Constellation Completes Acquisition of a Portion of Agera Energy's Retail Assets
November 21, 2019
BALTIMORE -- Constellation, a subsidiary of Exelon Corporation (Nasdaq: EXC), has completed its acquisition of a portion of Agera Energy’s electric retail and natural gas customer accounts, strengthening its position as the nation’s largest competitive energy supplier.
Agera Energy LLC is a competitive retail energy marketing business that serves approximately 70,000 C&I, small business and residential power and gas customers in 16 states. Based in Briarcliff Manor, NY, Agera is the 16th largest competitive, non-residential electricity retailer in the U.S. in 2019 according to DNV. In October, the company filed for Chapter 11 bankruptcy protection and entered into a purchase agreement with Constellation.
Under the agreement, Constellation expects to acquire about 50,000 of Agera’s retail accounts.
“This transaction provides an opportunity to grow our retail business in strategically attractive markets,” said Mark Huston, president of Constellation Retail, “and leverages our significant retail platform, allowing us to operate more efficiently and provide better products, services and clean energy solutions to all our customers.”
This deal consists of customer contracts only, and Constellation will not be acquiring the Agera brand name. Customers acquired by Constellation will see the Constellation brand on their bills once enrolled by the company. Residential and commercial customer contracts assumed by Constellation will experience no disruption to service as a result of the transaction and the terms of all acquired customer contracts will be honored.
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 million residential, public sector and business customers, including three-fourths of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (Nasdaq: EXC), the nation's leading competitive energy provider, with 2019 revenues of approximately $34 billion, and more than 31,000 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.