EX-99 3 ex99-1.txt EXHIBIT 99.1 EXHIBIT 99.1 [LOGO FOR EXELON] Fueling Energy for Growth UBS Warburg Energy and Utilities Conference February 12, 2002 Corbin A. McNeill, Jr. Chairman and Co-CEO Exelon Corporation This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements herein include statements about future financial and operating results of Exelon. Economic, business, competitive and/or regulatory factors affecting Exelon's businesses generally could cause actual results to differ materially from those described herein. For a discussion of the factors that could cause actual results to differ materially, please see Exelon's filings with the Securities and Exchange Commission, particularly those discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations-- Outlook" in Exelon's 2000 Annual Report. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Exelon does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. [logo of Exelon] [logo of Exelon] The Changing Future of Power Generation --------------------------------------- o Boost development of domestic energy sources o Continue down road to national energy independence o Public opinion shifting on the issue of nuclear power o After hiatus, new generation will be needed to meet demand [logo of Exelon] Need for New Power Generation is Clear -------------------------------------- o Forecast a 50% increase in demand over the next 20 years* o Bush energy plan calls for 1,200 new power plants in the next 20 years o Expect most plants near term will be natural gas or clean coal * Source: Nuclear Energy Institute Volatility in Gas Prices and Spark Spreads ------------------------------------------ (This slide includes two graphs. The first graph shows gas prices (in $/mmBtu) for the period for August 28, 2000 through January 31, 2001. The second graph shows the spark spread (in $/MWh) for the same period. The data points are as follows: Gas Prices ($/mmBtu) -------------------- Algonquin City Gate Price ------------------------- 08/28/2000 $4.745 08/29/2000 $4.900 08/30/2000 $4.940 08/31/2000 $4.925 09/01/2000 $5.150 09/05/2000 $5.075 09/06/2000 $5.135 09/07/2000 $5.210 09/08/2000 $5.215 09/11/2000 $5.120 09/12/2000 $5.280 09/13/2000 $5.425 09/14/2000 $5.490 09/15/2000 $5.500 09/18/2000 $5.635 09/19/2000 $5.405 09/20/2000 $5.595 09/21/2000 $5.680 09/22/2000 $5.615 09/25/2000 $5.535 09/26/2000 $5.465 09/27/2000 $5.685 09/28/2000 $5.775 09/29/2000 $5.660 10/02/2000 $5.370 10/03/2000 $5.580 10/04/2000 $5.590 10/05/2000 $5.590 10/06/2000 $5.580 10/09/2000 $5.540 10/10/2000 $5.585 10/11/2000 $5.530 10/12/2000 $5.580 10/13/2000 $5.935 10/16/2000 $5.770 10/17/2000 $5.715 10/18/2000 $5.685 10/19/2000 $5.825 10/20/2000 $5.435 10/23/2000 $5.245 10/24/2000 $5.205 10/25/2000 $5.225 10/26/2000 $4.980 10/27/2000 $5.030 10/30/2000 $4.980 10/31/2000 $5.290 11/01/2000 $5.055 11/02/2000 $4.885 11/03/2000 $4.835 11/06/2000 $4.995 11/07/2000 $4.935 11/08/2000 $5.010 11/09/2000 $5.225 11/10/2000 $5.715 11/13/2000 $5.575 11/14/2000 $5.990 11/15/2000 $6.195 11/16/2000 $6.275 11/17/2000 $6.275 11/20/2000 $6.165 11/21/2000 $6.950 11/22/2000 $7.225 11/24/2000 $6.820 11/27/2000 $6.820 11/28/2000 $6.730 11/29/2000 $6.395 11/30/2000 $6.525 12/01/2000 $7.245 12/04/2000 $7.275 12/05/2000 $8.465 12/06/2000 $11.895 12/07/2000 $13.465 12/08/2000 $9.640 12/11/2000 $9.105 12/12/2000 $11.490 12/13/2000 $10.325 12/14/2000 $8.715 12/15/2000 $8.420 12/18/2000 $8.550 12/19/2000 $10.320 12/20/2000 $10.350 12/21/2000 $11.190 12/22/2000 $12.370 12/26/2000 $14.780 12/27/2000 $13.525 12/28/2000 $12.895 12/29/2000 $12.650 01/02/2001 $14.970 01/03/2001 $12.480 01/04/2001 $11.350 01/05/2001 $10.800 01/08/2001 $10.895 01/09/2001 $11.510 01/10/2001 $10.915 01/11/2001 $10.950 01/12/2001 $10.250 01/15/2001 $9.590 01/16/2001 $9.590 01/17/2001 $8.925 01/18/2001 $8.540 01/19/2001 $7.775 01/22/2001 $8.335 01/23/2001 $8.555 01/24/2001 $7.595 01/25/2001 $7.560 01/26/2001 $7.965 01/29/2001 $7.685 01/30/2001 $7.190 01/31/2001 $6.300 02/01/2001 $6.290 02/02/2001 $6.430 02/05/2001 $7.100 02/06/2001 $6.260 02/07/2001 $6.070 02/08/2001 $6.250 02/09/2001 $6.770 02/12/2001 $6.660 02/13/2001 $6.150 02/14/2001 $6.160 02/15/2001 $6.450 02/16/2001 $5.900 02/19/2001 $6.160 02/20/2001 $6.160 02/21/2001 $5.780 02/22/2001 $6.015 02/23/2001 $5.735 02/26/2001 $5.645 02/27/2001 $5.630 02/28/2001 $5.780 03/01/2001 $5.915 03/02/2001 $5.755 03/05/2001 $5.670 03/06/2001 $6.030 03/07/2001 $5.960 03/08/2001 $5.920 03/09/2001 $5.920 03/12/2001 $5.725 03/13/2001 $5.630 03/14/2001 $5.750 03/15/2001 $5.590 03/16/2001 $5.540 03/19/2001 $5.570 03/20/2001 $5.680 03/21/2001 $5.670 03/22/2001 $5.775 03/23/2001 $5.595 03/26/2001 $5.890 03/27/2001 $5.920 03/28/2001 $6.100 03/29/2001 $6.300 03/30/2001 $6.105 04/02/2001 $5.985 04/03/2001 $5.770 04/04/2001 $5.875 04/05/2001 $5.730 04/06/2001 $5.700 04/09/2001 $5.750 04/10/2001 $5.915 04/11/2001 $6.005 04/12/2001 $5.875 04/13/2001 $5.720 04/16/2001 $5.720 04/17/2001 $5.960 04/18/2001 $5.950 04/19/2001 $5.705 04/20/2001 $5.515 04/23/2001 $5.395 04/24/2001 $5.500 04/25/2001 $5.590 04/26/2001 $5.475 04/27/2001 $5.350 04/30/2001 $5.235 05/01/2001 $5.175 05/02/2001 $4.990 05/03/2001 $5.030 05/04/2001 $4.880 05/07/2001 $4.850 05/08/2001 $4.695 