Welcome to our dedicated page for Exelon Corporation news (Ticker: EXC), a resource for investors and traders seeking the latest updates and insights on Exelon Corporation stock.
Exelon Corporation (NASDAQ: EXC) is a leading competitive energy provider in the United States, noted for its substantial contributions to the power generation sector. Headquartered in Chicago, Illinois, Exelon operates across 48 states, the District of Columbia, and Canada. The company’s diverse portfolio includes over 32,700 megawatts of owned capacity, making it one of the largest power generators in the U.S.
Exelon is dedicated to delivering clean, reliable, and affordable energy to more than 10 million customers through its six regulated utilities: Atlantic City Electric, Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power, PECO, and Pepco. These utilities provide electric and natural gas services to customers in Illinois, Pennsylvania, Maryland, New Jersey, Delaware, and Washington, D.C.
The company’s business operations are divided into two main segments: power generation and utility services. Exelon’s Constellation business unit supplies energy products to around 2 million residential, public sector, and business customers. Constellation Energy, a wholly owned subsidiary, focuses on delivering clean, efficient energy solutions and innovative products.
Exelon has been at the forefront of energy efficiency and sustainability initiatives. For instance, Delmarva Power, one of Exelon’s subsidiaries, recently received the 2024 ENERGY STAR® Partner of the Year: Sustained Excellence Award for its outstanding energy efficiency programs that have saved over one million megawatt-hours in energy and more than $1.1 billion on customer bills since 2009. These programs are a testament to Exelon's commitment to reducing greenhouse gas emissions and promoting environmental stewardship.
In addition to its sustainability efforts, Exelon fosters strategic partnerships to enhance grid reliability and energy management. A notable partnership includes BGE's collaboration with Resideo Technologies to expand the Connected Rewards℠ program. This initiative aims to balance the grid by reducing electricity demand during peak periods, providing financial incentives to customers who participate.
With 2015 revenues reported at approximately $34.5 billion, Exelon continues to be a financially robust organization. The company’s strategic focus on innovation, best-in-class performance, and community leadership helps drive progress for its customers and the broader community.
For the latest updates and news about Exelon Corporation, follow them on Twitter @Exelon or visit their website.
ComEd has expanded its fleet EV rebate program to include certified pre-owned and repowered battery electric vehicles for business and public sector customers. The Pre-Owned Electric Fleet Vehicle Rebate offers between $5,000-$180,000 depending on vehicle class and customer location, with higher amounts for low-income or equity-investment eligible communities. The program aims to accelerate EV adoption in northern Illinois, supporting the state's goal of 1 million EVs by 2030. Currently, over 116,000 EVs are registered in Illinois. The initiative is part of a $90 million rebate program launched earlier this year, with more funds available in 2025.
ComEd has secured a $50 million federal grant from the U.S. Department of Energy's GRIP program for grid modernization in Rockford, Illinois. Combined with matching funds from ComEd and partners, the total investment will reach $116 million over 2024-2029. The project will enhance grid resilience, expand clean energy resources, and support workforce development. The initiative includes deploying advanced grid technologies, improving demand-side management, and implementing EV charging solutions. The project aligns with Illinois' Climate and Equitable Jobs Act goals for 100% clean energy by 2050.
ComEd and the Metropolitan Mayors Caucus have announced grants of up to $2,500 each for 24 northern Illinois communities through the annual ComEd Powering the Holidays Program. The program, which has provided $172,000 in funding to 70 communities since its launch in 2021, supports holiday light events that promote cultural exchange and foster inclusivity.
The grants will power holiday light events taking place between November 1, 2024 and February 13, 2025. Recipients include various municipalities across northern Illinois, with events ranging from tree lighting ceremonies to winter wonderland walks. The program aims to create experiences that bring people together and celebrate the unique character of local communities.
ComEd's support extends to popular holiday attractions at Lincoln Park Zoo, Brookfield Zoo, The Morton Arboretum, and Chicago Botanic Garden. The initiative reflects ComEd's ongoing commitment to supporting holiday light events across Chicagoland.
Delmarva Power employees have been recognized for their outstanding volunteer efforts in 2023, contributing over 17,200 hours to support regional organizations. Three exceptional volunteers - Ian Rupert, Katherine Shinski, and Kregg Schaen - were honored with the Exelon Powering Communities Award, each receiving a $5,000 grant to further their work with local organizations.
The awards ceremony took place in Washington, D.C., highlighting the recipients' contributions:
- Ian Rupert: Supports Caroline North Little League
- Katherine Shinski: Volunteers at Tuckahoe Equestrian Center
- Kregg Schaen: Dedicates time to Elkton Community Little League
Tyler Anthony, President and CEO of Pepco Holdings, praised the volunteers for strengthening the company's reputation as a thoughtful community partner and distinguishing it from other local business leaders.
