Exelon Stock Price, News & Analysis

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ComEd and the Metropolitan Mayors Caucus have launched the 2021 Powering Safe Communities Program, distributing $170,000 in grants to 20 public agencies in northern Illinois. This initiative focuses on clean transportation projects aimed at reducing carbon emissions and enhancing community safety. Grant recipients will fund projects such as electric vehicle charging stations, updated warning systems, and public safety equipment. Over the past seven years, the program has awarded over $1 million to improve public safety in the region.

Constellation has announced the opening of applications for its 2021 E2 Energy to Educate grant program, offering funding up to $25,000 for student projects and up to $50,000 for higher education initiatives. The deadline for submissions is October 1, 2021. Aiming to enhance equity in the energy sector, the program emphasizes projects that engage underserved groups, focusing on STEM education. Last year, over $500,000 was awarded across 22 projects, benefiting over 20,000 students. To date, the program has allocated $4.5 million, impacting more than 225,000 students nationwide.

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Exelon Corporation (Nasdaq: EXC) reported second quarter 2021 results, showing Adjusted Operating Earnings of $0.89 per share, up from $0.55 in Q2 2020. This increase was attributed to higher utility earnings and reduced storm costs. However, GAAP Net Income decreased to $0.41 per share from $0.53 year-over-year. The company announced a new 'path to clean' goal targeting net-zero emissions by 2050 but also faces plant retirements due to stalled clean energy legislation. Exelon reaffirmed its full-year Adjusted Operating Earnings guidance of $2.60-$3.00 per share.

Exelon invested $11.2 billion with diverse-certified suppliers from 2016 to 2020, generating $3.6 billion in additional revenue and $1.1 billion in wages for local businesses in 2020. This spending also supported 19,967 jobs in the communities served. The 2020 diversity-certified supplier spend rose to $2.7 billion, a 13% increase from 2019, with 63% spent locally and a $183 million rise in Tier 1 contracts. Exelon aims to enhance community diversity through its procurement practices.

ComEd and the Metropolitan Mayors Caucus have launched the ComEd Powering the Holidays Program, offering grants up to $2,500 for community holiday lighting events in northern Illinois. This initiative aims to foster community identity, cultural exchange, and understanding among residents. Eligible applicants include municipalities and non-profits partnered with local governments. Applications are open until Sept. 10, 2021, for events occurring from Nov. 1, 2021, to Feb. 13, 2022. This program builds on ComEd's prior support initiatives, enhancing community engagement during the holiday season.

Exelon has appointed W. Paul Bowers to its board of directors. Bowers, 64, is a recently retired CEO of Georgia Power and brings extensive executive experience in the energy sector. His past roles include CFO of Southern Company and leadership positions at multiple subsidiaries. Bowers has received numerous accolades for his contributions to the industry and community, including the American Jewish Committee's National Human Relations Award. Exelon, a Fortune 100 energy company, serves approximately 10 million customers and reported $33 billion in revenue in 2020.

Exelon Generation has filed Post Shutdown Decommissioning Activity Reports (PSDARs) with the Nuclear Regulatory Commission for its Byron and Dresden nuclear facilities, set to close this fall due to revenue shortfalls exceeding hundreds of millions caused by low energy prices. These closures will significantly impact jobs, reducing staff from nearly 1,500 to just 30-40 over a decade. The shutdowns are projected to increase reliance on fossil fuels, leading to higher emissions and job losses in Illinois. Both plants are scheduled to shut down in September and November, respectively.