As just one part of its commitment to ensure the clean energy future is accessible to all communities, Exelon (Nasdaq: EXC) today announced that it spent more than $2.88 billion with diverse suppliers in 2022, representing 39 percent of total enterprise-wide spend. Over the past five years, Exelon’s spending with businesses owned by women, people of color, veterans and LGBT persons totaled more than $13 billion.
Exelon’s diverse spend announcement is the latest in a host of commitments in recent years to ensure the economic and environmental benefits of a clean energy future are accessible for all communities. From investments in the reliability and resilience of the grid to programs that provide family-sustaining jobs and opportunities for the next generation of leaders, Exelon supports those who traditionally have less access to resources and opportunities.
“As the energy landscape evolves, one of the most important jobs I have as CEO is leading that transformation in a way that is just and equitable,” said Calvin Butler, Exelon president and CEO. “The promise of a clean energy future must be fulfilled for all our communities, especially those that disproportionately suffer the effects of climate change more than others – no one can be left in the dark.”
Exelon serves some of the nation’s largest and most ethnically diverse metropolitan areas – including Baltimore, Chicago, Washington, D.C., and Philadelphia. The company has developed several programs and initiatives to ensure that its supplier base, as well as its workforce and culture, reflect the diversity of its customers and communities.
HBCU Scholars program
Exelon Foundation HBCU Corporate Scholars Program provides students who attend historically Black colleges and universities (HBCU) with four years of scholarship assistance, opportunities for summer internships and early career readiness support to help prepare them for rewarding careers at Exelon and within the energy industry.
- The scholarships, valued at nearly $2.4 million, provide 24 students with $100,000 – or $25,000 per year for four years – and are administered by the United Negro College Fund. Students who live in the company’s service areas are eligible to apply.
- Baltimore Gas and Electric (BGE) also recently announced its recommitment to supporting HBCUs. The company’s investment represents an additional $3 million, divided into $1 million each, to Bowie State, Coppin State and Morgan State Universities over the next four years. The funding will continue to support scholarships, persistence grants and research, all while student scholars continue benefitting from mentoring, career and professional development opportunities and summer internships at BGE.
- In 2022, Atlantic City Electric, Delmarva Power and Pepco provided $1.2 million to four HBCUs and five local community colleges in D.C., Delaware, Maryland and New Jersey supporting local scholarships, teacher training and the development of curriculum geared toward educating the next generation of the energy workforce. An additional $7.6 million has been committed to support HBCUs in these regions over the next three years.
Racial Equity Capital Fund
Exelon’s $36 million Racial Equity Capital Fund (RECF) helps minority businesses obtain capital to fuel growth and spur job opportunities in communities often overlooked by investors and traditional funding sources.
- Thus far, the fund has invested $1 million in Sweeten, a Black woman-owned software company known for bringing trust, transparency and data-driven decision-making to the construction industry and $250,000 in Aging & Diverse Home Healthcare Services, a Black women-owned home healthcare provider in Philadelphia.
The Exelon Foundation’s STEM Academy is a free, weeklong program introducing young women to careers in STEM for teen girls ages 15-18 from diverse and underserved communities.
- This summer, the company will hold the sixth annual academy in Chicago, Philadelphia and Baltimore/Washington, D.C. In the last five years, the Academy has inspired more than 820 girls.
STEM Academy Scholarship
Alumnae from the STEM Academy are eligible to apply for the STEM Academy Scholarship, which covers all costs associated with college, including tuition, room and board and all other expenses that aren’t covered by other confirmed scholarships, family contributions and work-study grants.
- Seven girls received the scholarship in 2021, with nine more awarded the funds in 2022. The total value of the scholarships for each of the cohorts is approximately $1 million.
- 14 scholars are confirmed for internships at Exelon and its local energy companies for summer 2023.
In 2022, Exelon continued its efforts to support the growth and development of local diverse suppliers in our communities through the Exelon Foundations Program and the Exelon Empowerment Academies.
- The Exelon Foundations Program is a capacity-building program designed to grow minority businesses in Exelon’s footprint through partnerships with affiliates of the National Minority Supplier Development Council, including the Eastern Minority Supplier Development Council and the Capital Region Minority Supplier Development Program.
- The Empowerment Academies is a diverse supplier development program designed to educate and coach diversity-certified businesses on how to compete for contract opportunities, as well as provide direct access to Exelon leaders who are committed to growing diverse partnerships. Thirty-seven local businesses are participating in this year’s Empowerment Academies program.
Exelon has more than 80 unique workforce development programs across its six energy companies, designed to bring economic equity, empowerment and employment opportunities to under-resourced communities. Exelon has received, for the second year in a row, the Center for Workforce Development’s Chairman’s Award, which recognizes a company for excellence in workforce development leadership.
- Since 2019, the company has helped more than 1,400 people obtain family-supporting jobs, either internally or externally with company contractors.
- In Illinois, ComEd launched the CONSTRUCT Infrastructure Academy in 2013. Since the program’s creation, more than 700 students have graduated from the program.
- Pepco created its own training program with the D.C. Infrastructure Academy (DCIA). Since 2018, more than 196 District residents have graduated and been offered jobs. A similar program was just launched in New Jersey where Atlantic City Electric and the City of Atlantic City celebrated the graduation of the AC Infrastructure Program’s first cohort of 26 City residents in February.
- Through BGE’s Corporate Community Impact department, more than 160 participants have graduated from the BGE Workforce Collaborative program since 2019, with 80% receiving jobs earning on average $37K annually.