ATLANTIC CITY ELECTRIC CO
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
EXC$45.62-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001109357-25-000113
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSExecutive OverviewFinancial Results of OperationsSignificant 2025 Transactions and DevelopmentsOther Key Business Drivers and Management StrategiesCritical Accounting Policies and EstimatesResults of Operations By RegistrantLiquidity and Capital ResourcesCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001109357-25-000170
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSExecutive OverviewFinancial Results of OperationsSignificant 2025 Transactions and DevelopmentsOther Key Business Drivers and Management StrategiesCritical Accounting Policies and EstimatesResults of Operations By RegistrantLiquidity and Capital ResourcesThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 229 previous paragraphs and 274 current paragraphs.
141 unchanged; 66 reworded; 53 added; 18 removed; 4 previous and 14 current paragraphs rearranged.
Tables are not compared: 54 previous and 56 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (53)
Current report
•Customer Relief Fund contribution at Exelon Corporate;
Current report
•Lower impacts of the Maryland multi-year plan reconciliations at PHI;
Current report
The decreases were partially offset by:
Current report
•Customer Relief Fund contribution at Exelon Corporate;
Current report
•Lower impacts of the Maryland multi-year plan reconciliations at PHI; and
Current report
(b)Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
Current report
Next Generation Energy Act (Exelon, BGE, PHI, Pepco, and DPL)
Current report
Summer Rate Mitigation (Exelon and ACE)
Current report
In response to significant increases in electric supply costs, on April 23, 2025, the NJBPU issued an order directing the State's electric public utilities to file petitions proposing distribution side measures to mitigate residential customer bill impacts during summer months. As a result, on June 18, 2025, the NJBPU approved a stipulation of settlement for ACE to issue a bill credit of $30 per residential customer for the months of July and August 2025, which will be deferred to a Regulatory asset. The amounts will subsequently be collected from September 2025 through February 2026 at a flat rate of $10 per residential customer. The bill credit and subsequent collections will not be subject to carrying costs.
Current report
One Big Beautiful Bill Act (All Registrants)
Current report
On July 4, 2025, the OBBBA was signed into law. The bill permanently extends expiring tax benefits of the TCJA and provides additional tax relief for individuals and businesses while accelerating the phase-out and curtailment for renewable energy tax credits enacted by the IRA. The tax law changes enacted as part of OBBBA will not have a direct material impact on the Registrants’ financial statements.
Current report
(a)Primarily reflects the reclassification and increase of the FERC audit liability during the three and six months ended June 30, 2024 as well as a decrease in credit loss expense. See Note 2 - Regulatory Matters for additional information regarding the FERC audit liability.
Current report
(b)ComEd is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through a rider mechanism.
Current report
Interest expense, net increased $8 million and $14 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, primarily due to an increase in outstanding debt.
Current report
Effective income tax rates were 18.6% and 10.3% for the three months ended June 30, 2025 and 2024, respectively, and 18.1% and 9.6% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Current report
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue for the three and six months ended June 30, 2025 compared to the same period in 2024 remained relatively consistent.
Current report
Effective income tax rates were 2.9% and 3.2% for the three months ended June 30, 2025 and 2024, respectively, 4.1% and 5.2% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Current report
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net income increased $11 million primarily due to favorable electric and gas distribution rates, partially offset by the derecognition of regulatory assets and liabilities for multi-year plan reconciliations that will no longer be filed as a result of the Next Generation Energy Act. See Note 2— Regulatory Matters for additional information regarding the Next Generation Energy Act.
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net Income increased $7 million primarily due to favorable electric and gas distribution rates, partially offset by an increase in various operating expenses, an increase in interest expense, and the derecognition of regulatory assets and liabilities for multi-year plan reconciliations that will no longer be filed as a result of the Next Generation Energy Act. See Note 2—Regulatory Matters for additional information regarding the Next Generation Energy Act.
Current report
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three and six months ended June 30, 2025, compared to the same period in 2024, primarily due to increases in underlying costs and capital investments.
Current report
The increase of $63 million and $209 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs.
Current report
(a)Reflects the derecognition of regulatory assets for multi-year plan reconciliations that will no longer be filed as a result of the Next Generation Energy Act. See Note 2— Regulatory Matters for additional information regarding the Next Generation Energy Act.
