Exelon and PSEG merger will form largest U

Exelon and PSEG merger will form largest U.S. electric utility

Washington (Platts)--20Dec2004


Exelon and PSEG will merge to form the largest electric utility in the U.S.,
the companies announced today. If the merger is approved by federal and state
regulators, and by shareholders, the new company, Exelon Electric & Gas, will
have total assets of about $79-billion, a generating portfolio of 52,000
megawatts-electric, and 7-million electric customers, the companies said. The
17 reactors in its nuclear fleet will have a total generating capacity of
19,038 MW (gross). PSEG will pay Exelon Nuclear $3-million a year plus
incentives under a service contract to operate the Hope Creek and Salem
nuclear plants until the deal is finalized, PSEG Chairman and CEO James
Ferland said today at a press conference. The companies have identified about
$400- to $500-million in potential cost reductions, less than half of which
were related to job reductions, Ferland said. The regulatory process to
approve the merger should take about 12 to 15 months to complete, Exelon
President and CEO John Rowe said.

Please visit: www.platts.com

Their coverage of energy matters is extensive!!.