Slide 1: Earnings Conference Call 3rd Quarter 2007
Exhibit 99.2 Earnings Conference Call rd 3 Quarter 2007 October 26, 2007 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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 statem
Slide 3: Exelon Operating EPS
Exelon Operating EPS Third Quarter (Q3) Year-to-Date (YTD) $3.31 $1.21 $0.17 $0.10 $1.02 $0.58 $2.50 $0.25 $0.33 $0.61 $0.49 $2.67 $0.21 $0.90 ComEd $0.51 PECO $1.49 ExGen HoldCo/Other 2006 2007 2006 2007 Exelon’s strong performance for the third quarter was driven primarily by increased earnings at
Slide 4: Exelon Generation Operating EPS
Exelon Generation Operating EPS $2.67 Key Drivers – Q3 ’07 vs. Q3 ’06* Higher wholesale margins • End of the below-market PPA with ComEd • Contractual price increase associated $1.49 with the PECO PPA • Favorable market and portfolio conditions $0.90 Nuclear refueling outages $0.51 • Lower number of
Slide 5: ComEd Operating EPS
ComEd Operating EPS Key Drivers – Q3 ’07 vs. Q3 ’06* $0.61 End of the regulatory transition period in IL Higher storm costs One-time 2006 benefit for $0.33 environmental cost recovery Warmer weather $0.17 Increased distribution revenues $0.10 (December 2006 ICC Rate Order) Increased transmission rev
Slide 6: ComEd Transmission Case Settlement
ComEd Transmission Case Settlement (1) (Docket Nos. ER07-583-000 & EL07-41-000) FERC Filing Preliminary Order Settlement Filing ($ in millions) 3/1/07 6/5/07 10/5/07 (1) Total Revenue Requirement (in year 1) (2) $415 $387 $364 Revenue Requirement increase (in year 1) $146 $116 (3) $93 Rate Base (in
Slide 7: Formula Transmission Rate Annual Update Process
Formula Transmission Rate Annual Update Process (1) Annual filing by May 15th will update the current year revenue requirement and true-up prior year to actual: Update current year Estimate current year revenue requirement using updated costs based on prior year actual data per FERC Form 1 plus proj
Slide 8: ComEd Delivery Service Rate Case Filing
ComEd Delivery Service Rate Case Filing Requested Revenue ($ in millions) Requirement Increase Rate Base: $7,071 million (1) $215 (2) Capital Structure (3): ROE - 10.75% / $50 Common Equity -45.11% / ROR - 8.55% Administrative & General expenses(4) $99 O&M expenses $48 Other adjustments (5) $(51) To
Slide 9: ComEd Delivery Service Rate Case Filing – Tentative Schedule
ComEd Delivery Service Rate Case Filing – Tentative Schedule Filed – October 17, 2007 Rebuttal Testimony – February 2008 Hearings – May 2008 Administrative Law Judge (ALJ) Order – July 2008 Final Order Expected – September 2008 Note: Dates are based on typical approach to rate cases but the Illinois
Slide 10: PECO Operating EPS
PECO Operating EPS Key Drivers – Q3 ’07 vs. Q3 ’06* $0.58 Load growth $0.49 Reduction in reserve for property taxes (PURTA) Absence of storm costs (2006) $0.25 Scheduled CTC amortization $0.21 Favorable tax settlement in 2006 Q3 YTD 2006 2007 *Refer to the Earnings Release Attachments for additional
Slide 11: 2007 Operating Earnings Guidance
2007 Operating Earnings Guidance Operating EPS (1): $4.15 - $4.30 per share 2007 and Beyond GAAP EPS (2): $3.90 - $4.20 per share Exelon Generation $4.15 - $4.30 ComEd $ / Share $0.20 - $0.25 PECO $0.60 - $0.63 $0.65 - $0.70 $3.22 Earnings Drivers $0.78 ComEd regulatory recovery plan $0.67 Improving
Slide 12: Reliability Pricing Model Auction
Reliability Pricing Model Auction PJM RPM Auction Results ($/MW day) 197.67 191.32 191.32 2007/2008 148.80 2008/2009 2009/2010 111.92 102.04 40.80 Rest of Market Eastern MAAC MAAC + APS Exelon Generation Participation within PJM Reliability Pricing Model (1) 2007 / 2008 2008 / 2009 2009 / 2010 Capac
Slide 13: Appendix – GAAP Reconciliation
Appendix – GAAP Reconciliation 13
Slide 14: GAAP EPS Reconciliation Three Months Ended September 30, 2006
GAAP EPS Reconciliation Three Months Ended September 30, 2006 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon 2006 GAAP Earnings (Loss) Per Share $0.58 $(0.75) $0.20 $(0.10) $(0.07) Mark-to-market adjustments from economic hedging activities (0.08) - - - (0.08) Investments in synthetic fuel-producing
Slide 15: GAAP EPS Reconciliation Three Months Ended September 30, 2007
GAAP EPS Reconciliation Three Months Ended September 30, 2007 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon 2007 GAAP Earnings (Loss) Per Share $0.81 $0.10 $0.25 $(0.01) $1.15 Investments in synthetic fuel-producing facilities - - - (0.03) (0.03) 2007 Illinois electric rate settlement 0.12 - - - 0.1
Slide 16: GAAP EPS Reconciliation Nine Months Ended September 30, 2006
GAAP EPS Reconciliation Nine Months Ended September 30, 2006 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon 2006 GAAP Earnings (Loss) Per Share $1.72 $(0.48) $0.47 $(0.23) $1.48 Mark-to-market adjustments from economic hedging activities (0.11) - - - (0.11) Investments in synthetic fuel-producing fac
Slide 17: GAAP EPS Reconciliation Nine Months Ended September 30, 2007
GAAP EPS Reconciliation Nine Months Ended September 30, 2007 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon 2007 GAAP Earnings (Loss) Per Share $2.49 $0.14 $0.58 $(0.01) $3.20 Mark-to-market adjustments from economic hedging activities 0.12 - - - 0.12 Investments in synthetic fuel-producing facilitie
Slide 18: GAAP EPS Reconciliation Year Ended December 31, 2006
GAAP EPS Reconciliation Year Ended December 31, 2006 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon 2006 GAAP Earnings (Loss) Per Share $2.08 $(0.17) $0.65 $(0.21) $2.35 Mark-to-market adjustments from economic hedging activities (0.09) - - - (0.09) Investments in synthetic fuel-producing facilities