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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 is showcasing electric vehicles (EVs) at the Chicago Auto Show from Feb. 11-20. The Chicago Drives Electric Track allows attendees to test drive models from brands like BMW, Cadillac, and Nissan, aimed at facilitating the transition to clean transportation. ComEd's commitment includes supporting the state's goal of 1.8 million EVs by 2030 and providing an EV Toolkit that features cost-saving calculators and information on incentives. The initiative aligns with Illinois' Climate and Equitable Jobs Act, aiming for 100% clean energy and 1 million EVs by 2030. The American Lung Association estimates significant savings of $3.2 billion from EV adoption by 2050.
ComEd and Summit Ridge Energy (SRE) have launched the 75th community solar project, the Speedway Solar project in Joliet, Illinois. This 2.495 MW project will serve over 350 customers, providing access to renewable energy and cost savings on energy bills. Featuring over 2,300 solar panels on 31 acres, it aims to assist customers without roof space for solar installation. ComEd plans to double its community solar projects by year-end, serving around 36,000 customers and increasing solar capacity from 650 MW to approximately 3,300 MW by 2030, leveraging a growing trend in solar applications.
ComEd and the City of Chicago have forged two significant agreements—the Energy and Equity Agreement and a new franchise agreement—to support Chicago’s Climate Action Plan. These agreements aim to enhance access to cleaner energy, workforce development, and the promotion of clean transportation.
ComEd will invest $120 million in clean energy initiatives and train over 10,000 residents for careers in the energy sector. A $32.5 million Clean Energy Training Hub will be established, while investments in energy efficiency are expected to save families up to $941 annually. The agreements are pending approval from relevant authorities.
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Quaker Houghton (NYSE: KWR) has partnered with Constellation to purchase Renewable Energy Certificates (RECs) that will cover approximately 50% of its U.S. electricity needs. This initiative is part of Quaker Houghton's commitment to sustainability and achieving its greenhouse gas emissions targets by 2030. The RECs are certified by Green-e® Energy and sourced from renewable energy generators in the contiguous U.S. The company's CEO, Andy Tometich, emphasized the importance of sustainability in Quaker Houghton's long-term strategy, while Constellation supports its clients' sustainability goals.
CHICAGO--(BUSINESS WIRE)--ComEd has achieved record reliability for its customers in 2022, improving overall grid reliability by over 80% since 2011 and avoiding more than 19 million outages, resulting in savings exceeding $3.3 billion. Approximately 85% of customers experienced minimal service interruptions. The company is investing in infrastructure to support the expansion of renewable energy and meet increasing electrification demands. Additionally, ComEd's efforts support the Climate and Equitable Jobs Act goals, fostering economic growth with 28 commercial projects and creating 6,800 jobs, while promoting sustainability in northern Illinois.
ComEd has launched the 2023 Powering Communities Grants Program for municipal and community organizations in northern Illinois. The program offers grants up to $10,000 for initiatives that enhance environmental, safety, and arts programs. Organizations can apply through March 24, 2023. The grants, part of ComEd's commitment to community investment, have distributed over $4 million since inception, funding various local projects. The program includes three grant categories: Green Region, Powering Safe Communities, and Powering the Arts, encouraging collaborative efforts for regional improvements.
ComEd has received two Inspiring Efficiency Awards from the Midwest Energy Efficiency Alliance (MEEA) for its initiatives aimed at promoting energy efficiency. The Innovation Award recognizes its Multi-Family Energy Savings program, which helps both tenants and property owners in multi-family buildings reduce energy costs. The Education Award acknowledges the Energy Efficiency Service Provider Incubator program, which has supported local diverse contractors since 2019. Collectively, these efforts have saved northern Illinois families and businesses over $7.6 billion in energy bills since 2008.
The Jobs & Equitable Energy Transition Study, published by BW Research and commissioned by ComEd, highlights the potential employment effects of Illinois's transition to a decarbonized energy economy.
Key findings indicate that by 2030, higher-paying 'tier 1 jobs' are expected to grow by at least 9%, with a total increase of 15,000 jobs by 2030 under a business-as-usual scenario. A more aggressive decarbonization scenario anticipates a net increase of 41,000 jobs by 2030 and 151,000 jobs by 2050.
Exelon (Nasdaq: EXC) has appointed Jane S. Park as the new senior vice president of Federal Governmental and Regulatory Affairs and Public Policy. In her role, Park will direct Exelon's federal policy strategies and oversee interactions with federal regulators, including the Federal Energy Regulatory Commission and the Environmental Protection Agency. She previously led Exelon's Business Investments organization, focusing on clean energy initiatives and grid modernization. Park's extensive background in customer operations and technology investments aims to advance Exelon's commitment to energy transformation.