05/09/2001 $4.610 05/10/2001 $4.505 05/11/2001 $4.555 05/14/2001 $4.605 05/15/2001 $4.655 05/16/2001 $4.870 05/17/2001 $4.840 05/18/2001 $4.560 05/21/2001 $4.490 05/22/2001 $4.510 05/23/2001 $4.430 05/24/2001 $4.440 05/25/2001 $4.495 05/29/2001 $4.180 05/30/2001 $4.205 05/31/2001 $4.025 06/01/2001 $4.025 06/04/2001 $3.985 06/05/2001 $4.250 06/06/2001 $4.335 06/07/2001 $4.065 06/08/2001 $4.020 06/11/2001 $3.920 06/12/2001 $4.210 06/13/2001 $4.410 06/14/2001 $4.550 06/15/2001 $4.345 06/18/2001 $4.260 06/19/2001 $4.320 06/20/2001 $4.390 06/21/2001 $4.250 06/22/2001 $4.060 06/25/2001 $4.030 06/26/2001 $4.000 06/27/2001 $3.985 06/28/2001 $3.930 06/29/2001 $3.650 07/02/2001 $3.335 07/03/2001 $3.240 07/05/2001 $3.265 07/06/2001 $3.425 07/09/2001 $3.330 07/10/2001 $3.440 07/11/2001 $3.530 07/12/2001 $3.555 07/13/2001 $3.650 07/16/2001 $3.425 07/17/2001 $3.410 07/18/2001 $3.450 07/19/2001 $3.525 07/20/2001 $3.350 07/23/2001 $3.295 07/24/2001 $3.405 07/25/2001 $3.415 07/26/2001 $3.420 07/27/2001 $3.615 07/30/2001 $3.365 07/31/2001 $3.605 08/01/2001 $3.635 08/02/2001 $3.640 08/03/2001 $3.495 08/06/2001 $3.450 08/07/2001 $3.585 08/08/2001 $3.765 08/09/2001 $3.655 08/10/2001 $3.585 08/13/2001 $3.360 08/14/2001 $3.365 08/15/2001 $3.395 08/16/2001 $3.515 08/17/2001 $3.825 08/20/2001 $3.565 08/21/2001 $3.505 08/22/2001 $3.530 08/23/2001 $3.575 08/24/2001 $3.210 08/27/2001 $3.055 08/28/2001 $2.950 08/29/2001 $2.880 08/30/2001 $2.810 08/31/2001 $2.790 09/04/2001 $2.415 09/05/2001 $2.495 09/06/2001 $2.625 09/07/2001 $2.680 09/10/2001 $2.610 09/11/2001 $2.730 09/12/2001 $2.600 09/13/2001 $2.845 09/14/2001 $2.755 09/17/2001 $2.740 09/18/2001 $2.660 09/19/2001 $2.470 09/20/2001 $2.415 09/21/2001 $2.375 09/24/2001 $2.385 09/25/2001 $2.405 09/26/2001 $2.410 09/27/2001 $2.330 09/28/2001 $2.330 10/01/2001 $2.09 10/02/2001 $2.12 10/03/2001 $2.39 10/04/2001 $2.47 10/05/2001 $2.53 10/08/2001 $2.46 10/09/2001 $2.48 10/10/2001 $2.57 10/11/2001 $2.75 10/12/2001 $2.67 10/15/2001 $2.64 10/16/2001 $2.96 10/17/2001 $3.14 10/18/2001 $2.80 10/19/2001 $2.62 10/22/2001 $2.99 10/23/2001 $3.19 10/24/2001 $3.07 10/25/2001 $3.76 10/26/2001 $3.59 10/29/2001 $3.77 10/30/2001 $3.59 10/31/2001 $3.54 11/01/2001 $3.29 11/02/2001 $3.26 11/05/2001 $3.48 11/06/2001 $3.31 11/07/2001 $3.24 11/08/2001 $3.19 11/09/2001 $3.05 11/12/2001 $2.91 11/13/2001 $2.85 11/14/2001 $2.65 11/15/2001 $2.26 11/16/2001 $2.04 11/19/2001 $2.56 11/20/2001 $3.08 11/21/2001 $2.22 11/23/2001 $2.22 11/26/2001 $1.95 11/27/2001 $2.32 11/28/2001 $2.73 11/29/2001 $2.47 11/30/2001 $2.24 12/03/2001 $2.50 12/04/2001 $2.36 12/05/2001 $2.23 12/06/2001 $2.20 12/07/2001 $2.59 