
Delmarva Power is a wholly owned subsidiary of Exelon Corporation (NASDAQ: EXC), the largest regulated utility holding company in the United States by customer count. Exelon acquired Delmarva Power through its 2016 purchase of Pepco Holdings Inc. Delmarva Power serves approximately 515,000 electric customers and 130,000 natural gas customers across Delaware and the Eastern Shore of Maryland from its headquarters in Wilmington, Delaware.
Parent Company
Acquired
2016
Status
Private
Headquarters
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Delmarva Power | Exelon Corporation | Wholly owned |
Delmarva Power and Light Company was incorporated in 1909 and grew to become a major electric and natural gas utility serving Delaware and the Eastern Shore of Maryland. The company operated as an independent utility for over a century, serving residential, commercial, and industrial customers across its service territory on the Delmarva Peninsula.
Delmarva Power became part of Pepco Holdings Inc., which operated multiple utilities across the Mid-Atlantic region including Pepco (Washington, D.C. and Maryland), Atlantic City Electric (New Jersey), and Delmarva Power. Pepco Holdings was created in 2001 when Pepco acquired Conectiv, which itself had been formed in 1998 through the merger of Delmarva Power and Atlantic City Electric.
In March 2016, Exelon Corporation completed its acquisition of Pepco Holdings Inc. for approximately $6.8 billion, bringing Delmarva Power, Pepco, and Atlantic City Electric into the Exelon family. The acquisition made Exelon the largest regulated utility company in the United States by customer count. The merger was approved by regulators in Delaware, Maryland, New Jersey, Washington, D.C., and the federal government after a review process that took approximately 17 months.
Under Exelon's ownership, Delmarva Power has invested in infrastructure modernization, grid reliability improvements, and customer service enhancements. The company has implemented advanced metering infrastructure, smart grid technology, and distribution automation systems. Delmarva Power continues to support clean energy transition through investments in renewable energy integration, energy efficiency programs, and electric vehicle charging infrastructure.
In 2025 and 2026, Delmarva Power faced significant rate increase controversies. In December 2025, the company filed an application with the Delaware Public Service Commission for a $67.8 million base rate increase, its third rate increase request in five years. In March 2026, the company filed for Standard Offer Service rate changes that would increase the average residential customer bill by approximately $15 per month. In July 2026, the Delaware PSC approved an interim rate increase of approximately $3 per month for a typical customer, with a final decision pending.
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.
Delmarva Power operates under Exelon Corporation's sustainability framework, implementing environmental initiatives focused on renewable energy integration, energy efficiency programs, and community engagement.
Delmarva Power actively supports the integration of renewable energy sources into its service territory, working to advance clean energy transition goals while maintaining grid reliability. The company participates in Exelon's broader commitment to environmental stewardship and sustainable energy practices, supporting both utility-scale and distributed renewable energy projects.
Delmarva Power operates comprehensive energy efficiency programs for residential and business customers, including the Energy Savings for Business program that recognizes service providers for excellence in energy savings, project work, and customer service. These programs help customers reduce energy consumption, lower utility costs, and minimize environmental impact.
The company has awarded $40,000 in sustainable community grants to fund environmental and community development projects, often in partnership with organizations like the Delaware Nature Society. These grants support local environmental initiatives, conservation efforts, and community development projects.
Delmarva Power's Edison Place facility achieved LEED Gold recertification in February 2016, reflecting commitment to sustainable site development, water savings, energy efficiency, materials selection, and indoor environmental quality.
However, Delmarva Power's rate increase requests in 2025 and 2026 have raised ethical concerns about customer affordability. Delaware Public Advocate Jameson Tweedie strongly opposed the December 2025 rate increase request, calling Delmarva's requested 10.5 percent return on equity "a complete non-starter" when customers face an affordability crisis. State Senate President Pro Tempore David Sokola criticized the request as "disconnected from the economic realities facing our constituents."
Exelon provided $60 million in direct customer assistance through its Customer Relief Fund in 2025, and Delmarva Power offers an Assistance Finder tool to help customers apply for energy assistance programs and community resources.
Delmarva Power has received limited formal awards recognition, as the utility focuses primarily on operational excellence rather than pursuing industry accolades. The company's recognition has centered on environmental initiatives and energy efficiency programs.