Current report
(b)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.
Current report
(a)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.
Current report
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net Income decreased by $15 million primarily due to the lower impacts of the Maryland multi-year plan reconciliations, increase in interest expense and credit loss expense, depreciation expense, and storm costs at Pepco, partially offset by favorable distribution rates at Pepco, higher DPL Delaware electric DISC rates, and higher transmission rates.
Current report
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net Income decreased by $24 million primarily due to lower impacts of the Maryland multi-year plans reconciliations, an increase in credit loss expense, interest expense, depreciation expense, and storm costs partially offset by favorable distribution rates and higher transmission rates.
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net Income decreased by $2 million primarily due to the lower impacts of the Maryland multi-year plans reconciliations, an increase in interest expense, depreciation expense, and storm costs partially offset by favorable distribution rates and higher transmission rates.
Current report
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three and six months ended June 30, 2025, compared to the same period in 2024, primarily due to increases in underlying costs and capital investments.
Current report
The increase of $22 million and $60 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, in Purchased power expense is fully offset in Operating revenues as part of regulatory required programs.
Current report
(a)See Note 2 — for additional information on multi-year plan reconciliations.
Current report
(b)Primarily relates to a revenue deferral mechanism approved by the MDPSC in 2024.
Current report
(c)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.
Current report
Interest expense, netincreased $8 million and $14 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, primarily due to an increase in interest rates and the issuance of debt in 2024 and 2025.
Current report
Other, net decreased $7 million and $12 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, primarily due to lower AFUDC equity.
Current report
Effective income tax rates were 20.8% and 20.6% for the three months ended June 30, 2025 and 2024, respectively, and 21.0% and 18.7% for the six months ended June 30, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Current report
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net income increased $5 million primarily due to higher Delaware electric DSIC rates, and higher transmission rates, partially offset by an increase in interest expense.
Showing the first 40 of 53 passages. Open the source sections for the rest.
Removed paragraphs (18)
Previous report
•Normal weather at PECO compared to unfavorable weather in the prior period;
Previous report
Next Generation Energy Act
Previous report
Effective income tax rates were 17.7% and 9.0% for the three months ended March 31, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Previous report
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in underlying costs and capital investments.
Previous report
Effective income tax rates were 5.0% and 6.3% for the three months ended March 31, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Previous report
The increase of $145 million for the three months ended March 31, 2025 compared to the same period in 2024, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs.
Previous report
(a)Increase due to the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.
Previous report
(a)Increase due to the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.
Previous report
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024. Net Income increased by $22 million primarily due to favorable impacts from the Maryland and District of Columbia multi-year plans and higher transmission rates, partially offset by an increase in interest and depreciation expense.
Previous report
The increase of $37 million for the three months ended March 31, 2025, compared to the same period in 2024, in Purchased power expense is fully offset in Operating revenues as part of regulatory required programs.
Previous report
(a)Increase primarily due to the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters for additional information.
Previous report
Effective income tax rates were 20.5% and 15.7% for the three months ended March 31, 2025 and 2024. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Previous report
The increase of $32 million for the three months ended March 31, 2025, compared to the same period in 2024, respectively, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs.
Previous report
(a)Increase primarily due to the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
Previous report
(b)Decrease includes the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information
Previous report
Effective income tax rates were 23.3% and 20.5% for the three months ended March 31, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Previous report
Distribution Revenue remained relatively consistent for the three months ended March 31, 2025 compared to the same period in 2024.
Previous report
(b)On February 20, 2025, BGE received approval from the MDPSC for $2.2 billion in additional long-term financing authority. The additional financing authority has an effective date of February 20, 2025.
Reworded paragraphs (66)
Previous wording
GAAP Results of Operations. The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders by Registrant for the three months ended March 31, 2025 compared to the same period in 2024. For additional information regarding the financial results for the three months ended March 31, 2025 and 2024, see the discussions of Results of Operations by Registrant.
Current wording
GAAP Results of Operations. The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders by Registrant for the three and six months ended June 30, 2025 compared to the same period in 2024. For additional information regarding the financial results for the three and six months ended June 30, 2025 and 2024, see the discussions of Results of Operations by Registrant.