12/10/2001 $2.79 12/11/2001 $2.94 12/12/2001 $2.89 12/13/2001 $2.78 12/14/2001 $2.85 12/17/2001 $3.10 12/18/2001 $3.10 12/19/2001 $3.15 12/20/2001 $3.07 12/21/2001 $3.04 12/24/2001 $3.04 12/26/2001 $3.87 12/27/2001 $3.45 12/28/2001 $3.48 12/31/2001 $4.20 01/02/2002 $4.14 01/03/2002 $3.81 01/04/2002 $3.08 01/07/2002 $3.10 01/08/2002 $2.98 01/09/2002 $2.71 01/10/2002 $2.68 01/11/2002 $2.68 01/14/2002 $2.87 01/15/2002 $2.99 01/16/2002 $2.93 01/17/2002 $2.98 01/18/2002 $2.73 01/21/2002 $2.73 01/22/2002 $2.53 01/23/2002 $2.39 01/24/2002 $2.43 01/25/2002 $2.32 01/28/2002 $2.31 01/29/2002 $2.34 01/30/2002 $2.48 01/31/2002 $2.48 Spark Spread ($/MWh) -------------------- 10K Spread 08/28/2000 ($0.65) 08/29/2000 ($0.71) 08/30/2000 $4.03 08/31/2000 $13.26 09/01/2000 $8.24 09/05/2000 ($13.41) 09/06/2000 ($9.83) 09/07/2000 ($4.77) 09/08/2000 ($7.06) 09/11/2000 ($4.24) 09/12/2000 $2.38 09/13/2000 $6.50 09/14/2000 ($3.33) 09/15/2000 $0.33 09/18/2000 ($9.07) 09/19/2000 ($1.48) 09/20/2000 ($4.86) 09/21/2000 ($15.67) 09/22/2000 ($12.18) 09/25/2000 ($7.94) 09/26/2000 ($8.20) 09/27/2000 ($0.07) 09/28/2000 ($11.09) 09/29/2000 ($12.65) 10/02/2000 ($5.19) 10/03/2000 $0.87 10/04/2000 $6.25 10/05/2000 $1.48 10/06/2000 ($4.82) 10/09/2000 ($2.57) 10/10/2000 $2.72 10/11/2000 $0.99 10/12/2000 ($1.37) 10/13/2000 ($6.02) 10/16/2000 $6.21 10/17/2000 ($2.02) 10/18/2000 $2.07 10/19/2000 ($11.36) 10/20/2000 ($4.19) 10/23/2000 $11.21 10/24/2000 $0.22 10/25/2000 ($1.16) 10/26/2000 $3.95 10/27/2000 $3.10 10/30/2000 $20.02 10/31/2000 $7.69 11/01/2000 $4.00 11/02/2000 $3.38 11/03/2000 $0.42 11/06/2000 $2.35 11/07/2000 ($0.91) 11/08/2000 $4.12 11/09/2000 ($0.28) 11/10/2000 ($3.11) 11/13/2000 ($8.60) 11/14/2000 ($10.42) 11/15/2000 ($12.56) 11/16/2000 ($10.86) 11/17/2000 ($10.17) 11/20/2000 ($5.01) 11/21/2000 ($16.52) 11/22/2000 ($14.94) 11/24/2000 ($11.88) 11/27/2000 ($11.54) 11/28/2000 ($14.03) 11/29/2000 ($12.55) 11/30/2000 ($12.48) 12/01/2000 ($14.82) 12/04/2000 ($6.96) 12/05/2000 ($19.58) 12/06/2000 ($49.46) 12/07/2000 ($67.67) 12/08/2000 ($15.72) 12/11/2000 ($17.54) 12/12/2000 ($40.99) 12/13/2000 ($21.57) 12/14/2000 ($9.95) 12/15/2000 ($12.36) 12/18/2000 ($26.87) 12/19/2000 ($37.76) 12/20/2000 ($7.00) 12/21/2000 ($45.66) 12/22/2000 ($57.80) 12/26/2000 ($73.66) 12/27/2000 ($69.57) 12/28/2000 ($62.34) 12/29/2000 ($67.46) 01/02/2001 ($82.83) 01/03/2001 ($38.34) 01/04/2001 ($39.56) 01/05/2001 ($27.17) 01/08/2001 ($34.30) 01/09/2001 ($50.24) 01/10/2001 ($35.99) 01/11/2001 ($22.98) 01/12/2001 ($30.94) 01/15/2001 $10.03 01/16/2001 ($29.86) 01/17/2001 ($14.19) 01/18/2001 ($20.94) 01/19/2001 ($8.67) 01/22/2001 ($25.24) 