Exelon sees earnings drops, plans dividend reduction

Exelon Corp. reported lower fourth-quarter earnings as energy prices fell and the company spent more for nuclear fuel.

Chicago-based Exelon, the owner of Baltimore’s Baltimore Gas and Electric Co. and Constellation Energy, also said it will reduce its quarterly dividend to 31 cents, down from 52.5 cents, starting with the quarter ending March 31.

The move will “position us to maintain our investment grade rating, return a stable dividend and provide capacity to invest in growth,” CEO Christopher…