FERC Requests Additional Information on Exelon Generation's Proposed Transaction

The Federal Energy Regulatory Commission (FERC) has issued a deficiency letter to Exelon Generation Company, LLC and its affiliates, requesting additional information on their proposed transaction. The transaction involves the distribution of ownership interests of Exelon Generation's intermediate holding company owner, HoldCo, to Exelon Corporation's current shareholders via a dividend, resulting in two separate publicly traded companies, Exelon Corporation and HoldCo. FERC requires specific information to process the application, including details on the effects of the transaction on the Mystic Agreement and the Transition Services Agreement.

Key Takeaways:

• FERC has issued a deficiency letter to Exelon Generation and its affiliates, requesting additional information on their proposed transaction.
• The proposed transaction involves the distribution of ownership interests of Exelon Generation's intermediate holding company owner, HoldCo, to Exelon Corporation's current shareholders via a dividend.
• FERC requires specific information, including details on the effects of the transaction on the Mystic Agreement and the Transition Services Agreement.
• The application is deficient, and the Commission needs additional information to process it.
• The proposed transaction will result in two separate publicly traded companies, Exelon Corporation and HoldCo.
• FERC has requested explanations on specific sections of Mystic's formula rate template and changes required as a result of the Proposed Transaction.
• The Commission has also requested confirmation that the Proposed Transaction does not alter Exelon Generation's obligations as the Lead Market Participant under the Mystic Agreement.
• FERC has requested information on common officers and directors among Applicants and Exelon Corporation and its subsidiaries after the consummation of the Proposed Transaction.
• The Commission has requested a copy of the Transition Services Agreement between Applicants and Exelon Corporation's non-utility subsidiary.
• FERC has stated that the application will not be considered complete until the requested information is submitted.

Statistics:

| | Value | Units |

| --- | --- | --- |

| Date of FERC's Deficiency Letter | April 16, 2021 | |

| Docket Number | EC21-57-000 | |

| FERC Commissioner | Steven T. Wellner | |

| Director, Division of Electric Power Regulation - West | Steven T. Wellner | |

| Division | Electric Power Regulation - West | |

Sources:

• FERC Correspondence With Applicant - Exelon Generation Company, LLC, Date Filed: April 16, 2021.
• Document Accession \# 20210416-3034