Exelon Corporation EXC revealed that its Generation segment’s Perryman 6 natural gas power plant in Maryland has started commercial operations on Jun 28, fulfilling its commitment of enhancing natural gas capacity in the state following its merger with Constellation Energy.
The 120-megawatt (MW) plant is located at the company's Perryman Generating Station, near Aberdeen Proving Ground, MD. The plant will increase the station's full generating capacity to 475 MW.
The Perryman 6 plant will operate as a peaking unit, implying that it will generate electricity during periods of peak electric demand. Besides running on natural gas, the unit has the flexibility to run on oil as a back-up.
Exelon continues to invest in renewables and natural gas infrastructure. In 2014, the company added 215 MW of clean generation assets to its portfolio.
In January this year, Exelon Generation’s Fourmile Wind Energy Project became fully operational. This project, also located in Maryland, consists of 16 turbines capable of generating 40 megawatts of clean energy.
Currently, construction of the second wind project in Maryland, Fair Wind Energy Project, is under way. This project will add 30 MW of clean energy generation capacity, going further ahead with the merger commitment of providing at least 62.5 MW of onshore wind energy to Maryland.
Recently, media reports revealed that Constellation Energy Resources, LLC has entered into a two-year electricity supply agreement with the City of Cleveland, OH, to provide fixed-price electricity supply and 24-hour customer support to over 60,000 residents in the area. The electricity supply agreement also made provisions for the development of renewable resources through a 50% mix using renewable energy credits. (read: Exelon Unit Constellation to Supply Electricity to Cleveland)
Currently, Exelon carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the industry include RWE AG RWEOY, Alliant Energy Corporation LNT and Consolidated Edison, Inc. ED. RWE AG sports a Zacks Rank #1 (Strong Buy), while Alliant Energy and Consolidated Edison hold a Zacks Rank #2 (Buy).
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