FULLTEXT DEL 8 AV 8

10-K – 2026-02-12 – exc-20251231.htm

__________
(a) ComEd is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through a rider mechanism. The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under such mechanism. See Note 2 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
(b) Write-offs, net of recoveries of individual accounts receivable.
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Table of Contents

PECO Energy Company and Subsidiary Companies
(3) PECO

(i) Financial Statements (Item 8):

Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238)

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023

Consolidated Balance Sheets at December 31, 2025 and 2024

Consolidated Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024, and 2023

Notes to Consolidated Financial Statements

(ii) Financial Statement Schedule:

Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023

Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto

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PECO Energy Company and Subsidiary Companies
Schedule II – Valuation and Qualifying Accounts

Column A Column B Column C Column D Column E
Additions and adjustments
Description Balance at
Beginning
of Period Charged to
Costs and
Expenses Charged
to Other
Accounts Deductions Balance at
End
of Period
(In millions)
For the year ended December 31, 2025
Allowance for credit losses (a)
$ 151

$ 98 $ 7 $ 101 (c)
$ 155
Deferred tax valuation allowance 6 — — — 6

For the year ended December 31, 2024

Allowance for credit losses (a)
$ 103 $ 88 $ ( 1 ) $ 39 (c)
$ 151
Deferred tax valuation allowance 7 — ( 1 ) — 6

For the year ended December 31, 2023

Allowance for credit losses (a)
$ 114 $ 43 (b)
$ 9 $ 63 (c)
$ 103
Deferred tax valuation allowance 7 — — — 7

__________
(a) Excludes the noncurrent Allowance for credit losses related to PECO’s installment plan receivables of $ 13 million, $ 13 million, and $ 6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(b) The amount charged to costs and expenses includes the amount that was reclassified to the COVID-19 regulatory asset. See Note 2 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
(c) Write-offs, net of recoveries of individual accounts receivable.

285

Table of Contents

Baltimore Gas and Electric Company
(4) BGE

(i) Financial Statements (Item 8):

Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238)

Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023

Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023

Balance Sheets at December 31, 2025 and 2024

Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024 and 2023

Notes to Financial Statements

(ii) Financial Statement Schedule:

Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023

286

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Baltimore Gas and Electric Company
Schedule II – Valuation and Qualifying Accounts

$ 44 (a)
$ ( 3 )

$ 31 (b)
$ 72
Deferred tax valuation allowance 3

— —

— 3

For the year ended December 31, 2024

Allowance for credit losses $ 53 $ 39 (a)
$ 4

$ 34 (b)
$ 62
Deferred tax valuation allowance 3 — —

— 3

For the year ended December 31, 2023

Allowance for credit losses $ 64 $ 26 (a)
$ 5

$ 42 (b)
$ 53
Deferred tax valuation allowance 3 — — — 3

__________
(a) The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms as approved by the MDPSC.
(b) Write-offs, net of recoveries of individual accounts receivable.

287

Table of Contents

Pepco Holdings LLC and Subsidiary Companies
(5) PHI

(i) Financial Statements (Item 8):

Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238)

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023

Consolidated Balance Sheets at December 31, 2025 and 2024

Consolidated Statements of Changes in Member's Equity for the Years Ended December 31, 2025, 2024, and 2023

Notes to Consolidated Financial Statements

(ii) Financial Statement Schedule:

Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023

288

Table of Contents

Pepco Holdings LLC and Subsidiary Companies
Schedule II – Valuation and Qualifying Accounts

For the year ended December 31, 2024
Allowance for credit losses $ 157 $ 73 (a)
$ ( 9 ) $ 64 (b)
$ 157
Deferred tax valuation allowance 35 — ( 3 ) — 32

For the year ended December 31, 2023
Allowance for credit losses $ 155 $ 57 (a)
$ ( 7 ) $ 48 (b)
$ 157
Deferred tax valuation allowance 35 — —

— 35

__________
(a) The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms applicable to the different jurisdictions Pepco, DPL, and ACE operate in.
(b) Write-offs, net of recoveries of individual accounts receivable.

289

Table of Contents

Potomac Electric Power Company
(6) Pepco

(i) Financial Statements (Item 8):

Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238)

Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023

Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023

Balance Sheets at December 31, 2025 and 2024

Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024 and 2023

Notes to Financial Statements

(ii) Financial Statement Schedule:

Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023

290

Table of Contents

Potomac Electric Power Company
Schedule II – Valuation and Qualifying Accounts

For the year ended December 31, 2024
Allowance for credit losses $ 80 $ 48 (a)
$ ( 10 ) $ 32 (b)
$ 86

For the year ended December 31, 2023
Allowance for credit losses $ 72 $ 31 (a)
$ ( 5 ) $ 18 (b)
$ 80

__________
(a) The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms as approved by the DCPSC and MDPSC.
(b) Write-offs, net of recoveries of individual accounts receivable.

291

Table of Contents

Delmarva Power & Light Company
(7) DPL

(i) Financial Statements (Item 8):

Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238)

Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023

Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023

Balance Sheets at December 31, 2025 and 2024

Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024 and 2023

Notes to Financial Statements

(ii) Financial Statement Schedule:

Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023

292

Table of Contents

Delmarva Power & Light Company
Schedule II – Valuation and Qualifying Accounts

— 29

For the year ended December 31, 2024
Allowance for credit losses $ 27 $ 11 (a)
$ — $ 12 (b)
$ 26
Deferred tax valuation allowance 32 — ( 3 ) — 29

For the year ended December 31, 2023
Allowance for credit losses $ 28 $ 10 (a)
$ — $ 11 (b)
$ 27
Deferred tax valuation allowance 32 — — — 32

__________
(a) The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under different mechanisms as approved by the DEPSC and MDPSC.
(b) Write-offs, net of recoveries of individual accounts receivable.

