Exelon Corporation (EXC): Business Model Canvas

In der dynamischen Landschaft der Energieinnovation erweist sich die Exelon Corporation (EXC) als Kraftpaket, das sich strategisch durch das komplexe Terrain der Stromerzeugung und -verteilung bewegt. Durch die nahtlose Verbindung von Kernkompetenz, Kompetenz im Bereich der erneuerbaren Energien und modernster technologischer Infrastruktur hat Exelon ein robustes Geschäftsmodell geschaffen, das über traditionelle Versorgungsparadigmen hinausgeht. Dieses umfassende Business Model Canvas enthüllt die komplizierten Mechanismen, die eines der fortschrittlichsten Energieunternehmen Amerikas antreiben, und bietet einen faszinierenden Einblick, wie ein modernes Versorgungsunternehmen Herausforderungen in nachhaltige, profitable Chancen umwandelt.

Exelon Corporation (EXC) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Kernkraftwerkstechnologie

Exelon arbeitet mit Westinghouse Electric Company und General Electric für Kernreaktortechnologie und -wartung zusammen. Ab 2024 betreibt Exelon 21 Kernreaktoren in mehreren Bundesstaaten.

Partner	Technologiebereich	Vertragswert
Westinghouse Electric Company	Kernreaktorkomponenten	325 Millionen US-Dollar jährlich
General Electric	Kernturbinensysteme	278 Millionen US-Dollar jährlich

Hersteller von Geräten für erneuerbare Energien

Exelon arbeitet mit führenden Herstellern von Geräten für erneuerbare Energien zusammen, um sein Portfolio an sauberer Energie zu erweitern.

• Vestas Wind Systems – Lieferung von Windkraftanlagen
• First Solar – Beschaffung von Solarmodulen
• LG Energy Solution – Batteriespeichertechnologie

Hersteller	Erneuerbare Technologie	Jährliche Investition
Vestas Windsysteme	Windkraftanlagen	215 Millionen Dollar
Erste Solar	Sonnenkollektoren	189 Millionen Dollar

Netzinfrastruktur- und Übertragungsnetzbetreiber

Exelon arbeitet mit regionalen Übertragungsorganisationen zusammen, um eine zuverlässige Stromverteilung sicherzustellen.

• PJM-Verbindung
• MISO (Midcontinent Independent System Operator)
• ComEd-Übertragung

Staatliche und bundesstaatliche Regulierungsbehörden

Exelon unterhält wichtige Partnerschaften mit Aufsichtsbehörden, um die Einhaltung und Betriebsgenehmigung sicherzustellen.

• Nuklearregulierungskommission
• Federal Energy Regulatory Commission (FERC)
• Staatliche Kommissionen für öffentliche Versorgungsbetriebe in Illinois, Pennsylvania, Maryland

Partner für Energiehandel und Finanzdienstleistungen

Exelon arbeitet mit Finanzinstituten für Energiehandel und Risikomanagement zusammen.

Finanzpartner	Servicetyp	Jährliches Transaktionsvolumen
JPMorgan Chase	Handel mit Energiederivaten	4,2 Milliarden US-Dollar
Goldman Sachs	Risikomanagement	3,7 Milliarden US-Dollar

Exelon Corporation (EXC) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung über mehrere Energiequellen hinweg

Die Exelon Corporation erzeugt ab 2024 rund 32.700 Megawatt Strom aus verschiedenen Energiequellen.

Energiequelle	Kapazität (Megawatt)	Prozentsatz
Atomkraft	21,214	65%
Erdgas	6,540	20%
Erneuerbare Energie	4,146	13%
Andere Quellen	800	2%

Betrieb und Wartung von Kernkraftwerken

Exelon betreibt 21 Kernreaktoren in mehreren Bundesstaaten und stellt damit die größte Atomflotte in den Vereinigten Staaten dar.

• Gesamte Kernstromerzeugung: 161,8 Millionen Megawattstunden im Jahr 2023
• Kernkraftwerke in Illinois, Pennsylvania, Maryland und New Jersey
• Jährliche Wartungsausgaben für Kernkraftwerke: 1,2 Milliarden US-Dollar

Entwicklung und Umsetzung erneuerbarer Energien

Exelon hat bis 2026 7,8 Milliarden US-Dollar für Investitionen in erneuerbare Energien bereitgestellt.

Art der erneuerbaren Energie	Aktuelle Kapazität	Geplante Erweiterung
Windenergie	2.100 MW	+1.500 MW bis 2026
Solarenergie	1.046 MW	+2.300 MW bis 2026

Energieübertragungs- und -verteilungsdienste

Exelon betreibt Übertragungs- und Verteilungsnetze in sechs Bundesstaaten.

