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Stock Market & Financial Investment News

News Breaks
May 30, 2014
15:52 EDTPOM, EXCExelon, Pepco Holdings file with FERC for approval of proposed merger
Exelon (EXC) and Pepco Holdings (POM) filed an application for approval by the Federal Energy Regulatory Commission of the proposed transaction announced by the companies on April 30. The combination of the companies brings together Exelon’s three electric and gas utilities – BGE, ComEd and PECO – and Pepco Holdings’ three electric and gas utilities – Atlantic City Electric, Delmarva Power and Pepco – to create the leading Mid-Atlantic electric and gas utility. The transaction does not raise any adverse competition issues, because PHI owns only a minimal amount of electricity generation. It also satisfies the other criteria used by FERC to evaluate whether a transaction is in the public interest, because it will have no adverse impact on customers’ rates and no impact on regulation by FERC or any state utility commission. Because of the lack of competitive generation overlap, the companies have requested that FERC review the transaction and issue an order within 90 days. In addition to their filing with FERC, Exelon and PHI will make other filings in support of their proposed combination. The companies also will make transaction-related filings with the District of Columbia Public Service Commission, the Delaware Public Service Commission, the Maryland Public Service Commission, the New Jersey Board of Public Utilities and the Virginia State Corporation Commission. The transaction is also subject to the notification and reporting requirements under the Hart-Scott-Rodino Act and other customary closing conditions. The transaction requires the approval of the stockholders of PHI. The companies anticipate closing in the second or third quarter of 2015.
News For EXC;POM From The Last 14 Days
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January 22, 2015
15:27 EDTEXCConstellation awarded Port Authority of NY/NJ contract $25.8M efficiency upgrade
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January 20, 2015
09:04 EDTEXCConstellation acquires seven fueling stations in midwest
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05:38 EDTEXCExelon upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Exelon to Outperform citing an attractive risk/reward ahead of likely reforms in the capacity market. Wells expects reforms to positively impact the value of ExGen’s 19 GW nuclear fleet. It raised its price target range for shares to $43-$44 from $41-$42.
January 14, 2015
11:37 EDTEXC, POMExelon, Pepco Holdings reach settlement agreement with NJ BPU
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January 12, 2015
09:35 EDTEXCExelon upgraded to Buy from Hold at Tudor Pickering
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08:11 EDTEXCExelon comments on Illinois nuclear power plant report
Exelon issued the following statement on the State of Illinois report on potential nuclear power plant closings prepared in response to House Resolution 1146: "We thank the state for its attention and work on such an important issue for Illinois and the future of the state’s energy assets. The report confirms that the state’s six nuclear power plants provide substantial economic and environmental benefits to Illinois residents and businesses. It also highlights the negative impacts closing one or more of the state’s nuclear facilities prematurely would have on Illinois’ economy, energy prices and carbon emissions, and concerns it would raise about the reliability of the electric grid. The report makes clear that the future of Illinois’ nuclear power plants should be an issue of statewide concern... The report finds that closing the three Illinois nuclear plants at greatest risk of early retirement would have a significant negative economic impact on the state, including $1.8 billion in annual lost economic activity and more than 7,800 job losses, and that the resulting increase in carbon emissions would have a societal cost of more than $18 billion. It also concludes that the closures would increase wholesale electricity costs in the northern Illinois region served by ComEd by up to 9.9 percent, or $437 million, in the first year... We continue to believe that the best, most cost-effective approach for preserving the benefits these plants provide is a market-based solution that properly values the emissions-free, always-on energy they generate. The report presents several potential policy solutions and is a good starting point for discussions with lawmakers and other stakeholders about the right path forward for continuing to meet Illinois’ energy needs."

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