CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2026.
“Exelon's third-quarter results reflect disciplined investment and consistent performance across our utilities – a strategy that helped prevent outages during a summer of severe weather and kept customer rates below the national average," said Exelon President and Chief Executive Officer Calvin Butler. "Meanwhile, The Exelon Promise continues to guide our efforts to keep bills as low as possible, including our efforts to address the energy supply crisis at the heart of rising energy costs through long-term solutions like battery storage and utility-generated power. Exelon continues to deliver on our commitment to long-term growth and strengthening the communities we serve.”
“Exelon delivered $0.87 adjusted operating earnings per share in the third quarter,” said Exelon Chief Financial Officer Rob Kleczynski. “Our investments in the grid continue to deliver for customers, with Exelon’s utilities now ranking 1st, 2nd, 5th and 6th in the nation for reliability. With our performance for the year, we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share, and affirming annualized earnings growth near the top end of 5% to 7% from 2025 through 2029. Looking ahead, we continue to advance transmission and storage solutions that support growth and affordability for our customers, while maintaining the financial discipline that underpins our plan.”
Third Quarter 2026
Exelon's GAAP net income for the third quarter of 2026 decreased to $0.70 per share from $0.86 per share in the third quarter of 2025. Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $0.87 per share from $0.86 per share in the third quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the third quarter of 2026 primarily reflect:
- Higher utility earnings primarily due to distribution and transmission rates at ComEd, BGE, and PHI associated with updated recovery rates for costs and investments to serve customers; absence of customer surcharge credits and favorable weather at PECO; higher AFUDC at ComEd; and lower contracting costs at BGE. This was partially offset by higher storm costs, interest, and depreciation expense at PECO and PHI; and higher income taxes and contracting costs at PECO.
Operating Company Results1
ComEd
ComEd's third quarter of 2026 GAAP net income increased to $406 million from $373 million in the third quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $412 million from $373 million in the third quarter of 2025, primarily due to an increase in higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs, and higher AFUDC. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO’s third quarter of 2026 GAAP net income decreased to $165 million from $250 million in the third quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 decreased to $167 million from $250 million in the third quarter of 2025, primarily due to higher storm costs resulting from the absence of extraordinary February and June storm cost deferrals recognized in 2025 and an increase in storm costs, higher income taxes due to tax repairs, a portion of which is timing, and an increase in contracting costs, depreciation, and interest expense, partially offset by absence of surcharge credits to customers and favorable weather.
BGE
BGE’s third quarter of 2026 GAAP net income increased to $90 million from $82 million in the third quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $119 million from $82 million in the third quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs and a decrease in contracting costs. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
___________ |
|
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. |
PHI
PHI’s third quarter of 2026 GAAP net income decreased to $187 million from $291 million in the third quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $320 million from $290 million in the third quarter of 2025, primarily due to approved distribution rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in storm costs, depreciation, and interest expense. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.
Recent Developments and Third Quarter Highlights
- Dividend: On October 30, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on December 15, 2026, to Exelon shareholders of record as of the close of business on December 4, 2026.
- Rate Case Developments:
- Pepco Maryland Electric Distribution Rate Case: On August 28, 2026, the Maryland Public Service Commission approved an increase in Pepco's annual electric distribution base rates of $51 million, reflecting an ROE of 9.40%, with rates effective August 10, 2026.
- Financing Activities:
- On August 10, 2026, PECO issued $750 million of its First Mortgage Bonds, 5.00% Series due September 1, 2031. PECO used the proceeds to repay existing indebtedness and for general corporate purposes.
- On September 16, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.00% Series due September 16, 2036. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the third quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||
2026 GAAP net income |
$ |
0.70 |
$ |
729 |
$ |
406 |
$ |
165 |
$ |
90 |
$ |
187 |
||
Change in environmental costs (net of taxes of $1, and $1, respectively) |
— |
(3 |
) |
— |
— |
— |
(3 |
) |
||||||
Cost management program (net of taxes of $6, $2, $1, $1, and $1, respectively ) |
0.01 |
15 |
6 |
2 |
3 |
3 |
||||||||
Project impairments (net of taxes of $11 and $10, respectively) |
0.03 |
26 |
— |
— |
27 |
— |
||||||||
Regulatory matters (net of taxes of $50 and $47, respectively) |
0.13 |
130 |
— |
— |
— |
133 |
||||||||
2026 Adjusted (non-GAAP) operating earnings |
$ |
0.87 |
$ |
897 |
$ |
412 |
$ |
167 |
$ |
119 |
$ |
320 |
||
Adjusted (non-GAAP) operating earnings for the third quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||
2025 GAAP net income |
$ |
0.86 |
$ |
875 |
$ |
373 |
$ |
250 |
$ |
82 |
$ |
291 |
||
Asset retirement obligation (net of taxes of $0) |
— |
(1 |
) |
— |
— |
— |
(1 |
) |
||||||
2025 Adjusted (non-GAAP) operating earnings |
$ |
0.86 |
$ |
874 |
$ |
373 |
$ |
250 |
$ |
82 |
$ |
290 |
||
__________ |
|
Note: |
|
Amounts may not sum due to rounding. |
|
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
Webcast Information
Exelon will discuss third quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at investors.exeloncorp.com/.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, economic development and volunteerism. Follow @Exelon on X and LinkedIn.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on October 30, 2026.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.
