EDF and Exelon Reach Agreement Concerning Autonomy of Constellation Energy Nuclear Group
EDF Agrees to Withdraw Opposition to Exelon and Constellation Merger
EDF S.A. ("EDF") today announced that it has reached an agreement with Exelon Corporation (NYSE: EXC) to protect the operational autonomy of Constellation Energy Nuclear Group ("CENG"). As part of the agreement, EDF has agreed to withdraw its opposition to the proposed merger between Exelon and Constellation Energy (NYSE: CEG).
"After the initial announcement of the Exelon-Constellation merger, EDF made clear that it could not support a merger that put the integrity of its investment in CENG at risk," said Thomas Piquemal, Group Chief Financial Officer and Head of North America. "After a lengthy regulatory review process in which we actively participated, we are pleased to have reached an agreement with Exelon that protects CENG's operational independence moving forward. We look forward to welcoming Exelon as a partner in this important joint venture."
Constellation Energy Nuclear Group is a 50.01/49.99 joint venture between Constellation Energy and EDF. CENG operates five nuclear plants on three sites in Maryland and New York.
The comprehensive agreement is expected to be filed with the Maryland Public Service Commission shortly.
