Exelon Notifies Nuclear Energy Regulator of Plans to Close Clinton and Quad Cities
June 22 2016 - 11:26AM
Business Wire
NRC notification is first procedural milestone
for retirement of the two nuclear energy facilities
Exelon Generation earlier this week formally notified the
Nuclear Regulatory Commission (NRC) of plans to retire the Clinton
and Quad Cities nuclear stations in 2017 and 2018, respectively.
This marks the first of several procedural notifications Exelon
will make in the coming months to inform regulators, grid operators
and state agencies of the plant retirements.
Exelon announced plans to close the plants earlier this month,
given the lack of progress on Illinois energy legislation. The
Clinton Power Station in Clinton, Ill., will close on June 1, 2017,
and the Quad Cities Generating Station in Cordova, Ill., will close
on June 1, 2018.
“We worked for more than two years to find a solution, but now
it is time to take the necessary steps to retire the plants,” said
Chris Crane, Exelon president and CEO. “We are committed to working
with all stakeholders to ensure the plants are shut down in a
responsible, safe and transparent way.”
Quad Cities and Clinton have lost a combined $800 million in the
past seven years, despite being two of Exelon’s best-performing
plants.
Employees will safely operate the facilities until the
retirement dates, with staff transitions expected within six months
after retirement. Exelon employs nearly 700 workers at Clinton and
800 workers at Quad Cities.
Retiring these stations will have a significant economic and
environmental impact on the region. The plants support
approximately 4,200 direct and indirect jobs and produce more than
$1.2 billion in economic activity annually. A state report found
that closing the plants would increase wholesale energy costs for
the region by $439 million to $645 million annually.
Exelon will continue to work with stakeholders on passing the
Next Generation Energy Plan that is critical to the state’s
environment and economy. While these needed policy reforms may come
too late to save some plants, Exelon is committed to working with
policymakers and other stakeholders to advance an all-of-the-above
plan that would promote zero-carbon energy, create and preserve
clean-energy jobs, establish a more equitable utility rate
structure and give customers more control over their bills.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, that are subject to risks and uncertainties. The factors
that could cause actual results to differ materially from the
forward-looking statements made by Exelon Corporation and Exelon
Generation Company, LLC (Registrants) include those factors
discussed herein, as well as the items discussed in (1) Exelon’s
2015 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b)
ITEM 7. Management’s Discussion and Analysis of Financial Condition
and Results of Operations and (c) ITEM 8. Financial Statements and
Supplementary Data: Note 23; (2) Pepco Holdings, Inc.’s 2015 Annual
Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and (c) ITEM 8. Financial Statements and
Supplementary Data: Note 16; (3) Exelon’s First Quarter 2016
Quarterly Report on Form 10-Q in (a) Part II, Other Information,
ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and (c) Part I, Financial Information, ITEM
1. Financial Statements: Note 18 and (4) other factors discussed in
filings with the SEC by the Registrants. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
apply only as of the date of this press release. Neither of the
Registrants undertakes any obligation to publicly release any
revision to its forward-looking statements to reflect events or
circumstances after the date of this press release.
Exelon Corporation (NYSE: EXC), now including the Pepco Holdings
utilities, is the nation’s leading competitive energy provider,
with 2015 revenues of approximately $34.5 billion. Headquartered in
Chicago, Exelon does business in 48 states, the District of
Columbia and Canada. Exelon is one of the largest competitive U.S.
power generators, with more than 32,700 megawatts of owned capacity
comprising one of the nation’s cleanest and lowest-cost power
generation fleets. The company’s Constellation business unit
provides energy products and services to approximately 2 million
residential, public sector and business customers, including more
than two-thirds of the Fortune 100. Exelon’s six utilities deliver
electricity and natural gas to approximately 10 million customers
in Delaware, the District of Columbia, Illinois, Maryland, New
Jersey and Pennsylvania through its Atlantic City Electric, BGE,
ComEd, Delmarva Power, PECO and Pepco subsidiaries. Follow Exelon
on Twitter @Exelon.
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Exelon CorporationPaul AdamsCorporate
Communications410-470-4167paul.adams@constellation.com
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