Slide 1: Earnings Conference Call 2nd Quarter 2014
Exhibit 99.2 Earnings Conference Call nd 2 Quarter 2014 July 31, 2014
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain 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 mat
Slide 3: Q2 2014 in Review
Q2 2014 in Review (2) • Delivered Q2 adjusted operating earnings • Nuclear capacity factor over 91.8% of $0.51 per share, exceeding our • Power dispatch match over 99.2% and guidance range(1) renewables energy capture over 94.7% Financial Operational Discipline Excellence Opportunistic Regulatory •
Slide 4: 2014 Spot and Forward Market Volatility
2014 Spot and Forward Market Volatility Q1 Spot Price Volatility Q2 Spot Price Volatility (1) Significant volatility and higher prices year over year during Q1 and Q2 of 2014 • During the first quarter, the polar vortex resulted in some extreme conditions and we saw spot prices in PJM reflecting the
Slide 5: Forward Markets and Hedging Activity
Forward Markets and Hedging Activity Forward markets continued their upward trend in Q2 2015: Took profit on our open position as prices movedup Impacts of our view on our hedging activity • Over the past several quarters we positioned the portfolio to Impacts on Forward Markets increase our exposur
Slide 6: Exelon Generation: Gross Margin Update
Exelon Generation: Gross Margin Update June 30, 2014 Change from March 31, 2014 Gross Margin Category ($M)(1) 2014 2015 2016 2014 2015 2016 Open Gross Margin (3) (including South, West, Canada hedged gross 7,500 6,800 6,850 150 450 600 margin) (3,4) Mark-to-Market of Hedges (700) 50 50 - (50) (50) P
Slide 7: Key Financial Messages
Key Financial Messages 2Q 2014 Adjusted OperatingEPS(1,3) • Delivered adjusted (non-GAAP) operating earnings in Q2 of $0.51/share exceeding our $0.51 guidance range of $0.40-$0.50/share BGE $0.02 PECO $0.10 • Utilities: Increased distribution revenue ComEd $0.13 • ExGen Lower realized energy prices
Slide 8: Exelon Utilities Adjusted Operating EPS Contribution
Exelon Utilities Adjusted Operating EPS Contribution(1) BGE PECO ComEd KeyDrivers – 2Q14 vs.2Q13: BGE(-0.01): $0.25 $0.23 • Increased O&M costs, primarily due to bad debt expense $0.02 and labor, contracting, and materials: $(0.02) $0.03 • Distribution revenue due to rate cases: $0.01 $0.10 PECO (+0
Slide 9: 2014 Projected Sources and Uses of Cash
2014 Projected Sources and Uses of Cash (1) (1) Projected Sources&Uses KeyMessages ($ in millions) (3) BGE ComEdPECO ExGen Exelon As of 1Q14 Variance • Cash from Operations is projected to be $6,975M vs. 1Q14E of $6,200M (2) Beginning Cash Balance 1,475 1,475 – for a $775M variance. This variance is
Slide 10: Exelon Generation Disclosures
Exelon Generation Disclosures June 30, 2014 9 2014 2Q Earnings Release Slides
Slide 11: Portfolio Management Strategy
Portfolio Management Strategy Strategic Policy Alignment Three-YearRatable Hedging Bull / Bear Program •Aligns hedging program with •Ensure stability in near-term cash •Ability to exercise fundamental financial policies and financial flows and earnings market views to create value within outlook •Di
Slide 12: Components of Gross Margin Categories
Components of Gross Margin Categories Gross margin from Gross margin linked to power production and sales other business activities Open Gross MtM of “Power” New “Non Power” “Non Power” Margin Hedges(2) Business Executed New Business •Generation Gross •Mark to Market •Retail, Wholesale •Retail, Whol
Slide 13: ExGen Disclosures
ExGen Disclosures Gross Margin Category ($M)(1) 2014 2015 2016 (3) Open Gross Margin(including South, West & Canada hedged GM) 7,500 6,800 6,850 (3,4) Mark to Market of Hedges (700) 50 50 Power New Business / To Go 150 500 550 Non-Power Margins Executed 300 100 50 Non-Power New Business / To Go 100
