Exelon is the largest electricity and natural gas transmission and distribution (T&D) utility in the U.S. by customer count, serving approximately 10.7 to 11 million customers across six regulated utility subsidiaries: ComEd (northern Illinois), PECO (southeastern Pennsylvania), BGE (central Maryland), Pepco (Washington D.C. and Maryland), DPL (Delaware and parts of Maryland), and ACE (southern New Jersey). Exelon does not generate power — it owns and operates the wires and pipes that deliver electricity and natural gas to homes and businesses. Because Exelon is the sole delivery provider in each territory, customers pay regulated rates for delivery regardless of which competitive supplier they use for the commodity itself. Exelon earns a regulated return on its invested infrastructure, or "rate base," with state commissions and FERC setting rates that allow Exelon to recover costs and earn an ROE of roughly 9% to 10%. Rate base growth is the primary earnings driver, with Exelon investing roughly $10B per year and targeting ~8% annual rate base growth. A $41.3B four-year capital plan through 2029 emphasizes transmission expansion, where Exelon targets a transmission rate base CAGR of over 15%. Additional growth drivers include a large load pipeline exceeding 47 gigawatts, driven by data centers and AI. Exelon targets 5% to 7% annual earnings growth through 2029, with management expecting results near the top of that range.