June 26, 2009
Exelon Applauds House for “Bold, Decisive Action” on Waxman-Markey Climate Change Bill
Energy company a longtime supporter of economy-wide cap-and-trade legislation
CHICAGO (June 26, 2009) – Exelon today praised the U.S. House of Representatives for its passage of the American Clean Energy and Security Act (ACES) sponsored by Chairman Henry A. Waxman of the Energy and Commerce Committee and Chairman Edward J. Markey of the Energy and Environment Subcommittee.
“Addressing climate change is one of the most compelling causes of our time, and we applaud the House for taking bold and decisive action to pass this pragmatic and balanced legislation,” said John W. Rowe, chairman and CEO of Exelon. “Chairmen Waxman and Markey, along with Representative Boucher and Speaker Pelosi, have crafted a bill that balances the need to protect consumers, business and the economy with the urgent need to reduce our nation’s greenhouse gas emissions.”
Exelon is particularly pleased that free allowances will be allocated to local utilities to help mitigate the impact of increased prices on consumers.
“This bill protects Americans’ pocketbooks during the transition to a low-carbon economy by allocating a significant percentage of emissions allowances to local utilities. Utilities will use the proceeds from these allowances to help customers affected by higher energy prices through rebates, low-income assistance, customer energy-efficiency programs and other measures,” Rowe said.
Exelon also thanked House Representatives for their support of this bill that will protect the nation’s economy and American families’ budgets and jobs, while preserving the environment for future generations.
“Addressing climate change is one of the most compelling causes of our time,” added Rowe. “We encourage members of the Senate to follow the bold and decisive action of the House to work on passing similarly comprehensive climate change legislation during this Congress.”
Exelon Corporation is one of the nation’s largest electric utilities with nearly $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 485,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.