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EXC
FY2026 Q2
개선
Exelon Corporation 실적 발표
Buzzberg 분석
PJM capacity auction shortfall worsened to 6.8 GW
Exelon reported Q2 2026 EPS of $0.43, in line with expectations, and reaffirmed its full-year 2026 guidance of $2.81-$2.91. Management emphasized the growing strain on the PJM grid from demand growth and insufficient supply, advocating for an 'all-of-the-above' approach including transmission, storage, and utility-owned generation. Exelon reaffirmed FY2026 EPS guidance of $2.81-$2.91 and long-term 5-7% EPS growth target.
Buzzberg 분석 PJM capacity auction shortfall worsened to 6.8 GW Exelon reported Q2 2026 EPS of $0.43, in line with expectations, and reaffirmed its full-year 2026 guidance of $2.81-$2.91. Management emphasized the growing strain on the PJM grid from demand growth and insufficient supply, advocating for an 'all-of-the-above' approach including transmission, storage, and utility-owned generation. Exelon reaffirmed FY2026 EPS guidance of $2.81-$2.91 and long-term 5-7% EPS growth target. 전체 분석 보기분석 접기
Exelon reported Q2 2026 EPS of $0.43, in line with expectations, and reaffirmed its full-year 2026 guidance of $2.81-$2.91. Management emphasized the growing strain on the PJM grid from demand growth and insufficient supply, advocating for an 'all-of-the-above' approach including transmission, storage, and utility-owned generation. Exelon reaffirmed FY2026 EPS guidance of $2.81-$2.91 and long-term 5-7% EPS growth target.
- Management highlighted PJM resource adequacy crisis: auctions cleared below reliability requirements at the price cap, with simulated prices far higher.
- Announced a 500 MW battery storage project in New Jersey (Pittsgrove) with Invenergy, the largest in PJM, delivering ~$700M in customer benefits.
- Data center pipeline was refined from ~43 GW to ~36 GW, with 11 GW considered high probability, backed by TSAs and collateral.
매출$5.967B-18% 전분기 대비
주당순이익(EPS)$0.43-53% 전분기 대비
매출총이익률41.04%보고값
영업이익률16.41%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Capex
New 500 MW battery storage project in New Jersey
Demand
Data center pipeline updated to 36 GW from 43 GW
핵심 내용 3개 더 보기
Guidance
Reaffirmed 2026 EPS guidance of $2.81-$2.91
Regulatory
BGE rate case filed with decision expected January 2027
Macro
PJM auction prices would have been $555/MW-day without cap
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $5.967B | -18% 전분기 대비 |
| 주당순이익(EPS) | $0.43 | -53% 전분기 대비 |
| 매출총이익률 | 41.04% | 보고값 |
| 영업이익률 | 16.41% | 보고값 |
| 잉여현금흐름 | $-0.255B | +60% 전분기 대비 |
| 자본지출 | $2.2B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $2.81–$2.91 | $2.86 | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management emphasized consistent execution, reaffirmed guidance, and highlighted proactive solutions to address market challenges, projecting a steady and capable tone.
투자 및 생산능력
Management reaffirmed capital deployment of approximately $10 billion in 2026 and a $41 billion capital plan through 2029, with growth supported by transmission expansion, battery storage projects (including a ~$1 billion 500 MW storage project in New Jersey), and continued investment in grid resilience. The company also noted potential incremental growth opportunities in the 12-17 billion range f
아래에 언급된 기업 2개 모두 표시
기업발표 이후 수익률
파트너
파트너
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.
근거
“Two additional MISO Tranche 2.1 competitive transmission bids in partnership with Invenergy”
공급망
공급망
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.
근거
“PJM's own simulation shows prices would have cleared at approximately $555 per megawatt day across the footprint and $777 in ComEd”
외부 신호
공급망 알파 · 3발표 이후 수익률
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.
Only ~525 MW of new generation cleared capacity auctions despite prices at the cap, indicating the market is failing to attract sufficient new supply.
근거
“only about 525 megawatts of new generation on up rates cleared”
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.
근거
“customers will see over $700 million in net benefits after the project is placed into service, importantly, without seeing any customer bill impact until at least 2035”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 2개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.