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Exelon
Exelon
Exelon
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Exelon Corporation is an American public utility headquartered in Chicago, and incorporated in Pennsylvania.[1] Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 187th on the Fortune 500.[2]

Key Information

Exelon owns six regulated utilities: Atlantic City Electric (New Jersey), Commonwealth Edison (Illinois), PECO Energy Company (Pennsylvania), Baltimore Gas and Electric (Maryland), Delmarva Power and Light (Delaware and Maryland), and Pepco (Washington, DC and Maryland).[1]

Operating subsidiaries

[edit]

History

[edit]

Exelon Corporation was created in October 2000 by the merger between PECO Energy Company, formed in 1902, and Unicom Corporation, the parent of Commonwealth Edison, formed in 1907.[3] Unicom was based in Chicago and the city became the headquarters of the new entity. The merger was overseen by the CEO of Unicom, John Rowe, who joined the corporation in 1998 and led the newly formed Exelon until 2012, becoming the nation's longest-serving utility executive.[3][4][5]

On July 31, 2005, the Federal Energy Regulatory Commission approved the merger of Exelon and Public Service Enterprise Group, a New Jersey utility;[6] however, after 18 months, the two companies terminated the agreement due to pressure put on the New Jersey Board of Public Utilities by public interest groups, including New Jersey Citizen Action.[7][8]

On March 12, 2012, Exelon acquired Constellation Energy, with the combined company owning more than 34 gigawatts of power generation (55% nuclear, 24% natural gas, 8% renewable including hydro, 7% oil and 6% coal).[9][10]

Exelon announced the proposed purchase of Pepco Holdings on April 30, 2014, for $6.8 billion in an all-cash transaction. The merger faced stiff opposition from community groups and D.C. Mayor Muriel Bowser.[11] The merger was originally rejected by the District of Columbia Public Service Commission in August 2015, though it was approved by other federal and state regulators. The companies appealed the decision.[12] On March 23, 2016, the merger was finally approved by the District of Columbia Public Service Commission after the company made concessions and the merger was completed, making Exelon the largest regulated utility in the United States by customer count and total revenue.[13]

On February 2, 2022, Exelon completed the corporate spin-off of Constellation Energy, its energy generation business.[14] Constellation was the largest operator of nuclear power plants in the United States and the largest non-governmental operator of nuclear power plants in the world. It is also the largest competitive U.S. power generator with approximately 35,500 megawatts of owned capacity. It had full or majority ownership of 23 nuclear reactors in 14 nuclear power plants.[15][16]

[edit]

PECO Energy: Nuclear power protests and solar energy expansion

[edit]

In the 1970s, activists delayed the opening of nuclear power plants by PECO Energy.[17]

In 2015, Earth Quaker Action Team began a campaign to pressure PECO to expand the solar power it purchases, and to purchase it locally to create jobs.[18]

Pollution, security incidents

[edit]

In 2005, Exelon was required to pay a $602,000 fine for exceeding the permitted sulfur dioxide emission limit from April to October 2004 at its Cromby Generating Station in Chester County, Pennsylvania.

Exelon and Illinois state officials waited for four years until 2006 before disclosing that Exelon's Braidwood Nuclear Generating Station, a nuclear plant 60 miles southwest of Chicago, had spilled millions of gallons of water containing tritium, a radioactive form of hydrogen, multiple times over a decade. Exelon officials eventually apologized and said the risks from the leak were "minimal", with tritium levels in surrounding wells all found to be below regulatory limits.[19][20]

In 2009, the Nuclear Regulatory Commission announced its plan for a $65,000 fine against Exelon for permitting its contracted security guards that were guarding its Peach Bottom Nuclear Generating Station, a two-reactor nuclear plant located in Delta, Pennsylvania, to sleep on the job. The incidents did not come to light until a videotape of the security guards was leaked to news media.[21] As a result, Exelon terminated the security contract of the Wackenhut security firm that had been involved and now operates its own in-house nuclear security force.[22]

Political activity

[edit]

Exelon makes political contributions via its political action committee (PAC), EXELONPAC. In 2021 and 2022, it contributed $323,500 to federal candidates, including $202,500 to Democrats and $121,000 to Republicans.[23] In 2022, it spent $2,878,000 on lobbying.[24]

Finances

[edit]
Year Revenue
in mil. USD$ 		Net income
in mil. USD$ 		Total assets
in mil. USD$ 		Price per share
in USD$ 		Employees
2005 15,357 923 42,797 29.47
2006 15,655 1,592 44,319 35.51
2007 18,916 2,736 45,361 46.22
2008 18,859 2,737 47,546 47.42
2009 17,318 2,707 49,180 33.05
2010 18,644 2,563 52,240 29.73
2011 19,063 2,495 54,995 31.27
2012 23,489 1,160 78,561 28.50
2013 24,888 1,719 79,924 25.47 25,829
2014 27,429 1,623 86,416 28.73 28,993
2015 29,447 2,269 95,384 28.41 29,762
2016 31,360 1,134 114,904 31.09 34,396
2017 33,531 3,770 116,700 35.78 34,621

