Constellation Energy Continues Steady Retail Growth with Acquisition Of Oklahoma Retail Gas Provider

Friday, Feb 03, 2012

Constellation Energy (NYSE: CEG), a leading competitive energy provider, today announced it has closed the acquisition of ONEOK Energy Marketing Company (OEMC), a Tulsa, Okla., retail natural gas marketing company with approximately 26,000 customers.

“We look forward to delivering the customer experience and innovative solutions that are the hallmark of Constellation’s growing retail business.”

The purchase of OEMC, a subsidiary of ONEOK, Inc. (NYSE: OKE), for $22.5 million, plus working capital, was announced on Dec. 1, 2011. The acquisition expands Constellation Energy’s business and residential customer base in seven states: Kansas, Oklahoma, Missouri, Texas, Nebraska, Wyoming and Illinois. The addition of Wyoming expands Constellation’s customer footprint to 46 states.

“We’re pleased to bring OEMC into the Constellation family and broaden the natural gas services we can offer in the mid-continent region,” said Mark Huston, head of Constellation Energy’s retail business. “We look forward to delivering the customer experience and innovative solutions that are the hallmark of Constellation’s growing retail business.”

The OEMC purchase is Constellation’s third retail acquisition in the past year – growth that more than doubled the company’s customer base to 1.1 million customers. In 2011, Constellation Energy acquired MXenergy, a Connecticut-based supplier of natural gas and electricity with a half million customers in 15 states and two Canadian provinces, and StarTex Power, a Houston retail electric provider with approximately 170,000 customers.

Constellation Energy demonstrates its commitment to environmental stewardship and a clean energy future by delivering innovative energy solutions that help customers control energy use, reduce greenhouse gas emissions and utilize sources of renewable energy.

Source: Business Wire

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