Exelon Corporation

Hello and welcome to Exelon's third quarter earnings call. My name is Gigi and I'll be your event specialist today. All lines have been placed on mute to prevent any background noise. Please note that today's webcast is being recorded. During the presentation, we'll have a question and answer session. You can ask questions by pressing star 1 1 on your telephone keypad. If you would like to view the presentation in a full screen view, click the full screen button by hovering your computer mouse cursor over the PowerPoint screen. Press the Escape key on your keyboard to return to your original view. And finally, should you need technical assistance, as a best practice, we suggest you first refresh your browser. If that does not resolve the issue, please click on the Help option in the upper right-hand corner of your screen for online troubleshooting. It is now my pleasure to turn today's program over to Andrew Plenge, Vice President of Investor Relations. The floor is yours.

Thank you, Gigi. Good morning, everyone. We're pleased to have you with us for our 2024 third quarter earnings call. Leading the call today are Calvin Butler, Excellence President and Chief Executive Officer, and Gene Jones, Excellence Chief Financial Officer. Other members of Excellence Senior Management Team are also with us today. and they will be available to answer your questions following our prepared remarks. Today's presentation, along with our earnings release and other financial information, can be found in the investor relations section of Exelon's website. We would also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements which are subject to risks and uncertainties. You can find the cautionary statements on these risks on slide two of today's presentation or in our SEC filings. In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures. Reconciliations between these measures and the nearest equivalent GAAP measures can be found in the appendix of our presentation and in our earnings release. It is now my pleasure to turn the call over to Calvin Butler, Exelon's President and CEO. Thank you, Andrew, and good morning, everyone.

We appreciate you joining us for the call and are pleased to be reporting a performance, keeping us on track for another year of consistent and stable performance. We reported gap earnings of 70 cents per share and operating earnings of 71 cents per share above the expectations shared on our second quarter call. We delivered another strong quarter of operations despite significant storm activity in July with top quartile or better outage performance across the board. We have also made considerable progress on our 2024 regulatory calendar since the second quarter call. First, ComEd has now received its proposed order and its refiled multi-year rate plan. The order serves as another positive data point that ComEd has filed a compliant plan that appropriately balances the state's desire to continue to deliver reliable and affordable power while making progress on its ambitious energy goals. We now await the Commission's final order, and we look forward to regaining the momentum in establishing Illinois as a clear leader in the energy transition. We also reached settlements with key parties in our PECO gas and electric rate cases, which were recommended for approval by the administrative law judges presiding over this case. We appreciate the parties' interest. to maintain and improve safe and reliable service for PECOS customers, playing a key role in the state's economic development efforts. In the District of Columbia, we continue to anticipate an order by the end of the year, laying the groundwork for continued investment to support a climate-ready grid and the district's clean energy goals. Finally, in September, Maryland initiated a lessons learned proceeding on multi-year plans, completing its hearings earlier this month. In those hearings, each of our Maryland utilities provided an extensive record of the ways in which multi-year rate plans are able to address the demands of a 21st century grid. And we are appreciative that a number of stakeholders, including large customers, chambers of commerce, and contractors, filed their support of the constructs. But we also acknowledge ways in which we can address certain stakeholder concerns with the goal of continuously improving on the foundation of transparency and accountability on which the framework is built. A grid of the future cannot rely on the rate-making of the past, and ensuring we have alignment and transparency around our investment plans is critical to meeting our state's energy goals, allowing us to execute as efficiently and effectively as possible on behalf of all of us. We remain optimistic that we'll find alignment on a solution that can give us all the confidence to keep Maryland moving forward. Let me now turn to our operating highlights for the quarter. On slide five, you can see that we are achieving first quartile performance across most of our key indicators for safety, reliability, and customer satisfaction. In both outage frequency and outage durations, continued to perform at top decile levels. And that's despite the powerful storms that swept the Chicago area in July and the significant mutual assistance extended throughout the quarter for Hurricane Sparrow and to lead with Hurricane Milton following directly afterwards. The storms that hit Illinois were record-breaking by a variety of measures. In just two days, the Chicagoland area experienced double the number of tornadoes that it sees in an average year. And then some of those same crews, along with those at BGE, PECO, and our PEPCO Holdings Utilities, were part of more than 500 field and support personnel to aid in restoring service to customers in Florida, Georgia, and West Virginia after a very challenging hurricane season. I do want to take a moment to personally thank our employees for their continued focus and dedication. The ability of our utilities to keep for the critical investments need to maintain reliability and resiliency as it pertains to safety after three quarters of benchmarking against serious injury performance we now have all four utility operating companies in top quartile safety of our employees contractors and customers is always our highest priority finally on customer satisfaction Performance has improved since last quarter, with BGE now operating in second quartile alongside Pepco Holdings. Both utilities remain focused on initiatives to further improve performance, including enhancing customer communications, streamlining new business processes, and additional customer service representative trainings. Now it's my pleasure to turn the call over to Gene to cover our financial and regulatory update. Gene?