10-K – 2026-02-12 – exc-20251231.htm

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2025
  or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission
File Number Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number IRS Employer Identification Number

001-16169 EXELON CORPORATION 23-2990190
(a Pennsylvania corporation)
10 South Dearborn Street
P.O. Box 805379
Chicago , Illinois 60680-5379
(800)   483-3220

001-01839 COMMONWEALTH EDISON COMPANY 36-0938600
(an Illinois corporation)
10 South Dearborn Street
Chicago , Illinois 60603-2300
(312)   394-4321

000-16844 PECO ENERGY COMPANY 23-0970240
(a Pennsylvania corporation)
2301 Market Street
P.O. Box 8699
Philadelphia , Pennsylvania 19101-8699
(215)   841-4000

001-01910 BALTIMORE GAS AND ELECTRIC COMPANY 52-0280210
(a Maryland corporation)
2 Center Plaza
110 West Fayette Street
Baltimore , Maryland 21201-3708
(410) 234-5000

001-31403 PEPCO HOLDINGS LLC 52-2297449
(a Delaware limited liability company)
701 Ninth Street, N.W.
Washington , District of Columbia 20068-0001
(202) 872-2000

001-01072 POTOMAC ELECTRIC POWER COMPANY 53-0127880
(a District of Columbia and Virginia corporation)
701 Ninth Street, N.W.
Washington , District of Columbia 20068-0001
(202) 872-2000

001-01405 DELMARVA POWER & LIGHT COMPANY 51-0084283
(a Delaware and Virginia corporation)
500 North Wakefield Drive
Newark , Delaware 19702-5440
(202) 872-2000

001-03559 ATLANTIC CITY ELECTRIC COMPANY 21-0398280
(a New Jersey corporation)
500 North Wakefield Drive
Newark , Delaware 19702-5440
(202) 872-2000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
EXELON CORPORATION:
Common Stock, without par value EXC The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class
COMMONWEALTH EDISON COMPANY:
Common Stock Purchase Warrants (1971 Warrants and Series B Warrants)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Exelon Corporation Yes ☐ No x
Commonwealth Edison Company Yes ☐ No x
PECO Energy Company Yes x No ☐
Baltimore Gas and Electric Company Yes x No ☐
Pepco Holdings LLC Yes ☐ No x
Potomac Electric Power Company Yes ☐ No x
Delmarva Power & Light Company Yes ☐ No x
Atlantic City Electric Company Yes ☐ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Exelon Corporation Yes ☐ No x
Commonwealth Edison Company Yes ☐ No x
PECO Energy Company Yes ☐ No x
Baltimore Gas and Electric Company Yes ☐ No x
Pepco Holdings LLC Yes ☐ No x
Potomac Electric Power Company Yes ☐ No x
Delmarva Power & Light Company Yes ☐ No x
Atlantic City Electric Company Yes ☐ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ý     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes    ý     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Exelon Corporation Large Accelerated Filer x Accelerated Filer ☐
Non-accelerated Filer ☐
Smaller Reporting Company ☐
Emerging Growth Company ☐

Commonwealth Edison Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

PECO Energy Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

Baltimore Gas and Electric Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

Pepco Holdings LLC Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

Potomac Electric Power Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

Delmarva Power & Light Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

Atlantic City Electric Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.  x
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   ☐   No   x
The estimated aggregate market value of the voting and non-voting common equity held by nonaffiliates of each registrant as of June 30, 2025 was as follows:

Exelon Corporation Common Stock, without par value $ 43,835,664,870
Commonwealth Edison Company Common Stock, $12.50 par value No established market
PECO Energy Company Common Stock, without par value None
Baltimore Gas and Electric Company, without par value None
Pepco Holdings LLC Not applicable
Potomac Electric Power Company None
Delmarva Power & Light Company None
Atlantic City Electric Company None

The number of shares outstanding of each registrant’s Common stock as of January 31, 2026 was as follows:

Exelon Corporation Common Stock, without par value 1,022,892,585  
Commonwealth Edison Company Common Stock, $12.50 par value 127,021,422  
PECO Energy Company Common Stock, without par value 170,478,507  
Baltimore Gas and Electric Company Common Stock, without par value 1,000  
Pepco Holdings LLC Not applicable
Potomac Electric Power Company Common Stock, $0.01 par value 100  
Delmarva Power & Light Company Common Stock, $2.25 par value 1,000  
Atlantic City Electric Company Common Stock, $3.00 par value 8,546,017  

Documents Incorporated by Reference

Portions of the Exelon Proxy Statement for the 2026 Annual Meeting of Shareholders and the Commonwealth Edison Company 2026 Information Statement are incorporated by reference in Part III.

PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are therefore filing this Form in the reduced disclosure format.

