Exelon maintains 2029 investment plan after screening data-center requests

Major U.S. utility Exelon reported second-quarter adjusted operating earnings in line with its expectations, but reaffirmed its five-year $41 billion capital plan despite revising down its overall data center demand pipeline by 16%.

The company said it remained on track to deliver annualized earnings growth near the upper end of its long-term target range through 2029 and reaffirmed its full-year outlook.

Exelon said it is focused on meeting growing electricity demand while protecting existing customers from costs tied to speculative large-load projects, including data centers.

Its large-load and data-center pipeline declined to 36 gigawatts from 43 gigawatts after it filtered projects through transmission-security agreements, which require customers to make financial commitments before major system investments are made.

The company's capital plan, however, remains unchanged at $41 billion through 2029. Exelon said it has not included speculative projects in its investment assumptions and that a portion of its remaining large-load pipeline is supported by signed agreements and collateral.

Chief Executive Calvin Butler, who is pushing to change U.S. laws to allow the development of regulated power generation and storage, said a July heat wave pushed PJM electricity demand to a record and prompted the grid operator to use emergency procedures and demand-response resources.