Exelon will pay $55M to settle dispute |
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Published
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Mon, 31 Dec 2007 19:19
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WASHINGTON (AP) - Exelon Corp., which operates utilities in the mid-Atlantic and Midwest, said Monday it will pay $55 million to settle a series of disputes with the city of Chicago.Exelon subsidiary Commonwealth Edison Co. agreed to make the payments in six installments through 2012, starting with a $23 million payment for 2007. The company said the agreement settles 'a wide range of issues and disputes' dealing with the delivery and pricing of energy to the city. Exelon disclosed the agreement in a form filed Monday with the Securities and Exchange Commission.The deal also forgives Commonwealth for alleged municipal code violations and excuses it from paying the city for the costs of various power outages.Shares of Exelon Corp. fell $1.42 Monday to $81.34 in midday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Exelon tightens 2007 profit target 