Earnings Release Attachments Table of Contents |
|
Consolidating Statement of Operations |
1 |
Consolidated Balance Sheets |
2 |
Consolidated Statements of Cash Flows |
4 |
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
6 |
Statistics |
|
ComEd |
7 |
PECO |
8 |
BGE |
10 |
Pepco |
13 |
DPL |
14 |
ACE |
16 |
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
ComEd |
PECO |
BGE |
PHI |
Other (a) |
Exelon |
||||||||||||||||||
Three Months Ended September 30, 2026 |
|||||||||||||||||||||||
Operating revenues |
$ |
2,470 |
$ |
1,240 |
$ |
1,363 |
$ |
2,260 |
$ |
(14 |
) |
$ |
7,319 |
||||||||||
Operating expenses |
|||||||||||||||||||||||
Purchased power and fuel |
783 |
494 |
650 |
990 |
— |
2,917 |
|||||||||||||||||
Operating and maintenance |
464 |
313 |
292 |
549 |
(54 |
) |
1,564 |
||||||||||||||||
Depreciation and amortization |
438 |
126 |
161 |
250 |
16 |
991 |
|||||||||||||||||
Taxes other than income taxes |
133 |
73 |
100 |
150 |
12 |
468 |
|||||||||||||||||
Total operating expenses |
1,818 |
1,006 |
1,203 |
1,939 |
(26 |
) |
5,940 |
||||||||||||||||
Operating income |
652 |
234 |
160 |
321 |
12 |
1,379 |
|||||||||||||||||
Other income and (deductions) |
|||||||||||||||||||||||
Interest expense, net |
(149 |
) |
(76 |
) |
(73 |
) |
(111 |
) |
(184 |
) |
(593 |
) |
|||||||||||
Other, net |
43 |
15 |
26 |
23 |
(10 |
) |
97 |
||||||||||||||||
Total other income and (deductions) |
(106 |
) |
(61 |
) |
(47 |
) |
(88 |
) |
(194 |
) |
(496 |
) |
|||||||||||
Income (loss) before income taxes |
546 |
173 |
113 |
233 |
(182 |
) |
883 |
||||||||||||||||
Income taxes |
140 |
8 |
23 |
46 |
(63 |
) |
154 |
||||||||||||||||
Net income (loss) attributable to common shareholders |
$ |
406 |
$ |
165 |
$ |
90 |
$ |
187 |
$ |
(119 |
) |
$ |
729 |
||||||||||
Three Months Ended September 30, 2025 |
|||||||||||||||||||||||
Operating revenues |
$ |
2,275 |
$ |
1,180 |
$ |
1,209 |
$ |
2,051 |
$ |
(10 |
) |
$ |
6,705 |
||||||||||
Operating expenses |
|||||||||||||||||||||||
Purchased power and fuel |
806 |
446 |
568 |
872 |
— |
2,692 |
|||||||||||||||||
Operating and maintenance |
409 |
241 |
239 |
335 |
(52 |
) |
1,172 |
||||||||||||||||
Depreciation and amortization |
395 |
115 |
155 |
234 |
13 |
912 |
|||||||||||||||||
Taxes other than income taxes |
107 |
69 |
93 |
150 |
10 |
429 |
|||||||||||||||||
Total operating expenses |
1,717 |
871 |
1,055 |
1,591 |
(29 |
) |
5,205 |
||||||||||||||||
Operating income |
558 |
309 |
154 |
460 |
19 |
1,500 |
|||||||||||||||||
Other income and (deductions) |
|||||||||||||||||||||||
Interest expense, net |
(135 |
) |
(65 |
) |
(64 |
) |
(102 |
) |
(172 |
) |
(538 |
) |
|||||||||||
Other, net |
33 |
11 |
15 |
18 |
(9 |
) |
68 |
||||||||||||||||
Total other income and (deductions) |
(102 |
) |
(54 |
) |
(49 |
) |
(84 |
) |
(181 |
) |
(470 |
) |
|||||||||||
Income (loss) before income taxes |
456 |
255 |
105 |
376 |
(162 |
) |
1,030 |
||||||||||||||||
Income taxes |
83 |
5 |
23 |
85 |
(41 |
) |
155 |
||||||||||||||||
Net income (loss) attributable to common shareholders |
$ |
373 |
$ |
250 |
$ |
82 |
$ |
291 |
$ |
(121 |
) |
$ |
875 |
||||||||||
Change in net income (loss) from 2025 to 2026 |
$ |
33 |
$ |
(85 |
) |
$ |
8 |
$ |
(104 |
) |
$ |
2 |
$ |
(146 |
) |
||||||||
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
ComEd |
PECO |
BGE |
PHI |
Other (a) |
Exelon |
||||||||||||||||||
Nine Months Ended September 30, 2026 |
|||||||||||||||||||||||
Operating revenues |
$ |
6,368 |
$ |
3,794 |
$ |
4,409 |
$ |
6,002 |
$ |
(45 |
) |
$ |
20,528 |
||||||||||
Operating expenses |
|||||||||||||||||||||||
Purchased power and fuel |
1,814 |
1,495 |
2,002 |
2,593 |
— |
7,904 |
|||||||||||||||||
Operating and maintenance |
1,350 |
949 |
910 |
1,369 |
(162 |
) |
4,416 |
||||||||||||||||
Depreciation and amortization |
1,258 |
373 |
496 |
741 |
42 |
2,910 |
|||||||||||||||||
Taxes other than income taxes |
345 |
204 |
301 |
445 |
40 |
1,335 |
|||||||||||||||||
Total operating expenses |
4,767 |
3,021 |
3,709 |
5,148 |
(80 |
) |
16,565 |
||||||||||||||||
Operating income |
1,601 |
773 |
700 |
854 |
35 |
3,963 |
|||||||||||||||||
Other income and (deductions) |
|||||||||||||||||||||||
Interest expense, net |
(428 |
) |
(219 |
) |
(202 |
) |
(326 |
) |
(546 |
) |
(1,721 |
) |
|||||||||||
Other, net |
116 |
39 |
64 |
62 |
(25 |
) |
256 |
||||||||||||||||
Total other income and (deductions) |
(312 |
) |
(180 |
) |
(138 |
) |
(264 |
) |
(571 |
) |
(1,465 |
) |
|||||||||||
Income (loss) before income taxes |
1,289 |
593 |
562 |
590 |
(536 |
) |
2,498 |
||||||||||||||||
Income taxes |
324 |
31 |
119 |
125 |
(145 |
) |
454 |
||||||||||||||||
Net income (loss) attributable to common shareholders |
$ |
965 |
$ |
562 |
$ |
443 |
$ |
465 |
$ |
(391 |
) |
$ |
2,044 |
||||||||||
Nine Months Ended September 30, 2025 |
|||||||||||||||||||||||
Operating revenues |
$ |
6,176 |
$ |
3,513 |
$ |
3,791 |
$ |
5,408 |
$ |
(42 |
) |
$ |
18,846 |
||||||||||
Operating expenses |
|||||||||||||||||||||||
Purchased power and fuel |
2,044 |
1,288 |
1,584 |
2,195 |
— |
7,111 |
|||||||||||||||||
Operating and maintenance |
1,254 |
872 |
807 |
1,024 |
(117 |
) |
3,840 |
||||||||||||||||
Depreciation and amortization |
1,162 |
336 |
473 |
701 |
45 |
2,717 |
|||||||||||||||||
Taxes other than income taxes |
303 |
183 |
273 |
426 |
31 |
1,216 |
|||||||||||||||||
Total operating expenses |
4,763 |
2,679 |
3,137 |
4,346 |
(41 |
) |
14,884 |
||||||||||||||||
Gain on sale of assets |
— |
— |
— |
1 |
— |
1 |
|||||||||||||||||
Operating income (loss) |
1,413 |
834 |
654 |
1,063 |
(1 |
) |
3,963 |
||||||||||||||||
Other income and (deductions) |
|||||||||||||||||||||||
Interest expense, net |
(395 |
) |
(188 |
) |
(183 |
) |
(305 |
) |
(507 |
) |
(1,578 |
) |
|||||||||||
Other, net |
86 |
29 |
35 |
54 |
(19 |
) |
185 |
||||||||||||||||
Total other income and (deductions) |
(309 |
) |
(159 |
) |
(148 |
) |
(251 |
) |
(526 |
) |
(1,393 |
) |
|||||||||||
Income (loss) before income taxes |
1,104 |
675 |
506 |
812 |
(527 |
) |
2,570 |
||||||||||||||||
Income taxes |
201 |
23 |
108 |
184 |
(120 |
) |
396 |
||||||||||||||||
Net income (loss) attributable to common shareholders |
$ |
903 |
$ |
652 |
$ |
398 |
$ |
628 |
$ |
(407 |
) |
$ |
2,174 |
||||||||||
Change in net income (loss) from 2025 to 2026 |
$ |
62 |
$ |
(90 |
) |
$ |
45 |
$ |
(163 |
) |
$ |
16 |
$ |
(130 |
) |
||||||||
__________ |
|
| (a) | Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
Exelon Consolidated Balance Sheets (unaudited) (in millions) |