• Gesamtlänge der Übertragungsleitung: 19.387 Meilen
• Vertriebsnetz für 10 Millionen Kunden
• Jährliche Investitionen in die Übertragungsinfrastruktur: 1,5 Milliarden US-Dollar

Einzelhandelsverkauf von Strom und Erdgas

Das Energieeinzelhandelssegment von Exelon bedient Kunden in mehreren Märkten.

Markt	Stromkunden	Erdgaskunden
Illinois	3,8 Millionen	2,1 Millionen
Pennsylvania	1,7 Millionen	0,5 Millionen
Maryland	1,3 Millionen	0,3 Millionen

Exelon Corporation (EXC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Flotte zur Kernenergieerzeugung

Exelon betreibt 21 Kernreaktoren in mehreren Bundesstaaten mit einer gesamten Kernkraftwerkskapazität von 19.243 MW (Stand 2023). Die Kernkraftwerksflotte erzeugt jährlich etwa 161 Millionen MWh Strom.

Standort	Anzahl der Reaktoren	Gesamtkapazität (MW)
Illinois	11	10,570
Pennsylvania	5	5,265
Maryland	3	2,276
New Jersey	2	1,132

Vielfältige Infrastruktur für erneuerbare Energien

Das Portfolio an erneuerbaren Energien von Exelon umfasst:

• Windleistung: 1.421 MW
• Solarkapazität: 353 MW
• Gesamte erneuerbare Energieerzeugung: 4,5 Millionen MWh im Jahr 2023

Fortschrittliche Netzmanagementtechnologie

Exelon investiert 1,2 Milliarden US-Dollar pro Jahr in der Netzmodernisierung und Technologieinfrastruktur. Zu den wichtigsten technologischen Vermögenswerten gehören:

• Smart-Grid-Technologien
• Fortschrittliche Messinfrastruktur
• Cybersicherheitssysteme

Qualifizierte Ingenieure und technische Arbeitskräfte

Gesamtbelegschaft: 35.670 Mitarbeiter (Stand 2023).

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Ingenieursprofis	6,740
Technische Spezialisten	5,210
Betriebspersonal	12,350

Erhebliches Finanzkapital und Investitionskapazität

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 78,4 Milliarden US-Dollar
• Jahresumsatz: 33,8 Milliarden US-Dollar
• Investitionsausgaben: 4,5 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 2,1 Milliarden US-Dollar

Exelon Corporation (EXC) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Stromversorgung

Exelon betreibt 32 nukleare, fossile und erneuerbare Stromerzeugungsanlagen mit einer Gesamterzeugungskapazität von 32.327 Megawatt (Stand 2023). Das Unternehmen bedient rund 10 Millionen Kunden in mehreren Bundesstaaten.

Generationstyp	Kapazität (Megawatt)	Prozentsatz der Gesamtsumme
Nuklear	21,387	66.2%
Erneuerbar	6,545	20.2%
Fossil	4,395	13.6%

Saubere Energieerzeugung

Das Portfolio an sauberer Energie von Exelon umfasst:

• CO2-freie Kernenergieerzeugung: 21.387 MW
• Erneuerbare Energiequellen: 6.545 MW
• Verpflichtung zur CO2-Reduktion: 100 % CO2-freier Strom bis 2050

Wettbewerbsfähige Preise

Durchschnittliche Stromtarife für Exelon-Kunden:

Kundensegment	Durchschnittspreis (Cent/kWh)
Wohnen	12.3
Kommerziell	10.7
Industriell	7.5

Nachhaltige Energielösungen

Nachhaltigkeitskennzahlen für Exelon im Jahr 2023:

• Reduzierung der CO2-Emissionen: 15 Millionen Tonnen
• Investition in saubere Energie: 1,7 Milliarden US-Dollar
• Projekte für erneuerbare Energien: 23 aktive Wind- und Solarprojekte

Technologische Innovation

Exelons Technologie- und Innovationsinvestitionen:

• Jährliche F&E-Ausgaben: 285 Millionen US-Dollar
• Implementierungen der Smart-Grid-Technologie: 7 große Ballungsräume
• Energiespeicherkapazität: 500 MW

Exelon Corporation (EXC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Versorgungsverträge

Exelon bedient etwa 10 Millionen Kunden in mehreren Bundesstaaten. Das Unternehmen unterhält langfristige Versorgungsverträge mit:

Region	Anzahl der Kunden	Vertragstyp
Illinois	3,8 Millionen	Geregelter Versorgungsdienst
Pennsylvania	2,6 Millionen	Geregelter Versorgungsdienst
Maryland	1,4 Millionen	Geregelter Versorgungsdienst

Digitale Kundenbindungsplattformen

Zu den digitalen Plattformen von Exelon gehören:

