UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                                    FORM 8-K



                                 CURRENT REPORT


                Pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934


                                   May 7, 2003
                                (Date of earliest
                                 event reported)




       Commission File           Name of Registrant; State of Incorporation; Address of        IRS Employer
       Number                    Principal Executive Offices; and Telephone Number             Identification Number
       ---------------------     ----------------------------------------------------------    ------------------------
                                                                                         
       1-16169                   EXELON CORPORATION                                            23-2990190
                                 (a Pennsylvania corporation)
                                 10 South Dearborn Street - 37th Floor
                                 P.O. Box 805379
                                 Chicago, Illinois 60680-5379
                                 (312) 394-7398

       1-1401                    PECO ENERGY COMPANY                                           23-0970240
                                 (a Pennsylvania corporation)
                                 P.O. Box 8699 2301 Market Street
                                 Philadelphia, Pennsylvania 19101-8699
                                 (215) 841-4000

       333-85496                 EXELON GENERATION COMPANY, LLC                                23-3064219
                                 (a Pennsylvania limited liability company)
                                 300 Exelon Way
                                 Kennett Square, Pennsylvania 19348
                                 (610) 765-6900










Item 5. Other Events.

On May 7, 2003,  Exelon  Corporation  (Exelon) issued a news release  announcing
that the U.S. Nuclear Regulatory  Commission had approved a 20-year extension of
the operating  licenses for Exelon  Nuclear's Peach Bottom Atomic Power Station.
The news release is attached to this report as Exhibit 99.

This combined Form 8-K is being filed  separately  by Exelon  Corporation,  PECO
Energy Company and Exelon Generation  Company,  LLC  (Registrants).  Information
contained  herein  relating to any individual  registrant has been filed by such
registrant  on its own behalf.  No  registrant  makes any  representation  as to
information relating to any other registrant.

Except for the historical  information contained herein,  certain of the matters
discussed in this Report are forward-looking  statements,  within the meaning of
the Private Securities  Litigation Reform Act of 1995, that are subject to risks
and  uncertainties.  The  factors  that  could  cause  actual  results to differ
materially  from the  forward-looking  statements  made by a registrant  include
those discussed  herein, as well as those discussed in (a) the Registrants' 2002
Annual  Report on Form 10-K - ITEM 7.  Management's  Discussion  and Analysis of
Financial  Condition  and  Results  of  Operations--Business   Outlook  and  the
Challenges in Managing Our Business for Exelon, ComEd, PECO and Generation,  (b)
the Registrants' 2002 Annual Report on Form 10-K - ITEM 8. Financial  Statements
and  Supplementary  Data:  Exelon - Note 19, ComEd - Note 16, PECO - Note 18 and
Generation - Note 13 and (c) other factors  discussed in filings with the United
States Securities and Exchange Commission (SEC) by the Registrants.  Readers are
cautioned not to place undue reliance on these forward-looking statements, which
apply only as of the date of this Report. None of the Registrants undertakes any
obligation to publicly release any revision to its forward-looking statements to
reflect events or circumstances after the date of this Report.









                                   SIGNATURES




Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.




                                       EXELON CORPORATION
                                       PECO ENERGY COMPANY
                                       EXELON GENERATION COMPANY, LLC



                                       /s/  Robert S. Shapard
                                       -----------------------------------
                                       Robert S. Shapard
                                       Executive Vice President and
                                       Chief Financial Officer
                                       Exelon Corporation


May 7, 2003