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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.
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ComEd has graduated 33 diverse contractor businesses from its Energy Efficiency Service Provider (EESP) Incubator program, aimed at enhancing energy efficiency and supporting minority-owned, woman-owned, and veteran-owned firms across northern Illinois. Since 2019, the program has assisted 66 contractors, enabling them to save energy for 139 local residents and businesses. ComEd's initiatives have resulted in energy savings of over 56 million megawatt hours and $6.7 billion in customer savings, while collectively reducing carbon emissions significantly.
ComEd has reintroduced honeybee hives for the third consecutive year beneath its power lines in Prospect Heights, Illinois. This initiative aims to raise awareness of pollinator conservation, providing a safe habitat for bees that are vital for food production. Two hives have been placed on five acres of native prairie, supporting the local ecosystem. ComEd has collaborated with Alveole, harvesting 42.65 kilograms of honey in previous years. Recent efforts have also seen land designated as pollinator habitats reach nearly 4,000 acres, along with the distribution of 3 million milkweed seeds for monarch butterflies.
Constellation Clearsight has entered a long-term partnership with Voliro AG, aiming to integrate advanced airborne robotic technology for energy inspections in the U.S. market. This collaboration leverages Voliro's innovative drone capabilities, allowing Clearsight to deliver enhanced inspection services with features like Non-Destructive Testing and Ultrasonic Testing. According to executives from both companies, this agreement is expected to enable faster and safer inspections, improving operational efficiency in maintaining critical infrastructure.
The Powering the Holidays program, launched by ComEd and the Metropolitan Mayors Caucus, is offering $45,000 in grants for community-driven holiday events across northern Illinois. Each community can apply for up to $2,500 to enhance holiday light displays that celebrate diverse cultures. The funding has increased from $25,000 due to last year's success. Eligible applicants must partner with local government entities and match 20% of the grant funding. Applications are open until September 9, 2022, for events running from November 1, 2022, to February 13, 2023.
ComEd has successfully trained nearly 2,400 residents in Illinois since 2017 through clean energy programs. In 2021, over 681 individuals completed training, achieving an 89% graduation rate and an 83% job placement rate. The program focuses on diversity, with 60% of participants being minorities. Supported by a $30 million investment, the Future Energy Jobs Act (FEJA) aims to enhance workforce equity in the renewable energy sector. Notable programs include the Solar Training Pipeline and the Craft Apprenticeship Training, with significant job placement rates reported.
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.