The Nuclear Regulatory Commission has approved the indirect transfer of the licenses for 23 operating and five decommissioning reactors, as well as their associated independent spent fuel storage installations, from Exelon Corporation to a new company as part of a corporate restructuring, the agency announced yesterday.
The new company, which has been given the placeholder name HoldCo, will wholly own Exelon Generation, or SpinCo, as it will be temporarily dubbed, and its subsidiaries. SpinCo will continue to own and operate the reactors as the restructuring moves forward. According to Exelon, SpinCo will ultimately be renamed Constellation.
Exelon announced in February that it had begun the effort to separate its utility businesses from its competitive power generation and customer-facing energy businesses, adding that it hoped to complete the separation in the first quarter of 2022.
The units: The transfer covers the following operating reactors: Braidwood-1 and -2, Byron-1 and -2, Calvert Cliffs-1 and -2, Clinton-1, Dresden-2 and -3, FitzPatrick-1, Ginna-1, LaSalle-1 and -2, Limerick-1 and -2, Nine Mile Point-1 and -2, Peach Bottom-2 and -3, Quad Cities-1 and -2, and Salem-1 and -2.
Decommissioning reactors covered by the transfer include Dresden-1, Peach Bottom-1, Three Mile Island-1, and Zion-1 and -2.
The approval: “The NRC staff’s review of the license transfer application concluded that SpinCo and its subsidiaries have the financial and technical qualifications to conduct the activities authorized by the licenses,” the agency stated in a press release. “The NRC staff also concluded that, since the plants’ existing decommissioning funds will be transferred, SpinCo and its subsidiaries satisfy the NRC’s decommissioning funding assurance requirements.”