NARUC Summer Policy Summit
Tricia Pridemore is President of the National Association of Regulatory Utility Commissioners and a Commissioner at the Georgia Public Service Commission. Calvin Butler is the CEO of Exelon and chair of the board of the Edison Electric Institute.
The 2025 NARUC Summer Policy Summit featured a Discussion with Exelon CEO Calvin Butler, moderated by NARUC President and Georgia Commissioner Tricia Pridemore. There was a lot to talk about with Butler, who leads one of the nation’s largest utility companies, serving more than 10.7 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. He also is chair of the board of the Edison Electric Institute and leads some twenty thousand Exelon employees.
NARUC President Tricia Pridemore: What would you say to a state regulator about their importance within the process of working with financial markets, analysts, and of course the rating agencies?
Exelon CEO Calvin Butler: As Commissioners, your involvement is critical. When you think of us as an industry, the amount of equity needs we have, not only today but moving forward, the amount of debt we’re issuing. People are going to invest in companies that, one, they believe in, but they understand the regulatory construct in which they operate.
I always say to my Commissioners and Governors that it’d be nice if we agree with one another all the time, but that’s not possible. What I would prefer is that I understand the rules of the road and let me make the necessary business decisions.