Previous wording
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024. Net income attributable to common shareholders increased by $250 million and diluted earnings per average common share increased to $0.90 in 2025 from 0.66 in 2024 primarily due to:
Current wording
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net income attributable to common shareholders decreased by $57 million and diluted earnings per average common share decreased to $0.39 in 2025 from $0.45 in 2024 primarily due to:
Previous wording
•Timing of income tax expense at PECO; and
Current wording
•Timing of income tax expenses at PECO; and
Previous wording
•Higher interest expense at PECO, BGE and PHI; and
Current wording
•Higher interest expense at PECO, BGE, PHI, and Exelon Corporate;
Previous wording
The following table provides a reconciliation between GAAP Net income attributable to common shareholders and Adjusted (non-GAAP) operating earnings for the three months ended March 31, 2025 compared to the same period in 2024:
Current wording
The following table provides a reconciliation between GAAP Net income attributable to common shareholders and Adjusted (non-GAAP) operating earnings for the three and six months ended June 30, 2025 compared to the same period in 2024:
Previous wording
(b)Primarily represents severance and reorganization costs related to cost management.
Current wording
(a)Primarily represents severance and reorganization costs related to cost management.
Previous wording
(a)Represents the probable disallowance of certain capitalized costs.
Current wording
(c)Represents the probable disallowance of certain capitalized costs.
Previous wording
For 2025, the following total increase was included in the Utility Registrant's electric transmission formula rate update. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
Current wording
For 2025, the following total increases/(decreases) were included in the Utility Registrant's electric transmission formula rate updates. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
Previous wording
For the Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that is being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes of approximately $1.2 billion - $1.7 billion.
Current wording
For the Utility Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes of approximately $1.2 billion - $1.7 billion.
Previous wording
The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purpose. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS.
Current wording
The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purposes. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS.
Previous wording
On April 7, 2025, the Maryland General Assembly, passed legislation that addresses several matters pertaining to electric and gas utilities, including affirming that the MDPSC may approve the use of multi-year rate plans that are proven to be beneficial to customers, among other things. It also prohibits utilities from filing after January 1, 2025, for the reconciliation of actuals costs and revenues to amounts approved within the multi-year plans. As of March 31, 2025, BGE has a regulatory asset of $10 million and a regulatory liability of $10 million for multi-year plan reconciliations yet to be filed. DPL has a regulatory liability of $7 million for multi-year reconciliations yet to be filed. Multi-year plan reconciliations filed prior to January 1, 2025, remain lawful and will be resolved in their respective proceedings. The legislation is pending the signature of the Governor. Exelon, BGE, Pepco, and DPL are in the process of assessing the potential impacts of the pending legislation.
Current wording
On May 20, 2025, the Governor of Maryland signed into law legislation that addresses several matters pertaining to electric and gas utilities, including affirming that the MDPSC may approve the use of multi-year rate plans that demonstrate customer benefits, among other things. It also prohibits utilities from filing after January 1, 2025, for the reconciliation of actuals costs and revenues to amounts approved within the multi-year plans. As of June 30, 2025, BGE derecognized Regulatory assets of $10 million and Regulatory liabilities of $3 million for multi-year plan reconciliations that will no longer be filed. DPL has derecognized Regulatory liabilities of $0.4 million for multi-year reconciliations yet to be filed. Multi-year plan reconciliations filed prior to January 1, 2025, remain lawful and will be resolved in their respective proceedings.
Previous wording
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024. Net income increased by $109 million as compared to the same period in 2024, primarily due to timing of distribution earnings, higher distribution and transmission rate base, and higher return on regulatory assets primarily due to an increase in asset balances. These were partially offset by lower transmission peak load.
Current wording
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net Income decreased by $42 million as compared to the same period in 2024 primarily due to timing of distribution earnings and lower transmission peak load. These were partially offset by higher distribution and transmission rate base and higher return on regulatory assets primarily due to an increase in asset balances.