References

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Exelon

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Exelon Corporation (NASDAQ: EXC) is an American public utility holding company headquartered at 10 South Dearborn Street in Chicago, Illinois. It operates in the utilities sector as one of the largest U.S. power companies focused on power transmission and distribution, owning multiple regional grid assets and emphasizing grid reliability and modernization. As a Fortune 200 company, it operates six fully regulated transmission and distribution utilities—Atlantic City Electric, Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power, PECO Energy, and Potomac Electric Power Company (Pepco)—serving more than 10.7 million residential, commercial, and industrial customers across Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and the District of Columbia. With approximately 20,000 employees, Exelon focuses on delivering reliable, affordable electricity and natural gas while maintaining top-quartile performance in customer satisfaction, outage reduction, and service restoration. Originally formed in 2000 through the merger of Corporation (parent of ComEd) and , Exelon expanded into competitive energy generation before completing a of its generation and retail energy business as Corporation in February 2022. This separation allowed Exelon to concentrate solely on its regulated utility operations, divesting assets including the largest fleet of plants in the United States, which are now owned by Constellation. The company has been recognized for operational excellence, including industry-leading reliability metrics and investments in grid modernization to support clean energy transitions. Exelon has faced significant scrutiny over a and scheme involving its ComEd, which from 2011 to 2019 provided jobs, subcontracts, and payments totaling over $1.3 million to allies of former House Speaker Michael to secure favorable legislation, including rate hikes and subsidies. The U.S. Securities and Exchange Commission charged Exelon and ComEd with for failing to disclose the scheme to investors, resulting in a $46.2 million in 2023; and ComEd executives were convicted on federal charges. Exelon also agreed to a $173 million settlement related to the undisclosed conduct. These events underscore challenges in regulatory influence within the energy sector, where utilities have sought policy advantages amid competitive pressures from subsidized renewables and nuclear bailouts.

Corporate Structure

Operating Subsidiaries

Exelon's operating subsidiaries comprise six regulated utilities responsible for the transmission and distribution of electricity and, in select cases, natural gas to over 10.7 million customers across multiple states and the District of Columbia. These entities focus on maintaining and upgrading infrastructure to ensure reliable service, with a combined workforce of approximately 20,000 employees dedicated to operations, safety, and grid modernization efforts. Commonwealth Edison Company (ComEd) serves approximately 4 million electric customers in , covering about 70% of the state's population. The utility has invested over $5 billion in system improvements since 2001 to enhance reliability and support economic growth in the . PECO Energy Company provides to 1.7 million customers and to 553,000 customers in southeastern . It emphasizes operational safety, achieving top performance rankings, and engages in community initiatives while managing one of the region's oldest distribution networks. Baltimore Gas and Electric Company (BGE) delivers electricity to 1.3 million customers and natural gas to 700,000 customers in central Maryland, with nearly two centuries of service history. The subsidiary prioritizes innovative programs for energy efficiency and demand response to meet urban and suburban needs around Baltimore. Potomac Electric Power Company (Pepco) supplies electricity to 919,000 customers in the District of Columbia and portions of Maryland. It focuses on grid reliability enhancements and sustainability measures to support high-density urban environments and growing data center loads. Delmarva Power serves 561,500 electric customers and 140,000 customers across and the . The utility integrates advanced technologies and renewable integration strategies to address seasonal demands and coastal vulnerabilities. Atlantic City Electric provides electric service to 572,000 customers in southern . It invests in upgrades, environmental initiatives, and local to bolster resilience against events and tourism-driven peak usage.

Leadership and Governance

Exelon Corporation's executive leadership is headed by Calvin Butler, who serves as President and , a position he has held since December 30, 2022. The senior executive team includes Jeanne Jones as Executive Vice President and Chief Financial Officer; Michael Innocenzo as Executive Vice President and Chief Operating Officer, appointed to the role on February 6, 2024; Colette D. Honorable as Executive Vice President, Chief Legal Officer, and Corporate Secretary; and Sunny Elebua as Senior Vice President and Chief Strategy & Sustainability Officer. Subsidiary presidents report to the corporate leadership, including Gil C. Quiniones for ComEd, David M. Vahos for , Tamla Olivier for BGE, and J. Tyler Anthony for Holdings. The board of directors comprises nine members, with all except the CEO classified as independent under Nasdaq Global Select Market criteria, ensuring a majority-independent structure to oversee strategy, risks, and . W. Paul Bowers serves as independent Chairman, with other independent directors including Marjorie Rodgers Cheshire (since 2020), Linda Jojo (since 2015), Charisse R. Lillie (since 2023), Anna Richo (since 2023), (since 2023), and Bryan Segedi (since 2024); David G. DeWalt joined in 2025. Directors are selected for diverse expertise in areas such as , , and , with at age 75 and stock ownership requirements to align interests with shareholders. Exelon's governance framework is defined by board-approved Corporate Governance Principles, bylaws, and charters for four standing committees: Audit and Risk, Talent Management and Compensation, , and Operations, Safety, and Customer Experience, all composed of independent directors. The principles emphasize duties, annual board evaluations, and flexible leadership structures, including the option for an independent Lead Director if the Chairman is not independent; ethical conduct is enforced through the Code of Business Conduct and mandatory annual training. Committee assignments are based on director skills, with the board retaining authority to adjust memberships.

History

Formation and Early Development

Exelon Corporation was formed on October 20, 2000, via the merger of and Unicom Corporation, establishing a major utility serving electric and gas customers in the Mid-Atlantic and Midwest regions. Energy traced its origins to the Electric Company, incorporated in 1902 to supply electricity in southeastern , evolving into a key regional provider with a focus on urban distribution networks. Unicom Corporation, the for —formed in 1907 through the consolidation of Chicago-area utilities by —operated extensive generation assets, including early adoption of in . The $32.7 billion stock-for-stock transaction integrated PECO's regulated delivery operations with Unicom's competitive generation portfolio, positioning Exelon to capitalize on post-deregulation opportunities in wholesale power markets amid the energy sector's shift from monopolistic structures. Headquartered at Chicago's Chase Tower, the new entity initially managed about 5 million electric customers and 1.5 million gas customers, with a combined generating capacity exceeding 30,000 megawatts, predominantly nuclear and fuel-based. In the immediate post-merger phase, Exelon implemented a restructuring effective January 1, 2001, to segregate regulated transmission and distribution from merchant generation functions, complying with federal and state utility regulations. Exelon Generation Company, LLC, established in 2000 as a subsidiary, assumed control of non-rate-regulated power plants, enabling focused investment in nuclear fleet reliability and efficiency upgrades during a period of market volatility. This separation supported Exelon's early strategy of leveraging Pennsylvania's 1996 deregulation for competitive retail services while maintaining monopoly status in delivery infrastructure.

