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Constellation Energy Offering Residential Electricity Choice and Savings To 2.4 Million New Jersey Homeowners and Renters

^{Published on 2010-08-26 05:11:33 - Market Wire}
 

NEWARK, N.J. & BALTIMORE--([ BUSINESS WIRE ])--Constellation Energy (NYSE:CEG), the nation's leading competitive electricity supplier to business and public sector customers, today announced the launch of residential electricity supply in New Jersey with two residential pricing plans offering 2.4 million consumers an estimated 10 percent to 12 percent savings compared to current utility pricing.

"For too long, New Jersey consumers have had few competitive options for residential electricity supply and thata™s changing"

Constellation Energy is offering homeowners and renters in the Public Service Electric & Gas (PSE&G) and Jersey Central Power & Light (JCP&L) service territories two ways to save on electricity: an 18-month pricing plan delivering an estimated savings of 10 percent compared to current utility pricing for electric generation service and a 30-month pricing plan offering an estimated 12 percent savings. Those who sign up for the 30-month plan will receive a $150 Target GiftCard; customers selecting the 18-month offer will receive a $75 Target GiftCard. Further information on the specific terms and conditions of the companya™s residential electricity pricing plans for New Jersey customers is available at [ home.newenergy.com ].

"For too long, New Jersey consumers have had few competitive options for residential electricity supply and thata™s changing,a said Kathleen Hyle, senior vice president, Constellation Energy, and chief operating officer of the companya™s commercial division. aNow by shopping with Constellation Energy, homeowners and renters in the PSE&G and JCP&L service territories can spend just a few minutes online and make a meaningful reduction in their current utility electricity rate.

aConstellation Energy is a recognized leader in New Jerseya™s business and public sector energy market, and we proudly serve many of the statea™s largest employers and public institutions,a said Hyle. aAs a market leader in the state and nationwide, wea™re the logical choice for New Jersey residential electricity shoppers who are eager to save money by lowering their current electricity rate. To make shopping for a lower rate fast and easy, wea™re rolling out an informative online sign-up process and a unique Facebook application so our customers can share the news about their savings with family and friends.a

The companya™s direct mail offer to New Jersey homeowners and renters will begin arriving in mailboxes this weekend through Sept. 1, 2010. The Constellation Energy New Jersey residential pricing plans are limited time offers extending through Sept. 30, 2010. There is no sign-up or enrollment fee. There will be no interruption in a customera™s electricity service.

The company is establishing a simple and informative online sign-up process at [ home.newenergy.com ] and an innovative Facebook application. A comprehensive advertising campaign will support Constellation Energya™s New Jersey residential market entry.

The New Jersey Board of Public Utilities ([ BPU ]) the state agency that regulates energy companies doing business in New Jersey, licenses energy suppliers such as Constellation Energy to compete with the statea™s utilities. PSE&G and JCP&L participate in New Jerseya™s Energy Choice initiative and have consumer education information on their websites ([ PSE&G ], [ JCP&L ]).

In the residential sector, electricity competition affects only the price and supplier of the electricity commodity. The sole change experienced by consumers who buy electricity through Constellation Energy will be in the kilowatt-hour (kWh) rate for electric generation service listed on their monthly utility bill. Constellation Energy does not offer budget billing at this time. Everything else will remain the same a" PSE&G and JCP&L will continue to handle billing, and willaccept and respond to all service inquiries, including queries about outages. Contracts with PSE&G or JCP&L related to service and maintenance of appliances will not be impacted. Per New Jersey law and BPU regulations, electricity competition has no impact on the transmission or distribution of electricity.

New Jersey residential customers wishing to buy from Constellation Energy can sign up online at [ home.newenergy.com ] or by calling 1-877-997-9995. The offer is being made by Constellation NewEnergy, Inc., a wholly-owned subsidiary of Constellation Energy Group, Inc.

About Constellation Energy

Constellation Energy ([ www.constellation.com ]) is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located in the United States and Canada, totaling approximately 9,000 megawatts of generating capacity, and is among the leaders pursuing the development of new nuclear plants in the United States. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $15.6 billion in 2009.

The Bullseye Design and Target are registered trademarks and Target GiftCard is a service mark of Target Brands, Inc. All rights reserved. Terms and conditions are applied to GiftCards. Target is not a participating partner in or sponsor of this offer.