Exelon closing 2 Illinois nuclear plants

Chicago-based Exelon Corp., the largest U.S. generator of power from nuclear energy, said it will close two Illinois reactors after the state failed to pass legislation to stem their financial losses.

The Clinton Power Station will shut June 1, 2017 and the Quad Cities Generating Station will close June 1, 2018, Exelon said Thursday in a statement. The company will record a one-time charge of as much as $200 million against 2016 earnings, as well accelerated depreciation and amortization of about $2 billion through the announced shutdown dates. The plants lost a combined $800 million over the past seven years.

Exelon had announced in early May it would close the plants unless the state adopted new policies by May 31 to make them profitable.

"While the Illinois legislative session has not ended, the path forward for consideration of the Next Generation Energy Plan legislation is not clear," Chicago-based Exelon said in the statement. "As a result, Exelon has begun taking necessary steps to shut down the two nuclear plants."

Exelon employs nearly 700 workers at Clinton and 800 workers at Quad Cities. Employees will operate the reactors until the retirement dates, with staff transitions expected within six months after that, according to the statement.