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'Electricity prices won't stay low forever. Natural-gas prices rose 4.6% Wednesday on forecasts for colder weather. And a newly released government study concludes that the economy has more to gain than lose from exporting gas. That could pave the way for companies to liquefy gas and ship it overseas, where prices are multiples of the U.S. price.

In the near term, Exelon's purchase last year of Constellation Energy, an electricity retailer, should help cushion it from the slump in power prices, because retailers benefit from cheap power sources. In the long term, Exelon hopes to sell more of its generated power directly through Constellation at retail prices rather than at lower wholesale ones.'

'Investors who buy Exelon shares today pay just 10 times this year's earnings forecast, versus close to 13 times earnings for the broad Standard & Poor's 500-stock index and over 14 times earnings for the index's utilities.

The dividend yield is uncertain, but likely to be rich enough. Morningstar analyst Travis Miller expects Exelon will reduce the payment to $1.50 a share or even $1. Calculated against today's share price, that suggests a yield of 5.1% to 3.3%, down from 7.2% at current payment levels.'
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