Unicom Corporation was an American energy

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

formed in 1994 from

Commonwealth Edison Commonwealth Edison, commonly known by syllabic abbreviation as ComEd, is the largest electric utility in Illinois, and the in Chicago and much of Northern Illinois. Its service territory stretches roughly from Iroquois County on the south to ...

after executives considered a corporate image makeover. The holding company merged with

PECO Energy Company PECO, formerly the Philadelphia Electric Company, is an energy company founded in 1881 and incorporated in 1929. It became part of Exelon Corporation in 2000 when it merged with Commonwealth Edison's holding company Unicom Corp. The company has ...

on October 23, 2000 to form

Exelon Exelon Corporation is an American Fortune 100 energy company headquartered in Chicago, Illinois and incorporated in Pennsylvania. It generates revenues of approximately $33.5 billion and employs approximately 33,400 people. Exelon is the largest ...

History

Unicom Corporation was formed in 1994 after energy company

executives focused on a corporate image makeover. Unicom's primary subsidiary, Commonwealth Edison, focused on the production, purchase, transmission, distribution, and sale of electricity to residential, commercial, industrial, and wholesale customers. James J. O'Connor was CEO and chairman of the company from 1994 to 1998. In 1997, after pending compromise to deregulate the electric utility industry, Unicom announced its intention to reenter the natural gas industry, an industry it left in 1954 following the spin off of Northern Illinois Gas Company. O'Connor stepped down as CEO in 1998 due to under-performance and was replaced by John W. Rowe who assumed the position of CEO, chairman and president of the company. In September 1999, Unicom announced a planned $16 billion merger with PECO Energy Company. The merger was completed on October 23, 2000 and formed Exelon Corporation. The merger was one of the largest at the time. After the merger, Exelon maintained the largest collection of nuclear plants in the United States and became among the nation's largest electric utilities company, generating more than $12 billion in annual revenues.

References

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External links

Bloomberg company profile
Defunct energy companies of the United States Electric power companies of the United States Defunct companies based in Chicago Non-renewable resource companies established in 1994 Non-renewable resource companies disestablished in 2000 Natural gas companies of the United States Nuclear power companies of the United States American companies established in 1994