Welcome to our dedicated page for Exelon news (Ticker: EXC), a resource for investors and traders seeking the latest updates and insights on Exelon stock.
Exelon Corporation (EXC) generates a steady flow of news as a Fortune 200 utility company and one of the nation’s largest providers of regulated transmission and distribution services. Through its six operating utilities—Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco—Exelon issues updates on customer programs, grid investments, financing activities and regulatory developments that affect more than 10.7 million customers.
News about EXC often covers customer affordability initiatives and assistance programs. Recent announcements include Exelon’s Customer Relief Fund, which has provided $60 million in direct customer assistance over the past year, and an additional $10 million contribution to support customers as winter weather increases energy use. ComEd has also highlighted the launch of a Low-Income Discount program designed to provide percentage-based bill reductions for income-eligible customers, as well as other bill-support and energy efficiency efforts.
Investors and observers can also find coverage of Exelon’s grid and transmission projects. ComEd has reported on new Transmission Security Agreements with large load customers to ensure they pay their fair share of transmission costs, as well as the expansion of the Wilton Center substation to enable the interconnection of multiple wind and solar farms. Exelon has additionally been identified with NextEra Energy Transmission in a proposed 765-kV transmission line project under PJM’s Regional Transmission Expansion Plan.
Other EXC news items include executive leadership changes, such as the appointment of a chief customer and technology officer, and capital markets activity, including the offering and pricing of convertible senior notes due 2029. The Exelon news page on Stock Titan aggregates these updates so readers can follow themes such as customer affordability, infrastructure investment, regulatory disclosures and financing decisions related to EXC.
ComEd has restored power to over 70,000 customers after severe thunderstorms and tornadoes affected northern Illinois on April 1, 2023. The storms caused outages for approximately 94,000 customers, with 23,000 still without power as of 8:00 AM on April 1. ComEd expects to restore power to 80% of affected customers by the end of the day, with most restored by April 2. High winds up to 45 mph may cause further outages. The company has invested in upgrades that have reduced outages by 19 million since 2011 and expects to enhance reliability further.
ComEd is supporting customers facing financial difficulties by offering various bill-assistance programs. These include the Low-Income Home Energy Assistance Program (LIHEAP), Supplemental Arrearage Reduction Program (SARP), and Your Neighbor Fund. ComEd encourages customers to explore options to manage their electric bills effectively. The Home Energy Savings assessment helps customers save over $125 annually on utility bills. The program has led to significant energy savings, contributing to carbon emissions reduction equivalent to removing nearly 11,000 cars from the road.
ComEd's Energy Efficiency Program has helped over 630,000 customers save $176 million in 2022 and approximately $7.65 billion since 2008. Recognized by the EPA and DOE, ComEd received the ENERGY STAR® Partner of the Year—Sustained Excellence Award for the 11th consecutive year, highlighting its commitment to energy efficiency and climate change mitigation. The program has contributed to saving over 70 million net megawatt-hours, significantly reducing carbon emissions. ComEd maintains competitive customer rates, averaging $104 per month, which is below the average in top U.S. metropolitan areas.
ComEd has completed the installation of 131,600 Smart LED streetlights across northern Illinois, enhancing public safety and achieving significant environmental benefits. This upgrade will save over 79 gigawatt-hours of energy annually, equivalent to eliminating more than 67 million pounds of carbon emissions. The investment of $75 million is projected to generate $2.6 million in annual operational savings. These new streetlights consume one-third less electricity and provide longer lifespan compared to previous models. ComEd's energy efficiency program has resulted in over $7 billion in savings for customers since 2008, ensuring reliability and enhanced performance for municipal services.
ComEd, in collaboration with the Arbor Day Foundation, has announced the donation of 3,125 tree and shrub saplings to customers in northern Illinois ahead of Arbor Day on April 28. This initiative aims to enhance green spaces and improve energy efficiency by strategically planting trees. Since joining the Energy-Saving Trees program in 2015, ComEd has engaged nearly 22,000 homeowners and planted over 31,000 trees, saving over 51 million kilowatt hours of electricity and sequestering more than 34 million pounds of carbon. ComEd is a unit of Exelon Corporation (NASDAQ: EXC), serving over 4 million customers in Illinois.
Constellation CEO Joe Dominguez testified before the Senate Energy and Natural Resources Committee, urging Congress to authorize $3.5 billion for investments in domestic nuclear fuel sources. This action is necessary to mitigate risks to the environment, energy reliability, and national security amid increasing global supply chain disruptions. Dominguez emphasized the U.S.'s dependence on foreign uranium, particularly from Russia, exacerbated by recent global events. He highlighted the bipartisan Nuclear Fuel Security Act, aimed at establishing a secure domestic supply of nuclear fuel, crucial for maintaining U.S. leadership in nuclear energy.
The nation’s first 1 MW demonstration scale, nuclear-powered clean hydrogen production facility is operational at Constellation’s Nine Mile Point Nuclear Plant in Oswego, New York. This facility marks a significant step in clean hydrogen production, utilizing 1.25 MW of zero-carbon energy to produce 560 kg of hydrogen daily. Supported by a $5.8 million DOE award, this initiative is part of a broader strategy to decarbonize industries like aviation and steelmaking. Constellation plans to invest $900 million through 2025 in clean hydrogen projects, collaborating with public and private entities to create hydrogen production hubs nationwide.
ComEd employees have raised over $1.5 million in support of athletes with disabilities through the Chicago Polar Plunge, an annual event showcasing their commitment to community service. This year, ComEd's team, the ComEd Coolers, raised more than $198,000 and aims to surpass $200,000 by the end of the event. Since 2011, nearly 5,000 employees have participated, emphasizing inclusion and support for the Special Olympics. ComEd's initiatives extend beyond sports, with employees volunteering over 20,000 hours and supporting 452 nonprofit organizations in 2022.
ComEd is actively seeking applications for 30 entry-level construction worker positions, available until March 15. This initiative is part of a broader three-year hiring plan aimed at adding 500 positions to support the clean energy transition in Illinois. To date, 194 positions have been filled. The roles offer competitive starting pay of nearly $29 per hour and include substantial benefits. ComEd aims to enhance workforce diversity by encouraging women and people of color to apply. Comprehensive training programs are available, including a paid pre-apprenticeship program that lasts 12-18 months.
ComEd has announced the implementation of remote drone monitoring technology across northern Illinois, enhancing operational efficiency and reducing costs. This marks the first instance where certified pilots can operate drones from any location in the region. Utilizing Skydio Drone Dock technology, the initiative aims to improve equipment inspections, contributing to better grid performance and proactive outage prevention. ComEd's pilots will receive training on the new technology, with further installations planned later in 2023. The initiative aligns with ComEd's commitment to modernizing the electric infrastructure and providing a superior customer experience.