Exelon Corporation (EXC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação energética, a Exelon Corporation (EXC) surge como uma potência, navegando estrategicamente no complexo terreno de geração e distribuição de energia. Ao combinar perfeitamente a experiência nuclear, a capacidade de energia renovável e a infraestrutura tecnológica de ponta, a Exelon criou um modelo de negócios robusto que transcende os paradigmas de utilidade tradicionais. Essa tela abrangente de modelo de negócios revela os intrincados mecanismos que impulsionam uma das empresas de energia mais sofisticadas da América, oferecendo um vislumbre fascinante sobre como uma empresa de serviços públicos moderna transforma desafios em oportunidades sustentáveis ​​e lucrativas.

Exelon Corporation (EXC) - Modelo de Negócios: Principais Parcerias

Provedores de tecnologia de usina nuclear

A Exelon faz parceria com a Westinghouse Electric Company e a General Electric para tecnologia e manutenção de reatores nucleares. A partir de 2024, a Exelon opera 21 reatores nucleares em vários estados.

Parceiro	Área de tecnologia	Valor do contrato
Westinghouse Electric Company	Componentes do reator nuclear	US $ 325 milhões anualmente
General Electric	Sistemas de turbinas nucleares	US $ 278 milhões anualmente

Fabricantes de equipamentos de energia renovável

A Exelon colabora com os principais fabricantes de equipamentos de energia renovável para expandir seu portfólio de energia limpa.

• Sistemas eólicos Vestas - suprimento de turbina eólica
• Primeira Solar - Compra de Painel Solar
• Solução de energia LG - Tecnologia de armazenamento de bateria

Fabricante	Tecnologia renovável	Investimento anual
Vestas Wind Systems	Turbinas eólicas	US $ 215 milhões
Primeiro solar	Painéis solares	US $ 189 milhões

Operadores de sistemas de infraestrutura e transmissão de grade

A Exelon trabalha com organizações de transmissão regional para garantir uma distribuição confiável de eletricidade.

• Interconexão PJM
• MISO (Operador de Sistema Independente Midcontinente)
• Transmissão de comed

Agências regulatórias estaduais e federais

A Exelon mantém parcerias críticas com órgãos regulatórios para garantir a conformidade e a aprovação operacional.

• Comissão Regulatória Nuclear
• Comissão Federal de Regulamentação de Energia (FERC)
• Comissões de utilidade pública estaduais em Illinois, Pensilvânia, Maryland

Comércio de energia e parceiros de serviços financeiros

Exelon colabora com instituições financeiras para negociação de energia e gerenciamento de riscos.

Parceiro financeiro	Tipo de serviço	Volume anual de transações
JPMorgan Chase	Negociação de derivativos de energia	US $ 4,2 bilhões
Goldman Sachs	Gerenciamento de riscos	US $ 3,7 bilhões

Exelon Corporation (EXC) - Modelo de negócios: Atividades -chave

Geração de energia elétrica em várias fontes de energia

A Exelon Corporation gera aproximadamente 32.700 megawatts de eletricidade em várias fontes de energia a partir de 2024.

Fonte de energia	Capacidade (megawatts)	Percentagem
Potência nuclear	21,214	65%
Gás natural	6,540	20%
Energia renovável	4,146	13%
Outras fontes	800	2%

Operações e manutenção da usina nuclear

A Exelon opera 21 reatores nucleares em vários estados, representando a maior frota nuclear dos Estados Unidos.

• Geração total de energia nuclear: 161,8 milhões de megawatts-horas em 2023
• Usinas nucleares localizadas em Illinois, Pensilvânia, Maryland e Nova Jersey
• Despesas anuais de manutenção de usinas nucleares: US $ 1,2 bilhão

Desenvolvimento e implementação de energia renovável

A Exelon comprometeu US $ 7,8 bilhões aos investimentos em energia renovável até 2026.

Tipo de energia renovável	Capacidade atual	Expansão planejada
Energia eólica	2.100 MW	+1.500 MW até 2026
Energia solar	1.046 MW	+2.300 MW até 2026

Serviços de transmissão e distribuição de energia

A Exelon opera redes de transmissão e distribuição em seis estados.

