EXC - Earnings call transcript Q2 2024

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Operator

Hello, and welcome to Exelon's Second Quarter Earnings Call. My name is Gigi, and I'll be your event specialist today. [Operator Instructions] Please note that today's webcast is being recorded. [Operator Instructions] It is now my pleasure to turn today's program over to Andrew Plenge, Vice President of Investor Relations. The floor is yours.

Andrew Plenge

Gigi. you, Thank everyone. Good morning, to second have for pleased with you earnings call. XXXX quarter our We're us Leading today Chief Executive Officer; the and and President call Jeanne are Calvin Jones, Exelon's Financial Exelon's Officer. Butler, Chief and website. prepared found Exelon's other senior Exelon's financial release section answer are us available Other members in along Relations they following with of management be our of will questions and be the presentation, also Investor information team with can today, remarks. Today's your earnings to our We to release presentation contain subject like would the forward-looking and and risks are today's also that you remind which associated uncertainties. materials earnings to statements,

find the can our on or these risks in Slide X SEC filings. You statements today's presentation cautionary of on

non-GAAP equivalent In and of to these earnings addition, call is today's measures includes GAAP our to CEO. our release. It presentation in my President Exelon's other Reconciliations now the presentation measures. measures references the nearest adjusted and be and can over Butler, pleasure found between in to appendix Calvin the and earnings turn operating

Calvin Butler

on and and and again. good call you to us operational appreciate joining morning, earnings a keeping We consistent once second everyone. the and performance, us Andrew, be deliver quarter pleased for solid stable to are performance you, reporting track Thank

are growth We to we in of resulting billion goal reaffirming to our base $XX.X all of guidance. earnings expect to our includes or guidance rate X%. the investing and deliver of X% $X.XX $X.XX at being midpoint annualized with within range of better, at That grow the to X.X%, long-term

along timing primarily expectations, distribution ComEd our operating delivered of earnings, For in spend of our with share and jurisdictions, weather favorable we adjusted the quarter, non-decoupled by driven $X.XX per revenues. above

decile achieving operationally top at reliability high top performed also across the We board. performance or quartile levels,

the on also front. progress have continued to make regulatory We

testimony rounds plan we of and is our through staff. narrowed year issues have interveners X earnings approval advised and intervenors, end call, last Our staff process are the and top from the on we a in of Illinois open and by many track is priority. Since with grid

continue of hearing with to will open to [ evidentiary in address advance We ]. parts work items the

the we've able key parties an City NGO. Each investment will grid Northern the environmental and progress a Building Management the with encouraged Owners Association like of These has to revised been in reach support examples the and made affordable process and state's maintain are affirmations the Equitable success Chicago, customers of that recognized commission. plan Act, of and business. coalition, differentiates attracting new needed the reliable year. We to with ensure that our of in and Climate its and the resilient, are the the will key receive will focus plan Jobs Approval its the good compliance clean agreements what this Illinois for

rate our briefing decision In the upon and addition, year, case on remain the final cases its of plan by a August track continues, PECO for Pepco XX. completion rate on we the await for end where multiyear schedule of orders process second in the DC's

the second framework, lessons a outcome refi Maryland's filing, process rate Pepco multiyear X-year received which the learned in we Finally, plan state. in adopted the of ability rates order new a with await we an case while for to

accelerated we severe an the plans against broken approved investments opportunity and many understand update investment we to the power plan. But electrification, including increased since performed regulators. our has do a grid balance particularly which our confidence current confidence stakeholders, and is cost. All too more offers boosted keep reconciliation includes and maintains multiyear caused for most plan as agreed-upon Now how sure her the the Maryland's the simply everyone plans can remarks. The and artificial as and including provide on works an we such customers that constructs to forward track supply on positive unparalleled center across transparency and making, alignment our growing stakeholders done to allows free short are the important transparency, in of to interested interest with to Jeanne all think provide foundation reconciliation the with rates path alignment, prioritizing on policymakers strain discuss customers, stakeholders. and increased technologies demand tool a rate has at only now weather. aligned investments and diverse some are need The in in intelligence significantly a of rates grid are ensure to to There meet great to next the invest customers, for make all keep right, will by critical, rate-making key sophisticated us lack that the process Solutions, elements multiyear when that stakeholders, to accountability only the that Climate high proliferation that of rate balancing are ways states making stakeholders, data and of development, while the is Exelon, ability goals as to offering strike appropriately that. all We with multiyear

in quarter. engage our ready common to are on focus. In we by as ensure more stand follow We lessons-learned are will strategy meantime, discuss adjustments provided to ground clarity, on of and the used given to refining final in order important, more commission her we address XXXX, current the regulatory in lead a the And areas the deviation remarks. from any find Jeanne process to can seeking the stakeholders' taking approach since action the the we

