					$ 9
Public Utilities, Approved Equity Capital Structure, Percentage					5.69%
Basis points for ComEd's Revenue Requirement					580
Commonwealth Edison Co [Member] | Illinois 2021 Electric Distribution Base Rate Case 2020 Reconciliation | Performance Metrics Penalty | 2020
Regulatory Matters Completed Rate Cases [Line Items]
Basis points for ComEd's Revenue Requirement					7
PECO Energy Co [Member] | Pennsylvania 2021 Electric Distribution Base Rate Case
Regulatory Matters Completed Rate Cases [Line Items]
Requested Revenue Requirement Increase (Decrease)												$ 246
Approved Revenue Requirement Increase (Decrease)						$ 132
Baltimore Gas and Electric Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member]
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount															$ 203
Approved Revenue Requirement Increase (Decrease)														$ 140
Approved Return on Equity, Percentage														9.50%
Baltimore Gas and Electric Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | 2021
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)														$ 59
Baltimore Gas and Electric Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)														39
Baltimore Gas and Electric Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | 2023
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)														42
Baltimore Gas and Electric Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | Offsets | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Percentage				25.00%
Baltimore Gas and Electric Company [Member] | Maryland 2020 Gas Distribution Base Rate Case [Member]
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount															$ 108
Approved Revenue Requirement Increase (Decrease)														$ 74
Approved Return on Equity, Percentage														9.65%
Baltimore Gas and Electric Company [Member] | Maryland 2020 Gas Distribution Base Rate Case [Member] | 2021
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)														$ 53
Baltimore Gas and Electric Company [Member] | Maryland 2020 Gas Distribution Base Rate Case [Member] | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)														11
Baltimore Gas and Electric Company [Member] | Maryland 2020 Gas Distribution Base Rate Case [Member] | 2023
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)														$ 10
Baltimore Gas and Electric Company [Member] | Maryland 2020 Gas Distribution Base Rate Case [Member] | Offsets | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Percentage				50.00%
Potomac Electric Power Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member]
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount											$ 104
Approved Revenue Requirement Increase (Decrease)								$ 52
Approved Return on Equity, Percentage								9.55%
Potomac Electric Power Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)								$ 21
Potomac Electric Power Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | 2023
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)								16
Potomac Electric Power Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | 2024
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)								$ 15
Potomac Electric Power Company [Member] | Maryland 2020 Electric Distribution Base Rate Case [Member] | Offsets | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Percentage		25.00%
Potomac Electric Power Company [Member] | District of Columbia 2019 Electric Distribution Base Rate Case [Member]
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount																$ 136
Approved Revenue Requirement Increase (Decrease)									$ 109
Approved Return on Equity, Percentage									9.275%
Potomac Electric Power Company [Member] | District of Columbia 2019 Electric Distribution Base Rate Case [Member] | 2021
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)									$ 42
Potomac Electric Power Company [Member] | District of Columbia 2019 Electric Distribution Base Rate Case [Member] | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)									67
Potomac Electric Power Company [Member] | District of Columbia 2019 Electric Distribution Base Rate Case [Member] | Offsets | 2021
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)									(22)
Potomac Electric Power Company [Member] | District of Columbia 2019 Electric Distribution Base Rate Case [Member] | Offsets | 2022
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)									$ (40)
Delmarva Power and Light Company [Member] | Maryland 2021 Electric Distribution Base Rate Case
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount			$ 27
Approved Revenue Requirement Increase (Decrease)	$ 13
Approved Return on Equity, Percentage	9.60%
Atlantic City Electric Company [Member] | New Jersey 2020 Electric Distribution Base Rate Case
Regulatory Matters Completed Rate Cases [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount													$ 67
Approved Revenue Requirement Increase (Decrease)							$ 41
Approved Return on Equity, Percentage							9.60%
Atlantic City Electric Company [Member] | New Jersey 2020 Electric Distribution Base Rate Case | Tax Benefits
Regulatory Matters Completed Rate Cases [Line Items]
Approved Revenue Requirement Increase (Decrease)							$ 11

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Regulatory Matters - Schedule of Pending Rate Cases (Details) - USD ($) $ in Millions	Apr. 15, 2022	Mar. 31, 2022	Feb. 28, 2022
Commonwealth Edison Co [Member] | Illinois 2022 Electric Distribution Base Rate Case
Regulatory Matters Pending Rate Cases [Line Items]
Requested Revenue Requirement Increase (Decrease)	$ 199
Commonwealth Edison Co [Member] | Illinois 2022 Electric Distribution Base Rate Case | 2023
Regulatory Matters Pending Rate Cases [Line Items]
Requested Return on Equity, Percentage	7.85%
Public Utilities, Requested Rate Increase (Decrease), Initial Revenue Requirement, Amount	$ 144
Requested Return on Distribution Rate Base, Percentage	5.94%
Basis points for ComEd's Revenue Requirement	580
Commonwealth Edison Co [Member] | Illinois 2022 Electric Distribution Base Rate Case | 2021
Regulatory Matters Pending Rate Cases [Line Items]
Requested Return on Equity, Percentage	7.78%
Public Utilities Requested Rate Increase (Decrease), Prior Year Annual Reconciliation	$ 55
Requested Return on Distribution Rate Base, Percentage	5.91%
Basis points for ComEd's Revenue Requirement	580
Commonwealth Edison Co [Member] | Illinois 2022 Electric Distribution Base Rate Case | Performance Metrics Penalty | 2021
Regulatory Matters Pending Rate Cases [Line Items]
Basis points for ComEd's Revenue Requirement	7
PECO Energy Co [Member] | Pennsylvania 2022 Natural Gas Distribution Base Rate Case
Regulatory Matters Pending Rate Cases [Line Items]
Requested Revenue Requirement Increase (Decrease)		$ 82
Requested Return on Equity, Percentage		10.95%
Delmarva Power and Light Company [Member] | Delaware 2022 Natural Gas Distribution Base Rate Case
Regulatory Matters Pending Rate Cases [Line Items]
Requested Revenue Requirement Increase (Decrease)			$ 15
Requested Return on Equity, Percentage			10.30%

XML

Regulatory Matters - Annual Electric Transmission Fillings (Details) - USD ($) $ in Millions	Apr. 29, 2022	Apr. 27, 2022
Commonwealth Edison Co [Member] | 2022 Transmission Formula Rate Annual Update [Domain]
Public Utilities, General Disclosures [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount	$ 24
Annual Reconciliation Increase	(24)
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount	$ 0
Public Utilities, Approved Equity Capital Structure, Percentage	8.11%
Public Utilities, Approved Return on Equity, Percentage	11.50%
Cap on Equity Component of Rate of Return on Common Equity in Federal Energy Regulatory Committee Complaint	55.00%
Basis points for Transmission Formula Rate	50
Baltimore Gas and Electric Company [Member] | 2022 Transmission Formula Rate Annual Update [Domain]
Public Utilities, General Disclosures [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount		$ 25
Annual Reconciliation Increase		(4)
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount		$ 16
Public Utilities, Approved Equity Capital Structure, Percentage		7.30%
Public Utilities, Approved Return on Equity, Percentage		10.50%
Basis points for Transmission Formula Rate		50
Baltimore Gas and Electric Company [Member] | 2022 Transmission Formula Rate Revenue Reduction
Public Utilities, General Disclosures [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount		$ 5

XML

Regulatory Matters - Capitalized Ratemaking Amount Not Recognized (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	$ 49	$ 43
Commonwealth Edison Co [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	2	1
PECO Energy Co [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	0	0
Baltimore Gas and Electric Company [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	34	37
Pepco Holdings LLC [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	13	5
Potomac Electric Power Company [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	11	3
Delmarva Power and Light Company [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	2	2
Atlantic City Electric Company [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Public Utilities, Amount of Allowance for Earnings on Equity Capitalized for Rate Making Purposes	$ 0	$ 0

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Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 107
Pepco Holdings LLC [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	107
Potomac Electric Power Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	85
Delmarva Power and Light Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	11
Atlantic City Electric Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	11
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Pepco Holdings LLC [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Potomac Electric Power Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Delmarva Power and Light Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Atlantic City Electric Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Pepco Holdings LLC [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Potomac Electric Power Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Delmarva Power and Light Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Atlantic City Electric Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Pepco Holdings LLC [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Potomac Electric Power Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Delmarva Power and Light Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Atlantic City Electric Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Pepco Holdings LLC [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Potomac Electric Power Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Delmarva Power and Light Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Atlantic City Electric Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 82
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Pepco Holdings LLC [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 82
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Potomac Electric Power Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 65
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Delmarva Power and Light Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Atlantic City Electric Company [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

XML

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 Reportable_segment
Segment Reporting Information [Line Items]
Number of reportable segments	6
Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	3

