Exelon Corporation

first quarter earnings call. My name is Lateef and I will 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 corner of your screen for online troubleshooting. It is now my pleasure to turn today's program over to Andrew Plench, Vice President of Investor Relations. The floor is yours.

Thank you, Lateef. Good morning, everyone. Thank you for joining us for our 2025 First Quarter Earnings Call. Leading the call today are Calvin Butler, Excellence President and Chief Executive Officer, and Jean 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 Voller, Exelon's President and CEO.

Thank you, Andrew, and good morning, everyone. We appreciate you joining us for our first quarter earnings call. 2025 is off to a good start. We're reporting operating earnings of $0.92 per share, representing strong growth over the first quarter of which keeps us on track to deliver on our 2025 operating earnings guidance range. Reliability and safety performance continue to be very strong as well, despite a number of high wind events throughout the winter months that challenged our operators to remain the best in the business. ComEd and Pepco Holdings are projecting top decile audit frequency and duration performance, while VGE and PECO are in top quartile. We have a relatively lower level of base rate case activity this year. And our two open rate cases remain on track at Atlantic City Electric and Delmarva Power, which Jean will cover in her remarks. We have also been actively engaging in a variety of legislative and regulatory reforms to ensure energy policy keeps pace with the industry and broader economic trends. Ensuring reliable and affordable energy for all customers is critical to our jurisdiction. economic and energy policy ambitions. The first quarter of 2025 has already seen great progress on that front. In Maryland, the legislature passed several energy bills that take important steps around energy security, including prescribing a competitive process to procure new dispatchable resources and capacity while providing a path for alternative approaches should they be needed. They also lay out ambitious goals around developing battery storage at both the distribution and transmission level, offering us and developers further opportunity to shore up the state's energy supply. And the state also outlined for the first time in law the recognition of multi-year plan constructs, prompting a robust discussion that highlighted its merits of increased transparency, planning, and alignment while giving stakeholders a greater say in how much and where their dollars should be invested. We now look to the Commission to conclude its multi-year plan lessons learned process so we can move the state forward with confidence in meeting its energy and economic goals. Our other states are also considering legislation to address elements of energy policy, including a focus on the energy security and cost allocation implications of large load growth. We expect to have more to share on those sessions as the year advances. There has been significant activity at the regional and federal level as well. First, PJM has made considerable progress to address suboptimal outcomes in its capacity market construct. We have been pleased to see that FERC approved a number of solutions put forward by PJM via 205 filings, including its temporary price collar and refinements to its deactivation process. We are also encouraged to see the response to its Reliability Response Initiative, which has generated applications worth almost 27 gigawatts worth of nameplate capacity. In February, FERC initiated a 206 proceeding requesting that PJM and its transmission owners investigate whether the tariff remains just and reasonable in rates, terms, and conditions of service that apply to co-located arrangements. We are pleased with the leadership shown by FERC in working to resolve this issue in a timely manner, along with PJM's efforts to meet the aggressive timeline to address a very complicated topic. We're also encouraged by the consensus that PJM transmission owners were able to reach on a complex topic in such a short period, and we look forward to assisting the industry in aligning on a policy that equitably supports the national crisis critical issues of energy security More details on the progress we're making across these forums can be found in our appendix. Maintaining momentum across these policy arenas is key to meeting the task ahead of us, and we see no abatement in our opportunity for new large loads in our territories. The 17-gigawatt pipeline of opportunity that we communicated in our fourth quarter earnings call remains fully intact. We are also conducting advanced studies on an additional 16 gigawatts of high-density load, which we anticipate will result in significant incremental commitments from customers upon aligning on investment needs and timing. We continue to focus on ways to enhance our process to ensure we are offering unparalleled service to new customers in our territories while continuing to ensure existing customers are protected and benefit from the new load. And the pace of new business seeking to connect to the grid makes it even more critical for stakeholders to collaborate actively and with urgency on policy that balances the common goals of reliability, affordability, and progress toward a cleaner energy future. We look forward to providing further updates on our new business prospects in future quarters. As a reminder, This is just one of the elements that contributes to our visibility into 10 to 15 billion of transmission opportunity beyond our plan. As we laid out in our fourth quarter call, the need for investment in our high voltage network is real and growing. We are proud to have Kareem Kouzami now leading those efforts with his extensive background in commercial, regulatory, and operational roles ideally suited to industry tailwinds and our unique transmission assets and capabilities. I also want to congratulate Tamela Olivier for her promotion to BGE President and CEO. Her effectiveness leading increasingly large organizations during her 15-year career here will continue to ensure BGE's 2 million electric and gas customers receive high-value service. Congratulations to you both. I'll remind you of our expectations for our four-year outlook. We reaffirm our plan to invest $38 billion over the next four years for the benefit of our customers that will drive 7.4% rate-based growth and be financed with a balanced mix of debt and equity. In fact, we have been able to de-risk a large portion of our financing needs for the year with all of our planned corporate debt issuances completed and 60% of our $700 million annualized equity need priced. By earning a fair return on that investment plan, we expect to deliver annualized earnings growth of 5% to 7% through 2028, generating consistent growth and long-term value. I'll now turn it to Jean to discuss our financial performance and provide further details on our rate case activity.