performance Slide our X. Now turning on to operational

I for the incredibly just seasons. how that am committed Pepco amount of that despite through storm these to You levels half are want I the performing top during increasingly challenging second quarter front year at the performance in employees and decile storm serve last remained pause versus and the Holdings grateful year. the the say experiencing our first on strong. ComEd lines Xx see activity ComEd can of

our respond within customers. operational of there ways region headed the Beryl, in and well. X to most testament assistance years. customers. We dedication crews days, back-to-back to matched our Gulf excellence side XXX,XXX we our investment had restored than more the a were enough the Hurricane storms relentless prudent of weeks, down true XX the past in XX on to for providing is grid as employees' provide XX% X ComEd of experienced their customers, thank come Just to This in to of our serving gas trinatos, territory in mutual confirmed And storm is assistance can't severe employees those Illinois, which the to mutual which few ComEd back all yet, in impacting customers. importance commitment after to and its only the our to impacted

front, first quartile I'm from PECO quartile. that safety are into the BGE, on decile Pepco pleased report Holdings second and all the now to Now PECO improving with top

earnings new its tools. to Our moving sharing the on progress call. observation next to take continue action and before quartile, is ComEd build supervisors with our forward we leverage safety occurs professionals utilities top upon safety our on to trained incident of to into on goal look an this X,XXX with our more continuing the new platform and over focus

such the the implementing and excellence to improve options enhanced include call ComEd Holdings our industry-leading greater both our and BGE experience, based new second communications, in performances, for We the third Lastly, regulatory for from operational bringing now Pepco quartile, campaigns made performance time turn consistent moderate year, the actions update. their to as assistance findings analytics. half delivering Pepco look customer progress top and self-service quarter to customers. I'll scores newer to groups have restore the BGE value at forward and continued and customer accuracy working prior financial quartile. second the quartile with cover improving and customers. Jeanne satisfaction toward their PECO in our interconnections in to groups and the Holdings over income remained business customer of targeted ComEd Jeanne? actions with and data on to

Jeanne Jones

our morning, demand. Starting operating second XXXX of infrastructure half show earnings our the progress demonstrate will and associated along and for on Calvin, our Today, and with of X, with you, outlook and the growing our lock. rate opportunities Slide Thank quarter quarter-over-quarter that I projects X financial everyone. we the update, the adjusted good load highlight cover schedule second on breadth

at XXXX As over the quarter share higher increased interest Calvin year, driven favorable and mentioned, $X.XX $X.XX investments completed rates. $X.XX of Exelon in last rates higher weather, reflecting higher the of by second And expense cases period associated same primarily in distribution period. to versus per the higher to quarter associated Earnings the transmission of of by with earned in of XXXX, quarter higher and debt $X.XX second depreciation. second rate per of relative $X.XX share incremental of levels due net offset the results $X.XX are partially interest same of

of earnings projected line the share is our affirmed quarter and above $X.XX half in earnings, ComEd's XXXX. delivered per guidance year execution we our provided earnings weather through mentioned, through storm results of Calvin we of first to quarter first plan due reflect early XXXX revenues. Operating the full recovery distribution of the prior XX% timing we've call with which weather conditions, favorable of and how As in

XX% line full contribution ahead of at to to with midpoint year earnings guidance As third look EPS our in the projected a relative largely quarter, year in expect we quarter we approximately of next the be prior range.

of thermal earnings rate to that outlook long-term range year better DC's at the storm in for outcome operating and range. per guidance it half the for track on midpoint the to plan second reaffirm same the the remain for weather annualized reconciliation, to operating XXXX basis, conditions be incorporates and share for X% the or we X% through of $X.XX assumes and expectation XXXX, July case Our XXXX and with per a balance the and and and of multiyear with we Pepco $X.XX share activity year. On of comment of reasonable full fair our growth BGE earnings

X. to Turning Slide

filed to important our there intervener with rounds we an are energy increase of revised affordability staff XXXX through only order. ComEd relative and regulatory and I by in its to July is testimony customer have the to developments support grid review, on compliant the supporting [indiscernible] between of procedural process. utilities the and for ComEd. a testimony, the average in and represents appropriate that XX, by another XXXX that Illinois milestone beginning annual across process the of of mid-October. and expected [indiscernible] the that September end had in representing by the Act. total XXXX. will proposal in final that bill X.X% followed plan is key As Climate with state's briefing December company parties some the go rates with encouraged the into testimony A Equitable December's order evidentiary balance The out Calvin mid-August, order Coming requirements ComEd an X start hearings ALJ residential and the our Commission it marking case And will of Jobs in final goals. highlighted, effect Commerce With been the of in clean proposed

