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Exelon Utilities CEO resigns as Illinois lobbying probe intensifies

Anne Pramaggiore stepped down as senior executive vice president of Exelon Corp. and CEO of Exelon Utilities effective immediately on Oct. 15. She will also leave the board of Exelon's Chicago-area utility subsidiary Commonwealth Edison Co.

Pramaggiore's retirement comes after Exelon and ComEd received a second grand jury subpoena from the U.S. Attorney's Office for the Northern District of Illinois earlier this month. The Chicago Tribune reported that Pramaggiore "is one focus of the ongoing federal probe."

Exelon's stock fell 4.57% to $44.91 on about double average trading volume on Oct. 16.

As part of the latest grand jury subpoena, the companies are required to produce records of any communications with certain individuals and entities, including Illinois state Sen. Martin Sandoval, according to an earlier Form 8-K filing.

The Tribune reported Oct. 16 that the FBI has sought information about ComEd's lobbying work in Illinois, including communications with confidants of state House Speaker Michael Madigan.

In June, the Exelon board formed a special oversight committee to oversee the companies' cooperation and compliance with any action taken by the U.S. Attorney. The committee has engaged independent outside counsel to advise and assist the special committee.

In connection with Pramaggiore's retirement, Calvin Butler has been appointed interim CEO of Exelon Utilities, overseeing all six of Exelon's regulated utilities, effective immediately. Butler is the CEO and a director of Baltimore Gas and Electric Co. He is also a member of Exelon's executive committee.

Mizuho Securities on Oct. 16 issued a research report stating that if Exelon lobbyists or executives are indicted, legislative proposals to compensate nuclear plants and extend Commonwealth Edison's formula rate plan would likely not be adopted in the regular session in January 2020. Exelon owns six nuclear plants in Illinois.

The Clean Energy Jobs Act, introduced earlier this year, would establish state-mandated capacity payments for Exelon's nuclear plants, Mizuho noted. Lawmakers did not pass the bill before adjourning in May. The Mizuho report said Gov. JB Pritzker seems to have ruled out the bill coming up for consideration during the upcoming veto session this fall.