October 20, 2000|
Merger of PECO Energy Company and Unicom Group
Chicago, Illinois, U.S.
(President and CEO)
|Services||Electricity and natural gas distribution|
|Revenue||US$ 29.4 billion (2015)|
|US$ 4.4 billion (2015)|
|US$ 2.3 billion (2015)|
|Total assets||US$ 95.3 billion (2015)|
|Total equity||US$ 26.0 billion (2015)|
Number of employees
Exelon Corporation is an American Fortune 100 (#95 in 2016) energy company headquartered in the Chase Tower in the Chicago Loop area of Chicago, Illinois, United States with revenues of approximately $34.5 billion and employing approximately 34,000 employees. Exelon is the largest electric holding company in the United States by revenue, the largest regulated utility in the United States with approximately 10 million customers, and is also 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, Maryland, Delaware, New Jersey, and Washington, DC. In October 2009, Exelon had full or majority ownership of 17 nuclear reactors in 10 nuclear power plants. 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. Exelon merged with Constellation Energy Group in March 2012 and acquired Pepco Holdings in March 2016. Exelon consists of eight main operating subsidiaries with Exelon Generation, a deregulated energy generator, Constellation, a deregulated competitive energy supplier, and six regulated utilities, Commonwealth Edison (Illinois), Philadelphia Electric Company (Pennsylvania), Baltimore Gas and Electric (Maryland), Delmarva Power & Light (Delaware and Maryland), Atlantic City Electric (New Jersey), and Potomac Electric Power Company (Washington, DC and Maryland).
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. The two companies later broke off the agreement due to pressure put on the NJ Board of Public Utilities by public interest groups, including New Jersey Citizen Action. The merger sat pending in front of the NJBPU for nineteen months before Exelon concluded that they were fighting a losing battle. 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). 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".
Exelon announced the proposed purchase of Pepco Holdings, Inc on April 30, 2014, for $6.8 billion in an all-cash transaction. The merger was rejected by the District of Columbia Public Service Commission in August 2015, though it was approved by other federal and state regulators. The companies appealled the decision. On March 23, 2016, the merger was approved by the Washington DC Public Service Commission, under a revised set of terms. The merger was completed later that day making Exelon the largest regulated utility in the United States by customer count and total revenue.
PECO Energy, one of Exelon's local power companies, has been involved in two controversies with activists. In the 1970s, activists delayed the opening of nuclear power plants. In 2015, Earth Quaker Action Team began a campaign to pressure PECO to expand the solar power it purchases, and to purchase it locally to create jobs.
- Braidwood Nuclear Generating Station (Illinois)
- Byron Nuclear Generating Station (Illinois)
- Clinton Nuclear Generating Station (Illinois)
- Dresden Generating Station (Illinois)
- Fort Calhoun Nuclear Generating Station (Nebraska) (operator)
- LaSalle County Nuclear Generating Station (Illinois)
- Limerick Nuclear Power Plant (Pennsylvania)
- Oyster Creek Nuclear Generating Station (New Jersey)
- Peach Bottom Atomic Power Station (Pennsylvania)
- Quad Cities Nuclear Generating Station (Illinois)
- Salem Nuclear Power Plant (New Jersey) (Minority Owner)
- Three Mile Island Nuclear Generating Station (Pennsylvania) (reactor 2 inactive)
- Calvert Cliffs Nuclear Power Plant (Maryland)
- Ginna Nuclear Generating Station (New York)
- Nine Mile Point Nuclear Generating Station (New York)
Exelon owns and operates a fossil generation portfolio of nearly 10,000 megawatts (MW).
- Eddystone Generating Station - Natural Gas and Oil (Pennsylvania)
- ExTex LaPorte Generating Station - Natural Gas (Texas)
- Colorado Bend Energy Center - Natural Gas (Texas)
- Mountain Creek Generating Station - Natural Gas (Texas)
- Framingham Generating Station - Natural Gas (Pennsylvania)
- Grande Prairie Generating Station - Natural Gas (Alberta, Canada)
- Handley Generating Station - Natural Gas (Texas)
- Handsome Lake Generating Station - Natural Gas (Pennsylvania)
- Hillabee Generating Station - Natural Gas (Alabama)
- Notch Cliff Generating Station - Natural Gas (Maryland)
- Westport Generating Station - Natural Gas (Maryland)
- Wolf Hollow Generating Station - Natural Gas (Texas)
- Mystic Generating Station - Oil and Natural Gas (Massachusetts)
- Delaware Generating Station - Oil (Pennsylvania)
- Croydon Generating Station - Oil (Pennsylvania)
- Chester Generating Station - Oil (Pennsylvania)
- Falls Generating Station - Oil (Pennsylvania)
- Moser Generating Station - Oil (Pennsylvania)
- New Boston Generating Station - Oil (Massachusetts)
- Perryman Generating Station - Oil and Natural Gas (Maryland)
- Gould Street Generating Station - Natural Gas (Maryland)
- Philadelphia Road Generating Station - Oil (Pennsylvania)
- Richmond Generating Station - Oil (Pennsylvania)
- Riverside Generating Station - Oil and Natural Gas (Maryland)
- Schuylkill Generating Station - Oil (Pennsylvania)
- Southwark Generating Station - Oil (Pennsylvania)
- West Medway Generating Station - Oil (Massachusetts)
- Southeast Chicago Energy Project - Natural Gas (Illinois)
- Wyman Generating Station - Oil (Maine) (Minority Owner)
- West Pullman City Solar Plant (Chicago, Illinois)
- Antelope Valley Solar Ranch One (California)
- Solar Energy Generation Systems (California)
- Fairless Hills Steam Generating Station (Pennsylvania)
- Pennsbury Generating Station (Pennsylvania)
Exelon has 47 wind projects in ten states, totaling nearly 1,500 megawatts (MW).
