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

April 14, 2009

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 April 15, 2009, at 11:00am EDT (10:00am CDT), Exelon Corporation (Exelon) will host a conference call with investors to provide additional information regarding the hedging program at Exelon Generation Company, LLC (Generation). The conference call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is 973-935-8753. The conference ID number is 94243193. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site: www.exeloncorp.com. (Please select the Investor Relations page.) Telephone replays will be available until April 29, 2009. The U.S. and Canada call-in number for replays is 800-642-1687, and the international call-in number is 706-645-9291. The conference ID number is 94243193. Attached as Exhibit 99.1 to this Current Report on Form 8-K are the presentation slides to be used on the conference call.

Section 9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Presentation Slides

* * * * *

This combined Form 8-K is being furnished separately by Exelon and Generation (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 2008 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; and (2) 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

April 14, 2009

EXHIBIT INDEX

Exhibit No.	Description
99.1	Presentation Slides

EX-99.1

Exelon Generation Hedging Program

April 2009

Exhibit 99.1

2

Forward-Looking Statements

This presentation includes forward-looking statements.  There are a number of risks and

uncertainties that could cause actual results to differ materially from the forward-looking

statements made herein.   The factors that could cause actual results to differ materially from

these forward-looking statements include those discussed in (1) Exelon’s 2008 Annual Report on

Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of

Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and

Supplementary Data: Note 18; and (2) other factors discussed in Exelon’s filings with the SEC. 

Readers are cautioned not to place undue reliance on these forward-looking statements, which

apply only as of the date of this filing.  Exelon does not undertake any obligation to publicly

release any revision to its forward-looking statements to reflect events or circumstances after the

date of this filing, except as required by law.

3

Important Information

This presentation is intended to provide additional information regarding the hedging program at

Exelon Generation and to serve as an aid for the purposes of modeling

Exelon Generation’s

gross margin (operating revenues less purchased power and fuel expense). The information in

this presentation is not intended to represent earnings guidance

or a forecast of future events. 

In fact, many of the factors that ultimately will determine Exelon Generation’s actual gross

margin are based upon highly variable market factors outside of our control.  The information in

this presentation is as of February 28, 2009.  Going forward, we

plan to update the information

on a quarterly basis.

Certain information in this presentation is based upon an internal simulation model that

incorporates assumptions regarding future market conditions, including power and commodity

prices, heat rates and demand conditions, in addition to operating performance and dispatch

characteristics of our generating fleet.  Our simulation model and the assumptions therein are

subject to change.  For example, actual market conditions and the dispatch profile of our

generation fleet in future periods will likely differ –

and may differ significantly –

from the

assumptions underlying the simulation results included in this presentation.  In addition, the

forward-looking information included in this presentation will likely change over time due to

continued refinement of our simulation model and changes in our views on future market

conditions.

4

Portfolio Management Objective

Align Hedging Activities with Financial Commitments

•

Power Team utilizes several product types and

channels to market

•

Wholesale and retail sales

•

Block products

•

Load-following products

and load auctions

•

Put/call options

•

Exelon’s hedging program is designed to protect the

long-term value of our generating fleet and maintain

an investment-grade balance sheet

•

Hedge enough commodity risk to meet future cash

requirements if prices drop

•

Consider:  financing policy (credit rating objectives, capital

structure, liquidity); spending (capital and O&M); shareholder

value return policy

•

Consider market, credit, operational risk

•

Approach to managing volatility

•

Increase hedging as delivery approaches

•

Have enough supply to meet peak load

•

Purchase fossil fuels as power is sold

•

Choose

hedging

products

based

on

generation

portfolio

–

sell

what we own

•

Heat rate options

•

Fuel products

•

Capacity

•

Renewable credits

By design, our hedging program allows us to weather short-term, adverse market conditions 

while positioning us to participate in long-term upside potential

5

5

Percentage of Expected

Generation Hedged

•

How many equivalent MW have been hedged at

forward market prices;  all hedge products used are

converted to an equivalent average MW volume

•

Takes ALL

hedges into account whether they are

power sales or financial products

Equivalent MWs Sold

Expected Generation

=

•

Our normal practice is to hedge commodity risk on a ratable basis over the three

years leading to the spot market

•

Carry operational length into spot market to manage forced outage and load-following risks

•

By

using

the

appropriate

product

mix,

expected

generation

hedged

approaches

the

mid-90s

percentile

as

the delivery period approaches

•

Participation in larger procurement events, such as utility auctions, and some flexibility in the timing of

hedging may mean the hedge program is not strictly ratable from quarter to quarter

Exelon Generation Hedging Program

6

6

6

Open gross margin assumes all expected generation is sold at the

Reference Prices listed below

2009

2010

2011

Estimated Open Gross Margin (millions)

(1,2)

$5,450

$5,900

$6,350

Reference Prices

(1)

Henry Hub Natural Gas ($/MMBtu)

NI-Hub ATC Energy Price ($/MWh)

PJM-W ATC Energy Price ($/MWh)    

ERCOT North ATC Spark Spread ($/MWh)

(3)

$4.71

$30.63

$45.08

($1.08)

$6.08

$31.64

$50.35

($0.99)

$6.69

$36.93

$54.18

$0.36

(1)

Based on February 28, 2009 market conditions. 

(2)

Gross margin is defined as operating revenues less fuel expense and purchased power expense, excluding the impact of decommissioning and other incidental revenues. Open

gross margin is estimated based upon an internal model that is developed by dispatching our expected generation to current market power and fossil fuel prices.  Open gross

margin assumes there is no hedging in place other than fixed assumptions for capacity cleared in the RPM auctions and uranium costs for nuclear power plants.  Open gross

margin contains assumptions for other gross margin line items such as various ISO bill and ancillary revenues and costs and PPA capacity payments.  The estimation of open

gross margin incorporates management discretion and modeling assumptions that are subject to change.

