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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
November 10, 2003
(Date of earliest
event reported)
Exhibit 99
[COMED LOGO]
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An Exelon Company
News Release
From: Commonwealth Edison FOR IMMEDIATE RELEASE
Media Relations Monday, November 10, 2003
Chicago, IL 60680-5379
Contact: Tabrina Davis
312.394.7919
312.394.3500
ComEd's Parent Company, Exelon, Announces Key Modifications to House Bill 2200
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CHICAGO - Exelon Corporation and its ComEd subsidiary today announced important
modifications to legislation they are seeking to facilitate Exelon's proposed
acquisition of Illinois Power. The modifications address concerns expressed by
legislators last week - the first week of the Illinois General Assembly's fall
session.
ComEd will no longer submit a rate proposal in conjunction with the Illinois
Commerce Commission's review of Exelon's proposed acquisition of Illinois Power.
Until now, ComEd had planned to ask the ICC to set its rates for the 2007
through 2010 period in conjunction with the acquisition review.
"We have listened carefully to the concerns of the Governor, legislative
leaders, constitutional officers, lawmakers and the bill sponsors and have made
these modifications to address any misperceptions that the ComEd rate plan was
designed to finance the acquisition of Illinois Power," said Frank M. Clark,
President of ComEd. "While the modified legislation is not as desirable to us as
our original plan, Exelon could proceed with the acquisition of Illinois Power
under this scenario. We continue to believe that this transaction will be good
for Exelon and ComEd's customers, employees and investors and Illinois Power's
customers and employees."
If the legislation, House Bill 2200, is passed into law, Exelon officials said
that they would ask the ICC to determine rates for Illinois Power in conjunction
with the acquisition review, as previously planned.
In response to concerns regarding power purchases, Exelon would submit for ICC
review all power purchase agreements that ComEd and Illinois Power will have
with Exelon Generation that would be addressed in rates when the rate freeze
expires at the end of 2006. The ICC would be charged with determining the
prudence of electricity acquisitions under the power purchase agreements and if
they are in the public interest. Even after the transaction is completed, the
ICC will retain this authority to review future power purchase agreements.
Other important provisions of the legislation remain unchanged from the previous
version. Exelon will continue to seek an expedited nine-month ICC review process
for its acquisition of Illinois Power.
Exelon remains committed to renewable energy and environmental stewardship.
"These modifications should make clear that the acquisition of Illinois Power
and the ComEd rate plan are separate issues and each stands on its own merits,"
Clark said. "While this modified approach provides Exelon with less certainty,
it reflects our strong desire to find a solution that balances the interests of
all stakeholders. We are optimistic that this latest proposal will do just that.
These latest modifications should leave no doubt about the sincerity of our
intentions to purchase Illinois Power."
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ComEd
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Exelon also will remain committed to maintaining a strong Illinois Power
presence in Decatur, and to protecting jobs through its acquisition.
"We hope to provide stability for the working men and women of Illinois Power,"
Clark said.
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Except for the historical information contained herein, certain of the
matters discussed in this news release are 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 a registrant include those factors discussed
herein, as well as the items discussed in (a) the Registrants' 2002 Annual
Report on Form 10-K - ITEM 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations-Business Outlook and the Challenges in
Managing Our Business for each of Exelon, ComEd, PECO and Generation, (b) the
Registrants' 2002 Annual Report on Form 10-K - ITEM 8. Financial Statements
and Supplementary Data: Exelon - Note 19, ComEd - Note 16, PECO - Note 18
and Generation - Note 13 and (c) other factors discussed in filings with
the United States Securities and Exchange Commission (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 release. 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 release.
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Commonwealth Edison is a unit of Chicago-based Exelon Corporation (NYSE, EXC),
one of the nation's largest electric utilities with more than $15 billion in
revenues and a customer base of five million. ComEd provides service to
approximately 3.5 million customers across Northern Illinois, or 70 percent of
the state's population.