Power · Oct 22, 2026, 10:53
Exelon Expects to Own Regulated Generation Again Within 5 Years
Exelon's Carim Khouzami told POWER the utility sees about 11 GW of high-probability large load in PJM and wants state-approved power plants as the capacity market falls short.
Exelon's numbers from the POWER interview: about 11 GW of high-probability large load and 25 GW more being studied or awaiting study, company estimates.
Illustration (AI-generated)
Exelon expects to own regulated generation again within five years, executive vice president Carim Khouzami told POWER Magazine in an interview published Oct. 21, citing about 11 GW of high-probability data center and other large load across its PJM territory.
Exelon separated from Constellation Energy on Feb. 1, 2022 and today owns no generation. Its six utilities, ComEd, PECO, BGE, Pepco, Delmarva Power and Atlantic City Electric, serve about 10.9 million customers in PJM Interconnection and buy supply for customers who do not choose a competitive supplier. Khouzami said that supply is passed through at cost, with no markup, and accounts for roughly 75% of the increase in average bills since 2021.
The company says it is not seeking to re-regulate the market. Khouzami said utilities should be one more option that state commissions can pick, with state approval, and at minimum should be allowed to propose projects as the price to beat. Roughly half of PJM's 13 states let utilities build and own generation, he said, and all of Exelon's states fall in the other half.
Exelon's Large-Load Pipeline in ComEd and the Mid-Atlantic
Exelon puts its high-probability large load at about 11 GW: about 9 GW in ComEd's northern Illinois zone and 2 GW in the Mid-Atlantic. Another 25 GW is being studied or awaiting study, 17 GW in ComEd and 8 GW in the Mid-Atlantic. ComEd's all-time peak load was 23,753 MW, set on July 20, 2011, so the high-probability load and the study pipeline together exceed it, according to Khouzami.