(3)

ERCOT North ATC spark spread using Houston Ship Channel Gas, 7,200 heat rate, $2.50 variable O&M.

Exelon Generation Open Gross Margin and

Reference Prices

7

7

7

(1)

Expected

generation

represents

the

amount

of

energy

estimated

to

be

generated

or

purchased

through

owned

or

contracted

for

capacity.

Expected

generation

is

based

upon

a

simulated dispatch

model

that

makes

assumptions

regarding

future

market

conditions,

which

are

calibrated

to

market

quotes

for

power,

fuel,

load

following

products,

and

options.

Expected

generation

assumes 10

refueling outages in 2009 and 2010 and 11 refueling outages in 2011 at Exelon-operated nuclear plants and Salem.  Expected generation assumes capacity factors of 93.3%, 92.7% and 92.8% in

2009, 2010 and 2011 at Exelon-operated nuclear plants. These estimates of expected generation in 2010 and 2011 do not represent guidance or a forecast of future results as Exelon has not

completed its planning or optimization processes for those years.

(2)

Percent of expected generation hedged is the amount of equivalent sales divided by the expected generation.  Includes all hedging products, such as wholesale and retail sales of power, options, and

swaps.  Uses expected value on options.

(3)

Effective realized energy price is representative of an all-in hedged price, on a per MWh basis, at which expected generation has been hedged.  It is developed by considering the energy revenues

and costs associated with our hedges and by considering the fossil fuel that has been purchased to lock in margin.  It excludes capacity revenue and uranium costs.  It can be compared with the

reference

prices

used

to

calculate

open

gross

margin

in

order

to

determine

the

mark-to-market

value

of

Exelon

Generation's

energy

hedges.

2009

2010

2011

Expected Generation

(GWh)

(1)

170,500

166,100

167,500

Midwest

99,400

96,900

98,500

Mid-Atlantic

57,500

58,500

58,100

South

13,600

10,700

10,900

Percentage of Expected Generation Hedged

(2)

91-94%

81-84%

40-43%

Midwest

93-96

79-82

49-52

Mid-Atlantic

93-96

91-94

27-30

South

67-70

39-42

14-17

Effective Realized Energy Price

($/MWh)

(3)

Midwest

$48.00

$48.00

$47.25

Mid-Atlantic

$37.00

$37.50

$71.25

ERCOT North ATC Spark Spread

$3.75

$5.00

$7.00

Generation Profile

8

8

8

2009

2010

2011

Gross Margin Sensitivities with Existing Hedges (millions)

(1)

Henry Hub Natural Gas

+ $1/MMBtu

-

$1/MMBtu

NI-Hub ATC Energy Price

+$5/MWH

-$5/MWH

PJM-W ATC Energy Price

+$5/MWH

-$5/MWH

Nuclear Capacity Factor

+1% / -1%

$18

($4)

$10

($9)

$20

($18)

+/-$40

$70

($50)

$115

($115)

$30

($30)

+/-$50

$420

($390)

$265

($265)

$230

($230)

+/-$50

(1)

Based on February 28, 2009 market conditions and hedged position. Gas price sensitivities are based on an assumed gas-power relationship derived from an

internal model that is updated periodically.

Power prices sensitivities are derived by adjusting the power price assumption while keeping all other prices inputs

constant.

Due

to

correlation

of

the

various

assumptions,

the

hedged

gross

margin

impact

calculated

by

aggregating

individual

sensitivities

may

not

be

equal

to

the

hedged gross margin impact calculated when correlations between the various assumptions are also considered.

Exelon Generation Gross Margin Sensitivities

(with Existing Hedges)

9

9

9

95% case

5% case

$6,800

$6,500

$5,800

$6,900

$6,100

$8,900

Exelon Generation Gross Margin Upside / Risk

(with Existing Hedges)

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

2009

2010

2011

(1)

Represents

an

approximate

range

of

expected

gross

margin,

taking

into

account

hedges

in

place,

between

the

5th

and

95th

percent

confidence

levels.

Approximate

gross

margin ranges are based upon an internal simulation model and are subject to change based upon market inputs, future transactions and potential modeling changes. These

ranges

of

approximate

gross

margin

in

2010

and

2011

do

not

represent

earnings

guidance

or

a

forecast

of

future

results

as

Exelon

has

not

completed

its

planning

or

optimization

processes

for

those

years.

The

price

distributions

that

generate

this

range

are

calibrated

to

market

quotes

for

power,

fuel,

load

following

products,

and

options

as

of

February 28, 2009.

10

10

Midwest

Mid-Atlantic

ERCOT

Step 1

Start

with

fleetwide

open

gross

margin 

$5.45 billion

Step 2

Determine the mark-to-market value

of energy hedges

99,400GWh * 94% *

($48.00/MWh-$30.63/MWh)

= $1.6 billion

57,500GWh * 94% *

($37.00/MWh-$45.08/MWh)

= ($0.4 billion)

13,600GWh * 68% *

($3.75/MWh-($1.08)/MWh)

= $0.0 billion

Step 3

Estimate

hedged

gross

margin

by

adding open gross margin to mark-to-

market value of energy hedges

Open

gross

margin:

$5.45

billion

MTM value of energy hedges:          

$1.6

billion

+

($0.4

billion)

+

$0.0

billion

Estimated

hedged

gross

margin:

$6.65

billion

Illustrative Example

of Modeling Exelon Generation 2009 Gross Margin (with Existing Hedges)