Exhibit 99
[EXELON LOGO]
News Release
From: Exelon Corporation For Immediate Release
Corporate Communications ---------------------
P.O. Box 805379
Chicago, IL 60680-5379
Contact: Don Kirchoffner, 312.394.3001
Linda Marsicano, 312.394.3099
Exelon Corporation Explores Possibility of Acquiring
Illinois Power from Dynegy Inc.
Chicago (September 26, 2003) -- Exelon Corporation (Exelon) today announced that
it is engaged in exclusive discussions with Dynegy Inc. (Dynegy), which may lead
to Exelon purchasing Illinois Power Company (Illinois Power) from Dynegy.
Illinois Power is an electric and gas distribution and transmission utility
serving customers in north central, central and south central Illinois.
Negotiations have only commenced and no assurance can be given that they will
lead to an agreement or that any such agreement could be consummated.
While Exelon believes it is possible to structure a transaction that will
achieve important public policy objectives such as greater reliability and price
stability, any ultimate transaction will be contingent upon review by the
Illinois Commerce Commission, the Federal Energy Regulatory Commission, the
Securities and Exchange Commission and other governmental entities to assure
that these objectives are met. It is expected that if this acquisition is
consummated, it will benefit consumers, competition and the state's economy.
Exelon is exploring this transaction because it believes the combination of
Illinois Power with Exelon's present subsidiary, Commonwealth Edison Company
(ComEd), would provide a unique opportunity to improve service to customers and
address the issues involving the supply and price of electricity throughout much
of the state through the end of the decade and beyond. We would expect that an
approved transaction would lead to contracts for guaranteed supply at
predictable prices for Illinois consumers, particularly residential and small
commercial.
Safe, reliable delivery of energy to our customers remains Exelon's first
priority. Exelon is committed to constantly monitoring opportunities that will
not only enhance shareholder value, but also improve reliability.
Exelon does not anticipate making any further announcement until a definitive
agreement is reached or the discussions are terminated.
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Except for the historical information contained herein, certain of the
matters discussed in this news release are 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 the forward-looking statements
made by a registrant include those factors discussed
herein, as well as the items discussed in (a) the Registrants' 2002 Annual
Report on Form 10-K - ITEM 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations-Business Outlook and
the Challenges in Managing Our Business for each of Exelon, ComEd, PECO
and Generation, (b) the Registrants' 2002 Annual Report on Form 10-K - ITEM 8.
Financial Statements and Supplementary Data: Exelon
- Note 19, ComEd - Note 16, PECO - Note 18 and Generation - Note 13 and (c)
other factors discussed in filings with the United States Securities and
Exchange Commission (SEC) by the Registrants. Readers are cautioned not to
place undue reliance on these forward-looking statements, which apply only as
of the date of this release. None of the Registrants undertakes any obligation
to publicly release any revision to its forward-looking statements to reflect
events or circumstances after the date of this release.
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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 andstrong 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.
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