Slide 14: ExGen Disclosures
ExGen Disclosures Generation and Hedges 2014 2015 2016 (1) Expected Generation (GWh) 208,100 203,700 205,400 Midwest 97,200 96,800 97,900 Mid-Atlantic(2) 74,600 70,600 71,700 ERCOT 14,300 18,100 19,000 New York(2) 12,700 9,400 9,300 New England 9,300 8,800 7,500 (3) % of Expected Generation Hedged 9
Slide 15: ExGen Hedged Gross Margin Sensitivities
ExGen Hedged Gross Margin Sensitivities Gross Margin Sensitivities (With Existing Hedges) (1, 2) 2014 2015 2016 Henry Hub Natural Gas ($/Mmbtu) + $1/Mmbtu $10 $190 $415 - $1/Mmbtu $(30) $(125) $(370) NiHub ATC Energy Price + $5/MWh $5 $150 $300 - $5/MWh $(5) $(145) $(300) PJM-W ATC Energy Price + $5
Slide 16: ExGen Hedged Gross Margin Upside/Risk
ExGen Hedged Gross Margin Upside/Risk 10,000 9,500 $9,400 9,000 $8,550 8,500 8,000 $7,500 7,500 7,000 $7,150 $7,050 6,500 $6,500 6,000 5,500 5,000 2014 2015 2016 15 2014 2Q Earnings Release Slides
Slide 17: Illustrative Example of Modeling Exelon Generation 2015 Gross Margin
Illustrative Example of Modeling Exelon Generation 2015 Gross Margin South, Mid- New Row Item Midwest ERCOT New York West & Atlantic England Canada (A) Start with fleet-wide open gross margin $6.80 billion (B) Expected Generation (TWh) 96.8 70.6 18.1 9.4 8.8 (C) Hedge % (assuming mid-point of range)
Slide 18: Additional Disclosures
Additional Disclosures 17 2014 2Q Earnings Release Slides
Slide 19: Exelon Utilities Weather-Normalized Load
Exelon Utilities Weather-Normalized Load All Customers Residential Small C&I Large C&I ComEd PECO BGE 2.0% 2.1% 1.5% 1.2% 1.2% 0.8% 0.9% 0.7% 0.8% 0.3% 0.3% 0.3% 0.0% 0.0% 0.0% -0.2% -0.2% -0.5% -0.3% -0.5% -0.6% -0.4% -1.1% -3.2% 2013 2014E 2013 2014E 2013 2014E Chicago GMP 2.5% Philadelphia GMP 1.
Slide 20: ComEd April 2014 Distribution Formula Rate
ComEd April 2014 Distribution Formula Rate The 2014 distribution formula rate filing establishes the net revenue requirement used to set the rates that will take effect in January 2015 after the ICC’s review. There are two components to the annual distribution formula rate filing: • Filing Year:Base
Slide 21: BGE July Rate Case Filing
BGE July Rate Case Filing Electric Gas Docket # 9355 Test Year September 2013 August - 2014 Common Equity Ratio (1) 53.3% Requested ROE 10.65% 10.55% Requested Rate of Return 8.07% 8.01% Rate Base (adjusted) $2.9B $1.2B Revenue Requirement Increase (1) $117.6M $67.5M Proposed Distribution Increase a
Slide 22: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures 21 2014 2Q Earnings Release Slides
Slide 23: 2Q GAAP EPS Reconciliation
2Q GAAP EPS Reconciliation Three Months Ended June 30, 2013 ExGen ComEd PECO BGE Other Exelon 2013 Adjusted (non-GAAP) Operating Earnings Per Share $0.32 $0.11 $0.09 $0.03 $(0.01) $0.53 Mark-to-market impact of economic hedging activities 0.30 - - - (0.01) 0.30 Unrealized losses related to nuclear d
Slide 24: GAAP to Operating Adjustments
GAAP to Operating Adjustments • Exelon’s 2014 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: Mark-to-market adjustments from economic hedging activities Unrealized gains from NDT fund investments to the extent not offset by contractual accounting as described
Slide 25: ExGen Total Gross Margin Reconciliation to GAAP
ExGen Total Gross Margin Reconciliation to GAAP Total GrossMarginReconciliation(in $M)(5) 2014 2015 2016 Revenue Net of Purchased Power and Fuel Expense(1)(6) $7,750 $8,350 $8,450 Non-cash amortization of intangible assets, net, related to $100 - - commoditycontracts recorded at fair value at the me