Slide 1: Earnings Conference Call 2nd Quarter 2008
EXHIBIT 99.2 Earnings Conference Call 2nd Quarter 2008 July 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: Strategic Direction
Strategic Direction Protect Today’s Value + Grow Long-Term Value • Deliver superior operating • Drive the organization to the next performance level of performance • Advance competitive markets • Set the industry standard for low • Protect the value of our generation carbon energy generation and del
Slide 4: Exelon Operating EPS
Exelon Operating EPS 2nd Quarter (Q2) Year-to-Date (YTD) $2.10 $1.13 $0.07 $2.06 $1.03 $0.05 $0.12 $0.09 $0.33 $0.06 $0.23 $0.14 $1.01 $1.77 $1.74 $0.87 ComEd PECO ExGen HoldCo/Other 2007 2008 2007 2008 $1.03 $1.13 GAAP EPS $2.05 $2.01 Exelon’s increase in Q2 2008 earnings was driven by higher earni
Slide 5: Exelon Generation Operating EPS Contribution
Exelon Generation Operating EPS Contribution Key Drivers – Q2 ’08 vs. Q2 ’07* Higher nuclear output and wholesale $1.77 energy margins – $0.09 $1.74 Proprietary trading activities – $0.04 Uranium contract settlement – $0.04 Inflationary pressures on labor and contracting – ($0.01) $1.01 $0.87 Other,
Slide 6: Market Price Snapshot
Market Price Snapshot Rolling 12 months, as of July 18, 2008. Source: OTC quotes and electronic trading system. Quotes are daily. 12.7 Forward NYMEX Natural Gas PJM-West and Ni-Hub On-Peak 12.2 110 Forward Prices 2009 PJM-West 2009 11.7 100 11.2 10.7 90 10.2 2010 PJM-West 2010 9.7 80 2009 Ni-Hub 9.2
Slide 7: Market Price Snapshot
Market Price Snapshot Rolling 12 months, as of July 18, 2008. Source: OTC quotes and electronic trading system. Quotes are daily. 12.5 Houston Ship Channel Natural Gas 90 ERCOT North ATC Forward Prices 12 Forward Prices 85 2009 11.5 2009 11 80 10.5 10 75 2010 9.5 70 9 2010 8.5 65 8 7.5 60 7/07 8/07
Slide 8: ComEd Operating EPS Contribution
ComEd Operating EPS Contribution Key Drivers – Q2 ’08 vs. Q2 ’07* Weather – ($0.02) $0.12 Storm costs – ($0.01) Inflationary pressures on labor and contracting – ($0.01) Transmission revenue – $0.02 $0.07 $0.06 Other – $0.01 $0.05 2Q YTD 2007 2008 *Refer to the Earnings Release Attachments for addit
Slide 9: PECO Operating EPS Contribution
PECO Operating EPS Contribution Key Drivers – Q2 ’08 vs. Q2 ’07* $0.33 Uncollectible accounts expense – ($0.05) CTC amortization – ($0.02) $0.23 Taxes other than income – $0.01 Other – $0.01 $0.14 $0.09 2Q YTD 2007 2008 *Refer to the Earnings Release Attachments for additional details and to the App
Slide 10: Financial Take-Aways from the Quarter
Financial Take-Aways from the Quarter Q2 operating results of $1.13/share indicative of strong Generation fundamentals: Exceptional nuclear operations – 95.8% capacity factor Higher average realized energy margins O&M and capital on plan for the year, but facing inflationary pressures (1) Strong cas
Slide 11: Appendix
Appendix Exelon. 11
Slide 12: ComEd Rate Case Update
ComEd Rate Case Update Comparison of ComEd’s revenue increase of $345 million(1) to ALJ Proposed Order of $218 million: Impact on (Docket No. 07-566) ALJ Proposed Proposed Order Revenue ($ in millions) ComEd Position (1) (7/10/08) Increase ROE/Cap Structure 10.75% ROE / 10.30% ROE / ($23) 45.04% Equ
Slide 13: Q2 GAAP EPS Reconciliation
Q2 GAAP EPS Reconciliation Three Months Ended June 30, 2007 ExGen ComEd PECO Other Exelon 2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $0.87 $0.06 $0.14 ($0.04) $1.03 Mark-to-market adjustments from economic hedging activities (0.02) - - - (0.02) Investments in synthetic fuel-produci
Slide 14: YTD GAAP EPS Reconciliation
YTD GAAP EPS Reconciliation Six Months Ended June 30, 2007 ExGen ComEd PECO Other Exelon 2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $1.77 $0.07 $0.33 $(0.07) $2.10 Mark-to-market adjustments from economic hedging activities (0.12) - - - (0.12) Investments in synthetic fuel-producin