PECO, a regulated utility subsidiary of Exelon Corporation, has appointed former president and chief executive officer Mike Innocenzo to serve as interim president and CEO, effective immediately. The move follows the announcement that current president and CEO David Vahos will transition to a special‑advisor role to Exelon’s president and CEO, Calvin Butler.
Vahos, who took the helm at PECO on June 1, 2025 after David Velazquez, will continue to provide strategic guidance to the utility while focusing on Exelon’s broader corporate agenda. Innocenzo, who led PECO from 2018 to 2024 and now serves as Exelon’s chief operating officer, is returning to the utility to maintain operational continuity during the transition period.
The leadership change comes amid a challenging regulatory environment. PECO withdrew its 2026 electric and gas rate‑case filings on April 16, citing customer affordability concerns. The proposed $510 million increase was deemed too burdensome for Pennsylvania households and businesses, prompting the withdrawal after discussions with Governor Josh Shapiro. The decision underscores the utility’s commitment to balancing infrastructure investment with affordability.
PECO’s capital‑investment plan remains on track, with approximately $6 billion earmarked over the next five years to modernize the grid and support large‑load projects such as data centers. The withdrawal of the rate case does not alter the investment schedule but highlights the need for careful regulatory engagement to secure funding for these initiatives.
Innocenzo said, “I am honored to once again lead PECO, as we stay relentlessly focused on operational excellence and advocating for affordable energy for our customers.” He added that the transition will preserve the utility’s momentum on reliability and growth while ensuring a smooth handover of day‑to‑day operations.
Vahos, in a statement about the rate‑case withdrawal, noted, “Keeping bills as low as possible through efforts like PECO’s $12.5 million Customer Relief Fund to help low‑ and middle‑income customers struggling with high energy costs is a top priority. While our filing with the PUC would have provided needed improvements in safe and reliable energy delivery, we recognize that Pennsylvanians are struggling with basic necessities like gas, food, and energy and have decided to withdraw our proposal.” He added that the utility would continue to work with stakeholders to find long‑term solutions to high energy costs and to make needed investments at another time.
The interim appointment signals PECO’s intent to maintain stability while navigating regulatory headwinds and pursuing its infrastructure agenda. With Innocenzo’s experience and existing role as Exelon COO, the utility is positioned to keep its reliability and growth initiatives on track while addressing affordability concerns and securing the necessary approvals for its $6 billion investment plan.
The transition is the first major personnel change at PECO since the Constellation Energy spin‑off in February 2022, marking a significant shift in the utility’s executive team and reinforcing Exelon’s focus on operational excellence across its portfolio.
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