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Exelon, Constellation Agree to Settle PJM Market Monitor Merger

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Exelon, Constellation Agree to Settle PJM Market Monitor Merger Wednesday, October 12, 2011 Exelon, Constellation agree Merger Stories Rumored Transaction to settle PJM market monitor Samsonhttp://www.snl.com/interactivex/snapshot.aspx?id=4296154 Investment Privately held Samson Investment Co. is reportedly considering merger concerns strategic options, including a possible sale. by Marcymailto:[email protected] Crane The potential sale of the Tulsa, Okla.-based oil and gas explorer could bring in between $7 billion and $10 billion, The Wall Street Monitoring Analytics LLC, the independent market monitor for the Journal reported Oct. 11, citing people familiar with the matter. The PJM Interconnection LLC, told FERC and the Maryland Public Service company has been seeking a financial adviser to review a range of Commission on Oct. 11 that it had reached a deal with Exelon Corp. options from forming a joint venture to a full divestiture, the people and Constellation Energy Group Inc. that would alleviate any con- said. cerns over anti-competitive impacts that would result from the two Samson Investment, which is active in the Haynesville Shale and utilities’ proposed merger. the Marcellus Shale, operates more than 4,000 wells and holds sig- “If the order(s) issued by either the FERC or the MPSC, or both, nificant production operations in Texas and the Gulf of Mexico’s deep approving the proposed merger are conditioned upon compliance waters. The company has spent more than $4 billion in the past three by the applicants with the settlement, then the market monitor will years to acquire drilling and oil and gas assets, the Journal reported, not object to the merger,” Monitoring Analytics said. citing the company’s website. When Exelon and Constellation asked FERC in May to approve their E-mail this story. proposed merger, they acknowledged that their stock-for-stock, http://www.snl.com/interactivex/feedback.aspx?Id=13416844&Action=estory $7.9 billion deal could raise certain competitive concerns. The com- panies accordingly agreed to have the combined company sell cer- tain assets, including three Constellation power plants with 2,648 MW of combined capacity in the PJM market. The applicants claimed continued on page 2 http://www.snl.com/interactivex/MyInteractive.aspxNow Featured on Tuesday's Energy Stocks Last-minute filings boost number of lawsuits Coal steams ahead against EPA’s cross-state rule By the Oct. 7 deadline to file petitions for review in federal court of the EPA’s Cross-State Air Pollution Rule, 26 separate lawsuits as Wall Street ends mixed had been docketed. by Amymailto:[email protected] Poszywak http://www.snl.com/InteractiveX/article.aspx?Id=13416345 Coal stocks were generally up again Tuesday, Oct. 11, with Walter Morgan Keegan ‘cautiously optimistic’ about Energy Inc. leading gains in the sector, helping to push the SNL Coal MLP space Index up 1.95% to 354.08. Distribution season is expected to snap the MLP sector out of Walter stock added 3.76% to close at $66.19 in heavy trading. a multiweek malaise. Exelon Corp. and Constellation Energy Group Inc. shares each saw http://www.snl.com/InteractiveX/article.aspx?Id=13420662 losses after it was announced that the companies reached a settle- ment with Monitoring Analytics LLC, the independent market moni- DTE Energy Executive Vice President tor for PJM Interconnection LLC, regarding concerns about how the and CFO Dave Meador companies’ proposed merger will affect competitive conditions in In the second of a two-part series, Meador discusses DTE’s mid- PJM, according to a document filed with FERC and the Maryland stream transportation and storage business strategy, renew- Public Service Commission. able energy in Michigan, and the implication of new EPA The market monitor said if merger approvals from FERC and the regulations. Maryland PSC are conditioned on the post-merger company’s com- http://www.snl.com/InteractiveX/article.aspx?Id=13414969 pliance with the terms and conditions outlined in the settlement, it will not object to the merger. If you experience difficulties or have any questions, please e-mail us at [email protected] or call us at 888-275-2822. continued on page 2 One SNL Plaza, P.O. Box 2124, Charlottesville, VA 22902 Phone: +1.434.977.1600 News fax: +1.434.293.0407 snl.com SNLEnergy © 2011, SNL Financial LC. All Rights Reserved. Proprietary and Confidential. Use limited and subject to SNL license. Wednesday, October 12, 2011 Page 2 Exelon, Constellation continued that the planned divestitures would bring the amount of generation The combined company also generally will provide to PJM and the in PJM controlled by the combined company to a level that would IMM 18-months’ written notice before retiring any generating unit be