PECO before rate hearings cases ahead the Pennsylvania. On the to testimony both from schedule Turning The of anticipated the following support in Public and August. orders Commission of XXXX. the XX, of filed Pennsylvania with PAPUC the with early its distribution its Utility in electric cases rebuttal end are expected July gas

and pending Pepco to stakeholders its of Pepco hearing rehear oral Public Service to XX Moving July legislative style from Commission filing. on DC on replan arguments held multiyear to DC Holdings key on

energy costs working MIP million aspirations, in the $XX.X year. I'll and which well brief supplemental on new this at an to a We as adopted to of the plan rates are provided meet file its benefits engaging on We for the the quarter from committed update MIP lessons we we revenue a with while direction next final disappointed towards testimony the excess Commission to June ROE. of Service latest X-year to anticipate as plan the close requested, Public learned their providing Pepco fourth which order enhancements the their at receive a framework. Based August, to the with transformation X-year schedule, eligible approved. committed detailing the total appreciate order received X.X% which DC the in goals we concludes to an we by improve over we in late and will process, period on of and were on commission's modifications having not and those the the ability full the the with procedural with year. reconcile commence anticipate of [indiscernible] remain And Maryland post-hearing rates first final end XX, a increase ability each effective to Maryland of extensive

embrace strongly framework, consistently in construct, under their ours we under decision, and operating noted, above of stakeholders' plan the removal rate. In meantime, and Pepco where been average the of X.X plant. including the learnings multiyear that opportunity certain Calvin we other of years for is the requesting merits commission from reliability after that's believe As the aspects and we've proposed we delivered rehear average below that consider some the

development business for our high-density strong investment years equitable to opportunities. energy-intensive last hydrogen and we of energy attraction Illinois ComEd X projects, be data all the within in Slide Sears jobs production, transmission manufacturing, panel a battery data XX% and data and centers for attract customers, transparency, demand, electrification to conditions, EV in is projects As center and Illinois climate why headquarters further [ cases again the spend in computing a the growth deploy center a economic region by reliability to XX recognized in is our centers, drivers onshoring Supporting eligible illustration X,XXX just in ComEd around on as always, drove infrastructure, nation also with affordable work constructs XXX-acre discussed showcase appendix. It over production, continued the appendix. On its the to launch the new economic More vibrancy Slides X ranks deparbonization This The and reconciliation under also growth Northern experience June, X refiled economic the for campus. and on In for bringing working Compass rates in that our transformation several to by helps driven power manner. load, trust. [indiscernible] the drawn our industries why full our of data with of grid Datacenters QX largest significant and AI-driven the ensure and plan high-density XX advocate development, efficient alignment center to of having final supported communities. our top an top XX our variety project customers. With solar ] all. former overarching momentum construction ever of found industries to on and in and highlight the the energy we of the increased and companies plan. in low This [ are access for to update a great plan for X, industries joined spend just by for but to other ideal With rate jurisdictions for talent X call in growth customers can of load in year, accountability ComEd footprint the is of the multiyear and shown area nation meet framework. ] ensures meeting in each in and to details prepared this of is ability development due are platform advance Slide nearly rate other in best data XX intensity of X-year not

BGE $X.X to is Peninsula playing of into EV role last alone, and new that newest stations. The than substations XXX and charging add release role capacity XX distributed part Armour redeveloped customers. the both result provide was revitalization Baltimore. of year crucial XXX-acre mixed-use will [ ] residential megawatts and mixed-use jobs or over benefit The in will focus playing more to rebuilt new which connection central South multiple and existing and and supporting new in investments. Shifting of Maryland, As and of resilience area set transforming headquarters, will and local the Under buildings ComEd in load and the solar from project projects the Accommodating constraints of city's help to largest new to securing new host a billion [indiscernible] community. global a commercial are the X,XXX

the positioned a load where to note areas operate to you sales country City are the across electrification are experience Baltimore demands world-class with manner, support highlights, equitable largest X moderator constraints increased development development and uniquely the revitalization an As meet partner is national infrastructure customer we new distribution projects an a addressing aging like capacity our and sector from provide averages. growth to need and jurisdictions jurisdictions, located. for FERC, in in We XX transmission and the integral and for account, these we including by utilities in challenges, rates below in utility the load. At X load the leader customer are and in economic

The Beyond scale support unify and operational of support Slide utilities clean incremental to be that Exelon our we locations strong, in review attractive very momentum energy progressive testament the load to a a have power customers X. balance with at on activity national a jurisdictions policies. our of one platform excellence, platform. I our sheet identifying our us will in to size, states around conclude Exelon's business of to level, allows new continues to

