Exelon Corporation

Exelon Corporation is the largest energy delivery company in the United States, serving approximately 11 million electric and gas customers across six fully regulated transmission and distribution utilities spanning Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and the District of Columbia. The company generated $24.3 billion in operating revenue and $2.77 billion in net income in fiscal 2025, deploying $8.5 billion of capital into its network that year alone.

This is a story about a pure-play regulated utility franchise executing an ambitious capital investment program against a backdrop of rising affordability pressure from customers, regulators, and legislators in its largest jurisdictions. After the February 2022 spin-off of its merchant generation business into Constellation Energy, Exelon became a transmission-and-distribution monoculture — no generation, no competitive supply, no commodity exposure. What remains is one of the most structurally simple businesses in the S&P 500: build wires, earn a regulated return, send bills. The file turns on a single question: whether the growth embedded in Exelon's $41.7 billion four-year capital plan can survive the political backlash against rising utility bills in Pennsylvania, Maryland, and Illinois.