Exelon to separate its businesses

CHICAGO - Exelon Corp., the parent company of ComEd, Wednesday announced a plan to split Exelon Utilities into two publicly traded companies. One will encompass its six regulated electric and gas distribution utilities, while the other will be a competitive energy business.

RemainCo will be the parent company for Exelon's fully regulated transmission and distribution utilities, delivering electricity and natural gas to more than 10 million customers. In addition to ComEd in Illinois, it includes utility companies in Delaware, Maryland, New Jersey, Pennsylvania and the District of Columbia.

Exelon also launches SpinCo, which will supply energy to homes, businesses and public-sector customers across the continental U.S. SpinCo will operate the nation's largest fleet of carbon-free nuclear power plants, which produced 150 million megawatt hours of electricity last year. It will also own wind, solar, natural gas and hydro assets.

"Our industry is changing at a rapid pace and our customers expect us to continuously innovate to stay ahead of growing demand for clean energy, evolving business conditions and changing technology," said Christopher M. Crane, president and CEO of Exelon.

Under the separation plan, Exelon Corp. shareholders will retain their current shares of Exelon stock and receive a pro rata dividend of shares of the new company's stock in a transaction that is expected to be tax-free to Exelon and its shareholders for U.S. federal income tax purposes, the company said.