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 25, 2007
Date of Report (Date of earliest event reported)

	Exact Name of Registrant as Specified in Its Charter; State of
Commission File	Incorporation; Address of Principal Executive Offices; and	IRS Employer
Number	Telephone Number	Identification Number
1-16169	EXELON CORPORATION	23-2990190
	(a Pennsylvania corporation)
	10 South Dearborn Street
	P.O. Box 805379
	Chicago, Illinois 60680-5379
	(312) 394-7398
333-85496	EXELON GENERATION COMPANY, LLC	23-3064219
	(a Pennsylvania limited liability company)
	300 Exelon Way
	Kennett Square, Pennsylvania 19348
	(610) 765-6900
1-1839	COMMONWEALTH EDISON COMPANY	36-0938600
	(an Illinois corporation)
	440 South LaSalle Street
	Chicago, Illinois 60605-1028
	(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

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:

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

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

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

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

Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition.

Section 7 – Regulation FD
Item 7.01. Regulation FD Disclosure.

On April 25, 2007, Exelon Corporation (Exelon) announced via press release Exelon’s results for the first quarter ended March 31, 2007. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to the Current Report on Form 8-K is a market snapshot of commodity and capacity prices. This Form 8-K and the attached exhibit are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission (SEC).

* * * * *

This combined Form 8-K is being furnished separately by Exelon, Exelon Generation Company, LLC (Generation), Commonwealth Edison Company (ComEd), and PECO Energy Company (PECO) (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 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s First Quarter 2007 Quarterly Report on Form 10-Q (to be filed on April 25, 2007) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (3) other factors discussed in filings with the SEC 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.

Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release and related attachments
99.2	Market snapshot of commodity and capacity prices

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

PECO ENERGY COMPANY

/s/ John F. Young

John F. Young

Executive Vice President, Finance and Markets

and Chief Financial Officer

Exelon Corporation

COMMONWEALTH EDISON COMPANY

/s/ Robert K. McDonald

Robert K. McDonald

Senior Vice President, Chief Financial Officer, Treasurer and Chief Risk Officer

Commonwealth Edison Company

April 25, 2007

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release and related attachments
99.2	Market snapshot of commodity and capacity prices

EX-99.1

Exhibit 99.1

Contact:	JaCee Burnes Exelon Investor Relations 312-394-2948	FOR IMMEDIATE RELEASE
	Jennifer Medley Exelon Corporate Communications 312-394-7189

Exelon Announces First Quarter Results;
Reaffirms Full-Year 2007 Operating Earnings Guidance;
Illinois Legislative and ComEd Financial Challenges Continue

CHICAGO (April 25, 2007) — Exelon Corporation’s (Exelon) first quarter 2007 consolidated earnings prepared in accordance with GAAP were $691 million, or $1.02 per diluted share, compared with earnings of $400 million, or $0.59 per diluted share, in the first quarter of 2006.

Exelon’s adjusted (non-GAAP) operating earnings for the first quarter of 2007 were $722 million, or $1.07 per diluted share, compared with $420 million, or $0.62 per diluted share, for the same period in 2006. The increase in adjusted (non-GAAP) operating earnings per share was primarily due to higher margins on energy sales at Exelon Generation Company, LLC (Generation), higher nuclear output reflecting fewer outage days, the effects of favorable weather conditions as compared with last year in the Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) service territories, and a PJM billing settlement with PPL Electric (PPL). These positive factors were partially offset by significantly lower net income at ComEd primarily due to the end of its nine-year regulatory transition period, and higher operating and maintenance expense and increased depreciation and amortization across Exelon’s operating companies, including the scheduled higher competitive transition charge (CTC) amortization at PECO.

A non-GAAP financial measure, adjusted (non-GAAP) operating earnings for the first quarter of 2007 do not include the following items that are included in reported GAAP earnings (all after tax):

• Mark-to-market losses of $69 million, or $0.10 per diluted share, primarily from Generation’s economic hedging activities.

• Earnings of $24 million, or $0.03 per diluted share, associated with investments in synthetic fuel-producing facilities, including the impact of mark-to-market losses associated with the related derivatives.

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• A gain of $9 million, or $0.01 per diluted share, related to the sale of Generation’s 49.5 percent ownership interests in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP), two generating facilities in Mexico.

• A gain of $5 million, or $0.01 per diluted share, associated with the settlement of a tax matter at Generation related to its previous investment in Sithe Energies, Inc. (Sithe).

Adjusted (non-GAAP) operating earnings for the first quarter of 2006 do not include the following items that are included in reported GAAP earnings (all after tax):

• Mark-to-market losses of $19 million, or $0.03 per diluted share, from economic hedging activities.

• Earnings of $13 million, or $0.02 per diluted share, associated with investments in synthetic fuel-producing facilities, including the impact of mark-to-market losses associated with the related derivatives.

• Charges of $9 million, or $0.01 per diluted share, related to certain integration costs associated with the now terminated merger with Public Service Enterprise Group Incorporated (PSEG).

• Charges of $5 million, or $0.01 per diluted share, associated with the settlement of a tax matter at Generation related to its previous investment in Sithe and severance and severance-related costs recorded at Exelon during the period.

2007 Earnings Outlook

Exelon affirmed its adjusted (non-GAAP) operating earnings guidance range for 2007 of $4.00 to $4.30 per share. The following table indicates guidance ranges by operating company contribution to 2007 adjusted (non-GAAP) operating earnings per Exelon share, excluding Exelon holding company.

Generation:	$3.40 to $3.60
ComEd:	$0.10 to $0.20
PECO:	$0.60 to $0.65

The outlook for 2007 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

• mark-to-market adjustments from economic hedging activities

• investments in synthetic fuel-producing facilities

• significant impairments of intangible assets, including goodwill

• significant changes in decommissioning obligation estimates

• other unusual items

• any future changes to GAAP

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Giving consideration to these factors, Exelon estimates GAAP earnings in 2007 will fall in the range of $4.10 to $4.40 per share. Both Exelon’s operating earnings and GAAP earnings guidance are based on the assumption of normal weather and exclude any impact of the possible outcome of legislation and settlement discussions in Illinois, beyond the $44 million that ComEd has recently proposed in rate relief programs for its customers in 2007.

Beginning in 2007, earnings per share reflect a change in Exelon’s quarterly earnings profile, which will result in a slightly different distribution than in prior years. Earnings will be more equally distributed quarter to quarter due to several factors, including the end of ComEd’s power purchase agreement (PPA) with Generation and the timing and increased volume of energy sales into the wholesale market. As previously disclosed, Exelon expects the quarterly operating earnings per share distribution ranges of total earnings for the balance of 2007 to be as follows:

• Second Quarter: 21 to 24 percent

• Third Quarter: 26 to 29 percent

• Fourth Quarter: 23 to 26 percent

First Quarter and Recent Highlights

• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station operated by PSEG Nuclear LLC, produced 35,357 GWhs in the first quarter of 2007, compared with 33,491 GWhs in the first quarter of 2006. The Exelon-operated nuclear plants achieved a 96.4 percent capacity factor for the first quarter of 2007 compared with 91.0 percent for the first quarter of 2006. The Exelon-operated nuclear plants completed one scheduled refueling outage and began a second in the first quarter of 2007 (40 days), compared with completing three and beginning a fourth refueling outage in the first quarter of 2006 (79 days). There was one non-refueling outage day in the first quarter of 2007 versus 25 days in 2006. The co-owned Salem Generating Station began a scheduled refueling outage in the first quarter of 2007 and did not have a scheduled refueling outage in the first quarter of 2006. “Nuclear’s strong production, based in part on LaSalle unit 2 achieving the second-longest continuous operating run of any light water reactor in the world (exceeded only by LaSalle unit 1), resulted in record high generation for the quarter and demonstrates the pay-off of our sustained focus on equipment reliability,” said Chris Crane, Exelon Nuclear president and chief nuclear officer.

• Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 92.8 percent in the first quarter of 2007, compared with 93.0 percent in the first quarter of 2006. The equivalent availability factor for the hydro facilities was 99.1 percent in the first quarter of 2007, compared with 97.0 percent in the first quarter of 2006, primarily due to fewer planned outages in 2007 compared to 2006.

• Reliability Pricing Model (RPM) Auction: In December 2006, the Federal Electric Regulatory Commission (FERC) approved a new RPM capacity market for PJM. RPM is designed to procure capacity on a three-year forward basis and compensate those capacity resources based on the locational need for that capacity. In early April 2007, PJM conducted the first auction under this new market design. Exelon’s generation located within the PJM footprint was bid into this auction. The payments based on the locational clearing prices that will be received as a result of

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	the auction may be offset by forward sales and bilateral contracts made against Generation’s generating portfolio prior to the auction. The results of the first RPM auction, for capacity during the June 1, 2007 to May 31, 2008 time period, are as follows:
	•	Eastern Mid-Atlantic Area Council (MAAC): $197.67/MW-day
	•	Southwest MAAC: $188.54/MW-day
	•	Rest of Market: $40.80/MW-day
	This month’s auction is only the first of three auctions that will be held in 2007. The next auction will be conducted in July 2007, and will procure capacity for the period June 2008 through May 2009. The third auction will be conducted in October 2007, and will procure capacity for the period June 2009 through May 2010. The last of these transitional auctions will occur in January 2008 for the period June 2010 to May 2011. Subsequent auctions will take place 36 months ahead of the scheduled delivery year. “RPM will compensate our generators for our investment in long-term reliability both in the East and Midwest,” said Ian McLean, president of Exelon Power Team. “RPM will send a more timely signal to the market about the need for new generation and better enable resource owners to plan on a forward-looking basis.”
•	ComEd Regulatory Recovery Plan: Beginning in 2007, ComEd completed its transition to a wires-only transmission and distribution company. In the first quarter of 2007, ComEd reported adjusted (non-GAAP) operating earnings of $5 million, or $0.01 per Exelon share, as compared with $61 million, or $0.09 per Exelon share, in the same quarter last year. This decrease was primarily due to the end of its regulatory transition period. If ComEd continues to recover all of its purchased power costs, which are a direct pass-through to its customers with no mark-up, it will still earn insufficient financial returns in 2007. This is primarily due to the impact of regulatory lag associated with ComEd’s inability to fully recover current-year cost levels as its 2006 delivery service rate case was based on an adjusted 2004 test year and cost levels. In order to secure fair and reasonable rate treatment and future adequate returns, ComEd is implementing a regulatory recovery plan. As part of this plan, ComEd expects to file periodic rate case proceedings, including a delivery services rate case that is expected late in the second quarter of 2007. In addition, a transmission rate case was filed with FERC on March 1, 2007.
•	Illinois Rate Freeze Proposals and ComEd Customer Relief Programs: On March 6, 2007, the Illinois House of Representatives (House) passed a rate freeze extension bill (HB 1750) that, if enacted into law, would roll back the current electricity rates of ComEd and other Illinois utilities to rates that were in effect prior to 2007, causing significant financial distress and threatening the ability to deliver reliable electric service and potentially costing customers more in the long run. Following passage in the House, the bill moved to the Illinois State Senate (Senate) for consideration and was referred to the Rules Committee. The Senate Environment and Energy Committee (Senate Committee) recommended adoption of its own rate freeze extension bill (SB 1592), that if enacted into law, would roll back rates of certain Illinois utilities, excluding ComEd, for a period of at least one year. On March 22, 2007, the Senate Committee approved for consideration by the full Senate an amendment that would make the legislation applicable to all Illinois utilities, including ComEd. ComEd and other interested parties have been actively engaged in discussions with members of the Illinois General Assembly and other leaders to explore alternatives to rate freeze legislation that would provide financial assistance for Illinois electric customers with unusually high electric bills and other customers in need of financial assistance. On April 20, 2007, the full Senate passed SB 1592

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	without the amendment to include ComEd. SB 1592 will now move to the House for consideration where it could be voted on as it stands or amended to include ComEd and then voted on. If amended and passed by the full House, SB 1592 would need to be sent back to the Senate for reconsideration. If HB 1750 or an amended SB 1592 is passed into law, a rate freeze extension could cause ComEd to lose $1.4 billion or more annually — or $4 million per day — and put ComEd in financial distress and on the path to potential bankruptcy with devastating consequences for Illinois and consumers of electricity. Furthermore, ComEd believes that such a law will violate Federal law and the U.S. Constitution, and ComEd is prepared to challenge the rate freeze legislation in court.
	To become law, legislation must be passed by the House and Senate and signed by the Governor of Illinois (Governor). The Governor has previously expressed support for rate freeze legislation. The ultimate outcome of discussions of alternatives to rate freeze legislation, the legislative process, and the coverage or content of any legislation that may be adopted are all uncertain.
	ComEd plans to move forward with its customer relief programs provided that no rate rollback and freeze legislation applicable to ComEd is enacted into law. On April 23, 2007, ComEd announced it is preparing to implement a new $64 million relief package for its customers most impacted by its January rate increase. Relief would come in the form of bill credits, grants, weatherization funds and energy efficiency programs. Inclusive of ComEd’s funding of its Customers’ Affordable Reliable Energy (CARE) initiative described below, ComEd anticipates that these customer rate relief programs may cost approximately $44 million in 2007 and approximately $20 million in additional funds during 2008 and 2009 combined.
	ComEd has already taken a number of steps to help customers transition to new rates such as the rate stabilization program discussed below. Last summer, ComEd began an education campaign to inform its customers about higher rates that would reflect the real cost of electricity. Additionally, the company created CARE, an initiative that includes energy efficiency education and assistance programs for low-income customers, working families and seniors. ComEd has spent approximately $12 million for CARE-related programs since its inception, including $3 million during the three months ended March 31, 2007. More information is available at www.ComEdCARE.com.
•	ComEd Residential Rate Stabilization Program: In January 2007, as part of its CARE package, ComEd launched the rate stabilization program approved by the ICC that allows residential customers the choice to limit the impact of any rate increases over the next three years. The program has an “opt-in” feature that gives customers the choice to participate, beginning with the April 2007 billing period. The enrollment window runs through August 22, 2007. Under the program, residential customers choosing to participate would see average annual rate increases capped at 10 percent in 2007, 2008 and 2009. Costs that exceed the cap would be deferred and charged to customers over the following three years, 2010 to 2012. A carrying charge at a below-market rate of 3.25 percent per year will be assessed to participants to partially cover ComEd’s cost of financing the program. A provision of the program provides that it would terminate if ComEd’s senior secured credit ratings from two of the three major credit rating agencies fall below investment grade. This ratings test was changed by ComEd voluntarily through a filing with the ICC. It was previously based on the senior unsecured rating. However, the fact that ComEd’s senior unsecured debt is rated below investment grade by all

