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Stock Market & Financial Investment News

News Breaks
July 30, 2014
08:04 EDTEXC, TEGExelon acquires Integrys Energy unit for $60M
Exelon (EXC) and Integrys Energy (TEG) announced they have entered into a definitive agreement for Exelon to purchase Integrys Energy Services. Integrys Energy Services will become part of Exelonís Constellation business unit, strengthening Constellationís retail power and gas business, serving approximately 2.5M residential and business customers across the continental U.S. Exelon will pay $60M for the Integrys retail operations, plus adjusted net working capital at the time of closing. Integrys Energy Services had adjusted working capital of about $183M as of May 31. The transaction does not include Integrysí energy assets, primarily solar, which will remain a part of Integrys Energy Group. Integrys said that it was in the late stages of a competitive process to divest its electric and natural gas retail marketing businesses as part of a June 23 news release announcing a definitive agreement between Wisconsin Energy and Integrys, where Wisconsin Energy would acquire Integrys Energy Group in a stock and cash transaction valued at $9.1B. Integrys Energy Services will operate under the Constellation brand after the transaction closes. Residential and commercial customers of Integrys will experience no disruption to service as a result of the transaction and all existing customer contracts will be honored. This includes Integrysí municipal electricity aggregation contract with the City of Chicago. The contract is currently scheduled to expire in May 2015. The transaction is conditioned on approval by the Federal Energy Regulatory Commission and is subject to the notification and reporting requirements under the Hart-Scott-Rodino Act. The companies expect to close in 4Q14 or 1Q15.
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September 18, 2014
12:12 EDTEXCComEd to refund customers $46.2M, stemming from settlement of legal cases
ComEd, a unit of Exelon, announced that it will refund customers $46.2M. The refunds stem from settlement of long-pending legal cases brought by the Illinois Attorney Generalís Office, Citizens Utility Board and the Illinois Industrial Energy Consumers on issues related to depreciation costs in ComEdís 2007 rate case filing and from costs in the companyís smart meter pilot project in 2009. Average refunds for residential customers will total approximately $8 and will appear as a credit on November bills.
September 17, 2014
13:01 EDTEXCPepco Holdings to host special shareholder meeting
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07:36 EDTEXCWolfe Research to hold a conference
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September 16, 2014
11:01 EDTEXCComEd awarded grant from Energy Department for microgrid controller
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