Exelon announced its third quarter 2007 results, reporting GAAP earnings of $780 million compared to a loss of $44 million in third quarter 2006. Adjusted operating earnings were $823 million compared to $690 million in third quarter 2006, driven by higher energy margins and nuclear output. Exelon reaffirmed its 2007 adjusted operating earnings guidance range of $4.15-$4.30 per share and raised its GAAP earnings guidance range to $3.90-$4.20 per share. Key events in the quarter included an Illinois electric rate settlement providing $1 billion in customer rate relief over four years and Exelon initiating a $1.25 billion share repurchase program.

1. Contact: Chaka Patterson FOR IMMEDIATE RELEASE
Investor Relations
312-394-7234
Jennifer Medley
Corporate Communications
312-394-7189
Exelon Announces Third Quarter Results;
Reaffirms Full Year 2007 Operating Earnings Guidance and
Raises Full Year GAAP Earnings Guidance
CHICAGO (October 26, 2007) – Exelon Corporation’s (Exelon) third quarter 2007 consolidated
earnings prepared in accordance with GAAP were $780 million, or $1.15 per diluted share, compared
with a loss of $44 million, or $0.07 per share, in the third quarter of 2006.
Exelon’s adjusted (non-GAAP) operating earnings for the third quarter of 2007 were $823 million, or
$1.21 per diluted share, compared with $690 million, or $1.02 per diluted share, for the same period in
2006. The increase in adjusted (non-GAAP) operating earnings per share was primarily due to higher
margins on energy sales at Exelon Generation Company, LLC (Generation), previously authorized
transmission and delivery service revenue increases for Commonwealth Edison Company (ComEd),
higher nuclear output reflecting fewer refueling outage days, and the effects of warmer weather
conditions as compared with last year in the ComEd service territory. These positive factors were
partially offset by significantly lower net income at ComEd primarily due to the end of its nearly ten-
year regulatory transition period and associated transition revenues, higher operating and maintenance
expense, and increased depreciation and amortization primarily related to the scheduled higher
competitive transition charge (CTC) amortization at PECO Energy Company (PECO).
“Our people delivered a very fine third quarter,” said John W. Rowe, Exelon chairman and CEO. “Our
nuclear fleet drove improved generation margins. And ComEd and PECO performed admirably in the
face of unusually warm late summer weather and severe storms. In view of our financial results thus far,
we are very confident in our full year operating earnings guidance range of $4.15 to $4.30 per share.”
Adjusted (non-GAAP) operating earnings for the third quarter of 2007 do not include the following
items that are included in reported GAAP earnings (all after tax):
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2. • A charge of $80 million, or $0.12 per diluted share, for the costs associated with the Illinois
electric rate settlement, including ComEd’s previously announced customer rate relief programs.
• Earnings of $17 million, or $0.03 per diluted share, associated with investments in synthetic fuel-
producing facilities, including the impact of mark-to-market losses associated with the related
derivatives.
• Income of $18 million, or $0.03 per diluted share, resulting from decreases in decommissioning
obligations primarily related to the AmerGen Energy Company, LLC (AmerGen) nuclear plants.
Adjusted (non-GAAP) operating earnings for the third quarter of 2006 did not include the following
items that were included in reported GAAP earnings (all after tax):
• A charge of $776 million, or $1.15 per diluted share, related to the impairment of ComEd’s
goodwill.
• Mark-to-market gains of $58 million, or $0.08 per diluted share, primarily from Generation’s
economic hedging activities.
• A one-time benefit of $52 million, or $0.08 per diluted share, approved by the Illinois Commerce
Commission’s (ICC) July 26, 2006 rate order to recover previously incurred losses on the
extinguishment of debt as part of ComEd's 2004 Accelerated Liability Management Plan.
• Expenses of $42 million, or $0.06 per diluted share, related to certain integration costs associated
with the terminated merger with Public Service Enterprise Group Incorporated (PSEG). These
expenses include approximately $35 million for the write-off of previously capitalized merger-
related costs.
• Severance charges of $14 million, or $0.02 per diluted share.
• A net loss of $13 million, or $0.02 per diluted share, associated with investments in synthetic
fuel-producing facilities, including the impact of mark-to-market losses associated with the
related derivatives.
2007 Earnings Outlook
Exelon affirmed its adjusted (non-GAAP) operating earnings guidance range for 2007 of $4.15 to $4.30
per share. The following table indicates guidance ranges by operating company contribution to 2007
adjusted (non-GAAP) operating earnings per Exelon share, excluding Exelon holding company.
Generation: $3.45 to $3.55
ComEd: $0.20 to $0.25
PECO: $0.65 to $0.70
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3. The outlook for 2007 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes
the following items:
• mark-to-market adjustments from economic hedging activities
• significant impairments of intangible assets, including goodwill
• significant changes in decommissioning obligation estimates
• investments in synthetic fuel-producing facilities
• costs associated with the Illinois electric rate settlement, including ComEd’s previously
announced customer rate relief programs
• gains or losses on the State Line Energy, L.L.C. (State Line) and Tenaska Georgia Partners, LP
transactions
• other unusual items
• significant future changes to GAAP
Giving consideration to these factors, Exelon estimates GAAP earnings in 2007 will fall in the range of
$3.90 to $4.20 per share, up from $3.70 to $4.00 per share previously. Both Exelon’s operating earnings
and GAAP earnings guidance are based on the assumption of normal weather.
Third Quarter and Recent Highlights
• Illinois Settlement Legislation on Electric Rates and Policy: On July 24, 2007, following
extensive discussions with legislative leaders in Illinois, ComEd, Generation, and other utilities
and generators in Illinois reached an oral agreement (the Settlement) with various representatives
from the State of Illinois concluding discussions of measures to address concerns about higher
electric bills without rate freeze, generation tax or other legislation that Exelon believes would be
harmful to electricity consumers, electric utilities and generators, and the State of Illinois.