293

Table of Contents

Atlantic City Electric Company and Subsidiary Company
(8) ACE

(i) Financial Statements (Item 8):

Report of Independent Registered Public Accounting Firm dated February 12, 2026 of PricewaterhouseCoopers LLP (PCAOB ID 238)

Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023

Consolidated Balance Sheets at December 31, 2025 and 2024

Consolidated Statements of Changes in Shareholder's Equity for the Years Ended December 31, 2025, 2024, and 2023

Notes to Consolidated Financial Statements

(ii) Financial Statement Schedule:

Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023

294

Table of Contents

Atlantic City Electric Company and Subsidiary Company
Schedule II – Valuation and Qualifying Accounts

For the year ended December 31, 2024
Allowance for credit losses $ 50 $ 14 (a)
1 $ 20 (b)
$ 45

For the year ended December 31, 2023
Allowance for credit losses $ 55 $ 16 (a)
$ ( 2 ) $ 19 (b)
$ 50

__________
(a) ACE is allowed to recover from or refund to customers the difference between its annual credit loss expense and the amounts collected in rates annually through the Societal Benefits Charge. The amount charged to costs and expenses includes the amount that was reclassified to Regulatory assets/liabilities under such mechanism. See Note 2 – Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information.
(b) Write-offs, net of recoveries of individual accounts receivable.
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Exhibits required by Item 601 of Regulation S-K:
Certain of the following exhibits are incorporated herein by reference under Rule 12b-32 of the Securities and Exchange Act of 1934, as amended. Certain other instruments which would otherwise be required to be listed below have not been so listed because such instruments do not authorize securities in an amount which exceeds 10% of the total assets of the applicable registrant and its subsidiaries on a consolidated basis and the relevant registrant agrees to furnish a copy of any such instrument to the Commission upon request.
(2) Plans of acquisition, reorganization, arrangement, liquidation, or succession

Exhibit No. Description Location
2-1
Separation Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 2.1

(3) Articles of Incorporation and Bylaws
Exelon Corporation

Exhibit No. Description Location
3-1
Amended and Restated Articles of Incorporation of Exelon Corporation, as amended April 30, 2024 File No. 001-16169, Form 10-Q dated August 1, 2024, Exhibit 3.1

3-2
Amended and Restated Bylaws of Exelon Corporation, as amended on April 30, 2024 File No. 001-16169, Form 10-Q dated August 1, 2024, Exhibit 3.2

Baltimore Gas and Electric Company

Exhibit No. Description Location
3-3
Articles of Restatement to the Charter of Baltimore Gas and Electric Company, restated as of August 16, 1996 File No. 001-01910, Form 10-Q dated November 14, 1996, Exhibit 3

3-4
Articles of Amendment to the Charter of Baltimore Gas and Electric Company as of February 2, 2010 File No. 001-01910, Form 8-K dated February 4, 2010, Exhibit 3.1

3-5
Amended and Restated Bylaws of Baltimore Gas and Electric Company dated August 3, 2020 File No. 001-01910, Form 10-Q dated August 4, 2020, Exhibit 3.4

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Commonwealth Edison Company

Exhibit No. Description Location
3-6
Restated Articles of Incorporation of Commonwealth Edison Company Effective February 20, 1985, including Statements of Resolution Establishing Series, relating to the establishment of three new series of Commonwealth Edison Company preference stock known as the “$9.00 Cumulative Preference Stock,” the “$6.875 Cumulative Preference Stock” and the “$2.425 Cumulative Preference Stock” File No. 001-01839, Form 10-K dated March 30, 1995, Exhibit 3.2

3-7
Amended and Restated Bylaws of Commonwealth Edison Company, Effective February 22, 2021 File No. 001-01839, Form 10-K dated February 24, 2021, Exhibit 3.6

PECO Energy Company

Exhibit No. Description Location
3-8
Amended and Restated Articles of Incorporation of PECO Energy Company File No. 001-01401, Form 10-K dated April 2, 2001, Exhibit 3.3

3-9
Amended and Restated Bylaws of PECO Energy Company dated August 3, 2020 File No. 000-16844, Form 10-Q dated August 4, 2020, Exhibit 3.3

Pepco Holdings LLC

Exhibit No. Description Location
3-10
Certificate of Formation of Pepco Holdings LLC, dated March 23, 2016 File No. 001-31403, Form 8-K dated March 24, 2016, Exhibit 3.2

3-11
Amended and Restated Limited Liability Company Agreement of Pepco Holdings LLC, dated August 3, 2020 File No. 001-31403, Form 10-Q dated August 4, 2020, Exhibit 3.5

Atlantic City Electric Company

Exhibit No. Description Location
3-12
Restated Certificate of Incorporation of Atlantic City Electric Company (filed in New Jersey on August 9, 2002) File No. 001-03559, Amendment No. 1 to Form U5B dated February 13, 2003, Exhibit B.8.1

3-13
Bylaws of Atlantic City Electric Company File No. 001-03559, Form 10-Q dated May 9, 2005, Exhibit 3.2.2

Delmarva Power & Light Company

Exhibit No. Description Location
3-14
Restated Certificate and Articles of Incorporation of Delmarva Power & Light Company (as filed in Delaware and Virginia) File No. 001-01405, Form 10-K dated March 1, 2007, Exhibit 3.3

3-15
Bylaws of Delmarva Power & Light Company File No. 001-01405, Form 10-Q dated May 9, 2005, Exhibit 3.2.1

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Potomac Electric Power Company

Exhibit No. Description Location
3-16
Restated Articles of Incorporation of Potomac Electric Power Company (as filed in the District of Columbia) File No. 001-31403, Form 10-Q dated May 5, 2006, Exhibit 3.1

3-17
Restated Articles of Incorporation and Articles of Restatement of Potomac Electric Power Company (as filed in Virginia) File No. 001-01072, Form 10-Q dated November 4, 2011, Exhibit 3.3

3-18
Bylaws of Potomac Electric Power Company File No. 001-01072, Form 10-Q dated May 5, 2006, Exhibit 3.2

(4) Instruments Defining the Rights of Securities Holders, Including Indentures
Exelon Corporation

Exhibit No. Description Location
4-1
Exelon Corporation Direct Stock Purchase Plan File No. 333-222989, Prospectus 424(b)(2) dated June 20, 2025

4-2
Indenture dated May 1, 2001 between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 10-Q dated July 26, 2005, Exhibit 4.10

4-3
Form of $500,000,000 5.625% senior notes due 2035 dated June 9, 2005 issued by Exelon Corporation File No. 001-16169, Form 8-K dated June 9, 2005, Exhibit 99.3

4-4
Indenture, dated as of June 17, 2014, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee File No. 001-16169, Form 8-K dated June 23, 2014, Exhibit 4.1

4-4-1
Third Supplemental Indenture, dated as of February 1, 2025, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee File No. 001-16169, Form 8-K dated February 19, 2025, Exhibit 4.2

4-5
Indenture, dated as of June 11, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee
File No. 001-16169, Form 8-K dated June 11, 2015, Exhibit 4.1

4-5-1
First Supplemental Indenture, dated as of June 11, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee
File No. 001-16169, Form 8-K dated June 11, 2015, Exhibit 4.2