||||||||
September 30, 2026 |
December 31, 2025 |
|||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
1,469 |
$ |
626 |
||||
Restricted cash and cash equivalents |
602 |
525 |
||||||
Accounts receivable |
||||||||
Customer accounts receivable |
3,669 |
3,732 |
||||||
Customer allowance for credit losses |
(507 |
) |
(435 |
) |
||||
Customer accounts receivable, net |
3,162 |
3,297 |
||||||
Other accounts receivable |
1,574 |
1,879 |
||||||
Other allowance for credit losses |
(96 |
) |
(94 |
) |
||||
Other accounts receivable, net |
1,478 |
1,785 |
||||||
Inventories, net |
||||||||
Fossil fuel |
99 |
88 |
||||||
Materials and supplies |
863 |
780 |
||||||
Regulatory assets |
1,278 |
1,359 |
||||||
Prepaid renewable energy credits |
466 |
563 |
||||||
Other |
523 |
523 |
||||||
Total current assets |
9,940 |
9,546 |
||||||
Property, plant, and equipment, net |
88,557 |
84,318 |
||||||
Deferred debits and other assets |
||||||||
Regulatory assets |
9,560 |
9,214 |
||||||
Goodwill |
6,630 |
6,630 |
||||||
Receivable related to Regulatory Agreement Units |
5,196 |
4,755 |
||||||
Investments |
336 |
312 |
||||||
Other |
2,018 |
1,795 |
||||||
Total deferred debits and other assets |
23,740 |
22,706 |
||||||
Total assets |
$ |
122,237 |
$ |
116,570 |
||||
September 30, 2026 |
December 31, 2025 |
|||||||
Liabilities and shareholders’ equity |
||||||||
Current liabilities |
||||||||
Short-term borrowings |
$ |
934 |
$ |
612 |
||||
Long-term debt due within one year |
1,078 |
1,665 |
||||||
Accounts payable |
3,711 |
3,721 |
||||||
Accrued expenses |
1,692 |
1,582 |
||||||
Payables to affiliates |
5 |
5 |
||||||
Customer deposits |
609 |
533 |
||||||
Regulatory liabilities |
551 |
1,128 |
||||||
Mark-to-market derivative liabilities |
21 |
30 |
||||||
Unamortized energy contract liabilities |
4 |
5 |
||||||
Renewable energy credit obligations |
364 |
473 |
||||||
Other |
675 |
577 |
||||||
Total current liabilities |
9,644 |
10,331 |
||||||
Long-term debt |
50,791 |
47,413 |
||||||
Long-term debt to financing trusts |
390 |
390 |
||||||
Deferred credits and other liabilities |
||||||||
Deferred income taxes and unamortized investment tax credits |
14,596 |
13,715 |
||||||
Regulatory liabilities |
11,684 |
11,016 |
||||||
Pension obligations |
1,428 |
1,749 |
||||||
Non-pension postretirement benefit obligations |
572 |
546 |
||||||
Asset retirement obligations |
318 |
321 |
||||||
Mark-to-market derivative liabilities |
96 |
106 |
||||||
Unamortized energy contract liabilities |
13 |
16 |
||||||
Other |
2,573 |
2,169 |
||||||
Total deferred credits and other liabilities |
31,280 |
29,638 |
||||||
Total liabilities |
92,105 |
87,772 |
||||||
Commitments and contingencies |
||||||||
Shareholders’ equity |
||||||||
Common stock |
22,663 |
22,106 |
||||||
Treasury stock, at cost |
(123 |
) |
(123 |
) |
||||
Retained earnings |
8,325 |
7,577 |
||||||
Accumulated other comprehensive loss, net |
(733 |
) |
(762 |
) |
||||
Total shareholders’ equity |
30,132 |
28,798 |
||||||
Total liabilities and shareholders’ equity |
$ |
122,237 |
$ |
116,570 |
||||
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) |
||||||||
Nine Months Ended September 30, |
||||||||
2026 |
2025 |
|||||||
Cash flows from operating activities |
||||||||
Net income |
$ |
2,044 |
$ |
2,174 |
||||
Adjustments to reconcile net income to net cash flows provided by operating activities: |
||||||||
Depreciation, amortization, and accretion |
2,912 |
2,719 |
||||||
Gain on sales of assets |
— |
(1 |
) |
|||||
Asset disallowances, impairments and write-offs |
232 |
— |
||||||
Deferred income taxes and amortization of investment tax credits |
564 |
293 |
||||||
Net fair value changes related to derivatives |
— |
3 |
||||||
Other non-cash operating activities |
594 |
1,088 |
||||||
Changes in assets and liabilities: |
||||||||
Accounts receivable |
379 |
(422 |
) |
|||||
Inventories |
(96 |
) |
(41 |
) |
||||
Accounts payable and accrued expenses |
(1 |
) |
165 |
|||||
Collateral received (paid), net |
39 |
(25 |
) |
|||||
Income taxes |
(136 |
) |
19 |
|||||
Regulatory assets and liabilities, net |
(1,063 |
) |
(390 |
) |
||||
Pension and non-pension postretirement benefit contributions |
(370 |
) |
(313 |
) |
||||
Other assets and liabilities |
306 |
(259 |
) |
|||||
Net cash flows provided by operating activities |
5,404 |
5,010 |
||||||
Cash flows from investing activities |
||||||||
Capital expenditures |
(6,799 |
) |
(6,095 |
) |
||||
Proceeds from sales of assets |
— |
2 |
||||||
Other investing activities |
12 |
(7 |
) |
|||||
Net cash flows used in investing activities |
(6,787 |
) |
(6,100 |
) |
||||
Cash flows from financing activities |
||||||||
Changes in short-term borrowings |
(178 |
) |
(779 |
) |
||||
Proceeds from short-term borrowings with maturities greater than 90 days |
500 |
— |
||||||
Issuance of long-term debt |
4,425 |
4,925 |
||||||
Retirement of long-term debt |
(1,600 |
) |
(807 |
) |
||||
Issuance of common stock |
483 |
173 |
||||||
Dividends paid on common stock |
(1,294 |
) |
(1,212 |
) |
||||
Proceeds from employee stock plans |
37 |
24 |
||||||
Other financing activities |
(71 |
) |
(75 |
) |
||||
Net cash flows provided by financing activities |
2,302 |
2,249 |
||||||
Increase in cash, restricted cash, and cash equivalents |
919 |
1,159 |
||||||
Cash, restricted cash, and cash equivalents at beginning of period |
1,201 |
939 |
||||||
Cash, restricted cash, and cash equivalents at end of period |
$ |
2,120 |
$ |
2,098 |
||||
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended September 30, 2026 and 2025 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
Exelon Earnings per Diluted Share |
ComEd |
PECO |
BGE |
PHI |
Other (a) |
Exelon |
|||||||||||||||||||||
2025 GAAP net income (loss) |
$ |
0.86 |
$ |
373 |
$ |
250 |
$ |
82 |
$ |
291 |
$ |
(121 |
) |
$ |
875 |
||||||||||||
Asset retirement obligation (net of taxes of $0) |
— |
— |
— |
— |
(1 |
) |
— |
(1 |
) |
||||||||||||||||||
2025 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.86 |
$ |
373 |
$ |
250 |
$ |
82 |
$ |
290 |
$ |
(121 |
) |
$ |
874 |
||||||||||||
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|||||||||||||||||||||||||||
Weather |
$ |
0.02 |
$ |
— |
(b) |
$ |
14 |
$ |
— |
(b) |
$ |
3 |
(b) |
$ |
— |
$ |
17 |
||||||||||
Load |
(0.01 |
) |
— |
(b) |
(11 |
) |
— |
(b) |
— |
(b) |
— |
(11 |
) |
||||||||||||||
Distribution and transmission rates (1) |
0.06 |
22 |
(c) |
1 |
(c) |
15 |
(c) |
29 |
(c) |
— |
67 |
||||||||||||||||
Other energy delivery (2) |
