{"slug":"exelon","name":"엑셀론","name_en":"Exelon","ticker":"EXC","updated_at":"2026-07-12T03:54:59.471+00:00","canonical":"https://valuechain.wiki/exelon","citable":"밸류체인 그래프 기준 엑셀론의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 1)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Exelon is directly linked to 1 companies (0 supply, 1 revenue relationships) and reaches 14 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"규제 송배전 유틸리티 · S&P 500","kicker_en":"Regulated T&D Utility · S&P 500","lead":"엑셀론은 2022년 발전·판매 사업(콘스텔레이션)을 분사한 뒤 발전 자산 없이 송전과 배전만 운영하는 미국 최대 순수 규제 송배전 유틸리티다. 일리노이 ComEd, 펜실베이니아 PECO, 메릴랜드 BGE, 워싱턴DC Pepco, 델마바 DPL, 뉴저지 ACE 등 6개 규제 자회사를 통해 약 1000만 고객에게 전력과 가스를 공급한다. FY2025 매출은 242.6억 달러였고, 발전 없이 요금기반(rate base) 투자로 수익을 낸다. AI 데이터센터 대형부하 접속이 새 성장축으로, 2029년까지 4년간 약 410억 달러를 송배전 인프라에 투자해 요금기반을 약 230억 달러 늘릴 계획이다.","lead_en":"Exelon is the largest US pure-play regulated transmission and distribution utility, operating no generation after spinning off its power generation and supply business (Constellation) in 2022. Through six regulated subsidiaries (ComEd in Illinois, PECO in Pennsylvania, BGE in Maryland, Pepco in Washington DC, Delmarva Power, and Atlantic City Electric in New Jersey) it delivers electricity and gas to about 10 million customers. FY2025 revenue was $24.26 billion, earned on rate-base investment rather than generation. Large-load interconnection for AI data centers is a new growth driver, and the company plans to invest roughly $41 billion in T&D infrastructure over the four years to 2029, lifting rate base by about $23 billion.","segments":{"parts":[{"desc":"6개 규제 자회사(ComEd·PECO·BGE·Pepco·DPL·ACE)로 약 1000만 고객 배전 — 요금기반 수익의 본체(ComEd 매출 $72.7억).","name":"전력 배전 (ComEd·PECO·BGE·Pepco·DPL·ACE)"},{"desc":"FERC 공식요금 기반 송전 — 데이터센터 대응 위해 요금기반 연 16% 성장 목표.","name":"송전 (FERC 요금기반)"},{"desc":"메릴랜드·펜실베이니아 등 가스 배전.","name":"가스 배전"}],"total":"약 $24.3B (FY2025)"},"segments_en":{"parts":[{"desc":"Electric distribution to ~10M customers via six regulated subsidiaries (ComEd, PECO, BGE, Pepco, DPL, ACE) — the core of rate-base earnings (ComEd revenue $7.27B).","name":"Electric Distribution (ComEd/PECO/BGE/Pepco/DPL/ACE)"},{"desc":"FERC formula-rate transmission — targeting 16% annual rate-base growth to serve data centers.","name":"Transmission (FERC formula rate)"},{"desc":"Gas distribution in Maryland, Pennsylvania and elsewhere.","name":"Gas Distribution"}],"total":"~$24.3B (FY2025)"},"returns_yearly":{"2021":41.5,"2022":8.3,"2023":-14,"2024":9.2,"2025":20,"2026":9.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}}],"benefiting":[],"analysis":"2022년 발전·판매(콘스텔레이션)를 분사한 뒤 발전 자산 없이 송·배전만 운영하는 미국 최대 순수 규제 송배전 유틸리티로, 발전 리스크 없이 요금기반(rate base) 투자로 수익을 내는 방어적 사업 구조다. 새 성장축은 AI 데이터센터 대형부하 접속으로, 첨단 파이프라인이 약 18GW(잠재 47GW)에 이르고 2029년까지 약 $410억을 송배전에 투자해 요금기반을 약 $230억 늘릴 계획이다. 리스크는 PECO-아마존 데이터센터 접속에 대한 PJM 시장감시인의 반대처럼, 대형부하 비용을 기존 소매고객에 전가하지 않았음을 입증해야 하는 규제 심사다. 그래프상 하류는 약 1000만 소매고객과 데이터센터 대형부하이고, 원가 축은 PJM 도매 전력매입($79.4억)과 송배전 capex다.","analysis_en":"The largest US pure-play regulated T&D utility, operating no generation after spinning off Constellation in 2022 — a defensive model earning on rate-base investment without generation risk. Its new growth axis is large-load interconnection for AI data centers: an advanced pipeline of ~18 GW (up to 47 GW potential) and a plan to invest ~$41B in T&D by 2029, lifting rate base by ~$23B. The risk is regulatory review — as with the PJM market monitor's objection to the PECO-Amazon datacenter interconnection — requiring proof that large-load costs are not shifted onto existing retail customers. Downstream on the graph are ~10 million retail customers and datacenter large loads; the cost axis is PJM wholesale power purchases ($7.94B) and T&D capex.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"전력설비 capex (송배전·변압기)","counterparty_slug":null,"confidence":"high","metric":{"type":"capex","unit":"USD_bn","as_of":"2026-2029","value":41,"period":"4년 인프라 투자계획"},"note":"2029년까지 4년간 약 410억 달러를 전력·가스 인프라(스마트그리드·설비·변압기·송전)에 투자. 