| Type | Public |
|---|---|
| Traded as | NYSE: EXC S&P 500 Component |
| Industry | Electric Utility |
| Founded | Merger of PECO Energy and Unicom in 2000 |
| Headquarters | Chicago, Illinois, U.S. |
| Key people | John W. Rowe (Chairman, President and CEO) |
| Products | Electricity Natural gas |
| Revenue | US$ 18.644 billion (2010)[1] |
| Operating income | US$ 4.726 billion (2010)[1] |
| Net income | US$ 2.563 billion (2010)[1] |
| Total assets | US$ 52.240 billion (2010)[1] |
| Total equity | US$ 13.560 billion (2010)[1] |
| Employees | 19,214 (2010)[1] |
| Website | ExelonCorp.com |
Exelon Corporation (NYSE: EXC) is an electricity generating and distributing company headquartered in the Chase Tower in the Chicago Loop area of Chicago.[2] It was created in October 2000 by the merger of PECO Energy Company and Unicom, of Philadelphia and Chicago respectively. Unicom owned Commonwealth Edison. Exelon has 5.4 million electricity customers and serves 485,000 natural gas customers in the Philadelphia suburbs. In October, 2009 Exelon had full or majority ownership of 17 nuclear reactors in 10 nuclear power plants.[3]
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On June 30, 2005 the Federal Energy Regulatory Commission approved the merger of Exelon and Public Service Enterprise Group Inc., a New Jersey utility. Under this merger, Exelon would have become the largest utility in the United States.[4] The two companies later broke off the agreement[5] due to pressure put on the NJ Board of Public Utilities by public interest groups, including New Jersey Citizen Action.[6] The merger sat pending in front of the NJBPU for nineteen months before Exelon concluded that they were fighting a losing battle.[5] On April 28, 2011 Exelon announced merger with Constellation Energy for $7.9 billion and the combined company will own more than 34 gigawatts of power generation (55 percent nuclear, 24 percent natural gas, 8 percent renewable including hydro, 7 percent oil and 6 percent coal).[7][8]
Exelon is a leading nuclear power plant operator in the United States.[9]
Numerous sites in:
Exelon PowerLabs, LLC (a wholly owned subsidiary of Exelon Generation) operates at 4 locations nationwide. The Plattsburgh, NY and Madison, PA facilities specialize in Calibration; the Wilmington, IL facility specializes in Failure Analysis and Component Testing; while the Coatesville, PA location provides all services. The Quality System is ISO 9001:2000 Registered for both the Plattsburgh, NY and Coatesville, PA facilities. The Coatesville and Plattsburgh facilities are also ISO 17025 accredited through the American Association for Laboratory Accreditation (A2LA).
Exelon PowerLabs has been operating since 1911.
Chicago mayor, former Congressman and Obama Chief of Staff Rahm Emanuel was a "key player" representing Unicom Corp., the parent of Commonwealth Edison, in forging its merger with Peco Energy Co. to create utility giant Exelon Corp. in 1999 when Goldman Sachs was also advising Unicom.[12][9] Additionally, "Obama's top political strategist, David Axelrod, was a consultant for Exelon."[9]
Exelon's Political Action Committee (PAC) is EXELONPAC.[13] The company is positioned to profit from "expensive carbon" and has been lobbying for cap and trade of carbon dioxide emissions.[14] "Exelon CEO John Rowe is a vociferous and longtime advocate of climate change legislation. In 2009, Forbes reported that if the Waxman-Markey climate legislation -- supported by Obama -- became law, 'the present value of Exelon's earnings stream would increase by $14 a share, or 28%.'"[9] Executives at the company have close ties to the Obama administration as advisors and fundraisers.[14] "Frank Clark, CEO of Exelon's Chicago-based subsidiary ComEd, was an Obama advisor and fundraiser, and Exelon director John Rogers has also raised funds for Obama."[9]
In 2005, Exelon was required to pay a $602,000 fine for exceeding the permitted sulfur dioxide emission limit from April to October 2004 at its Cromby Generating Station in Chester County, Pennsylvania.[15]
Exelon and Illinois state officials waited for four years until 2006 before disclosing that Exelon's Braidwood Nuclear Generating Station, a nuclear plant 60 miles southeast of Chicago, had spilled millions of gallons of water containing tritium, a radioactive form of hydrogen, multiple times over a decade. Exelon officials eventually apologized and said the risks from the leak were “minimal”, with tritium levels in surrounding wells all found to be below regulatory limits.[16]
In 2009, the Nuclear Regulatory Commission announced its plan for a $65,000 fine against Exelon for permitting its contracted security guards that were guarding its Peach Bottom Nuclear Generating Station, a two-reactor nuclear plant located in Delta, Pennsylvania to sleep on the job. The incidents did not come to light until a videotape of the security guards was leaked to news media.[17] As a result, Exelon terminated the security contract of the Wackenhut security firm that had been involved.
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