0.11 |
103 |
(c) |
5 |
(c) |
3 |
(c) |
4 |
(c) |
— |
115 |
||||||||||||||||
Operating and maintenance expense (3) |
(0.07 |
) |
(34 |
) |
(53 |
) |
19 |
(1 |
) |
— |
(69 |
) |
|||||||||||||||
Depreciation and amortization expense (4) |
(0.05 |
) |
(31 |
) |
(8 |
) |
1 |
(8 |
) |
(1 |
) |
(47 |
) |
||||||||||||||
Interest expense and other (5) |
(0.05 |
) |
(21 |
) |
(31 |
) |
(1 |
) |
3 |
1 |
(49 |
) |
|||||||||||||||
Total year over year effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.01 |
$ |
39 |
$ |
(83 |
) |
$ |
37 |
$ |
30 |
$ |
— |
$ |
23 |
||||||||||||
2026 GAAP net income (loss) |
$ |
0.70 |
$ |
406 |
$ |
165 |
$ |
90 |
$ |
187 |
$ |
(119 |
) |
$ |
729 |
||||||||||||
Change in environmental costs (net of taxes of $1 and $1, respectively) |
— |
— |
— |
— |
(3 |
) |
— |
(3 |
) |
||||||||||||||||||
Cost management program (net of taxes of $2, $1, $1, $1, $0, and $6, respectively) (6) |
0.01 |
6 |
2 |
3 |
3 |
1 |
15 |
||||||||||||||||||||
Project impairments (net of taxes of $10, $1, and $11, respectively) (7) |
0.03 |
— |
— |
27 |
— |
(1 |
) |
26 |
|||||||||||||||||||
Regulatory matters (net of taxes of $47, $3, and $50, respectively) (8) |
0.13 |
— |
— |
— |
133 |
(3 |
) |
130 |
|||||||||||||||||||
2026 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.87 |
$ |
412 |
$ |
167 |
$ |
119 |
$ |
320 |
$ |
(121 |
) |
$ |
897 |
||||||||||||
Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
|
| (a) | Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
| (b) | For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
| (c) | For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). |
| (1) | For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution revenue due to approved rates. |
| (2) | For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs. |
| (3) | Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased storm and contracting costs. For BGE, primarily reflects decreased contracting costs. For PHI, primarily reflects increased storm costs. |
| (4) | Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization. |
| (5) | For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in income tax expense due to tax repairs, a portion of which is timing, and interest expense. For Corporate, reflects a decrease in income tax expense due to timing, partially offset by an increase in interest expense. |
| (6) | Represents third-party consulting and severance costs related to a cost management program. |
| (7) | Represents costs related to capital project impairments. |
| (8) | Represents the disallowance of certain capitalized costs. |
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Nine Months Ended September 30, 2026 and 2025 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
Exelon Earnings per Diluted Share |
ComEd |
PECO |
BGE |
PHI |
Other (a) |
Exelon |
|||||||||||||||||||||
2025 GAAP net income (loss) |
$ |
2.15 |
$ |
903 |
$ |
652 |
$ |
398 |
$ |
628 |
$ |
(407 |
) |
$ |
2,174 |
||||||||||||
Asset retirement obligation (net of taxes of $0) |
— |
— |
— |
— |
(1 |
) |
— |
(1 |
) |
||||||||||||||||||
Change in FERC audit liability (net of taxes of $1) |
— |
2 |
— |
— |
— |
— |
2 |
||||||||||||||||||||
Cost management program (net of taxes of $0) (1) |
— |
— |
(1 |
) |
— |
— |
— |
(1 |
) |
||||||||||||||||||
Income tax-related adjustments (entire amount represents tax expense) (2) |
— |
— |
— |
— |
1 |
— |
1 |
||||||||||||||||||||
Regulatory matters (net of taxes of $7) (3) |
0.02 |
21 |
— |
— |
— |
1 |
22 |
||||||||||||||||||||
2025 Adjusted (non-GAAP) operating earnings (loss) |
$ |
2.17 |
$ |
926 |
$ |
652 |
$ |
398 |
$ |
628 |
$ |
(406 |
) |
$ |
2,198 |
||||||||||||
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|||||||||||||||||||||||||||
Weather |
$ |
0.03 |
$ |
— |
(b) |
$ |
30 |
$ |
— |
(b) |
$ |
6 |
(b) |
$ |
— |
$ |
36 |
||||||||||
Load |
(0.02 |
) |
— |
(b) |
(17 |
) |
— |
(b) |
(1 |
) |
(b) |
— |
(18 |
) |
|||||||||||||
Distribution and transmission rates (4) |
0.17 |
54 |
(c) |
5 |
(c) |
55 |
(c) |
56 |
(c) |
— |
170 |
||||||||||||||||
Other energy delivery (5) |
0.22 |
170 |
(c) |
29 |
(c) |
17 |
(c) |
13 |
(c) |
— |
229 |
||||||||||||||||
Operating and maintenance expense (6) |
(0.09 |
) |
(85 |
) |
(45 |
) |
34 |
(30 |
) |
38 |
(88 |
) |
|||||||||||||||
Depreciation and amortization expense (7) |
(0.13 |
) |
(68 |
) |
(28 |
) |
(10 |
) |
(30 |
) |
3 |
(133 |
) |
||||||||||||||
Interest expense and other (8) |
(0.13 |
) |
(26 |
) |
(52 |
) |
(7 |
) |
(16 |
) |
(28 |
) |
(129 |
) |
|||||||||||||
Total year over year effects on Adjusted (non-GAAP) operating earnings |
$ |
0.03 |
$ |
45 |
$ |
(78 |
) |
$ |
89 |
$ |
(2 |
) |
$ |
13 |
$ |
67 |
|||||||||||
2026 GAAP net income (loss) |
$ |
1.98 |
$ |
965 |
$ |
562 |
$ |
443 |
$ |
465 |
$ |
(391 |
) |
$ |
2,044 |
||||||||||||
Change in environmental costs (net of taxes of $1 and $1, respectively) |
— |
— |
— |
— |
(3 |
) |
— |
(3 |
) |
||||||||||||||||||
Cost management program (net of taxes of $2, $4, $7, $8, $0 and $21, respectively) (1) |
0.06 |
6 |
13 |
17 |
20 |
1 |
57 |
||||||||||||||||||||
Project impairments (net of taxes of $10, $1, and $11, respectively) (9) |
0.03 |
— |
— |
27 |
— |
(1 |
) |
26 |
|||||||||||||||||||
Regulatory matters (net of taxes of $51, $3, and $54, respectively) (3) |
0.14 |
— |
— |
— |
144 |
(3 |
) |
141 |
|||||||||||||||||||
2026 Adjusted (non-GAAP) operating earnings (loss) |
$ |
2.20 |
$ |
971 |
$ |
574 |
$ |
487 |
$ |
626 |
$ |
(393 |
) |
$ |
2,265 |
||||||||||||
Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
|
| (a) | Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
| (b) | For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
| (c) | For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). |
| (1) | In 2025, primarily represents severance costs related to a cost management program. In 2026, represents third-party consulting and severance costs related to a cost management program. |
| (2) | Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. |
| (3) | Represents the disallowance of certain capitalized costs. |
| (4) | For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. |
| (5) | For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. |
| (6) | Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased contracting costs, partially offset by decreased storm costs. For BGE, primarily reflects decreased contracting costs. For PHI, reflects increased storm costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recognized in 2025. |
| (7) | Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization. |
