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BUSINESS
May 25, 2012 | Inquirer Staff Report
Exelon Corp., the parent company of Peco Energy Co., on Thursday launched a new corporate logo and brand strategy following its $7.9 billion merger with Constellation Energy Group of Baltimore. Exelon's new logo, which replaces the green and blue logo that Exelon has used since its formation in 2000, is "a modern, dynamic and progressive emblem that better represents the new company," Exelon said in a news release. The new logo depicts the company name beside a tri-color flag-like symbol "to represent that Exelon is leading the charge.
NEWS
February 16, 2012
The Nuclear Regulatory Commission on Thursday said it has approved the proposed merger between Exelon Corp. and Constellation Energy Group, Inc. , including the indirect transfer of operating licenses for five commercial nuclear power plants and two spent fuel storage installations. The merger would result in Exelon indirectly owning 50.01 percent of Constellation Energy Nuclear Group , which is jointly owned by Constellation and EDF, Inc., a subsidiary of Electricité de France SA. The company holds operating licenses for five nuclear power plants – Calvert Cliffs 1 and 2 on Chesapeake Bay in Maryland, Nine Mile Point 1 and 2, near Oswego, N.Y., and R.E. Ginna Nuclear Power Plant, near Rochester, N.Y. The NRC's approval is one of several regulatory hurdles the merger needs to clear before it is consumated.
SPORTS
April 27, 2003 | By Joe Logan INQUIRER STAFF WRITER
If you're a serious golf fan, it's time to start planning how you're going to spend the first week of June - the area is going to be awash in good golf. Come June 2, the top elder statesmen from the world of golf will begin arriving at Aronimink Golf Club in Newtown Square for practice rounds for the area's first major championship of any kind in 23 years, the Senior PGA Championship. And down the road in Wilmington, the best women players will be tuning up for their second major of the season, that week's McDonald's LPGA Championship at DuPont Country Club.
NEWS
September 19, 2006
When an auctioneer starts the bidding at an unfair price, it takes a mighty long time to reach a deal that's attractive to potential buyers. Maybe that's one reason utility customers and government regulators were never really sold on Exelon's controversial, $17 billion takeover of New Jersey's major utility, Newark-based Public Service Enterprise Group. The deal that Peco Energy Co.'s parent finally scrapped last week was launched without any tangible benefits for consumers.
NEWS
March 12, 2012 | By Andrew Maykuth, INQUIRER STAFF WRITER
Exelon Corp., the Chicago company that owns Philadelphia’s Peco Energy Co., on Monday completed its $7.9 billion takeover of Constellation Energy Group, which owns Baltimore Gas & Electric Co., to form one of the nation’s largest suppliers of energy products and services. With the merger, Exelon’s chairman and chief executive John W. Rowe retires. Christopher Crane, Exelon’s chief operating officer, becomes the combined company’s president and chief executive and Mayo Shattuck III, Constellation’s chief executive, becomes executive chairman.
BUSINESS
June 29, 2005 | By Jeff Gelles INQUIRER STAFF WRITER
In a challenge to Exelon Corp.'s proposed acquisition of Public Service Enterprise Group Inc., Philadelphia Gas Works contends that the new company would have too much power over the region's electricity and natural-gas markets. The city-owned utility says the deal would give Exelon so much leverage that it could use control over gas supplies to artificially boost profits from its fleet of nuclear power plants. In testimony submitted this week to the Pennsylvania Public Utility Commission, PGW proposes requiring the merged company to sell its natural-gas holdings in Pennsylvania and New Jersey, including the gas-utility portions of Philadelphia's Peco Energy and Newark's Public Service Electric & Gas. That would go well beyond the divestitures already proposed by Exelon and PSEG to win approval of the deal, which was announced in December.
