Exelon Notifies Grid Operator of Plans to Close Quad Cities
July 07 2016 - 9:34AM
Business Wire
PJM notification is latest procedural milestone
for retirement of the Quad Cities and Clinton nuclear energy
facilities in Illinois
Exelon Generation has formally notified grid operator PJM
Interconnection of its plans to retire the Quad Cities Generating
Station on June 1, 2018. This is the latest of several procedural
notifications Exelon is required to make prior to retiring the Quad
Cities and Clinton nuclear stations in Illinois. Last month, Exelon
Generation similarly notified the Nuclear Regulatory
Commission.
On June 2, Exelon announced plans to close the Quad Cities and
Clinton stations on June 1, 2018, and June 1, 2017, respectively,
given the lack of progress on Illinois energy legislation. The
stations have lost a combined $800 million in the past seven years,
despite being two of Exelon’s best-performing plants.
“We continue to work with all stakeholders to ensure the
retirement of these plants is carried out responsibly, safely and
with consideration to the employees and the communities in which
the plants operate,” said Chris Crane, Exelon president and CEO.
“We are committed to being transparent at every step in the
process, and that includes giving grid operators ample time to
prepare for the loss of these units.”
Employees will safely operate Quad Cities until the retirement
date, with staff transitions expected within six months after
retirement. Exelon employs nearly 900 workers at Quad Cities.
Clinton, which operates in the MISO market, employs approximately
700 workers. Exelon plans to formally notify MISO of its plans to
close Clinton later this year.
The Quad Cities and Clinton stations 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 Quad Cities and Clinton, 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) is a Fortune 100 energy company
with the largest number of utility customers in the U.S. Exelon
does business in 48 states, the District of Columbia and Canada and
had 2015 revenue of $34.5 billion. 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. Exelon is one
of the largest competitive U.S. power generators, with more than
32,700 megawatts of nuclear, gas, wind, solar and hydroelectric
generating 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.
Follow Exelon on Twitter @Exelon.
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Exelon CorporationPaul AdamsCorporate
Communications410-470-4167paul.adams@constellation.com
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