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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
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
02/06/201412:27:21Correction to Exelon Earnings Story
02/06/201412:24:39Exelon Profit Rises 31% on Fewer-Storm Related Costs
02/06/201412:15:53Exelon's PECO Utility Reports 443,000 Customers Remain Without...
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
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11/14/201307:19:32The Vanguard Group 3Q 13F: Largest Purchases -2-
11/14/201307:19:32The Vanguard Group 3Q 13F: Largest Purchases
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30 -2-
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30
10/30/201309:30:41U.S. Hot Stocks Futures: Hot Stocks to Watch
10/30/201308:58:39Exelon 3rd-Quarter Profit Soars on Positive Hedging Impacts...
10/08/201319:21:09Exelon Loses Tax Dispute, Says Decision Won't Affect Earnings...

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