Dive Summary:
- Exelon Corp. agreed to pay $400,000 in a settlement with the Department of Justice (DOJ) over two court order violations that occurred during its merger with Constellation Energy Group.
- After the merger, Exelon was required by the DOJ to sell three coal-fired plants in Maryland; Exelon sold the plants to Raven Power Holdings in a $400 million deal.
- The DOJ required Exelon to follow certain restrictions regarding the sale of electricity between the close of the merger and the divestitures; Exelon maintains its prices were raised inadvertently.
From the article:
"Exelon Corp. (EXC) agreed to pay $400,000 to settle alleged violations of two court orders related to its acquisition of Constellation Energy Group earlier this year, according to the Justice Department.
The Justice Department's antitrust division had sought to find Exelon in civil contempt of a consent decree and a related order. The payment represents disgorgement of profits as the result of the alleged violations and reimbursement of costs related to the investigation. ..."