EXHIBIT 99.1
[LOGO FOR EXELON]
Fueling Energy for Growth
UBS Warburg
Energy and Utilities Conference
February 12, 2002
Corbin A. McNeill, Jr.
Chairman and Co-CEO
Exelon Corporation
This presentation contains certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from the
expectations contained herein. The forward-looking statements herein include
statements about future financial and operating results of Exelon. Economic,
business, competitive and/or regulatory factors affecting Exelon's businesses
generally could cause actual results to differ materially from those described
herein. For a discussion of the factors that could cause actual results to
differ materially, please see Exelon's filings with the Securities and Exchange
Commission, particularly those discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operations-- Outlook" in Exelon's
2000 Annual Report. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
presentation. Exelon does not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances
after the date of this presentation.
[logo of Exelon]
[logo of Exelon]
The Changing Future of Power Generation
- ---------------------------------------
o Boost development of domestic energy sources
o Continue down road to national energy independence
o Public opinion shifting on the issue of nuclear power
o After hiatus, new generation will be needed to meet demand
[logo of Exelon]
Need for New Power Generation is Clear
- --------------------------------------
o Forecast a 50% increase in demand over the next 20 years*
o Bush energy plan calls for 1,200 new power plants in the next 20 years
o Expect most plants near term will be natural gas or clean coal
* Source: Nuclear Energy Institute
Volatility in Gas Prices and Spark Spreads
- ------------------------------------------
(This slide includes two graphs. The first graph shows gas prices (in $/mmBtu)
for the period for August 28, 2000 through January 31, 2001. The second graph
shows the spark spread (in $/MWh) for the same period. The data points are as
follows:
Gas Prices ($/mmBtu)
- --------------------
Algonquin City Gate Price
-------------------------
08/28/2000 $4.745
08/29/2000 $4.900
08/30/2000 $4.940
08/31/2000 $4.925
09/01/2000 $5.150
09/05/2000 $5.075
09/06/2000 $5.135
09/07/2000 $5.210
09/08/2000 $5.215
09/11/2000 $5.120
09/12/2000 $5.280
09/13/2000 $5.425
09/14/2000 $5.490
09/15/2000 $5.500
09/18/2000 $5.635
09/19/2000 $5.405
09/20/2000 $5.595
09/21/2000 $5.680
09/22/2000 $5.615
09/25/2000 $5.535
09/26/2000 $5.465
09/27/2000 $5.685
09/28/2000 $5.775
09/29/2000 $5.660
10/02/2000 $5.370
10/03/2000 $5.580
10/04/2000 $5.590