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	three agencies is not reflective of ComEd’s ability to support the program but instead largely relates to legislative and political risk. As of March 31, 2007, approximately 34,000 or 1 percent of ComEd’s residential customers have enrolled in the program.
•	ComEd Transmission Rate Case: On March 1, 2007, ComEd filed a request with FERC, seeking approval to increase the rate it receives for transmission services. The proposed $147 million increase in the annual revenue requirement would raise an average residential customer bill by about 1.5 percent. ComEd is requesting that the new transmission rate, if accepted by FERC, be effective May 2007. ComEd is proposing that FERC approve a formula to calculate future transmission charges, updated annually to assure that under this rate customers pay the actual costs of providing transmission services. ComEd’s transmission rate was last updated in 2003. Between 2003 and the end of 2007, ComEd will have invested over $800 million in transmission-related plant to meet increasing demand and improve reliability.
•	ComEd Rate Design Investigation: On March 2, 2007, the ICC voted to initiate investigations into ComEd’s and the Ameren Corporation utilities’ rate designs, particularly for residential and residential space-heating customers. The investigation was prompted by hearings before the Illinois House Committee of the Whole that took place in February 2007, where House Representatives and customers spoke of extreme and unexpected rate increases that took effect in January 2007. The vast majority of situations noted related to Ameren customers. The ICC specified that the investigation would not look to the overall level of rates, which has just recently been set, but only to the allocation among the various customer groups. A final ICC order is expected by September 2007, which would allow implementation of changes, if any, prior to the next winter heating season.
•	Illinois Attorney General Complaint: On March 15, 2007, the Illinois Attorney General filed a complaint with FERC alleging that the prices to all suppliers resulting from the Illinois auction are unjust and unreasonable under the Federal Power Act and that the suppliers colluded in the course of the auction. The outcome of these proceedings is uncertain, but Exelon and Generation each believes the claims to be completely false and each intends to vigorously oppose these claims. FERC ruled in December 2005, in response to an application filed by ComEd and Generation, that the then-proposed Illinois auction process met its principles concerning the procurement of wholesale electric power through a competitive process and that the proposed standard agreements under which Generation would provide electricity to ComEd if it were one of the winning bidders in the auction would be acceptable to FERC. In December 2006, the ICC staff issued a public report indicating that the first Illinois auction “was conducted in a transparent, equitable and highly professional manner.” Other claims by the Illinois Attorney General’s office relating to the auction have been repeatedly rejected by state and federal regulators as well as the courts.
•	PECO Alternative Energy Portfolio Standards (AEPS) Filing: On March 19, 2007, PECO filed a petition with the Pennsylvania Public Utility Commission (PAPUC), taking the first step in fulfilling the AEPS requirements enacted in 2004. The AEPS legislation requires that, by 2011, 3.5 percent of the energy consumed by PECO customers be provided through renewable resources — such as wind, methane gas and biomass. With a required 1/2 percent annual increase in its renewable requirement, by 2020 PECO must ensure that renewable resources make up a total of 8 percent of the energy consumed by customers. PECO plans to meet its initial requirements now by purchasing the equivalent of up to 240 megawatts (up to 450,000 megawatt

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	hours per year) of alternative energy credits for five years. These credits are sold by renewable energy generators on a one-to-one basis each time one megawatt hour of renewable energy is produced. If approved by the PAPUC, PECO would be the first utility in the state to take action, continuing to demonstrate the company’s environmental leadership. It is estimated that the total impact of this requirement on a customer’s monthly energy bill beginning in 2011 would be less than 1 percent.
•	Financing Activities: In March 2007, ComEd issued $300 million of 5.90% First Mortgage Bonds due 2036. The proceeds of the bonds were used to refinance borrowings under its revolving credit facility, repay short-term debt and for other general corporate purposes. In addition, PECO issued $175 million of 5.70% First Mortgage Bonds due 2037. The proceeds of the bond issue were used to refinance short-term indebtedness and for other general corporate purposes.
•	Credit Rating Actions: On March 9, 2007, Fitch Ratings (Fitch) downgraded the debt ratings of ComEd’s senior secured debt, senior unsecured debt and commercial paper. The ratings remain on Ratings Watch Negative. The rating action reflects Fitch’s concerns regarding the continued legislative efforts in Illinois to freeze rates and the prospects for adequate and timely cost recovery through future rate increases.
	On March 26, 2007, Moody’s Investor Service downgraded ComEd’s senior unsecured debt and commercial paper due to continued regulatory and political uncertainty in Illinois. ComEd’s long-term ratings remain under review for a possible downgrade.
	The credit ratings and outlook for Exelon, Generation and PECO remain unchanged.
•	Sale of Mexican Plants: On February 9, 2007, a subsidiary of Generation closed the sale of its 49.5 percent ownership interests in TEG and TEP to a subsidiary of AES Corporation for $95 million in cash plus certain purchase price adjustments. TEG and TEP are each approximately 230 MW petcoke-fired generating facilities located in Tamuín, Mexico.
•	Tenaska Tolling Agreement with Georgia Power: On April 4, 2007, Generation agreed to sell its rights to 942 megawatts of capacity, energy, and ancillary services supplied from its existing long-term contract with Tenaska Georgia Partners, LP (Tenaska) through a tolling agreement with Georgia Power, a subsidiary of Southern Company, commencing June 1, 2010 and lasting for 15 or 20 years. The transaction between Generation and Georgia Power is subject to approval by the Georgia Public Service Commission (GPSC). Upon approval of the transaction by the GPSC, expected during the third quarter of 2007, Generation will recognize a non-cash after-tax loss of up to approximately $75 million. The transaction provides Generation approximately $43 million in annual revenue in the form of capacity payments over the term of the tolling agreement.

OPERATING COMPANY RESULTS

Exelon Generation consists of Exelon’s electric generation operations, power marketing and trading functions, and competitive retail sales.

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First quarter 2007 net income was $560 million compared with $268 million in the first quarter of 2006. First quarter 2007 net income included (all after tax) mark-to-market losses of $69 million, a gain of $9 million related to the sale of its investments in TEG and TEP and earnings of $5 million associated with the settlement of a tax matter related to its previous investment in Sithe. First quarter 2006 net income included (all after tax) mark-to-market losses of $13 million, a charge of $4 million associated with the settlement of a tax matter related to its previous investment in Sithe and expenses of $4 million related to certain integration costs associated with the now terminated merger with PSEG. Excluding the impact of these items, Generation’s net income of $615 million in the first quarter of 2007 increased $326 million compared with the same quarter last year, primarily due to higher revenue, net of purchased power and fuel expense, and decreased operating and maintenance expense as lower nuclear refueling outage expense more than offset inflationary cost pressures.

Generation’s revenue, net of purchased power and fuel expense, increased by $485 million in the first quarter of 2007 compared with the first quarter of 2006 excluding the mark-to-market impact in both years. The increase in revenue, net of purchased power and fuel expense, was driven by higher average margins primarily due to the end of the below-market price PPA with ComEd at year-end 2006, higher nuclear output reflecting fewer outage days, the contractual increase in the prices associated with Generation’s PPA with PECO and a PJM billing settlement with PPL. Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $36.61 per MWh in the first quarter of 2007 compared with $27.42 per MWh in the first quarter of 2006.

ComEd consists of the retail and wholesale electricity transmission and distribution operations in northern Illinois.

ComEd recorded net income in the first quarter of 2007 of $5 million, a substantial reduction from net income of $54 million in the first quarter of 2006. First quarter 2006 net income included (all after tax) unrealized mark-to-market losses of $6 million from economic hedging activities at ComEd and expenses of $1 million related to certain integration costs associated with the now terminated merger with PSEG. Excluding the impact of these items, ComEd’s net income in the first quarter of 2007 decreased $56 million compared with the same quarter last year, primarily due to the end of its regulatory transition period and associated transition revenues, the end of its below-market price PPA with Generation in 2006, and higher operating and maintenance expense primarily due to wages and benefits, partially offset by the effects of favorable weather and an ICC-authorized increase in delivery service rates.

