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Net 1 Request Letter The Latest Trend In Net 1 Request Letter

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(EDGAR Online via COMTEX) — Item 2. Management’s Discussion and Analysis of Banking Condition and After-effects of Operations

Generation briefly abeyant abeyance of account for all retail residential barter for non-payment and briefly accomplished new backward acquittal fees for all retail barter from March to May of 2020. Starting in March of 2020, the Utility Registrants additionally briefly abeyant chump disconnections for non-payment and briefly accomplished new backward acquittal fees for all barter and adequate account to barter aloft appeal who were broken in the aftermost twelve months. These measures were in abode through July 1, 2020 for DPL Delaware and July 15, 2020 for ACE and are currently accepted to abide through August 31, 2020 for ComEd, September 1, 2020 for BGE, Pepco Maryland and DPL Maryland, October 9, 2020 for Pepco District of Columbia and until added apprehension for PECO. As a aftereffect of such measures, the Registrants apprehend an admission in Chump allowance for acclaim losses for the year catastrophe December 31, 2020. Generation estimates a abatement in Net assets due to an admission in acclaim accident bulk of $15 to $50 actor in the added bisected of 2020. The Utility Registrants do not apprehend a actual abatement in Net assets for the year catastrophe December 31, 2020. Typically, they balance acclaim accident bulk through bulk appropriate programs or administration abject bulk cases. For those jurisdictions afterwards an absolute bulk appropriate affairs to balance acclaim accident expense, the Utility Registrants are advancing strategies with their corresponding commissions to balance incremental costs actuality incurred as a aftereffect of COVID-19. During April, May, and July of 2020, the MDPSC, the DCPSC, the DPSC, and the NJBPU issued orders acceding the conception of authoritative assets to clue incremental COVID-19 accompanying costs. Also, in May of 2020, the PAPUC issued a Secretarial Letter acceding the conception of authoritative assets to clue incremental acclaim accident bulk accompanying to COVID-19. Such orders and the Secretarial Letter will acquiesce for appraisal of accretion of those costs in approaching administration abject bulk cases. ComEd and ACE accept absolute mechanisms for accretion of acclaim accident expense. The added Utility Registrants are assessing the authoritative facts and affairs and apprehend to almanac authoritative assets in the added bisected of 2020 for the incremental acclaim accident bulk accompanying to COVID-19, including the bulk recorded in the added division of 2020. However, the timing and bulk of the accretion account of the admission in acclaim accident bulk could extend above 2020, which could accept a abrogating appulse on Net assets for the year catastrophe December 31, 2020.

The Registrants accept additionally incurred absolute costs accompanying to COVID-19 consisting primarily of costs to admission claimed careful equipment, costs for charwoman food and services, and costs to appoint healthcare professionals to adviser the bloom of their employees. Such costs are afar from Adapted (non-GAAP) Operating Earnings.

To account allotment of the abortive impacts from abridgement in load, admission in acclaim accident bulk and absolute costs accompanying to COVID-19, the Registrants articular and are advancing about $250 actor in bulk accumulation beyond Generation and the Utility Registrants.

The Registrants await on the basic markets for about offered debt as able-bodied as the bartering cardboard markets to accommodated their banking commitments and concise clamminess needs. As a aftereffect of the disruptions in the bartering cardboard markets in March of 2020, Generation adopted $1.5 billion on its revolving acclaim adeptness to refinance bartering paper, which Generation repaid on April 3, 2020. Generation additionally entered into two concise accommodation agreements in March of 2020 for an accumulated of $500 million. On April 8, 2020, Generation accustomed about $500 actor in banknote afterwards entering into an accounts receivable costs arrangement. On April 24, 2020, Exelon Corporate entered into a acclaim acceding establishing a $550 actor 364-day revolving acclaim adeptness to be acclimated as an added antecedent of concise liquidity. In addition, to date in 2020, the Registrants accept issued abiding debt of $5.1 billion, of which $4.0 billion was issued in the aeon of April to July of 2020. The Registrants accelerated the timing of a cardinal of planned debt issuances consistent in the $4.0 billion issued in the aeon of April to July of 2020 and the Registrants accept now completed their planned abiding debt issuances for the 2020 year. See Clamminess and Basic Resources, Note 12 – Debt and Acclaim Agreements, and Note

The Registrants adjourned abiding assets, goodwill, and investments for recoverability and there were no actual crime accuse recorded to date in 2020. Assertive assumptions are awful acute to changes. Changes in cogent assumptions could potentially aftereffect in approaching impairments, which could be material.

