January 08, 2009
Exelon Generation Formally Integrates AmerGen Assets Into Exelon Nuclear
Exelon Generation today officially integrated the nuclear generation assets held by its AmerGen Energy Company LLC subsidiary into Exelon Nuclear and dissolved the AmerGen legal entity.
KENNETT SQUARE, Pa., (Jan. 8, 2009) – Exelon Generation today officially integrated the nuclear generation assets held by its AmerGen Energy Company LLC subsidiary into Exelon Nuclear and dissolved the AmerGen legal entity.
The Nuclear Regulatory Commission approved the formal transfer of the operating licenses for these facilities to Exelon Generation on Dec. 23, 2008, which was a key step in the final integration process.
“The formal integration of AmerGen into Exelon Nuclear is an important milestone for us,” said Exelon Nuclear President and Chief Nuclear Officer Charles (Chip) Pardee. “AmerGen employees helped create the American nuclear renaissance through their hard work and commitment. With AmerGen’s employees now formally part of the Exelon Nuclear team, we are a stronger, more diverse organization that remains committed to delivering safe and reliable power to our customers.”
The former AmerGen facilities that joined Exelon Nuclear today include the Clinton Power Station, in Clinton, Ill., Oyster Creek Generating Station, in Forked River, N.J. and Three Mile Island Unit 1, in Londonderry Township, Pa.
While the AmerGen facilities have operated with combined operations, reporting and regulatory functions with Exelon Nuclear’s seven other nuclear facilities since late 2000, the integration now includes all other business areas, such as budget, employee payroll and benefits, and taxes. Accordingly, the change will have no impact on the safe, reliable production of electricity generated from these plants.
AmerGen was formed in 1997 as a joint venture between British Energy and PECO Energy. AmerGen acquired Clinton Power Station and Three Mile Island Unit 1 in December 1999, and Oyster Creek Generating Station in August 2000. In October 2000, PECO Energy merged with Unicom to create Exelon Corp. In December 2003, Exelon Generation acquired British Energy’s 50 percent stake in AmerGen.
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 Pennsylvania and natural gas to approximately 480,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.