Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 9, 2015

 

 

 

Commission

File Number

 

Exact Name of Registrant as Specified in Its Charter; State of

Incorporation; Address of Principal Executive Offices;

and Telephone Number

 

IRS Employer
Identification Number

1-16169  

EXELON CORPORATION

(a Pennsylvania corporation)

10 South Dearborn Street

P.O. Box 805379

Chicago, Illinois 60680-5379

(312) 394-7398

  23-2990190
333-85496  

EXELON GENERATION COMPANY, LLC

(a Pennsylvania limited liability company)

300 Exelon Way

Kennett Square, Pennsylvania 19348-2473

(610) 7650-5959

  23-3064219

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Section 8 – Other Events

Item 8.01 Other Events.

On September 9, 2015, Exelon Corporation (Exelon) learned the results of the PJM transition capacity auction for the 2017-2018 planning year. All of Exelon Generation Company, LLC’s nuclear plants in the PJM market cleared the auction. Exelon will defer any decisions about the future operations of its Quad Cities and Byron nuclear plants for one year. As a result, Exelon plans to continue operating its Quad Cities nuclear power plant through at least May 2018. The Byron plant is already obligated to operate through May 2019.

The table set forth below lists Exelon’s cleared nuclear and fossil capacity and base cleared volumes for the 2016-2017 and 2017-2018 transition auctions and the 2018-2019 base auction by zone and auction.

 

Cleared Volumes (MWs)*

   16/17
Transition Auction
     17/18
Transition Auction
     18/19
Base Auction
 
     CP      Price      CP      Price      CP      Price      Base      Price  

ComEd

                       

Fossil/Other

     —         $ 134.00         —         $ 151.50         —         $ 215.00         25       $ 200.21   

Nuclear

     9,950       $ 134.00         9,975       $ 151.50         8,625       $ 215.00         —         $ 200.21   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     9,950       $ 134.00         9,975       $ 151.50         8,625       $ 215.00         25       $ 200.21   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

EMAAC

                       

Fossil/Other

     25       $ 134.00         850       $ 151.50         2,075       $ 225.42         1,050       $ 210.63   

Nuclear

     3,950       $ 134.00         4,950       $ 151.50         4,325       $ 225.42         —         $ 210.63   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     3,975       $ 134.00         5,800       $ 151.50         6,400       $ 225.42         1,050       $ 210.63   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

SWMAAC

                       

Fossil/Other

     —         $ 134.00         —         $ 151.50         —         $ 164.77         —         $ 149.98   

Nuclear

     425       $ 134.00         825       $ 151.50         850       $ 164.77         —         $ 149.98   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     425       $ 134.00         825       $ 151.50         850       $ 164.77         —         $ 149.98   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

BGE

                       

Fossil/Other

     75       $ 134.00         150       $ 151.50         300       $ 164.77         425       $ 149.98   

Nuclear

     —         $ 134.00         —         $ 151.50         —         $ 164.77         —         $ 149.98   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     75       $ 134.00         150       $ 151.50         300       $ 164.77         425       $ 149.98   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Rest of MAAC/RTO

                       

Fossil/Other

     —         $ 134.00         —         $ 151.50         265       $ 164.77         50       $ 149.98   

Nuclear

     775       $ 134.00         800       $ 151.50         —         $ 164.77         —         $ 149.98   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     775       $ 134.00         800       $ 151.50         265       $ 164.77         50       $ 149.98   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

GRAND TOTAL

                       

Fossil/Other

     100            1,000            2,640            1,550      

Nuclear

     15,100            16,550            13,800            —        
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     15,200            17,550            16,440            1,550      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

* Volumes at ownership. Rounded.

A copy of the press release concerning the 2017-2018 transition capacity auction results and the future operations of the Quad Cities and Byron nuclear plants is attached as Exhibit 99.1.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

  

Description

99.1    Press Release

* * * * *


Cautionary Statements Regarding Forward-Looking Information

This report 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 and Generation include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2014 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 22; (2) Exelon’s Second Quarter 2015 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 19; and (3) other factors discussed in filings with the SEC by Exelon and Generation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. Exelon and Generation do not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this report.

* * * * *


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

EXELON CORPORATION

/s/ Jonathan W. Thayer

Jonathan W. Thayer

Senior Executive Vice President and

Chief Financial Officer

Exelon Corporation

 

EXELON GENERATION COMPANY, LLC

/s/ Bryan P. Wright

Bryan P. Wright

Senior Vice President and

Chief Financial Officer

Exelon Generation Company, LLC

September 10, 2015


EXHIBIT INDEX

 

Exhibit
No.

  

Description

99.1    Press Release