FPL Group And Constellation Energy Terminate Plans To Merge

Juno Beach, FL and Baltimore — FPL Group, Inc. and Constellation Energy announced they have reached a joint and amicable agreement to terminate their plans to merge.

Constellation Energy initiated a request to end the planned merger, citing continued uncertainty over regulatory and judicial matters in Maryland and the potential for a protracted and open-ended merger review process.

Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy, said, "As we considered the situation in Maryland, we determined the risks and uncertainties were too significant to overcome. We have tremendous respect for our peers at FPL and believe each company's future prospects are bright. Constellation Energy has an exceptionally strong stand-alone strategy, and we look forward to executing our business plan and continuing to deliver robust returns to our shareholders."

"While we at FPL Group certainly are disappointed that we will not complete the merger with Constellation Energy, we continue to have the utmost respect for the company and its leadership team. We remain convinced that both FPL Group and Constellation Energy are two great companies, each with excellent growth prospects," said Lew Hay, chairman and chief executive officer of FPL Group. "FPL Group remains committed to building upon our proven track record of increasing shareholder value while at the same time meeting the needs of our customers."

The two companies said that they will formally withdraw merger approval applications pending before the Maryland Public Service Commission, the Federal Energy Regulatory Commission and other relevant agencies, as well as legal requests filed with the state of Maryland.

SOURCE: Constellation Energy