Sun coverage: Constellation Energy sale

November 3, 2009

CEG to act quickly on EDF deal

Constellation Energy Group and its nuclear joint venture partner, Electricite de France, announced Monday that they will move quickly to close their $4.5 billion nuclear joint venture, though the deal leaves some unanswered questions.

October 21, 2009

O'Malley gives up on deal with CEG

Gov. Martin O'Malley said in an interview Tuesday that settlement talks between his office and Constellation Energy Group are over and vented frustration with the company that owns Baltimore Gas and Electric Co., the state's largest utility.

October 3, 2009

Hearings on CEG deal extended

Maryland energy regulators extended hearings Friday on Constellation Energy Group's proposed nuclear joint venture with a French utility, likely delaying yet again a decision on the fate of the deal.

September 30, 2009

PSC to meet again over Constellation-EDF deal

The Maryland Public Service Commission is scheduled to meet again Friday with parties involved in Constellation Energy Group's proposed nuclear joint venture with French utility Electricite de France. The PSC met Tuesday for an additional evidentiary hearing on the transaction after the Maryland attorney general criticized Constellation for waiting until the close of the hearings last week before disclosing the final terms of the transaction. The parties have until the end of Thursday to submit briefings on what issues related to the deal's public interest case have not been covered by the discovery process or testimony during seven days of hearings. The PSC concluded the last of three public comment hearings on the deal in Bel Air Tuesday.

September 19, 2009

CEG review extended

After a long week of grueling testimony on Constellation Energy Group's proposed nuclear joint venture with a French partner, the regulatory review will continue into next week, a hurdle that both companies had not expected when they signed the deal last year.

September 18, 2009

CEG deal debated at city forum

The debate over Constellation Energy Group's proposal to sell almost half of its nuclear power business to a French-owned utility continued Thursday night in Baltimore. Supporters and opponents of the deal both claimed to represent the best interests of Maryland's financial, energy and environmental future.

7:35 AM EDT, September 17, 2009

Jay Hancock: State tries to supress Constellation deal benefits

September 15, 2009

Constellation fights for deal

Nearly a year ago, Constellation Energy Group was fighting for its very existence as a credit crisis during the financial sector meltdown pushed the company to the verge of bankruptcy.

10:06 AM EDT, September 3, 2009

PSC hears comment on Constellation nuclear deal

A broad range of groups, including unions, business organizations and nonprofits, backed Constellation Energy Group's nuclear deal with a French utility at a public hearing Wednesday evening.

September 2, 2009

Utility ads try to sell nuclear deal

Constellation Energy Group has launched an aggressive public relations campaign, with advertising in print, on the radio and online, to garner support for a deal to sell half its nuclear power business to a French utility.

July 31, 2009

CEG deal stalls

Maryland energy regulators said Thursday that more time is required to review Constellation Energy Group's $4.5 billion deal with a French utility, forcing the company to miss its deadline to close the transaction.

July 18, 2009

O'Malley says Constellation must do more

Constellation Energy Group told Gov. Martin O'Malley Friday that it would give ratepayers a break and cancel a lucrative golden parachute package for its chief executive as part of a settlement that could help to ensure regulatory approval of a deal with a French utility.

July 14, 2009

Constellation asks court to let suit against Md. continue

Constellation Energy Group appealed Monday a court ruling dismissing the utility's lawsuit accusing Maryland regulators of overstepping their authority in investigating a deal to sell half its nuclear power business to a French utility.

July 3, 2009

Judge dismisses Constellation lawsuit

In a blow to Constellation Energy Group, a judge dismissed Thursday the company's lawsuit challenging the authority of Maryland regulators to investigate its deal to sell half its nuclear power business to a French utility.

July 2, 2009

Ruling imminent on Constellation lawsuit

A judge could decide as early as today whether to dismiss a lawsuit filed by Constellation Energy Group that challenges the authority of energy regulators to investigate its deal to sell half its nuclear power assets to a French utility.

