Exelon, Constellation shareholders approve merger
18 November 2011
The respective shareholders of Exelon and Constellation Energy have overwhelmingly voted in approval of the proposed merger of the two US utilities. The merged firm will retain the name Exelon and will count a generation portfolio of over 34,000 MWe, of which about 19,000 MWe will be from 22 nuclear power reactors. Mayo Shattuck, chairman, president and CEO of Constellation, commented: "We are pleased that shareholders of both companies have demonstrated support for this compelling combination." Exelon president and COO Chris Crane said, "This merger creates great value for our customers and shareholders. We will bring together the number one competitive energy provider with one of the industry's cleanest and lowest-cost power generation fleets." Pending all required approvals - including those from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and the New York State Public Service Commission - Exelon and Constellation expect to complete their merger in early 2012.