UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
August 14, 2000
(Date of earliest
event reported)
PECO ENERGY COMPANY
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-1401 23-0970240
(State or other (SEC (IRS Employer
jurisdiction of file number) Identification
incorporation) Number)
230l Market Street, Philadelphia, Pennsylvania 19101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(215) 841-4000
<PAGE>
Item 5. Other Events.
On August 14, 2000, PECO Energy Company made the following presentation/webcast
to financial analysts and other interested parties:
<PAGE>
[LOGO FOR EXELON]
Sithe Energies Investment
Analyst Presentation and Webcast
August 14, 2000
Slide 1:
Important Notice [LOGO FOR EXELON]
This presentation contains certain forward-looking statements within the meaning
of the Private Securities and Litigation Reform Act of 1995. These statements
are based on management's current expectations and are subject to uncertainty
and changes in circumstances. Actual results may vary materially from the
expectations contained herein. The forward-looking statements herein include
statements about future financial and operating results and the pending merger
involving PECO Energy Company and Unicom Corporation. The following factors,
among others could cause actual results to differ materially from those
described herein: inability to obtain, or meet conditions imposed for,
governmental approvals for the merger; and other economic, business, competitive
and/or regulatory factors affecting PECO Energy Company's, Unicom's, Sithe
Energies' businesses generally. More detailed information about those factors is
set forth in the joint proxy statement/prospectus regarding the pending merger
and in PECO Energy's reports filed with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this presentation. PECO Energy
Company does not undertake any obligation to publicly release any revisions to
these forward-looking statements to reflect events or circumstances after the
date of this presentation.
Slide 2:
Transaction Overview [LOGO FOR EXELON]
Purchase 49.9% of Sithe Energies North America for $682 million
Transaction expected to close in the 4th quarter, 2000
Reciprocal put-call option to purchase remaining 50.1% beginning in 2 years
Slide 3:
Strategic Benefits [LOGO FOR EXELON]
Dramatically advances our generation strategy
extends our national generation presence
increased diversity (dispatch order & fuel type)
Provides leading development capability
one of the most successful U.S. generation developers
Complementary marketing and trading skills
<PAGE>
Slide 4: [LOGO FOR EXELON]
Sithe Energies North America
Top-tier IPP in North America
Owned by Vivendi (60%), Marubeni (30%) and Management (10%)
10,000 MW (net):
3,800 MW operating
2,500 MW under construction
3,700 MW in advanced development
Assets are in NEPool, NYPP, Ontario, MAAC, WSCC and Mexico
Over $1 Billion in annual revenue
Slide 5: [LOGO FOR EXELON]
Portfolio of Assets by Region
Net MW in Net MW under Net MW in
Operation Construction Advanced Development
NEPOOL 2,051 2,421 540
NYPP 243 -- 1,392
Ontario 157 -- 1,670
Mexico -- 114 114
Q.F.'s 1,331 -- --
-----------------------------------------------------------------------------
Total 3,782 2,535 3,716
Slide 6:
Sithe North America [LOGO FOR EXELON]
[Slide depicts Map of North America identifying the various electricity markets
(NERC regions) and indicating the following information in supplemental text
boxes:
Sithe owned generation: 3,800MW in operation, 2,500MW in construction;
and 3,700 MW in development for a total of 10,000MW.
In the NPCC region: 5,900MW plus 3,600MW under development.
In the WSCC region: 200MW.
In the MAAC region: 80MW.
Plus 220MW in construction and under development in Mexico.]
Slide 7:
Exelon's Generation Footprint [LOGO FOR EXELON]
[Slide depicts Map of North America identifying the various electricity markets
(NERC regions) and indicating the following information in supplemental text
boxes:
Exelon owned generation: 38,000MW in operation, 4,300MW in construction;
and 3,700 MW in development for a total of 46,000MW.
In the MAIN region: 21,700MW.
In the MAAC region: 11,200MW.
In the NPCC region: 6,400MW plus 3,600MW under development.
In the SERC region: 1,000MW.
In the ERCOT region: 900MW.
In the SPP region: 800MW.
In the WSCC region: 200MW.
Plus 220MW in construction and under development in Mexico.]
