Company type | Public |
---|---|
NYSE: UCM | |
Industry | Energy |
Founded | 1994 |
Defunct | October 23, 2000 |
Fate | Acquired by merger |
Successor | Exelon |
Headquarters | United States |
Area served | United States |
Key people | James J. O'Connor (CEO and chairman 1994-1998) John W. Rowe (CEO, chairman and president 1998-2000) |
Unicom Corporation was an American energy holding company formed in 1994 from Commonwealth Edison after executives considered a corporate image makeover. The holding company merged with PECO Energy Company on October 23, 2000 to form Exelon. [1] [2]
Unicom Corporation was formed in 1994 after energy company Commonwealth Edison executives focused on a corporate image makeover. [1] Unicom's primary subsidiary, Commonwealth Edison, focused on the production, purchase, transmission, distribution, and sale of electricity to residential, commercial, industrial, and wholesale customers. [3] James J. O'Connor was CEO and chairman of the company from 1994 to 1998.
In 1997, after pending compromise to deregulate the electric utility industry, Unicom announced its intention to reenter the natural gas industry, an industry it left in 1954 following the spin off of Northern Illinois Gas Company. [4] O'Connor stepped down as CEO in 1998 due to under-performance and was replaced by John W. Rowe who assumed the position of CEO, chairman and president of the company. [5]
In September 1999, Unicom announced a planned $16 billion merger with PECO Energy Company. [6] The merger was completed on October 23, 2000 and formed Exelon Corporation. The merger was one of the largest at the time. After the merger, Exelon maintained the largest collection of nuclear plants in the United States and became among the nation's largest electric utilities company, generating more than $12 billion in annual revenues. [2] [7]
Consolidated Edison, Inc., commonly known as Con Edison or ConEd, is one of the largest investor-owned energy companies in the United States, with approximately $12 billion in annual revenues as of 2017, and over $62 billion in assets. The company provides a wide range of energy-related products and services to its customers through its subsidiaries:
Commonwealth Edison, commonly known by syllabic abbreviation as ComEd, is the largest electric utility in Illinois, and the primary electric provider in Chicago and much of Northern Illinois. Its service territory stretches roughly from Iroquois County on the south to the Wisconsin border on the north and from the Iowa border on the west to the Indiana border on the east. For more than 100 years, Commonwealth Edison has been the primary electric delivery services company for Northern Illinois. Today, ComEd is a unit of Chicago-based Exelon Corporation, one of the nation's largest electric and gas utility holding companies. ComEd provides electric service to more than 3.8 million customers across Northern Illinois. The company's revenues totaled more than $7 billion in 2023.
The Public Service Enterprise Group, Inc. (PSEG) is a publicly traded diversified energy company headquartered in Newark, New Jersey, US established in 1985 with a legacy dating back to 1903.
Three Mile Island Nuclear Generating Station is a closed nuclear power plant on Three Mile Island in Pennsylvania on the Susquehanna River just south of Harrisburg. It has two separate units, TMI-1 and TMI-2.
The Peach Bottom Atomic Power Station is an American nuclear power plant that is located 50 miles (80 km) southeast of Harrisburg in Peach Bottom Township, York County, Pennsylvania. Situated close to the Susquehanna River, it is three miles north of the Maryland border.
Exelon Corporation is a public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
FirstEnergy Corp. is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison merged with Centerior Energy in 1997. Its subsidiaries and affiliates are involved in the distribution, transmission, and generation of electricity, as well as energy management and other energy-related services. Its ten electric utility operating companies comprise one of the United States' largest investor-owned utilities, based on serving 6 million customers within a 65,000-square-mile (170,000 km2) area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey, and New York. Its generation subsidiaries control more than 16,000 megawatts of capacity, and its distribution lines span over 194,000 miles. In 2018, FirstEnergy ranked 219 on the Fortune 500 list of the largest public corporations in the United States by revenue.
Baltimore Gas and Electric Company (BGE) is a subsidiary of the Exelon Corporation and Maryland’s largest gas and electric utility. BGE earlier had created the holding company Constellation Energy in 1999. Constellation Energy was acquired by Exelon in 2012.
Atmos Energy Corporation, headquartered in Dallas, Texas, is one of the United States' largest natural-gas-only distributors, serving about three million natural gas distribution customers in over 1,400 communities in nine states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West.
Delmarva Power is an energy company that provides electricity and natural gas to customers on portions of the Delmarva Peninsula in the states of Delaware and Maryland. The company is a subsidiary of Exelon.
The Boston Edison Company (BECo) was incorporated as the Edison Electric Illuminating Company of Boston in 1886. It was one of the earliest electric utility companies in the United States of America. The company was formally renamed the Boston Edison Company in June 1937, although it had also been previously known by this name informally.
WEC Energy Group is an American company based in Milwaukee, Wisconsin that provides electricity and natural gas to 4.4 million customers across four states.
Mayo A. Shattuck III is an American businessman and philanthropist. He currently serves as non-executive chairman of Chicago-based Exelon Corporation, co-chair of the Johns Hopkins University Capital Campaign and vice chairman of the board of Johns Hopkins Medicine. Shattuck is involved in a number of philanthropic efforts, including those at the Johns Hopkins University, First Tee, and the University of Maryland Baltimore County and is a notable advocate for nuclear power.
PECO, formerly the Philadelphia Electric Company, is an energy company founded in 1881 and incorporated in 1929. It became part of Exelon Corporation in 2000 when it merged with Commonwealth Edison's holding company Unicom Corp.
John William Rowe was an American attorney and energy executive. He served as the chairman and chief executive officer of the energy corporation Exelon Corporation, a utility holding company headquartered in Chicago that had the largest market capitalization in the electric utility industry.
James Eugene Rogers Jr. was an American businessman and author. He was president and CEO of Duke Energy, the largest electrical utility in the U.S., from April, 2006 until July 1, 2013. He stayed on as Chairman of the Board until retiring the following December. His book, Lighting the World, which explores the issues involved in bringing electricity to over 1.2 billion people on earth who lack it, was published August 25, 2015, by St. Martin's Press. The book asserts that access to electricity should be recognized as a basic human right.
Nelson Broms was an American business executive, investor, and philanthropist. He worked in financial services, health care, telecommunications, information management and energy. He was chairman, chief executive officer and president of The Equitable Life Holding Corporation. Broms is credited with creating and developing "the demutualization of The Equitable" and the life insurance industry. He turned 100 in April 2019.
Anne Pramaggiore is a retired American businesswoman. She served as senior executive vice president and CEO of Exelon Utilities, which oversees energy company Exelon Corporation's six gas and electric utility companies. Notably, she also served as the first female president and CEO of ComEd, one of Exelon’s subsidiaries. In October 2019, she announced her retirement amid a federal probe into ComEd's efforts to bribe the former Speaker of the Illinois House. Pramaggiore was indicted in November 2020 on nine counts of conspiracy, bribery and willfully falsifying ComEd’s books and records. She was convicted on all charges in May 2023.