As our corporate XXX to downgrade for our maintaining ComEd continue project basis have to raised cushion. From metrics points approximately commitment specified on Demonstrating metrics financing for XXX in a planned of Moody's. we quarter, by S&P XX increase to average balance the to in a consolidated to hedging financing XX% sheet. corporate targeted beyond. and now basis reminder, and our of of the for approximately balance well successfully strong points incorporates of on a the date, our thresholds we above credit allow $X.X the cushion consolidated year. for plan, average the the not The way year along the likely regulations debt we'd preinsurance positions XX% long-term needs BGE alternative points await higher And our the impact, with while assumption our minimum in on of us having mitigates perspective, an activity the putting cash over second XXX us that specific that we a to remind repairs. If billion expect program, will the guidance credit basis that you tax, completed our for implementation of the and of I'll end of implemented plan

as utility relative value to is continue the demand of our our and strong premier the the investor T&D We proof which sheet proposition debt sector, for strength of see balance to with low-risk in our capital fund XXXX $X.X $XX.X manner. guidance in equity to billion to attributes. There from to of has estimated issue been XXXX no change our balanced our a plan billion

to continue issue this approximately to expect XXXX, over million rapidly million year, annually. to approximating $XXX We XXXX the and balance $XXX

as you that the you. back update we Calvin progress will his plan. Thank We closing make now on to for turn I'll call remarks.

Calvin Butler

Thank listed this on I'll to bringing it priorities back Slide conclude Jeanne. XX. by our year you,

the always, weather operational Keeping no online, As increasingly excellence safely achieving our is priority. matter is important. first industry-leading customers

We their invest on allow solar increasing grid, also being vehicles, and remain that transition with to rate the highly critical engagement supporting the responsive whether our customers' outcomes is electric of performing it's us customers audits case with focused to reaching efficiency our focus. are another to balanced new fair accommodating benefit

half work that aligned from we're of we requires as we will stakeholders the each for and with ensure we As year, and continue proceedings several and state to next meet clarity energy in to the are second and we'll reliable we to all Jeanne, expect making, grid Building plan. a number of heard work to you conclude our the rate modern goals. reliable of years modern about optimistic that bring a the have

X% share the to of funding investing no transformation June, in the for us concerns the our on emerging on allowing customers balanced focused any capital that billion from customers of $X.XX but first a out, ] per executing our about on some of than all similar work. share and saw Exelon focused to we including equity guidance the we're offers development. echoed grid most raise an always, laid country, financial the you may FERC the earnings economic proceeding many way they share. And business to co-located a some can in rely we the and late are range on that other leader a customers supporting [ are we generational transformation just we attract the to in exciting on. of as energy XX% in critical unique ensuring guidance that's of are now of more have utility AEP $X.XX welcome strategy co-location a our in underway. earning benefiting cities opportunity joined perspectives. There's deliver In return been consolidated $X.X a getting with supporting that energy and many and we concerns, jurisdictions customers industry, in largest, question investing this others in those Serving to the to Next, cost have

of As of there that of up shows grid, load what shortage it. regardless transformation requires no Jeanne serves shared, energy where the generation is of work the the sort of

to with In football fact, of County the the in tenant just the massive fields. partnership computing of the ] kind a size a an its development, operation the quantum nation, State in ago, a utility-scale in Quantum announced [ Chicago anchor and of center, the City the TSI of housing computer first X week the quantum be Illinois,

so in with advocate as ensure currently customers for affordably that are to affordability, that all policies that investments, we're in a we we made as that do and maintain continue also Accordingly, and our and the making these can lead lead committed continue necessary investments investment we be support rely expect equitably and progress you possible. will the ensure to us below to bills the will in can in to transformation. rates but we while expect service can So averages, to national energy grid on

questions to the advance August stand X proceeding is we the customers. Gigi, ready all to from We for action solutions will now commission the the FERC in by of ISA ] by are help to which and any [ benefit monitor ready audience. continue expected

Operator

line Guggenheim Partners. of first Our question the comes Instructions] Pourreza Shar from [Operator from

Shahriar Pourreza

we've of your this print, sort state kind what Maryland adequacy some are talking that to backdrop states highlighting solving resource Pennsylvania of having blowout their policymakers PJM yesterday off on of coming you have peers do in? can see just we either kind the And they're or capacity I conversations issue. new this on this entry at heard point? of to Calvin, you think step guess, merchant in Illinois, So all