March 19, 2009

Millions may go to executives at CEG

Constellation Energy Group, which narrowly avoided bankruptcy last year, negotiated a deal with France's largest utility ensuring senior managers would receive up to $32 million in long-term performance and retention incentives during the next two years.

February 10, 2009

Bill seeks to give PSC power to approve Constellation deal

Maryland lawmakers introduced legislation yesterday that would give the state's chief energy regulator the power to approve Constellation Energy Group's proposed nuclear-power venture with France's largest utility, adding a regulatory hurdle to the deal.

February 4, 2009

CEG sells Houston gas subsidiary

Constellation Energy Group announced late yesterday that it sold a big piece of its commodities trading operations, once the biggest source of its growth but more recently the source of financial troubles that forced it to find a merger partner.

January 21, 2009

Constellation agrees to sell trading unit

Baltimore-based Constellation Energy Group said yesterday that it has agreed to sell most of its London-based commodities business as it continues to divest itself or wind down much of the operation that was the source of its credit troubles.

December 18, 2008

Constellation headquarters staying in Baltimore

Constellation Energy Group Inc. revived its future as an independent, Baltimore-based company yesterday, calling off its takeover agreement with billionaire investor Warren E. Buffett in favor of a $4.5 billion investment from France's largest utility.

December 18, 2008

French firm EDF charts future in Maryland

The deal that rescued Constellation Energy Group Inc. yesterday from extinction, ensuring for now a Baltimore future for one of the city's major corporate headquarters, will also lead to the arrival of a new corporation in Maryland with plans to foster an American "renaissance" in the development of nuclear power.

December 18, 2008

Jay Hancock: Biggest winner in Constellation deal is Buffett

"Warren Buffett loses out to the French" was the gist of several headlines yesterday on Electricite de France's deal to invest $4.5 billion in Constellation Energy Group.

December 17, 2008

Advice is: Reject Buffett

A proxy advisory firm recommended yesterday that Baltimore's Constellation Energy Group shareholders reject the company's $4.7 billion pending sale to Warren Buffett, raising another doubt about the takeover amid reports that Constellation favors an offer from a French utility.

December 16, 2008

CEG is reportedly nearing a deal with French firm

Baltimore's Constellation Energy Group Inc. is nearing an agreement to sell to Electricite de France SA half of its nuclear-power business for $4.5 billion and terminate a planned takeover of the entire company by Warren Buffett's MidAmerican Energy Holdings Co., according to a published report last night.

December 11, 2008

EDF chief briefs French panel on Constellation

The head of Electricite de France SA spoke to a parliamentary commission of France's National Assembly yesterday about its involvement with Constellation Energy Group. Pierre Gadonneix, the chief executive officer of EDF, confirmed the company has started talks with Constellation to buy half of the U.S. utility owner's nuclear business, challenging an agreed takeover by Warren Buffett's MidAmerican Energy Holdings Co. "Our offer responds to the needs of Constellation," Gadonneix told the commission. He said he was optimistic about winning over shareholders of Baltimore-based Constellation, the largest U.S. power marketer and owner of five nuclear reactors and utility Baltimore Gas & Electric. EDF holds the most common stock, with a 9.5 percent stake. EDF offered Dec. 3 to buy a 50 percent interest in Constellation's nuclear plants for $4.5 billion. MidAmerican has agreed to pay $4.7 billion for the whole company, or $26.50 a share. Constellation said it will discuss the rival offer even though its board hasn't changed its recommendation that shareholders vote for the MidAmerican deal at a special meeting Dec. 23. Gadonneix said it's "unlikely" that the meeting of Constellation shareholders will be canceled. "If the shareholders' meeting agrees to the MidAmerican offer," he said, "then ours won't be accepted."

December 10, 2008

Jay Hancock: EDF's offer appears to have a shot

Electricite de France's proposal to invest $4.5 billion in Constellation Energy Group's nuclear-generation business looks like it has a shot.

December 9, 2008

CEG to ponder new bid

Constellation Energy Group, which agreed to sell itself to Warren Buffett's MidAmerican Energy Holdings Co. three months ago in the midst of a financial crisis, said yesterday that it will begin talks with its largest shareholder about its unsolicited alternative bid to acquire half of the Baltimore energy company's nuclear business.

