EX-99.2 3 dex992.htm EARNINGS CONFERENCE CALL PRESENTATION SLIDES Earnings conference call presentation slides
Earnings Conference Call
1   Quarter 2008
April 24, 2008
Exhibit 99.2
st

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 First 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 13; and (3) other factors discussed
in
filings
with
the
Securities
and
Exchange
Commission
by
Exelon
Corporation,
Exelon
Generation Company, LLC, Commonwealth Edison Company, and PECO Energy Company
(Companies).  Readers are cautioned not to place undue reliance on these forward-looking
statements, which apply only 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.
This presentation includes references to adjusted (non-GAAP) operating earnings that exclude
the impact of certain factors. We believe that these adjusted operating earnings are
representative of the underlying operational results of the Companies. Please refer to the
attachments to the earnings release and the appendix to this presentation for a reconciliation of
adjusted (non-GAAP) operating earnings to GAAP earnings.

3
Sustainable Value
•
Continued strong financial and operating performance, and long-
term earnings growth driven by unregulated generation
•
Largest, lowest-cost nuclear fleet in the US, all in competitive
markets
•
Executing regulatory recovery plan to put ComEd on a path toward
appropriate returns and solid credit metrics
•
Managing transition to competitive markets in Pennsylvania
•
Increasingly strong cash flows and investment-grade balance sheet
•
Alignment of and consistency between value return, hedging,
capital structure and capital investment policies
•
Well-positioned to capture growth opportunities consistent with Low
Carbon Energy Strategy
Exelon is uniquely positioned to create sustainable value

4
$0.91
$0.73
$0.19
$0.15
$0.07
$0.01
2007
2008
Exelon Operating EPS
$0.93
Exelon’s decrease in Q1 2008 earnings was driven by lower earnings at Generation, as
expected, and PECO, partially offset by higher earnings at ComEd
HoldCo/Other
ExGen
PECO
ComEd
1st Quarter (Q1)
Refer
to
Earnings
Release
Attachments
for
additional
details
on
Q1
earnings
and
to
the
Appendix
for
a
reconciliation
of
adjusted
(non-GAAP)
operating EPS to GAAP EPS.
$1.02
GAAP EPS
$0.88
$1.07

5
Exelon Generation Operating EPS
Contribution
1Q08
$0.91
$0.73
Key Drivers –
Q1 ’08 vs. Q1 ’07*
Nuclear outages
Realized losses in NDTs
related to
tax planning
2007 PJM settlement
Higher wholesale margins
2008
2007
*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)
operating EPS to GAAP EPS

6
Key Drivers –
Q1 ’08 vs. Q1 ’07*
Increased transmission revenues
(2007 Transmission Rate Case)
Weather
Illinois Distribution Tax refund
Interest expense
ComEd Operating EPS Contribution
$0.01
2008
2007
*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)
operating EPS to GAAP EPS
$0.07
1Q08

7
ComEd Rate Case Update
Comparison of ComEd’s informational revenue increase of $314 million
to ICC Staff recommendation of $269 million:
(5)
$6,707
$6,753
Rate Base
(3)
344
347
Depreciation and Amortization
$(45)
Difference in Revenue Increase
(6)
652
658
Other O&M Expenses
(8)
331
339
A&G Expenses
$(23)
10.30% ROE /   
45.04% Equity
10.75% ROE /
45.04% Equity
ROE/Cap Structure
Impact on
Revenue
Increase
ICC Staff
Rebuttal
Testimony
(4/10/08)
ComEd
Surrebuttal
Testimony
(4/21/08)
(1)
($ in millions)
(1)
Filed for informational purposes by ComEd and reflects impacts of Staff/ComEd stipulation and certain other positions to which ComEd
will not object. If the Illinois Commerce Commission does not accept the stipulation, ComEd’s requested increase in revenue requirement
would be $345 million.
(Docket No. 07-566)

8
1Q08
PECO Operating EPS Contribution
Key Drivers –
Q1 ’08 vs. Q1 ’07*
Scheduled CTC amortization
Weather
Uncollectible accounts expense
$0.19
$0.15
2008
2007
*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)
operating EPS to GAAP EPS

