PowerPoints: Utility Outages, PJM Demand, TXNM M&A, EXC, & New Nuclear

Research evidence excerpt

PowerPoints: Utility Outages, PJM Demand, TXNM M&A, EXC, & New Nuclear

Power & Utilities

Equity Research

July 6, 2026

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EXC/FE: Maryland parties file formal RTO adder complaint after requesting voluntary action earlier.

On June 2nd, the Maryland Energy Administration, Maryland Office of People's Counsel (OPC), and

the Maryland Public Service Commission (PSC) filed a joint 206 complaint against Exelon (EXC),

FirstEnergy (FE), and NextEra Energy (NEE) transmission entities related to the regional transmission

organization (RTO) incentive adder. The complaint was expected after July 1st as the utilities are

required to participate in a RTO under the new Utility RELIEF Act. The Maryland Office of People's

Counsel wrote a letter to the utilities in June requesting cooperation and forfeiting the RTO adder

benefit early. None of the utilities indicated that they would participate. Governor Moore issued a press

release with quotes from the Maryland PSC and OPC, emphasizing that utility affordability remains a

top focus area.

Full parties to the complaint are: Baltimore Gas and Electric Company; Delmarva Power and Light

Company; NextEra Energy Transmission MidAtlantic, Inc.; Potomac Edison Company; Potomac

Electric Power Company; Transource Maryland LLC; and Valley Link Transmission Maryland, LLC.

Expected development following the Utility RELIEF Act effective date. We expect the complaint to be

successful after precedent was set in California and Ohio.