Public Utility Commission of Texas approves merger of Exelon, Constellation Energy; companies say approval is 'key step' to complete merger in Q1 2012
CHICAGO & BALTIMORE
August 3, 2011
– The Public Utility Commission of Texas (PUCT) today approved the merger of Exelon Corporation EXC -0.94% and Constellation Energy CEG -0.58% . The companies submitted their joint application to the PUCT on May 17.
"We are pleased that the PUCT has approved our application," said Exelon President and COO Christopher M. Crane. "This is a key step toward completing the merger, and we remain on track to do so in the first quarter of 2012."
"Because Exelon and Constellation both operate in Texas, securing the PUCT's approval was an important step in completing our merger," said Constellation Chairman and CEO Mayo A. Shattuck III. "We will remain focused on obtaining the remaining federal and state regulatory approvals and seeing the merger through to completion."
Exelon and Constellation both own electric generation facilities that offer electricity for sale in Texas, and Constellation markets power and gas in the state.
In addition to their filing with the PUCT, Exelon and Constellation made other regulatory filings in support of their proposed merger, including with the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, the Maryland Public Service Commission and the New York State Public Service Commission. The companies plan to seek shareholder approval for the transaction in the third quarter of 2011.
The Exelon-Constellation merger will combine Exelon's environmentally advantaged generation fleet with Constellation Energy's industry-leading customer-facing businesses. The companies announced their intent to merge on April 28.
A copy of Exelon and Constellation's filing with the PUCT is available at: http://www.puc.state.tx.us .
About Exelon Corporation
Exelon Corporation is one of the nation's largest electric utilities with more than $18 billion in annual revenues. The company has one of the industry's largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 490,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC. Learn more online: www.exeloncorp.com .
About Constellation Energy
Constellation Energy is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010. Learn more online: www.constellation.com .
For the latest information about the Exelon-Constellation merger, visit the merger website: www.exelonconstellationmerger.com .