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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.
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BUSINESS
By Hanah Cho, The Baltimore Sun | April 27, 2012
While Constellation Energy Group has a new owner in Exelon Corp., 450 workers at three coal-fired plants once owned by the Baltimore company are in limbo. As a condition of its purchase of Constellation last month, the Chicago energy giant has committed to selling the Brandon Shores and H.A. Wagner plants in Anne Arundel County and the C.P. Crane plant in Baltimore County by the end of the year. The sale is not expected to be easy, because the economic prospects for coal plants have dimmed, given falling natural gas prices and stricter air-quality regulations due to come online over the next few years, analysts said.
NEWS
By Hanah Cho, The Baltimore Sun | April 20, 2012
BGE's 1.1 million residential customers will get a nice surprise in their May bill: a $100 credit on their accounts. Baltimore Gas and Electric Co. announced Friday that most customers will receive the credit by the end of May. The ratepayer relief is part of the merger between BGE's parent Constellation Energy Group and Chicago-based Exelon Corp. The two companies agreed to provide the rate credit under an agreement with Maryland energy regulators, which approved the deal in February.
BUSINESS
By Hanah Cho, The Baltimore Sun | April 14, 2012
When the sale of Constellation Energy Group to Chicago-based Exelon Corp. was announced last April, Calvin G. Butler Jr. was in Baltimore, ready to build support and win over critics. Butler, 42, Exelon's senior vice president of corporate affairs, took up residence at Spinnaker Bay apartments in Harbor East for almost a year while he served as the company's eyes and ears in Maryland. He met with state and city officials, business leaders and nonprofits, including those skeptical about the deal's benefits for consumers and Baltimore.
BUSINESS
By Hanah Cho, The Baltimore Sun | April 13, 2012
Maryland energy regulators have ordered Exelon Corp. to explain how the company "inadvertently" violated some conditions related to its merger with Baltimore's Constellation Energy Group. As part of Maryland Public Service Commission's approval for the deal, the companies agreed to several conditions, including selling Constellation's three coal-fired plants in Maryland to mitigate concerns over market concentration in the mid-Atlantic electricity grid. Until the plants could be sold, the companies agreed to sell power from those facilities as well as others in the region's wholesale energy market at a price it costs to operate the plants, said Exelon spokeswoman Judith Rader.
NEWS
By David L. Warnock | April 12, 2012
The Baltimore skyline is iconic: The National Aquarium's blue waves and the World Trade Center's five-sided building have been depicted in places as varied as Robert McClintock paintings and local body art. The Domino Sugar sign is - well, it's the Domino Sugar sign. It's priceless. Exelon Corp.'s Baltimore office, proposed to be built on the old Allied Chemical site in Harbor Point, would alter that skyline forever. In that context, it too needs to be iconic. The proposed office building has been treated by the mayor's office as simply a necessity of the Exelon merger with Constellation Energy.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 9, 2012
Constellation Energy Group and Exelon Corp. are expected to close their $7.9 billion merger Monday, after the deal cleared its final regulatory hurdle Friday. The approval by the Federal Energy Regulatory Commission ends an almost yearlong effort to combine the companies — creating the largest non-utility energy provider in the United States. The deal also means that Baltimore will lose its last Fortune 500 company; the new company will be headquartered in Chicago but will maintain a large footprint here, including a new building in Harbor Point.
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 Text BUSINESS to 70701 to get Baltimore Sun Business text alerts
BUSINESS
By Hanah Cho, The Baltimore Sun | February 22, 2012
Constellation Energy Group's three directors have been named to serve on Exelon's board of directors once the merger between the two energy giants is completed Constellation Energy Group's three directors have been named to serve on Exelon's board of directors once the merger between the two energy giants is completed, according to documents filed Wednesday. Ann C. Berzin, a Constellation director since 2008; Yves C. de Balmann, a director since 2003; and Robert J. Lawless, a director since 2002, are to join Constellation Chief Executive Officer and Chairman Mayo A. Shattuck III, who was previously named as executive chairman of the board.
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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