Great. Thank you, Josh. Good morning, everyone. Appreciate you joining us for our 2026 second quarter earnings call. Leading the call today are Calvin Butler, Exelon’s President and Chief Executive Officer, and Jeanne Jones, Exelon’s Chief Financial Officer. Other members of Exelon’s senior management team are also with us today and 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 2 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.

Thank you, Ryan, and good morning, everyone. We appreciate you joining us for our second quarter earnings call. Halfway through 2026, Exelon is delivering where it matters most: performing today and preparing for tomorrow. Our utilities are providing safe, reliable service, driving affordability, and investing in the infrastructure that keeps our customers, communities, and economies thriving. This morning, we reported adjusted operating earnings of $0.43 per share, consistent with expectations, and are reaffirming our full-year guidance of $2.81 to $2.91 per share. Operationally, we continue to lead the industry, with all utilities projecting top-quartile reliability and ComEd and PHI projected in the top decile. Those of you who are from Chicagoland know that this has been quite a year for storms. So far this year, ComEd has experienced 16 major weather events, more than it has seen in over two decades, while Illinois has recorded more tornadoes than any other state. Most recently, Monday’s severe storms impacted approximately 530,000 customers. Thanks to the extraordinary efforts of our crews and support teams, power was restored to 90% of affected customers within 48 hours. These results reflect disciplined investment in grid resilience and a sustained focus on delivering safe, reliable service for our customers when they need it most. Reliability is about more than metrics. When the grid performs, businesses keep their doors open, hospitals care for patients, and families can count on the power being there when they need it most. In 2025 alone, our top-quartile reliability saved customers an estimated $1 billion in avoided outage costs. And annual customer interruptions have declined by nearly 2 million since 2021. And for every $1 million Exelon invests, an average of eight jobs are created or $1.7 million of economic output is generated. We are proud of the indispensable role we play in supporting the communities and businesses that depend on us every day. Now, turning to regulatory activity, we remain on track in the Pepco Maryland and DPL Delaware electric rate cases, as well as ComEd’s grid plan. Earlier this month, we also filed a rate case at BGE, with a decision expected in January 2027. Jeanne will cover the details, but the filing reflects our approach to balancing affordability with the investments required to maintain a safe and reliable grid. To help manage customer impacts, BGE delayed its filing, deferred select projects, and prioritized the maintenance and reliability work most critical to serving customers safely. The work our men and women perform every day is critical to our communities, and we cannot delay any further. If critical work is deferred for too long, customers ultimately pay the price through more outages, more costly repairs, and higher long-term costs. As demand grows and weather-related stress increases, the need to maintain and strengthen the grid remains. Long-term affordability depends on a strong, resilient system. Across Exelon, affordability and reliability are being addressed together. We manage expenses carefully, deploy capital where it creates the greatest customer value, and support customers through assistance programs and energy savings initiatives. We are also taking steps to ensure growth benefits existing customers rather than burdening them. As new large-load customers connect to our system, we are structuring agreements that require real financial commitments tied to the infrastructure needed to serve them. FERC’s recent large-load dockets reinforced that approach, recognizing the need to protect existing customers while ensuring that large loads have real commitments behind their projects. This is exactly the principle behind our transmission security agreements, which are helping to protect customers by filtering out speculative requests before significant system investments are made, creating a clear picture of actionable demand. Despite these efforts, the extreme heat and system demand in July made one thing very clear: affordability cannot be solved through cost discipline alone. It also requires new supply. At the beginning of the month, PJM was pushed to its limits. Demand hit a record peak of 168 gigawatts. PJM activated emergency procedures and called on demand response resources to maintain reliability, while power prices surged tenfold, from roughly $80 to $800 per megawatt-hour. Now, the grid held, and our teams did their job, but the system should not have to operate this close to the edge. And this is not a one-off event. This pressure is further evidenced by PJM’s most recent capacity