Exelon Tops Q1 Expectations, Reaffirms 2026 Outlook, Tilts $41.7 Billion Plan to Transmission

Overview

• Exelon, which reported results Wednesday, posted adjusted operating earnings of $0.91 per share and kept its full‑year forecast at $2.81 to $2.91, with management citing favorable weather and timing as the lift.
• The company reset its four‑year capital plan to $41.7 billion, adding $1.5 billion for transmission projects and deferring $1.1 billion of distribution work to hold growth near a 7.9% annual rate base target.
• Leaders said the shift reflects a need to move power more reliably as PJM’s interconnection queue slows new plants from hooking up to the grid, a bottleneck that also affects fast‑growing data centers.
• Regulatory steps included pulling back recently filed PECO electric and gas rate cases to ease pressure on customer bills, with Pepco Maryland and Delmarva proceedings still in progress.
• Guidance pacing calls for about 15% of the year’s midpoint to fall in Q2 and roughly 47% in the first half, and all utilities logged top‑quartile reliability in Q1 with ComEd in the top decile.