Legislation reflecting the Settlement (Settlement Legislation) was passed by the Illinois
legislature on July 26, 2007 and was signed into law on August 28, 2007 by the Governor of
Illinois. The Settlement Legislation preserves the competitive electric market in Illinois while
providing a multi-year, $1 billion rate relief package for Illinois residential electricity consumers
and certain small business customers and a range of related electric industry policy changes,
including the creation of the Illinois Power Agency (IPA) and an alternative method of
purchasing power for consumers.
Exelon has committed to contributing approximately $800 million to rate relief programs over
four years, including partial funding for the IPA, in addition to approximately $11 million of rate
relief credits provided by ComEd prior to June 14, 2007 under rate relief programs previously
announced. ComEd will continue to provide its $64 million rate relief package announced on
April 23, 2007. Generation will contribute a total of up to $747 million, of which $435 million
will be available to reimburse ComEd for rate relief programs for its customers, $307.5 million
will be for rate relief programs for customers of other Illinois utilities, and $4.5 million will be
for funding operations of the IPA. Of the $800 million to be contributed to rate relief by
Generation and ComEd, it is estimated that $459 million, $222 million, $105 million and $14
million will be provided to Illinois customers for electricity consumed in 2007, 2008, 2009 and
2010, respectively. In September, ComEd began issuing rate relief credits in its customers’ bills.
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4. To fulfill a requirement of the Settlement Legislation, ComEd and Generation entered into a
five-year financial swap contract, the effect of which will cause ComEd to pay fixed prices and
cause Generation to pay a market price for a portion of ComEd’s load. The financial terms cover
energy costs only, not capacity or ancillary services. The contract is designed to dovetail with
ComEd’s remaining auction contracts for energy, increasing in volume as the contracts expire.
The contract volumes will be 1,000 MW for the period from June 2008 through May 2009, 2,000
MW for the period from June 2009 through May 2010, and 3,000 MW in each of the periods
June 2010 through May 2011, June 2011 through May 2012, and June 2012 through May 2013.
This arrangement is deemed prudent and ComEd will receive full cost recovery in rates. The
contract became effective upon enactment of the Settlement Legislation.
• Value Return: On August 31, 2007, Exelon’s board of directors approved a share repurchase
program for up to $1.25 billion of its outstanding common stock, consistent with Exelon’s value
return policy, under which the Company uses share repurchases from time to time to return cash
to shareholders after funding maintenance capital and other commitments and in the absence of
higher value-added growth opportunities. On September 4, 2007, Exelon entered into
agreements with two investment banks to repurchase a total of $1.25 billion of Exelon’s common
shares under an accelerated share repurchase (ASR) arrangement. The ASR arrangement
included a pricing collar, which established a minimum and maximum number of shares to be
repurchased. On September 20 and 21, 2007, Exelon received the minimum number of shares,
as determined by the ASR arrangement, which amounted to 15.1 million shares at a cost of $1.17
billion. Upon purchase of those shares from the investment banks, Exelon recorded them
immediately as treasury shares. The balance of the ASR arrangement will be settled in the first
quarter of 2008, at which time Exelon may receive additional shares.
• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem
Generating Station operated by PSEG Nuclear LLC, produced 36,356 GWhs in the third quarter
of 2007, compared with 35,867 GWhs in the third quarter of 2006. The Exelon-operated nuclear
plants achieved a 97.0 percent capacity factor for the third quarter of 2007 compared with 95.8
percent for the third quarter of 2006. The Exelon-operated nuclear plants began two scheduled
refueling outages late in the third quarter of 2007 (9 days), compared with beginning two
refueling outages in the third quarter of 2006 (35 days). Partially offsetting the increased
generation due to the lower number of refueling outage days was a higher number of non-
refueling outage days, 13 days in the third quarter of 2007 versus 4 days in 2006.
• Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 91.6
percent in the third quarter of 2007, compared with 92.8 percent in the third quarter of 2006.
The equivalent availability factor for the hydro facilities was 90.2 percent in the third quarter of
2007, compared with 88.9 percent in the third quarter of 2006, primarily due to a planned
maintenance outage at the Muddy Run Pumped Storage Facility in 2006. Despite the higher
hydro fleet equivalent availability factor in 2007, lower river flow actually resulted in lower
generation during 2007 compared to 2006.
• Reliability Pricing Model (RPM) Auction: In December 2006, the Federal Energy Regulatory
Commission (FERC) approved a new RPM capacity market for PJM. RPM is designed to
procure capacity on a three-year forward basis and compensate those capacity resources based on
the locational need for that capacity. Earlier this month, PJM conducted the last of three auctions
to be held in 2007 under this new market design. The first auction was held in April to procure
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5. capacity for the period June 2007 through May 2008, and the second was conducted in July to
procure capacity for the period June 2008 through May 2009. Exelon’s generation located
within the PJM footprint was bid into the auctions. The payments based on the locational
clearing prices that will be received as a result of the auctions may be offset by forward sales and
bilateral contracts made against Generation’s generating portfolio prior to the auctions. The
results of the most recent RPM auction, for capacity during the June 1, 2009 to May 31, 2010
time period, and of the previous auctions are as follows:
($ per MW-day) June 2007 – May 2008 June 2008 – May 2009 June 2009 – May 2010
Eastern Mid-Atlantic
Area Council (MAAC) $197.67 $148.80 $191.32
Southwest MAAC $188.54 $210.11 $237.33
MAAC + APS N/A N/A $191.32
Rest of Market $40.80 $111.92 $102.04
The last of these transitional auctions will occur in January 2008 for the period June 2010 to May
2011. Subsequent auctions will take place 36 months ahead of the scheduled delivery year.
• State Line Power Purchase Agreement (PPA): On October 15, 2007, Generation entered into
an agreement with State Line, an indirect wholly owned subsidiary of Dominion Resources Inc.,
to terminate the PPA dated as of April 17, 1996 between State Line and Generation relating to
the State Line coal-fired generating facility in Hammond, Indiana. Under the PPA, Generation
controls 515 MW of electric energy and capacity from the State Line facility. The termination
agreement, which FERC approved on October 18, 2007, is subject to a number of conditions. If
the agreement becomes effective, State Line will pay Generation approximately $233 million,
and Generation will recognize income of approximately $130 million (after tax) in the fourth
quarter of 2007, for termination of the PPA, the purchase of coal inventories on hand and in
transit and other assets. A negative net income impact to Generation of approximately $0.05 per
share each year is expected beginning in 2008 through the end of the original contract term in
2012. The PPA is a non-strategic asset in Generation’s portfolio, and termination will provide
immediate positive cash flow in 2007.
