Exelon Corporation itself did not change its overall name. Instead, it underwent a significant corporate restructuring, spinning off its generation business unit into a new, independent publicly-traded company. This new entity is named Constellation Energy Corporation (CEG).
Understanding Exelon's Corporate Restructuring
On February 23, 2021, Exelon Corporation announced its intention to separate its generation and retail energy business from its regulated utilities. This strategic move aimed to create two distinct, publicly traded companies, each with a focused strategy. The spin-off was completed, leading to the creation of Constellation Energy.
Key Details of the Spin-Off
The transformation involved a tax-free spin-off, allowing shareholders of Exelon to receive shares in the new Constellation Energy Corporation. This process officially established Constellation as a standalone entity, independent of Exelon.
- New Company Name: Constellation Energy Corporation (CEG)
- Nature of Spin-Off: Tax-free, creating an independent publicly-traded company.
- Purpose: To allow both entities to pursue their respective growth strategies with greater focus and flexibility.
The Separate Entities: Exelon and Constellation
Following the spin-off, both Exelon and Constellation operate as distinct companies with different primary focuses:
| Feature | Exelon Corporation | Constellation Energy Corporation |
|---|---|---|
| Primary Focus | Regulated utility operations, including electricity transmission and distribution, and natural gas delivery. | Energy generation and competitive energy supply, including nuclear, hydro, solar, and wind power assets. |
| Current Status | Remains a leading utility company focusing on infrastructure and reliable energy delivery. Visit Exelon's Official Website | Operates as the nation's largest producer of carbon-free energy and a leading competitive energy retailer. Visit Constellation's Official Website |
This separation clarifies that while a significant part of Exelon's former operations now operates under the Constellation name, Exelon Corporation itself continues to operate under its original name, focusing on its core utility business.
