[Federal Register Volume 65, Number 166 (Friday, August 25, 2000)]
[Notices]
[Pages 51874-51878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-21751]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-27214]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
August 21, 2000.
Notice is hereby given that the following filing(s) has/have been
made with the Commission pursuant to provisions of the Act and rules
promulgated under the Act. All interested persons are referred to the
applicant(s) and/or declaration(s) for complete statements of the
proposed transaction(s) summarized below. The application(s) and/or
declaration(s) and any amendment(s) is/are available for public
inspection through the Commission's Branch of Public Reference.
Interested persons wishing to comment or request a hearing on the
application(s) and/or declaration(s) should submit their views in
writing by September 14, 2000, to the Secretary, Securities and
Exchange Commission, Washington, D.C. 20549-0609, and serve a copy on
the relevant applicant(s) and/or declarant(s) at the address(es)
specified below. Proof of service (by affidavit or, in the case of an
attorney at law, by certificate) should be filed with the request. Any
request for hearing should identify specifically the issues of facts or
law that are disputed. A person who so requests will be notified of any
hearing, if ordered, and will receive a copy of any notice or order
issued in the matter. After September 14, 2000, the application(s) and/
or declaration(s), as filed or as amended, may be granted and/or
permitted to become effective.
Exelon Corporation (70-9645)
Exelon Corporation (``Exelon'' or ``Applicant''), a Pennsylvania
corporation located at 10 South Dearborn Street, Chicago, Illinois
60603, and a subsidiary of PEPCO Energy Company (``PECO''), a
combination electric and gas utility holding company claiming exemption
from registration under section 3(a)(1) of the Act by rule 2, has filed
an amended application-declaration under sections 3(a)(1), 4, 5, 6(a),
7, 8, 9(a)(1), 9(a)(2), 9(c)(3), 10, 11(b), 12, and 13, and rules 43,
44, 54, and 80 through 92 under the Act.
Under the terms of an Agreement and Plan of Exchange and Merger
(``Merger Agreement''), dated September 22, 1999 and amended and
restated on January 7, 2000. Exelon proposes to acquire all of the
issued and outstanding shares of common stock of PECO and of Unicom
Corporation (``Unicom''), a public utility holding company exempt from
registration under section 3(a)(1) of the Act by order of the
Commission,\1\ through a two-step process. First, the Merger Agreement
provides for a mandatory share exchange of the outstanding common stock
of PEPO for common stock of Exelon. Following this exchange, Unicom
will merge with and into Exelon, with Exelon as the surviving
corporation. Together, these two transactions are referred to as the
``Merger.'' After the Merger, Exelon will register as a holding company
under the Act. In addition, Exelon proposes to engage in various
related transactions, including intrasystem transactions.
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\1\ HCAR No. 26900 (July 22, 1994).
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Exelon further seeks authority to engage in certain corporate
restructurings following consummation of the Merger, including (1) Re-
aligning the ownership of its nonutility subsidiary companies; (2)
transferring all of its generating capacity to Exelon Generation
Company, LLC (``Genco''), a subsidiary company to be organized by
Exelon; and (3) creating two additional subsidiary utility holding
companies (together, the ``Restructurings''). \2\
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\2\ Exelon states that the Restructurings are subject to certain
federal and state regulatory approvals and other actions that may be
completed at the time the Merger is otherwise ready to close.
Accordingly, Exelon requests authority to complete the Merger with
or without the Restructurings.
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[[Page 51875]]
I. Parties to the Merger
A. Exelon
Exelon currently has no assets and has conducted no business
operations to date. Under the terms of the Merger Agreement, Exelon
will become the parent holding company of PECO, Unicom's electric-
utility subsidiary Commonwealth Edison Company (``ComEd''), Genco, the
electric-utility subsidiaries of ComEd and PECO, and the nonutility
subsidiaries of Unicom and PECO.
