Exelon Corp. (EXC): Takeaways from Discussion on PJM Reform and Federal Regulatory Priorities

Key Takeaways

• 1.Exelon views PJM's current three-year capacity market structure as inadequate for incentivizing new supply and advocates for a prompt capacity procurement framework.
• 2.To protect existing ratepayers from large-load data center risk, ~40% of Exelon's 11 GW high-probability pipeline is backed by Transmission Security Agreements (TSAs) with $1bn in collateral.
• 3.Goldman Sachs reiterates a Sell rating and a $45 12-month price target on EXC, pointing to persistent policy and regulatory uncertainty around bill inflation and data centers.

Table of Contents

• PJM's current market structure has proven inadequate as a useful supply tool, but is undergoing several constructive reforms.
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Protecting existing ratepayers is key priority while integrating large-load growth.
• Heightened scrutiny around data centers and bill inflation into the midterm elections.
• Valuation and key risks

Report data

GS Forecast — as of September 24, 2026.