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Exelon CEO’s pay rises 14%

Exelon CEO John Rowe saw his total compensation for 2010 rise 14 percent to $7.2 million, according to documents filed today with the Securities and Exchange Commission, an increase largely tied to a change in the theoretical value of his pension.

Rowe had the opportunity to earn stock performance awards worth $1.1 million — compensation that is directly tied to the performance of Exelon stock. But the company’s shares performed in the negative direction in 2010 and Rowe received no equity for performance.

At the same time, stock options worth $1.15 million were underwater at the end of 2010. Get the full story »

Bill would lock in Com Ed rate hikes

Commonwealth Edison and other state utilities would be able to lock in profit margins above 10 percent under a bill to be introduced Tuesday in the General Assembly.

The legislation also proposes that rate hikes for consumers, which typically undergo an 11-month regulatory review, could be decided in as little as 45 days.

Exelon beats expectations in 4Q

Exelon Corp.’s fourth-quarter profitability beat Wall Street estimates, as the Chicago-based utility company reported Wednesday that it earned $631 million, or 96 cents a share during the quarter, compared with $610 million, or 92 cents in the year-ago period. Get the full story »

Exelon may pursue NIPSCO natural gas utility

A spokesman for Chicago-based energy company Exelon Corp. would not confirm the company’s interest in acquiring Northern Indiana Public Service Co. gas utility from NiSource Inc., but wouldn’t rule it out. Platts Energy Week reported Wednesday that Exelon CEO John Rowe told investors Dec. 14 that Exelon is considering pursuing a natural gas utility. Get the full story>>

Exelon says new tax law will hit its earnings

Power company Exelon Corp. forecast a 5 cent and 3 cent reduction for its 2010 and 2011 earnings respectively, hit by the combined effect of pension contributions and the recently passed tax legislation.

The Chicago-based company said the direct impacts of the tax legislation will reduce its 2010 earnings by about 1 cent per share and 2011 earnings by about 11 cents per share because of a cut in the manufacturing tax deduction for which it was eligible. Get the full story »

Exelon nuclear plant must replace new transformer

Exelon’s Oyster Creek nuclear power plant in New Jersey, the nation’s oldest, will have to replace a brand-new $16 million electrical component that did not work properly.

Exelon completes purchase of John Deere wind unit

Exelon Corp. has completed its acquisition of John Deere Renewables, a wind power company. In so doing, Exelon adds 735 megawatts of clean, renewable energy to the utility’s portfolio, or enough to power up to 220,000 households. Get the full story »

Exelon nuclear plant closing 10 years early

The nation’s oldest nuclear power plant will close in 2019 — 10 years earlier than planned — but will not have to build costly cooling towers, according to two people with direct knowledge of the situation.

The people, who spoke to The Associated Press on Wednesday on condition of anonymity because they weren’t authorized to discuss the plans ahead of an announcement expected Thursday, said the Oyster Creek Nuclear Generating Station in the Forked River section of Lacey Township will close a decade earlier than called for under its current license.

In return, the aging plant, owned by Chicago-based Exelon Corp., will not be required to build one or more cooling towers to replace its current technology, which draws 1.4 billion gallons of water a day from Barnegat Bay, killing billions of aquatic creatures each year. Get the full story »

ComEd fighting Illinois conservation effort

From Crain’s Chicago Business | Exelon’s Commonwealth Edison Co. is the chief opponent of an Illinois Power Agency proposal that would to help the largest consumers of electricity finance major capital projects that would allow them to cut usage. Such cuts would hurt ComEd’s revenue and potentially reduce wholesale power prices. Get the full story>>

Exelon, others take industry clean-up in own hands

A group of utility executives who once lobbied Congress to cap greenhouse-gas emissions say they are now pressing ahead with their own efforts to clean up the industry.

“We’re making our own destiny,” said Chris Gould, vice president of corporate strategy for Exelon Corp. in Chicago, the nation’s largest owner of nuclear-power plants and one of the biggest backers of the failed “cap and trade” legislation. Get the full story »

Exelon plans to invest $5B in clean energy by 2015

Exelon Corp. said it plans to invest nearly $5 billion in clean-energy products by 2015, part of a broader plan to cut its carbon footprint.

The biggest owner of nuclear plants in the U.S. by number of reactors said it plans to begin investments this year in projects such as energy-efficiency programs, renewable-energy investments and increased output at its nuclear plants. Get the full story »

ICC wants to cut ComEd rate hike by 80%

From Crain’s Chicago Business | Illinois’ utility regulator has recommend that Commonwealth Edison Co. get a small fraction of the $400 million rate hike it requested. The Illinois Commerce Commission staff recommended a rate increase of $78 million, or roughly 7 percent on the average month residential electric bill. Get the full story>>

Power back on in Loop office buildings after fire

An electrical fire in a Commonwealth Edison vault shut down power to two office buildings for almost four hours.

Power was restored to the building at 150 North Wacker Drive at 8:18 a.m., and several minutes later to 110 North Wacker, but not before employers sent some workers home. Get the full story >>

Exelon considers bid for troubled nuclear plant

Power utility Entergy Corp. said it was exploring the sale of its 605-megawatt nuclear plant in Vermont, months after the state Senate voted to shut it in 2012 due to pollution issues.

Vermont politics could, however, complicate any potential sale. Earlier this year, the state Senate voted overwhelmingly to shut the reactor and the person heading that effort is now the unofficial Governor-elect Peter Shumlin, a Democrat.

Analyst Brian Chin said the likely bidders could include other nuclear operators like Exelon Corp., NextEra Energy Inc. and Constellation Energy Group Inc. Get the full story »

ComEd petitions court to rehear case

Commonwealth Edison is asking the Second Appellate Court to rehear its case following a decision earlier this month that removed the funding mechanism ComEd was using to pay for a smart grid pilot program in the Chicago area.

The decision also overturned a precedent the Illinois Commerce Commission has used for years to determine how much consumers pay on utility bills, a change that would mean an annual revenue loss of tens of millions of dollars for ComEd’s parent, Exelon Corp. and possible rebates for consumers.

The court has not decided if or when it will rehear the case. Get the full story »