Exelon Generation 8-K Bernstein Alternative Energy Conference

A Nuclear Renaissance?

Bernstein Alternative Energy Conference

September 16, 2008

Tom O’Neill

Vice President,  New Plant Development

Exelon Generation

Exhibit 99.1

2

Forward-Looking Statements

This presentation includes forward-looking statements within the meaning of the

Private Securities Litigation Reform Act of 1995, that are subject to risks and

uncertainties.  The factors that could cause actual results to differ materially from

these forward-looking statements include those discussed herein as well as those

discussed in (1) Exelon’s 2007 Annual Report on Form 10-K in (a) ITEM 1A. Risk

Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition

and Results of Operations and (c) ITEM 8. Financial Statements and

Supplementary Data: Note 19; (2) Exelon’s Second Quarter 2008 Quarterly Report

on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I,

Financial Information, ITEM 1. Financial Statements: Note 12; and (3) other factors

discussed

in

filings

with

the

Securities

and

Exchange

Commission

by

Exelon

Corporation and Exelon Generation Company, LLC (Companies).  Readers are

cautioned not to place undue reliance on these forward-looking statements, which

apply only as of the date of this presentation.  None of the Companies undertakes

any obligation to publicly release any revision to its forward-looking statements to

reflect events or circumstances after the date of this presentation.

3

It’s About the Economics

Uncertainties make cost confidence difficult

•

Vendor estimates remain soft, fluid

•

Designs not yet complete, some not certified

•

Engineering/Procurement/Construction contract pricing

will include “fixed”, “firm”, and “target”

categories

•

Commercial risk-sharing provisions not yet established

•

Commodity cost volatility continues

•

Construction & regulatory schedules unproven in U.S.

•

Financing/credit environment in flux

•

Pending change in U.S. administration

Current industry overnight cost estimates range from

$2400/kw

-

$4500/kw

…

and rising

4

Time & Action Will Reduce Level of Uncertainty

Decision process is a series

of decisions, not a single

commitment

–

Decide to file a COLA

–

Decide to procure long-lead materials

–

Decide to build

•

Individual milestones move the process forward in a more

manageable, deliberate way

A new administration will take office, and act on its

energy policy 

providing clarification

The first movers will move 

sharing lessons learned

Exelon has in place a quantitative risk assessment

process

•

Comprehensive, balanced and integrated view of risks

•

Risk mitigation strategies developed to address the critical risks

5

Exelon Takes a Long View of New Build

We do not expect to be a first mover

Our strategy is to preserve our options

•

Phased project approach, with off-ramp options

Active participation in industry new build initiatives

Continue to advocate for sound public policy on

energy, including

•

Adequate federal loan guarantee authority

•

Effective market-based carbon policies

•

Competitive power markets

•

Long-term regulatory stability

•

Integrated spent fuel management strategy

6

From a Long View, New Nuclear Looks Good

Despite capital cost, cost of electricity generated by new

nuclear can be competitive in nearly any likely scenario

•

Brattle Group study for State of Connecticut:

Natural gas prices will continue to be volatile

Efficiency & renewables are necessary, but not sufficient

Carbon pricing will eventually be imposed

Nation must build new nuclear

But the first step is a high one

Nuclear

SCPC

SCPC w/

CCS

IGCC

IGCC w/

CCS

Gas CC

Gas CC

w/ CCS

Capital Cost

($/kW)

4,038

2,214

4,037

2,567

3,387

869

1,558

Levelized

Cost

($/MWh)

83.4

86.5

141.9

92.2

124.5

76

103.1

SCPC = supercritical pulverized coal; CCS = carbon capture & storage.  Assumes carbon control