
	Three Months Ended June 30, 2026(a)(b)
	Exelon				ComEd				PECO(c)				BGE
U.S. Federal statutory rate	$	104	21.0	%	$	70	21.0	%	$	26	21.0	%	$	15	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	31		6.3		25		7.5		(1)		(0.8)		4		5.6
Tax credits	(2)		(0.4)		(2)		(0.6)		—		—		—		—
Change in Unrecognized Tax Benefits	—		—		—		—		—		—		—		—
Nontaxable or nondeductible items	5		0.9		—		—		1		0.3		1		1.2
Other Adjustments
Plant Basis differences	(22)		(4.4)		(4)		(1.2)		(16)		(12.6)		—		—
Excess deferred tax	(17)		(3.4)		(6)		(1.7)		(2)		(1.6)		(3)		(4.2)
Amortization of ITC, net deferred taxes	—		—		—		—		—		—		—		—
Effective Tax Rate	$	99	20.0	%	$	83	25.0	%	$	8	6.3	%	$	17	23.6	%


	Three Months Ended June 30, 2026(a)(b)
	PHI				PEPCO				DPL				ACE
U.S. Federal statutory rate	$	30	21.0	%	$	17	21.0	%	$	7	21.0	%	$	6	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	9		6.4		5		6.1		3		8.8		2		5.7
Tax credits	—		—		—		—		—		—		—		—
Change in Unrecognized Tax Benefits	—		—		—		—		—		—		—		—
Nontaxable or nondeductible items	1		1.0		—		—		—		—		—		—
Other Adjustments
Plant Basis differences	(1)		(0.7)		(1)		(1.2)		—		—		—		—
Excess deferred tax	(7)		(5.0)		(4)		(5.2)		(2)		(6.3)		—		—
Amortization of ITC, net deferred taxes	—		—		—		—		—		—		—		—
Effective Tax Rate	$	32	22.7	%	$	17	20.7	%	$	8	23.5	%	$	8	26.7	%


	Three Months Ended June 30, 2025(a)(b)
	Exelon				ComEd(d)				PECO(c)				BGE
U.S. Federal statutory rate	$	96	21.0	%	$	59	21.0	%	$	29	21.0	%	$	15	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	28		6.1		21		7.6		(2)		(1.4)		4		5.9
Tax credits	(2)		(0.4)		(2)		(0.7)		—		—		(1)		(1.4)
Nontaxable or nondeductible items	1		0.2		(1)		(0.4)		1		0.7		—		—
Other Adjustments
Plant Basis differences	(24)		(5.2)		(2)		(0.7)		(22)		(16.0)		(1)		(1.4)
Excess deferred tax	(29)		(6.4)		(23)		(8.2)		(2)		(1.4)		(2)		(2.7)
Amortization of ITC, net deferred taxes	—		(0.1)		—		—		—		—		—		—
Effective Tax Rate	$	70	15.2	%	$	52	18.6	%	$	4	2.9	%	$	15	21.4	%


	Three Months Ended June 30, 2025(a)(b)
	PHI				PEPCO				DPL				ACE
U.S. Federal statutory rate	$	39	21.0	%	$	22	21.0	%	$	10	21.0	%	$	7	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	13		7.0		6		5.7		3		5.0		2		6.3
Tax credits	(1)		(0.5)		—		—		—		—		—		—
Nontaxable or nondeductible items	—		—		—		—		—		—		—		—
Other Adjustments
Plant Basis differences	(1)		(0.5)		(1)		(0.9)		—		—		—		—
Excess deferred tax	(8)		(4.3)		(5)		(5.0)		(2)		(4.0)		—		—
Amortization of ITC, net deferred taxes	—		—		—		—		—		—		—		—
Effective Tax Rate	$	42	22.7	%	$	22	20.8	%	$	11	22.0	%	$	9	27.3	%

(b)Exelon and Registrants had no adjustments to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax Law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, and Changes in Valuation Allowances.

(c)For PECO, the lower effective tax rate is primarily related to state income taxes, net of federal income tax benefit and plant basis differences attributable to tax repair deductions.

