20 February 2026 | 3:15PM EST Equity Research Energy, Utilities & Mining Pulse: Investors Asking: What Are Takeaways from the Road or Recent Management Meetings? While the Natural Resources complex has performed well this year, there has been significant dispersion under the hood. One of the key drivers of relative performance has been corporate governance and management changes. With that in mind, our analysts have spent much of February on the road, at conferences and on earnings calls engaging with manag ...

CHICAGO--(BUSINESS WIRE)--As families and small businesses across northern Illinois continue to face higher energy bills, ComEd today reinforced its commitment as parent company, Exelon, launches The Exelon Promise—a comprehensive, customer-first strategy focused on delivering immediate customer relief, strong protections amid growing demand, and long-term solutions to address the root causes driving higher costs. ComEd is implementing this shared commitment on the ground, ensuring customers ar. ...

Group 1 - The primary goal of the "High Income DIY Portfolios" service is to provide high income with low risk and capital preservation for DIY investors [1] - The service offers seven portfolios designed for income investors, including retirees, featuring three buy-and-hold portfolios, three rotational portfolios, and a conservative NPP strategy portfolio [1] - The portfolios include two high-income portfolios, two dividend growth investing (DGI) portfolios, and a conservative NPP strategy portfolio aimed at low drawdowns and high growth [1] Group 2 - The "High Income DIY Portfolios" service includes a total of 10 model portfolios with varying income targets and risk levels, along with buy and sell alerts and live chat support [2] - The investment approach focuses on dividend-growing stocks with a long-term horizon, aiming for 30% lower drawdowns and 6% current income [2] - The service is managed by a financial writer with 25 years of investment experience, emphasizing strategies for stable, long-term passive income [2]

CHICAGO--(BUSINESS WIRE)--Exelon today commended the U.S. Department of the Treasury for issuing corporate alternative minimum tax (CAMT) notice that addresses energy affordability for customers and allows for the critical infrastructure investments necessary to deliver safe and reliable power. Today's action can save customers as much as $200 million over four years and make it more cost-effective to make needed investments in the grid. The news comes as the public utility company launched The. ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the potential of AI to unlock multi-trillion-dollar opportunities, reinforcing the optimistic outlook on AI's economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is seen as a catalyst for redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, suggesting that it could be a significant investment opportunity [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a major technological advancement with the potential for substantial social benefits [8]

Core Viewpoint - Soros Fund Management made significant adjustments to its investment portfolio in the fourth quarter, focusing on increasing exposure to tech giants while engaging in "buy high, sell low" strategies for energy and cryptocurrency stocks [1]. Group 1: Technology Sector Investments - The fund substantially increased its holdings in core technology stocks, including adding 161,000 shares of Microsoft (MSFT.US), 118,000 shares of Nvidia (NVDA.US), and approximately 66,000 shares of Apple [3]. - In the software and mobility sectors, the fund also increased its positions by acquiring approximately 216,000 shares of Atlassian (TEAM.US), 55,000 shares of Salesforce (CRM.US), and 119,000 shares of Uber (UBER.US) [3]. Group 2: Defensive and Growth Investments - In the defensive sector and consumer space, the fund increased its holdings in utility company Exelon (EXC.US) by approximately 488,000 shares and in gaming giant Electronic Arts (EA.US) by about 318,000 shares [3]. Group 3: Reduction in High Volatility and Financial Stocks - The fund reduced its positions in high-volatility and financial stocks, significantly cutting approximately 168,000 shares of Snowflake (SNOW.US) [4]. - It also reduced its holdings in Circle Internet Group (CRCL.US) by about 151,000 shares and in Interactive Brokers (IBKR.US) by approximately 813,000 shares, indicating a cautious stance towards the financial brokerage sector [5][6]. Group 4: New Positions and Exits - The fund opened new positions by purchasing gold-related assets such as New Gold (NGD.US) and established positions in DigitalBridge (DBRG.US), Blue Owl Capital (OWL.US), Exact Sciences (EXAS.US), and Xcel Energy (XEL.US) [7]. - It completely exited positions in KeyCorp (KEY.US), CareTrust REIT (CTRE.US), Cipher Mining (CIFR.US), and KKR & Co. (KKR.US), indicating a shift away from traditional banking and certain cryptocurrency mining stocks towards more stable or defensive sectors [7]. Group 5: Overall Strategy - The overall strategy of Soros Fund Management in the fourth quarter reflects a clear approach: embracing AI and core tech assets like Microsoft and Nvidia while avoiding high-volatility cloud and data companies like Snowflake, and hedging against macroeconomic uncertainties by investing in gold stocks. This "pick and choose" adjustment strategy highlights the pursuit of certainty and safety margins amid global economic uncertainties [7].

