By [email protected] Exelon Corp. announced plans Wednesday to separate its financially challenged nuclear power plant fleet and other generation assets from its multistate regulated utilities business.
The plan, which will require approval from federal and state regulators, would separate Exelon’s six regulated electric and gas utilities, dubbed “RemainCo,” from its competitive power generation and retail energy business, dubbed “SpinCo.” The plan calls for Exelon shareholders to retain current stock and receive a pro-rata dividend of shares in the new company’s stock when the separation is completed in the first quarter of 2022.
CEO Chris Crane first revealed these plans in November, as
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