Exelon Corporation History

Address:
10 South Dearborn Street, 37th Floor
Chicago, Illinois 60690-3005
U.S.A.

Telephone: (312) 394-7398
Fax: (630) 663-7599

Website:
Public Company
Incorporated: 1902 as Philadelphia Electric Company (PECO) and 1907 as The Commonwealth Edison Co., Inc. (Unicom)
Employees: 29,200
Sales: $15.1 billion (2001)
Stock Exchanges: New York
Ticker Symbol: EXC
NAIC: 221122 Electric Power Distribution; 221113 Nuclear Electric Power Generation; 221112 Fossil Fuel Electric Power Generation; 551112 Offices of Other Holding Companies

Company Perspectives:

At Exelon, everything we do is guided by our four core values: 1) boldness in staking out a leadership role in tomorrow's energy markets; 2) creativity in improving the quality of life through energy; 3) accountability to our customers, shareholders, employees, and communities; 4) commitment in operating facilities safely, protecting the environment, and developing our businesses responsibly.

Key Dates:

1902:
The Philadelphia Electric Company (PE) is incorporated.
1907:
Samuel Insull merges Commonwealth Electric Company and Chicago Edison Company to form Commonwealth Edison (ComEd).
1927:
The Pennsylvania-New Jersey Interconnection is created.
1929:
PE merges with United Gas Improvement Company.
1932:
Banks take over Insull's MWU holding company; Insull is forced to resign amid fraud and embezzlement charges.
1943:
PE becomes an independent company once again.
1953:
The Public Service Company of Northern Illinois merges with ComEd.
1960:
ComEd operates the nation's first privately financed commercial nuclear power station.
1968:
Regulatory delays prevent the completion of PE nuclear power plants in Limerick.
1974:
ComEd acquires Cotter Corporation.
1980:
ComEd's earnings per share sink to their lowest level in 15 years.
1987:
PE's earnings fall after the Public Utilities Commission refuses to allow a rate hike.
1994:
PE adopts the name PECO Energy Company; ComEd becomes part of a new holding company, Unicom Corporation.
2000:
PECO and Unicom merge to form Exelon Corporation.

Company History:

Further Reading:

  • Barrett, Amy, "The Luck of the Irish," Financial World, May 29, 1990, pp. 28-9.
  • Bleiberg, Robert M., "PECO's Woes," Barron's, May 28, 1990, p. 12.
  • Crown, Judith, "Why O'Connor is Turning Off the Lights: Faced with Nuclear Dereg Turmoil It Was Time to Exit," Crain's Chicago Business, October 13, 1998, p. 1.
  • Daniels, Steve, "After Shocking Summer, ComEd Strikes Deal," Crain's Chicago Business, December 20, 1999, p. 22.
  • ------, "Cash in Hand, ComEd Gets Ready to Shop: Set to Buy Energy Service Providers in Growth Bid," Crain's Chicago Business, March 29, 1999, p. 4.
  • ------, "Exelon Halts Campaign to Diversify," Crain's Chicago Business, August 27, 2001, p. 3.
  • ------, "Exelon in Search of Powerful Deal," Crain's Chicago Business, February 18, 2002, p. 1.
  • ------, "Exelon Power Struggle," Crain's Chicago Business, March 4, 2002, p. 1.
  • "Exelon: A Bright Light in Energy," Business Week, March 2002.
  • Feiler, Jeremy, "Exelon in Retrenchment," Philadelphia Business Journal, November 2, 2001, p. 1.
  • Knowles, Francine, "Shareholders OK Edison Restructuring," Chicago Sun-Times, May 11, 1994, p. 63.
  • Laabs, Jennifer J., "Plant Shutdown Forces Changes in Operations," Personnel Journal, v. 72, March 1993, pp. 112-22.
  • Lashinsky, Adam, "A ComEd Peace Treaty," Crain's Chicago Business, September 27, 1993, p. 1.
  • McDonald, Forrest, Insull, Chicago: University of Chicago Press, 1962.
  • Munson, Richard, The Power Makers, Emmaus, Pa.: Rodale Press, 1985.
  • Oloroso, Arsenio Jr., and Judith Crown, "Rowe's Strategy: Power Up ComEd--Rowe's Formula: Cost-Cutting, Asset Sales, Mini-Mergers," Crain's Chicago Business, June 15, 1998, p. 1.
  • Philadelphia Electric Company, Milestones: Philadelphia Electric Company, 1881-1981, Philadelphia: Philadelphia Electric Company, 1981.
  • Samuels, Gary, "Burying the Hatchet," Forbes, December 5, 1994, p. 56.
  • Snyder, David, "In a Sound Bite: A Cultural Revolution Begins at ComEd," Crain's Chicago Business, July 20, 1998, p. 11.
  • "Unicom, PECO to Merge in $31.8B Deal," United Press International, September 27, 1999.
  • Wainwright, Nicholas B., History of The Philadelphia Electric Company, 1881-1961, Philadelphia: The Philadelphia Electric Company, 1961.

Source: International Directory of Company Histories, Vol. 48. St. James Press, 2003.