Last month, we analyzed and evaluated Exelon Corporation (EXC) versus Wisconsin Energy Corporation (WEC), one of our portfolio holdings and the only utility that we have a position in. We analyzed Wisconsin Energy versus Exelon as Exelon is one of the largest diversified utility companies in the world and because its headquarters and legacy business unit, Commonwealth Edison (ComEd), is 90 miles south of Wisconsin Energy’s headquarters.

We also felt that Wisconsin had the potential to poach businesses and residents away from Illinois in the wake of Scott Walker and the Republican Party’s electoral success in the June 5th recall. Already, we have seen a bold ad campaign by the Wisconsin Economic Development Corporation to show that Wisconsin is open for business. In addition to the highly publicized FatWallet episode, Chief Executive Magazine announced the following analysis with regards to best and worst places to do business in its 2012 survey of best and worst states to do business in the USA:

  • Illinois (home to ComEd) was the third worst state in the USA to do business
  • Pennsylvania (home to PECO Energy and Exelon Generation Company) was the eighth most business unfriendly state in the USA
  • Maryland (Baltimore Gas & Electric) was the 11th most business unfriendly state in the US
  • Wisconsin (Wisconsin Energy) was the 20th most business friendly state in the US
  • Wisconsin’s business friendliness ranking improved by 23 spots since 2008, which was the second highest in the nation.

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