Exelon Corp.: Battery Storage Playbook in Focus; See ~11GW in High Probability Load; $12-17bn Capex Upside Reaffirmed; 2026 Guide + LT CAGR Reaffirmed; 2Q Results In Line

研报英文原文证据摘录

Exelon Corp.: Battery Storage Playbook in Focus; See ~11GW in High Probability Load; $12-17bn Capex Upside Reaffirmed; 2026 Guide + LT CAGR Reaffirmed; 2Q Results In Line

J P M O R G A N North America Equity Research

30 July 2026

Exelon Corp.

Battery Storage Playbook in Focus; See ~11GW in High Neutral

Probability Load; $12-17bn Capex Upside Reaffirmed; EXC, EXC US

2026 Guide + LT CAGR Reaffirmed; 2Q Results In Line Price (29 Jul 26):$47.03

North American Utilities

• EXC playbook centers on battery storage, with eyes on traction across Jeremy Tonet, CFA AC

PJM. EXC continues to push utility-owned battery storage and VPPs as fast- (1-212) 622-4915

deploying, customer-friendly tools that strengthen reliability, add targeted jeremy.b.tonet@jpmorgan.com

capacity, and reduce market exposure. Growing traction across NJ, MD, Aidan C Kelly

ComEd, BGE/Pepco, and ACE/DPL supports broader deployment and (1-212) 622-4912

potential incremental rate base opportunities. We expect EXC to continue aidan.x.kelly@jpmchase.com

highlighting battery storage as a leading EDC-controlled solution, given its Diana Niles

limited influence over generation additions and broader PJM supply dynamics. (1-212) 622-3328

diana.niles@jpmorgan.com

We acknowledge recovery mechanics may remain a work in progress.

Eli Jossen, CFA

(1-212) 622-4113• High probability load pipeline stands at 11GW, with 25GW in future

potential additions. On the load front, EXC disclosed ~11GW of high eli.jossen@jpmchase.com

probability load (40% of which feature FERC-approved TSAs) and another J.P. Morgan Securities LLC

~25GW within current or future cluster studies. We note these disclosures

differ from the prior ~18GW under customer protections and ~43GW in future

potential additions outlined alongside 1Q26 results.