Slide 1: Spring 2026 Investor Meetings
Spring 2026 Investor Meetings
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 federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “pr
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including:
Slide 4: Who is Exelon?
Who is Exelon? 6 T&D-only utilities 4.2 million 1.4 million 1.7 million 0.6 million Operate within seven regulatory jurisdictions Electric customers Electric customers Electric customers Electric customers 4 major metro areas served 2025 Rate Base: $22.4B 0.7 million 0.6 million 0.1 million Chicago,
Slide 5: Premier Utility by Scope and Scale
Premier Utility by Scope and Scale One of the Largest Utilities by Customer Count(1) 12.8 10.9 10.5 10.3 9.0 7.0 6.4 6.1 6.0 5.7 5.4 4.8 4.6 4.3 4.1 3.1 Peer A EXC Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Peer M Peer N Peer O One of the Largest Transmission & Dist
Slide 6: Positioned for Resilient and Reliable Growth
Positioned for Resilient and Reliable Growth Consistent Growth, Long-Term Value Attractive Risk Adjusted Return Size and scale Disciplined and defensive foundation, with credible Pure T&D-only utility spanning seven regulatory jurisdictions. Significant cost and opportunities for sustainable growth
Slide 7: Diverse, Fully Regulated Energy Company
Diverse, Fully Regulated Energy Company Serving Large Urban Areas Across Fully Regulated Transmission and Distribution Seven Regulatory Jurisdictions FERC Transmission IL 20% 28% Electric Distribution Gas Delivery 12% 66% ~$68.1B(1) ~$68.1B(1) 3% Other(2) DE 3% 21% MD 4% NJ 20% 5% Electric DC Transm
Slide 8: Best-in-Class Operations
Best-in-Class Operations Industry-Leading T&D Operator Delivering a Strong Customer Experience Top Decile(1) Top Quartile(1) Top Quartile(1) Top Decile(1) 1.00 8.05 8.04 0.98 0.95 0.90 7.97 7.95 7.92 7.91 7.77 0.76 7.74 7.73 0.69 Better 0.66 0.66 Better 0.55 0.51 7.69 Peer F Peer G Peer F Peer G Pee
Slide 9: Driving Affordability and Value for our Communities
Driving Affordability and Value for our Communities O&M* Growth Well Below Inflation Advancing Customer and Community Equity 5.2 Managing Our Operations and Costs O&M* Grown at Inflation (CPI)(1) 5.0 • Saved over $1B in avoided outage costs in 2025 O&M* Grown at Smoothed Inflation (CPI)(1) 4.8 EXC A
Slide 10: Alternative Regulatory Mechanisms Across Variety of Jurisdictions
Alternative Regulatory Mechanisms Across Variety of Jurisdictions Estimated Rate Base Growth through 2029 of $22.8B(1) 2025 Rate Base Composition 16% BGE PECO 18% 8% 22% 2% 8% 45% 21% 26% 35% PHI ComEd Multi-Year Plan Fully Projected Future Test Year Transmission Formula Traditional Base Rates Track
Slide 11: Exelon is an Industry Leader in Sustainability
Exelon is an Industry Leader in Sustainability Environmental Social Governance NET-ZERO CLIMATE GOAL INCLUSIVE, INNOVATIVE, AND STRONG CORPORATE GOVERNANCE • No owned generation supply REWARDING WORKPLACE ACROSS THE ORGANIZATION • Targeting a reduction of our operations-driven • Employed more than 2
Slide 12: Sustainable Value as the Premier T&D Energy Company
Sustainable Value as the Premier T&D Energy Company Consistent Growth, Long-Term Value Customer rates 19% Top quartile SAIFI & SAIDI Consistent track record of Operational Excellence Customer-Focused Financial Execution Talented, Committed Employees 100+ workforce below largest U.S. cities(1) perfor
Slide 13: Financial Outlook
Financial Outlook 13
Slide 14: Investment Plan Supports Growing Customer Needs
Investment Plan Supports Growing Customer Needs 4-year capital investment(1) profile drives benefits for our customers... Plan-over-Plan Drivers $41.7B Capital Investments align with jurisdictional priorities and $38.0B $3.6B $34.5B approved rate cases. $31.3B $29.0B ▪ Plan-over-plan increases suppo
Slide 15: Industry Trends Drive Growing Transmission Needs