배전 11억 달러 축소·송전 15억 달러 확대로 재배분해 송전 요금기반 연 16% 성장 목표.","note_en":"Plans ~$41B over four years to 2029 for electric/gas infrastructure (smart grid, equipment, transformers, transmission). Reallocated $1.1B out of distribution into $1.5B more transmission, targeting 16% annual transmission rate-base growth.","sources":[{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"analysis","lang":"ko","published_at":"2026-06-25","url":"https://www.tikr.com/ko/blog/exelon-stock-q1-2026-a-41-7-billion-capital-pivot-and-a-47-total-return-case","title":"엑셀론 주식 Q1 2026: 417억 달러 자본 전환","title_en":"Exelon Stock Q1 2026: A $41.7 Billion Capital Pivot","excerpt":"2029년까지 총 자본계획을 417억 달러로 유지하며 송전 자본을 15억 달러 확대해 송전 요금기반 16% 성장을 겨냥.","excerpt_en":"Maintains a $41.7B total capital plan through 2029, adding $1.5B to transmission capital to target 16% transmission rate-base growth."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1109357/000110935726000018/exc-20251231.htm","title":"Exelon Corporation Form 10-K (FY2025)","title_en":"Exelon Corporation Form 10-K (FY2025)","excerpt":"The Utility Registrants anticipate investing approximately $41 billion over the next four years in electric and natural gas infrastructure improvements and modernization projects, including smart grid technology... and transmission projects.","excerpt_en":"The Utility Registrants anticipate investing approximately $41 billion over the next four years in electric and natural gas infrastructure improvements and modernization projects, including smart grid technology... and transmission projects."}]},{"direction":"revenue","counterparty":"소매 송배전 고객 (규제 요금)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD_bn","as_of":"FY2025","value":24.26,"period":"Total operating revenues"},"note":"6개 규제 자회사를 통해 약 1000만 고객에게 전력·가스 배전 및 송전 서비스 제공. FY2025 총 영업수익 242.6억 달러(FY24 230.3억, FY23 217.3억), ComEd 72.7억 달러.","note_en":"Delivers regulated electric/gas distribution and transmission to ~10 million customers via six subsidiaries. FY2025 total operating revenues $24.26B (FY24 $23.03B, FY23 $21.73B); ComEd $7.27B.","sources":[{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"analysis","lang":"ko","published_at":"2026-06-25","url":"https://www.tikr.com/ko/blog/exelon-stock-q1-2026-a-41-7-billion-capital-pivot-and-a-47-total-return-case","title":"엑셀론 주식 Q1 2026: 417억 달러 자본 전환","title_en":"Exelon Stock Q1 2026: A $41.7 Billion Capital Pivot","excerpt":"2026년 1분기 매출은 ComEd·PHI·BGE의 배전·송전 요금 인상에 힘입어 전년 대비 7.86% 증가한 72.4억 달러.","excerpt_en":"Q1 2026 revenue rose 7.86% YoY to $7.24B, driven by distribution and transmission rate increases at ComEd, PHI and BGE."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1109357/000110935726000018/exc-20251231.htm","title":"Exelon Corporation Form 10-K (FY2025)","title_en":"Exelon Corporation Form 10-K (FY2025)","excerpt":"Total operating revenues 24,258 23,028 21,727 ... [ComEd] Total operating revenues 7,267 8,219 7,844.","excerpt_en":"Total operating revenues 24,258 23,028 21,727 ... [ComEd] Total operating revenues 7,267 8,219 7,844."}]},{"direction":"revenue","counterparty":"데이터센터·대형부하 (송배전 접속)","counterparty_slug":null,"confidence":"high","metric":{"type":"volume","unit":"GW","as_of":"2025-11","value":18,"period":"첨단 데이터센터 접속 파이프라인"},"note":"AI 데이터센터·대형부하 접속이 새 성장축. 첨단 파이프라인 약 18GW(2025-11, 약 45% 확보), 잠재 47GW. 10-K는 '데이터센터 등 신규 사업'을 2029년까지 요금기반 약 230억 달러 증가 요인으로 명시.","note_en":"Large-load interconnection for AI data centers is the new growth driver. Advanced pipeline ~18 GW (Nov 2025, ~45% secured), up to 47 GW potential. The 10-K names 'new business including data centers' as a driver of ~$23 billion rate-base growth by 2029.","sources":[{"stance":"mentions","publisher":"TIKR","publisher_en":"TIKR","kind":"analysis","lang":"ko","published_at":"2026-06-25","url":"https://www.tikr.com/ko/blog/exelon-stock-q1-2026-a-41-7-billion-capital-pivot-and-a-47-total-return-case","title":"엑셀론 주식 Q1 2026: 417억 달러 자본 전환","title_en":"Exelon Stock Q1 2026: A $41.7 Billion Capital Pivot","excerpt":"데이터센터 부하 성장에 대응해 송전 요금기반을 연 16% 성장시키는 계획.","excerpt_en":"Plan targets 16% annual transmission rate-base growth to serve data-center load growth."