10/05/2000 $5.590
10/06/2000 $5.580
10/09/2000 $5.540
10/10/2000 $5.585
10/11/2000 $5.530
10/12/2000 $5.580
10/13/2000 $5.935
10/16/2000 $5.770
10/17/2000 $5.715
10/18/2000 $5.685
10/19/2000 $5.825
10/20/2000 $5.435
10/23/2000 $5.245
10/24/2000 $5.205
10/25/2000 $5.225
10/26/2000 $4.980
10/27/2000 $5.030
10/30/2000 $4.980
10/31/2000 $5.290
11/01/2000 $5.055
11/02/2000 $4.885
11/03/2000 $4.835
11/06/2000 $4.995
11/07/2000 $4.935
11/08/2000 $5.010
11/09/2000 $5.225
11/10/2000 $5.715
11/13/2000 $5.575
11/14/2000 $5.990
11/15/2000 $6.195
11/16/2000 $6.275
11/17/2000 $6.275
11/20/2000 $6.165
11/21/2000 $6.950
11/22/2000 $7.225
11/24/2000 $6.820
11/27/2000 $6.820
11/28/2000 $6.730
11/29/2000 $6.395
11/30/2000 $6.525
12/01/2000 $7.245
12/04/2000 $7.275
12/05/2000 $8.465
12/06/2000 $11.895
12/07/2000 $13.465
12/08/2000 $9.640
12/11/2000 $9.105
12/12/2000 $11.490
12/13/2000 $10.325
12/14/2000 $8.715
12/15/2000 $8.420
12/18/2000 $8.550
12/19/2000 $10.320
12/20/2000 $10.350
12/21/2000 $11.190
12/22/2000 $12.370
12/26/2000 $14.780
12/27/2000 $13.525
12/28/2000 $12.895
12/29/2000 $12.650
01/02/2001 $14.970
01/03/2001 $12.480
01/04/2001 $11.350
01/05/2001 $10.800
01/08/2001 $10.895
01/09/2001 $11.510
01/10/2001 $10.915
01/11/2001 $10.950
01/12/2001 $10.250
01/15/2001 $9.590
01/16/2001 $9.590
01/17/2001 $8.925
01/18/2001 $8.540
01/19/2001 $7.775
01/22/2001 $8.335
01/23/2001 $8.555
01/24/2001 $7.595
01/25/2001 $7.560
01/26/2001 $7.965
01/29/2001 $7.685
01/30/2001 $7.190
01/31/2001 $6.300
02/01/2001 $6.290
02/02/2001 $6.430
02/05/2001 $7.100
02/06/2001 $6.260
02/07/2001 $6.070
02/08/2001 $6.250
02/09/2001 $6.770
02/12/2001 $6.660
02/13/2001 $6.150
02/14/2001 $6.160
02/15/2001 $6.450
02/16/2001 $5.900
02/19/2001 $6.160
02/20/2001 $6.160
02/21/2001 $5.780
02/22/2001 $6.015
02/23/2001 $5.735
02/26/2001 $5.645
02/27/2001 $5.630
02/28/2001 $5.780
03/01/2001 $5.915
03/02/2001 $5.755
03/05/2001 $5.670
03/06/2001 $6.030
03/07/2001 $5.960
03/08/2001 $5.920
03/09/2001 $5.920
03/12/2001 $5.725
03/13/2001 $5.630
03/14/2001 $5.750
03/15/2001 $5.590
03/16/2001 $5.540
03/19/2001 $5.570
03/20/2001 $5.680
03/21/2001 $5.670
03/22/2001 $5.775
03/23/2001 $5.595
03/26/2001 $5.890
03/27/2001 $5.920
03/28/2001 $6.100
03/29/2001 $6.300
03/30/2001 $6.105
04/02/2001 $5.985
04/03/2001 $5.770
04/04/2001 $5.875
04/05/2001 $5.730
04/06/2001 $5.700
04/09/2001 $5.750
04/10/2001 $5.915
04/11/2001 $6.005
04/12/2001 $5.875
04/13/2001 $5.720
04/16/2001 $5.720
04/17/2001 $5.960
04/18/2001 $5.950
04/19/2001 $5.705
04/20/2001 $5.515
04/23/2001 $5.395
04/24/2001 $5.500
04/25/2001 $5.590
04/26/2001 $5.475
04/27/2001 $5.350
04/30/2001 $5.235