TABLE OF CONTENTS

  Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS
1

FILING FORMAT
5

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
5

WHERE TO FIND MORE INFORMATION
6

PART I

ITEM 1.
BUSINESS
7

General
7

Utility Operations
8

Exelon's Strategy and Outlook
11

Employees
12

Environmental Matters and Regulation
13

Executive Officers of the Registrants
18

ITEM 1A.
RISK FACTORS
20

ITEM 1B.
UNRESOLVED STAFF COMMENTS
30

ITEM 1C.
CYBERSECURITY
30

ITEM 2.
PROPERTIES
32

ITEM 3.
LEGAL PROCEEDINGS
33

ITEM 4.
MINE SAFETY DISCLOSURES
33

PART II

ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
34

ITEM 6.
[RESERVED]
38

ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
39

Exelon Corporation
39

Executive Overview
39

Financial Results of Operations
39

Significant 202 5 Transactions and Developments
41

Other Key Business Drivers and Management Strategies
43

Critical Accounting Policies and Estimates
45

Results of Operations
53

Commonwealth Edison Company
53

PECO Energy Company
56

Baltimore Gas and Electric Company
60

Pepco Holdings LLC
63

Potomac Electric Power Company
64

Delmarva Power & Light Company
67

Atlantic City Electric Company
71

Liquidity and Capital Resources
73

ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
89

ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
92

Exelon Corporation

Consolidated Statements of Operations and Comprehensive Income
116

  Page No.
Consolidated Statements of Cash Flows
117

Consolidated Balance Sheets
118

Consolidated Statements of Changes in Shareholders' Equity
120

Commonwealth Edison Company

Consolidated Statements of Operations and Comprehensive Income
121

Consolidated Statements of Cash Flows
122

Consolidated Balance Sheets
123

Consolidated Statements of Changes in Shareholders' Equity
125

PECO Energy Company

Consolidated Statements of Operations and Comprehensive Income
126

Consolidated Statements of Cash Flows
127

Consolidated Balance Sheets
128

Consolidated Statements of Changes in Shareholder's Equity
130

Baltimore Gas and Electric Company

Statements of Operations and Comprehensive Income
131

Statements of Cash Flows
132

Balance Sheets
133

Statements of Changes in Shareholder's Equity
135

Pepco Holdings LLC

Consolidated Statements of Operations and Comprehensive Income
136

Consolidated Statements of Cash Flows
137

Consolidated Balance Sheets
138

Consolidated Statements of Changes in Member's Equity
140

Potomac Electric Power Company

Statements of Operations and Comprehensive Income
141

Statements of Cash Flows
142

Balance Sheets
143

Statements of Changes in Shareholder's Equity
145

Delmarva Power & Light Company

Statements of Operations and Comprehensive Income
146

Statements of Cash Flows
147

Balance Sheets
148

Statements of Changes in Shareholder's Equity
150

Atlantic City Electric Company

Consolidated Statements of Operations and Comprehensive Income
151

Consolidated Statements of Cash Flows
152

Consolidated Balance Sheets
153

Consolidated Statements of Changes in Shareholder's Equity
155

Combined Notes to Consolidated Financial Statements

1. Significant Accounting Policies
156

  Page No.
2. Regulatory Matters
164

3. Revenue from Contracts with Customers
184

4. Segment Information
186

5. Accounts Receivable
193

6. Property, Plant, and Equipment
195

7. Jointly Owned Electric Utility Plant
197

8. Asset Retirement Obligations
198

9. Leases
198

10. Intangible Assets
203

11. Income Taxes
205

12. Retirement Benefits
215

13. Derivative Financial Instruments
227

14. Debt and Credit Agreements
230

15. Fair Value of Financial Assets and Liabilities
237

16. Commitments and Contingencies
244

17. Shareholders' Equity
253

18. Stock-Based Compensation Plans
255

19. Changes in Accumulated Other Comprehensive Income (Loss)
257

20. Supplemental Financial Information
258

21. Related Party Transactions
263

ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
265

ITEM 9A.
CONTROLS AND PROCEDURES
265

ITEM 9B.
OTHER INFORMATION
265

ITEM 9C.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
266

PART III

ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
267

ITEM 11.
EXECUTIVE COMPENSATION
268

ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
269

ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
270

ITEM 14.
PRINCIPAL ACCOUNTING FEES AND SERVICES
271

PART IV

ITEM 15.
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
272

ITEM 16.
FORM 10-K SUMMARY
316

SIGNATURES
317

Exelon Corporation
317

Commonwealth Edison Company
318

PECO Energy Company
319

Baltimore Gas and Electric Company
320

Pepco Holdings LLC
321

Potomac Electric Power Company
322

Delmarva Power & Light Company
323

Atlantic City Electric Company
324

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS
Exelon Corporation and Related Entities
Exelon Exelon Corporation
ComEd Commonwealth Edison Company
PECO PECO Energy Company
BGE Baltimore Gas and Electric Company
Pepco Holdings or PHI    Pepco Holdings LLC (formerly Pepco Holdings, Inc.)
Pepco    Potomac Electric Power Company
DPL    Delmarva Power & Light Company
ACE    Atlantic City Electric Company
Registrants Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively
Utility Registrants ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively
Legacy PHI PHI, Pepco, DPL, ACE, PES, and PCI, collectively
BSC Exelon Business Services Company, LLC
EEDC Exelon Energy Delivery Company, LLC
Exelon Corporate Exelon in its corporate capacity as a holding company
Exelon Enterprises Exelon Enterprises Company, LLC
Exelon InQB8R Exelon InQB8R, LLC
PCI    Potomac Capital Investment Corporation and its subsidiaries
PEC L.P. PECO Energy Capital, L.P.
PECO Trust III PECO Energy Capital Trust III
PECO Trust IV PECO Energy Capital Trust IV
Pepco Energy Services or PES    Pepco Energy Services, Inc. and its subsidiaries
PHI Corporate PHI in its corporate capacity as a holding company
PHISCO PHI Service Company
UII Unicom Investments, Inc.

Former Related Entities
Constellation Constellation Energy Corporation and Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon as of December 31, 2021 prior to separation on February 1, 2022)

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GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations

ABO Accumulated Benefit Obligation
AECs Alternative Energy Credits that are issued for each megawatt hour of generation from a qualified alternative energy source
AFUDC Allowance for Funds Used During Construction
AMI Advanced Metering Infrastructure
AOCI Accumulated Other Comprehensive Income (Loss)
ARO Asset Retirement Obligation
ATM At the market
ARP Alternative Revenue Program

BGS    Basic Generation Service
BSA Bill Stabilization Adjustment
CBAs Collective Bargaining Agreements
CEJA Climate and Equitable Jobs Act; Illinois Public Act 102-0662 signed into law on September 15, 2021
CERCLA Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
CIP Conservation Incentive Program
Clean Air Act Clean Air Act of 1963, as amended
Clean Water Act Federal Water Pollution Control Amendments of 1972, as amended
Convertible Senior Notes Exelon's 3.25% Convertible Senior Notes due 2029
CMC Carbon Mitigation Credit
CODMs Chief Operating Decision Makers
Conectiv    Conectiv, LLC, a wholly owned subsidiary of PHI and the parent of DPL and ACE during the Predecessor periods
DC PLUG District of Columbia Power Line Undergrounding Initiative
DCPSC    District of Columbia Public Service Commission

DEPSC Delaware Public Service Commission
DERs Distributed Energy Resources

DOEE Department of Energy & Environment

DPA Deferred Prosecution Agreement

DPP Deferred Purchase Price

DSIC Distribution System Improvement Charge
EDIT Excess Deferred Income Taxes
EPA United States Environmental Protection Agency
ERCOT Electric Reliability Council of Texas
ERISA Employee Retirement Income Security Act of 1974, as amended
EROA Expected Rate of Return on Assets

ETAC Energy Transition Assistance Charge

FEJA Illinois Public Act 99-0906 or Future Energy Jobs Act
FERC Federal Energy Regulatory Commission

