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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 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.
ComEd has restored power to over 100,000 customers in northern Illinois following severe storms that affected approximately 125,000 customers. The utility surpassed its goal to restore 80 percent of services by 3 PM on June 14, with about 13,000 customers still without power as of that time. To assist those without service, ComEd has deployed cooling buses and care vans in various locations. The utility is prioritizing critical services and plans for further restoration efforts.
ComEd has restored power to nearly 80,000 customers after severe storms caused outages for over 125,000 in northern Illinois. As of 4 a.m. on June 13, about 47,000 remain without power, with restoration efforts ongoing. Over 500 crews are working continuously, and 80% of remaining customers are expected to have power restored by 3 p.m. on June 14. ComEd emphasizes safety and encourages reporting downed wires immediately. For updates, customers can sign up for alerts and use the mobile app.
ComEd is preparing for severe weather in northern Illinois, including thunderstorms and high temperatures. The company has activated its Emergency Operations Center and deployed additional crews to address potential power outages. ComEd has successfully prevented over 17 million customer interruptions since 2012 through smart grid investments. The company prioritizes restoring power to critical facilities first, emphasizing public safety. Customers are encouraged to report outages by texting OUT to 26633 and can track outages via ComEd's website and mobile app.
Constellation, based in Warrenville, Illinois, has engaged over 13,000 workers to perform maintenance and technology upgrades during six spring refueling outages at its nuclear plants. These efforts aim to ensure continuous, safe, carbon-free electricity for 15 million customers during the upcoming summer months. Key activities included inspecting and refurbishing critical components and completing extensive technical projects. The maintenance is expected to enhance reliability and potentially stabilize electricity prices in Illinois, while the Climate & Equitable Jobs Act could yield $1 billion in benefits for local ratepayers.
ComEd has requested $50 million from the Illinois Commerce Commission to enhance energy efficiency programs and support the Climate and Equitable Jobs Act (CEJA). If approved, this would increase residential bills by approximately 30 cents starting in January 2023. ComEd's initiatives have saved customers $6.4 billion since 2008. New measures will enable customers to electrify vehicles and heating systems, while dedicated funding of $10 million annually will assist low-income customers. CEJA aims to reduce carbon emissions and improve energy efficiency.
ComEd is launching its Summer Solstice Photo Contest from June 1 to June 21, inviting residents of northern Illinois to submit sunrise and sunset photos. The contest aims to promote solar energy education while celebrating the summer season. Last year's contest received 1,816 entries. Prizes include four Apple Watch Series 7 devices and a private tour at the Adler Planetarium. Over 26,000 solar systems are connected to ComEd's smart grid, with an expectation of over 80 community solar projects by year-end.
Exelon Foundation has awarded scholarships worth $1 million to nine graduates of the Exelon STEM Leadership Academy, covering all college-related expenses for the recipients. This initiative aims to support young women from diverse backgrounds in pursuing STEM education, with the goal of fostering a future workforce for Exelon. The scholarships are part of a broader commitment to community support and workforce development, benefiting participants across Chicago, Philadelphia, and Baltimore/Washington.
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