Exelon Corp and Constellation Energy Group have cleared the FERC's final regulatory hurdle and completed their merger, the companies said in a release.
The deal, effective today, will allow Exelon, the largest U.S. operator of nuclear power plants 19,000 megawatts of nuclear power, to absorb Constellation's nuclear fleet and large retail power business.
Federal regulators approved the merger Friday after the two companies agreed to sell three Maryland power plants and sell 500 megawatts of electricity in the Mid-Atlantic power market under contracts that would run until 2015.
Upon the closing, Christopher M. Crane became president and CEO of the combined company as current CEO John Rowe prepares to retire, with Mayo A. Shattuck III becoming executive chairman. The company will retain the Exelon name and remain headquartered in Chicago with significant operations in Maryland, Illinois and Pennsylvania.
"We are pleased that the FERC has approved our merger with Constellation," said Crane. “We are a diverse team reflecting the strengths of both Exelon and Constellation, and together we will continue to deliver world-class performance.”
In February, the companies agreed to provide $100 rebates for all 1.1 million of Constellation's Baltimore Gas & Electric residential customers in order to satisfy state regulators. The companies also agreed to invest $113.5 million in energy efficiency and energy assistance for low-income customers, as well as spend $625 million to develop 300 megawatts of new power generation.
The two companies are combining operations immediately.