Exelon Corp. (Nasdaq: EXC) has announced the promotion of Cynthia McCabe to senior vice president, chief of staff and chief communications officer, effective Nov. 1, 2024. McCabe will oversee communications and marketing across Exelon and its six local energy companies, including external and employee communications, reputation initiatives, branding, advertising, and social media. She will also become a member of Exelon's Executive Committee.
McCabe joined Exelon in 2017 and has held various communications roles within the company. Prior to Exelon, she worked in communications at AFSCME and the National Education Association, and began her career as a reporter. Exelon, a Fortune 200 company, is the nation's largest utility company, serving more than 10.6 million customers through six regulated transmission and distribution utilities.
Delmarva Power is partnering with the University of Delaware and Exelon to promote Electric Vehicle (EV) adoption and demonstrate how EVs can strengthen the electric grid. The initiative aims to showcase the benefits of EVs, including:
- Cost-effectiveness: EV operation can be three to five times cheaper than gasoline and diesel-powered cars
- Improved driving experience: EVs deliver a quiet, smooth ride
- Lower maintenance requirements
- Potential to utilize stored power during high demand periods
Delmarva Power is committed to electrifying their fleet and expanding charger access across the region to facilitate widespread EV adoption. This effort is expected to make clean energy more accessible and contribute to a more reliable energy infrastructure.
Delmarva Power is highlighting its partnership with Historical Black Colleges and Universities (HBCUs) during HBCU Week. The company works closely with University of Maryland Eastern Shore (UMES) and Delaware State University (DSU) to provide programming, financial support, and career opportunities for students.
Key aspects of the partnership include:
- Power Scholar programs offering scholarships, internships, and mentorship
- Campus events to promote energy industry job opportunities
- Summer internships to help students transition into the workforce
- Funding for university improvements and program expansion
- The Delmarva Power Golf Scholarship Classic, which has raised over $100,000 annually for local universities in recent years
The partnership aims to build a diverse energy workforce of the future, providing students with access to careers in the energy sector while benefiting Delmarva Power with well-educated, diverse talent.
Exelon (Nasdaq: EXC) has deployed over 600 field and support personnel to aid in power restoration efforts in Florida following Hurricane Milton. This deployment comes shortly after sending hundreds of crews to assist with Hurricane Helene recovery. Crews from all six Exelon utilities - Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco - are participating in the restoration efforts.
Mike Innocenzo, executive VP and COO at Exelon, emphasized the industry's tradition of mutual assistance during severe weather events. Exelon is investing $35 billion over the next few years to modernize and strengthen the grid, aiming to improve resilience against future storms. The company, a member of the Edison Electric Institute, has a history of responding to calls for mutual assistance, including deployments for Hurricanes Ian (2022) and Idalia (2023).
ComEd has launched a new Go Electric website to help customers consider switching from traditional furnaces to electric heat pumps. The site provides comprehensive information on heat pump benefits, pricing, incentives, and contractor locating. Heat pumps offer both heating and cooling capabilities, moving heat rather than generating it, resulting in a cleaner and more efficient process.
The Go Electric site features a heat pump 101 section, options comparison, personalized savings calculator, information on incentives and financing, and a contractor finder. ComEd is supporting customers in their transition to clean energy technologies by ensuring grid readiness for increased electrification and offering tools to ease the journey.
Heat pump adoption is seen as a key strategy for reducing greenhouse gas emissions and addressing climate change. ComEd has expanded its heat pump discounts, offering up to $1,400 per customer for purchasing and installing a new air source heat pump. In 2023, ComEd awarded over 5,000 heat pump discounts, with more than 10,000 discounts provided since 2021.
ComEd has announced the opening of applications for its Future of Energy Scholars program, offering $175,000 in scholarships to students pursuing careers in energy through trades training or STEM-related college majors. Scholarships range from $1,000 to $10,000 each, with applications open until November 3, 2024.
The program aims to support a diverse talent pipeline for the clean energy industry, offering up to $10,000 for college STEM programs and up to $2,500 for trades schools. Since 2022, ComEd has awarded nearly $860,000 in scholarships, reaching a diverse mix of students, including many female scholars.
This initiative aligns with the growing clean energy job market, which saw a 4% increase in 2023. In Illinois alone, the clean energy transition is expected to create up to 150,000 new jobs by 2050. To qualify, students must be enrolled in eligible programs, maintain a 2.8 GPA, and submit an application with references.
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