Calvin Butler

we're made centers. power It for about we've real poses the And we, with reliable, Shar. just AI-driven course, resource doing further on you , stack providing for generation in showed. We're as the contributed already signals meant goes we're particularly constraints that continued clearly you, concerns to going settings any customers. you concerned have should in adequacy to this. my this put come to ensure drive for that number day. I'll the know, to has you other the -- had indicate challenges all discussion you stakeholders the industry-wide we're a manufacturing with the work we at fine, brought by I they're insurance to adequacy, and of to we're making don't saw some our previous pressures. But me that's now this Thank investments resilient this but end is is Policy because engaged Obviously, as the this be comments and that in in price and that infrastructure replaced it resilient price to transmission. they're reliability stuff and around to both [indiscernible] need types energy doing around going going BGE, for look the let time. it grid. data every that new the this, today, on, address utilities in what -- systems requirements to is on PJM a when lights being And we and day, from power. has renewables. away a And that see if resource focused the we being that it's Onshore of turn and rate-making advances meetings those signaling have exactly auction The assure further... pressures each regularly a All other an have to of but on retirement new not already to and huge know, align affordable us, rate that intensive in provided of issue you turnover the step generation turn reliable past, that's in assured brand if Gene to of the load base has with that including been

Jeanne Jones

I of on the to are We're expansion their about our on of No, transmission. also And brand reiterate, manage but what insurers. more to Calvin going affordability. the on do kind there. what there point, your help in need -- more just think we the lean. that, there's for happens work things an solutions But doing to continue we side, obviously Yes. cost-effective generation. customers some think today terms of it there's I'd need for merchant see right, also to we're the the share signals we'll talked

We've where to expand customer and needs smarter continue better the That doing milestone and ComEd right? we energy get to That's marked this So in leaning more that. into XXXX, since and comes for in XXXX. we're example, remarkable, efficiency. we work year hit been demand efficiency a billion in energy grid, as and $X on savings,

hit a of this We milestone a also hitting our under of in Illinois gigawatt distributed program rebate X generation year.

top X% of we demand, when of keep been can makers, and our to brings that just normal you that to policy to continue there, and what projecting we inflation. continue, excited includes bring side addresses it, we're having and customers that doing. And else as be to on then that focus historically price X%, are continuing done to we'll competing then that demand we've going down want to on we with the well need and our which that O&M, We before, we're other manage for want because just investment, power to for to went our that, customers, can those above we're know right? that good come. and good at you We control, the at going increases demand facing discussions what mentioned, manage do So to do,

we're We'll think a we think, and meaningful doing job I lean in So to there. I that. to solutions, opportunities there. good to opens it's look and up continue provide it But doing look, forward

Calvin Butler

in this I The none Shar, comments operates all add that if to what just on connected. adding. It's And of recognize in a can silo. Jeanne's question Jeanne

pulled, when to why is you the you see have being is critical and and pieces throughout. continue transparency and which other ratemaking the once the so and ignore So the a discussions lever ongoing process be can't

Shahriar Pourreza

of was to think have like I years to assets courts. to? at ago. the XX kind Are in XX looking by remember struck down state then that LCAP, peaking long space And rates? own of what a Is some you're referring covered mechanism MCAP the that ago, us you potentially obviously And it. Got years enough

Calvin Butler

would on discussions. you we that take shouldn't forefront commissions the with and and table type issue address scenarios the to this we're because I is of tell all ensure at anything our working we off all of need affordability that equity

Shahriar Pourreza

thoughts issue, RTO, could for Okay. amendment kind forecasted any the the lastly obviously a ], assuming act an start to do focus appreciate NOI to eventual ] How protest an not for want is shortly. hearing. [ guess the Susquehanna set [ you just FERC Perfect. I Just just to get It's broader paper Nope? of back on And the here. resolve then -- there? I it.

Calvin Butler

Yes.

has issue emerging for a remarks, of cusp question. rightly of know of just load, for you me lot reasons, U.S. industry more with the on this by end of gotten I a thank mindful promise you let proceeding we're so an major a and and color me learn lot open my economy. But a that we source week, critical should and attention know. it's and as have though of some I'm for bit tell we prepared Let the that this on new a you holds FERC, add do the additional in of us the and

I initial successfully stated we benefits attractive talked our the co-location against do proven allows partner We some offer centers. that clearly talent -- that Our and the this it's believe I we're we not protest jurisdictions to about, because for not. very for that data as to We co-location. we're compete clearly have because an protest are business. And in

in being X Chicago by this evidenced the economic area development. for top As market

our in data were growth in $XXX at Northern of because As X Window evidence participation million that accept center the received Virginia.

the equipment And their data be grid Shar, design. Users of centers are to and benefiting us, there opportunities leverage connected all fair rate while load still to grid should about to grid to serve share. that land may the plants and online they host quickly, provides from are it. of is pay a For unique services to the get the of generation this at connected

expect should continue focused development and on remain us yes, to affordability. economic You to

steps. why we then customer X for basis, be over that to see and policy continue and that We FERC our both next other. forego we're in. the jurisdictions, drive That's putting determine not and should will determined on of a do you our from but not behalf that's have growth do That we can to expect really customers, and we're world-class says one-off across this utility. what what should doing as in

