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Exelon Corporation : Constellation Energy Nuclear Group to Be Integrated into Exelon Nuclear Fleet

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07/30/2013 | 02:35pm CEST

The three commercial nuclear power plants operated by the Constellation Energy Nuclear Group (CENG) in New York and Maryland will be operationally integrated into the Exelon Generation nuclear fleet over the next nine months, CENG co-owners announced today.

The consolidation of the two commercial U.S. nuclear fleets includes transferring the operating licenses of the plants to Exelon Generation, Exelon and Électricité de France (EDF) said in a joint announcement.

"This is a logical step forward in the overall integration of Exelon and Constellation following our 2012 merger," said Michael Pacilio, president and chief nuclear officer of Exelon Nuclear, the division that operates the company's commercial nuclear fleet. "CENG is a strong nuclear operator with excellent results and safety performance that fits well with our existing operations. This consolidation will benefit both Exelon and our partner EDF and allows us to take advantage of additional synergies and streamlining."

Under the terms of the agreement, the CENG plant operating licenses will be transferred to Exelon; Exelon will integrate the CENG fleet under its management model; Exelon will lend $400 million to CENG to support a special dividend to EDF; and EDF will retain an option to sell its CENG stake to Exelon at fair market value between 2016 and 2022.

CENG will remain a legal entity governed by a board of directors comprising five EDF and five Exelon board members. Exelon will continue to own 50.01 percent of CENG, EDF 49.99 percent. CENG's chief nuclear officer Maria Korsnick will become acting chief executive officer of CENG in addition to her CNO role.

Exelon Generation is the largest operator of commercial nuclear plants in the U.S., with 17 reactors in 10 locations. EDF is the world's largest nuclear operator, with 58 reactors with one under construction in France. Following the CENG consolidation, Exelon Generation will operate 22 nuclear units at 13 locations in Illinois, Pennsylvania, New York, New Jersey and Maryland, with a total owned generating capacity of 19,165 megawatts and employ more than 11,000 workers.

The three CENG plants include five reactors capable of generating more than 3,900 megawatts at full power (a megawatt is a million watts). They include:

  • R.E. Ginna Nuclear Power Plant in Ontario, NY, a single 577-megawatt pressurized water reactor.
  • Nine Mile Point Nuclear Station in Scriba, NY, two boiling water reactors totaling 1,595 megawatts.
  • Calvert Cliffs Nuclear Power Plant in Lusby, Md., two pressurized water reactors totaling 1,753 megawatts.

An application to transfer the operating licenses from CENG to Exelon will be submitted to the NRC within days. Review and approval typically requires six to nine months.

CENG was formed as a joint venture between Constellation Energy and EDF in 2009 to hold and oversee operations of the three Constellation nuclear plants.

Exelon, based in Chicago, and Constellation, based in Baltimore, completed their merger on March, 12, 2012. Through that union, Exelon became EDF's partner and also the leading U.S. competitive energy provider, with one of the cleanest and lowest-cost power generation fleets and largest retail customer bases in the nation.

Exelon Corporation (NYSE: EXC) is the nation's leading competitive energy provider, with 2012 revenues of approximately $23.5 billion. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with approximately 35,000 megawatts of owned 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 100,000 business and public sector customers and approximately 1 million residential customers. Exelon's utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).

Exelon Corporation
Paul Elsberg, 312-394-4879
Corporate Communications
Krista Lopykinski, 630-657-3602
Exelon Generation Communications

© Business Wire 2013
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Financials ($)
Sales 2018 32 383 M
EBIT 2018 5 077 M
Net income 2018 2 986 M
Debt 2018 34 376 M
Yield 2018 3,10%
P/E ratio 2018 14,84
P/E ratio 2019 14,54
EV / Sales 2018 2,39x
EV / Sales 2019 2,41x
Capitalization 42 954 M
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Christopher M. Crane President, Chief Executive Officer & Director
Mayo A. Shattuck Independent Chairman
Bridget M. Reidy Executive Vice President-Corporate Operations
Joseph Nigro Chief Financial Officer & Senior Executive VP
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