Constellation Agrees to Pay Record $245 Million Penaltyhttp://www.troutmansandersenergyreport.com/2012/03/constellation-agrees-to-pay-record-245-million-penalty/
by Troutman Sanders LLP In what appears to be the most significant enforcement action in its history, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) on Friday, March 9 approved a Stipulation and Consent Agreement with Constellation Energy Commodities Group (“Constellation”) that imposes a record civil penalty of $135 million and requires the disgorgement of $110 million in unjust profits.
The corrupt Chicago based Exelon bought Constellation on the SAME DAY that this historic fine was levied.
Details of the settlement emerged Monday, the same day Chicago-based Exelon Corp. closed on its $7.9 billion takeover of Constellation. The sale creating the largest non-utility energy provider in the United States ushers Baltimore's last Fortune 500 company out of town. The New York Stock Exchange will de-list Constellation shares Tuesday.
Constellation CEO Mayo Shattuck denies any wrong doing