Exelon Corporation (EXC) reports developments across a regulated electric and gas utility portfolio anchored by Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco. Recurring company news covers utility earnings drivers, approved distribution and transmission rates, grid investment recovery, dividend declarations and customer-affordability initiatives under The Exelon Promise.
Coverage also reflects ComEd energy efficiency programs in northern Illinois, small-business and low-income customer incentives, Illinois Commerce Commission reconciliation filings, and federal policy matters involving FERC and the PJM regional electric grid. These updates connect Exelon's transmission and distribution operations with customer costs, reliability planning and regulated rate mechanisms.
Constellation Energy Corporation (Nasdaq: CEG) reported a GAAP net loss of ($111) million for Q2 2022, worsening from ($61) million in Q2 2021. Adjusted EBITDA (non-GAAP) fell to $603 million, down from $656 million year-over-year. The company reaffirmed its full-year adjusted EBITDA guidance at $2.35 billion to $2.75 billion, supported by higher energy prices and lower nuclear fuel costs. Recent agreements with Bank of America and PNC Bank aim to procure carbon-free energy. Highlights also included legislation supporting nuclear energy and a significant renewable energy deal from the Mammoth Solar project.
Exelon Corporation (Nasdaq: EXC) reported a GAAP Net Income of $0.47 per share and Adjusted Operating Earnings of $0.44 per share for Q2 2022, up from $0.33 and $0.36, respectively, in Q2 2021. The company reaffirmed its guidance for full-year Adjusted Operating Earnings at $2.18-$2.32 per share. Exelon plans to issue up to $1 billion in common stock by 2025 and anticipates $500 million in 2022. Notable performance includes ComEd's best CAIDI performance. However, some units, such as BGE and PHI, saw declines in earnings compared to the previous year.
ComEd, in collaboration with the Metropolitan Mayors Caucus, has announced $171,000 in grants for 21 community projects aimed at enhancing public safety and promoting electric vehicle (EV) charging infrastructure across Northern Illinois. The funding is part of the annual Powering Safe Communities program, now in its eighth year, which has awarded $1.7 million since its inception. The program aligns with Illinois' Climate & Equitable Jobs Act, targeting the installation of new EV charging stations and clean transportation initiatives, significantly reducing carbon emissions and improving community resilience.
Constellation (NASDAQ: CEG) announced its acceptance of applications for the E2 Energy to Educate grant program for 2022, aimed at funding student projects focused on energy innovation. Grants of up to $25,000 for secondary education and up to $50,000 for college students are available. The previous year's program granted nearly $515,000 across 23 projects, engaging nearly 21,000 students. To date, the initiative has provided nearly $5 million in funding, impacting nearly 250,000 students nationwide.
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ComEd has installed new renewable, off-grid streetlights at two Chicago Public Schools, enhancing public safety and promoting STEM education. Five streetlights were added at Walter H. Dyett High School and two at Perspectives Math and Science Academy. These lights utilize solar and wind energy, providing reliable lighting and Wi-Fi access for students. ComEd's CEO emphasized the importance of community collaboration. This initiative is part of ComEd’s broader commitment to sustainable energy solutions, having previously launched similar projects in collaboration with local schools.
ComEd and Northbrook Park District have announced an energy efficiency initiative across eight locations, potentially saving over $135,000 annually and qualifying for over $900,000 in incentives. Since 2008, ComEd's Energy Efficiency Program has saved northern Illinois customers approximately $7 billion on electricity bills. The program also received recognition from the EPA and DOE as the ENERGY STAR® Partner of the Year—Sustained Excellence Award.
ComEd has appointed Lewis 'Louie' Binswanger as the new senior vice president of governmental and regulatory affairs, effective August 15. With nearly 40 years of experience in the utility sector, Binswanger will oversee governmental and regulatory strategy, energy acquisition, and economic development. Previously, he served as vice president of external affairs at Nicor Gas, and held senior roles at SourceGas and TECO Energy. His appointment comes as ComEd continues to implement the state's Climate and Equitable Jobs Act aimed at promoting clean energy solutions.
Duquesne Light Company (DLC) announced a collaboration with ComEd and Pacific Gas and Electric (PG&E) to enhance underground electrical infrastructure through the "Monitoring Electrical Cable Challenge." The initiative, with a prize pool of $750,000, aims to improve safety and reliability of underground networks in Pittsburgh. The partners will guide challenge finalists and evaluate results to strengthen the electrical grid. The final solutions will be tested, with a pilot deployment expected in early 2023. The challenge seeks innovative solutions to maintain critical infrastructure.
Constellation, the largest producer of carbon-free energy in the U.S., is launching customized carbon emissions reports for all commercial and industrial clients. This initiative is part of their 100/100/100 climate pledge, aiming for 95% carbon-free electricity by 2030 and 100% by 2040. The reports will detail customers' emissions and offer insights on reducing carbon footprints. With 60% of Fortune 500 companies pursuing climate goals, this move aligns with growing corporate and governmental focus on sustainability. Reports will be distributed to clients, including three-fourths of the Fortune 100, by the end of 2022.