Analyst Report: Exelon Corp.

Summary

Exelon Corp. is a leading pure-play energy provider, with transmission and distribution operations in the U.S. and headquarters in Chicago. Exelon spun off its generation business, which was about 60% nuclear, as Constellation Energy at the end of 2021. Constellation is now a publicly traded company focused on generation and competitive distribution, while Exelon focuses on regulated transmission and distribution. In conjunction with the February 2022 Constellation spinoff, EXC shareholders received one share of CEG for every three shares of EXC. Exelon shares were repriced as a result of this separation.
Through its regulated utility subsidiaries, Exelon delivers electricity and natural gas to about 10 million customers, primarily in central Maryland (Baltimore Gas & Electric Co.), northern Illinois (ComEd), and southeastern Pennsylvania (PECO). ComEd accounted for about 36% of total 2023 revenue while PHI accounted for 28%. The company plans to cut emissions by 50% by 2030 and to achieve net-zero emissions by 2050. The shares are a component of the S&P 500. The market cap is about $36 billion.