ExelonCorp.com nation's largest electric and gas utility
Exelon
Exelon Corporation, headquartered at Chicago, Exelon, is a $15 billion company that has a customer base of 5.2 million customers for its electricity and 470,000 customers for its gas. The stocks of this company are traded on the NYSE under the symbol EXC.
Energy generation, power marketing, and delivery are the major activities of Exelon Corporation across the nation. It has strong roots in Midwest and Mid Atlantic and has the largest nuclear fleet in the United States.
History
The origins of the company can be traced back to the formation of the Brush Electric Company in 1881. Ten wealthy entrepreneurs invested in a business that was focused on manufacturing apparatuses that produced light, heat or power by electricity for commercial and street lighting purposes. The new venture then traded 50 percent share of its stock for a license of the Brush arc dynamo for generating electricity. Under the presidency of Henry Lewis and then Dolan the company’s revenues increased to $1 million. These early years saw a lot of construction and expansion activities.
Non standardization of volatages, electric utilities and competition that fragmented the industry was characteristic of the period. Consolidation and standardization began to assume importance only towards the end of the 19th century and Brush Electric Company merged with the United States Electric Lighting Company of Pennsylvania in 1885 to form an “Electric Trust”. However, political and public mistrust of combines resulted in a lot of criticism and damage to the company which had grown to being a $3.5 million company.
Maloney who entered the scene in 1892 consolidated Philadelphia’s electric companies and brought about standardization of services. The Pennsylvania Heat, Light and Power Company with a capital of $10 million took over the Columbia Electric Light Company and Philadelphia Edison Company and acquired a holding in the Edison Electric Light Company. The Electric Trust and its subsidiaries soon became a part of Maloney’s companies and Thomas Dolan joined Maloney in the Board of Directors. Public opinion also veered in favor of the combine as the intentions of the company were perceived to be good. Residential rates for electricity also fell below the national average, bringing in goodwill to his company.
By 1898 all Philadelphia’s remaining independent arc lighting companies had been taken over by the Philadelphia Heat, light and Power Company to emerge strong and unchallenged until the formation of the $25 million National Electric Company in this year threatened its monopoly. Maloney negotiated a merger of its competitor and the Philadelphia Electric Company was formed in 1902.
Meanwhile demand for electricity was on the rise and the generating resources of the company were found inadequate to meet the market demand. The company entered into a phase of technical, legal and financial difficulties. Maloney retired and was replaced by Joseph B.McCall, who began a process of expansion and construction. The largest PE station was built on Schuylkill River in 1903 and moved to its new headquarters in Chestnut Street in Philadelphia in 1907.
Rise of consumerism and the increased demand for electricity in both urban and rural areas encouraged PE to raise its generating capacity to meet the ever expanding demand. While the World War I increased the demand for electric supply, the shortage of coal became a bottleneck and the company heaved a sigh of relief when the war ended. However, the customer base had expanded to 103,000 customers and this base continued to triple to 306,000 by 1923. The first hydroelectric power station with a generating capacity of 252,000 kW was put up in 1928.
The Philadelphia Electric Company was consolidated with the United Gas Improvement Company (UGI) in 1929 and survived through the depression of 1932. The new regulations of the Securities Exchange commission regarding subsidiaries resulted in the Philadelphia Electric Company becoming an independent company once more by 1943 till it merged with ComEd in 1953. The post World War II focus of the company shifted to natural gas transmission and exploration. ComEd and PE launched on the creation of Nuclear power generation capabilities. The 1980’s were traumatic as regulations and reversals affected the company’s fortunes. Despite financial problems, the company emerged triumphant with it’s per share earnings at $2.45 million in 1993. In 1994 the company was renamed PECO Energy Company. In 2002 it merged with Unicom to form Exelon—one of the largest utility firms in the United States controlling nearly 20 percent of the country’s nuclear generation market and serving five million customers.
Key Dates
- 1902: The Philadelphia Electric Company (PE) is incorporated.
- 1907: Commonwealth Electric Company and Chicago Edison Company merges to form Commonwealth Edison (ComEd).
- 1927: The Pennsylvania-New Jersey Interconnection is created.
- 1929: PE merges with United Gas Improvement Company.
- 1943: PE becomes an independent company once again.
- 1953: The Public Service Company of Northern Illinois merges with ComEd.
- 1960: ComEd operates the nation's first privately financed commercial nuclear power station.
- 1968: Regulatory delays prevent the completion of PE nuclear power plants in Limerick.
- 1974: ComEd acquires Cotter Corporation.
- 1980: ComEd's earnings per share sink to their lowest level in 15 years.
- 1987: PE's earnings fall after the Public Utilities Commission refuses to allow a rate hike.
- 1994: PE adopts the name PECO Energy Company; ComEd becomes part of a new holding company, Unicom Corporation.
- 2000: PECO and Unicom merge to form Exelon Corporation.
Contribution to the Industry
Exelon Corporation is a public limited company located at Chicago, Illinois, USA. It has around 29,000 employees. Exelon Corporation is one of the largest power generation companies of the United States today. It distributes electricity to 5.4 million customers in Illinois and Philadelphia. Its subsidiary PECO energy distributes gas to 480,000 customers and Exelon Generation produces 25,543 MW power in this region. Exelon Power team and Exelon Energy Markets offer other kinds of energy related services to its customers.
Website: ExelonCorp.com
Leadership:
- Chairman, President, and CEO; Chairman, President, and CEO, PECO; Chairman, President, and CEO, Generation: John W. Rowe
- CFO and EVP, Finance and Markets; CFO and EVP, Finance and Markets, PECO; CFO and EVP, Finance and Markets, Generation: John F. Young
- EVP Government and Environmental Affairs and Public Policy: Elizabeth Ann (Betsy) Moler
Principal Subsidiaries
- Commonwealth Edison Company; PECO Energy Company
Principal Divisions
- Exelon Energy Delivery Company, LLC; Exelon Generation Company, LLC; Exelon Ventures Company, LLC.
Principal Competitors
- Ameren Corporation; Dynegy Inc.; PPL Corporation.
Guiding Principles
Exelon Corporation operates on four core values:
- Boldness in staking out leadership role in future markets
- Creating value in life through energy generation
- Being accountable to the customers, shareholders, employees and communities in all their dealings and showing commitment to operating safety, protecting the environment
- Doing business responsibly.
Exelon believes in giving back to the community what it receives. It supports numerous institutions, programs and helps educate and enhance the quality of life of the community in which it has its existence. The company has a community program that provides contributions, sponsorships, employee volunteers and executive involvement in non profit organizations in the locality.
Exelon has a well defined environmental safety policy. The policy demands that the company and its stakeholders commit to environmental preservation initiatives and use technology responsibly and effectively to minimize production of waste. The new green headquarters project of the company won the platinum status for the largest green project in 2006.
The safety policy of the company demands that the safety standards are maintained in all its operations. The organization believes that their success is directly linked to the safety of its employees and the public. An all out effort is made to promote a safety culture at all levels of the organization and adopts a disciplined approach to safety, including governing procedures and standards to communicate safety expectations.
Revenue
Exelon Coroporation’s revenues were $15,655 Million during the year ended 2006 and the company showed a growth of 1.9 % during the year. The net income of the company was $1,592 Million –an income growth of 72.5%.
Languages
English
Address
- 2301 Market St
- Philadelphia PA 19101 US
Contact
- PECO Energy Co
-
- +1 215 841 6829, Fax: +1 215 841 3518
Additional Information
Related Domains
External Links
- Stock: EXC
- Alexa: ExelOnCorp.com
