Exelon (EXC) Q3 2026 Earnings Call: Q&A Summary

Q: Shahriar Pourreza with Wells Fargo asked when the identified transmission and storage opportunities will start to accrete to the growth rate and how to frame the inflection point.

A: Carim Khouzami explained that transmission projects take three to seven years to construct and roll into the plan, while battery storage projects have a much shorter duration of under three years from approval to operation.

Q: Shahriar Pourreza with Wells Fargo asked how much of the 1.5 to 3.5 gigawatts of storage opportunity sits in jurisdictions where Exelon already owns storage and where it is concentrated.

A: Carim Khouzami stated the pipeline is across all states, with a large portion in Maryland, Delaware, and New Jersey where utility ownership is currently permitted, while advocating for legislative changes in other states.

Q: Paul Zimbardo with Jefferies asked about expectations for the May PJM auction and whether Exelon is advocating for price caps.

A: Colette Honorable responded that Exelon continues to support the use of price caps in the short and medium term to help manage high customer costs until more capacity is online.

Q: Paul Zimbardo with Jefferies asked if large load customers are willing to put up more upfront capital to reduce prospective equity needs.

A: Calvin Butler stated that developers are willing to step up, noting that collateral received for transmission security agreements has increased to take out speculative load and protect existing customers.

Q: Carly Davenport with Goldman Sachs asked for precision on timing for another PECO rate case and key considerations in formulating the filing.

A: Michael Innocenzo stated that PECO is engaged with stakeholders and the ratemaking working group, and will ensure investments add value to the community before filing.

Q: Carly Davenport with Goldman Sachs asked about the reduction in the overall large load pipeline from 25 to 23 gigawatts.

A: Rob Kleczynski explained that the reduction reflects the cluster study process working as projects drop out for various reasons.

Q: Nicholas Amicucci with Evercore ISI asked if the 11 gigawatts of high probability loads are reflected in the current plan and what energization schedule underpins it.

A: An unnamed executive stated that a small amount is in the current plan, with about 10% coming online by 2028 and three quarters of the 11 gigawatts online through 2034.

Q: Nicholas Amicucci with Evercore ISI asked how to think about the financing path for incremental capital opportunities.

A: Calvin Butler reiterated a balanced approach, with approximately 40% of incremental capital opportunities funded by equity, supplemented by build-own-transfer arrangements for large batteries as explained by Carim Khouzami.

Q: Jeremy Tonet with JPMorgan Securities asked how Exelon thinks about shifting capital across different states and managing the ComEd proceeding.

A: Rob Kleczynski noted that transmission capital has grown at 16% and that trend is expected to continue alongside storage upside, while Calvin Butler highlighted the power of Exelon's platform to shift capital where needed.