B. PECO
PECO provides retail electric service to approximately 1.5 million
customers in the City of Philadelphia and five nearby counties. PECO
has an estimated aggregate net installed electric generating capacity
of 9,262 megawatts (``MW''), and its transmission facilities are within
the Pennsylvania-New Jersey-Maryland (``PJM'') control area. PECO also
provides natural gas distribution service to over 400,000 retail
customers in southeastern Pennsylvania. For the year ended December 31,
1999, PECO had electric utility revenues of $4.85 billion and gas
utility revenues of $481 million.
As of December 31, 1999, PECO had 1,930,920 shares of cumulative
preferred stock of various series issued and outstanding, and, as of
May 5, 2000, PECO had 169,570,844 shares of common stock outstanding.
Its consolidated assets as of December 31, 1999 totaled approximately
$13 billion, representing $4 billion in net electric utility property,
plant and equipment; $931 million in net gas utility property, plant
and equipment; $138 million in nonutility subsidiary assets; and $8
billion in other corporate assets, PECO is subject to regulation by the
Pennsylvania Public Utility Commission with respect to retail rates,
accounting, service standards, issuance of securities, and other
matters, by the Federal Energy Regulatory Commission (``FERC'') with
respect to wholesale electric and electric transmission rates and other
matters, and by the Nuclear Regulatory Commission (``NRC'') with
respect to the ownership and operation of its nuclear generating
stations.
PECO directly owns all of the issued and outstanding common stock
of two public utility companies: (1) Susquehanna Electric Company
(``SECO''); and (2) PECO Energy Power Company (``PEPCO''). PEPCO is a
registered holding company that wholly owns another public utility
company, Susquehanna Power Company (``SPCO''). All three of these
subsidiaries are exclusively engaged in owning and operating the
Conowingo Hydroelectric Project on the Susquehanna River at the
Pennsylvania/Maryland border (``Conowingo Project'').
PECO is engaged in various nonutility businesses through
subsidiaries and through affiliated business ventures, including the
following: (1) System financing; (2) exempt wholesale generators
(``EWGs''), as defined in section 32 of the Act; (3)
telecommunications; (4) real estate development and management; (5)
investment in various businesses providing energy services and other
services; (6) infrastructure services; (7) other energy services
relating to cogeneration facilities and natural gas distribution.\3\
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\3\ The names of PECO's nonutility subsidiaries, investments,
and other businesses are listed in Exhibit A to this notice.
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C. Unicom
Unicom's principal subsidiary is ComEd,\4\ an electric utility that
is also a holding company exempt from registration under section
3(a)(1) of the Act by order of the Commission \5\ and by rule 2. ComEd
provides retail electric service to approximately 3.4 million customers
in and around Chicago. ComEd recently sold all of its fossil fuel-fired
generating capacity, but it retains 9,550 MW of nuclear generating
capacity from its ten remaining nuclear generating units. ComEd
participates in both the Mid-America Interconnected Network and the
Midwest Independent System Operator, Inc.\6\ ComEd is subject to
regulation by the Illinois Commerce Commission with respect to retail
electric rates and charges, issuance of most of its securities, service
and facilities, affiliated transactions, and other matters, by FERC
with respect to wholesale electric and electric transmission rates and
other matters, and by the NRC with respect to the operation of its
nuclear generating stations.
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\4\ Unicom owns all but 4,859 shares of the outstanding common
stock of ComEd.
\5\ HCAR No. 26090 (July 22, 1994).
\6\ ComEd has applied to FERC for approval of a proposed plan to
transfer control of its transmission assets to an independent
transmission company.
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ComEd's only utility subsidiary is Commonwealth Edison of Indiana
(the ``Indiana Company''). The Indiana Company originally was formed to
hold a generating station built on the Indiana side of the Illinois-
Indiana border near Chicago. The generating station was sold in 1997,
and the Indiana Company now has no customers. Currently, its only
business is holding a small amount of electric transmission property in
Indiana.
For the year ended December 31, 1999, Unicom had electric utility
revenues of $6.8 billion. As of March 31, 2000, Unicom had 177,646,782
shares of common stock outstanding.\7\ Its consolidated assets as of
December 31, 1999 totaled approximately $23.4 billion, representing
$12.1 billion in net electric property, plant and equipment; $521.3
million in nonutility subsidiary property, plant and equipment; and
$10.8 billion in other corporate assets.
