ES

Exelon Corporation (EXC) and Eversource Energy (ES) are compared as both utilities invest heavily in grid infrastructure to meet rising electricity demand from data centers and industrial reshoring. Exelon is identified as the preferred pick due to stronger earnings growth projections (6.39% long-term), a larger capital investment plan ($41.7 billion through 2029), better debt position, and superior recent price performance. Eversource offers a higher dividend yield (4.83% vs. 4.05%) but faces headwinds with lower earnings growth and higher debt-to-capital ratio.

PPL Corporation is investing $23 billion through 2029 to modernize its transmission and distribution networks, targeting 10.3% annual rate-base growth and 6-8% EPS growth. Recent projects include an $8.2 million infrastructure upgrade in Rhode Island and a $71.5 million DOE-funded grid resilience project. The company aims to improve reliability, reduce outages, and accommodate rising electricity demand from data centers and economic development.

FirstEnergy Corp. announced a $36 billion investment plan through 2030, including over $19 billion for transmission infrastructure, targeting 10% annual rate-base growth. The company benefits from rising electricity demand driven by data centers and contracted pipeline demand reaching 24.8 GW. FirstEnergy expects Core Earnings growth near the upper end of its 6-8% annual target, supported by its extensive T&D network serving over 6 million customers across six states.

Eversource and Dartmouth Engineering have been selected by the U.S. Department of Energy for the SPARK program to develop the DREAM initiative, which uses dynamic line rating technology to increase transmission capacity across 4,000 miles of grid in Connecticut, Massachusetts, and New Hampshire. The project could unlock additional transfer capability, potentially delaying new transmission construction while reducing costs for customers. Pending successful negotiations, the award could represent approximately $47.7 million in funding, with implementation expected to begin in 2027.