ComEd 2011 Annual Report Download - page 7

5
A LETTER FROM THE CHAIRMAN & CEO
internal plan is well ahead of schedule –
as of year-end 2011, Exelon had reduced,
offset or displaced 80 percent of its carbon
footprint as compared to 2001.
GROWING VALUE
Exelon reaped the benefits of several growth
initiatives throughout the year, enabling us
to stay ahead of the adverse economy and
reinforcing our prospects for the future. We
added 138 megawatts of nuclear capacity,
bringing the uprate initiative total to 240
megawatts so far. We acquired Wolf Hollow,
a 720-megawatt combined-cycle gas plant
in north Texas. Exelon Generation brought
90 megawatts of new wind generation
on line in Michigan. There are a number
of other wind and solar projects in varied
stages of development, intended to diversify
our portfolio and take advantage of market
conditions. Our solar and wind projects have
long-term power purchase agreements in
place, ensuring continued stable value.
Our largest growth initiative of 2011 is,
of course, the merger with Constellation.
It will create the largest competitive
integrated energy provider in the country,
bringing together complementary
businesses into a solid platform. The
combination aligns Exelon’s large, clean
generating fleet with Constellation’s
leading commercial business, providing
a larger retail channel-to-market and
capturing the advantages of scale in both
operations and economics.
Current Constellation CEO Mayo Shattuck,
who will become executive chairman,
Chris Crane and the new Exelon team will
drive that value creation. I have complete
confidence in their leadership.
CLOSE
In 2011, Exelon delivered on its
commitments, and I am proud that I can
say the same for myself. My 11-year tenure
as chairman and chief executive officer
of Exelon has been the most profoundly
satisfying period of a 28-year career at
the helm of public utilities. The metrics
are straightforward: a total shareholder
return of 116 percent since the formation
of Exelon (compared to 11 percent for
the S&P 500), coupled with significant
operating improvements in every element
of our business. We provide better service
to our customers, with a cleaner fleet, at
more competitive prices. I am grateful
for the skill, dedication and strength of
Exelon’s employees and proud of Exelon’s
commitment to the communities we serve.
I am handing over a company that is a
clear contender for best of breed. It is a
remarkably different, remarkably better
and substantially stronger enterprise
than ever before.
John W. Rowe
Chairman and Chief Executive Officer
Exelon Corporation
Feb. 22, 2012