This is an evolving bearings that could advance to continued disruption of bread-and-butter action in our markets. The Registrants will abide to adviser developments affecting our workforce, our barter and our suppliers and we will booty added precautions that we actuate are all-important in adjustment to abate the impacts. The admeasurement to which

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COVID-19 may appulse the Registrants’ adeptness to accomplish their breeding and manual and administration assets, the adeptness to admission basic markets, and after-effects of operations, including appeal for electricity and accustomed gas, will depend on the advance and admeasurement of COVID-19 about the apple and approaching developments, which are awful ambiguous and cannot be predicted at this time. Banking After-effects of Operations

Three Months Concluded June 30, 2020 Compared to Three Months Concluded June 30, 2019. Net assets attributable to accepted shareholders added by $37 actor and adulterated balance per boilerplate accepted allotment added to $0.53 in 2020 from $0.50 in 2019 primarily due to:

Higher mark-to-market gains;

Lower operating and aliment bulk primarily due to lower application costs at Generation; and

Favorable acclimate altitude at PECO and DPL Delaware.

The increases were partially account by:

Lower accommodation revenue;

Reduction in bulk due to COVID-19 at Generation;

Higher storm costs accompanying to the June 2020 storms at PECO;

Higher acclaim accident bulk that includes the impacts of COVID-19 at Generation, PECO, Pepco and DPL;

COVID-19 absolute costs; and

Lower electric administration balance at ComEd primarily due to administration blueprint bulk timing.

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Six Months Concluded June 30, 2020 Compared to Six Months Concluded June 30, 2019. Net assets attributable to accepted shareholders decreased by $288 actor and adulterated balance per boilerplate accepted allotment decreased to $1.13 in 2020 from $1.43 in 2019 primarily due to:

Higher net abeyant and accomplished losses on NDT funds;

Lower accommodation revenue;

Reduction in bulk due to COVID-19 at Generation;

Higher nuclear abeyance days;

Higher storm costs accompanying to the June 2020 storms at PECO;

Higher acclaim accident bulk that includes the impacts of COVID-19 at Generation, PECO, Pepco, and DPL;

COVID-19 absolute costs;

Unfavorable acclimate altitude at PECO and ACE; and

Lower accustomed electric administration ROE due to a abatement in treasury rates.

The decreases were partially account by:

Lower operating and aliment bulk primarily due to antecedent bulk administration programs and lower application costs at Generation;

The approval of the New Jersey ZEC affairs in the added division of 2019;

An assets tax adjustment at Generation; and

Regulatory bulk increases at BGE and ACE.

Adjusted (non-GAAP) Operating Earnings. In accession to net income, Exelon evaluates its operating achievement application the admeasurement of Adapted (non-GAAP) operating balance because administration believes it represents balance anon accompanying to the advancing operations of the business. Adapted (non-GAAP) operating balance exclude assertive costs, expenses, assets and losses and added authentic items. This advice is advised to enhance an investor’s all-embracing compassionate of year-to-year operating after-effects and accommodate an adumbration of Exelon’s baseline operating achievement excluding items that are advised by administration to be not anon accompanying to the advancing operations of the business. In addition, this advice is amid the primary indicators administration uses as a base for evaluating performance, allocating resources, ambience allurement advantage targets and planning and forecasting of approaching periods. Adapted (non-GAAP) operating balance is not a presentation authentic beneath GAAP and may not be commensurable to added companies’ presentations or accounted added advantageous than the GAAP advice provided abroad in this report.

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The afterward tables accommodate a adaptation amid net assets attributable to accepted shareholders as bent in accordance with GAAP and adapted (non-GAAP) operating balance for the three and six months concluded June 30, 2020 compared to the aforementioned aeon in 2019.

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(a) Reflects the appulse of net abeyant assets and losses on Generation’s NDT armamentarium investments for Non-Regulatory and Authoritative Acceding Units. The impacts of the Authoritative Acceding Units, including the associated assets taxes, are contractually eliminated, consistent in no balance impact.

(b) Reflects an crime at ComEd accompanying to the accretion of manual assets and the crime of assertive wind assets at Generation.

(c) In 2019, primarily reflects net accomplished assets accompanying to Oyster Creek’s NDT armamentarium investments in affiliation with the Holtec auction on July 1, 2019 and a accretion on the auction of assertive wind assets, partially account by accelerated abrasion and acquittal costs associated with the aboriginal retirement of the TMI nuclear facility. In 2020, primarily reflects accelerated abrasion and acquittal costs associated with the aboriginal retirement of assertive deposit sites.

(d) Primarily represents about-face costs accompanying to bulk administration programs.

(e) Represents absolute costs accompanying to COVID-19 consisting primarily of costs to admission claimed careful equipment, costs for charwoman food and services, and costs to appoint healthcare professionals to adviser the bloom of employees.

(f) Reflects the payments that ComEd will accomplish beneath the Deferred Prosecution Agreement. See Note 14 – Commitments and Contingencies of the Combined Notes to Consolidated Banking Statements for added information.

(g) Represents abolishment from Generation’s after-effects of the noncontrolling interests accompanying to assertive exclusion items, primarily accompanying to abeyant assets and losses on NDT armamentarium investments for CENG units.

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Significant 2020 Transactions and Developments Deferred Prosecution Agreement

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Pending Administration Abject Bulk Case Proceedings

Aug 04, 2020

COMTEX_368875599/2041/2020-08-04T16:01:54

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The MarketWatch News Department was not complex in the conception of this content.

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