acceptable to FERC. within PJM. However, that retirement date could be accelerated if Weighing in on the proposal, Joseph Bowring’s Monitoring Analytics PJM subsequently determines that the retirement raises no reliabil- in July told FERC that its alternative analysis showed that the trans- ity issues that would require the combined company to enter into a action would raise competitive issues even with the divestitures and reliability must-run arrangement. therefore additional mitigation was needed. Although Monitoring The agreement also sets out certain restrictions on the combined Analytics subsequently acknowledged that its analysis was based, company’s energy market offers, such as requiring that market- at least in part, on anomalous data, the market monitor ultimately based offers for all non-nuclear units owned or controlled by the stood by its original conclusion. combined company be “consistent with the physical capabilities of Under the instant deal, the combined company would not sell any the units.” of the three generating plants — the 1,286-MW Brandon Shores Finally, among other things, the deal requires the combined com- plant, the 963-MW H.A. Wagner plant and the 399-MW C.P. Crane pany to continue to offer the same units and quantities historically plant, all in Maryland — that Exelon and Constellation agreed to offered into PJM’s regulation and synchronized reserve ancillary divest earlier to any of eight companies that purportedly own 3% or services markets. For PJM’s day-ahead scheduling reserves market, more of the installed capacity in the overall PJM market or either of the combined company’s market-based offers for nuclear units “will two specific submarkets. be zero dollars, it being understood that [the combined company] Accordingly, none of the plants could be sold to American Electric will not forego opportunity costs as provided in the DASR market Power Co. Inc., FirstEnergy Corp., GenOn Energy Inc., Edison design,” according to the settlement. (EC11-83) (Case No. 9271) International, Dominion Resources Inc., Public Service Enterprise COMPANIES REFERENCED IN THIS ARTICLE: Group Inc., Calpine Corp. or PPL Corp., or to any of those companies’ Exelonhttp://www.snl.com/interactivex/snapshot.aspx?id=4057056 Corp. DE EXC directly or indirectly held subsidiaries. Constellationhttp://www.snl.com/interactivex/snapshot.aspx?id=4057042 Energy Group Inc. DE CEG Exelon and Constellation also agreed to certain behavioral commit- PJMhttp://www.snl.com/interactivex/snapshot.aspx?id=4062332 Interconnection LLC EL ments that will be in effect for 10 years. For instance, the companies consented generally not to retire any unit within PJM unless that http://www.snl.com/interactivex/doc.aspx?CDID=A-13421147-13619Industry Document: FERC Docket No. EC11-83-000 and Maryland unit tried to sell its capacity in the most recent base residual capac- PSC Case No. 9271 ity auction at the market seller offer cap but had its offer not clear E-mail this story. the auction. http://www.snl.com/interactivex/feedback.aspx?Id=13421969&Action=estory Tuesday's Energy Stocks continued Exelon’s shares dropped 1.20% to $42.10 in below-average trading, Dynegy Inc. stock rose 6.35% to $3.85 in heavy trading, and GenOn and Constellation shares slipped 0.64% to $37.55 in heavy trading. Energy Inc. shares popped up 2.55% to $2.81 in light trading. AES Corp. shares also fell after the company said in a Form 8-K filing NiSource Inc. stock gave up 2.97% before closing at $21.59 in heavy that it expects to take a $110 million to $125 million pretax charge trading, and Integrys Energy Group Inc. shares ended down 2.47% in third-quarter earnings after determining it needs to sell 39 wind to $48.48 in above-average trading. turbines, and to account for the value of nonrefundable deposits on Market prices and index values are current as of the time of publication further turbine purchases, and are subject to change. AES said the write-down was not included in its diluted EPS guid- COMPANIES REFERENCED IN THIS ARTICLE: ance for 2011, and the impact of the charge is estimated to be 9 cents to 10 cents per share. No other aspect of AES’ previous guid- AEShttp://www.snl.com/interactivex/snapshot.aspx?id=4055465 Corp. EL AES ance, however, will be impacted. Close: $10.21 -0.14 (-1.4%) Vol: 5,218,179 (84% of Avg.) http://www.snl.com/interactivex/snapshot.aspx?id=4057042 AES shares dipped 1.35% to $10.21 on light volume. Constellation Energy Group Inc. DE CEG Close: $37.55 -0.24 (-0.6%) Vol: 3,970,158 (178% of Avg.) Movers and shakers Exelonhttp://www.snl.com/interactivex/snapshot.aspx?id=4057056 Corp. DE EXC The broader markets closed mixed Tuesday with the Dow Jones Close: $42.10 -0.51 (-1.2%) Vol: 5,174,272 (94% of Avg.) Industrial Average closing down 0.15% to 11,416.30 while the S&P GenOnhttp://www.snl.com/interactivex/snapshot.aspx?id=4057383 Energy Inc.
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