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By Hanah Cho, The Baltimore Sun | December 1, 2011
Constellation Energy Group has agreed to acquire a Tulsa, Okla., natural gas company for $22.5 million, the Baltimore company announced Thursday. The proposed purchase of ONEOK Energy Marketing Co. would be the third acquisition this year that helps expand Constellation's retail business. ONEOK's 26,100 customers would bring Constellation's total retail consumers to almost 1.1 million. ONEOK does business in Kansas, Oklahoma, Texas, Nebraska, Wyoming and Illinois. The deal is expected to close in the first quarter of 2012.
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BUSINESS
By Hanah Cho, The Baltimore Sun | November 29, 2011
Several community groups in the Baltimore region expressed support for Constellation Energy Group's plan to sell itself to Chicago-based Exelon Corp. at a public hearing Tuesday in Bel Air. The lightly attended hearing was the first of three public comment hearings to be held by the Maryland Public Service Commission, which is reviewing the $7.9 billion deal. The next public hearings are scheduled for Thursday in Baltimore and Dec. 5 in Annapolis. Many of the two dozen people attending Tuesday's hearing were officials from Constellation and Exelon, attorneys representing the two firms and consumer advocates.
BUSINESS
By Hanah Cho, The Baltimore Sun | November 23, 2011
The Illinois Attorney General's Office has renewed its request to federal energy regulators for a hearing on Constellation Energy Group's plan to sell itself to Chicago-based Exelon Corp. In a brief filed Tuesday, Attorney General Lisa Madigan said the $7.9 billion deal would raise rates for customers of Exelon's ComEd utility, citing testimony by the company's executives during regulatory hearings before the Maryland Public Service Commission. The Illinois attorney general's office is among several groups that have objected to the deal on the grounds that the combined company would have two much control of electricity prices on the grid that serves much of the mid-Atlantic region.
BUSINESS
By Hanah Cho and Gus G. Sentementes, The Baltimore Sun | November 17, 2011
Shareholders for Baltimore-based Constellation Energy Group Inc. and Chicago-based Exelon Corp. today approved the merger of the two energy companies. The confirmation of the $7.9 billion deal by shareholders was widely expected by analysts, but had its critics. Federal and state regulatory reviews are still required for the deal, which company officials say is on track to close in the first quarter of next year. More than three-quarters of Constellation's shareholders submitted votes on the deal; the special shareholders' meeting took place in New York City.
BUSINESS
By Hanah Cho, The Baltimore Sun | November 3, 2011
A top Exelon Corp. executive said Thursday that separating Baltimore Gas and Electric Co. from parent Constellation Energy Group would be a "deal breaker" for the proposed $7.9 billion merger between the two energy giants. Exelon Chief Operating Officer Christopher M. Crane's remark came after two Maryland senators called on state energy regulators to order the spinoff of BGE into an independent, publicly traded company as a condition of merger approval. In a letter sent Thursday to the Maryland Public Service Commission — which has the power to veto the deal — Sens.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 31, 2011
Top executives of Constellation Energy Group and Exelon Corp. faced questions about reliability, local management of Baltimore Gas and Electric, and corporate governance Monday at the start of what is expected to be an exhaustive regulatory review of the proposed $7.9 billion merger of the two energy giants. Constellation Chief Executive Officer and Chairman Mayo A. Shattuck III and Exelon Chief Operating Officer Christopher M. Crane took the stand together during daylong questioning by an attorney representing the state and the Maryland Energy Administration.
BUSINESS
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.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 25, 2011
Maryland energy regulators have added at least two more days to their review of Constellation Energy Group's plans to sell itself to Chicago-based Exelon Corp. The move brings the number of days allotted for evidentiary hearings to 11. The hearings are to begin Oct. 31. With 45 witnesses expected to testify, the Maryland Public Service Commission on Tuesday told the parties in the case to add Nov. 11 and 18 to their calendar. The commission also has set aside Nov. 21 and part of Nov. 22 if more time is needed, PSC spokeswoman Regina Davis said.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 23, 2011
To say the Maryland Office of People's Counsel has been busy over the last few years is an understatement. When it comes to electricity, telephone, gas, and water or sewer matters, the People's Counsel works to ensure that the interests of residential customers are represented. The office was created in 1924, with Maryland the first state to establish a consumer advocate agency. Paula M. Carmody heads the 18-person independent agency, which operates with a $3 million annual budget.
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