In the ComEd service territory in the first quarter of 2007, heating degree-days were up 15 percent relative to the same period in 2006, but were 4 percent below normal. ComEd’s total retail kWh deliveries increased 4 percent in 2007 as compared with 2006, with a 4 percent increase in deliveries to the residential customer class, largely due to favorable weather. ComEd’s first quarter 2007 revenues were $1,490 million, up 4 percent from $1,426 million in 2006 primarily due to higher prices, particularly for electricity. For ComEd, weather had a favorable after-tax impact of $8 million on first quarter 2007 earnings relative to 2006 and had an unfavorable after-tax impact of $1 million relative to normal weather, which was incorporated in earnings guidance.

The number of customers being served in the ComEd region has increased 1.1 percent since the first quarter of 2006, and weather-normalized kWh retail deliveries increased 1.5 percent compared with the first quarter of 2006.

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PECO consists of the retail electricity transmission and distribution operations and the retail natural gas distribution business in southeastern Pennsylvania.

PECO’s net income in the first quarter of 2007 was $128 million, an increase from net income of $93 million in the first quarter of 2006. First quarter 2006 net income included (all after-tax) expenses of $4 million related to certain integration costs associated with the now terminated merger with PSEG and severance charges of $1 million. Excluding the impact of these items, PECO’s net income in the first quarter of 2007 increased $30 million compared with the same quarter last year primarily due to higher revenues, net of purchased power and fuel expense, partially offset by higher CTC amortization. The increase in CTC amortization expense is in accordance with PECO’s 1998 restructuring settlement with the PAPUC.

In the PECO service territory in the first quarter of 2007, heating degree-days were up 15 percent from 2006, but were 2 percent below normal. PECO’s total electric retail kWh deliveries increased 6 percent, with residential deliveries up 7 percent. Total gas retail deliveries were up 16 percent from the 2006 period. PECO’s first quarter 2007 revenues were $1,500 million, up from $1,407 million in 2006, primarily due to the effects of favorable weather and an authorized electric generation rate increase under the 1998 restructuring settlement, partially offset by a decrease in average gas rates effective through PAPUC-approved changes to the purchased gas adjustment clause. For PECO, weather had a favorable after-tax impact of $17 million on first quarter 2007 earnings relative to 2006 and an unfavorable after-tax impact of $1 million relative to normal weather, which was incorporated in earnings guidance.

The number of electric customers being served in the PECO region has increased 0.1 percent since the first quarter of 2006, with weather-normalized kWh growth of 2.7 percent compared with the first quarter of 2006.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations and mark-to-market adjustments from economic hedging activities, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliations of GAAP to adjusted (non-GAAP) operating earnings for historical periods are attached. Additional earnings release attachments, which include the reconciliations on pages 7 and 8, are posted on Exelon’s Web site: www.exeloncorp.com and have been filed with the Securities and Exchange Commission on Form 8-K on April 25, 2007.

Conference call information: Exelon has scheduled a conference call for 10 AM ET (9 AM CT) on April 25, 2007. The call-in number in the U.S. is 800-632-2975, and the international call-in number is 973-935-8755. No password is required. 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 May 9. The U.S. call-in number for replays is 877-519-4471, and the international call-in number is 973-341-3080. The confirmation code is 8629052.

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This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s First Quarter 2007 Quarterly Report on Form 10-Q (to be filed on April 25, 2007) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company 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 news release. 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 news release.

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Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million customers and more than $15 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in Illinois and Pennsylvania and natural gas to more than 480,000 customers in southeastern Pennsylvania. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

10

EXELON CORPORATION
Earnings Release Attachments
Table of Contents

Consolidating Statements of Operations — Three Months Ended March 31, 2007 and 2006	1
Business Segment Comparative Statements of Operations — Generation and ComEd — Three Months Ended March 31, 2007 and 2006	2
Business Segment Comparative Statements of Operations — PECO and Other — Three Months Ended March 31, 2007 and 2006	3
Consolidated Balance Sheets — March 31, 2007 and December 31, 2006	4
Consolidated Statements of Cash Flows — Three Months Ended March 31, 2007 and 2006	5
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Exelon — Three Months Ended March 31, 2007 and 2006	6
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share — Three Months Ended March 31, 2007 and 2006	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment — Three Months Ended March 31, 2007 and 2006	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Generation — Three Months Ended March 31, 2007 and 2006	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — ComEd — Three Months Ended March 31, 2007 and 2006	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — PECO — Three Months Ended March 31, 2007 and 2006	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Other — Three Months Ended March 31, 2007 and 2006	12
Exelon Generation Statistics — Three Months Ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006	13
ComEd Sales Statistics — Three Months Ended March 31, 2007 and 2006	14
PECO Sales Statistics — Three Months Ended March 31, 2007 and 2006	15

EXELON CORPORATION
Consolidating Statements of Operations
(unaudited)
(in millions)

	Three Months Ended March 31, 2007
													Exelon
	Generation			ComEd			PECO			Other			Consolidated
Operating revenues	$	2,703		$	1,490		$	1,500		$	(864	)	$	4,829
Operating expenses
Purchased power		594			968			544			(861	)		1,245
Fuel		471			—			299			—			770
Operating and maintenance		639			244			148			27			1,058
Depreciation and amortization		67			107			185			10			369
Taxes other than income		41			80			71			4			196
Total operating expenses		1,812			1,399			1,247			(820	)		3,638
Operating income (loss)		891			91			253			(44	)		1,191
Other income and deductions
Interest expense, net		(35	)		(83	)		(62	)		(33	)		(213	)
Equity in earnings (losses) of unconsolidated affiliates and investments		2			(2	)		(2	)		(24	)		(26	)
Other, net		32			2			5			24			63
Total other income and deductions		(1	)		(83	)		(59	)		(33	)		(176	)
Income (loss) from continuing operations before income taxes		890			8			194			(77	)		1,015
Income taxes		335			3			66			(70	)		334
Income (loss) from continuing operations		555			5			128			(7	)		681
Income from discontinued operations		5			—			—			5			10
Net income (loss)	$	560		$	5		$	128		$	(2	)	$	691

	Three Months Ended March 31, 2006
													Exelon
	Generation			ComEd			PECO			Other			Consolidated
Operating revenues	$	2,220		$	1,426		$	1,407		$	(1,192	)	$	3,861
Operating expenses
Purchased power		363			862			487			(1,187	)		525
Fuel		611			—			326			—			937
Operating and maintenance		668			216			148			(8	)		1,024
Depreciation and amortization		67			98			171			27			363
Taxes other than income		43			81			65			5			194
Total operating expenses		1,752			1,257			1,197			(1,163	)		3,043
Operating income (loss)		468			169			210			(29	)		818
Other income and deductions
Interest expense, net		(43	)		(76	)		(69	)		(36	)		(224	)
Equity in losses of unconsolidated affiliates and investments		(3	)		(3	)		(3	)		(30	)		(39	)
Other, net		7			1			3			34			45
Total other income and deductions		(39	)		(78	)		(69	)		(32	)		(218	)
Income (loss) from continuing operations before income taxes		429			91			141			(61	)		600
Income taxes		161			37			48			(45	)		201
Income (loss) from continuing operations		268			54			93			(16	)		399
Income from discontinued operations		—			—			—			1			1
Net income (loss)	$	268		$	54		$	93		$	(15	)	$	400

1

EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)

