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Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Exelon Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to one of your speakers today, Dan Eggers, Senior Vice President, Corporate Finance. Sir, please go ahead.
Daniel L. Eggers
Senior Vice President, Corporate Finance
Thank you, Michelle. Good morning everyone, and thank you for joining our fourth quarter 2020 earnings conference call. Leading the call today are Chris Crane, Exelon s President and Chief Executive Officer and Joe Nigro, Exelon s Chief Financial Officer. They re joined by other members of Exelon senior management team who will be available to answer your questions following our prepared remarks. We issued our earnings release and separation announcement release this morning, along with a presentation, all of which can be found in the Investor Relations section of Exelon s website.
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Exelon to Split Business, Spin Off Generation Segment
Responding to rapid changes in the power industry, Exelon Corp. plans to cleave its business into two publicly traded companies: one comprising its six regulated electric and gas utilities, and the other, which it plans to spin off, comprising its 31-GW competitive generation fleet and customer-facing businesses.
The separation which the company’s Board of Directors approved on Feb. 21 and Exelon wants to complete in the first quarter of 2022 will give each company the “financial and strategic independence to focus on its specific customer needs, while executing its core business strategy,” the company said on Feb. 24.
Dive Brief:
Exelon will divide its utility holdings and generation assets into two specialized companies beginning in 2022, company leadership announced on Wednesday. RemainCo, as CEO Chris Crane termed the company that will be made up of Exelon s regulated utility business, will operate across seven jurisdictions and provide platforms to enable a transition to a clean energy economy without owning the generation, he told investors during a Wednesday earnings call. SpinCo will assume management of a coal-free generation portfolio to become America s clean energy leader, Crane said.
Exelon is the latest in a series of utilities that have spun off generation assets to conform to current market expectations and investment trends, according to Edward Jones senior analyst Mike Doyle.
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