Previous wording
Distribution Revenue. Starting in 2024, distribution revenues are under a MRP. The MRP requires an annual reconciliation of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred. Electric distribution revenue varies from year to year based upon fluctuations in the underlying costs, (e.g., severe weather and storm restoration), investments being recovered, and allowed ROE. Electric distribution revenues increased for the three months ended March 31, 2025 as compared to the same period in 2024, primarily due to differences in the timing of distribution earnings and higher rate base.
Current wording
Distribution Revenue. Starting in 2024, distribution revenues are under a MRP. The MRP requires an annual reconciliation of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred. Electric distribution revenue varies from year to year based upon fluctuations in the
Previous wording
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs, capital investments being recovered, and the highest daily peak load, which is updated annually in January based on the prior calendar year. Transmission revenues increased
Current wording
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs, capital investments being recovered, and the highest daily peak load, which is updated annually in January based on the prior calendar year. Transmission revenues decreased for the three and six months ended June 30, 2025 as compared to the same period in 2024, primarily due to lower transmission peak load, partially offset by higher fully recoverable costs and the impacts of higher rate base.
Previous wording
Energy Efficiency Revenue. Energy efficiency revenues are under a performance-based formula rate, which requires an annual reconciliation of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred in a given year. Energy efficiency revenue varies from year to year based upon fluctuations in the underlying costs, investments being recovered, and allowed ROE. Energy efficiency revenues increased for the three months ended March 31, 2025 as compared to the same periods in 2024, primarily due to increased regulatory asset amortization, which is fully recoverable.
Current wording
Energy Efficiency Revenue. Energy efficiency revenues are under a performance-based formula rate, which requires an annual reconciliation of the revenue requirement in effect to the actual costs the ICC determines are prudently and reasonably incurred in a given year. Energy efficiency revenue varies from year to year based upon fluctuations in the underlying costs, investments being recovered, and allowed ROE. Energy efficiency revenues increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024, primarily due to increased regulatory asset amortization, which is fully recoverable.
Previous wording
Other Revenue primarily includes assistance provided to other utilities through mutual assistance programs. Other revenues increased for the three months ended March 31, 2025 as compared to the same periods in 2024, which primarily reflects increased mutual assistance revenues associated with storm restoration efforts.
Current wording
Other Revenue primarily includes assistance provided to other utilities through mutual assistance programs. Other revenues increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024, which primarily reflects increased mutual assistance revenues associated with storm restoration efforts.
Previous wording
The $218 million decrease in Purchased power expense for the three months ended March 31, 2025 compared to the same periods in 2024 is offset in Operating revenues as part of regulatory required programs.
Current wording
The decrease in Purchased power expense of $213 million and $431 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 is offset in Operating revenues as part of regulatory required programs.
Previous wording
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024. Net income increased by $117 million, due to an increase in revenue as a result of an increase in electric and gas distribution rates coupled with relatively normal weather compared to unfavorable weather in the same period last year and a decrease in income tax expense due to timing of tax repairs deduction, partially offset by an increase in credit loss expense and interest expense.
Current wording
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net income increased by $163 million, due to an increase in revenue as a result of an increase in electric and gas distribution rates coupled with less unfavorable weather relative to the same period last year, partially offset by an increase in interest expense and storm costs, net of tax repairs deduction.
Previous wording
Weather. The demand for electricity and natural gas is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as “favorable weather conditions” because these weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended March 31, 2025 compared to the same period in 2024, Operating revenues related to weather increased due to relatively normal weather compared to unfavorable weather conditions in PECO's service territory.
Current wording
Weather. The demand for electricity and natural gas is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as “favorable weather conditions” because these weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather decreased due to unfavorable weather in PECO's service territory. During the six months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather increased due to less unfavorable weather conditions in PECO's service territory.
Previous wording
Heating and cooling degree-days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree-days for a 30-year period in PECO's service territory. The changes in heating and cooling degree-days in
Current wording
Heating and cooling degree-days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree-days for a 30-year period in PECO's service territory. The changes in heating and cooling degree-days in PECO’s service territory for the three and six months ended June 30, 2025 compared to the same period in 2024 and normal weather consisted of the following:
Previous wording
Volume. Electric volume, exclusive of the effects of weather, for the three months ended March 31, 2025 compared to the same period in 2024, remained relatively consistent. Natural gas volume for the three months ended March 31, 2025 compared to the same period in 2024, remained relatively consistent.
