Who Owns Baltimore Gas and Electric?
Baltimore Gas and Electric (BGE) is owned by Exelon Corporation (NASDAQ: EXC), a publicly traded American electric utility holding company headquartered in Chicago, Illinois. Exelon acquired BGE in 2012 when it merged with Constellation Energy Group. BGE is Exelon's Maryland regulated utility subsidiary, providing electricity to over 1.25 million customers and natural gas to over 650,000 customers across central Maryland. BGE is headquartered in Baltimore, Maryland.
Parent Company
Exelon Corporation
Acquired
2012
Status
Private
Headquarters
Baltimore, Maryland, USA
Who Owns Baltimore Gas and Electric?
- Parent Company: Exelon Corporation
- Ownership Type: Subsidiary
- Acquisition Year: 2012
- Company Type: Publicly Traded
- Stock Ticker: NASDAQ: EXC
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Baltimore Gas and Electric | Exelon Corporation | Subsidiary |
History of Baltimore Gas and Electric
- Founded: 1816
- Founders:
- Acquired by Exelon Corporation: 2012
Baltimore Gas and Electric was founded in 1816 as the Gas Light Company of Baltimore, making it one of the oldest gas utility companies in the United States. The company began as a provider of manufactured gas for street lighting in Baltimore City. The Baltimore Gas Company was one of the first gas utilities in North America and was chartered by the Maryland General Assembly in 1816.
The company transitioned into electric service as electricity became commercially viable in the late 19th century. BGE expanded its electric distribution network through Baltimore and surrounding counties during the early 20th century, acquiring smaller local utility operators and building the transmission infrastructure required for reliable regional service.
Through the mid-20th century, BGE operated as a publicly traded independent utility. It served as the primary energy provider for Baltimore City and the surrounding counties, building the infrastructure that underpins central Maryland's electric and natural gas grid. The company invested substantially in generation, transmission, and distribution assets over this period.
In 1999, BGE reorganized as the electric and natural gas utility subsidiary of Constellation Energy Group, which became a separate publicly traded company holding BGE's utility assets alongside Constellation's competitive energy businesses. Constellation Energy Group traded on the New York Stock Exchange under the ticker CEG.
Exelon announced its agreement to acquire Constellation Energy Group in April 2011. The deal required approval from the Federal Energy Regulatory Commission, the Maryland Public Service Commission, and other regulators. The Maryland PSC approved the merger in December 2011 subject to conditions including rate credits for Maryland customers and commitments on infrastructure investment. The transaction closed in March 2012. BGE became a subsidiary of Exelon, joining ComEd, PECO Energy, Pepco, Delmarva Power, and Atlantic City Electric as Exelon's regulated utilities.
Under Exelon's ownership, BGE has invested in grid modernization programs including the installation of smart meters and distribution automation equipment. The Maryland PSC approved BGE's smart meter program, and the company has worked through infrastructure replacement projects targeting aging gas mains and electric distribution equipment throughout its service territory.
About Exelon Corporation
What does Exelon own?
Exelon owns a portfolio of six regulated utility subsidiaries including ComEd (Illinois), PECO Energy (Pennsylvania), Baltimore Gas and Electric (Maryland), Pepco (Washington, D.C. and Maryland), Delmarva Power (Delaware and Maryland), and Atlantic City Electric (New Jersey). The company operates as a comprehensive utility holding company providing electric and natural gas services to over 10 million customers across the Mid-Atlantic and Northeast regions through its extensive distribution networks and infrastructure.
Is Exelon publicly traded?
Yes, Exelon is publicly traded on the NASDAQ stock exchange under ticker symbol EXC. The company has been publicly traded since its formation in 2000 and is owned by institutional and individual shareholders worldwide.
Who founded Exelon?
Exelon was founded in October 2000 through the merger of PECO Energy Company (founded 1902) and Unicom Corporation (parent of Commonwealth Edison, founded 1907). The merger combined two major utility companies with significant operational histories.
