Exelon Corporation is headquartered in Chicago and trades on Nasdaq under EXC. Its six utilities are Commonwealth Edison (northern Illinois), PECO (southeastern Pennsylvania), Baltimore Gas and Electric (central Maryland), and the three Pepco Holdings utilities: Pepco (Washington, D.C. and suburban Maryland), Delmarva Power (Delaware and Maryland's Eastern Shore) and Atlantic City Electric (southern New Jersey). Together they serve more than 10 million electric and gas customers, the largest customer base of any U.S. utility holding company, with about 20,200 employees at the end of 2025. The company is headquartered in Chicago, Illinois.
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.