Exelon’s current four-year plan includes $16.3 billion of transmission investment through 2029, while ComEd’s proposed $15.3 billion Grid Plan and ACE’s 500 MW battery-storage project remain in regulatory review.

Published by Allstream Insiders

Allstream Insiders Summary

Exelon said it is maintaining a $41.7 billion capital-investment plan for 2026 through 2029, focused on transmission, distribution-system modernization, reliability and resilience across its regulated utility footprint.

According to Exelon’s October 30, 2026, third-quarter release and earnings presentation, $16.3 billion of that plan is forecast for transmission investment. The company also identified potential opportunities beyond its current plan totaling approximately $12 billion to $17 billion for transmission and $3 billion to $7 billion for battery storage.

The disclosed figures combine capital already included in Exelon’s plan with future opportunities that remain subject to regulatory decisions, project development, interconnection, permitting and commercial execution. They should not be treated as construction awards or as fully authorized spending for each named project.

Exelon’s capital plan at a glance

ComEd’s $15.3 billion Grid Plan remains pending

The largest specific future investment item disclosed in Exelon’s presentation is ComEd’s proposed $15.3 billion Grid Plan covering 2028 through 2031. Exelon said the proposed plan is intended to address load growth and priorities under Illinois energy policy.

An administrative law judge’s proposed order was posted October 14, according to Exelon. The Illinois Commerce Commission is expected to issue a final order by December 15, 2026.

That schedule is significant, but the Grid Plan remains a proposal until the commission acts. Exelon has not identified individual line segments, substations, equipment suppliers, engineering firms or construction contractors within the proposed $15.3 billion program.

Transmission projects provide longer-term execution visibility

Exelon’s presentation identifies several awarded transmission projects with anticipated in-service dates between 2028 and 2034. The company cited the following developments:

• Brandon Shores: $1.5 billion, targeted for service in 2028.
• Tri-County: $1.4 billion, targeted for service in 2030.
• PJM 2025 RTEP Project No. 1: $700 million, targeted for service in 2030.
• Kammer-Juniata: $1.7 billion, targeted for service in 2031.
• MISO Long-Range Transmission Planning Tranche 2.1: more than $1 billion, targeted for service in 2034.

Exelon noted that it holds a 25% ownership interest in the Kammer-Juniata project. The company also said approximately half of its recently awarded transmission portfolio is included in its current capital plan.

The cited project values and in-service targets provide long-term visibility, but do not establish that all engineering, procurement or construction packages have been awarded.

ACE storage project remains on track, but awaits a final order

Exelon said Atlantic City Electric’s proposed New Jersey battery-storage project remains on track. The presentation identifies the project as a 500 MW ACE-owned storage facility targeted for commercial operation in 2030.

Invenergy is listed as the project developer. Exelon said a final New Jersey Board of Public Utilities order is expected in the first quarter of 2027.

The project is therefore not yet a completed regulatory authorization or construction start. Exelon did not disclose a project budget, storage duration, equipment supplier, EPC contractor, interconnection point or construction schedule.

Large-load growth is shaping the utility’s planning

Exelon reported approximately 11 GW of high-probability large-load demand across its ComEd and Mid-Atlantic utilities. The company said approximately 9 GW is associated with ComEd and approximately 2 GW is associated with its Mid-Atlantic utilities.

The company also identified a future pipeline of approximately 23 GW within current or future cluster studies. Those figures represent utility planning and load-development activity; they are not confirmation that all associated data centers or industrial facilities will be built.

Exelon said a portion of advanced ComEd load is supported by Transmission Security Agreements, with approximately $1.2 billion in collateral. The agreements are intended to provide greater certainty around large-load interconnection and protect existing customers from the risk of speculative projects.

Allstream perspective: major grid investment, with execution still to be defined

Allstream perspective: Exelon’s third-quarter update points to a sizable regulated-utility investment platform anchored by transmission, system modernization and potential energy-storage development. The confirmed capital plan and named transmission projects provide longer-term visibility, while the proposed ComEd Grid Plan and ACE storage project could materially expand the addressable scope if approved.

Projects of this type can involve high-voltage conductors, transformers, substations, switchgear, protection and control systems, battery systems, civil construction, foundations, engineering and design, right-of-way services, surveying, environmental work, electrical installation, testing, commissioning, inspection, coatings, scaffolding, equipment rentals and field support.

However, Exelon has not identified project-level procurement packages or contractor awards for the proposed Grid Plan, the ACE storage project or its future transmission and storage opportunities. The next decision-useful milestones will be commission orders, project-specific filings, final investment decisions, site and route disclosures, equipment selections, engineering awards and construction schedules.