Major Mergers and Expansions

Exelon Corporation was formed on October 24, , through the merger of and Corporation, the parent of (ComEd). The transaction, valued at approximately $9.77 billion, combined PECO's operations in with ComEd's in , creating one of the largest U.S. electric utilities with over $12 billion in annual revenues and serving about 5 million customers across two major metropolitan areas. This merger positioned Exelon for growth in a deregulated , emphasizing transmission, distribution, and competitive generation services. In 2011, Exelon announced its acquisition of Constellation Energy Group on April 28 for $7.9 billion in cash and stock, equivalent to $38.59 per share. The deal closed on March 12, 2012, after regulatory approvals including divestitures of three plants mandated by the U.S. Department of Justice to preserve competition. This expanded Exelon's generation portfolio to include Constellation's nuclear, renewable, and competitive assets, making the combined entity the largest U.S. power by capacity with over 32,000 megawatts and serving 7.7 million customers. Exelon further grew through its $6.8 billion acquisition of Holdings Inc., announced on April 30, 2014, and completed on March 23, , following multi-year regulatory reviews and conditions such as bill credits and grid investments. The merger integrated 's utilities—serving 2 million customers in , , and —with Exelon's existing operations, enhancing geographic scale in the Mid-Atlantic region and adding regulated transmission and distribution infrastructure valued at billions in assets. This transaction solidified Exelon's focus on regulated services amid the spin-off of its competitive generation business.

Spin-off of Generation Assets

In February 2021, Exelon Corporation announced its intention to separate its competitive energy businesses—encompassing power generation and retail energy supply—into a standalone publicly traded company, subsequently named Constellation Energy Corporation, to allow each entity to pursue distinct strategic priorities. The separation aimed to enable Exelon to concentrate on its regulated utility operations, including electricity transmission and distribution, while Constellation would manage the generation portfolio, which included the largest fleet of nuclear power plants in the United States, along with hydroelectric, wind, solar, and natural gas assets totaling approximately 32,400 megawatts of capacity. This move was positioned as a response to differing regulatory environments and market dynamics, with regulated utilities benefiting from stable returns and generation businesses exposed to competitive wholesale markets and clean energy transitions. The transaction required approvals from multiple regulatory bodies, including the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC), and the New York Public Service Commission (NYPSC), due to the interstate nature of energy markets and nuclear operations. FERC authorized the spin-off in December 2021, confirming it would not adversely affect competition or rates, while the NRC approved the transfer of licenses for nuclear facilities. The process involved a tax-free distribution to Exelon shareholders, structured as a pro-rata spin-off where eligible holders received one share of Constellation common stock for every three shares of Exelon stock owned as of the record date. Exelon completed the separation on February 1, , with Constellation shares beginning to trade on the under the ticker "CEG" the following day. Post-spin-off, Constellation operated independently with a exceeding $30 billion at launch and committed to an initial annual of $0.55 per share, supported by its assets' cash flows. Exelon, retaining its focus on utilities serving over 10 million customers across six states, reported streamlined operations without the volatility of merchant , though it faced ongoing capital needs for grid infrastructure. The spin-off was deemed tax-free for U.S. federal income tax purposes for most shareholders, barring specific exceptions like excessive ownership concentrations.

Recent Strategic Shifts

Following the 2022 spin-off of its competitive generation assets to Corporation, Exelon repositioned itself as a pure-play transmission and distribution (T&D) utility , emphasizing regulated investments to enhance grid reliability and support trends. This shift allowed Exelon to prioritize stable, rate-regulated operations across its subsidiaries—ComEd, , BGE, , Delmarva Power, and Atlantic City Electric—serving approximately 10 million customers in , , , , , and the District of Columbia, without exposure to volatile wholesale power markets. A core element of this strategy has been a $38 billion plan from 2024 through 2028, targeted at grid modernization to accommodate surging demand from data centers, infrastructure, electric vehicles, and integration. These investments include upgrading transmission lines, substations, and distribution networks to improve resilience against and enable faster connections for large-load customers, with projected rate-base growth of 7.4% annually driving EBITDA expansion. Exelon has secured regulatory approvals in multiple jurisdictions to recover these costs through rate cases, underscoring a focus on proactive infrastructure funding amid federal incentives like the . In parallel, Exelon has advanced initiatives within its T&D operations, investing in leak detection and reduction technologies for distribution systems and electrifying fleet vehicles to lower Scope 1 and 2 . The company reported progress in 2023 toward these goals, including enhanced transmission system reliability metrics, while maintaining affordability for customers during the through partnerships with stakeholders and cost-conscious planning. Financially, Exelon has reaffirmed long-term earnings growth targets of 5-7% compounded annual EPS from 2024 to 2028, supported by disciplined capital allocation and a $2.5 billion at-the-market equity program initiated in May 2025 to optimize its . As of August 2025, executives indicated potential exploration of re-entering power generation development after a three-year hiatus post-spin-off, though no firm commitments have been announced, reflecting evolving opportunities in clean energy .

