Exelon Stock Price, News & Analysis

Exelon Corp. has announced leadership appointments in preparation for its separation into two companies, Exelon (utility) and Constellation (competitive energy), scheduled for Q1 2022. Key executive roles have been filled, including Calvin Butler as COO of Exelon and Kathleen Barrón as Chief Strategy Officer of Constellation. The company is making significant progress toward the separation, which requires several regulatory approvals. Exelon serves around 10 million customers and had $33 billion in revenue in 2020. More updates will be shared as the separation nears completion.

Exelon has established a $36 million Racial Equity Capital Fund to support minority-owned businesses in underserved communities across its utility service areas. This initiative aims to provide much-needed capital to fuel growth and job creation, with loans ranging from $100,000 to $300,000 and equity investments nearing $1 million. Managed by RockCreek, the fund addresses historical disparities in financing availability for minority businesses. Exelon also spent $2.7 billion with diversity-certified suppliers and initiated various workforce development programs.

Exelon has elected Carlos Gutierrez, former U.S. Secretary of Commerce, to its board of directors. Gutierrez brings extensive experience in technology and corporate leadership, having served as CEO of EmPath and Kellogg Company. His tenure in government included facilitating landmark free trade agreements. Chairman Mayo Shattuck emphasized Gutierrez's unique perspective and expertise, which will benefit Exelon as it continues to serve approximately 10 million customers across the U.S. Exelon reported 2020 revenue of $33 billion.

Exelon Corporation has launched the Exelon HBCU Corporate Scholars Program, providing $3 million in scholarships for 24 students attending historically Black colleges and universities (HBCUs). Each student will receive $100,000 over four years, which includes summer internships and career readiness support. The program aims to prepare students for careers in the energy sector, with eligibility for students from Delaware, Illinois, Maryland, New Jersey, Pennsylvania, and Washington, D.C. CEO Chris Crane emphasized the importance of diversity in fostering innovation.

ComEd has announced the selection of 10 new ComEd Scholars for 2021, providing financial support, mentoring, and internship opportunities to students from underserved Chicago communities pursuing engineering degrees at Illinois Tech and UIC. This initiative aims to fill tuition gaps beyond financial aid and promote diversity in STEM fields. Since its inception, the program has supported 22 students, reflecting ComEd's commitment to educational equity and workforce development in the region.

ComEd's inaugural Powering the Holidays Program awards $25,000 in grants to support community lighting events in northern Illinois. Ten communities will receive up to $2,500 each for holiday events occurring from Nov. 1, 2021 to Feb. 13, 2022. The program aims to foster cultural appreciation and community unity. Events include tree lightings and multicultural celebrations across various municipalities. ComEd, part of Exelon Corporation (NASDAQ: EXC), serves over 4 million customers in northern Illinois, supporting local festivities.

ComEd has announced the appointment of Gil C. Quiniones as its new CEO, effective November 15, 2021. Quiniones brings over 30 years of experience, having served as the president and CEO of the New York Power Authority for the last decade. His leadership is expected to enhance ComEd's commitment to providing reliable, affordable, and clean energy to over 4 million customers in northern Illinois. He will report to Calvin Butler, the CEO of Exelon Utilities, who has been serving as the interim CEO.

ComEd is set to host a virtual job fair and networking event for the Bronzeville community on October 21, 2021, from 10 a.m. to 2 p.m. This event is part of their Community of the Future program, aimed at enhancing sustainability and connectedness within the community. Attendees will network with industry representatives and learn about emerging energy technologies. The event includes panel discussions on breakthrough innovations and the status of the Bronzeville Community of the Future. Registration is available at techandenergyexpo.vfairs.com.

ComEd's Energy Efficiency Program has saved customers over $5.7 billion since 2008, equivalent to powering over 6 million homes for a year. The program, one of the largest in the U.S., offers various incentives to help families and businesses reduce energy consumption and bills, particularly for those with limited budgets. Eligible customers can benefit from free energy upgrades, instant discounts on energy-efficient products, and Energy Saving Kits. ComEd's initiatives also support environmental sustainability by reducing carbon emissions significantly.