Exelon and Constellation improve multimillion merger offer

Exelon Corporation and Constellation Energy Group have filed a brief with the Maryland Public Service Commission (PSC) that increases the companies’ commitments related to a proposed merger.

In today’s filing, Exelon and Constellation committed to build 175 MW of new generation in Maryland, including 55 MW of wind or solar capacity, which would increase the state’s total renewable capacity by more than 30 per cent.

The new generation projects will be built within the state, for a total projected investment of $220-280m.

The merger, which is currently under review by the PSC, offers an enhanced package of benefits, totaling a more than $445m investment in Maryland, projected to create more than 2400 jobs in the state.

Exelon President and COO Christopher M. Crane said, “We think we have brought forth a good package that will benefit Baltimore Gas and Electricity Company (BGE) customers, result in a stronger, better-protected BGE, and provide an infusion of thousands of jobs and hundreds of millions of dollars into the Maryland economy.”

The brief also includes a commitment to construct a brand-new Constellation headquarters building in Baltimore, adding more than 1100 jobs into Maryland’s economy, for a total projected investment of $95-120m.

Pending all required approvals, Exelon and Constellation expect to complete their merger in early 2012.

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