GAAP Generally Accepted Accounting Principles in the United States
GCR    Gas Cost Rate
GDP Gross Domestic Product
GHG Greenhouse Gas
GSA Generation Supply Adjustment
GWhs Gigawatt hours
ICC Illinois Commerce Commission
IIJA Infrastructure Investment and Jobs Act

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GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
IIP Infrastructure Investment Program
Illinois Settlement Legislation Legislation enacted in 2007 affecting electric utilities in Illinois
IPA Illinois Power Agency
IRA Inflation Reduction Act
IRC Internal Revenue Code
IRS Internal Revenue Service
ISOs Independent System Operators

LNG Liquefied Natural Gas

LTIP Long-Term Incentive Plan
LTRRPP Long-Term Renewable Resources Procurement Plan

MDPSC Maryland Public Service Commission
MGP Manufactured Gas Plant
mmcf Million Cubic Feet

MRP Multi-Year Rate Plan
MRV Market-Related Value
MW Megawatt
MWh Megawatt hour
N/A Not Applicable
NAV Net Asset Value
NDT Nuclear Decommissioning Trust
NERC North American Electric Reliability Corporation
NJBPU    New Jersey Board of Public Utilities

NOLC Tax Net Operating Loss Carryforward
NPDES National Pollutant Discharge Elimination System
NPNS Normal Purchase Normal Sale scope exception
NPS National Park Service
NRD Natural Resources Damages
OCI Other Comprehensive Income
OPEB Other Postretirement Employee Benefits

PAPUC Pennsylvania Public Utility Commission
PCBs Polychlorinated Biphenyls
PGC Purchased Gas Cost Clause
PJM PJM Interconnection, LLC
PJM Tariff PJM Open Access Transmission Tariff
PLR Private Letter Ruling
POLR Provider of Last Resort
PPA Purchase Power Agreement
PP&E Property, Plant, and Equipment
PRPs Potentially Responsible Parties
PSEG Public Service Enterprise Group Incorporated

RCRA Resource Conservation and Recovery Act of 1976, as amended
REC Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source
Regulatory Agreement Units Nuclear generating units or portions thereof whose decommissioning-related activities are subject to regulatory agreements with the ICC and PAPUC
RES Retail Electric Suppliers
RFP Request for Proposal

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GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
Rider Reconcilable Surcharge Recovery Mechanism
RGGI Regional Greenhouse Gas Initiative

ROE    Return on Equity
ROU Right-of-use
RPS Renewable Energy Portfolio Standards

RTO Regional Transmission Organization
S&P Standard & Poor’s Ratings Services
SEC United States Securities and Exchange Commission
SOA Society of Actuaries
SOFR Secured Overnight Financing Rate
SOS Standard Offer Service
SSA Social Security Administration

TCJA Tax Cuts and Jobs Act

Transition Bonds    Transition Bonds issued by Atlantic City Electric Transition Funding LLC
USAO United States Attorney's Office for the Northern District of Illinois
ZEC Zero Emission Credit

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FILING FORMAT
This combined Annual Report on Form 10-K is being filed separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants). Information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
This Report 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,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to:

• unfavorable legislative and/or regulatory actions;
• uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof;
• environmental liabilities and remediation costs;
• state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies;
• challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions;
• negative outcomes in legal proceedings;
• physical security and cybersecurity risks;
• extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events;
• disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs;
• lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties;
• emerging technologies that could affect or transform the energy industry;
• instability in capital and credit markets;
• a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements;
• significant economic downturns or increases in customer rates;
• impacts of climate change and weather on energy usage and maintenance and capital costs; and
• impairment of long-lived assets, goodwill, and other assets.
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New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to the Registrants in PART I, ITEM 1A. RISK FACTORS, and in other reports filed by the Registrants from time to time with the SEC. This Annual Report on Form 10-K also describes material contingencies and critical accounting policies in (a) PART II, ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS and (b) PART II, ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA: Note 16, Commitments and Contingencies.
Investors are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Report.

WHERE TO FIND MORE INFORMATION
The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that the Registrants file electronically with the SEC. These documents are also available to the public from commercial document retrieval services and free of charge at the Registrants' website at www.exeloncorp.com. Information contained on the Registrants' website shall not be deemed incorporated into, or to be a part of, this Report.

6

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PART I

ITEM 1.  

General
Corporate Structure and Business and Other Information
Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through its subsidiaries, ComEd, PECO, BGE, Pepco, DPL, and ACE.

Name of Registrant    Business    Service Territories

Commonwealth Edison Company Purchase and regulated retail sale of electricity Northern Illinois, including the City of Chicago
Transmission and distribution of electricity to retail customers
PECO Energy Company Purchase and regulated retail sale of electricity and natural gas Southeastern Pennsylvania, including the City of Philadelphia (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customers Pennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric Company Purchase and regulated retail sale of electricity and natural gas Central Maryland, including the City of Baltimore (electricity and natural gas)
Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLC Utility services holding company engaged, through its reportable segments: Pepco, DPL, and ACE Service Territories of Pepco, DPL, and ACE

Potomac Electric Power Company    Purchase and regulated retail sale of electricity    District of Columbia and Major portions of Montgomery and Prince George’s Counties, Maryland
Transmission and distribution of electricity to retail customers
Delmarva Power & Light Company Purchase and regulated retail sale of electricity and natural gas Portions of Delaware and Maryland (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customers Portions of New Castle County, Delaware (natural gas)
Atlantic City Electric Company Purchase and regulated retail sale of electricity Portions of Southern New Jersey
Transmission and distribution of electricity to retail customers

Business Services
Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, finance, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed.
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Utility Registrants
Utility Operations
Service Territories and Franchise Agreements
The following table presents the size of service territories, populations of each service territory, and the number of customers within each service territory for the Utility Registrants as of December 31, 2025:

ComEd PECO BGE Pepco DPL ACE
Service Territories (in square miles)
Electric 11,450  1,900  2,550  650  5,400  2,700 
Natural Gas N/A 1,900  3,050  N/A 250  N/A
Total (a)
11,450  2,100  3,250  650  5,400  2,700 

Service Territory Population (in millions)
Electric 9.5  4.2  3.0  2.5  1.5  1.2 
Natural Gas N/A 2.6  2.9  N/A 0.6 N/A
Total (b)
9.5  4.2  3.2  2.5  1.5  1.2 
Main City Chicago Philadelphia Baltimore District of Columbia Wilmington Atlantic City
Main City Population 2.7  1.6  0.6  0.7  0.1  0.1 

