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Exelon Responds to Wind Subsidy Phase-Out Plan

  Exelon Responds to Wind Subsidy Phase-Out Plan

Business Wire

CHICAGO -- December 13, 2012

Exelon Corporation today released the following statement in response to the
American Wind Energy Association’s (AWEA) proposal to phase out the wind
production tax credit (PTC):

“The proposal which the American Wind Energy Association (AWEA) has offered
for 'phasing-out' the federal wind energy production tax credit (PTC) is
completely unacceptable. Rather than a reasonable phase-out, AWEA is
essentially asking for a 6-year extension of the now 20-year old PTC – at
either the full or nearly full level of the current PTC. In fact, in the last
year of AWEA’s proposal, the PTC would still be available at 60 percent of its
current level. Further, just for the first year alone of AWEA’s proposal, the
cost to American taxpayers would be more than $12 billion.”

“AWEA’s proposal should be viewed by Congress as a non-starter for any
phase-out discussion,” said Joseph Dominguez, Exelon Senior Vice President for
Government & Regulatory Affairs and Public Policy. “We are especially
disappointed by this proposal, given that AWEA previously indicated that a
2-year extension would suffice,” he added.

“The 20-year old PTC was originally designed to jumpstart the wind energy
industry. Even if it is allowed to expire at the end of this year (as called
for under current law), wind projects that are eligible for the credit before
its expiration will continue to receive it for another 10 years. The wind
energy industry has matured and is thriving today; the PTC is simply no longer
needed. Further, because of the pricing advantage that the PTC provides to
wind energy projects in today’s competitive energy markets, the credit
actually puts at risk the operation of other, more reliable clean energy
sources.”

Exelon Corporation (NYSE: EXC) is the nation’s leading competitive energy
provider, with approximately $33 billion in annual revenues. Headquartered in
Chicago, Exelon has operations and business activities in 47 states, the
District of Columbia and Canada. Exelon is the largest competitive U.S. power
generator, with approximately 35,000 megawatts of owned capacity comprising
one of the nation’s cleanest and lowest-cost power generation fleets. The
company’s Constellation business unit provides energy products and services to
approximately 100,000 business and public sector customers and approximately 1
million residential customers. Exelon’s utilities deliver electricity and
natural gas to more than 6.6 million customers in central Maryland (BGE),
northern Illinois (ComEd) and southeastern Pennsylvania (PECO).

Contact:

Exelon Corporation
Marshall Murphy
630-251-8627
or
Exelon Media Line
312-394-7417
 
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