BUSINESS
July 1, 2005 | By Jeff Gelles INQUIRER STAFF WRITER
During negotiations that helped win approval for the 2000 merger that gave birth to Exelon Corp., Peco Energy Co. agreed to expand programs aimed at easing the utility-bill burden on the area's poorest families. One new program, begun in January 2004, was designed to serve up to 7,500 households in the toughest straits. So far it has enrolled 14. Overall, Peco has placed about 15,000 households in three new discount programs designed to accommodate up to 40,000 households with incomes below 50 percent of the federal poverty level - in other words, a family of two with income up to $6,415, or a family of four that takes in $9,675 or less.
NEWS
June 16, 2005
Energy giant Exelon Corp. recently offered to sell off another 2.1 percent of its generating power so as to come in under weight for its merger with New Jersey's major utility. All told, the utility firm would whittle nearly 13 percent of its generating capacity to address competition concerns. But the proposed marriage of Exelon, parent of Peco Energy Co., and New Jersey's Public Service Enterprise Group Inc., which serves two million Public Service Electric & Gas customers, still looks to spawn the proverbial 900-pound elephant.
NEWS
February 21, 2012 | By Sally A. Downey, Inquirer Staff Writer
Garrett Dean Edwards, 64, of Kennett Square, a retired Exelon Corp. engineer and expert on nuclear power, died of a heart attack Wednesday, Feb. 15, at home. Mr. Edwards was a member of the engineering group involved in the construction and start-up of the Limerick nuclear power plant in Montgomery County for Peco Energy Co., now part of Exelon. Unit 1 at Limerick began operating in 1984. Unit 2 was powered in 1989. After a decade at Limerick, Mr. Edwards was plant manager at the Peach Bottom Atomic Power Station in York County from 1993 to 1998.
SPORTS
June 5, 2007 | By Joe Logan, Inquirer Staff Writer
It was one of those moments of clarity, or stark reality, when the difference between us and them suddenly comes into focus. The us, in this case, are ordinary recreational golfers, even quite good golfers. The them are PGA Tour members. The moment in question came at yesterday's ninth Exelon Invitational at the ACE Club in Lafayette Hill, at the fifth hole. The fifth at the ACE Club is 385 yards from the back tees, and every inch of it is downhill, eventually leading to an enormous green, with a necklace of four ominous bunkers standing guard.
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BUSINESS
September 3, 2016 | By Andrew Maykuth, Staff Writer
Golf and energy are two concepts not often associated with each other, except during lightning storms. But Constellation believes the sport represents a growing opportunity for its energy services business. The Exelon Corp. subsidiary announced Thursday a long-term agreement with the Professional Golfers' Association of America as its "official energy provider and sustainability partner. " The agreement provides for the Baltimore-based company to supply electrical power to several tour events, including the annual PGA Championship.
NEWS
June 4, 2016 | By Andrew Maykuth, STAFF WRITER
Exelon Corp. said Thursday that it will give early retirements to Illinois nuclear power plants it says are among its best performers, now that the state Legislature declined to act on the company's request for financial support. Exelon - the parent company of Philadelphia-area utilities Peco Energy, Atlantic City Electric, and Delmarva Power & Light - announced that it would retire its Quad Cities and Clinton plants, which have lost a combined $800 million in seven years in electricity markets depressed by low natural-gas prices.
BUSINESS
May 28, 2016 | By Andrew Maykuth, Staff Writer
This week's capacity auction for the regional power grid contained some good news for consumers: Prices are down. But the results will increase pressure on generators struggling to compete in a new energy world dominated by abundant natural gas. Payments from consumers to suppliers that can guarantee capacity in the year starting June 2019 will fall by $4.1 billion to $6.9 billion, said PJM Interconnection L.L.C., the Valley Forge grid operator that...
NEWS
March 23, 2016 | By Andrew Maykuth, STAFF WRITER
Exelon Corp. on Monday shut down its Limerick Generating Station Unit 1 in Montgomery County for a planned refueling outage. While the unit is offline, a third of the reactor's fuel is replaced. Refueling outages, which typically occur about every 18 or 24 months for a reactor, are scheduled for spring and fall when demand for electricity is lower. They are huge undertakings involving thousands of workers, who often conduct other scheduled maintenance work during the weeks when the reactor is offline.
