Byron Generating Station Update

BYRON, Ill. (Nov. 19, 2007) - Attorneys representing Exelon Nuclear’s Byron Generating Station filed an appeal Friday, Nov. 16, to the Ogle County Board of Review about the proposed 2007 property tax assessment for the station.

The company is appealing the $525.4 million assessed value of the plant set by the Ogle County assessor. The 2007 assessment is nearly $90 million more than the 2006 assessment determined by the Ogle County Board of Review in January of this year.

Exelon’s position is that the assessed value of real property at the plant for 2007 should be $309 million.

Byron Station, the county’s largest taxpayer, paid $27.6 million in property taxes to 11 taxing bodies in 2006. This newest assessment would increase those payments to approximately $33 million for 2008 (2007 property taxes are paid in 2008).

Despite the appeal, discussions continue between Exelon and the taxing bodies on a long-term agreement. A long-term agreement is in the best interest of the 11 taxing districts and Exelon as it provides for financial predictability over a set number of years, according to the company.

Exelon Corporation is one of the nation’s largest electric utilities with more than $15 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and Pennsylvania and natural gas to approximately 480,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

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