Exelon Corporation is the largest regulated electric utility company in the United States by customer count. Following the 2022 spin-off of its competitive power generation business (Constellation Energy), Exelon operates purely as a transmission and distribution (T&D) utility holding company. The company delivers electricity and natural gas to approximately 10.5 million customers across six regulated subsidiaries: Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Its geographic footprint spans Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and Washington, D.C. Exelon generates the vast majority of its revenue (approximately 90%) from regulated electric operations, with the remainder coming from regulated natural gas distribution. The company's business model is characterized by highly predictable, regulated cash flows driven by state-approved rates and ongoing investments in grid modernization, infrastructure resilience, and clean energy transition initiatives.
