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Exelon Seeks Infrastructure Funding in Push to Lead Equitable Energy Transformation for Customers and Communities

Business Wire - Wed Apr 26, 2023

Exelon (Nasdaq: EXC) today marked a milestone in the company’s efforts leading the energy transformation, finalizing its applications to bring federal funds through the bipartisan Infrastructure Investment and Jobs Act (IIJA) to the communities the company serves. The opportunities put forth through the Department of Energy’s (DOE) Smart Grid and Grid Resilience Grants will significantly improve grid resilience and readiness for clean energy infrastructure.

“As an energy company serving a diverse customer base, Exelon prioritizes equity in all its decisions, and it is encouraging having policies and regulation at the federal level reflect that importance,” said Calvin Butler, Exelon president and CEO. “Exelon already is investing $31 billion in capital over the next four years to benefit our customers. However, if these projects are chosen for federal funding, we can make even more meaningful progress creating equitable access to clean energy and clean transportation, improving resilience, and helping our more than 10 million customers make more informed energy decisions throughout dozens of under-resourced communities.”

IIJA is a once-in-a-generation $1.2 trillion bipartisan infrastructure funding opportunity focused on building resilient infrastructure, accelerating an equitable, clean energy transition and creating good-paying jobs in communities. Exelon’s IIJA investment opportunities reflect the intersection of federal priorities, state objectives and Exelon’s commitment to ensure a clean energy future is accessible to all communities.

More specifically, proposed projects include a community innovation hub, battery-backed community microgrids, deployment of smart meters and improving grid resilience in under-resourced communities. Communities that would benefit from the projects include Baltimore and nearby suburbs, Chicago and Northern Illinois, the Greater Philadelphia region, parts of Delaware and New Jersey, and Washington, D.C.

As part of IIJA, the DOE is administering billions in funding to enhance grid flexibility and power system resiliency against growing threats. Exelon’s project portfolio will help the company continue its leadership in the energy transition by delivering clean, reliable and affordable energy to all customers, committing to economywide decarbonization, and engaging and investing in the communities it serves.

Specific potential benefits include:

  • Partnering with over 100 communities and community-based organizations, many of which are under-resourced, to deliver grid resilience and grid readiness benefits and advance diversity and quality jobs in our communities
  • Working with over 25 universities and educational institutions to advance workforce development and other clean energy-related programs and initiatives
  • Creating more than 7,800 potential jobs in the communities in which Exelon serves

These projects have the potential to create opportunities across the value chain and ensure an equitable and sustainable energy future, specifically in areas historically subject to disproportionate economic burden and negative effects of climate change. In addition, these projects would further Exelon’s goal to decarbonize industry and reduce air pollution throughout its communities.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.

Provided Content: Content provided by Business Wire. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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