EXC Exelon Corporation

By Michael Dabaie

Exelon Corp.'s (EXC) Exelon Generation reached a settlement agreement with the state of Maryland on the Conowingo Dam.

Maryland Gov. Larry Hogan said the agreement settles Exelon's legal challenges to the water quality certification issued in 2018 by Maryland.

Exelon said the benefits from the settlement 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.

Exelon said it will make modifications to river flow valued at $52 million to enhance habitat for aquatic species. The agreement also calls for more than $47 million in funding for climate resiliency projects and continued commitments valued at $41 million to address debris accumulation.

The agreement must be approved by the Federal Energy Regulatory Commission, Exelon said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

October 29, 2019 12:32 ET (16:32 GMT)

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