v3.26.1
Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Liabilities Recorded at Amortized Cost
The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of June 30, 2026 and December 31, 2025. The Registrants have no financial liabilities measured using the NAV practical expedient.
The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
June 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon (b)
$51,040 $— $41,613 $4,723 $46,336 $49,078 $— $40,637 $4,318 $44,955 
ComEd13,665 — 12,086 — 12,086 12,753 — 11,291 — 11,291 
PECO6,398 — 5,526 — 5,526 6,396 — 5,593 — 5,593 
BGE6,609 — 6,011 — 6,011 6,041 — 5,510 — 5,510 
PHI10,054 — 4,162 4,723 8,885 9,590 — 4,236 4,318 8,554 
Pepco4,931 — 2,492 2,129 4,621 4,632 — 2,546 1,861 4,407 
DPL2,421 — 648 1,462 2,110 2,344 — 657 1,410 2,067 
ACE2,134 — 813 1,132 1,945 2,033 — 819 1,047 1,866 
Long-Term Debt to Financing Trusts
Exelon$390 $— $— $399 $399 $390 $— $— $403 $403 
ComEd206 — — 214 214 206 — — 216 216 
PECO184 — — 185 185 184 — — 187 187 
__________
(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 14 — Debt and Credit Agreements of the 2025 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 9 — Leases of the 2025 Form 10-K for finance lease liabilities.
(b)Includes the net carrying amount and the estimated fair value (Level 2) of the Convertible Senior Notes $1 billion and $1 billion for the year ended June 30, 2026, respectively.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2026 and 2025:
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2026Total Commodity
Derivatives		Life Insurance Contracts
Balance at March 31, 2026$(112)$(133)$20 
Total realized / unrealized gains (losses)
Included in net income(a)
— — — 
Included in regulatory assets/liabilities(b)
5 5 — 
Settlements(2)— (1)
Balance at June 30, 2026(c)
$(109)$(128)$19 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2026$— $— $— 
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2025Total Commodity
Derivatives		Life Insurance Contracts
Balance at March 31, 2025$(129)$(151)$21 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 1 
Included in regulatory assets/liabilities(b)
16 16 — 
Balance at June 30, 2025(c)
$(112)$(135)$22 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2025$1 $— $1 
ExelonComEdPHI and Pepco
Six Months Ended June 30, 2026Total Commodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2025$(110)$(131)$20 
Total realized / unrealized gains (losses)
Included in net income(a)
— — — 
Included in regulatory assets/liabilities(b)
3 3 — 
Settlements(2)— (1)
Balance at June 30, 2026(c)
$(109)$(128)$19 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2026$— $— $— 
ExelonComEdPHI and Pepco
Six Months Ended June 30, 2025Total Commodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2024$(110)$(132)$21 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 1 
Included in regulatory assets/liabilities(b)
(3)(3)— 
Balance at June 30, 2025(c)
$(112)$(135)$22 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2025$1 $— $1 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)For ComEd, this includes $7 million of decreases in fair value and an increase for realized gains due to settlements of $12 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2026. Includes $5 million of increases in fair value and an increase for realized gains due to settlements of $11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2025. Includes $17 million of decreases in fair value and an increase for realized gains due to settlements of $20 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2026. Includes $17 million of decreases in fair value and an increase for realized gains due to settlements of $20 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2025.
(c)For ComEd, the balance of the current and noncurrent asset was zero as of June 30, 2026. The balance consists of a current and noncurrent liability of $23 million and $105 million, respectively, as of June 30, 2026.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique
The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value at June 30, 2026Fair Value at December 31, 2025Valuation
Technique		Unobservable
Input		2026 Range & Arithmetic Average2025 Range & Arithmetic Average
Commodity derivatives$(128)$(131)Discounted
Cash Flow
Forward power price(a)
$24.82-$68.10$40.37$29.75-$61.84$41.95
________
(a)An increase to the forward power price would increase the fair value.