• ComEd Distribution Rate Case: On October 17, 2007, ComEd filed a proposal with the ICC
seeking approval to increase its delivery service rates by $361.3 million (or approximately
$358.9 million adjusted for normal weather) to reflect ComEd’s continued substantial investment
in its delivery system. The rate case filing is based on a 2006 test year. If approved by the ICC,
the total increase would raise the average ComEd residential customer bill about 7.7 percent.
The ICC proceedings will take place over a period of up to eleven months.
• ComEd Transmission Rate Case: On March 1, 2007, ComEd filed a request with FERC,
seeking approval to increase its annual revenue requirement for transmission services by $146
million and to implement a formula-based transmission rate. On June 5, 2007, FERC
conditionally allowed ComEd to implement its formula-based transmission rate and associated
rate adjustment, effective May 1, 2007 subject to refund, and provided for further hearing and
settlement discussions. The new rate increased the annual revenue requirement by $116 million
and raised the average residential customer bill by approximately 1 percent.
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6. On October 5, 2007, ComEd made a filing with the FERC seeking approval of a settlement
agreement reached among ComEd, the FERC Trial Staff and the active interveners in the
proceeding. The settlement agreement is a comprehensive resolution of all issues in the
proceeding, other than ComEd's pending request for rehearing at FERC on incentive returns on
investments for two transmission projects. The formula-based rate will be updated annually to
assure that customers pay the actual costs of transmission services for each year. The agreement
provides for a base return on equity on transmission rate base of 11.0 percent plus an adder of
0.50 percent in recognition of ComEd’s participation in a regional transmission organization, a
cap of 58 percent on the equity component of ComEd's capital structure (declining to 55 percent
by 2011), and a debt-only return of 6.51 percent on ComEd's pension asset. The agreement
would result in an initial increase in the annual revenue requirement of $93 million, or a $24
million reduction from the revenue requirement conditionally approved by the FERC in its June
2007 order, effective as of May 1, 2007. The reduction in the revenue requirement would be
implemented following FERC approval of the settlement agreement. The timing of a FERC
ruling is uncertain. Customer refunds will be required upon FERC approval, but are not
expected to impact ComEd’s net income due to previously recorded reserves for refunds.
• ComEd Competitive Filing: On October 11, 2007, the ICC approved ComEd’s request that the
ICC declare all of its approximately 18,000 medium-sized nonresidential customers with peak
demand between 100 to 400 kW competitive. The request was part of the recent Settlement
Legislation. More than 50% of these customers already have chosen alternative energy
suppliers. All of ComEd’s large commercial customers with peak demand of 400 kW or more
were declared competitive in August with the passage of the Settlement Legislation. More than
85 percent of customers in this group already are choosing alternative suppliers. ComEd’s
provider of last resort (POLR) obligation, after a transition period, will consist only of those
customers with demand of less than 100 kW.
• Pennsylvania Energy Independence Plan and Legislative Update: A special session of the
Pennsylvania General Assembly was convened on September 17, 2007 to consider, among other
things, elements of energy legislation previously proposed by Pennsylvania’s Governor. The
proposed legislation includes such measures as a phase-in of increased generation rates after
expiration of rate caps, installation of metering technology to provide time-of-use rates to retail
customers, permission for distribution companies to enter into long-term contracts with large
industrial customers, and creation of a fee on electric consumption that would help fund an $850
million Energy Independence Fund designed to spur biofuels development and promote energy
efficiency and renewable energy initiatives. The Governor’s proposed legislation also includes a
requirement for default suppliers such as PECO to procure electricity for their default-service
customers after the end of their electric restructuring period (post-2010 for PECO) through a
least-cost portfolio approach, with preferences for conservation and renewable power, and
permits distribution companies to enter into long-term procurement contracts to enable
construction of new generation. As of October 26, 2007, none of these measures has been
enacted. PECO supports the development of a legislative package to help customers manage
rising energy prices and increase the use of environmentally friendly alternative fuel sources to
meet Pennsylvania’s growing energy needs. Other measures suggested by elected officials in
Pennsylvania have included an extension of Pennsylvania’s rate cap period and a generation tax.
• Credit Rating Actions: On August 29, 2007, all three rating agencies announced rating actions
after the Illinois Governor signed the Settlement Legislation:
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7. Fitch Ratings removed ComEd’s ratings from Ratings Watch Positive and upgraded
ComEd’s senior unsecured debt ratings to “BBB-” from “BB+”. ComEd’s outlook is
stable.
Moody’s Investors Service (Moody’s) removed ComEd’s ratings from Review for
Possible Downgrade and affirmed its ratings. ComEd’s outlook is stable. Moody’s also
placed Exelon’s and Generation’s ratings under Review for Possible Upgrade.
Standard and Poor’s Corporation (S&P) removed Exelon’s and its subsidiaries’ ratings
from CreditWatch with Negative Implications and affirmed their ratings. ComEd’s rating
outlook is positive, while Exelon’s, Generation’s and PECO’s outlooks are stable.
On September 6, 2007, S&P upgraded ComEd’s and PECO’s senior secured debt ratings
following a revision of its rating methodology for senior secured debt. ComEd’s senior secured
debt rating was upgraded to “BBB” from “BBB-”, and PECO’s senior secured debt rating was
upgraded to “A” from “A-”.
