Exelon - EXC STOCK NEWS

ComEd is organizing its fifth statewide drill, Operation Power Play, to enhance emergency response collaboration among 50 public and private agencies in Illinois. This unique two-day event aims to prepare for severe weather and security threats by simulating significant emergency scenarios. Participating entities include local government agencies and utilities, with coordinated efforts to increase readiness for potential disasters.

The drill will showcase emergency response equipment and involve scenarios such as substation sabotage and power outages. ComEd is also piloting a program to deploy generators to nursing homes during severe weather recovery.

Downers Grove District 58 has identified opportunities to reduce electricity consumption by 34 percent across its facilities through a recent assessment. This initiative is projected to save nearly $40,000 annually in energy costs. The assessment was facilitated by ComEd's Public Schools Carbon-Free Assessment, aimed at reducing carbon emissions and enhancing sustainability. If the district invests in solar panels, it could yield an additional $5.8 million in savings and qualify for $8.6 million in state grants. ComEd emphasizes its commitment to assisting schools in minimizing carbon footprints, conserving energy, and reallocating funds to enhance educational priorities.

ComEd and Summit Ridge Energy announced the completion of three community solar projects in Streator, Illinois, marking the 80th community solar project in ComEd’s service area. These projects involve over 16,700 solar panels across 38 acres, generating about six megawatts of clean energy to service approximately 1,000 to 1,200 homes. With this milestone, ComEd aims to double its community solar projects to over 150 by the end of 2023, benefiting around 36,000 customers. The initiatives align with Illinois’ goal of achieving 40% renewable energy by 2030 under the Climate and Equitable Jobs Act.

Summit Ridge Energy, the largest commercial solar developer in Illinois, plans to complete over 50 more community solar projects in the region by year-end.

ComEd, a subsidiary of Exelon Corporation (NASDAQ: EXC), has awarded a total of $100 million in rebates for rooftop solar installations to industrial, commercial, and institutional customers, including St. Paul Lutheran Church and School, which received $27,580.70. The distributed generation (DG) rebate program aims to lower upfront solar installation costs and promote renewable energy in northern Illinois.

With 226 solar panels generating approximately 91.9 kW of clean energy, the church’s initiative is part of a broader commitment to sustainability. ComEd anticipates that solar capacity on its grid will increase from 650 MW to 3,300 MW by 2030, reflecting a strong growth in solar applications. The program offers rebates of $250 or $300 per kW of capacity, encouraging increased adoption of solar technologies.

ComEd has launched its Power of STEM education program, engaging 25 fifth-grade students from James R. Doolittle Elementary School in Chicago. This initiative emphasizes hands-on learning about electricity, solar energy, and microgrid technology, aimed at cultivating future leaders in the energy sector. The program, running since 2022, has reached 250 students across 10 schools. During the sessions, students worked with ComEd engineering mentors to explore careers in electric power and address climate change challenges. Schools interested in the program can contact ComEd for details. ComEd actively supports STEM education, particularly for women and students of color, through various initiatives.

On May 13, 2023, ComEd and the Chicago Park District will host the ninth annual Switch on Summer festival at Grant Park. This free event will run from 12 p.m. to 3 p.m. and feature entertainment, local arts organizations, and information on summer programs. Attendees can participate in a sweepstakes to win the opportunity to switch on Buckingham Fountain. The event will also include activities hosted by various cultural partners and food vendors. Thousands of people are expected to attend, marking the unofficial start of summer in Chicago.

ComEd is launching its annual EV Rally summer program aimed at empowering young women in STEM fields. This year, participant capacity increases by 50%, allowing 45 students to engage with female mentors and build electric-powered go-carts. Each participant will receive a $2,000 scholarship upon completion, culminating in a race event at the Museum of Science and Industry in Chicago on July 29. The initiative focuses on improving diversity in STEM, particularly among women and individuals from equity investment eligible communities in Illinois, where women occupy only 27% of STEM jobs. Applications for the program are open until June 1 for female-identifying residents aged 13-18.

ComEd has restored power to over 70,000 customers after severe thunderstorms and tornadoes affected northern Illinois on April 1, 2023. The storms caused outages for approximately 94,000 customers, with 23,000 still without power as of 8:00 AM on April 1. ComEd expects to restore power to 80% of affected customers by the end of the day, with most restored by April 2. High winds up to 45 mph may cause further outages. The company has invested in upgrades that have reduced outages by 19 million since 2011 and expects to enhance reliability further.

ComEd is supporting customers facing financial difficulties by offering various bill-assistance programs. These include the Low-Income Home Energy Assistance Program (LIHEAP), Supplemental Arrearage Reduction Program (SARP), and Your Neighbor Fund. ComEd encourages customers to explore options to manage their electric bills effectively. The Home Energy Savings assessment helps customers save over $125 annually on utility bills. The program has led to significant energy savings, contributing to carbon emissions reduction equivalent to removing nearly 11,000 cars from the road.