Core Insights - Exelon Corporation (EXC) reported Q4 and full-year results that pleased investors, driven by data center tailwinds and a significant increase in capital expenditures (capex) for the upcoming years [1] Financial Performance - The company's outlook is positively influenced by the growth in data centers, indicating a strong demand for energy solutions in this sector [1] - Exelon is planning a massive increase in capex, which suggests a commitment to expanding its infrastructure and services [1]

Core Viewpoint - Exelon Corporation (EXC) reported Q4 and full-year results that pleased investors, driven by data center tailwinds and a significant increase in capital expenditures for the upcoming year [1] Financial Performance - The company’s outlook is positively influenced by the growth in data centers, indicating a strong demand for energy services in this sector [1] Investment Strategy - The company is focusing on a long-term investment horizon, particularly targeting a 5-10 year timeframe, which aligns with its strategy of maintaining a balanced portfolio of growth, value, and dividend-paying stocks [1]

Core Insights - NextEra Energy Transmission and Exelon have received approval from the PJM Board for a proposed ~220-mile, 765-kV transmission line aimed at enhancing electric reliability and affordability in West Virginia, Pennsylvania, and the MidAtlantic region [1] Project Significance - The project addresses reliability risks and ensures long-term grid stability, which is crucial as electricity supply struggles to meet rising demand [1] - The PJM Board's decision indicates that localized upgrades are insufficient to tackle extraordinary demand growth, necessitating comprehensive solutions [1] Benefits of the Transmission Line - The project is expected to create good-paying jobs during construction and beyond [1] - It will attract industrial investment and promote economic development in the region [1] - The transmission line will ensure a supply of affordable electricity for families and small businesses [1] - It enables new generation sources to connect to the grid, adding critically-needed capacity to meet rising demand [1] Company Statements - Matt Valle, president of NextEra Energy Transmission, emphasized that the transmission line will provide long-term safe, reliable, and affordable power, benefiting both residents and the local economy [1] - Carim Khouzami, executive vice president of Exelon, highlighted the importance of this investment in meeting the energy needs of families and small businesses while maintaining customer affordability [1] Next Steps - NextEra Energy Transmission and Exelon plan to engage transparently with community members and hold open houses later this year to minimize impacts on landowners and the broader community [1] Company Profiles - NextEra Energy Transmission is a leading competitive transmission company in North America, operating over 3,100 miles of transmission lines across 18 states and Canada [1] - Exelon is a Fortune 200 company serving nearly 11 million customers through six regulated utilities, focusing on reliable and efficient energy delivery [1]

Investment and Infrastructure - Exelon anticipates investing approximately $41 billion over the next four years in electric and natural gas infrastructure improvements, which is projected to increase the current rate base by approximately $23 billion by the end of 2029[67]. - Estimated customer program energy efficiency investments across Utility Registrants for 2026 to 2029 total $4.9 billion, aimed at driving customer energy efficiency[93]. - PECO's capital expenditures for infrastructure improvements are projected to be $200 million in 2024, a 15% increase from 2023[115]. - BGE is investing $150 million in new technology to enhance grid reliability and customer service by 2025[116]. - ComEd plans to expand its service area by 10% in the next two years, focusing on underserved regions[114]. Environmental Goals and Emissions - Exelon aims to collectively reduce its operations-driven GHG emissions by 50% by 2030 against a 2015 baseline and to achieve net-zero operations-driven GHG emissions by 2050[68]. - Exelon's verified GHG emissions for 2024 were just over 4.6 million metric tons CO2 equivalent, with 0.4 million metric tons being operations-driven emissions[91]. - The company aims to reduce operations-driven GHG emissions by 50% by 2030 from a 2015 baseline and achieve net-zero emissions by 2050[92]. - Maryland aims to reduce GHG emissions by 40% from 2006 levels by 2030, with further updates proposing a 60% reduction by 2031[101]. - Exelon is collaborating with national labs and universities to research and develop clean technologies to support its Path to Clean goal[93]. - The company is subject to various state and regional GHG reduction programs, impacting its operations and compliance costs[98]. - Exelon is actively involved in public policy advocacy for vehicle electrification and clean energy initiatives[94]. Operational Performance and Strategy - Exelon is focused on maintaining operational excellence and ensuring timely recovery on investments to enable customer benefits while supporting clean energy policies[64]. - The company faces various regulatory, legislative, operational, market, and financial factors that could affect its success in pursuing its strategies[69]. - Exelon's management continually evaluates growth opportunities aligned with its businesses and markets to offer sustainable returns[66]. - Exelon’s strategy includes leveraging its scale and expertise across utilities to achieve improved operational and financial results[66]. Employee and Workforce Insights - Approximately 42% of Exelon's employees participate in collective bargaining agreements (CBAs), with a total of 8,656 employees covered by CBAs as of December 31, 2025[78]. - The average turnover rate for Exelon employees from 2023 to 2025 is 2.39% for retirement age, 2.58% for voluntary turnover, and 0.96% for non-voluntary turnover[82]. - The company is committed to fostering a safe, inclusive, and engaging workplace to attract and retain talent, with a focus on professional development and competitive benefits[71]. Financial Performance - ComEd reported a revenue increase of 5% year-over-year, reaching $4.5 billion for the fiscal year 2023[114]. - PECO's customer base grew by 3%, adding approximately 50,000 new customers, bringing the total to 1.7 million[115]. - BGE achieved a 4% increase in operating income, totaling $1.2 billion, driven by improved efficiency and cost management[116]. - PHI, Pepco, DPL, and ACE announced a strategic investment of $300 million in renewable energy projects over the next five years[117]. - PHI, Pepco, DPL, and ACE reported a 6% increase in customer satisfaction scores, reflecting improved service delivery[117]. - ComEd's new energy efficiency programs are expected to save customers $50 million annually starting in 2024[114]. - PECO is exploring potential acquisitions to enhance its market position and expand service offerings in the region[115].