Morningstar Rating

Stock Research and Analysis

by Travis Miller

Bulls Say

Low-cost nuclear power plants run year-round and generate large profits even with currently depressed power prices.
Exelon benefits more than any other utility from rising coal and natural gas prices, higher electricity demand, and environmental regulations on fossil fuel power plants.
If gas and power prices remain low for many years, Exelon's move to invest in retail and regulated businesses will preserve value. Read more 

Bears Say

Exelon's performance in part is driven by volatile power prices that fluctuate based on natural gas prices, coal prices, and regional electricity demand.
The Constellation and Pepco acquisitions dilute Exelon's economic moat by adding more no-moat retail business and narrow moat distribution earnings.
Many of Exelon's growth projects come with regulated or contracted returns, reducing shareholders' leverage to a rebound in power markets. Read more 


We give Exelon's management team a Standard stewardship rating. Since Exelon's earnings are at the mercy of wholesale power market ups and downs, we don't see much link between Exelon's recent underperformance and management's capabilities.
President   Read more 


Exelon's regulated distribution utilities deliver power and gas to 7.8 million customers at Commonwealth Edison (Illinois), PECO (Pennsylvania), and Baltimore Gas &   Read more 

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