Exelon
A major U.S. regulated electric utility holding company serving approximately 10 million customers through six regional utilities.
Last updated October 30, 2026
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Overview
Exelon Corporation is an American public utility holding company headquartered in Chicago and incorporated in Pennsylvania. Its principal business is the ownership and operation of regulated electric and natural-gas distribution utilities rather than direct retail branding under a single national utility name. The company serves customers through six operating utilities: Commonwealth Edison, or ComEd, in Illinois; PECO in southeastern Pennsylvania; Baltimore Gas and Electric, or BGE, in Maryland; Atlantic City Electric in New Jersey; Delmarva Power in Delaware and Maryland; and Pepco in Washington, D.C., and Maryland. The company was created in October 2000 through the combination of PECO Energy Company and Unicom Corporation, the parent of Commonwealth Edison. The merger brought together PECO's Pennsylvania utility operations and Unicom's Chicago-based electricity business, with Chicago becoming the headquarters of the new corporation. John Rowe, who had become Unicom's chief executive in 1998, led Exelon after the merger and became one of the longest-serving leaders in the U.S. utility sector. Exelon's business is centered on regulated transmission and distribution networks. Its utilities maintain power lines, substations, meters, gas infrastructure, customer-service systems, and emergency-response operations. The subsidiary footprints are concentrated in the Mid-Atlantic and Midwest. ComEd is the largest of the operating utilities by electric customer count, while BGE, PECO, Delmarva Power, and Pepco combine electric distribution with varying degrees of natural-gas service. Atlantic City Electric is an electric utility serving southern New Jersey. For much of its history, Exelon was also a significant owner and operator of competitive power-generation assets, particularly nuclear plants. That generation portfolio expanded substantially through the 2012 acquisition of Constellation Energy. The transaction made Exelon one of the largest nuclear operators in the United States and combined regulated utilities with a large merchant-generation business. In 2022, Exelon separated the generation business through a corporate spin-off, creating an independent Constellation Energy. After the separation, Exelon became more narrowly focused on regulated utility operations, while Constellation retained the nuclear and other competitive-generation assets. Exelon expanded its regulated-utility footprint through the 2016 acquisition of Pepco Holdings. The transaction added Pepco, Delmarva Power, and Atlantic City Electric to the group and made Exelon the largest regulated electric utility in the United States by customer count and revenue, according to the cited reference material. The deal required regulatory review and concessions, especially in the District of Columbia, where the local commission initially rejected the transaction before approving it after further proceedings. The company presents reliability, grid modernization, electrification, clean energy integration, and customer affordability as central priorities. Its utilities invest in distribution-grid resilience, storm restoration, renewable interconnection, energy efficiency, electric-vehicle infrastructure, and advanced metering. Exelon also participates in public-policy discussions concerning decarbonization, nuclear energy, transmission, utility regulation, and the design of state clean-energy programs. Exelon has faced scrutiny over environmental compliance, nuclear-site disclosures, security practices, lobbying, and the effects of utility mergers. Historical issues cited in reference material include a sulfur-dioxide violation at the Cromby Generating Station, delayed disclosure of tritium releases at Braidwood Nuclear Generating Station, and a Nuclear Regulatory Commission enforcement matter involving sleeping contract security guards at Peach Bottom. These matters predated or concerned parts of the company's former generation portfolio, but they remain relevant…
History
