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.
Constellation (Nasdaq: CEG) will invest $800 million to enhance output at its Braidwood and Byron nuclear plants in Illinois, increasing capacity by approximately 135 megawatts. This enhancement will provide enough carbon-free energy to power 100,000 homes year-round, akin to removing 171,000 gas vehicles from the road. The projects, expected to boost output by 2026 fully by 2029, will create jobs for thousands and reflect the impact of recent supportive policies like the Inflation Reduction Act. Constellation aims for 100% carbon-free generation by 2040.
ComEd announces the return of its annual STEM program aimed at supporting young women in Illinois. The ComEd EV Rally is set for summer 2023, with applications open until June 1. This year, participation increases to 45 from 30, allowing participants to build and race electric-powered go-carts. Each participant will receive a $2,000 scholarship upon program completion. This initiative is part of ComEd's commitment to enhance representation of women in STEM fields and support clean energy technology.
Exelon (Nasdaq: EXC) joined advocates in Washington, D.C., stressing the importance of funding the Low-Income Home Energy Assistance Program (LIHEAP) for vulnerable households. CEO Calvin Butler emphasized that LIHEAP serves as a lifeline for low-income customers, with Exelon connecting over 1 million eligible customers to more than $1 billion in energy assistance in the past two years. In 2022, the company helped nearly 470,000 customers access $589.2 million in aid, with 64% from LIHEAP. Exelon’s initiatives include advocacy for policy changes, job creation for local residents, and community outreach to enhance energy affordability.
ComEd has awarded over $350,000 in scholarships to 69 diverse students aspiring to pursue energy careers through its Future of Energy Scholars Program since its launch in 2022. The latest recipients include seven students receiving up to $10,000 each. Applications for the next round are open until March 31, 2023. The program aims to cultivate an inclusive workforce as Illinois transitions to a clean energy future, projected to create tens of thousands of jobs. ComEd is partnering with the National Energy Education Development Project to administer the scholarships.
Constellation Energy Corporation (Nasdaq: CEG) reported a GAAP net income of $34 million for Q4 2022, down from $42 million in Q4 2021, while the full year 2022 showed a net loss of $160 million. Adjusted EBITDA decreased to $605 million in Q4 2022 from $1,027 million in Q4 2021, totaling $2,667 million for the year, an increase from $2,185 million in 2021. The company introduced a 2023 Adjusted EBITDA guidance of $2.9 billion to $3.3 billion and announced a capital allocation strategy of $1.5 billion for growth and a $1 billion share repurchase, alongside doubling its annual dividend. The nuclear fleet operated at a capacity factor of 95.4% in Q4 2022.
ComEd introduces the Smart Assistance Manager (SAM) to support customers in northern Illinois facing economic hardships. This online tool offers various financial assistance programs, ensuring customers can maintain access to safe, reliable electricity. ComEd boasts an average monthly customer bill of $93, among the lowest in the U.S., approximately 20 percent lower than the average in major cities. SAM allows users to access tailored grants and payment options, enhancing customer service amid challenging economic conditions.
Exelon (NASDAQ: EXC) will propose two new Board members, Charisse R. Lillie and Matthew C. Rogers, at the April 25, 2023 Annual Shareholders Meeting. Current board members Paul Joskow, Ann Berzin, and Carlos Gutierrez will depart without seeking re-election. Lillie brings extensive experience in law and corporate governance, while Rogers has a background in sustainability and energy transition. Joskow, Berzin, and Gutierrez contributed significantly during their tenures, particularly during Exelon’s separation from Constellation Energy. The Board emphasizes the need for fresh perspectives in guiding Exelon's clean energy transformation.
FulcrumAir has successfully installed over 1,500 Power Line Sentry Hawk Eye™ Bird Flight Diverters (BFDs) in collaboration with Atlantic City Electric, serving approximately 560,000 customers in southern New Jersey. This initiative aims to mitigate avian mortality and service interruptions caused by bird collisions on transmission lines. The installation process eliminates the need for road closures, bucket trucks, and power outages, enhancing operational efficiency. Atlantic City Electric officials recognized the pilot's success and expressed interest in further installations to support wildlife protection and improve service reliability.
Exelon Corporation (Nasdaq: EXC) reported Q4 2022 GAAP net income of $0.43 per share, up from $0.31 in Q4 2021, and adjusted operating earnings of $0.43 per share. For FY 2022, GAAP net income reached $2.08 per share, increasing from $1.65 in 2021. The company forecasted 2023 adjusted earnings between $2.30 and $2.42 per share. A quarterly dividend of $0.36 was declared, marking a 6.7% increase from the previous quarter. Exelon plans to invest $31 billion over the next four years to support infrastructure and customer needs, anticipating a 7.9% growth in rate base and 6-8% annualized EPS growth from 2022 to 2026.
Constellation Energy Corporation (Nasdaq: CEG) announced a new capability through PJM to provide hourly time-stamped carbon-free energy certificates, aiding customers in demonstrating carbon-free energy use at all times. This enhancement supports Constellation's Hourly Carbon-Free Energy Matching product. This initiative is crucial for businesses, particularly clean hydrogen producers, to meet federal tax credits. By allowing the retirement of energy certificates based on specific hours, the program provides transparency and supports sustainability goals.