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\7\ Under the Merger Agreement, Unicom has agreed to repurchase
$1.0 billion of its common stock. As of March 31, 2000, Unicom had
acquired 14 million shares.
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Unicom's direct and indirect nonutility businesses include the
following: (1) Mechanical services; (2) leasehold investments; (3)
energy services and marketing; (4) district cooling/district energy
systems; (5) intra-system insurance and health-care management; (6)
system financing; and (7) real estate development.\8\
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\8\ A complete list of the names of the nonutility businesses in
which Unicom has an interest is provided in Exhibit A.
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II. Description of Merger
A. Merger Agreement
Under the Merger Agreement, each outstanding share of Unicom common
stock will be exchanged for 0.875 shares of Exelon common stock and
$3.00 in cash,\9\ and each outstanding share of PECO common stock will
be exchanged for one share of Exelon common stock.\10\ Following the
Merger, PECO's former shareholders will own about 54% of Exelon, and
Unicom's former shareholders will own approximately 46%. On June 27 and
28, 2000, the shareholders of PECO and Unicom approved the Merger.
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\9\ No new long-term debt is expected to be issued to finance
the approximately $500 million cash payment to Unicom shareholders.
\10\ The existing debt securities and preferred stock of ComEd
and PECO will remain outstanding without change.
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Exelon will account for the Merger under the ``purchase method'' of
accounting, with PECO being deemed to have acquired Unicom. The total
purchase price consideration will be $5.759 billion, including PECO's
estimated transaction costs.\11\ Exelon estimates that the premium paid
for goodwill will be $2.293 billion, which will be amortized over a 40-
year period.
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\11\ The Merger consideration includes approximately 145.6
million shares of Exelon common stock at a price of $35.89 per share
based on the average closing price of PECO common stock between
January 3 and 12, 2000.
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The Merger Agreement provides that, after the Merger takes effect,
Exelon's principal corporate office will be located in Chicago,
Illinois. Exelon will
[[Page 51876]]
also maintain PECO Energy's corporate headquarters in Philadelphia, and
Exelon's generation business will be headquartered in southeastern
Pennsylvania.
B. Proposed Restructurings and Combined Operations
As stated above, Exelon proposes to restructure its post-Merger
operations by realigning the ownership of its various utility and
nonutility businesses. As part of these Restructurings, Exelon seeks
approval to form two intermediate holding companies, Exelon Ventures
Company (``Ventures'') and Exelon Energy Delivery Company (``Exelon
Delivery''). It also proposes to create one nonutility subsidiary
holding company, Exelon Enterprises Company, LLC (``Enterprises'').
Ventures will own both Genco and Enterprises, and Exelon Delivery will
hold both PECO and ComEd.\12\ Enterprises, in turn, will own the
existing nonutility interests of both PECO and Unicom.\13\
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\12\ Exelon further requests a finding by the Commission that
Exelon Delivery, Ventures and Genco would not be considered
``holding companies'' or ``subsidiary companies'' solely for
purposes of section 11(b)(2) of the Act.
\13\ Following the Merger and the Restructurings, Exelon
Delivery, Ventures and Genco each will register as holding companies
under the Act.
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Exelon seeks Commission authority to retain the existing nonutility
businesses and interests of ComEd and PECO after the Merger, including
those nonutility investments that are ``energy related'' within the
meaning of rule 58 under the Act. Exelon further requests that the
Commission not include its existing ``energy related'' nonutility
businesses in any calculation of the investment limitations set forth
in rule 58 under the Act.\14\
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\14\ Rule 58(a)(1)(ii) provides that a registered holding
company system's investments in nonutility activities that are
exempt under rule 58 cannot exceed 15% of the consolidated
capitalization of the registered holding company.
