Exelon Corporation (EXC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación energética, Exelon Corporation (EXC) emerge como una potencia, navegando estratégicamente el complejo terreno de la generación y distribución de energía. Al combinar a la perfección la experiencia nuclear, la destreza de energía renovable e infraestructura tecnológica de vanguardia, Exelon ha creado un modelo de negocio robusto que trasciende los paradigmas tradicionales de servicios públicos. Este lienzo completo de modelo de negocio presenta los intrincados mecanismos que impulsan una de las empresas energéticas más sofisticadas de Estados Unidos, ofreciendo una visión fascinante de cómo una empresa de servicios públicos modernos transforma los desafíos en oportunidades sostenibles y rentables.

Exelon Corporation (EXC) - Modelo de negocio: asociaciones clave

Proveedores de tecnología de plantas de energía nuclear

Exelon se asocia con Westinghouse Electric Company y General Electric para la tecnología y el mantenimiento del reactor nuclear. A partir de 2024, Exelon opera 21 reactores nucleares en múltiples estados.

Pareja	Área tecnológica	Valor de contrato
Westinghouse Electric Company	Componentes del reactor nuclear	$ 325 millones anuales
Electric General	Sistemas de turbinas nucleares	$ 278 millones anualmente

Fabricantes de equipos de energía renovable

Exelon colabora con los principales fabricantes de equipos de energía renovable para expandir su cartera de energía limpia.

• Sistemas de viento Vestas - Suministro de turbina eólica
• Primera adquisición de panel solar - panel solar
• Solución de energía LG - Tecnología de almacenamiento de baterías

Fabricante	Tecnología renovable	Inversión anual
Sistemas de viento de Vestas	Turbinas eólicas	$ 215 millones
Primero solar	Paneles solares	$ 189 millones

Operadores de infraestructura y sistema de transmisión de cuadrícula

Exelon trabaja con organizaciones de transmisión regionales para garantizar una distribución de electricidad confiable.

• Interconexión de PJM
• MISO (operador del sistema independiente del concontinente Midcontinent)
• Transmisión cómica

Agencias reguladoras estatales y federales

Exelon mantiene asociaciones críticas con organismos regulatorios para garantizar el cumplimiento y la aprobación operativa.

• Comisión reguladora nuclear
• Comisión Reguladora Federal de Energía (FERC)
• Comisiones estatales de servicios públicos en Illinois, Pensilvania, Maryland

Socios de servicios financieros y comercio de energía

Exelon colabora con instituciones financieras para el comercio de energía y la gestión de riesgos.

Socio financiero	Tipo de servicio	Volumen de transacción anual
JPMorgan Chase	Comercio de derivados de energía	$ 4.2 mil millones
Goldman Sachs	Gestión de riesgos	$ 3.7 mil millones

Exelon Corporation (EXC) - Modelo de negocio: actividades clave

Generación de energía eléctrica en múltiples fuentes de energía

Exelon Corporation genera aproximadamente 32,700 megavatios de electricidad en varias fuentes de energía a partir de 2024.

Fuente de energía	Capacidad (megavatios)	Porcentaje
Energía nuclear	21,214	65%
Gas natural	6,540	20%
Energía renovable	4,146	13%
Otras fuentes	800	2%

Operaciones y mantenimiento de la planta de energía nuclear

Exelon opera 21 reactores nucleares en múltiples estados, representando la flota nuclear más grande de los Estados Unidos.

• Generación total de energía nuclear: 161.8 millones de megavatios-hora en 2023
• Plantas de energía nuclear ubicadas en Illinois, Pensilvania, Maryland y Nueva Jersey
• Gasto anual de mantenimiento de la planta nuclear: $ 1.2 mil millones

Desarrollo e implementación de energía renovable

Exelon ha comprometido $ 7.8 mil millones a inversiones de energía renovable hasta 2026.

Tipo de energía renovable	Capacidad actual	Expansión planificada
Energía eólica	2.100 MW	+1,500 MW para 2026
Energía solar	1.046 MW	+2,300 MW para 2026

Servicios de transmisión y distribución de energía

Exelon opera redes de transmisión y distribución en seis estados.

