Exelon may be about to split off its unprofitable nuclear generation business.
Exelon has secured zero-emissions credits for financially struggling nuclear plants in New York and New Jersey, two states seeking to eliminate their carbon emissions by midcentury, and has won similar credits as part of Illinois’ 2016 Future Energy Jobs Act that supply about $235 million per year in zero-emissions credits to its Clinton and Quad Cities nuclear plants.
But Exelon has not secured subsidies for four other Illinois nuclear power plants, including the Byron and Dresden facilities. In August it announced it will close those plants in 2021 and may also seek early retirement of its Braidwood and LaSalle power plants unless it can obtain state support to bolster their economics. ………
State support for zero-carbon nuclear scrambled by bribery scandal
But the FRR plan contained in last year’s Clean Energy Jobs Act lost lawmaker support in the wake of Exelon utility ComEd’s connection to a federal bribery investigation alleging the utility steered jobs, contracts and payments to House Speaker Michael Madigan in exchange for favorable treatment in the state capitol. Exelon agreed to pay a $200 million fine and submit to a deferred prosecution agreement this summer.
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