Exelon Secures 220-Mile 765-kV Transmission Project and Tops Q4 EPS
Exelon’s joint 220-mile, 765-kV transmission project with NextEra received PJM board approval to connect substations across West Virginia, Pennsylvania and the Mid-Atlantic region. Q4 adjusted EPS of $0.59 beat estimates by $0.02 despite a 7.8% YoY drop, revenue dipped 1.1% to $5.41B, and management raised 2026 EPS guidance to $2.81–$2.91.
1. Infrastructure Project Approval
On February 13, PJM Interconnection approved Exelon’s joint 220-mile, 765-kV high-voltage transmission line with NextEra Energy Transmission to connect substations across West Virginia, Pennsylvania and the Mid-Atlantic region as part of the 2025 Regional Transmission Expansion Plan.
2. Q4 Financial Performance
Exelon reported Q4 2025 adjusted operating EPS of $0.59, exceeding consensus by $0.02 despite a 7.8% year-over-year decline driven by higher taxes, contracting costs, depreciation and interest. Quarterly revenue fell 1.1% to $5.41 billion versus the $5.51–$5.54 billion range, while operating income rose 8% to $1.19 billion on a 3.3% reduction in operating expenses to $4.23 billion.
3. 2026 Guidance and Capital Expenditure Plans
Management issued 2026 adjusted EPS guidance of $2.81–$2.91, positioning the midpoint above the $2.83 consensus, and outlined $41.3 billion in energy infrastructure capex through 2029 to target 7.9% rate base growth.