Exelon and Constellation Energy advised that the Maryland Public Service Commission (PSC) has approved their merger, with the addition of new conditions. The companies noted that the settlement it reached in December in conjunction with the State of Maryland, the Maryland Energy Administration, the City of Baltimore and the Baltimore Building and Construction Trades Council retains the terms set forth, even with the PSC supplements
The merger is set to provide over 6,000 jobs in the state of Maryland as well as a benefit package for Maryland, the City of Baltimore and BGE customers that amounts to over US$1 billion. Exelon and Constellation shareholders have already given approval for the transaction and the required regulatory approvals or reviews have been completed by the New York Public Service Commission, the Public Utility Commission of Texas, the Department of Justice and the Nuclear Regulatory Commission.
“We are pleased that the Maryland PSC has approved our merger with Constellation, and we accept the additional conditions that the Commission has imposed,” said Exelon President and COO Christopher Crane, who will become president and CEO of Exelon upon closing of the merger.