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Constellation Energy Signs Agreement to Acquire the 2,950 MW Boston Generating Gas Fleet in New England

Constellation Energy today announced it has signed an asset purchase agreement with Boston Generating to acquire its 2,950-megawatt fleet, the third largest power generating portfolio in the New England region, for approximately $1.1 billion, or roughly $372/kW. The proposed transaction is expected to be consummated through a court-approved bankruptcy proceeding to be initiated by Boston Generating. If approved, Constellation Energy's bid would then be considered the price to be beat in an asset auction to be held later this year.

If Constellation Energy is ultimately the successful acquirer, under terms of the agreement it would acquire Boston Generating's five power plants located in the Boston area: four natural gas fired plants, including Mystic 8 and 9 (1,580 megawatts), Fore River (787 megawatts), Mystic 7 (574 megawatts); and a fuel oil plant, Mystic Jet (9 megawatts).

Constellation Energy has previously stated its interest in acquiring physical generation assets in the New England Power Pool (NEPOOL), where the company operates large retail and wholesale competitive supply businesses. Constellation Energy currently serves approximately 13.3Twh of customer load in the NEPOOL market where Boston Generating is located. The company currently has no generation assets in the region.

(SOURCE: Constellation Energy, Media: Lawrence McDonnell, 410-470-7433 or Investors: Carim Khouzami, 410-470-6440)