4-5-2
Second Supplemental Indenture, dated as of December 2, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee
File No. 001-16169, Form 8-K dated December 2, 2015, Exhibit 4.1

4-5-3
Third Supplemental Indenture, dated as of April 7, 2016, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 8-K dated April 7, 2016, Exhibit 4.2

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Exhibit No. Description Location

4-5-4
Fourth Supplemental Indenture, dated as of April 1, 2020, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 8-K dated April 1, 2020, Exhibit 4.2

4-5-5
Fifth Supplemental Indenture, dated as of March 7, 2022, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 8-K dated March 7, 2022, Exhibit 4.2

4-5-6
Sixth Supplemental Indenture, dated as of February 1, 2023, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 8-K dated February 21, 2023, Exhibit 4.2

4-5-7
Seventh Supplemental Indenture, dated as of February 27, 2024, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 8-K dated February 27, 2024, Exhibit 4.2

4-5-8
Eighth Supplemental Indenture, dated as of February 1, 2025, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 8-K dated February 21, 2025, Exhibit 4.2

4-6
Indenture, dated as of December 4, 2025, between Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee File No. 001-16169, Form 8-K dated December 4, 2025, Exhibit 4.1

4-7
Equity Distribution Agreement, dated May 2, 2025, by and among the Company, Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC, each as sales agents and as forward sellers, and Bank of America, N.A., Barclays Bank PLC, BNP Paribas, Citibank, N.A., Crédit Agricole Corporate and Investment Bank, Goldman Sachs & Co. LLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia and Wells Fargo Bank, National Association, each as forward purchasers. File No. 001-16169, Form 8-K dated May 2, 2025, Exhibit 1.1

4-8
Description of Exelon Securities Filed herewith.

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Baltimore Gas and Electric Company

Exhibit No. Description Location
4-7
Indenture dated as of July 24, 2006 between Baltimore Gas and Electric Company and Deutsche Bank Trust Company Americas, as trustee File No. 333-135991, Registration Statement on Form S-3 dated July 24, 2006, Exhibit 4(b)

4-8
Form of 2.400% notes due 2026 issued August 18, 2016 by Baltimore Gas and Electric Company File No. 001-01910, Form 8-K dated August 18, 2016, Exhibit 4.1

4-9
Form of 3.500% Note due 2046 issued August 18, 2016 by Baltimore Gas and Electric Company File No. 001-01910, Form 8-K dated August 18, 2016, Exhibit 4.2

4-10
Form of 3.750% Note due 2047 issued August 24, 2017 by Baltimore Gas and Electric Company File No. 001-01910, Form 8-K dated August 24, 2017, Exhibit 4.1

4-11
Form of 4.550% Note due 2052 issued June 6, 2022 by Baltimore Gas and Electric Company File No. 001-01910, Form 8-K dated June 6, 2022, Exhibit 4.2

4-12
Form of 5.400% Note due 2053 issued May 10, 2023 by Baltimore Gas and Electric File No. 001-01910, Form 8-K dated May 10, 2023, Exhibit 4.2

4-13
Form of 5.300% Note due 2034 issued June 1, 2024 by Baltimore Gas and Electric File No. 001-01910, Form 8-K dated June 06, 2024, Exhibit 4.1

4-14
Form of 5.650% Note due 2054 issued June 1, 2024 by Baltimore Gas and Electric File No. 001-01910, Form 8-K dated June 06, 2024, Exhibit 4.2

4-15
Form of 5.450% Note due 2035 issued May 16, 2025 by Baltimore Gas and Electric File No. 001-01910, Form 8-K dated May 16, 2025, Exhibit 4.2

4-15-1
Indenture, dated as of September 1, 2019, between Baltimore Gas and Electric Company and U.S. Bank N.A., as trustee File No. 001-01910, Form 8-K dated September 12, 2019, Exhibit 4.1

Commonwealth Edison Company

Exhibit No. Description Location
4-16 Mortgage of Commonwealth Edison Company to Illinois Merchants Trust Company, Trustee (BNY Mellon Trust Company of Illinois, as current successor Trustee), dated July 1, 1923, as supplemented and amended by Supplemental Indenture thereto dated August 1, 1944 Registration No. 2-60201, Form S-7, Exhibit 2-1 (a)

4-16-1
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of January 13, 2003 File No. 001-01839, Form 8-K dated February 13, 2003, Exhibit 4.4

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Exhibit No. Description Location
4-16-2
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 22, 2006 File No. 001-01839, Form 8-K dated March 6, 2006, Exhibit 4.1

4-16-3
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of March 1, 2007 File No. 001-01839, Form 8-K dated March 23, 2007, Exhibit 4.1

4-16-4
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of December 20, 2007 File No. 001-01839, Form 8-K dated January 16, 2008, Exhibit 4.1

4-16-5
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of September 17, 2012 File No. 001-01839, Form 8-K dated October 1, 2012, Exhibit 4.1

4-16-6
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of August 1, 2013 File No. 001-01839, Form 8-K dated August 19, 2013, Exhibit 4.1

4-16-7
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of January 2, 2014 File No. 001-01839, Form 8-K dated January 10, 2014, Exhibit 4.1

4-16-8
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 18, 2015 File No. 001-01839, Form 8-K dated March 2, 2015, Exhibit 4.1

4-16-9
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of November 4, 2015 File No. 001-01839, Form 8-K dated November 19, 2015, Exhibit 4.1

4-16-10
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of June 15, 2016 File No. 001-01839, Form 8-K dated June 27, 2016, Exhibit 4.1

4-16-11
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of August 9, 2017 File No. 001-01839, Form 8-K dated August 23, 2017, Exhibit 4.1

4-16-12
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 6, 2018 File No. 001-01839, Form 8-K dated February 20, 2018, Exhibit 4.1

4-16-13
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of July 26, 2018 File No. 001-01839, Form 8-K dated August 14, 2018, Exhibit 4.1

4-16-14
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 7, 2019 File No. 001-01839, Form 8-K dated February 19, 2019, Exhibit 4.1

4-16-15
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of October 29, 2019 File No. 001-01839, Form 8-K dated November 12, 2019, Exhibit 4.1

4-16-16
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 10, 2020 File No. 001-01839, Form 8-K dated February 25, 2020, Exhibit 4.1

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Exhibit No. Description Location
4-16-17
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 16, 2021 File No. 001-01839, Form 8-K dated March 9, 2021, Exhibit 4.1

