Exelon expects transmission investments will be a key driver for its capital spending in the coming years, company officials said during a fourth-quarter earnings conference call on Thursday.
At the same time, Exelon continues to seek a pathway for deregulated utilities to help supply new generation in the PJM Interconnection, Calvin Butler, Exelon president and CEO, said. “We firmly believe it's going to require an all-of-the-above strategy that includes utility-generated, demand side and merchant solutions,” he said.
More than than 70% of the increase in Exelon’s capital expenditure plan is driven by transmission, according to Jeanne Jones, Exelon’s chief financial officer.
The additional $2.3 billion in transmission spending is driven by “increased demand for high-voltage investments and capacity expansion to support large load growth, evolving generation supply and the reliability and resiliency needs of grid customers to withstand increasingly volatile weather,” Jones said.
Looking ahead, Exelon has a “line of sight” on an additional $12 billion to $17 billion of transmission buildout over the 10 years, according to Jones.
“Of which, over 60% includes projects associated with our existing infrastructure, supporting continued reliability, generator deactivations and providing additional operational flexibility and efficiency,” Jones said.
In addition, meeting the goals of Illinois’ Climate and Equitable Jobs Act will likely require billions in transmission investments, Jones said.
Beyond Exelon’s 18-GW “high probability” data center pipeline, the company’s utilities are studying or preparing to study about 43 GW in large load interconnection requests, according to the Chicago-based company’s earnings presentation.
Efforts by Mikie Sherrill, New Jersey’s new Democratic governor, to address electricity issues have been positive, according to Michael Innocenzo, Exelon chief operating officer.
“If you look at the content of the executive orders, we think that they're very constructive,” he said. “They're things that we can live with.”
Also, the behind-the-scenes conversations in New Jersey are “focused on the right areas, which is, if we're really going to go after affordability, we need to bring more supply in an affordable way, in an efficient way,” Innocenzo said. “We fully support those discussions.”
On the financial front, Exelon’s net income jumped 11% to $2.8 billion in 2025, up from $2.5 billion the year before, partly on favorable weather and storm conditions. Its 2025 revenue increased to $24.2 billion from $23 billion in 2024.
Exelon serves more than 10.9 million customers through six regulated transmission and distribution utilities: Atlantic City Electric, Baltimore Gas and Electric, Commonwealth Edison, Delmarva Power & Light, PECO Energy and Potomac Electric Power Co.