9
2008 Outlook
2008
(1)
$0.55 -
$0.60
$3.15 -
$3.45
$4.00
-
$4.40
$0.35 -
$0.40
2008 EPS Guidance
(1)
Operating
EPS:
$4.00
-
$4.40
GAAP
EPS:
$3.70
-
$4.10
ComEd
PECO
Exelon Generation
HoldCo/Other ~$(0.10)
Exelon
(1)
Operating
Company
ranges
do
not
add
to
Exelon
guidance
of
$4.00
-
$4.40/share
due
to
rounding.
Key Drivers 2007 –
2008
Market conditions
Nuclear volume
Inflationary pressures
PECO CTC amortization
Weather
Load growth
ComEd transmission settlement
ComEd distribution rate case
We are reaffirming FY08 EPS guidance of $4.00 to $4.40 and expect Q2 earnings to be
22% to 25% of full year earnings

10
Appendix

11
Market Price Snapshot
As of March 31, 2008. Source: OTC quotes and electronic trading system. Quotes are daily.
Forward NYMEX Natural Gas
PJM-West and Ni-Hub On-Peak 
Forward Prices
PJM-West On-Peak Implied Heat Rate
Ni-Hub On-Peak Implied Heat Rate
2009
2010
2010
2009
2009 PJM-West
2010 PJM-West
2010 Ni-Hub
2009 Ni-Hub
2009
2010
7.7
8.2
8.7
9.2
9.7
10.2
4/07
5/07
6/07
7/07
8/07
9/07
10/07
11/07
12/07
1/08
2/08
3/08
57
62
67
72
77
82
87
92
4/07
5/07
6/07
7/07
8/07
9/07
10/07
11/07
12/07
1/08
2/08
3/08
8.84
9.04
9.24
9.44
9.64
9.84
10.04
10.24
10.44
4/07
5/07
6/07
7/07
8/07
9/07
10/07
11/07
12/07
1/08
2/08
3/08
7
7.2
7.4
7.6
7.8
8
8.2
8.4
8.6
8.8
4/07
5/07
6/07
7/07
8/07
9/07
10/07
11/07
12/07
1/08
2/08
3/08

12
Market Price Snapshot
2009
2010
2009
2010
As of March 31, 2008. Source: OTC quotes and electronic trading system. Quotes are daily.
2009
2010
Houston Ship Channel Natural Gas
Forward Prices
ERCOT North ATC Forward Prices
ERCOT North ATC v. Houston Ship Channel
Implied Heat Rate
7.1
7.6
8.1
8.6
9.1
9.6
4/07
5/07
6/07
7/07
8/07
9/07
10/07
11/07
12/07
1/08
2/08
3/08
58
60
62
64
66
68
70
72
74
4/07
5/07
6/07
7/07
8/07
9/07
10/07
11/07
12/07
1/08
2/08
3/08
7.5
7.7
7.9
8.1
8.3
8.5
8.7
4/07
5/07
6/07
7/07
8/07
9/07
10/07
11/07
12/07
1/08
2/08
3/08

13
GAAP EPS Reconciliation
$1.02
($0.01)
$0.19
$0.01
$0.83
Q1 2007 GAAP Earnings (Loss) Per Share
$1.07
($0.04)
$0.19
$0.01
$0.91
2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share
0.01
-
-
-
0.01
Settlement of a tax matter at Generation related to Sithe
0.01
-
-
-
0.01
Sale of Generation's investments in TEG and TEP
0.03
0.03
-
-
-
Investments in synthetic fuel-producing facilities
(0.10)
-
-
-
(0.10)
Mark-to-market adjustments from economic hedging activities
Exelon
Other
(1)
PECO
(1)
ComEd
(1)
ExGen
(1)
Three
Months
Ended
March
31,
2007
(1)
Amounts shown per Exelon share and represent contributions to Exelon's EPS.
$0.88
$0.00
$0.15
$0.07
$0.66
Q1 2008 GAAP Earnings (Loss) Per Share
$0.93
$(0.02)
$0.15
$0.07
$0.73
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share
(0.07)
-
-
-
(0.07)
2007 Illinois Electric Rate Settlement
0.08
0.02
-
-
0.06
Mark-to-market adjustments from economic hedging activities
(0.06)
-
-
-
(0.06)
Unrealized gains and losses related to nuclear decommissioning trust funds
Exelon
Other
(1)
PECO
(1)
ComEd
(1)
ExGen
(1)
Three
Months
Ended
March
31,
2008