What the Exelon-Constellation deal means

April 28, 2011

For ratepayers:

Constellation and Exelon have put together a package that they say will benefit BGE consumers, including:

A $100 one-time credit on each BGE residential customer's bill.

$5 million for a state program that aids low-income customers.

For Maryland:

$4 million to support the state's EmPower energy efficiency program.

$10 million for the development of Maryland's electric vehicle infrastructure.

More than $50 million to develop 25 megawatts of renewable energy in the state.

$10 million annually in charitable contributions will be maintained for at least 10 years after the deal closes.

For Baltimore:

The new company plans to build or renovate a "green" building in Baltimore to accommodate its combined commercial and renewable energy businesses.

For employees:

Constellation has 10,000 workers across the country, including 3,500 employees at BGE.

No merger-related layoffs at BGE for two years.

Job cuts are expected at the corporate level, but specifics are unavailable.

For Mayo A. Shattuck III:

He will be the executive chairman of the new company and will split his time between Baltimore and Chicago, with his home base in Baltimore.

Shattuck will receive no "change in control" or severance payouts from the deal. But he is still eligible for $20.6 million in previously owed incentive payments upon completion of the merger, according to a proxy statement filed in April.

Sources: Constellation, Exelon and Baltimore Sun reporting

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