Exelon eyes $8B in energy storage, in part to address PJM supply crunch

Utility Dive · Ethan Howland · 2026-11-02 09:26 UTC

President and CEO Calvin Butler said the grid operator isn’t adding generation fast enough, but the utility’s plan to invest in energy storage and transmission can help address the issue.

Exelon utilities could spend $3 billion to $7 billion building 1.5 GW to 3.5 GW of regulated energy storage, not including a $1 billion, 500-MW project already proposed for New Jersey, company officials said Friday during an earnings call.

“With regulated storage, we have certainty that projects get built, and control over when and how they’re deployed,” Robert Kleczynski, Exelon’s CFO, said during the call. “We view utility-owned storage as one option alongside competitive development, not a replacement for it.”

Customers would benefit from the projects through lower capacity prices and the flow-through of investment tax credits, which would ease the assets’ effect on electricity rates, he said.

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