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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Exelon Corporation    EXC

EXELON CORPORATION

(EXC)
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Exelon : Expects Impairment Charge From Planned Generator Shutdown

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08/21/2020 | 11:28am EDT

By Matt Grossman

 

Exelon Corp. expects to record a non-cash impairment charge in the third quarter related to the planned shutdown of a power station in Massachusetts, the company said in a Friday regulatory filing.

The planned permanent shutdown of the final two operating units at Mystic Generating Station, scheduled for May 2024, will lead to a non-cash impairment charge of $350 million to $550 million on a pre-tax basis in the third quarter, Exelon said.

In June, Exelon had filed a complaint with the Federal Energy Regulatory Commission against the regional power-grid operator, ISO New England. The complaint sought to keep open the possibility of the plant's units eight and nine staying operational beyond 2024. The FERC denied the complaint on Aug. 17, Exelon said, leading the company to schedule the plant's closure.

In addition to the impairment charge, Chicago-based Exelon expects to record higher depreciation expenses through the plant's closure. The expected incremental non-cash pre-tax expense will be $75 million to $125 million annually until the plant is closed, Exelon said.

 

Write to Matt Grossman at matt.grossman@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
EXELON CORPORATION -0.07% 42.2 Delayed Quote.-7.44%
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Financials (USD)
Sales 2020 30 661 M - -
Net income 2020 2 757 M - -
Net Debt 2020 38 377 M - -
P/E ratio 2020 14,6x
Yield 2020 3,62%
Capitalization 41 124 M 41 124 M -
EV / Sales 2020 2,59x
EV / Sales 2021 2,66x
Nbr of Employees 32 713
Free-Float 99,5%
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Technical analysis trends EXELON CORPORATION
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 46,50 $
Last Close Price 42,20 $
Spread / Highest target 35,1%
Spread / Average Target 10,2%
Spread / Lowest Target -12,3%
EPS Revisions
Managers
NameTitle
Christopher M. Crane President, Chief Executive Officer & Director
Mayo A. Shattuck Chairman
Bridget M. Reidy Executive Vice President-Corporate Operations
Joseph Nigro Chief Financial Officer & Senior Executive VP
Michael R. Koehler Chief Information & Digital Officer, Senior VP
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