Unicom Corp
| Company type | Public |
|---|---|
| NYSE: UCM | |
| Industry | Energy |
| Founded | 1994 |
| Defunct | October 23, 2000 |
| Fate | Acquired by merger |
| Successor | Exelon |
| Headquarters | United States |
Area served | United States |
Key people | James J. O'Connor (CEO and chairman 1994-1998) John W. Rowe (CEO, chairman and president 1998-2000) |
Unicom Corporation was an American energy holding company formed in 1994 from Commonwealth Edison after executives considered a corporate image makeover. The holding company merged with PECO Energy Company on October 23, 2000 to form Exelon.[1][2]
History
[edit]Unicom Corporation was formed in 1994 after energy company Commonwealth Edison executives focused on a corporate image makeover.[1] Unicom's primary subsidiary, Commonwealth Edison, focused on the production, purchase, transmission, distribution, and sale of electricity to residential, commercial, industrial, and wholesale customers.[3] James J. O'Connor was CEO and chairman of the company from 1994 to 1998.
In 1997, after pending compromise to deregulate the electric utility industry, Unicom announced its intention to reenter the natural gas industry, an industry it left in 1954 following the spin off of Northern Illinois Gas Company.[4] O'Connor stepped down as CEO in 1998 due to under-performance and was replaced by John W. Rowe who assumed the position of CEO, chairman and president of the company.[5]
In September 1999, Unicom announced a planned $16 billion merger with PECO Energy Company.[6] The merger was completed on October 23, 2000 and formed Exelon Corporation. The merger was one of the largest at the time. After the merger, Exelon maintained the largest collection of nuclear plants in the United States and became among the nation's largest electric utilities company, generating more than $12 billion in annual revenues.[2][7]
References
[edit]- ^ a b Gruber, William (1994-05-27). "Edison Now Plugging Into A New Logo". tribunedigital-chicagotribune. Retrieved 2018-01-25.
- ^ a b Thomas, Kate (2000-10-25). "Unicom and PECO Energy complete merger". elp.com. Retrieved 2018-01-25.
- ^ "Unicom Corporation: Private Company Information". Bloomberg. Retrieved 2018-01-25.
- ^ Young, David (1997-05-30). "Unicom Plans To Enter Natural Gas Business". tribunedigital-chicagotribune. Retrieved 2018-01-25.
- ^ Miller, James P.; Journal, Ross Kerber Staff Reporters of The Wall Street (9 February 1998). "Unicom Picks John Rowe As Its New Chief Executive". WSJ. Retrieved 2018-01-25.
- ^ Salpukas, Agis (24 September 1999). "Peco and Unicom to Merge In Big Bet on Nuclear Power". nytimes.com. Retrieved 2018-01-25.
- ^ "Unicom and PECO Energy complete merger". power-eng.com. 2000-10-24. Retrieved 2018-01-25.
External links
[edit]- Defunct energy companies of the United States
- Electric power companies of the United States
- Defunct companies based in Chicago
- Non-renewable resource companies established in 1994
- Non-renewable resource companies disestablished in 2000
- Natural gas companies of the United States
- Nuclear power companies of the United States
- American companies established in 1994