auction. For the third consecutive auction, prices cleared at the FERC-approved price cap. Even so, the market fell short of PJM’s reliability requirement by approximately 6.8 gigawatts, larger than the prior 6.5-gigawatt shortfall, which is the equivalent of roughly seven nuclear reactors of missing supply. Even more telling, only about 525 megawatts of new generation and upgrades cleared, indicating that even at the highest allowed price, the market is not attracting the level of new supply the system needs. Absent the FERC-approved price cap of $330 per megawatt-day, PJM’s own simulation shows prices would have cleared at approximately $555 per megawatt-day across the footprint and $777 in ComEd, indicating the underlying scarcity is even more severe than the headline price suggests. The July heat event, auction results, and market price signals all point to the same conclusion: demand is growing faster than supply, and the system is under increasing strain. Our customers should not pay the price of a system that has been allowed to run too thin, and they should not have to wait years for solutions that are needed today. That is why Exelon is advocating for an all-of-the-above approach: transmission, demand-side solutions, market resources, and utility-owned generation where it makes sense. We are continuing the dialogue with our states and participating in FERC and PJM processes to advocate for policies that protect customers and help deliver energy reliably and cost-effectively. This is where the Exelon platform matters. Our scale, experience, and relationships across multiple states allow us to move from identifying the problems to advancing real solutions. First, transmission. Exelon continues to lead on transmission expansion because reliability starts with the ability to move power where it is needed most. Transmission helps relieve localized constraints, connect new resources, and strengthen the grid as demand grows. That momentum continues with the recent submission of two additional MISO Tranche 2.1 competitive transmission bids in partnership with Invenergy. We will continue to leverage our scale, expertise, and strong development partnerships to pursue transmission opportunities across and beyond our footprint. Second, utility-generated power and storage. We are proposing solutions that give states more control, more certainty, and more direct customer benefits. Utility-generated power and storage can add supply, improve reliability, and put downward pressure on long-term costs, with the accountability and lower-cost capital utilities are uniquely positioned to provide. This is not about ideology. It is about outcomes: reliable service, lower long-term costs, and greater energy security for customers. For example, during the extreme heat and record demand over the July 4 weekend, an ACE battery storage unit serving a New Jersey beach community was dispatched to support the grid. That one asset helped maintain reliability during a period of system stress, demonstrating the practical customer and grid benefits these investments can deliver. We have also seen these benefits play out elsewhere. Earlier this month, ERCOT served a record peak demand of more than 91 gigawatts without emergency actions or curtailment requests, while power prices remained relatively stable at roughly $40 per megawatt-hour during the peak hour. Renewables and battery storage played a significant role in meeting that demand while supporting both reliability and affordability. Building on that momentum, we recently announced a significant new 500-megawatt battery storage project in New Jersey. And we continue to see storage as an important tool for customers because it is fast, flexible, and targeted. Had our battery project been operating during the July 2 through July 5 heat wave, ACE customers would have realized approximately $7.5 million of energy cost savings that could have been returned to customers to help offset higher market prices. Storage solutions can provide peak capacity, improve reliability in constrained areas, support affordability, and help states meet their energy goals. The benefits are real, measurable, and already being demonstrated today. Lastly, energy efficiency and virtual power plants. Several of our utilities recently received approval for VPP programs that turn customer-sited resources into grid capacity. That helps reduce peak demand, lowers pressure on the system, and gives customers a direct role in the solution. Taken together, these are all practical solutions. They also are areas where Exelon can deploy capital with discipline, where there is a clear customer need and strong execution visibility. We are not waiting for the market to solve this on its own. We are bringing forward actionable solutions that strengthen reliability, improve affordability, and give our states more tools to shape their energy future. Now, with that, I will turn it over to Jeanne to walk through our financial performance and provide additional details on our rate case activity and outlook. Jeanne?

