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Exelon to split nuclear plants and utilities into two corporations
The Center Square – Nuclear power giant Exelon Corp. approved a plan to separate its utility assets, such as Commonwealth Edison, from the
By Cole Lauterbach · 2021-02-25T14:54:01.000Z
Exelon to split nuclear plants and utilities into two corporations The Center Square – Nuclear power giant Exelon Corp. approved a plan to separate its utility assets, such as Commonwealth Edison, from the company’s nuclear power generation business. The split will create two separate, publicly traded companies. One will contain the company’s six regulated electric and gas utilities and the other will house its competitive power generation assets, including the largest fleet of nuclear power plants in the nation.
“Today is a historic day for our company,” Exelon CEO Christopher Crane said in a statement. “This separation will better position both companies to meet the needs of their customers, employees, and shareholders while providing more focused investment and growth opportunities.”
The company said the move will allow each business to operate with greater agility and financial transparency. The utility company will continue to provide service to roughly 10 million customers across Illinois, Delaware, the District of Columbia, Maryland, New Jersey, and Pennsylvania.
The power generation company will focus on competitive energy markets and clean energy solutions, including its nuclear fleet, which it touts as the largest carbon free energy source in the U.S.
Exelon said it expects the transaction to be completed in the first quarter of 2022. The deal is subject to regulatory and other approvals.