Exelon Corporation - EXC STOCK NEWS

Exelon Corporation (Nasdaq: EXC) reported a first-quarter 2021 GAAP Net Loss of $(0.30) per share, a decline from $(0.60) per share in Q1 2020. Adjusted (non-GAAP) Operating Loss for Q1 2021 decreased to $(0.06) per share, down from $0.87 in the previous year. The losses were primarily driven by the impact of February's extreme cold weather, which resulted in an estimated $880 million reduction in net income. In contrast, utility earnings showed strength, with ComEd, PECO, BGE, and PHI all reporting increases in GAAP Net Income. Exelon affirms its full-year adjusted earnings guidance of $2.60 to $3.00 per share.

Exelon Corporation's Board of Directors declared a quarterly dividend of $0.3825 per share on its common stock. This dividend will be payable on June 10, 2021, to shareholders recorded by May 14, 2021, at 5 p.m. Eastern time. As a leading energy company, Exelon operates in 48 states and serves around 10 million customers across various subsidiaries, achieving $33 billion in revenue in 2019. The company has a robust generation capacity including nuclear, gas, wind, solar, and hydroelectric.

ComEd employees, alongside family and friends, are dedicating their time to community service during National Volunteer Month in April. Last year, they volunteered over 11,000 hours, primarily virtually, and raised over $1.6 million for local causes. This year, numerous volunteer projects are planned, such as creating superhero kits for foster children and supporting STEM education initiatives. ComEd, serving over 4 million customers in northern Illinois, emphasizes its commitment to community engagement, empowering employees to design their own service projects.

ComEd has requested a $51 million increase in electricity distribution charges for 2022, adding approximately 20 cents to the average monthly bill for residential customers. This is the first rate increase in four years, pending approval by the Illinois Commerce Commission (ICC). ComEd aims to enhance grid reliability amid severe weather and support the transition to clean energy. Additionally, the company reported spending a record $894 million with diverse suppliers. If approved, residential customers' total bills would average $83, remaining lower than in 2008.

Exelon has been recognized with three awards at the 2020 Electric Power Research Institute (EPRI) Technology Transfer Awards, emphasizing the company's advancements in the electricity sector. These awards celebrate significant collaborative research and its impact on customers. Exelon was honored for its innovation in three projects: using drones for avian diverters, developing interconnection criteria for distributed energy resources, and enhancing grounding practices for mobile equipment safety. These achievements showcase Exelon's commitment to a cleaner energy future.

In 2020, ComEd completed infrastructure enhancements in Illinois, generating nearly 6,400 jobs and over $2.7 billion in investments. This initiative enabled 17 new customer projects, yielding 563 megawatts of capacity, enough to power 160,000 homes. Since 2012, ComEd's investments have led to improved grid reliability, avoiding over 16 million interruptions. In December, the Illinois Commerce Commission approved a $14 million decrease in delivery service charges for 2021. ComEd's competitive rates and modern grid are significant factors in attracting new businesses, particularly in the technology sector.

Exelon Generation's Conowingo Dam has received a 50-year operating license from the Federal Energy Regulatory Commission, a milestone for Chesapeake Bay restoration efforts. The renewed license will facilitate up to $700 million in enhancements for water quality, aquatic habitats, and fish passages. The dam continues to be Maryland's largest renewable energy source, providing reliable power to thousands. New programs will address habitat restoration and debris management, securing environmental and economic benefits for Maryland over the next half-century.

ComEd is enhancing its financial assistance efforts by increasing funding by $9 million to aid Illinois families adversely impacted by the COVID-19 pandemic. The Illinois Commerce Commission has approved a comprehensive support package that includes enhanced payment options and reconnection programs for eligible customers. Key initiatives include one-time bill credits of up to $500, extended payment arrangements spread over 18 months, and reconnection assistance requiring only 25% of outstanding balances. The initiatives aim to stabilize customer financial situations during ongoing economic challenges.