Operator

Arcaro comes Morgan question of the Stanley. David next Our from line from

David Arcaro

Wondering sounds could say. data seeing support terms you give things attracting encouraging a you in for It like of on centers. broad perspective state to had what you're if some

Just be to Are state. that incremental or are there you opposite? Illinois, key industry the evidence of of of the I'm pushback the any areas states, Pennsylvania thinking continue signs in supportive seeing some that any bringing to

Calvin Butler

to of matter Innocenzo, What legislation is we're our from of do those expectations question, to -- an states, you do seeing this Calvin. attract benefits I'll David, customers. set in momentum. each to provide to your direct Mike fact, ensure Yes, have centers. And of up add? of passed they you'd tax lot And our as a we're the data a operation COO, like works anything the with have meet standpoint, to CEOs to Mike, jurisdictions of our across demand all have

Michael Innocenzo

Yes.

shift. think I seen we've no

states engaged by the and I our way and see it's our in be for to all think economic continue continue the done to data very fair also where process opportunities make cross. centers. thoughtful to a that but jobs, very and in equitable supportive, continue jurisdictions of sure development created it's to across be

David Arcaro

in states that in of projects, on focused you've largely of Excellent. in color seeing terms Okay. it seeing you specific Has you maybe been that could what been color. of the the give other -- in I data what kind at pipeline appreciate ComEd are additional territory, your then moment? of And terms momentum? center your service

Calvin Butler

going because see in what think then have happening Taylor add, Illinois. I'm what you color. guys ], now, David ask is Gil? ComEd don't Gil And tell to to he's CEO, you if Velazquez, CEO, Not we I President and as I'm [ Quiniones, Carim, activity have please right hesitate. I and/or for to, Anthony our to do going the most anything to it's provide you and to more alluded ask

Gil Quiniones

been Thank a for Calvin. It's Illinois. in centers you, market robust here data

we engineering us data start call We X projects. paid their centers where have in engineering gigawatts to over phase what have

Some we actually gigawatts call breakers. large can what have have made so like of another we equipment XX transformers And behind in deposits order that, that them and prospects. we then

there interested the making jurisdiction. one yet not they are data centers the where inquiries in and state. support passed states knocking development in to extensive coming tax they're location engineering. But in in And on our our So a very of XXXX we're is doors, our of specific to

Calvin Butler

other to like you'd anything add? have Any CEOs

Unknown Executive

To Maryland, drive to and And that remain helping as centers to about are operational, we add. to just remain of centers but committed Maryland. data committed not they that hyperscale number actually the come that centers we data seen We still up Calvin, date, a come. the to have today, supporting are talking data many if I'll

Calvin Butler

[indiscernible].

Unknown Executive

Pepco of Columbia utilities. portion players our ] different interest doing the Calvin. with Holdings major and to Yes. all Maryland or same, of assessments District significant with I it's for Delaware, has the Yes. been [ X Jersey, sites level Carim, and would of Tyler different say criteria, Anthony whether the

David Velazquez

PECO for and well. megawatts hundred increased engineering few a months had are see hundred studies the Pennsylvania, entering more those and of beginning Velazquez probably are to as engineering have several Dave in couple studies number in few of is a a already And next interest there to whether

Calvin Butler

So David, what And you an standpoint, the expectations to continue to hear from from the team those is and that of we're that ensure meet ready actively process. reliability engaged customers. we're to large in we date, operational that

Operator

line of from Fleishman the from Wolfe. Steve comes question next Our

Steven Fleishman

-- mentioned of -- plan with the Could -- what agreed So commission just And some you -- as I actually is opposed also ignore just I grid plan. guess we've of you there's been and ALJs the these the difference if what guess, kind agreements between grid Illinois. to make kind things, just a like they've parties and talk but staff parts in difference settlements The kind of does it on on other the yes. views to seen they've first of to. --

Calvin Butler

and as laid actively do. we level that it, were. spoke the engage been very looking had new with others were No, thank for shared and then December, going engaged expectations XX% about a to the it's these got that what out, not commission and publicly in in we order agreement we that thought you had Steve, question. you in At up not had that for. with about to said, when to December, XX% we and what we've came you to staff And we chance set. about as And and I commissioners whether point to important were And we stakeholders on have And we it's at point.

