Exelon is trying to tell two completely different stories at the same time. During their recent quarterly earnings call, they reported $919 million in profits, which represented a $11 million increase from last quarter.
To Wall Street, their message is clear: Strong profits and aggressive growth. The company is touting billions in earnings and a massive $41.7 billion capital plan. Executives point to projected growth of 5-7% and have told investors that they will increase profits with “distribution and transmission rate increases.” Exelon CEO Calvin Butler even said, “I have a commitment to our Board and our shareholders to protect our balance sheet and to meet or exceed our company targets and goals.”
At the very same time, customers are hearing something entirely different. Rising bills, they are told, are unavoidable. Demand is up. Supply is tight. Families will just have to absorb higher costs to keep the lights on. Butler has also said, “People don’t mind paying for what they feel they’re getting value for.” But according to a recent JD Power Survey, ratepayers aren’t feeling satisfied at all, with customer satisfaction having dropped to “the lowest score recorded across JD Power residential utility studies” in 2025.
And when public pressure builds, the real driver of decision-making becomes obvious. In Pennsylvania, PECO recently sought another major rate increase even as customers were already feeling the pain of prior hikes. Only after significant public backlash and political pressure, in the middle of an election year, did the company withdraw its request.
In Maryland, Pepco followed a similar pattern. The company requested an additional $133 million per year and proposed charging customers in advance for projected future costs. When lawmakers and consumer advocates pushed back, Pepco backed off that portion of the plan.
These are responses to pressure rather than a change in philosophy. And, without meaningful reform, they will keep pushing for rate increases, and customers will continue to face higher bills year after year.
Regulators should be setting a much higher bar. Every proposed increase should be tied to real, necessary costs with clear, measurable benefits for customers, not projections, financial engineering, or gold-plated infrastructure that simply expands the rate base. Until those structural changes are made and utility monopolies are held accountable, customers will be at risk of their electric bills skyrocketing.