XML

Segment Information - Reconciliation to Consolidated Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 5,327	$ 4,632
Revenue from Related Parties	6	7
Depreciation and Amortization	817	757
Operating Expenses	4,427	3,808
Interest expense, net	338	318
Income (Loss) before income taxes	699	564
Income taxes	218	39
Net income (loss)	598	(264)
Capital expenditures	1,922	2,140
Assets	92,698		$ 133,013
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	481	525
Other Segments
Segment Reporting Information [Line Items]
Assets			86,677
Continuing Operations
Segment Reporting Information [Line Items]
Capital expenditures	1,695	1,746
Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenues	1,404	1,244
Revenue from Related Parties	3	3
Income (Loss) before income taxes	137	136
Income taxes	7	8
Net income (loss)	130	128
Capital expenditures	409	456
Assets	25,636		24,744
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(588)	(501)
Revenue from Related Parties	(587)	(497)
Depreciation and Amortization	0	0
Operating Expenses	(531)	(339)
Interest expense, net	0	0
Income (Loss) before income taxes	(43)	(149)
Income taxes	(10)	(12)
Capital expenditures	0	0
Assets	(4,156)		(8,319)
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	(33)	(137)
Intersegment Eliminations [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenues	(97)	(96)
Revenue from Related Parties	(97)	(96)
Depreciation and Amortization	0	0
Operating Expenses	(97)	(96)
Interest expense, net	0	0
Income (Loss) before income taxes	0	0
Income taxes	0	0
Net income (loss)	0	0
Capital expenditures	0	0
Assets	(44)		(60)
Commonwealth Edison Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,734	1,535
Depreciation and Amortization	321	292
Operating Expenses	1,406	1,210
Interest expense, net	100	96
Income (Loss) before income taxes	240	236
Income taxes	52	39
Capital expenditures	617	613
Assets	37,013		36,470
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	188	197
Commonwealth Edison Co [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	6	6
PECO Energy Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,047	889
Depreciation and Amortization	92	86
Operating Expenses	793	679
Interest expense, net	41	38
Income (Loss) before income taxes	220	177
Income taxes	14	10
Capital expenditures	344	295
Assets	14,113		13,824
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	206	167
PECO Energy Co [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	1	2
Baltimore Gas and Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,154	974
Depreciation and Amortization	171	152
Operating Expenses	919	752
Interest expense, net	35	34
Income (Loss) before income taxes	207	196
Income taxes	9	(13)
Capital expenditures	303	336
Assets	12,509		12,324
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	198	209
Baltimore Gas and Electric Company [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	7	6
Pepco Holdings LLC [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,404	1,244
Depreciation and Amortization	218	210
Operating Expenses	1,215	1,058
Interest expense, net	69	67
Income (Loss) before income taxes	137	136
Income taxes	7	8
Net income (loss)	130	128
Capital expenditures	409	456
Assets	25,636		24,744
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	130	128
Pepco Holdings LLC [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	3	3
Potomac Electric Power Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenues	614	553
Depreciation and Amortization	108	102
Operating Expenses	547	466
Interest expense, net	36	34
Income (Loss) before income taxes	44	65
Income taxes	(2)	6
Net income (loss)	46	59
Capital expenditures	218	220
Assets	10,458		9,903
Potomac Electric Power Company [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	1	1
Delmarva Power and Light Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenues	431	382
Depreciation and Amortization	57	53
Operating Expenses	357	309
Interest expense, net	16	15
Income (Loss) before income taxes	60	61
Income taxes	4	5
Net income (loss)	56	56
Capital expenditures	103	112
Assets	5,573		5,412
Delmarva Power and Light Company [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	1	2
Atlantic City Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenues	349	310
Depreciation and Amortization	47	47
Operating Expenses	311	282
Interest expense, net	14	15
Income (Loss) before income taxes	27	14
Income taxes	1	0
Net income (loss)	26	14
Capital expenditures	87	123
Assets	4,929		4,556
Atlantic City Electric Company [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	1	1
Corporate and Other [Member] | Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenues	576	491
Depreciation and Amortization	15	17
Operating Expenses	625	448
Interest expense, net	93	83
Income (Loss) before income taxes	(62)	(32)
Income taxes	146	7
Capital expenditures	22	46
Assets	7,583		7,634
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	(208)	(39)
Corporate and Other [Member] | Corporate, Non-Segment [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenues	107	95
Depreciation and Amortization	6	8
Operating Expenses	97	97
Interest expense, net	3	3
Income (Loss) before income taxes	6	(4)
Income taxes	4	(3)
Net income (loss)	2	(1)
Capital expenditures	1	1
Assets	4,720		$ 4,933
Corporate and Other [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	576	487
Corporate and Other [Member] | Intersegment Eliminations [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Related Parties	97	95
Rate-regulated electric revenues [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,522	3,991
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,323	1,124
Rate-regulated electric revenues [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(7)	(7)
Rate-regulated electric revenues [Member] | Intersegment Eliminations [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	7	(4)
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,734	1,535
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	741	661
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	736	632
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,318	1,170
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	614	553
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	348	311
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	349	310
Rate-regulated electric revenues [Member] | Corporate and Other [Member] | Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated electric revenues [Member] | Corporate and Other [Member] | Corporate, Non-Segment [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	805	641
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	83	71
Rate-regulated natural gas revenues [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(2)	0
Rate-regulated natural gas revenues [Member] | Intersegment Eliminations [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	306	228
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	418	342
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	83	71
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	83	71
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Corporate and Other [Member] | Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Corporate and Other [Member] | Corporate, Non-Segment [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(579)	(494)
Shared service and other revenues [Member] | Intersegment Eliminations [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(104)	(92)
Shared service and other revenues [Member] | Commonwealth Edison Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member] | PECO Energy Co [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member] | Baltimore Gas and Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member] | Pepco Holdings LLC [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3	3
Shared service and other revenues [Member] | Potomac Electric Power Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member] | Delmarva Power and Light Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member] | Atlantic City Electric Company [Member] | Operating Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Shared service and other revenues [Member] | Corporate and Other [Member] | Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	576	491
Shared service and other revenues [Member] | Corporate and Other [Member] | Corporate, Non-Segment [Member] | Pepco Holdings LLC [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 107	$ 95

XML

Segment Information - Electric and Gas Revenue by Customer Class (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Major Customer [Line Items]
Revenues	$ 5,327	$ 4,632
Revenue from Related Parties	6	7
Commonwealth Edison Co [Member]
Revenue, Major Customer [Line Items]
Revenues	1,734	1,535
Revenue from Related Parties	6	6
Commonwealth Edison Co [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenues	1,686	1,473
Commonwealth Edison Co [Member] | Other Regulated Revenue [Member]
Revenue, Major Customer [Line Items]
Revenues	48	62
PECO Energy Co [Member]
Revenue, Major Customer [Line Items]
Revenues	1,047	889
Revenue from Related Parties	1	2
PECO Energy Co [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenues	1,037	879
PECO Energy Co [Member] | Other Regulated Revenue [Member]
Revenue, Major Customer [Line Items]
Revenues	10	10
Baltimore Gas and Electric Company [Member]
Revenue, Major Customer [Line Items]
Revenues	1,154	974
Revenue from Related Parties	7	6
Baltimore Gas and Electric Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenues	1,160	956
Baltimore Gas and Electric Company [Member] | Other Regulated Revenue [Member]
Revenue, Major Customer [Line Items]
Revenues	(6)	18
Pepco Holdings LLC [Member]
Revenue, Major Customer [Line Items]
Revenues	1,404	1,244
Revenue from Related Parties	3	3
Pepco Holdings LLC [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenues	1,408	1,198
Pepco Holdings LLC [Member] | Other Regulated Revenue [Member]
Revenue, Major Customer [Line Items]
Revenues	(4)	46
Potomac Electric Power Company [Member]
Revenue, Major Customer [Line Items]
Revenues	614	553
Revenue from Related Parties	1	1
Potomac Electric Power Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenues	620	527
Potomac Electric Power Company [Member] | Other Regulated Revenue [Member]
Revenue, Major Customer [Line Items]
Revenues	(6)	26
Delmarva Power and Light Company [Member]
Revenue, Major Customer [Line Items]
Revenues	431	382
Revenue from Related Parties	1	2
Delmarva Power and Light Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenues	432	373
Delmarva Power and Light Company [Member] | Other Regulated Revenue [Member]
Revenue, Major Customer [Line Items]
Revenues	(1)	9
Atlantic City Electric Company [Member]
Revenue, Major Customer [Line Items]
Revenues	349	310
Revenue from Related Parties	1	1
Atlantic City Electric Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenues	346	299
Atlantic City Electric Company [Member] | Other Regulated Revenue [Member]
Revenue, Major Customer [Line Items]
Revenues	3	11
Rate-regulated electric revenues [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,522	3,991
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,688	1,475
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,686	1,473
Revenue from Related Parties	6	6
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8	8
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	857	741
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	423	367
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	153	134
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Public Authorities & Electric Railroads [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	14	11
Rate-regulated electric revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	239	220
Rate-regulated electric revenues [Member] | PECO Energy Co [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	734	649
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	732	651
Revenue from Related Parties	1	1
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3	0
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	487	433
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	111	100
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	64	57
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Public Authorities & Electric Railroads [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8	9
Rate-regulated electric revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	62	52
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	735	620
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	733	620
Revenue from Related Parties	2	2
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	0
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	417	362
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	81	69
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	131	105
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Public Authorities & Electric Railroads [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	7	7
Rate-regulated electric revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	97	77
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,323	1,124
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,325	1,127
Revenue from Related Parties	3	3
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1	0
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	652	605
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	141	118
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	323	248
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Public Authorities & Electric Railroads [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	16	13
Rate-regulated electric revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	193	143
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	620	526
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	620	527
Revenue from Related Parties	1	1
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1	0
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	275	253
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	38	33
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	253	184
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Public Authorities & Electric Railroads [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8	6
Rate-regulated electric revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	46	51
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	348	300
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	349	302
Revenue from Related Parties	2	2
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	207	190
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	56	46
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	26	21
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Public Authorities & Electric Railroads [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	4
Rate-regulated electric revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	56	41
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	345	298
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	346	299
Revenue from Related Parties	1	1
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	170	162
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	47	39
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	44	43
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Public Authorities & Electric Railroads [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	3
Rate-regulated electric revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	81	52
Rate-regulated natural gas revenues [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	805	641
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Transportation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	306	228
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	305	228
Revenue from Related Parties	0	0
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	218	160
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	76	59
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Transportation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8	7
Rate-regulated natural gas revenues [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3	2
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	424	330
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	427	336
Revenue from Related Parties	6	4
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	282	216
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	45	35
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	65	54
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Transportation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	35	31
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	83	71
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	83	71
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	51	46
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	21	18
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3	2
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Transportation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	4
Rate-regulated natural gas revenues [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	1
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Transportation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	83	71
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	83	71
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	51	46
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	21	18
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3	2
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Transportation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	4
Rate-regulated natural gas revenues [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	1
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Residential [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Small Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Large Commercial & Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Transportation [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Rate-regulated natural gas revenues [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Other [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Alternative revenue programs [Member] | Commonwealth Edison Co [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	40	54
Alternative revenue programs [Member] | PECO Energy Co [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	6	10
Alternative revenue programs [Member] | Baltimore Gas and Electric Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(12)	18
Alternative revenue programs [Member] | Pepco Holdings LLC [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(5)	46
Alternative revenue programs [Member] | Potomac Electric Power Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(7)	26
Alternative revenue programs [Member] | Delmarva Power and Light Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	(1)	9
Alternative revenue programs [Member] | Atlantic City Electric Company [Member] | Regulated Operation [Member] | Operating Segment [Member]
Revenue, Major Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 3	$ 11

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Accounts Receivable - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	$ (78)	$ (85)
Commonwealth Edison Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	(17)	(13)
PECO Energy Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	(27)	(24)
Baltimore Gas and Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	(18)	(4)
Pepco Holdings LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	(18)	(10)
Potomac Electric Power Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	(9)	(5)
Delmarva Power and Light Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	(6)	(4)
Atlantic City Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current period provision for expected credit losses	(3)	(1)
Customer accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	320	334
Current period provision for expected credit losses	110	70
Writeoffs, net of recoveries	41	27
Ending balance	389	377
Customer accounts receivable | Commonwealth Edison Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	73	97
Current period provision for expected credit losses	26	21
Writeoffs, net of recoveries	7	15
Ending balance	92	103
Customer accounts receivable | PECO Energy Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	105	116
Current period provision for expected credit losses	31	20
Writeoffs, net of recoveries	11	6
Ending balance	125	130
Customer accounts receivable | Baltimore Gas and Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	38	35
Current period provision for expected credit losses	26	9
Writeoffs, net of recoveries	5	1
Ending balance	59	43
Customer accounts receivable | Pepco Holdings LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	104	86
Current period provision for expected credit losses	27	20
Writeoffs, net of recoveries	18	5
Ending balance	113	101
Customer accounts receivable | Potomac Electric Power Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	37	32
Current period provision for expected credit losses	11	11
Writeoffs, net of recoveries	8	2
Ending balance	40	41
Customer accounts receivable | Delmarva Power and Light Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	18	22
Current period provision for expected credit losses	7	6
Writeoffs, net of recoveries	1	3
Ending balance	24	25
Customer accounts receivable | Atlantic City Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	49	32
Current period provision for expected credit losses	9	3
Writeoffs, net of recoveries	9	0
Ending balance	49	35
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	72	71
Current period provision for expected credit losses	14	10
Writeoffs, net of recoveries	5	2
Ending balance	81	79
Other receivables | Commonwealth Edison Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	17	21
Current period provision for expected credit losses	4	1
Writeoffs, net of recoveries	1	0
Ending balance	20	22
Other receivables | PECO Energy Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	7	8
Current period provision for expected credit losses	3	4
Writeoffs, net of recoveries	1	1
Ending balance	9	11
Other receivables | Baltimore Gas and Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	9	9
Current period provision for expected credit losses	3	1
Writeoffs, net of recoveries	1	1
Ending balance	11	9
Other receivables | Pepco Holdings LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	39	33
Current period provision for expected credit losses	4	4
Writeoffs, net of recoveries	2	0
Ending balance	41	37
Other receivables | Potomac Electric Power Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	16	13
Current period provision for expected credit losses	2	2
Writeoffs, net of recoveries	0	0
Ending balance	18	15
Other receivables | Delmarva Power and Light Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	8	9
Current period provision for expected credit losses	1	1
Writeoffs, net of recoveries	0	0
Ending balance	9	10
Other receivables | Atlantic City Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	15	11
Current period provision for expected credit losses	1	1
Writeoffs, net of recoveries	2	0
Ending balance	$ 14	$ 12

