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Constellation Energy, EDF close $4.5B nuclear deal - Baltimore Business Journal:
Constellation Energy Group Inc. and EDF Group have closed their $4.5 billion joint venture, the companies said Friday.
The agreement ends a nearly year-long drama that had been playing out since the nation’s financial markets began to freefall in September 2008. The deal survived scrutinizing regulatory review and political fire that spoiled a similar deal for Constellation in 2006.
The companies put out brief statements Friday announcing the deal had closed.
Nuclear Engineering International: Maryland PSC slams "orchestrated parade" promising Calvert Cliffs 3
The Maryland Public Service Commission has approved EDF's 50% purchase of Constellation Energy that could lead to the construction of an EPR at Calvert Cliffs, provided the two utilities meet several conditions.
First, they must hand residential ratepayers a $110 million rebate before March 2010. Second, the utilities must invest $250 million cash in Baltimore Gas & Electricity, a wholly-owned subsidiary of Constellation Energy, before July 2010. There were several other additional financial stipulations.
In September, the US Nuclear Regulatory Commission approved the investment structure and license transfer related to EDF's investment in Constellation Energy Nuclear Group. The New York State Public Service Commission approved the deal in April.
EDF Authorized to Invest in Nuclear in the U.S. | Reuters
EDF welcomes the decision of the Board of Directors of its American partner Constellation Energy to approve moving forward based on the conditions set forth in the order issued by the Maryland Public Service Commission with respect to the creation of a nuclear joint venture between EDF and Constellation Energy. The Maryland PSC has attached conditions designed to preserve the independence and financial strength of Constellation Energy`s regulated subsidiary. Approval from the Maryland PSC completes the regulatory review process, and the companies now have received all necessary approvals at the federal and state levels to proceed with the transaction. EDF and Constellation Energy will complete the transaction without modification to the previously agreed terms of the transaction. EDF will commence the process to enable the close of the transaction, for which it has already received the authorization of its own Board of Directors. The consummation of the transaction is the result of a partnership between EDF and Constellation Energy that began over two years ago.
Approval helps clear way for reactors' construction | Lynchburg News Advance
A Maryland agency has given a key approval to a deal between two companies that hope to build an Areva-designed nuclear reactor.
The approval lets Electricite de France buy about half of Constellation Energy Group’s nuclear business, seen as an important step in the two companies’ plans to build new nuclear reactors.
The two companies partnered two years ago to form UniStar Nuclear Energy, a joint venture. UniStar has been working to promote the construction of Evolutionary Power Reactors in the U.S.
Md. tentatively backs Constellation deal with French firm - washingtonpost.com
Nuclear sale contingent on energy firm, French giant offering rebate, aid
The move is designed to lead to a third reactor at Calvert Cliffs.
The move is designed to lead to a third reactor at Calvert Cliffs.
Regulators appointed by Maryland Gov. Martin O'Malley announced Friday that they have offered conditional approval to let Constellation Energy Group sell nearly half its nuclear assets, including those in Calvert County, to French energy giant EDF in a move designed to lead to construction of the first new commercial nuclear reactor project in the United States in more than three decades.
AFP: US state OKs tie-up of Constellation Energy, France's EDF
The US state of Maryland on Friday approved a plan for France' EDF Group to take a stake in Constellation Energy Group, clearing the final hurdle for a new nuclear power plant in the state.
US regulators earlier this month had green-lighted the joint venture plan for the French state-controlled company to acquire nearly half of Constellation's nuclear assets.
The companies say the nuclear joint venture is critical to the proposed construction of a new nuclear generation plant at Constellation's Calvert Cliffs Nuclear Power Plant, which they say would represent one of the largest industrial development projects in the East Coast state.
The Maryland government announced Friday conditional approval of the joint venture, depending on a one-time rate credit of 110.5 million dollars to residential ratepayers of Constellation's Baltimore Gas and Electric Company (BGE) subsidiary.
Decision nearing on nuclear alliance (www.HometownGlenBurnie.com - The Maryland Gazette)
Late changes could have impact on BGE, ratepayers
BALTIMORE - Consumer advocates said Wednesday that newly proposed changes to the Constellation Energy deal with a French nuclear power company could bring less money into the state than originally expected and potentially impact how much Baltimore Gas and Electric Co. spends on capital improvements.
BGE is a subsidiary of Constellation Energy, which provides power to homes in Central Maryland, including 88,600 natural gas and 221,500 electricity customers in Anne Arundel County.
