Exelon Corp (NASDAQ: EXC) is a regulated electric and gas utility company that delivers electricity and natural gas to customers across multiple U.S. states through a portfolio of wholly owned utility subsidiaries. Revenue is generated from regulated distribution and transmission rates set by state and federal regulators, collected from residential, commercial, and industrial customers served by those subsidiaries. The operating subsidiaries identified in the FY2025 10-K (filed 2026-02-12) include Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power and Light Company, and Atlantic City Electric Company. Each subsidiary operates under its own regulatory framework and serves a defined geographic service territory. The business is capital-intensive by structure, with returns tied directly to rate base investments approved through regulatory proceedings. Headquarters are listed in the filing under principal executive offices, and common stock trades under the ticker EXC.

Revenue model

Regulated utility rate revenue collected from electricity and natural gas distribution and transmission customers, with rates set by state public utility commissions and the Federal Energy Regulatory Commission.

Products and services

Electric distribution and transmission service; natural gas distribution service; operating subsidiaries include Commonwealth Edison, PECO Energy, Baltimore Gas and Electric, Potomac Electric Power, Delmarva Power and Light, and Atlantic City Electric.

Customers and end markets

Residential, commercial, and industrial electricity and natural gas customers in the service territories of each regulated subsidiary across multiple U.S. states.

Value-chain role

Regulated electric and gas distribution and transmission utility; operates wires and pipes infrastructure connecting generation sources to end customers.

Geographic exposure

United States, spanning service territories in Illinois (Commonwealth Edison), Pennsylvania (PECO Energy), Maryland (Baltimore Gas and Electric), Washington D.C. and surrounding region (Potomac Electric Power, Pepco Holdings), Delaware and Maryland (Delmarva Power and Light), and New Jersey (Atlantic City Electric), as identified in the FY2025 10-K filed 2026-02-12.

Source: SEC 10-K, filed 2026-02-12

Industry: Electric & Other Services Combined Peers: American Electric Power Company Inc Constellation Energy Corp Duke Energy Corp Edison International Eversource Energy Nextera Energy Inc Xcel Energy Inc PG&E Corp Southern Co