US utility Exelon spins off green arm

US energy utility Exelon has completed the separation of its renewable power generation arm Constellation, the company reported on February 1, leaving it to focus on its gas supply operations.

The Chicago-based firm's gas transmission and distribution business has kept the Exelon name, while Constellation comprises the company's former nuclear, hydroelectric, wind and solar generation assets which provide 10% of clean power in the US grid.

Exelon announced the planned separation in early 2021, explaining that the split would unlock extra value for both parts of the business. It bought Constellation back in 2012 for almost $8bn.

“With the successful completion of our separation, we step forward in a strong position to serve customer needs, drive growth and social equity in the communities we serve and deliver sustainable value as our industry continues to evolve,” Exelon CEO Christopher Crane said. “We will continue to invest in and modernise the grid for safe, clean and affordable energy choices.”

Constellation said separately it aimed to make its electricity 95% carbon-free by 2030, reaching 100% in 2040.