Number of Customers (in millions)
Electric 4.2  1.7  1.4  1  0.6  0.6 
Natural Gas N/A 0.6  0.7  N/A 0.1 N/A
Total (c)
4.2  1.7  1.4  1  0.6  0.6 
___________
(a) The number of total service territory square miles counts once only a square mile that includes both electric and natural gas services, and thus does not represent the combined total square mileage of electric and natural gas service territories.
(b) The total service territory population counts once only an individual who lives in a region that includes both electric and natural gas services, and thus does not represent the combined total population of electric and natural gas service territories.
(c) The number of total customers counts once only a customer who is both an electric and a natural gas customer, and thus does not represent the combined total of electric customers and natural gas customers.
The Utility Registrants have the necessary authorizations to perform their current business of providing regulated electric and natural gas distribution services in the various municipalities and territories in which they now supply such services. These authorizations include charters, franchises, permits, and certificates of public convenience issued by local and state governments and state utility commissions. ComEd's, BGE's (gas), Pepco DC's, and ACE's rights are generally non-exclusive while PECO's, BGE's (electric), Pepco Maryland's, and DPL's rights are generally exclusive. Certain authorizations are perpetual while others have varying expiration dates. The Utility Registrants anticipate working with the appropriate governmental bodies to extend or replace the authorizations prior to their expirations. The current ComEd Franchise Agreement with the City of Chicago (the City) has been in effect since 1992. The Franchise Agreement became terminable on one year notice as of December 31, 2020. It now continues in effect indefinitely unless and until either party issues a notice of termination, effective one year later, or it is replaced by mutual agreement with a new franchise agreement between ComEd and the City. If either party terminates and no new agreement is reached between the parties, the parties could continue with ComEd providing electric services within the City with no franchise agreement in place. The City also has an option to terminate and purchase the ComEd system (municipalize), which also requires one year notice. Neither party has issued a notice of termination at this time, the City has not exercised its municipalization option, and no new agreement has become effective.
While Exelon and ComEd cannot predict the ultimate outcome, fundamental changes in the agreement or other adverse actions affecting ComEd’s business in the City would require changes in their business planning models
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and operations and could have a material adverse impact on Exelon’s and ComEd’s consolidated financial statements. If the City were to disconnect from the ComEd system, ComEd would seek full compensation for the business and its associated property taken by the City, as well as for all damages resulting to ComEd and its system. ComEd would also seek appropriate compensation for stranded costs with FERC.
Utility Regulations
State utility commissions regulate the Utility Registrants' electric and gas distribution rates and service, issuances of certain securities, and certain other aspects of the business. The following table outlines the state commissions responsible for utility oversight:

Registrant Commission
ComEd ICC
PECO PAPUC
BGE MDPSC
Pepco DCPSC/MDPSC
DPL DEPSC/MDPSC
ACE NJBPU

The Utility Registrants are public utilities under the Federal Power Act subject to regulation by FERC related to transmission rates and certain other aspects of the utilities' business. The U.S. Department of Transportation also regulates pipeline safety and other areas of gas operations for PECO, BGE, and DPL. The U.S. Department of Homeland Security (Transportation Security Administration) provided new security directives in 2021 that regulate cyber risks for certain gas distribution operators. Additionally, the Utility Registrants are subject to NERC mandatory reliability standards, which protect the nation's bulk power system against potential disruptions from cyber and physical security breaches.
Seasonality Impacts on Delivery Volumes
The Utility Registrants' electric distribution volumes are generally higher during the summer and winter months when temperature extremes create demand for either summer cooling or winter heating. For PECO, BGE, and DPL, natural gas distribution volumes are generally higher during the winter months when cold temperatures create demand for winter heating.
ComEd, BGE, Pepco, DPL Maryland, and ACE have electric distribution decoupling mechanisms and BGE has a natural gas decoupling mechanism that eliminates the favorable and unfavorable impacts of weather and customer usage patterns on electric distribution and natural gas delivery volumes. As a result, ComEd's, BGE's, Pepco's, DPL Maryland's, and ACE's electric distribution revenues and BGE's natural gas distribution revenues are not intended to be impacted by delivery volumes. PECO's and DPL Delaware's electric distribution revenues and natural gas distribution revenues are impacted by delivery volumes.
Electric and Natural Gas Distribution Services
The Utility Registrants are allowed to recover reasonable costs and fair and prudent capital expenditures associated with electric and natural gas distribution services and earn a return on those capital expenditures, subject to commission approval. Beginning in 2024 through 2027, ComEd's electric distribution costs are recovered in accordance with a multi-year rate plan approved by the ICC and through annual reconciliation proceedings litigated before the ICC. PECO's and DPL's electric and gas distribution costs and ACE’s electric distribution costs have generally been recovered through base rate case proceedings, with PECO utilizing a fully projected future test year, DPL Delaware's electric and gas distribution services utilizing either a partial actual and partial forecast test year or a fully historical test year, and ACE utilizing a fully historical test year. BGE’s electric and gas distribution costs and Pepco’s and DPL Maryland's electric distribution costs are currently recovered through multi-year rate case proceedings, as the MDPSC and the DCPSC allow utilities to file multi-year rate plans. In October 2025, Pepco Maryland filed a fully forecasted test year rate case while it awaits the conclusion of the lessons learned process. In certain instances, the Utility Registrants use specific recovery mechanisms as approved by their respective regulatory agencies. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
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ComEd, Pepco, DPL and ACE customers have the choice to purchase electricity, and PECO and BGE customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers. DPL customers, with the exception of certain commercial and industrial customers, do not have the choice to purchase natural gas from competitive natural gas suppliers. The Utility Registrants remain the distribution service providers for all customers and are obligated to deliver electricity and natural gas to customers in their respective service territories while charging a regulated rate for distribution service. In addition, the Utility Registrants also retain significant default service obligations to provide electricity to certain groups of customers in their respective service areas who do not choose a competitive electric generation supplier. PECO, BGE, and DPL also retain significant default service obligations to provide natural gas to certain groups of customers in their respective service areas who do not choose a competitive natural gas supplier.
For customers that choose to purchase electric generation or natural gas from competitive suppliers, the Utility Registrants act as the billing agent and therefore do not record Operating revenues or Purchased power and fuel expense related to the electricity and/or natural gas. For customers that choose to purchase electric generation or natural gas from a Utility Registrant, the Utility Registrants are permitted to recover the electricity and natural gas procurement costs from customers without mark-up or with a slight mark-up and therefore record the amounts in Operating revenues and Purchased power and fuel expense. As a result, fluctuations in electricity or natural gas sales and procurement costs have no significant impact on the Utility Registrants’ Net income.
See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Results of Operations and Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information regarding electric and natural gas distribution services.
Procurement of Electricity and Natural Gas
Exelon does not generate the electricity it delivers. The Utility Registrants' electric supply for its customers is primarily procured through contracts as directed by their respective state laws and regulatory commission actions. The Utility Registrants procure electricity supply from various approved bidders or from purchases on the PJM operated markets.
PECO's, BGE’s, and DPL's natural gas supplies are purchased from a number of suppliers for terms that currently do not exceed three years. PECO, BGE, and DPL each have annual firm transportation contracts of 437,000 mmcf, 258,000 mmcf, and 44,000 mmcf, respectively, for delivery of gas. To supplement gas transportation and supply at times of heavy winter demands and in the event of temporary emergencies, PECO, BGE, and DPL have available storage capacity from the following sources:

