Exelon Corporation - EXC STOCK NEWS

ComEd, a unit of Exelon (NASDAQ: EXC), is working to restore power to customers affected by severe storms in northern Illinois. As of 8am, 206,000 customers have been restored out of over 430,000 initially impacted. The company expects full restoration by Friday evening. ComEd has opened four additional joint operations commands and is deploying over 3,000 field crews, including 1,400 from outside the company. The storms, which included at least 10 confirmed tornadoes and winds exceeding 70 MPH, caused significant damage to infrastructure. ComEd emphasizes its ongoing efforts to strengthen the power grid against increasing severe weather due to climate change, noting a 70% improvement in systemwide reliability and savings of $3.3 billion in outage-related costs.

On July 10th, National Lineworker Appreciation Day, Delmarva Power celebrated its lineworkers who maintain the local energy grid and respond to emergencies 24/7. Neil Baker, director of electrical operations, emphasized their role in ensuring the integrity of the electrical system. The company recognizes these essential workers for their tireless efforts in powering a cleaner and brighter future for customers and communities.

The press release highlights the dedication of lineworkers who work during weekends and holidays, performing both routine maintenance and emergency storm response. Delmarva Power acknowledges their important contribution to keeping customers' lights on, homes cool, and businesses running smoothly.

ComEd, in partnership with the Metropolitan Mayors Caucus, is now accepting applications for the ComEd Powering the Holidays Program. This initiative offers competitive grants of up to $2,500 each, with a total of $60,000 available, to support community holiday light events in northern Illinois. Eligible applicants include municipalities, townships, counties, local government units, not-for-profit organizations, and cultural institutions with a municipal partner. Applicants must match 20% of the grant. The deadline for applications is August 23, 2024, and awards will be announced in mid-October. Since its inception, the program has distributed $111,000 to 46 communities, enhancing holiday celebrations and promoting cultural diversity. For more information, visit the Metropolitan Mayors Caucus website.

ComEd has inaugurated the Libertyville Training Center, its seventh training facility in northern Illinois, with a celebration for 21 newly graduated overhead electrical apprentices. The center is part of ComEd's efforts to build a skilled workforce for maintaining the nation's most reliable electric grid. It also supports the clean energy sector, which is expected to generate 150,000 new jobs in Illinois by 2050. The training facility features a 64,000-square-foot outdoor area with various training equipment and is important for preparing the grid to handle severe weather and clean energy demands. ComEd has already hired 423 entry-level workers as part of its three-year plan to recruit 500 new trades workers.

Delmarva Power recently celebrated Larry Rohm's 37 years of dedication and service in their Gas team. Rohm, known for his knowledge sharing and teamwork, has been influential in fostering a supportive and collaborative work environment. His colleagues, including Kristina Brennan, Sean Momot, and Serena Wilson-Archie, praised his mentorship and positive influence. Rohm's insights on adaptability have been particularly valued, contributing to the advancement of the Gas division. His commitment to excellence and teamwork continues to inspire his colleagues and positively impact the company's operations.

ComEd has celebrated the first graduating class of its Market Development Initiative (MDI), a program designed to train a diverse, local workforce in the energy efficiency sector. This initial group of 12 residents completed a five-week training program, earning certifications in building standards. Over 90% of the graduates are people of color. ComEd aims to support Illinois' clean energy goals by preparing job seekers for roles in energy efficiency, HVAC, and weatherization. The MDI initiative, launched in partnership with Walker-Miller Energy Services and The Will Group, helps participants gain skills and certifications to reduce energy consumption and lower both consumer bills and carbon footprints. The program also provides business support, helping entrepreneurs navigate project procurement and join ComEd's vendor network. The initiative aligns with Illinois’ Climate and Equitable Jobs Act, which expects to add up to 150,000 jobs by 2050.

ComEd has reached a significant milestone, interconnecting over 1 gigawatt (GW) of distributed energy resources (DER) to its smart grid, including 57,780 residential rooftop solar systems. This achievement positions Illinois as a Midwestern leader in DER capacity. The milestone comprises 1,582 commercial systems, 118 community solar farms, 23 industrial, and two utility-scale projects.

ComEd has facilitated 114% annual growth in DER for residential customers and 25% for commercial and industrial sectors over the past five years. Community solar initiatives have surged by over 4,000% since 2019. This year alone, ComEd processed 8,273 new interconnection applications and completed 5,073 systems, totaling 95.76 MW of capacity.

ComEd projects DER capacity will exceed 3,600 MW by 2030, enough to power about 120,000 homes annually. Various rebate programs are available to support this growth, offering up to $300 per kilowatt for eligible facilities. These efforts align with ComEd's vision for a carbon-free energy future by 2030.

ComEd is ready to ensure safe and reliable electric service amid a forecast of multiple 90°F-plus days in Chicago. The company provides tips to help customers manage energy use, which are part of the ComEd Energy Efficiency Program, one of the largest in the nation. Tips include clearing cooling vents, using window coverings to block heat, operating thermostats efficiently, and using fans for cooling. ComEd reassures that crews and equipment are on standby to address weather-related outages swiftly. ComEd, a unit of Exelon (NASDAQ: EXC), serves over 4 million customers in northern Illinois.

Toyota Motor North America and Pepco are collaborating on vehicle-to-grid (V2G) research in Maryland using the Toyota bZ4X. This project aims to explore bidirectional power flow technology, allowing BEV owners to charge their vehicles and send power back to the local energy grid. Benefits include improved energy reliability, integration of renewables, and potential electricity cost reductions. Maryland, targeting 300,000 EVs by 2025, recently passed the DRIVE Act, requiring utilities to develop interconnection processes for bidirectional chargers. The research will occur at Pepco's Watershed Sustainability Center. Toyota plans to expand its BEV offerings to 30 models globally by 2030.