Exelon Corporation (EXC) SEC Filings & Earnings Calls

Leadership transition risk; COO departure may affect operational continuity.

“Mike Innocenzo to depart in 2027 after nearly 40 years.”

Credit loss expense at BGE; depreciation and interest expense increases at PECO and PHI.

“higher credit loss expense at BGE... higher depreciation at PECO and PHI”

Regulatory Disallowance Risk

“The order resulted in the write off of $11 million of Regulatory assets and $15 million of Property, plant and equipment with a total of $26 million recorded in Operations and maintenance expense.” · word for word

PJM Cost Allocation Risk

“The final impacts of the decision cannot be predicted and the results, while not reasonably estimable at this time, could be material to the financial statements.” · word for word

Tax Normalization Risk (NOLC PLR)

“the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs ... of approximately $0.8 billion - $1.2 billion.” · word for word

Legislative Risk (Maryland, Delaware, New Jersey)

“a moratorium on rate cases with forecasted test years until April 1, 2027” · word for word

Credit Loss Risk

“Higher credit loss expense at BGE” · word for word

Regulatory disallowance risk

“Net Income decreased by $29 million primarily due to unfavorable impacts of the Pepco Maryland multi-year plan reconciliation and related disallowance of capitalized costs” · word for word

Weather dependency

“The demand for electricity is affected by weather and customer usage.” · word for word

Credit rating downgrade risk

“On April 30, 2026, S&P lowered its long-term issuer credit rating and senior unsecured debt rating for BGE from 'A' to 'A-'. S&P also lowered its short-term and commercial paper rating for BGE from 'A-1' to 'A-2'.” · word for word

PECO withdraws rate case, indicating regulatory uncertainty and potential impact on future capital investments.

“PECO Energy Company filed a petition to withdraw its previously filed electric and gas rate proceedings.”

Customer Satisfaction Metric Miss

“The Company did not achieve the threshold level of performance on the customer satisfaction metric, in part due to external factors affecting customer sentiment, including concerns about higher electric bills.” · word for word

Regulatory and Legislative Risk

“unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof” · word for word

Cybersecurity Risk

“physical security and cybersecurity risks” · word for word

Extreme Weather and Climate Risk

“extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions” · word for word

Higher interest cost; refinancing risk.

“New notes at 4.95% vs retired notes at 3.40%; $25M additional net debt.”

Transformer and conductor shortages

“In recent years, the energy industry has been experiencing shortages of, and long lead times for, critical equipment such as transformers and conductors.” · word for word

DOE grant terminations

“Exelon, ComEd, and BGE received termination notifications from the DOE for their Renewable-Aware Distribution Operations ... awards” · word for word

FERC audit settlement charge

“ComEd recorded a charge for the probable disallowance of $70 million of certain currently capitalized construction costs to operating expenses” · word for word

Regulatory liability from IRS PLR on NOLC

“The methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs ... of approximately $1.2 billion - $1.7 billion.” · word for word

Increased leverage from new debt obligation

“Item 2.03 Creation of a Direct Financial Obligation” · word for word

Equity dilution from unregistered share issuance

“Item 3.02 Unregistered Sales of Equity Securities” · word for word

Departure of key compliance and risk executive may indicate internal challenges.

“Departure of EVP Compliance, Audit and Risk.”

Derivative lawsuit settlement may involve financial or governance remedies.

“Settlement of consolidated stockholder derivative action alleging bribery scheme.”

Higher interest expense at holding company and PHI partially offset earnings.

“higher interest expense at PHI and higher interest expense at the Exelon holding company”

Interest rate risk

“Interest expense, net increased $7 million and $21 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily due to an increase in outstanding debt.” · word for word

Weather dependency

“The demand for electricity is affected by weather and customer usage.” · word for word

Regulatory lag

“The Utility Registrants operate in rate-regulated environments in which the amount of new investment recovery may be delayed or limited.” · word for word