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By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | October 23, 2003
In a move to increase its market as an energy supplier to large commercial and industrial customers, Constellation Energy Group Inc. said yesterday that it has purchased two Midwest energy marketing companies from Wisconsin Energy Corp. The Baltimore utility acquired Blackhawk Energy Services, which provides natural gas and electricity to customers in Illinois, and Kaztex Energy Management, which provides natural gas to customers in Wisconsin. Financial terms were not disclosed. The acquisitions will give Constellation an additional 1,100 commercial, industrial and wholesale customers, and fits with its strategy of supplying energy nationally to large customers.
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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)
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NEWS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | October 24, 2000
Constellation Energy Group Inc. announced yesterday that it will split into two publicly traded companies, one a fast-growth, unregulated business that will generate and sell power nationwide and the other a regional electric company that will include its regulated subsidiary Baltimore Gas and Electric Co. The fast-growth company will keep the Constellation Energy Group name and add Wall Street powerhouse Goldman Sachs Group Inc., which has extensive dealings...
NEWS
By Hanah Cho, The Baltimore Sun | March 8, 2012
Constellation Energy Group, which is being sold to Chicago-based Exelon Corp., will be replaced on the S&P 500 index by a Houston wireless company. Exelon is acquiring Constellation in a $7.9 billion deal that is waiting for approval from the Federal Energy Regulatory Commission. S&P will announce the date when Crown Castle International Corp. is to replace Constellation on the index after the merger deal closes. Hanah.cho@baltsun.com
BUSINESS
By Hanah Cho, The Baltimore Sun | May 25, 2011
Constellation Energy Group filed an application Wednesday with Maryland energy regulators to seek approval of its sale to Chicago-based Exelon Corp. In a 572-page application, Constellation and Exelon make their case for the $7.9 billion deal, which would create the largest competitive power supplier in the United States. The combined company would have headquarters in Chicago, but officials say the new entity would have a significant presence in Baltimore. The two companies have offered a $250 million incentive package, which includes a $100 credit for each customer of Constellation's regulated utility, Baltimore Gas & Electric Co. The Maryland Public Service Commission is expected to hold hearings to examine the deal; it has 180 days under state law to make a decision.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | March 7, 2002
Constellation Energy Group Inc. said yesterday that it has completed the sale of its 41.5 percent stake in Corporate Office Properties Trust, a Columbia real estate investment trust, as part of a strategy to focus on its core energy business. The Baltimore energy company, which was COPT 's largest shareholder, sold 8.9 million common shares at $12.04 per share. COPT also issued another 2 million shares. Constellation announced last month that it planned to sell its COPT shares. Shareholders and analysts had complained that the real estate interests distracted and sometimes hurt the company.
BUSINESS
By BLOOMBERG NEWS | May 1, 1998
NEW YORK -- U.S. stocks rallied again yesterday, sending the Dow Jones industrial average to its biggest gain in four weeks, after reports showing fast economic growth with little inflation made it more likely that interest rates will remain tame and earnings robust.General Electric Co., Coca-Cola Co. and Merck & Co. led an advance that enabled the Standard & Poor's 500 index to finish April with a 1 percent gain rather than a 0.7 percent loss.The 30-stock Dow average rallied 111.85 to 9,063.
BUSINESS
February 13, 2009
EDF to sell assets to make up for 2008 earnings drop Electricite de France SA, Europe's biggest power producer and a nuclear energy partner with Baltimore's Constellation Energy Group, will sell assets to cut debt after 2008 earnings declined, and it missed estimates on costs associated with regulated power rates. Paris-based EDF will focus on cutting net financial debt by almost $7 million over this year and next after two acquisitions in the past six months. It agreed in December to buy half of Constellation's nuclear energy business for $4.5 billion.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | January 31, 2004
Rapid growth in supplying power to businesses in 20 states with deregulated markets helped boost Constellation Energy Group's profit 83 percent in the fourth quarter, the Baltimore utility said yesterday. Constellation, the owner of Baltimore Gas and Electric Co., reported net income of $119 million, or 71 cents a share, for the three months that ended Dec. 31, up from $65 million, or 39 cents a share, for the fourth quarter of 2002. Constellation shares rose 98 cents yesterday, closing at $40.23 on the New York Stock Exchange.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | July 31, 2001
The Maryland Public Service Commission begins three days of hearings today to examine whether Baltimore Gas and Electric Co. can remain financially healthy if it is allowed to split from Constellation Energy Group Inc. later this year. Regulators specifically are concerned about the utility's ability to provide electricity to consumers at rates frozen until 2006 under last year's deregulation agreement. Constellation announced plans in October to split into two publicly traded companies - Constellation Energy Group, a fast-growth national power producer and marketer, and BGE Corp.
