Exelon Generation and State of Maryland Reach Agreement to Restore and Sustain the Chesapeake Bay
DARLINGTON, Md.--(BUSINESS WIRE)--Oct 29, 2019--
Today, Exelon Generation announced that it has reached an historic settlement agreement with the State of Maryland that will protect the long-term health of the Chesapeake Bay and preserve Maryland’s largest source of renewable energy, the Conowingo Dam. The benefits to Maryland and the Chesapeake Bay are valued at more than $200 million over the anticipated 50-year life of the license, which will be funded from the dam’s earnings over that time period.
The agreement, which must be approved by the Federal Energy Regulatory Commission, is a critical step for Chesapeake Bay restoration efforts and provides for significant contributions to protect and enhance the health of the bay, including improving water quality, fish and eel passage, marine habitats, and debris removal. The comprehensive agreement will also provide for the continued production of carbon-free energy from the dam, which is vital to support Governor Larry Hogan’s Clean and Renewable Energy Standard of 100 percent clean electricity by 2040, as well as deliver economic, recreational, tourism and community benefits. The agreement resolves all outstanding issues arising from the Maryland Department of the Environment water quality certificate.
“Exelon Generation and the State of Maryland share a commitment to restoring and sustaining the health of the Chesapeake Bay, which has been strengthened by this agreement,” said Chris Crane, president and CEO of Exelon. “This is a victory for clean energy and the long-term preservation of the Chesapeake Bay. The agreement is designed to substantially improve water quality while ensuring Maryland’s largest source of renewable energy continues to deliver environmental and economic benefits for the next generation.”
The dam powers approximately 165,000 homes in the region. Its operation does not produce any pollution and is a significant contributor to combatting climate change. It also provides tremendous economic benefits to the region, generating $273 million in economic activity and supporting 265 full-time equivalent jobs. The recreational resources associated with the dam receive 365,000 visits per year, contributing to Cecil and Harford Counties’ 2018 tourism tax revenue of $21.7 million.
Highlights of the comprehensive agreement follow.
Restoration and Protection of the Chesapeake Bay
Enhanced Debris Management
Enhanced Habitat and Fish Passage Improvements
About Exelon Generation
Exelon Generation, a subsidiary of Exelon Corporation (Nasdaq: EXC), is the nation’s largest producer of carbon-free energy, powering more than 20 million homes and businesses through a diverse generation fleet with more than 31,000 megawatts of capacity. Exelon Generation operates the largest U.S. fleet of zero-carbon nuclear plants with more than 18,700 megawatts from 21 reactors at 12 facilities in Illinois, Maryland, New York and Pennsylvania. It also operates a diverse mix of wind, solar, landfill gas, hydroelectric, natural gas and oil facilities in 19 states with more than 12,300 megawatts. Exelon Generation sets the standard for world-class power plant operations that produce clean, safe, reliable electricity, and is an active partner and economic engine in the communities it serves by providing jobs, charitable contributions and tax payments that help towns and regions grow. Follow Exelon Generation on Twitter @ExelonGen, view the Exelon Generation YouTube channel or visit exeloncorp.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191029005787/en/
CONTACT: Deena O’Brien
Manager, Exelon Generation Communications
KEYWORD: ILLINOIS MARYLAND PENNSYLVANIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: ENVIRONMENT OTHER ENERGY UTILITIES OIL/GAS COAL PUBLIC POLICY/GOVERNMENT ALTERNATIVE ENERGY ENERGY NUCLEAR STATE/LOCAL
SOURCE: Exelon Generation
Copyright Business Wire 2019.
PUB: 10/29/2019 11:30 AM/DISC: 10/29/2019 11:31 AM