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Accounts Receivable - Unbilled Customer Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	$ 629	$ 747
Commonwealth Edison Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	189	240
PECO Energy Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	127	161
Baltimore Gas and Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	139	171
Pepco Holdings LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	174	175
Potomac Electric Power Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	89	82
Delmarva Power and Light Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	50	53
Atlantic City Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenue	$ 35	$ 40

XML

Accounts Receivable - Purchases and Sales of Accounts Receivable (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	$ 1,044	$ 1,023
Commonwealth Edison Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	248	266
PECO Energy Co [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	292	290
Baltimore Gas and Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	222	199
Pepco Holdings LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	282	268
Potomac Electric Power Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	174	166
Delmarva Power and Light Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	57	56
Atlantic City Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Purchase	51	46
Exelon Generation Co LLC Affiliate [Member] | Baltimore Gas and Electric Company [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Related Parties, Purchase	$ 4	$ 12

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Early Plant Retirements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Cost, Depreciation and Amortization	$ 817	$ 757

XML

Early Plant Retirements - Implications of Potential Early Plant Retirement on Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Implications of Potential Early Plant Retirement [Line Items]
Materials and supplies inventory, net	$ 473	$ 476
Property, plant and equipment, net	$ 65,465	$ 64,558

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Nuclear Decommissioning - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Nuclear Decommissioning Additional Narrative Information [Line Items]
Increase in PPE related to ARO update	$ (335)	$ 2

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Nuclear Decommissioning - Rollforward of Nuclear Decommissioning ARO (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Accretion expense	$ 44	$ 127

XML

Asset Impairments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 0	$ 1
Net income (loss) attributable to noncontrolling interests	1	25
Deferred income taxes and amortization of investment tax credits	$ 110	$ (142)

XML

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Income Tax Additional Narrative Information [Line Items]
Income tax expense related to separation	$ 148
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	67
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	40
Income Tax Credits and Adjustments	15
Income Taxes Receivable, Current	55
Notes Payable, Current	11
Notes Payable, Noncurrent	484
State and Local Jurisdiction [Member] | Atlantic City Electric Company [Member]
Income Tax Additional Narrative Information [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	14
Federal and State
Income Tax Additional Narrative Information [Line Items]
Income Tax Credits and Adjustments	17
Total transaction costs taxes relating to the Separation	$ 24

XML

Income Taxes - Reconciliation to Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	21.10%	2.80%
Plant basis differences	(3.60%)	(3.40%)
Excess deferred tax amortization	(11.50%)	(12.00%)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.10%)	(0.10%)
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	1.70%	(0.30%)
Other	2.60%	(1.10%)
Effective income tax rate	31.20%	6.90%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	$ 67
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	40
Income Tax Credits and Adjustments	15
Total transaction costs relating to the Separation	$ 19
Commonwealth Edison Co [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	8.00%	6.80%
Plant basis differences	(0.60%)	(0.60%)
Excess deferred tax amortization	(6.30%)	(6.90%)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.10%)	(0.10%)
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	(0.30%)	(0.20%)
Other	0.00%	(3.50%)
Effective income tax rate	21.70%	16.50%
PECO Energy Co [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	(0.10%)	(1.60%)
Plant basis differences	(11.30%)	(10.50%)
Excess deferred tax amortization	(3.20%)	(3.20%)
Amortization of investment tax credit, including deferred taxes on basis difference	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.00%	0.00%
Other	0.00%	(0.10%)
Effective income tax rate	6.40%	5.60%
Baltimore Gas and Electric Company [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	2.40%	(10.10%)
Plant basis differences	(0.90%)	(1.40%)
Excess deferred tax amortization	(17.60%)	(15.50%)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.10%)	(0.10%)
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	(0.40%)	(0.40%)
Other	(0.10%)	(0.10%)
Effective income tax rate	4.30%	(6.60%)
Pepco Holdings LLC [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	3.70%	6.10%
Plant basis differences	(1.60%)	(1.50%)
Excess deferred tax amortization	(17.70%)	(19.30%)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.10%)	(0.10%)
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	(0.40%)	(0.20%)
Other	0.20%	(0.10%)
Effective income tax rate	5.10%	5.90%
Potomac Electric Power Company [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	(4.50%)	5.50%
Plant basis differences	(2.60%)	(2.10%)
Excess deferred tax amortization	(17.40%)	(15.10%)
Amortization of investment tax credit, including deferred taxes on basis difference	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	(0.40%)	(0.20%)
Other	(0.60%)	0.10%
Effective income tax rate	(4.50%)	9.20%
Delmarva Power and Light Company [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	6.20%	6.40%
Plant basis differences	(0.70%)	(0.70%)
Excess deferred tax amortization	(19.40%)	(18.50%)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.20%)	(0.20%)
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	(0.30%)	(0.10%)
Other	0.10%	0.30%
Effective income tax rate	6.70%	8.20%
Atlantic City Electric Company [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	6.80%	6.90%
Plant basis differences	(1.30%)	(0.90%)
Excess deferred tax amortization	(22.20%)	(28.70%)
Amortization of investment tax credit, including deferred taxes on basis difference	(0.20%)	(0.20%)
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	(0.30%)	(0.30%)
Other	(0.10%)	2.20%
Effective income tax rate	3.70%	0.00%

XML

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ 146	$ 143
Income Taxes Receivable, Noncurrent	50
Pepco Holdings LLC [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	56	56
Atlantic City Electric Company [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ 16	$ 16

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Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Feb. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Increase (Decrease) in Obligation, Pension Benefits	$ (921)	$ (24)
Increase (Decrease) in Obligation, Other Postretirement Benefits	(893)	5
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax	5	5	$ (1,994)
Defined Benefit Plan Amounts Recognized In Regulatory Assets Before Tax	14	(30)
Defined Benefit Plan Amounts Recognized In Regulatory Liabilities Before Tax	$ 5	$ (3)
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected return on assets		7000000.00%
Discount rate		3240000.00%
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected return on assets		6440000.00%
Discount rate		3200000.00%

XML

Retirement Benefits - Calculation of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Amortization of:
Non-service net periodic benefit cost	$ 17	$ 20
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	61	74
Interest cost	110	102
Expected return on assets	(209)	(213)
Amortization of:
Prior service cost (credit)	1	1
Actuarial loss	76	100
Curtailment benefits	0	0
Non-service net periodic benefit cost	39	64
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	10	14
Interest cost	19	17
Expected return on assets	(25)	(26)
Amortization of:
Prior service cost (credit)	(5)	(6)
Actuarial loss	4	7
Curtailment benefits	0	(1)
Non-service net periodic benefit cost	$ 3	$ 5

XML

Retirement Benefits - Allocated Portion of Pension and Postretirement Benefit Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	$ 44	$ 95
Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	42	69
Commonwealth Edison Co [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	16	32
Commonwealth Edison Co [Member] | Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	16	32
PECO Energy Co [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	(2)	2
PECO Energy Co [Member] | Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	(2)	2
Baltimore Gas and Electric Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	12	14
Baltimore Gas and Electric Company [Member] | Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	11	15
Pepco Holdings LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	13	12
Pepco Holdings LLC [Member] | Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	13	12
Potomac Electric Power Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	2	2
Potomac Electric Power Company [Member] | Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	2	2
Delmarva Power and Light Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	1	1
Delmarva Power and Light Company [Member] | Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	1	1
Atlantic City Electric Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	3	3
Atlantic City Electric Company [Member] | Pension and other post retirement benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Costs	$ 3	$ 3

XML

Retirement Benefits - Defined Contribution Savings Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	$ 20	$ 20
Commonwealth Edison Co [Member]
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	8	8
PECO Energy Co [Member]
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	3	3
Baltimore Gas and Electric Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	2	2
Pepco Holdings LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	3	3
Potomac Electric Power Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	1	1
Delmarva Power and Light Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	1	1
Atlantic City Electric Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Savings Plans Matching Contributions	$ 0	$ 0

XML

Derivative Financial Instruments - Narrative (Details) MWh in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2012 MWh	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Other		$ 964	$ 766
Commonwealth Edison Co [Member]
Derivative [Line Items]
Long-term Purchase Commitment, Minimum Energy Volume Required | MWh	1.3
Other		161	133
PECO Energy Co [Member]
Derivative [Line Items]
Other		41	35
Incremental Collateral For Loss Of Investment Grade Credit Rating		39
Baltimore Gas and Electric Company [Member]
Derivative [Line Items]
Other		61	48
Incremental Collateral For Loss Of Investment Grade Credit Rating		62
Delmarva Power and Light Company [Member]
Derivative [Line Items]
Other		88	59
Incremental Collateral For Loss Of Investment Grade Credit Rating		16
Atlantic City Electric Company [Member]
Derivative [Line Items]
Other		18	12
Pepco Holdings LLC [Member]
Derivative [Line Items]
Other		215	171
Commodity Contract [Member] | External Counterparties | Collateral [Member]
Derivative [Line Items]
Other		192
Commodity Contract [Member] | Commonwealth Edison Co [Member] | External Counterparties | Collateral [Member]
Derivative [Line Items]
Other		72	41
Commodity Contract [Member] | Delmarva Power and Light Company [Member] | External Counterparties | Collateral [Member]
Derivative [Line Items]
Other		73	$ 43
Commodity Contract [Member] | Pepco Holdings LLC [Member] | External Counterparties | Collateral [Member]
Derivative [Line Items]
Other		$ 86

XML

Debt and Credit Agreements - Narrative (Details) - Corporate [Member] $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Notes Receivable, Related Parties	$ 319
Proceeds from Sale and Collection of Notes Receivable	258
ShortTermDebt03232017
Short-term Debt [Line Items]
Short-term Bank Loans and Notes Payable	$ 500
ShortTermDebt03232017 | London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate Terms	SOFR plus 0.65
ShortTermDebt03312021.1
Short-term Debt [Line Items]
Short-term Bank Loans and Notes Payable	$ 150
ShortTermDebt03312021.1 | London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate Terms	LIBOR plus 0.65
ShortTermDebtSOFRplus0.75Jan2023
Short-term Debt [Line Items]
Short-term Bank Loans and Notes Payable	$ 1,150
ShortTermDebtSOFRplus0.75Jan2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Short-term Debt [Line Items]
Debt Instrument, Interest Rate Terms	0.75
ShortTermDebtSOFRplus075PLUS22.5BPincreaseJan2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Short-term Debt [Line Items]
Debt Instrument, Interest Rate Terms	22.5

