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Thursday, February 6, 2014

Exelon says it could close nuclear plants to save money

Feb. 6

Exelon (NYSE: EXC) announced it would close its nuclear power plants if they are not profitable.
The company made the announcement during a fourth quarter 2013 earnings call, according to the Chicago Tribune. Exelon owns 10 nuclear plants, with six of them located in Illinois. Two of those, Clinton and Quad Cities, are projected to be the next nuclear plants to close due to low market prices for power caused by low natural gas prices and subsidies given to renewable energy sources.
Exelon’s nuclear fleet achieved a 92.3 percent capacity factor for the fourth quarter 2013, compared to 93 percent for the same quarter in 2012, the company said in its report. The plants generated 134 million net megawatt-hours of electricity in all of 2013 and achieved a capacity factor of 94.1 percent.
Exelon said in the article that the lower power prices were offset by higher capacity prices and higher revenues from its three utilities: Baltimore Gas & Electric, PECO and Commonwealth Edison Co. For the year, the company’s revenue was $24.9 billion, compared to $23.5 billion in 2012.

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