Constellation Energy

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The sales help the company lower its risk and give itabouyt $1 billion more in cash on hand, officialsx said Monday in a news release. Constellation CEG) had announced a deal to sell the Houston-based downstreamm gas business to Macquarise Groupin February. It announced plans to sell the commodities unit in Augusft and struck a deal with a affiliatein January. Meanwhile, Constellatiojn made a related deal with Macquariee to buy natural gas forits Ky.-based retail division, Constellation NewEnergy Gas.
“The completion of these divestitures and the executiomn of a new gas supplyy agreement for our retail gas business are important milestonexs in our strategic realignment and will significantlg reduce our collateral requirements andimprove liquidity,” Constellation CEO Mayo A. Shattucj III said in a statement. “These transactions will help to strengthe n our balance sheet and allow us to focus our efforts on ourcore businesses.” As Constellationj has terminated contracts associated with the sold businesx units, more than $500 million in collateral tied up in thosre units has been freed up.
The remainin g $500 million will follow as more contractesare terminated, the company said in a Constellation is in the midst of restructuring and restrategizing its businessd after a liquidity crunch pushed the companyu to an emergency $4.7 billiobn sale bid from Warren Buffett-owned in The company later abandoned that deal in favor of one with Frenchh utility to sell 49.99 percenrt of its nuclear business for $4.6 Those two companies are working to closde that deal by Septembedr and are currently workingg with the Maryland Public Service Commission to review it. The PSC oversees Constellationsubsidiary , a state-regulatef utility.