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	$3,335	$1,100	$4,435
Net income	—	97	97
Common stock dividends	—	(66)	(66)
Contributions from parent	157	—	157
Balance at March 31, 2025	$3,492	$1,131	$4,623
Net income	—	84	84
Common stock dividends	—	(92)	(92)
Balance at June 30, 2025	$3,492	$1,123	$4,615

	Six Months Ended June 30, 2024
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2023	$3,075	$1,069	$4,144
Net income	—	75	75
Common stock dividends	—	(51)	(51)
Contributions from parent	251	—	251
Balance at March 31, 2024	$3,326	$1,093	$4,419
Net income	—	108	108
Common stock dividends	—	(102)	(102)
Balance at June 30, 2024	$3,326	$1,099	$4,425

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2025	2024	2025	2024
Operating revenues
Electric operating revenues	$386	$361	$850	$773
Natural gas operating revenues	33	28	120	100
Revenues from alternative revenue programs	—	—	(5)	4
Operating revenues from affiliates	2	1	4	3
Total operating revenues	421	390	969	880
Operating expenses
Purchased power	161	147	370	333
Purchased fuel	11	9	49	37
Operating and maintenance	50	50	110	101
Operating and maintenance from affiliates	45	46	91	91
Depreciation and amortization	63	61	126	122
Taxes other than income taxes	20	19	41	39
Total operating expenses	350	332	787	723
Operating income	71	58	182	157
Other income and (deductions)
Interest expense, net	(25)	(24)	(50)	(46)
Other, net	4	8	8	15
Total other income and (deductions)	(21)	(16)	(42)	(31)
Income before income taxes	50	42	140	126
Income taxes	11	8	32	25
Net income	$39	$34	$108	$101
Comprehensive income	$39	$34	$108	$101

	Six Months EndedJune 30,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$108	$101
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	126	122
Deferred income taxes and amortization of investment tax credits	15	7
Other non-cash operating activities	30	15
Changes in assets and liabilities:
Accounts receivable	11	4
Receivables from and payables to affiliates, net	(3)	2
Inventories	(11)	(10)
Accounts payable and accrued expenses	3	38
Collateral received, net	3	—
Income taxes	(2)	(24)
Regulatory assets and liabilities, net	(22)	(26)
Pension and non-pension postretirement benefit contributions	(1)	—
Other assets and liabilities	24	21
Net cash flows provided by operating activities	281	250
Cash flows from investing activities
Capital expenditures	(277)	(268)
Changes in PHI intercompany money pool	—	(125)
Net cash flows used in investing activities	(277)	(393)
Cash flows from financing activities
Changes in short-term borrowings	(142)	(63)
Issuance of long-term debt	125	175
Dividends paid on common stock	(90)	(84)
Contributions from parent	99	154
Other financing activities	(5)	(4)
Net cash flows (used in) provided by financing activities	(13)	178
(Decrease) increase in cash, restricted cash, and cash equivalents	(9)	35
Cash, restricted cash, and cash equivalents at beginning of period	23	16
Cash, restricted cash, and cash equivalents at end of period	$14	$51
Supplemental cash flow information
Decrease in capital expenditures not paid	$(45)	$(2)

(In millions)	June 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$9	$21
Restricted cash and cash equivalents	5	2
Accounts receivable
Customer accounts receivable	195	210
Customer allowance for credit losses	(21)	(17)
Customer accounts receivable, net	174	193
Other accounts receivable	61	63
Other allowance for credit losses	(9)	(9)
Other accounts receivable, net	52	54
Receivables from affiliates	1	—
Inventories, net
Fossil fuel	4	6
Materials and supplies	108	95
Prepaid utility taxes	—	26
Regulatory assets	58	60
Prepaid renewable energy credits	15	29
Other	23	16
Total current assets	449	502
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,163 and $2,075 as of June 30, 2025 and December 31, 2024, respectively)	5,661	5,540
Deferred debits and other assets
Regulatory assets	217	215
Prepaid pension asset	111	120
Other	45	44
Total deferred debits and other assets	373	379
Total assets	$6,483	$6,421

(In millions)	June 30, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$2	$144
Long-term debt due within one year	52	130
Accounts payable	150	187
Accrued expenses	49	55
Payables to affiliates	24	26
Customer deposits	35	34
Regulatory liabilities	36	42
Renewable energy credit obligations	50	48
Other	21	22
Total current liabilities	419	688
Long-term debt	2,294	2,090
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	969	946
Regulatory liabilities	318	325
Asset retirement obligations	13	13
Non-pension postretirement benefit obligations	2	3
Other	109	114
Total deferred credits and other liabilities	1,411	1,401
Total liabilities	4,124	4,179
Commitments and contingencies
Shareholder's equity
Common stock	1,714	1,615
Retained earnings	645	627
Total shareholder's equity	2,359	2,242
Total liabilities and shareholder's equity	$6,483	$6,421

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.