| (8) | For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in interest expense and income tax expense due to tax repairs, a portion of which is timing. For PHI, reflects an increase in interest expense. For Corporate, reflects an increase in interest expense, partially offset by a decrease in income tax expense due to timing. |
| (9) | Represents costs related to capital project impairments. |
ComEd Statistics Three Months Ended September 30, 2026 and 2025 |
||||||||||||||||||||
Electric Deliveries (in GWhs) |
Revenue (in millions) |
|||||||||||||||||||
2026 |
2025 |
% Change |
Weather - Normal % Change |
2026 |
2025 |
% Change |
||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||||
Residential |
8,903 |
8,659 |
2.8 |
% |
2.3 |
% |
$ |
1,377 |
$ |
1,365 |
0.9 |
% |
||||||||
Small commercial & industrial |
8,129 |
8,004 |
1.6 |
% |
1.1 |
% |
621 |
645 |
(3.7 |
)% |
||||||||||
Large commercial & industrial |
7,389 |
7,701 |
(4.1 |
)% |
0.4 |
% |
184 |
217 |
(15.2 |
)% |
||||||||||
Public authorities & electric railroads |
210 |
224 |
(6.3 |
)% |
(4.5 |
)% |
12 |
14 |
(14.3 |
)% |
||||||||||
Other(b) |
— |
— |
n/a |
n/a |
280 |
229 |
22.3 |
% |
||||||||||||
Total electric revenues(c) |
24,631 |
24,588 |
0.2 |
% |
1.3 |
% |
2,474 |
2,470 |
0.2 |
% |
||||||||||
Other Revenues(d) |
(4 |
) |
(195 |
) |
(97.9 |
)% |
||||||||||||||
Total electric revenues |
$ |
2,470 |
$ |
2,275 |
8.6 |
% |
||||||||||||||
Purchased Power |
$ |
783 |
$ |
806 |
(2.9 |
)% |
||||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
27 |
37 |
79 |
(27.0 |
)% |
(65.8 |
)% |
||||
Cooling Degree-Days |
853 |
828 |
722 |
3.0 |
% |
18.1 |
% |
||||
Nine Months Ended September 30, 2026 and 2025 |
||||||||||||||||||||
Electric Deliveries (in GWhs) |
Revenue (in millions) |
|||||||||||||||||||
2026 |
2025 |
% Change |
Weather - Normal % Change |
2026 |
2025 |
% Change |
||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||||
Residential |
21,473 |
21,886 |
(1.9 |
)% |
1.0 |
% |
$ |
3,501 |
$ |
3,452 |
1.4 |
% |
||||||||
Small commercial & industrial |
22,262 |
22,284 |
(0.1 |
)% |
0.4 |
% |
1,632 |
1,799 |
(9.3 |
)% |
||||||||||
Large commercial & industrial |
21,988 |
21,435 |
2.6 |
% |
1.7 |
% |
436 |
689 |
(36.7 |
)% |
||||||||||
Public authorities & electric railroads |
650 |
668 |
(2.7 |
)% |
(1.4 |
)% |
35 |
43 |
(18.6 |
)% |
||||||||||
Other(b) |
— |
— |
n/a |
n/a |
785 |
688 |
14.1 |
% |
||||||||||||
Total electric revenues(c) |
66,373 |
66,273 |
0.2 |
% |
1.0 |
% |
6,389 |
6,671 |
(4.2 |
)% |
||||||||||
Other Revenues(d) |
(21 |
) |
(495 |
) |
(95.8 |
)% |
||||||||||||||
Total electric revenues |
$ |
6,368 |
$ |
6,176 |
3.1 |
% |
||||||||||||||
Purchased Power |
$ |
1,814 |
$ |
2,044 |
(11.3 |
)% |
||||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
3,455 |
3,698 |
3,829 |
(6.6 |
)% |
(9.8 |
)% |
||||
Cooling Degree-Days |
1,113 |
1,158 |
988 |
(3.9 |
)% |
12.7 |
% |
||||
Number of Electric Customers |
2026 |
2025 |
|
Residential |
3,783,141 |
3,767,493 |
|
Small commercial & industrial |
396,161 |
398,022 |
|
Large commercial & industrial |
1,988 |
1,931 |
|
Public authorities & electric railroads |
5,771 |
5,798 |
|
Total |
4,187,061 |
4,173,244 |
__________ |
|
| (a) | Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. |
| (b) | Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
| (c) | Includes operating revenues from affiliates totaling $2 million for both the three months ended September 30, 2026 and 2025, respectively, and $15 million and $19 million for the nine months ended September 30, 2026 and 2025, respectively. |
| (d) | Includes alternative revenue programs and late payment charges. |
PECO Statistics Three Months Ended September 30, 2026 and 2025 |
||||||||||||||||||
Electric and Natural Gas Deliveries |
Revenue (in millions) |
|||||||||||||||||
2026 |
2025 |
% Change |
Weather- Normal % Change |
2026 |
2025 |
% Change |
||||||||||||
Electric (in GWhs) |
||||||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||
Residential |
4,100 |
4,063 |
0.9 |
% |
(4.3 |
)% |
$ |
796 |
$ |
735 |
8.3 |
% |
||||||
Small commercial & industrial |
2,059 |
2,057 |
0.1 |
% |
(4.0 |
)% |
173 |
167 |
3.6 |
% |
||||||||
Large commercial & industrial |
3,807 |
3,731 |
2.0 |
% |
1.9 |
% |
82 |
101 |
(18.8 |
)% |
||||||||
Public authorities & electric railroads |
169 |
159 |
6.3 |
% |
6.3 |
% |
8 |
8 |
— |
% |
||||||||
Other(b) |
— |
— |
n/a |
n/a |
89 |
78 |
14.1 |
% |
||||||||||
Total electric revenues(c) |
10,135 |
10,010 |
1.2 |
% |
(1.8 |
)% |
1,148 |
1,089 |
5.4 |
% |
||||||||
Other Revenues(d) |
7 |
8 |
(12.5 |
)% |
||||||||||||||
Total electric revenues |
1,155 |
1,097 |
5.3 |
% |
||||||||||||||
Natural Gas (in mmcfs) |
||||||||||||||||||
Natural Gas Deliveries and Revenues(e) |
||||||||||||||||||
Residential |
2,221 |
2,064 |
7.6 |
% |
5.1 |
% |
54 |
50 |
8.0 |
% |
||||||||
Small commercial & industrial |
1,932 |
2,243 |
(13.9 |
)% |
(15.1 |
)% |
20 |
23 |
(13.0 |
)% |
||||||||
Large commercial & industrial |
— |
— |
n/a |
(2.6 |
)% |
— |
1 |
(100.0 |
)% |
|||||||||
Transportation |
5,267 |
5,081 |
3.7 |
% |
(33.8 |
)% |
9 |
7 |
28.6 |
% |
||||||||
Other(f) |
— |
— |
n/a |
n/a |
2 |
1 |
100.0 |
% |
||||||||||
Total natural gas revenues(g) |
9,420 |
9,388 |
0.3 |
% |
(0.2 |
)% |
85 |
82 |
3.7 |
% |
||||||||
Other Revenues(d) |
— |
1 |
(100.0 |
)% |
||||||||||||||
Total natural gas revenues |
85 |
83 |
2.4 |
% |
||||||||||||||
Total electric and natural gas revenues |
$ |
1,240 |
$ |
1,180 |
5.1 |
% |
||||||||||||
Purchased Power and Fuel |
$ |
494 |
$ |
446 |
10.8 |
% |
||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
12 |
— |
19 |
n/a |
(36.8 |
)% |
|||||
Cooling Degree-Days |
1,175 |
1,095 |
1,038 |
7.3 |
% |
13.2 |
% |
||||
Nine Months Ended September 30, 2026 and 2025 |
|||||||||||||||||||
Electric and Natural Gas Deliveries |
Revenue (in millions) |
||||||||||||||||||
2026 |
2025 |
% Change |
Weather- Normal % Change |
2026 |
2025 |
% Change |
|||||||||||||
Electric (in GWhs) |
|||||||||||||||||||
Electric Deliveries and Revenues(a) |
|||||||||||||||||||
Residential |
11,094 |
10,952 |
1.3 |
% |
(2.0 |
)% |
$ |
2,122 |
$ |
1,921 |
10.5 |
% |
|||||||
Small commercial & industrial |
5,811 |
5,835 |
(0.4 |
)% |
(2.2 |
)% |
502 |
484 |
3.7 |
% |
|||||||||
Large commercial & industrial |
10,365 |
10,470 |
(1.0 |
)% |
(1.8 |
)% |
254 |
260 |
(2.3 |
)% |
|||||||||
Public authorities & electric railroads |
502 |
511 |
(1.8 |
)% |
(1.8 |
)% |
25 |
26 |
(3.8 |
)% |
|||||||||
Other(b) |
— |
— |
n/a |
n/a |
244 |
231 |
5.6 |
% |
