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Constellation To Pay $245 Million To Settle FERC Claims

DOW JONES NEWSWIRES Constellation Energy Group Inc. (CEG) said it will pay $245 million to settle claims from the Federal Energy Regulatory Commission related to certain energy-trading transactions in New York wholesale energy markets. The FERC alleged that Constellation manipulated the market by scheduling phsyical flows among several independent system operators to benefit the company's financial positions from September 2007 to December 2008. The power company will pay a $135 million civil penalty and $110 million in disgorgement. Of the disgorgement amount, $6 million will be given to regional grid operators to improve their surveillance and analytic capabilities, while the remaining amount will be deposited in a fund administered by a FERC administrative law judge. "We believe Constellation's trading practices in question were lawful portfolio risk management transactions," said Chief Executive Mayo A. Shattuck III. "The company admits to no wrongdoing in this case." The company noted it has implemented several measures to enhance its trading policies and practices since 2008. Earlier Friday, FERC approved Constellation's proposed merger with Exelon Corp. (EXC). Last month, Constellation Energy said it swung to a fourth-quarter loss as it reported struggles in its generation business and increased losses at its NewEnergy retail operations. Constellation's shares fell by 24 cents to $35.91 after hours. Through the close, the stock is down 8.9% so far this year. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; [email protected]

Stock News for Exelon (EXC)
DateTimeHeadline
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