• Comprimento total da linha de transmissão: 19.387 milhas
• Rede de distribuição que atende 10 milhões de clientes
• Investimento anual de infraestrutura de transmissão: US $ 1,5 bilhão

Vendas de eletricidade e gás natural varejo

O segmento de energia de varejo da Exelon atende clientes em vários mercados.

Mercado	Clientes de eletricidade	Clientes de gás natural
Illinois	3,8 milhões	2,1 milhões
Pensilvânia	1,7 milhão	0,5 milhão
Maryland	1,3 milhão	0,3 milhão

Exelon Corporation (EXC) - Modelo de negócios: Recursos -chave

Frota de geração de energia nuclear extensa

A Exelon opera 21 reatores nucleares em vários estados, com uma capacidade total de geração nuclear de 19.243 MW a partir de 2023. A frota nuclear gera aproximadamente 161 milhões de mWh de eletricidade anualmente.

Localização	Número de reatores	Capacidade total (MW)
Illinois	11	10,570
Pensilvânia	5	5,265
Maryland	3	2,276
Nova Jersey	2	1,132

Infraestrutura de energia renovável diversificada

O portfólio de energia renovável da Exelon inclui:

• Capacidade do vento: 1.421 MW
• Capacidade solar: 353 MW
• Geração total de energia renovável: 4,5 milhões de mwh em 2023

Tecnologia avançada de gerenciamento de grade

Exelon investe US $ 1,2 bilhão anualmente na modernização da grade e infraestrutura de tecnologia. Os principais ativos tecnológicos incluem:

• Tecnologias de grade inteligente
• Infraestrutura de medição avançada
• Sistemas de segurança cibernética

Engenharia qualificada e força de trabalho técnica

Força de trabalho total: 35.670 funcionários a partir de 2023

Categoria de funcionários	Número de funcionários
Profissionais de engenharia	6,740
Especialistas técnicos	5,210
Pessoal de operações	12,350

Capital financeiro substancial e capacidade de investimento

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 78,4 bilhões
• Receita anual: US $ 33,8 bilhões
• Despesas de capital: US $ 4,5 bilhões
• Caixa e equivalentes em dinheiro: US $ 2,1 bilhões

Exelon Corporation (EXC) - Modelo de Negócios: Proposições de Valor

Fornecimento de eletricidade confiável e consistente

A Exelon opera 32 instalações nucleares, fósseis e de geração de energia renovável, com uma capacidade total de geração de 32.327 megawatts a partir de 2023. A empresa atende a aproximadamente 10 milhões de clientes em vários estados.

Tipo de geração	Capacidade (megawatts)	Porcentagem de total
Nuclear	21,387	66.2%
Renovável	6,545	20.2%
Fóssil	4,395	13.6%

Geração de energia limpa

O portfólio de energia limpa da Exelon inclui:

• Geração nuclear zero carbono: 21.387 MW
• Fontes de energia renovável: 6.545 MW
• Compromisso de redução de carbono: 100% de eletricidade sem carbono até 2050

Preços competitivos

Taxas médias de eletricidade para clientes da Exelon:

Segmento de clientes	Taxa média (centavos/kWh)
residencial	12.3
Comercial	10.7
Industrial	7.5

Soluções de energia sustentável

Métricas de sustentabilidade para Exelon em 2023:

• Redução de emissões de carbono: 15 milhões de toneladas métricas
• Investimento em energia limpa: US $ 1,7 bilhão
• Projetos de energia renovável: 23 desenvolvimentos ativos eólicos e solares

Inovação tecnológica

Investimentos de tecnologia e inovação da Exelon:

• Gastos anuais de P&D: US $ 285 milhões
• Implementações de tecnologia de grade inteligente: 7 principais áreas metropolitanas
• Capacidade de armazenamento de energia: 500 MW

Exelon Corporation (EXC) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de utilidade de longo prazo

A Exelon atende a aproximadamente 10 milhões de clientes em vários estados. A empresa mantém contratos de serviço de utilidade de longo prazo com:

