Constellation Energy to acquire Progress contracts

Constellation Energy is to acquire power and gas contracts from Progress Ventures, a subsidiary of North Carolina-based Progress Energy.

The deal is part of a $480 million divestiture plan for Progress Ventures’ physical and commercial assets and liabilities. Progress Energy has sought an exit from its non-regulated businesses, including sales of merchant plants and its natural gas E&P business, in an effort to generate a “modest positive return” on its capital.

The deal will see Constellation’s wholesale origination and risk management arm, Constellation Energy Commodities Group, acquire Progress’ Ventures entire contract