Monday September 11 2006


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Constellation sees 25%/year
growth for next 2 years

Constellation Energy CFO Follin Smith predicted 25%/year growth over the next two years at Lehman Brothers conference.
What's ahead from EPACT: one year later?

 Audio conference
Sept 26, 10:30 - 12:00 EDT

Restructuring Today has assembled leading experts to talk about (and answer your specific questions on) the most massive rearranging of energy law in modern times:

• Thomas Kuhn, president, Edison Electric Institute

• William Massey, the former FERC commissioner

• Ed Zaelke is a partner at Morgan, Lewis & Bockius

• Susan Kelly, general counsel, American Public Power Assn

Click here for details and to register.         That growth is based on building scale within the firm's growth businesses -- merchant power, retail energy and wholesale energy, she noted.
        All three businesses benefit from Constellation's expertise in portfolio and risk management that's been leveraged in recent years to include coal and natural gas.
        Expanding into coal and natural gas is allowing the firm to be less dependent on a single commodity -- power, that is.
        Retailer Constellation NewEnergy, Smith noted, has grown its market share of the switched market three-times faster than the switched market has itself grown from 2002-05 -- 53% versus 19% for shopping in general.
        Smith expects Constellation's growth to be higher over the next three years -- 14% versus 10% more customer switching.
        NewEnergy since late 2003 has passed its competitors and widened the gap with 16,000 customers now -- almost twice its estimate of second-place Reliant's customers and further ahead of TXU, Suez, Great Plains (Strategic Energy) and US sales at Direct Energy.
        NewEnergy's size allows it to better manage supply and risk management, back office costs, branding, multiple commodity products, energy service capabilities and geographic diversity, Smith added.
        Constellation Energy and FPL Energy, meanwhile, are committed to their intended merger, but Smith warned the critical uncertainty is Maryland's OK of the deal.
        The PSC just turned down the merger partners' request to accelerate hearings delaying the deal until February of next year.
        The good news, she said, is that both firms have a rosy future with or without the deal.
        Originally published in Restructuring Today on September 8, 2006

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Conference Links


The outlook for demand response in a high-price environment
When: 09/22/06 , 12:00 PM - 1:30 EDT
Where: Your home, work or cell phone
www.restructuringtoday.com/conferences/demand.html

What's ahead from EPACT -- one year later?
When: 09/22/06 , 10:30 AM- 12:00 EDT
Where: Your home, work or cell phone
www.restructuringtoday.com/conferences/demand.html

CEA Technologies Inc (CEATI) -- Issues in Power Quality
When: Sep 12, 2006 - Sep 13, 2006
Where: Montreal, Quebec, Canada - Fairmont Queen Elizabeth Hotel
www.ceatech.ca/Meetings/PQ/Issues-Power-Quality.pdf

UPLC -- Broadband Power Line 2006
 When: Sep 17, 2006 - Sep 20, 2006
Where: Omni Charlotte Hotel -- Charlotte, NC
http://bplconference.org/

NET-ATHOME™ -- The world’s most international connected home event
When:  September 26 & 27, 2006
Where: Hilton Hotel -- Cannes, France
 www.net-athome.com/

IQPC's International Powerline Communications 2006
 When:  October 23 - 26, 2006
Where: Renaissance Penta Vienna Hotel Austria
http://www.iqpc.co.uk/GB-2790/BPLT

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