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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
January 12, 2001
(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
On January 12, 2001, Exelon Corporation issued the following press release:
Exelon Corporation Restructures Its Generation and Enterprises Businesses
CHICAGO, January 12, 2001-- Exelon Corporation (EXC) today announced that it has
restructured its competitive generation and enterprises businesses. This is a
significant step in the corporate restructuring that was outlined as an
integration objective when Exelon was formed on October 20, 2000 by the merger
of Unicom Corporation and PECO Energy.
Under its new business structure, Exelon will serve as a holding company for a
group of subsidiaries. The corporate restructuring separates Exelon's regulated
energy delivery business from its competitive generation and wholesale and other
businesses, streamlines the process for managing, operating and tracking
financial performance of its multiple lines of business, and aligns its legal
and management structure.
ComEd and PECO, Exelon's two regulated energy delivery businesses, will continue
to operate in their respective service territories. ComEd delivers electricity
to more than 3.4 million customers in Northern Illinois. PECO delivers
electricity to 1.5 million customers and 425,000 natural gas customers in a
five-county Philadelphia region.
Through the restructuring, Exelon has created Exelon Ventures Company, which is
comprised of competitive businesses and assets, including Exelon Generation and
Exelon Enterprises.
Exelon Generation combines the generation assets formerly held by PECO Energy
and ComEd. The portfolio includes 46 GW of power with a nationwide reach and
strong positions in the Midwest and Mid-Atlantic. Its nuclear fleet is the
largest in the United States and the third largest commercial fleet in the
world. Power Team, Exelon Generation's wholesale power marketing business,
operates 24 hours a day and is one of the largest wholesale power marketers in
North America.
Exelon Generation's portfolio, expertise, scope and ability to enter into energy
contracts provides the ComEd and PECO service territories with sufficient power
supply.
Exelon Enterprises combines the competitive businesses formerly held by PECO
Energy and Unicom Corporation. Exelon Enterprises focuses its business
activities in the areas of energy, energy services, infrastructure and
communications, creating long-term future growth through extraordinary service,
innovative technology and new product applications.
"This new structure gives us a higher degree of flexibility as we pursue our
growth strategies in competitive sectors of the energy industry and provides us
with greater clarity around the financial performance of all of our
investments," said Randall Mehrberg, Exelon Senior Vice President and General
Counsel. "Given today's continuously changing business landscape, we believe
this structure positions us for future growth and to meet our financial
commitments."
In addition, Exelon formed Exelon Business Services Company, which provides a
full range of support services such as legal, human resources and financial
services to Exelon business units.
Exelon Corporation is one of the nation's largest electric utilities with
approximately five million customers and more than $12 billion in annual
revenues. The company has one of the industry's largest portfolios of
electricity generation capacity, with a nationwide reach and strong positions in
the Midwest and Mid-Atlantic. Exelon distributes electricity and gas to
approximately five million customers in Illinois and Pennsylvania. The company
also has holdings in such competitive businesses as energy, infrastructure
services, energy services and telecommunications. Exelon is headquartered in
Chicago and trades on the NYSE under the ticker EXC.
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
January 16, 2001