05/01/2001 $5.175
05/02/2001 $4.990
05/03/2001 $5.030
05/04/2001 $4.880
05/07/2001 $4.850
05/08/2001 $4.695
05/09/2001 $4.610
05/10/2001 $4.505
05/11/2001 $4.555
05/14/2001 $4.605
05/15/2001 $4.655
05/16/2001 $4.870
05/17/2001 $4.840
05/18/2001 $4.560
05/21/2001 $4.490
05/22/2001 $4.510
05/23/2001 $4.430
05/24/2001 $4.440
05/25/2001 $4.495
05/29/2001 $4.180
05/30/2001 $4.205
05/31/2001 $4.025
06/01/2001 $4.025
06/04/2001 $3.985
06/05/2001 $4.250
06/06/2001 $4.335
06/07/2001 $4.065
06/08/2001 $4.020
06/11/2001 $3.920
06/12/2001 $4.210
06/13/2001 $4.410
06/14/2001 $4.550
06/15/2001 $4.345
06/18/2001 $4.260
06/19/2001 $4.320
06/20/2001 $4.390
06/21/2001 $4.250
06/22/2001 $4.060
06/25/2001 $4.030
06/26/2001 $4.000
06/27/2001 $3.985
06/28/2001 $3.930
06/29/2001 $3.650
07/02/2001 $3.335
07/03/2001 $3.240
07/05/2001 $3.265
07/06/2001 $3.425
07/09/2001 $3.330
07/10/2001 $3.440
07/11/2001 $3.530
07/12/2001 $3.555
07/13/2001 $3.650
07/16/2001 $3.425
07/17/2001 $3.410
07/18/2001 $3.450
07/19/2001 $3.525
07/20/2001 $3.350
07/23/2001 $3.295
07/24/2001 $3.405
07/25/2001 $3.415
07/26/2001 $3.420
07/27/2001 $3.615
07/30/2001 $3.365
07/31/2001 $3.605
08/01/2001 $3.635
08/02/2001 $3.640
08/03/2001 $3.495
08/06/2001 $3.450
08/07/2001 $3.585
08/08/2001 $3.765
08/09/2001 $3.655
08/10/2001 $3.585
08/13/2001 $3.360
08/14/2001 $3.365
08/15/2001 $3.395
08/16/2001 $3.515
08/17/2001 $3.825
08/20/2001 $3.565
08/21/2001 $3.505
08/22/2001 $3.530
08/23/2001 $3.575
08/24/2001 $3.210
08/27/2001 $3.055
08/28/2001 $2.950
08/29/2001 $2.880
08/30/2001 $2.810
08/31/2001 $2.790
09/04/2001 $2.415
09/05/2001 $2.495
09/06/2001 $2.625
09/07/2001 $2.680
09/10/2001 $2.610
09/11/2001 $2.730
09/12/2001 $2.600
09/13/2001 $2.845
09/14/2001 $2.755
09/17/2001 $2.740
09/18/2001 $2.660
09/19/2001 $2.470
09/20/2001 $2.415
09/21/2001 $2.375
09/24/2001 $2.385
09/25/2001 $2.405
09/26/2001 $2.410
09/27/2001 $2.330
09/28/2001 $2.330
10/01/2001 $2.09
10/02/2001 $2.12
10/03/2001 $2.39
10/04/2001 $2.47
10/05/2001 $2.53
10/08/2001 $2.46
10/09/2001 $2.48
10/10/2001 $2.57
10/11/2001 $2.75
10/12/2001 $2.67
10/15/2001 $2.64
10/16/2001 $2.96
10/17/2001 $3.14
10/18/2001 $2.80
10/19/2001 $2.62
10/22/2001 $2.99
10/23/2001 $3.19
10/24/2001 $3.07
10/25/2001 $3.76
10/26/2001 $3.59
10/29/2001 $3.77
10/30/2001 $3.59
10/31/2001 $3.54
11/01/2001 $3.29
11/02/2001 $3.26
11/05/2001 $3.48
11/06/2001 $3.31
11/07/2001 $3.24
11/08/2001 $3.19
11/09/2001 $3.05
11/12/2001 $2.91
11/13/2001 $2.85
11/14/2001 $2.65
11/15/2001 $2.26
11/16/2001 $2.04
11/19/2001 $2.56
11/20/2001 $3.08
11/21/2001 $2.22
11/23/2001 $2.22
11/26/2001 $1.95
11/27/2001 $2.32
11/28/2001 $2.73
11/29/2001 $2.47