Delmarva Power's Energy Savings for Business program has been recognized for promoting energy efficiency among business customers, with Service Provider Awards recognizing excellence in energy savings, project work, and customer service.
The Edison Place facility's LEED Gold recertification in February 2016 represented recognition of the company's commitment to green building standards and sustainable facility management.
As part of Exelon Corporation, Delmarva Power benefits from Exelon's broader recognition, including rankings as top quartile or better in customer satisfaction and service reliability. Exelon utilities rank 1st, 2nd, 4th, and 7th among the most reliable utilities in the country.
Delmarva Power's partnerships with environmental organizations, educational institutions, and community groups have received recognition for supporting sustainable development and environmental education in Delaware and Maryland.
Delmarva Power has faced significant controversies related to rate increase requests, regulatory scrutiny, and customer affordability concerns in 2025 and 2026.
December 2025 Base Rate Increase Request: Delmarva Power filed an application with the Delaware Public Service Commission to increase its total revenue from base rates by $67.8 million compared to 2024 levels. This represented the third rate increase request in five years. The proposed increase would raise residential customer bills by approximately 4.13 percent, from $155.37 to $161.79 for average usage of 810 kilowatt-hours per month. Delaware Public Advocate Jameson Tweedie strongly opposed the request, particularly criticizing Delmarva's requested 10.5 percent return on equity as "a complete non-starter" during an affordability crisis. State Senate President Pro Tempore David Sokola called the request "disconnected from the economic realities facing our constituents."
March 2026 Standard Offer Service Rate Increase: Delmarva Power filed for changes to its Standard Offer Service rates, requesting an increase that would raise the average residential customer's monthly bill by approximately $15.14, a 9.66 percent change. The increase was driven by higher wholesale electricity procurement costs from PJM capacity auctions. On April 22, 2026, the Delaware PSC allowed the proposed rates to go into effect on a temporary basis starting June 1, 2026, subject to refund with interest if the Commission later determines the rates are unjust.
July 2026 Interim Rate Increase: On July 1, 2026, the Delaware PSC voted to approve an interim electric rate increase for Delmarva Power customers effective July 9, 2026. Delmarva Power requested an interim increase of approximately $3 per month for a typical customer, a lower amount than originally sought. The approved interim increase equals 50 percent of the company's total request, consistent with newly passed Senate Bill 326, which limits interim utility rate increases. Commissioners Dallas Winslow Gray, Anthony DePrima, Regina Iorii, and Robert Wheatley voted in favor, with Commissioner Michael Richard abstaining.
PJM Capacity Cost Pass-Through: Delmarva Power customers have experienced dramatic increases in utility bills due to capacity costs from PJM Interconnection, the regional grid operator. These pass-through costs, combined with Delmarva's own rate requests, created significant affordability concerns. Customers on Maryland's Eastern Shore reported December charges doubling or tripling in some cases. The capacity cost increases are driven by growing electricity demand from data centers in Virginia, Pennsylvania, and Ohio, which are in the same regional grid as Delaware.
Senate Bill 326 Legislative Response: The Delaware General Assembly passed Senate Bill 326 on June 30, 2026, establishing new limits on interim utility rate increases. The legislation limits the amount utilities may collect through interim rates before a final decision, limits how utilities recover infrastructure spending, and restricts certain non-mandatory capital expenses passed on to customers. Governor Matt Meyer expressed support for SB 326 and called for a reset of Delmarva Power's profit model.
Data Center Demand Concerns: Delmarva Power is working with five developers seeking to build data centers in Delaware. If all are approved, the data centers would nearly double the current electricity demand of all homes and industry in the state. Delmarva Power is required by law to serve these customers, raising concerns about the impact on residential customer rates and the utility's ability to meet growing demand.
Temporary Rate Practice: Delmarva Power's practice of implementing temporary rate increases while regulatory proceedings are ongoing has drawn criticism. Customers begin seeing higher rates while the PSC reviews the full request, with refunds issued only if regulators ultimately reduce the requested amounts. This practice creates financial uncertainty for customers during regulatory review periods.
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| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Exelon | USA | 1816 | Mass market | United states | All-ages | |
| Iberdrola | USA | 2015 | Mass market | United states | Unisex | |
| Exelon | USA | 1881 | Mass market | United states | All Genders | |
| 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 |
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