Exelon was formed in October 2000 through the merger of PECO Energy Company and Unicom Corporation. PECO, a Pennsylvania utility with roots reaching back to the early twentieth century, supplied electricity and gas in eastern Pennsylvania. Unicom was the Chicago-based parent of Commonwealth Edison, an electricity utility whose corporate history also extended into the early 1900s. The merger created a larger public utility holding company headquartered in Chicago and brought together two major regulated distribution businesses. John Rowe, who had joined Unicom as chief executive in 1998, oversaw the combination and became Exelon's first chief executive. During the early 2000s, the company remained focused on utility operations while also developing a substantial generation business. A proposed combination with New Jersey-based Public Service Enterprise Group received approval from the Federal Energy Regulatory Commission in 2005, but the parties abandoned the transaction after prolonged opposition and regulatory difficulty in New Jersey. A major strategic change came with Exelon's acquisition of Constellation Energy in March 2012. Constellation brought a large competitive-generation portfolio, including extensive nuclear capacity, to the combined company. The transaction made Exelon one of the world's largest non-governmental nuclear operators and gave it a business mix spanning regulated distribution, merchant generation, retail energy, and other power-market activities. Rowe retired in 2012 and was succeeded by Christopher Crane, who had held senior roles in Exelon's generation operations. Exelon then pursued further expansion in regulated distribution. In April 2014 it announced an agreement to acquire Pepco Holdings for $6.8 billion in cash. The proposed transaction faced opposition from community organizations and political leaders, particularly in Washington, D.C. The District of Columbia Public Service Commission initially rejected the deal in 2015, although other regulatory approvals were obtained. After appeals and negotiated concessions, the commission approved the merger in March 2016. Completion added Pepco, Delmarva Power, and Atlantic City Electric to Exelon's utility portfolio and made the company the largest regulated electric utility in the United States by customer count and revenue, according to the cited reference. The enlarged utility group operated six regulated utilities: Atlantic City Electric in New Jersey; ComEd in Illinois; PECO in eastern Pennsylvania; BGE in Maryland; Delmarva Power in Delaware and Maryland; and Pepco in Washington, D.C., and Maryland. Together, these businesses served a large, densely populated region with electricity and, in several territories, natural gas. Their responsibilities included maintaining distribution infrastructure, connecting customers, restoring service after storms, managing demand, and supporting state energy-transition programs. Exelon's generation strategy also became subject to financial and policy pressures affecting nuclear and other wholesale assets. In 2022, the company completed a corporate spin-off of Constellation Energy. The separation transferred the competitive-generation business, including the nuclear fleet, to Constellation and repositioned Exelon as a predominantly regulated utility holding company. The transaction clarified the distinction between Exelon's rate-regulated distribution operations and Constellation's competitive generation and energy-market activities. Exelon's history has included environmental and safety controversies. A fine was imposed for sulfur-dioxide emissions above permitted limits at the Cromby Generating Station. The company also faced criticism after delayed disclosure of tritium releases associated with Braidwood Nuclear Generating Station, although reported groundwater measurements were below regulatory limits. At Peach Bottom, a leaked video showing contract security guards asleep on duty led to regulatory scrutiny, a proposed NRC fine, termination of the security contract, and the creation of an in-house nuclear security force. Earlier, activists had opposed PECO nuclear projects, while later environmental campaigns pressed PECO to increase locally sourced solar procurement. Today, Exelon is primarily a regulated electric and gas distribution company. Its stated strategic themes include reliability, resilience, grid modernization, electrification, renewable interconnection, energy efficiency, customer affordability, and support for decarbonization. Its scale gives it an important role in the energy systems of Illinois, Pennsylvania, Maryland, New Jersey, Delaware, and Washington, D.C., while its regulated structure makes state commissions and public-policy decisions central to its operations.
- 2022
Constellation Energy is spun off
[1]Exelon separates its competitive-generation business into an independent company and concentrates on regulated utilities.
- 2016
Pepco Holdings acquisition closes
[1]Exelon completes the acquisition of Pepco Holdings after regulatory opposition, appeals, and negotiated concessions.
- 2012
Constellation Energy acquisition closes
[1]Exelon acquires Constellation Energy, significantly expanding its nuclear and competitive-generation businesses.
- 2005
Proposed PSEG merger receives FERC approval
[1]Federal approval is granted for the proposed combination with Public Service Enterprise Group, but the transaction is later abandoned.
