Summary
Exelon Corporation (EXC), through its subsidiary Exelon Generation Company, LLC ("Generation"), announced its participation and success as a winning bidder in the Illinois descending clock auction. This auction was designed to supply the entire retail load for Commonwealth Edison Company and Ameren Illinois Utilities for 2007 for customers who do not select a competitive Retail Electric Supplier. Generation's success indicates it will be a significant supplier of power under this new regulatory framework in Illinois. Further details regarding the specific number of tranches won by Generation and other suppliers will be publicly disclosed by the Auction Manager and the Illinois Commerce Commission (ICC) Staff approximately thirty days before the power delivery period, around December 1, 2006. Investors should monitor this upcoming disclosure for a clearer picture of Exelon's market share and revenue potential from this significant auction. An update on the auction is attached as Exhibit 99.1.
Key Highlights
- 1Exelon Generation Company, LLC was a winning bidder in the Illinois descending clock auction.
- 2The auction aimed to supply retail load for Commonwealth Edison Company and Ameren Illinois Utilities for 2007.
- 3Exelon Generation will supply power to customers who do not choose a competitive Retail Electric Supplier.
- 4Generation was one of 16 winning suppliers in the auction.
- 5Detailed results, including the number of tranches won by each supplier, will be released publicly around December 1, 2006.
- 6Exhibit 99.1 to the filing contains background information on the auction.