EXELON CORP (EXC)

Exelon Corporation is a utility services holding company operating regulated electric and natural gas transmission and distribution businesses through six subsidiaries: Commonwealth Edison Company (ComEd) in Northern Illinois including Chicago; PECO Energy Company serving electricity and gas in Southeastern Pennsylvania including Philadelphia; Baltimore Gas and Electric Company (BGE) providing electricity and gas in Central Maryland including Baltimore; and Pepco Holdings LLC (PHI), which operates through Potomac Electric Power Company (Pepco) in Washington D.C. and Maryland, Delmarva Power & Light Company (DPL) in Delaware and Maryland, and Atlantic City Electric Company (ACE) in Southern New Jersey. Collectively, these utilities serve approximately 9.6 million electric and gas customers across roughly 26,050 square miles. Exelon does not generate electricity, instead procuring power supply through PJM markets and approved bidders, while natural gas is sourced from multiple suppliers with supplemental storage capacity.

The company's utilities operate under cost-based rate recovery mechanisms overseen by state commissions (ICC, PAPUC, MDPSC, DCPSC, DEPSC, NJBPU) and FERC-regulated transmission tariffs, with several subsidiaries utilizing decoupling mechanisms to insulate revenue from weather and usage fluctuations. Support services across the enterprise are provided at cost through subsidiaries BSC (Exelon) and PHISCO (PHI). Exelon's strategy centers on operational excellence, reliability improvements, customer experience enhancement, and supporting clean energy policies, with plans to invest approximately $41 billion over the next four years in infrastructure modernization, smart grid technology, and transmission projects, projected to grow rate base by approximately $23 billion by 2029.

The company maintains a Path to Clean sustainability goal targeting a 50% reduction in operations-driven GHG emissions by 2030 (from a 2015 baseline) and net-zero emissions by 2050. As of December 31, 2025, Exelon employed 20,571 people across its subsidiaries, with approximately 42% covered by collective bargaining agreements, and emphasizes human capital initiatives including talent development, competitive compensation, and comprehensive employee benefits.