With a $34 billion market capitalization, Exelon (EXC) is the largest competitive utility. It’s also the largest utility by revenue in the industry.
Due to slower power demand growth, US utilities (XLU) have been experiencing sluggish revenue growth over the past several years. This impact was even worse for competitive utilities. The chart below shows the revenue growth of utilities under our consideration since 2015.
In the last five years, Exelon’s revenue growth rate averaged around 12%. The double-digit revenue growth is noteworthy compared to FirstEnergy’s (FE) and Public Service Enterprise’s (PEG) -3% during the same period.