Exelon (NYSE:EXC) Says Closing Nuclear Plant in NJ

Rather than pay prohibitive amounts to build expensive cooling towers, Exelon Corp. (NYSE:EXC) has decided to close their nuclear power plant in 2019, ten years before the expiration of their current license.

Dubbed the 'Oyster Creek Nuclear Generating Station,' it provides New Jersey with 9 percent of their electricity, or close to 600,000 homes.

In an agreement with New Jersey, in return for closing a decade early they won't have to invest about $800 million to build the cooling towers, which would be more than the value of the nuclear plant.

Exelon was granted a new 20-year license in 2009 by the U.S. Nuclear Regulatory Commission for Oyster Creek.

Oyster Creek is considered the oldest nuclear reactor in the United States, based on being granted a license before Nine Mile Point Nuclear Generating Station near Oswego, New York. Both went online December 1, 1969.

Exelon closed Wednesday at $39.61, up $0.15, or 0.38 percent. Volume was close to the daily 3-month average.