ATLANTIC CITY ELECTRIC CO

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

About 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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Changes in Shareholder's Equity

	Six Months Ended June 30, 2025
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2024	$4,645	$2,170	$6,815
Net income	—	266	266
Common stock dividends	—	(137)	(137)
Contributions from parent	563	—	563
Balance at March 31, 2025	$5,208	$2,299	$7,507
Net income	—	136	136
Common stock dividends	—	(136)	(136)
Contributions from parent	—	—	—
Balance at June 30, 2025	$5,208	$2,299	$7,507
	Six Months Ended June 30, 2024
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2023	$4,050	$2,019	$6,069
Net income	—	149	149
Common stock dividends	—	(100)	(100)
Contributions from parent	580	—	580
Balance at March 31, 2024	$4,630	$2,068	$6,698
Net income	—	90	90
Common stock dividends	—	(100)	(100)
Balance at June 30, 2024	$4,630	$2,058	$6,688

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2025	2024	2025	2024
Operating revenues
Electric operating revenues	$856	$799	$1,877	$1,656
Natural gas operating revenues	184	150	745	545
Revenues from alternative revenue programs	(13)	(23)	(43)	19
Operating revenues from affiliates	2	2	4	5
Total operating revenues	1,029	928	2,583	2,225
Operating expenses
Purchased power	367	323	818	700
Purchased fuel	39	20	198	107
Operating and maintenance	201	188	443	392
Operating and maintenance from affiliates	63	62	125	122
Depreciation and amortization	154	162	318	312
Taxes other than income taxes	85	80	181	169
Total operating expenses	909	835	2,083	1,802
Operating income	120	93	500	423
Other income and (deductions)
Interest expense, net	(61)	(53)	(120)	(103)
Other, net	11	8	20	16
Total other income and (deductions)	(50)	(45)	(100)	(87)
Income before income taxes	70	48	400	336
Income taxes	15	4	85	28
Net income	$55	$44	$315	$308
Comprehensive income	$55	$44	$315	$308

Statements of Cash Flows

	Six Months EndedJune 30,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$315	$308
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	318	312
Deferred income taxes and amortization of investment tax credits	43	(4)
Other non-cash operating activities	89	15
Changes in assets and liabilities:
Accounts receivable	(21)	(20)
Receivables from and payables to affiliates, net	(11)	3
Inventories	8	3
Accounts payable and accrued expenses	(43)	5
Collateral received, net	5	—
Income taxes	15	(43)
Regulatory assets and liabilities, net	(61)	(32)
Pension and non-pension postretirement benefit contributions	(37)	(30)
Other assets and liabilities	114	53
Net cash flows provided by operating activities	734	570
Cash flows from investing activities
Capital expenditures	(804)	(668)
Other investing activities	5	9
Net cash flows used in investing activities	(799)	(659)
Cash flows from financing activities
Changes in short-term borrowings	(175)	(336)
Issuance of long-term debt	650	800
Dividends paid on common stock	(196)	(184)
Contributions from parent	—	197
Other financing activities	(7)	(8)
Net cash flows provided by financing activities	272	469
Increase in cash, restricted cash, and cash equivalents	207	380
Cash, restricted cash, and cash equivalents at beginning of period	34	48
Cash, restricted cash, and cash equivalents at end of period	$241	$428
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$(50)	$32

(In millions)	June 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$236	$33
Restricted cash and cash equivalents	5	1
Accounts receivable
Customer accounts receivable	681	654
Customer allowance for credit losses	(66)	(56)
Customer accounts receivable, net	615	598
Other accounts receivable	91	113
Other allowance for credit losses	(5)	(6)
Other accounts receivable, net	86	107
Inventories, net
Fossil fuel	28	29
Materials and supplies	77	84
Prepaid utility taxes	1	115
Regulatory assets	199	207
Prepaid renewable energy credits	92	157
Other	16	17
Total current assets	1,355	1,348
Property, plant, and equipment (net of accumulated depreciation and amortization of $5,151 and $5,005 as of June 30, 2025 and December 31, 2024, respectively)	13,620	13,134
Deferred debits and other assets
Regulatory assets	792	788
Investments	9	10
Prepaid pension asset	219	218
Other	49	44
Total deferred debits and other assets	1,069	1,060
Total assets	$16,044	$15,542

(In millions)	June 30, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$175
Accounts payable	449	515
Accrued expenses	158	176
Payables to affiliates	36	48
Customer deposits	121	118
Regulatory liabilities	20	12
Renewable energy credit obligations	94	160
Other	45	39
Total current liabilities	923	1,243
Long-term debt	6,040	5,395
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,174	2,099
Regulatory liabilities	621	636
Asset retirement obligations	36	36
Non-pension postretirement benefit obligations	144	150
Other	101	97
Total deferred credits and other liabilities	3,076	3,018
Total liabilities	10,039	9,656
Commitments and contingencies
Shareholder's equity
Common stock	3,483	3,483
Retained earnings	2,522	2,403
Total shareholder's equity	6,005	5,886
Total liabilities and shareholder's equity	$16,044	$15,542

ContentsView on SEC.gov

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