(The following press release from The U.S. Department of Justice was received 
by e-mail. The sender verified the statement.) 
NOVEMBER 15, 2012                                                                
Exelon Agrees to Pay $400,000 
WASHINGTON - Exelon Corporation has agreed to pay $400,000 as part of a civil 
settlement with the Department of Justice that resolves Exelon's alleged 
violations of two court orders entered in connection with Exelon's acquisition 
of Constellation Energy Group. 
The Department of Justice's Antitrust Division yesterday filed a petition in 
the U.S. District Court for the District of Columbia asking it to find Exelon 
in civil contempt of a consent decree and a related order.   At the same time, 
the department filed a settlement agreement and order, subject to court 
approval, that would resolve the department's concerns.  The payment to the 
United States represents disgorgement of profits gained through Exelon's 
alleged violations and reimbursement to the department for the cost of its 
"In order for the Antitrust Division's settlements to be effective in 
preserving competition and protecting consumers, companies must fully adhere to 
the terms of their court-ordered agreements," said Joseph F. Wayland, Acting 
Assistant Attorney General in charge of the Department of Justice's Antitrust 
Division.  "The Antitrust Division will vigorously prosecute those who enter 
into agreements with the department and do not comply with their legal 
Under the consent decree filed in December 2011, Exelon was required to sell 
three electricity plants in Maryland-Brandon Shores and H.A. Wagner in Anne 
Arundel County, Md. and C.P. Crane in Baltimore County, Md.- in order to 
proceed with its $7.9 billion merger with Constellation.  Exelon was required 
to abide by a hold separate stipulation and order that placed restrictions on 
Exelon's conduct between the time Exelon closed its acquisition of 
Constellation and the time it completed the plant divestitures required by the 
consent decree.  The hold separate required Exelon, during this period, to bid 
certain of its electricity generating plants at or below cost to ensure that 
Exelon would not be able to raise market prices for electricity.  In consenting 
to entry of the hold separate and the consent decree, Exelon specifically 
agreed to "take all steps necessary to comply" with its legal obligations. 
According to the petition filed by the department, Exelon failed to fulfill its 
obligations under the two court orders.  The petition alleges that Exelon 
submitted certain offers for sales of electricity during this period at 
above-cost prices and that Exelon failed to take all necessary steps to ensure 
that its offers would comply with the hold separate's requirements.  Exelon 
claims, and the United States does not dispute, that Exelon's above-cost offers 
were inadvertent. 
In determining the disgorgement amount, the United States took into account 
that Exelon, upon recognizing that it had made above-cost offers, took 
appropriate remedial steps, including notifying the United States and market 
regulators (i.e. the Federal Energy Regulatory Commission and the Maryland 
Public Service Commission, both of which also approved Exelon's acquisition of 
Constellation), implementing measures to ensure that no additional above 
cost-offers occurred, and agreeing with the market regulators to return any 
incremental revenues Exelon earned from, and to redress any market harm caused 
by, its above-cost offers.  The $400,000 payment is separate and above the 
payments Exelon is making to the market regulators. 
Exelon is incorporated in Pennsylvania and has its headquarters in Chicago.  
Exelon owns the PECO utility of Philadelphia and the Commonwealth Edison 
utility of Chicago.  With its acquisition of Constellation Energy Group Inc., 
Exelon now owns the BG&E utility of Baltimore.  Exelon had $18.9 billion of 
revenues in 2011. 
(bjh) NY
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