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FY2026 Q2
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Отчётный звонок Exelon Corporation
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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.
Выручка$5.967B-18% к/к
EPS$0.43-53% к/к
Валовая маржа41.04%Факт
Операционная маржа16.41%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Capex
New 500 MW battery storage project in New Jersey
Demand
Data center pipeline updated to 36 GW from 43 GW
Показать ещё 3 тезиса
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
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $5.967B | -18% к/к |
| EPS | $0.43 | -53% к/к |
| Валовая маржа | 41.04% | Факт |
| Операционная маржа | 16.41% | Факт |
| Свободный денежный поток | $-0.255B | +60% к/к |
| Капзатраты | $2.2B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2026 | $2.81–$2.91 | $2.86 | Подтверждён |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management emphasized consistent execution, reaffirmed guidance, and highlighted proactive solutions to address market challenges, projecting a steady and capable tone.
Инвестиции и мощности
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
все упомянутые компании ниже: 2
Компаниис момента звонка
Партнёры
Партнёры
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.
Доказательства
“Two additional MISO Tranche 2.1 competitive transmission bids in partnership with Invenergy”
Цепочка поставок
Цепочка поставок
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.
Доказательства
“PJM's own simulation shows prices would have cleared at approximately $555 per megawatt day across the footprint and $777 in ComEd”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
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.
Доказательства
“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.
Доказательства
“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”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 2. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.