• Mobile App mit 1,2 Millionen aktiven Nutzern
• Online-Kontoverwaltungssystem
• Digitale Abrechnungs- und Zahlungsplattformen

Persönliche Energieeffizienzberatung

Exelon bietet Energieeffizienzprogramme mit den folgenden Kennzahlen an:

Programmkategorie	Jährliche Investition	Kundenbeteiligung
Energieaudits für Wohngebäude	45 Millionen Dollar	87.000 Haushalte
Kommerzielle Energielösungen	78 Millionen Dollar	2.300 Geschäftskunden

Reaktionsfähige Kundensupportsysteme

Statistiken zum Kundensupport:

• 24/7-Kundendienstzentrum
• Durchschnittliche Antwortzeit: 12 Minuten
• Kundenzufriedenheitsrate: 89 %
• Mehrere Kontaktkanäle, einschließlich Telefon, E-Mail, Chat

Community- und Stakeholder-Engagement-Programme

Engagement-Kennzahlen:

Programmtyp	Jährliche Investition	Reichweite
Community-Nachhaltigkeitsinitiativen	22 Millionen Dollar	156 lokale Gemeinden
Bildungsarbeit	5,7 Millionen US-Dollar	340 Schulen und Universitäten

Exelon Corporation (EXC) – Geschäftsmodell: Kanäle

Online-Kundendienstportale

Exelon betreibt digitale Kundenservice-Plattformen mit folgenden Spezifikationen:

Plattformmetrik	Datenpunkt
Online-Benutzerkonten	3,7 Millionen registrierte Benutzer
Monatlicher Webportal-Traffic	1,2 Millionen einzelne Besucher
Zahlungsrate für digitale Rechnungen	68 % aller Kunden

Mobile Smartphone-Anwendungen

Zu den Funktionen der mobilen Anwendung von Exelon gehören:

• Verfolgung des Energieverbrauchs in Echtzeit
• Ausfallberichtsfunktion
• Tools zur Rechnungsverwaltung

Mobile-App-Statistik	Datenpunkt
Gesamtzahl der App-Downloads	1,1 Millionen
Monatlich aktive Benutzer	425,000
App Store-Bewertung	4.3/5

Direktvertriebsmitarbeiter

Exelon verfügt über ein professionelles Vertriebsteam mit folgenden Merkmalen:

Vertriebsteam-Metrik	Datenpunkt
Gesamtzahl der Vertriebsmitarbeiter	672 Mitarbeiter
Durchschnittliche Kundenakquisekosten	187 $ pro Kunde
Jährlicher Umsatz des Vertriebsteams	124,6 Millionen US-Dollar

Lokale Versorgungsämter

Exelon betreibt physische Kundendienststandorte in mehreren Bundesstaaten:

Metrik für Versorgungsbüros	Datenpunkt
Gesamtzahl der physischen Standorte	89 Büros
Staaten mit Versorgungsämtern	6 Staaten
Jährliche Kundeninteraktionen	1,4 Millionen persönliche Besuche

Energiemarktplattformen von Drittanbietern

Exelon arbeitet über strategische Partnerschaften mit externen Energiemarktplätzen zusammen:

Marktplatz-Metrik	Datenpunkt
Total Marketplace-Partner	23 Plattformen
Jährliches Transaktionsvolumen	456,3 Millionen US-Dollar
Prozentsatz des Umsatzes aus Marktplätzen	7,2 % des Gesamtumsatzes

Exelon Corporation (EXC) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

Exelon bedient rund 10 Millionen Privatkunden in mehreren Bundesstaaten, darunter Illinois, Pennsylvania, Maryland und New Jersey.

Staat	Privatkunden
Illinois	3,8 Millionen
Pennsylvania	2,6 Millionen
Maryland	1,4 Millionen
New Jersey	1,2 Millionen

Gewerbliche und industrielle Energieverbraucher

Exelon erbringt Energiedienstleistungen für rund 250.000 Gewerbe- und Industriekunden.

• Durchschnittlicher jährlicher Energieverbrauch: 500.000 MWh pro Kunde
• Belieferte Branchen: Fertigung, Gesundheitswesen, Einzelhandel, Technologie
• Jahresumsatz im kommerziellen Segment: 3,2 Milliarden US-Dollar

Kommunale und staatliche Institutionen

Exelon beliefert über 5.000 staatliche und kommunale Einrichtungen mit Energie.

Institutionstyp	Anzahl der Kunden
Landesregierung	42
Kommunalverwaltungen	1,200
Bundeseinrichtungen	120
Bildungseinrichtungen	3,700

Große industrielle Energiekunden

Exelon bedient 500 große Industriekunden mit großem Energiebedarf.

