September YTD Savings ($ in millions) GAAP Operating and Maintenance Expense (O&M) $ 3,362 $ 2,921 Operating Adjustments: March 3 ComEd Global Settlement Agreement (41 ) — Investments in Synthetic Fuel Producing Facilities — (69 ) Settlement...

EXHIBIT 99.3

Exelon Way — 2004 September YTD Savings

		2004 Pre-tax O&M
		September YTD Savings
		2003				2004
($ in millions)
GAAP Operating and Maintenance Expense (O&M)		$	3,362			$	2,921
Operating Adjustments:
March 3 ComEd Global Settlement Agreement			(41	)			—
2004 Financial Impact of Boston Generating (BG)			—				(57	)
Investments in Synthetic Fuel Producing Facilities			—				(69	)
Settlement Associated with the Storage of Spent Nuclear Fuel			—				42
Exelon Way Severance and Severance-related Charges			(167	)			(53	)
Impairment of Exelon Enterprises’ InfraSource Investment			(4	)			—
Operating O&M			3,150				2,784
Exelon Way O&M Adjustments:
Remove Net Enterprises and BG (1)			(740	)			(183	)
Remove Nuclear Decommissioning Accretion Expense and Other SFAS 143 Adjustments (2)			(86	)			(73	)
Remove 2004 Incremental Impact of Sithe			—				(41	)
Add AmerGen, net of Accretion and Severance (3)			268				—
Normalize Incremental Impact of Nuclear Outages			—				(48	)
Add Payroll Taxes (4)			78				77
Exelon Way O&M		$	2,670			$	2,516
Year over Year Exelon Way O&M Savings						$	154
Program-to-Date O&M Savings		Pre-tax				After-tax (5)
2003 Ramp-up		$	163			$	101
2004 September YTD			154				95
Total Exelon Way O&M Savings		$	317			$	196

(1) Excludes corporate costs that will 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%

		2004 CapEx
		September YTD Savings
		2003				2004
GAAP Capital Expenditures (CapEx) (A)		$	1,409			$	1,295
Adjustments:
Include AmerGen CapEx			100				—
Exclude BG CapEx (incl. 2004 credit)			(5	)			7
Settlement Associated with the Storage of Spent Nuclear Fuel			—				18
Adjusted CapEx		$	1,504			$	1,320
Year over Year CapEx Savings						$	184
Program-to-Date Exelon Way CapEx Savings:
2003 Ramp-up						$	67
2004 September YTD							184
Total Exelon Way CapEx Savings						$	251
Total YTD Cash Savings thru September 2004
After-tax O&M						$	95
CapEx							184
Total Exelon Way Cash Savings						$	279
Total Program-to-Date Cash Savings
After-tax O&M						$	196
CapEx							251
Total Exelon Way Cash Savings						$	447

(A) Net of proceeds from liquidated damages for 2003

2003 Ramp-Up Exelon Way Savings

		2003 Pre-tax O&M
		Ramp-up Savings
		2002				2003
($ in millions)
GAAP Operating and Maintenance (O&M)		$	4,345			$	4,508
Operating Adjustments:
March 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 decommissioning 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
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
Total Ramp-up Cash Savings
After-tax O&M						$	101
CapEx							67
Total Exelon Way Cash Savings						$	168

(A) Net of proceeds from liquidated damages for 2003

(B) Inflation assumed at 3%