Exelon CEO Says Cap-and-Trade Approach to Carbon Emissions is Best for Economy

Tue Oct 13, 2009 10:13am EDT

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John Rowe urges businesses to come together to support federal climate
CHICAGO--(Business Wire)--
Exelon Chairman and CEO John W. Rowe said yesterday that cap-and-trade is the
best approach for addressing global warming while sustaining an economic
recovery. In a keynote address at the PennFuture Southeast Global Warming
Conference in Penn Valley, Pa., Rowe said reducing carbon emissions will cost
money, but the alternatives to cap-and-trade will cost more. 

"The best way to address the climate problem and protect our nation`s fragile
economic recovery is through cap-and-trade, which is the least expensive
solution," Rowe said. "Prices will go up, just not as much as with cruder tools.
Plus, the legislation has provisions that will help reduce the impact to

Rowe said that options like new nuclear plants, wind and solar, while appealing
to many, actually cost much more than commonplace solutions like energy

"Choosing more expensive options over cheaper ones adds costs that are passed
through to businesses and consumers," Rowe said. "That`s why we need a climate
bill that takes advantage of the power of appropriately regulated and monitored
markets, which will drive competition, innovation and low-cost solutions." 

In the wake of Exelon`s decision to withdraw from the U.S. Chamber of Commerce
due to a disagreement on the urgency of addressing global warming, Rowe urged
the nation`s business community to come together in support of climate

"Companies and business groups must recognize the need for strong action-or they
will be left behind," said Rowe. "We have faith in the ability of American
business to come together to develop innovative and cost-effective solutions to
the climate challenge." 

Exelon is not waiting for climate legislation to undertake its own effort to
address climate change through Exelon 2020, an environmental and business
strategy to reduce, offset or displace more than 15 million metric tons of
greenhouse gas emissions per year by 2020. In April 2009, Exelon announced that
it had reduced its greenhouse gas emissions by more than 35 percent from 2001 to

Rowe is the electricity industry`s longest-serving chief executive, with nearly
26 years as a utility CEO. Rowe was among the first CEOs in the industry to
focus on climate change, first testifying before Congress on the potential
effects of carbon emissions in 1992. He currently serves as co-chair of the
bipartisan National Commission on Energy Policy, and previously chaired the
Edison Electric Institute and the Nuclear Energy Institute. 

Rowe`s speech was part of an event sponsored by PennFuture, a leading
environmental advocacy organization in Pennsylvania. Presenters included Jerry
Melillo, co-chair of the United States Global Climate Change Impacts Assessment,
and co-director and senior scientist of The Ecosystems Center at the Marine
Biological Laboratory in Woods Hole; Richard Foltin, legislative director,
American Jewish Committee; Brent Alderfer, president of Community Energy Inc.;
Denis O`Brien, PECO president and CEO; Joy Bergey, federal programs manager,
PennFuture; and Jan Jarrett, PennFuture president and CEO. 

Rowe`s prepared remarks are available on the Exelon Web site at:

Exelon Corporation is one of the nation`s largest electric utilities with
approximately $19 billion in annual revenues. The company has one of the
industry`s largest portfolios of electricity generation capacity, with a
nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon
distributes electricity to approximately 5.4 million customers in northern
Illinois and southeastern Pennsylvania and natural gas to approximately 485,000
customers in the Philadelphia area. Exelon is headquartered in Chicago and
trades on the NYSE under the ticker EXC.

Exelon Communications
Kathleen Cantillon, 312-394-7417

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