Exelon Corporation (EXC): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'innovation énergétique, Exelon Corporation (EXC) émerge comme une puissance, naviguant stratégiquement sur le terrain complexe de la production et de la distribution d'électricité. En mélangeant parfaitement l'expertise nucléaire, les prouesses des énergies renouvelables et les infrastructures technologiques de pointe, Exelon a conçu un modèle commercial robuste qui transcende les paradigmes traditionnels des services publics. Cette toile complète du modèle commercial dévoile les mécanismes complexes stimulant l'une des entreprises énergétiques les plus sophistiquées d'Amérique, offrant un aperçu fascinant de la façon dont une entreprise de services publics moderne transforme les défis en opportunités durables et rentables.

Exelon Corporation (EXC) - Modèle d'entreprise: partenariats clés

Fournisseurs de technologies de centrales nucléaires

Exelon s'associe à Westinghouse Electric Company et General Electric pour la technologie et la maintenance des réacteurs nucléaires. En 2024, Exelon exploite 21 réacteurs nucléaires dans plusieurs États.

Partenaire	Zone technologique	Valeur du contrat
Westinghouse Electric Company	Composants du réacteur nucléaire	325 millions de dollars par an
Électrique générale	Systèmes de turbine nucléaire	278 millions de dollars par an

Fabricants d'équipements d'énergie renouvelable

Exelon collabore avec les principaux fabricants d'équipements d'énergie renouvelable pour étendre son portefeuille d'énergie propre.

• Vestas Wind Systems - Wind Turbine Supply
• Première approvisionnement solaire en panneau solaire
• Solution d'énergie LG - Technologie de stockage de batteries

Fabricant	Technologies renouvelables	Investissement annuel
Vestas Wind Systems	Éoliennes	215 millions de dollars
Premier solaire	Panneaux solaires	189 millions de dollars

Infrastructures de grille et opérateurs de système de transmission

Exelon travaille avec des organisations régionales de transmission pour assurer une répartition fiable de l'électricité.

• Interconnexion PJM
• MISO (opérateur de système indépendant du milieu de continent)
• Transmission comédante

Agences de réglementation des États et fédérales

Exelon maintient des partenariats critiques avec les organismes de réglementation pour assurer la conformité et l'approbation opérationnelle.

• Commission de réglementation nucléaire
• Commission fédérale de la réglementation de l'énergie (FERC)
• Commissions des services publics publics dans l'Illinois, Pennsylvanie, Maryland

Partners des services de trading et financiers énergétiques

Exelon collabore avec les institutions financières pour le commerce d'énergie et la gestion des risques.

Partenaire financier	Type de service	Volume de transaction annuel
JPMorgan Chase	Échange de dérivés énergétiques	4,2 milliards de dollars
Goldman Sachs	Gestion des risques	3,7 milliards de dollars

Exelon Corporation (EXC) - Modèle d'entreprise: activités clés

Génération d'énergie électrique sur plusieurs sources d'énergie

Exelon Corporation génère environ 32 700 mégawatts d'électricité dans diverses sources d'énergie à partir de 2024.

Source d'énergie	Capacité (Megawatts)	Pourcentage
Puissance nucléaire	21,214	65%
Gaz naturel	6,540	20%
Énergie renouvelable	4,146	13%
Autres sources	800	2%

Opérations et entretien des centrales nucléaires

Exelon exploite 21 réacteurs nucléaires dans plusieurs États, représentant la plus grande flotte nucléaire des États-Unis.

• Génération totale d'énergie nucléaire: 161,8 millions de mégawatts en 2023
• Des centrales nucléaires situées dans l'Illinois, la Pennsylvanie, le Maryland et le New Jersey
• Dépenses de maintenance annuelle des centrales nucléaires: 1,2 milliard de dollars

Développement et mise en œuvre des énergies renouvelables

Exelon a engagé 7,8 milliards de dollars à des investissements en énergie renouvelable jusqu'en 2026.

Type d'énergie renouvelable	Capacité actuelle	Extension planifiée
Énergie éolienne	2 100 MW	+1 500 MW d'ici 2026
Énergie solaire	1 046 MW	+2 300 MW d'ici 2026

Services de transmission et de distribution d'énergie

Exelon exploite des réseaux de transmission et de distribution dans six États.

