Exelon raised the minimum of its 2026 adjusted earnings outlook and outlined as much as $7 billion in possible regulated storage projects, pointing to investment beyond its four-year plan.
The company’s Oct. 30 results put its adjusted operating earnings forecast at $2.85 to $2.91 per share, up from $2.81 to $2.91. Its four-year capital plan totals about $41.7 billion.
Exelon’s non-GAAP adjusted operating earnings came to $0.87 per share in the quarter through Sept. 30, compared with $0.86 a year earlier. Earnings under generally accepted accounting principles were $0.70 per share, down from $0.86. Exelon said its adjusted result was above expectations.
“With our performance for the year, we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share,” Chief Financial Officer Rob Kleczynski said.
Exelon maintained its goal for annualized adjusted earnings growth near the upper end of its 5% to 7% range for 2025 through 2029. The company says its six regulated utilities serve nearly 11 million customers through electricity transmission and distribution networks.
Its presentation lists $3 billion to $7 billion in possible regulated storage investment, equivalent to 1.5 to 3.5 gigawatts. Exelon describes this as a future opportunity and does not provide a full deployment timetable.
The company also identified a separate $12 billion to $17 billion transmission opportunity outside its capital plan. It expects most of that opportunity to come in 2030 or later, while new business and competitive transmission needs could bring some investment forward.
In New Jersey, Atlantic City Electric has proposed a battery system of up to 500 megawatts, developed by Invenergy. An order from the New Jersey Board of Public Utilities says commercial operation could begin in late 2030, depending on interconnection timing. Atlantic City Electric’s petition seeks to recover the project’s capital and operating costs through customer bills. The utility also claims the project could avoid bill impacts for the first five years after operations begin and deliver $1.36 in benefits per dollar invested; those are petition claims, not board findings. Exelon expects a final board order in the first quarter of 2027.