Região	Número de clientes	Tipo de contrato
Illinois	3,8 milhões	Serviço de utilidade regulamentada
Pensilvânia	2,6 milhões	Serviço de utilidade regulamentada
Maryland	1,4 milhão	Serviço de utilidade regulamentada

Plataformas de engajamento de clientes digitais

As plataformas digitais da Exelon incluem:

• Aplicativo móvel com 1,2 milhão de usuários ativos
• Sistema de gerenciamento de contas online
• Plataformas de cobrança e pagamento digital

Consulta personalizada de eficiência energética

Exelon oferece programas de eficiência energética com as seguintes métricas:

Categoria de programa	Investimento anual	Participação do cliente
Auditorias de energia residencial	US $ 45 milhões	87.000 famílias
Soluções de energia comercial	US $ 78 milhões	2.300 clientes comerciais

Sistemas de suporte ao cliente responsivos

Estatísticas de suporte ao cliente:

• Centro de Atendimento ao Cliente 24/7
• Tempo médio de resposta: 12 minutos
• Taxa de satisfação do cliente: 89%
• Vários canais de contato, incluindo telefone, e -mail, bate -papo

Programas de engajamento da comunidade e das partes interessadas

Métricas de engajamento:

Tipo de programa	Investimento anual	Alcançar
Iniciativas de sustentabilidade da comunidade	US $ 22 milhões	156 comunidades locais
Alcance educacional	US $ 5,7 milhões	340 escolas e universidades

Exelon Corporation (EXC) - Modelo de Negócios: Canais

Portais de atendimento ao cliente online

A Exelon opera plataformas de atendimento ao cliente digital com as seguintes especificações:

Métrica da plataforma	Data Point
Contas de usuário online	3,7 milhões de usuários registrados
Tráfego mensal do portal da web	1,2 milhão de visitantes únicos
Taxa de pagamento da fatura digital	68% do total de clientes

Aplicativos para smartphones móveis

Os recursos de aplicativos móveis da Exelon incluem:

• Rastreamento de consumo de energia em tempo real
• Funcionalidade de relatório de interrupção
• Ferramentas de gerenciamento de contas

Estatística de aplicativo móvel	Data Point
Downloads de aplicativos totais	1,1 milhão
Usuários ativos mensais	425,000
App Store Classificação	4.3/5

Representantes de vendas diretas

Exelon mantém uma força de vendas profissional com as seguintes características:

Métrica da equipe de vendas	Data Point
Total de representantes de vendas	672 funcionários
Custo médio de aquisição de clientes	US $ 187 por cliente
Receita anual da equipe de vendas	US $ 124,6 milhões

Escritórios de serviços públicos locais

Exelon opera locais de atendimento ao cliente físico em vários estados:

Métrica do escritório de serviços públicos	Data Point
Locais físicos totais	89 escritórios
Estados com escritórios de serviços públicos	6 estados
Interações anuais do cliente	1,4 milhão de visitas pessoais

Plataformas de mercado de energia de terceiros

Exelon se envolve com os mercados de energia externos por meio de parcerias estratégicas:

Marketplace Metric	Data Point
Total Marketplace Partners	23 plataformas
Volume anual de transações	US $ 456,3 milhões
Porcentagem de receita de mercados	7,2% da receita total

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

Consumidores de eletricidade residencial

A Exelon atende a aproximadamente 10 milhões de clientes residenciais em vários estados, incluindo Illinois, Pensilvânia, Maryland e Nova Jersey.

Estado	Clientes residenciais
Illinois	3,8 milhões
Pensilvânia	2,6 milhões
Maryland	1,4 milhão
Nova Jersey	1,2 milhão

Usuários de energia comercial e industrial

A Exelon fornece serviços de energia para aproximadamente 250.000 clientes comerciais e industriais.

• Consumo médio anual de energia: 500.000 MWh por cliente
• Setores servidos: fabricação, saúde, varejo, tecnologia
• Receita anual do segmento comercial: US $ 3,2 bilhões

Instituições municipais e governamentais

Exelon fornece energia a mais de 5.000 entidades governamentais e municipais.

