Exelon Corporation
Company History
Exelon History: Founding, Growth & Key Milestones
Founded 2000 in Chicago, Illinois
When was Exelon founded?
Exelon was founded in 2000 in Chicago, Illinois by Corbin A. McNeill Jr. and John W. Rowe, making it 26 years old.
- Founded
- 2000
- Founding place
- Chicago, Illinois
- Founders
- Corbin A. McNeill Jr. and John W. Rowe
- Headquarters today
- Chicago, Illinois
- Milestones documented
- 11 (1881–2026)
- Current CEO
- Calvin Butler
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1881 | PECO roots in Philadelphia |
| 1887 | Chicago Edison Company founded |
| 2000 | Exelon formed |
| 2006 | PSEG Merger Abandoned |
| 2012 | Constellation Energy merger |
| 2016 | Pepco Holdings acquisition |
| 2016 | Illinois Future Energy Jobs Act |
| 2020 | ComEd deferred prosecution agreement |
| 2022 | Constellation spin-off; Calvin Butler becomes CEO |
| 2025 | 25th anniversary year results |
| 2026 | Q2 2026 results and BGE rate case |
- Where was Exelon founded?
- Exelon was founded in Chicago, Illinois in 2000.
- Who founded Exelon?
- Exelon was founded by Corbin A. McNeill Jr. and John W. Rowe.
- When did Exelon start?
- Exelon was founded in 2000.
- How old is Exelon?
- Exelon is 26 years old as of 2026.
Founding Story
Exelon's oldest roots predate the electric light: BGE began in 1816 as the Gas Light Company of Baltimore. ComEd traces back to the Chicago Edison Company, founded in 1887, which Samuel Insull ran from 1892 and grew by buying out rivals until it became Commonwealth Edison in 1907. PECO dates to 1881 and became the Philadelphia Electric Company in 1902. Exelon itself was created in October 2000 when PECO Energy merged with Unicom, ComEd's parent, then added BGE through the 2012 Constellation merger and Pepco Holdings in 2016.
Founders
Corbin A. McNeill Jr.
Corbin McNeill was chairman and CEO of PECO Energy and negotiated its 2000 merger with Unicom that created Exelon. He served as Exelon's co-CEO and chairman after the deal, combining PECO's nuclear operating expertise with ComEd's large reactor fleet before retiring in 2002. (Exact birth year remains publicly undisclosed).
John W. Rowe
John Rowe was chairman and CEO of Unicom when it merged with PECO Energy in 2000. He became Exelon's co-CEO and then sole CEO, leading the company until 2012 and building it into the largest U.S. nuclear operator before the Constellation merger. John W. Rowe was born in 1945 in Dodgeville. Education: University of Wisconsin Law School. John William Rowe was born in 1945 and died on September 24, 2022. Under him Exelon had the largest market capitalization in the US electric utility industry.
Key Milestones
PECO roots in Philadelphia
The Brush Electric Light Company of Philadelphia is formed; it later consolidates into the Philadelphia Electric Company in 1902.
Source: en.wikipedia.orgChicago Edison Company founded
Chicago Edison is established; under Samuel Insull it consolidates rivals and becomes Commonwealth Edison in 1907.
Source: en.wikipedia.orgExelon formed
PECO Energy and Unicom, parent of ComEd, complete their merger in October 2000, creating Exelon Corporation in Chicago.
Source: en.wikipedia.orgPSEG Merger Abandoned
Exelon and Public Service Enterprise Group ended their planned merger in September 2006 after failing to win New Jersey approval.
Source: en.wikipedia.orgConstellation Energy merger
Exelon completes its merger with Baltimore-based Constellation Energy Group in March 2012, adding BGE and a large competitive generation and retail business.
Source: en.wikipedia.orgPepco Holdings acquisition
After the D.C. PSC rejected the deal in 2015, Exelon closes the $6.8 billion acquisition of Pepco Holdings in March 2016, adding Pepco, Delmarva Power and Atlantic City Electric.
