Exelon and Constellation merger approved in Texas

The Public Utility Commission of Texas (PUCT) August 3 approved the merger of Exelon Corp. (NYSE: EXC) and Constellation Energy (NYSE: CEG).

Exelon and Constellation both own electric generation facilities that offer electricity for sale in Texas, and Constellation markets power and gas in the state.

The merger will combine Exelon’s generation fleet with Constellation Energy’s customer-facing businesses. The companies submitted their joint application to the PUCT on May 17.

In addition to their filing with the PUCT, Exelon and Constellation made other regulatory filings with the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, the Maryland Public Service Commission and the New York State Public Service Commission. The companies plan to seek shareholder approval for the transaction in the third quarter of 2011.

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