01/23/2001 ($23.38) 01/24/2001 ($14.03) 01/25/2001 ($20.89) 01/26/2001 ($14.43) 01/29/2001 ($11.57) 01/30/2001 ($17.86) 01/31/2001 ($17.35) 02/01/2001 ($15.85) 02/02/2001 ($17.66) 02/05/2001 ($17.78) 02/06/2001 $3.31 02/07/2001 ($13.85) 02/08/2001 ($11.85) 02/09/2001 ($20.14) 02/12/2001 ($27.37) 02/13/2001 ($21.96) 02/14/2001 ($17.89) 02/15/2001 ($16.74) 02/16/2001 $10.26 02/19/2001 ($16.11) 02/20/2001 ($16.52) 02/21/2001 ($14.12) 02/22/2001 ($13.20) 02/23/2001 ($14.71) 02/26/2001 ($11.49) 02/27/2001 ($12.39) 02/28/2001 ($13.18) 03/01/2001 ($16.88) 03/02/2001 ($11.82) 03/05/2001 ($6.97) 03/06/2001 ($12.17) 03/07/2001 ($3.17) 03/08/2001 ($6.23) 03/09/2001 ($1.49) 03/12/2001 ($2.00) 03/13/2001 $11.44 03/14/2001 $11.54 03/15/2001 ($6.59) 03/16/2001 ($13.16) 03/19/2001 ($3.30) 03/20/2001 ($10.98) 03/21/2001 ($6.14) 03/22/2001 ($9.35) 03/23/2001 ($9.19) 03/26/2001 $20.50 03/27/2001 ($10.80) 03/28/2001 ($9.27) 03/29/2001 $0.50 03/30/2001 $52.71 04/02/2001 ($10.11) 04/03/2001 ($11.94) 04/04/2001 ($16.09) 04/05/2001 ($19.06) 04/06/2001 ($14.80) 04/09/2001 ($12.79) 04/10/2001 ($16.80) 04/11/2001 ($15.05) 04/12/2001 ($3.91) 04/13/2001 ($16.34) 04/16/2001 ($7.52) 04/17/2001 ($16.54) 04/18/2001 ($18.22) 04/19/2001 ($11.72) 04/20/2001 ($11.83) 04/23/2001 ($3.84) 04/24/2001 ($12.23) 04/25/2001 ($13.21) 04/26/2001 ($14.58) 04/27/2001 ($10.75) 04/30/2001 ($1.73) 05/01/2001 $9.14 05/02/2001 $20.55 05/03/2001 $35.98 05/04/2001 $17.78 05/07/2001 $12.20 05/08/2001 $17.80 05/09/2001 $8.39 05/10/2001 $15.81 05/11/2001 $4.62 05/14/2001 $2.29 05/15/2001 $2.64 05/16/2001 $0.16 05/17/2001 ($3.18) 05/18/2001 $0.87 05/21/2001 $4.27 05/22/2001 ($3.39) 05/23/2001 ($4.63) 05/24/2001 ($3.34) 05/25/2001 ($9.92) 05/29/2001 ($4.22) 05/30/2001 ($8.88) 05/31/2001 ($2.08) 06/01/2001 ($0.35) 06/04/2001 ($10.11) 06/05/2001 ($11.61) 06/06/2001 ($8.94) 06/07/2001 ($2.38) 06/08/2001 ($3.35) 06/11/2001 $0.73 06/12/2001 ($5.93) 06/13/2001 ($1.57) 06/14/2001 $2.77 06/15/2001 $3.75 06/18/2001 $0.70 06/19/2001 $5.34 06/20/2001 $20.99 06/21/2001 ($4.78) 06/22/2001 $2.92 06/25/2001 $5.78 06/26/2001 $10.44 06/27/2001 ($4.95) 06/28/2001 $9.53 06/29/2001 ($1.91) 07/02/2001 ($2.77) 07/03/2001 $1.04 07/05/2001 $8.11 07/06/2001 $3.53 07/09/2001 $17.06 07/10/2001 $19.05 07/11/2001 $1.22 07/12/2001 $1.97 07/13/2001 ($1.95) 07/16/2001 $12.16 07/17/2001 ($0.28) 07/18/2001 ($1.50) 07/19/2001 $3.23 07/20/2001 $8.64 07/23/2001 $141.02 07/24/2001 $228.33 07/25/2001 $503.39 07/26/2001 $3.53 07/27/2001 ($4.07) 07/30/2001 ($0.57) 07/31/2001 $2.59 08/01/2001 $5.92 08/02/2001 ($2.17) 08/03/2001 ($2.42) 08/06/2001 $16.30 08/07/2001 $50.01 08/08/2001 $29.93 08/09/2001 $168.18 08/10/2001 $26.69 08/13/2001 $15.44 08/14/2001 $8.69 08/15/2001 $7.44 08/16/2001 $7.14 08/17/2001 $9.63 08/20/2001 $9.05 08/21/2001 $6.66 08/22/2001 $10.38 08/23/2001 $9.38 08/24/2001 $9.61 08/27/2001 $19.09 08/28/2001 $17.78 08/29/2001 $5.47 08/30/2001 $5.48 08/31/2001 $25.19 09/04/2001 $13.70 09/05/2001 $5.16 09/06/2001 $4.65 09/07/2001 $12.92 09/10/2001 $57.04 09/11/2001 $11.08 09/12/2001 $12.83 09/13/2001 $19.28 09/14/2001 $3.85 09/17/2001 $15.26 09/18/2001 $7.24 09/19/2001 $10.52 09/20/2001 $20.52 09/21/2001 $16.35 09/24/2001 $16.48 09/25/2001 $21.76 09/26/2001 $4.18 09/27/2001 $6.91 09/28/2001 $6.07 10/01/2001 $13.46 10/02/2001 $10.28 10/03/2001 $7.61 10/04/2001 $9.99 10/05/2001 $8.04 10/08/2001 $4.23 10/09/2001 $4.66 10/10/2001 $3.32 10/11/2001 $1.48 10/12/2001 $4.02 10/15/2001 $14.74 10/16/2001 $9.30 10/17/2001 $8.13 10/18/2001 $9.99 10/19/2001 $14.61 10/22/2001 $9.41 10/23/2001 $3.79 10/24/2001 $9.02 10/25/2001 ($1.61) 10/26/2001 ($2.17) 10/29/2001 ($5.89) 10/30/2001 ($4.65) 10/31/2001 ($0.04) 11/01/2001 $3.84 11/02/2001 $5.75 11/05/2001 ($1.32) 11/06/2001 ($2.79) 11/07/2001 $1.71 11/08/2001 ($2.41) 11/09/2001 $2.58 11/12/2001 $11.90 11/13/2001 $8.23 11/14/2001 $6.37 11/15/2001 $8.33 11/16/2001 $12.41 11/19/2001 $5.43 11/20/2001 ($4.44) 11/21/2001 $4.79 11/23/2001 ($6.33) 11/26/2001 $7.41 11/27/2001 ($0.31) 11/28/2001 $0.49 11/29/2001 $5.53 11/30/2001 $4.12 12/03/2001 $3.90 12/04/2001 $7.54 12/05/2001 $8.84 12/06/2001 $7.55 12/07/2001 $1.26 12/10/2001 $3.31 12/11/2001 ($4.03) 12/12/2001 ($3.66) 12/13/2001 $2.26 12/14/2001 ($3.58) 12/17/2001 $7.50 12/18/2001 $0.24 12/19/2001 ($9.47) 12/20/2001 ($7.18) 12/21/2001 ($1.85) 12/24/2001 ($3.68) 12/26/2001 ($9.88) 12/27/2001 $1.68 12/28/2001 ($3.01) 12/31/2001 ($8.73) 01/02/2002 ($8.16) 01/03/2002 ($5.30) 01/04/2002 $2.88 01/07/2002 $5.33 01/08/2002 ($2.79) 01/09/2002 $1.10 01/10/2002 $0.24 01/11/2002 $1.73 01/14/2002 $6.77 01/15/2002 ($2.26) 01/16/2002 ($1.57) 01/17/2002 ($0.35) 01/18/2002 ($1.81) 01/21/2002 $2.04 01/22/2002 $3.25 01/23/2002 $3.26 01/24/2002 $2.99 01/25/2002 $2.43 01/28/2002 $8.00 01/29/2002 $1.18 01/30/2002 $4.08 01/31/2002 $6.33 [logo of Exelon] Alternative Sources for Power Generation ---------------------------------------- o Renewable energy, such as wind and solar o Plant efficiency modifications and upgrades o Environmentally preferable energy sources [logo for Exelon] Nuclear - The Only Realistic Option ----------------------------------- o U.S. needs secure, reliable, domestic energy source. o Growing electricity demand + aging plants = need for hundreds of new power plants over next 10-20 years. o U.S. economy requires abundant, low-cost energy. o Public support for nuclear option is growing. o Public putting pressure on power industry to not pollute. o Permanent spent fuel disposal is being resolved. [logo for Exelon] Nuclear Can Be an Economical Option -----------------------------------