	Generation
	Three Months Ended March 31,
	2007			2006			Variance
Operating revenues	$	2,703		$	2,220		$	483
Operating expenses
Purchased power		594			363			231
Fuel		471			611			(140	)
Operating and maintenance		639			668			(29	)
Depreciation and amortization		67			67			—
Taxes other than income		41			43			(2	)
Total operating expenses		1,812			1,752			60
Operating income		891			468			423
Other income and deductions
Interest expense, net		(35	)		(43	)		8
Equity in earnings (losses) of investments		2			(3	)		5
Other, net		32			7			25
Total other income and deductions		(1	)		(39	)		38
Income before income taxes		890			429			461
Income taxes		335			161			174
Income from continuing operations		555			268			287
Income from discontinuing operations		5			—			5
Net income	$	560		$	268		$	292

	ComEd
	Three Months Ended March 31,
	2007			2006			Variance
Operating revenues	$	1,490		$	1,426		$	64
Operating expenses
Purchased power		968			862			106
Operating and maintenance		244			216			28
Depreciation and amortization		107			98			9
Taxes other than income		80			81			(1	)
Total operating expenses		1,399			1,257			142
Operating income		91			169			(78	)
Other income and deductions
Interest expense, net		(83	)		(76	)		(7	)
Equity in losses of unconsolidated affiliates		(2	)		(3	)		1
Other, net		2			1			1
Total other income and deductions		(83	)		(78	)		(5	)
Income (loss) before income taxes		8			91			(83	)
Income taxes		3			37			(34	)
Net income	$	5		$	54		$	(49	)

2

EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)

	PECO
	Three Months Ended March 31,
	2007			2006			Variance
Operating revenues	$	1,500		$	1,407		$	93
Operating expenses
Purchased power		544			487			57
Fuel		299			326			(27	)
Operating and maintenance		148			148			—
Depreciation and amortization		185			171			14
Taxes other than income		71			65			6
Total operating expenses		1,247			1,197			50
Operating income		253			210			43
Other income and deductions
Interest expense, net		(62	)		(69	)		7
Equity in losses of unconsolidated affiliates		(2	)		(3	)		1
Other, net		5			3			2
Total other income and deductions		(59	)		(69	)		10
Income before income taxes		194			141			53
Income taxes		66			48			18
Net income	$	128		$	93		$	35

	Other (a)
	Three Months Ended March 31,
	2007			2006			Variance
Operating revenues	$	(864	)	$	(1,192	)	$	328
Operating expenses
Purchased power		(861	)		(1,187	)		326
Fuel		—			—			—
Operating and maintenance		27			(8	)		35
Depreciation and amortization		10			27			(17	)
Taxes other than income		4			5			(1	)
Total operating expenses		(820	)		(1,163	)		343
Operating loss		(44	)		(29	)		(15	)
Other income and deductions
Interest expense, net		(33	)		(36	)		3
Equity in losses of unconsolidated affiliates and investments		(24	)		(30	)		6
Other, net		24			34			(10	)
Total other income and deductions		(33	)		(32	)		(1	)
Loss from continuing operations before income taxes		(77	)		(61	)		(16	)
Income taxes		(70	)		(45	)		(25	)
Loss from continuing operations		(7	)		(16	)		9
Income from discontinued operations		5			1			4
Net loss	$	(2	)	$	(15	)	$	13

(a) Other includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, Enterprises and other financing and investment activities, including investments in synthetic fuel-producing facilities.

3

EXELON CORPORATION
Consolidated Balance Sheets
(unaudited)
(in millions)

	March 31,			December 31,
	2007			2006
Current assets
Cash and cash equivalents	$	380		$	224
Restricted cash and investments		49			58
Accounts receivable, net
Customer		2,077			1,747
Other		400			462
Mark-to-market derivative assets		506			1,418
Inventories, at average cost
Fossil fuel		176			300
Materials and supplies		422			431
Deferred income taxes		133			—
Other		668			352
Total current assets		4,811			4,992
Property, plant and equipment, net		23,133			22,775
Deferred debits and other assets
Regulatory assets		5,629			5,808
Nuclear decommissioning trust funds		6,540			6,415
Investments		733			810
Goodwill		2,641			2,694
Mark-to-market derivative assets		152			171
Other		1,072			654
Total deferred debits and other assets		16,767			16,552
Total assets	$	44,711		$	44,319
Liabilities and shareholders’ equity
Current liabilities
Commercial paper and notes payable	$	636		$	305
Long-term debt due within one year		383			248
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust due within one year		697			581
Accounts payable		1,251			1,382
Mark-to-market derivative liabilities		757			1,015
Accrued expenses		987			1,180
Other		811			1,084
Total current liabilities		5,522			5,795
Long-term debt		9,045			8,896
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust		2,066			2,470
Long-term debt to other financing trusts		545			545
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		5,114			5,340
Asset retirement obligations		3,837			3,780
Pension obligations		731			747
Non-pension postretirement benefits obligations		1,848			1,817
Spent nuclear fuel obligation		962			950
Regulatory liabilities		3,140			3,025
Mark-to-market derivative liabilities		217			78
Other		1,481			782
Total deferred credits and other liabilities		17,330			16,519
Total liabilities		34,508			34,225
Preferred securities of subsidiaries		87			87
Shareholders’ equity
Common stock		8,467			8,314
Treasury stock, at cost		(667	)		(630	)
Retained earnings		3,805			3,426
Accumulated other comprehensive loss		(1,489	)		(1,103	)
Total shareholders’ equity		10,116			10,007
Total liabilities and shareholders’ equity	$	44,711		$	44,319

4

EXELON CORPORATION
Consolidated Statements of Cash Flows
(unaudited)
(in millions)

	Three Months Ended
	March 31,
	2007			2006
Cash flows from operating activities
Net income	$	691		$	400
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel		533			524
Deferred income taxes and amortization of investment tax credits		(75	)		(35	)
Net realized and unrealized mark-to-market and hedging transactions		116			21
Other non-cash operating activities		170			176
Changes in assets and liabilities:
Accounts receivable		(295	)		253
Inventories		141			65
Accounts payable, accrued expenses and other current liabilities		(200	)		(454	)
Counterparty collateral asset		(101	)		146
Counterparty collateral liability		(246	)		(41	)
Income taxes		319			35
Pension and non-pension postretirement benefit contributions		(20	)		(15	)
Other assets and liabilities		(365	)		(227	)
Net cash flows provided by operating activities		668			848
Cash flows from investing activities
Capital expenditures		(672	)		(613	)
Proceeds from nuclear decommissioning trust fund sales		945			932
Investment in nuclear decommissioning trust funds		(1,007	)		(1,000	)
Proceeds from sale of investments		95			—
Change in restricted cash		9			5
Other investing activities		(29	)		(37	)
Net cash flows used in investing activities		(659	)		(713	)
Cash flows from financing activities
Issuance of long-term debt		460			320
Retirement of long-term debt		(179	)		(16	)
Retirement of long-term debt to financing affiliates		(264	)		(215	)
Change in short-term debt		331			30
Dividends paid on common stock		(296	)		(267	)
Proceeds from employee stock plans		98			81
Purchase of treasury stock		(37	)		(54	)
Other financing activities		34			20
Net cash flows provided by (used in) financing activities		147			(101	)
Increase in cash and cash equivalents		156			34
Cash and cash equivalents at beginning of period		224			140
Cash and cash equivalents at end of period	$	380		$	174

5

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations
(unaudited)
(in millions, except per share data)