4-16-18
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of August 2, 2021 File No. 001-01839, Form 8-K dated August 12, 2021, Exhibit 4.1

4-16-19
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of February 23, 2022 File No. 001-01839, Form 8-K/A dated March 15, 2022, Exhibit 4.1

4-16-20
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of December 21, 2022 File No. 001-01839, Form 8-K dated January 10, 2023, Exhibit 4.1

4-16-21
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of May 1, 2024 File No. 001-01839, Form 8-K dated May 13, 2024, Exhibit 4.1

4-16-22
Supplemental Indenture to Commonwealth Edison Company Mortgage dated as of May 1, 2025 File No. 001-01839, Form 8-K dated May 19, 2025, Exhibit 4.1

4-17
Instrument of Resignation, Appointment and Acceptance dated as of February 20, 2002, under the provisions of the Mortgage of Commonwealth Edison Company dated July 1, 1923, and Indentures Supplemental thereto, regarding corporate trustee File No. 001-01839, Form 10-K dated April 1, 2002, Exhibit 4.4.2

4-18
Instrument dated as of January 31, 1996, under the provisions of the Mortgage of Commonwealth Edison Company dated July 1, 1923 and Indentures Supplemental thereto, regarding individual File No. 001-01839, Form 10-K dated March 29, 1996, Exhibit 4.29

4-18-1
Description of ComEd Securities File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 4.65

PECO Energy Company

Exhibit No. Description Location
4-19 First and Refunding Mortgage dated May 1, 1923 between The Counties Gas and Electric Company (predecessor to PECO Energy Company) and Fidelity Trust Company, Trustee (U.S. Bank N.A., as current successor trustee) Registration No. 2-2281, Exhibit B-1 (a)

4-19-1 Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of December 1, 1941 Registration No. 2-4863, Exhibit B-1(h) (a)

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Exhibit No. Description Location
4-19-2
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of April 15, 2004 File No. 000-16844, Form 10-Q dated September 30, 2004, Exhibit 4-1-1

4-19-3
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of September 15, 2006 File No. 000-16844, Form 8-K dated September 25, 2006, Exhibit 4.1

4-19-4
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of March 1, 2007 File No. 000-16844, Form 8-K dated March 19, 2007, Exhibit 4.1

4-19-5
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of September 1, 2014 File No. 000-16844, Form 8-K dated September 15, 2014, Exhibit 4.1

4-19-6
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of September 1, 2017 File No. 000-16844, Form 8-K dated September 18, 2017, Exhibit 4.1

4-19-7
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of February 1, 2018 File No. 000-16844, Form 8-K dated February 23, 2018, Exhibit 4.1

4-19-8
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of September 1, 2018 File No. 000-16844, Form 8-K dated September 11, 2018, Exhibit 4.1

4-19-9
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of August 15, 2019 File No. 000-16844, Form 8-K dated September 10, 2019, Exhibit 4.1

4-19-10
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of June 1, 2020 File No. 000-16844, Form 8-K dated June 8, 2020, Exhibit 4.1

4-19-11
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of February 15, 2021 File No. 000-16844, Form 8-K dated March 8, 2021, Exhibit 4.1

4-19-12
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of September 1, 2021 File No. 000-16844, Form 8-K dated September 14, 2021, Exhibit 4.1

4-19-13
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of May 1, 2022 File No. 000-16844, Form 8-K dated May 24, 2022, Exhibit 4.1

4-19-14
Supplemental Indenture to PECO Energy Company’s First and Refunding Mortgage dated as of August 1, 2022 File No. 000-16844, Form 8-K dated August 23, 2022, Exhibit 4.1

4-19-15
Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of June 1, 2023 File No. 001-16844, Form 8-K dated June 23, 2023, Exhibit 4.1

303

Table of Contents

Exhibit No. Description Location
4-19-16
Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of August 15, 2024 File No. 001-16844, Form 8-K dated September 10, 2024, Exhibit 4.1

4-19-17
Supplemental Indenture to PECO Energy Company's First and Refunding Mortgage dated as of August 15, 2025 File No. 001-16844, Form 8-K dated September 10, 2025, Exhibit 4.1

4-20
Indenture to Subordinated Debt Securities dated as of June 24, 2003 between PECO Energy Company, as Issuer, and U.S. Bank N.A., as Trustee File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.1

4-21
Preferred Securities Guarantee Agreement between PECO Energy Company, as Guarantor, and U.S. Bank N.A., as Trustee, dated as of June 24, 2003 File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.2

4-22
PECO Energy Capital Trust IV Amended and Restated Declaration of Trust among PECO Energy Company, as Sponsor, U.S. Bank Trust N.A., as Delaware Trustee and Property Trustee, and J. Barry Mitchell, George R. Shicora and Charles S. Walls as Administrative Trustees dated as of June 24, 2003 File No. 000-16844, Form 10-Q dated July 30, 2003, Exhibit 4.3

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Atlantic City Electric Company

Exhibit No. Description Location
4-23 Mortgage and Deed of Trust, dated January 15, 1937, between Atlantic City Electric Company and The Bank of New York Mellon (formerly Irving Trust Company), as trustee 2-66280, Registration Statement dated December 21, 1979, Exhibit 2(a) (a)

4-23-1 Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of June 1, 1949 2-66280, Registration Statement dated December 21, 1979, Exhibit 2(b) (a)

4-23-2 Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of March 1, 1991 Form 10-K dated March 28, 1991, Exhibit 4(d)(1) (a)

4-23-3
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of April 1, 2004 File No. 001-03559, Form 8-K dated April 6, 2004, Exhibit 4.3

4-23-4
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of March 8, 2006 File No. 001-03559, Form 8-K dated March 17, 2006, Exhibit 4

4-23-5
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of October 9, 2018 File No. 001-03559, Form 8-K dated October 16, 2018, Exhibit 4.1

4-23-6
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of May 2, 2019 File No. 001-03559, Form 8-K dated May 21, 2019, File No. 4.3

4-23-7
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of June 1, 2020 File No. 001-03559, Form 8-K dated June 9, 2020, Exhibit 4.2

4-23-8
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of February 15, 2021 File No. 001-03559, Form 8-K dated March 10, 2021, Exhibit 4.1

4-23-9
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of November 1, 2021 File No. 001-03559, Form 8-K dated November 16, 2021, Exhibit 4.2

4-23-10
Supplemental Indenture to Atlantic City Electric Company Mortgage dated as of February 1, 2022 File No. 001-03559, Form 8-K dated February 15, 2022, Exhibit 4.2

