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Exelon's (EXC) ComEd, Millennium Garages to Add 300 EV Chargers
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Exelon Corporation’s (EXC - Free Report) unit ComEd, in partnership with Millennium Garages, announced its plan to install up to 300 total electric vehicle (EV) chargers at the downtown Chicago parking complex by 2026, out of which 100 have already been installed.
Benefits of the Partnership
With the rise in the number of EVs, the demand for charging infrastructure increases. ComEd’s partnership with Millennium Garages will expand charging infrastructure and support State’s goal of opening Illinois’ roads to 1 million EVs by 2030.
Millennium Garages is home to the Midwest’s largest public EV charging hub. The four underground facilities include more than 9,000 parking spaces. The 100 level-2 EV chargers can charge an EV from zero to 80% in a few hours. The garages have a variety of charging options for customers, like EVPassport, ChargePoint, FlashParking etc., with all charging to be powered by renewable wind energy.
Exelon’s Prospects in U.S. EV Charging Market
Per the Mordon Intelligence’s report, the U.S. EV charging equipment market is estimated to be valued at $4.2 billion by the end of 2023. It is expected to witness a compound annual growth rate of 22.8%, reaching $11.73 billion by the end of 2028. Currently, northern Illinois has 70,000 EVs, nearly 23,000 of which are registered in Cook County.
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.
In August 2023, ComEd announced a partnership with the regional and municipal leaders to launch a new EV Charging Delivery Rate option, which entails adopting an expanded network of EV charging infrastructure across Illinois.
Peer Moves
To reap the benefits of the growing U.S. EV charging market, utilities such as Duke Energy (DUK - Free Report) , Entergy Corp. (ETR - Free Report) and American Electric Power (AEP - Free Report) have also been expanding their footprint in the EV market.
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. In August 2023, Duke Energy teamed up with General Motors, Ford Motor Company and BMW of North America to roll out a flat fee residential charging subscription pilot.
DUK’s long-term (three- to five-year) earnings growth rate is pegged at 6.1%. The Zacks Consensus Estimate for its 2023 sales indicates an increase of 1.3% over 2022’s reported figure.
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 September 2023, Entergy partnered with First Student, the largest school transportation company in North America, to pilot the first vehicle-to-grid project inside its service territory.
ETR’s long-term earnings growth rate is pegged at 5.7%. The Zacks Consensus Estimate for its 2023 earnings per share (EPS) indicates an increase of 4.5% 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 1.7% over 2022’s reported figure.
Price Performance
Over the past year, shares of EXC have lost 4.3% compared with the industry’s decline of 17.3%.
Image: Bigstock
Exelon's (EXC) ComEd, Millennium Garages to Add 300 EV Chargers
Exelon Corporation’s (EXC - Free Report) unit ComEd, in partnership with Millennium Garages, announced its plan to install up to 300 total electric vehicle (EV) chargers at the downtown Chicago parking complex by 2026, out of which 100 have already been installed.
Benefits of the Partnership
With the rise in the number of EVs, the demand for charging infrastructure increases. ComEd’s partnership with Millennium Garages will expand charging infrastructure and support State’s goal of opening Illinois’ roads to 1 million EVs by 2030.
Millennium Garages is home to the Midwest’s largest public EV charging hub. The four underground facilities include more than 9,000 parking spaces. The 100 level-2 EV chargers can charge an EV from zero to 80% in a few hours. The garages have a variety of charging options for customers, like EVPassport, ChargePoint, FlashParking etc., with all charging to be powered by renewable wind energy.
Exelon’s Prospects in U.S. EV Charging Market
Per the Mordon Intelligence’s report, the U.S. EV charging equipment market is estimated to be valued at $4.2 billion by the end of 2023. It is expected to witness a compound annual growth rate of 22.8%, reaching $11.73 billion by the end of 2028. Currently, northern Illinois has 70,000 EVs, nearly 23,000 of which are registered in Cook County.
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.
In August 2023, ComEd announced a partnership with the regional and municipal leaders to launch a new EV Charging Delivery Rate option, which entails adopting an expanded network of EV charging infrastructure across Illinois.
Peer Moves
To reap the benefits of the growing U.S. EV charging market, utilities such as Duke Energy (DUK - Free Report) , Entergy Corp. (ETR - Free Report) and American Electric Power (AEP - Free Report) have also been expanding their footprint in the EV market.
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. In August 2023, Duke Energy teamed up with General Motors, Ford Motor Company and BMW of North America to roll out a flat fee residential charging subscription pilot.
DUK’s long-term (three- to five-year) earnings growth rate is pegged at 6.1%. The Zacks Consensus Estimate for its 2023 sales indicates an increase of 1.3% over 2022’s reported figure.
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 September 2023, Entergy partnered with First Student, the largest school transportation company in North America, to pilot the first vehicle-to-grid project inside its service territory.
ETR’s long-term earnings growth rate is pegged at 5.7%. The Zacks Consensus Estimate for its 2023 earnings per share (EPS) indicates an increase of 4.5% 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 1.7% over 2022’s reported figure.
Price Performance
Over the past year, shares of EXC have lost 4.3% compared with the industry’s decline of 17.3%.
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.