Power Outages

Washington, DC: (Jan-28-08) The city of Chicago brought charges against Exelon Corp., which operates utilities in the mid-Atlantic and Midwest, alleging among other things, that its subsidiary Commonwealth Edison Co. had municipal code violations at its premises. The suit was filed over the costs of various power outages. Sources close to the case stated that the parties had agreed to resolve the dispute by entering into a settlement. Under the deal, Exelon Corp. will pay $55 million to settle the series of disputes with the city of Chicago. Commonwealth Edison agreed to make the payments in six installments through 2012, starting with a $23 million payment for 2007. The agreement was disclosed in a filing with the US Securities and Exchange Commission. The deal also forgives Commonwealth for alleged municipal code violations and excuses it from paying the city for the costs of various power outages. [FORBES: POWER OUTAGES]

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Published on Jan-28-08