Exelon Corporation

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Thank you, Gigi, and good morning, everyone. Thank you for joining us for our 2025 Second Quarter Earnings Call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer, and Jean Jones, Exelon's Chief Financial Officer. Other members of Exelon's 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.

Good morning, Andrew, and thank you very much. And thank you all for being with us today as we report on our results through the first half of the year. We continue to execute well across our priorities for 2025, building on a platform that is very well positioned to lead our states and jurisdictions through an exciting time in the sector. We earned 39 cents in operating earnings in the second quarter, above expectations at the time of our first quarter call, driven by favorable timing and cost management at our utilities, offsetting the impact of our $50 million customer relief fund and a stormy start to the summer. This keeps us on track to deliver on our operating earnings guidance for 2025 of $2.64 to $2.74 per share. Now, storm seasons always highlight the talented and committed employees that make up the Exelon team. In June, Pico was hit with one of the largest storms in recent memory. with peak customer outages surpassing 325,000. Restoring power quickly was critical in light of a heat wave that followed the storm, and over 3,000 of our team members at PECO were joined by almost as many support personnel from around the country to bring customers back online working tirelessly in 100 degree temperatures. It's easy to take performance like this for granted. This is what you've come to expect from Exelon, and why we continue to be recognized as the number's one, three, five, and eight most reliable utilities across the country. I'm incredibly proud of the sacrifices our team makes on a regular basis to provide the service our customers and communities expect. Turning to regulatory activity, I will remind you that our core rate case activity is limited this year. having updated investment recovery rates across close to 90% of our rate base in the last couple of years. However, we have remained very active across a variety of federal and state proceedings to solve an ever-evolving set of opportunities to better serve our customers and advance our state's energy and economic goals. Building on the momentum from the first quarter, our legislatures continue to consider ways in which they might address an energy landscape that is rapidly evolving. Illinois wrapped up its spring legislative session after drafting an energy-omnibus legislation seeking opportunities to expand efficiency efforts, transmission build, storage, and resource planning, among other areas. While the legislature did not pass the bill, the process offered us and other stakeholders the opportunity to discuss critical issues, and we remain optimistic that Illinois will continue to lead the nation in advancing progressive, constructive legislation that enables effective partnership across private and public entities. Other states like Pennsylvania and New Jersey remain in active discussions around ways in which they might address tightening power markets, including bills to allow for utility ownership of generation. Coming off of last week's capacity auction, it's clearer now than ever that states should be thinking broadly about how to secure the energy futures for our citizens. Exclusive reliance on PJM enabled low and relatively steady supply costs for its customers in a period of low demand and growth, low demand growth, and when states weren't yet facing significant turnover in their generation supply driven by economics, policy, and technology. But the volatility unpredictability we are seeing in supply costs along with a steady increase in warnings from institutions like NERC and DOE is undermining the faith in the status quo despite higher prices we are not seeing the market respond fast enough we saw some new generation entry but demand growth was double that amount in fact the capacity contribution by one of the quick solutions available demand response actually declined in this most recent auction. States have an opportunity to proactively bring control, certainty, and cost benefits by pursuing options outside of the capacity market, including regulated generation. Such options can ensure solutions are there to meet state goals when the market can't won't deliver state involvement already resulted in a savings for customers with the temporary cap on pricing resulting in close to three billion dollars saved relative to an uncapped outcome but bigger longer-term fixes are available with legislative action and we stand ready to be part of that solution we look forward to continuing the dialogue with our states to be a part of the solutions that to ensure energy is delivered reliably and cost-effectively in a manner that best suits their goals. Time remains of the essence in adding supply to the grid. As you can see, our pipeline for large load remains robust. Our large load pipeline is holding firm at more than 17 gigawatts, and customers remain in our queue to study another 16 gigawatts of high probability loads. that we expect to formalize as part of our pipeline by the end of the year. In fact, we have also opened another cluster study window at ComEd, closing in August, in which several gigawatts worth of large load have indicated an interest in participating. And transmission solutions to connect this new load and generation to the grid are also advancing. We continue to be well positioned to be assigned over $1 billion of transmission work associated with the MISO Tranche 2.1 set of projects. And we now have the organizational structure and are developing strategic and financial partnerships necessary to take further advantage of our industry-leading position in transmission. The expansive work needed across all aspects of the grid gives us strong confidence in our four-year outlook and beyond. investing $38 billion through 2028 with an additional $10 to $15 billion of transmission work identified beyond that to support our jurisdictions and, most importantly, our customers. Success in winning competitively bid projects, which we have already proven we can do with the Tri-County line, would offer even more upside. By earning a fair return on equity of 9% to 10% on a rate base growing at 7.4%, through 2028 and financing that with a balanced capital strategy, we expect to grow our earnings at an annualized rate of 5% to 7%, with the expectation of delivering at the midpoint or better of that range. I will now turn it over to Jean to provide a more detailed update on our financial outlook and rate case activity. Jean?