| Type | Public (NYSE: CEG) S&P 500 Component |
|---|---|
| Industry | Electric Utility |
| Founded | 1816 (as the Gas Light Company of Baltimore) |
| Headquarters | Baltimore, Maryland, U.S. |
| Key people | Mayo A. Shattuck III, CEO, Chairman, & President |
| Products | Electricity, Natural Gas |
| Revenue | $15.6 billion (2009) |
| Website | www.constellation.com |
Constellation Energy, headquartered in Baltimore, Maryland, is an energy producer, trader, and distributor. The company operates over 35 power plants in 11 states (mainly Maryland, Pennsylvania, New York, West Virginia, and California) under its operating company Constellation Commodities Group and/or Constellation Generation Group. Constellation Energy is a Fortune 500 company and is one of the top electricity producers in the United States.
In April 2011, Exelon announced an intention to purchase Constellation Energy.
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Constellation Energy, a Fortune 500 company with 2007 revenues of $21 billion, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller.
Constellation NewEnergy, a wholly owned subsidiary of Constellation Energy, is a leading competitive supplier of electricity, natural gas, and energy-related services to commercial, industrial, and institutional customers throughout North America. Constellation NewEnergy serves more than 19,000 customers throughout 31 states and three Canadian provinces, representing nearly 14,000 megawatts of peak load and more than 354 billion cubic feet (1.00×1010 m3) of annual natural gas consumption.
Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 83 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in central Maryland.
Constellation Energy is a Fortune 500 company and employs almost 10,000 people. It was named "2004 Energy Company of the Year" in the Platts Global Energy Awards, and was chosen by its peers as the best in the energy industry when it was awarded Most Admired Energy Company of 2004.
On September 15, 2005, Constellation Energy announced a new joint venture, UniStar Nuclear, with Areva to market the European Pressurized Reactor (EPR) in the USA. Constellation Energy had withdrawn its Lusby, Maryland, and Oswego, New York, sites from the NuStart consortium finalist list. However, both sites desire new nuclear units (see Nuclear Power 2010 Program).
On December 19, 2005, FPL Group, Inc. (owner of Florida Power and Light) announced the acquisition of Constellation Energy in a merger transaction valued at more than US$11 billion as well as the fact that it would adopt "Constellation Energy" as its name for the post-merger entity. The merger was canceled on 25 October 2006.[1]
On July 1, 2008, Constellation Energy bought uranium trading firm Nufcor International from AngloGold Ashanti and FirstRand International.[2]
Pursuant to a 2007 agreement, French power company EDF is permitted to purchase up to 9.9% of Constellation Energy's stock.[3] As of 2008, EDF owned 9.5% of the stock.[3]
After Constellation Energy was reported to have exposure to Lehman Brothers following that company's bankruptcy filing Constellation's stock went down 56% in the first day of trading having started at $67.87. The massive drop in stocks led to the New York Stock Exchange halting trade of Constellation. The next day, as the stock plummeted as low as $13 a share, the company announced it was hiring Morgan Stanley and UBS to advise it on "strategic alternatives" suggesting a buyout. While French power company Electricite de France, who already owned 9.5% of Constellation's shares, bid for the company,[4] Constellation ultimately agreed to a buyout by MidAmerican Energy, part of billionaire Warren Buffett's Berkshire Hathaway company.[5][6][7] On December 17, 2008, Constellation Energy has canceled its merger with Berkshire Hathaway, instead opting to sell its nuclear energy assets to EDF.[8]
Recently in April 2010, Constellation Energy has closed its agreement with Clipper Windpower to acquire the Criterion Wind Project in Garrett County, Maryland, and to purchase 28 Clipper Liberty 2.5MW wind turbines for the project.[9] Construction of the project was completed in December 2010.
On April 28, 2011 Exelon announced an intention to purchase Constellation Energy.[10]
The Political Economy Research Institute ranks Constellation Energy 33rd among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity (16 million pounds in 2005) and toxicity of the emissions.[11] Major pollutants indicated by the study include sulfuric acid, chlorine, nickel compounds, and hydrochloric acid.[12]