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.
Delmarva Power's summer internship program offers students hands-on experience in the utility industry. Matthew Sweeney, a rising senior studying advertising and digital marketing, interned with the Construction and Maintenance department. His projects included organizing job applications and hosting a beach clean-up event. Matthew also took initiative to work on communications projects and shadow a senior marketing specialist.
Through the internship, Matthew gained knowledge about the local energy grid and Delmarva Power's operations. He pushed himself to network, connecting with various employees and departments. Matthew described the experience as incredibly rewarding, praising the program organizers and expressing hope for future opportunities with the company.
ComEd, a unit of Exelon (NASDAQ: EXC), has appointed two new independent directors to its board: Elizabeth "Liz" Buchanan, 39, president of NielsenIQ, North America, and Stephen "Biff" Bowman, 61, retired CFO of The Northern Trust Company. This expansion brings the total number of board members to seven, including five independent directors.
Buchanan, recognized for her expertise in data and analytics, and Bowman, with his extensive financial services background, join existing independent directors Ricardo Estrada, Zaldwaynaka Scott, and Smita Shah. ComEd CEO Gil Quiniones emphasized that these appointments will enhance the company's service to over 9 million customers and support its clean energy transition efforts in northern Illinois.
Exelon (Nasdaq: EXC) reported strong second-quarter 2024 results, with GAAP net income of $0.45 per share and Adjusted (non-GAAP) operating earnings of $0.47 per share. This represents an increase from $0.34 and $0.41 per share, respectively, in Q2 2023. The company reaffirmed its full-year 2024 Adjusted operating earnings guidance of $2.40-$2.50 per share and its 5-7% EPS growth target through 2027.
Key highlights include:
- Top quartile reliability performance across all utilities
- Increased revenue from customer investments
- Disciplined cost management
- Favorable weather conditions
- Progress on active rate cases
ComEd, BGE, and PHI saw increased earnings, while PECO experienced a slight decrease due to higher expenses.
Exelon (Nasdaq: EXC), the nation's largest utility company, has declared a regular quarterly dividend of $0.38 per share on its common stock. The dividend is payable on September 13, 2024, to shareholders of record as of the close of business on August 12, 2024. Exelon serves over 10.5 million customers through six regulated transmission and distribution utilities: Atlantic City Electric, Baltimore Gas and Electric, Commonwealth Edison, Delmarva Power & Light, PECO Energy Company, and Potomac Electric Power Company. With 20,000 employees, Exelon focuses on reliable and affordable energy delivery, workforce development, equity, economic development, and volunteerism in its communities.
ComEd, in partnership with the YMCA of Metropolitan Chicago and Goodwill Greater Milwaukee & Chicago, celebrated the graduation of 89 teens from the CONSTRUCT Youth Academy summer job training program. This initiative, now in its second year, prepares local youth for careers in the clean energy and construction fields. The program expanded to five sites in Chicago, including a new location in Palatine, significantly increasing participation from 21 last year.
The three-week program offers high school juniors and seniors insights into various energy sector careers, from entry-level positions to STEM and engineering roles. Participants connect with industry leaders, visit ComEd facilities, and receive demonstrations on cutting-edge technologies. Over 95% of participants are people of color, and 25% are girls, reflecting the diversity of ComEd's service area.
Pepco Holdings hosted the FUEL Engineer Fair at the Chase Center in Wilmington, DE, focusing on the theme 'Utility of the Future'. The event provided engineers with networking opportunities and a platform to showcase innovative projects. Tyler Anthony, President & CEO of Pepco Holdings, emphasized the importance of engineers in ensuring flawless day-to-day operations and finding smarter ways to serve customers.
The fair featured breakout sessions and booth displays highlighting how Pepco Holdings is challenging the status quo and preparing for future leadership in the utility sector. This event underscores the company's commitment to innovation and forward-thinking in the rapidly evolving energy industry.
Delmarva Power has opened applications for its Sustainable Communities Grant Program, offering $35,000 in grants for environmental and resiliency projects. The program, facilitated by the Delaware Nature Society, has provided over $235,000 in grants since 2020. Grants of up to $10,000 each are available for projects focusing on open space preservation, park improvements, and innovative environmental conservation approaches. The application period is open until August 30, 2024.
The program supports Delmarva Power's commitment to sustainability, environmental initiatives, and community resilience. Municipalities, recreational authorities, and nonprofits in Delmarva Power's service area in Delaware and Maryland are eligible to apply. The company encourages underrepresented communities to participate, reflecting its commitment to diversity, equity, and inclusion.
The Rockefeller Foundation announced John W. Rogers Jr. as the new Chair of the Economic Opportunity Coalition's (EOC) Management Committee. Edison International, Exelon (EXC), and Southern Company have joined the EOC with new procurement commitments, alongside existing members Xcel Energy, Micron, and Air Products. The EOC aims to strengthen domestic supply chains and build wealth in underserved communities through targeted procurement practices.
Companies partnering with the EOC have collectively purchased over $10 billion in products and services from small and historically underutilized businesses. The EOC Business Procurement pledge includes sponsoring technical assistance programs and allocating at least 15% of U.S.-based contracting spending to small and underutilized businesses by 2026. EOC members also committed more than $1 billion in deposits to Community Development Financial Institutions and Minority Depository Institutions in 2023.
ComEd has restored power to over 95% of customers affected by recent severe storms in northern Illinois. The company has reconnected more than 410,000 out of 430,000 impacted customers. ComEd estimates that without recent system improvements, outages could have been twice as extensive. The storms, which may surpass the August 2020 derecho in severity, generated at least 10 tornadoes and winds exceeding 100 mph.
ComEd expects 99% of customers to have power restored by end of day, with 99.9% restored by Friday. The company prioritized repairs for critical services and major infrastructure. ComEd's recent grid upgrades have enhanced system reliability by 70%, helping avoid over 21.7 million outages and saving $3.3 billion in outage-related costs.
ComEd has restored power to over 90% of customers affected by Monday's severe storms in northern Illinois. As of 3:00 p.m., about 41,000 customers remain without power. The National Weather Service confirmed 10 tornadoes and winds exceeding 100 mph, causing extensive damage. Over 3,000 ComEd crews, along with assistance from Wisconsin, Minnesota, and Canada, are working to restore power. The company expects most customers to have power restored by Friday, July 19.
ComEd has invested in grid upgrades, improving system reliability by 70% and saving $3.3 billion in outage-related costs. The company emphasizes safety and urges customers to report downed power lines and sign up for outage alerts.
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