v3.26.1
Debt and Credit Agreements (All Registrants)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt and Credit Agreements (All Registrants) Debt and Credit Agreements (All Registrants)
Short-Term Borrowings
Exelon Corporate, ComEd, and BGE meet their short-term liquidity needs primarily through commercial paper issuances. PECO also utilizes commercial paper, supplemented by borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE similarly rely on commercial paper, along with borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity needs through borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.
Commercial Paper
The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at June 30, 2026 and December 31, 2025.
Outstanding Commercial
Paper at		Average Interest Rate on
Commercial Paper Borrowings at
Commercial Paper IssuerJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
Exelon(a)
$743 $612 3.88 %3.94 %
ComEd$— $— — %— %
PECO$81 $— 3.80 %— %
BGE$— $— — %— %
PHI(b)
$32 $612 3.95 %3.94 %
Pepco$— $303 — %3.93 %
DPL$32 $161 3.95 %3.94 %
ACE$— $148 — %3.94 %
__________
(a)Exelon Corporate had $630 million outstanding commercial paper borrowings at June 30, 2026 and no outstanding commercial paper borrowings at December 31, 2025.
(b)Represents the consolidated amounts of Pepco, DPL, and ACE.
Revolving Credit Agreements
On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facility, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:
BorrowerAggregate Bank CommitmentInterest Rate
Exelon Corporate$900 
SOFR plus 1.075%
ComEd$1,000 
SOFR plus 1.000%
PECO$600 
SOFR plus 0.900%
BGE$600 
SOFR plus 1.000%
Pepco$300 
SOFR plus 1.000%
DPL$300 
SOFR plus 1.000%
ACE$300 
SOFR plus 1.000%
Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of June 30, 2026.
The Utility Registrants have credit facility agreements, arranged at community banks, which may be utilized to issue letters of credit. The facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. On October 3, 2025, the Utility Registrants amended and extended their credit facilities at community banks. Previously structured as one-year arrangements, the facilities are now two-year terms. These facilities expire on October 1, 2027.
See Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for additional information on the Registrants' credit facilities.
Short-Term Loan Agreements
On March 25, 2026, Exelon Corporate entered into two term loan agreements for $350 million and $150 million. Both agreements mature on March 24, 2027. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.85% and all indebtedness thereunder is unsecured. The loans are reflected in Exelon's Consolidated Balance Sheet within Short-term borrowings.
Long-Term Debt
Issuance of Long-Term Debt
During the six months ended June 30, 2026, the following long-term debt was issued:
CompanyTypeInterest RateMaturityAmountUse of Proceeds
ExelonSenior Notes4.95%March 15, 2036$775Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds4.55%June 1, 2031600Repay existing indebtedness and for general corporate purposes.
ComEdFirst Mortgage Bonds5.85%June 1, 2056825Repay existing indebtedness and for general corporate purposes.
BGENotes5.15%June 1, 2033500Repay existing indebtedness and for general corporate purposes.
BGENotes6.05%June 1, 2056425Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.00%March 19, 2036110Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.30%March 19, 204160Repay existing indebtedness and for general corporate purposes.
PepcoFirst Mortgage Bonds5.74%June 17, 2056130Repay existing indebtedness and for general corporate purposes.
DPL(a)
First Mortgage Bonds5.74%March 19, 205675Repay existing indebtedness and for general corporate purposes.
ACEFirst Mortgage Bonds4.95%March 19, 2036100Repay existing indebtedness and for general corporate purposes.
__________
(a)On March 19, 2026, DPL entered into a purchase agreement of First Mortgage Bonds of $75 million and $75 million at 5.00% and 5.74% due on September 16, 2036 and March 19, 2056, respectively. The closing date of the 5.00% issuance is expected to occur in September 2026.
Convertible Senior Notes
On December 4, 2025, Exelon Corporation issued $1 billion aggregate principal amount of 3.25% Convertible Senior Notes due 2029 (Convertible Senior Notes). The Convertible Senior Notes are reflected as Long-term debt on Exelon’s Consolidated Balance Sheet.

The Convertible Senior Notes are senior, unsecured notes that bear interest at a fixed rate of 3.25% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. The Convertible Senior Notes will mature on March 15, 2029, unless earlier converted or repurchased in accordance with their terms.

Under the following circumstances, holders may convert the Convertible Senior Notes at their option prior to the close of business on the business day preceding December 15, 2028:
•during any calendar quarter beginning after the quarter ending on March 31, 2026, if the last reported sale price of Exelon’s common stock for at least 20 trading days (whether consecutive or not) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day as determined by Exelon;
•during the five business day period after any ten consecutive trading day period (measurement period) in which the applicable trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day;
•upon the occurrence of certain corporate events specified in the respective supplemental indentures governing the Convertible Senior Notes.
On or after December 15, 2028, a holder may convert for all, or any portion of its Convertible Senior Notes at any time prior to the close of business on the business day immediately preceding the applicable maturity date regardless of the foregoing conditions.

Exelon will settle conversions of the Convertible Senior Notes by paying cash up to the aggregate principal amount to be converted and paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at Exelon’s discretion, in respect of the remainder, if any, of Exelon's conversion obligation in excess of the aggregate principal amount of the Convertible Senior Notes being converted. The Convertible Senior Notes are initially convertible at 18 shares per $1,000 principal amount, which is equivalent to an initial conversion price of approximately 57 per share of common stock. The initial conversion price of the Convertible Senior Notes represents a premium of approximately 25% over the last reported sale price of Exelon’s common stock on the Nasdaq Global Select Market on December 1, 2025. These conversions will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture) Exelon will, in certain circumstances, increase the applicable conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change.

As of June 30, 2026, no shares of the Convertible Senior Notes have been converted.
EPS Impact
Diluted earnings per common shares will also reflect the dilutive effect of potential common shares from share-based awards and convertible notes. The dilutive effect of the Convertible Senior Notes is computed using the if-converted method. For the three and six months ended June 30, 2026, no incremental shares were assumed converted or included in the diluted earnings per common share resulting from the Convertible Senior Notes.
Tax-Exempt Bonds
As of June 30, 2026, DPL had $78.4 million outstanding of its 3.60% Delaware Economic Development Authority's Gas Facilities Refunding Revenue Bonds, maturing on January 1, 2031. The bonds were previously reoffered in July 2025. There have been no material changes to the terms since December 31, 2025. See Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for additional information on the DPL reoffering of tax-exempt bonds.
Debt Covenants
As of June 30, 2026, the Registrants are in compliance with debt covenants.