	Three Months Ended March 31, 2007										Three Months Ended March 31, 2006
								Adjusted										Adjusted
	GAAP (a)			Adjustments				Non-GAAP			GAAP (a)			Adjustments				Non-GAAP
Operating revenues	$	4,829		$	1		(b)	$	4,830		$	3,861		$	10		(b)	$	3,871
Operating expenses
Purchased power		1,245			(161	)	(b)		1,084			525			38		(b)		563
Fuel		770			46		(b)		816			937			(60	)	(b)		877
Operating and maintenance		1,058			(33	)	(c)		1,025			1,024			(9	)	(c),(d),(g)		1,015
Depreciation and amortization		369			—				369			363			(21	)	(c),(d)		342
Taxes other than income		196			—				196			194			—				194
Total operating expenses		3,638			(148	)			3,490			3,043			(52	)			2,991
Operating income		1,191			149				1,340			818			62				880
Other income and deductions
Interest expense		(213	)		2		(c)		(211	)		(224	)		9		(c),(f)		(215	)
Equity in losses of unconsolidated affiliates and investments		(26	)		24		(c)		(2	)		(39	)		30		(c)		(9	)
Other, net		63			(35	)	(c),(e)		28			45			(26	)	(c),(d)		19
Total other income and deductions		(176	)		(9	)			(185	)		(218	)		13				(205	)
Income from continuing operations before income taxes		1,015			140				1,155			600			75				675
Income taxes		334			104		(b),(c),(e)		438			201			55		(b),(c),(d),(f),(g)		256
Income from continuing operations		681			36				717			399			20				419
Income (loss) from discontinued operations		10			(5	)	(f)		5			1			—				1
Net income	$	691		$	31			$	722		$	400		$	20			$	420
Earnings per average common share
Basic:
Income from continuing operations	$	1.01		$	0.06			$	1.07		$	0.60		$	0.03			$	0.63
Income (loss) from discontinued operations		0.01			(0.01	)			—			—			—				—
Net income	$	1.02		$	0.05			$	1.07		$	0.60		$	0.03			$	0.63
Diluted:
Income from continuing operations	$	1.01		$	0.06			$	1.07		$	0.59		$	0.03			$	0.62
Income (loss) from discontinued operations		0.01			(0.01	)			—			—			—				—
Net income	$	1.02		$	0.05			$	1.07		$	0.59		$	0.03			$	0.62
Average common shares outstanding
Basic		672							672			669							669
Diluted		677							677			675							675
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market (b)				$	(0.10	)								$	(0.03	)
Investments in synthetic fuel-producing facilities (c)					0.03										0.02
Charges associated with Exelon’s now terminated merger with PSEG (d)					—										(0.01	)
Sale of Generation’s investments in TEG and TEP (e)					0.01										—
Settlement of a tax matter at Generation related to Sithe (f)					0.01										(0.01	)
Total adjustments				$	(0.05	)								$	(0.03	)

(a)	Results reported in accordance with accounting principles generally accepted in the United States of America (GAAP).
(b)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.
(c)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(d)	Adjustment to exclude certain costs associated with Exelon’s proposed merger with Public Service Enterprise Group Incorporated (PSEG), which was terminated in September 2006.
(e)	Adjustment to exclude the gain related to the sale of Generation’s ownership interest in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP).
(f)	Adjustment to exclude the settlement of a tax matter at Generation related to Sithe Energies, Inc. (Sithe).
(g)	Adjustment to exclude severance charges.

6

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
Per Diluted Share to GAAP Earnings Per Diluted Share
Three Months Ended March 31, 2007 and 2006

2006 GAAP Earnings per Diluted Share	$	0.59
2006 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		0.03
Investments in Synthetic Fuel-Producing Facilities (2)		(0.02	)
Charges Associated with Exelon’s Now Terminated Merger with PSEG (3)		0.01
Settlement of a Tax Matter at Generation Related to Sithe (4)		0.01
2006 Adjusted (non-GAAP) Operating Earnings		0.62
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (5)		0.45
ComEd Energy Margins:
Weather (6)		0.01
End of Regulatory Transition Period (7)		(0.10	)
Other Energy Delivery (8)		0.05
PECO Energy Margins:
Weather (9)		0.03
Other Energy Delivery (10)		0.02
PJM Settlement (11)		0.04
Pension and Non-Pension Postretirement Benefits Expense (12)		(0.01	)
Planned Nuclear Refueling Outages (13)		0.03
Other Operating and Maintenance Expense (14)		(0.05	)
Depreciation and Amortization (15)		(0.03	)
Other (16)		0.01
2007 Adjusted (non-GAAP) Operating Earnings		1.07
2007 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		(0.10	)
Investments in Synthetic Fuel-Producing Facilities (2)		0.03
Sale of Generation’s investments in TEG and TEP (17)		0.01
Settlement of a Tax Matter at Generation Related to Sithe (4)		0.01
2007 GAAP Earnings per Diluted Share	$	1.02

(1)	Reflects the mark-to-market impact of Exelon’s economic hedging activities.
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(3)	Reflects certain costs incurred in connection with Exelon’s proposed merger with PSEG, which was terminated in September 2006.
(4)	Reflects the settlement of separate tax matters at Generation related to Sithe in 2006 and 2007.
(5)	Reflects higher average margins primarily due to the end of the below-market power purchase agreement (PPA) with ComEd at year-end 2006, higher nuclear output reflecting fewer outage days and the contractual increase in prices associated with Generation’s PPA with PECO.
(6)	Reflects a favorable variance for weather conditions in the ComEd service territory.
(7)	Reflects reduced earnings at ComEd primarily due to the end of ComEd’s regulatory transition period and associated revenues.
(8)	Reflects increased pricing for delivery service at ComEd, increased transmission revenue and higher electric delivery volume (excluding the impact of weather).
(9)	Reflects a favorable variance for weather conditions in the PECO service territory.
(10)	Reflects increased revenues at PECO primarily due to higher electric delivery volume (excluding the impact of weather).
(11)	Reflects the favorable PJM Interconnection, LLC (PJM) billing settlement with PPL Electric (PPL) approved by the Federal Energy Regulatory Commission (FERC).
(12)	Reflects increased pension and non-pension postretirement benefits expense primarily due to changes in actuarial assumptions for 2007.
(13)	Reflects decreased planned nuclear refueling outage costs.
(14)	Primarily reflects labor-related inflation.
(15)	Reflects increased depreciation and amortization primarily due to increased competitive transition charge (CTC) amortization at PECO.
(16)	Reflects a favorable legal settlement related to Exelon Enterprises Company, LLC (Enterprises).
(17)	Reflects the gain related to the sale of Generation’s ownership interest in TEG and TEP.

7

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
to GAAP Earnings By Business Segment (in millions)

Three Months Ended March 31, 2007 and 2006

	Generation			ComEd			PECO			Other			Exelon
2006 GAAP Earnings (Loss)	$	268		$	54		$	93		$	(15	)	$	400
2006 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		13			6						—			19
Investments in Synthetic Fuel-Producing Facilities (2)		—			—			—			(13	)		(13	)
Charges Associated with Exelon’s Now Terminated Merger with PSEG (3)		4			1			4			—			9
Severance (4)		—			—			1			—			1
Settlement of a Tax Matter at Generation Related to Sithe (5)		4			—			—			—			4
2006 Adjusted (non-GAAP) Operating Earnings		289			61			98			(28	)		420
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (6)		303			—			—			—			303
ComEd and PECO Energy Margins:
Weather (7)		—			8			17			—			25
End of Regulatory Transition Period (8)		—			(66	)		—			—			(66	)
Other Energy Delivery (9)		—			26			18			—			44
PJM Settlement (10)		20			—			7			—			27
Pension and Non-Pension Postretirement Benefits Expense (11)		(4	)		(2	)		—			—			(6	)
Planned Nuclear Refueling Outages (12)		22			—			—			—			22
Other Operating and Maintenance Expense (13)		(15	)		(16	)		(2	)		(2	)		(35	)
Depreciation and Amortization (14)		(2	)		(5	)		(12	)		—			(19	)
Other (15)		2			(1	)		2			4			7
2007 Adjusted (non-GAAP) Operating Earnings		615			5			128			(26	)		722
2007 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		(69	)		—			—			—			(69	)
Investments in Synthetic Fuel-Producing Facilities (2)		—			—			—			24			24
Sale of Generation’s investments in TEG and TEP (16)		9			—			—			—			9
Settlement of a Tax Matter at Generation Related to Sithe (5)		5			—			—			—			5
2007 GAAP Earnings (Loss)	$	560		$	5		$	128		$	(2	)	$	691