XML

Debt and Credit Agreements - Commercial Paper Borrowings (Details) - Commercial Paper [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Commercial Paper	$ 250	$ 599
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.87%	0.35%
Corporate [Member]
Short-term Debt [Line Items]
Commercial Paper	$ 0	$ 0
Commonwealth Edison Co [Member]
Short-term Debt [Line Items]
Commercial Paper	0	0
PECO Energy Co [Member]
Short-term Debt [Line Items]
Commercial Paper	0	0
Baltimore Gas and Electric Company [Member]
Short-term Debt [Line Items]
Commercial Paper	$ 250	$ 130
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.87%	0.37%
Pepco Holdings LLC [Member]
Short-term Debt [Line Items]
Commercial Paper	$ 0	$ 469
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%	0.35%
Potomac Electric Power Company [Member]
Short-term Debt [Line Items]
Commercial Paper	$ 0	$ 175
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%	0.33%
Delmarva Power and Light Company [Member]
Short-term Debt [Line Items]
Commercial Paper	$ 0	$ 149
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%	0.36%
Atlantic City Electric Company [Member]
Short-term Debt [Line Items]
Commercial Paper	$ 0	$ 145
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%	0.35%

XML

Summary of Revolving Credit Agreements (Details) - Revolving Credit Facility [Member] $ in Millions	Mar. 31, 2022 USD ($)
Commonwealth Edison Co [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000
Commonwealth Edison Co [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.00%
PECO Energy Co [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 600
PECO Energy Co [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	0.90%
Baltimore Gas and Electric Company [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 600
Baltimore Gas and Electric Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	0.90%
Potomac Electric Power Company [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300
Potomac Electric Power Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.075%
Delmarva Power and Light Company [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300
Delmarva Power and Light Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.00%
Atlantic City Electric Company [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300
Atlantic City Electric Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.075%
Corporate, Non-Segment [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 900
Corporate, Non-Segment [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.275%

XML

Debt and Credit Agreements - Issuance of Long-Term Debt (Details) $ in Millions	Mar. 31, 2022 USD ($)
Corporate [Member] | SMBCTermLoanJuly2023 | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest Rate	0.65%
Debt Instrument, Face Amount	$ 300
Corporate [Member] | USBTermLoanJuly2023 | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest Rate	0.65%
Debt Instrument, Face Amount	$ 300
Corporate [Member] | PNCTermLoanJuly2023 | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest Rate	0.65%
Debt Instrument, Face Amount	$ 250
Corporate [Member] | Notes275Mar2027 | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest Rate	2.75%
Debt Instrument, Face Amount	$ 650
Corporate [Member] | Notes335Mar2032 | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest Rate	3.35%
Debt Instrument, Face Amount	$ 650
Corporate [Member] | Notes410Mar2052 | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest Rate	4.10%
Debt Instrument, Face Amount	$ 700
Commonwealth Edison Co [Member] | FMB315Mar2032 | First Mortgage Bonds [Member]
Debt Instrument [Line Items]
Interest Rate	3.15%
Debt Instrument, Face Amount	$ 300
Commonwealth Edison Co [Member] | FMB385Mar2052 | First Mortgage Bonds [Member]
Debt Instrument [Line Items]
Interest Rate	3.85%
Debt Instrument, Face Amount	$ 450
Potomac Electric Power Company [Member] | FMB397Mar2052 | First Mortgage Bonds [Member]
Debt Instrument [Line Items]
Interest Rate	3.97%
Debt Instrument, Face Amount	$ 400
Potomac Electric Power Company [Member] | FMB336Sept2032 | First Mortgage Bonds [Member]
Debt Instrument [Line Items]
Interest Rate	3.35%
Debt Instrument, Face Amount	$ 225
Delmarva Power and Light Company [Member] | Bonds105July2020 [Member] | First Mortgage Bonds [Member]
Debt Instrument [Line Items]
Interest Rate	3.06%
Debt Instrument, Face Amount	$ 125
Atlantic City Electric Company [Member] | FMB230Mar2031 | First Mortgage Bonds [Member]
Debt Instrument [Line Items]
Interest Rate	2.27%
Debt Instrument, Face Amount	$ 25
Atlantic City Electric Company [Member] | FMB324June2050 [Member] | First Mortgage Bonds [Member]
Debt Instrument [Line Items]
Interest Rate	3.06%
Debt Instrument, Face Amount	$ 150

XML

Fair Value of Financial Assets and Liabilities - Fair Value of Financial Liabilities Recorded at Amortized Cost (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt to financing trust	$ 390	$ 390
Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	37,162	32,902
Long-term debt to financing trust	390	390
Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	37,819	37,114
Long-term debt to financing trust	435	470
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Long-term debt to financing trust	0	0
Spent Nuclear Fuel Obligation, Noncurrent	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	35,174	34,897
Long-term debt to financing trust	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	2,645	2,217
Long-term debt to financing trust	435	470
Commonwealth Edison Co [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt to financing trust	205	205
Commonwealth Edison Co [Member] | Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	10,515	9,773
Long-term debt to financing trust	205	205
Commonwealth Edison Co [Member] | Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	10,894	11,305
Long-term debt to financing trust	228	248
Commonwealth Edison Co [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Long-term debt to financing trust	0	0
Commonwealth Edison Co [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	10,894	11,305
Long-term debt to financing trust	0	0
Commonwealth Edison Co [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Long-term debt to financing trust	228	248
PECO Energy Co [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt to financing trust	184	184
PECO Energy Co [Member] | Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	4,198	4,197
Long-term debt to financing trust	184	184
PECO Energy Co [Member] | Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	4,294	4,790
Long-term debt to financing trust	207	222
PECO Energy Co [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Long-term debt to financing trust	0	0
PECO Energy Co [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	4,244	4,740
Long-term debt to financing trust	0	0
PECO Energy Co [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	50	50
Long-term debt to financing trust	207	222
Baltimore Gas and Electric Company [Member] | Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	3,961	3,961
Baltimore Gas and Electric Company [Member] | Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	3,969	4,406
Baltimore Gas and Electric Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Baltimore Gas and Electric Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	3,969	4,406
Baltimore Gas and Electric Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Pepco Holdings LLC [Member] | Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	8,233	7,547
Pepco Holdings LLC [Member] | Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	8,048	8,137
Pepco Holdings LLC [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Pepco Holdings LLC [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	5,453	5,970
Pepco Holdings LLC [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	2,595	2,167
Potomac Electric Power Company [Member] | Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	3,841	3,445
Potomac Electric Power Company [Member] | Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	4,173	4,176
Potomac Electric Power Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Potomac Electric Power Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	2,901	3,201
Potomac Electric Power Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	1,272	975
Delmarva Power and Light Company [Member] | Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	1,935	1,810
Delmarva Power and Light Company [Member] | Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	1,892	1,978
Delmarva Power and Light Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Delmarva Power and Light Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	1,300	1,426
Delmarva Power and Light Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	592	552
Atlantic City Electric Company [Member] | Reported Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	1,757	1,582
Atlantic City Electric Company [Member] | Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	1,739	1,732
Atlantic City Electric Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	0	0
Atlantic City Electric Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	1,007	1,091
Atlantic City Electric Company [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt (including amounts due within one year)	$ 732	$ 641

XML

Fair Value of Financial Assets and Liabilities - Fair Value Measurements of Assets and Liabilities, Recurring and Nonrecurring (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities (current liabilities)	$ 0	$ 18
Derivative Liability, Noncurrent	144	201
Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	2,418	524
Assets, Fair Value Disclosure	2,647	752
Deferred Compensation Liability, Current and Noncurrent	(84)	(131)
Total Liabilities	(228)	(350)
Fair Value, Net Asset (Liability)	2,419	402
Fair Value, Recurring [Member] | Economic Hedging Instrument Liabilites [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total mark-to-market derivative liabilities	(144)	(219)
Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	470	464
Fair Value, Recurring [Member] | Restricted cash member [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	110	49
Fair Value, Recurring [Member] | Other Assets [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	92	44
Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	229	228
Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	65	60
Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	55	60
Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	9	10
Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	100	98
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	2,418	524
Assets, Fair Value Disclosure	2,538	644
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	2,538	644
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Economic Hedging Instrument Liabilites [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total mark-to-market derivative liabilities	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	120	120
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	65	60
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	55	60
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	72	71
Deferred Compensation Liability, Current and Noncurrent	(84)	(131)
Total Liabilities	(84)	(131)
Fair Value, Net Asset (Liability)	(12)	(60)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Economic Hedging Instrument Liabilites [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total mark-to-market derivative liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	72	71
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	9	10
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	63	61
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	37	37
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	(144)	(219)
Fair Value, Net Asset (Liability)	(107)	(182)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Economic Hedging Instrument Liabilites [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total mark-to-market derivative liabilities	(144)	(219)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	37	37
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	37	37
Commonwealth Edison Co [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities (current liabilities)	0	18
Derivative Liability, Noncurrent	144	201
Commonwealth Edison Co [Member] | Other Assets [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents		43
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	537	237
Assets, Fair Value Disclosure	537	237
Total mark-to-market derivative liabilities	(144)	(219)
Deferred Compensation Liability, Current and Noncurrent	(9)	(10)
Total Liabilities	(153)	(229)
Fair Value, Net Asset (Liability)	384	8
Mark-to-market derivative liabilities (current liabilities)		18
Derivative Liability, Noncurrent		201
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	71	105
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member] | Restricted cash member [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	73	42
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member] | Other Assets [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	92	92
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	537	237
Assets, Fair Value Disclosure	537	237
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	537	237
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	(9)	(10)
Total Liabilities	(9)	(10)
Fair Value, Net Asset (Liability)	(9)	(10)
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Total mark-to-market derivative liabilities	(144)	(219)
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	(144)	(219)
Fair Value, Net Asset (Liability)	(144)	(219)
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
PECO Energy Co [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	9	9
Assets, Fair Value Disclosure	36	36
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	(8)	(9)
Total Liabilities	(8)	(9)
Fair Value, Net Asset (Liability)	28	27
PECO Energy Co [Member] | Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	25	35
PECO Energy Co [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	27	27
PECO Energy Co [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	1
PECO Energy Co [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	9	11
PECO Energy Co [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	17	16
PECO Energy Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	9	9
Assets, Fair Value Disclosure	19	20
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	19	20
PECO Energy Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	10	11
PECO Energy Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	1
PECO Energy Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	9	11
PECO Energy Co [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
PECO Energy Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	17	16
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	(8)	(9)
Total Liabilities	(8)	(9)
Fair Value, Net Asset (Liability)	9	7
PECO Energy Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	17	16
PECO Energy Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
PECO Energy Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
PECO Energy Co [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	17	16
PECO Energy Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	0	0
PECO Energy Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
PECO Energy Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
PECO Energy Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
PECO Energy Co [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	7	14
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	(5)	(7)
Total Liabilities	(5)	(7)
Fair Value, Net Asset (Liability)	2	7
Baltimore Gas and Electric Company [Member] | Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	41	51
Baltimore Gas and Electric Company [Member] | Fair Value, Recurring [Member] | Restricted cash member [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	34	4
Baltimore Gas and Electric Company [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	7	14
Baltimore Gas and Electric Company [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Baltimore Gas and Electric Company [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	7	14
Baltimore Gas and Electric Company [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	7	14
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	7	14
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	7	14
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	7	14
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	(5)	(7)
Total Liabilities	(5)	(7)
Fair Value, Net Asset (Liability)	(5)	(7)
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Total mark-to-market derivative liabilities	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Baltimore Gas and Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	599	110
Assets, Fair Value Disclosure	741	255
Deferred Compensation Liability, Current and Noncurrent	(17)	(18)
Total Liabilities	(17)	(18)
Fair Value, Net Asset (Liability)	724	237
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	300	100
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member] | Restricted cash member [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	3
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	142	145
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	61	59
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	12	14
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	9	10
Pepco Holdings LLC [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	60	62
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	599	110
Assets, Fair Value Disclosure	672	183
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	672	183
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	73	73
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	61	59
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	12	14
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	33	37
Deferred Compensation Liability, Current and Noncurrent	(17)	(18)
Total Liabilities	(17)	(18)
Fair Value, Net Asset (Liability)	16	19
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	33	37
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	9	10
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	24	27
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	36	35
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	36	35
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	36	35
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Fixed Income Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	36	35
Potomac Electric Power Company [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	294	31
Assets, Fair Value Disclosure	413	151
Deferred Compensation Liability, Current and Noncurrent	(2)	(2)
Total Liabilities	(2)	(2)
Fair Value, Net Asset (Liability)	411	149
Potomac Electric Power Company [Member] | Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	239	34
Potomac Electric Power Company [Member] | Fair Value, Recurring [Member] | Restricted cash member [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	3
Potomac Electric Power Company [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	119	120
Potomac Electric Power Company [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	59	58
Potomac Electric Power Company [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	60	62
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	294	31
Assets, Fair Value Disclosure	353	89
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	353	89
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	59	58
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	59	58
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	24	27
Deferred Compensation Liability, Current and Noncurrent	(2)	(2)
Total Liabilities	(2)	(2)
Fair Value, Net Asset (Liability)	22	25
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	24	27
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	24	27
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	36	35
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	36	35
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	36	35
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	36	35
Delmarva Power and Light Company [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	152	43
Assets, Fair Value Disclosure	152	43
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	152	43
Delmarva Power and Light Company [Member] | Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	41	28
Delmarva Power and Light Company [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	152	43
Assets, Fair Value Disclosure	152	43
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	152	43
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Delmarva Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	153	0
Assets, Fair Value Disclosure	153	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	153	0
Atlantic City Electric Company [Member] | Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	15	29
Atlantic City Electric Company [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	153	0
Assets, Fair Value Disclosure	153	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	153	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Assets, Fair Value Disclosure	0	0
Deferred Compensation Liability, Current and Noncurrent	0	0
Total Liabilities	0	0
Fair Value, Net Asset (Liability)	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Rabbi Trust Investments [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	0	0
Atlantic City Electric Company [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | 6311 Life Insurance [Member]
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, Fair Value Disclosure	$ 0	$ 0