On September 21, 2007, Moody’s removed Exelon’s and Generation’s ratings from Review for
Possible Upgrade. Exelon’s issuer and senior unsecured debt ratings were upgraded to “Baa1”
from “Baa2”, and Generation’s issuer and senior unsecured debt ratings were upgraded to “A3”
from “Baa1”. The rating actions reflect the anticipated strong future financial credit metrics at
Exelon and Generation driven by robust cash flows expected at Generation. Exelon’s and
Generation’s outlooks are stable.
• Financing Activities: On September 10, 2007, ComEd issued $425 million of 6.15 percent First
Mortgage Bonds due 2017. The proceeds of the bonds were used to repay borrowings made by
ComEd under its revolving credit facility. On October 3, 2007, ComEd entered into an
unsecured revolving credit facility of $1 billion, which replaced an existing secured facility. The
new credit facility has an initial term expiring on February 16, 2011. Under the credit facility,
ComEd may request up to two one-year extensions of that term. ComEd may also request
increases in the aggregate bank commitments up to an additional $500 million.
On September 24, 2007, Exelon, Generation and PECO received consent from nearly all of their
lenders to extend the term of their credit agreements by one year. The extension took effect on
October 26, 2007 and extended the termination date of the credit agreements to October 26,
2012.
On September 28, 2007, Generation issued $700 million of 6.20 percent Senior Notes due 2017.
The proceeds were used to refinance commercial paper and for general corporate purposes.
OPERATING COMPANY RESULTS
Exelon Generation consists of Exelon’s electric generation operations, power marketing and trading
functions, and competitive retail sales.
Third quarter 2007 net income was $548 million compared with $394 million in the third quarter of
2006. Third quarter 2007 net income included (all after tax) a charge of $77 million for the costs
associated with the Illinois electric rate settlement, income of $18 million resulting from decreases in
decommissioning obligations primarily related to the AmerGen nuclear plants and a charge of $1 million
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8. related to Generation’s prior investment in Sithe, which is reflected as discontinued operations. Third
quarter 2006 net income included (all after tax) mark-to-market gains of $56 million from economic
hedging activities, severance charges of $6 million, certain integration costs of $2 million associated
with the terminated merger with PSEG and income of $1 million related to Generation’s prior
investment in Sithe, which is reflected as discontinued operations. Excluding the impact of these items,
Generation’s net income in the third quarter of 2007 increased $263 million compared with the same
quarter last year, primarily due to higher revenue, net of purchased power and fuel expense, more than
offsetting inflationary cost pressures.
Generation’s revenue, net of purchased power and fuel expense, increased by $413 million in the third
quarter of 2007 compared with the third quarter of 2006 excluding the mark-to-market impacts and costs
associated with the Illinois electric rate settlement. The increase in revenue, net of purchased power and
fuel expense, was driven by higher average margins primarily due to the end of the below-market price
PPA with ComEd at year-end 2006, the contractual increase in the prices associated with Generation’s
PPA with PECO, and higher nuclear output reflecting fewer refueling outage days. Generation’s
average realized margin on all electric sales, including sales to affiliates and excluding trading activity,
was $32.60 per MWh in the third quarter of 2007 compared with $22.09 per MWh in the third quarter of
2006. Generation’s operating and maintenance expenses increased slightly as inflationary and cost
pressures were partially offset by lower nuclear refueling outage costs.
ComEd consists of the electricity transmission and distribution operations in northern Illinois.
ComEd recorded net income of $65 million in the third quarter of 2007, compared with a net loss of
$506 million in the third quarter of 2006. Third quarter 2007 net income included (both after tax) a
charge of $3 million for the costs associated with the Illinois electric rate settlement, including ComEd’s
previously announced customer rate relief programs, and mark-to-market gains of $1 million. The third
quarter 2006 net loss included (all after tax) a non-cash charge of $776 million related to the impairment
of ComEd’s goodwill, a one-time benefit of $52 million approved by the ICC’s July 26, 2006 rate order
to recover previously incurred losses on the extinguishment of debt as part of ComEd's 2004
Accelerated Liability Management Plan, severance charges of $5 million, mark-to-market gains of $1
million and certain integration costs of $1 million associated with the terminated merger with PSEG.
Excluding the impact of these items, ComEd’s net income in the third quarter of 2007 decreased $156
million compared with the same quarter last year, primarily due to the end of its regulatory transition
period and associated transition revenues, the end of its below-market price PPA with Generation in
2006 and higher operating and maintenance expense partially due to increased incremental storm costs.
These items were partially offset by the effects of warmer weather, the FERC-approved transmission
rate increase, and an ICC-authorized increase in delivery service rates.
In the ComEd service territory in the third quarter of 2007, cooling degree-days were up 5 percent
relative to the same period in 2006 and were 24 percent above normal. ComEd’s total retail kWh
deliveries increased 2 percent in 2007 as compared with 2006, with a 4 percent increase in deliveries to
the residential customer class, largely due to warmer weather. ComEd’s third quarter 2007 revenues
were $1,758 million, down 4 percent from $1,840 million in 2006 primarily due to customers switching
to alternative electric generation suppliers. For ComEd, weather had a favorable after-tax impact of $4
million on third quarter 2007 earnings relative to 2006 and had a favorable after-tax impact of $13
million relative to normal weather, which was incorporated in earnings guidance.
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9. The number of customers being served in the ComEd region increased by 1.2 percent since the third
quarter of 2006, and weather-normalized kWh retail deliveries increased by 1.7 percent compared with
the third quarter of 2006.
PECO consists of the electricity transmission and distribution operations and the retail natural gas
distribution business in southeastern Pennsylvania.
PECO’s net income in the third quarter of 2007 was $168 million, an increase from net income of $134
million in the third quarter of 2006. Third quarter 2006 net income included (all after tax) severance
charges of $3 million, and certain integration costs of $3 million associated with the terminated merger
with PSEG. Excluding the impact of these items, PECO’s net income in the third quarter of 2007
increased $28 million compared with the same quarter last year, primarily due to higher revenues net of
purchased power and fuel expense and lower storm costs, partially offset by higher CTC amortization.