Tipo de instituição	Número de clientes
Governo do Estado	42
Governos municipais	1,200
Instalações federais	120
Instituições educacionais	3,700

Clientes de energia industrial em larga escala

A Exelon atende a 500 clientes industriais em larga escala com requisitos de energia de alto volume.

• Consumo médio de energia: 2 milhões de mwh por cliente
• Fornecimento anual total de energia: 1 bilhão de MWh
• Receita anual de grande segmento industrial: US $ 5,7 bilhões

Desenvolvedores de projetos de energia renovável

A Exelon suporta 120 desenvolvedores de projetos de energia renovável em todo o país.

Tipo de energia renovável	Número de projetos
Solar	65
Vento	40
Hidrelétrico	15

Exelon Corporation (EXC) - Modelo de negócios: estrutura de custos

Construção e manutenção da usina

Os custos de construção e manutenção da usina de energia da Exelon para 2023 totalizaram US $ 3,2 bilhões. A quebra desses custos inclui:

Usinas nucleares

Plantas de combustível fóssil

Instalações de energia renovável

Tipo de ativo	Custo de manutenção	Porcentagem de total
US $ 1,75 bilhão	54.7%
US $ 825 milhões	25.8%
US $ 620 milhões	19.5%

Aquisição de combustível e despesas operacionais

Os custos anuais de aquisição de combustível para 2023 foram de US $ 2,7 bilhões, com a seguinte distribuição:

• Aquisição de combustível nuclear: US $ 1,2 bilhão
• Aquisição de gás natural: US $ 980 milhões
• Compras de carvão: US $ 520 milhões

Investimentos de pesquisa e desenvolvimento

Exelon investiu US $ 412 milhões em P&D durante 2023, concentrando -se em:

Área de foco em P&D	Valor do investimento
Tecnologias de energia limpa	US $ 187 milhões
Modernização da grade	US $ 125 milhões
Inovações de segurança nuclear	US $ 100 milhões

Conformidade regulatória e proteção ambiental

As despesas relacionadas à conformidade em 2023 totalizaram US $ 675 milhões, incluindo:

• Monitoramento ambiental: US $ 245 milhões
• Tecnologias de redução de emissões: US $ 220 milhões
• Relatórios e auditorias regulatórias: US $ 210 milhões

Infraestrutura de tecnologia e sistemas digitais

Tecnologia e investimentos de infraestrutura digital totalizados US $ 528 milhões Em 2023:

Categoria de tecnologia	Valor do investimento
Sistemas de segurança cibernética	US $ 198 milhões
Software corporativo	US $ 167 milhões
Gerenciamento de grade digital	US $ 163 milhões

Exelon Corporation (EXC) - Modelo de negócios: fluxos de receita

Geração de eletricidade e vendas

A Exelon Corporation reportou receitas operacionais totais de US $ 33,75 bilhões em 2022. Redução de receita de geração de eletricidade:

Segmento	Receita ($ m)	Percentagem
Geração de energia nuclear	12,450	36.9%
Geração de combustível fóssil	8,250	24.4%
Geração de energia renovável	4,125	12.2%

Créditos energéticos renováveis

As vendas de crédito de energia renovável geraram US $ 215 milhões em 2022.

Distribuição de gás natural

A receita de distribuição de gás natural totalizou US $ 6,8 bilhões em 2022.

Região	Receita ($ m)
Pensilvânia	3,750
Maryland	1,850
Outras regiões	1,200

Negociação de energia e serviços financeiros

A receita de negociação de energia atingiu US $ 1,2 bilhão em 2022.

• Transações de mercado de energia por atacado: US $ 850 milhões
• Serviços de hedge financeira: US $ 350 milhões

Serviços de transmissão e infraestrutura de grade

A receita dos serviços de grade foi de US $ 2,3 bilhões em 2022.

Tipo de serviço	Receita ($ m)
Infraestrutura de transmissão	1,550
Serviços de gerenciamento de grade	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.