Baltimore-based, Constellation Energy Group Inc. (CEG: 33.275 +0.185 +0.56%) joined forces with GE Energy Financial Services, a part of General Electric (GE: 14.60 +0.12 +0.83%), Qualcomm Inc. (QCOM: 33.21 +0.07 +0.21%), Verizon Ventures, a part of Verizon Communications Inc. (VZ: 28.3484 -0.2716 -0.95%) and others for the development of a smart grid technology. Jointly, the group injected funds totaling roughly $17.7 million in Raleigh, North Carolina-based, Consert Inc. for the purpose.Smart Grid is an energy technology that enables effective management of energy usage through real-time communication between utilities and customers.
Earlier, Baltimore Gas and Electric Co., a regulated subsidiary of Constellation Energy that delivers electricity and natural gas, was barred by the Maryland Public Service Commission from initiating a smart grid project of its own. The $850 million project was rejected on the ground of being too costly for consumers.
Constellation Energy is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diverse fleet of generating units in the United States and Canada, totaling approximately 7,118 megawatts of generating capacity at the end of the first quarter of 2010, and is also among the leaders in pursuing the development of new nuclear plants in the United States.
Constellation Energy has owned generation, contractual generation, regulated and competitive distribution of energy. Its power generating units located in the four U.S. states of Maryland, Pennsylvania, California and Utah, and Canada are driven by a mix of coal, oil, natural gas and renewable sources (including geothermal, solar, hydro-electric and biomass).
Constellation’s prime competitors include Allegheny Energy Inc. (AYE: 21.12+0.33 +1.59%), American Electric Power Co. Inc. (AEP: 32.92 +0.23 +0.70%), and Duke Energy Corporation (DUK: 16.2489 +0.0989 +0.61%). We currently maintain our Neutral recommendation on the stock.
Constellation Energy has owned generation, contractual generation, regulated and competitive distribution of energy. Its power generating units located in the four U.S. states of Maryland, Pennsylvania, California and Utah, and Canada are driven by a mix of coal, oil, natural gas and renewable sources (including geothermal, solar, hydro-electric and biomass).
Constellation’s prime competitors include Allegheny Energy Inc. (AYE: 21.12+0.33 +1.59%), American Electric Power Co. Inc. (AEP: 32.92 +0.23 +0.70%), and Duke Energy Corporation (DUK: 16.2489 +0.0989 +0.61%). We currently maintain our Neutral recommendation on the stock.
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