Exelon CEO Estimates Storm Damage Near $100M
Damage to the Philadelphia area from Hurricane Sandy could reach $100 million, Exelon CEO Chris Crane said Tuesday on CNBC.
On "Fast Money," he said that approximately 1.1 million customers lost power, and so far about 370,000 households were back up and running.
(Read More: An 'Investible' Insurance Name Post-Sandy: Analyst)
Crane said that it would be another week before the system was fully restored, adding that the expected cost of the damage was in line with other hurricanes.
While the company's Oyster Creek nuclear power plant had issued an alert prior to the storm making landfall, Crane said that it remained within a parameter of safety.
"No real issues but lots of precautions taken," he said.
The company moved its quarterly earnings call to Thursday due to Sandy.
EmergingMoney.com's Tim Seymour wasn't jumping into the trade.
"I don't think this event as a one-off is a reason to buy these names," he said, even though he said he liked the company and its dividend.
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