Peak Natural Gas Sources (in mmcf)
LNG Facility Propane-Air Plant Underground Storage Service Agreements (a)

PECO 1,200  150  19,400 
BGE 1,056  550  22,000 
DPL 250  N/A 3,900 

___________
(a) Natural gas from underground storage represents approximately 27%, 44%, and 33% of PECO's, BGE’s, and DPL's 2025-2026 heating season pipeline capacity, respectively.
PECO, BGE, and DPL have long-term interstate pipeline contracts and also participate in the interstate markets by releasing pipeline capacity or bundling pipeline capacity with gas for off-system sales. Off-system gas sales are low-margin direct sales of gas to wholesale suppliers of natural gas. Earnings from these activities are shared between the utilities and customers. PECO, BGE, and DPL make these sales as part of a program to balance its supply and cost of natural gas. The off-system gas sales are not material to PECO, BGE, and DPL.
See ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK, Commodity Price Risk (All Registrants), for additional information regarding Utility Registrants' contracts to procure electric supply and natural gas.
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Energy Efficiency Programs
The Utility Registrants are generally allowed to recover costs associated with energy efficiency and demand response programs they offer. Each commission approved program seeks to meet mandated electric consumption reduction targets and implement demand response measures to reduce peak demand. The programs are designed to meet standards required by each respective regulatory agency.
ComEd, with limited exceptions, earns a return on its energy efficiency costs through a regulatory asset. ACE earns a return on most of its energy efficiency and demand response program costs through a regulatory asset. Historically, BGE, Pepco Maryland, and DPL Maryland deferred most of their energy efficiency program costs to a regulatory asset and either deferred most of their demand response program costs to a regulatory asset or capitalized them. In 2024, BGE, Pepco, and DPL began deferring less energy efficiency and demand response program costs to a regulatory asset as a result of the EmPOWER Maryland Cost Recovery program Beginning January 1, 2026, program costs are no longer being deferred. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
Capital Investment
The Utility Registrants' businesses are capital intensive and require significant investments, primarily in electric transmission and distribution and natural gas transportation and distribution facilities, to ensure the adequate capacity, reliability, and efficiency of their systems. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Liquidity and Capital Resources, for additional information regarding projected 2026 capital expenditures.
Transmission Services
The Utility Registrants, as owners of transmission facilities, are required to provide open access to their transmission facilities at cost-based rates pursuant to tariffs approved by FERC. The Utility Registrants and their affiliates are required to comply with FERC’s Standards of Conduct regulation governing the communication of non-public transmission information between the transmission owner’s employees and wholesale merchant employees.
PJM is the regional grid operator and operates pursuant to its FERC-approved tariffs. PJM is the transmission provider under, and the administrator of, the PJM Tariff. PJM operates the PJM energy, capacity, and other wholesale markets. PJM controls the day-to-day operations of the bulk power system for the region. The Utility Registrants are members of PJM and provide regional transmission service pursuant to the PJM Tariff. The Utility Registrants and the other transmission owners in PJM have turned over control of certain of their transmission facilities to PJM, and their transmission systems are under the dispatch control of PJM. Under the PJM Tariff, transmission service is provided on a region-wide, open-access basis through the transmission facilities of the PJM transmission owners.
The Utility Registrants' transmission rates are based on a FERC approved formula. The rates are updated on an annual basis.

Exelon’s Strategy and Outlook
Exelon is a transmission and distribution company that delivers electricity and natural gas service to our customers and communities. Exelon's businesses remain focused on maintaining industry leading operational excellence, meeting or exceeding their financial commitments, ensuring timely recovery on investments to enable customer benefits, supporting clean energy policies including those that advance our jurisdictions' clean energy targets, and continued commitment to corporate responsibility.
Exelon’s strategy is to improve reliability and operations, enhance the customer experience, and advance clean and affordable energy choices, while ensuring ratemaking mechanisms provide the utilities fair financial returns. The jurisdictions in which Exelon has operations have set some of the nation's leading clean energy targets and our strategy is to enable that future for all our stakeholders. The Utility Registrants invest in rate base that supports service to our customers and the community, including investments that sustain and improve affordability, reliability, resiliency, security and safety to enhance the service experience of our customers. The Utility Registrants make these investments prudently at a reasonable cost to customers. Exelon seeks to
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leverage its scale and expertise across the utilities platform through enhanced standardization and sharing of resources and best practices to achieve improved operational and financial results.
Management continually evaluates growth opportunities aligned with Exelon’s businesses, assets, and markets, leveraging Exelon’s expertise in those areas and offering sustainable returns.
The Utility Registrants anticipate investing approximately $41 billion over the next four years in electric and natural gas infrastructure improvements and modernization projects, including smart grid technology, storm hardening, advanced reliability technologies, new business including data centers, and transmission projects, which is projected to result in an increase to current rate base of approximately $23 billion by the end of 2029. These investments provide greater reliability, improved service for our customers, increased capacity to accommodate new technologies and support a cleaner grid, and a stable return for the company.
In August 2021, Exelon announced its Path to Clean goal to collectively reduce its operations-driven GHG emissions 50% by 2030 against a 2015 baseline and to reach net-zero operations-driven GHG emissions by 2050, while supporting customers and communities in achieving their GHG reduction goals (Path to Clean). Exelon's quantitative goals include its Scope 1 and 2 GHG emissions, with the exception of Scope 2 emissions associated with system losses of electric power delivered to customers (line losses), and build upon Exelon's long-standing commitment to reducing our GHG emissions. Exelon's Path to Clean efforts extend beyond these quantitative goals to include efforts such as customer energy efficiency programs, which support reductions in customers' direct emissions and have the potential to reduce Exelon's Scope 3 emissions and Scope 2 line losses as well. See ITEM 1. BUSINESS — Environmental Matters and Regulation — Climate Change for additional information.
Various regulatory, legislative, operational, market, and financial factors could affect Exelon's success in pursuing its strategies. Exelon continues to assess infrastructure, operational, policy, and legal solutions to these issues. See ITEM 1A. RISK FACTORS for additional information.

