Exelon Corporation and Constellation Energy have completed their merger, effective 12 March 2012. The merger creates one of the largest retail customer bases and the leading U.S. competitive energy provider with one of the cleanest and lowest-cost power generation fleets in the industry. With the closing of the merger, Christopher M. Crane is acting as president and CEO and Mayo A. Shattuck III has become executive chairman of the combined company. The name Exelon will be retained by the new company and the headquarters will remain in Chicago with operations in Maryland, Pennsylvania and Illinois. EXC will be the symbol it will trade under on the New York Stock Exchange.
Now one of the largest competitive energy products and services suppliers in the country, supplying approximately 164 terawatt-hours per year and servicing about 100,000 business and public sector and 1 million residential customers, serving more than 2/3 of America’s Fortune 100 companies. The company will have operations in 47 states, the District of Columbia and Canada, operating coast-to-coast. With one of the largest and cleanest power generation fleets, the company has about 35,000 megawatts of owned power generation, including over 19,000 megawatts of nuclear power.
BGE, ComEd and PECO, the three utilities within Exelon will remain respectively headquartered in Baltimore, Chicago and Philadelphia.
The transaction has been approved by shareholders of both Constellation and Exelon and the required regulatory approvals and reviews have been completed by the Federal Energy Regulatory Commission, the New York Public Service Commission, the Public Utility Commission of Texas, the Maryland Public Service Commission, the Nuclear Regulatory Commission and the Department of Justice.
Operations are being combined immediately and integration efforts are underway.