Exelon Corporation, a utility services holding company, engages in the energy distribution and transmission businesses in the United States. The company is involved in the purchase and regulated retail sale of electricity and natural gas; transmission and distribution of electricity; and distribution of natural gas to retail customers. It serves residential, commercial, industrial, and public authorities and electric railroads customers. Exelon Corporation was incorporated in 1999 and is headquartered in Chicago, Illinois.
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Exelon Announces Key Leadership Changes, CFO Jones to New Role
Exelon Corporation announced several key executive leadership changes, including the departure of Chief Operating Officer Mike Innocenzo in 2027 after nearly 40 years of service. Jeanne Jones, currently CFO, will become Executive Vice President of Finance and Strategy, reporting to CEO Calvin Butler, effective October 5. Robert Kleczynski, Senior Vice President and Principal Accounting Officer, will succeed Jones as CFO, also effective October 5. Josh Levin, ComEd's CFO, will become Exelon's Senior Vice President of Finance on January 1, 2027, and Andrew Plenge will take over as ComEd's CFO on the same date.
Illinois Commerce Commission Approves ComEd Transmission Plan for DeKalb County
The Illinois Commerce Commission has approved ComEd's plan to construct a new transmission line in DeKalb County to reinforce grid reliability and resilience. The ICC issued a Certificate of Public Convenience and Necessity for the Kishwaukee Area Reliability Extension Project, which includes a double-circuit 345 kilovolt overhead transmission line extending approximately 6 miles on existing right-of-way and a new 345 kV and 138 kV substation. ComEd says the project will help meet rising energy demand from businesses and residents and support economic growth, and it is the first ComEd transmission line requiring ICC siting approval since the Grand Prairie Gateway went into service in 2017.
Twelve of 16 S&P 500 utilities beat EPS estimates this week amid data center power boom
Twelve of the 16 S&P 500 utility companies that reported quarterly results this week surpassed earnings expectations, while 10 beat revenue forecasts and six missed. CenterPoint Energy raised its 10-year capital investment plan by $1.2 billion to $66.7 billion, citing rising power demand in Houston. FirstEnergy forecast 25 gigawatts of total data center demand and reaffirmed its $36 billion five-year plan. Exelon lowered its high-probability data center pipeline to 11 gigawatts from 18 gigawatts and cut its overall future pipeline through 2027 to 25 gigawatts from 43 gigawatts. American Electric Power missed earnings estimates but raised its full-year 2026 operating earnings guidance, and Dominion Energy reaffirmed its 2026 guidance while targeting the final turbine for its Coastal Virginia Offshore Wind project by the end of 2027 at a cost estimate of $11.65 billion.
ComEd, Solar Landscape and Public Storage Plan 60 Rooftop Solar Sites in Northern Illinois
ComEd, Solar Landscape, and Public Storage announced plans to develop 60 rooftop community solar projects across northern Illinois over the next two years, with 10 already energized. The portfolio will add 44 megawatts of capacity to the grid, enough to power approximately 6,150 households, and is expected to deliver an estimated $750,000 in annual electricity bill savings for subscribers. The projects will cover about five million square feet of rooftop space on Public Storage facilities, making it one of the largest community solar installations in Illinois. ComEd anticipates having over 400 community solar sites completed by the end of 2026, supported by state clean energy policies including the Climate and Equitable Jobs Act. Construction is expected to support approximately 300 jobs, with workforce training provided by partners such as STEP-UP Solar and the International Brotherhood of Electrical Workers.
Exelon Reports Q2 Adjusted Earnings of $0.43 Per Share, Reaffirms Full-Year Guidance
Exelon reported second quarter adjusted operating earnings of $0.43 per share, up from $0.39 in the prior-year period, driven by distribution and transmission rate increases and the absence of a prior-year Customer Relief Fund charge. The company reaffirmed its full-year 2026 earnings guidance of $2.81 to $2.91 per share, targeting the midpoint or better, and its long-term annualized earnings growth near the top end of 5% to 7% through 2029, supported by 7.9% annualized rate base growth and $41.7 billion in planned capital expenditures over the next four years. Management highlighted a refined data center pipeline of 36 gigawatts, down from 43 gigawatts, as Transmission Security Agreements filtered out speculative projects, with 4 gigawatts already backed by $1 billion in financial collateral. The company also announced a new 500-megawatt battery storage project in New Jersey representing a $1 billion investment, and filed a BGE rate case seeking a $156.1 million revenue requirement increase.
