Chicago, Ill. — Exelon Corp. completed the separation of its former power generation and competitive energy business into Constellation Energy Corp. on February 1, 2022, with both companies now trading independently on Nasdaq. Exelon retains its transmission and distribution utility operations under the ticker EXC, while Constellation trades as CEG.
The transaction creates two distinct entities: Exelon as the nation’s largest utility company focused solely on regulated transmission and distribution, and Constellation as a separate power generation and clean energy provider. Exelon serves more than 10 million customers through six 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).
“Today is an important milestone in Exelon’s history. With the successful completion of our separation, we step forward in a strong position to serve customer needs, drive growth and social equity in the communities we serve, and deliver sustainable value as our industry continues to evolve,” said Christopher M. Crane, president and CEO of Exelon.
Exelon operates in Delaware, the District of Columbia, Illinois, Maryland, New Jersey, and Pennsylvania, with a large urban service footprint. In Southern Maryland, the separation directly affects millions of residents and businesses through Delmarva Power & Light (DPL) and Pepco. DPL provides electricity and natural gas to customers in southern portions of Maryland, including Calvert, Charles, and St. Mary’s counties. Pepco delivers electricity to Prince George’s County and parts of Montgomery County, which border Southern Maryland jurisdictions.
The completed separation allows Exelon to concentrate resources on grid modernization, reliability improvements, affordability programs, and equity initiatives within its regulated utility footprint. This focus benefits Southern Maryland customers by supporting continued investments in infrastructure to reduce outages, enhance service restoration times, and integrate clean energy options. Exelon’s Path to Clean commitment targets a 50 percent or greater reduction in operations-driven emissions by 2030 and net-zero by 2050, while offering customers tools such as electric vehicle support, energy efficiency upgrades, and renewable energy adoption—programs available to DPL and Pepco customers in the region.
Affordability remains a priority. In 2021, Exelon utilities connected customers to more than $450 million in financial energy assistance. Average rates in Exelon’s urban service areas, including those in Maryland, stood 16 percent below those of the largest U.S. metro cities, with electricity bills as a percentage of median income below the national average. These efforts extend to Southern Maryland, where DPL and Pepco serve both urban and rural communities facing similar cost pressures.
Community support continues through annual donations to nonprofits, employee volunteer hours averaging more than 100,000 annually, and personal contributions exceeding $5 million via employee giving campaigns. Exelon’s Billion Dollar Roundtable membership promotes minority-owned vendors, and the $36 million Exelon Racial Equity Capital Fund targets capital access for minority-owned businesses in service territories, including Southern Maryland counties, to spur job creation and economic growth in under-resourced areas.
The separation is tax-free for U.S. federal income tax purposes. Exelon shareholders retained their EXC shares and received one share of Constellation (CEG) for every three Exelon shares held at the close of business on January 20, 2022. Exelon maintains headquarters in Chicago with more than 18,000 employees across its operating companies.
For Southern Maryland, the split reinforces Exelon’s role as a dedicated transmission and distribution provider, ensuring stable, regulated service delivery through DPL and Pepco while advancing grid resilience, clean energy transitions, and community investment in a region reliant on reliable power for residential, agricultural, and commercial needs.