Business Operations

Transmission and Distribution Infrastructure

Exelon's transmission and distribution infrastructure encompasses the assets of its six regulated utility subsidiaries—Atlantic City Electric (), Baltimore Gas and Electric (BGE, ), (), Delmarva Power ( and ), PECO Energy (), and ( of Columbia and )—which collectively deliver and natural gas across the Mid-Atlantic and Midwest. These networks form part of the , a regional transmission organization overseeing grid operations in 13 states and the of Columbia. The electric includes approximately 11,000 miles of high-voltage lines, designed to transport bulk power over long distances at voltages typically ranging from 69 kV to 765 kV, ensuring reliability and integration with sources. Distribution infrastructure extends this to end-users via over 153,000 miles of lower-voltage lines (generally 4 kV to 34.5 kV), supported by thousands of substations for voltage transformation and load balancing. For instance, ComEd operates about 90,000 miles of power lines (combining transmission and distribution) and 1,300 substations across . PECO maintains roughly 30,500 miles of electric lines, while BGE manages more than 25,000 circuit miles of distribution lines and nearly 1,300 miles of transmission. Natural gas distribution, handled by subsidiaries like BGE, , and Delmarva Power, includes thousands of miles of mains and service lines; for example, oversees more than 13,400 miles of gas distribution infrastructure. These assets prioritize resilience against weather events and cyber threats, with ongoing investments totaling $7.6 billion in 2024 for upgrades such as advanced metering, undergrounding lines, and technologies to minimize outages and support growing demands. Cumulative planned capital expenditures of $38 billion from 2025 to 2028 further emphasize hardening transmission towers, replacing aging distribution conductors, and expanding capacity for data centers and renewables integration.

Service Territories and Customer Base

Exelon's regulated utilities deliver electricity and to over 10.7 million customers across primarily urban and suburban service territories in , the District of Columbia, , , , and . These areas include high-density metropolitan hubs such as , , , and Washington, D.C., where the company maintains extensive transmission and distribution infrastructure to support reliable energy access amid growing demands. Following the 2022 spin-off of its generation business to , Exelon's operations emphasize regulated delivery services, with customer bases comprising residential, commercial, and industrial users in these jurisdictions. The six operating utilities each serve distinct regional footprints:
UtilityPrimary Service AreaElectric Customers (approx.)Natural Gas Customers (approx.)
ComEd4 millionN/A
PECOSoutheastern 1.7 million553,000
BGECentral Maryland1.25 million650,000
Delmarva Power & Eastern Maryland561,500140,000
PepcoDC & Southern Maryland842,000N/A
Atlantic City ElectricSouthern/Central 545,000N/A
This diversified customer base underscores Exelon's role in powering key economic centers, with residential users forming the majority alongside significant commercial and industrial segments reliant on stable grid performance.

Grid Modernization and Investments

Exelon's operating subsidiaries have prioritized grid modernization through substantial capital investments aimed at enhancing reliability, resilience, and capacity to integrate distributed energy resources, electric vehicles, and emerging loads such as data centers. The company outlined a $38 billion plan for its regulated utilities from 2025 to 2028, marking a 10% increase over the prior four-year forecast, with funds allocated primarily to transmission and distribution upgrades, substation reinforcements, and advanced metering to address aging assets and rising demand. These efforts have yielded measurable improvements in system performance, including approximately a 40% enhancement in reliability indices such as the System Average Interruption Duration Index (SAIDI) and across service territories. In 2024, Exelon invested $7.1 billion in grid-related projects, focusing on transmission expansions and hardening infrastructure against extreme weather events. Subsidiaries like ComEd and have driven specific initiatives, including ComEd's $50 million allocation from federal grants to pilot next-generation technologies for equitable clean deployment and grid orchestration. Transmission investments have accelerated in response to hyperscale data center growth, with Exelon's interconnection queue doubling to 36 gigawatts since late 2024, prompting up to $15 billion in additional spending outside the base plan to build new lines and interconnect projects in markets. (BGE), PECO, and others are incorporating elements, such as advanced sensors and automation, to reduce outage durations and support renewable penetration, aligning with Exelon's operational emissions reduction target of 50% by 2030 from a 2015 baseline. Complementary programs include partnerships with startups via in-kind services and funding for scalable solutions in decarbonization and , fostering innovation without direct ownership of generation assets. Regulatory approvals for these expenditures, often recovered through rate cases, ensure alignment with public utility commissions' reliability mandates while minimizing cost burdens on customers.

Financial Performance

Exelon's revenue has exhibited consistent growth since the 2022 spin-off of its competitive generation business to , reflecting a focus on stable, regulated transmission and distribution operations across its utilities. Annual increased from $17.938 billion in 2021 to $23.028 billion in 2024, a of approximately 8.7%, primarily driven by rate base expansions, customer growth, and investments in grid infrastructure. Net income followed a similar upward trajectory, rising from $1.706 billion in 2021 to $2.460 billion in 2024, supported by operational efficiencies and favorable regulatory outcomes despite weather variability and higher operating costs. This growth outpaced the broader electric utilities sector average, with earnings expanding at an average annual rate of about 8.2% over the period.
YearRevenue ($B)YoY Growth (%)Net Income ($B)YoY Growth (%)
202117.938-1.706-
202219.0786.42.17027.1
202321.72713.92.3287.3
202423.0286.02.4605.7
In 2025, trailing twelve-month as of June 30 reached $23.77 billion, up 4.5% year-over-year, while climbed to $2.653 billion, a 9.5% increase, buoyed by first-half including Q1 GAAP earnings of $0.90 per share and Q2 at $0.39 per share. Exelon reaffirmed its full-year 2025 adjusted operating guidance of $2.64 to $2.74 per share in July, signaling confidence in continued mid-single-digit growth through 2028 amid planned capital investments exceeding $36 billion. These trends underscore resilience in a capital-intensive sector, though subject to regulatory approvals and macroeconomic factors like interest rates.

