Sign In

Statement on Exelon Generation Texas Power LLC

 

​CHICAGO — Exelon Corporation (NYSE: EXC) today issued the following statement on Exelon Generation Texas Power LLC (EGTP), a wholly owned indirect subsidiary of Exelon Generation:

“Historically low power prices within Texas have created challenging market conditions for all power generators, including the five natural gas-fired EGTP plants. 

“EGTP’s Board of Directors determined, after evaluating a range of opportunities, to move forward with a two-part plan. First, Exelon Generation has negotiated an agreement with EGTP’s lenders that, pending a competitive bidding process and receipt of all necessary approvals, would allow Exelon Generation to continue to own and operate the Handley Generating Station in exchange for a $60 million payment to the lenders. Second, the lenders have agreed to exchange the debt they currently hold in EGTP’s other four plants for equity in the plants, effectively taking ownership of these facilities.

“To help us achieve our objectives as efficiently as possible, EGTP today filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code for ExGen Texas Power Holdings LLC, ExGen Texas Power LLC. The filings help to facilitate the planned transactions and provide additional tools to reduce the amount of debt the plants would otherwise take forward, thereby maximizing their opportunities for long-term success.

“Exelon Generation remains committed to working with all stakeholders to ensure the best outcome for our employees, customers, communities and shareholders.”

 

 

 

Exelon Reports Fourth Quarter and Full Year 2018 Results and Initiates 2019 Financial Outlookhttp://www.exeloncorp.com/newsroom/exelon-reports-fourth-quarter-and-full-year-2018-results-and-initiates-2019-financial-outlookExelon Reports Fourth Quarter and Full Year 2018 Results and Initiates 2019 Financial Outlook2/8/2019 10:00:00 AM
Exelon Corporation Declares Dividend - February 5th 2019http://www.exeloncorp.com/newsroom/exelon-corporation-declares-dividend-02052019Exelon Corporation Declares Dividend - February 5th 20192/5/2019 4:00:00 PM
Pennsylvania Nuclear Plants Operate at Full Power During Record-Breaking Polar Vortexhttp://www.exeloncorp.com/newsroom/pennsylvania-nuclear-plants-polar-vortexPennsylvania Nuclear Plants Operate at Full Power During Record-Breaking Polar Vortex2/4/2019 1:00:00 PM
New York Nuclear Plants Operate at Full Power During Polar Vortexhttp://www.exeloncorp.com/newsroom/new-york-nuclear-plants-polar-vortexNew York Nuclear Plants Operate at Full Power During Polar Vortex2/4/2019 1:00:00 PM

Share