Commercial, Energy Procurement, Industrial, Utilities - July 28, 2016
Constellation to acquire ConEd's retail electric, gas business
Its Constellation subsidiary has entered into a definitive agreement with ConEdison Solutions, a subsidiary of Consolidated Edison, Inc., to acquire its retail electricity and natural gas business, the companies announced July 27. That business, according to a July 27 news release, serves a little more than half a million commercial, industrial, public sector and residential customers throughout the Northeast, mid-Atlantic, Midwest and Texas.
Financial terms of the deal were not disclosed. The move is generally considered to be part of Exelon's strategy to grow its utility businesses to be a larger part of its business mix than its unregulated generation arm, Exelon Generation Co. LLC.
Constellation said the purchase strengthens its position as the nation’s largest competitive energy supplier. Constellation will acquire ConEdison Solutions’ retail electricity and natural gas customer contracts and associated supply contracts, and ConEdison Solutions will retain its focus on renewable energy, sustainable services, and energy efficiency solutions for commercial, industrial, residential and government customers, according to the announcement.
"This agreement provides an opportunity to grow our retail electricity and natural gas business in strategically attractive markets where we’re best suited to match load served with Exelon generation assets,” Constellation CEO Joseph Nigro said in a statement. "ConEdison Solutions has a reputation for delivering value to customers, and our combined companies will continue that tradition with a broad array of energy products and services at competitive prices.”
Exelon acquired Constellation, which is a competitive retail supplier of power, natural gas and energy products and services for homes and businesses, as part of its 2012 purchase of Baltimore, Md.-based Constellation Energy. More recently, Exelon completed a hard-fought acquisition of Washington, D.C.-based Pepco Holdings.
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