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) operates at the forefront of energy delivery through its regulated utilities and competitive power generation services. This dedicated news hub provides investors and industry stakeholders with timely updates on EXC's strategic initiatives, financial performance, and operational milestones.
Access official press releases, earnings reports, and regulatory filings alongside curated analysis of Exelon's role in advancing sustainable energy infrastructure. Track developments across key areas including grid modernization projects, rate case decisions, and renewable energy investments that shape the company's position in North America's energy landscape.
Our continuously updated feed serves as your primary source for understanding EXC's responses to market trends, environmental policies, and technological innovations in electricity distribution. Bookmark this page to monitor how Exelon's dual focus on reliability and innovation impacts its service territories and competitive generation portfolio.
Exelon Corp. (Nasdaq: EXC) announced a plan to separate into two publicly traded companies: Exelon Utilities (RemainCo) and Exelon Generation (SpinCo). This strategic move aims to enhance financial independence and service to specific customer needs. RemainCo will manage regulated utilities serving over 10 million customers and invest $27 billion over four years to modernize the grid, while SpinCo will lead in clean energy with 31,000 megawatts of generating capacity. The separation is expected to complete in Q1 2022, pending regulatory approvals.
Exelon Generation's six Illinois nuclear plants provided power to 11 million homes during a recent cold snap, operating at nearly 100% output. The facilities ensured reliable, carbon-free electricity for essential services. Chief Nuclear Officer Dave Rhoades highlighted their commitment to safety and operational excellence. The plants recorded a 99% reliability rate last winter and similar performance during the hottest summer on record. Exelon Generation, a leader in carbon-free energy, operates the largest U.S. fleet of zero-carbon nuclear plants, supporting over 20 million homes.
ComEd reported to the Illinois Commerce Commission that the Future Energy Jobs Act (FEJA) is effectively providing residential customers with savings and clean energy benefits that exceed costs. Since its 2016 enactment, FEJA has led to average monthly savings of over $1.30 for residential customers. Notably, in 2020, over 10,500 customers connected renewable energy sources, totaling 183 megawatts. The program is also promoting job opportunities in underrepresented communities. FEJA is set to remain active until 2031, with potential funding of up to $220 million annually for renewable energy.
Exelon Utilities CEO Calvin G. Butler Jr. received the prestigious BEYA Chairman’s Award on February 13 at the annual BEYA STEM conference. This recognition honors his contributions to opening opportunities for Black individuals in science, technology, engineering, and math (STEM). Under Butler's leadership, Exelon has launched various workforce development initiatives, leading to over 700 new hires in the last 18 months. Exelon serves around 10 million customers across several states, making it a major player in the U.S. energy market.
In 2020, Exelon Generation's Illinois nuclear fleet generated a record amount of carbon-free electricity, crucial during the COVID-19 pandemic. The fleet achieved significant milestones, with Byron and Dresden stations breaking world records for refueling outages, while other plants set annual production records. Exelon’s plants accounted for over half of Illinois’ electricity and nearly 90% of its carbon-free energy, with an impressive capacity factor of 95.4%. However, the planned retirement of Byron and Dresden stations this fall, due to unfavorable market policies, raises concerns as they produce 30% of the state's carbon-free power.
Exelon released its Environmental, Social and Governance (ESG) Report, emphasizing its commitment to corporate social responsibility and transparency. The report showcases Exelon's leadership as the largest producer of carbon-free energy and its advocacy for emissions reduction policies. Highlights include a $20 million investment in climate technologies, significant savings for customers through energy efficiency programs, and extensive community support with over $51 million in contributions. The report also underscores its diverse workforce and board and outlines initiatives aimed at fostering equity and sustainability.
ComEd warns customers about a rise in scams during the COVID-19 pandemic, including imposters posing as utility workers or tree service employees to steal valuables and personal information. Reports of scams have increased by 60% since 2017, targeting vulnerable individuals struggling to pay bills. Scammers often threaten to shut off service, demanding immediate payment via prepaid cards. ComEd emphasizes that legitimate employees will never demand such payments and offers tips to identify scams. Additionally, ComEd provides financial assistance programs to help customers manage their bills.
ComEd is offering grants of up to $10,000 to support public safety, the environment, and the arts in northern Illinois. These grants, available to municipal and public safety agencies as well as arts organizations, are part of three programs: Green Region, Powering Safe Communities, and Powering the Arts. ComEd has also committed significant resources, with approximately $18.6 million contributed in 2020 to aid local communities amidst economic challenges. Grant applications are open until March 26, 2021.
The Illinois Commerce Commission approved ComEd's request for a $14 million decrease in delivery service charges for 2021, marking the fifth rate decrease in ten years. This will lower average residential bills by about $1 per month, resulting in an average bill of nearly $82. ComEd's rates are significantly lower than the average in the top 20 U.S. metro areas. Customer reliability improved by over 70% since the smart grid program began in 2012, providing $655 million in economic value from avoided outages.
ComEd has announced the continuation of its scholarship program for northern Illinois students pursuing engineering degrees, aimed at bridging the tuition gap not covered by financial aid. This year, eight new recipients will benefit from the ComEd Scholars program, which also offers guaranteed internships and mentorship opportunities. The initiative supports students from diverse backgrounds to overcome economic challenges and invest in STEM education. ComEd's commitment highlights its role in empowering local communities and fostering innovation.
