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

Date of Report (Date of earliest event reported) August 21, 2015

 

 

 

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 (800) 483-3220		23-2990190
333-85496		EXELON GENERATION COMPANY, LLC (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 7650-5959		23-3064219

 

 

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 8 – Other Events

Item 8.01 Other Events.

On August 21, 2015, Exelon Corporation (Exelon) learned the results of the most recent PJM capacity auction, which covers the generating year from June 1, 2018 to May 31, 2019. Three Exelon Generation Company, LLC (Generation) nuclear units located in PJM – Oyster Creek in New Jersey, Quad Cities in Illinois, and Three Mile Island in Pennsylvania – did not clear the auction.

A copy of the press release concerning the auction results released by Exelon is attached as Exhibit 99.1.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit No.		Description
99.1		Press Release

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Cautionary Statements Regarding Forward-Looking Information

This report contains certain 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 Exelon and Generation include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2014 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 22; (2) Exelon’s Second Quarter 2015 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 19; and (3) other factors discussed in filings with the SEC by Exelon and Generation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. Exelon and Generation do not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this report.

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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.

 

August 21, 2015

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release

Exhibit 99.1

 

 

Contact:		Paul Elsberg		FOR IMMEDIATE RELEASE
		Corporate Communications
		312-394-7417
		paul.elsberg@exeloncorp.com

EXELON ANNOUNCES OUTCOME OF 2018-19 PJM CAPACITY AUCTION

Oyster Creek, Quad Cities and Three Mile Island nuclear plants did not clear

CHICAGO (Aug. 24, 2015) — Exelon Corporation (NYSE: EXC) today announced that the Oyster Creek, Quad Cities and Three Mile Island nuclear power plants did not clear in the PJM capacity auction for the 2018-19 planning year. The auction is held annually by grid operator PJM to ensure enough power generation resources are available to meet demand in its region covering all or part of 13 states and the District of Columbia. This auction was the first held under new “capacity performance” reforms designed to spur investment in power plants that will improve their performance and strengthen electric grid reliability.

The nuclear plants that did not clear in the auction will not receive capacity revenue from this auction. Although capacity revenue in a single year is an important consideration in a plant’s long-term viability, it is just one of several factors Exelon will use to make decisions about its plants’ future operations. Exelon is obligated to inform PJM this fall if any of its nuclear plants will not be participating in the auction next year.

“The PJM market reforms are a step in the right direction to recognize nuclear energy’s high reliability, and while three of our plants in PJM did not clear, we view the auction results as an encouraging sign that these reforms will begin to level the playing field,” said Chris Crane, Exelon president and CEO. “We will consider auction results, along with other data points, including EPA’s Clean Power Plan, as we make decisions about the future of these critical long-life assets.”

The new capacity auction rules were approved by the Federal Energy Regulatory Commission (FERC) to reflect the changing nature of the generation fleet as more intermittent renewable and gas-fired generation comes online. The reforms will result in fossil generators investing in their power plants to ensure reliability during extreme weather events and to have sufficient fuel on hand.

 

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Exelon spends nearly $1 billion annually on its nuclear plants to add the latest technologies and keep them operating safely and reliably.

Over the next few weeks, PJM will hold two transitional auctions to supplement PJM’s prior capacity purchases for the 2016-17 and 2017-18 planning years with the new capacity performance product.

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Exelon Corporation (NYSE: EXC) is the nation’s leading competitive energy provider, with 2014 revenues of approximately $27.4 billion. Headquartered in Chicago, Exelon does business in 48 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with more than 32,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to more than 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Exelon’s utilities deliver electricity and natural gas to more than 7.8 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on Twitter @Exelon.

 

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