Nuclear, Renewables

Exelon shifts back to the right in opposition to wind energy

Under the leadership of CEO Christopher Crane, Exelon (NYSE: EXC) has backed away from support for clean-energy subsidies, Bloomberg reports.

Reversing a six-year trend, Exelon donated more money to Republicans than Democrats in 2012. In 2009, Exelon quit the U.S. Chamber of Commerce due to the group’s opposition to climate change legislation, but recently rejoined, the article said. The company, a sometime ally of environmentalists, has also come out strongly against tax credits for wind-energy production and dropped support for a clean coal project in Illinois, where the company is based.

Exelon’s support and opposition to various proposals and causes can be linked to its self-interest. The heavily nuclear-invested company, with stakes in 21 reactors, stands to gain tremendously from policy geared toward combating climate change, like a carbon tax. Conversely, Exelon has seen its profits erode in recent years amid competition from cheap natural gas and government subsidized wind energy.

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