Current wording
Volume. Electric volume, exclusive of the effects of weather, for the three months ended June 30, 2025 compared to the same period in 2024, decreased due to customer load. Electric volume, exclusive of the effects of weather, for the six months ended June 30, 2025 compared to the same period in 2024, remained relatively consistent. Natural gas volume for the three and six months ended June 30, 2025 compared to the same period in 2024, remained relatively consistent.
Previous wording
Pricingfor the three months ended March 31, 2025 compared to the same period in 2024 increased primarily due to an increase in electric and gas distribution rates charged to customers.
Current wording
Pricingfor the three and six months ended June 30, 2025 compared to the same period in 2024 increased primarily due to an increase in electric and gas distribution rates charged to customers.
Previous wording
Other revenue primarily includes revenue related to late payment charges. Other revenue for the three months ended March 31, 2025 compared to the same period in 2024 remained relatively consistent.
Current wording
Other revenue primarily includes revenue related to late payment charges. Other revenue for the three and six months ended June 30, 2025 compared to the same period in 2024 increased primarily due to revenue related to late payment charges.
Previous wording
The increase of $99 million for the three months ended March 31, 2025 compared to the same period in 2024, in Purchased power and fuel expenseis offset in Operating revenues as part of regulatory required programs.
Current wording
The increase of $16 million and increase of $114 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, in Purchased power and fuel expenseis offset in Operating revenues as part of regulatory required programs.
Previous wording
Taxes other than income taxes increased by $9 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to higher Pennsylvania gross receipts tax.
Current wording
Taxes other than income taxes increased by $2 million and $12 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to higher Pennsylvania gross receipts tax.
Previous wording
Interest expense, netincreased $8 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to an increase in interest rates and higher outstanding debt.
Current wording
Interest expense, netincreased $3 million and increased $12 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to an increase in interest rates and higher outstanding debt.
Previous wording
Distribution Revenue increased for the three months ended March 31, 2025, compared to the same period in 2024, due to favorable impacts of the multi-year plans.
Current wording
Distribution Revenue increased for the three and six months ended June 30, 2025, compared to the same period in 2024, due to favorable impacts of the multi-year plans.
Previous wording
Other Revenue includes revenue related to late payment charges, mutual assistance, off-system sales, and service application fees. Other Revenue remained relatively consistent for the three months ended March 31, 2025 compared to the same period in 2024.
Current wording
Other Revenue includes revenue related to late payment charges, mutual assistance, off-system sales, and service application fees. Other Revenue increased for the three and six months ended June 30, 2025 as compared to the same period in 2024, primarily driven by increases in service application fees.
Previous wording
Interest expense, netincreased by $8 million for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to the issuance of debt in the second quarter of 2024.
Current wording
Interest expense, net increased $8 million and $17 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to the issuance of debt in the second quarter of 2025.
Previous wording
Taxes other than income taxes increased by $7 million for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to increased property taxes.
Current wording
Taxes other than income taxes increased $5 million and $12 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to increased property taxes.
Previous wording
Effective income tax rates were 21.5% and 8.3% for the three months ended March 31, 2025 and 2024, respectively. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Current wording
Effective income tax rates were 21.4% and 8.3% for the three months ended June 30, 2025 and 2024, respectively, and 21.3% and 8.3% for the six months ended June 30, 2025 and 2024. See Note 6 — Income Taxes of the Combined Notes to Consolidated Financial Statements for additional information regarding the components of the effective income tax rates.
Previous wording
PHI’s Results of Operations include the results of its three reportable segments, Pepco, DPL, and ACE. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services, and the costs are directly charged or allocated to the applicable subsidiaries. Additionally, the results of PHI’s corporate operations include interest costs from various financing activities. All material intercompany accounts and transactions have been eliminated in consolidation. The following table sets forth PHI's GAAP consolidated Net income, by Registrant, for the three months ended March 31, 2025 compared to the same period in 2024. See the Results of Operations for Pepco, DPL, and ACE for additional information.
