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Constellation Energy Group to Acquire Boston Generating

August 12, 2010 Leave a comment

Constellation energy group is a leading energy supplier for wholesale and retail eclectic gas consumers. They are also recognized as a Fortune 500 energy company that serves both natural and gas customers. This past Monday, the group announced that they are aiming to purchase five power plants throughout Boston for $1.1 billion. If accomplished, this would go down as one of the largest Boston power plant acquisitions and grow the energy production capacities of Constellation by a third.

Constellation Energy Group

Constellation Energy Group

Boston Generating, which is a part of the U.S. Power Generating Co. is expected to file for bankruptcy and hopefully have a seasoned Maryland bankruptcy attorney on hand. This is where Constellation energy group comes in. The Baltimore power plant providers made a deal in the amount of 1.1 billion which would top an auction price. Constellation, who currently serves 13.3 terawatt hours in New England, would acquire 2,950 by purchasing the four plants that are facing bankruptcy.
Already this year, Constellation has purchased two facilities of natural gas in Texas in the amount of $365 million. The company has had its share of trials and tribulations. Their new Southern Maryland nuclear power plant partnership with, Electricite de France is in jeopardy and pending federal loan approvals and guarantees.

Constellation’s financial advisers were Credit Suisse and UBS Investment Bank and its legal adviser was Winston & Strawn LLP.

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