(1)	Reflects the mark-to-market impact of Exelon’s economic hedging activities.
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(3)	Reflects certain integration costs incurred in connection with Exelon’s proposed merger with PSEG, which was terminated in September 2006.
(4)	Reflects severance expense.
(5)	Reflects the settlement of separate tax matters at Generation related to Sithe in 2006 and 2007.
(6)	Reflects higher average margins primarily due to the end of the below-market PPA with ComEd at year-end 2006, higher nuclear output reflecting fewer outage days and the contractual increase in prices associated with Generation’s PPA with PECO.
(7)	Reflects favorable variance for weather conditions in the ComEd and PECO service territories.
(8)	Reflects reduced earnings at ComEd primarily due to the end of ComEd’s regulatory transition period and associated revenues.
(9)	Reflects increased pricing for delivery service at ComEd, increased transmission revenue and higher electric delivery volume (excluding the impact of weather).
(10)	Reflects the favorable PJM billing settlement with PPL approved by FERC.
(11)	Reflects increased pension and non-pension postretirement benefits expense primarily due to changes in actuarial assumptions for 2007.
(12)	Reflects decreased planned nuclear refueling outage costs.
(13)	Primarily reflects labor-related inflation.
(14)	Reflects increased depreciation and amortization primarily due to increased CTC amortization at PECO.
(15)	Reflects a favorable legal settlement related to Enterprises.
(16)	Reflects the gain related to the sale of Generation’s ownership interest in TEG and TEP.

8

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	Generation
	Three Months Ended March 31, 2007										Three Months Ended March 31, 2006
								Adjusted										Adjusted
	GAAP (a)			Adjustments				Non-GAAP			GAAP (a)			Adjustments				Non-GAAP
Operating revenues	$	2,703		$	—			$	2,703		$	2,220		$	—			$	2,220
Operating expenses
Purchased power		594			(161	)	(b)		433			363			38		(b)		401
Fuel		471			46		(b)		517			611			(60	)	(b)		551
Operating and maintenance		639			—				639			668			(3	)	(c)		665
Depreciation and amortization		67			—				67			67			—				67
Taxes other than income		41			—				41			43			—				43
Total operating expenses		1,812			(115	)			1,697			1,752			(25	)			1,727
Operating income		891			115				1,006			468			25				493
Other income and deductions
Interest expense, net		(35	)		—				(35	)		(43	)		6		(e)		(37	)
Equity in earnings (losses) of investments		2			—				2			(3	)		—				(3	)
Other, net		32			(15	)	(d)		17			7			4		(c)		11
Total other income and deductions		(1	)		(15	)			(16	)		(39	)		10				(29	)
Income before income taxes		890			100				990			429			35				464
Income taxes		335			40		(b),(d)		375			161			14		(b),(c),(e)		175
Income from continuing operations		555			60				615			268			21				289
Income (loss) from discontinued operations		5			(5	)	(e)		—			—			—				—
Net income	$	560		$	55			$	615		$	268		$	21			$	289

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.
(c)	Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.
(d)	Reflects the gain related to the sale of Generation’s ownership interest in TEG and TEP.
(e)	Adjustment to exclude the settlement of tax matters at Generation related to Sithe.

9

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	ComEd
	Three Months Ended March 31, 2007								Three Months Ended March 31, 2006
						Adjusted									Adjusted
	GAAP (a)			Adjustments		Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	1,490			—	$	1,490		$	1,426		$	10	(b)	$	1,436
Operating expenses
Purchased power		968			—		968			862			—			862
Operating and maintenance		244			—		244			216			(1	)(c)		215
Depreciation and amortization		107			—		107			98			—			98
Taxes other than income		80			—		80			81			—			81
Total operating expenses		1,399			—		1,399			1,257			(1	)		1,256
Operating income		91			—		91			169			11			180
Other income and deductions
Interest expense, net		(83	)		—		(83	)		(76	)		—			(76	)
Equity in losses of unconsolidated affiliates		(2	)		—		(2	)		(3	)		—			(3	)
Other, net		2			—		2			1			—			1
Total other income and deductions		(83	)		—		(83	)		(78	)		—			(78	)
Income before income taxes		8			—		8			91			11			102
Income taxes		3			—		3			37			4	(b),(c)		41
Net income	$	5		$	—	$	5		$	54		$	7		$	61

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude the mark-to-market impact of ComEd’s economic hedging activities.
(c)	Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.

10

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	PECO
	Three Months Ended March 31, 2007								Three Months Ended March 31, 2006
						Adjusted									Adjusted
	GAAP (a)			Adjustments		Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	1,500		$	—	$	1,500		$	1,407		$	—		$	1,407
Operating expenses
Purchased power		544			—		544			487			—			487
Fuel		299			—		299			326						326
Operating and maintenance		148			—		148			148			(3	)(b),(c)		145
Depreciation and amortization		185			—		185			171			(4	)(b)		167
Taxes other than income		71			—		71			65			—			65
Total operating expenses		1,247			—		1,247			1,197			(7	)		1,190
Operating income		253			—		253			210			7			217
Other income and deductions
Interest expense, net		(62	)		—		(62	)		(69	)		—			(69	)
Equity in losses of unconsolidated affiliates		(2	)		—		(2	)		(3	)		—			(3	)
Other, net		5			—		5			3			—			3
Total other income and deductions		(59	)		—		(59	)		(69	)		—			(69	)
Income before income taxes		194			—		194			141			7			148
Income taxes		66			—		66			48			2	(b),(c)		50
Net income	$	128		$	—	$	128		$	93		$	5		$	98

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.
(c)	Adjustment to exclude severance expense.

11

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	Other
	Three Months Ended March 31, 2007									Three Months Ended March 31, 2006
							Adjusted									Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	(864	)	$	—		$	(864	)	$	(1,192	)	$	—		$	(1,192	)
Operating expenses
Purchased power		(861	)		—			(861	)		(1,187	)		—			(1,187	)
Fuel		—			—			—			—			—			—
Operating and maintenance		27			(33	)(b)		(6	)		(8	)		(2	)(b)		(10	)
Depreciation and amortization		10			—			10			27			(17	)(b)		10
Taxes other than income		4			—			4			5			—			5
Total operating expenses		(820	)		(33	)		(853	)		(1,163	)		(19	)		(1,182	)
Operating income (loss)		(44	)		33			(11	)		(29	)		19			(10	)
Other income and deductions
Interest expense, net		(33	)		2	(b)		(31	)		(36	)		3	(b)		(33	)
Equity in losses of unconsolidated affiliates and investments		(24	)		24	(b)		—			(30	)		30	(b)		—
Other, net		24			(20	)(b)		4			34			(30	)(b)		4
Total other income and deductions		(33	)		6			(27	)		(32	)		3			(29	)
Income (loss) from continuing operations before income taxes		(77	)		39			(38	)		(61	)		22			(39	)
Income taxes		(70	)		63	(b)		(7	)		(45	)		35	(b)		(10	)
Loss from continuing operations		(7	)		(24	)		(31	)		(16	)		(13	)		(29	)
Income from discontinued operations		5			—			5			1			—			1
Net loss	$	(2	)	$	(24	)	$	(26	)	$	(15	)	$	(13	)	$	(28	)

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.

