Inside Exelon: how the CFO balances growth, affordability, and reliability

Thomas Gavaghan sits down with Jeanne Jones, CFO of Exelon, to unpack how one of the nation’s largest regulated energy delivery companies drives consistent investor returns while keeping reliability high and customer bills affordable. Jeanne breaks down Exelon’s regulated “revenue engine,” its $38B grid investment plan, and why operational excellence and rate design discipline matter even more in a regulated environment. They dig into the surge in data center demand, including cluster studies, transmission security agreements, and a notable FERC case involving colocation and cost allocation. Jeanne explains how Exelon is working to ensure large loads pay their fair share without shifting risk to existing customers.

Jeanne also shares her treasury playbook in a higher-for-longer world. She discusses why Exelon prefers to go long on debt, how the team protects key credit metrics, and how pre-issuance hedging supports greater certainty around interest expense. She also highlights finance tech stack upgrades, including Kyriba, and explains how a treasury management system can improve daily cash visibility and cash positioning. She connects that visibility to practical outcomes like optimizing the commercial paper program and strengthening liquidity performance. The conversation closes on leadership, ERGs, and building STEM pathways that feed the next generation of utility and finance talent.

What you need to know

Jeanne Jones, CFO of Exelon, shares how a top-performing regulated utility delivers steady returns while managing rapid load growth, major grid investment needs, and real affordability pressure. The through-line is that regulation does not make the job easier. It increases the need for operational excellence, disciplined capital allocation, and thoughtful rate design so the system can grow without pushing unfair costs onto existing customers.

Reliability is the strategy, not a slogan

Exelon’s customer value proposition starts with performance. Jeanne explains that the company’s utilities consistently operate in the top tier for reliability while keeping rates below the national average. That combination is not just a talking point. It is the proof that capital is being deployed effectively, and it is what builds credibility with regulators, customers, and investors when the company needs to make the case for ongoing grid investment.

The regulated revenue engine: invest in the grid, earn a return, reinvest

Jeanne breaks down how Exelon generates earnings in a regulated model. Returns are driven by grid and transmission investment across six states plus federally regulated transmission, then recovered through approved regulatory frameworks when executed well. She points to a $38B investment plan over the next four years and describes how Exelon recycles capital back into the business, pairs that with a meaningful dividend, and targets consistent earnings growth as the foundation for long-term shareholder returns.

Data centers and load growth: scale fast, but keep cost allocation fair

With Chicago and other regions seeing rising data center demand, Jeanne explains how Exelon plans for large-load interconnections without shifting undue costs to existing customers. Key tactics include updating tariffs and rate design to keep cost allocation equitable, using cluster studies to evaluate multiple projects together instead of one-off interconnection work, and requiring transmission security agreements to reduce speculative requests and protect customers if projects do not materialize. She also discusses a notable FERC case involving colocation and the principle that large new loads should pay their fair share of grid costs.

Treasury and liquidity in a higher-for-longer world: protect the balance sheet and buy certainty

Jeanne outlines a balance-sheet-first liquidity playbook built around protecting credit metrics and maintaining cushion above downgrade thresholds. Her preference is to term out debt where possible to reduce refinancing risk, even when rates are volatile. She also highlights pre-issuance hedging as a way to improve certainty around interest expense so finance teams can focus on running the broader business rather than reacting to market swings. She notes that better cash forecasting and intercompany cash pooling also help reduce short-term funding friction. The result is a funding approach designed to support multi-year capex plans through different rate environments.

Additional topics covered in this episode

• Affordability in practice: cost discipline, energy efficiency investments, customer assistance, and Exelon’s shareholder-funded customer relief effort.

• Practical AI and automation use cases, from customer care analytics to back-office process automation and climate resiliency planning.

• Kyriba and treasury outcomes: daily cash visibility, cash positioning, commercial paper program optimization, and intercompany cash pooling.

• Managing Exelon as a portfolio, including monthly “risk and opportunity” push-pull reviews across operating companies.

• Jeanne’s career path through accounting, treasury, and operations, and why spending time in the business builds credibility as a finance leader.

• How ERGs support inclusion, development, and access to senior leaders, plus Exelon’s long-horizon approach to STEM pipelines starting in middle school.