• Longitud total de la línea de transmisión: 19,387 millas
• Red de distribución que atiende a 10 millones de clientes
• Inversión anual de infraestructura de transmisión: $ 1.5 mil millones

Ventas de electricidad minorista y gas natural

El segmento de energía minorista de Exelon sirve a los clientes en múltiples mercados.

Mercado	Clientes de electricidad	Clientes de gas natural
Illinois	3.8 millones	2.1 millones
Pensilvania	1.7 millones	0.5 millones
Maryland	1.3 millones	0.3 millones

Exelon Corporation (EXC) - Modelo de negocio: recursos clave

Flota de generación de energía nuclear extensa

Exelon opera 21 reactores nucleares en múltiples estados, con una capacidad de generación nuclear total de 19,243 MW a partir de 2023. La flota nuclear genera aproximadamente 161 millones de MWh de electricidad anualmente.

Ubicación	Número de reactores	Capacidad total (MW)
Illinois	11	10,570
Pensilvania	5	5,265
Maryland	3	2,276
Nueva Jersey	2	1,132

Diversas infraestructura de energía renovable

La cartera de energía renovable de Exelon incluye:

• Capacidad del viento: 1.421 MW
• Capacidad solar: 353 MW
• Generación total de energía renovable: 4.5 millones de MWh en 2023

Tecnología de gestión de cuadrícula avanzada

Exelon invierte $ 1.2 mil millones anualmente En la modernización de la red y la infraestructura tecnológica. Los activos tecnológicos clave incluyen:

• Tecnologías de cuadrícula inteligente
• Infraestructura de medición avanzada
• Sistemas de ciberseguridad

Ingeniería especializada y fuerza laboral técnica

Fuerza laboral total: 35,670 empleados a partir de 2023

Categoría de empleado	Número de empleados
Profesionales de ingeniería	6,740
Especialistas técnicos	5,210
Personal de operaciones	12,350

Capital financiero y capacidad de inversión sustancial

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 78.4 mil millones
• Ingresos anuales: $ 33.8 mil millones
• Gasto de capital: $ 4.5 mil millones
• Equivalentes en efectivo y efectivo: $ 2.1 mil millones

Exelon Corporation (EXC) - Modelo de negocio: propuestas de valor

Suministro de electricidad confiable y consistente

Exelon opera 32 instalaciones de generación de energía nuclear, fósil y renovable con una capacidad de generación total de 32,327 megavatios a partir de 2023. La compañía atiende a aproximadamente 10 millones de clientes en múltiples estados.

Tipo de generación	Capacidad (megavatios)	Porcentaje de total
Nuclear	21,387	66.2%
Renovable	6,545	20.2%
Fósil	4,395	13.6%

Generación de energía limpia

La cartera de energía limpia de Exelon incluye:

• Generación nuclear de carbono cero: 21,387 MW
• Fuentes de energía renovable: 6.545 MW
• Compromiso de reducción de carbono: electricidad 100% libre de carbono para 2050

Fijación de precios competitivos

Tasas de electricidad promedio para clientes de Exelon:

Segmento de clientes	Tasa promedio (centavos/kWh)
Residencial	12.3
Comercial	10.7
Industrial	7.5

Soluciones de energía sostenible

Métricas de sostenibilidad para Exelon en 2023:

• Reducción de emisiones de carbono: 15 millones de toneladas métricas
• Inversión en energía limpia: $ 1.7 mil millones
• Proyectos de energía renovable: 23 desarrollos eólicos activos y solares

Innovación tecnológica

Inversiones de tecnología e innovación de Exelon:

• Gasto anual de I + D: $ 285 millones
• Implementaciones de tecnología de cuadrícula inteligente: 7 áreas metropolitanas principales
• Capacidad de almacenamiento de energía: 500 MW

Exelon Corporation (EXC) - Modelo de negocio: relaciones con los clientes

Contratos de servicio de servicios públicos a largo plazo

Exelon atiende a aproximadamente 10 millones de clientes en múltiples estados. La compañía mantiene contratos de servicio de servicios públicos a largo plazo con:

