11 million electricity and gas customers. Six regulated utility subsidiaries. A rate base exceeding $35 billion. Exelon is the largest regulated electric and gas utility in the United States by customer count, and the financial mechanics of its business are, by design, boring in the best possible way: regulators set the allowed return on equity at 9.5% to 10.5% across its jurisdictions, capital gets deployed into grid infrastructure, and the returns get collected through rates. The predictability is the product. Commonwealth Edison serves 4 million customers in the Chicago metropolitan area. PECO serves 1.7 million in southeastern Pennsylvania. Pepco serves 1 million in the Washington, D.C. Region. BGE, Delmarva Power, and Atlantic City Electric fill out the remaining jurisdictions. The geographic concentration along the northeastern United States corridor — from Illinois through the Mid-Atlantic — makes Exelon the dominant utility infrastructure provider in a corridor that includes some of the country's densest commercial and industrial load. The pure-play regulated utility model emerged fully in 2022 when Exelon completed the separation of Constellation Energy, which took the competitive nuclear generation assets with it. Before that separation, Exelon carried both regulated distribution assets and unregulated power generation in the same corporate structure. The separation clarified the investment thesis for both businesses. $3.5 billion to $4.0 billion in annual capital expenditure is the operational reality that defines Exelon's financial planning. Grid modernization, advanced metering infrastructure, transmission upgrades, extreme weather hardening — these are multi-decade programs funded through regulator-approved rate base expansion. Each dollar deployed earns the allowed return for the regulatory period, compounding the earnings base over time.