• Longueur totale de la ligne de transmission: 19 387 miles
• Réseau de distribution desservant 10 millions de clients
• Investissement annuel sur les infrastructures de transmission: 1,5 milliard de dollars

Ventes d'électricité et de gaz naturel au détail

Le segment d'énergie de détail d'Exelon sert les clients sur plusieurs marchés.

Marché	Clients de l'électricité	Clients du gaz naturel
Illinois	3,8 millions	2,1 millions
Pennsylvanie	1,7 million	0,5 million
Maryland	1,3 million	0,3 million

Exelon Corporation (EXC) - Modèle d'entreprise: Ressources clés

Flotte de production d'énergie nucléaire étendue

Exelon exploite 21 réacteurs nucléaires dans plusieurs États, avec une capacité de génération nucléaire totale de 19 243 MW à 2023. La flotte nucléaire génère environ 161 millions de MWh d'électricité par an.

Emplacement	Nombre de réacteurs	Capacité totale (MW)
Illinois	11	10,570
Pennsylvanie	5	5,265
Maryland	3	2,276
New Jersey	2	1,132

Diverses infrastructures d'énergie renouvelable

Le portefeuille des énergies renouvelables d'Exelon comprend:

• Capacité éolienne: 1 421 MW
• Capacité solaire: 353 MW
• Génération totale d'énergie renouvelable: 4,5 millions de MWh en 2023

Technologie avancée de gestion de la grille

Exelon investit 1,2 milliard de dollars par an Dans la modernisation du réseau et les infrastructures technologiques. Les principaux actifs technologiques comprennent:

• Technologies de grille intelligente
• Infrastructure de mesure avancée
• Systèmes de cybersécurité

Ingénierie qualifiée et main-d'œuvre technique

Travail total: 35 670 employés en 2023

Catégorie des employés	Nombre d'employés
Professionnels de l'ingénierie	6,740
Spécialistes techniques	5,210
Personnel des opérations	12,350

Capital financier substantiel et capacité d'investissement

Ressources financières au quatrième trimestre 2023:

• Actif total: 78,4 milliards de dollars
• Revenu annuel: 33,8 milliards de dollars
• Dépenses en capital: 4,5 milliards de dollars
• Equivalents en espèces et en espèces: 2,1 milliards de dollars

Exelon Corporation (exc) - Modèle d'entreprise: propositions de valeur

Alimentation électrique fiable et cohérente

Exelon exploite 32 installations de production d'énergie nucléaire, fossile et renouvelable d'une capacité de production totale de 32 327 mégawatts à partir de 2023. La société dessert environ 10 millions de clients dans plusieurs États.

Type de génération	Capacité (Megawatts)	Pourcentage du total
Nucléaire	21,387	66.2%
Renouvelable	6,545	20.2%
Fossile	4,395	13.6%

Production d'énergie propre

Le portefeuille d'énergie propre d'Exelon comprend:

• Génération nucléaire zéro-carbone: 21 387 MW
• Sources d'énergie renouvelables: 6 545 MW
• Engagement de réduction du carbone: 100% d'électricité sans carbone d'ici 2050

Prix ​​compétitifs

Tarifs d'électricité moyens pour les clients exélon:

Segment de clientèle	Taux moyen (cents / kWh)
Résidentiel	12.3
Commercial	10.7
Industriel	7.5

Solutions énergétiques durables

Mesures de durabilité pour Exelon en 2023:

• Réduction des émissions de carbone: 15 millions de tonnes métriques
• Investissement dans l'énergie propre: 1,7 milliard de dollars
• Projets d'énergie renouvelable: 23 développements éoliens et solaires actifs

Innovation technologique

Les investissements technologiques et d'innovation d'Exelon:

• Dépenses annuelles de R&D: 285 millions de dollars
• Implémentations de la technologie du réseau intelligent: 7 domaines métropolitains majeurs
• Capacité de stockage d'énergie: 500 MW

