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Exelon Corporation is a utility services holding company that focuses on energy transmission and distribution through its six fully regulated utilities: Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco) . Serving over 10 million customers across Northern Illinois, Southeastern Pennsylvania, Central Maryland, the District of Columbia, and parts of Delaware and Southern New Jersey, Exelon is primarily engaged in the purchase and regulated retail sale of electricity and natural gas . The company operates in rate-regulated environments, which can delay or limit the recovery of new investments . Exelon's revenue is mainly derived from electric and natural gas operating revenues, with additional income from alternative revenue programs and shared services .
- Electric Operating Revenues - Involves the purchase and regulated retail sale of electricity, serving as the largest revenue contributor.
- Natural Gas Operating Revenues - Engages in the purchase and regulated retail sale of natural gas to retail customers.
- Alternative Revenue Programs - Generates additional income through various programs that supplement the primary utility services.
- Shared Services - Provides shared services that support the company's utility operations, contributing to overall revenue.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Calvin G. Butler Jr. Executive | President and Chief Executive Officer (CEO) | Vice-Chair, Edison Electric Institute; Vice-Chair, Institute of International Education; Member, Civic Committee of the Commercial Club of Chicago; Director, Economic Club of Chicago; Trustee, Bradley University; Trustee, Library of Congress, James Madison Council. | Joined Exelon in 2008. Held various leadership roles, including CEO of Exelon Utilities and BGE. Became CEO of Exelon in 2022. Recognized for leadership in utilities and community engagement. | |
Colette D. Honorable Executive | Chief Legal Officer and Corporate Secretary | Vice Chair, Energy Regulators Regional Association\u2019s Strategic Advisory Board; Ambassador, Clean Energy Education & Empowerment Initiative; Senior Fellow, Bipartisan Policy Center; Global Advisory Board Member, Energy Futures Initiative; Board Member, National Academies\u2019 Board of Energy and Environmental Systems; Life Member, Alpha Kappa Alpha Sorority, Incorporated. | Joined Exelon in 2023 as EVP of Public Policy and Chief External Affairs Officer. Became Chief Legal Officer in 2025. Former FERC Commissioner and Arkansas PSC Chair. | |
David Glockner Executive | Executive Vice President, Compliance, Audit and Risk | None mentioned. | EVP of Compliance, Audit, and Risk since 2020. Former Chief Compliance Officer at Citadel LLC from 2017 to 2020. | |
Gil C. Quiniones Executive | CEO and President, Commonwealth Edison (ComEd) | None mentioned. | CEO of ComEd since 2021 and President since 2024. Former CEO of New York Power Authority (NYPA) from 2011 to 2021. | |
Jeanne M. Jones Executive | Executive Vice President and Chief Financial Officer (CFO) | None mentioned. | CFO of Exelon since 2024. No additional details on prior roles or achievements provided in the documents. | |
John Young Board | Board Chair | Director, United Services Automobile Association (USAA). | Board Chair since 2022. Former CFO and President of Exelon Generation. Extensive leadership experience in utilities and energy sectors. | |
W. Paul Bowers Board | Independent Director | Lead Director, AFLAC; Director, EnviroSpark; Director, Children\u2019s Healthcare of Atlanta; Director, BrandSafway. | Independent Director since 2021. Former Chairman and CEO of Georgia Power Company. Extensive experience in financial management and corporate strategy. |
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Given the recent PJM capacity auction signaling a need for more generation and transmission, how is Exelon balancing the significant capital investments required for resource adequacy with the company's commitment to affordability and managing regulatory constraints, particularly in jurisdictions like BGE?
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With the growing demand from AI-driven data centers and high-density load customers, what specific challenges does Exelon face in securing timely cost recovery through rate cases, especially when multiyear rate plans are under scrutiny or not fully approved by regulators?
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Considering the Maryland Public Service Commission's deviation from the multiyear plan framework and the adoption of only a one-year rate plan for Pepco Maryland, how confident are you in meeting your investment goals, and what strategies are you employing to mitigate regulatory uncertainties that could impact grid modernization efforts?
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As you advocate for policy changes regarding cost allocation for co-located customers in FERC proceedings, how do you anticipate potential regulatory outcomes affecting your investment plans and the equitable distribution of costs among all customers?
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In light of increased storm activity and the need for enhanced grid resiliency, how are you addressing the tension between the significant capital expenditures required for infrastructure improvements and the pushback from stakeholders concerned about rate increases and affordability for customers?
Recent developments and announcements about EXC.
Earnings
New Earnings (Q4 2024)
·Feb 12, 2025, 6:32 PMView full earnings summary →Exelon is investing $3.5B (80% in transmission) to meet surging data center demand and projects 5–7% annual EPS growth through 2028. Potential FERC tailwinds could boost returns, but Maryland regulatory uncertainty remains a key risk for rate cases.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMFinancial ExhibitsLeadership ChangesView full 8-K filing →Exelon appointed David DeWalt as an independent director, effective March 10, 2025. With deep cybersecurity and technology expertise, his addition is expected to enhance the board’s oversight as Exelon evolves its tech strategies.