Is Baltimore Gas and Electric a subsidiary of Exelon?

Yes. Baltimore Gas and Electric is a wholly-owned subsidiary of Exelon Corporation (NASDAQ: EXC). Exelon acquired BGE in March 2012 when it completed its merger with Constellation Energy Group, which had been BGE's parent company since 1999. BGE operates as a separately regulated legal entity under Maryland law, but all of its equity is owned by Exelon. Exelon controls BGE's financial and strategic decisions, while the Maryland Public Service Commission regulates BGE's rates and service standards.

Is Baltimore Gas and Electric publicly traded?

No. BGE itself is not publicly traded and does not issue its own shares on any stock exchange. Its parent company, Exelon Corporation, is publicly traded on NASDAQ under the ticker symbol EXC. Investors who purchase EXC shares own an indirect interest in BGE as part of Exelon's portfolio of six regulated utility subsidiaries. BGE's financial results are included within Exelon's consolidated financial statements but are not separately reported as a standalone public company.

When was Baltimore Gas and Electric founded?

Baltimore Gas and Electric was founded in 1816 as the Gas Light Company of Baltimore, chartered by the Maryland General Assembly. It is one of the oldest gas utilities in the United States. The company began providing manufactured gas for street lighting and eventually expanded into electric service as electricity became commercially practical in the late 19th century. BGE became part of Constellation Energy Group in 1999 and was acquired by Exelon in 2012.

How many customers does Baltimore Gas and Electric serve?

As of the most recent publicly available figures, BGE serves over 1.25 million electric customers and over 650,000 natural gas customers across central Maryland. The service territory covers approximately 2,100 square miles, including Baltimore City and portions of eight surrounding counties. BGE is the dominant provider of both electric distribution and natural gas distribution services in central Maryland, as it holds a franchised monopoly service territory under Maryland law.

What is Baltimore Gas and Electric's service territory?

BGE serves central Maryland, including Baltimore City and parts of Anne Arundel, Baltimore, Calvert, Carroll, Harford, Howard, and Prince George's counties. The territory covers approximately 2,100 square miles. BGE distributes electricity and natural gas within this franchised service area and is the only licensed electric and natural gas distribution utility operating in that territory. Customers within BGE's territory may in some cases choose their electricity supplier but are required to use BGE for distribution service.

Energy & Utilities

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

Baltimore Gas and Electric Timeline

1816

Baltimore Gas and Electric

Brand established

Founded

2012

Acquired by Exelon Corporation

Exelon Corporation acquired Baltimore Gas and Electric

Acquired

mass marketUnited Statesall-agesOfficial Website

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 total operating revenues of $24.3 billion for fiscal year 2025 (up from $23.0 billion in 2024), generating income primarily through regulated electric and natural gas distribution and transmission services across its six utility subsidiaries serving over 10 million customers. GAAP net income was $2.73 per share and adjusted operating earnings were $2.77 per share.

What is Exelon's 2026 guidance?
Exelon introduced 2026 adjusted operating earnings guidance of $2.81-$2.91 per share, representing over 6% growth from 2025. The company is targeting adjusted operating EPS CAGR of 5-7% from 2025 to 2029, with expectations near the top end, and projecting 5% annual dividend growth. The $41.3 billion capital plan for 2026-2029 is projected to result in 7.9% rate base growth.

What controversies has Exelon faced?
Exelon has faced controversies including environmental compliance issues related to historical fossil fuel generation (before the Constellation spin-off), rate setting and regulatory approval processes with state utility commissions, infrastructure reliability concerns following extreme weather events, environmental justice issues regarding equitable energy access and infrastructure placement, and regulatory complexity across multiple jurisdictions for utility operations. The company has also faced scrutiny over ComEd's lobbying practices in Illinois, which led to legislative reforms and compliance enhancements.

Founded: 2000
Headquarters: Chicago, Illinois, United States
Company Type: Publicly Traded
Stock: NASDAQ: EXC
Revenue: approximately $24.3 billion (FY2025)
Employees: Approximately 20,000

Visit Exelon Corporation website

View full company profile for Exelon Corporation

Where Is Baltimore Gas and Electric Made / Based?

Headquarters: Baltimore, Maryland, USA

Baltimore Gas and Electric Categories & Tags

Electricity Natural Gas Utilities Maryland Regulated Utility

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.

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

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
Delmarva PowerSister Brand	Exelon	United States	1909	Mass market	United states	All Genders
PECO Energy CompanySister Brand	Exelon	USA	1881	Mass market	United states	All Genders
Alabama Power	Southern Company	USA	1906	Mass market	United states	All-ages
Atlanta Gas Light	Southern Company	USA	1856	Mass market	United states	All-ages
Avangrid	Iberdrola	USA	2015	Mass market	United states	Unisex
CMS Energy	Cms Energy	USA	1987	Mass market	United states	All-ages