Exelon Announces Outcome of 2016-17 PJM Transition Auction
September 01 2015 - 8:00AM
Business Wire
Exelon Corporation (NYSE: EXC) today announced that all of the
Illinois nuclear plants in PJM cleared in the transition capacity
auction for the 2016-17 planning year. The auction results take
effect in June 2016.
This is the first of two transitional auctions that PJM is
holding to supplement its prior base capacity auctions for the
2016-17 and 2017-18 planning years with the new capacity
performance product, which is designed to strengthen electric grid
reliability.
“We continue to be encouraged by these auction results, which
along with EPA’s Clean Power plan, begin to properly value nuclear
power for their reliability and low-carbon benefits,” said Chris
Crane, Exelon president and CEO. “These auction results, as well as
other factors, will come into play as we analyze the current and
expected economics of each of our plants.”
The new capacity auction rules were ordered by the Federal
Energy Regulatory Commission (FERC) to ensure reliability given the
changing nature of the generation fleet as more intermittent
renewable and gas-fired generation comes online. The reforms will
result in generators investing in their power plants to ensure
reliability during extreme weather events and to have sufficient
fuel on hand, which will benefit customers. Exelon spends nearly $1
billion annually on its nuclear plants to add the latest
technologies and keep them operating safely and reliably.
Capacity auctions are held annually by grid operator PJM to
ensure enough power generation resources are available to meet
demand in its region covering all or part of 13 states and the
District of Columbia.
The capacity market reforms are being implemented at a time when
the PJM region is currently experiencing its lowest wholesale
electricity prices in 10 years.
For competitive reasons, Exelon cannot disclose whether its
plants outside of Illinois cleared this auction, given the 2017-18
transition auction taking place this week.
Exelon Corporation (NYSE: EXC) is the nation’s leading
competitive energy provider, with 2014 revenues of approximately
$27.4 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 32,000
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 more than 2.5 million residential, public sector and business
customers, including more than two-thirds of the Fortune 100.
Exelon’s utilities deliver electricity and natural gas to more than
7.8 million customers in central Maryland (BGE), northern Illinois
(ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on
Twitter @Exelon.
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version on businesswire.com: http://www.businesswire.com/news/home/20150901005521/en/
Exelon CorporationPaul ElsbergCorporate
Communications312-394-7417paul.elsberg@exeloncorp.com
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