Slide 1: Earnings Conference Call 4th Quarter 2007
Exhibit 99.2 Earnings Conference Call 4th Quarter 2007 January 23, 2008
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 4th Quarter (Q4) Full Year (FY) $4.32 $0.30 $1.02 $0.75 $0.13 $3.22 $0.17 $0.72 $0.78 $0.17 $0.67 $0.18 $3.45 ComEd $0.78 PECO ExGen $1.88 $0.39 HoldCo/Other 2006 2007 2006 2007 GAAP GAAP $0.87 $0.84 $2.35 $4.05 EPS EPS Exelon’s strong performance in the fourth quarter was drive
Slide 4: Exelon Generation Operating EPS Contribution
Exelon Generation Operating EPS Contribution Key Drivers – Q4 ’07 vs. Q4 ’06* $3.45 Higher wholesale margins • Favorable market and portfolio conditions • End of the below-market PPA with ComEd $1.88 • Contractual price increase associated with the PECO PPA Rebalancing of nuclear $0.78 decommissioni
Slide 5: ComEd Operating EPS Contribution
ComEd Operating EPS Contribution Key Drivers – Q4 ’07 vs. Q4 ’06* $0.78 End of the regulatory transition period in IL Labor-related inflation and uncollectible accounts expense Increased distribution revenues (December 2006 ICC Rate Order) $0.30 Increased transmission revenues (2007 Transmission Rat
Slide 6: PECO Operating EPS Contribution
PECO Operating EPS Contribution $0.75 Key Drivers – Q4 ’07 vs. Q4 ’06* $0.67 Scheduled CTC amortization Uncollectible accounts expense Favorable weather and load growth $0.18 $0.17 Q4 FY 2006 2007 *Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliat
Slide 7: 2008 Outlook
2008 Outlook 2008 EPS Guidance (1) Key Drivers 2007 – 2008 Operating EPS: $4.00 -$4.40 Market conditions GAAP EPS: $3.70 - $4.10 Nuclear volume Inflationary pressures $4.00 - $4.40 Exelon $0.35 - $0.40 ComEd PECO CTC amortization $0.55 - $0.60 PECO Weather Load growth ComEd transmission settlement $
Slide 8: Exelon Generation 2008 EPS Contribution
Exelon Generation 2008 EPS Contribution $ / Share $3.45 ($0.09) $3.15 - $3.45 $(0.15) $(0.02) $0.13 $(0.03) RNF O&M Depreciation Interest Other (2) Expense Key Items: Nuclear volume: $(0.10) Nuclear fuel expense: $(0.06) State Line buyout: $(0.03) Market / portfolio: $0.12 Key Items: Inflation: $(0.
Slide 9: ComEd 2008 EPS Contribution
ComEd 2008 EPS Contribution $ / Share $0.04 ($0.02) $(0.03) $0.19 $(0.08) Depreciation / O&M $0.35 - $0.40 Amortization Interest Expense Other $0.30 ($0.04) Key Items: Storms: $0.03 Uncollectible accounts: $0.02 Weather RNF Key Items: Income tax settlements: $(0.07) Key Items: Distribution case (2):
Slide 10: PECO 2008 EPS Contribution
PECO 2008 EPS Contribution $ / Share $0.75 ($0.03) $0.01 ($0.03) ($0.08) Weather RNF O&M $0.02 ($0.06) $0.55 - $0.60 CTC Interest Amortization / Expense Other Depreciation Key Items: Tax settlements: $(0.08) 2007 2008 (1) $507M $360M - $400M PECO’s operating earnings are expected to decrease in 2008
Slide 11: Market Price Snapshot
Market Price Snapshot As of December 31, 2007. Source: OTC quotes and electronic trading system. Quotes are daily. 9.4 Forward NYMEX Natural Gas 90 PJM-West and Ni-Hub On-Peak 9.2 Forward Prices 2009 PJM-West 85 9 8.8 80 8.6 2009 75 8.4 2008 PJM-West 2009 Ni-Hub 8.2 70 8 65 7.8 2008 7.6 60 2008 Ni-H
Slide 12: Market Price Snapshot
Market Price Snapshot As of December 31, 2007. Source: OTC quotes and electronic trading system. Quotes are daily. Houston Ship Channel Natural Gas 74 ERCOT North ATC Forward Prices 9 Forward Prices 72 70 8.5 68 2009 66 2009 8 64 62 7.5 2008 60 58 2008 7 56 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Se
Slide 13: Appendix – GAAP Reconciliation
Appendix – GAAP Reconciliation 13
Slide 14: GAAP EPS Reconciliation Three Months Ended December 31, 2006
GAAP EPS Reconciliation Three Months Ended December 31, 2006 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon Q4 2006 GAAP Earnings Per Share $0.36 $0.31 $0.18 $0.02 $0.87 Mark-to-market adjustments from economic hedging activities 0.03 - - - 0.03 Investments in synthetic fuel-producing facilities - -
Slide 15: GAAP EPS Reconciliation Three Months Ended December 31, 2007
GAAP EPS Reconciliation Three Months Ended December 31, 2007 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon Q4 2007 GAAP Earnings Per Share $0.52 $0.10 $0.17 $0.05 $0.84 Mark-to-market adjustments from economic hedging activities 0.03 - - - 0.03 2007 Illinois electric rate settlement 0.27 0.01 - - 0.
Slide 16: 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 (0.09) - - - (0.09) activities Investments in synthetic fuel-producing facilities
Slide 17: GAAP EPS Reconciliation Year Ended December 31, 2007
GAAP EPS Reconciliation Year Ended December 31, 2007 ExGen (1) ComEd (1) PECO (1) Other (1) Exelon 2007 GAAP Earnings Per Share $3.01 $0.25 $0.75 $0.04 $4.05 Mark-to-market adjustments from economic hedging activities 0.15 - - - 0.15 2007 Illinois electric rate settlement 0.38 0.03 - - 0.41 Investme