NEWARK – Delmarva Power, the state’s lone regulated electricity utility that supplies northern Delaware, has undergone a brand refresh as its parent company Exelon completes its planned split from Constellation, its former power generation and competitive energy business.
The separation gives Chicago-based Exelon and Baltimore-based Constellation the “financial and strategic independence to focus on its specific customer needs while executing its core business strategy,” officials said in announcing the plan last year.
As part of the split, Delmarva Power, its parent company and sister utilities – Atlantic City Electric, BGE, ComEd, PECO and Pepco – have unveiled a new unified look in their branding. Customers will see the new, modern branding, including a new logo, on the company’s website, mobile app, social media channels, advertising and business materials.
“We are excited to continue to be part of the Exelon family and remain committed to powering a cleaner and brighter future for our customers and communities,” said Tyler Anthony, president and CEO of Pepco Holdings, which includes Delmarva Power, in a statement. “Every day, we work to deliver safe, reliable, affordable, and clean energy, and that will not change. We look forward to continuing to bring our customers the benefits of being part of the nation’s premier transmission and distribution utility company.”
Delmarva Power was acquired in 2016 by Exelon, a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers. Delmarva Power serves about 532,000 electric customers in Delaware and Maryland and approximately 136,000 natural gas customers in northern Delaware.
Meanwhile, the new generation company Constellation is reportedly the largest supplier of clean energy in the continental United States, backed by more than 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydro assets. It produces about 10% of the nation’s carbon-free energy.
With the Biden administration and many states pushing ahead goals for green energy production, company officials told analysts last year that they believe the separation will better position their generation segment to capitalize on the opportunities ahead.
Investors flocked to Constellation on Wednesday in its first day of trading under the symbol CEG, pushing its share price up 10% at the open of the market, though it had slid back to about 8% by noon. However, Exelon dropped nearly 29% from a close of $57.83 Tuesday to an open of $41.06 per share Wednesday. Exelon shareholders received one share of Constellation stock for every three shares that they owned of Exelon on Jan. 20.