Where is Exelon headquartered?
Exelon is headquartered in Chicago, Illinois, USA, where it has been based since its founding. The company maintains operational centers and facilities across its service territories in Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and Washington, D.C.
How many brands does Exelon own?
Exelon owns 6 regulated utility subsidiaries: ComEd, PECO Energy, Baltimore Gas and Electric, Pepco, Delmarva Power, and Atlantic City Electric. Each utility operates as a distinct brand in its geographic service territory while remaining under Exelon's strategic direction.
Who owns Exelon?
Exelon is publicly owned with no controlling shareholder. Ownership is distributed among institutional investors, mutual funds, pension funds, and individual shareholders worldwide through NASDAQ trading. The company operates independently with oversight from its board of directors and executive leadership team.
What is Exelon's revenue?
Exelon reported approximately $21.8 billion in revenue for fiscal year 2024, generating income primarily through regulated electric and natural gas distribution services across its six utility subsidiaries serving over 10 million customers.
What controversies has Exelon faced?
Exelon has faced controversies including environmental compliance issues related to carbon emissions and fossil fuel generation, rate setting and regulatory approval processes with state utility commissions, infrastructure reliability concerns following weather events, environmental justice issues regarding equitable energy access and infrastructure placement, and regulatory complexity across multiple jurisdictions for utility operations.
- Founded: 2000
- Headquarters: Chicago, Illinois, USA
- Company Type: Publicly Traded
- Stock: NASDAQ: EXC
- Revenue: approximately $21.8 billion (FY2024)
- Employees: Approximately 20,000
Where Is Baltimore Gas and Electric Made / Based?
- Headquarters: Baltimore, Maryland, USA
Baltimore Gas and Electric Sustainability & Ethics
BGE operates within both Exelon's group sustainability framework and Maryland's regulatory requirements for clean energy and energy efficiency.
Exelon has published sustainability commitments including greenhouse gas reduction targets and clean energy sourcing goals for its utility operations. BGE participates in Exelon's group-wide environmental reporting and sustainability programs.
Under Maryland law, BGE is required to achieve specific energy efficiency savings targets each year and to procure increasing percentages of renewable energy under the state's Renewable Portfolio Standard. BGE files annual compliance reports with the Maryland PSC documenting performance against these statutory requirements.
BGE has implemented advanced metering infrastructure across its service territory. The company's smart meter deployment allows for two-way communication between the utility and customer meters, enabling time-of-use rate programs and remote service connections.
In 2024, the Maryland Energy Administration awarded BGE a $50 million federal grant for grid resilience projects and community microgrid installations. This funding, part of the federal Grid Resilience and Innovation Partnerships program, supports infrastructure projects intended to improve reliability for customers during major outages.
Awards & Recognition
In 2024, BGE received a $50 million Grid Resilience and Innovation Partnerships grant from the U.S. Department of Energy through the Maryland Energy Administration for grid resilience and community microgrid projects.
Exelon, as BGE's parent, has received recognition from the Edison Electric Institute and other utility industry organizations for operational performance across its utility subsidiaries. Exelon has been included in the Dow Jones Sustainability Index for multiple years.
No utility industry awards specific to BGE are independently documented in verifiable industry databases as of June 2026 beyond the grant noted above.
Baltimore Gas and Electric Recalls & Controversies
Call Center and Customer Service Issues (2024-2025): Beginning in 2024, BGE experienced a significant deterioration in call center performance. The Maryland Public Service Commission received hundreds of customer complaints about long hold times, disconnected calls, and unresolved billing inquiries. The PSC opened a formal investigation and required BGE to appear at public hearings to explain the failures and submit remediation plans. As of the close of 2025, the PSC indicated in public filings that BGE's customer service performance remained below acceptable standards.
Billing Database and Overcharging (2024-2025): BGE experienced a technical database failure from approximately May 2024 through July 2025 that affected the transmission of billing data to Baltimore City for electric delivery fees. An audit conducted following the correction of the database error found that BGE had made incorrect payments to Baltimore City totaling approximately $670,000 in overcharges. BGE acknowledged the error and worked with Baltimore City to correct the accounting.