The increase in CTC amortization expense is in accordance with PECO's 1998 restructuring settlement
with the Pennsylvania Public Utility Commission. Additionally, PECO recognized $22 million of
income (after tax) as a result of a determination that a portion of the liability related to previously
contested tax assessments under the Pennsylvania Public Utility Realty Tax Act was no longer
necessary.
In the PECO service territory in the third quarter of 2007, cooling degree-days were up 4 percent from
2006 and were 12 percent above normal. PECO’s total electric retail kWh deliveries increased 2
percent, with residential deliveries up 3 percent. Total gas retail deliveries were up 11 percent from the
2006 period. PECO’s third quarter 2007 revenues were $1,459 million, up from $1,379 million in 2006,
primarily due to the effects of an authorized electric generation rate increase under the 1998
restructuring settlement and increased electric volumes due to increased usage across all customer
classes. For PECO, weather had no impact on third quarter 2007 earnings relative to 2006 and a
favorable after-tax impact of $6 million relative to normal weather, which was incorporated in earnings
guidance.
The number of electric customers being served in the PECO region increased by 0.2 percent since the
third quarter of 2006, with weather-normalized kWh growth of 2.5 percent compared with the third
quarter of 2006.
Adjusted (non-GAAP) Operating Earnings
Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or
credits that are not normally associated with ongoing operations and mark-to-market adjustments from
economic hedging activities, are provided as a supplement to results reported in accordance with GAAP.
Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the
company’s performance and manage its operations. Reconciliations of GAAP to adjusted (non-GAAP)
operating earnings for historical periods are attached. Additional earnings release attachments, which
include the reconciliations on pages 7 and 8, are posted on Exelon’s Web site: www.exeloncorp.com and
have been filed with the Securities and Exchange Commission on Form 8-K on October 26, 2007.
Conference call information: Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on
October 26, 2007. The call-in number in the U.S. is 800-690-3108, and the international call-in number
is 973-935-8753. No password is required. Media representatives are invited to participate on a listen-
9

10. only basis. The call will be web-cast and archived on Exelon’s Web site: www.exeloncorp.com.
(Please select the Investor Relations page.)
Telephone replays will be available until November 9. The U.S. call-in number for replays is 877-519-
4471, and the international call-in number is 973-341-3080. The confirmation code is 9302966.
This news release includes forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause
actual results to differ materially from these forward-looking statements include those discussed herein
as well as those discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk
Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s Third
Quarter 2007 Quarterly Report on Form 10-Q (to be filed on October 26, 2007) in (a) Part II, Other
Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial
Statements: Note 13; and (3) other factors discussed in filings with the Securities and Exchange
Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company
and Exelon Generation Company, LLC (Companies). Readers are cautioned not to place undue
reliance on these forward-looking statements, which apply only as of the date of this news release.
None of the Companies undertakes any obligation to publicly release any revision to its forward-looking
statements to reflect events or circumstances after the date of this news release.
###
Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million
customers and more than $15 billion in annual revenues. The company has one of the industry’s largest
portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest
and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in Illinois and
Pennsylvania and natural gas to more than 480,000 customers in southeastern Pennsylvania. Exelon is
headquartered in Chicago and trades on the NYSE under the ticker EXC.
10

11. EXELON CORPORATION
Earnings Release Attachments
Table of Contents
Consolidating Statements of Operations - Three Months Ended September 30, 2007 and 2006 1
Consolidating Statements of Operations - Nine Months Ended September 30, 2007 and 2006 2
Business Segment Comparative Statements of Operations - Generation and ComEd - Three and Nine Months Ended September 30, 2007 and 2006 3
Business Segment Comparative Statements of Operations - PECO and Other - Three and Nine Months Ended September 30, 2007 and 2006 4
Consolidated Balance Sheets - September 30, 2007 and December 31, 2006 5
Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2007 and 2006 6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended September 30, 2007 and 2006 7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Nine Months Ended September 30, 2007 and 2006 8
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share - Three Months Ended September 30, 2007 and 2006 9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended September 30, 2007 and 2006 10
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share - Nine Months Ended September 30, 2007 and 2006 11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Nine Months Ended September 30, 2007 and 2006 12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three and Nine Months Ended September 30, 2007 and 2006 13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three and Nine Months Ended September 30, 2007 and 2006 14