Current wording
PHI’s Results of Operations include the results of its three reportable segments, Pepco, DPL, and ACE. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services, and the costs are directly charged or allocated to the applicable subsidiaries. Additionally, the results of PHI’s corporate operations include interest costs from various financing activities. All material intercompany accounts and transactions have been eliminated in consolidation. The following table sets forth PHI's GAAP consolidated Net income, by Registrant, for the three and six months ended June 30, 2025 compared to the same period in 2024. See the Results of Operations for Pepco, DPL, and ACE for additional information.
Previous wording
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024. Net Income increased by $26 million primarily due to favorable impacts from the Maryland and District of Columbia multi-year plans, higher DPL Delaware electric and gas DISC rates, higher transmission rates at Pepco and DPL, favorable weather conditions at DPL, partially offset by an increase in interest and depreciation expense at Pepco and DPL.
Current wording
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net Income increased by $11 million primarily due to favorable distribution rates at Pepco, higher DPL Delaware electric and gas DISC rates, higher transmission rates, favorable weather conditions at DPL, partially offset by the lower impacts of the Maryland multi-year plan reconciliations, increase in interest expense, depreciation expense and storm costs at Pepco, and credit loss expense at DPL.
Previous wording
Distribution Revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to favorable impacts of the Maryland and District of Columbia multi-year plans and customer growth in Maryland.
Current wording
Distribution Revenue increased for the three and six months ended June 30, 2025 compared to the same period in 2024 primarily due to favorable impacts of the Maryland and District of Columbia multi-year plans and customer growth in Maryland.
Previous wording
(b)Decrease includes the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters additional information.
Current wording
(b)Reflects the cost recovery associated with EmPOWER Maryland. Please refer to 2024 10-K Note 3 — Regulatory Matters additional information.
Previous wording
Taxes other than income taxes increased $11 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to increases in utility taxes, which are offset in revenues, and property taxes.
Current wording
Taxes other than income taxes increased $9 million and $19 million for the three and six months ended June 30, 2025, respectively, compared to the same period in 2024, primarily due to increases in utility taxes, which are offset in revenues, and property taxes.
Previous wording
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024. Net income increased $3 million primarily due to favorable weather conditions at Delaware electric and natural gas service territories, higher Delaware electric and gas DSIC rates, and higher transmission rates, partially offset by an increase in depreciation and interest expense.
Current wording
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net income increased $7 million primarily due to higher Delaware electric and natural gas DSIC rates, favorable weather conditions at Delaware electric and natural gas service territories, and higher transmission rates, partially offset by an increase in interest and credit loss expense.
Previous wording
Weather. The demand for electricity and natural gas in Delaware is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as "favorable weather conditions” because these weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended March 31, 2025 compared to the same period in 2024, Operating revenues related to weather increased due to favorable weather conditions in DPL's Delaware electric and natural gas service territories.
Current wording
Weather. The demand for electricity and natural gas in Delaware is affected by weather conditions. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months are referred to as "favorable weather conditions” because these
Previous wording
Heating and cooling degree days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree days for a 20-year period in DPL's Delaware electric service territory and a 30-year period in DPL's Delaware natural gas service territory. The changes in heating and cooling degree days in DPL's Delaware service territory for the three months ended March 31, 2025, compared to same period in 2024 and normal weather consisted of the following:
Current wording
Heating and cooling degree days are quantitative indices that reflect the demand for energy needed to heat or cool a home or business. Normal weather is determined based on historical average heating and cooling degree days for a 20-year period in DPL's Delaware electric service territory and a 30-year period in DPL's Delaware natural gas service territory. The changes in heating and cooling degree days in DPL's Delaware service territory for the three and six months ended June 30, 2025, compared to same period in 2024 and normal weather consisted of the following:
Previous wording
Volume, exclusive of the effects of weather, increased for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to an increase in customer usage and customer growth.
Current wording
Volume, exclusive of the effects of weather, increased for the three and six months ended June 30, 2025 compared to the same period in 2024, primarily due to an increase in customer usage and customer growth.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (14)
Current report — wording carried from elsewhere
•Higher interest expense at PHI and Exelon Corporate; and
Current report — wording carried from elsewhere
•Favorable impacts of rate increases at ComEd, PECO, BGE and PHI; and
Current report — wording carried from elsewhere
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net income attributable to common shareholders increased by $194 million and diluted earnings per average common share increased to $1.29 in 2025 from $1.10 in 2024 primarily due to:
Current report — wording carried from elsewhere
•Timing of distribution earnings at ComEd;
Current report — wording carried from elsewhere
•Higher return on regulatory assets at ComEd.
