Exelon Corporation (EXC) reports developments across a regulated electric and gas utility portfolio anchored by Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco. Recurring company news covers utility earnings drivers, approved distribution and transmission rates, grid investment recovery, dividend declarations and customer-affordability initiatives under The Exelon Promise.
Coverage also reflects ComEd energy efficiency programs in northern Illinois, small-business and low-income customer incentives, Illinois Commerce Commission reconciliation filings, and federal policy matters involving FERC and the PJM regional electric grid. These updates connect Exelon's transmission and distribution operations with customer costs, reliability planning and regulated rate mechanisms.
ComEd and Compass Datacenters have launched a major data center project at the former Sears Headquarters in Hoffman Estates, Illinois. This project represents a $10 billion investment, aiming to meet the region’s growing digital needs and revitalize the area. The development will feature five hyperscale data centers and create around 1,000 jobs during its multi-year construction period starting this year. ComEd will provide infrastructure enhancements, including a new onsite substation set to be operational by mid-2026. The project emphasizes sustainable practices, utilizing technologies like CarbonCure and water-free cooling. Compass CEO Chris Crosby highlighted the company’s methodical approach to sustainable building. The initiative is expected to bolster the local economy and support the region’s digital infrastructure growth.
Exelon (Nasdaq: EXC) has invested nearly $10 million in nine local businesses in Baltimore, Chicago, Washington D.C., and Philadelphia as part of its Community Impact Capital Fund (CICF) initiative. Launched in 2022 with the Exelon Foundation, the $36 million CICF aims to support economic growth and entrepreneurship in under-resourced communities. Notable investments include Sweeten ($1M), Gemini Energy Solutions ($1M), and Crosstown Fiber ($2M). The fund is managed by RockCreek, and businesses facing financing challenges are encouraged to apply.
ComEd is reminding customers about various programs available to help manage and reduce electric bills as summer temperatures rise. These programs include the Low-Income Home Energy Assistance Program (LIHEAP), payment arrangements, due date extensions, budget billing, and deposit/late-payment charge waivers. Customers can also use the Smart Assistance Manager (SAM) tool for personalized assistance. Additionally, ComEd offers high-usage alerts, energy-management tips, and the Catch Up and Save program, which provides bill credits and energy-saving kits. The Fresh Start Services and Credit Empowerment initiatives offer personalized support for bill management and credit improvement. Since 2008, ComEd's energy efficiency program has saved customers $9 billion on energy bills and 82 million megawatt-hours of electricity. ComEd, a unit of Exelon (NASDAQ: EXC), serves over 4 million customers in northern Illinois.
ComEd and HIRE360 celebrated the graduation of 16 local residents from the Take Charge: EV Pre-Apprenticeship program in Chicago. Launched last year, this program prepares residents for entry-level trades roles in the growing EV industry in Illinois. The eight-week training included technical and soft skills, industry certifications, and networking opportunities with ComEd and CTA. This initiative aligns with Illinois' goal of adding one million EVs by 2030 and creating 150,000 new clean energy jobs by 2050. The program prioritizes diverse candidates, with this year's class including 15 individuals of color and four women.
ComEd has launched the Market Development Initiative (MDI) to provide training and support services for local, diverse service providers and entrepreneurs in northern Illinois. The initiative aims to help individuals, both new and experienced in the energy-efficiency industry, compete for job opportunities in this growing sector. MDI aligns with Illinois' Climate and Equitable Jobs Act (CEJA), promoting clean energy technologies to lower carbon emissions. ComEd projects a net increase of over 150,000 jobs by 2050 due to the transition to clean energy. The initiative includes workforce training programs, resources for diverse vendors, and tools for energy efficiency service providers.
The next training sessions are scheduled for August 19, 2024, for newcomers and October 14, 2024, for experienced individuals. MDI also offers support for local businesses in obtaining certification and navigating the procurement process, with applications now open at ComEd.com/MDI. This program aims to foster community involvement and create meaningful career opportunities in the energy efficiency field.
ComEd has completed one of the nation's first neighborhood-scale community microgrids in Bronzeville, Chicago. The Bronzeville Community Microgrid (BCM) will integrate renewable energy and battery storage to boost power resiliency for about 1,000 customers. The project, partly funded by DOE grants, features 750 kW of solar photovoltaic energy and 500 kW/2 MWh of battery storage. It will link with the Illinois Institute of Technology's microgrid in 2025 to form a resilient cluster. Key infrastructure, including Chicago Police headquarters, will benefit from this enhanced grid stability. The project aligns with Illinois's clean energy goals and involves local community engagement and educational initiatives.
Hilco Redevelopment Partners (HRP) announced that its founder and CEO, Roberto E. Perez, has been appointed to the board of directors for PECO, Pennsylvania's largest electric and natural gas distribution company.
Perez's extensive background in land development and energy infrastructure is expected to enhance PECO's strategic objectives. His notable projects include the transformation of 1300 acres in South Philadelphia into The Bellwether District, and other major redevelopments in Baltimore, Boston, and Alexandria, Virginia.
PECO's leadership expressed confidence that Perez's experience will contribute to their goal of providing sustainable and efficient energy solutions.
Perez will leverage his expertise to support PECO's mission of fostering community, environmental, and economic growth throughout Philadelphia and Pennsylvania.
Delmarva Power, in collaboration with Junior Achievement of Delaware, hosted a Job Shadow event on May 17, 2024, in Northampton, MA. The event offered 11th and 12th graders insights into various roles within the company, from operations to regulatory and customer service. Students engaged in safety presentations, environmental demonstrations, and a mock gas leak scenario, emphasizing the importance of safety in the utility industry. Senior Project Manager Vonetta Carter highlighted the value of the program in exposing students to diverse career paths within Exelon. Delmarva Power has partnered with Junior Achievement for over a decade, aiming to foster financial literacy, entrepreneurial skills, and knowledge of the energy industry among local children.
ComEd reported a 72% improvement in reliability for the first four months of 2024, compared to the same period in 2023. This improvement includes a 13% reduction in power outages and a significant decrease in outage duration.
Enhanced performance can be attributed to ongoing grid modernization efforts, including storm hardening, vegetation management, and cable replacement, all aimed at building resiliency.
ComEd's reliability gains have positively impacted northern Illinois, helping avoid 21.7 million outages and saving customers over $3.8 billion since 2012.
These advancements have made Illinois attractive for businesses, resulting in 15 new commercial projects and $8.6 billion in local investments. ComEd is also committed to clean energy, meeting 96% of customer energy needs with decarbonized sources and aiming for 100% under the Climate and Equitable Jobs Act.
On May 15, 2024, Delmarva Power supported Arbor Day celebrations in Ocean City, MD, by organizing a tree-planting event at Ocean City Elementary School. Students, joined by Mayor Meehan and the City Council, planted 150 Rosebud Trees as part of the TreeMendous Program by the Ocean City Beautification Committee. This initiative underscores Delmarva Power's commitment to energy savings, environmental sustainability, and community beautification.