Illinois' nuclear plants are now owned by a separate Exelon spin-off company
Exelon has completed the spin off of its nuclear power plant division into a separate company. Constellation is publicly traded on the NASDAQ, and Exelon owners received one share of Constellation stock for every three shares of Exelon they own.
Constellation is headquartered in Baltimore, Md. and bills itself as the nation's largest carbon-free energy producer ahead of NextEra Energy in Florida and Duke Energy in North Carolina.
“The future health and prosperity of our nation is inextricably linked to our success in eliminating carbon pollution, and our entire focus will be on helping our customers and communities achieve that goal,” said Joseph Dominguez, CEO of Constellation. “Our clean generation fleet and leading customer-facing platform are the foundation on which we will sustain and grow our business."
Constellation owns all six Illinois nuclear power plants, including the Clinton reactor in DeWitt County, and the Braidwood, Byron, Dresden, LaSalle, and Quad Cities power stations. It also has hydro, wind, and solar generating facilities, and employs 13,000 people.
The company said it generates 10% of the power on the national grid. The new company operates in 48 states, Canada, and the United Kingdom.
Exelon retains its transmission and distribution infrastructure, and has said it plans to spend $29 billion in capital projects over the next three years. The company said most of that will be to modernize the grid and make it more resilient.