Constellation, a subsidiary of Exelon Corp. (NYSE: EXC), completed its acquisition of the retail electricity and natural gas business from ConEdison Solutions, a subsidiary of Consolidated Edison Inc (NYSE: ED).
“This purchase aligns with out generation-to-load matching strategy and provides the opportunity for additional growth in strategically attractive markets,” says Joseph Nigro, CEO of Constellation. “ConEdison Solutions’ commodity business brings with it a strong team of approximately 85 employees who will be a great addition to our retail organization.”
With the close of the deal, Constellation acquires retail electricity and natural gas customer contracts and associated supply contracts that serve 15 TWh of electricity and 1 Bcf of natural gas to more than 560,000 commercial, industrial, public sector and residential customers. The new customer base is spread across 12 Northeastern, mid-Atlantic, and Midwestern states, Texas, and the District of Columbia. The business will operate under the Constellation brand after a post-closing transition period set to end in 2017.
The Federal Trade Commission approved the deal.