Nuclear Energy Information Service
Illinois' Nuclear Power Watchdog for 25 Years

Shareholder Challenges Com-Ed/Excelon

PRESS RELEASE

Wednesday, February 28, 2001

For release: Contact: Robin Mills, (704)574-0323; David A. Kraft, (847)869-7650

COM-ED/EXCELON SHAREHOLDER CHALLENGES COMPANY ON " CLEAN ENERGY" EFFORTS

EVANSTON-- A shareholder resolution challenging ComEd and its parent company Excelon to expand its use of renewable energy resources is being challenged by Excelon's attorneys and opposed by the company's top management. Shareholder Robin Mills of Washington, D.C., has submitted a resolution calling for adding wind and solar generating capacity at the rate of 1% per year for the next 20 years to Excelon's power production mix.

"Someday, we are going to have ‘clean energy,'" states Mills. "Failure to achieve clean energy is human suicide. Ozone depletion, acid rain, global warming, and asthma-causing air pollution are killing people every day. It is only going to get worse in the future," Mills asserts.

In recent years the company has emphasized expanding its nuclear holdings, jettisoned its coal plants, and made virtually no substantive investment in renewable energy generation, in spite of early intentions stated by Chairman John Rowe, formerly of Unicom, for the company becoming "the best wires company in the nation."

"This proposal envisions a gradual implementation of clean energy generation. The 20- year long Invest in Clean Energy (ICE) Proposal seeks to slowly replace dirty energy production with clean wind and solar power," Mills says. Cost of the plan could reach one trillion dollars for nationwide implementation over the 20 year time frame. These costs could be shared between government, industry and consumers, according to Mills.

If adopted by other utilities currently trumpeting the need for new generating capacity, the plan envisions that by the year 2020 the United States would have installed 20% of current capacity in solar and wind electrical generation while at the same time reducing consumption through conservation by half. Thus, by 2021 the United States could be producing as much as 40% emission free clean energy production, Mills asserts.

The emphasis of the ICE Proposal also stands in stark contrast to the energy future promoted by the current Republican Senate bill, S. 388, and the anticipated "national energy strategy" announced President George W. Bush.

"The company is resisting the proposal," Mills points out. Lawyers for the company delayed over three months in challenging Mills' proposal before the SEC, greatly constricting time for debate and rebuttal. A decision on inclusion in the proxy statement is imminent, although Mills points out that two similar proposals have already cleared SEC hurdles. "This opposition calls into question the Company's sincerity about wanting or investing in a clean energy future," Mills believes. "Exelon has always opposed suggestions coming from their owners, the shareholders," Mills points out.

"The Company's opposition is totally inconsistent with their inclusion as ‘Organizing Stewards' of this year's Chicago Clean Energy Now Earth Day," observes David A. Kraft, director the Evanston-based Nuclear Energy Information Service, Illinois' nuclear power watchdog group. "As always, they're eager to talk the talk on renewable energy to look good in public, but refuse to walk the walk."

If the SEC approves the resolution for inclusion in the proxy, this resolution must be sent to the thousands of Excelon shareholders. It will also then be debated publicly at the shareholders meeting.

"While it's a longshot that this proposal will win this time out, we hope the debate will serve to educate shareholders. They have to be more than absentee landlords, content with taking profits at the expense of the environment," Mills states. "At some point shareholders of companies like Excelon must take environmental responsibility for the companies they own. These companies DO have an effect on the Planet. If shareholders are well educated enough through open debates like these, they'll eventually take the proper course of action," Mills believes.

The ICE Proposal will be in the Proxy Statements for Constellation Energy, Duke Energy, and Progress Energy. It has approval pending from the SEC for Southern Company and Excelon.

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[NOTE: THE SHAREHOLDERS' MEETING IS SCHEDULED FOR TUESDAY, APRIL 24TH, 9:30 A.M. HYATT REGENCY O'HARE.]

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