|||||||||||
Total electric revenues(c) |
27,772 |
27,768 |
— |
% |
(2.0 |
)% |
3,147 |
2,922 |
7.7 |
% |
|||||||||
Other Revenues(d) |
31 |
11 |
181.8 |
% |
|||||||||||||||
Total electric revenues |
3,178 |
2,933 |
8.4 |
% |
|||||||||||||||
Natural Gas (in mmcfs) |
|||||||||||||||||||
Natural Gas Deliveries and Revenues(e) |
|||||||||||||||||||
Residential |
29,182 |
28,469 |
2.5 |
% |
— |
% |
422 |
396 |
6.6 |
% |
|||||||||
Small commercial & industrial |
16,355 |
16,046 |
1.9 |
% |
— |
% |
145 |
140 |
3.6 |
% |
|||||||||
Large commercial & industrial |
(9 |
) |
14 |
(164.3 |
)% |
(8.1 |
)% |
— |
1 |
(100.0 |
)% |
||||||||
Transportation |
18,987 |
17,759 |
6.9 |
% |
(2.9 |
)% |
35 |
28 |
25.0 |
% |
|||||||||
Other(f) |
— |
— |
n/a |
n/a |
12 |
13 |
(7.7 |
)% |
|||||||||||
Total natural gas revenues(g) |
64,515 |
62,288 |
3.6 |
% |
2.1 |
% |
614 |
578 |
6.2 |
% |
|||||||||
Other Revenues(d) |
2 |
2 |
— |
% |
|||||||||||||||
Total natural gas revenues |
616 |
580 |
6.2 |
% |
|||||||||||||||
Total electric and natural gas revenues |
$ |
3,794 |
$ |
3,513 |
8.0 |
% |
|||||||||||||
Purchased Power and Fuel |
$ |
1,495 |
$ |
1,288 |
16.1 |
% |
|||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
2,732 |
2,684 |
2,793 |
1.8 |
% |
(2.2 |
)% |
||||
Cooling Degree-Days |
1,711 |
1,521 |
1,426 |
12.5 |
% |
20.0 |
% |
||||
Number of Electric Customers |
2026 |
2025 |
Number of Natural Gas Customers |
2026 |
2025 |
|||
Residential |
1,537,965 |
1,539,345 |
Residential |
511,031 |
510,166 |
|||
Small commercial & industrial |
154,259 |
154,955 |
Small commercial & industrial |
44,382 |
44,603 |
|||
Large commercial & industrial |
3,133 |
3,159 |
Large commercial & industrial |
7 |
7 |
|||
Public authorities & electric railroads |
10,141 |
10,343 |
Transportation |
600 |
619 |
|||
Total |
1,705,498 |
1,707,802 |
Total |
556,020 |
555,395 |
_________ |
|
| (a) | Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. |
| (b) | Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
| (c) | Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $11 million and $7 million for the nine months ended September 30, 2026 and 2025, respectively. |
| (d) | Includes alternative revenue programs and late payment charges. |
| (e) | Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. |
| (f) | Includes revenues primarily from off-system sales. |
| (g) | Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025. |
BGE Statistics Three Months Ended September 30, 2026 and 2025 |
||||||||||||||||||||
Electric and Natural Gas Deliveries |
Revenue (in millions) |
|||||||||||||||||||
2026 |
2025 |
% Change |
Weather- Normal % Change |
2026 |
2025 |
% Change |
||||||||||||||
Electric (in GWhs) |
||||||||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||||
Residential |
3,646 |
3,501 |
4.1 |
% |
(0.1 |
)% |
$ |
795 |
$ |
684 |
16.2 |
% |
||||||||
Small commercial & industrial |
732 |
722 |
1.4 |
% |
(1.8 |
)% |
130 |
113 |
15.0 |
% |
||||||||||
Large commercial & industrial |
3,693 |
3,608 |
2.4 |
% |
0.1 |
% |
200 |
172 |
16.3 |
% |
||||||||||
Public authorities & electric railroads |
47 |
49 |
(4.1 |
)% |
(4.3 |
)% |
8 |
8 |
— |
% |
||||||||||
Other(b) |
— |
— |
n/a |
n/a |
115 |
122 |
(5.7 |
)% |
||||||||||||
Total electric revenues(c) |
8,118 |
7,880 |
3.0 |
% |
(0.2 |
)% |
1,248 |
1,099 |
13.6 |
% |
||||||||||
Other Revenues(d) |
(1 |
) |
(8 |
) |
(87.5 |
)% |
||||||||||||||
Total electric revenues |
1,247 |
1,091 |
14.3 |
% |
||||||||||||||||
Natural Gas (in mmcfs) |
||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) |
||||||||||||||||||||
Residential |
2,296 |
2,188 |
4.9 |
% |
3.5 |
% |
67 |
68 |
(1.5 |
)% |
||||||||||
Small commercial & industrial |
844 |
810 |
4.2 |
% |
3.2 |
% |
14 |
14 |
— |
% |
||||||||||
Large commercial & industrial |
6,935 |
7,183 |
(3.5 |
)% |
(6.1 |
)% |
41 |
37 |
10.8 |
% |
||||||||||
Other(f) |
671 |
691 |
(2.9 |
)% |
n/a |
6 |
6 |
— |
% |
|||||||||||
Total natural gas revenues(g) |
10,746 |
10,872 |
(1.2 |
)% |
(3.3 |
)% |
128 |
125 |
2.4 |
% |
||||||||||
Other Revenues(d) |
(12 |
) |
(7 |
) |
71.4 |
% |
||||||||||||||
Total natural gas revenues |
116 |
118 |
(1.7 |
)% |
||||||||||||||||
Total electric and natural gas revenues |
$ |
1,363 |
$ |
1,209 |
12.7 |
% |
||||||||||||||
Purchased Power and Fuel |
$ |
650 |
$ |
568 |
14.4 |
% |
||||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
44 |
52 |
66 |
(15.4 |
)% |
(33.3 |
)% |
||||
Cooling Degree-Days |
699 |
605 |
628 |
15.5 |
% |
11.3 |
% |
||||
Nine Months Ended September 30, 2026 and 2025 |
||||||||||||||||||||
Electric and Natural Gas Deliveries |
Revenue (in millions) |
|||||||||||||||||||
2026 |
2025 |
% Change |
Weather- Normal % Change |
2026 |
2025 |
% Change |
||||||||||||||
Electric (in GWhs) |
||||||||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||||
Residential |
10,160 |
9,872 |
2.9 |
% |
(1.1 |
)% |
$ |
2,254 |
$ |
1,829 |
23.2 |
% |
||||||||
Small commercial & industrial |
2,076 |
2,075 |
— |
% |
(2.4 |
)% |
368 |
311 |
18.3 |
% |
||||||||||
Large commercial & industrial |
10,082 |
9,981 |
1.0 |
% |
(0.2 |
)% |
541 |
456 |
18.6 |
% |
||||||||||
Public authorities & electric railroads |
143 |
146 |
(2.1 |
)% |
(2.6 |
)% |
25 |
25 |
— |
% |
||||||||||
Other(b) |
— |
— |
n/a |
n/a |
353 |
352 |
0.3 |
% |
||||||||||||
Total electric revenues(c) |
22,461 |
22,074 |
1.8 |
% |
(0.9 |
)% |
3,541 |
2,973 |
19.1 |
% |
||||||||||
Other Revenues(d) |
2 |
(22 |
) |
(109.1 |
)% |
|||||||||||||||
Total electric revenues |
3,543 |
2,951 |
20.1 |
% |
||||||||||||||||
Natural Gas (in mmcfs) |
||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) |
||||||||||||||||||||
Residential |
27,576 |
27,426 |
0.5 |
% |
(6.3 |
)% |
561 |
555 |
1.1 |
% |
||||||||||
Small commercial & industrial |
6,844 |
6,728 |
1.7 |
% |
(1.8 |
)% |
95 |
100 |
(5.0 |
)% |
||||||||||
Large commercial & industrial |
29,598 |
29,504 |
0.3 |
% |
(2.1 |
)% |
182 |
178 |
2.2 |
% |
||||||||||
Other(f) |
5,009 |
5,042 |
(0.7 |
)% |
n/a |
42 |
37 |
13.5 |
% |
|||||||||||
Total natural gas revenues(g) |
69,027 |
68,700 |
0.5 |
% |
(3.9 |
)% |
880 |
870 |
1.1 |
% |
||||||||||
Other Revenues(d) |
(14 |
) |
(30 |
) |
(53.3 |
)% |
||||||||||||||
Total natural gas revenues |
866 |
840 |
3.1 |
% |
||||||||||||||||
Total electric and natural gas revenues |
$ |
4,409 |
$ |
3,791 |
16.3 |
% |
||||||||||||||
Purchased Power and Fuel |
$ |
2,002 |
$ |
1,584 |
26.4 |
% |
||||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
2,908 |
2,710 |
2,876 |
7.3 |
% |
1.1 |
% |
||||
Cooling Degree-Days |
1,002 |
896 |
