UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 29, 2015

 

 

 

Commission File Number		Exact Name of Registrant as Specified in Its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number		IRS Employer Identification Number
1-16169		EXELON CORPORATION (a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220		23-2990190
333-85496		EXELON GENERATION COMPANY, LLC (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 765-5959		23-3064219

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Section 8 – Other Events

Item 8.01 Other Events.

On October 29, 2015, Exelon Corporation announced that it will defer any decision about the future operations of its Clinton nuclear plant for one year and plans to bid the plant into the MISO capacity auction for the 2016-2017 planning year. A copy of the press release with this announcement is attached as Exhibit 99.1.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit No.		Description
99.1		Press Release

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Cautionary Statements Regarding Forward-Looking Information

This report 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 and Generation include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2014 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 22; (2) Exelon’s Second Quarter 2015 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 19; and (3) other factors discussed in filings with the SEC by Exelon and Generation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. Exelon and Generation do not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this report.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

October 29, 2015

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release

Exhibit 99.1

 

		News Release

 

Contact:		Paul Adams Corporate Communications 410-470-4167 paul.adams@constellation.com		FOR IMMEDIATE RELEASE

EXELON DEFERS DECISION ON CLINTON NUCLEAR PLANT FOR ONE YEAR

Company will bid Illinois plant into 2016-2017 MISO capacity auction

CHICAGO (Oct. 29, 2015) — Exelon Corporation (NYSE: EXC) today announced that it will defer any decision about the future operations of its Clinton nuclear plant for one year and it plans to bid the plant into the Midcontinent Independent System Operator (MISO) capacity auction for the 2016-2017 planning year.

MISO’s announcement this week acknowledging the need for market design changes in southern Illinois is a key factor in the company’s decision to defer for an additional year. On Oct. 27, MISO posted an issues statement saying reforms to its capacity market process may be required to drive future investments and help ensure a reliable electricity supply for consumers, and it plans to engage stakeholders to consider such reforms.

Other factors driving the decision include recent positive results from the Illinois Power Agency’s capacity procurement for 2016 and the long-term impact of the Environmental Protection Agency’s (EPA) Clean Power Plan, among others.

“We are encouraged by MISO’s statement and the potential for market reforms that are necessary to ensure long term reliability in southern Illinois,” said Chris Crane, Exelon president and CEO. “However, the Clinton plant remains unprofitable and more needs to be done.”

The decision to defer for a year on the future of the Clinton nuclear plant also will provide Illinois policymakers with more time to consider policy reforms and potential legislation that will level the playing field for all forms of carbon-free electricity and best position the state of Illinois to comply with the EPA’s Clean Power Plan.

The EPA’s Clean Power Plan, which mandates significant reductions in carbon emissions from power plants, will require states and the power sector to find the most cost-effective solutions to achieve the required reductions.

 

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A report issued by the Illinois Environmental Protection Agency pursuant to Illinois House Resolution 1146 determined that the loss of two nuclear plants in the state would increase emissions by about 24 million short tons, more than doubling the emissions reductions required under the EPA’s carbon reduction rules and making it twice as costly to comply. The Illinois EPA calculated the incremental societal cost of losing two plants at more than $10 billion — a figure that does not include the additional billions of dollars early retirements would cost in the form of higher energy bills, reduced electric reliability and lost jobs.

MISO holds a capacity auction annually to ensure enough power generation resources are available to meet demand in its region covering southern Illinois and much of the Midwest. The next MISO capacity auction for planning year 2016-2017 is scheduled for late March 2016.

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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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