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Mayo Shattuck

Exelon-Constellation Merger Approved By Maryland Regulators

Maryland regulators on Friday approved Exelon Corp.'s (EXC) proposed acquisition of Constellation Energy Group Inc. (CEG) in a deal valued at nearly $8 billion.The Maryland Public Service Commission said it has approved the merger, with a list of 40 conditions, including that the companies provide $100 rebates for each of Constellation's Baltimore Gas & Electric utility customers, and that the combined company invest $113.5 million in energy efficiency and energy assistance for the utility's low-income customers.The deal would allow Exelon, the largest U.S. operator of nuclear-power plants, to absorb Constellation's nuclear fleet and large retail-power business. It also would allow Constellation to be part of a much-larger company with a larger balance sheet.Exelon and Constellation hailed the decision Friday and said they accepted the conditions."We are pleased that the Maryland PSC has approved our merger with Constellation, and we accept the additional conditions that the commission...

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