NRC approves license transfer for Exelon, Constellation merger

Under the proposed merger, Exelon will acquire indirect control of Constellation's 50.01 percent interest in CENG

Chicago and Baltimore, February 16, 2012 — Exelon Corp. and Constellation Energy announced that the U.S. Nuclear Regulatory Commission has issued a series of orders approving the indirect transfer of certain nuclear licenses associated with the Exelon and Constellation Energy merger.

NRC approval was required prior to merger closing due to the "upstream" change in ownership of Constellation Energy Nuclear Group — the joint venture of Constellation and Electricite de France that owns the NRC-licensed nuclear units — that would result from the companies' proposed merger.

CENG owns and operates five nuclear reactors at three locations: Calvert Cliffs in Lusby, Md., Nine Mile Point in Scriba, N.Y., and R.E. Ginna in Ontario, N.Y. Under the proposed merger, Exelon will acquire indirect control of Constellation's 50.01 percent interest in CENG. CENG will continue to own and operate the nuclear units following the proposed merger.

The proposed transaction has been approved by shareholders of Exelon and Constellation. Required regulatory approvals or reviews have been completed by the New York Public Service Commission, the Public Utility Commission of Texas, and the Department of Justice. It also requires regulatory approvals by the Federal Energy Regulatory Commission and the Maryland Public Service Commission.

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