Capital Expenditures and Dividends

Exelon's capital expenditures primarily support the maintenance, expansion, and modernization of its transmission and distribution infrastructure across its utility subsidiaries, including (ComEd), PECO Energy, (BGE), and others. In 2024, the company recorded capital expenditures of approximately $7.1 billion, reflecting investments in grid reliability, customer growth, and regulatory requirements. This figure aligns with Exelon's focus on low-risk, regulated investments following the 2022 spin-off of its Constellation Energy generation assets, which shifted emphasis toward utility operations. Looking ahead, Exelon announced plans in February 2025 to allocate $38 billion in capital expenditures from 2025 through 2028, marking a 10% increase over prior guidance to address rising demand, enhance resilience against , and comply with evolving regulatory standards. These investments are projected to drive rate base growth, with quarterly breakdowns indicating steady deployment, such as $5.1 billion in Q4 2024 alone across subsidiaries. Funding for these expenditures comes from a mix of cash flows from operations, issuances, and equity, with management emphasizing fiscal discipline to balance needs against shareholder returns. Exelon maintains a consistent dividend policy, distributing a quarterly dividend of $0.40 per share, which annualizes to $1.60 as of 2025. This equates to a yield of approximately 3.3% based on recent stock prices, supported by stable utility earnings and a payout ratio aligned with regulated cash flows. The company has sustained quarterly payments without interruption, with the most recent ex-dividend date on August 11, 2025, and payment on September 15, 2025; historical data shows modest annual increases, such as from $0.3275 in early 2017 to the current level, reflecting confidence in long-term earnings growth from capital investments. Dividend sustainability is tied to adjusted operating earnings guidance of $2.64 to $2.74 per share for 2025, allowing coverage while funding capex.

Market Position and Outlook

Exelon holds a leading position in the U.S. sector as the largest by number of customers served, delivering power to more than 10.7 million residential, commercial, and industrial users through its six fully regulated transmission and distribution subsidiaries operating in , , , , , and the District of Columbia. With a of approximately $48.5 billion as of October 2025, the company ranks among the top utilities by , trailing only a few peers like and in overall scale but excelling in customer base density in the Northeast and Mid-Atlantic regions. Its trailing twelve-month reached $23.76 billion as of June 30, 2025, reflecting steady demand from urban and loads amid a regulated that prioritizes reliability over competitive generation. In competitive comparisons within the utilities segment, Exelon captured about 6% in Q2 2025, positioned behind Duke Energy's 7.89% but ahead of many diversified peers like , with its focus on transmission and distribution providing insulation from wholesale power volatility following the 2022 spin-off of its generation assets into . This structure yields predictable returns through rate cases and capital investments, though it exposes the company to regulatory scrutiny over rate hikes and reliability metrics in densely populated service territories. Exelon's emphasis on grid upgrades positions it to capitalize on rising electricity needs, including from data centers projected to demand over 30 gigawatts in its regions. Looking ahead, Exelon reaffirmed its 2025 adjusted operating guidance of $2.64 to $2.74 per share, supported by consistent quarterly performance despite seasonal fluctuations, and targets 5-7% compounded annual EPS growth from 2024 through 2028 driven by capital expenditures and rate base expansion. Analysts forecast growth to $26.2 billion and of $3.2 billion by 2028, assuming moderate demand increases and favorable regulatory approvals, though risks include shifts on clean mandates and potential delays in infrastructure permitting. Recent analyst actions, such as raising its price target to $53 in October 2025 while maintaining an Equal Weight rating, suggest a stable but not aggressive outlook amid broader sector undervaluation. The consensus 12-month average price target is approximately $49, with a range of $39–$57. Exelon Corporation (EXC) has no consensus analyst price targets specifically for 2026 or 2027, as most analysts provide 12-month targets; longer-term projections rely on algorithmic models, averaging $35–$46 for 2026 and $40–$45 for 2027, with some estimates reaching $53. Earnings estimates project modest growth, with EPS at $2.71 in 2025 and $2.83 in 2026. These forecasts are uncertain and depend on regulatory, energy market, and economic factors.

Regulatory and Political Engagement

Compliance with Energy Regulations

Exelon's utility subsidiaries, including (ComEd), PECO Energy, (BGE), and others, operate under stringent federal regulations enforced by the (FERC) for transmission tariffs and standards of conduct, as well as the (NERC) for grid reliability standards. The company maintains a dedicated compliance , including a responsible for overseeing adherence to these requirements, with policies mandating reporting of concerns and training on permitted activities. FERC audits, such as the 2019-2021 review under Docket PA18-3-000, assessed Exelon's subsidiaries for compliance with jurisdictional rates, tariffs, and accounting regulations under the Federal Power Act and Uniform System of Accounts. In the realm of reliability, Exelon entities are registered with NERC and subject to its monitoring and enforcement program, which includes audits of requirements like facility interconnection studies. However, violations have occurred; in July 2023, FERC approved a $1.8 million civil penalty settlement against six Exelon utilities—Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Potomac Electric Power—for failing to comply with NERC's FAC-009-1 standard on facility ratings between 2017 and 2021, involving inadequate documentation and processes for rating transmission facilities. The settlement included mitigation commitments, such as enhanced training and process improvements, reflecting Exelon's cooperation with regulators despite the lapse. Prior to the 2022 spin-off of its generation business to , Exelon oversaw nuclear operations compliant with U.S. (NRC) standards, including approvals for the corporate separation in March 2021, which required demonstrating no adverse impact on safety or security. Post-spin-off, as a transmission and distribution-focused , nuclear oversight shifted, but legacy NERC audits for Exelon Nuclear, such as the 2014 SERC regional review, confirmed compliance with select reliability requirements. Environmental compliance is integrated into Exelon's operations via an ISO 14001-certified (EMS), which monitors impacts, risks, and adherence to laws from the Environmental Protection Agency (EPA) and state agencies, with a policy committing to exceed minimum requirements where feasible. The 2023 Sustainability Report highlights governance processes that reduce regulatory risks, including annual CDP climate disclosures verifying . State-level compliance, handled through subsidiaries' interactions with commissions, focuses on rate cases and service standards, though broader regulatory engagements have occasionally involved disputes over interpretations. Overall, Exelon's framework emphasizes proactive measures, but documented penalties underscore the challenges of maintaining perfect adherence across a vast infrastructure serving over 10 million customers.

