Exelon Corporation is an American Fortune 100 energy company headquartered in Chicago, Illinois and incorporated in Pennsylvania.[2] It generates revenues of approximately $33.5 billion and employs approximately 33,400 people.[3] Exelon is the largest electric parent company in the United States by revenue, the largest regulated electric utility in the United States with approximately 10 million customers, and was formerly the largest operator of nuclear power plants in the United States and the largest non-governmental operator of nuclear power plants in the world until the generation sources were spun off into an independent company, Constellation Energy, in 2022.[4][5]

Exelon Corporation
FoundedOctober 20, 2000; 22 years ago (2000-10-20); by merger
Key people
Calvin Butler
(President and CEO)
ServicesElectricity and natural gas distribution
RevenueIncrease US$36.347 billion (2021)
Decrease US$2.723 billion (2021)
Decrease US$1.829 billion (2021)
Total assetsIncrease US$133.013 billion (2021)
Total equityDecrease US$34.795 billion (2021)
Number of employees
31,518 (2021)
Footnotes / references

Exelon was created in October 2000 by the merger of PECO Energy Company of Philadelphia and Unicom Corp of Chicago, which owned Commonwealth Edison.[6] Exelon operates regulated utilities in Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and Washington, DC. In October 2009, Exelon had full or majority ownership of 23 nuclear reactors in 14 nuclear power plants.[7][8] Exelon has operations and business activities in 48 states, the District of Columbia and Canada, and was formerly the largest competitive U.S. power generator with approximately 35,500 megawatts of owned capacity until the 2022 company separation.[3][9] Exelon merged with Constellation Energy in March 2012 and acquired Pepco Holdings in March 2016.[10][11] Exelon consists of six regulated utilities, Commonwealth Edison (Illinois), PECO Energy Company (Pennsylvania), Baltimore Gas and Electric (Maryland), Delmarva Power & Light (Delaware and Maryland), Atlantic City Electric (New Jersey), and Potomac Electric Power Company (Washington, DC and Maryland).[4][12]


Exelon Corporation was created as the result of a merger between PECO Energy Company and the Unicom Corporation in October 2000.[6] Unicom was based in Chicago and the city became the home of the new entity.[13] The merger was overseen by the CEO of Unicom, John Rowe who joined the corporation in 1998 and went on to lead the newly-formed Exelon until 2012, becoming the nation's longest-serving utility executive.[14][6][15]

Under Rowe, Exelon explored a number of mergers and acquisitions. On June 30, 2005, the Federal Energy Regulatory Commission approved the merger of Exelon and Public Service Enterprise Group Inc., a New Jersey utility. Under this merger, Exelon would have become the largest utility in the United States.[16] The two companies later broke off the agreement[17] due to pressure put on the NJ Board of Public Utilities by public interest groups, including New Jersey Citizen Action.[18] The merger sat pending in front of the NJBPU for nineteen months before Exelon concluded that they were fighting a losing battle.[17] On April 28, 2011, Exelon announced a merger with Constellation Energy for $7.9 billion with the combined company owning more than 34 gigawatts of power generation (55 percent nuclear, 24 percent natural gas, 8 percent renewable including hydro, 7 percent oil and 6 percent coal).[19][20] The merger was completed on March 12, 2012.[21]

In 2012, when announcing the cancellation of new nuclear construction for Victoria County Station, Texas, Exelon stated that economic and market conditions, especially low natural gas prices, made the "construction of new merchant nuclear power plants in competitive markets uneconomical now and for the foreseeable future".[22]

In 2008, Christopher Crane was named CEO following Rowe's retirement and the completion of the merger with Constellation Energy.[23][15] Exelon announced the proposed purchase of Pepco Holdings, Inc on April 30, 2014, for $6.8 billion in an all-cash transaction. The merger was rejected by the District of Columbia Public Service Commission in August 2015, though it was approved by other federal and state regulators. The companies appealed the decision.[24] On March 23, 2016, the merger was approved by the Washington DC Public Service Commission, under a revised set of terms. The merger was completed later that day making Exelon the largest regulated utility in the United States by customer count and total revenue.[25]

On February 2, 2022, Exelon completed the separation of its energy generation business to Constellation Energy.[26]


PECO Energy, one of Exelon's local power companies, has been involved in two controversies with activists. In the 1970s, activists delayed the opening of nuclear power plants.[27] In 2015, Earth Quaker Action Team began a campaign to pressure PECO to expand the solar power it purchases, and to purchase it locally to create jobs.[28]

Exelon's merger with Pepco faced stiff opposition from community groups and the D.C. Mayor Muriel Bowser.[29]