Remington Neighborhood Transmission Line Opposition: Residents in Baltimore City's Remington neighborhood have opposed BGE's proposed installation of an overhead transmission line through the neighborhood. Community groups have filed objections with the Maryland PSC arguing that the line should be buried or rerouted. As of June 2026, the regulatory proceeding is ongoing. No final PSC decision has been issued.
Brands Owned by Exelon Corporation
- Atlantic City Electric - New Jersey-based electric utility company serving hundreds of thousands of custo...
- ComEd - Illinois-based electric utility company serving millions of customers in norther...
- Delmarva Power - Delaware and Maryland-based electric and natural gas utility company serving hun...
- PECO Energy Company - Pennsylvania-based electric and natural gas utility company serving millions of ...
- Pepco - Washington, D.C. and Maryland-based electric utility company serving hundreds of...
Baltimore Gas and Electric Ownership: Pros & Cons
Advantages
- +Exelon's financial strength supports BGE's capital investment programs in grid modernization
- +Access to shared operational and technical expertise across Exelon's six utility subsidiaries
- +Regulatory stability as a franchised utility with Maryland PSC oversight setting allowable returns
- +BGE's 200-plus years of operational history provides deep familiarity with the Maryland market
- +Exelon's scale reduces financing costs for BGE's infrastructure projects
Considerations
- -BGE's rates and capital investments are subject to Maryland PSC approval, limiting operational flexibility
- -BGE does not publish standalone financial results, reducing external transparency
- -Customer service performance has faced regulatory scrutiny in 2024 and 2025
- -BGE's financial performance is dependent on Exelon's group-level capital allocation decisions
- -As a regulated utility, BGE has no ability to expand beyond its franchised territory
Frequently Asked Questions About Baltimore Gas and Electric
Sources & Further Reading
- BGE Official Website -
- Exelon Investor Relations -
- Maryland Public Service Commission -
- Maryland Energy Administration -
- NASDAQ: Exelon (EXC) -
- SEC EDGAR: Exelon Corporation filings -
- Wikidata: Baltimore Gas and Electric -
- U.S. Department of Energy Grid Resilience Grants -
- WYPR Maryland News BGE Reporting -
Competitors to Baltimore Gas and Electric
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Exelon | USA | 1909 | Mass market | United states | All-ages | |
| Iberdrola | USA | 2015 | Mass market | United states | Unisex | |
| Exelon | USA | 1902 | Mass market | United states | All-ages | |
| Exelon | USA | 1896 | Mass market | Global | All-ages | |
| Southern Company | USA | 1906 | Mass market | United states | All-ages | |
| Southern Company | USA | 1856 | Mass market | United states | All-ages |
Learn More About Competitors
Delmarva Power
Owned by Exelon Corporation
Delaware and Maryland-based electric and natural gas utility company serving hundreds of thousands of customers, owned by Exelon Corporation.
Avangrid
Owned by Iberdrola
US-based energy company providing electricity and natural gas services to millions of customers across multiple states, owned by Spanish utility Iberdrola.
PECO Energy Company
Owned by Exelon Corporation
Pennsylvania-based electric and natural gas utility company serving millions of customers in eastern Pennsylvania, owned by Exelon Corporation.
Pepco
Owned by Exelon Corporation
Washington, D.C. and Maryland-based electric utility company serving hundreds of thousands of customers, owned by Exelon Corporation.
Alabama Power
Owned by Southern Company
Alabama-based electric utility company serving millions of customers across the state, owned by Southern Company.
Atlanta Gas Light
Owned by Southern Company
Georgia-based natural gas utility company serving millions of customers across the state, owned by Southern Company.
Competitive Analysis
Market Positioning: Baltimore Gas and Electric competes with 6 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Exelon Corporation Stock Information
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