be meet a commission and commission that time, as plan develop staff directly in the grid how input that wanting, to engagement the achieve will with it's stakeholder." stakeholders alignment difference plan if with can is with to with the the of "Hey, and with the we a and feedback this is the working stakeholders. here and we went So that expectations commission also said, those these So recognized since view their that took is commission, what the

agreements say in the but And us that it's they told what the marker because they show key point, your want. commission to way Now done just progress. with to we're will are alignment that another these have final along it's making the

now something because the much to input. they've commission it's different So already when you present given

you'd like add anything to there? Gil,

Gil Quiniones

that towards cited final the No, specific agreements correctly order. it items that you've the -- in these their I commissioners that think said progress signify

policy there these and One X So issues, policy is and alignment are compliance in basically areas. issues. compliance agreements and codify those area

and narrowing cost to is on case be will investments our the really as Now benefit, mentioned, differences we're on too. and evidentiary XX. more leading XX August rate which up Jeanne to that in the area, hearing,

Calvin Butler

than proceed Steven, go an that I'll much with forward. much agreement agreement them. we and end we not is with have rather And have this, as

So in to step that's process. me, a significant the

Steven Fleishman

Okay.

one Just clarification.

there's need like be that So I metrics think there's XX know -- met. to I don't

metrics? upon of of the agreed is Or could more answer So of broad you tie a metrics? maybe it to in Like yes. agreement on those -- an XX -- the what's just kind

Jeanne Jones

Yes, you're Steve? talking about the point of commission's point the at compliance,

Steven Fleishman

Yes.

Calvin Butler

Yes.

gap we're X created sure of actually grid very our a requirements refile that the us looking make we staff make it what of compliance they've to and in are of cited top or policy explain to engaged those for plan sure each that, in deficiency the that So those for cited to and areas of of to On stakeholders chapter we've comes final order. they're of also that how where each meeting specific each they a also when achieved.

We those gaps of rearranged the stakeholders we a plan. commissioners file they in it, in deficiencies you chapters but and if easier grid way the a have so So we refiled the -- to XX way, our previewed clearer how we all before for actually identified. we read or that it's with see that address it

Steven Fleishman

one related And issue. the, co-location guess I Okay. to I other guess, question

obviously distribution Some their it I it interest of PPL as in itself the guess, of the update. other is. filing And utilities, the support PPL, including found customers, the

a in Well, this if pursue resolve this trying I made guess to would you kind see of be there filing. I was interested to before win-win. issue Yes. directly did So you

Calvin Butler

Yes.

and of when So you front for do we in of down to an anything why a the have Pennsylvania. that's to so terms found opportunity was out was about in issue give understand us. our didn't It matter policy. We into policy, opine. opportunity FERC in an enter to higher What out to public have came issue of we a going us and to forth. Steve, say what intervened on public or

work if I are, can we like those piece come said, to we've how is And for we to jurisdictions on will didn't were things were us we Exelon a to costs found we -- and contract specific understand going filing, they're done. And your the and point, So looking place. get other agreement one discussions. be fully to did that hard utility this an grasp with any when once to have what on. that these made we have taking benefits our we within that's happening are Once allocated. things out and to the And my

We will have those discussions with anyone at time. any

intervening public need for they the for process. said what's they you What about AEP form on although place. are addressed. opinion significant So and was When recognize this to Exelon, that the was wasn't taking into policy us, discussion, read back the PPL issues be

like And add someone anything needs to to there? you'd address them. you have do [indiscernible],

Unknown Executive

Thank you. I Officer. [indiscernible]. to EVP question. of Affairs Steve, External and I'm add will I Calvin's appreciate Chief Policy partly Public the comments.

PPL of The has of we are are guidance And will speaking importantly, We impacts transactions the here. different prefer these about. ratemaking anyone on We got what reason That this is very provide to we with of policy. open us. it PJM customers. most us perspective understand broader appreciate involved working And that we of policy help that on sorts the issues. help through will implications. because need these all was all a to And to

provide our work then for consideration has in the to has engage look of And of stakeholders ultimately, load affordability the demonstrated at solutions FERC morning, the discussion will as with to cost been impacts that we customers impact, reliability. most customers strong forward all, for our continue it customers, large because be to and all will to and this continue all done and dialogue here so but we

Operator

A. comes Zimbardo Jefferies. Paul line from Our of question from the next

Paul Zimbardo

I on And thank affordability. bit. that to continue little want much so focusing you a for

could PJM after the particular. like use the procurement rough this BGE, auction, footprint, to bill Just the acceleration if to advocate transmission across you're what of in kind of on region? in be have if And a the impacts for you view customer going

Jeanne Jones

Jeanne. it's Paul,

but double-digit you calculations, meaningful we're increases in capacity how it. current [indiscernible] in of year-over-year. that's constraints jurisdictions. But our you're contracts digits and that are jurisdiction probably but the to of of about It's be our terms of It thinking double still absolutely our other in BGE, of some including right. in the some of BGE based, going can in are it other We jurisdictions, terms all think it's depends on

the it's We see are investments it's that space -- the to more already to I'm programs leaning in different resources affordability current going and our expansion help already that. And customers solutioning Whether ready and connecting and help of is whether discussion, an the to that mentioned do doing more through which been then this that, I to to just are their think that we our proactively have which we've solution. for in them need DG them today get bills. accelerates -- manage this just to a we I we generation, to transmission,

goes reiterating far sustainably. right, look from is just can. as transformation that. it that I we're that beginning dollar ones going do expensive. do the think focused be have important. why And always they we energy making we on Calvin said forward affordably, sure And every said, policy This what So And to as the that's to it is we'll

