June 17, 2009
Exelon Generation Wins Commitments from Utilities in Pennsylvania to Supply Power Starting January 1, 2011
Exelon Generation today announced that it has won commitments from electricity delivery companies Allegheny Power and PECO Energy to provide more than 7 million megawatt-hours of generation supply beginning on January 1, 2011, through May 31, 2013.
CHICAGO (June 17, 2009) – Exelon Generation today announced that it has won commitments from electricity delivery companies Allegheny Power and PECO Energy to provide more than 7 million megawatt-hours of generation supply beginning on January 1, 2011, through May 31, 2013.
“The results of these solicitations underscore the long-term value inherent in Exelon’s well-positioned generation assets,” said Kenneth W. Cornew, President of Exelon Power Team, the company’s wholesale power marketing division.
On June 17, 2009, Exelon Generation was awarded 17 month and 29 month residential full requirements contracts in PECO Energy’s default service procurement. Using PECO Energy’s residential retail generation conversion model as posted on its procurement website, Exelon Generation’s winning offer yields an estimate of the residential retail generation price for PECO Energy for January 1, 2011, through May 31, 2013, of approximately $100-$102/MWh. The solicitation was the first of six for residential and small commercial customers. Included in this estimated retail pricing are energy, capacity, load shaping, Pennsylvania gross receipts tax, transmission and distribution losses, renewable energy requirements, ancillary services, and other components.
In addition to its winning offer in the PECO solicitation, Exelon Generation was also awarded 17 month and 29 month contracts in Allegheny Power’s recently concluded solicitation.
PECO Energy is an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC), serving 1.6 million electric and 485,000 natural gas customers in southeastern Pennsylvania. Allegheny Power is the electricity delivery unit of Allegheny Energy, Inc. (NYSE: AYE), serving approximately 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia.
Forward Looking Statements
This communication includes forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. The factors that could cause actual results to differ materially from these forward-looking statements include 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 Operation and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s First 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 13; and (3) other factors discussed in filings with the Securities and Exchange Commission by Exelon Corporation or Exelon Generation Company LLC (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this communication. None of the Companies undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this communication, except as required by law.
Exelon Corporation is one of the nation’s largest electric utilities with approximately $19 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 to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 485,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.