Chicago, IL-based Exelon Corporation completed the previously announced separation of the power generation and competitive energy business, namely Constellation Energy Corp., into a separate entity, which will trade under the symbol “CEG”. Exelon retained the transmission and distribution utility business, which will continue to be called Exelon and trade under the symbol “EXC”. The separation was completed on Feb 1, 2022.
Post separation, Exelon is focused on solely on transmission and distribution operations. Exelon will be serving more than 10 million customers through seven fully-regulated transmission and distribution utilities — Atlantic City Electric Company (ACE), Baltimore Gas and Electric Company (BGE), Commonwealth Edison Company (ComEd), Pepco Holdings LLC (PHI), Delmarva Power & Light Company (DPL), PECO Energy Company (PECO) and Potomac Electric Power Company (Pepco).
ComEd, BGE, Pepco, DPL Maryland and ACE have electric distribution decoupling mechanisms and BGE has a natural gas decoupling mechanism that eliminate favorable and unfavorable impacts of weather and customer usage patterns on electric distribution and natural gas delivery volumes. As a result, ComEd's, BGE's, Pepco's, DPL Maryland's and ACE's electric distribution revenues and BGE's natural gas distribution revenues are not materially impacted by a decrease in delivery volumes due to weather and customer usage
However, PECO's and DPL Delaware's electric distribution revenues and natural gas distribution revenues are impacted by delivery volumes as these companies do not have decoupling mechanisms.
Exelon seeks to utilize its scale and expertise across the utilities platform through enhanced standardization, sharing of resources and best practices to achieve improved operational and financial results.
In August 2021, Exelon announced a Path to Clean goal to collectively reduce its operations-driven GHG emissions 100% by 2050 against a 2015 baseline, while supporting customers in achieving their GHG reduction goals. Exelon continues to make systematic capital expenditures over the long term to further strengthen its Transmission & Distribution network.
Revenues of Exelon for 2023 were $21.7B, up 13.6% from the previous year’s $19.1 B.