Exelon Corporation (EXC) - Modèle d'entreprise: relations clients

Contrats de services de services publics à long terme

Exelon dessert environ 10 millions de clients dans plusieurs États. La Société maintient des contrats de services de services publics à long terme avec:

Région	Nombre de clients	Type de contrat
Illinois	3,8 millions	Service de services publics réglementés
Pennsylvanie	2,6 millions	Service de services publics réglementés
Maryland	1,4 million	Service de services publics réglementés

Plates-formes de fiançailles clients numériques

Les plates-formes numériques d'Exelon comprennent:

• Application mobile avec 1,2 million d'utilisateurs actifs
• Système de gestion des comptes en ligne
• Plates-formes de facturation et de paiement numériques

Consultation personnalisée en matière d'efficacité énergétique

Exelon propose des programmes d'efficacité énergétique avec les mesures suivantes:

Catégorie de programme	Investissement annuel	Participation du client
Audits d'énergie résidentielle	45 millions de dollars	87 000 ménages
Solutions d'énergie commerciale	78 millions de dollars	2 300 clients commerciaux

Systèmes de support client réactifs

Statistiques du support client:

• Centre de service client 24/7
• Temps de réponse moyen: 12 minutes
• Taux de satisfaction client: 89%
• Plusieurs canaux de contact, y compris le téléphone, le courrier électronique, le chat

Programmes d'engagement communautaire et des parties prenantes

Métriques d'engagement:

Type de programme	Investissement annuel	Atteindre
Initiatives de durabilité communautaire	22 millions de dollars	156 communautés locales
Sensibilisation éducative	5,7 millions de dollars	340 écoles et universités

Exelon Corporation (exc) - Modèle d'entreprise: canaux

Portails de service à la clientèle en ligne

Exelon exploite des plateformes de service client numérique avec les spécifications suivantes:

Métrique de la plate-forme	Point de données
Comptes d'utilisateurs en ligne	3,7 millions d'utilisateurs enregistrés
Trafic de portail Web mensuel	1,2 million de visiteurs uniques
Taux de paiement des factures numériques	68% du total des clients

Applications de smartphone mobile

Les fonctionnalités d'application mobile d'Exelon comprennent:

• Suivi de consommation d'énergie en temps réel
• Fonctionnalité de rapports sur les panneaux
• Outils de gestion des factures

Statistique de l'application mobile	Point de données
Total des téléchargements d'applications	1,1 million
Utilisateurs actifs mensuels	425,000
Note de l'App Store	4.3/5

Représentants des ventes directes

Exelon maintient une force de vente professionnelle avec les caractéristiques suivantes:

Métrique de l'équipe de vente	Point de données
Représentants des ventes totales	672 employés
Coût moyen d'acquisition des clients	187 $ par client
Revenus de l'équipe de vente annuelle	124,6 millions de dollars

Bureaux de services publics locaux

Exelon exploite des emplacements de service client physique sur plusieurs états:

Métrique du bureau des services publics	Point de données
Emplacements physiques totaux	89 bureaux
États avec des bureaux de services publics	6 États
Interactions annuelles du client	1,4 million de visites en personne

Plates-formes de marché de l'énergie tierces

Exelon s'engage avec les marchés de l'énergie externe grâce à des partenariats stratégiques:

Métrique du marché	Point de données
Partenaires totaux de marché	23 plateformes
Volume de transaction annuel	456,3 millions de dollars
Pourcentage de revenus des marchés	7,2% des revenus totaux

Exelon Corporation (exc) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

Exelon dessert environ 10 millions de clients résidentiels dans plusieurs États, notamment l'Illinois, la Pennsylvanie, le Maryland et le New Jersey.

État	Clients résidentiels
Illinois	3,8 millions
Pennsylvanie	2,6 millions
Maryland	1,4 million
New Jersey	1,2 million

Utilisateurs d'énergie commerciale et industrielle

Exelon fournit des services énergétiques à environ 250 000 clients commerciaux et industriels.

• Consommation d'énergie annuelle moyenne: 500 000 MWh par client
• Secteurs desservis: fabrication, soins de santé, commerce de détail, technologie
• Revenus annuels du segment commercial: 3,2 milliards de dollars

Institutions municipales et gouvernementales

Exelon fournit de l'énergie à plus de 5 000 entités gouvernementales et municipales.

