Delayed environment variable expansion is NOT enabled by default. You can enable or disable delayed environment variable ...

Delayed environment variable expansion is NOT enabled by default.  You  can enable or disable delayed environment variable expansion for a  particular invocation of CMD.EXE with the /V:ON or /V:OFF switch.  You  can enable or disable delayed expansion for all invocations of CMD.EXE on a  machine and/or user logon session by setting either or both of the  following REG_DWORD values in the registry using REGEDIT.EXE:        HKEY_LOCAL_MACHINE\Software\Microsoft\Command Processor\DelayedExpansion            and/or        HKEY_CURRENT_USER\Software\Microsoft\Command Processor\DelayedExpansion    to either 0x1 or 0x0.  The user specific setting takes precedence over  the machine setting.  The command line switches take precedence over the  registry settings.    If delayed environment variable expansion is enabled, then the exclamation  character can be used to substitute the value of an environment variable  at execution time.
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