XML

Fair Value of Financial Assets and Liabilities - Fair Value Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ (182)	$ (267)
Total realized / unrealized gains (losses)
Included in net income	1	1
Included in regulatory assets	75	6
Purchases, sales, issuances and settlements
Transfers out of Level 3	(1)
Ending Balance	(107)	(260)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	1	1
Commonwealth Edison Co [Member] | Derivative [Member] | Interest Rate Swap [Member]
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Realized Investment Gains (Losses)	6	8
Commonwealth Edison Co [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	(219)	(301)
Total realized / unrealized gains (losses)
Included in net income	0	0
Included in regulatory assets	75	6
Purchases, sales, issuances and settlements
Transfers out of Level 3	0
Ending Balance	(144)	(295)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease)	(69)	(2)
Pepco Holdings LLC [Member] | Fair Value, Inputs, Level 3 [Member] | 6311 Life Insurance [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	35	34
Total realized / unrealized gains (losses)
Included in net income	1	1
Included in regulatory assets	0	0
Purchases, sales, issuances and settlements
Transfers out of Level 3	0
Ending Balance	36	35
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	1	1
Potomac Electric Power Company [Member] | Fair Value, Inputs, Level 3 [Member] | 6311 Life Insurance [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	35	34
Total realized / unrealized gains (losses)
Included in net income	1	1
Included in regulatory assets	0	0
Purchases, sales, issuances and settlements
Transfers out of Level 3	0
Ending Balance	36	35
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	$ 1	$ 1

XML

Fair Value of Financial Assets and Liabilities - Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	$ (1)	$ (1)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	$ 1	$ 1

XML

Fair Value of Financial Assets and Liabilities - Fair Value Inputs Assets Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member] - Derivative [Member] $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	$ (144)	$ (219)
Discounted Cash Flow [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative Asset (Liability) Net, Measurement Input	0.04	0.03
Forward heat rate	890.00%	900.00%
Fair Value Inputs Renewable Factor	92.00%	92.00%
Discounted Cash Flow [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative Asset (Liability) Net, Measurement Input	0.05	0.07
Forward heat rate	910.00%	1000.00%
Fair Value Inputs Renewable Factor	120.00%	120.00%
Discounted Cash Flow [Member] | Arithmetic Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative Asset (Liability) Net, Measurement Input	0.0435	0.0477
Forward heat rate	900.00%	913.00%
Fair Value Inputs Renewable Factor	98.00%	97.00%
Commonwealth Edison Co [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	$ (144)	$ (219)
Commonwealth Edison Co [Member] | Discounted Cash Flow [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative Asset (Liability) Net, Measurement Input	0.04	0.03
Forward heat rate	890.00%	900.00%
Fair Value Inputs Renewable Factor	92.00%	92.00%
Commonwealth Edison Co [Member] | Discounted Cash Flow [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative Asset (Liability) Net, Measurement Input	0.05	0.07
Forward heat rate	910.00%	1000.00%
Fair Value Inputs Renewable Factor	120.00%	120.00%
Commonwealth Edison Co [Member] | Discounted Cash Flow [Member] | Arithmetic Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative Asset (Liability) Net, Measurement Input	0.0435	0.0477
Forward heat rate	900.00%	913.00%
Fair Value Inputs Renewable Factor	98.00%	97.00%

XML

Commitments and Contingencies - Narrative (Details) $ in Millions		1 Months Ended	12 Months Ended
	Mar. 23, 2016 MW	Nov. 30, 2020 USD ($)	Dec. 31, 2022 MW	Dec. 31, 2018 MW	Dec. 31, 2017 MW	Mar. 31, 2022 USD ($) MGPSite	Dec. 31, 2021 USD ($)
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						$ 623
Accrual for Environmental Loss Contingencies, Gross						354	$ 352
Commonwealth Edison Co [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						$ 224
Mgp Site Contingency Monitoring Count | MGPSite						21
Accrual for Environmental Loss Contingencies, Gross						$ 279	279
Deferred Prosecution Agreement Payments		$ 200
Customer Refund Liability, Noncurrent						38
PECO Energy Co [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						$ 182
Mgp Site Contingency Monitoring Count | MGPSite						6
Accrual for Environmental Loss Contingencies, Gross						$ 21	22
Baltimore Gas and Electric Company [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						$ 6
Mgp Site Contingency Monitoring Count | MGPSite						4
Accrual for Environmental Loss Contingencies, Gross						$ 7	6
Pepco Holdings LLC [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						124
Accrual for Environmental Loss Contingencies, Gross						42	42
Potomac Electric Power Company [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						94
Accrual for Environmental Loss Contingencies, Gross						40	40
Delmarva Power and Light Company [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						$ 19
Mgp Site Contingency Count | MGPSite						1
Accrual for Environmental Loss Contingencies, Gross						$ 1	$ 1
Pepco Holdings Inc [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						513
Pepco Holdings Inc [Member] | Pepco Holdings LLC [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						320
Pepco Holdings Inc [Member] | Potomac Electric Power Company [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						120
Pepco Holdings Inc [Member] | Delmarva Power and Light Company [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Commitment						$ 89
Wind Assets [Member] | Pepco Holdings Inc [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Other Non-Financial Commitment | MW	100
Wind Assets [Member] | Pepco Holdings Inc [Member] | Delmarva Power and Light Company [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Purchase Commitment | MW	120			40	40
Wind Assets [Member] | Pepco Holdings Inc [Member] | Delmarva Power and Light Company [Member] | Forecast [Member]
Commitments And Contingencies Additional Narrative Information [Line Items]
Purchase Commitment | MW			40

XML

Commitments and Contingencies - Merger Commitment (Details) $ in Millions	Mar. 31, 2022 USD ($)
Other Commitments [Line Items]
Other Commitment	$ 623
Pepco Holdings LLC [Member]
Other Commitments [Line Items]
Other Commitment	124
Potomac Electric Power Company [Member]
Other Commitments [Line Items]
Other Commitment	94
Delmarva Power and Light Company [Member]
Other Commitments [Line Items]
Other Commitment	19
Atlantic City Electric Company [Member]
Other Commitments [Line Items]
Other Commitment	11
Pepco Holdings Inc [Member]
Other Commitments [Line Items]
Other Commitment	513
Pepco Holdings Inc [Member] | Remaining commitment
Other Commitments [Line Items]
Other Commitment	65
Pepco Holdings Inc [Member] | Pepco Holdings LLC [Member]
Other Commitments [Line Items]
Other Commitment	320
Pepco Holdings Inc [Member] | Pepco Holdings LLC [Member] | Remaining commitment
Other Commitments [Line Items]
Other Commitment	55
Pepco Holdings Inc [Member] | Potomac Electric Power Company [Member]
Other Commitments [Line Items]
Other Commitment	120
Pepco Holdings Inc [Member] | Potomac Electric Power Company [Member] | Remaining commitment
Other Commitments [Line Items]
Other Commitment	46
Pepco Holdings Inc [Member] | Delmarva Power and Light Company [Member]
Other Commitments [Line Items]
Other Commitment	89
Pepco Holdings Inc [Member] | Delmarva Power and Light Company [Member] | Remaining commitment
Other Commitments [Line Items]
Other Commitment	6
Pepco Holdings Inc [Member] | Atlantic City Electric Company [Member]
Other Commitments [Line Items]
Other Commitment	111
Pepco Holdings Inc [Member] | Atlantic City Electric Company [Member] | Remaining commitment
Other Commitments [Line Items]
Other Commitment	$ 3

