Exelon Corporation (NYSE:EXC) and Constellation Energy (NYSE:CEG) today announced that the Maryland Public Service Commission (PSC) approved their merger. The PSC’s order adds new conditions, but retains many of the terms of the settlement reached in December by the companies, the State of Maryland, the Maryland Energy Administration, the City of Baltimore and the Baltimore Building and Construction Trades Council.
“We are pleased that the Maryland PSC has approved our merger with Constellation, and we accept the additional conditions that the Commission has imposed,” said Exelon President and COO Christopher M. Crane, who will become president and CEO of Exelon upon closing of the merger.
“We are pleased to have Maryland PSC approval for the merger to proceed,” said Mayo A. Shattuck III, chairman, president and CEO of Constellation, who will become executive chairman of Exelon upon closing of the merger. “This merger will greatly benefit the State of Maryland, City of Baltimore and BGE customers.”
The merger will provide a package of benefits for Maryland, the City of Baltimore and BGE customers totaling more than $1 billion and is expected to create more than 6,000 jobs statewide.
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, the Department of Justice, and the Nuclear Regulatory Commission.
The merger also requires regulatory approval by the Federal Energy Regulatory Commission.
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.