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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.
EDF In Talks With E.ON Over Taking A Stake In German Company - Nuclear Power Industry News
EDF is leading the drive to build the next generation of nuclear reactors in Britain
According to a report by The Times Online, EDF, the heavily indebted French power group, is close to agreeing a big asset swap with E.ON, its German rival, but it played down reports recently that it was also considering the sale of a 20 percent stake in British Energy, the UK’s nuclear generator.
EDF, which is leading the drive to build the next generation of nuclear reactors in Britain, has begun a sweeping review of its businesses as it aims to cut its €37 billion (£33.5 billion) debt pile.
In May, EDF sold a 20 per cent stake in British Energy, which it bought only a year ago, to Centrica, the British Gas owner, for €2.5 billion.
Officials have denied a report in La Tribune that EDF was considering selling a further 20 percent stake in the company to help to fund its plans to build four nuclear reactors in Britain by 2025 however, they did not rule out the possibility.
Rapid City Journal | Uranium One buying Wyoming uranium facilities
Uranium One Inc. is buying several uranium facilities in Wyoming's Powder River Basin, including in Campbell and Johnson counties.
The company said this week that it has agreed to pay $35 million for the Irigaray in-situ recovery central processing plant in Johnson County, the Christensen Ranch processing facility in Campbell County and several uranium resources in the Powder River Basin.
The company also plans to open a separate processing facility at the Moore Ranch in southern Campbell County.
Uranium One is one of the world's largest uranium producers and has assets located in Kazakhstan, Australia and South Africa, as well as the United States.
It says its buying the facilities from subsidiaries of AREVA and EDF.
Exelon not seeking new merger targets after failed NRG bid
Exelon is not seeking new merger targets in the near term after its failed bid to acquire NRG Energy, Exelon Chairman and CEO John Rowe said on a July 24 conference call to discuss Exelon's second-quarter earnings. Market power issues would rule out any deal with another independent power producer while regulatory issues would likely hamper any merger with most acceptable utilities, he said. Rowe also said Exelon will not be building any new nuclear power plants, believing that uprating the power capacity of its current 17-unit nuclear fleet is a better value. The company last month postponed indefinitely its plans to build two new nuclear units at a greenfield site in Victoria County, Texas and announced plans for up to 1,500 MW of nuclear upgrades over the next eight years. Uprates for current nuclear units cost about half as much as building a new plant and the execution risk is "substantially lower," Rowe said. Exelon on July 24 announced second-quarter income of $657 million, down from $748 million in second-quarter 2008.
Associated Press: Exelon-NRG fight comes to head, maybe
After a nine-month fight, Exelon's $7.4 billion, all-stock bid to create the nation's largest power generator by buying NRG Energy is coming to a head, maybe.
NRG shareholders on Tuesday will vote on Exelon's proposal to increase the size of NRG's board and with it, a group that would be more open to a deal. NRG has rejected two previous offers.
NRG repeatedly has said a deal isn't being ruled out, but that Exelon has to bring more to the table. Many industry experts agree.
FR: NRC: NRG Exelon proposed merger
Exelon Corporation and NRG Energy, Inc.; South Texas Project, Units 1 and 2; Notice of Consideration of Approval of Application Regarding Proposed Merger of NRG Energy, Inc. and Exelon Corporation, and Indirect Transfers of NRG South Texas LP's Facility Operating Licenses, and Opportunity for a Hearing The U.S. Nuclear Regulatory Commission (the Commission, NRC) is considering the issuance of an order under Title 10 of the Code of Federal Regulations (10 CFR) Section 50.80 approving the indirect transfer of control of the Facility Operating Licenses, which are numbered NPF-76 and NPF-80, for the South Texas Project (STP), Units 1 and 2, respectively, to the extent held by NRG South Texas LP (NRG South Texas).
Associated Press: NRG Energy turns down Exelon's revised offer
NRG Energy Inc. said Wednesday that it has turned down Exelon Corp.'s revised hostile takeover bid of $8 billion in stock because it undervalues the business.
Last week Exelon, the nation's largest nuclear power company, sweetened its offer by about $1 billion because of newly identified cost savings and NRG's recent $287.5 million deal for Reliant Energy's Texas retail business.
