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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
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08/31/201509:10:00Exelon Reaffirms Commitment to Buying Pepco
08/31/201509:00:00Exelon Reaffirms Commitment to Buying Pepco After D.C. Rejection
08/31/201508:00:00Exelon-Pepco Holdings Statement on Public Service Commission...
08/26/201510:34:00Constellation Announces 2015 E2 Energy to Educate Grants Program
08/25/201513:13:00D.C. Regulators Reject Pepco-Exelon Merger
08/25/201512:40:00Exelon-Pepco Holdings Statement on Decision by the Public Service...
08/25/201512:29:00Pepco, Exelon Merger Application Rejected by Regulator -Bloomberg
08/24/201509:11:00Three Exelon Nuclear Plants Don't Clear Capacity Auction
08/24/201508:00:00Exelon Announces Outcome of 2018-19 PJM Capacity Auction
08/24/201508:00:00Constellation Named Preferred Energy Choice of the Baltimore...
08/20/201514:37:00Constellation Rounds Out Summer Volunteer Efforts with West Baltimore...
08/19/201509:00:00ComEd Challenges Girls to Think Outside the “Icebox”: Second Ann...
08/12/201509:00:00Constellation & Bloom Energy to Develop 40 Megawatts of Fuel...
08/11/201511:00:00Constellation Expands Its Growing Home Energy Services Business...
08/11/201510:22:00BGE Reminds You to Call Miss Utility at 811 Before You Dig
08/11/201510:00:00PECO Reminds You to Call 811 Before You Dig
08/10/201516:06:00Constellation and Community College of Baltimore County Announce...
08/06/201506:00:00ComEd Extends Deadline for Financial Assistance Satellite Sites

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