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
August 6, 2009
Date of Report (Date of earliest event reported)
| Commission File |
Exact Name of Registrant as Specified in Its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number |
IRS Employer | ||
| 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 | ||
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)) |
Section 8 – Other Events
| Item 8.01. | Other Events. |
On August 14, 2009, PECO Energy Company (PECO) filed a $650 million plan with the Pennsylvania Public Utility Commission to install more than 1.6 million residential and commercial smart meters and deploy advanced communications networks over ten years. PECO’s smart meter plan will seek approval to install the advanced metering infrastructure, backbone communications network and information systems to integrate customer energy usage with utility operations.
In addition, on August 6, 2009, PECO filed an application with the United States Department of Energy seeking $200 million in matching funds through the federal stimulus grant program. A stimulus grant would allow PECO to install up to 600,000 meters by 2012.
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
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 Corporation 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 2008 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 2009 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 14; and (3) other factors discussed in filings with the Securities and Exchange Commission 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.
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.
| EXELON CORPORATION |
| /s/ Matthew F. Hilzinger |
| Matthew F. Hilzinger |
| Senior Vice President and Chief Financial Officer |
| Exelon Corporation |
| PECO ENERGY COMPANY |
| /s/ Phillip S. Barnett |
| Phillip S. Barnett |
| Senior Vice President and Chief Financial Officer |
| PECO Energy Company |
August 14, 2009
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press release |
Exhibit 99.1
| Contact: | Cathy Engel | FOR IMMEDIATE RELEASE | ||
| PECO | Follow us on Twitter @ PECOphila | |||
| 2301 Market Street, S14-1 | ||||
| Philadelphia, PA 19103 | ||||
| 215-841-5555 | ||||
| catherine.engel@peco-energy.com |
PECO Officially Files Smart Meter Plan
PHILADELPHIA (August 14, 2009) – Today PECO filed a plan with the Pennsylvania Public Utility Commission to install more than 1.6 million residential and commercial smart meters and deploy advanced communications networks. One of the largest investments in company history, the $650 million plan-including the company’s broader smart grid plan and recent stimulus grant application – could save customers about $1.5 billion during the life of the project, improve service and benefit the environment. Additional information can be found at www.peco.com/SMART.
PECO’s smart meter plan will seek approval to install the advanced metering infrastructure, backbone communications network and information systems to integrate customer energy usage with utility operations. The communications networks – fiber optics and wireless – will enable two-way communication. If approved, the company would build an advanced metering infrastructure (AMI) and provide smart meters to all of its 1.6 million customers in 10 years.
In addition, earlier this month, the company filed an application with the United States Department of Energy seeking $200 million in matching funds through the federal stimulus grant program. A stimulus grant would allow for a faster, wider smart meter and smart grid deployment – allowing the company to install up to 600,000 meters by 2012. A stimulus grant also would reduce overall costs to PECO customers by about $125 each.
“PECO is making long-term investments in critical infrastructure that will deliver significant benefits to our customers, the communities we serve, and the environment,” said Denis O’Brien, PECO president and CEO. “Our smart meters will make a meaningful difference to our customers through reduced energy costs and enhanced operational performance, and they also will position our region to attract new energy-related businesses and jobs.”
Today’s filing supports a broader environmental initiative at PECO and also is a component of Exelon 2020: A Low-Carbon Roadmap, the comprehensive environmental strategy of PECO’s parent company. Exelon 2020 sets the goal of reducing, offsetting or displacing more than 15 million metric tons of greenhouse gas emissions per year by 2020. This is more than the company’s current annual carbon footprint and is equivalent to taking nearly 3 million cars off American roads and highways.
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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 485,000 natural gas customers in southeastern Pennsylvania and employs about 2,400 people in the region. PECO delivered 83.7 billion cubic feet of natural gas and 39.4 billion kilowatt-hours of electricity in 2008. 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.
If you are a member of the media and would like to receive PECO news releases via e-mail please send your e-mail address to PECO.Communication@exeloncorp.com