Exelon Corporation is a regulated electric and natural gas utility holding company serving customers across several states including Illinois, Maryland, Pennsylvania and Delaware, delivering energy under rates approved by state utility regulators. As a regulated utility, its earnings are tied to a rate of return approved by regulators on the capital it invests in its electric grid and gas distribution infrastructure, providing predictable earnings in exchange for accepting limits on customer rates. Exelon separated its unregulated power generation business, including its nuclear power plants, into a separately traded company, refocusing Exelon itself purely on regulated utility distribution operations across its multi-state footprint. The company's growth is tied to the rate base expansion it can achieve through regulator-approved infrastructure investment across its various state utility subsidiaries, along with regional economic and population growth in the communities it serves.