Exelon’s (EXC) PECO subsidiary in Pennsylvania has selected Comverge’s (COMV) Apollo Demand Response Management System to meet energy efficiency targets required by Pennsylvania Act 129. For the next 3 years Comverge will provide full turnkey services including call center services and includes the installation of nearly 150K energy management devices. This will be largest demand response deployment in Pennsylvania. PECO was one of the six recipients of … Read the rest
Uranerz just announced that it has signed a uranium supply contract with Exelon Generation Company, LLC. The contract covers a 5-year period includes defined pricing each year. In the announcing the deal, no other details about the agreement were forthcoming. If you have more information about the terms, feel free to leave a comment!
However, Uranerz investors will probably be happy to know that the company continues to look for other uranium sales agreements to … Read the rest
The nine month takeover drama between NRG Energy and Exelon Corporation is over. NRG shareholders voted to reject the bid yesterday by refusing to elect Exelon’s nominees for NRG’s Board of Directors. They also refused to expand the size of NRG’s Board to include additional Exelon candidates. According to NRG, 75% of its shareholders voted against Exelon.
In an article in the New York Times, Exelon’s CEO John W. Rowe made the following comment:
The takeover drama between Exelon Corp and NRG Energy may finally come to a close today, as shareholders from NRG gather to vote on whether to not to elect Exelon’s chosen directors to NRG’s Board.
If the directors are not elected, Exelon will walk, and eventuality that is looking increasingly likely according to Reuters.
Right now, Exelon is offering 0.545 Exelon shares per NRG share. NRG has said it believes the offer is too low, … Read the rest
NRG Energy just announced that its Board of Directors has rejected Exelon’s revised offer for the company. The vote was unanimous and was based on the belief that Exelon is undervaluing NRG, even with its revised offer, with was equivalent to $27 per share. NRG’s Board sent a letter to Exelon calling the revised offer a “step in the right direction” and explaining the specific areas in which the company believes it is being undervalued, … Read the rest
Exelon just announced that is will be slashing 500 jobs as part of a company-wide cost-cutting campaign. As a result, the utility expects to post a charge of $40 million in the second quarter of this year, but will save $350 million in 2010 in operating and maintenance costs. Most of the positions being eliminated are in corporate support, but the program will also affect executive-level employees by freezing salaries and changing compensation plans.
Exelon and Sunpower just announced that they will work together to build the largest urban PV plant in the country in Chicago. The plant, which will be capable of generating 10MW of solar power, should be up and running by the end of this year. The plant will be located on a brownfield property, putting that property back into productive use.
The plans hinge on Exelon receiving money from the federal stimulus program for the … Read the rest
Exelon (EXC) is announcing a program that allows its customers to be certified, emission free energy users. The new product, called an Emission-Free Energy Certificate (EFEC) will initially be limited to select commercial and industrial customers who already have an existing relationship with Exelon. Emission free energy is defined as energy that does not directly produce sulfur dioxide, nitrogen oxide or carbon dioxide and includes solar, wind, hydro, wave energy as well as nuclear. With … Read the rest
NRG Energy released a statement yesterday in response to Exelon’s announcement that shareholders were in favor of combining the two companies. According to the statement, NRG is open to negotiating with Exelon, but only "at a fair exchange rate and on reasonable terms." NRG still feels that Exelon’s offer is unacceptable as is.
From MarketWatch, here’s a brief synopsis of Exelon’s offer:
In October, Exelon proposed to buy all outstanding shares of NRG common stock
A new report from GreenBiz.com and Automotive Fleet Magazine shows that ComEd, a unit of Exelon Corporation, has the nation’s seventh largest fleet of green vehicles. Among other utility companies, ComEd comes in second only to PG & E. ComEd’s fleet, which consists of 2,168 vehicles, reduces the company’s greenhouse gas emissions by approximately 4.200 Metric tons annually. Terence Donnelly, ComEd senior vice president of Transmission & Distribution, commented on the report in a press … Read the rest
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