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1109357/000110935726000018/exc-20251231.htm","title":"Exelon Corporation Form 10-K (FY2025)","title_en":"Exelon Corporation Form 10-K (FY2025)","excerpt":"...smart grid technology, storm hardening, advanced reliability technologies, new business including data centers, and transmission projects, which is projected to result in an increase to current rate base of approximately $23 billion by the end of 2029.","excerpt_en":"...smart grid technology, storm hardening, advanced reliability technologies, new business including data centers, and transmission projects, which is projected to result in an increase to current rate base of approximately $23 billion by the end of 2029."},{"stance":"confirms","publisher":"Utility Dive","publisher_en":"Utility Dive","kind":"news","lang":"en","published_at":"2025-11-05","url":"https://www.utilitydive.com/news/exelon-data-center-amazon-earnings-maryland/804720/","title":"엑셀론 첨단 데이터센터 파이프라인 18GW로 확대","title_en":"Exelon's advanced data center pipeline grows to 18 GW","excerpt":"엑셀론의 첨단 데이터센터 파이프라인이 전 분기 대비 13% 증가한 18GW로 확대됐고, 잠재 추가 물량은 47GW에 이른다.","excerpt_en":"Exelon's advanced data center pipeline grew 13% quarter-over-quarter to 18 GW, with potential future additions of 47 GW."}]},{"direction":"cost","counterparty":"도매 전력시장 (PJM·승인 입찰)","counterparty_slug":null,"confidence":"high","metric":{"type":"cost","unit":"USD_bn","as_of":"FY2025","value":7.94,"period":"Purchased power"},"note":"기본공급(default service) 고객 전력을 승인 입찰자 또는 PJM 도매시장에서 매입. FY2025 전력 매입비 79.4억 달러(FY24 82.1억, FY23 76.5억). PJM이 지역 계통 운영·용량·에너지 도매시장을 관장.","note_en":"Procures electricity for default-service customers from approved bidders or the PJM wholesale markets. FY2025 Purchased power $7.94B (FY24 $8.21B, FY23 $7.65B). PJM operates the regional energy, capacity and wholesale markets.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1109357/000110935726000018/exc-20251231.htm","title":"Exelon Corporation Form 10-K (FY2025)","title_en":"Exelon Corporation Form 10-K (FY2025)","excerpt":"The Utility Registrants procure electricity supply from various approved bidders or from purchases on the PJM operated markets. ... Purchased power 7,944 8,214 7,648.","excerpt_en":"The Utility Registrants procure electricity supply from various approved bidders or from purchases on the PJM operated markets. ... Purchased power 7,944 8,214 7,648."}]},{"direction":"revenue","counterparty":"아마존 (PECO 데이터센터 접속)","counterparty_slug":"amazon","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"자회사 PECO가 아마존 데이터센터 대형부하 접속 계약을 PJM에 제출. PJM 시장감시인은 기존 소매고객 비용전가·신뢰도 영향 미검증을 이유로 반대 의견 제기(규제 심사 중).","note_en":"Subsidiary PECO filed a large-load interconnection agreement with Amazon at PJM. The PJM market monitor objected, arguing PECO must show the deal will not raise costs for existing retail customers or harm reliability (under regulatory review).","sources":[{"stance":"confirms","publisher":"Utility Dive","publisher_en":"Utility Dive","kind":"news","lang":"en","published_at":"2025-11-05","url":"https://www.utilitydive.com/news/exelon-data-center-amazon-earnings-maryland/804720/","title":"엑셀론 첨단 데이터센터 파이프라인 18GW로 확대","title_en":"Exelon's advanced data center pipeline grows to 18 GW","excerpt":"PJM 시장감시인은 PECO-아마존 데이터센터 계약에 대해, 기존 소매고객 비용 증가나 신뢰도 훼손이 없음을 입증하지 못하면 기각돼야 한다고 주장했다.","excerpt_en":"The PJM market monitor argued the PECO-Amazon data center agreement should be rejected unless PECO shows it won't increase costs for existing retail customers or harm grid reliability."}]}]}