Exelon operates a diversified power generation portfolio including nuclear, natural gas, renewable, hydroelectric, and battery storage assets, primarily in competitive wholesale markets such as PJM and other regional transmission organizations. The company generates revenue by selling electricity through long-term power purchase agreements with corporate and utility customers, merchant sales in wholesale spot and forward markets, commodity trading and hedging operations, and retail supply of electricity and natural gas to commercial, governmental, and residential customers in deregulated regions. Profitability depends on electricity prices, fuel costs (particularly natural gas and uranium), wholesale market design rules, weather-driven demand, regulatory decisions affecting subsidies and emissions, customer credit quality, and competition from distributed solar and battery storage technologies, which the company manages through portfolio diversification, hedging, and regulatory engagement.