8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 19, 2008

Date of Report (Date of earliest event reported)

Commission File Number	Exact Name of Registrant as Specified in Its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number	IRS Employer Identification Number
1-16169	EXELON CORPORATION (a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-7398	23-2990190
333-85496	EXELON GENERATION COMPANY, LLC (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 765-5959	23-3064219

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

On August 20 and 21, 2008, Exelon Corporation (Exelon) will participate in meetings with investors. Attached as Exhibit 99.1 to this Current Report on Form 8-K is the investor handout to be used at the meetings.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Investor handout

* * * * *

This combined Form 8-K is being furnished separately by Exelon and Exelon Generation Company, LLC (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

This Current Report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2007 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 19; (2) Exelon’s Second Quarter 2008 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 12; and (3) other factors discussed in filings with the Securities and Exchange Commission by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Current 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 Current Report.

SIGNATURES

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

EXELON CORPORATION

EXELON GENERATION COMPANY, LLC

/s/ Matthew F. Hilzinger

Matthew F. Hilzinger

Senior Vice President and Chief Financial Officer

Exelon Corporation

August 19, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Investor handout

EX-99.1

Confidential

Investor Meetings

August 20-21, 2008

Exhibit 99.1

2

Forward-Looking Statements

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

Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties.  The

factors that could cause actual results to differ materially from these forward-looking

statements include those discussed herein as well as those discussed in (1) Exelon’s

2007 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.

Management’s Discussion and Analysis of Financial Condition and Results of

Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 19; (2)

Exelon’s Second Quarter 2008 Quarterly Report on Form 10-Q in (a) Part II, Other

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

Financial Statements: Note 12; and (3) other factors discussed in filings with the

Securities and Exchange Commission by Exelon Corporation and Exelon Generation

Company, LLC (Companies).  Readers are cautioned not to place undue reliance on

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

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

forward-looking statements to reflect events or circumstances after the date of this

presentation.

Power Team: Value Added Intermediary

Nuclear

Fossil

Hydro

Generation

Power Team

PECO

Wholesale and

Retail Power &

Fuel Markets

Affiliates

Supply Contracts

(Including renewables)

Long-Term Contracts

(Including ComEd)

Market Activity

Power Team manages the interaction between the generation portfolio and the wholesale

and retail markets in order to reduce risk and optimize Exelon Generation profitability.

3

4

Multi-Regional Generation

Note: Megawatts based on Generation’s ownership as of 12/31/07,

using annual mean ratings for nuclear units (excluding Salem) and

summer ratings for Salem and the fossil and hydro units.

Midwest Capacity

Owned:

11,388 MW

Contracted:

4,271 MW

Total:

15,659 MW

ERCOT/South Capacity

Owned:

2,222 MW

Contracted:

2,917 MW

Total:

5,139 MW

New England Capacity

Owned:

194 MW

Total Capacity

Owned:

24,808 MW

Contracted:

7,524 MW

Total:

32,332 MW

Generating Plants             

Nuclear

Hydro

Coal/Oil/Gas Base-load

Intermediate

Peaker

Mid-Atlantic Capacity

Owned:

11,004 MW

Contracted:

336 MW

Total:

11,340 MW

5

Total Portfolio Characteristics

The value of our portfolio resides in our nuclear fleet

2008 Expected Total Supply (GWh)

(1)

Nuclear

138,100

Fossil & Hydro

(2)

33,800

Forward & Spot Purchases

17,400

Total

189,300

PECO Load

22%

Actual Hedges

& Open

Position

63%

ComEd Swap

3%

IL Auction

12%

2008 Expected Total Sales (GWh)

(1)

(1)

As published at Exelon’s 12/19/07 Investor Conference.

(2)

Includes purchases related to long-term contracts.

6

Hedging Targets

Flexibility in our targeted financial hedge ranges allows us to be opportunistic while

mitigating downside risk

(1) Percent financially hedged is our estimate of the gross margin that is hedged at a 95% confidence level given the current assessment of market volatility.  The

formula

is

the

gross

margin

at

the

5th

percentile

/

expected

gross

margin.

Power Team employs commodity hedging

strategies to optimize Exelon

Generation’s earnings:

•

Maintain length for opportunistic sales

•

Use cross commodity option strategies to

enhance hedge activities

•

Time hedging around view of market

fundamentals

•

Supplement portfolio with load following

products

•

Use physical and financial fuel products to

manage variability in fossil generation output

Target Ranges

90% -

98%

70% -

90%

50% -

70%

~96%

Current Position

Top

of range

Above the

range*

Prompt Year

(2008)

Second Year

(2009)

Third Year

(2010)

Financial Hedging Range

(1)

* Due to ComEd financial swap

57

67

77

87

97

107

8/07

9/07

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

7

Market Price Snapshot

Rolling

12

months,

as

of

August

14,

2008.

Source:

OTC

quotes

and

electronic

trading

system.

Quotes

are

daily.

7

Forward NYMEX Natural Gas

Forward NYMEX Coal

PJM-West and Ni-Hub On-Peak Forward Prices

PJM-West and Ni-Hub Wrap Forward Prices

2010

2011

2010

2011

2010 PJM-West

2011 PJM-West

2011 Ni-Hub

2010 Ni-Hub

2010 PJM-West

2011 PJM-West

2011 Ni-Hub

2010 Ni-Hub

Market Price Snapshot

Rolling

12

months,

as

of

August

14,

2008.

Source:

OTC

quotes

and

electronic

trading

system.

Quotes

are

daily.

8

8

2010

2011

2010

2011

2010

2011

Houston Ship Channel Natural Gas

Forward Prices

ERCOT North On Peak

Forward Prices

ERCOT North On Peak v. Houston Ship Channel

Implied Heat Rate

ERCOT On Peak Spark Spread

(1)

2011

2010

(1) Assumes a 7.2 Heat Rate, $1.50 O&M, and $.15 adder