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three and Nine Months Ended September 30, 2007 and 2006 15
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three and Nine Months Ended September 30, 2007 and 2006 16
Exelon Generation Statistics - Three Months Ended September 30, 2007, June 30, 2007, March 31, 2007, December 31, 2006 and September 30, 2006 17
Exelon Generation Statistics - Nine Months Ended September 30, 2007 and 2006 18
ComEd Sales Statistics - Three Months Ended September 30, 2007 and 2006 19
ComEd Sales Statistics - Nine Months Ended September 30, 2007 and 2006 20
PECO Sales Statistics - Three Months Ended September 30, 2007 and 2006 21
PECO Sales Statistics - Nine Months Ended September 30, 2007 and 2006 22

12. EXELON CORPORATION
Consolidating Statements of Operations
(unaudited)
(in millions)
Three Months Ended September 30, 2007
Exelon
Generation ComEd PECO Other Consolidated
Operating revenues $ 2,837 $ 1,758 $ 1,459 $ (1,022) $ 5,032
Operating expenses
Purchased power 808 1,100 683 (1,023) 1,568
Fuel 467 - 37 (1) 503
Operating and maintenance 544 268 152 30 994
Depreciation and amortization 66 110 221 11 408
Taxes other than income 47 87 70 4 208
Total operating expenses 1,932 1,565 1,163 (979) 3,681
Operating income (loss) 905 193 296 (43) 1,351
Other income and deductions
Interest expense, net (35) (90) (61) (25) (211)
Equity in losses of unconsolidated affiliates and investments - (2) (1) (17) (20)
Other, net 15 4 25 74 118
Total other income and deductions (20) (88) (37) 32 (113)
Income (loss) from continuing operations before income taxes 885 105 259 (11) 1,238
Income taxes 336 40 91 (8) 459
Income (loss) from continuing operations 549 65 168 (3) 779
Income (loss) from discontinued operations (1) - - 2 1
Net income (loss) $ 548 $ 65 $ 168 $ (1) $ 780
Three Months Ended September 30, 2006
Exelon
Generation ComEd PECO Other Consolidated
Operating revenues $ 2,635 $ 1,840 $ 1,379 $ (1,453) $ 4,401
Operating expenses
Purchased power 826 994 624 (1,448) 996
Fuel 447 - 42 - 489
Operating and maintenance 574 210 191 109 1,084
Impairment of goodwill - 776 - - 776
Depreciation and amortization 71 115 204 10 400
Taxes other than income 49 83 81 5 218
Total operating expenses 1,967 2,178 1,142 (1,324) 3,963
Operating income (loss) 668 (338) 237 (129) 438
Other income and deductions
Interest expense, net (38) (78) (66) (36) (218)
Equity in losses of unconsolidated affiliates and investments (5) (2) (2) (4) (13)
Other, net 12 89 11 2 114
Total other income and deductions (31) 9 (57) (38) (117)
Income (loss) from continuing operations before income taxes 637 (329) 180 (167) 321
Income taxes 244 177 46 (101) 366
Income (loss) from continuing operations 393 (506) 134 (66) (45)
Income from discontinued operations 1 - - - 1
Net income (loss) $ 394 $ (506) $ 134 $ (66) $ (44)
1

13. EXELON CORPORATION
Consolidating Statements of Operations
(unaudited)
(in millions)
Nine Months Ended September 30, 2007
Exelon
Generation ComEd PECO Other Consolidated
Operating revenues $ 8,181 $ 4,668 $ 4,228 $ (2,715) $ 14,362
Operating expenses
Purchased power 1,939 2,906 1,796 (2,710) 3,931
Fuel 1,374 - 422 (1) 1,795
Operating and maintenance 1,801 778 446 89 3,114
Depreciation and amortization 199 327 591 29 1,146
Taxes other than income 135 243 212 13 603
Total operating expenses 5,448 4,254 3,467 (2,580) 10,589
Operating income (loss) 2,733 414 761 (135) 3,773
Other income and deductions
Interest expense, net (100) (259) (188) (91) (638)
Equity in earnings (losses) of unconsolidated affiliates and investments 2 (6) (5) (80) (89)
Other, net 68 10 36 110 224
Total other income and deductions (30) (255) (157) (61) (503)
Income (loss) from continuing operations before income taxes 2,703 159 604 (196) 3,270
Income taxes 1,021 61 212 (187) 1,107
Income (loss) from continuing operations 1,682 98 392 (9) 2,163
Income from discontinued operations 4 - - 6 10
Net income (loss) $ 1,686 $ 98 $ 392 $ (3) $ 2,173
Nine Months Ended September 30, 2006
Exelon
Generation ComEd PECO Other Consolidated
Operating revenues $ 7,069 $ 4,720 $ 3,933 $ (3,762) $ 11,960
Operating expenses
Purchased power 1,607 2,623 1,611 (3,749) 2,092
Fuel 1,484 - 445 (1) 1,928
Operating and maintenance 1,682 644 479 184 2,989
Impairment of goodwill - 776 - - 776
Depreciation and amortization 210 320 547 58 1,135
Taxes other than income 133 234 198 17 582
Total operating expenses 5,116 4,597 3,280 (3,491) 9,502
Operating income (loss) 1,953 123 653 (271) 2,458
Other income and deductions
Interest expense, net (120) (230) (202) (111) (663)
Equity in losses of unconsolidated affiliates and investments (9) (8) (7) (50) (74)
Other, net 31 90 16 68 205
Total other income and deductions (98) (148) (193) (93) (532)
Income (loss) from continuing operations before income taxes 1,855 (25) 460 (364) 1,926
Income taxes 696 300 140 (207) 929
Income (loss) from continuing operations 1,159 (325) 320 (157) 997
Income (loss) from discontinued operations 4 - - (1) 3
Net income (loss) $ 1,163 $ (325) $ 320 $ (158) $ 1,000
2

14. EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)
Generation
Three Months Ended September 30, Nine Months Ended September 30,
2007 2006 Variance 2007 2006 Variance
Operating revenues $ 2,837 $ 2,635 $ 202 $ 8,181 $ 7,069 $ 1,112
Operating expenses
Purchased power 808 826 (18) 1,939 1,607 332
Fuel 467 447 20 1,374 1,484 (110)
Operating and maintenance 544 574 (30) 1,801 1,682 119
Depreciation and amortization 66 71 (5) 199 210 (11)
Taxes other than income 47 49 (2) 135 133 2
Total operating expenses 1,932 1,967 (35) 5,448 5,116 332
