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Exelon and Constellation, EDF Reach Agreement on Exelon-Constellation Merger

Exelon Corporation (NYSE: EXC) and Constellation Energy (NYSE: CEG) today announced that they have reached an agreement with Electricite de France (EDF) under which EDF will withdraw its opposition to the Exelon-Constellation merger.

 

CHICAGO AND BALTIMORE - Exelon Corporation (NYSE: EXC) and Constellation Energy (NYSE: CEG) today announced that they have reached an agreement with Electricite de France (EDF) under which EDF will withdraw its opposition to the Exelon-Constellation merger. The terms address Constellation Energy Nuclear Group (CENG), a joint venture between Constellation and EDF that owns and operates three nuclear facilities with five generating units in Maryland and New York. The agreement reaffirms the terms of the joint venture. No payment was made by either party associated with this agreement.

"We are pleased to come to agreement with EDF, a significant Constellation shareholder, as well as our future partner on the CENG nuclear joint venture. This agreement reflects additional positive momentum toward the timely consummation of our merger with Constellation," said Exelon President and COO Christopher M. Crane.

The Exelon-Constellation merger has received approval by the Department of Justice, the New York Public Service Commission, the Public Utility Commission of Texas and the shareholders of Exelon and Constellation. It also requires regulatory approvals by the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and the Maryland Public Service Commission.

In a merger settlement with the State of Maryland, the Maryland Energy Administration (MEA), the City of Baltimore and the Baltimore Building and Construction Trades Council announced Dec. 15, Exelon,
Constellation and Baltimore Gas and Electric Company agreed to provide a package of benefits totaling more than $1 billion and expected to create more than 6,000 jobs in Maryland.

The Exelon-Constellation merger will combine Exelon's environmentally advantaged generation fleet with Constellation Energy's industry-leading customer-facing businesses. The companies announced their agreement to merge on April 28.

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