nuclear-news

Exelon Generation Co changing its name to the more appropriate (Nuclear) Spin Co

Exelon moving nuclear plants, including Limerick, to spin-off company, https://www.readingeagle.com/2021/11/22/exelon-moving-nuclear-plants-to-spin-off-company/

The Nuclear Regulatory Commission OK’d the move on Nov. 17,  By EVAN BRANDT | ebrandt@pottsmerc.com | Reading Eagle

November 22, 2021  LIMERICK — The federal Nuclear Regulatory Commission has signed off on a plan by Exelon Corp. to divest itself of its fleet of 23 nuclear power reactors, including the two at the Limerick Generating Station.

Exelon Corp. will transfer the NRC licenses to a new company, currently called HoldCo, as part of a corporate restructuring, the NRC announced on Nov. 17.

There is no money changing hands.

Exelon is not “selling” the plants, and spent fuel rod storage facilities, but rather “the transaction is taking place between corporate entities owned by Exelon,” NRC spokesman Neil Sheehan explained in response to a query from MediaNews Group.

‘It intends to separate its utilities, such as PECO, and competitive energy businesses, including its nuclear power plants, into two separate companies,’ Sheehan wrote.

“HoldCo will wholly own Exelon Generation Co. (renamed as SpinCo) and its subsidiaries. SpinCo will continue to own and operate the plants to the same extent as before the transfers. The final names for HoldCo and SpinCo will be determined prior to the completion of the transfer,” according to the Nov. 17 NRC announcement.

The new power-generation company will be named Constellation, according to a Nov. 17 press release from Exelon.

“Each of these companies will emerge as industry leaders with the financial and strategic independence to focus on best serving their respective customers and communities,” Chris Crane, president and CEO of Exelon, said in the company’s press release.

November 23, 2021 - Posted by Christina Macpherson | business and costs, USA