Exelon

Pricing power is mediated by regulators rather than market forces. Exelon can raise rates only through approved rate cases and established trackers.

The company achieved constructive outcomes across several utilities in 2025, but regulators have recently tightened reconciliations and emphasized affordability, such as the ICC’s reduction to ComEd’s reconciliation and the Maryland PSC’s substantial cut to BGE’s year-3 true-up alongside the elimination of future true-ups.

Transmission investments generally enjoy formula-based recovery and can offer steadier return visibility. Overall, regulated recovery supports acceptable returns, but residual discretion limits latent pricing power versus true monopolies outside a regulated framework.