• Durchschnittlicher Energieverbrauch: 2 Millionen MWh pro Kunde
• Gesamte jährliche Energieversorgung: 1 Milliarde MWh
• Jahresumsatz im großen Industriesegment: 5,7 Milliarden US-Dollar

Projektentwickler für erneuerbare Energien

Exelon unterstützt landesweit 120 Projektentwickler für erneuerbare Energien.

Art der erneuerbaren Energie	Anzahl der Projekte
Solar	65
Wind	40
Wasserkraft	15

Exelon Corporation (EXC) – Geschäftsmodell: Kostenstruktur

Kraftwerksbau und -wartung

Die Kraftwerksbau- und Wartungskosten von Exelon beliefen sich im Jahr 2023 auf insgesamt 3,2 Milliarden US-Dollar. Die Aufteilung dieser Kosten umfasst:

Kernkraftwerke

Fossile Brennstoffanlagen

Anlagen für erneuerbare Energien

Asset-Typ	Wartungskosten	Prozentsatz der Gesamtsumme
1,75 Milliarden US-Dollar	54.7%
825 Millionen Dollar	25.8%
620 Millionen Dollar	19.5%

Kraftstoffbeschaffung und Betriebskosten

Die jährlichen Treibstoffbeschaffungskosten für 2023 beliefen sich auf 2,7 Milliarden US-Dollar, mit folgender Verteilung:

• Beschaffung von Kernbrennstoffen: 1,2 Milliarden US-Dollar
• Erdgasbeschaffung: 980 Millionen US-Dollar
• Kohlebeschaffung: 520 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Exelon hat investiert 412 Millionen Dollar in Forschung und Entwicklung im Jahr 2023 mit Schwerpunkt auf:

F&E-Schwerpunktbereich	Investitionsbetrag
Saubere Energietechnologien	187 Millionen Dollar
Netzmodernisierung	125 Millionen Dollar
Innovationen im Bereich der nuklearen Sicherheit	100 Millionen Dollar

Einhaltung gesetzlicher Vorschriften und Umweltschutz

Der Compliance-bezogene Aufwand für das Jahr 2023 betrug 675 Millionen Dollar, einschließlich:

• Umweltüberwachung: 245 Millionen US-Dollar
• Technologien zur Emissionsreduzierung: 220 Millionen US-Dollar
• Regulatorische Berichterstattung und Audits: 210 Millionen US-Dollar

Technologieinfrastruktur und digitale Systeme

Die Investitionen in Technologie und digitale Infrastruktur summierten sich 528 Millionen US-Dollar im Jahr 2023:

Kategorie „Technologie“.	Investitionsbetrag
Cybersicherheitssysteme	198 Millionen Dollar
Unternehmenssoftware	167 Millionen Dollar
Digitales Netzmanagement	163 Millionen Dollar

Exelon Corporation (EXC) – Geschäftsmodell: Einnahmequellen

Stromerzeugung und -verkauf

Die Exelon Corporation meldete im Jahr 2022 einen Gesamtbetriebsumsatz von 33,75 Milliarden US-Dollar. Aufschlüsselung der Einnahmen aus der Stromerzeugung:

Segment	Umsatz (Mio. USD)	Prozentsatz
Kernenergieerzeugung	12,450	36.9%
Erzeugung fossiler Brennstoffe	8,250	24.4%
Erneuerbare Energieerzeugung	4,125	12.2%

Gutschriften für erneuerbare Energien

Der Verkauf von Krediten für erneuerbare Energien generierte im Jahr 2022 215 Millionen US-Dollar.

Erdgasverteilung

Die Einnahmen aus der Erdgasverteilung beliefen sich im Jahr 2022 auf insgesamt 6,8 Milliarden US-Dollar.

Region	Umsatz (Mio. USD)
Pennsylvania	3,750
Maryland	1,850
Andere Regionen	1,200

Energiehandel und Finanzdienstleistungen

Die Einnahmen aus dem Energiehandel erreichten im Jahr 2022 1,2 Milliarden US-Dollar.

• Transaktionen auf dem Energiegroßhandelsmarkt: 850 Millionen US-Dollar
• Finanzielle Absicherungsdienstleistungen: 350 Millionen US-Dollar

Netzübertragungs- und Infrastrukturdienstleistungen

Die Einnahmen aus Netzdienstleistungen beliefen sich im Jahr 2022 auf 2,3 Milliarden US-Dollar.

Servicetyp	Umsatz (Mio. USD)
Übertragungsinfrastruktur	1,550
Netzmanagementdienste	750

Exelon Corporation (EXC) - Canvas Business Model: Value Propositions

You're looking at the core promises Exelon Corporation makes to its customers and jurisdictions, which are all tied to its regulated transmission and distribution focus. Honestly, for a utility, this is where the rubber meets the road-it's about keeping the lights on reliably and managing costs.

