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14:00
Jul 30 ◎

EXC FY2026 Q2 Watch

Exelon Corporation (EXC) FY2026 Q2 Earnings Call

EXC PJM INVENERGY ▾

Calvin Butler

Management reaffirmed FY2026 EPS guidance and the long-term 5-7% growth target, signaling confidence in its regulated and growth strategy despite weather and regulatory challenges.

"and are reaffirming our full-year guidance of $2.81 to $2.91 per share."

EXC WATCH

Calvin Butler

PJM's capacity auction cleared below reliability requirements by ~6.8 GW, and simulated prices ($555/MW-day across footprint, $777 in ComEd) far exceeded the $330 FERC cap, indicating severe scarcity. — Provides direct evidence that capacity prices in PJM are monetarily suppressed by the cap, signaling a severe supply-demand imbalance that will drive future investment and potentially higher costs.

"PJM's own simulation shows prices would have cleared at approximately $555 per megawatt day across the footprint and $777 in ComEd"

PJM WATCH

Calvin Butler

Exelon's 500 MW Pittsgrove battery project, the largest in PJM, will provide ~$700 million in net customer benefits and has no bill impact until 2035, making storage an economically compelling grid solution. — Highlights the strong value proposition of large-scale storage in PJM, potentially accelerating similar projects and benefiting partners like Invenergy.

"Two additional MISO Tranche 2.1 competitive transmission bids in partnership with Invenergy"

INVENERGY WATCH

HIGH

14:00
May 06 ◎

EXC FY2026 Q1 Watch

Exelon Corporation (EXC) FY2026 Q1 Earnings Call

PPL DUK ▾

Calvin Butler

Exelon withdrew its Pennsylvania (PECO) rate cases and is actively pulling back on distribution capex, signaling a deteriorating regulatory environment in Pennsylvania that could pressure other utilities' rate case outcomes in the state. — Sets a negative precedent for rate case outcomes in Pennsylvania, potentially forcing other utilities in the state to moderate their own requests.

"At PECO, we made the decision to withdraw the recently filed electric and gas rate cases. This was a deliberate, timing-based decision grounded in customer affordability considerations and informed by stakeholder feedback."

PPL WATCH DUK WATCH

MED

15:00
Feb 12 ◎

EXC FY2025 Q4 Watch

Exelon Corporation (EXC) FY2025 Q4 Earnings Call

EXC NEE ▾

Calvin Butler

Management is confident, initiating 2026 guidance above prior expectations and raising the capex plan, driven by transmission investments and load growth. The tone is constructive with clear line of sight to projects.

"we now expect to invest $41.3 billion of capital to support our customers with more than 70% of the plan-over-plan increase driven by transmission"

EXC WATCH

Calvin Butler

Exelon's capital plan increase is 70% driven by transmission investments, including $1.2 billion of incremental investment recommended in the recent PJM reliability window, with a jointly developed solution with NextEra. — Confirms a major transmission project win for NextEra, validating their strategy and strengthening their backlog.

"$1.2 billion of incremental Exelon investment was recommended, including a jointly developed solution with NextEra."

NEE WATCH

HIGH

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