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'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.
ComEd and local gas companies will provide free energy-efficiency upgrades to nearly 50 low-income homes in Cook County, funded by over $715,000 in grants from the Federal Home Loan Bank of Chicago. The grants will enable improvements that address health and safety issues while enhancing energy efficiency, supporting households earning at or below 60% of the Area Median Income. The projects are set to begin in 2023 and be completed within 36 months, aiming to save families on utility bills and contribute to environmental sustainability efforts.
Exelon (Nasdaq: EXC) has been awarded the Chairman’s Award by the Center for Energy Workforce Development for its exceptional leadership in workforce development, focusing on diversity, equity, and innovation. The company operates over 75 workforce programs, helping more than 1,300 individuals secure family-supporting jobs since 2019. This year, Exelon plans to invest approximately $14 million in these initiatives. ComEd, Exelon's energy delivery subsidiary, also received a Community Partnership Award for its collaboration in expanding the talent pipeline through skill training programs.