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Exelon's profit beats expectations in the second quarter on higher rates

Exelon, a U.S. utility company, narrowly surpassed Wall Street expectations for its second-quarter profits on Thursday. This was largely due to higher rates of electric and gas distribution in PECO.

Electric utilities are receiving massive requests for additional power as Big Tech searches the country for suitable locations for AI data centers. The U.S. Energy Information Administration predicts that domestic power consumption will reach new records in 2025-2026.

The S&P Index tracking utilities increased 3.5% during the quarter ending June 30.

Exelon's overall revenue for the second quarter was $5.43 billion. This compares to an average analyst estimate of $5.38billion, according LSEG data.

The earnings at PECO, Pennsylvania's largest natural gas and electric energy company, increased by 51%, to $136 millions, in the quarter reported.

The earnings of its Commonwealth Edison unit, the largest electric utility company in Illinois, dropped 15.6% to $228 millions.

Exelon provides service to more than 10 million customers via six transmission and distribution utilities that are fully regulated.

The company confirmed its adjusted full-year profit forecast for 2025 of $2.64 per share to $2.74. Analysts had expected $2.69 per stock.

(Reporting by Pranav Mathur and Katha Kalia in Bengaluru; Editing by Shreya Biswas and Shailesh Kuber) (Reporting and editing by Shreya Biwas and Shailesh Kuber in Bengaluru, and Pranav Mathur in Bengaluru)

(source: Reuters)