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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
December 20, 2000
(Date of earliest
event reported)
EXELON CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 1-16169 23-2990190
(State or other (SEC (IRS Employer
jurisdiction of file number) Identification
incorporation) Number)
37th Floor, 10 South Dearborn Street
Post Office Box A-3005
Chicago, Illinois 60690-3005
(Address of principal executive offices)
Registrant's telephone number, including area code:
(312) 394-4321
Item 5. Other Events
Commonwealth Edison Company (ComEd) has proposed to transfer its nuclear
generating stations to a new generating company (Exelon Genco) that will be a
subsidiary of ComEd's parent company, Exelon Corporation. In connection with the
proposed transfer of the nuclear generating stations, ComEd asked the Illinois
Commerce Commission (ICC) to approve the continued recovery of decommissioning
costs after the proposed transfer.
On December 20, 2000, the ICC issued an order finding that the ICC has the legal
authority to permit ComEd to continue to recover decommissioning costs from
customers for the six-year term of the power purchase agreements between ComEd
and Exelon Genco. Under the ICC order, upon a transfer of the nuclear stations
to Exelon Genco , ComEd will be permitted to recover $73 million per year from
customers for decommissioning for the years 2001-2004. In 2005 and 2006, ComEd
can recover up to $73 million annually, depending upon the portion of the output
of the former ComEd nuclear stations that ComEd purchases from Exelon Genco.
Subsequent to 2006, there will be no further recoveries of decommissioning costs
from customers. The ICC order also provides that any surplus funds after the
nuclear stations are decommissioned must be refunded to customers.
The amount of recovery in the ICC order is less than the $84 million amount
ComEd currently recovers annually and is less than the $121 million per year for
six years requested by ComEd. ComEd is currently evaluating the order and has
not determined whether it will appeal the order.
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.
EXELON CORPORATION
/S/ Ruth Ann M. Gillis
---------------------------
Principal Financial Officer
December 22, 2000