Exelon Reaffirms 2026 Outlook, Unveils $41.7 Billion Plan Tilted to Transmission

Overview

• Exelon posted adjusted operating earnings of $0.91 per share for the first quarter and kept its full‑year guidance at $2.81 to $2.91 per share, noting help from favorable weather and timing items.
• The company laid out a four‑year, $41.7 billion capital plan that moves more funding to transmission, including $1.5 billion of added power‑line investment and $1.1 billion of deferred distribution work.
• Management said the plan still targets about 7.9% annual rate‑base growth and tighter cost control, with operating costs growing no more than 2% and an added $350 million of savings slated for 2027.
• CFO Jeanne Jones cited lower year‑over‑year EPS driven by ComEd revenue timing from prior shaping, higher interest expense at Corporate and PECO, higher credit loss expense at BGE, and a Pepco Maryland reconciliation after a March order, partly offset by new rates and mild weather at PECO.
• Leaders withdrew recent PECO rate cases to address affordability and highlighted active Pepco Maryland and Delmarva proceedings, while warning that a PJM interconnection backlog and resource retirements are increasing the need for lines that connect new power plants and reduce outage risk.