Exelon Corp.

Strong Earnings Growth: Exelon reported operating earnings of $0.92 per share for Q1 2025, a significant increase from $0.68 per share in Q1 2024, reflecting a growth of $0.24 per share driven by new rates, favorable weather, and tax timings. This positions Exelon on track to meet its full-year operating earnings guidance of $2.64 to $2.74 per share, aligning with an expected annualized earnings growth rate of 5% to 7% through 2028.

Regulatory and Legislative Developments: Maryland's new legislation allows for multi-year plans without reconciliations, which could lead to more predictable revenues for Exelon. Additionally, recent energy bills emphasize energy security and battery storage, helping Exelon align with state energy needs and enhance investment opportunities in upcoming regulatory processes.

Two Open Rate Cases: Exelon is progressing with open base rate cases at Pepco and Atlantic City Electric, which are expected to enhance revenue through necessary upgrades. These cases are crucial for recovering costs associated with infrastructure investments and improving reliability, with orders anticipated in early 2026.