Exelon Corp. Overview

Exelon Corp. is a utility service holding company that serves the energy requirements of about 10 million clients. Its field of operations include electricity distribution and transmission, and natural gas retail. The company gets electricity and natural gas through various sources using long term and short-term contracts of purchase as well as using spot market and then provide the product for consumers. The company gives electricity and natural gas to commercial, industrial and residential areas, public places, electric train railways and also a number of other consumer needs in Illinois,  Delaware, Maryland, district of Columbia, Virginia, New Jersey, and Philadelphia. The company’s head quarters resides at Chicago, Illinois, USA. The company boasts a revenue of 36.347 billion dollars [2021], an employee strength of 33383 employees and a total assets of 113.013 billion dollars.

Exelon was formed in October 2000 by the union of PECO Energy Company of Philadelphia and Unicom Corp of Chicago, that possessed Commonwealth Edison. Exelon operates controlled utilities in Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and Washington, DC. In October 2009, Exelon had complete or most ownerships of 23 nuclear reactors in 14 nuclear power plants. Exelon has transactions and business projects in 48 states, the District of Columbia and Canada, and was formerly the largest competing U.S. power generator with approximately 35,500 megawatts of possessed capacity just before the 2022 company division. In 2012 Exelon partnered with Constellation Energy. The merger led to the purchase of the company Pepco Holdings Exelon consists of six regulated utilities, Commonwealth Edison (Illinois), PECO Energy Company (Pennsylvania), Baltimore Gas and Electric (Maryland), Delmarva Power & Light (Delaware and Maryland), Atlantic City Electric (New Jersey), and Potomac Electric Power Company (Washington, DC and Maryland).

PECO Energy Company partnered with Unicom Corporation in the month of October 2000 to form Exelon Corporation. Chicago became the main ground for the newly founded company owing to the reason that Unicom was located in the city. The CEO of Unicom oversaw the operations of the new company. His name is John Rowe. Rowe joined the company in 1998 and lead the company to the phase of the establishment of Exelon and 0ast the phase. He retired in 2008, making him the longest serving utility company executive. He engaged in quite a number of mergers and acquisitions wile managing Exelon.

The Federal Energy Regulatory Commission granted consent for Exelon and Public Service Enterprise Group Inc., a New Jersey utility, to merge on June30, 2005. Exelon would have mature to be the largest utility in the US under this merger. Due to pressure from public interest groups, specifically New Jersey Citizen Action, on the NJ Board of Public Utilities, the two companies later ceased their concession. Nineteen months of the union’s ambivalence in front of the NJBPU passed before Exelon decided that the fight was ridiculous. Exelon issued a merger accompanying Constellation Energy on April28,2011, for a price of $7.9 billion. The linked company will produce more than 34 gigawatts of electricity (55 percent nuclear, 24 percent natural gas, 8 percent renewable including hydro, 7 percent oil and 6 percent coal). The acquisition was completed on March12, 2012. Exelon claimed that the exceptionally low natural gas prices in2012, that were disclosed in addition to the cancellation of new nuclear construction at Victoria County Station, Texas, fashioned the “construction of new merchant nuclear power plants in vying markets high-priced now and for the anticipated future.

“Following Rowe’s departure and the favorable completion of the consolidation with Constellation Energy, Christopher Crane was appointed CEO in 2008. On April30,2014, Exelon asserted its plan to buy Pepco Holdings, Inc. for $6.8 billion in an all-cash deal. In August2015, the District of Columbia Public Service Commission rebuffed the merger, in spite of other federal and state regulators having certified it. The partnerships challenged the judgment. The Washington DC Public Service Commission authorized the combination on March23,2016, subject to a corrected set of necessities. Exelon became the largest regulated utility in the United States by user count and total revenue once the merger was concluded later that day. Exelon succeeded in separating its energy generation on February2, 2022, to Constellation Energy. PECO Energy, one of Exelon’s local power enterprises, has been involved in two disputes with activists. In the 1970s, activists delayed the beginning of nuclear power plants. In 2015, Earth Quaker Action Team begun a campaign to pressure PECO to extend the solar power it purchases, and to purchase it regionally to create employments. Exelon’s unification with Pepco experienced severe antagonism from community groups and the D.C. Mayor Muriel Bowser.

At the end of the year 2017, the company announced its profits to be a sum of 3.770 billion dollars, with a 33.531 billion dollar income, which meant the company had a 6.9% increase over the previous years finance. The company’s shared traded at a rate of over 35 dollars per share and its market cap rose to over 42.1 billion dollars in October the next year. Exelon was ranked at the 92^nd spot in the fortune 500 list for the largest United States business by total revenue.

In 2005, the company was fined a sum of 602000 dollars for exceeding the regulatory unit of sulfur dioxide discharge in the month of April to the month of October 2004 at its Chester County Energy Generating Station in Pennsylvania. The company and Illinois state bureaucrats delayed for 4 years before making the announcement that the company’s nuclear generating station at Braidwood 60 miles southwest of Chicago, had released 60 million gallons of water containing tritium which is a radioactive form of the element hydrogen many timed over a period of 10 years. Exelon executives the apologized and announced that the hazards from the leak was at a barest minimum, with the tritium levels in the neighboring wells found to be below the hazardous level.

Exelon owned company Commonwealth Edison [ComEd] got into a deferred prosecution agreement following a long federal investigation into the company concerning corruption and bribery. Politically cnnected lobbyists and lawyers aided the company to force through legislation,  the 2016 future Energy Jobs acts. This action cost Illinois electricity users 2.3 billion dollars, according to the media. The company was fined 200 million dollars for this.

Exelon was ordered to pay sum of $65,000 by the Nuclear Regulatory Commission in 2009 for letting its contracted security guards to reconsider their responsibilities. The security guards were supposed to watch over the companies pitch bottom nuclear generating station which contained A2 reactor nuclear plant. The generator station was located in Delta, Pennsylvania. This happenings wasn’t known to anyone until a video of the security guards was leaked online. The company went ahead to terminate its contract with the Wackenhut security company and now coordinates its own internal security group.

The political action committee (PAC) for Exelon is termed EXELONPAC. Since selling its coal assets, the company is more capable than many of its opponents to gain from carbon pricing under a cap and trade blueprint to lower carbon dioxide diffusions.” John Rowe, the previous CEO of Exelon, has long been a articulate advocate of legislation discussing climate change. Forbes noted in 2009 that Exelon’s income stream would evolve by $14 per share, or28%, if the Waxman-Markey climate legislation became law.” Exelon still revealed a number of donations to political not commercially motivated institutions, the largest of that was $290,000 given to the American Energy Alliance, a nonprofit organization directed by departed Koch Industries activist Thomas Pyle and affiliated to the conservative billionaire male siblings Charles and David Koch.