UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
May 22, 2002
(Date of earliest
event reported)
Commission File Name of Registrant; State of Incorporation; Address of IRS Employer
Number Principal Executive Offices; and Telephone Number Identification Number
- --------------------- --------------------------------------------------------- -------------------------
1-16169 EXELON CORPORATION 23-2990190
(a Pennsylvania corporation)
10 South Dearborn Street - 37th Floor
P.O. Box 805379
Chicago, Illinois 60680-5379
(312) 394-7398
333-85496 EXELON GENERATION COMPANY, LLC 23-3064219
(a Pennsylvania limited liability company)
300 Exelon Way
Kennett Square, Pennslyvania 19348
(610) 765-8200
Item 5. Other Events
On May 22, 2002 Exelon Corporation issued the following press release regarding
Exelon Power Team's delivery-based trading strategy.
[EXELON LOGO]
News Release
From: Exelon FOR IMMEDIATE RELEASE
Corporate Communications ---------------------
P.O. Box 805379 May 22, 2002
Chicago, IL 60680-5379
Contact: Mary Rucci, Media Relations
610.765.6925
Linda Byus, CFA, Investor Relations
312.394.7696
Exelon Corporation Affirms Delivery-Based Trading Strategy
Chicago (May 22, 2002) - Exelon Corporation (NYSE: EXC) reported today that
Exelon Power Team, its wholesale energy marketing and trading group, does not
engage in the practice of simultaneous trading for the purpose of increasing
trading volume and revenue. Incentive plans for Power Team traders are
profit-oriented, not volume-oriented. The incentives are also based on overall
team performance.
Power Team is a division of Exelon Generation Company, LLC. The major purpose of
Power Team's trading facility is to sell and deliver physical power from its own
portfolio of generating assets and to reduce earnings volatility through hedging
(i.e., entering into contracts that reduce exposure to the volatile spot
market). Exelon Generation is one of the largest generation supply companies in
the U.S. with a total operating portfolio of more than 40,000 MWs.
Exelon also reported that its Power Team is one of more than 100 companies asked
to respond to FERC's request for data in connection with its investigation of
the California power markets during the period 2000 to 2001. Exelon responded to
FERC that Power Team did not engage in "Death Star," "Get Shorty," "Fat Boy," or
any of the other strategies put forth in the Enron memos referred to in FERC's
data request.
###
Exelon Corporation is one of the nation's largest electric utilities with
approximately 5 million customers and more than $15 billion in annual
revenues. The company has one of the industry's largest portfolios of
electricity generation capacity, with a nationwide reach and strong positions
in the Midwest and Mid-Atlantic. Exelon distributes electricity to
approximately 5 million customers in Illinois and Pennsylvania and gas to more
than 440,000 customers in the Philadelphia area. The company also has holdings
in such competitive businesses as energy, infrastructure services, energy
services and telecommunications. Exelon is headquartered in Chicago and trades
on the NYSE under the ticker EXC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EXELON CORPORATION
EXELON GENERATION COMPANY, LLC
/S/ Ruth Ann Gillis
-----------------------------------
Ruth Ann Gillis
Senior Vice President and Chief Financial Officer
Exelon Corporation
May 22, 2002