Slide 1: Earnings Conference Call 3rd Quarter 2015
Exhibit 99.2 Earnings Conference Call rd 3 Quarter 2015 October 30, 2015
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: Delivering Value through Strong Financial and Operational Performance
Delivering Value through Strong Financial and Operational Performance Exelon: On track for best year of earnings since 2012 Q3 earnings of $0.83 per share, 6% higher than the same quarter last year Raising full-year guidance to $2.40 to $2.60 per share despite delay in closing Pepco Exelon Utilities
Slide 4: Aligning our Hedging Strategy with Our Fundamental Views
Aligning our Hedging Strategy with Our Fundamental Views NiHubMarket versus Fundamental View 2017: Maintaining a More Open Position Across ($/MWh) Entire Portfolio $32 60% $31 55% 50% $30 45% $29 40% $28 35% 30% $27 25% $26 20% 2016 2017 Q4-14 Q1-15 Q2-15 Q3-15 NiHub Market 9/30 NiHub Forecast 9/30
Slide 5: Exelon Generation: Gross Margin Update
Exelon Generation: Gross Margin Update September 30, 2015 Change from June 30, 2015 (1) Gross Margin Category ($M) 2015 2016 2017 2015 2016 2017 (3) Open Gross Margin (including South, West, Canada hedged gross $5,150 $5,650 $5,800 $(100) $(50) $50 margin) (3,4) Mark-to-Market of Hedges $2,200 $1,20
Slide 6: Key Financial Messages
Key Financial Messages Q3 2015 Adjusted Operating EPS(1,2) 2015 Full-Year Guidance(3.4) $0.83 $2.40 - $2.60 (1) BGE $0.06 $2.25 - $2.55 (1) $0.25 - $0.35 BGE PECO $0.10 BGE$0.20 - $0.30 $0.35 - $0.45 PECO PECO$0.35 - $0.45 ComEd $0.17 $0.45 - $0.55 ComEd ComEd$0.45 - $0.55 ExGen $0.55 $1.35 - $1.45
Slide 7: 2015 Projected Sources and Uses of Cash
2015 Projected Sources and Uses of Cash Total Exelon Cash ($ in millions) (1) BGE ComEd PECO ExGen Corp (6) Utilities 2015E Balance Beginning Cash Balance(2) 3,575 (1) All amounts rounded to the nearest (3) Adjusted Cash Flow from Operations 650 2,175 700 3,550 3,325 (50) 6,800 $25M. Figures may not
Slide 8: Exelon Generation Disclosures
Exelon Generation Disclosures September 30, 2015 8 Q3 2015 Earnings Release Slides
Slide 9: Portfolio Management Strategy
Portfolio Management Strategy Strategic Policy Alignment Three-Year Ratable Hedging Bull / Bear Program •Aligns hedging program with •Ensure stability in near-term cash •Ability to exercise fundamental market financial policies and financial flows and earnings views to create value within the ratabl
Slide 10: Components of Gross Margin Categories
Components of Gross Margin Categories Gross margin from Gross margin linked to power production and sales other business activities Open Gross MtM of “Power” New “Non-Power” “Non-Power” Margin Hedges(2) Business Executed New Business •Generation Gross •Mark-to-Market •Retail, Wholesale •Retail, Whol
Slide 11: ExGen Disclosures
ExGen Disclosures (1) Gross Margin Category ($M) 2015 2016 2017 (3) Open Gross Margin(including South, West & Canada hedged GM) $5,150 $5,650 $5,800 (3,4) Mark-to-Market of Hedges $2,200 $1,200 $750 Power New Business / To Go $50 $500 $800 Non-Power Margins Executed $400 $200 $100 Non-Power New Busi
Slide 12: ExGen Disclosures
ExGen Disclosures Generation and Hedges 2015 2016 2017 (1) Exp. Gen (GWh) 186,700 199,400 205,300 Midwest 96,600 97,300 95,700 (2) 61,700 63,100 61,200 Mid-Atlantic ERCOT 11,600 17,200 26,400 (2) 9,300 9,300 9,200 New York New England 7,500 12,500 12,800 (3) % of Expected Generation Hedged 97%-100%
Slide 13: ExGen Hedged Gross Margin Sensitivities
ExGen Hedged Gross Margin Sensitivities (1) Gross Margin Sensitivities (With Existing Hedges) 2015 2016 2017 Henry Hub Natural Gas ($/Mmbtu) + $1/Mmbtu - $110 $445 - $1/Mmbtu $20 $(115) $(430) NiHub ATC Energy Price + $5/MWh - $100 $275 - $5/MWh - $(95) $(275) PJM-W ATC Energy Price + $5/MWh - $45 $
Slide 14: ExGen Hedged Gross Margin Upside/Risk
ExGen Hedged Gross Margin Upside/Risk 11,000 10,500 10,000 9,500 $9,050 9,000 8,500 $8,250 8,000 $7,900 7,500 $7,800 7,000 $7,350 6,500 $6,900 6,000 5,500 5,000 2015 2016 2017 (1) Represents an approximate range of expected gross margin, taking into account hedges in place, between the 5th and 95th
Slide 15: Illustrative Example of Modeling Exelon Generation 2016 Gross Margin