Source: en.wikipedia.orgIllinois Future Energy Jobs Act
Illinois passes the Future Energy Jobs Act in December 2016, supporting two nuclear plants and setting energy efficiency and grid rules for ComEd.
Source: en.wikipedia.orgComEd deferred prosecution agreement
ComEd admits to a years-long scheme to win favor with former Illinois House Speaker Michael Madigan and agrees to pay a $200 million fine.
Source: justice.govConstellation spin-off; Calvin Butler becomes CEO
On February 1, 2022, Exelon separates Constellation Energy into an independent company and becomes a pure T&D utility. Calvin Butler succeeds Christopher Crane as CEO.
Source: en.wikipedia.org25th anniversary year results
Exelon reports $24.258 billion of 2025 revenue, $2.73 GAAP EPS and $2.77 adjusted EPS, and introduces a $41.3 billion four-year capital plan (later revised to $41.7 billion).
Source: businesswire.comQ2 2026 results and BGE rate case
Exelon reports Q2 2026 revenue of $5.97 billion and adjusted EPS of $0.43, reaffirms $2.81 to $2.91 guidance, and BGE files a new Maryland electric rate case.
Source: exeloncorp.comMajor Acquisitions
Constellation Energy Group
2012The 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)
2016The $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 Renewables
2010Added about 735 MW of operating wind projects; these assets later went to Constellation in the 2022 spin-off.
Keep researching Exelon
Exelon Company History FAQ
When was Exelon Corporation officially formed and what were its predecessor roots?
Exelon was officially formed on October 20, 2000, through the merger of PECO Energy Company of Philadelphia and Unicom Corporation of Chicago (parent of ComEd). Its roots date back to Thomas Edison's Chicago Edison Company (1887) and Philadelphia's Brush Electric Light Company (1881).
How did Commonwealth Edison (ComEd) pioneer the commercial nuclear power industry in the 1960s?
ComEd constructed the Dresden Generating Station in Morris, Illinois, which opened in 1960 as the first privately financed commercial nuclear power plant in the United States, launching decades of nuclear development across northern Illinois.
When did Exelon acquire Baltimore Gas and Electric (BGE)?
Exelon acquired BGE on March 12, 2012, upon closing its $7.9 billion merger with Constellation Energy Group. The deal integrated Maryland's oldest utility into Exelon's expanding regulated utility operations.
When did Exelon complete the acquisition of Pepco Holdings?
Exelon closed its $6.8 billion acquisition of Pepco Holdings, Inc. on March 23, 2016, following approvals from public utility commissions in Delaware, Maryland, New Jersey, and Washington, D.C., uniting six premier utilities under one corporate umbrella.
What major grid reliability milestones did ComEd achieve under the Energy Infrastructure Modernization Act (EIMA)?
Illinois passed EIMA in 2011, authorizing a roughly $2.6 billion, 10-year ComEd grid modernization program that funded smart meters, substation upgrades and distribution automation and improved reliability.
When did Exelon spin off Constellation Energy to become a pure-play regulated utility?
On February 1, 2022, Exelon completed the spin-off of Constellation Energy Corporation, separating its competitive generation fleet from its regulated transmission and distribution operations and creating two focused industry-leading companies.
When did Calvin Butler assume leadership as President and CEO of Exelon?
Calvin Butler became president and CEO of Exelon on February 1, 2022, the day the Constellation separation took effect, succeeding Christopher Crane.
How is Exelon preparing its regional power grids for large AI data center load growth?
Exelon expects load growth above 3% a year through 2029, much of it from data centers in ComEd and PHI territories, and has shifted most incremental capital in its 2026 to 2029 plan toward transmission.
How did Exelon start?
Exelon was officially founded in 2000 through a massive corporate merger between PECO Energy Company (which powered Philadelphia) and Unicom (which powered Chicago via Commonwealth Edison). It created a massive, incredibly powerful energy empire across the Midwest and East Coast.
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