Exelon—parent to six regulated utilities that haven’t owned a power plant since spinning off Constellation in 2022—wants back into the generation business. (Semafor)
CEO Calvin Butler blames IPPs for underinvesting in new supply to profit from scarcity, leaving Exelon's customers with record-high prices as data center demand surges. The company is also requiring data centers to backstop their transmission costs and putting up $60M in shareholder money for bill relief.
Yes, but: IPPs are cautious about building because they eat the loss if demand doesn't materialize. Exelon would build as a regulated utility with guaranteed returns and ratepayer backstops. Critics warn the advantage could drive IPPs out of the market, ultimately shrinking the supply it claims to be solving for.
Get the rundown: Exelon COO Mike Innocenzo joined us on Power Perspectives last fall to talk about…you guessed it, owning generation in 2026. Hear Exelon leadership’s POV on Spotify, Apple, and YouTube.