Interest in shares of Chicago-based Exelon Coproration (NASDAQ: EXC), the largest U.S. nuclear power plant operator, spiked this week amid a federal probe that brought subpoenas and the sudden retirement of the head of the company's utilities unit.
Exelon shares started to edge back up Friday after a big drop a day earlier following the sudden retirement of Exelon Utilities head Anne Pramaggiore and a second grand jury subpoena in a federal case involving the company’s lobbying efforts.
The company is part of a federal investigation targeting potential illegal dealings with Illinois state lawmakers in Springfield.
The company’s stock dropped to a year-to-date low Thursday after the latest news in the ongoing legal saga.
Mizuho analysts said if Exelon lobbyists or executives are indicted, it could spell trouble for legislation aimed at keeping the company’s Illinois nuclear power plants running.
Exelon is the parent company of several major electric utilities around the country, including Commonwealth Edison, which serves Chicago; PECO, which serves Philadelphia; Potomac Electric Power Company, which powers Washington, D.C.; and Baltimore Gas & Electric.
Exelon and ComEd have been one of the most influential lobbying groups and biggest campaign contributors in Illinois.
Exelon shares were trading 1.27% higher at $44.62 at the time of publication Friday.
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Photo by Ben Jacobson via Wikimedia.
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