XML

Commitments and Contingencies - Schedule of Commercial Commitments (Details) $ in Millions	Mar. 31, 2022 USD ($)
Other Commitments [Line Items]
Other Commitment	$ 623
Other Commitment, to be Paid, Remainder of Fiscal Year	201
Other Commitment, to be Paid, Year One	16
Other Commitment, to be Paid, Year Two	8
Other Commitment, to be Paid, Year Three	5
Other Commitment, to be Paid, Year Four	5
Other Commitment, to be Paid, Year Five and Beyond	388
Guarantor Obligations, Maximum Exposure, Undiscounted	73
Letters of Credit
Other Commitments [Line Items]
Other Commitment	14
Other Commitment, to be Paid, Remainder of Fiscal Year	12
Other Commitment, to be Paid, Year One	2
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Surety Bonds
Other Commitments [Line Items]
Other Commitment	201
Other Commitment, to be Paid, Remainder of Fiscal Year	188
Other Commitment, to be Paid, Year One	11
Other Commitment, to be Paid, Year Two	2
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Financing trust guarantees
Other Commitments [Line Items]
Other Commitment	378
Other Commitment, to be Paid, Remainder of Fiscal Year	0
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	378
Guaranteed lease residual values
Other Commitments [Line Items]
Other Commitment	30
Other Commitment, to be Paid, Remainder of Fiscal Year	1
Other Commitment, to be Paid, Year One	3
Other Commitment, to be Paid, Year Two	6
Other Commitment, to be Paid, Year Three	5
Other Commitment, to be Paid, Year Four	5
Other Commitment, to be Paid, Year Five and Beyond	10
Commonwealth Edison Co [Member]
Other Commitments [Line Items]
Other Commitment	224
Other Commitment, to be Paid, Remainder of Fiscal Year	19
Other Commitment, to be Paid, Year One	3
Other Commitment, to be Paid, Year Two	2
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	200
Commonwealth Edison Co [Member] | Letters of Credit
Other Commitments [Line Items]
Other Commitment	7
Other Commitment, to be Paid, Remainder of Fiscal Year	7
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Commonwealth Edison Co [Member] | Surety Bonds
Other Commitments [Line Items]
Other Commitment	17
Other Commitment, to be Paid, Remainder of Fiscal Year	12
Other Commitment, to be Paid, Year One	3
Other Commitment, to be Paid, Year Two	2
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Commonwealth Edison Co [Member] | Financing trust guarantees
Other Commitments [Line Items]
Other Commitment	200
Other Commitment, to be Paid, Remainder of Fiscal Year	0
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	200
PECO Energy Co [Member]
Other Commitments [Line Items]
Other Commitment	182
Other Commitment, to be Paid, Remainder of Fiscal Year	3
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	178
PECO Energy Co [Member] | Surety Bonds
Other Commitments [Line Items]
Other Commitment	3
Other Commitment, to be Paid, Remainder of Fiscal Year	2
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
PECO Energy Co [Member] | Financing trust guarantees
Other Commitments [Line Items]
Other Commitment	178
Other Commitment, to be Paid, Remainder of Fiscal Year	0
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	178
PECO Energy Co [Member] | Standby Letters of Credit
Other Commitments [Line Items]
Other Commitment	1
Other Commitment, to be Paid, Remainder of Fiscal Year	1
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, after Year Five	0
Baltimore Gas and Electric Company [Member]
Other Commitments [Line Items]
Other Commitment	6
Other Commitment, to be Paid, Remainder of Fiscal Year	5
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Baltimore Gas and Electric Company [Member] | Letters of Credit
Other Commitments [Line Items]
Other Commitment	2
Other Commitment, to be Paid, Remainder of Fiscal Year	2
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Baltimore Gas and Electric Company [Member] | Surety Bonds
Other Commitments [Line Items]
Other Commitment	4
Other Commitment, to be Paid, Remainder of Fiscal Year	3
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Pepco Holdings LLC [Member]
Other Commitments [Line Items]
Other Commitment	124
Other Commitment, to be Paid, Remainder of Fiscal Year	92
Other Commitment, to be Paid, Year One	6
Other Commitment, to be Paid, Year Two	6
Other Commitment, to be Paid, Year Three	5
Other Commitment, to be Paid, Year Four	5
Other Commitment, to be Paid, Year Five and Beyond	10
Guarantor Obligations, Maximum Exposure, Undiscounted	73
Pepco Holdings LLC [Member] | Surety Bonds
Other Commitments [Line Items]
Other Commitment	94
Other Commitment, to be Paid, Remainder of Fiscal Year	91
Other Commitment, to be Paid, Year One	3
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Pepco Holdings LLC [Member] | Guaranteed lease residual values
Other Commitments [Line Items]
Other Commitment	30
Other Commitment, to be Paid, Remainder of Fiscal Year	1
Other Commitment, to be Paid, Year One	3
Other Commitment, to be Paid, Year Two	6
Other Commitment, to be Paid, Year Three	5
Other Commitment, to be Paid, Year Four	5
Other Commitment, to be Paid, Year Five and Beyond	10
Potomac Electric Power Company [Member]
Other Commitments [Line Items]
Other Commitment	94
Other Commitment, to be Paid, Remainder of Fiscal Year	84
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	2
Other Commitment, to be Paid, Year Three	2
Other Commitment, to be Paid, Year Four	2
Other Commitment, to be Paid, Year Five and Beyond	3
Guarantor Obligations, Maximum Exposure, Undiscounted	25
Potomac Electric Power Company [Member] | Surety Bonds
Other Commitments [Line Items]
Other Commitment	84
Other Commitment, to be Paid, Remainder of Fiscal Year	84
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Potomac Electric Power Company [Member] | Guaranteed lease residual values
Other Commitments [Line Items]
Other Commitment	10
Other Commitment, to be Paid, Remainder of Fiscal Year	0
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	2
Other Commitment, to be Paid, Year Three	2
Other Commitment, to be Paid, Year Four	2
Other Commitment, to be Paid, Year Five and Beyond	3
Delmarva Power and Light Company [Member]
Other Commitments [Line Items]
Other Commitment	19
Other Commitment, to be Paid, Remainder of Fiscal Year	4
Other Commitment, to be Paid, Year One	4
Other Commitment, to be Paid, Year Two	3
Other Commitment, to be Paid, Year Three	2
Other Commitment, to be Paid, Year Four	2
Other Commitment, to be Paid, Year Five and Beyond	4
Guarantor Obligations, Maximum Exposure, Undiscounted	30
Delmarva Power and Light Company [Member] | Surety Bonds
Other Commitments [Line Items]
Other Commitment	6
Other Commitment, to be Paid, Remainder of Fiscal Year	3
Other Commitment, to be Paid, Year One	3
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Delmarva Power and Light Company [Member] | Guaranteed lease residual values
Other Commitments [Line Items]
Other Commitment	13
Other Commitment, to be Paid, Remainder of Fiscal Year	1
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	3
Other Commitment, to be Paid, Year Three	2
Other Commitment, to be Paid, Year Four	2
Other Commitment, to be Paid, Year Five and Beyond	4
Atlantic City Electric Company [Member]
Other Commitments [Line Items]
Other Commitment	11
Other Commitment, to be Paid, Remainder of Fiscal Year	4
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	1
Other Commitment, to be Paid, Year Three	1
Other Commitment, to be Paid, Year Four	1
Other Commitment, to be Paid, Year Five and Beyond	3
Guarantor Obligations, Maximum Exposure, Undiscounted	18
Atlantic City Electric Company [Member] | Surety Bonds
Other Commitments [Line Items]
Other Commitment	4
Other Commitment, to be Paid, Remainder of Fiscal Year	4
Other Commitment, to be Paid, Year One	0
Other Commitment, to be Paid, Year Two	0
Other Commitment, to be Paid, Year Three	0
Other Commitment, to be Paid, Year Four	0
Other Commitment, to be Paid, Year Five and Beyond	0
Atlantic City Electric Company [Member] | Guaranteed lease residual values
Other Commitments [Line Items]
Other Commitment	7
Other Commitment, to be Paid, Remainder of Fiscal Year	0
Other Commitment, to be Paid, Year One	1
Other Commitment, to be Paid, Year Two	1
Other Commitment, to be Paid, Year Three	1
Other Commitment, to be Paid, Year Four	1
Other Commitment, to be Paid, Year Five and Beyond	$ 3
Minimum [Member] | Guaranteed lease residual values
Other Commitments [Line Items]
Lessor, Operating Lease, Term of Contract	1 year
Maximum [Member] | Guaranteed lease residual values
Other Commitments [Line Items]
Lessor, Operating Lease, Term of Contract	8 years

XML

Commitments and Contingencies - Schedule of Accruals for Environmental Matters (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	$ 354	$ 352
Commonwealth Edison Co [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	279	279
PECO Energy Co [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	21	22
Baltimore Gas and Electric Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	7	6
Pepco Holdings LLC [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	42	42
Potomac Electric Power Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	40	40
Delmarva Power and Light Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	1	1
Atlantic City Electric Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	1	1
Accrual For MGP Investigation And Remediation [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	305	303
Accrual For MGP Investigation And Remediation [Member] | Commonwealth Edison Co [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	279	279
Accrual For MGP Investigation And Remediation [Member] | PECO Energy Co [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	20	20
Accrual For MGP Investigation And Remediation [Member] | Baltimore Gas and Electric Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	6	4
Accrual For MGP Investigation And Remediation [Member] | Pepco Holdings LLC [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	0	0
Accrual For MGP Investigation And Remediation [Member] | Potomac Electric Power Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	0	0
Accrual For MGP Investigation And Remediation [Member] | Delmarva Power and Light Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	0	0
Accrual For MGP Investigation And Remediation [Member] | Atlantic City Electric Company [Member]
Site Contingency [Line Items]
Total environmental investigation and remediation reserve	$ 0	$ 0

XML

Changes in Accumulated Other Comprehensive Income - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 34,795	$ 34,868
Other comprehensive income (loss), net of income taxes	14	54
Ending balance	23,491	34,313
Gains (Losses) on Cash Flow Hedges
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(6)	(5)
OCI before reclassifications		0
Amounts reclassified from AOCI	0	0
Other comprehensive income (loss), net of income taxes	0	0
Ending balance	0	(5)
Gains (Losses) on Cash Flow Hedges | Exelon Generation Co L L C [Member]
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of income taxes	6
Pension and Non-Pension Postretirement Benefit Plan Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,721)	(3,372)
OCI before reclassifications		(2)
Amounts reclassified from AOCI	14	55
Other comprehensive income (loss), net of income taxes	14	53
Ending balance	(713)	(3,319)
Pension and Non-Pension Postretirement Benefit Plan Items | Exelon Generation Co L L C [Member]
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of income taxes	1,994
Foreign Currency Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(23)	(23)
OCI before reclassifications		1
Amounts reclassified from AOCI	0	0
Other comprehensive income (loss), net of income taxes	0	1
Ending balance	0	(22)
Foreign Currency Items | Exelon Generation Co L L C [Member]
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of income taxes	23
Total
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,750)	(3,400)
OCI before reclassifications		(1)
Amounts reclassified from AOCI	14	55
Other comprehensive income (loss), net of income taxes	14	54
Ending balance	(713)	$ (3,346)
Total | Exelon Generation Co L L C [Member]
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of income taxes	$ 2,023

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Changes in Accumulated Other Comprehensive Income - Income Taxes Allocated to Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Prior service costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Tax	$ 0	$ 1
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Tax	$ (5)	$ (19)

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Variable Interest Entities - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 73