Current report — wording carried from elsewhere
•Lower transmission peak load due to lower energy demand at ComEd;
Current report — wording carried from elsewhere
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Net income increased by $67 million as compared to the same period in 2024, primarily due to timing of distribution earnings, higher distribution and transmission rate base, and higher return on regulatory assets primarily due to an increase in asset balances. These were partially offset by lower transmission peak load.
Current report — wording carried from elsewhere
underlying costs (e.g., severe weather and storm restoration), investments being recovered, and allowed ROE. Electric distribution revenues decreased for the three months ended June 30, 2025 as compared to the same period in 2024, primarily due to differences in the timing of distribution earnings, offset by higher rate base and higher return on regulatory assets. Electric distribution revenues increased for the six months ended June 30, 2025 as compared to the same period in 2024, primarily due to higher fully recoverable costs, differences in the timing of distribution earnings, higher rate base, and higher return on regulatory assets.
Current report — wording carried from elsewhere
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024. Net income increased by $46 million, due to an increase in revenue as a result of an increase in electric and gas distribution rates, offset by an increase in storm costs.
Current report — wording carried from elsewhere
weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. During the three months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather remained relatively consistent. During the six months ended June 30, 2025 compared to the same period in 2024, Operating revenues related to weather increased due to favorable weather conditions in DPL's Delaware electric and natural gas service territories.
Current report — wording carried from elsewhere
Regulatory Required Programs represent revenues collected under approved riders to recover costs incurred for regulatory programs such as energy efficiency programs, DE Renewable Portfolio Standards, SOS procurement and administrative costs, and GCR costs. The riders are designed to provide full and current cost recovery as well as a return in certain instances. The costs of these programs are included in Purchased power and fuel expense, Operating and maintenance expense, Depreciation and amortization expense, and Taxes other than income taxes. All customers have the choice to purchase electricity from competitive electric generation suppliers; however, only certain commercial and industrial customers have the choice to purchase natural gas from competitive natural gas suppliers. Customer choice programs do not impact the volume of
Current report — wording carried from elsewhere
The Registrants fund liquidity needs for capital investment, working capital, energy hedging, and other financial commitments through cash flows from continuing operations, public debt offerings, commercial paper markets, and large, diversified credit facilities. The credit facilities include $4.0 billion in aggregate total commitments of which $3.3 billion was available to support additional commercial paper as of June 30, 2025, and of which no financial institution has more than 6.2% of the aggregate commitments for the Registrants. The Registrants had access to the commercial paper markets and had availability under their revolving credit facilities during the six months ended June 30, 2025 to fund their short-term liquidity needs, when necessary. Exelon Corporate and the
Current report — wording carried from elsewhere
In addition, in the first quarter of 2025, Exelon entered into forward sale agreements for 5.7 million shares of Common stock, at a weighted-average net forward price of $43.24 per share. The forward sale agreements require Exelon to, at its election prior to December 15, 2025, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.
Current report — wording carried from elsewhere
In the second quarter of 2025, Exelon entered into forward sale agreements for 6.2 million shares, and 3.6 million shares of Common stock, at a weighted-average net forward price of $43.51, and $43.17 per share, respectively. The forward sale agreements require Exelon to, at its election prior to December 15, 2025 and November 16, 2026, respectively, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
for the three months ended March 31, 2025 as compared to the same period in 2024, primarily due to higher fully recoverable costs and the impacts of higher rate base, partially offset by lower transmission peak load.
Previous report — wording carried elsewhere
PECO’s service territory for the three months ended March 31, 2025 compared to the same period in 2024 and normal weather consisted of the following:
Previous report — wording carried elsewhere
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to increases in underlying costs and capital investments.
Previous report — wording carried elsewhere
Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered. Transmission revenue increased for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to increases in underlying costs and capital investments.