Highly reliable energy delivery is a cornerstone. Exelon's utility operating companies delivered on this commitment in 2025, achieving rankings of 1st, 2nd, 4th, and 7th among their peer set. This performance is the direct result of operational discipline and strategic spending.

The financial commitment to this reliability is substantial. Exelon Corporation has mapped out a massive capital expenditure plan to ensure the system can handle growing demand, especially from data centers and electrification trends. Here's the quick math on that planned investment:

Investment Category	Planned Investment (2025-2028)
Total Infrastructure Investment	$38 billion
Electric Distribution Focus	$21.7 billion
Electric Transmission Focus	$12.6 billion
Gas Delivery Focus	$3.8 billion

This $38 billion deployment is designed to support an annualized rate base growth target of 7.4% through 2028. What this estimate hides is the constant regulatory negotiation required to get these investments approved and recovered in rates.

Regulated, stable, and affordable energy rates for customers is the balancing act. Exelon customers already benefit from rates that are 21% below the average of the largest U.S. cities. To be fair, ComEd's average residential electricity rate specifically sits 22% below the national average for major metropolitan areas. Furthermore, in Illinois, the Climate and Equitable Jobs Act (CEJA) framework is actively returning money to customers; ComEd announced over $803 million will be returned via bill credits, with the average residential customer expected to see about $13 a month in credits over the first five months of the new year.

Grid modernization and resilience against extreme weather events is directly funded by the capital plan. This isn't just about new wires; it's about hardening the system. For example, ComEd's revised grid plan, approved through 2027, involves a $4.4 billion investment projected to yield benefits exceeding $7 billion. This focus on resilience is non-negotiable for the communities served by Exelon's six utilities.

Customer affordability solutions and energy efficiency programs provide immediate relief. Exelon launched a $50 million Exelon Customer Relief Fund as a one-time assistance program to help customers facing high summer bills. Separately, ComEd ran a $10 million relief effort in June 2025, giving out one-time grants of $500 to over 30,000 low-income customers. Also, ComEd's new Low-Income Discount program is set to begin on January 1, 2026, for households with incomes up to 300% of the federal poverty level.

The commitment to advancing a cleaner, more resilient energy future for jurisdictions is codified in the Path to Clean. Exelon Utilities remains on track to meet its aggressive targets:

• Reduce operations-driven greenhouse gas (GHG) emissions by 50% by 2030.
• Achieve net-zero operations by 2050.
• In 2024, energy efficiency programs helped customers avoid over 8.7 million metric tons of Co2 emissions.
• The ongoing infrastructure investment supports the integration of renewable energy onto the grid.

Finance: draft 13-week cash view by Friday.

Exelon Corporation (EXC) - Canvas Business Model: Customer Relationships

You're looking at how Exelon Corporation manages its relationships with its customer base, which is extensive, serving more than 10.7 million customers across its operating companies. Because Exelon operates primarily as a regulated utility, the relationship is inherently long-term and non-transactional; you don't choose your electric provider in most of its territories. This structure is cemented by regulatory agreements that define the terms of service and return on investment.

Regulated service agreements ensuring a guaranteed rate of return on assets are the bedrock of this relationship. These agreements provide cost recovery for investments made to serve customers, which is a key component of maintaining service quality. For instance, the ComEd Refiled Grid Plan and Multi-Year Rate Plan (MRP), effective January 1, 2025, included rate increases of approximately $80 million for 2025, based on an allowed Return on Equity (ROE) of 8.905%. Also, the Pepco District of Columbia Electric Distribution Base Rate Case, approved in late 2024 for the 2025-2026 period, awarded incremental revenue increases of $99 million for 2025, reflecting an ROE of 9.5%. To give you a sense of stability, as of early 2025, close to 90% of Exelon's rate base was covered by established mechanisms outlining cost recovery through 2026 or 2027.

Here's a quick look at some of those key regulatory and performance metrics as of late 2025:

Utility/Metric	2025 Financial/Statistical Data Point	Context/Reference
ComEd 2025 Rate Increase	Approximately $80 million	Included in the Refiled Grid Plan/MRP, reflecting an ROE of 8.905%.
Pepco DC 2025 Revenue Increase	$99 million	Incremental revenue requirement for 2025, reflecting an ROE of 9.5%.
Pepco MD Requested 2025 Increase	$133 million	Requested electric revenue requirement increase, reflecting a requested ROE of 10.50%.
Customer Energy Assistance Provided (Past Year)	$476.5 million	Provided to more than 470,500 customers.
Customer Relief Fund Contribution	$50 million	One-time charitable contribution to assist low and middle-income customers.
Customer Outage Reduction (10 Years)	54% fewer outages	Reflects long-term grid investment impact.

