Exelon's data center backlog jumps 80% amid power connection concerns
Exelon has about 11 gigawatts of likely data-center demand
Utility is in fight over co-located data centers
'We are not against co-locations,' Exelon CEO Calvin Butler
Exelon Q3 earnings beat Wall Street estimates
Rewrites throughout with co-located data center issue
By Laila Kearney
Oct 30 (Reuters) -Exelon EXC.O said on Wednesdayits backlog of potential data center deals has jumped by about 80% from earlier this yearas the U.S. electric utility awaits a decision from regulators on who pays for certain costs related to the fast-moving expansion of the centers.
Rising demand from the technology industry's energy-hungryAI data centers has roused the sleepy U.S. power industry, leading to aflurry of deals and regulatory debates over the costs associated with the fast-moving expansion.
This year, Exelon and fellow utility American Electric Power AEP.Ochallenged the interconnection agreement for an Amazon AMZN.O data center located on the site of a Pennsylvania nuclear power plant, in an agreement known as a co-located load.
When data centers are located on the site of the power plants that feed them, the co-located load agreement allows the centers to power up quickly without toiling in interconnection queues that can take years to clear.
Exelon and AEP said the agreement could raise power bills for everyday customers and reduce grid reliability. Proponents of the deal, including power plant operator Talen Energy TLN.O,refute the utilities' claims.
"We are not against co-locations," Exelon CEO Calvin Butler said on a third-quarter company earnings call. "We just believe everyone should pay their fair share of utilizing the grid."
Exelon and AEP have asked the Federal Energy Regulatory Commission (FERC)to hold a hearing on the center's interconnection request.
Exelon said FERC's decision, along with a technical conference the regulator plans to hold this week on co-located loads, would provide clarity on the issues of cost responsibility and reliability as the utility reports seeing unprecedented data center demand.
Exelon said it has about 11gigawatts of likely data-center demand within its service territory, rising from 6 GW in the second quarter.
The company said the requested capacity from projects is in an official phase of engineering with deposits paid, but not yet in service, as of the third quarter.
Earnings at Exelon's Commonwealth Edison unit (ComEd), the largest electric utility in Illinois, rose 8% on higher distribution rate base and return on regulatory assets.
The Chicago-based company posted adjusted operating earnings per share of 71 cents for the third quarter, versus analysts' average estimate of 67 cents, according to data compiled by LSEG.
Exelon also said it has filed with the Delaware Public Service Commission to increase its annual natural gas rates by $36 million and expects a decision in the first quarter of 2026.
Rate-case proceedings are used to determine the amount that customers need to pay for electricity, natural gas, private water and steam services provided by regulated utilities.
The company's overall revenue was at $6.15 billion for the quarter ended Sept. 30, compared with estimates of $5.85 billion.
Reporting by Laila Kearney in New York and Pooja Menon in Bangalore; Editing by Shilpi Majumdar and Marguerita Choy
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