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.
Constellation has announced the opening of applications for its 2021 E2 Energy to Educate grant program, offering funding up to $25,000 for student projects and up to $50,000 for higher education initiatives. The deadline for submissions is October 1, 2021. Aiming to enhance equity in the energy sector, the program emphasizes projects that engage underserved groups, focusing on STEM education. Last year, over $500,000 was awarded across 22 projects, benefiting over 20,000 students. To date, the program has allocated $4.5 million, impacting more than 225,000 students nationwide.
Exelon Corporation (Nasdaq: EXC) reported second quarter 2021 results, showing Adjusted Operating Earnings of $0.89 per share, up from $0.55 in Q2 2020. This increase was attributed to higher utility earnings and reduced storm costs. However, GAAP Net Income decreased to $0.41 per share from $0.53 year-over-year. The company announced a new 'path to clean' goal targeting net-zero emissions by 2050 but also faces plant retirements due to stalled clean energy legislation. Exelon reaffirmed its full-year Adjusted Operating Earnings guidance of $2.60-$3.00 per share.
Exelon invested $11.2 billion with diverse-certified suppliers from 2016 to 2020, generating $3.6 billion in additional revenue and $1.1 billion in wages for local businesses in 2020. This spending also supported 19,967 jobs in the communities served. The 2020 diversity-certified supplier spend rose to $2.7 billion, a 13% increase from 2019, with 63% spent locally and a $183 million rise in Tier 1 contracts. Exelon aims to enhance community diversity through its procurement practices.
ComEd and the Metropolitan Mayors Caucus have launched the ComEd Powering the Holidays Program, offering grants up to $2,500 for community holiday lighting events in northern Illinois. This initiative aims to foster community identity, cultural exchange, and understanding among residents. Eligible applicants include municipalities and non-profits partnered with local governments. Applications are open until Sept. 10, 2021, for events occurring from Nov. 1, 2021, to Feb. 13, 2022. This program builds on ComEd's prior support initiatives, enhancing community engagement during the holiday season.
Exelon has appointed W. Paul Bowers to its board of directors. Bowers, 64, is a recently retired CEO of Georgia Power and brings extensive executive experience in the energy sector. His past roles include CFO of Southern Company and leadership positions at multiple subsidiaries. Bowers has received numerous accolades for his contributions to the industry and community, including the American Jewish Committee's National Human Relations Award. Exelon, a Fortune 100 energy company, serves approximately 10 million customers and reported $33 billion in revenue in 2020.
Exelon Generation has filed Post Shutdown Decommissioning Activity Reports (PSDARs) with the Nuclear Regulatory Commission for its Byron and Dresden nuclear facilities, set to close this fall due to revenue shortfalls exceeding hundreds of millions caused by low energy prices. These closures will significantly impact jobs, reducing staff from nearly 1,500 to just 30-40 over a decade. The shutdowns are projected to increase reliance on fossil fuels, leading to higher emissions and job losses in Illinois. Both plants are scheduled to shut down in September and November, respectively.
The Board of Directors of Exelon Corporation declared a quarterly dividend of $0.3825 per share on its common stock, payable on September 10, 2021. Shareholders of record will be those as of 5 p.m. ET on August 13, 2021. Exelon, a leading energy company in the U.S., serves approximately 10 million customers and reported revenues of $33 billion in 2019. The company boasts a diverse power generation capacity of 31,000 megawatts, emphasizing clean and cost-effective energy production.
The Exelon Foundation and Exelon Corp. have launched the Green Lab Grants program, offering up to $50,000 each to Title I-eligible schools and nonprofits for hands-on STEM educational spaces. With a total of $1 million available annually, the program targets organizations in states where Exelon operates. Applications are open until October 1, 2021. Additionally, Exelon emphasizes its commitment to STEM education through initiatives like the Exelon STEM Innovation Leadership Academy and a $1 million scholarship program for alumni.
Exelon has joined the Electric Highway Coalition, a group of 14 U.S. utilities creating a network of rapid electric vehicle charging stations across major highways. Exelon's six utility companies will help expand access to fast charging, alleviating range anxiety for electric vehicle users. The coalition aims to place stations less than 100 miles apart, with at least two universal chargers per site. The initiative supports the anticipated growth of electric vehicles, with an estimated 18 million expected on U.S. roads by 2030. Exelon also aims to electrify half its utility vehicle fleet by 2030, promoting sustainable energy solutions.
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