ATLANTIC CITY ELECTRIC CO

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

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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

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Contents

Statements of Changes in Shareholder’s Equity

	Six Months Ended June 30, 2025
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2024	$1,615	$627	$2,242
Net income	—	69	69
Common stock dividends	—	(46)	(46)
Contributions from parent	99	—	99
Balance at March 31, 2025	$1,714	$650	$2,364
Net income	—	39	39
Common stock dividends	—	(44)	(44)
Contributions from parent	—	—	—
Balance at June 30, 2025	$1,714	$645	$2,359

	Six Months Ended June 30, 2024
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2023	$1,455	$638	$2,093
Net income	—	66	66
Common stock dividends	—	(45)	(45)
Contributions from parent	154	—	154
Balance at March 31, 2024	$1,609	$659	$2,268
Net income	—	34	34
Common stock dividends	—	(39)	(39)
Balance at June 30, 2024	$1,609	$654	$2,263

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2025	2024	2025	2024
Operating revenues
Electric operating revenues	$397	$403	$769	$748
Revenues from alternative revenue programs	(13)	(21)	(13)	(9)
Operating revenues from affiliates	—	1	1	1
Total operating revenues	384	383	757	740
Operating expenses
Purchased power	173	172	329	312
Operating and maintenance	55	50	106	97
Operating and maintenance from affiliates	40	42	79	81
Depreciation and amortization	62	72	127	146
Taxes other than income taxes	3	2	5	5
Total operating expenses	333	338	646	641
Operating income	51	45	111	99
Other income and (deductions)
Interest expense, net	(20)	(20)	(41)	(39)
Other, net	2	4	6	8
Total other income and (deductions)	(18)	(16)	(35)	(31)
Income before income taxes	33	29	76	68
Income taxes	9	8	20	18
Net income	$24	$21	$56	$50
Comprehensive income	$24	$21	$56	$50

	Six Months EndedJune 30,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$56	$50
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	127	146
Deferred income taxes and amortization of investment tax credits	13	12
Other non-cash operating activities	33	30
Changes in assets and liabilities:
Accounts receivable	(18)	(50)
Receivables from and payables to affiliates, net	(4)	(2)
Inventories	(9)	(3)
Accounts payable and accrued expenses	37	26
Collateral received, net	4	2
Income taxes	(2)	(10)
Regulatory assets and liabilities, net	(27)	(51)
Pension and non-pension postretirement benefit contributions	(2)	(8)
Other assets and liabilities	(49)	(60)
Net cash flows provided by operating activities	159	82
Cash flows from investing activities
Capital expenditures	(196)	(180)
Net cash flows used in investing activities	(196)	(180)
Cash flows from financing activities
Changes in short-term borrowings	(107)	(199)
Issuance of long-term debt	100	75
Changes in PHI intercompany money pool	—	182
Dividends paid on common stock	(44)	(44)
Contributions from parent	94	81
Other financing activities	(3)	(3)
Net cash flows provided by financing activities	40	92
Increase (decrease) in cash and cash equivalents	3	(6)
Cash and cash equivalents at beginning of period	14	21
Cash and cash equivalents at end of period	$17	$15
Supplemental cash flow information
Decrease in capital expenditures not paid	$(28)	$(5)

(In millions)	June 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$15	$14
Restricted cash and cash equivalents	2	—
Accounts receivable
Customer accounts receivable	245	223
Customer allowance for credit losses	(33)	(32)
Customer accounts receivable, net	212	191
Other accounts receivable	71	79
Other allowance for credit losses	(15)	(13)
Other accounts receivable, net	56	66
Receivables from affiliates	10	7
Inventories, net	71	62
Prepaid utility taxes	41	—
Regulatory assets	103	101
Other	7	6
Total current assets	517	447
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,881 and $1,798 as of June 30, 2025 and December 31, 2024, respectively)	4,434	4,366
Deferred debits and other assets
Regulatory assets	506	502
Prepaid pension asset	2	1
Other	36	33
Total deferred debits and other assets	544	536
Total assets	$5,495	$5,349

(In millions)	June 30, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$79	$186
Long-term debt due within one year	155	154
Accounts payable	183	163
Accrued expenses	48	52
Payables to affiliates	21	22
Customer deposits	24	24
Regulatory liabilities	32	10
Other	14	10
Total current liabilities	556	621
Long-term debt	1,880	1,779
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	830	816
Regulatory liabilities	140	146
Other	59	62
Total deferred credits and other liabilities	1,029	1,024
Total liabilities	3,465	3,424
Commitments and contingencies
Shareholder's equity
Common stock	2,009	1,915
Retained earnings	21	10
Total shareholder's equity	2,030	1,925
Total liabilities and shareholder's equity	$5,495	$5,349

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