Paul Zimbardo

study. Okay. focused like hoping And topic everyone's on I [indiscernible]. for Great. X, different co-location know I Maryland, the in was but Senate the Bill related

comments been there's what filed are your context. And legislative could some give any there? Just know priorities parties. by additional if I you strong

Calvin Butler

Bill into customers. Yes. we lean X, about affordability and This -- will takes place Calvin. the all the the discussion it's impact Senate on and the all what to would is I say

we again, saying, to in have public have working process general has assembly very which the out the and all it stakeholders what process laid going think we're and a in to engaged with and want. is we hearing So

that we want at lays We and representing the us. Where assembly otherwise, to regulatory that this the all if or utility have ones if the that's because that process saying. one, as body discussion in just were looking the important be you general a voice hear do know and you back will this, what will in And out. it's that to it's We customers because you from SB things with to in you everyone difficult else. to, very and something we will already vacuum, X what the be then think to will involved process in is group good have when to recover this to trying do occurred. have actually policy in and already, react working you that's a And happened adhere that the you're I

Operator

comes Our Mizuho. from line of next Anthony the from question Crowdell

Anthony Crowdell

hearings, if Steve's the of question Just commission a ISA follow that . have on And idea up quick timing to I I decision? is, would proceeding. couple do before could wanted FERC, occur just any if the you the guess, ones. hold X a the on

Unknown Executive

address of it's I of got of number Anthony, a Honorable frankly, again. a options number raised, to that quite issues [indiscernible] packet. by in in terms the stakeholders how

to go find be are for that it should issues matter be it that could As there a should this it you've effect to law or set mentioned, outstanding hearing a hearing resolved should before X ruling, could take year.

allow lodged to and the parties would to perspectives make that here a so ruling. that consider administrative them of and And for allowed intervene the are an various to

Anthony Crowdell

other -- utilities with they how I how it. my did that AEP. was and on, not understand or that's this I'm you solicit about do Got sign rate I made some -- I'm and or It you question. utilities you struck And co-location. me the in It's more then Or on root -- conjunction curious, curious about just filing how to sign did AEP others did on get how that they on? the decided sign was guess And not? that design. is actually of

Jeanne Jones

by this bottom Look, of whether way, so everyone is making going our not. investment to And of that's to respond, be a grid. key affordability right? line. customers sure And That's investment, needs we there's day, and coming the done an which And at the of either I right, the the I is of think said, the a cost the because it's equitable the and gets leader require a has you our co-located investment. going and focus this quickly can or here. leader a going we're for as fair that questions think using -- demand allocation in end we're responded time there's line be to we

Anthony Crowdell

of Great. rate the in I in And my the switching question from investment distribution guess be guess ROE gears, the returns investment Illinois, they're I to most opportunity your reluctance would last is that last to the transmission, you your case, -- do focused talked Slide given refers like all lower about a low you received that the Illinois. maybe X, given and or investment in on there all awarding.

Jeanne Jones

Yes.

on Some T.So the of our to of load. a you we heighten seeing it's saw lot call, we're transmission T that [ added high-density a the and months that the D QX of more ], some in there. more on update it's there's And accommodate side mix

new it an obligation have to serve As relates to those the distribution, we customers.

the in, grid. demand an got it of to that end of the affordability from helps And day, a is done. manage we've so ROE, that get spreading while at And cost low work the that and the coming right,

mention distribution I'll ] the the plan other is on thing only cap business outside new the of the [ on $X.XX So multiyear reconciliation. cost, is the

we see more Again, it of the hook to benefit and us. is for D&T done work need But [indiscernible] customers, So it's get of that those a of mix we coming. all up

Operator

turn now this At the Butler remarks. closing back time, I over would for Calvin to like conference to

Calvin Butler

our you, earnings guys in thank call. And you your participation Gigi. and always, Thank interest as for

you answer always, open remain follow-up we the questions day just to any throughout give this. to a and feedback or As with

in the we say much wanted and at how just appreciate I from to us. just appreciation So the team interest company Exelon, your engaging with

the concludes Gigi, that, this with So call.

Operator

presentation. all concludes joining for to our This our participants Thanks today. us

a You Have may now disconnect. day. good

Exelon (EXC) 1 Aug 242024 Q2 Earnings call transcript