Pre-tax O&M ($ in millions) December YTD Savings GAAP Operating and Maintenance Expense (O&M) $ 3,976 $ 4,508 Operating Adjustments: March 3 ComEd Global Settlement Agreement — (41 ) Charges associated with Generation’s investment in Sithe Energies,...

EXHIBIT 99.3

December YTD Year-over-Year Exelon Way Savings

		Pre-tax O&M
($ in millions)		December YTD Savings
		2004				2003
GAAP Operating and Maintenance Expense (O&M)		$	3,976			$	4,508
Operating Adjustments:
March 3 ComEd Global Settlement Agreement			—				(41	)
Charges associated with Generation’s investment in Sithe Energies, Inc.			(8	)			—
Settlement Associated with the Storage of Spent Nuclear Fuel			42				—
Charges associated with Exelon’s anticipated merger with Public Service Enterprise Group Inc.			(7	)			—
2004 Financial Impact of Boston Generating (BG)			(62	)			—
Investments in Synthetic Fuel Producing Facilities			(89	)			—
Exelon Way Severance and Severance-related Charges			(83	)			(256	)
Impairment of Exelon Enterprises’ InfraSource Investment			—				(53	)
Operating O&M			3,769				4,158
Exelon Way O&M Adjustments:
Remove Net Enterprises and BG (1)			(204	)			(903	)
Remove Nuclear Decommissioning Accretion Expense and Other SFAS 143 Adjustments (2)			(129	)			(118	)
Remove 2004 Incremental Impact of Sithe			(60	)			—
Add AmerGen, net of Accretion and Severance (3)			—				393
Normalize Incremental Impact of Nuclear Outages			(18	)			—
Other			(7	)			—
Add Payroll Taxes (4)			94				91
Exelon Way O&M		$	3,445			$	3,621
Year-over-Year Exelon Way O&M Savings		$	176

Program-to-Date O&M Savings		Pre-tax				After-tax (5)
2003 Ramp-up		$	163			$	101
2004 December YTD			176				109
Exelon Way 2004 O&M Savings		$	339			$	210

(1) Excludes corporate costs that remain within Exelon and is net of intercompany impact. Enterprises excludes Exelon Energy in 2003; in 2004 Exelon Energy is included in Generation.

(2) Accretion expense and other SFAS 143 adjustments are non-cash expenses related to nuclear decommissioning and are not included in Exelon Way expenditures.

(3) Normalize to 100% in 2003; in 2003, AmerGen was included in Equity in Earnings of Unconsolidated Affiliates

(4) Includes AmerGen and excludes Enterprises.

(5) Tax rate is 38%.

		CapEx
		December YTD Savings
		2004				2003
GAAP Capital Expenditures (CapEx) (A)		$	1,921			$	1,862
Adjustments:
Include AmerGen CapEx			—				171
Other			11				20
Exelon Way CapEx		$	1,932			$	2,053
Year-over-Year CapEx Savings		$	121
Program-to-Date Exelon Way CapEx Savings:
2003 Ramp-up		$	67
2004 December YTD			121
Exelon Way 2004 CapEx Savings		$	188

(A) Net of proceeds from liquidated damages for 2003.

Exelon Way 2004 O&M Cash Savings		Total
After-tax O&M		$	210
CapEx			188
Total Exelon Way Cash Savings		$	398

2003 Ramp-Up Exelon Way Savings

		2003 Pre-tax O&M
($ in millions)		Ramp-up Savings
		2002				2003
GAAP Operating and Maintenance (O&M)		$	4,345			$	4,508
Operating Adjustments:
March 3, 2003 ComEd Settlement Agreement			—				(41	)
Severance			(10	)			(256	)
Enterprises goodwill impairment and impairments due to anticipated sales			—				(53	)
Operating O&M			4,335				4,158
Exelon Way O&M Adjustments:
Remove Enterprises and Boston Generating (BG) (1)			(1,212	)			(903	)
Add incremental impact of Texas Plants			10				—
Remove nuclear decommissioning accretion expense and Other SFAS 143 Adjustments (2)			—				(118	)
Add 2002 incremental impact of Exelon New England			50				—
Normalize incremental impact of nuclear outages			(24	)			—
Add AmerGen, net of decommissioning accretion (3)			412				393
Add Payroll Taxes (4)			95				91
Exelon Way O&M		$	3,666			$	3,621
Exelon Way O&M Savings:
Difference between 2002 and 2003 Exelon Way O&M						$	45
2003 inflationary impact (5)							107
Pension and post-retirement increase (6)							103
Calculated 2003 Savings						$	255
Exclude savings from prior cost management initiatives (e.g., CMI)							(92	)
Exelon Way O&M Savings - Pre-tax						$	163
After-tax O&M Savings (7)						$	101

(1) Excludes corporate costs that will remain within Exelon and is net of intercompany impact. Enterprises excludes Exelon Energy.

(2) Accretion expense and other SFAS 143 adjustments are non-cash expenses related to nuclear decomissioning and are not included in Exelon Way expenditures.

(3) Normalized to 100% of AmerGen in 2002 and 2003; in 2002 and 2003, AmerGen was included in Equity in Earnings of Unconsolidated Affiliates.

(4) Includes AmerGen and excludes Enterprises.

(5) 2002 base excluding pension and post-retirement expenses of $103m, inflated at 3%.

(6) Pension and post-retirement expense increase.

(7) Tax rate is 38%.

		2003 Cap Ex
		Ramp-up Savings
		2002				2003
GAAP Capital Expenditures (CapEx) (A)		$	2,150			$	1,862
Adjustments:
Exclude net impact of Boston Generating (A)			—				20
Include AmerGen			155				171
Exelon Way Adjusted CapEx		$	2,305			$	2,053
Year-over-year CapEx Savings						$	252
Exelon Way CapEx Savings:
Difference between 2002 and 2003 Exelon Way CapEx						$	252
2003 inflationary impact (B)							69
Calculated 2003 Savings						$	321
Exclude savings from prior cost management initiatives (e.g., CMI)							(254	)
Exelon Way Savings - 2003 Ramp-up						$	67

(A) Net of proceeds from liquidated damages for 2003.
(B) Inflation assumed at 3%.

Total Ramp-up Cash Savings
After-tax O&M		$	101
CapEx			67
Total Exelon Way Cash Savings		$	168