Exelon's (EXC) Constellation Completes Acquisition of Certain ConEdison Solutions Assets (ED)

September 1, 2016 8:14 AM EDT

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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.

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