Exelon announced Wednesday it plans to split into two companies, one composed of its regulated utilities and one composed of its energy-generating operations.
ComEd, which serves northern Illinois, is one of six regulated utility companies owned by Chicago-based Exelon. Combined, the utilities provided electricity and natural gas to more than 10 million customers in five states and the District of Columbia.
“Our industry is changing at a rapid pace and our customers expect us to continuously innovate to stay ahead of growing demand for clean energy, evolving business conditions and changing technology,” said Christopher M. Crane, president and CEO of Exelon.
“Now is the right time to take this step to best serve our customers, employees, community partners and shareholders. These are two strong, distinct businesses that will benefit from the strategic flexibility to focus on their unique customer, market and community priorities.”
Exelon said it expects to finalize the split in the first quarter of 2022 pending shareholder and regulatory approvals.
The corporate split was announced as Exelon reported a fourth-quarter profit of $360 million, or 37 cents a share. Earnings, adjusted for non-recurring costs, were 76 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The energy company posted revenue of $8.12 billion in the period.
For the year, the company reported profit of $1.96 billion, or $2.01 per share. Revenue was reported as $33.04 billion.
Exelon expects full-year earnings in the range of $2.60 to $3 per share.
Contributing: The Associated Press
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February 24, 2021 at 07:42PM
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Exelon, parent of ComEd, plans to split into two companies - Chicago Sun-Times
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