Exelon and Constellation Energy announced further steps toward regulatory approval of their merger.
The New York State Public Service Commission ruled Thursday the merger does not require further review.
“It is a positive step that the New York State PSC does not require further review of our application, because it means they have cleared us to proceed,” Exelon President and COO Christopher M. Crane said in a release. “This is another milestone toward completing our merger, and we continue to be on track to close the transaction in the first quarter of 2012.”
The same day, the companies also announced they reached a settlement with the Maryland Energy Administration, the City of Baltimore and the Baltimore Building and Construction Trades Council. Concessions in the settlement include: construction of 285 – 300 megawatts of new renewable and gas generation in the state, $32 million for offshore wind research, $50 million in energy conservation measures, and provisions to allow Baltimore Gas and Electric to maintain capital spending and skip dividend payments to Exelon through 2014.
Exelon already owns the largest civilian reactor fleet in the country. If the merger is approved by federal regulators, the addition of Constellation's five reactors would provide the combined company with nuclear generation of roughly 19 gigawatts.