Baltimore-based Constellation Energy Group reported a third quarter loss Thursday of $225.7 million, tied to its tumbling energy trading business.
The company also plans to hold the shareholder vote on its $4.7 billion merger deal with Iowa-based MidAmerican Energy Holdings Co. late next month or in January, CEO Mayo Shattuck said during a conference call with analysts.
Shattuck said the company plans to close on a $1.2 billion credit commitment from two investment firms as early as next week, and would sell its Houston-based gas trading operation.
In addition to the previously announced sales of other holdings, the moves are expected to generate another $1 billion to $1.5 billion of liquidity for the company.
“We are taking active steps to adjust to a new business environment marked by declining prices, illiquid markets and scarce credit,” Shattuck said in a statement.
The company’s earnings per share fell to 76 cents per share from $1.45 per share in the same quarter of 2007. Constellation’s commodities sector reported a $148 million loss for the quarter, down from a $280 million profit during the third quarter of 2007.