Región	Número de clientes	Tipo de contrato
Illinois	3.8 millones	Servicio de servicios públicos regulados
Pensilvania	2.6 millones	Servicio de servicios públicos regulados
Maryland	1.4 millones	Servicio de servicios públicos regulados

Plataformas de participación de clientes digitales

Las plataformas digitales de Exelon incluyen:

• Aplicación móvil con 1.2 millones de usuarios activos
• Sistema de gestión de cuentas en línea
• Plataformas de facturación y pago digital

Consulta personalizada de eficiencia energética

Exelon ofrece programas de eficiencia energética con las siguientes métricas:

Categoría de programa	Inversión anual	Participación del cliente
Auditorías de energía residencial	$ 45 millones	87,000 hogares
Soluciones de energía comercial	$ 78 millones	2.300 clientes comerciales

Sistemas de atención al cliente receptivos

Estadísticas de atención al cliente:

• Centro de servicio al cliente 24/7
• Tiempo de respuesta promedio: 12 minutos
• Tasa de satisfacción del cliente: 89%
• Múltiples canales de contacto que incluyen teléfono, correo electrónico, chat.

Programas de participación comunitaria y de partes interesadas

Métricas de compromiso:

Tipo de programa	Inversión anual	Alcanzar
Iniciativas de sostenibilidad de la comunidad	$ 22 millones	156 comunidades locales
Divulgación educativa	$ 5.7 millones	340 escuelas y universidades

Exelon Corporation (EXC) - Modelo de negocio: canales

Portales de servicio al cliente en línea

Exelon opera plataformas de servicio al cliente digital con las siguientes especificaciones:

Métrica de plataforma	Punto de datos
Cuentas de usuario en línea	3.7 millones de usuarios registrados
Tráfico mensual del portal web	1.2 millones de visitantes únicos
Tasa de pago de facturas digitales	68% del total de clientes

Aplicaciones de teléfonos inteligentes móviles

Las características de la aplicación móvil de Exelon incluyen:

• Seguimiento de consumo de energía en tiempo real
• Funcionalidad de informes de interrupción
• Herramientas de gestión de facturas

Estadística de aplicaciones móviles	Punto de datos
Descargas totales de aplicaciones	1.1 millones
Usuarios activos mensuales	425,000
Calificación de la tienda de aplicaciones	4.3/5

Representantes de ventas directas

Exelon mantiene una fuerza de ventas profesional con las siguientes características:

Métrica del equipo de ventas	Punto de datos
Representantes de ventas totales	672 empleados
Costo promedio de adquisición de clientes	$ 187 por cliente
Ingresos anuales del equipo de ventas	$ 124.6 millones

Oficinas de servicios públicos locales

Exelon opera ubicaciones físicas de servicio al cliente en múltiples estados:

Métrica de oficina de servicios públicos	Punto de datos
Ubicaciones físicas totales	89 oficinas
Estados con oficinas de servicios públicos	6 estados
Interacciones anuales del cliente	1.4 millones de visitas en persona

Plataformas de mercado de energía de terceros

Exelon se involucra con los mercados de energía externos a través de asociaciones estratégicas:

Métrico del mercado	Punto de datos
Socios totales del mercado	23 plataformas
Volumen de transacción anual	$ 456.3 millones
Porcentaje de ingresos de los mercados	7.2% de los ingresos totales

Exelon Corporation (EXC) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

Exelon atiende a aproximadamente 10 millones de clientes residenciales en múltiples estados, incluidos Illinois, Pensilvania, Maryland y Nueva Jersey.

Estado	Clientes residenciales
Illinois	3.8 millones
Pensilvania	2.6 millones
Maryland	1.4 millones
Nueva Jersey	1.2 millones

Usuarios de energía comercial e industrial

Exelon brinda servicios de energía a aproximadamente 250,000 clientes comerciales e industriales.

• Consumo promedio de energía anual: 500,000 MWh por cliente
• Sectores atendidos: fabricación, atención médica, venta minorista, tecnología
• Ingresos anuales del segmento comercial: $ 3.2 mil millones

Instituciones municipales y gubernamentales

Exelon suministra energía a más de 5,000 entidades gubernamentales y municipales.

