Constellation Energy has received the approval of the New York State Public Service Commission to sell the three New York nuclear plants owned by Constellation Nuclear to Electricité de France SA. The sale is part of a $4.5 billion deal between Constellation and EDF that was announced in December.
Here’s an excerpt of the statement released by the NYS Public Service Commission in reference to the sale of the nuclear plants:
The acquisition is expected … Read the rest
And another installment in the drama between NRG and Exelon…NRG Energy, struggling to defend itself from a hostile takeover by Exelon, has filed a lawsuit against Exelon. In the suit, NRG claims that Exelon’s offer to NRG shareholders was a "sham" intended to compel NRG to negotiate and that Peco Energy customers could see a dramatic increase in their electric bills in the event of a takeover.
Here are more details on the suit from … Read the rest
NRG Energy has issued an open letter to its shareholders regarding Exelon’s attempt to force a merger between the two companies. The letter argues that Exelon’s offer is not high enough to be fair to NRG’s stockholders and that NRG’s recent deals with Reliant Retail and eSolar have added value to the company. In the letter, NRG also expressed concern about Exelon’s financial standing, including its relative value, financing plan and managing plan.
Here is … Read the rest
Exelon (EXC) is announcing a program that allows its customers to be certified, emission free energy users. The new product, called an Emission-Free Energy Certificate (EFEC) will initially be limited to select commercial and industrial customers who already have an existing relationship with Exelon. Emission free energy is defined as energy that does not directly produce sulfur dioxide, nitrogen oxide or carbon dioxide and includes solar, wind, hydro, wave energy as well as nuclear. With … Read the rest
NRG Energy released a statement yesterday in response to Exelon’s announcement that shareholders were in favor of combining the two companies. According to the statement, NRG is open to negotiating with Exelon, but only "at a fair exchange rate and on reasonable terms." NRG still feels that Exelon’s offer is unacceptable as is.
From MarketWatch, here’s a brief synopsis of Exelon’s offer:
… Read the restIn October, Exelon proposed to buy all outstanding shares of NRG common stock
According to Exelon, NRG shareholders have positively to its offer to combine the two companies, tendering 125,403,103 shares of NRG’s common stock, over 51% of the outstanding shares. Exelon has extended its offer deadline until June 26th to seek regulatory approval and solicit proxies to serve at the NRG shareholder meeting.
According to John Rowe, Exelon’s Chairman and CEO
… Read the rest“Yesterday’s result delivers another clear and convincing message to NRG’s board and management that a
Toshiba will construct 2 new 1,400 MW nuclear plants in Texas under an agreement with Texas utility companies NRG Energy and CPS Energy. The two new plants are being built as part of the South Texas Project, an expansion of an existing nuclear plant that provides power to NRG and CPS customers.
According to MSN Money, the new plants will be unique because "They will be the first in the U.S. that are advanced boiling … Read the rest
Constellation Energy has accepted EDF’s offer to buy almost 50% of their nuclear business for $4.5 billion. They are withdrawing from their planned merger with MidAmerican Energy Holdings, which was going to buy the entire company for $4.7 billion. Constellation and Mid-American jointly terminated the merger agreement so that Constellation could go for the higher price offered by EDF.
MidAmerican’s Gregory Abel commented on the events:
… Read the rest"We were pleased to have been able to quickly
After reviewing the unsolicited proposal from EDF, Constellation Energy announced that it’s Board of Directors has authorized further communication with EDF regarding the offer. As of this point, however, the Board is still recommending that shareholders vote for the merger with Warren Buffet’s MidAmerican.
According to Constellation’s press release:
… Read the restConstellation Energy said the decision to begin discussions with EDF was made following consultation with its legal and financial advisors, and in a manner consistent
Constellation Energy announced that it has received a proposal from Électricite de France (EDF). If the proposal is accepted, EDF would buy a 50% share in Constellation for $4.5 billion. Constellation’s Board of Directors will review the proposal, but at this time they are still recommending that shareholders vote for the planned merger with MidAmerican Energy Holdings Company.
Here’s an overview of the proposal from EDF:
… Read the rest
- EDF would purchase a 50% ownership interest in the