The company’s adjusted (non-GAAP) operating earnings for the first quarter of 2009 were $797 million, or $1.20 per diluted share, against $620 million, or $0.93 per diluted share, for the same period in 2008.

“Our strong first quarter results are keeping 2009 earnings on track to meet our estimates in spite of the difficult economic environment,” said John W. Rowe, Exelon’s chairman and chief executive officer. “We continue to drive these results through our operating performance. Our nuclear fleet operations continued industry-leading performance as the quarter’s single refueling outage at the LaSalle station was completed in 22 days. Our fossil fleet had its best quarter since we began tracking commercial availability. ComEd announced a plan to reduce its 2009 capital and O&M spending by $200 million, and PECO reached a successful settlement related to energy procurement in Pennsylvania.”

The raise in first quarter 2009 adjusted (non-GAAP) operating earnings to $1.20 per share from $0.93 per share in first quarter 2008 was mainly due to:

Higher energy gross margins at Exelon Generation Company, LLC (Generation) mostly due to improved nuclear output reflecting fewer refueling outage days in 2009 and suitable portfolio and market conditions, partially offset by higher nuclear fuel costs;

The decreased operating and maintenance expense at Generation related to nuclear refueling outage costs linked with the lower number of refueling outage days during the first quarter of 2009;

The Increase in distribution revenue at Commonwealth Edison Company (ComEd) resulting from the September 2008 distribution rate case order;

The increased gas distribution revenue at PECO Energy Company (PECO), reflecting latest rates effective January 1, 2009, resulting from the 2008 gas distribution rate case;

The advantage is related to an Illinois tax ruling; and

The impact of unfavorable weather conditions in the PECO service territory in 2008.

Higher first quarter 2009 earnings were partly offset by:

The increased operating and maintenance expense mainly due to the impact of inflation on labor, contracting and materials expense and increased pension and other postretirement benefits (OPEB) expense;

The reduced load at ComEd and PECO was mainly driven by current economic conditions and the impact of the leap year day in 2008; and

The increase in depreciation and amortization expense primarily related to the superior scheduled competitive transition charge (CTC) amortization at PECO.

The adjusted (non-GAAP) operating earnings for the first quarter of 2009 does not include the following items (after-tax) which were included in reported GAAP earnings:

The mark-to-market gains of $112 million, or $0.17 per diluted share, mainly from Generation’s economic hedging activities;

A charge of $135 million, or $0.20 per diluted share, related to impairments of certain Texas plants at Generation;

The unrealized losses of $33 million, or $0.05 per diluted share, associated to nuclear decommissioning trust (NDT) fund investments;

A charge of $21 million, or $0.03 per diluted share, for the costs related with the 2007 Illinois electric rate settlement agreement; and

The external costs of $8 million, or $0.01 per diluted share, connected to Exelon’s proposed acquisition of NRG Energy, Inc. (NRG).

The company’s adjusted (non-GAAP) operating earnings for the first quarter of 2008 did not include the following items (after-tax) which were included in reported GAAP earnings:

The mark-to-market gains of $53 million, or $0.08 per diluted share, primarily from Generation’s economic hedging activities;

A charge of $50 million, or $0.07 per diluted share, for the costs related with the 2007 Illinois electric rate settlement agreement; and

The unrealized losses of $42 million, or $0.06 per diluted share, connected to NDT fund investments.

2009 Earnings Outlook

Exelon has reaffirmed its guidance range for 2009 adjusted (non-GAAP) operating earnings of $4.00 to $4.30 per share. The company estimates adjusted (non-GAAP) operating earnings for the second quarter of 2009 to be in the range of $0.95 to $1.05 per share. The operating earnings guidance is based on the assumption of normal weather for the remainder of the year.

The company’s outlook for 2009 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

The mark-to-market adjustments from economic hedging activities.

Unrealized profits and losses from NDT fund investments mainly related to the Clinton, Oyster Creek and Three Mile Island nuclear plants (the former AmerGen Energy Company, LLC units).

The major impairments of assets, including goodwill.

The changes in decommissioning obligation estimates.

The costs related with the 2007 Illinois electric rate settlement agreement.

The costs linked with ComEd’s 2007 settlement with the City of Chicago.

External costs linked with the projected acquisition of NRG.

Further unusual items.

The significant future changes to GAAP.