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Exelon Corporation

Regulated Electric and Gas UtilitiesFounded 2000
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Exelon Acquisitions

3

Major Deals Covered

$15.6B

Disclosed Deal Value

What are Exelon's biggest acquisitions?

Exelon's largest disclosed acquisition here is Constellation Energy Group for $7.9B in 2012. This page covers 3 major deals from 2010 to 2016, each with its price where disclosed and the reason behind it.

Major deals covered
3
Largest deal
Constellation Energy Group ($7.9B)
First deal
2010
Most recent
2016
CompanyYearPricePurpose
Constellation Energy Group2012$7.9BThe all-stock merger with Baltimore-based Constellation Energy Group, completed in March 2012, added BGE to Exelon's regulated utilities and combined Exelon's nuclear fleet with Constellation's wholesale and retail energy business.
Pepco Holdings, Inc. (PHI)2016$6.8BThe $6.8 billion all-cash acquisition, completed in March 2016, added Pepco, Delmarva Power and Atlantic City Electric and shifted Exelon's earnings mix toward regulated utilities.
John Deere Renewables2010$900.0MAdded about 735 MW of operating wind projects; these assets later went to Constellation in the 2022 spin-off.
What companies has Exelon bought?
Major acquisitions by Exelon documented here include Constellation Energy Group (2012), Pepco Holdings, Inc. (PHI) (2016) and John Deere Renewables (2010).
What is Exelon's most recent acquisition?
The most recent Exelon acquisition documented here is Pepco Holdings, Inc. (PHI), in 2016, for $6.8B.

Pepco Holdings, Inc. (PHI)

2016

$6.8B

Why

The $6.8 billion all-cash acquisition, completed in March 2016, added Pepco, Delmarva Power and Atlantic City Electric and shifted Exelon's earnings mix toward regulated utilities.

Impact

The acquisition stabilized Exelon's earnings, ensuring that the vast majority of its long-term revenue would be derived from predictable, regulated utility rate cases rather than volatile commodity prices.

Outcome

Approval required customer credits, reliability commitments and community funding across Delaware, Maryland, New Jersey and D.C.; the D.C. commission rejected the first version of the deal in 2015.

Source →

Constellation Energy Group

2012

$7.9B

Why

The all-stock merger with Baltimore-based Constellation Energy Group, completed in March 2012, added BGE to Exelon's regulated utilities and combined Exelon's nuclear fleet with Constellation's wholesale and retail energy business.

Impact

Added Maryland's largest utility and temporarily made Exelon a major competitive energy supplier.

Outcome

Exelon kept BGE but spun off the combined generation and retail business, under the Constellation name, as a separate company in February 2022.

Source →

John Deere Renewables

2010

$900M

Why

Added about 735 MW of operating wind projects; these assets later went to Constellation in the 2022 spin-off.

Source →

Exelon Corporation's Growth & Acquisition Strategy

Growth comes almost entirely from investing in regulated assets. The 2026 to 2029 plan shifts money toward high-voltage transmission, which earns FERC formula rates with annual true-ups, while some PECO and BGE distribution projects were deferred to ease bill pressure. Exelon is also pushing for utilities to be allowed to own generation or storage again in states facing PJM supply shortfalls, and has filed battery storage proposals such as ACE's in New Jersey. Large-load interconnections for data centers in northern Illinois and the Mid-Atlantic add both transmission spending and new revenue that can spread fixed costs.

How Exelon Corporation Makes Money

Exelon is a transmission and distribution (T&D) utility. It does not generate electricity. Its utilities buy power and gas for default-service customers and pass those commodity costs through to bills without markup, then earn money on the delivery network itself. State commissions (the Illinois Commerce Commission, Pennsylvania PUC, Maryland PSC, Delaware PSC, New Jersey BPU and D.C. PSC) set distribution rates, and FERC sets transmission rates through annual formula rates. In each case Exelon recovers operating costs and earns an authorized return on equity on its rate base, the depreciated value of its poles, wires, substations, meters and gas mains. More approved investment means more rate base and more earnings, which is why the capital plan drives the investment case.

Exelon Acquisitions FAQ

What was the historic merger of Unicom and PECO Energy that created Exelon in 2000?

In October 2000, Unicom (parent of ComEd) and PECO Energy completed their merger, creating Exelon Corporation with roughly 5 million electric customers in Illinois and Pennsylvania.

How did the 2012 acquisition of Constellation Energy expand Exelon's footprint?

In March 2012, Exelon acquired Baltimore-based Constellation Energy for $7.9 billion. The transaction brought Baltimore Gas and Electric (BGE) into Exelon's regulated utility portfolio, while significantly expanding wholesale merchant power generation and commercial energy marketing.

Why was the 2016 acquisition of Pepco Holdings transformational for Exelon?

In March 2016, Exelon acquired Pepco Holdings, Inc. (PHI) for $6.8 billion in cash. The acquisition added three premier mid-Atlantic regulated utilities, Pepco, Delmarva Power, and Atlantic City Electric, expanding Exelon's customer base to over 10 million accounts across the Mid-Atlantic.

Why did Exelon attempt to acquire Public Service Enterprise Group (PSEG) in 2004?

In 2004, Exelon announced a $12 billion agreement to acquire New Jersey-based PSEG. However, after nearly two years of intense regulatory proceedings and onerous divestiture conditions demanded by the New Jersey Board of Public Utilities and the Department of Justice, Exelon and PSEG mutually terminated the merger in 2006.

How did the acquisition of Deere & Company's wind energy business expand early renewables?

In 2010, Exelon acquired John Deere Renewables for $900 million, adding 735 megawatts of operating wind power projects across eight states, establishing an early utility-scale renewable energy development footprint.

How did Exelon execute the tax-free spin-off of Constellation Energy in 2022?

In February 2022, Exelon executed a tax-free corporate spin-off of its non-regulated generation and retail energy business into Constellation Energy Corporation (NASDAQ: CEG). Exelon shareholders received one share of Constellation common stock for every three shares of Exelon held, achieving a clean separation of regulated utility wires and merchant generation.

What infrastructure acquisitions do Exelon utilities execute at the local municipal level?

Exelon has not made a major utility acquisition since Pepco Holdings in 2016. Its growth now comes from investing in its existing utilities.

What is Exelon's long-term M&A strategy following its pure-play utility transformation?

Since the Constellation spin-off, Exelon has focused on organic rate base growth from its roughly $41.7 billion 2026 to 2029 capital plan rather than large mergers.

What companies has Exelon acquired?

Exelon aggressively consolidated the East Coast. In 2012, they bought Constellation Energy for $7.9 billion. In 2016, after massive, intense regulatory battles and severe political pushback in Washington D.C., they successfully acquired Pepco Holdings for $6.8 billion, gaining total control over the mid-Atlantic grid.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.