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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; nathalie.tadena@dowjones.com

Stock News for Exelon (EXC)
DateTimeHeadline
07/31/201409:49:05U.S. Hot Stocks: Hot Stocks to Watch
07/30/201409:16:30Exelon to Acquire Integrys Energy Services
07/01/201416:30:38MARKET SNAPSHOT: U.S. Stocks: S&P 500, Dow Set Fresh Records
05/27/201419:44:48Power-Price Rise Energizes Utility Shares
05/07/201407:46:37Pepco Holdings Swings to Profit; Revenue Jumps 13%
04/30/201417:21:19MARKET SNAPSHOT: U.S. Stocks Rise; Dow Closes At Record Level
04/30/201416:41:11Exelon to Buy Pepco in $6.8 Billion Deal -- 3rd Update
04/30/201415:35:26MARKET SNAPSHOT: U.S. Stocks Rise After Fed Statement
04/30/201414:45:17MARKET SNAPSHOT: U.S. Stocks Swing Wildly On Fed Statement
04/30/201413:13:48MARKET SNAPSHOT: U.S. Stocks Range-bound After Mixed Data
04/30/201410:27:01MARKET SNAPSHOT: U.S. Stocks Edge Lower After Mixed Data
04/30/201408:03:13Exelon to Buy Pepco in All-Cash Deal -- 2nd Update
04/30/201407:20:17Exelon to Buy Pepco in All-Cash Deal
04/30/201407:03:15Exelon to Buy Pepco in All-Cash Deal -- Update
04/28/201416:53:22MARKET SNAPSHOT: Market Leaders Energy, Utilities Face Earnings...
04/27/201406:17:33MARKET SNAPSHOT: Energy, Utilities Companies Face Earnings Tests
04/01/201417:58:15Correction to EDF Finalizes Deal Paving Way for Possible Exit...
04/01/201413:30:17EDF Finalizes Deal Paving Way for Possible Exit From U.S. Nuclear
04/01/201413:16:51EDF Finalizes Deal Paving Way for Possible Exit From US Nuclear
02/11/201416:24:10Charter Nominates Candidates for Time Warner Cable Board -- Update

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