December 5, 2008

Rating agencies review Constellation

Wall Street's three major credit-rating agencies said yesterday that they are studying the latest twist in Constellation Energy Group's pending sale to decide whether changes should be made to the Baltimore company's bond ratings, a source of concern that helped push it to seek buyers this summer.

December 4, 2008

Constellation to lay off more than 800 workers

Constellation Energy Group Inc. will lay off as much as 8 percent of its work force, or more than 800 people, mostly from the commodities trading division that propelled the company to the brink of bankruptcy this year and forced it into a proposed takeover, company officials said yesterday.

December 4, 2008

Jay Hancock: Constellation offer: pot of gold or elusive rainbow?

Like the Wizard of Oz, Electricite de France looked into the souls of everybody connected with Constellation Energy Group and offered to grant their greatest desires.

December 3, 2008

French firm seeks nuclear business of Constellation

French utility Electricite de France, rebuffed in its efforts to acquire Constellation Energy Group, is expected today to offer to buy 50 percent of Constellation's nuclear power business for nearly the same price that MidAmerican Energy Holdings Co. would pay for all of Constellation, sources familiar with the situation said late yesterday.

October 30, 2008

Under the microscope

Maryland's top energy regulator vowed a thorough review of the sale of Constellation Energy Group as state lawmakers grilled the company's executives about its management and the terms of a deal it struck to avoid a possible bankruptcy.

12:18 PM EDT, October 21, 2008

Constellation Energy replaces CFO

Constellation Energy Group Inc. said today its chief financial officer is stepping down and it will promote the treasurer to replace him.

October 16, 2008

French firm won't bid again

Constellation Energy Group's largest shareholder, whose higher offer to acquire the Baltimore company was rebuffed for a proposed $4.7 billion deal with Warren Buffett, said yesterday that it will not submit another bid for the firm.

October 15, 2008

CEG, MidAmerican file for deal approval

Baltimore's Constellation Energy Group and MidAmerican Energy Holdings Co. said yesterday that the two companies filed an application with the Federal Energy Regulatory Commission requesting approval of their proposed $4.7 billion deal. Warren Buffett's MidAmerican agreed to buy Constellation for $26.50 a share last month. FERC's approval is one of several regulatory hurdles the two companies must overcome to close the deal. The companies are asking FERC to act on their application by Jan. 15. The two companies have already filed an application with the Nuclear Regulatory Commission related to Constellation's nuclear plant operations. Berkshire Hathaway Inc., the majority equity holder of MidAmerican, took steps this month to obtain antitrust approval from federal regulators, filing notification of the merger under the Hart-Scott-Rodino Antitrust Improvements Act. In addition, the two companies must gain the approval of the Maryland Public Service Commission, as well as Constellation's shareholders. Constellation Vice Chairman Mike Wallace told employees that the company expects a shareholder vote to place between Thanksgiving and Christmas, according to a memo filed yesterday with the Securities and Exchange Commission.

October 9, 2008

Rejected French suitor for CEG mulls new bid

Electricite de France chief executive Pierre Gadonneix said yesterday that the company may make a new takeover offer for Constellation Energy Group with buyout firm KKR & Co. and others.

October 3, 2008

Constellation deal still on

Warren E. Buffett's MidAmerican Energy Holdings Co. said yesterday that it is moving forward with a planned $4.7 billion acquisition of Baltimore-based Constellation Energy Group after completing a review of the BGE parent's retail and wholesale businesses.

September 20, 2008

Constellation seals deal for its sale

Constellation Energy Group sealed an agreement yesterday allowing Warren Buffett's MidAmerican Energy Holdings to buy the company for $4.7 billion, even as the Baltimore firm's largest shareholder was reported to be weighing a higher bid for the company.

September 17, 2008

Constellation timeline

1816: Rembrandt Peale and four other prominent Baltimoreans form the country's first gas utility, Gas Light Co. of Baltimore.