Exelon Corporation runs proactive outreach programs for energy assistance and clean energy awareness. You see this commitment in the direct financial aid provided; in the past year, the company provided $476.5 million in energy assistance to over 470,500 customers, with $186.4 million specifically targeted for limited-income households. Furthermore, the company made a $50 million contribution to a Customer Relief Fund to help customers facing higher energy costs. On the clean energy side, Exelon has set aggressive goals to electrify 30 percent of its vehicle fleet by 2025, showing a tangible commitment to a sustainable future for its customers.

Dedicated customer service channels are critical, especially given the service interruptions that inevitably occur. Exelon's utilities focus on maintaining high operational standards, which directly impacts customer perception. For reliability, all Exelon utilities sustained top quartile or better performance in reliability as of Q2 2025. For gas service, all gas utilities sustained top decile performance in gas odor response, and BGE, PECO, and PHI achieved top quartile performance in gas odor response in Q2 2025. When major events happen, the scale is evident; during one of the largest storms in recent history at PECO (Q2 2025), peak outages exceeded 325,000 customers. These events test the dedicated response channels for outage and gas odor emergencies.

The focus on customer affordability through cost management and innovation is reflected in both operational savings and financial guidance. Innovation in efficiency is paying off; ComEd's energy efficiency programs in 2024 alone saved customers over 13 million MWhs of electricity, translating to nearly $1.3 billion in bill savings. This focus on keeping bills manageable is central to the regulated relationship. For the full year 2025, Exelon is guiding for Adjusted (non-GAAP) operating earnings in the range of $2.64-$2.74 per share, which supports their commitment to delivering value while investing heavily, projecting to invest $38 billion in capital expenditures from 2025 to 2028.

You can see the relationship strategy supported by these operational metrics:

• All utilities sustained top quartile or better performance in reliability.
• All gas utilities sustained top decile performance in gas odor response.
• Exelon reaffirmed its 2025 adjusted operating earnings guidance of $2.64 to $2.74 per share.
• The company expects to grow its earnings at an annualized rate of 5% to 7% through 2028.

Finance: draft 13-week cash view by Friday.

Exelon Corporation (EXC) - Canvas Business Model: Channels

Direct physical connection via transmission and distribution lines is the core channel for Exelon Corporation. The company affirmed a substantial capital investment plan of $38 billion through 2028 to support customer needs and bolster reliability, with an expected rate base growth of 7.4% through 2028. Exelon also identified an additional $10-15 billion in potential transmission opportunities. The existing network includes 11,000 miles of transmission lines. This physical infrastructure is being channeled to meet massive demand, as Exelon reports 33 gigawatts of data center customers interested in connecting to its system.

Exelon Corporation serves its customer base through six fully regulated transmission and distribution utilities, which act as the primary interface for service delivery. As of the third quarter of 2025, Exelon served more than 10.7 million customers across these entities.

Local Utility Brand	Primary Service Area Focus	Customer Base (Approx. Beginning of 2025)
ComEd (Commonwealth Edison)	Northern Illinois	9.2 million electric customers total, with ComEd being a significant portion
PECO Energy Company (PECO)	Southeastern Pennsylvania	Part of the total customer base
BGE (Baltimore Gas and Electric)	Central Maryland	Part of the total customer base
Pepco (Potomac Electric Power Company)	Maryland/DC area	Part of the total customer base
DPL (Delmarva Power & Light)	Delaware/Maryland area	Part of the total customer base
ACE (Atlantic City Electric)	New Jersey	Part of the total customer base

Digital channels are increasingly used for customer interaction, billing, and data access. As of the beginning of 2025, Exelon had approximately 9.2 million electric customers and 1.4 million gas customers. The company reaffirmed its full-year 2025 Adjusted (non-GAAP) operating earnings guidance range of $2.64 - $2.74 per share. The latest reported quarterly dividend, declared October 29, 2025, was $0.40 per share, payable December 15, 2025.

Community engagement and local offices in major metropolitan areas support the utility brands. For instance, in Q3 2025, PECO experienced peak outages exceeding 325,000 customers during a major storm event. Exelon's Q3 2025 GAAP net income was $0.86 per share, with an associated revenue of $6.71 billion for the quarter.

Regulatory filings and public hearings provide transparency for rate case adjustments. On October 14, 2025, Pepco filed an application with the MDPSC requesting a total electric revenue requirement increase of $133 million, which reflects a requested Return on Equity (ROE) of 10.50%.

