Exelon may form independent transmission company

Exelon Corp., the U.S. utility owner and power generator that's being rebuffed in its bid to acquire NRG Energy Inc., said it may form an independent transmission company.

Exelon, based in Chicago, may also participate with American Electric Power Co. to build transmission lines to the U.S. East, John Rowe, Exelon's chief executive officer, said today at his company's annual meeting in Philadelphia.

"We don't have a major corridor planned" for transmission, Rowe said. "We are looking for ways to participate."

Exelon shares fell 85 cents, or 1.9 percent, to $45.15 at 11:49 a.m. in New York Stock Exchange composite trading. This year, the shares have dropped 19 percent.