Exelon Corp. (EXC)

Exelon Corporation (NASDAQ: EXC) is not the power-plant-owning utility you might picture. Since February 2022, when Exelon spun off its competitive generation business as Constellation Energy (CEG), Exelon has been a pure-play, 100% regulated transmission and distribution (T&D) holding company - it does not own a single power plant today.

The business model is straightforward: deliver electricity (and gas in some territories) from the grid to homes and businesses, and collect rates set by state Public Utility Commissions or, for transmission, by the federal regulator FERC. Exelon operates six utilities across six jurisdictions, all within the PJM Interconnection grid territory:

• ComEd - Illinois (Chicago), electric only
• PECO - Pennsylvania (Philadelphia), electric + gas
• BGE (Baltimore Gas & Electric) - Maryland, electric + gas
• Pepco - Washington DC + Maryland, electric
• Delmarva Power - Delaware + Maryland, electric + gas
• Atlantic City Electric - New Jersey, electric

Altogether, Exelon serves roughly 10 million customers. By revenue size, ComEd is the largest unit, followed by the combined Pepco Holdings group (Pepco, Delmarva, Atlantic City Electric), then PECO and BGE.

Exelon's current narrative is no longer just sleepy dividend utility - it is trying to become a grid-investment story for data center demand. The company raised its 2026-2029 capital plan to $41.7 billion, with an incremental $1.5 billion redirected specifically into transmission (and $1.1 billion cut from PECO/BGE distribution spending). Over 70% of that total capex is aimed at data center demand, EV adoption, and broader electrification.

Leadership: Calvin Butler serves as President and Chief Executive Officer, while Jeanne Jones is Executive Vice President and Chief Financial Officer. The board is majority independent with separate Chair and CEO roles - a standard governance structure for a large public utility, not a family-controlled company.

Shariah status: NON-COMPLIANT. Like most utility holding companies, Exelon fails Shariah screening due to a high debt ratio relative to market capitalization, along with interest income and conventional financing structures that are standard in the US utility industry. Investors prioritizing a Shariah-compliant portfolio should avoid EXC.

This section is being refreshed with the latest figures. Please check back soon.

This section is being refreshed with the latest figures. Please check back soon.