Constellation Acquires Retail Electricity & Natural Gas Business From ConEdison Solutions
Constellation, a subsidiary of Exelon Corporation, has announced an agreement with ConEdison Solutions, a subsidiary of Consolidated Edison, to acquire its retail electricity and natural gas business, serving more than 560,000 commercial, industrial, public sector and residential customers across 12 Northeastern, mid-Atlantic, and Midwestern states, Texas, and the District of Columbia.
According to the press announcement, this purchase “…strengthens Constellation’s position as the nation’s largest competitive energy supplier to more than 2.5 million residential and business customers across the continental United States.”
Constellation will acquire ConEdison Solutions’ retail electricity 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.
“This agreement provides an opportunity to grow our retail electricity 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.” – Joseph Nigro, CEO of Constellation
Headquartered in Valhalla, NY, the retail electricity and natural gas business within ConEdison Solutions includes approximately 85 employees and is the 13th largest commercial and industrial and 16th largest residential electricity retailer in the U.S. The company delivered approximately 14 TWh of electricity and 1 Bcf of natural gas in 2015.
“With their industry-leading position, we are confident that the retail electricity and natural gas business will continue to thrive as part of Constellation. 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 realizing the rewards of over 18 years of successful participation in retail electricity and natural gas markets, and we will recommit our remaining people and resources to the growth of ConEdison Solutions.” – Mark Noyes, president and CEO of ConEdison Solutions
ConEdison Solutions’ retail electricity and natural gas business will operate under the Constellation brand after a post-closing transition period which will be complete in 2017. Residential and commercial customers of ConEdison Solutions’ retail electricity and natural gas business will experience no disruption to service as a result of the transaction and all existing customer contracts will be honored.
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