Constellation Energy Group Inc. and Exelon Corp. are moving ahead with their planned merger and have filed applications with all regulatory bodies except the Maryland Public Service Commission.
In a filing with the Securities and Exchange Commission on Friday, Exelon and Constellation said an application had been filed for approval of the merger with the Federal Energy Regulatory Commission.
As part of the deal, the companies said they would sell off three coal-fired electric plants in Maryland within 180 days because there is a material overlap in the market. The stations — Brandon Shores and H.A. Wagner in Anne Arundel County, and C.P. Crane in Baltimore County, generate a total of 2,648 megawatts.
“By undertaking these actions, Exelon and Constellation believe they will eliminate any potential market power concerns and ensure that their combined ownership of generation capacity in all markets served by the companies will not negatively impact competition,” the companies said in the filing.
In addition to their filing with FERC, the companies said they filed applications in favor of the merger with the Nuclear Regulatory Commission, the New York State Public Service Commission and the Public Utility Commission of Texas.
The merger will be put to shareholders in the third quarter. Exelon and Constellation expect the deal to close in the first quarter of 2012.