Exelon makes additional regulatory filing in its bid to acquire NRG Energy

By Lisa Kerner

Charlotte, N.C., Feb. 2 - Exelon Corp. said it filed an application for a transfer of control of license with the Nuclear Regulatory Commission in connection with its proposed acquisition of NRG Energy, Inc.

In the application, Exelon requests the indirect transfer from NRG South Texas LP and its corporate parent, NRG, of control of the Nuclear Regulatory Commission licenses for NRG South Texas' 44% ownership interest in South Texas Project, Units 1 and 2, according to a form 8-K filed with the Securities and Exchange Commission.

Exelon is also requesting that the commission consent, if necessary, to the indirect transfer of the Nuclear Regulatory Commission licenses for the nuclear stations now owned by Exelon Generation to complete its merger with NRG, the filing said.

As previously reported, Exelon is offering to exchange 0.485 shares of its common stock for each NRG share. The offer was extended to Feb. 25 from Jan. 6.

NRG's board of directors rejected the Chicago-based utility services holding company's offer twice before the company brought the offer directly to NRG shareholders.

Exelon, a Chicago-based electric company, proposed a slate of nine independent nominees for election to the board of directors of NRG at NRG's 2009 shareholders meeting and wants NRG shareholders to consider a proposal to increase the number of directors to 19 from 12.

NRG, a Princeton, N.J.-based power company, maintains that Exelon's plan to initiate a proxy contest is an attempt to compromise the independence of NRG's board and force a sale of NRG to Exelon.

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