- 2000
Exelon is formed
[1]PECO Energy and Unicom merge, creating Exelon Corporation with headquarters in Chicago.
- 1907
Commonwealth Edison predecessor is established
[1]Unicom's Commonwealth Edison predecessor was formed in 1907 and later became the core of Exelon's Chicago utility operations.
- 1902
PECO predecessor is established
[1]PECO Energy Company, one of the predecessor businesses later combined into Exelon, traces its corporate history to 1902.
Products and positioning
A large regulated utility holding company focused on reliable distribution networks, grid modernization, electrification, and the integration of cleaner energy resources.
Electric utility
Commonwealth Edison (ComEd)
ComEd is Exelon's regulated electric distribution utility in northern Illinois, including the Chicago metropolitan area. It operates the local power-delivery network, serves approximately four million electric customers according to the cited reference, and manages reliability, storm response, grid investment, customer connections, and programs associated with electrification and energy efficiency.
Electric and natural-gas utility
PECO
PECO provides regulated electricity distribution and natural-gas service in southeastern Pennsylvania. The business serves a large urban and suburban customer base around Philadelphia and operates the distribution infrastructure needed for electricity delivery, gas service, outage restoration, renewable interconnection, and energy-efficiency programs.
Electric and natural-gas utility
Baltimore Gas and Electric (BGE)
BGE is Exelon's Maryland utility serving more than 1.25 million electric customers and more than 650,000 natural-gas customers according to the cited reference. Its activities include electricity and gas distribution, emergency response, infrastructure maintenance, customer programs, and grid modernization across the Baltimore-area service territory.
Electric utility
Pepco
Pepco is a regulated electric utility serving Washington, D.C., and parts of Maryland. The cited reference describes approximately 842,000 electric customers in the District and Maryland. Its operations include local distribution, reliability investment, storm restoration, customer service, and support for regional clean-energy and electrification objectives.
Electric and natural-gas utility
Delmarva Power
Delmarva Power serves Delaware and Maryland's Eastern Shore. It provides electricity to approximately 515,000 customers across a service territory of more than 5,000 square miles and natural gas to approximately 130,000 customers in northern Delaware, according to the cited reference.
Electric utility
Atlantic City Electric
Atlantic City Electric is Exelon's regulated electric utility in New Jersey. The cited reference identifies approximately 545,000 electric customers. Its core activities are electricity distribution, grid maintenance, outage response, customer programs, and infrastructure upgrades serving southern New Jersey.
Controversies
2021
Exelon sued over 401(k) plan fees
A group of plaintiffs filed a proposed class-action complaint alleging that Exelon breached its fiduciary duties by switching plan investments to higher-cost in-house funds and allowing high record-keeping and managed-account fees. These are allegations in the complaint.
2009
Peach Bottom security guards recorded sleeping
A leaked video showed contract guards responsible for security at Peach Bottom Nuclear Generating Station sleeping while on duty. The incident prompted NRC scrutiny, a proposed penalty, termination of the security contractor, and a move to in-house nuclear security.
2006
Delayed disclosure of Braidwood tritium releases
Exelon and Illinois officials disclosed multiple releases of tritium-containing water from Braidwood Nuclear Generating Station after a delay. Exelon said nearby well measurements remained below regulatory limits and characterized the risk as minimal.
2005
Cromby Generating Station emissions violation
Exelon was required to pay a fine after the Cromby Generating Station exceeded its permitted sulfur-dioxide emissions limit during part of 2004.
Marketing campaigns
- 2015Earth Quaker Action Team solar-procurement campaign
Pennsylvania
Earth Quaker Action Team campaigned for PECO to purchase more solar power, with an emphasis on locally generated solar and associated employment benefits.
Brand decisions
2022
Separate competitive generation from regulated utilitiesStrategyBackground
Exelon had operated both regulated distribution utilities and a large competitive-generation business following the Constellation acquisition.