• ComEd's Adjusted (non-GAAP) operating earnings for Q3 2025 were $373 million.
• BGE's Adjusted (non-GAAP) operating earnings for Q3 2025 were $82 million.
• PHI's (Pepco/DPL) Adjusted (non-GAAP) operating earnings for Q3 2025 were $290 million.
• Exelon's Q3 2025 Adjusted (non-GAAP) operating earnings per share was $0.86.
• The company's Market Capitalization as of early December 2025 was reported at $45.37B.

Exelon Corporation (EXC) - Canvas Business Model: Customer Segments

Exelon Corporation (EXC) serves a vast and diverse customer base across its six fully regulated transmission and distribution (T&D) 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). As of the third quarter of 2025, Exelon Corporation served more than 10.7 million electricity and natural gas customers in total. As of the beginning of 2025, the breakdown was approximately 9.2 million electric customers and 1.4 million gas customers.

The residential segment forms the core of the customer base, representing the majority of accounts across the service territories, which include major metropolitan areas like Chicago, Philadelphia, Baltimore, and Washington D.C.. You see this concentration clearly when looking at the data from the largest subsidiary, ComEd, which powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population.

For a concrete look at the mix, here is the electric customer segmentation for ComEd as reported in Q3 2025:

Customer Type	Number of Customers (Q3 2025)	Change from Q3 2024
Residential	3,767,493	Increase
Small commercial & industrial	398,022	Increase
Large commercial & industrial	1,931	Decrease
Public authorities & electric railroads	5,798	Increase
Total Electric Customers	4,173,244	Increase

Commercial and industrial businesses are critical, requiring high-capacity, reliable power to support major economic activity in the regions Exelon Corporation serves. The demand from large commercial users, including the technology sector, is significant; Exelon reports that potential demand from data centers is greater than 30 gigawatts, with 17 gigawatts already connected to its system as of mid-2025.

Governmental and public authority entities are served directly through dedicated accounts, as shown in the table above. Furthermore, Exelon Corporation is actively seeking federal funding secured through the Infrastructure Investment and Jobs Act to accelerate energy transformation in the communities it serves.

The transportation sector is an emerging focus, particularly concerning electrification infrastructure. For instance, ComEd's $168 million Beneficial Electrification Plan approval signals strong progress in supporting electric vehicle (EV) adoption.

Exelon Corporation also targets underserved communities with specific financial and efficiency programs. You should note these concrete commitments:

• In 2024, Exelon helped connect approximately 520,000 eligible customers to over $492 million in energy assistance.
• Of that 2024 assistance, $184.5 million came from the Low-Income Home Energy Assistance Program (LIHEAP).
• Exelon announced a $50 million Customer Relief Fund on June 12, 2025, to aid low- and middle-income customers facing high energy costs.
• ComEd is returning over $803 million to customers via bill credits under the Illinois Climate and Equitable Jobs Act (CEJA), with the average residential customer expected to receive about $13 a month for the first five months of the year.
• PECO's energy efficiency programs have paid out more than $570 million in rebates and incentives since they started in 2009, helping customers reduce energy use by over 5.9 billion kWh.

These programs help ensure that energy efficiency tools and assistance are available to all customer types, including those with limited incomes. Finance: draft 13-week cash view by Friday.

Exelon Corporation (EXC) - Canvas Business Model: Cost Structure

You're looking at the major drains on Exelon Corporation's cash flow, which are heavily weighted toward maintaining and upgrading a massive regulated asset base. The cost structure is dominated by capital deployment, servicing that capital, and the day-to-day running of the grid.

High capital expenditures for infrastructure investment are a defining feature. Exelon Corporation's strategic blueprint for 2025 through 2028 calls for committing approximately $38 billion toward grid modernization, transmission upgrades, and renewable infrastructure. This substantial capital expenditure is designed to drive a projected 7.4% annualized rate base growth over that period. You see evidence of this ongoing investment in the Q1 2025 results, which reflected ongoing capital expenditures across all utilities.

Servicing this debt load is a significant, non-discretionary cost. Exelon Corporation has been active in the capital markets to fund these investments. For instance, in December 2025, the company completed a private offering of $1 billion in aggregate principal amount of 3.25% Convertible Senior Notes due 2029, with estimated net proceeds of $987.5 million after exercising the full option. This follows other major financing events earlier in the year, such as the February 2025 issuance of $1,000 million in notes ($500 million at 5.125% due 2031 and $500 million at 5.875% due 2055) and a separate $1 billion public offering of 6.5% junior subordinated notes due 2055. The interest expense associated with this debt is definitely substantial, showing up as a higher cost at the Exelon holding company level throughout 2025, and also impacting the earnings of operating companies like PECO and PHI.

