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Exelon to retire Clinton, Quad Cities nukes absent legislative fix

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Exelon to retire Clinton, Quad Cities nukes absent legislative fix

plans to retire its"economically challenged" Clinton and Quad Cities nuclear plants if Illinois lawmakers do notpass adequate legislation and Quad Cities does not clear the 2019-2020PJM InterconnectionLLC capacity auction.

Theretirements would occur on June 1, 2017 and June 1, 2018, respectively, Exelon Presidentand CEO Christopher Crane said in the company's May 6 earnings release.

Thenews came after Exelon GenerationCo. LLC, CommonwealthEdison Co. and other Illinois stakeholders unveiled a new bill May5 that seeks to secure the future of "at-risk nuclear plants." Theso-called Next Generation Energy Plan includes a provision to introduce a ZeroEmission Standard that will "make Illinois one of the first states to recognizethe zero-carbon benefits of nuclear power."

Exelonhad deferred retirement decisions on the facilities in order to participate inthe 2016-2017 MISO primary reliability auction and the 2019-2020 PJM capacityauction. Exelon also hoped to provide Illinois policymakers with additionaltime to consider reforms and for MISO to consider market design changes toensure long-term power system reliability in southern Illinois.

WhileClinton has cleared the MISO primary reliability auction, the resulting capacityprice is insufficient to cover cash operating costs and a risk-adjusted rate ofreturn to shareholders, Exelon said.

Theresults of the 2019-2020 PJM capacity auction will be available on May 24.