Exelon Corporation Q3 FY2025 earnings call

• Earnings of $0.86 per share in Q3 were stronger than anticipated due to warmer weather, mild storm season, and timing-related drivers.
• Reaffirmed operating earnings guidance for 2025 of $2.64 to $2.74 per share.
• 4 utility operating companies ranked highly in reliability benchmarking, improving upon prior year rankings.
• Progress in rate cases: Delmarva Power gas distribution rate case, Atlantic City Electric rate case, and Pepco rate case in Maryland.
• Illinois passed Clean and Reliable Grid Affordability Act, Maryland initiated merchant generator proposals, and PJM working on Critical Issue Fast Path.
• Large load pipeline over 19 gigawatts, with transmission investment in next 4-year plan.

No specific breakdown of product segments' financial performance and revenue contribution % provided in the transcript.

• Reaffirmed operating earnings guidance for 2025: $2.64 to $2.74 per share, aiming for midpoint or better.
• Annualized operating earnings growth rate of 5% to 7% through 2028, with expectation to be at midpoint or better.
• Fourth quarter guidance assumes reversal of timing, fair rate case outcomes, and normal weather and storm activity.

• Market uncertainties affecting resource adequacy.
• Uncertainty in rate case outcomes and regulatory decisions.
• Dependence on favorable storm conditions and weather patterns.

Q: Thoughts on Maryland RFP and competing solutions?

A: Commended Maryland for initiative, but responses fell short, willing to step up.

Q: Pennsylvania resource adequacy bills and discussions?

A: Discussions ongoing, hopeful for middle ground.

Q: Illinois legislation investment opportunities?

A: Enhanced energy efficiency, storage target, distributed generation rebates.

Q: CAMT repairs and financing outlook?

A: Hopeful for clarity by year-end, helps with balance sheet cushion.

Q: ACE rate case status?

A: On track to settle by end of year, process ongoing.

Q: Amazon TSA and large load pipeline?

A: Transmission services agreement protects customers, large load pipeline in cluster study process.

Q: Large load pipeline probability weighting?

A: More timing-based, cluster study and TSA needed for high probability.

Q: Time to connect for new data centers?

A: Depends on size, location, using existing infrastructure to expedite.