Exelon - EXC STOCK NEWS

ComEd has submitted a plan to the Illinois Commerce Commission to support beneficial electrification, committing $100 million annually for three years. The plan aims to promote the adoption of electric vehicles (EVs), reduce upfront costs, and improve charging infrastructure. This initiative aligns with the Climate and Equitable Jobs Act's goal of having 1 million EVs in Illinois by 2030. Expected benefits include reducing carbon emissions by 900,000 metric tons and improving air quality, particularly in disadvantaged communities.

ComEd has partnered with the City Colleges of Chicago (CCC) to launch the Overhead Electrical Line Worker (OELW) training program, aimed at preparing job seekers for entry-level positions in the electrical industry. This program, running from September 12, 2022, to March 30, 2023, at Dawson Technical Institute, offers scholarships and the chance to secure well-paying jobs with starting wages of nearly $29/hour. ComEd plans to hire an additional 500 entry-level workers in the next three years to meet clean energy demands. Over 60% of OELW graduates have been employed by ComEd since the program's inception.

Cleartrace has secured a $20 million financing round led by ClearSky, with investments from Brookfield Renewable, EDF Energy North America, Tenaska, and Exelon. This funding supports the growth of its carbon and energy management platform, which delivers hourly energy and carbon data to aid companies in achieving decarbonization goals. The company is already collaborating with notable clients such as Iron Mountain and JPMorgan Chase. The investment will also provide the participating firms with board representation, enhancing strategic direction.

ComEd is constructing a new 138-kilovolt substation at the U.S. Department of Energy’s Argonne National Laboratory to support their world-class research facilities. This substation is the third on the Argonne campus, enhancing energy reliability for critical projects such as the upcoming Aurora exascale supercomputer. Over the past year, ComEd has achieved record service reliability, avoiding over 17 million customer interruptions and saving customers more than $3.1 billion in outages. The partnership aims to transition to a net-zero future.

ComEd’s partnership with the Illinois Department of Commerce has provided over $13 million in home retrofit services to more than 2,000 single-family homeowners in northern Illinois since 2018. Eligible homeowners saved an average of over $800 annually in energy costs. Projects include energy-efficient upgrades like insulation and HVAC repairs. ComEd's initiatives have resulted in nearly 7,000 MWh of electricity savings and reduced carbon emissions comparable to removing 600 cars from the road.

ComEd has made significant strides in its commitment to pollinator habitat conservation, reaching a milestone of nearly 4,000 acres of land designated as pollinator habitats. This initiative is part of a broader pledge to conserve over 11,700 acres by 2025, aimed at supporting the endangered monarch butterfly. The announcement aligns with National Pollinator Week, highlighting the importance of pollinators in ecosystems. ComEd's efforts include planting over 2 million milkweed seeds and hosting honeybees, contributing to broader environmental goals and enhancing biodiversity in the Chicago area.

Constellation CEO Joe Dominguez emphasized the vital role of nuclear energy in achieving a clean-energy economy during a keynote at the Nuclear Energy Assembly. He argued that enhancing the nuclear fleet is crucial for tackling the climate crisis and ensuring energy security. Constellation plans to produce 95% carbon-free electricity by 2030 and aims for 100% by 2040. The company is exploring technologies like hydrogen production and direct air capture, supported by DOE grants, to further reduce emissions and foster sustainable fuel solutions.

ComEd has launched three studies aimed at addressing technical and community challenges related to the clean energy transition mandated by the Climate and Equitable Jobs Act (CEJA). These studies focus on decarbonization pathways, disadvantaged communities, and the impact on jobs. Partnering with various research teams, ComEd aims to explore achieving net-zero emissions by 2050, improve access to clean energy services for underrepresented groups, and identify job opportunities in the clean energy sector. The studies will conclude by fall 2022, supporting ComEd's investment plans for a sustainable energy future.

With temperatures in northern Illinois expected to reach the mid- to upper 90s, ComEd encourages customers to manage their energy use and save on electric bills. Tips include keeping windows closed to block heat, adjusting thermostat settings for efficiency, and utilizing fans to cool homes. ComEd offers assistance through its Energy Doctors for personalized energy-saving advice.

ComEd, a unit of Exelon Corporation (NASDAQ: EXC), services over 4 million customers in Illinois, representing 70% of the state's population.