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). Exelon PowerLabs has been operating since 1911.
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.
Transmission and delivery
Exelon is the largest regulated utility in the United States with approximately 10 million customers and a service area covering six states and the District of Columbia.
Atlantic City Electric
Atlantic City Electric is a regulated utility located in New Jersey with 545,000 electric customers.
Baltimore Gas and Electric
Baltimore Gas and Electric (BGE) is a regulated utility located in Maryland with 1.25 million+ electric customers and 650,000+ natural gas customers.
Commonwealth Edison (ComEd) is regulated utility located in Illinois with 3.8 million electric customers.
Delmarva Power is a regulated utility located in Delaware and the Eastern Shore of Maryland with 510,000 electric customers over 5,000 square miles of service territory. They provide natural gas to 130,000 customers in northern Delaware.
Philadelphia Electric Company
Philadelphia Electric Company (PECO) is regulated utility located in eastern Pennsylvania with 1.6 million electric customers and over 500,000 natural gas customers.
Potomac Electric Power Company
Potomac Electric Power Company (PEPCO) is a regulated utility in Washington, D.C. that serves 815,000 electric customers in the district and parts of Maryland.
Exelon Transmission Company
Exelon's Political Action Committee (PAC) is EXELONPAC. The company is positioned to profit from "expensive carbon" and has been lobbying for cap and trade of carbon dioxide emissions. "[Former] 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%.'" Executives at the company have close ties to the Obama administration as advisors and fundraisers. 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.
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.
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. 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.
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- (PDF) http://www.exeloncorp.com/assets/newsroom/downloads/docs/CompanyFactSheets/fact_ExelonCorporation.pdf. Missing or empty
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- "Constellation-Exelon merger complete". Retrieved 17 December 2012.
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- "FERC approves Exelon-PSEG deal - Business - Oil & energy - msnbc.com". MSNBC. 2005-06-30. Retrieved 2012-04-21.
- Press Releases
- "NJCA in the News". Njcitizenaction.org. 2006-09-27. Retrieved 2012-04-21.
- "Exelon, Constellation Energy to merge". HydroWorld. PennWell Corporation. 2011-04-28. Retrieved 2011-04-28.
- Erman, Michael. "Exelon to buy Constellation Energy for $7.9 billion". Reuters.com. Retrieved 2012-04-21.
- "Exelon scraps Texas reactor project". Nuclear Engineering International. 29 August 2012. Retrieved 14 September 2012.
- Heath, Thomas (August 31, 2015). "Pepco, Exelon to appeal D.C. merger rejection". The Washington Post. Retrieved September 13, 2015.
- Anu Passary (March 25, 2016). "Exelon Closes $6.8 Billion Merger With Pepco Following Thumbs Up From Regulators". Tech Times. Retrieved June 28, 2016.
- U.S. Anti-nuclear activists partially block establishment of nuclear power plant in Limerick, PA, 1977-82, Global Nonviolent Action Database, accessed April 6, 2016.
- Quaker group says North Philly solar panels could meet PECO power target this year. StateImpact Pennsylvania. Retrieved 2016-04-07.
- Renewed opposition to Exelon-Pepco merger threatens to scuttle deal, Baltimore Sun, March 2, 2016
- Carney, Timothy (2011-03-30) radioactive after Japan accident, Washington Examiner
- "Chicago Exelon City Solar Plant". Exeloncorp.com. Retrieved 2012-04-21.
- "Exelon PowerLabs Quality". Retrieved 17 December 2012.
- "Exelon PowerLabs Home". Retrieved 17 December 2012.
- "Constellation". Retrieved 17 December 2012.
- "Atlantic City Electric/". Retrieved 24 March 2016.
- "BGE Facts & Figures". Retrieved 19 July 2016.
- "About Us". Retrieved 24 March 2016.
- "Delmarva Power - About Us". Retrieved 19 July 2016.
- "We are the largest electric and natural gas utility in Pennsylvania". Retrieved 24 March 2016.
- "ABOUT US". Retrieved 24 March 2016.
- "Exelon Transmission Company". Retrieved 17 December 2012.
- "RITELine Transmission". Retrieved 17 December 2012.
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- 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
- "AmeriScan: June 30, 2005". Ens-newswire.com. Retrieved 2012-04-21.
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- Nuclear Regulatory Commission news release
- Exelon Corporation website
- Constellation website
- BGE website
- ComEd website
- PECO website
- Exelon PowerLabs website