Type d'institution	Nombre de clients
Gouvernement de l'État	42
Gouvernements municipaux	1,200
Installations fédérales	120
Établissements d'enseignement	3,700

Clients à grande échelle d'énergie industrielle

Exelon dessert 500 clients industriels à grande échelle ayant des besoins énergétiques à haut volume.

• Consommation d'énergie moyenne: 2 millions de MWh par client
• Supproduction en énergie annuelle totale: 1 milliard de MWh
• Revenus annuels du grand segment industriel: 5,7 milliards de dollars

Développeurs de projets d'énergie renouvelable

Exelon soutient 120 développeurs de projets d'énergie renouvelable à l'échelle nationale.

Type d'énergie renouvelable	Nombre de projets
Solaire	65
Vent	40
Hydro-électrique	15

Exelon Corporation (EXC) - Modèle d'entreprise: Structure des coûts

Construction et entretien de la centrale électrique

Les coûts de construction et de maintenance des centrales électriques d'Exelon pour 2023 ont totalisé 3,2 milliards de dollars. La répartition de ces coûts comprend:

Centrales nucléaires

Plantes à combustible fossile

Installations d'énergie renouvelable

Type d'actif	Coût de maintenance	Pourcentage du total
1,75 milliard de dollars	54.7%
825 millions de dollars	25.8%
620 millions de dollars	19.5%

Fermes de carburant et dépenses opérationnelles

Les coûts annuels d'achat de carburant pour 2023 étaient de 2,7 milliards de dollars, avec la distribution suivante:

• Aachat de combustible nucléaire: 1,2 milliard de dollars
• Aachat de gaz naturel: 980 millions de dollars
• Procurement de charbon: 520 millions de dollars

Investissements de recherche et développement

Exelon a investi 412 millions de dollars en R&D en 2023, en se concentrant sur:

Zone de focus R&D	Montant d'investissement
Technologies de l'énergie propre	187 millions de dollars
Modernisation de la grille	125 millions de dollars
Innovations de la sécurité nucléaire	100 millions de dollars

Conformité réglementaire et protection de l'environnement

Les dépenses liées à la conformité pour 2023 sont équipées de 675 millions de dollars, y compris:

• Surveillance environnementale: 245 millions de dollars
• Technologies de réduction des émissions: 220 millions de dollars
• Rapports réglementaires et audits: 210 millions de dollars

Infrastructure technologique et systèmes numériques

Les investissements technologiques et infrastructures numériques ont totalisé 528 millions de dollars en 2023:

Catégorie de technologie	Montant d'investissement
Systèmes de cybersécurité	198 millions de dollars
Logiciel d'entreprise	167 millions de dollars
Gestion de la grille numérique	163 millions de dollars

Exelon Corporation (EXC) - Modèle d'entreprise: sources de revenus

Production d'électricité et ventes

Exelon Corporation a déclaré des revenus d'exploitation totaux de 33,75 milliards de dollars en 2022. Répartition des revenus de la production d'électricité:

Segment	Revenus ($ m)	Pourcentage
Production d'énergie nucléaire	12,450	36.9%
Production de combustibles fossiles	8,250	24.4%
Production d'énergie renouvelable	4,125	12.2%

Crédits d'énergie renouvelable

Les ventes de crédit en énergies renouvelables ont généré 215 millions de dollars en 2022.

Répartition du gaz naturel

Les revenus de distribution du gaz naturel ont totalisé 6,8 milliards de dollars en 2022.

Région	Revenus ($ m)
Pennsylvanie	3,750
Maryland	1,850
Autres régions	1,200

Commerce d'énergie et services financiers

Les revenus de négociation énergétique ont atteint 1,2 milliard de dollars en 2022.

• Transactions sur le marché de l'énergie en gros: 850 millions de dollars
• Services de couverture financière: 350 millions de dollars

Services de transmission et d'infrastructure sur la grille

Les revenus des services de grille étaient de 2,3 milliards de dollars en 2022.

Type de service	Revenus ($ m)
Infrastructure de transmission	1,550
Services de gestion de la grille	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.