EXC changes
Pick any two versions below to diff them.
- Price
- $43.50 → $43.05(−1.0%)
- Discount
- −2% → −1%(+1.0 pts)
- Risks
- Politicians in Pennsylvania, Maryland and other states focus on high energy bills. PECO withdrew its rate cases in April 2026, and Maryland limited forecasted rate cases until April 2027. In August 2026, Maryland regulators gave Pepco less than half of the rate increase it asked for. Lower or later rate increases would slow earnings growth. Exelon plans to spend $41.7 billion over four years and to issue $3.4 billion of new shares through 2029. Higher interest rates or a lower share price would make this funding more costly and lower earnings per share growth. On March 5, 2026, a court sent Pepco's District of Columbia rate order back to the commission for evidentiary hearings. The current rates stay in effect for now, but the final result is not certain. Several finance and operations leaders change roles from October 2026 to early 2027, including a new CFO. A change in leaders can slow decisions during a period of large regulatory filings.
- Recent events
- 2026-08-28: The Maryland Public Service Commission approved a Pepco electric rate increase of $50.9 million a year, less than half of the about $120 million that Pepco asked for. It set a return on equity of 9.40%, against the 10.5% that Pepco asked for. It did not allow about $164.9 million of costs for the White Flint substation. The new rates started on August 28, 2026. The commission also opened a second phase to decide if it must remove more costs under the Maryland Utility Relief Act. 2026-08-25: Exelon announced leadership changes. Jeanne Jones, the CFO, became Executive Vice President of Finance and Strategy on October 5, 2026, and Robert Kleczynski, the Corporate Controller, became CFO on the same day. Mike Innocenzo, the Chief Operating Officer, will leave the company in 2027. 2026-07-30: Exelon reported Q2 2026 results. GAAP net income was $0.39 per share, and adjusted operating earnings rose to $0.43 per share from $0.39. Exelon kept its 2026 guidance of $2.81 to $2.91 per share and its earnings growth target near the top of 5% to 7% a year from 2025 to 2029. It had completed about 86% of its planned 2026 debt financings. 2026-07-02: BGE filed an electric distribution rate case with the Maryland Public Service Commission to recover investments, operating costs, cost of capital and storm costs. 2026-05-12: The Governor of Maryland signed the Maryland Utility Relief Act. It stops rate cases with forecasted test years until April 1, 2027, and it requires BGE, Pepco and DPL to join a regional transmission organization from July 1, 2026. 2026-04-16: PECO withdrew its electric and natural gas distribution rate cases in Pennsylvania. It cited the financial pressure on customers and talks with Governor Josh Shapiro. PECO said that it will continue investments for safety and reliability and make longer-term investments at another time. 2026-02-12: Exelon reported 2025 adjusted operating earnings of $2.77 per share. It gave 2026 guidance of $2.81 to $2.91 per share and a four-year capital plan of $41.3 billion, later raised to $41.7 billion. Its financing plan includes $3.4 billion of new equity through 2029.