<PAGE>
Slide 8:
Value Proposition [LOGO FOR EXELON]
Creates more value than "one-off" auctions
minimizes transaction costs
simplified regulatory approval process
2-step transaction
minimizes capital calls & near term earnings impact
provides orderly transition period
ultimately positions Exelon as sole owner and operator
Slide 9:
Financial Benefits [LOGO FOR EXELON]
Earnings neutral to positive '01 - '02
Significant earnings accretion beginning '03
Development portfolio self-funding
Reinforces growth engine in higher P/E business segment
Slide 10:
Key Financial Drivers [LOGO FOR EXELON]
Conservative assumptions:
power and fuel price forecast
minimal option value imputed
O&M and CapEx assumptions
Complete remaining investment by YE `02
April '02 completion of 2,500 MW of generation under construction
Slide 11:
Next Steps [LOGO FOR EXELON]
FERC, SEC and NYPSC approvals
Hart Scott Rodino review
Exelon merger closes
Closing on Sithe transaction in 4Q 2000
Slide 12:
Executing On Our Strategy [LOGO FOR EXELON]
We said we would:
continue to grow our portfolio
expand our geographic footprint of assets
diversify supply portfolio
grow earnings through disciplined acquisitions
create opportunities to increase shareholder value
This transaction advances all of these objectives.
<PAGE>
Slide 13:
Questions and Answers [LOGO FOR EXELON]
Slide 14:
Supplemental Information [LOGO FOR EXELON]
<TABLE>
<CAPTION>
Slide 15:
Sithe Assets [LOGO FOR EXELON]
Plant
Region Name Net Capacity Fuel Type Dispatch Order Location
------ ---- ------------ --------- -------------- ---------
NEPool
<S> <C> <C> <C> <C> <C>
Operating: Mystic 1 12 Oil Peaking Everett,MA
Mystic 4 135 Oil Intermediate Everett,MA
Mystic 5 130 Oil Intermediate Everett,MA
Mystic 6 138 Oil Intermediate Everett,MA
Mystic 7 592 Oil Intermediate Everett,MA
New Boston 1 380 Gas Intermediate S.Boston,MA
New Boston 2 380 Gas Intermediate S.Boston,MA
New Boston 3 20 Oil Peaking S.Boston,MA
Wyman 4 36 Oil Intermediate Yarmouth,ME
West Medway 1 55 Gas/Oil Peaking W.Medway,MA
West Medway 2 55 Gas/Oil Peaking W.Medway,MA
West Medway 3 55 Gas/Oil Peaking W.Medway,MA
Framingham 1 13 Oil Peaking Framingham,MA
Framingham 2 11 Oil Peaking Framingham,MA
Framingham 3 13 Oil Peaking Framingham,MA
Fore River 1 13 Oil Peaking Weymouth,MA
Fore River 2 13 Oil Peaking Weymouth,MA
Subtotal 2,051
Development:
Mystic 8 807 Gas Baseload Everett,MA
Mystic 8 807 Gas Baseload Everett,MA
Fore River 3 807 Gas Baseload Weymouth,MA
Subtotal 2,421
Total Nepool 4,472
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Slide 16:
Sithe Assets (cont.) [LOGO FOR EXELON]
Plant
Region Name Net Capacity Fuel Type Dispatch Order Location
------ ---- ------------ --------- -------------- ---------
NYPP
<S> <C> <C> <C> <C> <C>
Operating: Massena 66 Gas Intermediate Massena,NY
Ogdensburg 71 Gas Intermediate Ogdensburg,NY
Batavia 50 Gas Intermediate Batavia,NY
Sterling 56 Gas Intermediate Sherrill,NY
Total NYPP 243
QFs
Independence 1,024 Gas Baseload Oswego,NY
Cardinal 157 Gas Baseload Cardinal,Ontario,Canada
Kenilworth 26 Gas Baseload Kenilworth,NJ
Allegheny 5 10 Hydro Intermediate Allegheny River,PA
Allegheny 6 9 Hydro Intermediate Allegheny River,PA
Allegheny 8 14 Hydro Intermediate Allegheny River,PA
Allegheny 9 18 Hydro Intermediate Allegheny River,PA
Greeley 48 Gas Baseload Greeley,CO
Oxnard 48 Gas Baseload Oxnard,CA
Naval New 45 Oil Baseload San Diego,CA
North Island 37 Oil Baseload San Diego,CA
NTC MCRD 23 Oil Baseload San Diego,CA
Bypass 10 Hydro Baseload Jerome Cty,ID
Hazelton 9 Hydro Baseload Jerome Cty,ID
Elk Creek 2 Hydro Baseload Boise,ID
Rock Creek 4 Hydro Baseload El Dorado County,CA
Mont Creek 3 Hydro Baseload Shasta County,CA
Ivy River 1 Hydro Baseload Madison County,NC
Total QFs 1,488
International:
Cemex-Sithe 114 Pet Coke PPA Tamuin,Mexico
International 114
Total 6,317
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PECO ENERGY COMPANY
/S/ Jean H. Gibson
---------------------------
Vice President & Controller
August 15, 2000