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Variable Interest Entities - Assets and Liabilities of Consolidated VIES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 2,476	$ 672	$ 1,908	$ 663
Restricted cash and cash equivalents	430	321	374	438
Accounts receivable, net
Customer	1,976	1,869
Inventory, net
Materials and supplies	473	476
Current assets of discontinued operations	0	7,835
Other current assets	463	387
Total current assets	8,145	13,957
Property, plant and equipment, net	65,465	64,558
Other Assets, Noncurrent	1,045	885
Assets	92,698	133,013
Long-term debt due within one year	2,154	2,153
Accounts payable	2,175	2,379
Accrued expenses	1,029	1,137
Unamortized energy contract liabilities	13	89
Current liabilities of discontinued operations	0	7,940
Other	964	766
Total current liabilities	8,635	16,111
Long-term debt	35,008	30,749
Asset retirement obligations, noncurrent	273	271
Unamortized energy contract liabilities	42	146
Other	2,187	1,573
Liabilities	69,207	98,218
Pepco Holdings LLC [Member]
Variable Interest Entity [Line Items]
Cash and cash equivalents	796	136	558	111
Restricted cash and cash equivalents	106	77	37	39
Accounts receivable, net
Customer	505	512
Inventory, net
Materials and supplies	209	209
Other current assets	69	69
Total current assets	2,368	1,692
Property, plant and equipment, net	16,701	16,498
Other Assets, Noncurrent	253	258
Assets	25,636	24,744
Long-term debt due within one year	400	399
Accounts payable	522	578
Accrued expenses	264	281
Unamortized energy contract liabilities	13	89
Other	215	171
Total current liabilities	1,748	2,246
Long-term debt	7,833	7,148
Asset retirement obligations, noncurrent	70	70
Unamortized energy contract liabilities	42	146
Other	661	570
Liabilities	14,319	14,159
Atlantic City Electric Company [Member]
Variable Interest Entity [Line Items]
Cash and cash equivalents	168	29	353	17
Restricted cash and cash equivalents	0	0	$ 4	$ 3
Accounts receivable, net
Customer	128	141
Inventory, net
Other current assets	5	3
Total current assets	540	333
Property, plant and equipment, net	3,763	3,729
Other Assets, Noncurrent	37	37
Assets	4,929	4,556
Long-term debt due within one year	3	3
Accounts payable	139	165
Accrued expenses	43	44
Other	18	12
Total current liabilities	349	445
Long-term debt	1,754	1,579
Other	165	49
Liabilities	$ 3,174	$ 2,981

XML

Variable Interest Entities - Summary of Significant Unconsolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets	$ 92,698	$ 133,013
Total liabilities	$ 69,207	$ 98,218

XML

Supplemental Financial Information - Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other, Net [Abstract]
AFUDC - Equity	$ 36	$ 28
Non-service net periodic benefit cost	17	20
Commonwealth Edison Co [Member]
Other, Net [Abstract]
AFUDC - Equity	8	4
Non-service net periodic benefit cost	0	0
PECO Energy Co [Member]
Other, Net [Abstract]
AFUDC - Equity	7	6
Non-service net periodic benefit cost	0	0
Baltimore Gas and Electric Company [Member]
Other, Net [Abstract]
AFUDC - Equity	6	7
Non-service net periodic benefit cost	0	0
Pepco Holdings LLC [Member]
Other, Net [Abstract]
AFUDC - Equity	15	11
Non-service net periodic benefit cost	0	0
Potomac Electric Power Company [Member]
Other, Net [Abstract]
AFUDC - Equity	11	9
Non-service net periodic benefit cost	0	0
Delmarva Power and Light Company [Member]
Other, Net [Abstract]
AFUDC - Equity	2	1
Non-service net periodic benefit cost	0	0
Atlantic City Electric Company [Member]
Other, Net [Abstract]
AFUDC - Equity	2	1
Non-service net periodic benefit cost	$ 0	$ 0

XML

Supplemental Financial Information - Taxes Other Than Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Statement of Operations Information [Line Items]
Utility taxes	$ 221	$ 193
Property	94	86
Payroll	37	33
Commonwealth Edison Co [Member]
Supplemental Statement of Operations Information [Line Items]
Utility taxes	78	59
Property	10	8
Payroll	7	7
PECO Energy Co [Member]
Supplemental Statement of Operations Information [Line Items]
Utility taxes	38	35
Property	4	4
Payroll	4	4
Baltimore Gas and Electric Company [Member]
Supplemental Statement of Operations Information [Line Items]
Utility taxes	27	25
Property	46	42
Payroll	4	5
Pepco Holdings LLC [Member]
Supplemental Statement of Operations Information [Line Items]
Utility taxes	78	74
Property	34	32
Payroll	7	7
Potomac Electric Power Company [Member]
Supplemental Statement of Operations Information [Line Items]
Utility taxes	70	67
Property	23	21
Payroll	2	2
Delmarva Power and Light Company [Member]
Supplemental Statement of Operations Information [Line Items]
Utility taxes	7	6
Property	10	10
Payroll	1	1
Atlantic City Electric Company [Member]
Supplemental Statement of Operations Information [Line Items]
Utility taxes	1	1
Property	1	1
Payroll	$ 1	$ 0

XML

Supplemental Financial Information - Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	$ 726	$ 1,522
Amortization of regulatory assets	179	160
Amortization of intangible assets, net	6	15
Amortization of energy contract assets and liabilities	3	4
Nuclear fuel	66	276
ARO accretion	44	127
Depreciation, Amortization and Accretion, Net	1,024	2,104
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	44	95
Allowance for credit losses	78	85
Other decommissioning-related activity	36	(322)
Energy-related options	60	17
True-up adjustments to decoupling mechanisms and formula rates	29	129
Long-term incentive plan	25	32
Amortization of operating ROU asset	23	37
AFUDC - Equity	(36)	(28)
Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	(29)	(129)
Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	(36)	(28)
Commonwealth Edison Co [Member]
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	254	239
Amortization of regulatory assets	67	53
Amortization of intangible assets, net	0	0
Amortization of energy contract assets and liabilities	0	0
Nuclear fuel	0	0
ARO accretion	0	0
Depreciation, Amortization and Accretion, Net	321	292
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	16	32
Allowance for credit losses	17	13
Other decommissioning-related activity	0	0
Energy-related options	0	0
True-up adjustments to decoupling mechanisms and formula rates	40	54
Long-term incentive plan	0	0
Amortization of operating ROU asset	1	0
AFUDC - Equity	(8)	(4)
Commonwealth Edison Co [Member] | Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	(40)	(54)
Commonwealth Edison Co [Member] | Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	(8)	(4)
PECO Energy Co [Member]
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	88	82
Amortization of regulatory assets	4	4
Amortization of intangible assets, net	0	0
Amortization of energy contract assets and liabilities	0	0
Nuclear fuel	0	0
ARO accretion	0	0
Depreciation, Amortization and Accretion, Net	92	86
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	(2)	2
Allowance for credit losses	27	24
Other decommissioning-related activity	0	0
Energy-related options	0	0
True-up adjustments to decoupling mechanisms and formula rates	6	10
Long-term incentive plan	0	0
Amortization of operating ROU asset	0	0
AFUDC - Equity	(7)	(6)
PECO Energy Co [Member] | Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	(6)	(10)
PECO Energy Co [Member] | Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	(7)	(6)
Baltimore Gas and Electric Company [Member]
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	117	106
Amortization of regulatory assets	54	46
Amortization of intangible assets, net	0	0
Amortization of energy contract assets and liabilities	0	0
Nuclear fuel	0	0
ARO accretion	0	0
Depreciation, Amortization and Accretion, Net	171	152
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	12	14
Allowance for credit losses	18	4
Other decommissioning-related activity	0	0
Energy-related options	0	0
True-up adjustments to decoupling mechanisms and formula rates	(12)	18
Long-term incentive plan	0	0
Amortization of operating ROU asset	7	7
AFUDC - Equity	(6)	(7)
Baltimore Gas and Electric Company [Member] | Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	12	(18)
Baltimore Gas and Electric Company [Member] | Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	(6)	(7)
Pepco Holdings LLC [Member]
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	164	154
Amortization of regulatory assets	54	56
Amortization of intangible assets, net	0	0
Amortization of energy contract assets and liabilities	0	0
Nuclear fuel	0	0
ARO accretion	0	0
Depreciation, Amortization and Accretion, Net	218	210
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	13	12
Allowance for credit losses	18	10
Other decommissioning-related activity	0	0
Energy-related options	0	0
True-up adjustments to decoupling mechanisms and formula rates	(5)	46
Long-term incentive plan	0	0
Amortization of operating ROU asset	7	7
AFUDC - Equity	(15)	(11)
Pepco Holdings LLC [Member] | Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	5	(46)
Pepco Holdings LLC [Member] | Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	(15)	(11)
Potomac Electric Power Company [Member]
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	72	67
Amortization of regulatory assets	36	35
Amortization of intangible assets, net	0	0
Amortization of energy contract assets and liabilities	0	0
Nuclear fuel	0	0
ARO accretion	0	0
Depreciation, Amortization and Accretion, Net	108	102
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	2	2
Allowance for credit losses	9	5
Other decommissioning-related activity	0	0
Energy-related options	0	0
True-up adjustments to decoupling mechanisms and formula rates	(7)	26
Long-term incentive plan	0	0
Amortization of operating ROU asset	2	1
AFUDC - Equity	(11)	(9)
Potomac Electric Power Company [Member] | Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	7	(26)
Potomac Electric Power Company [Member] | Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	(11)	(9)
Delmarva Power and Light Company [Member]
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	45	42
Amortization of regulatory assets	12	11
Amortization of intangible assets, net	0	0
Amortization of energy contract assets and liabilities	0	0
Nuclear fuel	0	0
ARO accretion	0	0
Depreciation, Amortization and Accretion, Net	57	53
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	1	1
Allowance for credit losses	6	4
Other decommissioning-related activity	0	0
Energy-related options	0	0
True-up adjustments to decoupling mechanisms and formula rates	(1)	9
Long-term incentive plan	0	0
Amortization of operating ROU asset	2	3
AFUDC - Equity	(2)	(1)
Delmarva Power and Light Company [Member] | Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	1	(9)
Delmarva Power and Light Company [Member] | Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	(2)	(1)
Atlantic City Electric Company [Member]
Depreciation, Amortization and Accretion [Abstract]
Property, plant and equipment	41	37
Amortization of regulatory assets	6	10
Amortization of intangible assets, net	0	0
Amortization of energy contract assets and liabilities	0	0
Nuclear fuel	0	0
ARO accretion	0	0
Depreciation, Amortization and Accretion, Net	47	47
Other Non-Cash Operating Activities [Abstract]
Pension and non-pension postretirement benefit costs	3	3
Allowance for credit losses	3	1
Other decommissioning-related activity	0	0
Energy-related options	0	0
True-up adjustments to decoupling mechanisms and formula rates	3	11
Long-term incentive plan	0	0
Amortization of operating ROU asset	1	1
AFUDC - Equity	(2)	(1)
Atlantic City Electric Company [Member] | Other Non-Cash Activity
Other Non-Cash Operating Activities [Abstract]
True-up adjustments to decoupling mechanisms and formula rates	(3)	(11)
Atlantic City Electric Company [Member] | Return on borrowed funds
Other Non-Cash Operating Activities [Abstract]
AFUDC - Equity	$ (2)	$ (1)

