Exelon CEO Remains Focused On Internal Growth Rather Than M&A

Exelon Corp. (EXC) remains focused on internal growth, including increasing the output of its nuclear power plants, rather than merger and acquisition activity, its chairman and chief executive said Friday.

John Rowe, during a conference call with investors, didn't completely rule out deal activity, but continued to say he's focused on internal growth and weathering the challenging economy. He brought up the subject on the call because he said the company has been asked recently whether it's pursing the acquisition of Calpine Corp. (CPN).

"We are very much internally focused," Rowe said.

Exelon has pursued a handful of large deals in recent years without success. The most recent was a hostile bid for NRG Energy Inc. (NRG) that failed earlier this year. Both Calpine and NRG Energy are merchant generation companies, which sell power at market prices rather regulated rates and don't have utility operations.

Exelon recently traded down 1.6% to $50.03, while Calpine was down 2% to $11.37.

-By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com

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