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) 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.
PPG has entered a 12-year agreement with Constellation to procure clean energy for its Adrian, Michigan manufacturing facility. Starting in 2024, PPG will receive 1.5 MW from the Double Black Diamond Solar Energy Project, aiming to reduce its carbon footprint by over 2,400 metric tons annually, equivalent to emissions from 530 gasoline cars. This initiative supports PPG's ongoing sustainability efforts and aligns with its decarbonization goals. The partnership highlights PPG's commitment to renewable energy and its intent to explore more global opportunities in this sector.
This summer, Constellation's nuclear plants delivered high generation reliability amidst extreme weather, with a remarkable capacity factor of 99%. The company, a leader in carbon-free energy, operates 12 nuclear facilities across the East Coast and Midwest, providing uninterrupted electricity to millions of homes. Ongoing maintenance and technology upgrades helped maintain this reliability, critical during tough climatic conditions. Constellation aims for 100% carbon-free power generation by 2040, leveraging its diverse energy mix and largest nuclear fleet in the U.S.
ComEd and the League of Chicago Theatres announced the awarding of $160,000 in grants to 18 local community arts organizations in northern Illinois through the Powering the Arts Grant Program. Individual grants range from $10,000 to $25,000, aimed at enhancing access to arts and culture after pandemic disruptions. Since its inception in 2018, the program has allocated $580,000 to various initiatives to boost community engagement and arts appreciation.
Constellation Energy Corporation (Nasdaq: CEG) leads the U.S. in carbon-free energy production, showcasing the lowest carbon dioxide emissions among the top 20 investor-owned power producers. An independent analysis revealed that Constellation's emissions are nearly four times lower than the next cleanest company. With around 90% of its output from carbon-free sources, Constellation aims for 100% carbon-free electricity by 2040, backed by federal grants for hydrogen production and direct air capture technologies. The firm partners with Microsoft to develop real-time carbon-free energy solutions.
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ComEd is promoting its sustainable vegetation management program using goats to clear brush under power lines. This initiative aims to enhance energy reliability while reducing safety risks and emissions. In a celebratory event on August 31, 2022, goats paraded on the Chicago River before heading to Matthiessen State Park. This marks their second annual visit to Chicago, with over 200 goats employed since 2019 to efficiently manage vegetation, avoiding outages and cutting costs significantly. ComEd serves over 4 million customers in northern Illinois.
ComEd is actively recruiting for 75 entry-level overhead helper positions, part of a broader initiative to add 500 roles over three years amid Illinois' clean energy transformation. Applications are accepted until Sept. 7, 2022. These positions offer pathways to full-time union careers with starting pay around $29 per hour, alongside benefits. ComEd aims to enhance workforce diversity, prioritizing women and minorities. Training programs will prepare candidates for trade skills relevant to the evolving energy sector.
UScellular has received $868,000 in incentive payments from the ComEd Energy Efficiency Program. Since joining in 2013, UScellular has upgraded operations at its Schaumburg, Ill. data center, saving around $700,000 annually on electric bills. Notable upgrades include replacing UPS infrastructure and switching to LED lighting. These improvements yield savings of nearly 8 million kilowatt hours of electricity per year, equivalent to reducing 6.8 million pounds of carbon emissions and removing 670 cars from the road.
ComEd highlights the opening of the Low-Income Home Energy Assistance Program (LIHEAP) application season on September 1. In fiscal year 2022, $8.3 billion in federal funding is available to assist income-eligible customers with energy bills. ComEd encourages immediate action for those needing assistance, offering various options, including a one-time LIHEAP grant based on household size and income. In 2021, ComEd connected over 225,000 customers to $146 million in assistance. More details are available on their website.