-- Exelon (EXC) posted Q1 utility earnings Wednesday, while expanding its capital investment plans for 2026-2029.
Exelon's capex plans include investments of about $41.7 billion over 2026-2029, with a growing share allocated to transmission, alongside an additional $12-17 billion in potential transmission upside.
The revised capital plan reflects a 7.9% target rate base growth annually.
Exelon outlined a data center-driven growth pipeline of about 18-19 GW of potential load, with about 45% already secured with Transmission Service Agreements as of the Q4 2025 call.
The company said it operates 11,197 transmission lines, including about 3,300 circuit miles of extra high-voltage line.
On project activity, Exelon said the PJM board approved about $1.7 billion in partnered projects under the 2025 Regional Transmission Expansion Plan Window 1 process.
The company also submitted two partnered bids in MISO's Long Range Transmission Planning Tranche 2.1, targeting roughly $1.9 billion in transmission projects in Illinois.
The US-regulated electric and gas utility operator said Q1 utility earnings strengthened overall, supported by approved distribution and transmission rate increases at subsidiaries, Commonwealth Edison and Pepco, as well as distribution rate approvals at Baltimore Gas and Electric.
Additional tailwinds included the absence of prior customer surcharge credits at PECO Energy, higher allowance for funds used during construction at ComEd, and favorable weather conditions and lower income taxes at PECO.
The company noted that recent rate increases reflect updated cost-recovery mechanisms tied to infrastructure investment, which it said support reliability and help reduce outage-related costs.
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