Exelon Commends U.S. Department of the Treasury for Issuing Tax Notice that Addresses Affordability, Promotes Grid Investment

CHICAGO--(BUSINESS WIRE)--Exelon today commended the U.S. Department of the Treasury for issuing corporate alternative minimum tax (CAMT) notice that addresses energy affordability for customers and allows for the critical infrastructure investments necessary to deliver safe and reliable power. Today’s action can save customers as much as $200 million over four years and make it more cost-effective to make needed investments in the grid.

The news comes as the public utility company launched The Exelon Promise, a new initiative to address energy affordability concerns and bring energy supply costs under control. Solutions include a combination of short-term help for customers through Exelon’s $60 million Customer Relief Fund, award-winning energy efficiency programs, negotiating innovative agreements with large load customers like data centers to protect customers, and policy reforms such as extending the PJM price cap and utility-generated power. The newly issued notice is another opportunity for Exelon to further its commitment to keeping the power on while keeping energy bills as low as possible.

“We appreciate the Treasury Department’s common-sense decision because we share customers’ frustration over high energy costs and we are looking at every meaningful solution to address them,” said Calvin Butler, President and CEO of Exelon. “Today’s action is one step toward addressing affordability concerns as it adds high paying jobs to the economy and helps secure the reliability and resilience of the grid.”

Demands on the grid are expected to grow rapidly in the coming years. Aging infrastructure, the onshoring of manufacturing, more frequent physical and cyber security threats, and the need for additional computing power driven by artificial intelligence are increasing strain on the grid. Investment is urgently needed to harden the grid and minimize disruption from potentially more severe and longer outages. At the same time, customer bills and the threat of brownouts are rising due to increasing demand and limited energy supply.

Exelon commends Congressman Brad Schneider (D-IL) and Congresswoman Carol Miller (R-WV) for their leadership highlighting the impact of CAMT on customer bills and their sponsorship of bipartisan legislation addressing this critical issue of fairness affecting customers.

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Exelon’s more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.