Exelon Recognizes Passage of New York Clean Energy Standard, Continues Discussions on FitzPatrick Plant
02 August 2016 - 4:34AM
Business Wire
The state of New York has solidified its position as the
nation’s leader on advancing clean, zero-emissions energy with the
passage of the state’s Clean Energy Standard (CES), Exelon Corp.
said today following the New York Public Service Commission’s
approval of the CES.
“Today is a historic day for New York and the energy industry,
and we applaud Governor Andrew Cuomo and his Administration for
their leadership,” said Chris Crane, president and CEO, Exelon.
“Approval of the Clean Energy Standard makes New York a true leader
in terms of support for zero-emissions energy, including both
renewables and nuclear power.”
The CES will save thousands of high-paying jobs and spur
hundreds of millions of dollars in short-term investments in energy
infrastructure in upstate New York. The company said it will review
the commission’s order over the next several days.
“With the Clean Energy Standard, we’ll immediately invest
hundreds of millions of dollars right back into the upstate
economy, which will have a long-term positive impact across the
state,” Crane said. As Exelon has previously indicated, approval of
the program means the company will reinvest approximately $200
million in the plants in spring of 2017.
Exelon operates two nuclear energy facilities in upstate New
York: R.E. Ginna and Nine Mile Point. Together, the two plants
produce 2.4 billion watts of zero-carbon electric capacity, employ
1,400 full-time workers with an annual payroll of $266 million and
thousands more indirect jobs, and pay over $47 million annually in
local taxes. Without the CES, these plants would have been at risk
of closure.
Exelon said on July 13 that it had entered into discussions with
Entergy to potentially purchase the James A. FitzPatrick Nuclear
Power Plant in Scriba, New York. Those negotiations can continue
now that the CES has been approved, providing an opportunity to
prevent the plant from being shut down.
A New York Public Service Commission’s analysis released April
18 said that FitzPatrick produces more than $1 billion in economic
value annually to New York. An independent study published by The
Brattle Group in December found similar economic benefits.
Cautionary Statements Regarding Forward-Looking
Information
This release 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 Corporation and Exelon
Generation Company, LLC (Registrants) include those factors
discussed herein, as well as the items discussed in (1) Exelon’s
2015 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 23; (2) PHI’s 2015 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 16; (3) Exelon’s First Quarter 2016 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 18 and (4) other factors discussed in filings with the SEC by
the Registrants. Readers are cautioned not to place undue reliance
on these forward-looking statements, which apply only as of the
date of this release. Neither of the Registrants undertakes any
obligation to publicly release any revision to its forward-looking
statements to reflect events or circumstances after the date of
this release.
Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company
with the largest number of utility customers in the U.S. Exelon
does business in 48 states, the District of Columbia and Canada and
had 2015 revenue of $34.5 billion. Exelon’s six utilities deliver
electricity and natural gas to approximately 10 million customers
in Delaware, the District of Columbia, Illinois, Maryland, New
Jersey and Pennsylvania through its Atlantic City Electric, BGE,
ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one
of the largest competitive U.S. power generators, with more than
32,700 megawatts of nuclear, gas, wind, solar and hydroelectric
generating 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
approximately 2 million residential, public sector and business
customers, including more than two-thirds of the Fortune 100.
Follow Exelon on Twitter @Exelon.
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version on businesswire.com: http://www.businesswire.com/news/home/20160801006116/en/
Exelon Corporate CommunicationsPaul
Adams410-470-4167paul.adams@constellation.com
Exelon (NYSE:EXC)
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