Constellation Completes Acquisition of Integrys Energy Services
November 03 2014 - 08:00AM
Business Wire
Purchase adds scale to Constellation’s retail
business in competitive markets
Constellation, a subsidiary of Exelon Corporation (NYSE: EXC),
and Integrys Energy Services, Inc., a subsidiary of Integrys Energy
Group, Inc. (NYSE: TEG), today announced that Constellation has
completed its acquisition of Integrys Energy Services, a
competitive retail electricity and natural gas subsidiary serving
approximately 1.2 million commercial, industrial, public sector and
residential customers across 22 Midwest, mid-Atlantic and
Northeastern states and the District of Columbia.
Integrys Energy Services is now part of Constellation,
strengthening its retail power and gas business, which together
serve more than 2.5 million residential and business customers
across the continental United States.
“This combination creates a stronger, more diverse business that
is well positioned to vie for customers in increasingly competitive
retail electricity and gas markets across the country,” said Mark
Huston, president of Constellation Retail. “The combined strengths
of the two companies will allow Constellation to reach more
customers and continue to grow the business, particularly in areas
where Exelon already owns significant generation assets.”
Within the next 30 days, the combined company will begin
transitioning Integrys to the Constellation brand. However,
customers may see both Integrys and Constellation operating
independently in the marketplace until the businesses are
integrated. Customers of Integrys will experience no disruption to
service as a result of the combination, and all existing customer
contracts will be honored. This includes Integrys’ municipal
electricity aggregation contract with the City of Chicago, which is
currently scheduled to expire in May 2015.
The transaction was approved by the Federal Energy Regulatory
Commission and the U.S. Department of Justice.
Constellation is a leading competitive retail supplier of
power, natural gas and energy products and services for homes and
businesses across the continental United States. Constellation's
family of retail businesses serves more than 2.5 million
residential, public sector and business customers, including more
than two-thirds of the Fortune 100. Baltimore-based Constellation
is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's
leading competitive energy provider, with 2013 revenues of
approximately $24.9 billion, and more than 35,000 megawatts of
owned capacity comprising one of the nation's cleanest and
lowest-cost power generation fleets. Learn more at
www.constellation.com or on Twitter at @ConstellationEG.
Integrys Energy Group is a diversified energy holding
company with regulated natural gas and electric utility operations
(serving customers in Illinois, Michigan, Minnesota, and
Wisconsin), an approximate 34% equity ownership interest in
American Transmission Company (a federally regulated electric
transmission company), and nonregulated energy operations. More
information about Integrys Energy Group, Inc. is available online
at www.integrysgroup.com.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, that are subject to risks and uncertainties. The factors
that could cause actual results to differ materially from the
forward-looking statements made by Exelon Corporation, Commonwealth
Edison Company, PECO Energy Company, Baltimore Gas and Electric
Company and Exelon Generation Company, LLC (Registrants) include
those factors discussed herein, as well as the items discussed in
(1) Exelon’s 2013 Annual Report on Form 10-K in (a) ITEM 1A. Risk
Factors, (b) ITEM 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (c) ITEM 8.
Financial Statements and Supplementary Data: Note 22; (2) Exelon’s
Third Quarter 2014 Quarterly Report on Form 10-Q in (a) Part II,
Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial
Information, ITEM 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (c) Part I,
Financial Information, ITEM 1. Financial Statements: Note 18; and
(3) other factors discussed in filings with the SEC by the
Registrants. Readers are cautioned not to place undue reliance on
these forward-looking statements, which apply only as of the date
of this press release. None of the Registrants undertakes any
obligation to publicly release any revision to its forward-looking
statements to reflect events or circumstances after the date of
this press release.
Constellation CommunicationsJudy Rader, 410-470-9700orExelon
Investor RelationsFrancis O. Idehen, Jr., 312-394-2345orIntegrys
Energy Group, Inc. Investor RelationsSteven P. Eschbach, CFA,
312-228-5408Media Hotline: 800-977-2250
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