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Retail Supplier Announces Acquisition of ConEdison Solutions
Constellation today announced it has entered into a definitive agreement with ConEdison Solutions, a subsidiary of Consolidated Edison, Inc., to acquire its retail electricity and natural gas business, serving more than 560,000 commercial, industrial, public sector and residential customers across 12 Northeastern, mid-Atlantic, and Midwestern states, Texas, and the District of Columbia.
"The purchase strengthens Constellation’s position as the nation’s largest competitive energy supplier to more than 2.5 million residential and business customers across the continental United States," Constellation said
Constellation will acquire ConEdison Solutions’ retail electricity and natural gas customer contracts and associated supply contracts. ConEdison Solutions will retain its renewable energy, sustainable services, and energy efficiency business lines for commercial, industrial, residential and government customers.
"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 is the 13th largest commercial and industrial and 16th largest residential electricity retailer in the U.S., Constellation said
ConEdison Solutions delivered approximately 14 TWh of electricity and 1 Bcf of natural gas in 2015.
ConEdison Solutions’ retail electricity and natural gas business will operate under the Constellation brand after a post-closing transition period that will be complete in 2017. All existing customer contracts will be honored.
The transaction is subject to the notification and reporting requirements under the Hart-Scott-Rodino Act. The companies expect to close the transaction in the third or fourth quarter 2016. The terms of the agreement were not released.
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July 27, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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