For the fiscal year 2017, Exelon reported earnings of US$3.770 billion, with an annual revenue of US$33.531 billion, an increase of 6.9% over the previous fiscal cycle. Exelon's shares traded at over $35 per share, and its market capitalization was valued at over US$42.1 billion in October 2018.[30] Exelon ranked No. 92 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[31]

Year Revenue
in mil. USD$
Net income
in mil. USD$
Total Assets
in mil. USD$
Price per Share
in USD$
2005 15,357 923 42,797 29.47
2006 15,655 1,592 44,319 35.51
2007 18,916 2,736 45,361 46.22
2008 18,859 2,737 47,546 47.42
2009 17,318 2,707 49,180 33.05
2010 18,644 2,563 52,240 29.73
2011 19,063 2,495 54,995 31.27
2012 23,489 1,160 78,561 28.50
2013 24,888 1,719 79,924 25.47 25,829
2014 27,429 1,623 86,416 28.73 28,993
2015 29,447 2,269 95,384 28.41 29,762
2016 31,360 1,134 114,904 31.09 34,396
2017 33,531 3,770 116,700 35.78 34,621

Exelon companiesEdit

Exelon UtilitiesEdit

Exelon Utilities is the corporation's regulated transmission and distribution companies.

Atlantic City ElectricEdit

Atlantic City Electric is a regulated utility located in New Jersey with 545,000 electric customers.[32]

Baltimore Gas and ElectricEdit

Baltimore Gas and Electric (BGE) is a regulated utility located in Maryland with 1.25 million+ electric customers and 650,000+ natural gas customers.[33] It was previously the leading subsidiary of Constellation Energy Group until Constellation was acquired by Exelon in 2012. As part of the deal, Exelon split off BGE from Constellation's nonregulated energy supply business, and placed BGE under the umbrella of its regulated utilities.

Commonwealth EdisonEdit

Commonwealth Edison (ComEd) is regulated utility located in Illinois with 4 million electric customers.[34]

Delmarva PowerEdit

Delmarva Power is a regulated utility located in Delaware and the Eastern Shore of Maryland with 515,000 electric customers over 5,000 square miles of service territory. They provide natural gas to 130,000 customers in northern Delaware.[35]

Philadelphia Electric CompanyEdit

Philadelphia Electric Company (PECO) is regulated utility located in eastern Pennsylvania with 1.6 million electric customers and more than 500,000 natural gas customers.[36]

Potomac Electric Power CompanyEdit

Potomac Electric Power Company (PEPCO) is a regulated utility in Washington, D.C. that serves 842,000 electric customers in the district and parts of Maryland.[37]

Exelon Transmission CompanyEdit

Exelon Transmission Company is specifically focused on the development of power transmission lines—specifically the RITELine project which involves work in Ohio, Indiana, and Illinois.[38][39]

Political activityEdit

Exelon's political action committee (PAC) is EXELONPAC.[40] Since divesting from coal, the company is better positioned than many of its competitors to benefit from carbon pricing under a cap and trade plan for reducing carbon dioxide emissions.[41] "[Former] Exelon CEO John Rowe is a vociferous and longtime advocate of climate change legislation. In 2009, Forbes reported that if the Waxman-Markey climate legislation became law, 'the present value of Exelon's earnings stream would increase by $14 a share, or 28%.'"[42] Exelon also disclosed multiple contributions to political nonprofit organizations, the largest of which was $290,000 given to the American Energy Alliance – a 501(c)(4) nonprofit with ties to the conservative billionaire brothers Charles and David Koch and led by former Koch Industries lobbyist Thomas Pyle.

Pollution, security incidentsEdit

In 2005, Exelon was required to pay a $602,000 fine for exceeding the permitted sulfur dioxide emission limit from April to October 2004 at its Cromby Generating Station in Chester County, Pennsylvania.[43]

Exelon and Illinois state officials waited for four years until 2006 before disclosing that Exelon's Braidwood Nuclear Generating Station, a nuclear plant 60 miles southwest of Chicago, had spilled millions of gallons of water containing tritium, a radioactive form of hydrogen, multiple times over a decade. Exelon officials eventually apologized and said the risks from the leak were "minimal", with tritium levels in surrounding wells all found to be below regulatory limits.[44][45]

In 2009, the Nuclear Regulatory Commission announced its plan for a $65,000 fine against Exelon for permitting its contracted security guards that were guarding its Peach Bottom Nuclear Generating Station, a two-reactor nuclear plant located in Delta, Pennsylvania, to sleep on the job. The incidents did not come to light until a videotape of the security guards was leaked to news media.[46] As a result, Exelon terminated the security contract of the Wackenhut security firm that had been involved and now operates its own in-house nuclear security force.[47]