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At or about the time of the Merger, ComEd and PECO will transfer
all of their generating facilities to Genco, a public utility company
that will supply power both to its affiliates and to non-affiliated
customers (``Genco Restructuring''). Genco therefore will become the
parent of PEPCO, SECO, and PEPCO's subsidiary SPCO, which collectively
hold and operate the Conowingo Project.\15\
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\15\ PEPCO, as the parent of SPCO, will remain a registered
holding company.
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The Applicant states that Genco will coordinate the efficient use
of the generation formerly held by ComEd and PECO for the benefit of
the Exelon system. Exelon Delivery, through its ownership of ComEd an
PECO, will hold the transmission and distribution functions of the
Exelon system.
Exelon states that it expects all necessary approvals to be in
place shortly after completion of the Merger. However, in the event
there is a delay between closing of the Merger and completion of the
Genco Restructuring, the Applicant seeks authority to engage in a
system of interim operations pending the transfer of the generating
assets of ComEd and PECO to Genco.
The Applicant states that the electric utility properties will be
operated as a single integrated system.\16\ Exelon intends to
interconnect the electric utility systems via a 100 MW firm, west to
east, contract path (``Contract Path'') over American Electric Power
(``AEP''), Virginia Power, and PJM transmission systems.\17\ The
Contract Path, which commences on November 1, 2000, will extend from
the interface of the AEP and ComEd transmission systems to the
interface of the Virginia Power and PJM transmission systems, and
through PJM's system to PECO. Exelon commits to keep the Contract Path
in place for three years after the date of the order in this case, or
until the Commission determines that an alternate path or some other
arrangement is adequate to keep Exelon in compliance with the
integration requirement of the Act.
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\16\ Exelon states that it proposes to retain PECO's gas utility
operations as an additional single, integrated gas utility system.
\17\ With respect to the PJM leg of the Contract Path, Exelon
will rely on PECO's rights as a Load-Serving Entity to use
``Secondary Service'' as defined by section 28.4 of the PJM Open
Access Transmission Tariff rather than obtain from PJM 100 MW of
firm point-to-point transmission service. Secondary Service has
rights equivalent to firm point-to-point service.
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The Applicant states that it will not use traditional joint
economic dispatch of the systems of ComEd and PECO as do other
registered systems that effectively operate as tight power pools. Given
that ComEd and PECO are in separate ``control areas,'' Exelon states
that this true joint dispatch would not be feasible. However, Exelon
will centralize all its generating assets and activities in Genco.
Genco will provide power to ComEd and PECO as one of several competing
options to meet those companies' bundled load or provider of last
resort load obligations. Because of this organizational structure,
Exelon states that it will have no need for the type of ``joint
operating agreement'' that many registered public utility systems,
have. Exelon states that, while those agreements may be necessary to
achieve integrated operations among several separate subsidiary utility
companies, in Exelon's case all generation resources are controlled in
a single entity and these types of agreements are not required. The
Applicant states that Genco would conduct marketing efforts, both as a
buyer and a seller, for the Exelon system.
Exelon further states that it expects to achieve the coordination
and integration of the combined system through the coordination and
integration of information system networks; customer service;
procurement organizations; organizational structures for power
generation, energy delivery and customer relations; and support
services.
III. Affiliate Transactions
A. Exelon Business Services Company
Exelon requests that the Commission authorize the designation of
Exelon Business Services Company (``Exelon Services'') as a subsidiary
service company in accordance with rule 88(b) under the Act.\18\ After
the Merger, Exelon Services proposes to provide Exelon, ComEd, PECO,
Genco and Exelon's nonutility subsidiaries with various corporate,
administrative, management and support services, including services
relating to support of electric and gas plant operations.\19\
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\18\ In addition, Exelon requests that the Commission find that
this application is deemed to constitute a filing on Form U-13-1 for
purposes of rule 88 under the Act, or, alternatively, that the
filing of a Form U-13-1 is not necessary under the Act.
\19\ Exelon also may establish a specialized service company for
Genco operations (``GenServCo''). Genco would reimburse GenServCo
for its expenses on a full cost basis in compliance with the
requirements of section 13 of the Act. Exelon will provide
information regarding GenServCo by pre- or post-effective amendment
to this application.
