v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:
Three Months Ended June 30, 2025(a)
Exelon
ComEd(b)
PECO(c)
BGEPHIPepcoDPLACE
U.S. Federal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State income taxes, net of federal income tax benefit
6.5 7.6 (1.2)6.2 7.1 6.3 6.4 7.1 
Plant basis differences(5.4)(0.9)(16.1)(1.5)(0.6)(0.9)(0.6)— 
Excess deferred tax amortization(6.5)(8.6)(1.5)(4.1)(4.4)(5.5)(4.5)(1.9)
Amortization of investment tax credit, including deferred taxes on basis difference— (0.1)— — — — (0.1)(0.1)
Tax credits(0.4)(0.6)— (0.4)(0.3)(0.4)(0.3)(0.3)
Other— 0.2 0.7 0.2 (0.1)0.3 0.1 1.5 
Effective income tax rate15.2 %18.6 %2.9 %21.4 %22.7 %20.8 %22.0 %27.3 %
Three Months Ended June 30, 2024(a)
Exelon
ComEd(b)
PECO(c)
BGE(d)
PHI
Pepco
DPL
ACE
U.S. Federal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State income taxes, net of federal income tax benefit
5.0 7.8 (1.3)6.4 6.6 6.1 6.2 7.6 
Plant basis differences(3.9)(0.8)(13.0)(1.8)(0.9)(1.5)(0.9)0.2 
Excess deferred tax amortization(13.2)(17.4)(2.3)(17.5)(3.8)(4.8)(6.6)(1.6)
Amortization of investment tax credit, including deferred taxes on basis difference(0.1)(0.1)— — (0.1)— (0.1)(0.1)
Tax credits(0.5)(0.5)— (0.5)(0.4)(0.4)(0.3)(0.2)
Other
1.0 0.3 (1.2)0.7 0.1 0.2 (0.3)0.7 
Effective income tax rate9.3 %10.3 %3.2 %8.3 %22.5 %20.6 %19.0 %27.6 %
__________
(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.
(b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits.
(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.
(d)For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits.
Six Months Ended June 30, 2025(a)
Exelon
ComEd(b)
PECO(c)
BGEPHIPepcoDPLACE
U.S. Federal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State income taxes, net of federal income tax benefit
5.5 7.6 (2.8)6.2 6.7 6.4 6.4 7.1 
Plant basis differences(4.3)(0.9)(12.8)(1.5)(0.7)(1.0)(0.5)(0.2)
Excess deferred tax amortization(6.5)(9.0)(1.5)(4.1)(4.1)(5.3)(3.7)(1.6)
Amortization of investment tax credit, including deferred taxes on basis difference— (0.1)— — — — (0.1)(0.1)
Tax credits(0.5)(0.7)— (0.3)(0.3)(0.3)(0.3)(0.3)
Other0.4 0.2 0.2 — 0.1 0.2 0.1 0.4 
Effective income tax rate15.6 %18.1 %4.1 %21.3 %22.7 %21.0 %22.9 %26.3 %
Six Months Ended June 30, 2024(a)
Exelon
ComEd(b)
PECO(c)
BGE(d)
PHIPepcoDPLACE
U.S. Federal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State income taxes, net of federal income tax benefit
5.8 7.8 (0.9)6.3 6.5 6.1 6.2 7.4 
Plant basis differences(3.9)(0.8)(12.5)(1.3)(0.9)(1.4)(1.0)0.1 
Excess deferred tax amortization(14.1)(18.0)(2.3)(17.5)(5.3)(6.8)(5.8)(1.5)
Amortization of investment tax credit, including deferred taxes on basis difference(0.1)(0.1)— — (0.1)— (0.1)(0.1)
Tax credits(0.5)(0.5)— (0.4)(0.4)(0.4)(0.3)(0.3)
Other0.8 0.2 (0.1)0.2 0.1 0.2 (0.2)(0.1)
Effective income tax rate9.0 %9.6 %5.2 %8.3 %20.9 %18.7 %19.8 %26.5 %
__________
(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.
(b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits.
(c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions.
(d)For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits.
Schedule of Unrecognized Tax Benefits Roll Forward
Exelon, PHI and DPL have the following unrecognized tax benefits at June 30, 2025 and December 31, 2024. ComEd's, PECO's, BGE's, Pepco's, and ACE's amounts are not material.
Exelon(a)
PHIDPL
June 30, 2025$101 $52 $16 
December 31, 202496 48 12 
__________
(a)At June 30, 2025 and December 31, 2024, Exelon's unrecognized tax benefits is inclusive of $31 million related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $31 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.