you, our shareholders, is clear: If we do not see a path to sustainable profitability in any of our plants, we will take steps to shut those plants down to avoid sustained losses.

Public Policy Advocacy

The enduring value of Exelon’s business portfolio and assets depends to a very large degree on federal and state policies and regulation. One key example: low natural gas prices are not the sole threat to the viability of nuclear plants. State-sponsored preference to specific generation providers, technology-specific mandates, and the wind production tax credit are all anti-competitive market strictures that put continued operation of clean and reliable nuclear energy at risk. They cost taxpayers and consumers a lot of money, and as they threaten the economics of nuclear generation, they also put the nation’s progress in reducing emissions at risk. For that reason, Exelon is and will remain a leading voice in policy debates and decision-making, particularly around our critical priorities:

• Opposition to non-competitive energy subsidies
• Recognition of nuclear as a clean, resilient energy source
• Promotion of market rules and structures that ensure fair treatment of clean, competitive, reliable generation
• Protection of the value of the grid
• Equitable rate recovery structures in our utility jurisdictions