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Exelon Services will enter into a service agreement with PECO,
ComEd, Genco and other affiliates, including nonutility affiliates
(``General Service Agreement''), which will be structured to comply
with the requirements of section 13 of the Act and the Commission's
rules under the Act. Under the General Service Agreement, charges for
services provided by Exelon Services to affiliated utility companies
will be at cost, in compliance with rules 90 and 91 under the Act.
Except for certain requested exceptions discussed below, services
provided by Exelon Services to affiliated nonutility companies will
also be charged at cost.
Exelon requests authority for Exelon Services and Exelon's
nonutility subsidiaries to provide certain construction, goods or
services at fair market value, under certain circumstances, to any
nonutility associate company in the Exelon system.
[[Page 51877]]
Exelon Services will be staffed primarily by transferring existing
personnel from the current employee rosters of Unicom, PECO, and their
subsidiaries. Exelon Services will be headquartered in Chicago and will
conduct substantial operations in both Chicago and Philadelphia. Exelon
states that Exelon Services' capitalization will consist of not more
than 1,000 shares of common stock, and that Exelon Services' total
equity capital will not exceed $10,000.
Exelon expects Exelon Services to be operational within 30 days
after the effective date of the Merger. However, in order to allow time
to develop all required systems, the Applicant seeks authority to delay
the full implementation of all services and systems applicable to
Exelon Services under the Act for a period of not longer than 12 months
following the effective date of the Merger.
B. Other Affiliate Transactions
Both ComEd and PECO currently participate in certain transactions
with affiliates at rates that may exceed cost under existing
arrangements. Exelon requests an interim exemption from the cost
standards of rules 90 and 91 under the Act to allow PECO and ComEd to
continue participating in these arrangements for a period of not longer
than 15 months following the date of the Commission's order in this
matter. Exelon also states that ComEd, PECO, and PECO's subsidiaries
will continue to provide energy services to U.S. governmental agencies
at rates approved by their respective state public utility commissions,
where these companies act as ``conduits'' for the services being
provided.
Exelon also seeks approval under rule 87(a)(3) under the Act or
other applicable authority for: (1) Genco, any future subsidiary of
Genco, and AmerGen Energy Company, L.L.C., a nonutility subsidiary of
PECO, to provide certain energy-related services to each other at cost;
(2) Genco, ComEd and PECO to provide certain energy-related services to
each other at cost; and (3) Exelon Infrastructure Services, Inc.
(``EIS'') and Unicom Mechanical Services (``Mechanical Services''),
presently nonutility subsidiaries of, respectively, PECO and Unicom, to
provide services to ComEd, PECO and Genco. Exelon further requests an
exemption from the cost standards of the Act for EIS and Mechanical
Services to provide services to ComEd, PECO, Genco, and any other
Exelon utility subsidiary, as well as any subsidiary that is involved
in directly providing goods, construction, or services to these
companies, at market prices for a period of not longer than 15 months
following the date of the Commission's order in this matter.
For the Commission, by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
Exhibit A
Nonutility Businesses
Subsidiaries and Investments of Unicom
Unicom owns directly or indirectly all of the outstanding equity
securities of the following nonutility subsidiaries: Unicom
Enterprises, Inc. is a first tier holding company for Unicom's non-
regulated investments which fall in the following general categories:
Mechanical Services Business
The following companies are in the mechanical services businesses:
Unicom Mechanical Services Inc., Access Systems, Inc., Hoekstra
Building Automation, Inc., Metropolitan Mechanical Contractors Inc.,
and Reliance Mechanical Corp.
Like-Kind Exchange Tax Advantaged Transaction
The following companies are engaged in tax-advantaged transactions
related to the sale of ComEd's fossil generation: Unicom Investment
Inc., Scherer Holdings 1, LLC; Scherer Holdings 2, LLC; and Scherer
Holdings 3, LLC; Wansley Holdings 1, LLC and Wansley Holdings 2, LLC,
Spruce Holdings G.P. 2000 LLC and Spruce Holdings L.P. 2000 LLC, Spruce
Equity Holdings L.P., and Spruce Holdings Trust.