(d)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits being provided to customers.


	Six Months Ended June 30, 2026(a)(b)
	Exelon				ComEd				PECO(c)				BGE
U.S. Federal statutory rate	$	339	21.0	%	$	156	21.0	%	$	88	21.0	%	$	94	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	95		5.9		55		7.4		(4)		(1.0)		27		6.0
Tax credits	(5)		(0.3)		(3)		(0.4)		—		—		(1)		(0.2)
Change in Unrecognized Tax Benefits	(17)		(1.1)		(2)		(0.3)		—		—		(1)		(0.2)
Nontaxable or nondeductible items	16		1.0		1		0.2		1		0.3		1		0.2
Other Adjustments
Plant Basis differences	(75)		(4.6)		(9)		(1.2)		(55)		(13.1)		(8)		(1.8)
Excess deferred tax	(52)		(3.2)		(14)		(1.9)		(7)		(1.7)		(16)		(3.6)
Amortization of ITC, net deferred taxes	(1)		(0.1)		—		—		—		—		—		—
Effective Tax Rate	$	300	18.6	%	$	184	24.8	%	$	23	5.5	%	$	96	21.4	%


	Six Months Ended June 30, 2026(a)(b)
	PHI				PEPCO				DPL				ACE
U.S. Federal statutory rate	$	75	21.0	%	$	35	21.0	%	$	28	21.0	%	$	14	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	23		6.4		10		6.0		9		6.7		5		7.6
Tax credits	(1)		(0.3)		—		—		—		—		—		—
Change in Unrecognized Tax Benefits	—		—		—		—		—		—		—		—
Nontaxable or nondeductible items	1		0.3		—		—		—		—		—		—
Other Adjustments
Plant Basis differences	(3)		(0.8)		(2)		(1.2)		(1)		(0.8)		—		—
Excess deferred tax	(16)		(4.5)		(10)		(5.9)		(5)		(3.8)		(2)		(2.8)
Amortization of ITC, net deferred taxes	—		—		—		—		—		—		—		—
Effective Tax Rate	$	79	22.1	%	$	33	19.9	%	$	31	23.1	%	$	17	25.8	%


	Six Months Ended June 30, 2025(a)(b)
	Exelon				ComEd(d)				PECO(c)				BGE
U.S. Federal statutory rate	$	323	21.0	%	$	136	21.0	%	$	88	21.0	%	$	84	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	85		5.5		49		7.6		(12)		(2.9)		25		6.3
Tax credits	(7)		(0.5)		(4)		(0.6)		—		—		(2)		(0.5)
Nontaxable or nondeductible items	5		0.4		—		—		1		0.3		—		—
Other Adjustments
Plant Basis differences	(66)		(4.3)		(6)		(0.9)		(54)		(12.9)		(6)		(1.5)
Excess deferred tax	(99)		(6.4)		(58)		(9.0)		(6)		(1.4)		(16)		(4.0)
Amortization of ITC, net deferred taxes	(1)		(0.1)		—		—		—		—		—		—
Effective Tax Rate	$	240	15.6	%	$	117	18.1	%	$	17	4.1	%	$	85	21.3	%


	Six Months Ended June 30, 2025(a)(b)
	PHI				PEPCO				DPL				ACE
U.S. Federal statutory rate	$	92	21.0	%	$	48	21.0	%	$	29	21.0	%	$	16	21.0	%
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit	29		6.7		14		6.1		9		6.3		5		6.6
Tax credits	(2)		(0.5)		(1)		(0.4)		—		—		—		—
Nontaxable or nondeductible items	1		0.3		1		0.4		—		—		—		—
Other Adjustments
Plant Basis differences	(3)		(0.7)		(2)		(0.9)		(1)		(0.7)		—		—
Excess deferred tax	(18)		(4.1)		(12)		(5.2)		(5)		(3.7)		(1)		(1.3)
Amortization of ITC, net deferred taxes	—		—		—		—		—		—		—		—
Effective Tax Rate	$	99	22.7	%	$	48	21.0	%	$	32	22.9	%	$	20	26.3	%