12

EXELON CORPORATION
Exelon Generation Statistics

	Three Months Ended
	March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006		March 31, 2006
Supply (in GWhs)
Nuclear		35,357		34,810		35,867		35,442		33,491
Purchased Power — Generation		8,683		9,085		13,341		8,101		7,770
Fossil and Hydro		2,994		2,860		3,794		3,148		2,971
Power Team Supply		47,034		46,755		53,002		46,691		44,232

	Three Months Ended
	March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006		March 31, 2006
Electric Sales (in GWhs)
ComEd		5,926		18,173		22,566		18,685		20,309
PECO		10,279		9,383		11,361		9,262		9,615
Market and Retail Sales		30,829		19,199		19,075		18,744		14,308
Total Electric Sales (a) (b)		47,034		46,755		53,002		46,691		44,232
Average Margin ($/MWh)
Average Realized Revenue
ComEd	$	64.12	$	30.26	$	39.31	$	35.80	$	37.22
PECO		46.70		45.29		47.71		46.32		43.27
Market (c)		53.07		47.76		54.21		50.31		52.14
Total Electric Sales		53.07		40.47		46.47		43.71		43.36
Average Purchased Power and Fuel Cost (d)	$	16.46	$	15.66	$	24.38	$	17.28	$	15.94
Average Margin (d)	$	36.61	$	24.81	$	22.09	$	26.43	$	27.42
Around-the-clock Market Prices ($/MWh) (e)
PJM West Hub	$	59.82	$	41.66	$	58.15	$	48.07	$	56.42
NiHub		44.80		37.77		46.15		39.28		42.48

(a)	Excludes retail gas sales, trading portfolio and other operating revenue.
(b)	Total sales do not include trading volume of 5,101 GWhs, 8,029 GWhs, 8,909 GWhs, 7,769 GWhs and 6,985 GWhs for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.
(c)	Represents wholesale and retail sales that exclude revenues related to tolling agreements of $52 million and $34 million for the three months ended September 30, 2006 and June 30, 2006, respectively.
(d)	Excludes the mark-to-market impact of Generation’s economic hedging activities.
(e)	Represents the average for the quarter.

13

EXELON CORPORATION
ComEd Sales Statistics
Three Months Ended March 31, 2007 and 2006

	Electric Deliveries (in GWhs)									Revenue (in millions)
	2007			2006			% Change			2007			2006			% Change
Full Service (a)
Residential		7,089			6,797			4.3%		$	727		$	549			32.4%
Small Commercial & Industrial		4,586			5,319			(13.8%	)		435			388			12.1%
Large Commercial & Industrial		706			2,179			(67.6%	)		61			110			(44.5%	)
Public Authorities		183			601			(69.6%	)		17			36			(52.8%	)
Total Full Service		12,564			14,896			(15.7%	)		1,240			1,083			14.5
PPO (b)
Small Commercial & Industrial		25			1,509			(98.3%	)		2			102			(98.0%	)
Large Commercial & Industrial		31			1,523			(98.0%	)		2			90			(97.8%	)
		56			3,032			(98.2%	)		4			192			(97.9%	)
Delivery Only (c)
Residential		(d	)		(d	)					(d	)		(d	)
Small Commercial & Industrial		3,495			894			n.m.			49			11			n.m.
Large Commercial & Industrial		6,423			2,951			117.7%			63			27			133.3%
Public Authorities & Electric Railroads		153			—			n.m.			1			—			n.m.
		10,071			3,845			161.9%			113			38			197.4%
Total PPO and Delivery Only		10,127			6,877			47.3%			117			230			(49.1%	)
Total Retail		22,691			21,773			4.2%			1,357			1,313			3.4%
Other Revenue (e)											133			113			17.7%
Total Revenues										$	1,490		$	1,426			4.5%
Purchased Power										$	968		$	862			12.3%

Heating and Cooling Degree-Days	2007		2006		Normal
Heating Degree-Days		3,148		2,741		3,266
Cooling Degree-Days		6		—		1

(a)	Full service reflects deliveries to customers taking electric service under tariffed rates which include the cost of electricity and the cost of the transmission and distribution of the electricity.
(b)	Revenue from customers choosing ComEd’s power purchase option includes an energy charge at market rates, transmission and distribution charges, and a CTC through December 31, 2006.
(c)	Delivery only service reflects customers electing to receive electricity from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge, and a CTC through December 31, 2006.
(d)	All ComEd customers have the choice to purchase electricity from a competitive electric generation supplier. This choice does not impact the volume of deliveries, but affects revenue collected from customers related to supplied electricity and generation service. As of March 31, 2007, one competitive electric generation supplier had been granted approval to serve residential customers in the ComEd service territory. However, they are not currently supplying electricity to any residential customers.
(e)	Other revenue includes transmission revenue from PJM, sales to municipalities and other wholesale energy sales.
n.m. — Not meaningful

14

EXELON CORPORATION
PECO Sales Statistics
Three Months Ended March 31, 2007 and 2006

	Electric and Gas Deliveries							Revenue (in millions)
	2007		2006		% Change			2007		2006		% Change
Electric (in GWhs)
Full Service (a)
Residential		3,414		3,198		6.8%		$	449	$	405		10.9%
Small Commercial & Industrial		2,069		1,883		9.9%			239		209		14.4%
Large Commercial & Industrial		3,907		3,702		5.5%			329		295		11.5%
Public Authorities & Electric Railroads		232		243		(4.5%	)		22		21		4.8%
Total Full Service		9,622		9,026		6.6%			1,039		930		11.7%
Delivery Only (b)
Residential		12		18		(33.3%	)		1		1		0.0%
Small Commercial & Industrial		144		182		(20.9%	)		7		9		(22.2%	)
Large Commercial & Industrial		3		18		(83.3%	)		—		1		(100.0%	)
Total Delivery Only		159		218		(27.1%	)		8		11		(27.3%	)
Total Electric Retail		9,781		9,244		5.8%			1,047		941		11.3%
Other Revenue (c)									65		58		12.1%
Total Electric Revenue									1,112		999		11.3%
Gas (mmcf)
Retail Sales		28,968		24,921		16.2%			366		403		(9.2%	)
Transportation and Other		7,049		6,880		2.5%			22		5		n.m.
Total Gas		36,017		31,801		13.3%			388		408		(4.9%	)
Total Electric and Gas Revenues								$	1,500	$	1,407		6.6%
Purchased Power									544		487		11.7%
Fuel									299		326		(8.3%	)
Total Purchased Power and Fuel								$	843	$	813		3.7%

Heating and Cooling Degree-Days	2007		2006		Normal
Heating Degree-Days		2,505		2,187		2,559
Cooling Degree-Days		—		1		—

(a)	Full service reflects deliveries to customers taking generation service under tariffed rates which include the cost of energy and the cost of the transmission and distribution of the energy. PECO’s tariffed rates also includes a CTC.
(b)	Delivery only service reflects customers electing to receive electric generation service from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge and a CTC.
(c)	Other revenue includes transmission revenue from PJM, wholesale revenue and other revenues.
n.m. — Not meaningful

15

EX-99.2

Market Snapshot Source: OTC quotes and electronic trading system. Quotes are average for month RPM Auction Clearing Price: 197.47 RPM Auction Clearing Price: 40.80 21.50 Pre auction RPM market 165.00 Pre auction RPM market Bid/Ask midpoint: 100.00 Bid/Ask midpoint: 47.50