Welcome to our dedicated page for Exelon news (Ticker: EXC), a resource for investors and traders seeking the latest updates and insights on Exelon 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 is preparing for severe weather in northern Illinois, including thunderstorms and high temperatures. The company has activated its Emergency Operations Center and deployed additional crews to address potential power outages. ComEd has successfully prevented over 17 million customer interruptions since 2012 through smart grid investments. The company prioritizes restoring power to critical facilities first, emphasizing public safety. Customers are encouraged to report outages by texting OUT to 26633 and can track outages via ComEd's website and mobile app.
Constellation, based in Warrenville, Illinois, has engaged over 13,000 workers to perform maintenance and technology upgrades during six spring refueling outages at its nuclear plants. These efforts aim to ensure continuous, safe, carbon-free electricity for 15 million customers during the upcoming summer months. Key activities included inspecting and refurbishing critical components and completing extensive technical projects. The maintenance is expected to enhance reliability and potentially stabilize electricity prices in Illinois, while the Climate & Equitable Jobs Act could yield $1 billion in benefits for local ratepayers.
ComEd has requested $50 million from the Illinois Commerce Commission to enhance energy efficiency programs and support the Climate and Equitable Jobs Act (CEJA). If approved, this would increase residential bills by approximately 30 cents starting in January 2023. ComEd's initiatives have saved customers $6.4 billion since 2008. New measures will enable customers to electrify vehicles and heating systems, while dedicated funding of $10 million annually will assist low-income customers. CEJA aims to reduce carbon emissions and improve energy efficiency.
ComEd is launching its Summer Solstice Photo Contest from June 1 to June 21, inviting residents of northern Illinois to submit sunrise and sunset photos. The contest aims to promote solar energy education while celebrating the summer season. Last year's contest received 1,816 entries. Prizes include four Apple Watch Series 7 devices and a private tour at the Adler Planetarium. Over 26,000 solar systems are connected to ComEd's smart grid, with an expectation of over 80 community solar projects by year-end.
Exelon Foundation has awarded scholarships worth
ComEd achieved $893 million in diverse supplier spending in 2021, representing 42% of its total procurement. This brings its total spend on diverse suppliers to $6.4 billion since 2012, with $641 million spent locally in Illinois. ComEd collaborates with 662 diversity-certified suppliers and emphasizes support through the Clean Energy Act, enhancing opportunities for diverse suppliers in energy efficiency. The report highlights partnerships with notable companies and showcases the growing impact on local economies, contributing $11.8 billion to Illinois GDP from diverse supplier spending between 2017 and 2020.
ComEd is urging eligible Illinois residents to apply for the Low Income Home Energy Assistance Program (LIHEAP) before the May 31 deadline. The program offers financial assistance for energy costs, particularly amid economic challenges from the pandemic and inflation. ComEd provides additional support through its Supplemental Arrearage Reduction Program (SARP) and various billing options, including deferred payment arrangements and budget billing. Customers can utilize the Smart Assistance Manager for personalized assistance and energy-saving options.
ComEd aims to boost its workforce in response to Illinois’ clean energy demands by hiring 180 entry-level employees in 2022 and 500 over the next three years. Applications for 70 overhead helper positions will open on May 23, 2022. New hires will earn $28 per hour during training and can secure full-time union positions with an average salary exceeding $80,000 annually. ComEd emphasizes diversity in hiring, offering various job training programs to support local talent. The initiative aligns with the recent clean energy law in Illinois, aiming to prepare for expanded electric vehicle technologies.
Constellation Energy Corporation (Nasdaq: CEG) reported a strong financial performance for Q1 2022, achieving a GAAP net income of $106 million and an adjusted EBITDA of $866 million, significantly improving from previous losses. The company reaffirmed its full-year adjusted EBITDA guidance of $2.35 billion to $2.75 billion. Constellation is focused on sustainability, launching partnerships with Microsoft and companies like Sheetz and Comcast to enhance carbon-free energy solutions. The company successfully reduced nearly $2.5 billion in debt and aims to strengthen its balance sheet further.
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