Merged PECO, Unicom to be Called Exelon

When the dust finally settles on the PECO-Unicom merger, the emerging company will be called Exelon. The two companies announced their intention to merge in September and hope to receive final approval by mid-2000.

Under the merger agreement, the companies plan to retain the names Commonwealth Edison (ComEd) and PECO Energy for their distribution operations in Chicago and Philadelphia. While the name Exelon—the existing brand used by some of PECO Energy's unregulated business ventures—has been chosen for the new holding company, the future names and brands for all other company operations are still under review.

The companies also announced the selection of the senior leaders who will direct major line and staff units for Exelon. The appointments are: Michael J. Egan, chief financial officer; Paul A. Elbert, unregulated enterprises president; Pamela B. Strobel, general counsel; Oliver D. Kingsley Jr., chief nuclear officer; Ian P. McLean, power team president; Kenneth G. Lawerence, PECO distribution president; Carl J. Croskey, ComEd distribution president; and S. Gary Snodgrass, chief human resources officer.

Additional members of the senior management team will be announced in the near future. John W. Rowe, Unicom chairman, president and CEO, will oversee transmission and distribution operations and the unregulated retail enterprises. Corbin A. McNeill Jr., PECO Energy's chairman, president and CEO, will be responsibile for generation and power marketing operations.

Michael J. Egan is currently senior vice president and chief financial officer of PECO Energy and recently was named chief integration officer for the merger. Egan also serves as chairman of AmerGen Energy, a joint venture between PECO Energy and British Energy, which was formed for the acquisition of nuclear power plants.

McNeill and Rowe will become co-chief executive officers of Exelon until Dec. 31, 2003. During the first half of that transition period, McNeill will be chairman of the board of directors, and Rowe will be president of the new holding company and serve as chairman of the executive committee. During the second half of the transition period, Rowe will serve as the board chairman, and McNeill will serve as chairman of the executive committee of the board. At the end of the transition period, Rowe will become chairman and sole chief executive officer of Exelon. McNeill will remain on the board of directors.

Exelon will be one of the nation's largest electric utilities based on its about 5 million customers and it will have total revenues of $12.4 billion. The combined company will be the nation's fourth largest power generator, with a generation portfolio of more than 22,500 MW, and will be a leader in the growing United States wholesale power marketing business. Based on current equity market values, Exelon would rank third in the industry with a market capitalization of $15.2 billion.

Edited by April C. Murelio
editor@poweronline.com