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Final hurdle cleared in seperation of Exelon

CHICAGO - Exelon Corp. Thursday said the New York State Public Service Commission has approved its plan to separate into two companies early next year. The commission authorized the transfer of Exelon's New York nuclear facilities to the newly formed Constellation company, which will occur at separation.

With this final regulatory approval completed, Exelon remains on track to separate its transmission and distribution utility business (Exelon), and its competitive retail energy and generation business (Constellation).

The Exelon utilities business serves more than 10 million customers and includes ComEd, a supplier of electrical power in the Chicago area.

Constellation is the nation's largest provider of clean energy through the ownership of nuclear power plants.

"This final regulatory approval is an important milestone on our path to separating into two world-class energy companies," said Chris Crane, president and CEO of Exelon. "As independent companies, the new Exelon and Constellation will have the strategic flexibility and financial strength to best serve their customers and invest in a clean-energy future."

Closing of the transaction next year is subject to final approval by the company's board of directors and a Form 10 registration statement being declared effective by the Securities and Exchange Commission. Exelon shareholder approval is not required.

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