Lobbying Efforts and Policy Influence

Exelon Corporation has consistently ranked among the top spenders on federal in the utilities sector, focusing on , incentives, and grid infrastructure regulations. In 2024, the company reported total lobbying expenditures of $1,960,000, with $1,880,000 allocated to the parent company and $80,000 to subsidiaries. Earlier years saw higher outlays, including $4,900,000 in 2021 and $4,755,000 in 2020, reflecting intensified efforts amid competitive pressures on its nuclear fleet. These funds supported advocacy through in-house lobbyists and external firms, targeting congressional committees on energy and commerce, as well as agencies like the (FERC). A primary focus of Exelon's lobbying has been securing state-level subsidies for its nuclear plants, which faced economic challenges from low and subsidized renewables. In , Exelon advocated for a zero-emission credit program, culminating in legislation signed in 2016 that provided credits worth approximately $235 million annually to its and Clinton plants, averting closures. Renewed efforts in 2021 led to a $694 million state subsidy package over two years to sustain operations at its Byron and facilities, following an independent audit confirming losses but recommending a lower amount that Exelon contested as insufficient. Similar campaigns in after the 2019 Three Mile Island Unit 1 closure announcement involved tripling lobbying expenditures from 2016 levels, though subsidies were not secured there due to opposition from interests and consumer groups. Exelon has also influenced federal policy on emissions and transmission, supporting EPA authority to regulate greenhouse gases from power plants in a 2022 Supreme Court amicus brief alongside other utilities, arguing for preservation of regulatory tools to address climate impacts without undue market distortion. On transmission, lobbying efforts have promoted expanded infrastructure to facilitate delivery and integrate renewables, including advocacy for FERC reforms to streamline approvals for high-voltage lines. Company executives, including former CEO Christopher Crane, have publicly favored economy-wide carbon pricing over targeted nuclear subsidies, positing it as a mechanism to internalize externalities and enhance nuclear competitiveness, though such positions align with broader industry pushes for market-based reforms. Critics, including clean energy advocates, have accused Exelon of using its lobbying resources to oppose renewable incentives, such as wind production tax credits, while benefiting from historical nuclear subsidies, thereby prioritizing legacy assets over broader decarbonization. These efforts have yielded mixed policy outcomes, with successes in subsidy retention but ongoing challenges from competitive energy markets and regulatory scrutiny.

Interactions with Federal and State Agencies

Exelon's nuclear operations, prior to the 2022 corporate separation, were subject to oversight by the U.S. (NRC), which approved license transfers for the spin-off of on November 16, 2021, enabling the completion of the separation on February 1, 2022. The NRC has also granted exemptions and amendments for specific plants, such as Units 2 and 3 in response to requests related to post-separation operations. The (FERC) regulates Exelon's involvement in interstate transmission and wholesale markets, including disputes over capacity auction mechanics. In Exelon Corp. v. FERC (D.C. Cir. No. 16-1042, filed February 8, 2016), the company challenged provisions in the ISO-New England tariff affecting forward capacity market operations, with the court upholding FERC's determinations in 2020. FERC has addressed Exelon's requests for transmission incentives, such as in 2024 proceedings where Commissioner Mark Christie dissented against awarding abandoned plant incentives, arguing they transfer costs from developers to consumers. Recent filings include 2024 petitions on co-location of centers at transmission points, where Exelon sought FERC intervention in disputes over grid interconnection sharing. Exelon has engaged the Environmental Protection Agency (EPA) on regulations affecting power sector emissions, supporting the 2015 and advocating for a to modernize the grid without disrupting markets. In 2022, Exelon joined a coalition arguing before the U.S. to uphold EPA's authority under Section 111(d) of the to regulate from existing power plants. The company complies with EPA rules on facility operations, including diesel fuel storage at nuclear plants to meet spill prevention standards. At the state level, Exelon subsidiaries file rate cases and infrastructure proposals with public utility commissions (PUCs) in their service territories, including the Pennsylvania Public Utility Commission (PA PUC) for PECO Energy. In a 2024 electric distribution rate case (Docket No. R-2023-306246), PECO sought adjustments for capital investments, with administrative law judges issuing a recommended decision on October 15, 2024, influencing final PUC approval. Similar interactions occur with the Illinois Commerce Commission for Commonwealth Edison, the Maryland Public Service Commission for BGE, and the District of Columbia Public Service Commission for Pepco, involving reviews of distribution rates, reliability plans, and compliance with state energy policies. These proceedings ensure recovery of prudently incurred costs while balancing consumer interests, often resulting in negotiated settlements or litigated outcomes.

