Exelon-Constellation Merger Closes, Creating Nation's No. 1 Competitive Energy Provider
Constellation and BGE become part of Exelon family of companies
CHICAGO & BALTIMORE--(BUSINESS WIRE)--
Exelon Corporation (NYSE:EXC) and Constellation Energy (NYSE:CEG) today
announced that they have completed their merger, effective today. The
merger creates the leading U.S. competitive energy provider with one of
the industry's cleanest and lowest-cost power generation fleets, and one
of the largest retail customer bases in the nation.
Upon the closing of the merger, Christopher M. Crane became president
and CEO of the combined company, and Mayo A. Shattuck III became
executive chairman. The new company retains the Exelon name and remains
headquartered in Chicago, with significant operations in Maryland,
Illinois and Pennsylvania. It will trade on the New York Stock Exchange
under the symbol EXC.
"Today, the State of Maryland and City of Baltimore become an important
new home for Exelon, joining Chicago and Philadelphia," said Crane. "The
combined strengths of Exelon and Constellation provide a solid platform
for the future."
The merged company is now one of the nation's largest competitive energy
products and services suppliers by load (about 164 terawatt-hours per
year) and customers (approximately 100,000 business and public sector
and approximately 1 million residential), serving more than two-thirds
of America's Fortune 100 companies. Exelon will have a coast-to-coast
presence with operations and business activities in 47 states, the
District of Columbia, and Canada. The company also has one of the
nation's largest and cleanest power generation fleets, with
approximately 35,000 megawatts of owned power generation, including more
than 19,000 megawatts of nuclear power.
The three utilities within Exelon — BGE, ComEd and PECO — remain
headquartered in Baltimore, Chicago and Philadelphia, respectively.
Together, they make Exelon one of the nation's largest residential
electricity and natural gas distribution companies, serving 6.6 million
gas and electric customers across three states.
"Exelon is now uniquely positioned in the industry to advance customer
choice and clean energy," said Shattuck. "We also are unique in our
presence across the energy value chain—from generation to power sales to
transmission to delivery and development of an array of innovative
energy products and services that help our customers succeed. This gives
us unmatched perspective on today's energy challenges, and the ability
to address them."
The two companies are combining operations immediately, and integration
efforts are well underway.
"Today, we come together as one company. We have the best talent in the
energy business, and we share a commitment to excellence," said Crane.
"We are a diverse team reflecting the strengths of both Exelon and
Constellation, and together we will continue to deliver world-class
The transaction has been approved by shareholders of Exelon and
Constellation. Required regulatory approvals or reviews have been
completed by the Federal Energy Regulatory Commission, Maryland Public
Service Commission, New York Public Service Commission, the Public
Utility Commission of Texas, the Department of Justice, and the Nuclear
Cautionary Statements Regarding Forward-Looking
This communication includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks and uncertainties. The factors that could cause actual
results to differ materially from these forward-looking statements
include those discussed herein as well as those discussed in (1)
Exelon's 2011 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors,
(b) ITEM 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations and (c) ITEM 8. Financial Statements and
Supplementary Data: Note 18; (2) Constellation Energy Group, Inc.'s 2011
Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.
Management's Discussion and Analysis of Financial Condition and Results
of Operations and (c) ITEM 8. Financial Statements and Supplementary
Data: Note 12, and (3) other factors discussed in filings with the
Securities and Exchange Commission by Exelon and Constellation. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which apply only as of the date of this communication.
Neither Exelon nor Constellation undertakes any obligation to publicly
release any revision to its forward-looking statements to reflect events
or circumstances after the date of this communication.
Exelon Corporation (NYSE:EXC) is the nation's leading competitive
energy provider, with approximately $33 billion in annual revenues.
Headquartered in Chicago, Exelon has operations and business activities
in 47 states, the District of Columbia and Canada. Exelon is the largest
competitive U.S. power generator, with approximately 35,000 megawatts of
owned capacity comprising one of the nation's cleanest and lowest-cost
power generation fleets. The company's Constellation business unit
provides energy products and services to approximately 100,000 business
and public sector customers and approximately 1 million residential
customers. Exelon's utilities deliver electricity and natural gas to
approximately 6.6 million customers in central Maryland (BGE), northern
Illinois (ComEd) and southeastern Pennsylvania (PECO). Learn more at: www.exeloncorp.com.
Exelon CorporationJudy RaderCorporate Communications312-394-7417orStacie
Source: Exelon Corporation
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