Exelon

This article is about the energy company. For the Alzheimer's medication, see Rivastigmine.
Exelon Corporation
Public
Traded as NYSE: EXC
S&P 500 Component
Industry Energy
Founded Merger of PECO Energy Company and Unicom Group in 2000
Headquarters Chase Tower
Chicago, Illinois, United States
Key people
 Christopher Crane
President and CEO
Mayo Shattuck
Executive Chairman
Products Electrical power
Natural gas
Nuclear
Services Electricity and natural gas distribution
Revenue Increase US$ 24.9 billion (2013)[1]
Increase US$ 3.7 billion (2013)
Increase US$ 1.7 billion (2013)
Total assets US$ 79.9 billion (2013)[2]
Number of employees
 ~26,000 (2013)[3]
Website www.exeloncorp.com
Chase Tower, the location of the headquarters of Exelon

Exelon Corporation is an American energy generator and distributor headquartered in the Chase Tower in the Chicago Loop area of Chicago, Illinois, United States.[3] Exelon is the largest operator of nuclear power plants in the United States. 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 operates regulated utilities in Illinois, Pennsylvania, and Maryland. In October 2009, Exelon had full or majority ownership of 17 nuclear reactors in 10 nuclear power plants.[4] Exelon has operations and business activities in 47 states, the District of Columbia and Canada and is the largest competitive U.S. power generator with approximately 35,000 megawatts of owned capacity.[3] Exelon merged Constellation Energy Group in March 2012.[5] Exelon announced the proposed purchase of Pepco Holdings, Inc on April 30, 2014.

History

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.[6] The two companies later broke off the agreement[7] due to pressure put on the NJ Board of Public Utilities by public interest groups, including New Jersey Citizen Action.[8] The merger sat pending in front of the NJBPU for nineteen months before Exelon concluded that they were fighting a losing battle.[7] On April 28, 2011 Exelon announced a merger with Constellation Energy for $7.9 billion with 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).[9][10] The merger was completed on March 12, 2012.

In 2012, when announcing the cancellation of new nuclear construction for Victoria County Station, Texas, Exelon stated that economic and market conditions, especially low natural gas prices, made the "construction of new merchant nuclear power plants in competitive markets uneconomical now and for the foreseeable future".[11]

Exelon Companies

Generation

Nuclear Generation

Exelon is a leading nuclear power plant operator in the United States through Exelon Nuclear Partners, a division of Exelon Generation.[12]

Fossil fuel

Exelon owns and operates a fossil generation portfolio of more than 9,500 megawatts (MW).

Other sites in:

Hydro

Solar

Exelon PowerLabs, LLC

Exelon PowerLabs, LLC (a wholly owned subsidiary of Exelon Generation) operates at 4 locations nationwide. The Plattsburgh, New York and Madison, Pennsylvania facilities specialize in calibration; the Wilmington, Illinois facility specializes in failure analysis and component testing; while the Coatesville, Pennsylvania location provides all services. The quality system is ISO 9001:2000 registered for both the Plattsburgh and Coatesville facilities. The Coatesville, Plattsburgh, and Madison facilities are also ISO/IEC 17025 accredited through the American Association for Laboratory Accreditation (A2LA).[14] Exelon PowerLabs has been operating since 1911.[15]

Competitive Energy Sales

Constellation, an Exelon Company, provides energy sales in deregulated markets to business, residential, and government customers across the United States. Their customers include two thirds of Fortune 100 companies.[16]

Transmission and Delivery

Baltimore Gas and Electric

Baltimore Gas and Electric (BGE) is regulated utility located in Maryland.

Commonwealth Edison

Commonwealth Edison (ComEd) is regulated utility located in Illinois.

Philadelphia Electric Company

Philadelphia Electric Company (PECO) is regulated utility located in eastern Pennsylvania.

