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Decision of possibly closing Cordova Exelon plant expected in September

The decision of whether to close the Quad Cities nuclear plant, Exelon, is expected in September of 2015.

The decision of whether to close the Quad Cities nuclear plant, Exelon, is expected in September of 2015.

This possibility came out during a conference call with analysts on Wednesday, July 29, 2015, according to a report by Crain’s Chicago Business. The company’s CEO Chris Crane said he didn’t see a way to keep the Cordova, Illinois plant open given the lack revenue from customers.

Click here to read the full conference call transcript. 

According to the report, it would take a state law that charges utility customers more to keep the company afloat.  Crane said the company's six plants are losing money partly due to the low cost of natural gas.

According to Bill Stoermer, Communications Manager for the Cordova Exelon plant, no decisions regarding any of the Illinois nuclear plants have been made.

Stoermer said that during the Wednesday conference call, Crane was questioned about the future of the Illinois nuclear plants.

When asked what would cause him to keep the Illinois plants open, Crane said the decision would be made alongside stakeholders and after the results of capacity auctions.

"We don't take the decision lightly," Crane said, according to the transcript. "We understand the effect that we have on the communities and potential effect on employees, but this has been a long-term issue that we've been evaluating and trying to come to resolution, and we're staying within the timeline."

Crane added that the original timeline was actually extended to "give more time to come up with proper market fixes."

"We continue to stress," said Stoermer, "that there needs to be a market-based solution in Illinois and the changes in the PJM capacity market process will help, although it may not be enough and it isn't a long-term solution.  We continue to demonstrate to the public the important reliable and clean-energy benefits that our Illinois plants [demonstrate] on a daily basis."

September was set as the month the company would decide if it would remain in the Quad Cities or not, according to Crain’s report.

The company’s second quarter earnings results were released in Wednesday.  As a whole, the company reported earnings above the guidance range. From 2014 to 2015, Exelon reported their net income increasing by several million dollars.

Exelon’s headquarters are located in Chicago and they have six plants in Illinois. The Quad Cities facility employs about 750 people.

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