11/30/2001 $2.24
12/03/2001 $2.50
12/04/2001 $2.36
12/05/2001 $2.23
12/06/2001 $2.20
12/07/2001 $2.59
12/10/2001 $2.79
12/11/2001 $2.94
12/12/2001 $2.89
12/13/2001 $2.78
12/14/2001 $2.85
12/17/2001 $3.10
12/18/2001 $3.10
12/19/2001 $3.15
12/20/2001 $3.07
12/21/2001 $3.04
12/24/2001 $3.04
12/26/2001 $3.87
12/27/2001 $3.45
12/28/2001 $3.48
12/31/2001 $4.20
01/02/2002 $4.14
01/03/2002 $3.81
01/04/2002 $3.08
01/07/2002 $3.10
01/08/2002 $2.98
01/09/2002 $2.71
01/10/2002 $2.68
01/11/2002 $2.68
01/14/2002 $2.87
01/15/2002 $2.99
01/16/2002 $2.93
01/17/2002 $2.98
01/18/2002 $2.73
01/21/2002 $2.73
01/22/2002 $2.53
01/23/2002 $2.39
01/24/2002 $2.43
01/25/2002 $2.32
01/28/2002 $2.31
01/29/2002 $2.34
01/30/2002 $2.48
01/31/2002 $2.48
Spark Spread ($/MWh)
--------------------
10K Spread
08/28/2000 ($0.65)
08/29/2000 ($0.71)
08/30/2000 $4.03
08/31/2000 $13.26
09/01/2000 $8.24
09/05/2000 ($13.41)
09/06/2000 ($9.83)
09/07/2000 ($4.77)
09/08/2000 ($7.06)
09/11/2000 ($4.24)
09/12/2000 $2.38
09/13/2000 $6.50
09/14/2000 ($3.33)
09/15/2000 $0.33
09/18/2000 ($9.07)
09/19/2000 ($1.48)
09/20/2000 ($4.86)
09/21/2000 ($15.67)
09/22/2000 ($12.18)
09/25/2000 ($7.94)
09/26/2000 ($8.20)
09/27/2000 ($0.07)
09/28/2000 ($11.09)
09/29/2000 ($12.65)
10/02/2000 ($5.19)
10/03/2000 $0.87
10/04/2000 $6.25
10/05/2000 $1.48
10/06/2000 ($4.82)
10/09/2000 ($2.57)
10/10/2000 $2.72
10/11/2000 $0.99
10/12/2000 ($1.37)
10/13/2000 ($6.02)
10/16/2000 $6.21
10/17/2000 ($2.02)
10/18/2000 $2.07
10/19/2000 ($11.36)
10/20/2000 ($4.19)
10/23/2000 $11.21
10/24/2000 $0.22
10/25/2000 ($1.16)
10/26/2000 $3.95
10/27/2000 $3.10
10/30/2000 $20.02
10/31/2000 $7.69
11/01/2000 $4.00
11/02/2000 $3.38
11/03/2000 $0.42
11/06/2000 $2.35
11/07/2000 ($0.91)
11/08/2000 $4.12
11/09/2000 ($0.28)
11/10/2000 ($3.11)
11/13/2000 ($8.60)
11/14/2000 ($10.42)
11/15/2000 ($12.56)
11/16/2000 ($10.86)
11/17/2000 ($10.17)
11/20/2000 ($5.01)
11/21/2000 ($16.52)
11/22/2000 ($14.94)
11/24/2000 ($11.88)
11/27/2000 ($11.54)
11/28/2000 ($14.03)
11/29/2000 ($12.55)
11/30/2000 ($12.48)
12/01/2000 ($14.82)
12/04/2000 ($6.96)
12/05/2000 ($19.58)
12/06/2000 ($49.46)
12/07/2000 ($67.67)
12/08/2000 ($15.72)
12/11/2000 ($17.54)
12/12/2000 ($40.99)
12/13/2000 ($21.57)
12/14/2000 ($9.95)
12/15/2000 ($12.36)
12/18/2000 ($26.87)
12/19/2000 ($37.76)
12/20/2000 ($7.00)
12/21/2000 ($45.66)
12/22/2000 ($57.80)
12/26/2000 ($73.66)
12/27/2000 ($69.57)
12/28/2000 ($62.34)
12/29/2000 ($67.46)
01/02/2001 ($82.83)
01/03/2001 ($38.34)
01/04/2001 ($39.56)
01/05/2001 ($27.17)
01/08/2001 ($34.30)
01/09/2001 ($50.24)
01/10/2001 ($35.99)
01/11/2001 ($22.98)
01/12/2001 ($30.94)
01/15/2001 $10.03
