Exelon
29 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Data centers
earns fromnamed as a riskExelon has forecast substantial increases in load, driven largely by the increasing use of data processing facilities dedicated to cloud services, artificial intelligence technologies, and other applications.Risk factors (Item 1A)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more
Suppliers
European banks
depends on · approximately 17%named as a riskAs of December 31, 2025, approximately 17%, 11%, and 17% of the Registrants’ available credit facilities were with European, Canadian, and Asian banks, respectively.Risk factors (Item 1A)
Also named by CEG
Canadian banks
depends on · 11%named as a riskAs of December 31, 2025, approximately 17%, 11%, and 17% of the Registrants’ available credit facilities were with European, Canadian, and Asian banks, respectively.Risk factors (Item 1A)
Also named by AEP
Asian banks
depends on · 17%named as a riskAs of December 31, 2025, approximately 17%, 11%, and 17% of the Registrants’ available credit facilities were with European, Canadian, and Asian banks, respectively.Risk factors (Item 1A)
Partners and platforms
PJM Interconnection
depends onnamed as a riskIf third-party power generation capacity is insufficient to meet any Utility Registrant’s customers’ electricity demand or customers’ electricity demand across PJM over any period, transmission and distribution services may be diminished or interrupted, and results of operations, financial condition, and cash flows could be adversely affected.Risk factors (Item 1A)
PJM collateral requirements
named as a riskPJM collateral posting requirements will generally increase as market prices rise and decrease as market prices fall.Risk factors (Item 1A)
Other companies
Constellation Energy
named as a riskIf Constellation or a transferee of one of the Utility Registrant’s generation assets experienced events that reduced its creditworthiness or the indemnity arrangement became unenforceable, the applicable Utility Registrant could be liable for any existing or future claims.Risk factors (Item 1A)
Places
Northern Illinois
operates in · 4.2Commonwealth Edison Company Purchase and regulated retail sale of electricity Northern Illinois, including the City of ChicagoBusiness (Item 1)
City of Chicago
operates innamed as a riskThe City also has an option to terminate and purchase the ComEd system (municipalize), which also requires one year notice.Business (Item 1)
Hazards
Manufactured gas plant (MGP) sites remediation
approximately $21 millionnamed as a riskThe amount to be expended in 2026 for activities associated with the environmental investigation and remediation related to contamination at former MGP sites and other gas purification sites is estimated to be approximately $21 million, which consists primarily of $13 million at PECO.Business (Item 1)
Severe weather in Midwest and Mid-Atlantic
concentrated innamed as a riskThe Registrants primarily operate in the Midwest and Mid-Atlantic of the United States, areas that historically have been prone to various types of severe weather events, and the Registrants have well-developed response and recovery programs based on these historical events.Risk factors (Item 1A)
Commodities and inputs
Natural gas
depends on · 437,000 mmcf, 258,000 mmcf, and 44,000 mmcfPECO, BGE, and DPL each have annual firm transportation contracts of 437,000 mmcf, 258,000 mmcf, and 44,000 mmcf, respectively, for delivery of gas.Business (Item 1)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Underground natural gas storage
depends on · approximately 27%, 44%, and 33%Natural gas from underground storage represents approximately 27%, 44%, and 33% of PECO's, BGE’s, and DPL's 2025-2026 heating season pipeline capacity, respectively.Business (Item 1)
ComEd renewable energy swap contracts
exposed to its price · $ (131)ComEd entered into 20-year floating-to-fixed renewable energy swap contracts beginning in June 2012, which are considered an economic hedge and have changes in fair value recorded to an offsetting regulatory asset or liability.Market risk (Item 7A)
Transformers and conductors
depends onnamed as a riskIn recent years, the energy industry has been experiencing shortages of, and long lead times for, critical equipment such as transformers and conductors.Risk factors (Item 1A)
Regulators
North American Electric Reliability Corporation (NERC)
subject tonamed as a riskThe Utility Registrants as users, owners, and operators of the bulk power transmission system are subject to mandatory reliability standards promulgated by NERC and enforced by FERC.Risk factors (Item 1A)
Also named by BKH, DUK, EIX, EVRG, FE, HASI, MDU, NEE and 5 more
Pennsylvania Public Utility Commission (PAPUC)
subject tonamed as a riskIn addition, the ICC, PAPUC, MDPSC, DCPSC, DEPSC, and NJBPU impose certain distribution reliability standards on the Utility Registrants.Risk factors (Item 1A)
Maryland Public Service Commission (MDPSC)
subject tonamed as a riskBGE’s electric and gas distribution costs and Pepco’s and DPL Maryland's electric distribution costs are currently recovered through multi-year rate case proceedings, as the MDPSC and the DCPSC allow utilities to file multi-year rate plans.Business (Item 1)
Illinois Commerce Commission (ICC)
subject tonamed as a riskBeginning in 2024 through 2027, ComEd's electric distribution costs are recovered in accordance with a multi-year rate plan approved by the ICC and through annual reconciliation proceedings litigated before the ICC.Business (Item 1)
New Jersey Board of Public Utilities (NJBPU)
subject tonamed as a riskIn addition, the ICC, PAPUC, MDPSC, DCPSC, DEPSC, and NJBPU impose certain distribution reliability standards on the Utility Registrants.Risk factors (Item 1A)
District of Columbia Public Service Commission (DCPSC)
subject tonamed as a riskBGE’s electric and gas distribution costs and Pepco’s and DPL Maryland's electric distribution costs are currently recovered through multi-year rate case proceedings, as the MDPSC and the DCPSC allow utilities to file multi-year rate plans.Business (Item 1)
Delaware Public Service Commission (DEPSC)
subject tonamed as a riskIn addition, the ICC, PAPUC, MDPSC, DCPSC, DEPSC, and NJBPU impose certain distribution reliability standards on the Utility Registrants.Risk factors (Item 1A)
Federal Energy Regulatory Commission (FERC)
subject toThe Utility Registrants are public utilities under the Federal Power Act subject to regulation by FERC related to transmission rates and certain other aspects of the utilities' business.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Transportation Security Administration
subject toThe U.S. Department of Homeland Security (Transportation Security Administration) provided new security directives in 2021 that regulate cyber risks for certain gas distribution operators.Business (Item 1)
Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXPD, FDX and 13 more
U.S. Department of Transportation pipeline safety regulation
subject toThe U.S. Department of Transportation also regulates pipeline safety and other areas of gas operations for PECO, BGE, and DPL.Business (Item 1)
Laws and programs
Illinois law (ComEd outage liability)
subject tonamed as a riskUnder Illinois law, however, ComEd could be required to pay damages to its customers in some circumstances involving extended outages affecting large numbers of its customers, which could be material.Risk factors (Item 1A)
Illinois Climate and Equitable Jobs Act (CEJA)
subject toIllinois’ climate bill, CEJA, establishes decarbonization requirements for the state to transition to 100% clean energy by 2050 and supports programs to improve energy efficiency, manage energy demand, attract clean energy investment, and accelerate job creation.Business (Item 1)
Also named by AEE
EmPOWER Maryland
subject toIn 2024, BGE, Pepco, and DPL began deferring less energy efficiency and demand response program costs to a regulatory asset as a result of the EmPOWER Maryland Cost Recovery program Beginning January 1, 2026, program costs are no longer being deferred.Business (Item 1)
Clean Energy DC Omnibus Act
subject toBroader state programs impact other sectors as well, such as the District of Columbia's Clean Energy DC Omnibus Act and cross-sector GHG reduction plans, which resulted in recent requirements for Pepco to develop a 15-year decarbonization program and strategy.Business (Item 1)