NEWS
February 28, 2016 | By Andrew Maykuth, STAFF WRITER
Washington, D.C., utility regulators on Friday rejected Exelon Corp.'s $6.8 billion bid to take over Pepco Holdings Inc., but they proposed an alternative plan to combine the companies and gave the parties 14 days to approve. The District of Columbia's Public Service Commission voted, 2-1, to reject a settlement that was approved by the two companies and the city's mayor. In August, the commission voted down the merger plan, and Exelon responded by boosting its financial commitment to District ratepayers from $14 million to $78 million.
NEWS
October 28, 2015 | By Andrew Maykuth, Inquirer Staff Writer
Peco Energy Co. and its parent company, Exelon Corp., have arranged credit lines totaling $41.8 million with nine minority and community-owned banks located in Peco's service area, part of a broader Exelon effort to secure a more diverse supply for $123 million in credit lines. United Bank of Philadelphia served as a lead arranger for Peco's $34 million credit facility, of which the nine local banks contributed $19.8 million, said Ben Armstrong, a Peco spokesman. Exelon says its minority and community banking program, which is administered by JPMorgan Chase, has more than tripled in credit-facility size and quadrupled the number of participating banks since it began in 2003.
BUSINESS
October 10, 2015 | By Andrew Maykuth, Inquirer Staff Writer
Exelon Corp., parent company of Peco Energy Co., plans to move some jobs from Philadelphia to Washington - including the job of the executive who chairs a regional business organization that promotes Philadelphia's commercial interests. Exelon has agreed to shift the headquarters of Exelon Utilities from Philadelphia to Washington as part of a deal to win support for its troubled merger with the utility that serves the nation's capital. Exelon Utilities, which oversees the company's utilities in Philadelphia, Chicago, and Baltimore, is headed by Denis P. O'Brien.
BUSINESS
August 26, 2015 | By Andrew Maykuth, Inquirer Staff Writer
Exelon Corp. announced Monday that three of its aging nuclear stations did not clear the regional power grid's capacity auction on Friday, calling the plants' long-term financial viability into question. The plants include Pennsylvania's Three Mile Island Unit 1 outside Harrisburg, which faces growing competition from low-cost natural-gas power producers, and Oyster Creek Generating Station in New Jersey, which is already scheduled for retirement in 2019. Friday's auction by PJM Interconnection, the Valley Forge operator of the power grid serving 13 states, was aimed at securing more reliable electricity supplies during emergencies in 2018-19.
NEWS
March 12, 2015 | Chris Hepp, Inquirer Staff Writer
Whatever privations Nelson A. Diaz suffered as a child growing up in a Harlem tenement, they are in his rearview mirror now. Lynne M. Abraham stands as a testament to the relative generosity of city pensions. And State Sen. Anthony Hardy Williams' household keeps the bills paid with a big boost from fracking interests. Those are a few highlights gleaned from federal tax returns of five Democratic mayoral candidates. Diaz, Abraham, Williams, James F. Kenney, and Doug Oliver voluntarily released past returns to The Inquirer for review.
BUSINESS
January 16, 2015 | By Andrew Maykuth, Inquirer Staff Writer
The New Jersey Board of Public Utilities staff has reached a settlement approving Exelon Corp.'s $6.8 billion merger with Pepco Holdings Inc., the parent company of Atlantic City Electric (ACE). The settlement, which requires the approval of the BPU, would provide $62 million in bill credits for ACE customers, a $15 million energy-efficiency program, and commitments to improve the utility's reliability performance to levels that exceed current BPU requirements. Exelon would also maintain ACE's operational headquarters in Mays Landing and match for 10 years the utility's 2013 level of $709,000 in charitable contributions and community support.
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