EXELON CORP

For the period ended Dec 31, 2024. Filed Feb 12, 2025.

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FY2024 · Filed Feb 12, 2025

EXC$45.65+0.1%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Changes in Shareholder's Equity

(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2021	$3,428	$1,684	$5,112
Net income	—	576	576
Common stock dividends	—	(399)	(399)
Contributions from parent	274	—	274
Balance at December 31, 2022	$3,702	$1,861	$5,563
Net income	—	563	563
Common stock dividends	—	(405)	(405)
Contributions from parent	348	—	348
Balance at December 31, 2023	$4,050	$2,019	$6,069
Net income	—	551	551
Common stock dividends	—	(400)	(400)
Contributions from parent	595	—	595
Balance at December 31, 2024	$4,645	$2,170	$6,815

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Operating revenues
Electric operating revenues	$3,407	$3,065	$2,890
Natural gas operating revenues	957	869	1,037
Revenues from alternative revenue programs	52	84	(47)
Operating revenues from affiliates	10	9	15
Total operating revenues	4,426	4,027	3,895
Operating expenses
Purchased power	1,460	1,311	1,186
Purchased fuel	191	220	363
Purchased power and fuel from affiliates	—	—	18
Operating and maintenance	790	520	670
Operating and maintenance from affiliates	246	221	207
Depreciation and amortization	638	654	630
Taxes other than income taxes	345	319	302
Total operating expenses	3,670	3,245	3,376
Operating income	756	782	519
Other income and (deductions)
Interest expense, net	(216)	(182)	(152)
Other, net	36	18	21
Total other income and (deductions)	(180)	(164)	(131)
Income before income taxes	576	618	388
Income taxes	49	133	8
Net income	$527	$485	$380
Comprehensive income	$527	$485	$380

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities
Net income	$527	$485	$380
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	638	654	630
Asset impairments	—	—	48
Deferred income taxes and amortization of investment tax credits	5	66	9
Other non-cash operating activities	38	(1)	135
Changes in assets and liabilities:
Accounts receivable	(142)	89	(197)
Receivables from and payables to affiliates, net	14	(5)	(2)
Inventories	(5)	47	(61)
Accounts payable and accrued expenses	35	(75)	77
Collateral (paid) received, net	(1)	(22)	19
Income taxes	(54)	37	(17)
Regulatory assets and liabilities, net	(84)	(292)	(160)
Pension and non-pension postretirement benefit contributions	(37)	(19)	(68)
Other assets and liabilities	(39)	(13)	(33)
Net cash flows provided by operating activities	895	951	760
Cash flows from investing activities
Capital expenditures	(1,420)	(1,367)	(1,262)
Other investing activities	12	7	11
Net cash flows used in investing activities	(1,408)	(1,360)	(1,251)
Cash flows from financing activities
Changes in short-term borrowings	(161)	(72)	278
Issuance of long-term debt	800	700	500
Retirement of long-term debt	—	(300)	(250)
Dividends paid on common stock	(368)	(316)	(300)
Contributions from parent	237	385	286
Other financing activities	(9)	(7)	(11)
Net cash flows provided by financing activities	499	390	503
(Decrease) increase in cash, restricted cash, and cash equivalents	(14)	(19)	12
Cash, restricted cash, and cash equivalents at beginning of period	48	67	55
Cash, restricted cash, and cash equivalents at end of period	$34	$48	$67
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$156	$(44)	$35

	December 31,
(In millions)	2024	2023
ASSETS
Current assets
Cash and cash equivalents	$33	$47
Restricted cash and cash equivalents	1	1
Accounts receivable
Customer accounts receivable	654	527
Customer allowance for credit losses	(56)	(46)
Customer accounts receivable, net	598	481
Other accounts receivable	113	106
Other allowance for credit losses	(6)	(7)
Other accounts receivable, net	107	99
Inventories, net
Fossil fuel	29	35
Materials and supplies	84	74
Prepaid utility taxes	115	56
Regulatory assets	207	229
Prepaid renewable energy credits	157	147
Other	17	25
Total current assets	1,348	1,194
Property, plant, and equipment (net of accumulated depreciation and amortization of $5,005 and $4,744 as of December 31, 2024 and 2023, respectively)	13,134	12,102
Deferred debits and other assets
Regulatory assets	788	727
Investments	10	9
Prepaid pension asset	218	248
Other	44	51
Total deferred debits and other assets	1,060	1,035
Total assets	$15,542	$14,331

	December 31,
(In millions)	2024	2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$175	$336
Accounts payable	515	344
Accrued expenses	176	203
Payables to affiliates	48	35
Customer deposits	118	114
Regulatory liabilities	12	27
Renewable energy credit obligations	160	149
Other	39	32
Total current liabilities	1,243	1,240
Long-term debt	5,395	4,602
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,099	1,945
Regulatory liabilities	636	773
Asset retirement obligations	36	32
Non-pension postretirement benefit obligations	150	158
Other	97	91
Total deferred credits and other liabilities	3,018	2,999
Total liabilities	9,656	8,841
Commitments and contingencies
Shareholder's equity
Common stock (No par value, 0 shares(a) authorized, 0 shares(a) outstanding as of December 31, 2024 and 2023)	3,483	3,246
Retained earnings	2,403	2,244
Total shareholder's equity	5,886	5,490
Total liabilities and shareholder's equity	$15,542	$14,331

(a)In millions, shares round to zero. Number of shares is 1,500 authorized and 1,000 outstanding as of December 31, 2024 and 2023.

