(Bloomberg) -- Exelon Corp. sees the green-energy transition as a key source of growth after it spins off its power-generation operations next week.
The Chicago-based company plans to spend $29 billion on capital investments through 2025, with much of that aimed at grid modernization and resiliency efforts, Chief Executive Officer Chris Crane said in a Friday interview. Exelon will become a pure-play transmission and distribution utility once its Constellation Energy unit becomes a separate company Feb. 1.
The growing push to electrify more everyday devices, especially cars, will drive up demand for power while taxing the wires that deliver it. That’s creating an opportunity to modernize the grid and create more resilient distribution networks, Crane said.
“There’s a lot that can be done by a company that doesn’t generate,” Crane said. “We have to be able to get the grid ready.”
Exelon announced plans to spin off the generation unit 11 months ago. Once complete, Exelon will deliver electricity and gas to more than 10 million customers in five states and the District of Columbia.
©2022 Bloomberg L.P.