Illustrative Example of Modeling Exelon Generation 2016 Gross Margin (1) Mark-to-market rounded to the nearest $5 million (2) Total Gross Margin (Non-GAAP) is defined as operating revenues less purchased power and fuel expense, excluding revenue related to decommissioning, gross receipts tax, Exelon
Slide 16: Additional Disclosures
Additional Disclosures 16 Q3 2015 Earnings Release Slides
Slide 17: Exelon Utilities Adjusted Operating EPS Contribution
Exelon Utilities Adjusted Operating EPS Contribution(1) BGE PECO ComEd Key Drivers – 3Q15 vs. 3Q14: $0.33 BGE(+0.01): • Increased distribution revenue due to increased rates and $0.29 $0.06 lower storm costs: $0.01 $0.05 PECO(+0.01): $0.10 • Favorable weather: $0.02 $0.09 ComEd(+0.02) (2): • Favorab
Slide 18: ExGen Adjusted Operating EPS Contribution
(1) ExGen Adjusted Operating EPS Contribution Key Drivers – 3Q15 vs. 3Q14: 2014 2015 ExGen(+0.05) $0.55 • Increased RNF primarily due to the benefit of lower cost to serve $0.50 load in the Mid-Atlantic, Midwest, and New England regions and the benefit from Integrysacquisition, partially offset by t
Slide 19: ComEd April 2015 Distribution Formula Rate
ComEd April 2015 Distribution Formula Rate The 2015 distribution formula rate filing establishes the net revenue requirement used to set the rates that will take effectin January 2016 after the Illinois Commerce Commission's (ICC’s) review. There are two components to the annual distribution formula
Slide 20: PECO Electric Distribution Rate Case & Proposed Settlement
PECO Electric Distribution Rate Case & Proposed Settlement Docket # R-2015-2468981 Test Year 2016 Calendar Year RequestedRevenue Requirement $190M RequestedCommon Equity Ratio(1) 53.36% Requested Rate of Return ROE: 10.95%; ROR: 8.19% Proposed Rate Base $4.1B ProposedRevenue Requirement SettlementIn
Slide 21: PECO Electric LTIIP System 2020
PECO Electric LTIIP S - ystem 2020 • PECO filed its Electric Long Term Infrastructure Improvement Plan (“LTIIP”) along with its associated recovery mechanism the Distribution System Improvement Charge (“DSIC”) on March 27, 2015 (with Electric Distribution Rate Case) o LTIIP includes $275 million in
Slide 22: Exelon Utilities Load
Exelon Utilities Load All Customers Residential Small C&I Large C&I ComEd PECO BGE 0.7% 1.2% 0.5% 0.2% 1.0% 0.2% 0.3% 0.1% 0.1% 0.1% 0.5% 0.0% (0.1%)0.0% 0.1% (0.1%) (0.3%) (0.7%) (0.8%) (1.3%) (0.6%) (0.8%) (1.2%) (1.6%) 2014 2015E 2014 2015E 2014 2015E Chicago GMP 2.1% Philadelphia GMP 1.8% Baltim
Slide 23: Appendix: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures 23 Q3 2015 Earnings Release Slides
Slide 24: 3Q GAAP EPS Reconciliation
3Q GAAP EPS Reconciliation Three Months Ended September 30, 2014 ExGen ComEd PECO BGE Other Exelon 2014 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $0.50 $0.15 $0.09 $0.05 $(0.01) $0.78 Mark-to-market impact of economic hedging activities 0.19 - - - - 0.18 Unrealized losses related to ND
Slide 25: 3Q YTD GAAP EPS Reconciliation
3Q YTD GAAP EPS Reconciliation Nine Months Ended September 30, 2014 ExGen ComEd PECO BGE Other Exelon 2014 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $1.07 $0.39 $0.30 $0.17 $(0.02) $1.91 Mark-to-market impact of economic hedging activities (0.34) - - - - (0.34) Unrealized gains related
Slide 26: 3Q YTD GAAP EPS Reconciliation (continued)
3Q YTD GAAP EPS Reconciliation (continued) Nine Months Ended September 30, 2015 ExGen ComEd PECO BGE Other Exelon 2015 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share $1.26 $0.39 $0.34 $0.23 $(0.09) $2.13 Mark-to-market impact of economic hedging activities 0.18 - - - - 0.18 Unrealized losse
Slide 27: GAAP to Operating Adjustments
GAAP to Operating Adjustments • Exelon’s 2015 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: Mark-to-market adjustments from economic hedging activities Unrealized gains and losses from NDT fund investments to the extent not offset by contractual accounting as
Slide 28: ExGen Total Gross Margin Reconciliation to GAAP
ExGenTotal Gross Margin Reconciliation to GAAP TotalGross Margin Reconciliation (in $M) (4) 2015 2016 2017 (1)(5) Revenue Net of Purchased Power and Fuel Expense $8,350 $8,350 $8,300 Other Revenues(2) $(200) $(250) $(250) Direct cost of sales incurred to generate revenues for certain $(300) $(300) $