XML

Supplemental Financial Information - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 2,476	$ 672	$ 1,908	$ 663
Restricted cash	430	321	374	438
Restricted cash included in other long-term assets	92	44	52	53
Cash, restricted cash, and cash equivalents - Held for Sale		582		12
Total cash, restricted cash, and cash equivalents	2,998	1,619	2,334	1,166
Accrued Expenses [Abstract]
Compensation-related accruals	370	596
Taxes accrued	258	253
Interest accrued	346	297
Commonwealth Edison Co [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	343	131	86	83
Restricted cash	246	210	270	279
Restricted cash included in other long-term assets	92	43	43	43
Cash, restricted cash, and cash equivalents - Held for Sale		0		0
Total cash, restricted cash, and cash equivalents	681	384	399	405
Accrued Expenses [Abstract]
Compensation-related accruals	95	155
Taxes accrued	95	94
Interest accrued	66	116
PECO Energy Co [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	26	36	48	19
Restricted cash	8	8	7	7
Restricted cash included in other long-term assets	0	0	0	0
Cash, restricted cash, and cash equivalents - Held for Sale		0		0
Total cash, restricted cash, and cash equivalents	34	44	55	26
Accrued Expenses [Abstract]
Compensation-related accruals	51	77
Taxes accrued	15	14
Interest accrued	36	41
Baltimore Gas and Electric Company [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	41	51	21	144
Restricted cash	34	4	1	1
Restricted cash included in other long-term assets	0	0	0	0
Cash, restricted cash, and cash equivalents - Held for Sale		0		0
Total cash, restricted cash, and cash equivalents	75	55	22	145
Accrued Expenses [Abstract]
Compensation-related accruals	48	78
Taxes accrued	78	53
Interest accrued	39	44
Pepco Holdings LLC [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	796	136	558	111
Restricted cash	106	77	37	39
Restricted cash included in other long-term assets	0	0	9	10
Cash, restricted cash, and cash equivalents - Held for Sale		0		0
Total cash, restricted cash, and cash equivalents	902	213	604	160
Accrued Expenses [Abstract]
Compensation-related accruals	73	113
Taxes accrued	94	96
Interest accrued	77	52
Potomac Electric Power Company [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	502	34	134	30
Restricted cash	34	34	33	35
Restricted cash included in other long-term assets	0	0	0	0
Cash, restricted cash, and cash equivalents - Held for Sale		0		0
Total cash, restricted cash, and cash equivalents	536	68	167	65
Accrued Expenses [Abstract]
Compensation-related accruals	26	35
Taxes accrued	85	88
Interest accrued	37	28
Delmarva Power and Light Company [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	120	28	64	15
Restricted cash	73	43	0	0
Restricted cash included in other long-term assets	0	0	0	0
Cash, restricted cash, and cash equivalents - Held for Sale		0		0
Total cash, restricted cash, and cash equivalents	193	71	64	15
Accrued Expenses [Abstract]
Compensation-related accruals	15	20
Taxes accrued	10	9
Interest accrued	21	8
Atlantic City Electric Company [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	168	29	353	17
Restricted cash	0	0	4	3
Restricted cash included in other long-term assets	0	0	9	10
Cash, restricted cash, and cash equivalents - Held for Sale		0		0
Total cash, restricted cash, and cash equivalents	168	29	$ 366	$ 30
Accrued Expenses [Abstract]
Compensation-related accruals	12	17
Taxes accrued	9	11
Interest accrued	$ 17	$ 11

XML

Related Party Transactions - Operating Revenues and Purchased Power and Fuel (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 6	$ 7
Purchased power and/or fuel from affiliates	(159)	(293)
Exelon Generation Co L L C [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	59	85
Exelon Generation Co L L C [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	33	42
Exelon Generation Co L L C [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	18	72
Exelon Generation Co L L C [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	51	100
Exelon Generation Co L L C [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	39	75
Exelon Generation Co L L C [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	10	21
Exelon Generation Co L L C [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	2	4
Commonwealth Edison Co [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	6	6
Purchased power and/or fuel from affiliates	$ (59)	$ (85)

XML

Related Party Transactions - BSC and PHISCO Service Companies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction Capitalized Costs Support Services	$ 205	$ 114
PHI Service Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction Capitalized Costs Support Services	19	17
Commonwealth Edison Co [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	85	71
Commonwealth Edison Co [Member] | Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	85	71
Related Party Transaction Capitalized Costs Support Services	85	45
PECO Energy Co [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	51	41
PECO Energy Co [Member] | Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	49	39
Related Party Transaction Capitalized Costs Support Services	36	17
Baltimore Gas and Electric Company [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	51	45
Baltimore Gas and Electric Company [Member] | Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	51	43
Related Party Transaction Capitalized Costs Support Services	38	20
Pepco Holdings LLC [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	51	40
Pepco Holdings LLC [Member] | Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	50	39
Related Party Transaction Capitalized Costs Support Services	46	32
Pepco Holdings LLC [Member] | PHI Service Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction Capitalized Costs Support Services	19	17
Potomac Electric Power Company [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	58	52
Potomac Electric Power Company [Member] | Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	29	22
Related Party Transaction Capitalized Costs Support Services	17	13
Potomac Electric Power Company [Member] | PHI Service Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	29	30
Related Party Transaction Capitalized Costs Support Services	8	7
Delmarva Power and Light Company [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	42	39
Delmarva Power and Light Company [Member] | Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	18	14
Related Party Transaction Capitalized Costs Support Services	14	10
Delmarva Power and Light Company [Member] | PHI Service Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	24	25
Related Party Transaction Capitalized Costs Support Services	6	5
Atlantic City Electric Company [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	37	34
Atlantic City Electric Company [Member] | Exelon Business Services Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	15	12
Related Party Transaction Capitalized Costs Support Services	15	8
Atlantic City Electric Company [Member] | PHI Service Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	21	22
Related Party Transaction Capitalized Costs Support Services	$ 5	$ 5

XML

Related Party Transactions - Current Receivables From/Payables To Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	$ 234	$ 523
Accounts Payable, Related Parties, Current	6	5
Commonwealth Edison Co [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	66	121
Accounts Receivable, Related Parties, Current	3	16
Commonwealth Edison Co [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		13
Commonwealth Edison Co [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	66	121
Commonwealth Edison Co [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Commonwealth Edison Co [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Commonwealth Edison Co [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Commonwealth Edison Co [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Commonwealth Edison Co [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Commonwealth Edison Co [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Commonwealth Edison Co [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	3	3
PECO Energy Co [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	38	70
Accounts Receivable, Related Parties, Current	0	1
PECO Energy Co [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		0
PECO Energy Co [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PECO Energy Co [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PECO Energy Co [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	1
PECO Energy Co [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PECO Energy Co [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PECO Energy Co [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PECO Energy Co [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Baltimore Gas and Electric Company [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	37	48
Accounts Receivable, Related Parties, Current	0	1
Baltimore Gas and Electric Company [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		0
Baltimore Gas and Electric Company [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Baltimore Gas and Electric Company [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Baltimore Gas and Electric Company [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Baltimore Gas and Electric Company [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	1
Baltimore Gas and Electric Company [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Baltimore Gas and Electric Company [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Baltimore Gas and Electric Company [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Pepco Holdings LLC [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	51	104
Accounts Receivable, Related Parties, Current	0	2
Pepco Holdings LLC [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	18	16
Potomac Electric Power Company [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	34	59
Accounts Receivable, Related Parties, Current	0	0
Potomac Electric Power Company [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		0
Potomac Electric Power Company [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Potomac Electric Power Company [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Potomac Electric Power Company [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Potomac Electric Power Company [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Potomac Electric Power Company [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Potomac Electric Power Company [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Potomac Electric Power Company [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Delmarva Power and Light Company [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	15	33
Accounts Receivable, Related Parties, Current	0	1
Delmarva Power and Light Company [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		0
Delmarva Power and Light Company [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Delmarva Power and Light Company [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Delmarva Power and Light Company [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Delmarva Power and Light Company [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Delmarva Power and Light Company [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	1
Delmarva Power and Light Company [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Delmarva Power and Light Company [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Atlantic City Electric Company [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	23	31
Accounts Receivable, Related Parties, Current	0	2
Atlantic City Electric Company [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		0
Atlantic City Electric Company [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Atlantic City Electric Company [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Atlantic City Electric Company [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Atlantic City Electric Company [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	1
Atlantic City Electric Company [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	1
Atlantic City Electric Company [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Atlantic City Electric Company [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Business Services Company [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties, Current	173	306
Business Services Company [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		102
Business Services Company [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	64	71
Business Services Company [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	33	36
Business Services Company [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	35	41
Business Services Company [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	7	5
Business Services Company [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	19	21
Business Services Company [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	3	17
Business Services Company [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	12	13
Business Services Company [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PHI Service Company [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties, Current	39	32
PHI Service Company [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		0
PHI Service Company [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PHI Service Company [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PHI Service Company [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
PHI Service Company [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	1	0
PHI Service Company [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	15	12
PHI Service Company [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	12	11
PHI Service Company [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	11	9
PHI Service Company [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	0
Other Legal Entities [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current	3	14
Accounts Receivable, Related Parties, Current	19	47
Other Legal Entities [Member] | Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		16
Other Legal Entities [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	2	9
Other Legal Entities [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	5	4
Other Legal Entities [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	2	3
Other Legal Entities [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	10	9
Other Legal Entities [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	3
Other Legal Entities [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	0	1
Other Legal Entities [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current	$ 0	2
Exelon Generation Co LLC Affiliate [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties, Current		131
Accounts Receivable, Related Parties, Current		117
Exelon Generation Co LLC Affiliate [Member] | Commonwealth Edison Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		41
Exelon Generation Co LLC Affiliate [Member] | PECO Energy Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		30
Exelon Generation Co LLC Affiliate [Member] | Baltimore Gas And Electric Company Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		4
Exelon Generation Co LLC Affiliate [Member] | Pepco Holdings LLC Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		0
Exelon Generation Co LLC Affiliate [Member] | Potomac Electric Power Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		20
Exelon Generation Co LLC Affiliate [Member] | Delmarva Power and Light Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		4
Exelon Generation Co LLC Affiliate [Member] | Atlantic City Electric Co Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		7
Exelon Generation Co LLC Affiliate [Member] | Other Affiliate [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current		$ 11

XML

Related Party Transactions - Long Term Debt to Financing Trusts (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Long-term debt to financing trust	$ 390	$ 390
ComEd Financing Three Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	206	206
PECO Trust Three Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	81	81
PECO Trust Four Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	103	103
Commonwealth Edison Co [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	205	205
Commonwealth Edison Co [Member] | ComEd Financing Three Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	205	205
Commonwealth Edison Co [Member] | PECO Trust Three Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	0	0
Commonwealth Edison Co [Member] | PECO Trust Four Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	0	0
PECO Energy Co [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	184	184
PECO Energy Co [Member] | ComEd Financing Three Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	0	0
PECO Energy Co [Member] | PECO Trust Three Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	81	81
PECO Energy Co [Member] | PECO Trust Four Affiliate [Member]
Related Party Transaction [Line Items]
Long-term debt to financing trust	$ 103	$ 103