WASHINGTON (AP) — Exelon Corp. will pay $400,000 for inadvertent power trading violations during its takeover of Constellation Energy Group Inc.
The Justice Department announced the settlement Thursday. A federal judge in Washington will have to approve it before it’s final.READ MORE: Researchers From University Of Maryland's School Of Public Health Find COVID-19 Variants Are More Becoming Airborne
Exelon was required to sell three Maryland power plants to settle antitrust concerns about the $7.9 billion Constellation deal. The Justice Department says before the plants were sold, Exelon agreed to sell their power at or below cost to ensure Exelon wouldn’t be able to raise electricity rates. The Justice Department says Exelon sold power above cost, but that once it realized the sales had been made, the company notified regulators and returned the profits.READ MORE: Montgomery County Announces Fourth Annual Active Aging Week
Exelon accepts responsibility for the error and adds it had little impact on the market or customers.MORE NEWS: MDOT State Highway Administration Launches New Project To Enhance Bicycle Safety
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