Tipo de institución	Número de clientes
Gobierno estatal	42
Gobiernos municipales	1,200
Instalaciones federales	120
Instituciones educativas	3,700

Clientes de energía industrial a gran escala

Exelon atiende a 500 clientes industriales a gran escala con requisitos de energía de alto volumen.

• Consumo promedio de energía: 2 millones de MWh por cliente
• Suministro de energía anual total: mil millones de MWh
• Ingresos anuales del segmento industrial grande: $ 5.7 mil millones

Desarrolladores de proyectos de energía renovable

Exelon apoya a 120 desarrolladores de proyectos de energía renovable en todo el país.

Tipo de energía renovable	Número de proyectos
Solar	65
Viento	40
Hidroeléctrico	15

Exelon Corporation (EXC) - Modelo de negocio: Estructura de costos

Construcción y mantenimiento de la planta de energía

Los costos de construcción y mantenimiento de la planta de energía de Exelon para 2023 totalizaron $ 3.2 mil millones. El desglose de estos costos incluye:

Centrales nucleares

Plantas de combustible fósil

Instalaciones de energía renovable

Tipo de activo	Costo de mantenimiento	Porcentaje de total
$ 1.75 mil millones	54.7%
$ 825 millones	25.8%
$ 620 millones	19.5%

Adquisición de combustible y gastos operativos

Los costos anuales de adquisición de combustible para 2023 fueron de $ 2.7 mil millones, con la siguiente distribución:

• Adquisición de combustible nuclear: $ 1.2 mil millones
• Adquisición de gas natural: $ 980 millones
• Adquisición de carbón: $ 520 millones

Inversiones de investigación y desarrollo

Exelon invertido $ 412 millones En I + D durante 2023, centrándose en:

Área de enfoque de I + D	Monto de la inversión
Tecnologías de energía limpia	$ 187 millones
Modernización de la cuadrícula	$ 125 millones
Innovaciones de seguridad nuclear	$ 100 millones

Cumplimiento regulatorio y protección del medio ambiente

Los gastos relacionados con el cumplimiento para 2023 ascendieron a $ 675 millones, incluido:

• Monitoreo ambiental: $ 245 millones
• Tecnologías de reducción de emisiones: $ 220 millones
• Informes regulatorios y auditorías: $ 210 millones

Infraestructura tecnológica y sistemas digitales

Tecnología e inversiones de infraestructura digital totalizadas $ 528 millones En 2023:

Categoría de tecnología	Monto de la inversión
Sistemas de ciberseguridad	$ 198 millones
Software empresarial	$ 167 millones
Gestión de la red digital	$ 163 millones

Exelon Corporation (EXC) - Modelo de negocios: flujos de ingresos

Generación y ventas de electricidad

Exelon Corporation reportó ingresos operativos totales de $ 33.75 mil millones en 2022. Desglose de ingresos de generación de electricidad:

Segmento	Ingresos ($ M)	Porcentaje
Generación de energía nuclear	12,450	36.9%
Generación de combustibles fósiles	8,250	24.4%
Generación de energía renovable	4,125	12.2%

Créditos de energía renovable

Las ventas de crédito de energía renovable generaron $ 215 millones en 2022.

Distribución de gas natural

Los ingresos por distribución de gas natural totalizaron $ 6.8 mil millones en 2022.

Región	Ingresos ($ M)
Pensilvania	3,750
Maryland	1,850
Otras regiones	1,200

Servicios financieros y comercio de energía

Los ingresos por negociación de energía alcanzaron los $ 1.2 mil millones en 2022.

• Transacciones al por mayor del mercado energético: $ 850 millones
• Servicios de cobertura financiera: $ 350 millones

Servicios de transmisión e infraestructura de cuadrícula

Los ingresos por servicios de cuadrícula fueron de $ 2.3 mil millones en 2022.

Tipo de servicio	Ingresos ($ M)
Infraestructura de transmisión	1,550
Servicios de gestión de cuadrícula	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.