The Justice Department on Wednesday gave antitrust clearance to the merger of Exelon Corp. (EXC) and Constellation Energy Group Inc. (CEG), but said the companies must divest three electricity-generating plants in Maryland in order to proceed with the deal.
The department said the transaction as originally proposed would have lessened competition for wholesale electricity and increased prices for consumers in the mid-Atlantic region.
The companies agreed to sell the plants as part of a proposed settlement that was filed in a Washington federal court.
Sharis Pozen, the Justice Department’s acting antitrust chief, said the divestitures “will preserve critical competition.”
The companies didn’t immediately respond to requests for comment.