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Nuclear company Exelon under-reported decommissioning costs

Exelon Probed on Nuclear Funding Shortfall, Bloomberg, By Julie Johnsson – Feb 1, 2013 Exelon Corp. (EXC), the largest U.S. nuclear operator, “deliberately” under-reported for four years the amount of money needed to retire its reactors, the U.S. Nuclear Regulatory Commission said.

Exelon, based in Chicago, faces “escalated enforcement action” for the financial reporting errors that may total as much $140,000 for each day of the violation, Scott Burnell, a spokesman for the regulatory agency, said in a phone interview today. The agency asked Exelon to explain the errors for the years 2005-2007 and 2009 in a Jan. 31 letter.

The investigation is “very unusual” and may be the first related to contributions to a federal nuclear decommissioning trust fund, Anneliese Simmons, a financial analyst with the commission’s Office of Nuclear Reactor Regulation, said in a phone interview. The shortfall totaled $1 billion in 2009. The company is now in compliance, Simmons said….. http://www.bloomberg.com/news/2013-02-01/exelon-probed-on-nuclear-funding-shortfall-u-s-says.html

February 2, 2013 - Posted by Christina Macpherson | secrets,lies and civil liberties, USA