01/16/2001 ($29.86)
01/17/2001 ($14.19)
01/18/2001 ($20.94)
01/19/2001 ($8.67)
01/22/2001 ($25.24)
01/23/2001 ($23.38)
01/24/2001 ($14.03)
01/25/2001 ($20.89)
01/26/2001 ($14.43)
01/29/2001 ($11.57)
01/30/2001 ($17.86)
01/31/2001 ($17.35)
02/01/2001 ($15.85)
02/02/2001 ($17.66)
02/05/2001 ($17.78)
02/06/2001 $3.31
02/07/2001 ($13.85)
02/08/2001 ($11.85)
02/09/2001 ($20.14)
02/12/2001 ($27.37)
02/13/2001 ($21.96)
02/14/2001 ($17.89)
02/15/2001 ($16.74)
02/16/2001 $10.26
02/19/2001 ($16.11)
02/20/2001 ($16.52)
02/21/2001 ($14.12)
02/22/2001 ($13.20)
02/23/2001 ($14.71)
02/26/2001 ($11.49)
02/27/2001 ($12.39)
02/28/2001 ($13.18)
03/01/2001 ($16.88)
03/02/2001 ($11.82)
03/05/2001 ($6.97)
03/06/2001 ($12.17)
03/07/2001 ($3.17)
03/08/2001 ($6.23)
03/09/2001 ($1.49)
03/12/2001 ($2.00)
03/13/2001 $11.44
03/14/2001 $11.54
03/15/2001 ($6.59)
03/16/2001 ($13.16)
03/19/2001 ($3.30)
03/20/2001 ($10.98)
03/21/2001 ($6.14)
03/22/2001 ($9.35)
03/23/2001 ($9.19)
03/26/2001 $20.50
03/27/2001 ($10.80)
03/28/2001 ($9.27)
03/29/2001 $0.50
03/30/2001 $52.71
04/02/2001 ($10.11)
04/03/2001 ($11.94)
04/04/2001 ($16.09)
04/05/2001 ($19.06)
04/06/2001 ($14.80)
04/09/2001 ($12.79)
04/10/2001 ($16.80)
04/11/2001 ($15.05)
04/12/2001 ($3.91)
04/13/2001 ($16.34)
04/16/2001 ($7.52)
04/17/2001 ($16.54)
04/18/2001 ($18.22)
04/19/2001 ($11.72)
04/20/2001 ($11.83)
04/23/2001 ($3.84)
04/24/2001 ($12.23)
04/25/2001 ($13.21)
04/26/2001 ($14.58)
04/27/2001 ($10.75)
04/30/2001 ($1.73)
05/01/2001 $9.14
05/02/2001 $20.55
05/03/2001 $35.98
05/04/2001 $17.78
05/07/2001 $12.20
05/08/2001 $17.80
05/09/2001 $8.39
05/10/2001 $15.81
05/11/2001 $4.62
05/14/2001 $2.29
05/15/2001 $2.64
05/16/2001 $0.16
05/17/2001 ($3.18)
05/18/2001 $0.87
05/21/2001 $4.27
05/22/2001 ($3.39)
05/23/2001 ($4.63)
05/24/2001 ($3.34)
05/25/2001 ($9.92)
05/29/2001 ($4.22)
05/30/2001 ($8.88)
05/31/2001 ($2.08)
06/01/2001 ($0.35)
06/04/2001 ($10.11)
06/05/2001 ($11.61)
06/06/2001 ($8.94)
06/07/2001 ($2.38)
06/08/2001 ($3.35)
06/11/2001 $0.73
06/12/2001 ($5.93)
06/13/2001 ($1.57)
06/14/2001 $2.77
06/15/2001 $3.75
06/18/2001 $0.70
06/19/2001 $5.34
06/20/2001 $20.99
06/21/2001 ($4.78)
06/22/2001 $2.92
06/25/2001 $5.78
06/26/2001 $10.44
06/27/2001 ($4.95)
06/28/2001 $9.53
06/29/2001 ($1.91)
07/02/2001 ($2.77)
07/03/2001 $1.04
07/05/2001 $8.11
07/06/2001 $3.53
07/09/2001 $17.06
07/10/2001 $19.05
07/11/2001 $1.22
07/12/2001 $1.97
07/13/2001 ($1.95)
07/16/2001 $12.16
07/17/2001 ($0.28)
07/18/2001 ($1.50)
07/19/2001 $3.23
07/20/2001 $8.64
07/23/2001 $141.02
07/24/2001 $228.33
07/25/2001 $503.39
07/26/2001 $3.53
07/27/2001 ($4.07)
07/30/2001 ($0.57)
07/31/2001 $2.59
08/01/2001 $5.92
