Calvert Co. Commissioners Announce Support for Proposed Constellation/Exelon Merger

PRINCE FREDERICK, Md. (April 30, 2011) — On April 28, the boards of directors of Constellation Energy and Exelon Corporation announced they reached an agreement to combine the two companies. The Board of Commissioners of Calvert County, home to Constellation Energy’s Calvert Cliffs Nuclear Power Plant, announced support for the merger.

“We have been consistently supportive of Constellation Energy and Calvert Cliffs Nuclear Power Plant,” said Board of Commissioners President Susan Shaw in a statement. “For more than 30 years, Calvert Cliffs has contributed to our economic stability and been part of the cultural fabric of our community. Its presence has been an integral factor that allows our citizens to maintain an outstanding quality of life. Additionally, Constellation Energy has proven to be a caring and committed corporate citizen. Based on this ongoing, outstanding positive relationship, we support the proposed merger.”

Constellation Energy is a holding company for BGE and its affiliates. Under the proposed plan, a $100 credit will be given to each BGE residential customer within 90 days of the merger closing. BGE has approximately 7,000 customers in northern Calvert County.

The Board of Commissioners say they also support proposals under the merger plan that will provide resources for Maryland energy efficiency measures and renewable energy. "These are important efforts that fit well with Calvert County’s commitment to sustainable development," stated the Commissioners in a press release.

Governor Martin O’Malley released a more measured statement in response to the proposed merger announcement:

“The announcement today of Exelon and Constellation Energy’s intent to merge marks a significant development in the ever changing energy industry.

“In addition to being the largest operator of nuclear plants in the United States, Exelon operates two utilities in Pennsylvania and Illinois. If the proposed transaction closes, ownership of the State’s largest utility, Baltimore Gas and Electric, will change, thereby subjecting the transaction to the approval of the Public Service Commission.

“We will participate actively in those proceedings to ensure that the transaction is in the best interest of Maryland ratepayers.

“This announcement follows yesterday's news that BGE's rates will be falling even further beginning in June 2011.”

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