Here's a quick look at some of the major debt issuances in 2025 that contribute to the interest expense:

Issuance Date	Entity	Principal Amount	Coupon/Rate	Maturity
December 2025	Exelon Corporate	$1,000 million	3.25%	2029
February 2025	Exelon Corporate	$1,000 million (Total)	5.125% / 5.875%	2031 / 2055
February 2025	Exelon Corporate	$1,000 million	6.5%	2055
May 2025	BGE (Subsidiary)	$650 million	5.45%	2035

Operating and maintenance (O&M) expenses are a constant, large outlay tied to keeping the lights on and the pipes flowing. Exelon Corporation is actively managing this, targeting O&M growth below the rate of inflation to save customers approximately ~$550M in 2025 compared to an inflation-adjusted baseline. However, this is frequently disrupted by weather events. For example, PECO noted increased storm costs in Q2 2025, which they anticipated deferring. Furthermore, the Corporate segment saw an O&M decrease in Q1 2025 due to the absence of costs billed to Constellation for services provided under the TSA (Transition Service Agreement).

Costs related to purchasing power and fuel, while often passed through via regulatory mechanisms, still represent a significant cash flow component. The structure of Exelon Corporation's regulated utilities means that the cost of purchasing electricity and natural gas for retail sale is generally recovered through rates, but the timing and magnitude of these purchases impact working capital and operational cash flow.

Regulatory compliance and legal costs are defintely substantial, often manifesting as one-time or non-recurring items that management adjusts out of 'Adjusted Earnings.' A clear example of a significant, non-standard cost impacting the holding company in 2025 was the $50 million Customer Relief Fund, announced in June 2025 to help low- and middle-income customers with energy costs. This signals the financial commitment required to maintain regulatory goodwill and address societal pressures.

Key cost drivers and related figures include:

• Targeted O&M savings for 2025: ~$550M below inflation-adjusted increase.
• Customer Relief Fund contribution in 2025: $50 million.
• Pepco's requested electric revenue requirement increase in October 2025: $133 million.
• Interest expense noted as a higher cost at the holding company in Q2 and Q3 2025.
• The $1 billion December 2025 convertible notes carry a 3.25% fixed interest rate.

Exelon Corporation (EXC) - Canvas Business Model: Revenue Streams

Exelon Corporation's revenue streams are fundamentally anchored in its role as a transmission and delivery-only utility, serving more than 10.7 million customers across its six regulated utilities: Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco.

The core revenue generation comes from regulated electric and natural gas distribution and transmission rates, which are established through regulatory proceedings. This regulated structure provides a degree of revenue predictability. For instance, in the third quarter of 2025, Exelon Corporation reported total revenue of $6.71 billion. This figure represented a jump from $6.15 billion in the third quarter of 2024. The Q3 2025 Adjusted (non-GAAP) operating earnings were $0.86 per share, up from $0.71 per share in Q3 2024.

A significant portion of the revenue growth is tied to revenue from rate base growth, driven by capital investments in infrastructure. Exelon Corporation is projecting to invest approximately $38 billion of capital expenditures from 2025 through 2028. This investment plan is designed to support an expected 7.4% annualized rate base growth over the same four-year period, which underpins the long-term earnings outlook.

The regulatory framework allows for the recovery of fully recoverable costs through regulatory mechanisms, such as formula rates. Close to 90% of Exelon's rate base was covered by established mechanisms outlining cost recovery through 2026 or 2027 as of early 2025. Furthermore, specific rate case outcomes directly impact revenue. For example, ComEd's Refiled Grid Plan included approved rate increases totaling $752 million in 2024, $80 million in 2025, $102 million in 2026, and $111 million in 2027. More recently, in October 2025, Pepco filed for a total electric revenue requirement increase of $133 million with a requested Return on Equity (ROE) of 10.50%.

Here's a look at the Q3 2025 Adjusted (non-GAAP) operating earnings contribution by key utility:

Utility Company	Q3 2025 Adjusted Operating Earnings (Millions USD)	Key Revenue Driver Mentioned
ComEd	$373 million	Higher distribution and transmission rate base
PECO	$250 million	Electric and gas distribution rates
PHI	$290 million	Distribution and transmission rates
BGE	$82 million	Distribution rates associated with updated recovery of investments

The forward-looking revenue expectations are summarized by management guidance:

• Full-year 2025 adjusted operating earnings guidance remains affirmed in the range of $2.64 - $2.74 per share.
• The company is reaffirming its long-term target of 5-7% operating EPS compounded annual growth from 2024 to 2028.
• The Q3 2025 results were achieved while the company completed all planned debt financings for 2025 and continued progress on its equity plan.
• Exelon's existing debt burden stood at nearly $50 billion as of the most recent quarter, which is managed alongside equity needs of approximately $700 million per year from 2025 through 2028.

To support these investments, Exelon priced an offering of $900 million in convertible senior notes due 2029 with a fixed interest rate of 3.25% in December 2025.