Calvin Butler, chief executive of Exelon, warned that the US could face blackouts as early as 2027 due to power supply shortages exacerbated by AI demand. The nation's largest utility by customer count said electricity price increases are necessary to fund new infrastructure, with the grid operator PJM projecting a 60-gigawatt shortfall over the next decade.

US electricity demand is expected to grow 39 percent by 2035, according to ICF consultancy data. Prices have risen 7 percent nationally since last year, with New Jersey seeing 17 percent increases and Maryland 16 percent. Exelon serves nearly 11 million customers across six utilities including Chicago-based ComEd and Pennsylvania's PECO. The company withdrew a rate increase request after political backlash.

Pennsylvania Governor Josh Shapiro called Exelon's $814 million 2025 profit "obscene" and criticized attempts to raise bills. States including New Jersey, New York and Maryland have passed legislation to scrutinize utility rate increases. Butler argued that utilities are being made "the scapegoat" for infrastructure costs needed to support economic growth.

Independent power producers own generation assets while utilities manage transmission, but Butler contends this structure doesn't incentivize building new plants that take 10-20 years to become profitable. Exelon increased its four-year capital expenditures by $400 million in May, highlighting the urgent need for grid investment as political resistance grows.