Exelon Plans $28.8 Billion in Capital Spending Between 2018 and 2021

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Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Exelon Corporation (NYSE:EXC) (Chicago, Illinois) plans to invest about $21 billion in its regulated electric and gas utilities over 2018-21 and an additional $7.8 billion in its merchant power business, Exelon Generation, over that same period, the company told investors last month.

By year, the regulated utilities' planned capital spending plans shape up this way:

• 2018: $5.4 billion
• 2019: $5.1 billion
• 2020: $5.2 billion
• 2021: $5.1 billion

Exelon's six regulated utilities serve 10 million electric and gas customers in Illinois, Maryland, Pennsylvania, New Jersey, Delaware and Washington, D.C. Industrial Info is tracking 73 capital and maintenance projects scheduled by Exelon or its subsidiaries, valued at $2.8 billion, that are scheduled to begin between January 2018 and December 2021.

Exelon told investors last month that, on a utility-by-utility basis, the planned spending through 2021 includes:

• Commonwealth Edison: $7.6 billion
• Pepco Holdings: $5.9 billion
• Baltimore Gas & Electric: $4.2 billion
• PECO Energy: $3.3 billion

The projected annual spending amounts are relatively stable for all utilities over the next four years: About $1.9 billion per year will be invested in the Commonwealth Edison unit, which operates in Chicago, while about $1.5 billion will be invested annually in the Pepco Holdings unit, which serves customers in Maryland and Washington, D.C. Exelon's Baltimore Gas & Electric utility will receive an average of $1 billion annually over the next four years, while PECO Energy, which operates in Pennsylvania, is slated to make about $825 million in annual investments over the 2018-21 period.

Exelon also told investors it planned to invest about $7.8 billion in its merchant generation unit, Exelon Generation, between 2018 and 2021. By year, the largest share of investment dollars--about $2.3 billion--is scheduled to be made this year. The company plans to make average investments of about $1.83 billion per year for 2019-21. Those plans include investments for base projects, nuclear fuel and committed growth projects.

Separately, Exelon reported first-quarter earnings May 2. The company earned $585 million on $9.7 billion of revenue for the just-completed quarter. By contrast, the company earned $990 million on $8.7 billion of revenue for the comparable year-earlier quarter.

"Exelon had a strong first-quarter, delivering significant financial, operational and policy results," said Christopher M. Crane, Exelon's president and chief executive officer. "New Jersey followed New York and Illinois to create a [zero-emissions certificate] program that more properly values the clean energy attributes of nuclear power, preserves thousands of jobs, and provides customer and economic benefits that outweigh costs by a factor of 6 to 1."

Exelon also launched a new goal to reduce greenhouse gas emissions from our internal operations by 15% by 2022, he added.

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