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By Hanah Cho, The Baltimore Sun | October 28, 2011
As Maryland energy regulators prepare to review next week Constellation Energy Group's plan to sell itself to Exelon Corp., the Baltimore energy company posted Friday a $74 million profit in the third quarter. The Baltimore company earned 36 cents per share for the three months ending Sept. 30, reversing a loss from a year ago. A year earlier, the company reported a net loss of $1.4 million, or $6.99 per share, after taking large write-downs to reflect the reduced value of its nuclear power business and the cancellation of its nuclear development venture with French partner EDF. The company said third-quarter earnings were hurt in part by Baltimore Gas and Electric Co.'s cleanup costs related to Hurricane Irene.
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BUSINESS
By Kevin Rector, The Baltimore Sun | February 12, 2014
Kenneth W. DeFontes Jr. will retire as Baltimore Gas and Electric Co.'s president and CEO at the end of the month, after nearly a decade at the helm of Maryland's largest gas and electric utility. His retirement, announced Wednesday, will be effective Feb. 28, BGE said. A pair of BGE officials will assume his roles. Calvin G. Butler Jr., BGE's senior vice president of regulatory and external affairs, will become the company's CEO. Stephen J. Woerner, BGE's senior vice president and chief operating officer, will become BGE's president while remaining in the COO position as well.
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BUSINESS
By Liz F. Kay, The Baltimore Sun | April 30, 2010
Falling electricity prices will mean lower-than-expected profits next year for Constellation Energy Group, the company said Friday as it announced first-quarter financial results. "Because power prices are going down, the generation plants are realizing lower levels of revenue," Constellation CEO Mayo A. Shattuck III said in an interview. "Really, across the industry, you're seeing companies having to lower earnings projections from generation plants because the forward power curve has come down so much."
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 2, 2013
Exelon Corp. said Monday that it plans to retire one of its electric generation units in Baltimore County within two-and-a-half years, citing the equipment's age as a key reason. The announcement comes as the Chicago-based energy company is ramping up plans for two new generation units in Harford County, one of the regulatory requirements of its 2012 acquisition of Baltimore's Constellation Energy Group. Exelon said Unit 4 at Riverside Generating Station, a 74-megawatt unit fueled by natural gas, was built 62 years ago and "is not economic to operate due to its age, the escalating costs of maintaining the unit, and declining revenues.
NEWS
By Jamie Smith Hopkins and Jamie Smith Hopkins,Sun reporter | August 17, 2008
Constellation Energy Group dominated the list of the most highly paid local executives in 2007, a year in which the company's stock price rose nearly 50 percent. Leaders at the Baltimore Gas and Electric Co. parent accounted for four of the top 10 - and more than $40 million in compensation combined. Topping all other executives at publicly traded companies was Constellation Chief Executive Officer Mayo A. Shattuck III, who earned about $14 million last year in salary, stock awards, options and the like.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | July 6, 2000
Constellation Energy Group said yesterday that it will build a $130 million natural gas-fired power plant near Chicago, continuing the biggest construction program in the history of the company. The 300-megawatt plant is expected to begin operating by July 2001, said Michael W. Delaney, spokesperson for Constellation Energy Group Inc. "There is a specific need in the Midwest and in the Chicago region for wholesale energy," Delaney said. "There's a consumer demand for electricity in the Midwest, and it makes strategic sense for Constellation to control the output of power in that region."
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | March 15, 2008
Stephen R. Brunner took over yesterday as president and chief executive of Constellation Energy Partners LLC, a gas and oil production company formed by Constellation Energy Group and taken public in late 2006. Brunner, who joined the company as chief operating officer six weeks ago, replaces Felix J. Dawson, who led the company during its startup phase and will remain chairman of its board of managers. Brunner's appointment came amid a series of management changes marking the next phase in the company's development.
NEWS
September 2, 2011
It is all about money. Years ago, Baltimore Gas & Electric Co. under Constellation Energy Group cut their field workforce to as few humans as possible and then subcontracted much of their field work to electrical contractors. Any county government executive complaining to the legislature might as well be talking to the wall. The utilities have their lobbyist who with campaign contributions have no fear of any legislative action. BGE/Constellation top management are only interested in how big their payday is going to be when the merger takes place with Exelon Corp.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | March 23, 2001
Constellation Energy Group Inc., the parent company of Baltimore Gas and Electric Co., priced a public offering of 12 million newly issued common stock at $39.90 a share yesterday - a net value of about $471.4 million for the company. Constellation plans to use the proceeds from the public offering for general corporate purposes, investments in its merchant energy and retail energy services businesses, and repayment of certain debts, according to a statement filed yesterday with the Securities and Exchange Commission.
