Properly designed competitive markets ensure cost-effective reliable power supply and have demonstrated the ability to eliminate dirty, inefficient plants in the most efficient way. To that end, Exelon remains active in advocating for competitive markets, opposing policies that ask either taxpayers or consumers to subsidize or give preferential treatment to specific generation providers or technologies, or that would threaten the reliability and value of the integrated electricity grid. We have seen success in confronting individual threats to the market, but many threats remain. We need to move beyond outdated policies and allow the market to stimulate innovation and determine the most economical clean energy solutions.

Conclusion

The markets have been challenging for Exelon for the last several years, but we have the financial strength and the strategic options to manage through this economic trough. We are not simply waiting for the price recovery. We are taking action to improve our situation by finding ways to optimize our fleet value, investing in improved utility reliability and infrastructure, maintaining the operational excellence for which we are known, and advocating for tax and energy policies that best support clean, reliable energy. Our scale and depth give us strength to weather storms. Our healthy balance sheet, our sustainable dividend, and our financial discipline constitute a solid platform for sustained growth.

Christopher M. Crane President and Chief Executive Officer