Thank you, Calvin, and good morning, everyone. Today, I will cover our second quarter financial results and key regulatory activity, discuss solutions we are advancing to support affordability and resource adequacy, and conclude with an update on our balance sheet and financing progress. Starting on Slide 5, we present our quarter-over-quarter adjusted operating earnings walk. Exelon earned $0.43 per share in the second quarter of 2026 compared to $0.39 per share in the same period in 2025. Results were higher by $0.04 per share year over year, primarily driven by $0.04 of distribution and transmission rates, net of depreciation and AFUDC, $0.04 related to last year’s Customer Relief Fund, and $0.01 of favorable weather at PECO. This was offset by $0.02 of higher credit loss expense at BGE and $0.02 of interest at corporate and PECO. Our second quarter performance is in line with the expectations we discussed on the first quarter call and continues to demonstrate the value of disciplined execution across the platform. We are delivering on customer-focused investments that support top-quartile reliability while managing costs and timing items within the full-year plan. Looking ahead to the third quarter, we expect earnings to be approximately 27% of the midpoint of our projected full-year earnings guidance range. This expectation contemplates the impact of weather, storms, and the PECO employee strike at the beginning of July, as well as normal weather and storm activity through the remainder of the quarter. As with historical practice, our quarterly shaping guidance also assumes anticipated revenue shaping and timing of costs across the utilities. Combined with results for the first half of the year, we anticipate the fourth quarter to benefit from the absence of one-time 2025 distribution and transmission rates, the unwinding of timing, and disciplined execution of bad debt and storm recovery efforts. We remain on track to deliver full-year operating earnings of $2.81 to $2.91 per share, with the goal of being at the midpoint or better. Finally, we reaffirm our expectation to deliver annualized earnings growth near the top end of 5% to 7% from 2025 through 2029, supported by 7.9% annualized rate base growth, disciplined cost management, and a balanced financing plan that maintains strong investment-grade credit metrics. Turning to Slide 6, I will review the open base rate cases and other regulatory activity across the platform. These proceedings reflect our continued focus on recovering prudent investments that support safe, reliable service while advancing proposals that are responsive to customer affordability and the policy priorities of our jurisdictions. Starting with Pepco Maryland, where a final order is expected next month for its traditional electric base rate case, this filing seeks recovery of critical investments that support reliability, accommodate growing customer needs, and strengthen the resiliency of the electric system, while also reflecting the impact of higher financing costs. Projects such as the White Flint Substation are tangible examples of work being done to increase capacity, reduce outage risk, and support long-term growth and economic development in the communities we serve. Also in Maryland, BGE filed an electric distribution rate case on July 2, seeking a $156.1 million revenue requirement increase to recover investments and costs necessary to maintain a safe and reliable grid under a historic test year. The filing also reflects revised financing and storm restoration costs and includes proposals to establish a storm recovery mechanism and provide customers with additional payment flexibility. A final order is anticipated in January 2027. In Delaware, Delmarva Power’s electric base rate case continues to progress. DPL is seeking a $45.4 million revenue requirement increase to support investments necessary to maintain safe and reliable service, including system upgrades and reliability investments across its service territory. The filing also includes proposals designed to support affordability, including a new income-based rate and a bad debt rider. As permitted by Delaware law, DPL implemented interim rates effective July 9, subject to refund. A final order is expected in the third quarter of 2027. Finally, at ComEd, the grid plan proceeding continues to move forward, with staff and intervenor rebuttal testimony filed earlier this month ahead of hearings in August. As a reminder, the plan proposes approximately $15.3 billion of investment through 2031 to support reliability, accommodate significant load growth, and advance the objectives of Illinois’ energy policy framework. An order is expected by December 15. Across these proceedings, our approach remains consistent. We are investing to support reliability, resiliency, and customer needs while remaining focused on affordability and cost discipline. While our base regulatory filings remain focused on maintaining safe, reliable, and affordable service, we continue to advance additional solutions to help address growing affordability and reliability challenges, particularly in light of supply constraints highlighted by the recent PJM auction. Turning to Slide 7, practical and deployable resources, such as storage and virtual power plants, can provide capacity, reduce