Action taken
The company completed the spin-off of Constellation Energy on February 2, 2022.
Aftermath
Exelon became primarily focused on regulated electric and gas distribution, while Constellation became an independent competitive power producer with the former generation portfolio.
2014
Propose acquisition of Pepco HoldingsM&ABackground
Exelon pursued additional regulated-utility scale by seeking to acquire Pepco Holdings, whose subsidiaries operated in the District of Columbia, Maryland, Delaware, and New Jersey.
Action taken
Exelon announced an all-cash proposal valued at $6.8 billion, subject to regulatory approvals.
Aftermath
After an initial rejection in the District of Columbia, appeals and concessions led to approval in March 2016 and completion of the acquisition.
Announced transaction value. $6.8 billion (2014 announcement)
2012
Acquire Constellation EnergyM&ABackground
Exelon sought to expand its generation platform and nuclear operating scale through the combination with Constellation Energy.
Action taken
Exelon completed the acquisition on March 12, 2012.
Aftermath
The combined company owned or controlled a large competitive-generation portfolio and became one of the largest nuclear operators in the United States.
Recent events
Reported
Exelon Corporation reports Q3 revenue[4]
Exelon Corporation reported Q3 revenue of $7.32 billion, compared with a FactSet estimate of $6.76 billion.
Reported
Exelon reports Q3 adjusted EPS[5]
Exelon Corporation posted Q3 adjusted EPS of $0.87 per share, versus a FactSet estimate of $0.79 per share.
Reported
Exelon sued over 401(k) plan fees[3]
A group of plaintiffs filed a proposed class-action complaint alleging that Exelon breached its fiduciary duties by switching plan investments to higher-cost in-house funds and allowing high record-keeping and managed-account fees. These are allegations in the complaint.
Reported
ReGenerate completed its acquisition of Albany Green Energy[6]
ReGenerate, a joint venture between Ember Infrastructure and ReEnergy, completed its acquisition of the Albany Green Energy biomass heat-and-power facility in Albany, Georgia, from a subsidiary of Exelon Generation Company.
Reported
Exelon raises year-end earnings guidance[7]
Exelon increased its year-end earnings guidance to $3.00–$3.20 per share from $2.80–$3.10 per share.
Reported
Exelon sponsors Low-Carbon Resources Initiative[8]
Exelon announced that it would sponsor the Low-Carbon Resources Initiative, a joint effort of EPRI and GTI focused on accelerating development of low-carbon energy technologies within five years.
Reported
Exelon appoints Calvin Butler Jr. interim CEO of Exelon Utilities[9]
Exelon named Calvin Butler Jr., CEO of Baltimore Gas & Electric, interim CEO of Exelon Utilities after Anne Pramaggiore retired from the position. Butler will continue as BGE's CEO.
Reported
Delaware commission agrees to review Exelon-PHI merger[10]
Delaware’s Public Service Commission agreed to a two-part review of state terms for the proposed $6.8 billion merger of Exelon and Pepco Holdings. A public hearing was set for April 7, followed by a commission meeting and vote on April 21.
Sources11 sources
- 1Exelonen.wikipedia.org
- 2Exelon Corporation official websiteexeloncorp.com
- 3Exelon sued over 401(k) plan feesinvestmentnews.com
- 4Exelon Corporation公布第三季度收入news.google.com
- 5Exelon公布第三季度调整后每股收益news.google.com
- 6ReGenerate完成对Albany Green Energy的收购prnewswire.com
- 7Exelon 上调年末盈利指引finanznachrichten.de
- 8Exelon赞助低碳资源倡议dailyenergyinsider.com
- 9Exelon 任命 Calvin Butler Jr. 为 Exelon Utilities 临时首席执行官baltimoresun.com
- 10特拉华州委员会同意审查Exelon与PHI合并案delawareonline.com
- 11Exelon Utilities' CEO Retires as Federal Investigation Continuespowermag.com
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