Exelon Nuclear Designates Victoria County, Texas, Site for Combined Construction...

Exelon Nuclear Designates Victoria County, Texas, Site for Combined
Construction & Operating License Application
Decision maintains option for new nuclear construction; does not imply intent
to build

WARRENVILLE, Ill., Dec. 18 /PRNewswire-FirstCall/ -- Exelon Nuclear has
selected Victoria County as its site in southeast Texas for a federal license
application that would allow construction and operation of a new nuclear plant
should the company decide to build one, the company announced today.
Exelon Nuclear expects to submit the Combined Construction & Operating
License application (COL) to the federal Nuclear Regulatory Commission in
September 2008.
In June, Exelon announced that both Victoria County and Matagorda County
were being considered as possible sites for the license application. After
conducting in-depth field investigations and research at both locations as
part of the company's site selection process, Victoria County was identified
as the site best suited to satisfy NRC requirements as well as other federal
and state laws and regulations. As this process moves forward, Exelon Nuclear
is committed to actively communicating with neighbors, state and local
officials and other stakeholders as well as the community at large in Victoria
County.
"We are delighted that Exelon Nuclear has selected Victoria County as the
site for the license application," Victoria Mayor Will Armstrong said. "We're
impressed with Exelon's excellent safety record and expertise in the arena of
nuclear generated electricity. Furthermore, Exelon -- with its long history of
being a good corporate citizen -- would be a great company to do business with
in Victoria County and the State of Texas."
The Victoria County site, which will be identified in the license
application, is an 11,500-acre tract about 20 miles south of Victoria in
Victoria County. If built, the facility at the site will use a man-made
freshwater lake for cooling.
A combined construction and operating license is required for construction
of a new nuclear energy plant, but the application does not imply that Exelon
has made a commitment to build a plant.
Among the various conditions that must be resolved to Exelon's
satisfaction before any formal decision to build is made are a solution to
used fuel disposal, broad public acceptance of a new nuclear plant and
assurances that a new plant using new technology can be financially
successful, the company has said.
"Nuclear energy is safe and clean and has a low operating cost," Exelon
Nuclear's Vice President of New Plant Development Thomas S. O'Neill said.
"That's why we believe nuclear energy is a key part of Texas' future energy
mix -- because of its inherent environmental and energy independence
benefits."
"The leaders and people of Victoria made us feel at home in their
community from our very first visit," O'Neill said. "We are both impressed and
humbled by the generous welcome and the very broad expressions of support we
have received. The reception in Matagorda was the same. I cannot stress enough
how important this is to our overall business model -- that we become a
partner with the communities where we wish to do business. And we know the
deep responsibility we have in such a partnership."
Exelon expects the license application to cost about $23 million.
Submitting the application in 2008 allows the company to participate in
nuclear production tax credits, financial risk insurance and federal loan
guarantees specified in the 2005 Energy Policy Act.
O'Neill said Exelon has made no decision about when or if it will build on
the site.
Exelon Corporation is one of the nation's largest electric utilities with
more than $15 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. In
Texas, the company owns or controls about 3,700 megawatts of natural gas fired
generation within Electric Reliability Council of Texas (ERCOT). Exelon
distributes electricity to approximately 5.4 million customers in northern
Illinois and Pennsylvania and gas to approximately 480,000 customers in the
Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE
under the ticker EXC.
Contact: Craig Nesbit 630-657-4208 (o)
630-640-9461 (c)

SOURCE Exelon Nuclear

Craig Nesbit of Exelon Nuclear, +1-630-657-4208, cell, +1-630-640-9461