congestion, and help manage price volatility while supporting each state’s energy goals. Today, roughly 10 gigawatts of solar and wind across PJM go unused on any given day. Storage can capture excess generation and shift it to peak-demand periods, turning surplus clean energy into reliable, high-value supply. Unlike many traditional solutions that can take five to 10 years or longer to develop, battery storage is a faster, scalable, and modular option that can often be deployed within approximately three years, even for large-scale batteries. In New Jersey, Atlantic City Electric, partnered with Invenergy, has advanced a 500-megawatt battery energy storage system using four-hour batteries to target roughly five peak-demand days a year in Pittsgrove. The project will be large enough to power approximately 400,000 homes and represents the single-largest battery storage installation in PJM. The Pittsgrove storage project was submitted in PJM Cycle 1 and represents approximately $1 billion in investment not currently reflected in our plan. Combined with anticipated PJM market revenues, all of which will be returned entirely to customers, federal tax credits, the mitigation of energy and capacity prices, and deferred transmission investment, customers will see over $700 million in net benefits after the project is placed into service, importantly, without seeing any customer bill impact until at least 2035. Atlantic City Electric filed a request last week for regulatory approval of the mechanism to recover project costs, with a final order anticipated in the first half of 2027. In addition, we are pursuing similar opportunities in Maryland, where BGE and Pepco have submitted battery storage projects as part of the state’s distributed connected storage solicitation, which are currently under commission review. Beyond storage, we are also advancing virtual power plant initiatives across our jurisdictions, which aggregate customer-sited resources to reduce peak demand, support grid reliability, and lower overall system costs. At ComEd, the approval to launch its first scheduled-dispatch VPP program is expected to increase the amount of battery storage available across Northern Illinois while providing compensation to participating customers. When paired with existing distributed generation rebates and incentives, the program creates a compelling customer value proposition while helping support the grid. Maryland also recently approved programs to allow a range of customer-sited assets to act as grid assets, and we continue to see momentum in New Jersey and Delaware as policymakers continue advancing distributed energy resource and VPP frameworks. Together with continued transmission and distribution investment, these solutions provide practical tools to address affordability, reliability, and resource adequacy needs across our jurisdictions. Turning to Slide 8, we continue to execute our financing plan in a balanced and disciplined manner. Maintaining a strong balance sheet is core to our strategy and essential to funding the investment needed to deliver safe, reliable, and affordable service for our customers. To date, we have completed approximately 86% of our 2026 debt financing needs, including all expected debt issuances at the holding company, Pepco Holdings, ComEd, and BGE, materially reducing our remaining exposure to interest rate volatility for the year. In addition, our pre-issuance hedging strategy continues to provide protection against future rate movements. We have already priced approximately 37% of our planned equity needs through 2029 via forward contracts under our ATM program, having priced all of our needs for 2026 and half of our needs for 2027. Our credit metric outlook also remains strong, with expected average credit metrics of approximately 14% through 2029, supporting the strategic and financial flexibility needed to advance our capital plan and capture additional customer-driven growth opportunities. We remain confident in our ability to deliver value for our customers and shareholders through disciplined execution, a strong balance sheet, and investments that support reliable, resilient, and affordable energy service. I will now turn the call back to Calvin for closing remarks.

Thank you, Jeanne. I will close on Slide 9. The story is consistent and straightforward. And as I said, performing today and actively preparing for tomorrow. Exelon is built for this moment. We have the scale, diversified footprint, operational excellence, and financial discipline to perform in a changing environment. In 2026, we remain focused on deploying approximately $10 billion of capital for the benefit of customers, delivering operating earnings of $2.81 to $2.91 per share, earning a consolidated operating ROE of between 9% and 10%, and maintaining a strong and resilient balance sheet. Just as important, we are pursuing growth where it creates real customer value, strengthens the grid, and supports the communities and economies we serve. The environment is changing quickly, but our priorities are steady. We have the people, platform, and experience to navigate complexity, deliver on our commitments, and advance practical solutions for customers. That is why we remain confident in the path ahead. Josh, we can now open it up for any questions.