Exelon on Thursday updated investors with a stronger outlook after reporting fourth-quarter results that topped consensus estimates, driven by higher retail electricity rates and rising power consumption. The company raised its planned capital investment over the next four years to $41.3 billion, up from a prior projection of $38 billion.
The utility, which serves more than 10.9 million customers through six fully regulated transmission and distribution utilities, said the larger capital program and projected 7.9% rate base growth position it to target annualized earnings growth near the top of a 5% to 7% range through 2029. Jeanne Jones, Exelon’s chief financial officer, framed the company’s plan as a foundation for delivering that level of growth.
Exelon provided a 2026 adjusted profit forecast of $2.81 to $2.91 per share. That range sits slightly above the analysts’ average estimate of $2.84 per share compiled by LSEG.
The company pointed to an industry-wide trend of utilities increasing prices and accelerating infrastructure spending to meet a surge in electricity demand. That demand growth is being driven in part by large technology companies that are expanding data center capacity to run advanced and computationally intensive artificial intelligence workloads, which in turn requires more power and supporting grid investments.
On a unit level, net income at Commonwealth Edison, Exelon’s largest Illinois electric utility commonly known as ComEd, increased modestly to $244 million in the fourth quarter. By contrast, results at PECO, the largest electric and natural gas utility in Pennsylvania, declined by nearly 17% to $162 million, a drop the company attributed to higher taxes and elevated costs.
For the three months ended December 31, Exelon reported an adjusted profit of $0.59 per share, compared with the analysts’ average estimate of $0.55 per share.
Exelon’s guidance and increased capital plan reflect management’s response to evolving demand patterns and the need to invest in transmission and distribution infrastructure. The company emphasized that the updated spending trajectory and projected rate base expansion underpin its medium-term earnings target through 2029.