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.

Exelon Corporation was created in October 2000 through the merger of PECO Energy Company, formed in 1902, and Unicom Corporation, the parent of Commonwealth Edison, formed in 1907. The merger combined two major utility companies with significant operational histories in the eastern and midwestern United States.

Following its formation, Exelon expanded through strategic acquisitions. In 2012, Exelon acquired Constellation Energy, significantly expanding its generation capacity. In 2016, Exelon completed its acquisition of Pepco Holdings, making it the largest regulated utility company in the United States by customer count and total revenue.

In February 2022, Exelon completed the corporate spin-off of Constellation Energy, its energy generation business, to focus on regulated utility operations. Constellation Energy became the largest operator of nuclear power plants in the United States and the largest non-governmental operator of nuclear power plants in the world.

In 2025, Exelon celebrated its 25th anniversary year and delivered strong operational and financial performance. The company reported FY2025 total operating revenues of $24.3 billion (up from $23.0 billion in 2024), GAAP net income of $2.73 per share (up from $2.45 in 2024), and adjusted operating earnings of $2.77 per share (up from $2.50 in 2024), sustaining a 100% track record of annual outperformance as a standalone utility. The company earned 9.7% operating ROE and invested $9.3 billion in capital, executing within 2% of its plan for the third consecutive year. S&P upgraded Exelon's credit rating in February 2025.

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 four-year capital plan (2026-2029) is projected to result in rate base growth of 7.9%, with transmission driving approximately 70% of the plan-over-plan increase. The company identified $12-17 billion in transmission opportunities beyond the current plan, with $1.2 billion recommended through PJM RTEP Window #1.

A major growth driver is data center and large load demand. Exelon has approximately 19 GW of committed large load pipeline (data centers and other large customers), with about 45% secured through first-of-its-kind Transmission Security Agreements (TSAs). Total load growth of approximately 3% is expected over the plan period, with demand expected to ramp over up to 10 years.

Exelon has established comprehensive sustainability and ethics initiatives focused on environmental responsibility, clean energy transition, and ethical business practices across its regulated utility operations. The company's commitment to sustainability extends to reducing carbon emissions, promoting renewable energy, and supporting environmental justice in the communities it serves.

The company's environmental sustainability strategy centers on achieving carbon neutrality by 2050, reducing greenhouse gas emissions, and increasing renewable energy generation and procurement. Exelon has made significant investments in solar and wind energy projects, energy storage systems, and grid modernization technologies that support the integration of renewable resources.

In environmental justice, Exelon maintains programs to ensure equitable access to clean energy benefits and address environmental impacts in underserved communities. The company works with community organizations and regulatory agencies to promote fair and inclusive energy policies and practices.

Business ethics at Exelon include transparent regulatory compliance, fair treatment of customers and employees, and responsible corporate governance practices. The company maintains comprehensive ethics programs and compliance systems across its regulated utility operations.

Workplace safety is a core focus for Exelon, with comprehensive safety programs for utility workers and contractors. The company maintains industry-leading safety performance metrics and invests in safety training, equipment, and procedures to protect employees and contractors working on energy infrastructure.

Exelon has received recognition for its excellence in utility operations, sustainability leadership, and contributions to the energy industry.

• Edison Electric Institute (EEI) Awards: Multiple awards for innovation in electric utility operations, customer service excellence, and grid modernization initiatives.
• Environmental Leadership Recognition: Awards for renewable energy integration, carbon reduction programs, and environmental sustainability reporting.
• Utility Industry Awards: Recognition for operational excellence, reliability, and innovation in utility management and customer service.
• Great Place to Work (Multiple years): Recognition for workplace culture, employee satisfaction, and inclusive work environment in the utility sector.
• Smart Energy Awards: Recognition for smart grid implementation, demand response programs, and digital customer engagement solutions.

Exelon operates in a highly regulated industry and faces scrutiny related to environmental compliance, rate setting, and the complex challenges facing utility companies in the energy transition.

Environmental compliance issues have been raised regarding Exelon's carbon emissions, particularly from its historical reliance on fossil fuel generation before the Constellation spin-off. The company has responded through renewable energy investments, carbon reduction programs, and transparent reporting of environmental performance.

Rate setting and regulatory approval processes have drawn attention from consumer advocates and government regulators, particularly regarding the timing and magnitude of rate increases. Exelon works closely with state public utility commissions to balance infrastructure investment needs with customer affordability concerns.

Infrastructure reliability and outage management have been subjects of scrutiny, particularly following major weather events or system failures. Exelon maintains comprehensive storm preparation and response programs, though extreme weather events continue to challenge utility infrastructure resilience.

Environmental justice concerns have emerged regarding the equitable distribution of clean energy benefits and the placement of utility infrastructure in different communities. Exelon has implemented programs to address these concerns and ensure fair access to energy services and programs.