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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The Exelon Foundation has recognized 24 employees for their exceptional volunteer work during 2020, donating $200,000 to local nonprofits in their honor. Awards include a $20,000 Excellence Award to Montgomery Child Advocacy Project and $10,000 Achievement Awards to various organizations. This year saw 127 applicants who volunteered over 770 hours collectively. Since 2005, the program has donated over $2 million to support more than 250 employee volunteers. Exelon Corporation reported $33 billion in revenue for 2020 and serves approximately 10 million customers across multiple states.
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ComEd will partner with the Chicago Park District to revitalize Buckingham Fountain during the annual 'Switch on Summer' event on May 22. After a year of virtual celebrations due to COVID-19, the in-person event will feature Chicago Mayor Lori E. Lightfoot and WGN-TV Chief Meteorologist Tom Skilling. The fountain's revival symbolizes the return of summer activities in Chicago. A sweepstakes winner, Dominique Lalrinzuala, will officially turn on the fountain, marking 94 years since its opening. The event aligns with the city’s 'Open Chicago' initiative to safely reopen.
ComEd has awarded scholarships to three DePaul College Prep students pursuing careers in STEM as part of the 2021 ComEd Scholars program. These scholarships are for juniors and seniors from underserved communities and will continue if the students enroll in STEM studies at DePaul University. The partnership, ongoing since 2017, aims to empower young leaders and increase representation in the energy workforce. Recipients include Téa Byrd, Jocelyn Silva, and Lulia Tekeste. The program provides mentorship and internship opportunities with ComEd.
ComEd is providing enhanced payment assistance programs to support northern Illinois residents facing financial difficulties due to the pandemic. These initiatives include hardship grants for individuals and small businesses, as well as extended payment plans allowing customers to pay outstanding balances over 18 months without upfront payments. Customers can also access various energy-saving tools and programs aimed at reducing electricity costs. For assistance, residents can contact ComEd or visit their website for eligibility details.
Exelon has announced that it will provide full-ride college scholarships, totaling approximately $1 million, to seven young women from its STEM Academy Leadership program. The scholarships cover tuition, room and board, and other expenses not covered by other funding. The initiative aims to support students from diverse and low-income backgrounds, facilitating their entry into the energy workforce. Exelon CEO Chris Crane emphasized the company's commitment to community support, promising ongoing assistance throughout the recipients' college journeys.
Exelon Corporation (Nasdaq: EXC) reported a first-quarter 2021 GAAP Net Loss of $(0.30) per share, a decline from $(0.60) per share in Q1 2020. Adjusted (non-GAAP) Operating Loss for Q1 2021 decreased to $(0.06) per share, down from $0.87 in the previous year. The losses were primarily driven by the impact of February's extreme cold weather, which resulted in an estimated $880 million reduction in net income. In contrast, utility earnings showed strength, with ComEd, PECO, BGE, and PHI all reporting increases in GAAP Net Income. Exelon affirms its full-year adjusted earnings guidance of $2.60 to $3.00 per share.
Exelon Corporation's Board of Directors declared a quarterly dividend of $0.3825 per share on its common stock. This dividend will be payable on June 10, 2021, to shareholders recorded by May 14, 2021, at 5 p.m. Eastern time. As a leading energy company, Exelon operates in 48 states and serves around 10 million customers across various subsidiaries, achieving $33 billion in revenue in 2019. The company has a robust generation capacity including nuclear, gas, wind, solar, and hydroelectric.