Constellation Energy recently acquired 16 electric membership cooperatives from Progress Ventures in Georgia, a nonregulated subsidiary of Progress Energy. The company will assume select power and gas contracts with a peak load of 3,100 megawatts.
“This acquisition broadens our geographical reach into this fast growing market and is our first significant presence dealing with cooperatives in Georgia,” Constellation Energy spokesman Lawrence McDonnell said.
Under the agreement Constellation Energy Commodities Group Inc., the wholesale origination and risk-management arm of the company, also will have responsibility for all the cooperatives? forward gas and power contracts, gas transportation contracts and other structured transactions. The assignment, which is expected to close in the second quarter of 2007, is subject to federal regulatory approvals, customer consents and closing conditions. Because the acquisition is under regulatory review, the company would not comment on the financial aspects of the deal.
Constellation Energy is the nation?s largest competitive supplier of electricity to commercial and industrial customers and the largest wholesale power seller.