NRC - NRC Approves License Transfers for Constellation/EDF Nuclear Joint Venture
The Nuclear Regulatory Commission staff has approved the transfer of the operating licenses for the Calvert Cliffs Units 1 and 2, Nine Mile Point Units 1 and 2, and Ginna nuclear reactors, as well as the license for the Calvert Cliffs Independent Spent Fuel Storage Installation (ISFSI), to a new ownership structure created by the joint venture of Constellation Energy Nuclear Group (CENG) and EDF Development, a U.S. subsidiary of Électricité de France S.A., a French limited company. As provided by NRC regulations, the staff's approval of the transfer is effective October 9.
CENG and EDF Development submitted an application Jan. 22 requesting approval of the license transfer, and the companies provided supplemental information Feb. 26, April 8, June 25 and July 27. Following EDF Development’s proposed purchase of 49.99 percent of CENG, Constellation Energy Group (CEG) would hold the remaining 50.01 percent through two intermediate companies, Constellation Nuclear and CE Nuclear. The current Constellation Nuclear Power Plants corporation would become an LLC and exist between CENG and the individual power plants.
Focus on efficiency, not nuclear plant -- baltimoresun.com
Sunday's Sun editorial claims the Constellation Energy Group-Electricite de France deal will help ratepayers, in part because EDF might construct a new nuclear reactor that will increase Maryland's supply of electricity ("PSC's power play," Sept. 20). The cost of a new nuclear reactor is in the billions, and the electricity generated by the reactor may not be available for a decade. The problem is that ratepayers are suffering high energy costs now.
The best and most immediate solution to our high energy costs is investment in energy efficiency. Instead of investing billions into nuclear, we should invest heavily in weatherizing and retrofitting our homes and businesses. By doing so, we will decrease the amount of electricity needed to turn on our lights and keep us warm in the winter. In fact, studies demonstrate that we can reduce Maryland's electricity use by 15 percent by the year 2015 through basic energy efficiency projects. We owe it to ratepayers to start lowering utility rates today, not in a decade.
Fielding Huseth, Baltimore
Political Headwinds Hit a Reactor Project on the Chesapeake - NYTimes.com
The proposed Calvert Cliffs 3 reactor in southern Maryland has been considered a leader in the nuclear power industry's hopes for a U.S. renaissance.
It is a finalist for a multibillion-dollar Energy Department construction loan guarantee, and for months, the political and financial signals facing it have been green lights. Its developer, Baltimore-based Constellation Energy, would share the deep pockets of its French partner, Électricité de France International (EDF), the largest nuclear power provider in the world. EDF has offered Constellation $4.5 billion for a 49.99 percent share in the Maryland company's nuclear power projects, including the proposed new reactor.
Maryland Gets More Time to Review Constellation-EDF Deal - washingtonpost.com
The Maryland Public Service Commission has granted a request by state officials to extend hearings regarding the proposed $4.5 billion investment in Constellation Energy by EDF, a French energy company.
Constellation and EDF had been moving toward a Sept. 17 deadline to complete the deal. But the Maryland Energy Administration and other state agencies had asked for more time to review terms of the proposal.
Constellation appeals decision on PSC investigating EDF nuke deal
Constellation Energy Group said Tuesday that it has appealed a Baltimore judge's decision to dismiss the company's request for review of a plan by the Public Service Commission to investigate the proposed sale of half the company's nuclear operations. The PSC said in June that it has jurisdiction to review the sale plan to French firm EDF because it would give EDF major control over Baltimore Gas and Electric, Constellation Energy's regulated utility. The PSC is considering whether the proposed $4.5-billion transaction is in the public interest. Baltimore Circuit Court Judge Stuart Berger on July 2 said the court lacked the jurisdiction to hear the appeal of the PSC decision because the commission's decision to review the sale was not a final decision and therefore not subject to review. The company filed the appeal Monday to the Maryland Court of Special Appeals. "We are taking this step to preserve our legal rights in the future," spokesman Robert Gould said.
AFP: EDF raises 3.2 bln euros with public bond issue: CEO
French energy giant Electricite de France (EDF) has raised around 3.2 billion euros (4.4 billion dollars) via a bond-issue aimed at private individuals, its chief executive says in an interview to be published Thursday.
Pierre Gadonneix told the Tribune newspaper that the figure could yet rise as the company receives the final applications from would-be investors.
He also said that EDG was confident it will gain US regulatory approval to complete its purchase of a near 50-percent stake in Constellation Energy Group's nuclear business by the autumn.
Gadonneix said he had recently indications from Maryland state and federal authorities that they were ready to greenlight the investment.
Constellation Energy Group accepted a 4.5-billion-dollar offer from EDF for a 49.99 percent stake in its nuclear power business in December last year.
Associated Press: Judge dismisses Constellation appeal in EdF case
Constellation Energy Group Inc. lost a round in its battle with Maryland regulators over its proposed deal to sell half its nuclear operations to France's EdF when a judge ruled Thursday it could not appeal the decision to review the agreement while the review was under way.
