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This article is about the energy company. For the Alzheimer's medication, see Rivastigmine. For the early home video game, see Exolon.
Exelon Corporation
Company typePublic
IndustryEnergy
PredecessorPECO Energy Company
Unicom Corp
FoundedOctober 20, 2000; 24 years ago (2000-10-20)
by merger
Headquarters
Chase Tower
Chicago, Illinois
,
U.S.
Key people
Christopher Crane
(President and CEO)
ProductsElectrical power
Natural gas
Nuclear
ServicesElectricity and natural gas distribution
RevenueIncrease US$35.9 billion (2018)[1]
Increase US$4.260 billion (2017)[1]
Increase US$3.770 billion (2017)[1]
Total assetsIncrease US$116.700 billion (2017)[1]
Total equityIncrease US$32.132 billion (2017)[1]
Number of employees
33,383 (2020) [citation needed]
Websitewww.exeloncorp.com

Exelon Corporation is an American Fortune 100 energy company headquartered in Chicago, Illinois and incorporated in Pennsylvania.[2] It generates revenues of approximately $33.5 billion and employs approximately 33,400 people.[3] Exelon is the largest electric parent company in the United States by revenue, the largest regulated electric utility in the United States with approximately 10 million customers, and also the largest operator of nuclear power plants in the United States and the largest non-governmental operator of nuclear power plants in the world.[4]

Exelon was created in October 2000 by the merger of PECO Energy Company of Philadelphia and Unicom Corp of Chicago, which owned Commonwealth Edison.[5] Exelon operates regulated utilities in Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and Washington, DC. In October 2009, Exelon had full or majority ownership of 23 nuclear reactors in 14 nuclear power plants.[6][7] Exelon has operations and business activities in 48 states, the District of Columbia and Canada, and is the largest competitive U.S. power generator with approximately 35,500 megawatts of owned capacity.[3][8] Exelon merged with Constellation Energy Group in March 2012 and acquired Pepco Holdings in March 2016.[9][10] Exelon consists of eight main operating subsidiaries with Exelon Generation, a deregulated energy generator, Constellation Energy Group, a deregulated competitive energy supplier, and six regulated utilities, Commonwealth Edison (Illinois), PECO Energy 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).[4][11]

History

Exelon Corporation was created as the result of a merger between PECO Energy Company and the Unicom Corporation in October 2000.[5] Unicom was based in Chicago and the city became the home of the new entity.[12] The merger was overseen by the CEO of Unicom, John Rowe who joined the corporation in 1998 and went on to lead the newly-formed Exelon until 2012, becoming the nation's longest-serving utility executive.[13][5][14]

Under Rowe, Exelon explored a number of mergers and acquisitions. 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.[15] The two companies later broke off the agreement[16] due to pressure put on the NJ Board of Public Utilities by public interest groups, including New Jersey Citizen Action.[17] The merger sat pending in front of the NJBPU for nineteen months before Exelon concluded that they were fighting a losing battle.[16] On April 28, 2011, Exelon announced a merger with Constellation Energy for $7.9 billion with the combined company owning 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).[18][19] The merger was completed on March 12, 2012.[20]

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".[21]

In 2008, Christopher Crane was named CEO following Rowe's retirement and the completion of the merger with Constellation Energy.[22][14] 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 appealed the decision.[23] 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.[24]

Controversies

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.[25] 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.[26]

Exelon's merger with Pepco faced stiff opposition from community groups and the D.C. Mayor Muriel Bowser.[27]

Finances

For the fiscal year 2017, Exelon reported earnings of US$3.770 billion, with an annual revenue of US$33.531 billion, an increase of 6.9% over the previous fiscal cycle. Exelon's shares traded at over $35 per share, and its market capitalization was valued at over US$42.1 billion in October 2018.[28] Exelon ranked No. 92 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[29]

Year Revenue
in mil. USD$ 		Net income
in mil. USD$ 		Total Assets
in mil. USD$ 		Price per Share
in USD$ 		Employees
2005 15,357 923 42,797 29.47
2006 15,655 1,592 44,319 35.51
2007 18,916 2,736 45,361 46.22
2008 18,859 2,737 47,546 47.42
2009 17,318 2,707 49,180 33.05
2010 18,644 2,563 52,240 29.73
2011 19,063 2,495 54,995 31.27
2012 23,489 1,160 78,561 28.50
2013 24,888 1,719 79,924 25.47 25,829
2014 27,429 1,623 86,416 28.73 28,993
2015 29,447 2,269 95,384 28.41 29,762
2016 31,360 1,134 114,904 31.09 34,396
2017 33,531 3,770 116,700 35.78 34,621

