Exhibit 99.2
Exelon Generation [LOGO]
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News Release
FOR IMMEDIATE RELEASE Nov. 1, 2002
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Contact: Exelon Generation, Ted Caddell
610-765-6911
Exelon Investor Relations, Linda Byus
312-394-7696
Exelon Generation Completes Acquisition of Sithe's New England Plants
Exelon Generation today completed its acquisition of Sithe New England Holdings,
LLC, which owns a number of New England generating stations, from Sithe
Energies, Inc.
Exelon Generation purchased a 49.9 percent interest in Sithe Energies in
December, 2000.
"Exelon invested in Sithe originally because of the company's Boston-based
generating facilities," said Exelon Generation President Oliver D. Kingsley Jr.
"Owning or having access to generation in key regions in the Northeast region,
and serving city markets, is consistent with Exelon's strategy in Philadelphia
and Chicago."
Exelon Generation acquired Sithe New England for a $543 million note, plus the
assumption of project debt supporting the construction of Mystic 8, 9, and Fore
River generating stations.
The acquired facilities include Sithe's New England plants in operation and in
various stages of construction:
Sithe New Boston, South Boston, Mass.; Sithe Framingham, in Framingham, Mass.;
Sithe West Medway, in West Medway, Mass.; a 5 percent ownership of the Wyman
facility in Yarmouth, Maine; Sithe Mystic, in Everett, Mass.; Sithe Fore River
in Weymouth, Mass. and Sithe Power Marketing. The plants are fossil-fueled
plants, utilizing a combination of fuel oil and natural gas.
Together, present capacity and capacity in development at these plants totals
about 4,400 megawatts.
Also included in the acquisition is Sithe's power marketing operation, Sithe
Power Marketing L.P. This operation will now come under Exelon Generation and be
renamed Exelon New England Power Marketing.
Sithe, which still has generation facilities in New York and other regions, will
establish a new marketing entity called Sithe Energy Marketing Inc.
(more)
Exelon Corporation
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ABOUT EXELON
Exelon Generation Company, LLC, a subsidiary of Exelon Corporation,
headquartered in Chicago, is one of the largest competitive electric generation
companies in the United States, as measured by owned and controlled megawatts.
As of the end of 2001, Exelon Generation owned or was invested in approximately
40,000 megawatts of generating resources, through three business units: Exelon
Nuclear, which owns or has investments in 19 nuclear units in Illinois,
Pennsylvania and New Jersey, Exelon Power, which owns or has investments in
coal, natural gas, oil, landfill gas and hydro generation assets, consisting of
124 intermediate and peaking units, and Exelon Power Team, Exelon's wholesale
marketing and energy-based financial trading operation, doing business in all of
the contiguous 48 states and in Canada and Mexico. In 2001, Exelon Generation,
headquartered in Kennett Square, Pa., had assets of $8.2 billion, revenues of
$7.0 billion, and approximately 7,200 employees.