08/02/2001 ($2.17)
08/03/2001 ($2.42)
08/06/2001 $16.30
08/07/2001 $50.01
08/08/2001 $29.93
08/09/2001 $168.18
08/10/2001 $26.69
08/13/2001 $15.44
08/14/2001 $8.69
08/15/2001 $7.44
08/16/2001 $7.14
08/17/2001 $9.63
08/20/2001 $9.05
08/21/2001 $6.66
08/22/2001 $10.38
08/23/2001 $9.38
08/24/2001 $9.61
08/27/2001 $19.09
08/28/2001 $17.78
08/29/2001 $5.47
08/30/2001 $5.48
08/31/2001 $25.19
09/04/2001 $13.70
09/05/2001 $5.16
09/06/2001 $4.65
09/07/2001 $12.92
09/10/2001 $57.04
09/11/2001 $11.08
09/12/2001 $12.83
09/13/2001 $19.28
09/14/2001 $3.85
09/17/2001 $15.26
09/18/2001 $7.24
09/19/2001 $10.52
09/20/2001 $20.52
09/21/2001 $16.35
09/24/2001 $16.48
09/25/2001 $21.76
09/26/2001 $4.18
09/27/2001 $6.91
09/28/2001 $6.07
10/01/2001 $13.46
10/02/2001 $10.28
10/03/2001 $7.61
10/04/2001 $9.99
10/05/2001 $8.04
10/08/2001 $4.23
10/09/2001 $4.66
10/10/2001 $3.32
10/11/2001 $1.48
10/12/2001 $4.02
10/15/2001 $14.74
10/16/2001 $9.30
10/17/2001 $8.13
10/18/2001 $9.99
10/19/2001 $14.61
10/22/2001 $9.41
10/23/2001 $3.79
10/24/2001 $9.02
10/25/2001 ($1.61)
10/26/2001 ($2.17)
10/29/2001 ($5.89)
10/30/2001 ($4.65)
10/31/2001 ($0.04)
11/01/2001 $3.84
11/02/2001 $5.75
11/05/2001 ($1.32)
11/06/2001 ($2.79)
11/07/2001 $1.71
11/08/2001 ($2.41)
11/09/2001 $2.58
11/12/2001 $11.90
11/13/2001 $8.23
11/14/2001 $6.37
11/15/2001 $8.33
11/16/2001 $12.41
11/19/2001 $5.43
11/20/2001 ($4.44)
11/21/2001 $4.79
11/23/2001 ($6.33)
11/26/2001 $7.41
11/27/2001 ($0.31)
11/28/2001 $0.49
11/29/2001 $5.53
11/30/2001 $4.12
12/03/2001 $3.90
12/04/2001 $7.54
12/05/2001 $8.84
12/06/2001 $7.55
12/07/2001 $1.26
12/10/2001 $3.31
12/11/2001 ($4.03)
12/12/2001 ($3.66)
12/13/2001 $2.26
12/14/2001 ($3.58)
12/17/2001 $7.50
12/18/2001 $0.24
12/19/2001 ($9.47)
12/20/2001 ($7.18)
12/21/2001 ($1.85)
12/24/2001 ($3.68)
12/26/2001 ($9.88)
12/27/2001 $1.68
12/28/2001 ($3.01)
12/31/2001 ($8.73)
01/02/2002 ($8.16)
01/03/2002 ($5.30)
01/04/2002 $2.88
01/07/2002 $5.33
01/08/2002 ($2.79)
01/09/2002 $1.10
01/10/2002 $0.24
01/11/2002 $1.73
01/14/2002 $6.77
01/15/2002 ($2.26)
01/16/2002 ($1.57)
01/17/2002 ($0.35)
01/18/2002 ($1.81)
01/21/2002 $2.04
01/22/2002 $3.25
01/23/2002 $3.26
01/24/2002 $2.99
01/25/2002 $2.43
01/28/2002 $8.00
01/29/2002 $1.18
01/30/2002 $4.08
01/31/2002 $6.33
[logo of Exelon]
Alternative Sources for Power Generation
- ----------------------------------------
o Renewable energy, such as wind and solar
o Plant efficiency modifications and upgrades
o Environmentally preferable energy sources
[logo for Exelon]
Nuclear - The Only Realistic Option
- -----------------------------------
o U.S. needs secure, reliable, domestic energy source.
