PECO, an electric and natural gas utility subsidiary of Exelon Corp. (EXC), recently upgraded its electric substation in Grays Ferry, Philadelphia by spending $22 million. Grays Ferry substation serves Center City and South Philadelphia and is a vital part of PECO’s transmission and distribution network in the region. Earlier this year, the utility went for a rebuilt of its Schuylkill substation, which caters to the same locality, by spending $18 million.

PECO has been scaling up its utility infrastructure in Philadelphia to cope with growing energy needs and enhance reliability. Over the past five years, the utility invested over $160 million for putting up four new electric substations in the city. Presently, PECO serves around 1.6 million electric and 491 thousand natural gas customers in southeastern Pennsylvania.

Shares of Exelon closed at $50.02 on Monday, trading at 11.6X trailing 12-month EPS versus 11.8X of the peer group. We maintain our Neutral recommendation for the company.

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