This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NRC Approves Indirect License Transfer Related To Exelon And Constellation Merger

Exelon Corporation (NYSE:EXC) and Constellation Energy (NYSE:CEG) today announced that the U.S. Nuclear Regulatory Commission (NRC) has issued a series of orders approving the indirect transfer of certain nuclear licenses associated with the Exelon and Constellation Energy merger.

NRC approval was required prior to merger closing due to the "upstream" change in ownership of Constellation Energy Nuclear Group (CENG)--the joint venture of Constellation and Electricite de France that owns the NRC-licensed nuclear units--that would result from the companies’ proposed merger.

CENG owns and operates five nuclear reactors at three locations: Calvert Cliffs in Lusby, Md., Nine Mile Point in Scriba, N.Y., and R.E. Ginna in Ontario, N.Y. Under the proposed merger, Exelon will acquire indirect control of Constellation’s 50.01 percent interest in CENG. CENG will continue to own and operate the nuclear units following the proposed merger.

“We are pleased that the NRC has approved the license transfer, which is a key step toward completing our merger,” said Exelon President and COO Christopher M. Crane. “The merger with Constellation is a major objective of Exelon’s growth strategy, and the NRC approval is an important milestone in the process.”

“With the NRC approval, we move ever closer to the consummation of this transaction,” said Constellation Energy Chairman and CEO Mayo A. Shattuck III.

The proposed transaction has been approved by shareholders of Exelon and Constellation. Required regulatory approvals or reviews have been completed by the New York Public Service Commission, the Public Utility Commission of Texas, and the Department of Justice. It also requires regulatory approvals by the Federal Energy Regulatory Commission and the Maryland Public Service Commission.

About Exelon

Exelon Corporation is one of the nation’s largest electric utilities with approximately $19 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 494,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,151.88 +110.34 0.61%
S&P 500 2,108.85 +4.65 0.22%
NASDAQ 5,045.7610 +13.01 0.26%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs