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 (EXC) generates a steady flow of news as a Fortune 200 utility company and one of the nation’s largest providers of regulated transmission and distribution services. Through its six operating utilities—Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco—Exelon issues updates on customer programs, grid investments, financing activities and regulatory developments that affect more than 10.7 million customers.
News about EXC often covers customer affordability initiatives and assistance programs. Recent announcements include Exelon’s Customer Relief Fund, which has provided $60 million in direct customer assistance over the past year, and an additional $10 million contribution to support customers as winter weather increases energy use. ComEd has also highlighted the launch of a Low-Income Discount program designed to provide percentage-based bill reductions for income-eligible customers, as well as other bill-support and energy efficiency efforts.
Investors and observers can also find coverage of Exelon’s grid and transmission projects. ComEd has reported on new Transmission Security Agreements with large load customers to ensure they pay their fair share of transmission costs, as well as the expansion of the Wilton Center substation to enable the interconnection of multiple wind and solar farms. Exelon has additionally been identified with NextEra Energy Transmission in a proposed 765-kV transmission line project under PJM’s Regional Transmission Expansion Plan.
Other EXC news items include executive leadership changes, such as the appointment of a chief customer and technology officer, and capital markets activity, including the offering and pricing of convertible senior notes due 2029. The Exelon news page on Stock Titan aggregates these updates so readers can follow themes such as customer affordability, infrastructure investment, regulatory disclosures and financing decisions related to EXC.
ComEd has submitted a plan to the Illinois Commerce Commission to support beneficial electrification, committing $100 million annually for three years. The plan aims to promote the adoption of electric vehicles (EVs), reduce upfront costs, and improve charging infrastructure. This initiative aligns with the Climate and Equitable Jobs Act's goal of having 1 million EVs in Illinois by 2030. Expected benefits include reducing carbon emissions by 900,000 metric tons and improving air quality, particularly in disadvantaged communities.
ComEd has partnered with the City Colleges of Chicago (CCC) to launch the Overhead Electrical Line Worker (OELW) training program, aimed at preparing job seekers for entry-level positions in the electrical industry. This program, running from September 12, 2022, to March 30, 2023, at Dawson Technical Institute, offers scholarships and the chance to secure well-paying jobs with starting wages of nearly $29/hour. ComEd plans to hire an additional 500 entry-level workers in the next three years to meet clean energy demands. Over 60% of OELW graduates have been employed by ComEd since the program's inception.
Cleartrace has secured a $20 million financing round led by ClearSky, with investments from Brookfield Renewable, EDF Energy North America, Tenaska, and Exelon. This funding supports the growth of its carbon and energy management platform, which delivers hourly energy and carbon data to aid companies in achieving decarbonization goals. The company is already collaborating with notable clients such as Iron Mountain and JPMorgan Chase. The investment will also provide the participating firms with board representation, enhancing strategic direction.
ComEd is constructing a new 138-kilovolt substation at the U.S. Department of Energy’s Argonne National Laboratory to support their world-class research facilities. This substation is the third on the Argonne campus, enhancing energy reliability for critical projects such as the upcoming Aurora exascale supercomputer. Over the past year, ComEd has achieved record service reliability, avoiding over 17 million customer interruptions and saving customers more than $3.1 billion in outages. The partnership aims to transition to a net-zero future.
ComEd’s partnership with the Illinois Department of Commerce has provided over $13 million in home retrofit services to more than 2,000 single-family homeowners in northern Illinois since 2018. Eligible homeowners saved an average of over $800 annually in energy costs. Projects include energy-efficient upgrades like insulation and HVAC repairs. ComEd's initiatives have resulted in nearly 7,000 MWh of electricity savings and reduced carbon emissions comparable to removing 600 cars from the road.
ComEd has made significant strides in its commitment to pollinator habitat conservation, reaching a milestone of nearly 4,000 acres of land designated as pollinator habitats. This initiative is part of a broader pledge to conserve over 11,700 acres by 2025, aimed at supporting the endangered monarch butterfly. The announcement aligns with National Pollinator Week, highlighting the importance of pollinators in ecosystems. ComEd's efforts include planting over 2 million milkweed seeds and hosting honeybees, contributing to broader environmental goals and enhancing biodiversity in the Chicago area.
Constellation CEO Joe Dominguez emphasized the vital role of nuclear energy in achieving a clean-energy economy during a keynote at the Nuclear Energy Assembly. He argued that enhancing the nuclear fleet is crucial for tackling the climate crisis and ensuring energy security. Constellation plans to produce 95% carbon-free electricity by 2030 and aims for 100% by 2040. The company is exploring technologies like hydrogen production and direct air capture, supported by DOE grants, to further reduce emissions and foster sustainable fuel solutions.
ComEd has launched three studies aimed at addressing technical and community challenges related to the clean energy transition mandated by the Climate and Equitable Jobs Act (CEJA). These studies focus on decarbonization pathways, disadvantaged communities, and the impact on jobs. Partnering with various research teams, ComEd aims to explore achieving net-zero emissions by 2050, improve access to clean energy services for underrepresented groups, and identify job opportunities in the clean energy sector. The studies will conclude by fall 2022, supporting ComEd's investment plans for a sustainable energy future.
With temperatures in northern Illinois expected to reach the mid- to upper 90s, ComEd encourages customers to manage their energy use and save on electric bills. Tips include keeping windows closed to block heat, adjusting thermostat settings for efficiency, and utilizing fans to cool homes. ComEd offers assistance through its Energy Doctors for personalized energy-saving advice.
ComEd, a unit of Exelon Corporation (NASDAQ: EXC), services over 4 million customers in Illinois, representing 70% of the state's population.
ComEd has restored power to over 100,000 customers in northern Illinois following severe storms that affected approximately 125,000 customers. The utility surpassed its goal to restore 80 percent of services by 3 PM on June 14, with about 13,000 customers still without power as of that time. To assist those without service, ComEd has deployed cooling buses and care vans in various locations. The utility is prioritizing critical services and plans for further restoration efforts.