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Exelon's (EXC) Unit ComEd Launches EV Adoption Programs
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Exelon Corporation’s (EXC - Free Report) unit ComEd, in partnership with the regional and municipal leaders, launched a new Electric Vehicle (EV) Charging Delivery Rate option, which entails adopting an expanded network of EV charging infrastructure across Illinois. This should bolster Exelon’s footprint in the expanding EV market of the state.
EV Adoption Programs
With the rise in the number of EVs, the demand for charging infrastructure increases. Exelon’s EV Charging Delivery Rate option will actively offer a cost-effective alternative to demand-based delivery rates to all nonresidential customers with EV charging.
ComEd and Metropolitan Mayors Caucus also announced that they will continue to invest in the EV Readiness program to assist local governments in meeting the growing EV demand.
Exelon’s Prospects in U.S. EV Charging Market
Per the Grand View Research report, the U.S. EV charging infrastructure market was valued at $3.15 billion in 2022. It is expected to witness a compound annual growth rate of 29.1% during 2023-2030.
ComEd aims to spend $231 million over 2023-2025 to help its customers benefit from electricity and other electrified technologies. This plan includes rebates, fleet electrification, programs to educate customers and pilot programs to study electrification benefits. ComEd significantly contributes to the state’s goal of putting 1 million EVs on Illinois roads by 2030.
Peer Moves
To reap the benefits of the growing U.S. EV charging market, utilities such as Entergy Corp. (ETR - Free Report) , American Electric Power (AEP - Free Report) and Duke Energy (DUK - Free Report) have also been expanding their footprint in the EV market.
Entergy’s Electric Technology Program provides incentives to purchase EVs and charging infrastructure. The EV program provides information on choices, economic considerations and the benefits of the same. In August 2023, Entergy New Orleans and Sagewell, Inc. joined forces to incentivize EV owners to charge their vehicles during preset off-peak hours through the Bring Your Own Charger program.
ETR’s long-term (three- to five-year) earnings growth rate is pegged at 5.7%. The Zacks Consensus Estimate for its 2023 earnings per share (EPS) indicates an increase of 4.2% over 2022’s reported figure.
American Electric Power aims to electrify 40% of its on-road fleet and 50% of the forklifts by 2030. Many of AEP’s companies have taken the initiative to provide rebates to its EV customers. In 2022, AEP Ohio installed more than 350 EV stations across its service territory.
AEP’s long-term earnings growth rate is 5.6%. The Zacks Consensus Estimate for its 2023 sales indicates an increase of 3.2% over 2022’s reported figure.
Duke Energy aims to convert all of its 4,000 light-duty vehicles and 50% of its 6,000 medium-duty, heavy-duty and off-road vehicles to EVs, plug-in hybrids or other zero-carbon alternatives by 2030. Its Workplace Charging Program, an initiative to increase employee EV adoption, will install numerous chargers in the next five years.
DUK’s long-term earnings growth rate is pegged at 6.1%. The Zacks Consensus Estimate for its 2023 sales indicates an increase of 1% over 2022’s reported figure.
Price Performance
Over the past six months, shares of EXC have lost 2.3% compared with the industry’s decline of 4.4%.
Image: Bigstock
Exelon's (EXC) Unit ComEd Launches EV Adoption Programs
Exelon Corporation’s (EXC - Free Report) unit ComEd, in partnership with the regional and municipal leaders, launched a new Electric Vehicle (EV) Charging Delivery Rate option, which entails adopting an expanded network of EV charging infrastructure across Illinois. This should bolster Exelon’s footprint in the expanding EV market of the state.
EV Adoption Programs
With the rise in the number of EVs, the demand for charging infrastructure increases. Exelon’s EV Charging Delivery Rate option will actively offer a cost-effective alternative to demand-based delivery rates to all nonresidential customers with EV charging.
ComEd and Metropolitan Mayors Caucus also announced that they will continue to invest in the EV Readiness program to assist local governments in meeting the growing EV demand.
Exelon’s Prospects in U.S. EV Charging Market
Per the Grand View Research report, the U.S. EV charging infrastructure market was valued at $3.15 billion in 2022. It is expected to witness a compound annual growth rate of 29.1% during 2023-2030.
ComEd aims to spend $231 million over 2023-2025 to help its customers benefit from electricity and other electrified technologies. This plan includes rebates, fleet electrification, programs to educate customers and pilot programs to study electrification benefits. ComEd significantly contributes to the state’s goal of putting 1 million EVs on Illinois roads by 2030.
Peer Moves
To reap the benefits of the growing U.S. EV charging market, utilities such as Entergy Corp. (ETR - Free Report) , American Electric Power (AEP - Free Report) and Duke Energy (DUK - Free Report) have also been expanding their footprint in the EV market.
Entergy’s Electric Technology Program provides incentives to purchase EVs and charging infrastructure. The EV program provides information on choices, economic considerations and the benefits of the same. In August 2023, Entergy New Orleans and Sagewell, Inc. joined forces to incentivize EV owners to charge their vehicles during preset off-peak hours through the Bring Your Own Charger program.
ETR’s long-term (three- to five-year) earnings growth rate is pegged at 5.7%. The Zacks Consensus Estimate for its 2023 earnings per share (EPS) indicates an increase of 4.2% over 2022’s reported figure.
American Electric Power aims to electrify 40% of its on-road fleet and 50% of the forklifts by 2030. Many of AEP’s companies have taken the initiative to provide rebates to its EV customers. In 2022, AEP Ohio installed more than 350 EV stations across its service territory.
AEP’s long-term earnings growth rate is 5.6%. The Zacks Consensus Estimate for its 2023 sales indicates an increase of 3.2% over 2022’s reported figure.
Duke Energy aims to convert all of its 4,000 light-duty vehicles and 50% of its 6,000 medium-duty, heavy-duty and off-road vehicles to EVs, plug-in hybrids or other zero-carbon alternatives by 2030. Its Workplace Charging Program, an initiative to increase employee EV adoption, will install numerous chargers in the next five years.
DUK’s long-term earnings growth rate is pegged at 6.1%. The Zacks Consensus Estimate for its 2023 sales indicates an increase of 1% over 2022’s reported figure.
Price Performance
Over the past six months, shares of EXC have lost 2.3% compared with the industry’s decline of 4.4%.
Image Source: Zacks Investment Research
Zacks Rank
Exelon currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.