Employees
Human Capital Management
Exelon’s workforce is critical to advancing energy transformation and achieving sustainable, long‑term growth. As the Company competes for critical capabilities in the marketplace, Exelon must attract, develop, and equip its workforce to meet evolving business and industry needs. Accordingly, Exelon’s human capital management strategy is centered on maintaining and enhancing its reputation as an employer of choice within the energy and utility industry.
Exelon seeks to attract and retain talent by fostering a safe, inclusive, and engaging workplace that offers meaningful work, clearly defined roles, opportunities for professional development, supportive leadership, work‑life balance, and competitive benefits that support employee well‑being across all stages of life.
Exelon’s talent strategy supports the attraction, development, engagement, and advancement of employees across all businesses and functions. The Company deploys a comprehensive recruiting approach to address current and future workforce needs, including workforce development initiatives, annual internship and cooperative education programs, targeted recruiting for specialized and hard‑to‑fill roles, and partnerships with colleges, universities, trade schools, and community organizations.
Exelon invests in employee development through leadership development programs, technical training, and mentoring. Talent growth and internal mobility are supported through performance development, talent review, and succession planning processes. Employees are encouraged to complete annual individual development plans to identify skill‑building opportunities, supported by managers and Exelon’s development offerings.
Exelon’s total rewards programs support its talent strategy by attracting, retaining, and motivating high‑performing employees while reinforcing the Company’s pay‑for‑performance philosophy and supporting employee well‑being. Compensation is designed to be market‑competitive and is informed by benchmarking many positions using external survey data. All employees participate in an annual incentive program that aligns individual performance with business results and supports a high‑performance culture.
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Exelon promotes transparency in compensation and performance‑based rewards by providing education, tools, and resources that help leaders and employees understand the Company’s market‑based pay approach and the connection between performance, ratings, and compensation outcomes.

In addition, Exelon offers a comprehensive portfolio of benefit programs that support employees’ emotional, physical, and financial well‑being, enabling employees to perform effectively and supporting overall organizational effectiveness.
The following table shows the total number of employees at each Registrant as of December 31, 2025.

Employees Exelon (a)
ComEd PECO BGE PHI (b)
Pepco DPL ACE

Total Employees 20,571  6,688  3,169  3,383  4,422  1,374  945  630 

 __________
(a) Exelon includes individuals employed by BSC in addition to those employed by ComEd, PECO, BGE, and PHI. Exelon Corporate does not employ any individuals.
(b) PHI includes individuals employed by PHISCO in addition to those employed by Pepco, DPL, and ACE.

Approximately 42% of Exelon’s employees participate in CBAs. The following table presents employee information, including information about CBAs, as of December 31, 2025.

Total Employees Covered by CBAs Number of CBAs CBAs New and Renewed in 2025 (a)
Total Employees Under CBAs
New and Renewed
in 2025

Exelon 8,656  10  2  941 
ComEd 3,543  2  1  73 
PECO 1,524  2  —  — 
BGE 1,495  1  —  — 
PHI 2,094  5  1  868 
Pepco 861  1  1  861 
DPL 650  2  —  — 
ACE 397  2  —  — 
Corporate (b)
186  —  —  7 

 __________
(a) Does not include CBAs that were extended in 2025 while negotiations are ongoing for renewal.
(b) Corporate represents employees employed by BSC or PHISCO.

The table below shows the average turnover rate for all employees for 2023 to 2025.

Employees Exelon ComEd PECO BGE PHI Pepco DPL ACE

Retirement Age 2.39  % 2.72  % 2.54  % 2.06  % 2.17  % 2.00  % 2.40  % 2.10  %
Voluntary 2.58  % 2.40  % 2.06  % 1.82  % 2.78  % 2.82  % 1.29  % 2.58  %
Non-Voluntary 0.96  % 0.83  % 1.34  % 1.00  % 1.04  % 1.78  % 0.68  % 0.65  %

