ATLANTIC CITY ELECTRIC CO

For the period ended Mar 31, 2026. Filed May 6, 2026.

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.

Mar 31, 2026 · Filed May 6, 2026

EXC$45.62-2.0%Stored close · as of Nov 6, 2026

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Contents

Statements of Changes in Shareholder's Equity

	Three Months Ended March 31, 2026
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2025	$3,528	$1,174	$4,702
Net income	—	68	68
Common stock dividends	—	(64)	(64)
Contributions from parent	139	—	139
Balance at March 31, 2026	$3,667	$1,178	$4,845

	Three Months Ended March 31, 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

	Three Months EndedMarch 31,
(In millions)	2026	2025
Operating revenues
Electric operating revenues	$510	$463
Natural gas operating revenues	116	88
Revenues from alternative revenue programs	(6)	(5)
Operating revenues from affiliates	2	2
Total operating revenues	622	548
Operating expenses
Purchased power	234	209
Purchased fuel	55	38
Operating and maintenance	71	60
Operating and maintenance from affiliates	47	46
Depreciation and amortization	66	63
Taxes other than income taxes	26	21
Total operating expenses	499	437
Operating income	123	111
Other income and (deductions)
Interest expense, net	(27)	(25)
Other, net	4	4
Total other income and (deductions)	(23)	(21)
Income before income taxes	100	90
Income taxes	23	21
Net income	$77	$69
Comprehensive income	$77	$69

	Three Months EndedMarch 31,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$77	$69
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	66	63
Deferred income taxes and amortization of investment tax credits	26	9
Other non-cash operating activities	19	21
Changes in assets and liabilities:
Accounts receivable	24	(1)
Receivables from and payables to affiliates, net	—	(4)
Inventories	6	(4)
Accounts payable and accrued expenses	(29)	(9)
Collateral received, net	7	9
Income taxes	(3)	13
Regulatory assets and liabilities, net	3	2
Pension and non-pension postretirement benefit contributions	(1)	—
Other assets and liabilities	10	7
Net cash flows provided by operating activities	205	175
Cash flows from investing activities
Capital expenditures	(147)	(156)
Changes in PHI intercompany money pool	—	(12)
Net cash flows used in investing activities	(147)	(168)
Cash flows from financing activities
Changes in short-term borrowings	(115)	(144)
Issuance of long-term debt	75	125
Dividends paid on common stock	(50)	(46)
Contributions from parent	45	99
Other financing activities	(3)	(3)
Net cash flows (used in) provided by financing activities	(48)	31
Increase in cash, restricted cash, and cash equivalents	10	38
Cash, restricted cash, and cash equivalents at beginning of period	12	23
Cash, restricted cash, and cash equivalents at end of period	$22	$61
Supplemental cash flow information
Decrease in capital expenditures not paid	$(25)	$(47)

(In millions)	March 31, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$12	$9
Restricted cash and cash equivalents	10	3
Accounts receivable
Customer accounts receivable	228	253
Customer allowance for credit losses	(24)	(19)
Customer accounts receivable, net	204	234
Other accounts receivable	73	75
Other allowance for credit losses	(11)	(10)
Other accounts receivable, net	62	65
Receivables from affiliates	2	2
Inventories, net
Fossil fuel	5	9
Materials and supplies	105	107
Prepaid utility taxes	16	29
Regulatory assets	78	72
Prepaid renewable energy credits	10	30
Other	20	13
Total current assets	524	573
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,289 and $2,241 as of March 31, 2026 and December 31, 2025, respectively)	5,921	5,855
Deferred debits and other assets
Regulatory assets	208	214
Other	145	147
Total deferred debits and other assets	353	361
Total assets	$6,798	$6,789

(In millions)	March 31, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$46	$161
Long-term debt due within one year	63	53
Accounts payable	163	218
Accrued expenses	66	70
Payables to affiliates	25	25
Customer deposits	37	36
Regulatory liabilities	49	42
Renewable energy credit obligations	37	49
Other	29	22
Total current liabilities	515	676
Long-term debt	2,358	2,291
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,028	996
Regulatory liabilities	318	316
Asset retirement obligations	13	12
Other	123	127
Total deferred credits and other liabilities	1,482	1,451
Total liabilities	4,355	4,418
Commitments and contingencies
Shareholder's equity
Common stock	1,767	1,722
Retained earnings	676	649
Total shareholder's equity	2,443	2,371
Total liabilities and shareholder's equity	$6,798	$6,789

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