Exelon Corporation History

10 South Dearborn Street, 37th Floor
Chicago, Illinois 60690-3005

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

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:

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