Exelon Corporation is a utility services holding company focused on energy transmission and distribution. The company operates through its subsidiaries, including Commonwealth Edison Company (ComEd), PECO Energy Company (PECO), Baltimore Gas and Electric Company (BGE), Pepco Holdings LLC (PHI), Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL), and Atlantic City Electric Company (ACE). Exelon's core business model involves the regulated transmission and distribution of electricity and natural gas to retail customers in its service territories. The company does not generate electricity, instead procuring it through contracts and market purchases. Exelon leverages its scale and expertise to enhance operational and financial results.

• Employees: 19,962 (as of December 31, 2023)
• Geographic Footprint: Northern Illinois, Southeastern Pennsylvania, Central Maryland, District of Columbia, Portions of Delaware and Maryland, Portions of Southern New Jersey
• Headquarters: Chicago, Illinois
• Founded: N/A
• Number of locations/facilities: N/A
• Revenue: $21.7 billion (FY2023)
• Market Capitalization: $40.5 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: ComEd, PECO, BGE, Pepco, DPL, ACE

• CEO: Calvin G. Butler, Jr.
• CFO: Jeanne Jones
• Other Key Executives: David Glockner (Executive Vice President, Compliance, Audit and Risk), Gayle E. Littleton (Executive Vice President, Chief Legal Officer, and Corporate Secretary), Gil C. Quiniones (Chief Executive Officer, ComEd), Michael A. Innocenzo (President and Chief Executive Officer, PECO), Carim V. Khouzami (President, BGE), J. Tyler Anthony (President and Chief Executive Officer, PHI, Pepco, DPL, and ACE), Robert A. Kleczynski (Senior Vice President, Controller and Tax), David Velazquez (Executive Vice President, Operations and Technology)

Tenure and background information is included in the 10-K filing.

• Annual Revenue: $21.7 billion (FY2023)
• Net Income: $2.3 billion (FY2023)
• Market Cap: $40.5 billion (as of June 30, 2023)
• Total Assets: $101.5 billion (as of December 31, 2023)
• Number of Employees: 19,962 (as of December 31, 2023)
• Key Financial Highlights: Net income increased by $274 million and Diluted earnings per average common share from continuing operations increased to $2.34 in 2023 from $2.08 in 2022.

Exelon's main services include:

• Electricity Transmission: Operation and maintenance of high-voltage transmission lines.
• Electricity Distribution: Delivery of electricity to retail customers.
• Natural Gas Distribution: Delivery of natural gas to retail customers (PECO, BGE, and DPL).
• Support Services: Exelon provides support services to its subsidiaries at cost, including legal, human resources, finance, information technology, and supply management.

Exelon operates through six reportable segments:

• ComEd: Electric transmission and distribution in Northern Illinois.
• PECO: Electric and natural gas transmission and distribution in Southeastern Pennsylvania.
• BGE: Electric and natural gas transmission and distribution in Central Maryland.
• Pepco: Electric transmission and distribution in the District of Columbia and portions of Maryland.
• DPL: Electric and natural gas transmission and distribution in portions of Delaware and Maryland.
• ACE: Electric transmission and distribution in portions of Southern New Jersey.

Exelon's strategy is to improve reliability and operations, enhance the customer experience, and advance clean and affordable energy choices. The company is focused on maintaining industry-leading operational excellence, meeting or exceeding financial commitments, and ensuring timely recovery on investments to enable customer benefits. Key strategic initiatives include investing approximately $35 billion over the next four years in infrastructure improvements and modernization projects. Exelon also aims to reduce its operations-driven GHG emissions 50% by 2030 and reach net-zero by 2050.

Exelon operates in the regulated utility industry, which is characterized by state and federal oversight. Key market trends affecting the business include the increasing adoption of renewable energy, the need for grid modernization, and the growing focus on climate change mitigation. Exelon's market position is as a major utility services holding company in the US. Major competitors include other large utility companies in the regions it serves. Market share information is not explicitly provided in the filing.

• Market Risks: Demand for electricity, reliability of service, affordability, emerging technologies, and business models including those related to climate change.
• Operational Risks: Maintaining reliability and safety of energy delivery systems, physical and cyber security risks.
• Financial Risks: Access to capital markets, credit rating downgrades, market performance impacts on employee benefit plans, and impacts of economic downturns on customer payment behavior.
• Regulatory Risks: Changes in laws and regulations, changes in rates, and compliance with environmental and reliability standards.
• Separation Risks: Challenges to achieving the benefits of separation, performance by Exelon and Constellation under the transaction agreements.