Operating income 905 668 237 2,733 1,953 780
Other income and deductions
Interest expense, net (35) (38) 3 (100) (120) 20
Equity in earnings (losses) of investments - (5) 5 2 (9) 11
Other, net 15 12 3 68 31 37
Total other income and deductions (20) (31) 11 (30) (98) 68
Income from continuing operations before income taxes 885 637 248 2,703 1,855 848
Income taxes 336 244 92 1,021 696 325
Income from continuing operations 549 393 156 1,682 1,159 523
Income (loss) from discontinued operations (1) 1 (2) 4 4 -
Net income $ 548 $ 394 $ 154 $ 1,686 $ 1,163 $ 523
ComEd
Three Months Ended September 30, Nine Months Ended September 30,
2007 2006 Variance 2007 2006 Variance
Operating revenues $ 1,758 $ 1,840 $ (82) $ 4,668 $ 4,720 $ (52)
Operating expenses
Purchased power 1,100 994 106 2,906 2,623 283
Operating and maintenance 268 210 58 778 644 134
Impairment of goodwill - 776 (776) - 776 (776)
Depreciation and amortization 110 115 (5) 327 320 7
Taxes other than income 87 83 4 243 234 9
Total operating expenses 1,565 2,178 (613) 4,254 4,597 (343)
Operating income (loss) 193 (338) 531 414 123 291
Other income and deductions
Interest expense, net (90) (78) (12) (259) (230) (29)
Equity in losses of unconsolidated affiliates (2) (2) - (6) (8) 2
Other, net 4 89 (85) 10 90 (80)
Total other income and deductions (88) 9 (97) (255) (148) (107)
Income (loss) from continuing operations before income taxes 105 (329) 434 159 (25) 184
Income taxes 40 177 (137) 61 300 (239)
Net income (loss) $ 65 $ (506) $ 571 $ 98 $ (325) $ 423
3

15. EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)
PECO
Three Months Ended September 30, Nine Months Ended September 30,
2007 2006 Variance 2007 2006 Variance
Operating revenues $ 1,459 $ 1,379 $ 80 $ 4,228 $ 3,933 $ 295
Operating expenses
Purchased power 683 624 59 1,796 1,611 185
Fuel 37 42 (5) 422 445 (23)
Operating and maintenance 152 191 (39) 446 479 (33)
Depreciation and amortization 221 204 17 591 547 44
Taxes other than income 70 81 (11) 212 198 14
Total operating expenses 1,163 1,142 21 3,467 3,280 187
Operating income 296 237 59 761 653 108
Other income and deductions
Interest expense, net (61) (66) 5 (188) (202) 14
Equity in losses of unconsolidated affiliates (1) (2) 1 (5) (7) 2
Other, net 25 11 14 36 16 20
Total other income and deductions (37) (57) 20 (157) (193) 36
Income from continuing operations before income taxes 259 180 79 604 460 144
Income taxes 91 46 45 212 140 72
Net income $ 168 $ 134 $ 34 $ 392 $ 320 $ 72
Other (a)
Three Months Ended September 30, Nine Months Ended September 30,
2007 2006 Variance 2007 2006 Variance
Operating revenues $ (1,022) $ (1,453) $ 431 $ (2,715) $ (3,762) $ 1,047
Operating expenses
Purchased power (1,023) (1,448) 425 (2,710) (3,749) 1,039
Fuel (1) - (1) (1) (1) -
Operating and maintenance 30 109 (79) 89 184 (95)
Depreciation and amortization 11 10 1 29 58 (29)
Taxes other than income 4 5 (1) 13 17 (4)
Total operating expenses (979) (1,324) 345 (2,580) (3,491) 911
Operating loss (43) (129) 86 (135) (271) 136
Other income and deductions
Interest expense, net (25) (36) 11 (91) (111) 20
Equity in losses of unconsolidated affiliates and investments (17) (4) (13) (80) (50) (30)
Other, net 74 2 72 110 68 42
Total other income and deductions 32 (38) 70 (61) (93) 32
Loss from continuing operations before income taxes (11) (167) 156 (196) (364) 168
Income taxes (8) (101) 93 (187) (207) 20
Loss from continuing operations (3) (66) 63 (9) (157) 148
Income (loss) from discontinued operations 2 - 2 6 (1) 7
Net loss $ (1) $ (66) $ 65 $ (3) $ (158) $ 155
(a) Other includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, Exelon Enterprises Company, LLC and other financing and
investment activities, including investments in synthetic fuel-producing facilities.
4

16. EXELON CORPORATION
Consolidated Balance Sheets
(unaudited)
(in millions)
September 30, December 31,
2007 2006
Current assets
Cash and cash equivalents $ 440 $ 224
Restricted cash and investments 74 58
Accounts receivable, net
Customer 2,077 1,747
Other 480 462
Mark-to-market derivative assets 709 1,418
Inventories, at average cost
Fossil fuel 279 300
Materials and supplies 452 431
Other 682 352
5,193 4,992
Total current assets
23,652 22,775
Property, plant and equipment, net
Deferred debits and other assets
Regulatory assets 5,238 5,808
Nuclear decommissioning trust funds 6,918 6,415
Investments 737 810
Goodwill 2,641 2,694
Mark-to-market derivative assets 232 171
Other 1,108 654
16,874 16,552
Total deferred debits and other assets
$ 45,719 $ 44,319
Total assets
Liabilities and shareholders' equity
Current liabilities
Short-term borrowings $ 485 $ 305
Long-term debt due within one year 916 248
Long-term debt to ComEd Transitional Funding Trust
and PECO Energy Transition Trust due within one year 595 581
Accounts payable 1,326 1,382
Mark-to-market derivative liabilities 649 1,015
Accrued expenses 1,060 1,180
Other 507 1,084
5,538 5,795
Total current liabilities
9,596 8,896
Long-term debt
Long-term debt to ComEd Transitional Funding
1,591 2,470
Trust and PECO Energy Transition Trust
545 545
Long-term debt to other financing trusts
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 5,403 5,340
Asset retirement obligations 3,775 3,780
Pension obligations 700 747
Non-pension postretirement benefits obligations 1,837 1,817
Spent nuclear fuel obligation 986 950
Regulatory liabilities 3,344 3,025
Mark-to-market derivative liabilities 309 78
Other 1,587 782
17,941 16,519
Total deferred credits and other liabilities
35,211 34,225
Total liabilities
87 87
Preferred securities of subsidiaries
Shareholders' equity
Common stock 8,498 8,314
Treasury stock, at cost (1,838) (630)
Retained earnings 4,989 3,426
