Exelon's Constellation to acquire ConEd's retail electricity and natural gas business
- Exelon subsidiary Constellation announced today it has reached an agreement with ConEdison Solutions, a subsidary of Consolidated Edison, to purchase its retail electricity and natural gas business.
- The deal will provide Constellation with ConEdison's 560,000 commercial, industrial, public sector and residential customers in 12 Northeastern, mid-Atlantic, and Midwestern states, as well as Texas and the District of Columbia.
- The terms of the deal were not disclosed. The deal is expected to close by the end of the year.
If the deal goes through, Constellation will cement its standing as the U.S.'s largest competitive energy supplier.
“This agreement provides an opportunity to grow our retail electricity and natural gas business in strategically attractive markets where we’re best suited to match load served with Exelon generation assets,” said Joseph Nigro, CEO of Constellation. “ConEdison Solutions has a reputation for delivering value to customers, and our combined companies will continue that tradition with a broad array of energy products and services at competitive prices.”
Consolidated Edison claims roughly $13 billion in annual revenues and $46 billion in assets, while Constellation boasts $34.5 billion in annual revenues, serving roughly 2 million customers. ConEdison Solutions is the 13th largest commercial and industrial and 16th largest residential electricity retailer in the U.S., according to a press release. After shedding its retail electricity and natural gas business, ConEdison Solutions will focus on its renewables, sustainable services and energy efficiency solutions.
The announcement comes months after Constellation parent company Exelon sealed the deal to acquire Pepco Holdings earlier this year, becoming the biggest electric utility in the nation by size of its customer base.
Correction: An earlier version of this post said ConEdison Solutions claims roughly $13 billion in annual revenues and $46 billion in assets but that is incorrect. Those numbers belong to its parent company Consolidated Edison.
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