BALTIMORE, March 12 /PRNewswire-FirstCall/ -- Constellation Energy today announced that its wholesale origination and risk management arm, Constellation Energy Commodities Group, Inc., signed agreements related to the acquisition of select power and gas contracts of Progress Ventures, Inc., a non-regulated subsidiary of Progress Energy.
Under the agreement, Progress Ventures will assign to Constellation Energy the full requirements contracts with 16 electric membership cooperatives in Georgia with a peak load of 3,100 megawatts. The assignment will also include forward gas and power contracts, gas transportation contracts and other structured transactions.
The contract assignment agreement is expected to close in the second quarter of 2007 and is subject to federal regulatory approvals, customer consents and customer closing conditions. Constellation Energy disclosed no further details of the transaction.
Constellation Energy (http://www.constellation.com/), a FORTUNE 200 company with 2006 revenues of $19.3 billion, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 78 generating units located throughout the United States, totaling approximately 8,700 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.