Accumulated other comprehensive loss (1,228) (1,103)
10,421 10,007
Total shareholders' equity
$ 45,719 $ 44,319
Total liabilities and shareholders' equity
5

17. EXELON CORPORATION
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended
September 30,
2007 2006
Cash flows from operating activities
Net income $ 2,173 $ 1,000
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel 1,643 1,621
Deferred income taxes and amortization of investment tax credits (33) (20)
Net realized and unrealized mark-to-market transactions 97 (116)
Impairment of long-lived assets - 893
Other non-cash operating activities 521 164
Changes in assets and liabilities:
Accounts receivable (475) 172
Inventories 4 (23)
Accounts payable, accrued expenses and other current liabilities 64 (307)
Counterparty collateral asset (135) 236
Counterparty collateral liability (255) 159
Income taxes 209 64
Restricted cash (19) -
Pension and non-pension postretirement benefit contributions (66) (49)
Other assets and liabilities (215) (241)
Net cash flows provided by operating activities 3,513 3,553
Cash flows from investing activities
Capital expenditures (1,892) (1,752)
Proceeds from nuclear decommissioning trust fund sales 3,733 3,584
Investment in nuclear decommissioning trust funds (3,928) (3,808)
Proceeds from sale of investments 95 2
Change in restricted cash 3 12
Other investing activities (76) (72)
Net cash flows used in investing activities (2,065) (2,034)
Cash flows from financing activities
Issuance of long-term debt 1,586 920
Retirement of long-term debt (229) (64)
Retirement of long-term debt to financing affiliates (840) (691)
Change in short-term debt 180 (837)
Dividends paid on common stock (889) (803)
Proceeds from employee stock plans 182 149
Purchase of treasury stock (1,208) (54)
Purchase of forward contract in relation to certain treasury stock (79) -
Other financing activities 65 -
Net cash flows used in financing activities (1,232) (1,380)
Increase in cash and cash equivalents 216 139
Cash and cash equivalents at beginning of period 224 140
Cash and cash equivalents at end of period $ 440 $ 279
6

18. EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations
(unaudited)
(in millions, except per share data)
Three Months Ended September 30, 2007 Three Months Ended September 30, 2006
Adjusted Adjusted
GAAP (a) Adjustments Non-GAAP GAAP (a) Adjustments Non-GAAP
Operating revenues $ 5,032 $ 125 (b),(c) $ 5,157 $ 4,401 $ (2) (c) $ 4,399
Operating expenses
Purchased power 1,568 (28) (c) 1,540 996 54 (c) 1,050
Fuel 503 32 (c) 535 489 37 (c) 526
Operating and maintenance 994 (10) (d),(e) 984 1,084 (143) (d),(g),(h) 941
Impairment of goodwill - - - 776 (776) (i) -
Depreciation and amortization 408 - 408 400 (2) (g) 398
Taxes other than income 208 - 208 218 - 218
Total operating expenses 3,681 (6) 3,675 3,963 (830) 3,133
Operating income 1,351 131 1,482 438 828 1,266
Other income and deductions
Interest expense, net (211) 1 (d) (210) (218) 2 (d) (216)
Equity in losses of unconsolidated affiliates and investments (20) 17 (d) (3) (13) 4 (d) (9)
Other, net 118 (74) (d) 44 114 (83) (d),(j) 31
Total other income and deductions (113) (56) (169) (117) (77) (194)
Income from continuing operations before income taxes 1,238 75 1,313 321 751 1,072
Income taxes 459 33 (b),(c),(d),(e) 492 366 16 (c),(d),(g),(h),(j) 382
Income (loss) from continuing operations 779 42 821 (45) 735 690
Income from discontinued operations 1 1 (f) 2 1 (1) (f) -
Net income (loss) $ 780 $ 43 $ 823 $ (44) $ 734 $ 690
Earnings (loss) per average common share
Basic:
Income (loss) from continuing operations $ 1.16 $ 0.06 $ 1.22 $ (0.07) $ 1.10 $ 1.03
Income (loss) from discontinued operations - - - - - -
Net income (loss) $ 1.16 $ 0.06 $ 1.22 $ (0.07) $ 1.10 $ 1.03
Diluted:
Income (loss) from continuing operations $ 1.15 $ 0.06 $ 1.21 $ (0.07) $ 1.09 $ 1.02
Income (loss) from discontinued operations - - - - - -
Net income (loss) $ 1.15 $ 0.06 $ 1.21 $ (0.07) $ 1.09 $ 1.02
Average common shares outstanding
Basic 673 673 671 671
Diluted 678 678 671 677
Effect of adjustments on earnings (loss) per
average diluted common share recorded in
accordance with GAAP:
2007 Illinois electric rate settlement (b) $ 0.12 $ -
Mark-to-market (c) - (0.08)
Investments in synthetic fuel-producing facilities (d) (0.03) 0.02
Nuclear decommissioning obligation reduction (e) (0.03) -
Charges associated with Exelon's now terminated merger with PSEG (g) - 0.06
2006 severance charges (h) - 0.02
2006 impairment of ComEd's goodwill (i) - 1.15
Recovery of debt costs at ComEd (j) - (0.08)
Total adjustments $ 0.06 $ 1.09
Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(a)
Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.
(b)
Adjustment to exclude the mark-to-market impact of Exelon's economic hedging activities.
(c)
Adjustment to exclude the financial impact of Exelon's investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(d)
Adjustment to exclude the decrease in Generation's nuclear decommissioning obligation liability primarily related to the AmerGen Energy Company, LLC (AmerGen) nuclear plants.
(e)
Adjustment to exclude the settlement of separate tax matters at Generation related to Sithe Energies, Inc. (Sithe) in 2006 and 2007.
(f)
Adjustment to exclude certain costs associated with Exelon's proposed merger with Public Service Enterprise Group Incorporated (PSEG), which was terminated in September 2006.
(g)
Adjustment to exclude severance charges in 2006.
(h)
Adjustment to exclude the impairment of ComEd's goodwill in 2006.
(i)
Adjustment to exclude the one-time benefit to recover previously incurred debt costs approved by the July 2006 Illinois Commerce Commission (ICC) rate order.
(j)
7