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.
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.
Exelon (Nasdaq: EXC) has achieved a significant milestone by winning five out of 21 Electric Power Research Institute’s (EPRI) 2022 Technology Transfer Awards. These awards recognize innovative projects in the energy sector, demonstrating Exelon's leadership in the transition to a cleaner energy future. The projects range from unmanned aircraft systems for storm damage assessment to automated tools for distribution planning. EPRI praised Exelon's collaborative efforts with various stakeholders to enhance grid reliability and sustainability. This recognition emphasizes Exelon's commitment to developing cutting-edge technologies that deliver meaningful benefits to customers and communities.
ComEd has successfully restored power to about 204,700 customers, representing over 88% of those affected by severe ice storms in northern Illinois. Approximately 231,000 customers experienced outages as a result of the storm, which inflicted significant damage due to ice and high winds. Nearly 2,200 crew members, including 900 from other utilities, are working tirelessly on restoration efforts. Despite substantial progress, around 26,000 customers remain without power, with some outages expected to last until Feb. 25. ComEd's ongoing investments in grid upgrades have significantly improved reliability, preventing over 19 million outages since 2011.
ComEd has restored power to nearly 134,000 customers in northern Illinois following severe ice storms that impacted approximately 216,000 customers. Nearly 1,700 crews are working continuously, with support from 900 additional utility workers. Power restoration is projected to reach 80% by 11 p.m. on February 23, 2023, though some outages may last until late February 25 or early February 26. ComEd emphasized their ongoing investments in grid upgrades, which have helped avoid over 19 million outages since 2011, saving $3.3 billion in costs. The company prioritizes critical services during repairs, reflecting its commitment to customer safety.
Constellation Energy (Nasdaq: CEG) successfully operated its nuclear plants at full capacity during Winter Storm Elliott, crucially preventing rolling blackouts amid the storm that left nearly a quarter of the PJM energy grid offline on Christmas Eve. As PJM faces up to $2 billion in penalties for non-performing generators, Constellation’s facilities underscore the reliability and carbon-free advantages of nuclear energy. The storm highlighted flaws in PJM's capacity performance policies, raising concerns about the future reliability of the grid amidst climate risks. Constellation calls for improved reliability measures to secure energy supply effectively.
ComEd has restored power to over 55,000 customers following severe ice storms that struck northern Illinois, with approximately 100,000 remaining without electricity as of 8 PM. Crews are working around the clock under challenging conditions to restore service. High winds are anticipated to further complicate recovery efforts, extending the restoration timeline to multiple days. ComEd is actively bringing in additional crews from other states to expedite repairs. The company has prioritized restoring power to critical services and has made significant investments in grid upgrades that have improved reliability by over 80% since 2011, avoiding over 19 million outages.
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