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) April 15, 2016

 

 

 

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 April 15, 2016, Exelon Corporation announced that its Clinton nuclear plant cleared the 2016-2017 MISO capacity auction and is committed to operate through May 31, 2017, consistent with its decision last fall to operate the plant for one additional year. A decision on the future operations of the plant after May 31, 2017 will be made and announced later this 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 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; and (3) 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 report. None 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 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.

 

April 15, 2016

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release

Exhibit 99.1

 

 

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

EXELON ANNOUNCES OUTCOME OF 2016-2017 MISO AUCTION

Clinton nuclear plant clears auction, but still faces retirement unless policy and market reforms are implemented

CHICAGO (April 15, 2016) — Exelon Corporation (NYSE: EXC) today announced that its Clinton nuclear plant cleared in the 2016-2017 MISO capacity auction and is committed to operate through May 31, 2017, consistent with its decision last fall to operate the plant for one additional year. However, the plant continues to lose money and will have to be shut down unless a combination of market and energy policy reforms are implemented to level the playing field for all zero carbon resources and recognize nuclear energy for its environmental, economic, rate stability and reliability benefits. A decision on the future operations of the plant will be announced this year.

“Without urgent action on the policy front, we will have no choice but to prepare for a potential early retirement in the face of continued financial losses at our Clinton nuclear plant,” said Chris Crane, Exelon president and CEO. “The loss of this plant would have significant economic impacts on southern Illinois and erase the environmental benefits equal to 80 percent of the wind installed in Illinois, making it significantly harder and more expensive for the state to meet its carbon reduction goals.”

Exelon is committed to working with state lawmakers and other stakeholders to design comprehensive energy legislation that would promote clean energy and advance development of the next-generation power grid.

An analysis conducted by the state of Illinois found that closing Clinton would cause wholesale energy prices to rise by $236 million to $341 million annually for families and businesses in the region. These cost increases do not include hundreds of millions of dollars that would need to be spent on new transmission lines. The report also found that allowing Clinton to shut down would result in the loss of almost 1,900 direct and indirect jobs and raise carbon emissions in Illinois

 

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by almost 8 million metric tons per year, the equivalent of putting more than 1.7 million cars on the road. The analysis concludes that the societal cost of the increased emissions would be almost $4 billion between 2020 and 2029.

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 auction for planning year 2017-2018 will be held in late March 2017.

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Exelon Corporation (NYSE: EXC), now including the Pepco Holdings utilities, is the nation’s leading competitive energy provider, with 2015 revenues of approximately $34.5 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 32,700 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 approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. 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. Follow Exelon on Twitter @Exelon.

 

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