Industry Trends Drive Growing Transmission Needs of identified transmission opportunity beyond the plan, with competitive projects offering $12-17B further upside, reinforcing Exelon’s enduring role in ensuring a resilient and reliable grid for the nation’s economy, while supporting customer afforda
Slide 16: Exelon is Well-Positioned for Transmission Solutions
Exelon is Well-Positioned for Transmission Solutions Continued investment and an expansive footprint… …support Exelon’s competitive edge for transmission opportunities Transmission CapEx ($M)(1) ➢ 1 of 4 U.S. 765kV transmission operators with decades of experience 16,300 ➢ 11,197 Transmission Lines
Slide 17: Significant Opportunity to Leverage Leading Transmission Network
Significant Opportunity to Leverage Leading Transmission Network to Meet the Nation’s Energy Needs Among the Largest Investors in Transmission ($B)(1) 6.0 4.1 3.8 3.8 3.2 3.1 2.7 2.3 2.0 1.4 1.0 1.0 0.9 0.8 Peer A Peer B Peer C EXC Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Peer
Slide 18: Premium Customer Experience at Competitive Rates
Premium Customer Experience at Competitive Rates Above Average Value at Below Average Rates Disciplined, Below-Inflation O&M* $ in millions ~33% Adjusted O&M ($M)*(4) ~2.0% Customer rates Improvement in reliability through grid investment(1) 19% below $4,600 2.3% $4,650 $4,675 largest U.S. cities(2)
Slide 19: Long-Term Earnings Growth Supports Sustainable Dividend Growth
Long-Term Earnings* Growth Supports Sustainable Dividend Growth Targeting 5-7% Adjusted Operating Earnings* Projected Dividend Payout(4) CAGR from 2025-2029(1)(5) Expect ~60% dividend payout ratio, growing dividend at 5% 5-7% $2.81 – $2.91(3) $2.64 – $2.74(2) 5% $1.60 $1.68 2025E 2026E 2025A 2026E E
Slide 20: Adjusted Operating Earnings Guidance
Adjusted Operating Earnings* Guidance Adjusted Operating Earnings* Guidance(1) Key Year-over-Year Drivers $2.81 - $2.91(3) $2.64 - $2.74(2) Incremental revenues from customer- focused investments in utility infrastructure Incremental financing costs at HoldCo 2025 Original 2026 Original Guidance Gui
Slide 21: Operating Earnings Growth Outlook
Operating Earnings* Growth Outlook 2026 2027 2028 2029 Total YoY Growth Growth Above Midpoint Growth Near Top End of 5-7% Range(3) Relative to Range (1) of 5-7% Range(2) Growth Drivers 2026-2029(4) Distribution Transmission ▪ Growth in line with rate base ▪ Annual transmission updates occurring ▪ Ca
Slide 22: Strong Balance Sheet Provides Strategic and Financial Flexibility
Strong Balance Sheet Provides Strategic and Financial Flexibility Moody’s S&P Stable Platform with a Credit Supportive Value Proposition CFO (pre-WC) / Debt*(1) FFO / Debt*(1) ~14% ~14% ▪ Exelon’s scale, jurisdictional diversification, operational excellence, and effective ~13.5% 13%(2) ~13.0% recov
Slide 23: 2026-2029 Financing Plan
2026-2029 Financing Plan $ in billions 3.4 16.5 41.7 (6.6) 6.6 21.8 Adjusted Cash Debt Maturity Debt Refinance Debt Issuance(1) Equity Issuance(2) Utility Investment from Operations* 2026-2029 2026-2029 Capital expenditures are being funded in a balanced manner over the next several years Note: Fina
Slide 24: 2026 Financing Plan
2026 Financing Plan(1) Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $1,425 ($500) $1,425 - FMB $250 - $300 - FMB $100 - $100 - FMB $150 - $150 - FMB $750 - - $750 Senior Notes $950 ($350) - $950 Senior Notes / Other(3) $1,775 ($750) $1,775(3) - Equity(4) $850 - $85
Slide 25: Appendix
Appendix 25
Slide 26: 2026 Business Priorities and Commitments
2026 Business Priorities and Commitments Execute Plan Consistent and Reliable ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers Execution ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and innovation Focus on Customer ❖ Ca
Slide 27: Exelon is a Key Partner in Driving Economic Development
Exelon is a Key Partner in Driving Economic Development Validated by PJM, Proven by Execution 18 GW Commitments with Customer Protections Data Center Load in Northern IL(1) +24% Projected Data Center Growth in Exelon’s Footprint(2) 700 ~26% CAGR(1) 600 44 ~43 500 High Probablity Pipeline 42 ~9% CAGR