Exelon Transmission Company

Exelon Transmission Company is focused on the development of power transmission lines,[17] specifically the RITELine project which involves work in Ohio, Indiana, and Illinois.[18][19]

Political activity

Exelon's Political Action Committee (PAC) is EXELONPAC.[20] The company is positioned to profit from "expensive carbon" and has been lobbying for cap and trade of carbon dioxide emissions.[21] "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 became law, 'the present value of Exelon's earnings stream would increase by $14 a share, or 28%.'"[12] Executives at the company have close ties to the Obama administration as advisors and fundraisers.[21] Exelon also disclosed multiple contributions to political nonprofit organizations, the largest of which was $290,000 given to the American Energy Alliance — a 501(c)(4) nonprofit with ties to the conservative billionaire brothers Charles and David Koch and led by former Koch Industries lobbyist Thomas Pyle.

Pollution, security incidents

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.[22]

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 southwest 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.[23]

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 three-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.[24] As a result, Exelon terminated the security contract of the Wackenhut security firm that had been involved and now operates its own in-house nuclear security force.

References

  1. ↑ "Exelon Financials".
  2. ↑ (PDF) http://www.exeloncorp.com/assets/newsroom/downloads/docs/CompanyFactSheets/fact_ExelonCorporation.pdf. Missing or empty |title= (help)
  3. ↑ 3.0 3.1 3.2 "Exelon Corporation About Us".
  4. ↑ John W. Rowe (October 29, 2009). "Testimony of John W. Rowe Chairman and Chief Executive Officer Exelon Corporation Before the Committee on Environment and Public Works United States Senate". United States Senate. Retrieved August 13, 2010.
  5. ↑ "Constellation-Exelon merger complete". Retrieved 17 December 2012.
  6. ↑ "FERC approves Exelon-PSEG deal - Business - Oil & energy - msnbc.com". MSNBC. 2005-06-30. Retrieved 2012-04-21.
  7. ↑ 7.0 7.1 Press Releases
  8. ↑ "NJCA in the News". Njcitizenaction.org. 2006-09-27. Retrieved 2012-04-21.
  9. ↑ "Exelon, Constellation Energy to merge". HydroWorld (PennWell Corporation). 2011-04-28. Retrieved 2011-04-28.
  10. ↑ Erman, Michael. "Exelon to buy Constellation Energy for $7.9 billion". Reuters.com. Retrieved 2012-04-21.
  11. ↑ "Exelon scraps Texas reactor project". Nuclear Engineering International. 29 August 2012. Retrieved 14 September 2012.
  12. ↑ 12.0 12.1 Carney, Timothy (2011-03-30) radioactive after Japan accident, Washington Examiner
  13. ↑ "Chicago Exelon City Solar Plant". Exeloncorp.com. Retrieved 2012-04-21.
  14. ↑ "Exelon PowerLabs Quality". Retrieved 17 December 2012.
  15. ↑ "Exelon PowerLabs Home". Retrieved 17 December 2012.
  16. ↑ "Constellation". Retrieved 17 December 2012.
  17. ↑ "Exelon Transmission Company". Retrieved 17 December 2012.
  18. ↑ "Exelon Transmission Company". Retrieved 17 December 2012.
  19. ↑ "RITELine Transmission". Retrieved 17 December 2012.
  20. ↑ "Exelon Corp". OpenSecrets. Retrieved 2012-04-21.
  21. ↑ 21.0 21.1 Jonathan Fahey [The Carbon Windfall]; Exelon's John Rowe has been planning for expensive carbon for a decade. Now it's time to push for the payoff pages 70-74 January 18, 2010 Forbes
  22. ↑ "AmeriScan: June 30, 2005". Ens-newswire.com. Retrieved 2012-04-21.
  23. ↑ "RedOrbit.com, Exelon admits its fault". Redorbit.com. 2006-01-26. Retrieved 2012-04-21.
  24. ↑ Nuclear Regulatory Commission news release

External links