December 23, 2005—FPL Group, Inc. and Constellation Energy, two of the strongest, fastest-growing and most successful energy companies in America, have signed a definitive agreement to create the nation’s largest competitive energy supplier and its second-largest electric utility portfolio.
The transaction will create a company with a market capitalization of approximately $28 billion (based on current market values), combined annual revenues of $27 billion, and $57 billion in total assets. The combined company will be named Constellation Energy.
The combined company will maintain dual headquarters in Juno Beach, Fla., and Baltimore. It will have approximately 21,750 employees and will serve more than 5.5 million electric customers in Florida and Maryland and 625,000 gas customers in Maryland. Its competitive wholesale and retail businesses will serve thousands of commercial, industrial and utility customers, including 72 of the FORTUNE 100 companies. Its generation portfolio will be the nation’s largest, exceeding 45,000 megawatts of capacity. It will be the third-largest nuclear plant operator in the United States, owning and operating seven nuclear power stations with eleven units, including FPL Group’s pending acquisition of the Duane Arnold nuclear station.
For more information, visit the FPL Group-Constellation Energy merger Web site.
