Exelon Stock Price, News & Analysis

ComEd has filed a multi-year grid and rate plan with the Illinois Commerce Commission to bolster infrastructure and promote clean energy under the Climate and Equitable Jobs Act. This initiative aims to enhance grid reliability for 9 million customers in northern Illinois, adapting to climate change’s impact. The rate plan includes a projected increase in the average monthly residential bill by $4.25 from 2024 to 2027, totaling an increase of $17. Key investments focus on improving service reliability and supporting the clean energy transition, potentially creating over 41,000 jobs by 2030. ComEd’s average monthly bill remains among the lowest in the nation, emphasizing commitment to affordability and equity.

ComEd's multi-year grid and rate plans have garnered widespread support from municipal, business, and community leaders across northern Illinois. Key figures, including Joe Duffy from Climate Jobs Illinois and Jack Lavin of the Chicagoland Chamber of Commerce, emphasized the plan's role in promoting clean energy, economic competitiveness, and grid resilience. The grid plan aims to enhance infrastructure to meet growing electrification needs and support the state's goal of one million electric vehicles by 2030. Leaders from various sectors express optimism that these initiatives will create jobs and foster long-term economic growth.

The recent study by BW Research, commissioned by ComEd, highlights that Illinois could see a net increase of over 150,000 jobs by 2050 due to the clean energy transition. The report outlines two scenarios: one projects a net gain of 15,000 jobs by 2030 with current policies, while the other predicts 41,000 jobs under enhanced decarbonization efforts. Additionally, the research indicates improvements in job quality, with high-paying positions expected to rise by 17% under the latter scenario.

ComEd has received two prestigious awards from the Edison Electric Institute (EEI) for its exceptional emergency response efforts following Hurricane Ian and severe thunderstorms in 2022. The Emergency Assistance Award recognized ComEd's support for utilities affected by Hurricane Ian, deploying 320 employees and offering over 50,000 hours of assistance. The Emergency Recovery Award praised ComEd's quick restoration efforts, where 50% of affected customers regained power within two hours after severe thunderstorms, benefiting 195,000 customers. These accolades underscore ComEd's commitment to enhancing power grid resilience and community support.

ComEd has unveiled its ComEd 2030 vision to enhance a low-carbon energy future in northern Illinois. This plan aims to meet evolving customer needs while aligning with the Climate and Equitable Jobs Act to decarbonize by 2045. Key priorities include delivering 100% carbon-free power, increasing reliability, and improving affordability. The company targets supporting 1.8 million electric vehicles and providing $1 billion in energy assistance by 2030. Performance improvements over the past decade underline ComEd's commitment to customer satisfaction and infrastructure resilience.

ComEd has announced enhanced customer-assistance options to support families amid economic hardships. The new offerings, launched at a Community Resource Fair on January 7, include 'Catch Up and Save,' 'Fresh Start Services,' and 'Your Neighbor Fund.' These initiatives aim to help customers manage their bills and improve energy efficiency. ComEd's efforts are informed by a study conducted by ILLUME Advising and IEc, focusing on addressing barriers faced by disadvantaged communities. Customers can access these options online or through community events.

Calvin Butler has taken on the role of president and CEO of Exelon, effective immediately, succeeding Chris Crane. Previously the COO, Butler has a history with Exelon, serving as CEO of Exelon Utilities since 2019. Exelon, the largest energy delivery company in the U.S., serves over 10 million customers across multiple states. Butler aims to lead the company towards a clean energy future while enhancing infrastructure and community engagement. He is also a board member of RLI Corp. and has held various leadership roles in the energy sector.

Exelon Corporation (Nasdaq: EXC) has extended the expiration date for its exchange offers for outstanding unregistered notes until January 6, 2023. Originally set to expire on December 23, 2022, the extension aims to facilitate the exchange of remaining unregistered notes. As of the initial deadline, significant tender amounts were noted, including $645,670,000 tendered from $650,000,000 of 2.750% Notes due 2027, and $649,950,000 from $650,000,000 of 3.350% Notes due 2032. All other terms of the offers remain unchanged.

The independent study by E3 reveals pathways for Illinois to achieve full decarbonization by 2050, aligned with the U.S. Climate Alliance commitment and supported by the Climate and Equitable Jobs Act (CEJA) and the Inflation Reduction Act (IRA). The report emphasizes that, despite progress, additional action in the transportation and buildings sectors is essential. Key findings indicate a need for increased renewable energy generation, doubling of the existing grid size, and prioritization of disadvantaged communities for financial assistance. The study provides guidance for ComEd to ensure affordable and equitable energy transitions.