Energy Services/Marketing
The following companies are engaged in energy services or
marketing: Unicom Energy Services Inc., Unicom Energy Inc., Unicom
Energy Ohio, Inc., and Unicom Power Marketing Inc.
District Cooling/District Energy Systems
The following companies are engaged in district cooling or district
energy businesses: UT Holdings Inc. (``UT''), Unicom Thermal
Development Inc., Unicom Thermal Technologies Inc., Unicom Thermal
Technologies Houston Inc., Unicom Thermal Technologies Boston Inc.,
Unicom Thermal Technologies North America Inc., UTT National Power
Inc., UTT Nevada Inc., and UTT Phoenix, Inc. Unicom Thermal
Technologies Boston Inc. holds a 25% membership interest in Northwind
Boston LLC. Unicom Thermal Technologies Houston Inc. holds a 25%
membership interest in Northwind Houston LLC. Northwind Houston LLC, in
turn, holds 25% of the partnership in Northwind Houston LP. Unicom
Thermal Technologies North America Inc. operates in Canada through its
subsidiary Northwind Thermal Technologies Canada Inc. and its
subsidiary Unicom Thermal Technologies Inc. Northwind Midway LLC is a
subsidiary of UTT National Power Inc. UTT Nevada Inc. holds a 75%
membership interest in Northwind Aladdin LLC, and a 50% membership
interest in Northwind Las Vegas LLC. UT holds a 50% membership interest
in Northwind Chicago LLC. UTT Phoenix, Inc. holds 50% membership
interests in Northwind Arizona Development LLC and in Northwind Phoenix
LLC.
Others
Unicom Power Holdings Inc., Unicom HealthCare Management Inc.,
Unicom Resources Inc. (inactive), and Unicom Assurance Company Limited
(``UACL''), a direct subsidiary of Unicom.
Subsidiaries of Commonwealth Edison
Special Purpose Financing Subsidiaries/Trusts
ComEd Financing I, ComEd Financing II, ComEd Funding, LLC, ComEd
Transitional Funding Trust, and Edison Finance Partnership.
Real Estate/Real Estate Joint Ventures
Edison Development Company owns 50% of Lincoln Commerce Center, the
Commerce Distribution Center Joint venture, the Concepts II Building
joint venture, and the Concepts III Building joint venture.
Others
Commonwealth Research Corporation, Concomber Ltd., and Edison
Development Canada Inc.
Non-Subsidiary investments of Unicom
Except for Pantellos Corporation, of which Unicom owns 5.4% of the
equity, Unicom has less than 5% of the common stock of the following
entities: Apeco Corporation, Chicago Community Ventures, Inc., Chicago
Equity Fund, Dearborn Park Corporation, I.L.P. Fund C/O Chicago Capital
Fund, Illinois Venture Fund (Unibanc Trust), Boston Financial
Institutional Tax Credit Fund X, Related Corporate Partners IV. L.P.,
Boston Financial Institutional Tax Credit Fund XIX, Related to
Corporate Partners XII, L.P., Boston Capital Corp. XIV, Boston
Financial Institutional Tax Credit Fund XXI, Related Corporate Partners
XIV, L.P., Summit Corporate Tax Credit Fund II, USA Institutional Tax
Credit Fund XXII, Pantellos Corporation (5.4% of the equity),
[[Page 51878]]
Automated Power Exchange, UTECH Climate Challenge Fund, L.P., Utility
Competitive Advantage Fund I, LLC and Utility Competitive Advantage
Fund II, LLC
Subsidiaries and Investment of PECO
Financing Subsidiaries
The following are special purpose financing subsidiaries: PECO
Energy Capital Corp. (PECC); PECO Energy Capital, L.P. (PECLP) (3% is
held by PECC); PECO Energy Capital Corp. Trust 2; PECO Energy Capital
Corp. Trust 3; PECO Energy Transition Trust (PETT); ATNP Finance
Company (ATNP), wholly-owned by PECO Wireless, LLC (PEWI); and PEC
Financial Services, LLC (PEC), which is wholly-owned by PEWI.