o Growing electricity demand + aging plants = need for hundreds of new power
plants over next 10-20 years.
o U.S. economy requires abundant, low-cost energy.
o Public support for nuclear option is growing.
o Public putting pressure on power industry to not pollute.
o Permanent spent fuel disposal is being resolved.
[logo for Exelon]
Nuclear Can Be an Economical Option
- -----------------------------------
Electric Power Generation Options
---------------------------------
Nuclear Options Coal Options CCGT
--------------------------------- ---------------- -------------------------
ALWR PBMR @Natural Gas $/MMBTU
---- ---- --------------------
Cost Comparisons ((cent)/kWh) Small Large Low Cost High Cost Clean Normal 3.00 3.50 4.50
----- ----- -------- --------- ----- ------ ---- ---- ----
Fuel Cost 0.5 0.5 0.7 0.7 0.9 0.8 2.1 2.5 3.2
Cash O & M Cost 1.0 0.7 0.4 0.4 0.8 0.6 0.3 0.3 0.3
- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total Costs 1.5 1.2 1.1 1.1 1.7 1.4 2.4 2.8 3.5
Levelized Capital Recovery 4.1 2.6 2.2 2.8 2.2 1.7 0.9 0.9 0.9
- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total Cost / Revenue Required 5.6 3.8 3.3 3.9 3.9 3.1 3.3 3.7 4.4
- -----------------------------------------------------------------------------------------------------------------------------
Target IRR @ Total Cost / Revenue 10% 10% 10% 10% 8% 8% 8% 8% 8%
Breakeven Natural Gas Price 6.25 3.69 3.00 3.86 3.90 2.73 3.00 3.50 4.50
($/MMBTU)
Capital Intensity, $/kW 1575 1000 1000 1250 1300 1000 525 525 525
Project Size, MW 610 1091 120 120 720 720 1000 1000 1000
Project Capital, $M 961 1091 120 150 936 720 525 525 525
[logo for Exelon]
Advantages of Pebble Bed Modular Reactor
- ----------------------------------------
o Failsafe, passive safety features
o Much lower construction and operating costs
o Standard modular design
o Faster return on investment
o Produces power at very competitive prices
o Reduced security concerns
[logo for Exelon]
Public Policy Case for Maintaining Nuclear Option
- -------------------------------------------------
o Avoided Emissions - Nuclear power avoids emission of key pollutants:
o SO2 - acid rain
o NOx - ground-level ozone
o CO2 - global warming
o Implications:
o Reduced fossil compliance costs
o Meet demand growth without increased emissions
o Achieve fuel diversity
o Stable pricing
[logo for Exelon]
The Road to Commercialization
- -----------------------------
o Building public confidence in safety aspects
o Certainty of capital costs
o Technology
o Construction costs
o Clearing licensing hurdles
o Decommissioning funding
o Technological issues
o Nuclear liabilities
o Dealing with waste disposal
o Be ready to meet next round of plant construction in 5-8 years