4-23-11
Supplemental Indenture to the Atlantic City Electric Company Mortgage and Deed of Trust, dated as of March 1, 2023 File No. 001-03559, Form 8-K dated March 15, 2023, Exhibit 4.2

4-23-12
Supplemental Indenture to the Atlantic City Electric Company Mortgage and Deed of Trust, dated as of March 1, 2024 File No. 001-03559, Form 8-K dated March 20, 2024, Exhibit 4.2

4-23-13
Supplemental Indenture to the Atlantic City Electric Company Mortgage and Deed of Trust, dated as of March 1, 2025 File No. 001-03559, Form 8-K dated March 26, 2025, Exhibit 4.2

4-24
Pollution Control Facilities Loan Agreement, dated as of June 1, 2020, between The Pollution Control Financing Authority of Salem County and Atlantic City Electric File No. 001-03559, Form 8-K dated June 2, 2020, Exhibit 4.1

305

Table of Contents

Delmarva Power & Light Company

Exhibit No. Description Location
4-25 Mortgage and Deed of Trust of Delaware Power & Light Company to The Bank of New York Mellon (ultimate successor to the New York Trust Company), as trustee, dated as of October 1, 1943, and copies of the First through Sixty-Eighth Supplemental Indentures thereto 33-1763, Registration Statement dated November 27, 1985, Exhibit 4-(A) (a)

4-25-1 Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of October 1, 1993 33-53855, Registration Statement dated January 30, 1995, Exhibit 4-L (a)

4-25-2 Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of October 1, 1994 33-53855, Registration Statement dated January 30, 1995, Exhibit 4-N (a)

4-25-3
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of May 4, 2015 File No. 001-01405, Form 8-K dated May 5, 2015, Exhibit 4.2

4-25-4
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of December 5, 2016 File No. 001-01405, Form 8-K dated December 12, 2016, Exhibit 4.2

4-25-5
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of June 1, 2018 File No. 001-01405, Form 8-K dated June 21, 2018, Exhibit 4.2

4-25-6
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of May 2, 2019 File No. 001-01405, Form 8-K dated December 12, 2019, Exhibit 4.2

4-25-7
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of January 1, 2020 File No. 001-01405, Form 10-Q dated May 8, 2020, Exhibit 4.4

4-25-8
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of June 1, 2020 File No. 001-01405, Form 8-K dated June 9, 2020, Exhibit 4.4

4-25-9
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of February 15, 2021 File No. 001-01405, Form 8-K dated March 30, 2021, Exhibit 4.4

4-25-10
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of February 1, 2022 File No. 001-01405, Form 8-K dated February 15, 2022, Exhibit 4.4

4-25-11
Supplemental Indenture to Delmarva Power & Light Company Mortgage dated as of January 1, 2022 File No. 001-01405, Form 10-Q dated May 9, 2022, Exhibit 4.1

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Exhibit No. Description Location
4-25-12
Supplemental Indenture to the Delmarva Power & Light Company Mortgage and Deed of Trust, dated as of March 1, 2023 File No. 001-01405, Form 8-K dated March 15, 2023, Exhibit 4.4

4-25-13
Supplemental Indenture to the Delmarva Power & Light Company Mortgage and Deed of Trust, dated as of March 1, 2024 File No. 001-01405, Form 8-K dated March 20, 2024, Exhibit 4.4

4-25-14
Supplemental Indenture to the Delmarva Power & Light Company Mortgage and Deed of Trust, dated as of March 1, 2025 File No. 001-01405, Form 8-K dated March 26, 2025, Exhibit 4.4

4-26
Gas Facilities Loan Agreement, dated as of July 1, 2020, between The Delaware Economic Development Authority and Delmarva Power & Light Company File No. 001-01405, Form 8-K dated July 1, 2020, Exhibit 4.1

Potomac Electric Power Company

Exhibit No. Description Location
4-27 Mortgage and Deed of Trust, dated July 1, 1936, of Potomac Electric Power Company to The Bank of New York Mellon as successor trustee, securing First Mortgage Bonds of Potomac Electric Power Company, and Supplemental Indenture dated July 1, 1936 File No. 2-2232, Registration Statement dated June 19, 1936, Exhibit B-4 (a)

4-27-1 Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of December 10, 1939 8-K dated January 3, 1940, Exhibit B (a)

4-27-2
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 16, 2004 File No. 001-01072, Form 8-K dated March 23, 2004, Exhibit 4.3

4-27-3
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of May 24, 2005 File No. 001-01072, Form 8-K dated May 26, 2005, Exhibit 4.2

4-27-4
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of November 13, 2007 File No. 001-01072, Form 8-K dated November 15, 2007, Exhibit 4.2

4-27-5
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 24, 2008 File No. 001-01072, Form 8-K dated March 28, 2008, Exhibit 4.1

4-27-6
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of December 3, 2008 File No. 001-01072, Form 8-K dated December 8, 2008, Exhibit 4.2

4-27-7
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 11, 2013 File No. 001-01072, Form 8-K dated March 12, 2013, Exhibit 4.2

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Table of Contents

Exhibit No. Description Location
4-27-8
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of November 14, 2013 File No. 001-01072, Form 8-K dated November 15, 2013, Exhibit 4.2

4-27-9
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 9, 2015 File No. 001-01072, Form 8-K dated March 10, 2015, Exhibit 4.3

4-27-10
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of May 15, 2017 File No. 001-01072, Form 8-K dated May 22, 2017, Exhibit 4.2

4-27-11
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of June 1, 2018 File No. 001-01072, Form 8-K dated June 21, 2018, Exhibit 4.2

4-27-12
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of May 2, 2019 File No. 001-01072, Form 8-K dated June 13, 2019, Exhibit 4.2

4-27-13
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of February 12, 2020 File No. 001-01072, Form 8-K dated February 25, 2020, Exhibit 4.2

4-27-14
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of February 15, 2021 File No. 001-01072, Form 8-K dated March 30, 2021, Exhibit 4.4

4-27-15
Supplemental Indenture to Potomac Electric Power Company Mortgage dated as of March 1, 2022 File No. 001-01072, Form 8-K dated March 24, 2022, Exhibit 4.2

4-27-16
Supplemental Indenture to the Potomac Electric Power Company Mortgage and Deed of Trust, dated as of March 1, 2023 File No. 001-01072, Form 8-K dated March 15, 2023, Exhibit 4.6