Slide 28: The Power of Impact: Growth and Progress in Our Communities
The Power of Impact: Growth and Progress in Our Communities June 27, 2025 September 24, 2025 January 6, 2026 IL: Elk Grove Substation MD: BGE, Ford, & Sunrun IL: ComEd Announces Expansion Vehicle-to-Grid Pilot New TSAs of 6.5+ GW July 15, 2025 September 30, 2025 January 16, 2026 IL: Itasca Substatio
Slide 29: Energy Security and Associated Policy is a Top Priority
Energy Security and Associated Policy is a Top Priority Regional Transmission Federal Agencies States Operator Shape large load policies to protect Facilitate supply in line with the pace of demand Adopt policies that promote economic customers, promote economic growth, and and solve near-term affor
Slide 30: Select 2026 Maryland Legislation in Focus
Select 2026 Maryland Legislation in Focus: Utility RELIEF Act (HB 1532 / SB 841)(1,2) Regulatory Reforms Transmission and Incentivizing Clean Large Load Oversight Energy Generation Prohibits the approval of forecast test years Mandates RTO participation Establishes annual competitive low-bid until t
Slide 31: Exelon Load Overview
Exelon Load Overview Load Growth Outlook (GWh)(1) Revenue Decoupling Mitigates Load Load Net of EE & Solar Impacts EE & Solar Impacts Load Before EE & Solar Impacts Fluctuations CAGR Gross 3.3% Non-Decoupled(3) Load(2) 0.8% PECO Decoupled Net 3.1% DPL DE (0.3%) DPL MD Load ACE Pepco ~76% of Exelon’s
Slide 32: Exelon's Annual Earned Operating ROEs
Exelon’s Annual Earned Operating ROEs* 9.6% 10.0% 9.7% 9.5% 9.4% 9.2% 9.4% 9.3% 8.7% 9.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Delivered 2025 operating ROE* within our 9-10% targeted range, executing within target since 2021 Note: Represents the twelve-month periods December 31, 2016-20
Slide 33: ComEd Overview
ComEd Overview Key State Policies & Goals Rate Recovery Overview Clean and Reliable Grid Affordability Act (CRGA) Distribution Energy Efficiency (EE) • Electric rates reflect a four-year cumulative multi- Expands EE programs and increases ComEd EE year plan (MYP) for 2024 to 2027 with an allowed bud
Slide 34: PECO Overview
PECO Overview Key State Policies & Goals Rate Recovery Overview Alternative Energy Portfolio Distribution Standards • Electric and gas rates based on fully projected future Requirement that a percentage of electricity test year, with new rates in effect in 2025 delivered each year comes from alterna
Slide 35: BGE Overview
BGE Overview Key State Policies & Goals Rate Recovery Overview Climate Solutions Now Act (CSNA) Distribution Targets 60% reduction in greenhouse gas emissions by 2031 and • Electric and gas rates reflect a three-year net-zero greenhouse gas emissions by 2045 cumulative multi-year plan (MYP) for 2024
Slide 36: Pepco Holdings Overview
Pepco Holdings Overview Territory Overview Key District/State Policies & Goals D.C. Climate Commitment Act ACE Promotes a wide range of policies that support the DC Climate Main City Electric Customers Action Plan, including carbon neutrality by 2045 Atlantic City, NJ 0.6 Million Delaware Climate Ch
Slide 37: Pepco Holdings Rate Recovery Overview
Pepco Holdings Rate Recovery Overview Pepco MD Pepco DC DPL MD DPL DE ACE Distribution Distribution Distribution Distribution Distribution • Electric rates reflect a one-year • Electric rates reflect a two-year • Electric rates(1) reflect a three- • Gas rates based on partially • Electric rates base
Slide 38: Utility Capex and Rate Base vs. Q4 2024 Disclosures
Utility Capex and Rate Base vs. Q4 2024 Disclosures Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) 9,725 9,725 9,475 10,575 10,500 10,675 9,075 9,900 950 950 925 9,250 875 850 850 7,550 975 1,000 975 1,000 2,550 3,475 3,400 3,125 3,325 4,375 4,350 4,250 2,275 1,450 5,100 5,550 5
Slide 39: ComEd Capital Expenditure Forecast
