EXC Exelon Corporation

By Colin Kellaher

Exelon Corp. (EXC) on Wednesday said Electricite de France S.A. (EDF.FR) is exercising its put option to sell its 49.99% stake in the R.E. Ginna, Nine Mile Point and Calvert Cliffs nuclear-energy facilities to Exelon.

The Chicago utility holding company said it will seek a negotiated agreement with EDF on the sale price, adding that a price will be set through a third-party arbitration process to determine fair market value if the companies can't reach a deal.

Exelon, which is the majority owner and operator of the plants, said the process and related regulatory approvals could take one to two years or more to complete.

The put option was established in connection with the joint operating services agreement the companies signed in April 2014 that enabled Exelon to take over operations at the plants, which are located in New York and Maryland.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 20, 2019 08:13 ET (13:13 GMT)

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