Constellation Energy Group purchases Dynegy’s Canadian electric business

EDMONTON, Alberta, Jan. 22, 2003 — Constellation Energy Group on Wednesday announced it has purchased the Alberta-based electricity division of Dynegy Canada Inc. The newly purchased division will be part of Constellation NewEnergy. Terms of the agreement were not disclosed.

“This acquisition continues Constellation’s strategy to extend our participation along the energy value chain and expand our business into attractive North American markets,” said Clem Palevich, president of Constellation NewEnergy. “Constellation NewEnergy has been providing high quality service to our customers in the United States for more than six years, and we look forward to bringing our market experience to our new customers in Canada.”

Bruce A. Williamson, president and chief executive officer of Dynegy Inc., said, “This agreement is consistent with Dynegy’s previously announced plans to execute a sale of its Canadian businesses in connection with the company’s ongoing capital plan and focus on its core generation, natural gas liquids and regulated energy delivery businesses.”

As a result of the purchase, Constellation NewEnergy now serves approximately 65 high quality commercial and industrial customers comprising 125 megawatts of end-use contracts in the province of Alberta.

Constellation NewEnergy is one of the largest competitive electricity suppliers in the United States and currently serves over 4,000 megawatts of electric load associated with large commercial and industrial customers in 13 states around the United States.

Dynegy Inc. owns operating divisions engaged in power generation, natural gas liquids and regulated energy delivery. Through these business units, the company serves customers by delivering value-added solutions to meet their energy needs. The company’s website is www.dynegy.com.

About Constellation Energy Group:

A Fortune 500 company based in Baltimore, Constellation Energy Group owns energy-related businesses, including a merchant power business that serves electrical load for wholesale and commercial and industrial customers in North America, and the Baltimore Gas and Electric Company (BGE), a regulated energy delivery company which serves more than 1.1 million electric customers and more than 600,000 natural gas customers in central Maryland. At year-end 2001, Constellation Energy Group reported revenues of $3.9 billion and assets of $14.1 billion.

About Constellation NewEnergy:

A subsidiary of Constellation Energy Group, Constellation NewEnergy provides customized solutions and comprehensive energy services to commercial and industrial electricity customers in Maine, Massachusetts, New York, New Jersey, Pennsylvania, Ohio, Illinois, Texas, Delaware, Maryland, Rhode Island, New Hampshire, California, and Alberta, Canada. More information about Constellation NewEnergy is available at www.newenergy.com.

Previous articleItron announces agreement to acquire Silicon Energy
Next articleProgress Energy nuclear plants set performance records in 2002

No posts to display