ComEd Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Rate Base Q1 2026 Capital Expenditures ($M) 2025: 35% of Total Exelon Rate Base 4,000 4,075 3,925 3,500 3,650 3,625 7% 3,225 3,375 1,475 1,625 1,450 3,200 1,100 1,400 1,175 925 950 975 21% $22.4B 2,400 2,525 2,425 2,475 2,450 2,450
Slide 40: PECO Capital Expenditure Forecast
PECO Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 22% of Total Exelon Rate Base 2,775 1,950 2,000 1,950 1,875 2,500 375 375 2,300 25% 375 350 2,175 375 375 2,000 400 325 400 925 200 250 350 350 825 200 450 800 $13.9B 10% 1,300 1,325
Slide 41: BGE Capital Expenditure Forecast
BGE Capital Expenditure Forecast Rate Base Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) 2025: 18% of Total Exelon Rate Base 2,000 2,050 2,175 1,900 2,100 1,850 500 525 1,850 525 425 1,750 525 525 1,650 31% 525 400 425 950 950 1,075 51% $11.3B 700 800 600 1,225 875 725 625 725
Slide 42: Pepco Holdings Consolidated Capital Expenditure Forecast
Pepco Holdings Consolidated Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 26% of Total Exelon Rate Base 2,325 2,225 2,175 2,175 50 2,150 2,125 50 2,150 2,050 100 2,050 50 4% 75 50 50 50 50 550 675 1,150 900 1,025 900 725 1,025 27% 92
Slide 43: ACE Capital Expenditure Forecast
ACE Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 6% of Total Exelon Rate Base 35% 525 575 500 500 450 500 400 450 475 $3.9B 225 275 350 275 225 225 125 175 250 65% 275 250 300 275 275 225 225 225 250 2025E 2026E 2027E 2028E 2025 202
Slide 44: DPL Capital Expenditure Forecast
DPL Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 7% of Total Exelon Rate Base 16% 775 725 50 700 50 675 50 625 600 600 50 575 575 50 50 50 75 100 375 425 $4.6B 350 275 250 225 55% 175 275 125 29% 325 300 300 325 325 325 275 300 275
Slide 45: Pepco Capital Expenditure Forecast
Pepco Capital Expenditure Forecast Q4 2024 Capital Expenditures ($M) Q1 2026 Capital Expenditures ($M) Rate Base 2025: 13% of Total Exelon Rate Base 1,050 1,025 1,050 1,000 975 975 1,000 950 975 23% 275 300 375 425 425 325 400 400 400 $8.4B 775 750 625 600 650 575 575 575 575 77% 2025E 2026E 2027E 2
Slide 46: Distribution Rate Case and Other Regulatory Updates
Distribution Rate Case and Other Regulatory Updates Open Base Rate Cases Revenue Req. Requested ROE / Expected Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Increase Equity Ratio Order Date Pepco MD CF IT RT EH IB RB FO Electric $119.9M 10.50% / 51.53% Aug 2026 DPL DE IT CF $47.6M 10.50% /
Slide 47: Pepco MD Distribution Rate Case Filing
Pepco MD Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9820 ▪ October 14, 2025, Pepco filed with the Maryland Public Service Commission (MD PSC) seeking an increase in base distribution rates Test Period 12 months actuals ▪ Pepco’s Traditional Test Year (TTY)(2) rate increase
Slide 48: DPL DE (Electric) Distribution Rate Case Filing
DPL DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 25-1555 ▪ December 9, 2025, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in electric distribution Test Period 6 months actuals + 6 months forecast b
Slide 49: Approved Electric Distribution Rate Case Financials
Approved Electric Distribution Rate Case Financials Revenue Requirement Common Rate Approved Electric Distribution Rate Case Financials Allowed ROE Increase/(Decrease) Equity Ratio Effective Date (1,2) ComEd (Electric) $1,045.0M 8.905% 50.0% Jan 1, 2024 (3) PECO (Electric) $290.0M N/A N/A Jan 1, 202
Slide 50: Approved Gas Distribution Rate Case Financials
Approved Gas Distribution Rate Case Financials Revenue Requirement Common Rate Approved Gas Distribution Rate Case Financials Allowed ROE Increase/(Decrease) Equity Ratio Effective Date (1) PECO (Gas) $78.0M N/A N/A Jan 1, 2025 (2,3) BGE (Gas) $228.8M 9.45% 52.00% Jan 1, 2024 (4) DPL DE (Gas) $21.5M
Slide 51: Approved Electric Transmission Formula Rate Financials
