Constellation Energy Commodities Group To Acquire Power Contracts for Georgia Electric Cooperatives
March 12 2007 - 6:06PM
PR Newswire (US)
BALTIMORE, March 12 /PRNewswire-FirstCall/ -- Constellation Energy
(NYSE:CEG) today announced that its wholesale origination and risk
management arm, Constellation Energy Commodities Group, Inc.,
signed agreements related to the acquisition of select power and
gas contracts of Progress Ventures, Inc., a non-regulated
subsidiary of Progress Energy. Under the agreement, Progress
Ventures will assign to Constellation Energy the full requirements
contracts with 16 electric membership cooperatives in Georgia with
a peak load of 3,100 megawatts. The assignment will also include
forward gas and power contracts, gas transportation contracts and
other structured transactions. The contract assignment agreement is
expected to close in the second quarter of 2007 and is subject to
federal regulatory approvals, customer consents and customer
closing conditions. Constellation Energy disclosed no further
details of the transaction. Constellation Energy
(http://www.constellation.com/), a FORTUNE 200 company with 2006
revenues of $19.3 billion, is the nation's largest competitive
supplier of electricity to large commercial and industrial
customers and the nation's largest wholesale power seller.
Constellation Energy also manages fuels and energy services on
behalf of energy intensive industries and utilities. It owns a
diversified fleet of 78 generating units located throughout the
United States, totaling approximately 8,700 megawatts of generating
capacity. The company delivers electricity and natural gas through
the Baltimore Gas and Electric Company (BGE), its regulated utility
in Central Maryland. DATASOURCE: CEG CONTACT: Lawrence McDonnell of
CEG, +1-410-470-4733 Web site: http://www.constellation.com/
Company News On-Call: http://www.prnewswire.com/comp/084087.html
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