Texas Commission Approves Exelon-Constellation Energy Merger
The Public Utility Commission of Texas has approved the merger of Exelon Corp. and Constellation Energy. The companies submitted their joint application to the PUCT on May 17.
“Because Exelon and Constellation both operate in Texas, securing the PUCT’s approval was an important step in completing our merger,” said Constellation Chairman and CEO Mayo A. Shattuck III. “We will remain focused on obtaining the remaining federal and state regulatory approvals and seeing the merger through to completion.”
Exelon and Constellation both own electric generation facilities that offer electricity for sale in Texas, and Constellation markets power and gas in the state.
In addition to their filing with the PUCT, Exelon and Constellation made other regulatory filings in support of their proposed merger, including with the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, the Maryland Public Service Commission and the New York State Public Service Commission. The companies plan to seek shareholder approval for the transaction in the third quarter of 2011.
The Exelon-Constellation merger will combine Exelon’s generation fleet with Constellation Energy’s customer-facing businesses. The companies announced their intent to merge on April 28.
A copy of Exelon and Constellation’s filing with the PUCT is available at: http://www.puc.state.tx.us.
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