Exelon

ComEd’s predecessor, Commonwealth Edison Company, was incorporated in 1907, and ComEd was organized in Illinois in 1913. PECO was incorporated in Pennsylvania in 1929.⁠[1]

Exelon was incorporated in Pennsylvania in February 1999 and became the parent of PECO and ComEd on October 20, 2000, with Corbin McNeill and John Rowe as co-CEOs.⁠[1]

Each Unicom (or Commonwealth Edison) share received 0.875 Exelon shares, while PECO Energy shares were not exchanged and continued trading under the Exelon name.⁠[2]

Headquartered in Chicago, the combined company distributed electricity and gas to about five million customers in Illinois and Pennsylvania, had more than $12 billion in annual revenues, and began trading on the New York Stock Exchange under the symbol EXC.⁠[3]

Exelon and Constellation EnergyConstellation EnergyConstellation Energy Corporation is a Baltimore-based American power producer with the nation’s largest nuclear fleet, spun off from Exelon in February 2022.Open the full entry Group signed a merger agreement dated April 28, 2011, under which each Constellation share would convert into 0.930 Exelon shares. Chief executive John Rowe was expected to retire on completion, with Christopher Crane becoming president and CEO and Mayo Shattuck III executive chairman.⁠[4]

Exelon completed its acquisition of Constellation Energy Group on March 12, 2012.⁠[2]

Following approval by the District of Columbia commission, the Pepco Holdings merger closed on March 23, 2016, with Pepco Holdings stockholders receiving $27.25 per share in cash. The combined company served about 10 million customers through six utilities, including Atlantic City Electric, Delmarva Power and Pepco, and committed more than $430 million in customer benefits.⁠[5]

On September 13, 2019, Exelon announced it would transfer its listing from the New York Stock Exchange to the Nasdaq Global Select Market, expecting to begin trading there at market open on September 25 under the unchanged symbol EXC. Chief financial officer Joseph Nigro said the move provided “the most cost-effective channel to connect with investors.”⁠[6]

Federal prosecutors charged Exelon subsidiary ComEd with one count of bribery and deferred prosecution for three years as ComEd agreed to pay a $200 million fine. ComEd admitted that from about 2011 to 2019 it arranged jobs, subcontracts and payments for associates of a high-level Illinois elected official to influence and reward the official.⁠[7]

On February 2, 2022, Exelon announced it had completed the separation of Constellation Energy, with shareholders receiving one Constellation share for every three Exelon shares. After the separation, Exelon described itself as “the nation’s largest utility company,” serving more than 10 million customers through six fully regulated transmission and distribution utilities, with Crane continuing as president and CEO.⁠[8]

On November 2, 2022, Exelon announced that Crane, CEO since 2012, would retire effective December 30, 2022, and that Calvin Butler would become president and CEO as of December 31. Butler had led Exelon Utilities since 2019 and had been senior executive vice president and chief operating officer since February 2022.⁠[9]

On July 17, 2023, a federal judge in Chicago dismissed the bribery charge against ComEd after prosecutors said the company “has fully complied with the terms” of the agreement. Earlier, a jury had found former CEO Anne Pramaggiore, former lobbyist Mike McClain, retired executive John Hooker and consultant Jay Doherty guilty of bribery conspiracy, bribery and falsifying the company’s books.⁠[10]

The SEC found that Exelon and ComEd violated antifraud, books-and-records and internal accounting controls provisions. The companies consented to a cease-and-desist order and Exelon agreed to pay a $46.2 million civil penalty, while the SEC separately sued Pramaggiore.⁠[11]

Former Illinois House Speaker Michael Madigan was convicted in February 2025 on 10 of 23 counts, and on June 13, 2025, U.S. District Judge John Blakey sentenced him to 90 months in prison and a $2.5 million fine. Prosecutors said ComEd officials had agreed to hire Madigan allies, some on no-work contracts.⁠[12]

Judge Manish Shah tossed most of the bribery counts against the four ComEd defendants earlier in 2025. On July 21, Pramaggiore was sentenced to two years in prison and a $750,000 fine on the falsifying-records and conspiracy verdicts and vowed to appeal; Hooker had been sentenced to 18 months.⁠[13]

Operating revenues were $24.258 billion in 2025 (2024: $23.028 billion), and net income attributable to common shareholders was $2.768 billion (2024: $2.460 billion).⁠[14]

Reporting on February 12, 2026, Exelon gave 2025 GAAP net income of $2.73 per diluted share and outlined a $41.3 billion four-year capital plan with expected rate base growth of 7.9%.⁠[15]

As of December 31, 2025, Exelon had 20,571 employees. ComEd served about 4.2 million electric customers, PECO about 1.7 million and BGE about 1.4 million.⁠[16]