The Maryland Public Service Commission is looking into whether the $4.5 billion deal is in the public interest. The PSC doesn't regulate Constellation, but regulates its Baltimore Gas and Electric utility subsidiary.
Constellation contends the deal is permitted under a settlement that raised the trigger for state review to 20 percent of Constellation's shares or its board. EdF would take a 9 percent stake, but the PSC decided the rule doesn't apply because EdF would acquire other rights and assets.
State regulators approve new unit at Calvert Cliffs
Maryland regulators gave UniStar Nuclear energy approval to build a US-EPR at the Calvert Cliffs site, according to Constellation Energy. UniStar is a joint venture of Constellation and Electricite de France. The Maryland Public Service Commission issued UniStar a certificate of public convenience and necessity June 29 after completing an 18-month review that included multiple public hearings, Constellation said. The certificate is required before Calvert Cliff-3 can be built.
Calvert Official Urges O'Malley To Back Constellation Energy Group's Merger With a French Energy Giant - washingtonpost.com
A Calvert County official urged Gov. Martin O'Malley (D) on Friday to continue his support of Constellation Energy Group's merger with a French energy giant and its plans to build a third nuclear reactor at the Calvert Cliffs Nuclear Power Plant in Lusby.
Board of County Commissioners President Wilson H. Parran (D-Huntingtown) told O'Malley that Maryland is facing an energy shortage and that the third reactor would be a source of much-needed power. Constellation officials have said the reactor would nearly double the plant's capacity. Parran said the project would bring hundreds of jobs to the county, plus tax revenue.
Public Citizen - Chesapeake Safe Energy Coalition Applauds PSC’s Decision to Regulate Nuclear Sale
Coalition Urges Scrutiny of French Company’s Corporate Practices and Transparency
BALTIMORE - The Chesapeake Safe Energy Coalition applauds the Maryland Public Service Commission’s (PSC) decision today to assert its jurisdiction over the nuclear sales transaction between Electricite de France (EdF) and Constellation Energy.
The coalition delivered 650 petition signatures to the PSC on Friday urging the commission to examine the effects of the deal on Constellation subsidiary Baltimore Gas and Electric (BG&E) and Maryland ratepayers and consider the corporate track record of EdF before approving the deal.
"The commission needs to make sure this sale will not negatively impact consumers in the long term or short term," said Johanna Neumann, state director for Maryland PIRG. "A laissez-faire approach by the last Public Service Commission allowed Constellation Energy to rake Maryland consumers over the coals time and again. We urge this commission to be an effective watchdog for the public by aggressively investigating this transaction."
Associated Press: Md. regulators say they must OK nuclear power deal
Maryland regulators ruled Thursday that they have the right to sign off on French nuclear power company EdF's plan to buy half of Constellation Energy's nuclear power business for $4.5 billion, rejecting the companies' arguments that approval by the regulators was not necessary. Constellation Energy immediately appealed the decision.
In the ruling, the Public Service Commission said the deal would give Electricite de France SA a substantial influence over Constellation Energy subsidiary Baltimore Gas and Electric and requires regulatory approval.
The commission said it has reached no conclusions about the deal; that decision will be made later.
Berkshire divests Constellation Energy stake | Deals | Regulatory News | Reuters
Warren Buffett's Berkshire Hathaway Inc has divested its remaining 6.26 percent stake in Constellation Energy Group Inc, after backing away from a possible bidding war for the company.
Berkshire's MidAmerican Energy Holdings Co unit sold its remaining 12.48 million shares of Constellation, including 10.97 million Barclays Capital bought for $27.25 each, according to a U.S. Securities and Exchange Commission filing.
Omaha, Nebraska-based Berkshire got about 20 million Constellation shares plus $593 million in cash as a termination fee when Constellation on Dec. 17 rebuffed a $4.7 billion takeover offer.
Public Citizen - Public Service Commission Decides Higher Electricity Prices, More Radioactive Waste, Greater Danger are In Best Interests of Marylanders
The Maryland Public Service Commission’s (PSC) issuance today of a Certificate of Public Convenience and Necessity to UniStar Nuclear is a costly step in the wrong direction for Maryland’s energy future.
This permit serves as the state’s nod to construct a new uranium-fueled reactor in southern Maryland, a decision that not only could prove to be extraordinarily costly for taxpayers - as testimony provided to the PSC made clear - but tethers Maryland to continued reliance on dirty energy generation rather than moving our state toward becoming a leader in clean energy. The permit in its current form subjects UniStar Nuclear - a joint venture between Constellation Energy and the French-state controlled Electricite de France (EDF), which increasingly controls Constellation itself - only to some minor conditions.
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