Exelon's Q2 adjusted earnings match estimates as revenues rise 10%
Exelon Corporation reported second-quarter 2026 adjusted operating earnings of 43 cents per share, in line with the Zacks Consensus Estimate and up 10.3% from 39 cents a year ago. Total revenues reached $5.97 billion, beating the consensus estimate of $5.66 billion and rising 10% from $5.43 billion in the prior-year quarter. The improvement was driven by higher distribution and transmission rates across several utilities, though total operating expenses increased 10.8% to $4.99 billion, largely due to a 16.6% jump in purchased power and fuel costs. Exelon reaffirmed its 2026 adjusted operating earnings guidance of $2.81 to $2.91 per share and continues to expect annualized adjusted earnings growth near the upper end of its 5% to 7% target through 2029.
Exelon declared a quarterly dividend of $0.42 per share, in line with the previous payout. The dividend is payable on September 15 to shareholders of record as of September 4, with an ex-dividend date of September 4. The forward yield is 3.55%.
Exelon is drawing fresh attention after its Illinois utility, ComEd, launched a Time-of-Day Pricing program and as investors look ahead to the company's upcoming quarterly earnings report later this month. At a share price of $47.28, Exelon has seen positive short term momentum with a 1 day share price return of 1.24% and a 7 day share price return of 2.20%, while its 5 year total shareholder return of 68.99% points to sustained value creation over time. The most popular narrative pegs Exelon as modestly undervalued with a fair value of $49.33, driven by a significant identified pipeline of $10 billion to $15 billion in future transmission projects that are expected to increase the regulated asset base and deliver compounding earnings and cash flow growth. However, a Simply Wall St discounted cash flow model points in the opposite direction, estimating a future cash flow value of just $6.61, which hints at meaningful downside risk if cash flows disappoint. The debate is whether most of the easy gain is already in the rear view mirror or if the current setup still leaves meaningful upside ahead.
ComEd’s massive storm response may reshape Exelon’s investment case
Exelon’s ComEd unit restored power to roughly 297,000 northern Illinois customers in early July 2026 after severe storms and extreme heat stressed the grid. The large-scale restoration effort highlights Exelon’s role as essential infrastructure but also raises concerns about rising weather-related costs that may not be fully recoverable. Exelon reported first-quarter 2026 revenue of US$7,242 million and net income of US$919 million, providing a fresh reference point before additional storm costs or resiliency investments filter through. The company’s narrative projects US$27.4 billion in revenue and US$3.5 billion in earnings by 2029, implying 3.4% annual revenue growth and a US$0.7 billion earnings increase from US$2.8 billion today. Simply Wall St community members estimate Exelon’s fair value between about US$6.93 and US$49.33, with a calculated fair value of US$49.33 representing a 3% upside to the current price.
ComEd Restores Power to 200,000 After Storms, 52,000 Still Out
ComEd crews are working to restore power after severe storms swept across northern Illinois, with more than 200,000 customers restored and approximately 52,000 still without electricity. The hardest-hit areas include Tinley Park, Burbank, Homewood, and some southern wards of Chicago. The company estimates 80 percent of affected customers will have power back by the evening of July 4, with full restoration expected by Sunday evening. More than 1,300 personnel are deployed, and additional storms are possible over the holiday weekend.
Exelon CEO warns U.S. may face blackouts by 2027 due to power supply shortfall
The United States could face power blackouts as soon as 2027 because of growing electricity demand straining the grid, Exelon CEO Calvin Butler told the Financial Times. Butler said Americans could "absolutely" lose power in the coming years due to a shortage of power plants in the northeast and Midwest, noting that the grid operator PJM has predicted a 60-gigawatt supply shortfall over the next decade and reported a 6.5-gigawatt deficit at its last auction. He added that utilities have been made a scapegoat for rising costs, with national electricity prices up 7 percent since last year and even sharper increases in markets Exelon serves, including 17 percent in New Jersey, 16 percent in Maryland, and 13 percent in Pennsylvania. Butler also said pulling a requested rate increase for Exelon's PECO subsidiary will only defer higher costs, arguing that investing in the system requires rate cases.