Unicom Corp
| Company type | Public |
|---|---|
| Industry | Energy |
| Predecessor | Commonwealth Edison |
| Founded | 1994 |
| Defunct | October 23, 2000 |
| Fate | Merged with PECO Energy Company to form Exelon Corporation |
| Headquarters | Chicago , United States |
Key people | James J. O'Connor (CEO and chairman, 1994–1998), John W. Rowe (CEO, chairman, and president, 1998–2000) |
| Products | Electricity generation, transmission, distribution, natural gas (reentered in 1997) |
Unicom Corporation was a U.S.-based energy holding company created in 1994 as a result of a corporate rebranding initiative by executives of Commonwealth Edison. On October 23, 2000, Unicom combined with PECO Energy Company, leading to the formation of Exelon.
History
The inception of Unicom Corporation occurred in 1994 when Commonwealth Edison leadership aimed to revitalize the company's corporate identity. Its main operating unit, Commonwealth Edison, specialized in generating, purchasing, transmitting, distributing, and selling electricity to a diverse clientele including residential, commercial, industrial, and wholesale sectors. From 1994 until 1998, James J. O'Connor held the roles of CEO and chairman.
In 1997, with the expectation of deregulating the electric utility market, Unicom revealed intentions to reengage in the natural gas sector—a market it had exited in 1954 after divesting Northern Illinois Gas Company. Following a period of underachievement, O'Connor stepped down as CEO in 1998 and was replaced by John W. Rowe, who took on the positions of CEO, chairman, and president.
September 1999 marked Unicom's announcement of a $16 billion merger agreement with PECO Energy Company. This transaction concluded on October 23, 2000, resulting in the establishment of Exelon Corporation—at that time one of the largest mergers in the industry. After the merger, Exelon managed the most extensive portfolio of nuclear power plants in the United States and ranked among the top electric utilities nationwide, with annual revenues surpassing $12 billion.
External links
- Articles with short description
- Defunct energy companies of the United States
- Electric power companies of the United States
- Defunct companies based in Chicago
- Companies formerly listed on the New York Stock Exchange
- Non-renewable resource companies established in 1994
- Non-renewable resource companies disestablished in 2000
- Natural gas companies of the United States
- Nuclear power companies of the United States
- American companies established in 1994