Exelon Business Summary

Exelon Corporation (EXC) operates as a pure-play regulated utility giant, generating revenue primarily through government-authorized rate structures for the transmission and distribution of electricity and natural gas. Following its 2022 spin-off of its power generation business, the company’s operations are concentrated across four primary business segments: Commonwealth Edison (ComEd), PECO Energy Company (PECO), Baltimore Gas and Electric (BGE), and Pepco Holdings (PHI), which includes Pepco, Delmarva Power, and Atlantic City Electric. Serving over 10.7 million customers across the Mid-Atlantic and Midwest, Exelon maintains a low-risk business model with approximately 90% of its rate base benefiting from cost-recovery mechanisms. Its primary direct competitors include NextEra Energy, Duke Energy, The Southern Company, and American Electric Power (AEP); within this landscape, Exelon distinguishes itself as the largest utility company in the United States by customer count, focusing exclusively on regulated infrastructure and grid modernization rather than merchant power generation. Exelon was formed in 2000 through the landmark merger of PECO Energy and Unicom Corporation, originally led by co-CEOs Corbin McNeill and John Rowe. The current leadership team is headed by President and CEO Calvin Butler, a utility veteran who previously served as CEO of BGE and has been instrumental in the company’s transition to a pure-play regulated model. In February 2026, the executive ranks were further strengthened by the appointment of Tim Peterson as Executive Vice President and Chief Customer and Technology Officer, who joined from Xcel Energy to oversee the integration of information technology with customer strategy. Other key executives include CFO Jeanne Jones and EVP of Transmission and Development Carim Khouzami. The company’s Board of Directors, chaired by W. Paul Bowers, includes high-profile members such as cybersecurity expert David DeWalt and Ariel Investments founder John W. Rogers Jr., reflecting a strong institutional investor base that includes major stakeholders like Vanguard and BlackRock.