The separation is expected to close on February 1.
Last spring, Exelon Corp.’s board of directors approved a plan to separate Exelon Utilities (RemainCo), comprised of the company’s six regulated electric and gas utilities, and Exelon Generation (SpinCo), its competitive power generation and customer-facing energy businesses, into two publicly traded companies with the resources necessary to best serve customers and sustain long-term investment and operating excellence.
The separation is expected to close on February 1.
It establishes RemainCo as the parent company for Exelon’s fully regulated transmission and distribution utilities, positioning it to deliver smart, clean, reliable and resilient energy to its customers while continuing to foster economic opportunity and equity in the diverse communities it serves.
It also launches Spinco, a competitive generation and customer-facing company with the agility to adapt to a rapidly changing energy landscape as the nation’s largest provider of clean energy and leading integrated platform for sustainable energy solutions.
The conditions of the separation are being finalized at the company’s headquarters in Chicago.
The separation will not impact plant operations or staffing at Nine Mile.
While the parent company names will change, the front-line work we do every day in our operating companies – and our commitment to safety, reliability and the communities we serve – will not, a company spokesperson said.
No other details are currently available
