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News & Events
Multi-Year Agreement Signed With Textron Fastening Systems:
02/17/2003
Constellation Energy Group (NYSE: CEG) today announced that its subsidiary, Constellation NewEnergy, has finalized a multi-year agreement with Textron Fastening Systems, a business unit of Textron, Inc. (NYSE: TXT), to provide electricity to 11 of the company's facilities located throughout the state of Michigan. Constellation NewEnergy's strength lies in its ability to provide competitively priced electricity to customers such as Textron Fastening Systems through Michigan's Electric Choice Program, said Robert J. Korandovich, vice president of Constellation NewEnergy. Michigan's newly deregulated electricity market is gaining momentum, and we have every reason to believe that many more leading companies will follow Textron's lead in seizing the opportunity to reap substantial savings on their electricity costs. Entering into this partnership with Constellation NewEnergy reinforces our commitment to reduce costs while improving our global operating efficiencies, said Bob Simpson, executive vice president of Global Operations for Textron Fastening Systems, Inc. We are confident that this agreement will allow Textron Fastening Systems to remain competitive in the marketplace. Headquartered in Troy, Mich., Textron Fastening Systems is the leading provider of engineered fastening systems, state-of-the-art assembly technology, and inventory management and application engineering services. With nearly 11,000 employees worldwide, Textron Fastening Systems supplies value-added fastening products, systems and services to customers in nearly 200 countries. Constellation NewEnergy, a member of Constellation Energy (NYSE: CEG), is a leading competitive supplier of electricity, natural gas and energy related services to commercial and industrial customers throughout North America. Constellation NewEnergy operates in all competitive energy markets throughout Canada and the United States, providing products that enable customers to effectively manage and control energy costs. Constellation NewEnergy's regional expertise coupled with its national presence provide customers with customized energy products and services while leveraging the assets of one of the strongest integrated energy companies in North America. Constellation NewEnergy, based in Baltimore, serves more than 8,000 commercial and industrial customers throughout 31 states and 3 Canadian provinces representing more than 12,000 megawatts of peak load and more than 300 billion cubic feet of annual natural gas consumption. 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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