UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 1, 2015
Commission File Number |
Exact Name of Registrant as Specified in Its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number |
IRS Employer | ||
1-16169 | EXELON CORPORATION (a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220 |
23-2990190 | ||
333-85496 | EXELON GENERATION COMPANY, LLC (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 765-5959 |
23-3064219 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 Other Events
Item 8.01 Other Events.
On October 1, 2015, Exelon Generation Company, LLC (Generation) submitted to the PJM Market Monitoring Unit a preliminary request for an exception to the must offer requirement for its Oyster Creek Nuclear Generating Station (Oyster Creek) applicable to the Base Residual Auction for the 2019/2020 Delivery Year because Generation is obligated to retire Oyster Creek no later than December 31, 2019 pursuant to a consent order entered into with the Department of Environmental Protection of the State of New Jersey in 2010. Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of Generations preliminary request.
Section 9 Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits. |
Exhibit No. |
Description | |
99.1 | Preliminary request for exception |
* * * * *
Cautionary Statements Regarding Forward-Looking Information
This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon and Generation include those factors discussed herein, as well as the items discussed in (1) Exelons 2014 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Managements Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 22; (2) Exelons Second Quarter 2015 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 19; and (3) other factors discussed in filings with the SEC by Exelon and Generation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. Exelon and Generation do not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this report.
* * * * *
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EXELON CORPORATION |
/s/ Jonathan W. Thayer |
Jonathan W. Thayer |
Senior Executive Vice President and Chief Financial Officer |
Exelon Corporation |
EXELON GENERATION COMPANY, LLC |
/s/ Bryan P. Wright |
Bryan P. Wright |
Senior Vice President and Chief Financial Officer |
Exelon Generation Company, LLC |
October 1, 2015
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Preliminary request for exception |
Exhibit 99.1
October 1, 2015
Dr. Joseph Bowring | VIA ELECTRONIC DELIVERY |
Monitoring Analytics, LLC
2621 Van Buren Avenue, Suite 160
Norristown, PA 19403
Re: | Preliminary Must Offer Exception Request for Oyster Creek |
Dear Joe:
In accordance with Section 6.6(g) of Attachment DD to the PJM OATT, Exelon Generation Company, LLC (ExGen) hereby submits to you in your role as the PJM Market Monitoring Unit this preliminary request for an exception to the must offer requirement for the Oyster Creek Nuclear Generating Station (Oyster Creek) applicable to the Base Residual Auction for the 2019/2020 Delivery Year.1 ExGen reasonably expects that Oyster Creek will be physically unable to participate for the entire Delivery Year because ExGen will likely decide to retire the plant before the end of the Delivery Year. By copy of this letter, ExGen has also notified the PJM Office of Interconnection (the PJM OI) of this preliminary request.
With respect to the supporting data and documentation required by Section 6.6(g) for a preliminary request, first ExGen notes that Oyster Creek did not clear in the recently conducted Base Residual Auction for the 2018/2019 Delivery Year. Second, under an Administrative Consent Order ExGen entered into with the Department of Environmental Protection for the State of New Jersey in 2010 (the ACO), ExGen is obligated to retire the plant no later than December 31, 2019. 2 As documented in the ACO, ExGen agreed to retire Oyster Creek as of that date to avoid having to make substantial and significantly uneconomic investments in cooling tower technologies at the site. .
ExGen will make a final decision regarding deactivation in the next few months, and will provide to you and the PJM OI by December 1, 2015 the applicable further notices required by Section 6.6(g).
Finally, please confirm your receipt of this request at your earliest convenience.
Sincerely,
/S/ Jason Barker
Jason Barker
Director, Wholesale Market Development
Exelon
Cc: PJM Office of Interconnection
1 | By its Order issued on August 25, 2015, FERC extended the tariffed September 1 deadline for this notice to October 1. (See 152 FERC ¶61, 151). |
2 | ExGen includes a copy of the ACO with this preliminary notice. |
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