Exelon companies

Exelon Generation

Exelon Generation is the corporation's energy provider. It has two primary business units, Exelon Nuclear and Exelon Power.[30]

Exelon Nuclear

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.[31]

In December 2016, the Illinois legislature voted to pass legislation that would ensure continued operations of both the Quad Cities and Clinton nuclear power plants. The two plants create approximately 23 percent of emission-free electricity in Illinois. Passage of the bill and keeping the plants open is expected to preserve around $1.2 billion in annual economic activity within the state.[32] In August 2016, Exelon agreed to purchase the James A. Fitzpatrick Nuclear Power Plant from Entergy Corporation.[33] Exelon formally acquired ownership and operation of James A. Fitzpatrick Nuclear Power Plant on March 31, 2017.[34]

In August 2020, Exelon decided to close the Byron and Dresden plants in 2021 for economic reasons, despite the plants having licenses to operate for another 20 and 10 years respectively. Exelon will continue discussions with policymakers to try to prevent the closures.[35]

Exelon Power

Exelon owns and operates a portfolio of fossil fuel and other sources generating more than 12,400 megawatts (MW) of power. Sources include natural gas, hydroelectric, wind, solar, landfill gas and oil.[30]

Fossil fuel plants include:[36][30]

  • Chester Generating Station[37] – Oil (Pennsylvania), which is distinct from the historic Chester Waterside Station
  • Colorado Bend II Energy Center – Natural gas (Texas)
  • Croydon Generating Station – Oil (Pennsylvania)
  • Delaware Generating Station – Oil (Pennsylvania)
  • Eddystone Generating Station – Natural gas and oil (Pennsylvania)
  • Everett LNG Facility – Natural gas (Massachusetts)
  • Falls Generating Station – Oil (Pennsylvania)
  • Framingham Generating Station – Natural gas (Massachusetts)
  • 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)
  • Moser Generating Station – Oil (Pennsylvania)
  • Mystic Generating Station – Oil and natural gas (Massachusetts)
  • Notch Cliff Generating Station – Natural gas (Maryland)
  • Perryman Generating Station – Oil and natural gas (Maryland)
  • Philadelphia Road Generating Station – Oil (Maryland)
  • Richmond Generating Station – Oil (Pennsylvania)
  • Riverside Generating Station – Oil and natural gas (Maryland)
  • Schuylkill Generating Station – Oil (Pennsylvania)
  • Southeast Chicago Energy Project – Natural gas (Illinois)
  • Southwark Generating Station – Oil (Pennsylvania)
  • West Medway Generating Station I – Oil (Massachusetts)
  • West Medway Generating Station II – Natural gas (Massachusetts)
  • Westport Generating Station – Natural gas (Maryland)
  • Wolf Hollow II Generating Station – Natural gas (Texas)
  • Wyman Generating Station – Oil (Maine) (minority owner)

Hydro

Exelon's two hydroelectric plants generate 1,600 MW of energy.[38]

Solar

Exelon owns or has interest in three solar power facilities which generate 260 MW of energy.[39][40][41]

  • Antelope Valley Solar Ranch One (California)
  • Exelon City Solar Plant (Chicago, Illinois)[42]
  • Solar Energy Generation Systems (California)

Landfill gas (former)

Exelon operated two landfill gas power plants that were shut down in 2019 due to unfavorable economics.[43][44]

  • Fairless Hills Steam Generating Station (Pennsylvania)
  • Pennsbury Generating Station (Pennsylvania)

Wind

Exelon has 47 wind projects in ten states, totaling nearly 1,500 megawatts (MW).[45] In 2010 Exelon purchased John Deere Renewables for $860 million adding 735 MW to Exelon's capacity.[46]

Exelon PowerLabs, LLC

Exelon PowerLabs is a wholly owned subsidiary of Exelon Corporation. Since 1911, PowerLabs has transformed over the years from being a support to the power industry, to becoming the primary calibrations and testing laboratory for Exelon. It has four individual labs strategically located from the upper-Midwest to the Northeast, enabling experienced staff in engineering, metrology, and nuclear power generation to support the urgent demands of our nation’s nuclear facilities, power grids, and critical supply chains.