4-27-17
Supplemental Indenture to the Potomac Electric Power Company Mortgage and Deed of Trust, dated as of February 15, 2024 File No. 001-01072, Form 8-K dated March 4, 2024, Exhibit 4.3

4-27-18
Supplemental Indenture to the Potomac Electric Power Company Mortgage and Deed of Trust, dated as of March 1, 2025 File No. 001-01072, Form 8-K dated March 26, 2025, Exhibit 4.6

4-28
Exempt Facilities Loan Agreement dated as of June 1, 2019 between the Maryland Economic Development Corporation and Potomac Electric Power Company File No. 001-01072, Form 8-K dated June 27, 2019, Exhibit 4.1

(10) Material Contracts
Exelon Corporation

Exhibit No. Description Location
10-1
Transition Services Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.1

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Table of Contents

Exhibit No. Description Location
10-2
Tax Matters Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.2

10-3
Employee Matters Agreement, dated January 31, 2022, between Exelon Corporation and Constellation Energy Corporation File No. 001-16169, Form 8K dated February 2, 2022, Exhibit 10.3

10-4
Amended and Restated Credit Agreement for $900,000,000 dated August 29, 2024, between Exelon Corporation and various financial institutions File No. 001-16169, Form 10-K dated October 30, 2024, Exhibit 10.1

10-5
Exelon Corporation Non-Employee Directors’ Restricted Stock Unit Plan (Effective January 1, 2026) Filed herewith.

10-6
Exelon Corporation Supplemental Management Retirement Plan (As Amended and Restated Effective January 1, 2009) * File No. 001-16169, Form 10-K dated February 6, 2009, Exhibit 10.19

10-7
Exelon Corporation Employee Stock Purchase Plan, as amended and restated effective September 25, 2019 File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.3

10-8
Exelon Corporation Employee Stock Purchase Plan for Unincorporated Subsidiaries, as amended and restated effective September 25, 2019 File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.4

10-9
Exelon Corporation 2020 Long-Term Incentive Plan (Effective April 28, 2020) File No. 001-16169, Proxy Statement dated March 18, 2020, Appendix A

10-10
Exelon Corporation 2020 Long-Term Incentive Plan Prospectus, dated May 27, 2020 File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.3

10-11
Form of Restricted Stock Unit Award Notice and Agreement under the Exelon Corporation 2020 Long-Term Incentive Plan File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.4

10-12
Form of Performance Share Award Notice and Agreement under the Exelon Corporation 2020 Long-Term Incentive Plan File No. 001-16169, Form 10-Q dated August 4, 2020, Exhibit 10.5

10-13
Exelon Corporation Senior Management Severance Plan as Amended and Restated effective February 1, 2024 File No. 001-16169, Form 10-K dated February 21, 2024, Exhibit 1 0 .15.1

10-14
Form of Separation Agreement under Exelon Corporation Senior Management Severance Plan (As Amended and Restated Effective January 1, 2020) File No. 001-16169, Form 10-K dated February 11, 2020, Exhibit 10.21

309

Table of Contents

Exhibit No. Description Location
10-15
Exelon Corporation Executive Death Benefits Plan dated as of January 1, 2003 * File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.52

10-15-1
First Amendment to Exelon Corporation Executive Death Benefits Plan, Effective January 1, 2006 * File No. 001-16169, Form 10-K dated February 13, 2007, Exhibit 10.53

10-16
Exelon Corporation Deferred Compensation Plan (As Amended and Restated Effective December 1, 2025) Filed herewith

10-17
Exelon Corporation Stock Deferral Plan (As Amended and Restated Effective September 25, 2019) File No. 001-16169, Form 10-Q dated October 31, 2019, Exhibit 10.5

10-18
2023 Amendment to Certain Plans of Exelon Corporation File No. 001-16169, Form 10-K dated February 24, 2021, Exhibit 10.22

10-19
Constellation Energy Group Benefits Restoration Plan (As Amended and Restated Effective January 1, 2025) File No. 001-16169, Form 10-K dated February 12, 2025, Exhibit 10.20

10-20
Exelon Corporation Unfunded Deferred Compensation Plan for Directors (As Amended and Restated Effective January 1, 2026) Filed herewith

Commonwealth Edison Company

Exhibit No. Description Location
10-21
Deferred Prosecution Agreement, dated July 17, 2020, between Commonwealth Edison Company and the U.S. Department of Justice and the U.S. Attorney for the Northern District of Illinois File No. 001-01839, Form 8-K dated July 17, 2020, Exhibit 10.1

10-22
Amended and Restated Credit Agreement for $1,000,000,000 dated August 29, 2024, between Commonwealth Edison Company and various financial institutions File No. 001-01839, Form 10-K dated October 30, 2024, Exhibit 10.2

Baltimore Gas and Electric Company

Exhibit No. Description Location
10-23
Amended and Restated Credit Agreement for $600,000,000 dated August 29, 2024, between Baltimore Gas and Electric Company and various financial institutions File No. 001-01910, Form 10-K dated October 30, 2024, Exhibit 10.4

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PECO Energy Company

Exhibit No. Description Location
10-24
PECO Energy Company Supplemental Pension Benefit Plan (As Amended and Restated Effective January 1, 2009) File No. 000-16844, Form 10-K dated February 6, 2009, Exhibit 10.20

10-25
Amended and Restated Credit Agreement for $600,000,000 dated August 29, 2024, between PECO Energy Company and various financial institutions File No. 000-16844, Form 10-K dated October 30, 2024, Exhibit 10.3

Atlantic City Electric Company, Potomac Electric Power Company, Delmarva Power & Light Company

Exhibit No. Description Location
10-26
Bond Purchase Agreement, dated December 1, 2015, among Atlantic City Electric Company and the purchasers signatory thereto File No. 001-03559, Form 8-K dated December 2, 2015, Exhibit 1.1

10-27
Amended and Restated Credit Agreement for $900,000,000 dated August 29, 2024, between Potomac Electric Power Company, Delmarva Power & Light Company, Atlantic City Electric Company and various financial institutions File Nos. 001-010172, 001-01405, 001-03559, Form 10-K dated October 30, 2024, Exhibit 10.5

(14) Code of Ethics
Exelon Corporation

Exhibit No. Description Location
14-1
Exelon Code of Conduct, as amended January 05, 2026 Filed herewith.

(19) Insider trading policies and procedures
Exelon Corporation

Exhibit No. Description Location
19-1
Exelon Insider Trading Policy Filed herewith.