(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2021	$2,575	$1,995	$4,570
Net income	—	380	380
Common stock dividends	—	(300)	(300)
Contributions from parent	286	—	286
Balance at December 31, 2022	$2,861	$2,075	$4,936
Net income	—	485	485
Common stock dividends	—	(316)	(316)
Contributions from parent	385	—	385
Balance at December 31, 2023	$3,246	$2,244	$5,490
Net income	—	527	527
Common stock dividends	—	(368)	(368)
Contributions from parent	237	—	237
Balance at December 31, 2024	$3,483	$2,403	$5,886

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Operating revenues
Electric operating revenues	$6,257	$5,748	$5,376
Natural gas operating revenues	180	205	238
Revenues from alternative revenue programs	1	64	(59)
Operating revenues from affiliates	10	9	10
Total operating revenues	6,448	6,026	5,565
Operating expenses
Purchased power	2,447	2,250	1,984
Purchased fuel	66	98	129
Purchased power from affiliates	—	—	51
Operating and maintenance	1,046	1,110	966
Operating and maintenance from affiliates	204	179	191
Depreciation and amortization	947	990	938
Taxes other than income taxes	528	487	475
Total operating expenses	5,238	5,114	4,734
(Loss) gain on sales of assets	(1)	9	—
Operating income	1,209	921	831
Other income and (deductions)
Interest expense, net	(373)	(323)	(292)
Interest expense to affiliates, net	(3)	—	—
Other, net	97	108	78
Total other income and (deductions)	(279)	(215)	(214)
Income before income taxes	930	706	617
Income taxes	189	116	9
Net income	$741	$590	$608
Comprehensive income	$741	$590	$608

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities
Net income	$741	$590	$608
Adjustments to reconcile net income to net cash flows used in operating activities:
Depreciation and amortization	947	990	938
Loss (gain) on sales of assets	1	(9)	—
Deferred income taxes and amortization of investment tax credits	73	29	(9)
Other non-cash operating activities	188	110	163
Changes in assets and liabilities:
Accounts receivable	(110)	(79)	(184)
Receivables from and payables to affiliates, net	2	(8)	(46)
Inventories	(37)	(42)	(34)
Accounts payable and accrued expenses	66	40	30
Collateral (paid) received, net	—	(196)	148
Income taxes	(33)	65	(1)
Regulatory assets and liabilities, net	(223)	(61)	(136)
Pension and non-pension postretirement benefit contributions	(86)	(24)	(78)
Other assets and liabilities	(119)	(101)	(149)
Net cash flows provided by operating activities	1,410	1,304	1,250
Cash flows from investing activities
Capital expenditures	(1,863)	(1,988)	(1,709)
Proceeds from sales of long-lived assets	—	10	—
Other investing activities	—	8	6
Net cash flows used in investing activities	(1,863)	(1,970)	(1,703)
Cash flows from financing activities
Changes in short-term borrowings	136	(20)	(54)
Issuance of long-term debt	1,100	1,075	925
Retirement of long-term debt	(583)	(500)	(310)
Change in Exelon intercompany money pool	(2)	21	37
Distributions to member	(706)	(513)	(750)
Contributions from member	505	475	787
Other financing activities	(38)	(41)	(22)
Net cash flows provided by financing activities	412	497	613
(Decrease) increase in cash, restricted cash, and cash equivalents	(41)	(169)	160
Cash, restricted cash, and cash equivalents at beginning of period	204	373	213
Cash, restricted cash, and cash equivalents at end of period	$163	$204	$373
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$76	$(109)	$136

	December 31,
(In millions)	2024	2023
ASSETS
Current assets
Cash and cash equivalents	$139	$180
Restricted cash and cash equivalents	24	24
Accounts receivable
Customer accounts receivable	827	745
Customer allowance for credit losses	(108)	(107)
Customer accounts receivable, net	719	638
Other accounts receivable	284	310
Other allowance for credit losses	(49)	(50)
Other accounts receivable, net	235	260
Receivable from affiliates	8	3
Inventories, net
Fossil fuel	7	9
Materials and supplies	325	287
Prepaid utility taxes	70	67
Regulatory assets	323	337
Prepaid renewable energy credits	194	163
Other	36	33
Total current assets	2,080	2,001
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,728 and $3,175 as of December 31, 2024 and 2023, respectively)	20,053	18,851
Deferred debits and other assets
Regulatory assets	1,570	1,587
Goodwill	4,005	4,005
Investments	152	143
Prepaid pension asset	252	268
Other	185	211
Total deferred debits and other assets	6,164	6,214
Total assets	$28,297	$27,066

	December 31,
(In millions)	2024	2023
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings	$530	$394
Long-term debt due within one year	290	644
Accounts payable	721	683
Accrued expenses	367	338
Payables to affiliates	66	59
Borrowings from Exelon intercompany money pool	63	65
Customer deposits	113	100
Regulatory liabilities	69	71
Unamortized energy contract liabilities	5	8
PPA Termination Obligation	—	49
Renewable energy credit obligations	217	163
Other	124	138
Total current liabilities	2,565	2,712
Long-term debt	8,834	8,004
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,190	3,031
Regulatory liabilities	794	904
Asset retirement obligations	67	55
Non-pension postretirement benefit obligations	31	40
Unamortized energy contract liabilities	21	27
Other	473	511
Total deferred credits and other liabilities	4,576	4,568
Total liabilities	15,975	15,284
Commitments and contingencies
Member's equity
Membership interest	12,562	12,057
Undistributed losses	(240)	(275)
Total member's equity	12,322	11,782
Total liabilities and member's equity	$28,297	$27,066

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.