Exelon Corporation subsidiary Constellation has entered into a definitive agreement to acquire ConEdison Solution’s electricity retail and natural gas business.[quote] Exelon Corporation is a US Fortune 150 energy company based in Chicago. It works in every stage of the energy business including power generation, competitive energy sales, transmission and delivery. It does business in 48 states as well as Washington D.C. and Canada. [Exelon Utilities budgets $25bn for smart grid tech]
According to a company release, the agreement will serve to strengthen Constellation’s position as “the nation’s largest competitive energy supplier” to more than 2.5 million residential and business customers across the continental US.
The release adds that Constellation will acquire ConEdison Solutions’ electricity retail and natural gas customer contracts and associated supply contracts. ConEdison Solutions will retain its focus on renewable energy, sustainable services and energy efficiency solutions for commercial, industrial, residential and government customers.
Joseph Nigro, chief executive officer of Constellation, said: “This agreement provides an opportunity to grow our electricity retail and natural gas business in strategically attractive markets where we’re best suited to match load served with Exelon generation assets.
“ConEdison Solutions has a reputation for delivering value to customers, and our combined companies will continue that tradition with a broad array of energy products and services at competitive prices.”
ConEdison Solutions’ retail electricity and natural gas business includes 85 employees and is reported to be the 13th largest commercial and industrial and 16th largest residential electricity retailer in the US. [Con Edison contracts Opower for energy efficiency DCX programme]
The company is said to have delivered 14 TWh of electricity and 1 Bcf of natural gas in 2015.
Mark Noyes, president and chief executive officer of ConEdison Solutions, added: “With their industry-leading position, we are confident that the electricity retail and natural gas business will continue to thrive as part of Constellation,” said Mark Noyes, president and CEO of ConEdison Solutions.
“This move will enable our company to focus our attention and our resources on making energy services and renewable energy offerings even more competitive and well-positioned for rapid growth. With this sale, we are realising the rewards of over 18 years of successful participation in electricity retail and natural gas markets, and we will recommit our remaining people and resources to the growth of ConEdison Solutions.”
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