Slide 1: Earnings Conference Call 1st Quarter 2008
Earnings Conference Call 1 Quarter 2008 April 24, 2008 st Exhibit 99.2
Slide 2: Exelon is uniquely positioned to create sustainable value
Exelon is uniquely positioned to create sustainable value Sustainable Value • Continued strong financial and operating performance, and long- term earnings growth driven by unregulated generation • Largest, lowest-cost nuclear fleet in the US, all in competitive markets • Executing regulatory recove
Slide 3: Exelon Operating EPS, 1st Quarter
$0.91 $0.73 $0.19 $0.15 $0.07 Exelon’s decrease in Q1 2008 earnings was driven by lower earnings at Generation, as expected, and PECO, partially offset by higher earnings at ComEd HoldCo/Other ExGen PECO ComEd $0.01 Exelon Operating EPS $0.93 1st Quarter (Q1) Refer to Earnings Release Attachments fo
Slide 4: Exelon Generation Operating EPS
2008 Exelon Generation Operating EPS Contribution 1Q08 $0.91 $0.73 Key Drivers – Q1 ’08 vs. Q1 ’07* Nuclear outages Realized losses in NDTs related to tax planning 2007 PJM settlement Higher wholesale margins *Refer to the Earnings Release Attachments for additional details and to the Appendix for a
Slide 5: ComEd Operating EPS Contribution
2008 Key Drivers – Q1 ’08 vs. Q1 ’07* Increased transmission revenues (2007 Transmission Rate Case) Weather Illinois Distribution Tax refund Interest expense ComEd Operating EPS Contribution $0.01 *Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliat
Slide 6: ComEd Rate Case Update
ComEd Rate Case Update Comparison of ComEd’s informational revenue increase of $314 million to ICC Staff recommendation of $269 million: (5) $6,707 $6,753 Rate Base (3) Depreciation and Amortization $(45) Difference in Revenue Increase (6) Other O&M Expenses (8) A&G Expenses $(23) 10.30% ROE / 45.04
Slide 7: PECO Operating EPS Contribution
2008 1Q08 PECO Operating EPS Contribution Key Drivers – Q1 ’08 vs. Q1 ’07* Scheduled CTC amortization Weather Uncollectible accounts expense $0.19 $0.15 *Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to
Slide 8: 2008 Outlook
$0.55 - $0.60 $3.15 - $3.45 $0.35 - $0.40 We are reaffirming FY08 EPS guidance of $4.00 to $4.40 and expect Q2 earnings to be 22% to 25% of full year earnings 2008 Outlook (1) $4.00 - $4.40 2008 EPS Guidance (1) Operating EPS: $4.00 - $4.40 GAAP EPS: $3.70 - $4.10 ComEd PECO Exelon Generation HoldCo
Slide 9: Market Price Snapshot
Market Price Snapshot As of March 31, 2008. Source: OTC quotes and electronic trading system. Quotes are daily. Forward NYMEX Natural Gas PJM-West and Ni-Hub On-Peak Forward Prices PJM-West On-Peak Implied Heat Rate Ni-Hub On-Peak Implied Heat Rate 2009 PJM-West 2010 PJM-West 2010 Ni-Hub 2009 Ni-Hub
Slide 10: Market Price Snapshot
Market Price Snapshot As of March 31, 2008. Source: OTC quotes and electronic trading system. Quotes are daily. Houston Ship Channel Natural Gas Forward Prices ERCOT North ATC Forward Prices ERCOT North ATC v. Houston Ship Channel Implied Heat Rate 7.1 7.6 8.1 8.6 9.1 9.6 7.5 7.7 7.9 8.1 8.3 8.5 8.7
Slide 11: GAAP EPS Reconciliation
GAAP EPS Reconciliation $1.02 ($0.01) $0.19 $0.01 $0.83 Q1 2007 GAAP Earnings (Loss) Per Share $1.07 ($0.04) $0.19 $0.01 $0.91 2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share 0.01 - - - 0.01 Settlement of a tax matter at Generation related to Sithe 0.01 - - - 0.01 Sale of Generation's i