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 | May 25, 2011
Constellation Energy Group filed an application Wednesday with Maryland energy regulators to seek approval of its sale to Chicago-based Exelon Corp. In a 572-page application, Constellation and Exelon make their case for the $7.9 billion deal, which would create the largest competitive power supplier in the United States. The combined company would have headquarters in Chicago, but officials say the new entity would have a significant presence in Baltimore. The two companies have offered a $250 million incentive package, which includes a $100 credit for each customer of Constellation's regulated utility, Baltimore Gas & Electric Co. The Maryland Public Service Commission is expected to hold hearings to examine the deal; it has 180 days under state law to make a decision.
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
February 13, 2009
EDF to sell assets to make up for 2008 earnings drop Electricite de France SA, Europe's biggest power producer and a nuclear energy partner with Baltimore's Constellation Energy Group, will sell assets to cut debt after 2008 earnings declined, and it missed estimates on costs associated with regulated power rates. Paris-based EDF will focus on cutting net financial debt by almost $7 million over this year and next after two acquisitions in the past six months. It agreed in December to buy half of Constellation's nuclear energy business for $4.5 billion.
NEWS
December 23, 2008
This has proved to be a memorable year for Constellation Energy Group, but not often for the better. From the company's disastrous financial downturn this summer to its rescue by Warren E. Buffett's MidAmerican Energy Holdings to its apparent rescue from its rescuer last week by state-owned Electricite de France, it's getting difficult to know who is winning and losing in all these transactions. Aside from the only obvious winner - the celebrated investor from Omaha doubled his company's initial $1 billion payout in a mere three months - the rest of the picture looks muddled.
NEWS
September 28, 2008
Regulating energy won't help consumers The Maryland Chamber of Commerce would like to add a perspective missing from state Sens. E.J. Pipkin and Jim Rosapepe's column "Let's get a better deal" (Commentary, Sept. 23). We are in extraordinary and uncertain economic times, with great instability in global energy and financial markets. The merger offer from MidAmerican Energy Holdings represents value, low risk and a high degree of certainty for Constellation Energy, Baltimore Gas and Electric Co. stakeholders and the state.
NEWS
February 18, 2006
A Baltimore County couple has donated $100,000 to Towson University, school officials announced. The gift from John G. and Barbara J. Dreyer of White Hall includes $50,000 toward the university's Campaign for the Center for the Arts. The Center for the Arts is a $53 million project that includes a new theater, a new recital hall and new art galleries, along with performance labs, classrooms and offices. Two studios in the Center for the Arts will be named in the Dreyers' honor. John Dreyer is a senior executive with Citigroup.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | November 21, 2001
Less than a month after abandoning plans to split into two independent businesses, Constellation Energy Group Inc. shook up its leadership ranks yesterday, announcing the departure of four high-level executives and the appointment of an Illinois energy consultant to lead its power generation division. Michael J. Wallace, 54, a managing director and co-founder of Barrington Energy Partners LLC who has advised energy company executives on mergers and acquisitions, transaction financing and investment opportunities, will become president of Constellation Generation Group.
BUSINESS
September 25, 2008
Bidder for CEG makes offer for British group PARIS: French power provider EDF agreed yesterday to buy British Energy Group PLC for about $23.2 billion in cash, betting big on the prospects for Britain's nuclear industry at a time of growing global concern about greenhouse gas emissions. The deal, which has the blessing of the French and British governments, would hand over British Energy's eight nuclear plants to EDF - already the world's largest nuclear plant operator with 58 reactors in France.
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.
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