NEW YORK—Exelon yesterday received the 2012 Platts Global Energy Award for Strategic Deal of the year for its successful merger of Exelon and Constellation.
The award recognizes the success of a new energy project, asset buyout, or full company merger or acquisition in a time of uncertain markets and global interdependence.
Completed in March 2012, the $7.9-billion merger of Exelon and Constellation formed the largest U.S. competitive energy provider with operations in 47 states, the District of Columbia and Canada.
The merger strategy paired Exelon’s large, environmentally advantaged generation fleet with Constellation’s industry-leading customer-facing businesses. It matched 242 terawatt-hours of expected generation with 164 terawatt-hours of expected load in key markets to maximize value for customers and shareholders.
“Exelon’s merger with Constellation began a new era for the company by combining one of the cleanest and lowest-cost power generation fleets with one of the largest retail and wholesale customer bases in the United States,” said Christopher M. Crane, president and CEO of Exelon.
The new Exelon is well positioned to realize the merger’s value. Although the combination was driven primarily by strategic fit, Exelon expects to achieve $550 million in run-rate O&M synergies and $75 million in capex synergies by 2014.
Nominees for the Strategic Deal award are evaluated in the areas of strategic vision, leadership, scope, challenges, and financial and non-financial results. Winners are selected by an impartial panel of international energy experts that includes past and present heads of energy companies, energy ministers, national regulators, academics and legislators.
Headquartered in Chicago, Exelon Corp. is energy provider with approximately $33 billion in annual revenues and business activities in 47 states, the District of Columbia and Canada.