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News & Events
Constellation NewEnergy Signs Five-Year Power Supply Contract with MedStar Health:
04/20/2005
BALTIMORE. MD – PRNewswire-FirstCall/ -- Constellation Energy (NYSE: CEG) today announced that its subsidiary, Constellation NewEnergy, Inc., has signed a five-year power supply contract with Baltimore-Washington area health care leader MedStar Health. The contract, which totals more than 30 megawatts annually, covers six MedStar Health hospitals, including Union Memorial Hospital, Harbor Hospital, Franklin Square Hospital Center, and Good Samaritan Hospital in the Baltimore area. Also included are the National Rehabilitation Hospital and Washington Hospital Center in the Washington area. "MedStar Health is one of our region's premiere health care organizations and its hospitals serve more than a half million patients each year," said Kenneth Chodnicki, vice president and general manager of Constellation NewEnergy's Mid-Atlantic region. "Working closely with MedStar's staff, we developed a multi-year purchasing strategy that provides protection from extreme market conditions and helps meet MedStar's financial and operational objectives for the next five years." "As the largest health care provider in the Baltimore-Washington region, partnering with Constellation NewEnergy, the nation's largest retail power seller, makes good business sense," said Steven S. Cohen, senior vice president of Integrated Operations for MedStar Health. "Entering into this contract was essential due to the recent volatility of the energy market. Price stabilization remains a key component of our overall strategy to manage health care costs." MedStar Health is a not-for-profit, community-based healthcare organization that owns and operates seven major hospitals and other healthcare services in the Baltimore-Washington region. The hospitals, which include both teaching and community facilities, are Franklin Square Hospital Center, Good Samaritan Hospital, Harbor Hospital, and Union Memorial Hospital in Baltimore, Maryland, and Georgetown University Hospital, National Rehabilitation Hospital, and Washington Hospital Center in the District of Columbia. As one of the largest employers in the region with more than 22,000 employees and over 4,000 affiliated physicians, MedStar Health hospitals and healthcare organizations serve more than half-a-million patients each year. MedStar Health is based in Columbia, Maryland and is one of the largest health systems in the mid-Atlantic region. Areas of clinical excellence include cardiology, cardiac surgery, oncology services, rehabilitation, orthopedic surgery, women's services and emergency and trauma services. MedStar Health's comprehensive services include primary, urgent and sub acute care, medical education and research. Other health-related services include assisted living, home health, and long-term care. MedStar Health also operates nursing homes, senior housing, adult day care, rehabilitation and ambulatory centers. The organization also maintains MedStar Physician Partners, a comprehensive physician network in the Baltimore-Washington area. Constellation Energy, a FORTUNE 200 company based in Baltimore, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of more than 100 generating units located throughout the United States, totaling approximately 12,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2004, the combined revenues of the integrated energy company totaled $12.5 billion. |
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