(97) Policy Relating to Recovery of Erroneously Awarded Compensation
Exelon Corporation

Exhibit No. Description Location
97-1
Exelon Financial Restatement Compensation Recoupment Policy File No. 001-16169, Form 10-K dated February 21, 2024, Exhibit 97.1

Exhibit No. Description
Subsidiaries

21-1
Exelon Corporation

21-2
Commonwealth Edison Company

21-3
PECO Energy Company

311

Table of Contents

Exhibit No. Description
21-4
Baltimore Gas and Electric Company

21-5
Pepco Holdings LLC

21-6
Potomac Electric Power Company

21-7
Delmarva Power & Light Company

21-8
Atlantic City Electric Company

Consent of Independent Registered Public Accountants

23-1
Exelon Corporation

23-2
Commonwealth Edison Company

23-3
PECO Energy Company

23-4
Baltimore Gas and Electric Company

Power of Attorney (Exelon Corporation)

24-1
Anna Richo

24-2
Calvin G. Butler, Jr.

24-3
W. Paul Bowers

24-4
Marjorie Rodgers Cheshire

24-5
Matthew Rogers

24-6
Linda P. Jojo

24-7
Charisse R. Lillie

24-8
Bryan Segedi

24-9
David G. DeWalt

Power of Attorney (Commonwealth Edison Company)

24-10
Michael A. Innocenzo

24-11
Elizabeth Buchanan

24-12
Stephen Bowman

24-13
Ricardo Estrada

24-14
Zaldwaynaka Scott

24-15
Smita Shah

24-16
Gil C. Quiniones

Power of Attorney (PECO Energy Company)

24-17
Michael A. Innocenzo

24-18
John S. Grady

24-19
David M. Vahos

24-20
Sharmain Matlock-Turner

24-21
Michael Nutter

312

Table of Contents

Exhibit No. Description
24-22
Michelle Hong

24-23
Roberto E. Perez

Power of Attorney (Baltimore Gas and Electric Company)

24-24
Michael A. Innocenzo

24-25
Tamla A. Olivier

24-26
Keith Lee

24-27
Rachel Garbow Monroe

24-28
Byron Marchant

24-29
Tim Regan

24-30
Amy Seto

24-31
Maria Harris Tildon

Power of Attorney (Pepco Holdings LLC)

24-32
Antoine Allen

24-33
J. Tyler Anthony

24-34
Michael A. Innocenzo

24-35
Debra P. DiLorenzo

24-36
Benjamin Wu

24-37
Linda W. Cropp

24-38
Rosie Allen-Herring

Power of Attorney (Potomac Electric Power Company)

24-39
J. Tyler Anthony

24-40
Elizabeth Morgan Downs O'Donnell

24-41
Michael A. Innocenzo

24-42
Rodney Oddoye

24-43
Amber Perry

24-44
Jaclyn Cantler

24-45
Anne C. Bancroft

Power of Attorney (Delmarva Power & Light Company)

24-46
J. Tyler Anthony

24-47
Michael A. Innocenzo

Power of Attorney (Atlantic City Electric Company)

24-48
J. Tyler Anthony

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Certifications Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as to the Annual Report on Form 10-K for the year ended December 31, 2025 filed by the following officers for the following registrants:

Exhibit No. Description
31-1
Filed by Calvin G. Butler, Jr. for Exelon Corporation

31-2
Filed by Jeanne M. Jones for Exelon Corporation

31-3
Filed by Gil C. Quiniones for Commonwealth Edison Company

31-4
Filed by Joshua S. Levin for Commonwealth Edison Company

31-5
Filed by David M. Vahos for PECO Energy Company

31-6
Filed by Marissa E. Humphrey for PECO Energy Company

31-7
Filed by Tamla A. Olivier for Baltimore Gas and Electric Company

31-8
Filed by Michael J. Cloyd for Baltimore Gas and Electric Company

31-9
Filed by J. Tyler Anthony for Pepco Holdings LLC

31-10
Filed by Elizabeth Morgan Downs O'Donnell for Pepco Holdings LLC

31-11
Filed by J. Tyler Anthony for Potomac Electric Power Company

31-12
Filed by Elizabeth Morgan Downs O'Donnell for Potomac Electric Power Company

31-13
Filed by J. Tyler Anthony for Delmarva Power & Light Company

31-14
Filed by Elizabeth Morgan Downs O'Donnell for Delmarva Power & Light Company

31-15
Filed by J. Tyler Anthony for Atlantic City Electric Company

31-16
Filed by Elizabeth Morgan Downs O'Donnell for Atlantic City Electric Company

Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code as to the Annual Report on Form 10-K for the year ended December 31, 2025 filed by the following officers for the following registrants:

Exhibit No. Description
32-1
Filed by Calvin G. Butler, Jr. for Exelon Corporation

32-2
Filed by Jeanne M. Jones for Exelon Corporation

32-3
Filed by Gil C. Quiniones for Commonwealth Edison Company

32-4
Filed by Joshua S. Levin for Commonwealth Edison Company

32-5
Filed by David M. Vahos for PECO Energy Company

32-6
Filed by Marissa E. Humphrey for PECO Energy Company

32-7
Filed by Tamla A. Olivier for Baltimore Gas and Electric Company

32-8
Filed by Michael J. Cloyd for Baltimore Gas and Electric Company

32-9
Filed by J. Tyler Anthony for Pepco Holdings LLC

32-10
Filed by Elizabeth Morgan Downs O'Donnell for Pepco Holdings LLC

32-11
Filed by J. Tyler Anthony for Potomac Electric Power Company

32-12
Filed by Elizabeth Morgan Downs O'Donnell for Potomac Electric Power Company

32-13
Filed by J. Tyler Anthony for Delmarva Power & Light Company

32-14
Filed by Elizabeth Morgan Downs O'Donnell for Delmarva Power & Light Company

314

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Exhibit No. Description

32-15
Filed by J. Tyler Anthony for Atlantic City Electric Company

32-16
Filed by Elizabeth Morgan Downs O'Donnell for Atlantic City Electric Company

101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH Inline XBRL Taxonomy Extension Schema Document.

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

__________
* Compensatory plan or arrangements in which directors or officers of the applicable registrant participate and which are not available to all employees.
(a) These filings are not available electronically on the SEC website as they were filed in paper previous to the electronic system that is currently in place.
315

Table of Contents

ITEM 16. FORM 10-K SUMMARY

All Registrants
None.
316

Table of Contents

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago and State of Illinois on the 12th day of February, 2026.