  1. ^ "Exelon Corporation Full Year 2021 Form 10-K Report". investors.exeloncorp.com. 31 December 2021. Retrieved 1 April 2022.
  2. ^ "10-K". 10-K. Retrieved 1 June 2019.
  3. ^ a b "Exelon Corporation About Us".
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  17. ^ a b Press Releases
  18. ^ "NJCA in the News". Njcitizenaction.org. 2006-09-27. Retrieved 2012-04-21.
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  21. ^ Haber, Gary (12 March 2012). "Constellation, Exelon close $7.9B merger". Baltimore Business Journal. Retrieved 7 May 2018.
  22. ^ "Exelon scraps Texas reactor project". Nuclear Engineering International. 29 August 2012. Archived from the original on 29 January 2013. Retrieved 14 September 2012.
  23. ^ Erman, Michael. "Exelon to buy Constellation Energy for $7.9 billion". U.S. Retrieved 2018-05-07.
  24. ^ Heath, Thomas (August 31, 2015). "Pepco, Exelon to appeal D.C. merger rejection". The Washington Post. Retrieved September 13, 2015.
  25. ^ Anu Passary (March 25, 2016). "Exelon Closes $6.8 Billion Merger With Pepco Following Thumbs Up From Regulators". Tech Times. Retrieved June 28, 2016.
  26. ^ "Exelon Completes Separation of Constellation, Moving Forward as Nation's Premier Transmission and Distribution Utility Company". Business Wire. February 2, 2022. Retrieved February 3, 2022.
  27. ^ U.S. Anti-nuclear activists partially block establishment of nuclear power plant in Limerick, PA, 1977–82, Global Nonviolent Action Database, accessed April 6, 2016.
  28. ^ Quaker group says North Philly solar panels could meet PECO power target this year. StateImpact Pennsylvania. Retrieved 2016-04-07.
  29. ^ Renewed opposition to Exelon-Pepco merger threatens to scuttle deal, Baltimore Sun, March 2, 2016
  30. ^ "Exelon Revenue 2006–2018 | EXC". www.macrotrends.net. Retrieved 2018-10-31.
  31. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
  32. ^ "Atlantic City Electric/". Retrieved 24 March 2016.
  33. ^ "BGE Facts & Figures". Archived from the original on 16 August 2016. Retrieved 19 July 2016.
  34. ^ "About Us". Archived from the original on 15 April 2016. Retrieved 24 March 2016.
  35. ^ "Delmarva Power – Company Information". delmarva.com. Retrieved 2018-01-25.
  36. ^ "We are the largest electric and natural gas utility in Pennsylvania". Archived from the original on 4 March 2016. Retrieved 24 March 2016.
  37. ^ "ABOUT US". Archived from the original on 16 March 2016. Retrieved 24 March 2016.
  38. ^ "Exelon Transmission Company". Archived from the original on 2 May 2012. Retrieved 17 December 2012.
  39. ^ "RITELine Transmission". Retrieved 17 December 2012.
  40. ^ "Exelon Corp". OpenSecrets. Retrieved 2012-04-21.
  41. ^ Jonathan Fahey [The Carbon Windfall]; Exelon's John Rowe has been planning for expensive carbon for a decade. Now it's time to push for the payoff. Pages 70–74. January 18, 2010. Forbes
  42. ^ Carney, Timothy (2011-03-30) radioactive after Japan accident Archived 2012-01-11 at the Wayback Machine, Washington Examiner
  43. ^ "AmeriScan: June 30, 2005". Ens-newswire.com. Retrieved 2012-04-21.
  44. ^ "Radiation Leak Minimal in Byron Shutdown: U.S." NBC Chicago. Retrieved 2018-05-09.
  45. ^ "Exelon to pay $1 million to settle suits over leaks at power plants". tribunedigital-chicagotribune. Retrieved 2018-05-09.
  46. ^ Nuclear Regulatory Commission news release
  47. ^ Mufson, Steven (2008-01-04). "Video of Sleeping Guards Shakes Nuclear Industry". The Washington Post. ISSN 0190-8286. Retrieved 2018-05-09.

External linksEdit

  • Exelon Corporation website
  • Constellation website
  • BGE website
  • ComEd website
  • PECO website
  • Exelon PowerLabs website
  • Business data for Exelon:
    • Bloomberg
    • Google
    • SEC filings
    • Yahoo!