Constellation

Maryland regulators approved Constellation Energy Group's sale to Chicago-based Exelon Corp. on Friday, setting the stage for Baltimore to lose its last Fortune 500 company to an out-of-state owner. Exelon promptly accepted the terms imposed by the Maryland Public Service Commission, which means the $7.9 billion deal is one huge step closer to completion. The PSC's approval came with several dozen conditions that largely mirrored concessions the companies had previously promised, most recently under a $1 billion settlement with Gov. Martin O'Malley and the state.

The federal nuclear regulator approved Thursday the proposed sale of Constellation Energy Group to Chicago-based Exelon Corp. The decision by the Nuclear Regulatory Commission means the proposed $7.9 billion merger has two remaining regulatory hurdles to clear. The Maryland Public Service Commission is expected to issue a decision Friday, while the Federal Energy Regulatory Commission also needs to rule on the deal, which would create the largest competitive energy company in the United States.

Maryland energy regulators are expected to issue a decision Friday on the proposed sale of Constellation Energy Group to Chicago-based Exelon Corp. The decision comes after the state Public Service Commission launched an exhaustive review of the $7.9 billion deal, involving 13 days of hearings, three public comment sessions and thousands of pages of documents. Analysts think that the proposed merger hinges on approval by Maryland regulators. The deal also still requires approval from the Federal Energy Regulatory Commission.

The American Red Cross of the Chesapeake Region knows how important it is to stay connected to your home. We have been serving Maryland's disaster victims every day for the past 107 years from our offices in Baltimore. We've changed our physical address a few times, but the truth is, Red Crossers are really most at home on the streets in front of your neighbor's house after a fire or in a borrowed shelter after a tornado or hurricane. We go where the need is greatest to offer the help when it's needed most.

The state's consumer advocate on utility matters continues to push for additional concessions to make the Constellation-Exelon merger more palatable to consumers. The Maryland Office of People's Counsel said in a brief filed Monday that the two energy giants have not demonstrated that the proposed $7.9 billion merger is in the public's interest and would not harm customers of Baltimore Gas and Electric, Constellation's regulated utility. The People's Counsel also said the companies' settlement with Gov. Martin O'Malley and the state did not allay its concerns.

Constellation Energy Group said Thursday that it closed the acquisition of a Tulsa, Okla. natural gas company, the third deal in the past year that helps expand the Baltimore company's retail business. The $22.5 million deal adds 26,100 customers in states such as Kansas, Oklahoma, Texas, Nebraska, Wyoming and Illinois. Constellation's retail customers now total almost 1.1 million in 46 states. Last year, the company also acquired Constellation acquired MXenergy, a natural gas and electricity company, and StarTex Power, a Houston retail electricity provider.

Maryland energy regulators on Tuesday extended the deadline to Feb. 2 for public comment on Constellation Energy Group's plan to sell itself to Exelon Corp. The initial public comment period closed Dec. 9, but Exelon agreed a week later to a settlement with the state and Gov. Martin O'Malley over the proposed merger. As a result, the Maryland Office of People's Counsel, the consumer advocate in utility matters, said the public has not had an opportunity comment on that settlement and requested an extension for filing written comments.

Exelon Corp. and Constellation Energy Group have reached an agreement with Electricite de France, a large Constellation shareholder, for the French utility to withdraw its opposition to a proposed merger between the companies. The terms of the agreement address Constellation Energy Nuclear Group, a joint venture between Constellation and EDF that owns and operates three nuclear facilities with generating units in Maryland and New York. No payment was made by either party associated with the agreement, which reaffirms the terms of the joint venture.

As a BGE ratepayer, I'm strongly opposed to the Constellation-Exelon merger ("O'Malley praises Exelon-CEG deal," Dec. 16). For the third time since 2007, Constellation CEO Mayo Shattuck has been trying to engineer a buyout or merger of Constellation while doubling costs to BGE ratepayers, this time with a $13.4 million payday for himself. The primary legal responsibility of the Maryland Public Service Commission, as state Sens. E.J. Pipkin and James C. Rosepepe noted in a letter to agency, is to protect the best interests of BGE ratepayers.

Constellation Energy Group's plans to sell itself to Exelon Corp. cleared a regulatory hurdle Wednesday after the two companies reached a proposed settlement with the U.S. Department of Justice. The settlement, which requires court approval, calls for the companies to sell three coal plants in Maryland to alleviate market concentration in the mid-Atlantic electricity grid. Exelon and Constellation already announced plans to divest the Brandon Shores and H.A. Wagner plants in Anne Arundel County and the C.P. Crane plant in Baltimore County.