Oct 30, 2026 earnings call — Narrowed guidance and investment plan
Exelon reported adjusted operating earnings of $0.87 per share and narrowed full-year operating earnings guidance to $2.85 to $2.91 per share.
Revenue $7.3B (est $6.8B) · EPS $0.87 (est $0.79)
Key quotes
"Our four operating companies now rank first, second, fifth and sixth for electric reliability among their U.S. utility peers."
"Our $41.7 billion investment plan remains diversified, durable and defensive with no single project greater than 3% of the total."
"We currently see 1.5 to 3.5 gigawatts or approximately $3 billion to $7 billion of potential storage investment beyond our plan."
Analyst Q&A 7
When will storage/transmission add to growth
Q (Shahriar Pourreza · Wells Fargo): Analyst asked when the transmission and storage upside will start to increase reported growth and when the inflection point is.
A: Management said they planned for this opportunity and put people in place 1.5 years ago. They asked a leader (Carim) to explain the numbers and show the runway for when projects will accrete to earnings.
"And we did this, anticipating the need and seeing the opportunity." — Calvin Butler (CEO)
Where storage gigawatts are located
Q (Carim Khouzami): Analyst asked how much of the 1.5 to 3.5 gigawatts sits in states where Exelon can already own storage, how much needs law changes, and which states hold the capacity.
A: Management said the pipeline is across all their states but a large portion is in states where they can already own storage, naming Maryland, Delaware and New Jersey for earlier projects. They said they are pushing projects forward where allowed, advocating for legislative change elsewhere, and preparing real projects so they can move quickly once laws permit.
PJM auction and market changes
Q (Paul Zimbardo · Jefferies): Analyst asked what Exelon is advocating for in the May PJM auction and whether they support price caps or other market changes to protect customers.
A: Management said PJM has new leadership and is trying to respond, but progress is slow. They noted a recent PJM action as an example of responsive steps and then asked Colette and Jeanne to add more detail.
"I even think last night, what came out later in the afternoon or early evening was an example of how they're looking to respond in real time to provide solutions." — Calvin Butler (CEO)
PJM proposal details and cap support
Q (Colette Honorable · Jefferies): Analyst asked about PJM's revised proposal, cost allocation and whether Exelon supports extending cap and floor protections.
A: Management explained PJM's recent proposal focuses on three areas: tying cost allocation to large load growth, lowering collateral requirements from 50% to 40%, and making exit fees apply to load serving entities rather than TOs. They said FERC is refining the process, states should be empowered on resource adequacy, and they support using the cap until processes lower costs.
PECO rate case timing and large load pipeline
Q (Carly Davenport · Goldman Sachs): Analyst asked when PECO might file another rate case and what will guide the filing, and also asked about a slight reduction in the large load pipeline.
A: Management said they are actively engaging Pennsylvania stakeholders and will file another rate case within the planning period while responding to the governor's letter and the ratemaking working group. They added that stakeholders recognize PECO's investment value in communities. On the pipeline change, management said the cluster study dropped from 25 to 23 gigawatts as the normal study process trims projects and that this is a process outcome, not a specific trend.
"The only thing I would just add is I think in our conversations everybody really recognizes the value that PECO has created through their investments, the value that it's creating in the communities that we serve." — Michael Innocenzo (CEO)
High-probability load and financing path
Q (Nicholas Amicucci · Evercore): Analyst asked whether any of the 11 gigawatts of high-probability loads are already in the plan, their energization schedule, and how management plans to finance upside opportunities.
A: Management said a small amount is in the current plan today and that about 10% of the high-probability load should be online by '28 and roughly three-quarters by 2034. They said financing will be balanced: the $41.7 billion plan uses cash from operations and debt, and incremental capital opportunities will be about approximately 40% equity; for large batteries they may use build-own-transfer arrangements to defer much capital until late in construction.
"In terms of the time line, I think that we've said about 10% or so by '28." — Jeanne Jones
Where capital will be allocated next
Q (Jeremy Tonet · JPMorgan): Analyst asked how Exelon thinks about shifting capital between states and specifically about ComEd given staff and ALJ recommendations.
A: Management said their capital has risen from 8% to 10% over past roll forwards and that transmission has grown significantly, which they expect to continue. They emphasized Exelon's ability to shift capital to where it adds the most value and work with stakeholders, citing ComEd CEJA efforts and Jersey battery investments as examples where they time bill impacts until projects are operational.
"What I would say is that, as you've seen historically, our capital has gone up from 8% to 10% over the last roll forwards." — Robert Kleczynski (CFO)