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
 Mayo Shattuck III
(Chairman)
Christopher Crane
(President and CEO)
Products Electrical power
Natural gas
Nuclear
Services Electricity and natural gas distribution
Revenue Increase US$ 29.4 billion (2015)[1]
Increase US$ 4.4 billion (2015)
Increase US$ 2.3 billion (2015)
Total assets Increase US$ 95.3 billion (2015)[2]
Total equity Increase US$ 26.0 billion (2015)
Number of employees
 ~34,000 (2016)[3]
Website www.exeloncorp.com
Chase Tower, the location of the headquarters of Exelon

Exelon Corporation is an American Fortune 150 (#111 in 2015) 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.[3] 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.[4] 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.[5] 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 with Constellation Energy Group on March 2012 and acquired Pepco Holdings on March 2016.[6] 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).[7]

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.[8] The two companies later broke off the agreement[9] due to pressure put on the NJ Board of Public Utilities by public interest groups, including New Jersey Citizen Action.[10] The merger sat pending in front of the NJBPU for nineteen months before Exelon concluded that they were fighting a losing battle.[9] 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).[11][12] 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".[13]

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.[14] 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.

Controversies

PECO, 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.[15] 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.[16]

Exelon's merger with Pepco faced stiff opposition from community groups and the D.C. Mayor Muriel Bowser.[17]

Exelon Companies

Generation

Nuclear Generation

Exelon is a leading nuclear power plant operator in the United States with over 19,000 megawatts through Exelon Nuclear Partners, a division of Exelon Generation.[18]

Fossil fuel

Exelon owns and operates a fossil generation portfolio of more than 12,000 megawatts (MW).

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).[20] Exelon PowerLabs has been operating since 1911.[21]

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.[22]

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.[23]

Baltimore Gas and Electric

Baltimore Gas and Electric (BGE) is a regulated utility located in Maryland with 1.2 million electric customers and 650,000 natural gas customers.[24]

Commonwealth Edison

Commonwealth Edison (ComEd) is regulated utility located in Illinois with 3.8 million electric customers.[25]

Delmarva Power

Delmarva Power is a regulated utility located in Delaware and Maryland with 506,000 electric and 126,000 natural gas customers.[26]

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.[27]

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.[28]

Exelon Transmission Company

Exelon Transmission Company is specifically focused on the development of power transmission line specifically the RITELine project which involves work in Ohio, Indiana, and Illinois.[29][30]

Political activity

Exelon's Political Action Committee (PAC) is EXELONPAC.[31] The company is positioned to profit from "expensive carbon" and has been lobbying for cap and trade of carbon dioxide emissions.[32] "[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%.'"[18] Executives at the company have close ties to the Obama administration as advisors and fundraisers.[32] 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.[33]

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.[34]

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.[35] 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. 1 2 3 "Exelon Corporation About Us".
  4. ↑ "Exelon Closes Deal to Buy Pepco, Creating Largest US Utility". Retrieved 24 March 2016.
  5. ↑ 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.
  6. ↑ "Constellation-Exelon merger complete". Retrieved 17 December 2012.
  7. ↑ "Exelon Closes Deal to Buy Pepco, Creating Largest US Utility". Retrieved 24 March 2016.
  8. ↑ "FERC approves Exelon-PSEG deal - Business - Oil & energy - msnbc.com". MSNBC. 2005-06-30. Retrieved 2012-04-21.
  9. 1 2 Press Releases
  10. ↑ "NJCA in the News". Njcitizenaction.org. 2006-09-27. Retrieved 2012-04-21.
  11. ↑ "Exelon, Constellation Energy to merge". HydroWorld (PennWell Corporation). 2011-04-28. Retrieved 2011-04-28.
  12. ↑ Erman, Michael. "Exelon to buy Constellation Energy for $7.9 billion". Reuters.com. Retrieved 2012-04-21.
  13. ↑ "Exelon scraps Texas reactor project". Nuclear Engineering International. 29 August 2012. Retrieved 14 September 2012.
  14. ↑ Heath, Thomas (August 31, 2015). "Pepco, Exelon to appeal D.C. merger rejection". The Washington Post. Retrieved September 13, 2015.
  15. ↑ 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.
  16. ↑ Quaker group says North Philly solar panels could meet PECO power target this year. StateImpact Pennsylvania. Retrieved 2016-04-07.
  17. ↑ Renewed opposition to Exelon-Pepco merger threatens to scuttle deal, Baltimore Sun, March 2, 2016
  18. 1 2 Carney, Timothy (2011-03-30) radioactive after Japan accident, Washington Examiner
  19. ↑ "Chicago Exelon City Solar Plant". Exeloncorp.com. Retrieved 2012-04-21.
  20. ↑ "Exelon PowerLabs Quality". Retrieved 17 December 2012.
  21. ↑ "Exelon PowerLabs Home". Retrieved 17 December 2012.
  22. ↑ "Constellation". Retrieved 17 December 2012.
  23. ↑ "Atlantic City Electric/". Retrieved 24 March 2016.
  24. ↑ "Facts & Figures". Retrieved 24 March 2016.
  25. ↑ "About Us". Retrieved 24 March 2016.
  26. ↑ "ComEd Company Profile". Retrieved 27 March 2016.
  27. ↑ "We are the largest electric and natural gas utility in Pennsylvania". Retrieved 24 March 2016.
  28. ↑ "ABOUT US". Retrieved 24 March 2016.
  29. ↑ "Exelon Transmission Company". Retrieved 17 December 2012.
  30. ↑ "RITELine Transmission". Retrieved 17 December 2012.
  31. ↑ "Exelon Corp". OpenSecrets. Retrieved 2012-04-21.
  32. 1 2 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
  33. ↑ "AmeriScan: June 30, 2005". Ens-newswire.com. Retrieved 2012-04-21.
  34. ↑ "RedOrbit.com, Exelon admits its fault". Redorbit.com. 2006-01-26. Retrieved 2012-04-21.
  35. ↑ Nuclear Regulatory Commission news release

External links

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