BUSINESS
February 17, 2010
Constellation Energy Group Inc., the parent company of Baltimore Gas & Electric Co., said Tuesday it would invest $90 million to support the development of solar power systems for commercial customers. The money is being set aside to develop solar-energy installations of 500 kilowatts or larger, using photovoltaic power systems, for customers that begin construction before mid-2010. About $18 million has been committed to projects in development in Maryland and New Jersey, the company said.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 2, 2013
Constellation said Thursday that it is giving Teach For America $1 million for efforts in Baltimore over the next four years, from training teachers to helping program alumni fight poverty. The Baltimore division of Chicago-based Exelon Corp. said it has donated about $465,000 to Teach For America since 1994. Exelon agreed to donate an average of $7 million a year in Maryland for a decade as part of its acquisition of Constellation Energy Group. Constellation said its CEO, Kenneth Cornew, is guest-teaching in a science class at East Baltimore's Commodore John Rodgers Elementary/Middle School Thursday in honor of Teach For America Week.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 12, 2013
In the year since Exelon Corp. acquired Baltimore's Constellation Energy Group, the company has donated more than $300,000 to first-responders in the region. It is handing out thousands of free trees to Baltimore Gas and Electric Co. customers. It is helping fund energy-efficient homes for low-income residents. That's much like the year before the merger, nonprofits say. "They're carrying out their volunteer commitments at a very high level," said Elise Lee, chief development officer for United Way of Central Maryland.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | August 6, 2012
Exelon Corp. cut about 170 jobs in Maryland earlier this summer, just over half through layoffs and the rest through voluntary buyouts, the energy company said Monday. Exelon — which acquired Baltimore-based Constellation Energy Group in March — said it also has moved jobs from Pennsylvania to Maryland, characterizing the number as enough to largely offset the cuts. Exelon said the reductions were made on June 22, with none of the layoffs occurring at Baltimore Gas and Electric Co. The company promised a two-year freeze on BGE layoffs as part of the merger.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | June 15, 2012
The state outlined Friday how it proposes to spend the $113.5 million that Exelon Corp. agreed to put in a "customer investment fund" as part of its merger with Baltimore Gas and Electric Co.'s parent. The biggest piece — $44 million — would go to weatherization services and furnace replacement for low-income residents with high energy bills. Other proposed uses include building off-the-grid public schools and helping small businesses improve their energy efficiency. The Maryland Public Service Commission approved Exelon's acquisition of Baltimore-based Constellation Energy Group this year on the condition that it create the investment fund with half of the merger's estimated "synergy" savings.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | May 7, 2012
Baltimore made the newest Fortune 500 list by the skin of its teeth — with a company that was based here last year but is now part of an out-of-state concern. Constellation Energy Group, which merged with Chicago-based Exelon Corp. in March, is No. 199 on Fortune magazine's 2012 list of the country's largest companies. The list is calculated using 2011 information. Five other companies from Maryland made the list, all from Montgomery County: defense contractor Lockheed Martin (No. 58)
NEWS
By Hanah Cho, The Baltimore Sun | April 27, 2012
Mayo A. Shattuck IlI -- who successfully engineered the sale of Constellation Energy Group to Chicago-based Exelon Corp. – took in $17.3 million in total compensation last year, a nearly 11 percent increase from 2010. Shattuck's base salary of $1.3 million was unchanged from a year earlier. He received no cash incentive payment last year, compared with a $1.7 million payout in 2010. The compensation package, which the company reported Friday, includes additional payouts in stocks, options and the value of his pension.
BUSINESS
April 8, 2010
Constellation Energy Group, the parent of Baltimore Gas and Electric Co., said Wednesday it closed a deal to buy a $140 million wind energy project in Garrett County that is expected to start operating by the end of the year. Constellation is buying 28 2.5-megawatt wind turbines from Clipper Windpower Inc. The 70-megawatt project will generate 125 new jobs during construction. The project is part of Constellation's push to promote and expand its clean-energy offerings in the Mid-Atlantic area.
BUSINESS
By a Baltimore Sun reporter | June 29, 2010
Constellation Energy Group has invested in Raleigh, N.C.-based Consert Inc., a "smart grid" technology provider. Consert on Tuesday announced the $17.7 million investment by Constellation, GE Energy Financial Services, Qualcomm Inc., Verizon Ventures and others. The investment by Constellation, the corporate parent of Baltimore Gas and Electric, comes as Maryland regulators have denied the utility's smart grid proposal because of up-front costs to consumers. The technology allows consumers to track their electricity use in real time and enables two-way communication between customers and the utility.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 12, 2012
The $245 million settlement that Baltimore's Constellation Energy Group agreed to pay is the largest of its kind to resolve allegations of market manipulation with the Federal Energy Regulatory Commission. Details of the settlement emerged Monday, the same day Chicago-based Exelon Corp. closed on its $7.9 billion takeover of Constellation. The sale creating the largest non-utility energy provider in the United States ushers Baltimore's last Fortune 500 company out of town. The New York Stock Exchange will de-list Constellation shares Tuesday.
BUSINESS
By Hanah Cho, The Baltimore Sun | February 17, 2012
Constellation Energy Group, which is selling itself to Exelon Corp., reported a loss Friday in the fourth quarter, what is expected to be the energy giant's last earnings release as a publicly traded Baltimore company. Its earnings came out before the Maryland Public Service Commission approved the proposed $7.9 billion proposed merger between Constellation and Exelon, contingent on several dozen conditions. It lost $583.6 million, or $2.91 per share, in the three months ended Dec. 31, compared with a profit of $159.8 million, or 80 cents per share, in the corresponding period the previous year.
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