Exempt Wholesale Generators
AmerGen Energy Company, LLC (50% LLC membership interest held by
PECO); AmerGen Vermont, LLC (owned by AmerGen).
Telecommunications Companies
PECO Wireless, LLC (PEWI) is a wholly-owned LLC which serves as a
holding company of PECO's telecommunications ventures and interests.
AT&T Wireless PCS of Philadelphia, LLC (PPC), in which PEWI holds a 49%
LLC membership interest, is a joint venture with AT&T Wireless
Services. PECO Hyperion Telecommunications (d/b/a PECO Adelphia
Communications) is a general partnership in which PECO is a 50%
partner.
Real Estate Companies
Eastern Pennsylvania Development Company (EPDC), EPDC owns Adwin
Realty Company
Investments
Energy Assets (f/k/a Energy Performance Services, Inc., f/k/a
Heatac Energy) (EDPC owns a 10% interest); Adwin (Schuykill)
Cogeneration, Inc. (inactive); Utility Competitive Advantage Fund I,
LLC, (11% ownership interest); Enertech Capital Partners II (6.4%
ownership interest); Energy Trading Company (ETC), wholly-owned by
PECO, holds interests in: (1) WorldWide Web NetworX Corporation and (2)
Entrade, Inc.; Exelon Ventures Corp., wholly-owned by PECO, is
currently the holding company of Exelon Capital Partners. Exelon
Ventures owns: UniGridEnergy LCC, a 50% joint venture and Exelon
Capital Partners, Inc. Exelon Capital Partners, Inc. holds (1) a 12%
interest in Extant, Inc., (2) a 14.9% interest in Permits Now (f/k/a
Softcomp), (3) a 50% interest in CIC Global, LLC, (4) a
16.8% interest in VITTS Network Group Inc., (5) a 34.88% interest
(preferred stock) in OmniChoice.com, Inc. and (6) $500,000 of financing
to Exotrope.
Infrastructure Service Companies
Exelon Infrastructure Services, Inc. (EIS), owned approximately 95%
by PECO, directly or indirectly holds all of the following companies:
Exelon Infrastructure Services of PA, Inc., Chowns Communications, Inc.
(CCI), Fischbach and Moore Electric, Inc., Syracuse Merit Electric,
Inc., NEWCOTRA, Inc., Fischbach and Moore Electric, Incorporated (FMI),
Fischbach and Moore Electical Contracting, Inc., T.H. Green Electric
Co., Inc., Trinity Industries, Inc., OSP Consultants, Inc.,
International Communications Services, Inc., OSP Inc., OSP Servicios,
S.A. de C.V. (Mexico), OSP Telecom, Inc., OSP Telcomm de Mexico, S.A.
de C.V. (Mexico), OSP Telcom de Colombia, LTDA (in the process of
liquidation), OSP Telecommunications, Ltd. (Bermuda), RJE Telecom,
Inc., Utility Locate & Mapping Services, Inc., Dashiell Holdings Corp.,
Dashiell Corporation, Dacon Corporation, VSI Group Inc., International
Vital Solutions Group, Inc., Michigan Trenching Service, Inc., and
Lyons Equipment, Inc. The OSP foreign subsidiaries are inactive.
Other Energy Services Companies
Adwin Equipment Company (AECO), Horizon Energy Company (f/k/a PECO
Gas Supply Company) (inactive), and East Coast Natural Gas Cooperative,
LLP (16.66% LLP interest).
Miscellaneous Companies
Exelon Corporation (f/k/a NEWHOLDCO Corporation f/k/a PECO Energy
Corporation), a wholly-owned inactive subsidiary of PECO will become
the parent registered holding company in the Exelon system upon the
consummation of the Merger, Exelon (Fossil) Holdings, Inc. (inactive),
and The Proprietors of the Susquehanna Canal (inactive).
[FR Doc. 00-21751 Filed 8-24-00; 8:45 am]
BILLING CODE 8010-01-M