896 |
11.8 |
% |
11.8 |
% |
||||
Number of Electric Customers |
2026 |
2025 |
Number of Natural Gas Customers |
2026 |
2025 |
|||
Residential |
1,230,325 |
1,220,937 |
Residential |
663,403 |
660,241 |
|||
Small commercial & industrial |
115,037 |
115,246 |
Small commercial & industrial |
37,620 |
37,731 |
|||
Large commercial & industrial |
13,467 |
13,432 |
Large commercial & industrial |
6,419 |
6,404 |
|||
Public authorities & electric railroads |
250 |
254 |
||||||
Total |
1,359,079 |
1,349,869 |
Total |
707,442 |
704,376 |
_________ |
|
| (a) | Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. |
| (b) | Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
| (c) | Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $5 million and $4 million for the nine months ended September 30, 2026 and 2025, respectively. |
| (d) | Includes alternative revenue programs and late payment charges. |
| (e) | Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. |
| (f) | Includes revenues primarily from off-system sales. |
| (g) | Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025, respectively. |
Pepco Statistics Three Months Ended September 30, 2026 and 2025 |
|||||||||||||||||||
Electric Deliveries (in GWhs) |
Revenue (in millions) |
||||||||||||||||||
2026 |
2025 |
% Change |
Weather- Normal % Change |
2026 |
2025 |
% Change |
|||||||||||||
Electric Deliveries and Revenues(a) |
|||||||||||||||||||
Residential |
2,436 |
2,323 |
4.9 |
% |
(1.6 |
)% |
$ |
583 |
$ |
501 |
16.4 |
% |
|||||||
Small commercial & industrial |
295 |
284 |
3.9 |
% |
1.0 |
% |
60 |
56 |
7.1 |
% |
|||||||||
Large commercial & industrial |
3,822 |
3,798 |
0.6 |
% |
(1.9 |
)% |
370 |
331 |
11.8 |
% |
|||||||||
Public authorities & electric railroads |
193 |
168 |
14.9 |
% |
14.9 |
% |
11 |
8 |
37.5 |
% |
|||||||||
Other(b) |
— |
— |
n/a |
n/a |
99 |
98 |
1.0 |
% |
|||||||||||
Total electric revenues(c) |
6,746 |
6,573 |
2.6 |
% |
(1.3 |
)% |
1,123 |
994 |
13.0 |
% |
|||||||||
Other Revenues(d) |
4 |
(2 |
) |
(300.0 |
)% |
||||||||||||||
Total electric revenues |
$ |
1,127 |
$ |
992 |
13.6 |
% |
|||||||||||||
Purchased Power |
$ |
450 |
$ |
367 |
22.6 |
% |
|||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
17 |
— |
8 |
— |
% |
112.5 |
% |
||||
Cooling Degree-Days |
1,245 |
1,080 |
1,197 |
15.3 |
% |
4.0 |
% |
||||
Nine Months Ended September 30, 2026 and 2025 |
||||||||||||||||||||
Electric Deliveries (in GWhs) |
Revenue (in millions) |
|||||||||||||||||||
2026 |
2025 |
% Change |
Weather- Normal % Change |
2026 |
2025 |
% Change |
||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||||
Residential |
6,539 |
6,396 |
2.2 |
% |
(3.2 |
)% |
$ |
1,485 |
$ |
1,273 |
16.7 |
% |
||||||||
Small commercial & industrial |
845 |
853 |
(0.9 |
)% |
(3.1 |
)% |
163 |
155 |
5.2 |
% |
||||||||||
Large commercial & industrial |
10,541 |
10,625 |
(0.8 |
)% |
(2.4 |
)% |
1,012 |
911 |
11.1 |
% |
||||||||||
Public authorities & electric railroads |
547 |
500 |
9.4 |
% |
9.0 |
% |
32 |
29 |
10.3 |
% |
||||||||||
Other(b) |
— |
— |
n/a |
n/a |
286 |
274 |
4.4 |
% |
||||||||||||
Total electric revenues(c) |
18,472 |
18,374 |
0.5 |
% |
(2.4 |
)% |
2,978 |
2,642 |
12.7 |
% |
||||||||||
Other Revenues(d) |
(3 |
) |
(16 |
) |
(81.3 |
)% |
||||||||||||||
Total electric revenues |
$ |
2,975 |
$ |
2,626 |
13.3 |
% |
||||||||||||||
Purchased Power |
$ |
1,178 |
$ |
942 |
25.1 |
% |
||||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
2,467 |
2,205 |
2,327 |
11.9 |
% |
6.0 |
% |
||||
Cooling Degree-Days |
1,835 |
1,630 |
1,726 |
12.6 |
% |
6.3 |
% |
||||
Number of Electric Customers |
2026 |
2025 |
|
Residential |
889,048 |
885,063 |
|
Small commercial & industrial |
54,090 |
53,939 |
|
Large commercial & industrial |
23,212 |
23,203 |
|
Public authorities & electric railroads |
211 |
205 |
|
Total |
966,561 |
962,410 |
__________ |
|
| (a) | Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. |
| (b) | Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
| (c) | Includes operating revenues from affiliates totaling $3 million and $2 million the three months ended September 30, 2026 and 2025, respectively, and $7 million and $4 million for both the nine months ended September 30, 2026 and 2025, respectively. |
| (d) | Includes alternative revenue programs and late payment charge revenues. |
DPL Statistics Three Months Ended September 30, 2026 and 2025 |
||||||||||||||||||||
Electric and Natural Gas Deliveries |
Revenue (in millions) |
|||||||||||||||||||
2026 |
2025 |
% Change |
Weather - Normal % Change |
2026 |
2025 |
% Change |
||||||||||||||
Electric (in GWhs) |
||||||||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||||
Residential |
1,575 |
1,510 |
4.3 |
% |
(0.9 |
)% |
$ |
319 |
$ |
283 |
12.7 |
% |
||||||||
Small commercial & industrial |
668 |
651 |
2.6 |
% |
1.1 |
% |
81 |
72 |
12.5 |
% |
||||||||||
Large commercial & industrial |
1,108 |
1,162 |
(4.6 |
)% |
(6.7 |
)% |
34 |
32 |
6.3 |
% |
||||||||||
Public authorities & electric railroads |
8 |
10 |
(20.0 |
)% |
(18.5 |
)% |
4 |
4 |
— |
% |
||||||||||
Other(b) |
— |
— |
n/a |
n/a |
80 |
77 |
3.9 |
% |
||||||||||||
Total electric revenues(c) |
3,359 |
3,333 |
0.8 |
% |
(2.6 |
)% |
518 |
468 |
10.7 |
% |
||||||||||
Other Revenues(d) |
(2 |
) |
(4 |
) |
(50.0 |
)% |
||||||||||||||
Total electric revenues |
516 |
464 |
11.2 |
% |
||||||||||||||||
Natural Gas (in mmcfs) |
||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) |
||||||||||||||||||||
Residential |
405 |
409 |
(1.0 |
)% |
(9.3 |
)% |
15 |
13 |
15.4 |
% |
||||||||||
Small commercial & industrial |
368 |
375 |
(1.9 |
)% |
(6.9 |
)% |
8 |
7 |
14.3 |
% |
||||||||||
Large commercial & industrial |
411 |
404 |
1.7 |
% |
1.8 |
% |
1 |
1 |
— |
% |
||||||||||
Transportation |
1,146 |
1,239 |
(7.5 |
)% |
(8.3 |
)% |
5 |
4 |
25.0 |
% |
||||||||||
Other(f) |
— |
— |
n/a |
n/a |
11 |
2 |
450.0 |
% |
||||||||||||
Total natural gas revenues |
2,330 |
2,427 |
(4.0 |
)% |
(6.6 |
)% |
40 |
27 |
48.1 |
% |
||||||||||
Other Revenues(d) |
— |
— |
n/a |
|||||||||||||||||
Total natural gas revenues |
40 |
27 |
48.1 |
% |
||||||||||||||||
Total electric and natural gas revenues |
$ |
556 |
$ |
491 |
13.2 |
% |
||||||||||||||
Purchased Power and Fuel |
$ |
264 |
$ |
219 |
20.5 |
% |
||||||||||||||
Electric Service Territory |
% Change |
||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
24 |
4 |
24 |
500.0 |
% |
— |
% |
||||
Cooling Degree-Days |
995 |
862 |
933 |
15.4 |
% |
6.6 |
% |
||||
Natural Gas Service Territory |
% Change |
||||||||||
Heating Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