Controversies and Resolutions

Historical Safety and Environmental Incidents

Exelon Generation Company has been cited by the U.S. (NRC) for multiple nuclear violations, including a 2005 infraction at the LaSalle County Station where inadequate controls led to potential worker exposure risks, resulting in a proposed of $60,000. In the same year, Exelon Nuclear received a $10,000 fine for a nuclear violation related to procedural non-compliance at one of its facilities. A 2007 incident at the Dresden Station involved two operators deliberately failing to report an equipment malfunction, prompting an NRC investigation and enforcement action for deliberate misconduct. Environmental incidents have primarily involved tritium releases from nuclear plants. At the Braidwood Generating Station in , three significant leaks occurred in 1996, 1998, and 2000, discharging a total of 6.2 million gallons of tritium-contaminated water into nearby and via overflow from the site's cooling lake. Exelon, which assumed responsibility post-merger, admitted in January 2006 to delaying public notification and obscuring the full extent of the 1998 and 2000 spills, each involving millions of gallons of tritium-laden water that migrated off-site. The Environmental Protection Agency filed a complaint against Exelon for these contaminations, though no federal NRC fine was imposed; state-level enforcement pursued potential daily penalties up to $10,000 per violation as late as 2019 for unreported aspects. Additional environmental penalties include a $20,000 EPA fine in 2003 against Exelon Generation for a water pollution violation at one of its facilities. In 2023, an Exelon subsidiary settled for $57 million with Washington, D.C., authorities over polychlorinated biphenyl (PCB) contamination from legacy utility operations, addressing historical pollution impacts on soil and water. Exelon has self-reported numerous smaller tritium leaks across its Illinois nuclear fleet, often without resulting fines, as part of broader industry patterns of groundwater contamination from corroded piping. These events underscore recurring challenges in waste management and reporting, though Exelon maintains that tritium levels remained below federal drinking water standards in affected areas. In 2011, (ComEd), the largest electric utility subsidiary of Exelon Corporation serving , initiated a clandestine arrangement to secure favorable by providing financial benefits to associates of then-Illinois Speaker Michael through its lobbyists and executives. The scheme, spanning 2011 to 2019, involved directing vendors and contractors to hire or subcontract 13 Madigan allies—many unqualified for the roles—resulting in payments exceeding $1.3 million for little or no work performed. These actions were explicitly intended to influence Madigan's support for bills benefiting ComEd, including the 2011 Energy Infrastructure Modernization Act, which authorized $2.6 billion in grid upgrades recoverable through customer rate hikes, and extensions under the 2016 Future Energy Jobs Act that preserved ComEd's cost recovery mechanisms amid competitive pressures from subsidized renewables and nuclear plant economics. The arrangement came under federal scrutiny following a February 2020 self-disclosure by ComEd to the Commerce Commission, admitting the payments as undisclosed "consulting" fees tied to legislative advocacy. On July 17, 2020, ComEd entered a three-year agreement (DPA) with the U.S. Attorney's Office for the Northern District of , acknowledging criminal liability for conspiracy under 18 U.S.C. § 371 without admitting or denying guilt. Under the DPA terms, ComEd agreed to pay a $200 million criminal penalty—funded partly by Exelon equity contributions—and implement enhanced compliance measures, including annual ethics certifications for employees; prosecution was deferred and ultimately dismissed in 2023 upon fulfillment of these conditions, avoiding corporate . Key participants faced individual indictments starting in November 2020. The so-called "ComEd Four"—former ComEd executives Anne Pramaggiore and Jay Doherty, along with lobbyists John Hooker and Michael McClain—were charged with bribery, conspiracy, and related offenses for orchestrating the scheme. A federal jury convicted them in May 2023 on multiple counts, including bribery carrying up to 10 years per charge. However, in March 2025, U.S. District Judge Harry Leinenweber granted a retrial on most bribery counts due to prosecutorial errors in jury instructions, though convictions on some conspiracy charges stood; subsequent sentencing proceeded on upheld elements. Pramaggiore, ComEd's president and CEO from 2016 to 2020, received a two-year prison sentence and $750,000 fine in July 2025; Hooker was sentenced to 18 months in July 2025; McClain, a longtime Madigan confidant and ComEd lobbyist, drew two years in July 2025; Doherty's case resolved with probation. Madigan, the scheme's primary target, was convicted in February 2025 on 10 counts including conspiracy and sentenced in June 2025 to 7.5 years in prison and $2.5 million restitution, with the ComEd payments central to the prosecution's case portraying him as directing a "central command post" for influence peddling. The scandal prompted broader reforms, including ComEd's enhanced disclosures and legislative scrutiny of utility rate structures, though critics argued the DPA's leniency shielded Exelon from deeper given the billions in ratepayer-funded benefits secured. Exelon faced no direct corporate charges but incurred related SEC cease-and-desist proceedings in 2023 for disclosure failures, resulting in additional penalties totaling $173 million across entities.

Criticisms of Rate Structures and Reliability Claims

Consumer advocacy groups, such as the Citizens Utility Board (CUB) in , have repeatedly urged state regulators to reduce Commonwealth Edison's (ComEd) rate hike requests, arguing that the proposed increases, including a $678 million petition in November 2024, include excessive spending on non-essential projects that do not justify the burden on ratepayers. In December 2023, the Illinois Commerce Commission rejected ComEd's $1.5 billion rate increase proposal, citing inadequate justification in the accompanying grid modernization plan and concerns over cost recovery mechanisms that could lead to over-earning by the utility. Similarly, the editorialized that ComEd did not merit a record delivery services charge hike approved in late 2023, pointing to the utility's history of political influence as undermining claims of necessity for infrastructure investments passed onto customers. Exelon's advocacy for multi-year rate plans (MRPs) has drawn sharp rebukes from regulators and watchdogs for eroding oversight and transferring forecast risks to consumers. The Public Service Commission rejected Pepco's $213.6 million MRP in June 2024, stating that such plans preemptively approve capital spending without sufficient scrutiny, thereby heightening customer exposure to utility miscalculations in demand or costs. 's of People's Counsel echoed this in September 2025, contending that MRPs inherently favor utilities by locking in revenues based on potentially flawed projections, regardless of Exelon's specific proposal details. Critics in the market, including consumer representatives, have attributed recent rate escalations—such as those impacting ComEd customers—to structural flaws like inadequate capacity planning and over-reliance on volatile wholesale prices, rather than solely grid upgrades. Regarding reliability claims, Exelon's assertions of top-quartile performance across subsidiaries like PECO and BGE have been challenged by regulatory penalties and local stakeholder complaints highlighting persistent outage vulnerabilities. In July 2023, the Federal Energy Regulatory Commission approved a $1.8 million penalty against six Exelon utilities, including PECO and Pepco, for violations of NERC standard FAC-009-1 on facility ratings, which the regulator deemed posed moderate to serious risks to bulk power system reliability due to inaccurate modeling of transmission limits. A July 2025 commentary from a Kennett Township, Pennsylvania, supervisor lambasted PECO for frequent and prolonged outages affecting thousands, attributing them to deferred maintenance and inadequate storm response despite the utility's self-reported investments in resilience. Incidents such as BGE's August 2025 substation failure, which disrupted power to thousands in Maryland, further underscore gaps between Exelon's outage reduction metrics—claimed at 45% fewer incidents since 2010—and real-world disruptions from equipment failures.

