Salem Unit 2 Sets New Record With Successful Refueling Outage
May 26 2005 - 3:43PM
PR Newswire (US)
Salem Unit 2 Sets New Record With Successful Refueling Outage
Nuclear operating services agreement with Exelon paving the way to
improved performance LOWER ALLOWAYS CREEK, N.J., May 26
/PRNewswire-FirstCall/ -- On May 11, 2005, PSEG Nuclear completed
the latest refueling outage at Salem Unit 2 in 35 days, 23 hours
and 18 minutes -- making it the shortest outage for the unit in its
history, despite the added complexity of replacing the reactor
head. "During this outage we met rigorous nuclear safety targets
and completed the work on schedule and within budget," said Bill
Levis, PSEG senior vice president and chief nuclear officer. "An
outage is a true test of an organization's performance and
teamwork. The success of the outage demonstrates that the new
nuclear operating services agreement at Salem/Hope Creek is working
and that we can continue to improve the safety and operational
performance of these plants." The Salem team invested more than
200,000 hours, completed 17,600 activities -- including 2,000 more
than originally planned -- and completed the outage on time and on
budget. All three units at PSEG Nuclear -- Salem Unit 1, Unit 2 and
Hope Creek -- are now running. "These units are critical to
ensuring that the Southern New Jersey region has an adequate supply
of energy for peak summer usage," added Levis. "They are all
operating well and producing electricity for homes and companies
throughout the region." "Combining the outage management expertise
of Exelon with the experience of long-time PSEG employees, everyone
on site contributed to the success of this major undertaking,"
explained Tom Joyce, Salem site vice president. "We are very
pleased with the performance of our team." Joyce explained that
reactor head of Salem Unit 1 will be replaced during an outage this
fall and that the team was identifying lessons learned from this
outage to help make that one even more of a success. Under the
nuclear operating services agreement, instituted in January of this
year, Exelon has supplied senior personnel to oversee daily plant
operations and to implement the Exelon Nuclear management model at
PSEG's Salem and Hope Creek nuclear facilities. PSEG remains the
license holder and retains responsibility for management oversight
for the plant. Exelon and PSEG have also announced plans to merge
the two companies following regulatory approvals. "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995 This filing contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements about
the benefits of the business combination transaction involving
Public Service Enterprise Group Incorporated and Exelon
Corporation, including future financial and operating results, the
combined company's plans, objectives, expectations and intentions
and other statements that are not historical or current facts. Such
statements are based upon the current beliefs and expectations of
Public Service Enterprise Group Incorporated's and Exelon
Corporation's management, are subject to significant risks and
uncertainties and may differ materially from actual future
experience involving any one or more of such matters. Actual
results may differ from those set forth in the forward-looking
statements. The following factors, among others, could cause actual
results to differ from those set forth in the forward-looking
statements: the timing of the contemplated merger and the impact of
any conditions imposed by regulators in connection with their
approval thereof; the failure of Public Service Enterprise Group
Incorporated and Exelon Corporation stockholders to make the
requisite approvals for the transaction; the risk that the
businesses will not be integrated successfully; failure to quickly
realize cost-savings from the transaction as a result of technical,
logistical, competitive and other factors; the effects of weather;
the performance of generating units and transmission systems; the
availability and prices for oil, gas, coal, nuclear fuel, capacity
and electricity; changes in the markets for electricity and other
energy-related commodities; changes in the number of participants
and the risk profile of such participants in the energy marketing
and trading business; the effectiveness of our risk management and
internal controls systems; the effects of regulatory decisions and
changes in law; changes in competition in the markets we serve; the
ability to recover regulatory assets and other potential stranded
costs; the outcomes of litigation and regulatory proceedings or
inquiries; the timing and success of efforts to develop domestic
and international power projects; conditions of the capital markets
and equity markets; advances in technology; changes in accounting
standards; changes in interest rates and in financial and foreign
currency markets generally; the economic and political climate and
growth in the areas in which we conduct our activities; and changes
in corporate strategies. While we believe that our forecasts and
assumptions are reasonable, we caution that actual results may
differ materially. We intend the forward-looking statements to
speak only as of the time first made and we do not undertake to
update or revise them as more information becomes available.
Additional factors that could cause Public Service Enterprise Group
Incorporated's and Exelon Corporation's results to differ
materially from those described in the forward-looking statements
can be found in the 2004 Annual Reports on Form 10-K, and Quarterly
Reports on Form 10-Q for the quarterly period ended March 31, 2005,
of Public Service Enterprise Group Incorporated and Exelon
Corporation, as such reports may have been amended, each filed with
the Securities and Exchange Commission and available at the
Securities and Exchange Commission's website, http://www.sec.gov/.
Additional Information This communication is not a solicitation of
a proxy from any security holder of Public Service Enterprise Group
Incorporated or Exelon Corporation. Exelon Corporation has filed
with the Securities and Exchange Commission a registration
statement (File No. 333-122704) that includes a preliminary joint
proxy statement/prospectus. A definitive joint proxy
statement/prospectus and other relevant documents are expected to
be mailed by Public Service Enterprise Group Incorporated and
Exelon Corporation to their respective security holders in
connection with the proposed merger of Public Service Enterprise
Group Incorporated and Exelon Corporation. WE URGE INVESTORS AND
SECURITY HOLDERS TO READ THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY
BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED, EXELON
CORPORATION AND THE PROPOSED MERGER. Investors and security holders
will be able to obtain these materials (when they are available)
and other documents filed with the Securities and Exchange
Commission free of charge at the Securities and Exchange
Commission's website, http://www.sec.gov/. In addition, a copy of
the definitive joint proxy statement/prospectus (when it becomes
available) may be obtained free of charge from Public Service
Enterprise Group Incorporated, Investor Relations, 80 Park Plaza,
P.O. Box 1171, Newark, New Jersey 07101-1171, or from Exelon
Corporation, Investor Relations, 10 South Dearborn Street, P.O. Box
805398, Chicago, Illinois 60680-5398. Participants in Solicitation
Public Service Enterprise Group Incorporated, Exelon Corporation,
their respective directors and executive officers and other persons
may be deemed to be participants in the solicitation of proxies in
respect of the proposed transaction. Information regarding Public
Service Enterprise Group Incorporated's and Exelon Corporation's
directors and executive officers is available in preliminary joint
proxy statement/prospectus contained in the above referenced
registration statement. OTHER INFORMATION REGARDING THE
PARTICIPANTS IN THE PROXY SOLICITATION AND A DESCRIPTION OF THEIR
DIRECT AND INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE,
WILL BE CONTAINED IN THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT MATERIALS TO BE FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION WHEN THEY BECOME AVAILABLE.
DATASOURCE: Public Service Enterprise Group Incorporated CONTACT:
Skip Sindoni, PSEG, +1-856-339-1111 Web site: http://www.pseg.com/
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