As an approved nuclear supplier, its Quality Program satisfies the requirements in 1 0 CFR 50; Appendix B, 10 CFR 21, NQA-1, and ANSI N45.2. It is routinely audited by the Nuclear Procurement Issues Committee (NUPIC) and the Nuclear Industry Assessment Committee (NIAC) — whose results are the basis for evaluation as a supplier to the nuclear industry.

Due to the breadth of its experience in the nuclear industry, it has amassed an extensive inventory of lab equipment to perform a full- spectrum of calibration, testing, and analysis services. It also maintains A2LA Accreditation, assuring technical competence as a laboratory to ISO 17025 standards and extending services to any quality-driven or highly regulated industry.

Services include:

Constellation Energy

Constellation, an Exelon Company, provides energy sales in deregulated markets, known as competitive energy sales, to business, residential and government customers across the United States. Their customers include two-thirds of Fortune 100 companies.[47]

Exelon Utilities

Exelon Utilities is the corporation's regulated transmission and distribution companies.

Atlantic City Electric

Atlantic City Electric is a regulated utility located in New Jersey with 545,000 electric customers.[48]

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.[49] It was previously the leading subsidiary of Constellation Energy Group until Constellation was acquired by Exelon in 2012. As part of the deal, Exelon split off BGE from Constellation's nonregulated energy supply business, and placed BGE under the umbrella of its regulated utilities.

Commonwealth Edison

Commonwealth Edison (ComEd) is regulated utility located in Illinois with 4 million electric customers.[50]

Delmarva Power

Delmarva Power is a regulated utility located in Delaware and the Eastern Shore of Maryland with 515,000 electric customers over 5,000 square miles of service territory. They provide natural gas to 130,000 customers in northern Delaware.[51]

Philadelphia Electric Company

Philadelphia Electric Company (PECO) is regulated utility located in eastern Pennsylvania with 1.6 million electric customers and more than 500,000 natural gas customers.[52]

Potomac Electric Power Company

Potomac Electric Power Company (PEPCO) is a regulated utility in Washington, D.C. that serves 842,000 electric customers in the district and parts of Maryland.[53]

Exelon Transmission Company

Exelon Transmission Company is specifically focused on the development of power transmission lines—specifically the RITELine project which involves work in Ohio, Indiana, and Illinois.[54][55]

Political activity

Exelon's political action committee (PAC) is EXELONPAC.[56] Since divesting from coal, the company is better positioned than many of its competitors to benefit from carbon pricing under a cap and trade plan for reducing carbon dioxide emissions.[57] "[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%.'"[31] 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.[58]

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.[59][60]

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.[61] 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.[62]

References

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  3. ^ a b "Exelon Corporation About Us".
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  5. ^ a b c Fahey, Jonathan. "Exelon's Carbon Advantage". Forbes. Retrieved 2018-05-07.
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  16. ^ a b Press Releases
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  26. ^ Quaker group says North Philly solar panels could meet PECO power target this year. StateImpact Pennsylvania. Retrieved 2016-04-07.
  27. ^ Renewed opposition to Exelon-Pepco merger threatens to scuttle deal, Baltimore Sun, March 2, 2016
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  29. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
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  44. ^ Bagenstose, Kyle. "Bucks landfill gas power plant, 3rd largest in country, closing". Bucks County Courier Times. Retrieved 11 August 2020.
  45. ^ "Exelon to build its first commercial wind farm in Ohio – Electric Power". platts.com. Retrieved 2018-05-09.
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  53. ^ "ABOUT US". Archived from the original on 16 March 2016. Retrieved 24 March 2016.
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  55. ^ "RITELine Transmission". Retrieved 17 December 2012.
  56. ^ "Exelon Corp". OpenSecrets. Retrieved 2012-04-21.
  57. ^ 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
  58. ^ "AmeriScan: June 30, 2005". Ens-newswire.com. Retrieved 2012-04-21.
  59. ^ "Radiation Leak Minimal in Byron Shutdown: U.S." NBC Chicago. Retrieved 2018-05-09.
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  61. ^ Nuclear Regulatory Commission news release
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  • Exelon Corporation website
  • Constellation website
  • BGE website
  • ComEd website
  • PECO website
  • Exelon PowerLabs website
  • Business data for Exelon:
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