28 |
3 |
32 |
833.3 |
% |
(12.5 |
)% |
||||
Nine Months Ended September 30, 2026 and 2025 |
||||||||||||||||||||
Electric and Natural Gas Deliveries |
Revenue (in millions) |
|||||||||||||||||||
2026 |
2025 |
% Change |
Weather - Normal % Change |
2026 |
2025 |
% Change |
||||||||||||||
Electric (in GWhs) |
||||||||||||||||||||
Electric Deliveries and Revenues(a) |
||||||||||||||||||||
Residential |
4,414 |
4,245 |
4.0 |
% |
1.2 |
% |
$ |
879 |
$ |
792 |
11.0 |
% |
||||||||
Small commercial & industrial |
1,846 |
1,824 |
1.2 |
% |
0.3 |
% |
218 |
200 |
9.0 |
% |
||||||||||
Large commercial & industrial |
3,056 |
3,133 |
(2.5 |
)% |
(3.3 |
)% |
98 |
92 |
6.5 |
% |
||||||||||
Public authorities & electric railroads |
4 |
31 |
(87.1 |
)% |
(87.9 |
)% |
12 |
13 |
(7.7 |
)% |
||||||||||
Other(b) |
— |
— |
n/a |
n/a |
233 |
224 |
4.0 |
% |
||||||||||||
Total electric revenues(c) |
9,320 |
9,233 |
0.9 |
% |
(0.8 |
)% |
1,440 |
1,321 |
9.0 |
% |
||||||||||
Other Revenues(d) |
(5 |
) |
(9 |
) |
(44.4 |
)% |
||||||||||||||
Total electric revenues |
1,435 |
1,312 |
9.4 |
% |
||||||||||||||||
Natural Gas (in mmcfs) |
||||||||||||||||||||
Natural Gas Deliveries and Revenues(e) |
||||||||||||||||||||
Residential |
5,812 |
5,802 |
0.2 |
% |
(3.8 |
)% |
106 |
86 |
23.3 |
% |
||||||||||
Small commercial & industrial |
2,979 |
2,881 |
3.4 |
% |
(0.9 |
)% |
46 |
35 |
31.4 |
% |
||||||||||
Large commercial & industrial |
1,239 |
1,237 |
0.2 |
% |
0.2 |
% |
7 |
6 |
16.7 |
% |
||||||||||
Transportation |
4,443 |
4,626 |
(4.0 |
)% |
(5.3 |
)% |
15 |
13 |
15.4 |
% |
||||||||||
Other(f) |
— |
— |
n/a |
n/a |
23 |
8 |
187.5 |
% |
||||||||||||
Total natural gas revenues |
14,473 |
14,546 |
(0.5 |
)% |
(3.4 |
)% |
197 |
148 |
33.1 |
% |
||||||||||
Other Revenues(d) |
— |
— |
n/a |
|||||||||||||||||
Total natural gas revenues |
197 |
148 |
33.1 |
% |
||||||||||||||||
Total electric and natural gas revenues |
$ |
1,632 |
$ |
1,460 |
11.8 |
% |
||||||||||||||
Purchased Power and Fuel |
$ |
747 |
$ |
637 |
17.3 |
% |
||||||||||||||
Electric Service Territory |
% Change |
||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
2,848 |
2,726 |
2,774 |
4.5 |
% |
2.7 |
% |
||||
Cooling Degree-Days |
1,413 |
1,278 |
1,297 |
10.6 |
% |
8.9 |
% |
||||
Natural Gas Service Territory |
% Change |
||||||||||
Heating Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
2,934 |
2,774 |
2,957 |
5.8 |
% |
(0.8 |
)% |
||||
Number of Electric Customers |
2026 |
2025 |
Number of Natural Gas Customers |
2026 |
2025 |
|||
Residential |
497,718 |
494,232 |
Residential |
132,182 |
131,494 |
|||
Small commercial & industrial |
65,857 |
65,322 |
Small commercial & industrial |
10,188 |
10,134 |
|||
Large commercial & industrial |
1,287 |
1,257 |
Large commercial & industrial |
14 |
14 |
|||
Public authorities & electric railroads |
631 |
632 |
Transportation |
156 |
160 |
|||
Total |
565,493 |
561,443 |
Total |
142,540 |
141,802 |
__________ |
|
| (a) | Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
| (b) | Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
| (c) | Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $7 million and $6 million the nine months ended September 30, 2026 and 2025, respectively. |
| (d) | Includes alternative revenue programs and late payment charges. |
| (e) | Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. |
| (f) | Includes revenues primarily from off-system sales. |
ACE Statistics Three Months Ended September 30, 2026 and 2025 |
|||||||||||||||||||
Electric Deliveries (in GWhs) |
Revenue (in millions) |
||||||||||||||||||
2026 |
2025 |
% Change |
Weather - Normal % Change |
2026 |
2025 |
% Change |
|||||||||||||
Electric Deliveries and Revenues(a) |
|||||||||||||||||||
Residential |
1,416 |
1,335 |
6.1 |
% |
(2.4 |
)% |
$ |
381 |
$ |
363 |
5.0 |
% |
|||||||
Small commercial & industrial |
529 |
483 |
9.5 |
% |
7.6 |
% |
89 |
82 |
8.5 |
% |
|||||||||
Large commercial & industrial |
822 |
790 |
4.1 |
% |
2.3 |
% |
41 |
43 |
(4.7 |
)% |
|||||||||
Public authorities & electric railroads |
10 |
9 |
11.1 |
% |
6.2 |
% |
5 |
4 |
25.0 |
% |
|||||||||
Other(b) |
— |
— |
n/a |
n/a |
64 |
62 |
3.2 |
% |
|||||||||||
Total electric revenues(c) |
2,777 |
2,617 |
6.1 |
% |
0.8 |
% |
580 |
554 |
4.7 |
% |
|||||||||
Other Revenues(d) |
(1 |
) |
16 |
(106.3 |
)% |
||||||||||||||
Total electric revenues |
$ |
579 |
$ |
570 |
1.6 |
% |
|||||||||||||
Purchased Power |
$ |
276 |
$ |
286 |
(3.5 |
)% |
|||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
31 |
11 |
31 |
181.8 |
% |
— |
% |
||||
Cooling Degree-Days |
930 |
755 |
875 |
23.2 |
% |
6.3 |
% |
||||
Nine Months Ended September 30, 2026 and 2025 |
|||||||||||||||||||
Electric Deliveries (in GWhs) |
Revenue (in millions) |
||||||||||||||||||
2026 |
2025 |
% Change |
Weather - Normal % Change |
2026 |
2025 |
% Change |
|||||||||||||
Electric Deliveries and Revenues(a) |
|||||||||||||||||||
Residential |
3,258 |
3,180 |
2.5 |
% |
(1.7 |
)% |
$ |
880 |
$ |
782 |
12.5 |
% |
|||||||
Small commercial & industrial |
1,317 |
1,253 |
5.1 |
% |
3.9 |
% |
222 |
193 |
15.0 |
% |
|||||||||
Large commercial & industrial |
2,231 |
2,237 |
(0.3 |
)% |
(1.0 |
)% |
129 |
141 |
(8.5 |
)% |
|||||||||
Public authorities & electric railroads |
32 |
32 |
— |
% |
(1.3 |
)% |
15 |
14 |
7.1 |
% |
|||||||||
Other(b) |
— |
— |
n/a |
n/a |
186 |
196 |
(5.1 |
)% |
|||||||||||
Total electric revenues(c) |
6,838 |
6,702 |
2.0 |
% |
(0.4 |
)% |
1,432 |
1,326 |
8.0 |
% |
|||||||||
Other Revenues(d) |
(30 |
) |
2 |
n/a |
|||||||||||||||
Total electric revenues |
$ |
1,402 |
$ |
1,328 |
5.6 |
% |
|||||||||||||
Purchased Power |
$ |
668 |
$ |
616 |
8.4 |
% |
|||||||||||||
% Change |
|||||||||||
Heating and Cooling Degree-Days |
2026 |
2025 |
Normal |
From 2025 |
From Normal |
||||||
Heating Degree-Days |
3,069 |
2,851 |
2,926 |
7.6 |
% |
4.9 |
% |
||||
Cooling Degree-Days |
1,324 |
1,093 |
1,188 |
21.1 |
% |
11.4 |
% |
||||
Number of Electric Customers |
2026 |
2025 |
||
Residential |
512,248 |
509,739 |
||
Small commercial & industrial |
63,063 |
62,923 |
||
Large commercial & industrial |
2,663 |
2,730 |
||
Public authorities & electric railroads |
782 |
745 |
||
Total |
578,756 |
576,137 |
_________ |
|
| (a) | Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
| (b) | Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
| (c) | Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $4 million and $3 million for the nine months ended September 30, 2026 and 2025, respectively. |
| (d) | Includes alternative revenue programs. |