Approved Electric Transmission Formula Rate Financials Revenue Requirement Common Rate Approved Electric Transmission Formula Rate Financials Allowed ROE(1) Increase/(Decrease) Equity Ratio Effective Date(2) ComEd $127M 11.50% 54.56% Jun 1, 2025 PECO $22M 10.35% 54.27% Jun 1, 2025 BGE $35M 10.50% 53
Slide 52: Commission Overview
Commission Overview Illinois Pennsylvania Maryland District of Columbia Delaware New Jersey (1) Commissioners Doug Scott (D) (2029) Stephen DeFrank (D) (2030) Kumar Barve (D) (2028) Harold Gray (D) (2029) Christine Guhl-Sadovy (D) (2029) Name Michael Carrigan (D) (2030) Kim Barrow, Vice Chair (D) (2
Slide 53: Discrete Trackers and Other Recovery Mechanisms
Discrete Trackers and Other Recovery Mechanisms • Distribution System Improvement Charge (DSIC) tracker provides a mechanism to begin recovering gas and electric infrastructure investments for reliability every Delaware six months(1) • Significant Storm Expense Rider allows for the deferral of storm
Slide 54: Exelon's Path to Clean GHG Emission Reduction Strategy
Exelon’s Path to Clean GHG Emission Reduction Strategy 2020 2030 2050 Path to Clean Operations-Driven Emission Short-Term Reduction Goal Progress(1,2,3) Company Operations Fleet Vehicles Buildings(4) Projected Emissions Take actions to reduce operations-driven emissions by 50 percent by 2030 and SF6
Slide 55: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 3/31/26)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.0 $6.0 As of 03/31/2026 ComEd $0.0 $13.0 $13.0 ($M) PECO $0.0 $6.6 $6.6 PHI $0.1 $9.9 $10.0 Corp $0.5(3) $15.1 $15.6 Exelon $0.7 $50.6 $51.2 1,400 2,323 2,400 1,650 303 1,5
Slide 56: Q1 2026 QTD Adjusted Operating Earnings Waterfall
Q1 2026 QTD Adjusted Operating Earnings* Waterfall $0.01 Approved Distribution and Transmission Rates(1) $0.03 Approved Distribution Rates(1) $0.01 AFUDC ($0.01) Credit Loss Expense ($0.01) Income Taxes ($0.04) Timing of Distribution Earnings $0.01 Other ($0.01) Interest Expense $0.92 $0.91 ($0.02)
Slide 57: Exelon Adjusted Operating Earnings Sensitivities
Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2026E 2027E (1) Cost of Debt $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 19.5% 20.0% Exelon Consolidated Cash Tax Rate(2) 2.9% 4.2% (1) Reflects full year impact to a +50bp increase on Corporate debt net
Slide 58: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 58
Slide 59: Projected Non-GAAP Operating Earnings Adjustments
Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2026 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Costs related to Pepco’s regulatory matters. 59
Slide 60: Credit Metric GAAP to Non-GAAP Reconciliations
Credit Metric GAAP to Non-GAAP Reconciliations(1) (2) (3) S&P FFO/Debt = FFO (a) Moody’s CFO (Pre-WC)/Debt = CFO (Pre-WC) (c) Adjusted Debt (b) Adjusted Debt (d) S&P FFO Calculation(2) Moody’s CFO (Pre-WC) Calculation(3) GAAP Operating Income Cash Flow From Operations + Depreciation & Amortization +
Slide 61: Q1 QTD GAAP EPS Reconciliation
Q1 QTD GAAP EPS Reconciliation Three Months Ended March 31, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.30 $0.27 $0.29 $0.16 ($0.13) $0.90 Regulatory matters - - - 0.01 - 0.01 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.30 $0.27 $0.29 $0.18 ($0.13)
Slide 62: FY 2025 GAAP EPS Reconciliation
FY 2025 GAAP EPS Reconciliation Twelve Months Ended December 31, 2025 ComEd PECO BGE PHI Other Exelon 2025 GAAP earnings (loss) per share $1.13 $0.80 $0.57 $0.79 ($0.56) $2.73 Regulatory matters 0.03 - - - - 0.03 2025 Adjusted (non-GAAP) operating earnings (loss) per share $1.16 $0.80 $0.57 $0.79 ($
Slide 63: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)(1) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Income (GAAP) $1,103 $1,704 $1,836 $2,065 $1,737 $2,225 $2,501 $2,740 $2,899 $3,352 Operating Exclusions $461 ($24) $32 $30 $246 $82 $96 $60 $44 $30 Adjusted Operati
Slide 64: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
Slide 65: C\ exelon’
C\ exelon’