Contributions to Energy Reliability and Sustainability

Role in Supporting Clean Energy Delivery

Exelon Utilities facilitate the delivery of energy primarily through grid modernization efforts that enable the integration of low-carbon generation sources, including renewables and from affiliated or third-party producers. Following the 2022 spin-off of its generation assets to , Exelon's operations focus on transmission and distribution, serving approximately 10 million customers across multiple states where clean sources constitute a significant portion of the energy mix; for instance, from Constellation's fleet provides carbon-free baseload electricity in service territories like and . The company's Green Power Connection programs have interconnected substantial customer-owned renewable capacity, reaching 4,144 megawatts (MW) of solar and other distributed renewables by the end of 2024, up from 3,500 MW in 2023, serving over 269,543 customers. These interconnections support local clean energy generation while maintaining grid stability, with Exelon investing in technologies to manage and bidirectional flows. Additionally, transmission upgrades, including four new projects completed in recent years capable of accommodating up to 10,000 MW of offshore wind, enhance the delivery of remote renewable resources to urban load centers. Exelon's Path to Clean program targets a 50% reduction in operations-driven by 2030 (from a 2018 baseline) and net-zero operations by 2050, with reported progress in 2024 including methane leak reductions in distribution and incentives. Energy efficiency initiatives further aid clean energy delivery by curbing demand; in 2022, these programs enabled customers to avoid 9.5 million metric tons of GHG emissions through 24.8 million megawatt-hours (MWh) of savings, with ongoing expansions into and EV infrastructure to displace use.

Reliability Metrics and Outage Management

Exelon's utilities, including (ComEd), PECO Energy, (BGE), and Pepco Holdings (PHI), employ standard industry reliability indices to measure service performance, such as the System Average Interruption Duration Index (SAIDI), which quantifies average outage duration in minutes per customer annually; the (), which tracks average outage frequency per customer; and the (), which measures average restoration time per interruption. These metrics exclude major event days—defined by the Institute of Electrical and Electronics Engineers as events causing system-wide disruptions—to isolate steady-state operational reliability from uncontrollable factors like . In 2024, all Exelon utilities achieved top-quartile or better performance relative to industry benchmarks for both outage frequency () and duration (SAIDI), reflecting sustained investments in grid infrastructure exceeding $40 billion since 2010. For 2023, BGE, ComEd, , and recorded first-quartile SAIDI values against 2022 peer data, with ComEd and demonstrating particular improvements in duration metrics. Historical trends show a 45% reduction in outage frequency and 37% decrease in outage duration across Exelon territories from 2010 to 2021, driven by targeted capital expenditures on undergrounding lines, substation upgrades, and advanced metering infrastructure. Outage management practices emphasize , vegetation management, and integrated systems for rapid detection and restoration. Exelon's subsidiaries utilize advanced distribution management systems (ADMS) and outage management systems (OMS) to automate fault isolation and service restoration, as implemented in PECO's unified platform that integrates distribution operations with real-time outage tracking. These efforts include deploying sensors for early fault detection and mobile workforce tools for crew dispatch, contributing to recognition by the (EPRI) in 2021 for innovations enhancing reliability at BGE, ComEd, and other units. During non-major events, restoration times averaged under 90 minutes for across utilities in recent years, with ComEd reporting 67 minutes in 2022. Regulatory oversight by state commissions, such as the Illinois Commerce Commission for ComEd, enforces these metrics through annual reporting and performance-based rate incentives tied to SAIDI and targets.

Innovations in Utility Efficiency

Exelon has advanced utility efficiency through grid modernization initiatives, including the deployment of technologies via subsidiaries such as ComEd and . In a U.S. Department of Energy-funded demonstration initiated around 2010, these subsidiaries integrated advanced metering infrastructure (AMI), smart meters, and systems using protocols like and for in-home displays and programmable thermostats. The enabled dynamic pricing mechanisms, such as time-of-use (TOU) and critical peak pricing (CPP), to optimize load management and incorporate distributed energy resources (DER) like renewables and storage into the grid, treating demand curtailment as dispatchable resources for regional transmission operators. More recent innovations leverage artificial intelligence (AI) for operational enhancements. In collaboration with NVIDIA and Deloitte, Exelon developed OptoAI, an autonomous drone inspection system powered by the NVIDIA Jetson edge AI platform and Omniverse for synthetic data training. This technology detects grid defects—such as damaged crossarms and insulators—in real time, reducing inspection durations from up to one hour to 30 seconds per asset, a 100-fold efficiency gain, while minimizing human risk and accelerating maintenance prioritization from weeks to seconds. Exelon also applies AI for predictive maintenance, smart grid optimization, and demand response, addressing skilled labor shortages and enabling faster outage detection through automation. These efforts align with broader investments in resiliency, including a planned $38 billion commitment to grid upgrades like underground cabling, superconductor technologies, and gas replacements, which enhance transmission and reduce losses. In recognition of such advancements, Exelon received two (EPRI) 2025 Technology Transfer Awards for transferring cutting-edge research into practical grid reliability and solutions. Complementing operational innovations, Exelon's customer-facing programs facilitated 26.2 million MWh in savings and avoided 8.7 million metric tons of CO2 equivalent emissions in 2024, easing grid load and supporting system-wide .

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