Exelon Corporation - Digital transformation strategies

Exelon Corporation - Digital transformation strategies

Summary

This report provides insight into Exelon's tech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Exelon Corporation (Exelon) is a utility services holding firm. It has operations across complete energy value chain, including energy sales, power generation, and distribution and transmission. The company produces electricity using nuclear, natural gas, oil, wind, hydro, solar, and biomass sources; and purchases electricity through long-term power purchase contracts. Exelon also provides energy products and services to the residential, public sector, and business customers in the U.S. and Canada. The company supplies electricity and natural gas to industrial, residential public authorities, commercial and electric railroads, and other customers.

In May 2022, Exelon joined Climate READi, a three-year initiative launched by the Electric Power Research Institute (EPRI), aimed at addressing energy system climate resilience and adaptation as extreme weather events continue to increase. The initiative enables global energy companies, climate scientists, regulators, and other stakeholders to proactively analyse and apply climate data, for planning, design, and operation of resilient energy systems of the future. Exelon is one of 13 anchor companies who have joined the initiative.

TechEXChange is a multi-tiered evaluation platform, which combines group of teams across the company. It is majorly focused on early-stage technologies such as fuel cells, vehicles powered by alternative fuels, and battery storage to explore the emerging technologies that can transform the energy industry and can drive value for its customers.

Scope

• Exelon is embracing AI and data analytics at the center of its approach to analyse data from internal and external data sources and generate real-time insights to predict failures, improve equipment performance, optimize schedule maintenance, minimize operating costs for utilities and respond to storm-related outages. For instance, the company introduced an in-house Analytics Academy to teach emerging analytics skills to its employees. It also collaborated with GE for network analysis to get real-time insights about maintenance time and sudden outages and to improve storm readiness.
• As part of its 2030 electrification plan, Exelon focusing on customer awareness, up-front costs, technology, and infrastructure, and to optimize energy consumption to cater to changing energy landscape. It is planning to electrify 30% of utility vehicle fleet by 2025 and 50% by 2030, which in turn helps in minimizing greenhouse gas emissions and saving fuel. Exelon has invested in multiple EV firms including ChargerHelp!, Voltpost, XL Fleet, Nissan, Proterra, and ChargePoint to enable electric vehicles and EV charging to replace traditional fossil fuels and save energy.
• Exelon is strengthening its digital culture through key technology hires, innovation programs, and digitizing its workspace. Exelon is also focusing on developing competitive capabilities by integrating multiple innovations programs. For instance, the firm has introduced the Corporate Strategy, Innovation, and Sustainability group to enhance its internal culture of innovation.

Reasons to Buy

• Gain insights into Exelon's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, and investments strategies.