v3.26.1
Regulatory Matters (Tables)
 6 Months Ended
Jun. 30, 2026
Regulated Operations [Abstract]  
Public Utilities Distribution Rate Cases [Table Text Block]
The following tables show the completed and pending distribution base rate case proceedings in 2026.
Completed Distribution Base Rate Case Proceedings
Registrant/JurisdictionFiling DateServiceRequested Revenue Requirement IncreaseApproved Revenue Requirement IncreaseApproved ROEApproval DateRate Effective Date
ComEd - IllinoisJanuary 17, 2023Electric$1,487 $1,045 8.905%December 19, 2024January 1, 2024
April 26, 2024 (amended on September 11, 2024)Electric$624 $623 9.89%October 31, 2024January 1, 2025
PECO - PennsylvaniaMarch 28, 2024Electric$464 $354 N/ADecember 12, 2024January 1, 2025
Natural Gas$111 $78 
BGE - MarylandFebruary 17, 2023Electric$313 $179 9.50%December 14, 2023January 1, 2024
Natural Gas$289 $229 9.45%
Pepco - District of ColumbiaApril 13, 2023 (amended February 27, 2024)Electric$186 $123 9.50%November 26, 2024January 1, 2025
Pepco - MarylandMay 16, 2023 (amended February 23, 2024)Electric$111 $45 9.50%June 10, 2024April 1, 2024
DPL - MarylandMay 19, 2022Electric$38 $29 9.60%December 14, 2022January 1, 2023
DPL - DelawareDecember 15, 2022 (amended September 29, 2023)Electric$39 $28 9.60%April 18, 2024July 15, 2023
September 20, 2024 (amended September 5, 2025)Natural Gas$37 $22 9.60%December 17, 2025January 1, 2026
ACE - New JerseyNovember 21, 2024Electric$109 $54 9.60%November 21, 2025December 1, 2025
Public Utilities Distribution Rate Cases, Pending
Pending Distribution Base Rate Case Proceedings
Registrant/JurisdictionFiling DateServiceRequested Revenue Requirement IncreaseRequested ROEExpected Approval Timing
Pepco - Maryland(a)
October 14, 2025 (amended April 16, 2026)Electric$120 10.50%Third quarter of 2026
DPL - Delaware(b)
December 9, 2025 (amended June 1, 2026)Electric$45 10.50%Third quarter of 2027
BGE - MarylandJuly 2, 2026Electric$156 10.40%First quarter of 2027
__________
(a)On April 14, 2026, Pepco notified the MDPSC of pursuing a traditional base rate case.
(b)DPL implemented interim rates on July 9, 2026, subject to refund.
Public Utilities Transmission Rate Filings [Table Text Block]
For 2026, the following increases/(decreases) were included in the Utility Registrants' electric transmission formula rate updates:
Registrant(a)
Initial Revenue Requirement Increase (Decrease)Annual Reconciliation (Decrease) Increase
Total Revenue Requirement (Decrease) Increase(b)
Allowed Return on Rate Base(c)
Allowed ROE(d)
ComEd$31 $(52)$(21)8.15 %11.50 %
PECO$20 $20 $40 7.62 %10.35 %
BGE$16 $(40)$(30)(e)7.51 %10.50 %
Pepco$12 $(21)$(9)7.72 %10.50 %
DPL$3 $1 $4 7.53 %10.50 %
ACE$1 $16 $17 7.26 %10.50 %
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(a)All rates are effective June 1, 2026 - May 31, 2027, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariffs.
(b)For the Utility Registrants, except for PECO, while the transmission filing reflects the tax benefit of NOLCs, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs.
(c)Represents the weighted average debt and equity return on transmission rate base.
(d)The rate of return on common equity for each Utility Registrant includes a 50-basis-point incentive adder for being a voluntary member of an RTO. Recently passed legislation in Maryland and New Jersey requires utilities to become a member of an RTO.
(e)The decrease in BGE's transmission revenue requirement includes a $6 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.
Public Utilities Energy Efficiency Revenue [Table Text Block] The requested revenue requirement update is based on a reconciliation of the 2025 actual costs plus projected 2027 expenditures.
Initial Revenue Requirement IncreaseAnnual Reconciliation DecreaseTotal Revenue Requirement Decrease
Requested Return on Rate Base(a)
Requested ROE
$28 $(56)$(28)6.62 %8.905 %
__________
(a)The requested revenue requirement increase provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 6.62% inclusive of an allowed ROE of 8.905%. For the 2025 reconciliation year, the requested revenue requirement provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 7.67% inclusive of an allowed ROE of 11.0%, which includes an upward performance adjustment that increased the ROE. The performance adjustment can either increase or decrease the ROE based upon the achievement of energy efficiency savings goals.
Capitalized Ratemaking Amounts Not Recognized [Table Text Block]
The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at June 30, 2026 and December 31, 2025.
Exelon
ComEd(a)
BGE(b)
PHI
Pepco(c)
DPL(d)
ACE(e)
June 30, 2026$72 $10 $34 $28 $12 $— $16 
December 31, 202598 12 47 39 22 1 16 
__________
(a)For the six months ended June 30, 2026, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rate, distributed generation, and energy efficiency regulatory assets. For the year ended December 31, 2025, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and distributed generation regulatory assets.
(b)BGE's amount capitalized for ratemaking purposes primarily relates to investments in rate base included in the multi-year plan reconciliations.
(c)Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.
(d)DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs.
(e)ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.