An unlikely but powerful force is coming to the aid of the beleaguered owner of Illinois' largest fleet of coal-fired power plants.Read More
The sponsor of a bill aimed at remaking Illinois' electric utility landscape and saving the Clinton nuclear power plant said Monday the legislation won't be passed before today's deadline set by Exelon Corp.Read More
Exelon is trying to orchestrate an unlikely end-of-session deal to pass far-reaching legislation to prop up what it says are financially struggling nuclear power plants, threatening to close them and eliminate hundreds of jobs if lawmakers don't act.Read More
"We feel like they're using that to manufacture a crisis, to put a bill through the Legislature, introduced May 5th, that is 316 pages, and which they say has to be passed by May 31. And there are many things in there that have nothing to do with their nuclear plants in Illinois."Read More
...it turned out the measure would only generate about $7 million a year. That would effectively kill Illinois' clean-energy law, which has a goal of gradually boosting the state's reliance on wind, solar and other renewable electricity sources over time.Read More
The idea that lawmakers would agree to support a forced electricity rate hike to help a profitable Fortune 500 company while social service providers are laying off workers for lack of a budget is implausible.Read More
Groundhog Day was yesterday, but Exelon appears to want to keep celebrating. The Chicago-based nuclear giant is back to threatening to close nuclear plants in Illinois without financial help from the state.Read More
Stymied so far in its bid to win power-plant subsidies in Illinois, Chicago-based Exelon is mounting an audacious campaign to upend a more successful subsidy effort by FirstEnergy in its home state of Ohio.Read More
Exelon is reversing course and will keep its troubled Quad Cities nuclear plant open at least through mid-2018 after the company's Illinois nuclear plants obtained yet another $270 million-plus revenue infusion courtesy of the grid operator for the region including northern Illinois.Read More
The Chicago-based power giant, which is asking lawmakers to hike electric bills throughout the state to keep the company from closing two of its six Illinois nukes, is benefiting from grid operator PJM Interconnection's new rules ...Read More
On Friday, August 21, Exelon’s Illinois nuclear fleet won $653 million per year for the June 2018-May-2019 period from the capacity auction held by regional grid operator PJM. These results are more than $400 million higher than the previous year’s auction. Additional highlights:
Byron cleared and must run through May, 2019 - While Exelon’s Quad Cities plant did not clear the auction, the Byron Generating Station did. As a consequence, Byron is now obligated to run until May 31, 2019. According to a Crain’s analysis, the Byron nuclear power station, which Exelon characterized as troubled and in danger of closing just weeks ago, now “…stands to reap profits of around $26 million even if future energy prices remain this low.”
Additional auction revenues coming - In addition to the auction just announced, PJM will announce the results of two additional auctions in the next two weeks which are expected to generate hundreds of millions in additional revenue beginning June 2016.
The BEST coalition of business, consumer and government groups believes that continued legislative action to support Exelon is unnecessary and unwise given the auction results.
The company has previously warned it needs financial help to continue operating its Illinois nuclear plants and has pressed the Illinois General Assembly to pass bailout legislation that would funnel roughly $300 million from Illinois ratepayers to Exelon each year.
“The market-based solution Exelon asked for just arrived,” said Dave Lundy, Director of the BEST Coalition. “Exelon came to Springfield seeking $300 million per year to prop up its Illinois nuclear fleet. The Illinois General Assembly wisely waited to see how Exelon did in the auction and they were right. The company just received more than double its original legislative request from the capacity markets.”
“Enough is enough. As social service providers are being decimated across the state and legislators are being forced to make increasingly painful choices, it’s time for Exelon to stop asking policy makers for even more from struggling ratepayers.” Lundy concluded.
Industry experts estimated that the higher prices in the ComEd region may bring Exelon roughly $400 million in additional revenue from its northern Illinois nuclear plants over last year's auction, despite Quad Cities not being selected. They also pointed out that Exelon could stand to pull in even more in two smaller auctions in the coming weeks.Read More
Exelon is acknowledging it doesn't have enough support in Springfield to pass its bill to hike electric bills statewide in order to keep as many as three money-losing nuclear plants open. The news marks a rare lobbying setback for a clout-heavy company used to getting its way in the Illinois Legislature.Read More
A bill designed to boost revenues for Exelon’s Illinois nuclear plants would cost ratepayers $1.6 billion dollars and hike rates on users large and small all over the state, according an independent study of the legislation.Read More