Environmental Matters and Regulation
The Registrants are subject to comprehensive and complex environmental legislation and regulation at the federal, state, and local levels, including requirements relating to climate change, air and water quality, solid and hazardous waste, and impacts on species and habitats.
The Exelon Board of Directors is responsible for overseeing the management of environmental matters. Exelon has a management team to address environmental compliance and strategy, including the President and Chief Executive Officer; the Senior Vice President and Chief Strategy and Sustainability Officer; as well as senior management of the Utility Registrants. Performance of those individuals directly involved in environmental compliance and strategy is reviewed and affects compensation as part of the annual individual performance
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review process. The Audit and Risk Committee oversees compliance with environmental laws and regulations, including environmental risks related to Exelon's operations and facilities, as well as SEC disclosures related to environmental matters. Exelon's Corporate Governance Committee has the authority to oversee Exelon’s climate change and sustainability policies and programs, as discussed in further detail below. The respective Boards of the Utility Registrants oversee environmental issues related to these companies. The Exelon Board of Directors has general oversight responsibilities for Environmental, Social, and Governance matters, including strategies and efforts to protect and improve the quality of the environment.
Climate Change
As detailed below, the Registrants face climate change mitigation and transition risks as well as adaptation risks. Mitigation and transition risks include changes to the energy systems as a result of new technologies, changing customer expectations and/or voluntary GHG goals, as well as local, state or federal regulatory requirements intended to reduce GHG emissions. Adaptation risk refers to risks to the Registrants' facilities or operations that may result from changes to the physical climate and environment, such as changes to temperature, weather patterns and sea level.
Climate Change Mitigation and Transition
The Registrants support comprehensive federal climate legislation that addresses the urgent need to substantially reduce national GHG emissions while providing appropriate protections for consumers, businesses, and the economy. In the absence of comprehensive federal climate legislation, Exelon continues to support the EPA's authority to regulate GHG emissions under the Clean Air Act.
The Registrants currently are subject to, and may become subject to additional, federal and/or state law and/or regulations addressing GHG emissions. The direct (Scope 1) GHG emission sources associated with the Registrants include sulfur hexafluoride (SF6) leakage from electric transmission and distribution operations, fossil fuel combustion in motor vehicles and refrigerant leakage from chilling and cooling equipment. In addition, PECO, BGE, and DPL, as distributors of natural gas, have natural gas (methane) leakage on the natural gas systems. The Registrants also have indirect (Scope 2 and 3) emissions associated with the production of the electricity they consume and deliver, and indirect (Scope 3) emissions associated with the production of natural gas they deliver and consumer use of such natural gas.
Exelon uses definitions and protocols provided by the World Resources Institute for its GHG inventory. In 2024, new methods were introduced that resulted in changes to Exelon's verified GHG inventory. Exelon's final verified 2024 Scope 1 and 2 GHG emissions were just over 4.6 million metric tons carbon dioxide equivalent using the World Resources Institute Corporate Standard Market-based accounting. Of these emissions, 0.4 million metric tons are considered to be operations-driven and in more direct control of our employees and processes. The majority of these operations-driven emissions are fugitive emissions from the gas delivery systems of PECO, BGE, and DPL. The remaining 4.2 million metric tons, approximately 91%, are the indirect emissions associated with the electric transmission and distribution system and primarily consists of losses resulting from the Utility Registrant's delivery of electricity to their customers (line losses). These emissions are driven primarily by customer demand for electricity and the mix of generation assets supplying energy to the electric grid. The Registrants do not own generation and must comply with applicable legal and regulatory requirements governing procurement of electricity for delivery to retail customers and use of the system to support other transmission transactions. However, the Registrants do engage in efforts that help to reduce these emissions, including customer programs to drive customer energy efficiency, to help manage peak demands, and to enable distributed solar generation.
In August 2021, Exelon announced a Path to Clean goal to collectively reduce its operations-driven GHG emissions 50% by 2030 against a 2015 baseline, and to reach net-zero operations-driven GHG emissions by 2050, while also supporting customers and communities to achieve their clean energy and emissions reduction goals. Exelon’s quantitative goals include its Scope 1 and 2 GHG emissions with the exception of Scope 2 line losses, and build upon Exelon's long-standing commitment to reducing our GHG emissions. Exelon's activities in support of the Path to Clean goal will include efficiency and clean electricity for operations, vehicle fleet electrification, equipment and processes to reduce sulfur hexafluoride (SF6) leakage, investments in natural gas infrastructure to minimize methane leaks and increase safety and reliability, and investment and collaboration to develop new technologies. Beyond 2030, Exelon recognizes that technology advancement and continued policy support will be needed to ensure achievement of its net-zero goal by 2050. Exelon is laying the groundwork by
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partnering with national labs, universities, and research consortia to research, develop, and pilot clean technologies, as well as working with our states, jurisdictions, and policy makers to understand the scope and scale of energy transformation, and policies and incentives, needed to reach local ambitions for GHG emissions reductions. The Utility Registrants are also supporting customers and communities to achieve their clean energy and emissions goals through significant energy efficiency programs. Estimated customer program energy efficiency investments across the Utility Registrants for 2026 to 2029 total $4.9 billion. These programs enable customer savings through home energy audits, discounts on efficient lighting, appliance recycling, home improvement rebates, equipment upgrade incentives, and innovative programs like smart thermostats and combined heat and power programs.
As an energy delivery company, Exelon can play a role in helping to reduce GHG emissions in its service territories. In connecting end users of energy to electric and gas supply, Exelon can leverage its assets and customer interface to help support efficient use of lower emitting resources as they become available. Electrification, where feasible, for transportation, buildings, and industry coupled with simultaneous decarbonization of electric generation, can be an important means to reduce emissions. Exelon is advocating for public policy supportive of vehicle electrification, investing in enabling infrastructure and technology, and supporting customer education and adoption. In addition, the Utility Registrants have achieved their goal to electrify 30% of their vehicle fleet by 2025. Clean fuels and other emerging technologies can also support the transition, lessen the strain on electric system expansion, and support energy system resiliency. Exelon, PECO, BGE, and DPL, which own gas distribution assets, are also continuing to explore these other decarbonization opportunities, supporting pilots of emerging energy technologies and clean fuels to support both operational and customer-driven emissions reductions. Exelon believes its market and business model could be significantly affected by the transition of the energy system, such as through an increased electric load and decreased demand for natural gas, potentially accompanied by changes in technology, customer expectations, and/or regulatory structures. See the risk factor entitled "The Registrants are potentially affected by emerging technologies that could over time affect or transform the energy industry" in ITEM 1A. of this report for additional information.
Climate Change Adaptation
The Registrants' facilities and operations are subject to the impacts of global climate change. Long-term shifts in climactic patterns, such as sustained higher temperatures and sea level rise, may present challenges for the Registrants and their service territories. Exelon believes its operations could be significantly affected by the physical risks of climate change. See ITEM 1A. RISK FACTORS for additional information related to the Registrants' risks associated with climate change.
