Exelon Corp. and Constellation Energy Group have increased their respective commitments related to their proposed merger, according to a Maryland Public Service Commission (PSC) filing.
The companies say the deal – which the PSC is currently reviewing – includes a package of benefits totaling more than $445 million in investment in Maryland, which is projected to create more than 2,400 jobs in the state.
According to the filing, Exelon and Constellation have committed to:
- Build 175 MW of new generation in Maryland, including 55 MW of wind or solar capacity, which would increase the state's total renewable capacity by more than 30%. The new generation projects will be built within the state, for a total projected investment of between $220 million and $280 million;
- Construct – not renovate – a brand-new Constellation headquarters building in Baltimore, adding more than 1,100 jobs to Maryland's economy through direct, indirect and induced effects, for a total projected investment of $95 million to $120 million;
- Allow Baltimore Gas & Electric (BGE) to retain its capital in lieu of paying dividends to Exelon through 2014 to ensure BGE can continue to support its significant level of investment in key customer and reliability-related initiatives; and
- Ensure a majority of BGE's board of directors reside or have a principal place of business in Maryland.
