Constellation Completes Acquisition of Retail Electricity and Natural Gas Business from ConEdison Solutions
September 01 2016 - 8:00AM
Business Wire
Purchase adds more than a half million
business, public sector and residential customers and 15
terawatt-hours of electricity load to nation’s largest competitive
energy supplier
Constellation, a subsidiary of Exelon Corporation (NYSE: EXC),
has completed its acquisition of the retail electricity and natural
gas business from ConEdison Solutions, a subsidiary of Consolidated
Edison, Inc. (NYSE: ED). As the nation’s largest competitive energy
supplier, Constellation now serves approximately 2.5 million
residential and business customers across the continental United
States.
In the purchase, Constellation acquired ConEdison Solutions’
retail electricity and natural gas customer contracts and
associated supply contracts serving approximately 15 TWh of
electricity and 1 Bcf of natural gas to more than 560,000
commercial, industrial, public sector and residential customers
across 12 Northeastern, mid-Atlantic, and Midwestern states, Texas,
and the District of Columbia.
“This purchase aligns with our generation-to-load matching
strategy and provides the opportunity for additional growth in
strategically attractive markets,” said Joseph Nigro, CEO of
Constellation. “ConEdison Solutions’ commodity business brings with
it a strong team of approximately 85 employees who will be a great
addition to our retail organization.”
ConEdison Solutions’ retail electricity and natural gas business
will operate under the Constellation brand after a post-closing
transition period that will be complete in 2017. Residential and
commercial customers of ConEdison Solutions’ retail electricity and
natural gas business will experience no disruption to service and
all existing customer contracts will be honored.
The transaction was approved by the Federal Trade
Commission.
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 approximately 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 2015 revenues of
approximately $34.5 billion, and more than 32,700 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.
ConEdison Solutions is a leading energy services company
that provides renewable energy, sustainability services,
cost-effective energy efficiency solutions, and energy performance
contracting. The company serves commercial, industrial, residential
and government customers, including universities, public school
districts, and hospitals nationwide. Offering innovative products,
financial stability, and a commitment to customer service, the
company is based in Valhalla, New York, with offices in Burlington,
Massachusetts; Cherry Hill, New Jersey; Falls Church, Virginia;
Houston, Texas; Tampa, Florida; Overland Park, Kansas, Nashville,
Tennessee; and Bloomington, Minnesota. The firm’s dedicated team of
energy professionals delivers a broad range of energy solutions.
ConEdison Solutions offers programs and services designed to help
customers achieve their individual energy objectives and is
accredited as an Energy Services Provider (ESP) by the National
Association of Energy Service Companies (NAESCO).
ConEdison Solutions is a subsidiary of Consolidated Edison, Inc.
(NYSE: ED), one of the nation’s largest investor-owned energy
companies, with approximately $13 billion in annual revenues and
$46 billion in assets. For additional financial, operations and
customer service information, visit us on the web at
www.conedison.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160901005655/en/
Constellation CommunicationsKelly Biemer,
410-470-9700orConEdison Solutions Media RelationsChristine
Nevin914-286-7094 - office914-629-2860 - cell
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