Electric Power Generation Options --------------------------------- Nuclear Options Coal Options CCGT --------------------------------- ---------------- ------------------------- ALWR PBMR @Natural Gas $/MMBTU ---- ---- -------------------- Cost Comparisons ((cent)/kWh) Small Large Low Cost High Cost Clean Normal 3.00 3.50 4.50 ----- ----- -------- --------- ----- ------ ---- ---- ---- Fuel Cost 0.5 0.5 0.7 0.7 0.9 0.8 2.1 2.5 3.2 Cash O & M Cost 1.0 0.7 0.4 0.4 0.8 0.6 0.3 0.3 0.3 - ---- ---- ---- ---- ---- ---- ---- ---- ---- Total Costs 1.5 1.2 1.1 1.1 1.7 1.4 2.4 2.8 3.5 Levelized Capital Recovery 4.1 2.6 2.2 2.8 2.2 1.7 0.9 0.9 0.9 - ---- ---- ---- ---- ---- ---- ---- ---- ---- Total Cost / Revenue Required 5.6 3.8 3.3 3.9 3.9 3.1 3.3 3.7 4.4 ----------------------------------------------------------------------------------------------------------------------------- Target IRR @ Total Cost / Revenue 10% 10% 10% 10% 8% 8% 8% 8% 8% Breakeven Natural Gas Price 6.25 3.69 3.00 3.86 3.90 2.73 3.00 3.50 4.50 ($/MMBTU) Capital Intensity, $/kW 1575 1000 1000 1250 1300 1000 525 525 525 Project Size, MW 610 1091 120 120 720 720 1000 1000 1000 Project Capital, $M 961 1091 120 150 936 720 525 525 525
[logo for Exelon] Advantages of Pebble Bed Modular Reactor ---------------------------------------- o Failsafe, passive safety features o Much lower construction and operating costs o Standard modular design o Faster return on investment o Produces power at very competitive prices o Reduced security concerns [logo for Exelon] Public Policy Case for Maintaining Nuclear Option ------------------------------------------------- o Avoided Emissions - Nuclear power avoids emission of key pollutants: o SO2 - acid rain o NOx - ground-level ozone o CO2 - global warming o Implications: o Reduced fossil compliance costs o Meet demand growth without increased emissions o Achieve fuel diversity o Stable pricing [logo for Exelon] The Road to Commercialization ----------------------------- o Building public confidence in safety aspects o Certainty of capital costs o Technology o Construction costs o Clearing licensing hurdles o Decommissioning funding o Technological issues o Nuclear liabilities o Dealing with waste disposal o Be ready to meet next round of plant construction in 5-8 years