The Registrants' assets undergo seasonal readiness efforts to ensure that they are prepared for the weather projections for the summer and winter months. The Registrants consider and review national climate assessments to inform their planning. Each of the Utility Registrants also has well established system recovery plans and is investing in its systems to install advanced equipment and reinforce the local electric system, making it more weather resistant and less vulnerable to anticipated storm damage.
International Climate Change Agreements. At the international level, the United States has been a party to the United Nations Framework Convention on Climate Change (UNFCCC). The Parties to the UNFCCC adopted the Paris Agreement at the 21st session of the UNFCCC Conference of the Parties (COP 21) on December 12, 2015. Under the Agreement, which became effective on November 4, 2016, the parties committed to try to limit the global average temperature increase and to develop national GHG reduction commitments. In January 2025, the current administration issued a Presidential Executive Order instructing the federal government to begin the actions needed to withdraw from the Paris Agreement. This withdrawal process will take a year to complete. The United States elected not to participate in the COP meeting (COP 30) in 2025.
State Climate Change Legislation and Regulation. A number of states in which the Registrants operate have state and regional programs to reduce GHG emissions and renewable and other portfolio standards, which impact the power sector. See discussion below for additional information on renewable and other portfolio standards.
Certain northeast and mid-Atlantic states (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, Vermont) currently participate in the RGGI. The program requires most fossil fuel-fired power plant owners and operators in the region to hold allowances, purchased at
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auction, for each ton of CO2 emissions. Non-emitting resources do not have to purchase or hold these allowances.
Broader state programs impact other sectors as well, such as the District of Columbia's Clean Energy DC Omnibus Act and cross-sector GHG reduction plans, which resulted in recent requirements for Pepco to develop a 15-year decarbonization program and strategy. Maryland expects to meet and exceed the mandate set in the Greenhouse Gas Emissions Reduction Act to reduce statewide GHG emissions 40% (from 2006 levels) by 2030, and the state’s Climate Solutions Now Act of 2022 further updates requirements with a proposal to reduce emissions 60% (from 2006 levels) by 2031 and achieve net-zero emissions by 2045. New Jersey accelerated its goals through Executive Order 274, which establishes an interim goal of 50% reductions below 2006 levels by 2030 and affirms its goal of achieving 80% reductions by 2050 and includes programs to drive greater amounts of electrified transportation. Delaware's Climate Change Solutions Act, established in August 2023, sets a statewide GHG emissions reduction goal of 50% by Jan 1, 2030 and a net-zero GHG emissions goal by Jan 1, 2050, on a net basis as compared to a 2005 baseline. Illinois’ climate bill, CEJA, establishes decarbonization requirements for the state to transition to 100% clean energy by 2050 and supports programs to improve energy efficiency, manage energy demand, attract clean energy investment, and accelerate job creation. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on CEJA.
The Registrants cannot predict the nature of future regulations or how such regulations might impact future financial statements. See ITEM 1A. RISK FACTORS for additional information related to the Registrants' risks associated with climate legislation.
Renewable and Clean Energy Standards. Each of the states where Exelon operates have adopted some form of renewable or clean energy procurement requirement. These standards impose varying levels of mandates for procurement of renewable or clean electricity (the definition of which varies by state) and/or energy efficiency. These are generally expressed as a percentage of annual electric load, often increasing by year. The Utility Registrants comply with these various requirements through acquiring sufficient bundled or unbundled credits such as RECs, CMCs, or ZECs, or paying an alternative compliance payment, and/or a combination of these compliance alternatives. The Utility Registrants are permitted to recover from retail customers the costs of complying with their state RPS requirements, including the procurement of RECs or other alternative energy resources. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
Other Environmental Regulation
Water Quality
Under the federal Clean Water Act, NPDES permits for discharges into waterways are required to be obtained from the EPA or from the state environmental agency to which the permit program has been delegated, and permits must be renewed periodically. Certain of Exelon's facilities discharge water into waterways and are therefore subject to these regulations and operate under NPDES permits.
Under Clean Water Act Section 404 and state laws and regulations, the Registrants may be required to obtain permits for projects involving dredge or fill activities in Waters of the United States. What constitutes a Water of the United States has been subject to varied definition over the past several administrations. The current administration has issued notice that the application of Waters of the United States will use a more narrow scope than has been applied historically.
Where Registrants’ facilities are required to secure a federal license or permit for activities that may result in a discharge to covered waters, they may be required to obtain a state water quality certification under Clean Water Act section 401.
Solid and Hazardous Waste and Environmental Remediation
CERCLA provides for response and removal actions coordinated by the EPA in the event of threatened or actual releases of hazardous substances. CERCLA authorizes the EPA either to clean up sites at which hazardous substances have created actual or potential environmental hazards or to order persons responsible for the situation to do so. Under CERCLA, generators and transporters of hazardous substances, as well as past and present owners and operators of hazardous waste sites, are strictly, jointly, and severally liable for the cleanup
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costs of hazardous substances at sites, many of which are listed by the EPA on the National Priorities List (NPL). These PRPs can be ordered to perform a cleanup, can be sued for costs associated with an EPA-directed cleanup, may voluntarily settle with the EPA concerning their liability for cleanup costs, or may voluntarily begin a site investigation and site remediation, under EPA oversight. Most states have also enacted statutes that contain provisions substantially similar to CERCLA. Such statutes apply in many states where the Registrants currently own or operate, or previously owned or operated, facilities, including Delaware, Illinois, Maryland, New Jersey, and Pennsylvania and the District of Columbia. In addition, RCRA governs treatment, storage and disposal of solid and hazardous wastes, and cleanup of sites where such activities were conducted.
The Registrants’ operations have in the past, and may in the future, require substantial expenditures in order to comply with these federal and state environmental laws. Under these laws, the Registrants may be liable for the costs of remediating environmental contamination of property now or formerly owned by them and of property contaminated by hazardous substances generated by them. The Registrants own or lease a number of real estate parcels, including parcels on which their operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. The Registrants and their subsidiaries are, or could become in the future, parties to proceedings initiated by the EPA, state agencies, and/or other responsible parties under CERCLA and RCRA or similar state laws with respect to a number of sites or may undertake to investigate and remediate sites for which they may be subject to enforcement actions by an agency or third-party.
ComEd’s and PECO’s environmental liabilities primarily arise from contamination at former MGP sites, which were operated by ComEd's and PECO's predecessor companies. ComEd, pursuant to an ICC order, and PECO, pursuant to settlements of natural gas distribution rate cases with the PAPUC, have an on-going process to recover certain environmental remediation costs of the MGP sites through a provision within customer rates. BGE, Pepco, DPL, and ACE do not have material contingent liabilities relating to MGP sites. The amount to be expended in 2026 for activities associated with the environmental investigation and remediation related to contamination at former MGP sites and other gas purification sites is estimated to be approxim ately $21 million, which consists primarily of $13 million at PECO.
As of December 31, 2025, the Registrants have established appropriate contingent liabilities for environmental remediation requirements. In addition, the Registrants may be required to make significant additional expenditures not presently determinable for other environmental remediation costs.
See Note 2 — Regulatory Matters and Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for additional information regarding the Registrants’ environmental matters, remediation efforts, and related impacts to the Registrants’ Consolidated Financial Statements.
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