Exelon and Constellation Energy announced Tuesday that their proposed merger is no longer opposed by Constellation Energy Nuclear Group partner EDF.
EDF owns 49.99 percent of CENG. The French company had lobbied power regulators in Maryland to kill the deal, arguing an Exelon takeover of Constellation’s stake would threaten CENG’s autonomy and make it harder to gain regulatory approval for new East Coast plants because of the combined company’s market power.
In a joint release, the merging companies said they persuaded EDF to drop its opposition in an agreement that “reaffirms the terms of the joint venture.” Payments were not part of the deal. The move advances the merger that would combine Constellation’s five reactors in Maryland and New York with Exelon’s 17-reactor fleet.
The Department of Justice approved the merger in December, representing the latest in a long list of reviews by regulatory agencies required for the merger to proceed. The deal still needs approval from the Nuclear Regulatory Commission, the Federal Energy Regulatory Commission and the Maryland Public Service Commission.