Saturday, May 21, 2011

Constellation, Exelon File Merger Applications

Constellation Energy Group Inc. and Exelon Corporation have filed applications with all regulatory bodies except the Maryland Public Service Commission.  In a filing with the Securities and Exchange Commission on Friday, Exelon and Constellation said an application had been filed for approval of the merger with the Federal Energy Regulatory Commission.

As part of the deal, the companies will sell off three coal-fired electric plants in Maryland within 180 days. The stations — Brandon Shores and H.A. Wagner in Anne Arundel County, and C.P. Crane in Baltimore County, generate a total of 2,648 megawatts.

In addition to their filing with FERC, the companies said they filed applications in favor of the merger with the Nuclear Regulatory Commission, the New York State Public Service Commission and the Public Utility Commission of Texas.

The merger will be put to shareholders in the third quarter. Exelon and Constellation expect the deal to close in the first quarter of 2012. Constellation Energy Group shareholders have filed six lawsuits in Baltimore City Circuit Court since the power company announced in late April that it had agreed to sell itself to Chicago-based Exelon Corp. for $7.9 billion in an all-stock deal. (More) (The Daily Record, 5/20/2011)

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