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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

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FORM 8-K

 

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

September 7, 2007

Date of Report (Date of earliest event reported)

 

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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 (312) 394-7398		23-2990190
000-16844		PECO ENERGY COMPANY (a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000		23-0970240

 

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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 7 – Regulation FD

 

Item 7.01.

Regulation FD Disclosure.

On September 7, 2007, PECO Energy Company (PECO), a subsidiary of Exelon Corporation (Exelon), announced via press release, programs that PECO is prepared to implement to address critical energy policy including energy efficiency, demand-side management, smart-meter technology and time-of-use rates. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.

PECO also disclosed its current post-transition projection of an increase of 15% to 20% for PECO average electric rates in 2011. The projection is based upon elimination of the competitive transition charge, continuation of current Transmission and Distribution Rates, a forecast of the around the clock energy price using market price projections for 2011, and adjustments required for a full requirements product including capacity, load shaping, ancillary services, line losses, and gross receipts taxes. Individual customer rates for 2011 will vary by customer class and for customers within a class, and will depend upon various factors, including potential procurement legislation and the approved procurement model as well as changes in rate design and potential carbon legislation.

This Current Report on Form 8-K and the attached exhibit are provided under Items 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission (SEC).

Section 9 – Financial Statements and Exhibits

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press release

* * * * *

This combined Form 8-K is being furnished separately by Exelon and PECO (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

This Current Report includes 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 these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2006 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 18; (2) Exelon’s Second Quarter 2007 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; 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 Current 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 Current Report.

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SIGNATURES

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

 

September 11, 2007

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press release

Exhibit 99.1

 

Contact:		Mary Rucci / Cathy Engel		FOR IMMEDIATE RELEASE
		PECO
		2301 Market Street, S14-1
		Philadelphia, PA 19103
		215-841-5555

PECO CEO Outlines New Energy Programs

PHILADELPHIA (September 7, 2007) – PECO President and CEO Denis O’Brien today applauded Governor Rendell and the General Assembly for their commitment to address critical energy needs including energy efficiency, demand-side management and renewable resource development. The company outlined programs it is prepared to implement to address these needs.

“We are pleased that energy policy will be the focus of the upcoming special legislative session and our company is committed to working with Governor Rendell and the legislature as these issues are addressed,” O’Brien added.

In an era of rising energy prices, the company supports a variety of steps to ease the transition to competitive markets and at the same time promote broader energy policy goals. PECO supports the development of a legislative package to help customers manage rising energy prices and increase the use of environmentally friendly alternative fuel sources to meet Pennsylvania’s growing energy needs.

“We believe customers want reliable service at reasonable prices and also want assistance in conserving power. In addition, they want more renewable power in the generation mix to protect the environment,” O’Brien further commented.

PECO is prepared to implement a variety of programs to address these needs, including:

 

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Phasing-in 2011 rate increases

 

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Implementing programs designed to provide information and education to consumers regarding rate increases and managing their bills

 

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Offering aggressive conservation and load management programs

 

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Implementing comprehensive smart meters/time of use programs

 

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Expanding assistance for low-income customers

 

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Providing least-cost, market-based electric generation supply for customers

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“My colleagues and I are prepared to work around the clock to negotiate with the Rendell administration, the General Assembly, and other interested parties to finalize the details of the programs and the cost recovery mechanisms,” O’Brien said.

As a demonstration of PECO’s commitment to moving ahead on this front, PECO announced it will file a plan with the Pennsylvania Public Utility Commission to make “smart meter” time-of-use programs available to its customers.

The plan, which will be filed in the near future, will introduce a multi-phase implementation of a program that will allow customers to manage their energy use and costs by monitoring their usage during on- and off-peak periods. The company’s plan also will reflect the deployment of state-of-the-art metering technology across the entire PECO service territory during the next six to 10 years.

“We believe this kind of program can help our customers reduce their bills, reduce the demand for energy and thereby reduce energy prices overall and we look forward to further discussion,” said O’Brien.

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Based in Philadelphia, PECO is an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC). PECO serves 1.6 million electric and 480,000 natural gas customers in southeastern Pennsylvania. In 2006, the company delivered 38.2 million megawatt-hours (Mwh) of electricity and 76.1 billion cubic feet of natural gas to residential, business and institutional customers. Founded in 1881, PECO is one of the Greater Philadelphia Region’s most active corporate citizens, providing leadership, volunteer and financial support to numerous arts and culture, education, environmental, economic development and community programs and organizations.