Exelon
| Company type | Public |
|---|---|
| Industry | Electric utility |
| Founded | October 2000 |
| Headquarters | Chicago , United States |
Area served | United States (Illinois, New Jersey, Pennsylvania, Maryland, Delaware, Washington, DC) |
Key people | John Rowe (former CEO) |
| Products | Electricity and natural gas distribution |
Number of employees | 34,621 (2017) |
| Website | www |
Exelon Corporation is a publicly traded American utility company headquartered in Chicago and incorporated in Pennsylvania. It stands as the largest electric utility holding company in the United States by revenue and is the biggest regulated electric utility, serving close to 10 million customers. On the Fortune 500 list, Exelon holds the 187th position.
The company operates six regulated utilities: Atlantic City Electric in New Jersey, Commonwealth Edison in Illinois, PECO Energy Company in Pennsylvania, Baltimore Gas and Electric in Maryland, Delmarva Power and Light serving both Delaware and Maryland, and Pepco covering Washington, DC and parts of Maryland.
Operating subsidiaries
- Atlantic City Electric, providing electricity to approximately 545,000 customers throughout New Jersey
- Baltimore Gas and Electric (BGE), delivering electric service to over 1.25 million customers and natural gas to around 650,000 customers in Maryland
- Commonwealth Edison (ComEd), catering to 4 million electric consumers within Illinois
- Delmarva Power, supplying electricity to 515,000 customers across Delaware and Maryland’s Eastern Shore, as well as natural gas to 130,000 customers in northern Delaware
- PECO Energy Company (PECO), serving 1.6 million electric customers along with more than 500,000 natural gas customers in eastern regions of Pennsylvania
- Pepco, responsible for electricity distribution to 842,000 clients in the District of Columbia and neighboring areas of Maryland
History
Exelon Corporation was established in October 2000 through the merger between PECO Energy Company, which was founded in 1902, and Unicom Corporation, the parent company of Commonwealth Edison, established in 1907. Unicom’s headquarters were located in Chicago, which subsequently became Exelon's corporate base. The merger was spearheaded by Unicom CEO John Rowe, who then served as Exelon's chief executive until 2012, becoming the longest-tenured utility CEO nationwide.
On July 31, 2005, the Federal Energy Regulatory Commission gave approval for Exelon's planned merger with New Jersey-based utility Public Service Enterprise Group. Nevertheless, after facing resistance from New Jersey regulators and public advocacy groups, the agreement was abandoned following an 18-month period.
Exelon significantly grew its operations on March 12, 2012, by acquiring Constellation Energy for $7.9 billion. Post-merger, the combined entity managed over 34 gigawatts of power generation capacity composed of approximately 55% nuclear energy, 24% natural gas, 8% renewable sources including hydroelectric power, 7% oil-fired generation, and 6% coal.
On April 30, 2014, Exelon announced its intent to purchase Pepco Holdings in an all-cash transaction valued at $6.8 billion. Despite objections from local community organizations and officials in Washington D.C., regulatory approval was ultimately secured in March 2016 after concessions were made. This acquisition positioned Exelon as the largest regulated utility company in the U.S. by both customer base and revenue.
On February 2, 2022, Exelon finalized the separation of its energy generation segment through a spin-off of Constellation Energy. At that time, Constellation was recognized as the leading U.S. nuclear power operator and the foremost competitive power generator with roughly 35,500 megawatts of owned capacity and majority stakes in 23 nuclear reactors spread across 14 facilities.
PECO Energy: Opposition to Nuclear Facilities and Growth in Solar Power
During the 1970s, nuclear power plant inaugurations by PECO Energy faced delays due to activist interventions. In 2015, the Earth Quaker Action Team advocated for PECO to boost its procurement of solar energy sourced locally, aiming to generate employment opportunities.
Environmental and Safety Concerns
In 2005, Exelon incurred a penalty of $602,000 for surpassing sulfur dioxide emission thresholds at its Cromby Generating Station located in Pennsylvania.
Starting in 2006, disclosures by Exelon and Illinois authorities revealed that the Braidwood Nuclear Generating Station had released millions of gallons of tritium-contaminated water over a period of ten years. Exelon issued an apology, emphasizing that the tritium concentrations remained below regulatory limits and posed minimal risk.
In 2009, the Nuclear Regulatory Commission proposed a fine of $65,000 after video evidence showed security personnel contracted at Peach Bottom Nuclear Generating Station sleeping while on duty. Following this incident, Exelon ended its contract with Wackenhut and established its own internal nuclear security team.
Engagement in Political Processes
Exelon directs its political donations through its political action committee known as EXELONPAC. Between 2021 and 2022, the company contributed a total of $323,500 to federal candidates, with $202,500 allocated to Democrats and $121,000 to Republicans. Additionally, Exelon spent $2.88 million on lobbying activities throughout 2022.
Financial Overview
| Year | Revenue million USD$ |
Net profit million USD$ |
Total assets million USD$ |
Share price USD$ |
Workforce |
|---|---|---|---|---|---|
| 2005 | 15,357 | 923 | 42,797 | 29.47 | |
| 2006 | 15,655 | 1,592 | 44,319 | 35.51 | |
| 2007 | 18,916 | 2,736 | 45,361 | 46.22 | |
| 2008 | 18,859 | 2,737 | 47,546 | 47.42 | |
| 2009 | 17,318 | 2,707 | 49,180 | 33.05 | |
| 2010 | 18,644 | 2,563 | 52,240 | 29.73 | |
| 2011 | 19,063 | 2,495 | 54,995 | 31.27 | |
| 2012 | 23,489 | 1,160 | 78,561 | 28.50 | |
| 2013 | 24,888 | 1,719 | 79,924 | 25.47 | 25,829 |
| 2014 | 27,429 | 1,623 | 86,416 | 28.73 | 28,993 |
| 2015 | 29,447 | 2,269 | 95,384 | 28.41 | 29,762 |
| 2016 | 31,360 | 1,134 | 114,904 | 31.09 | 34,396 |
| 2017 | 33,531 | 3,770 | 116,700 | 35.78 | 34,621 |