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Exelon Corporation Agrees to Pay $400,000 in Civil Contempt Settlement
WASHINGTON — Exelon Corporation, a Pennsylvania-based energy company, has agreed to pay $400,000 as part of a civil settlement with the government that resolves Exelon’s alleged violations of two court orders entered in connection with Exelon’s acquisition of Constellation Energy Group.
The alleged violations occurred in 2011 when Exelon failed to fulfill its obligations under a consent decree and a related order. According to the government, Exelon submitted certain offers for sales of electricity at above-cost prices and failed to take all necessary steps to ensure that its offers would comply with the hold separate’s requirements.
Exelon claims, and the government does not dispute, that the above-cost offers were inadvertent. In determining the disgorgement amount, the government took into account that Exelon, upon recognizing that it had made above-cost offers, took appropriate remedial steps, including notifying the government and market regulators, 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.
“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 Antitrust Division.
Under the consent decree filed in December 2011, Exelon was required to sell three electricity plants in Maryland and abide by a hold separate stipulation and order that placed restrictions on Exelon’s conduct.
Exelon is incorporated in Pennsylvania and has its headquarters in Chicago. It 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.
Exelon Corporation, a Pennsylvania-based energy company, faces civil contempt charges for allegedly violating two court orders entered in connection with Exelon’s acquisition of Constellation Energy Group in 2011.
Exelon Corporation, Civil Contempt, District of Columbia 2024
12/31/2023 (Note: The exact date of the settlement is not specified in the source, but it is assumed to be 2024 based on the context.)
Exelon Corporation agreed to pay $400,000 in civil contempt settlement.
Key Facts
- State: District of Columbia
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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