EXELON CORPORATION

By: /s/ CALVIN G. BUTLER JR.
Name: Calvin G. Butler Jr.
Title: President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the 12th day of February, 2026.

Signature Title

/s/ CALVIN G. BUTLER JR. President, Chief Executive Officer (Principal Executive Officer), and Director
Calvin G. Butler Jr.

/s/ JEANNE M. JONES Executive Vice President, Chief Finance Officer, Audit and Risk (Principal Financial Officer)
Jeanne M. Jones

/s/ ROBERT A. KLECZYNSKI Senior Vice President, Controller and Tax (Principal Accounting Officer)
Robert A. Kleczynski

This annual report has also been signed below by Colette D. Honorable, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

Anna Richo Linda P. Jojo
W. Paul Bowers Charisse R. Lillie
Marjorie Rodgers Cheshire Bryan Segedi
Matthew Rogers David G. DeWalt

By: /s/ COLETTE D. HONORABLE February 12, 2026
Name: Colette D. Honorable

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Table of Contents

COMMONWEALTH EDISON COMPANY

By: /s/ GIL C. QUINIONES
Name: Gil C. Quiniones
Title: President and Chief Executive Officer

Signature Title

/s/ GIL C. QUINIONES President, Chief Executive Officer (Principal Executive Officer), and Director
Gil C. Quiniones

/s/ JOSHUA S. LEVIN Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Joshua S. Levin

/s/ ERIN V. WHITE Director, Accounting (Principal Accounting Officer)
Erin V. White

This annual report has also been signed below by Gil C. Quiniones, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

Michael A. Innocenzo Ricardo Estrada
Elizabeth Buchanan Zaldwaynaka Scott
Stephen Bowman Smita Shah

By: /s/ GIL C. QUINIONES February 12, 2026
Name: Gil C. Quiniones

318

Table of Contents

PECO ENERGY COMPANY

By: /s/ DAVID M. VAHOS
Name: David M. Vahos
Title: President and Chief Executive Officer

Signature Title

/s/ DAVID M. VAHOS President, Chief Executive Officer (Principal Executive Officer), and Director
David M. Vahos

/s/ MARISSA E. HUMPHREY Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Marissa E. Humphrey

/s/ MARIANA HUFFORD Director, Accounting (Principal Accounting Officer)
Mariana Hufford

This annual report has also been signed below by David M. Vahos, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

Michael A. Innocenzo Michael Nutter
John S. Grady Michelle Hong
Sharmain Matlock-Turner Roberto E. Perez

By: /s/ DAVID M. VAHOS February 12, 2026
Name: David M. Vahos

319

Table of Contents

BALTIMORE GAS AND ELECTRIC COMPANY

By: /s/ TAMLA A. OLIVIER
Name: Tamla A. Olivier
Title: President and Chief Executive Officer

Signature Title

/s/ TAMLA A. OLIVIER President, Chief Executive Officer (Principal Executive Officer), and Director
Tamla A. Olivier

/s/ MICHAEL J. CLOYD Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Michael J. Cloyd

/s/ DAMON M. SCOLERI Director, Accounting (Principal Accounting Officer)
Damon M. Scoleri

This annual report has also been signed below by Tamla A. Olivier, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

Michael A. Innocenzo Tim Regan
Keith Lee Amy Seto
Rachel Garbow Monroe Maria Harris Tildon
Byron Marchant

By: /s/ TAMLA A. OLIVIER February 12, 2026
Name: Tamla A. Olivier

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PEPCO HOLDINGS LLC

By: /s/ J. TYLER ANTHONY
Name: J. Tyler Anthony
Title: President and Chief Executive Officer

Signature Title

/s/ J. TYLER ANTHONY President, Chief Executive Officer (Principal Executive Officer), and Director
J. Tyler Anthony

/s/ ELIZABETH MORGAN DOWNS O'DONNELL Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Elizabeth Morgan Downs O'Donnell

/s/ JASON T. JONES Director, Accounting (Principal Accounting Officer)
Jason T. Jones

This annual report has also been signed below by J. Tyler Anthony, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

Antoine Allen Benjamin Wu
Michael A. Innocenzo Linda W. Cropp
Debra P. DiLorenzo Rosie Allen-Herring

By: /s/ J. TYLER ANTHONY February 12, 2026
Name: J. Tyler Anthony

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POTOMAC ELECTRIC POWER COMPANY

By: /s/ J. TYLER ANTHONY
Name: J. Tyler Anthony
Title: President and Chief Executive Officer

Signature Title

/s/ J. TYLER ANTHONY President, Chief Executive Officer (Principal Executive Officer), and Director
J. Tyler Anthony

/s/ ELIZABETH MORGAN DOWNS O'DONNELL Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer), and Director
Elizabeth Morgan Downs O'Donnell

/s/ JASON T. JONES Director, Accounting (Principal Accounting Officer)
Jason T. Jones

This annual report has also been signed below by J. Tyler Anthony, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

Michael A. Innocenzo Jacyln Cantler
Rodney Oddoye Anne C. Bancroft
Amber Perry

By: /s/ J. TYLER ANTHONY February 12, 2026
Name: J. Tyler Anthony

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DELMARVA POWER & LIGHT COMPANY

By: /s/ J. TYLER ANTHONY
Name: J. Tyler Anthony
Title: President and Chief Executive Officer

Signature Title

/s/ J. TYLER ANTHONY President, Chief Executive Officer (Principal Executive Officer), and Director
J. Tyler Anthony

/s/ ELIZABETH MORGAN DOWNS O'DONNELL Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Elizabeth Morgan Downs O'Donnell

/s/ JASON T. JONES Director, Accounting (Principal Accounting Officer)
Jason T. Jones

This annual report has also been signed below by J. Tyler Anthony, Attorney-in-Fact, on behalf of the following Directors on the date indicated:

Michael A. Innocenzo

By: /s/ J. TYLER ANTHONY February 12, 2026
Name: J. Tyler Anthony

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ATLANTIC CITY ELECTRIC COMPANY

By: /s/ J. TYLER ANTHONY
Name: J. Tyler Anthony
Title: President and Chief Executive Officer

Signature Title

/s/ J. TYLER ANTHONY President, Chief Executive Officer (Principal Executive Officer), and Director
J. Tyler Anthony

/s/ ELIZABETH MORGAN DOWNS O'DONNELL Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Elizabeth Morgan Downs O'Donnell

/s/ JASON T. JONES Director, Accounting (Principal Accounting Officer)
Jason T. Jones

324