Constellation Completes Acquisition Of Retail Electricity And Natural Gas Business From ConEdison Solutions
September 1, 2016
BALTIMORE (Sept. 1, 2016) — Constellation, a subsidiary of Exelon Corporation (NYSE: EXC), has completed its acquisition of the retail electricity and natural gas business from ConEdison Solutions, a subsidiary of Consolidated Edison, Inc. (NYSE: ED). As the nation’s largest competitive energy supplier, Constellation now serves approximately 2.5 million residential and business customers across the continental United States.
In the purchase, Constellation acquired ConEdison Solutions’ retail electricity and natural gas customer contracts and associated supply contracts serving approximately 15 TWh of electricity and 1 Bcf of natural gas to more than 560,000 commercial, industrial, public sector and residential customers across 12 Northeastern, mid-Atlantic, and Midwestern states, Texas, and the District of Columbia.
“This purchase aligns with our generation-to-load matching strategy and provides the opportunity for additional growth in strategically attractive markets,” said Joseph Nigro, CEO of Constellation. “ConEdison Solutions’ commodity business brings with it a strong team of approximately 85 employees who will be a great addition to our retail organization.”
ConEdison Solutions’ retail electricity and natural gas business will operate under the Constellation brand after a post-closing transition period that will be complete in 2017. Residential and commercial customers of ConEdison Solutions’ retail electricity and natural gas business will experience no disruption to service and all existing customer contracts will be honored.
The transaction was approved by the Federal Trade Commission.
ConEdison Solutions is a leading energy services company that provides renewable energy, sustainability services, cost-effective energy efficiency solutions, and energy performance contracting. The company serves commercial, industrial, residential and government customers, including universities, public school districts, and hospitals nationwide. Offering innovative products, financial stability, and a commitment to customer service, the company is based in Valhalla, New York, with offices in Burlington, Massachusetts; Cherry Hill, New Jersey; Falls Church, Virginia; Houston, Texas; Tampa, Florida; Overland Park, Kansas, Nashville, Tennessee; and Bloomington, Minnesota. The firm’s dedicated team of energy professionals delivers a broad range of energy solutions. ConEdison Solutions offers programs and services designed to help customers achieve their individual energy objectives and is accredited as an Energy Services Provider (ESP) by the National Association of Energy Service Companies (NAESCO).
ConEdison Solutions is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation’s largest investor-owned energy companies, with approximately $13 billion in annual revenues and $46 billion in assets. For additional financial, operations and customer service information, visit us on the web at www.conedison.com.
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Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's leading competitive energy provider, with 2015 revenues of approximately $34.5 billion, and more than 32,700 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.