Regulated T&D Utility · S&P 500
Exelon
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.
EXC Updated Jul 12, 2026 3 AI consumers
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).
Financials & Segments
- Total revenue · ~$24.3B (FY2025)
- Segments · Electric Distribution (ComEd/PECO/BGE/Pepco/DPL/ACE) · Transmission (FERC formula rate) · Gas Distribution
Revenue from
- 소매 송배전 고객 (규제 요금) High confidence· Revenue 24.26 USD_bn · Total operating revenues
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. - 데이터센터·대형부하 (송배전 접속) High confidence· volume 18 GW · 첨단 데이터센터 접속 파이프라인
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.Confirms EN Utility Dive Published Nov 5, 2025: Exelon's advanced data center pipeline grows to 18 GW - 아마존 (PECO 데이터센터 접속) Medium confidence
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).Confirms EN Utility Dive Published Nov 5, 2025: Exelon's advanced data center pipeline grows to 18 GW
Pays to
- 전력설비 capex (송배전·변압기) High confidence· Capital spending 41 USD_bn · 4년 인프라 투자계획
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. - 도매 전력시장 (PJM·승인 입찰) High confidence· cost 7.94 USD_bn · Purchased power
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Exelon | node | +41.5 | +8.3 | -14 | +9.2 | +20 | +9.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10