In a letter to Exelon CEO John Rowe, Princeton-based NRG said it found the new bid was not in its shareholders' best interest but said it represented a "step in the right direction."
NRG said it is still open to any proposal that properly accounts for its "fundamental value and extraordinary growth prospects." Exelon, Chicago, previously said that its most recent bid was its "best and final offer."
Exelon raises hostile bid for NRG to $7.5 bil | Industries | Industrials, Materials & Utilities | Reuters
* Exelon now offering 0.545 share for each NRG share
* Exelon says confident about financing deal July 2 (Reuters) - Exelon Corp (EXC.N) raised its hostile takeover bid for independent power producer NRG Energy Inc. (NRG.N) to $7.45 billion, citing newly identified cost savings and NRG's recent acquisition of Reliant Energy's retail business.
Under the increased offer, NRG common stock holders will receive 0.545 share of Exelon for each NRG share held.
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.
Chicago-based Exelon told to sweeten bid for NRG -- chicagotribune.com
The pressure is on Chicago's Exelon Corp. to sweeten its bid for NRG Energy Inc.
The New Jersey-based NRG is among four companies said to be receiving loan guarantees from the U.S. Department of Energy to support new nuclear-power plants. If anything, that will make Exelon want it all the more, analysts said.
Exelon launched an all-stock takeover bid in October that NRG has rejected as inadequate.
NRG's proposed new nuclear plant in Texas "has been the prime reason Exelon is pursuing the company," said Travis Miller, equity analyst at Morningstar Inc. in Chicago. "It's a good growth opportunity."
Sale of Pilgrim power plant faces another likely delay - Quincy, MA - The Patriot Ledger
The operator of the Pilgrim nuclear power plant has asked federal regulators for a six-month extension for an approval to spin off the Plymouth plant and four other power plants into a new company.
Michael Kansler, the president of plant owner Entergy Corp.’s nuclear division, wrote a letter to the Nuclear Regulatory Commission this month, asking the agency for a six-month extension of the spinoff’s approval from July 28 to next January.
The agency approved Entergy’s spinoff last July, but that approval is only effective for one year.
Kansler, in his May 15 letter, said the company is still trying to get the approvals it needs for the spinoff from state regulators in New York and Vermont. Kansler said the company is actively engaged in settlement negotiations with the New York Public Service Commission, and company officials are optimistic that the Vermont Public Service Board will grant an approval as well.
Exelon wins round in NRG takeover bid
Exelon Corp. has won approval from federal energy regulators for its $5.2 billion hostile takeover of NRG Energy Inc., furthering the company’s bid to become the largest U.S. producer of electricity.
The Federal Energy Regulatory Commission voted in favor of Exelon’s petition to buy NRG. But the Justice Department, Nuclear Regulatory Commission and at least five states still must approve the deal.
NRG responded that the “board and management team continue to believe that Exelon’s proposal significantly undervalues NRG and remains highly conditional, including the need to obtain financing, and very risky because of rating agency and other concerns.”
Denison to Sell 20% Stake, Uranium to Korea Electric (Update4) - Bloomberg.com
Denison Mines Corp., a Canadian uranium producer, agreed to sell a 19.9 percent stake in the company to Korea Electric Power Corp. for C$75.4 million ($62.1 million) and supply the utility with uranium until 2015.
Korea Electric will buy about 58 million Denison shares for C$1.30 each, equal to yesterday’s closing price, Denison said in a statement. The agreement requires the Toronto-based mining company to sell as much as 690,000 pounds of enriched uranium a year to the state-controlled utility starting in 2010.
NRG blasts rival Exelon's hostile bid again | Reuters
NRG says again Exelon bid too low
* Says financing plan "troubling"
* Exelon unavailable for comment
LOS ANGELES, March 12 (Reuters) - NRG Energy (NRG.N), trying to fight off a hostile bid from rival utility Exelon Corp (EXC.N) worth potentially about $5.6 billion, blasted theoffer as being too cheap and urged shareholders on Thursday again to reject the deal.
Top NRG executives have been trying to fend off Exelon since October, when the offer to swap 0.485 Exelon shares for each NRG share was broached. [ID:nN26538238]
But Exelon, the largest nuclear power operator in the United States, said last month its bid had won support from a majority of NRG's shareholders, and hence extended the deadline on its offer to June 26.
Russian state uranium firm buys Kazakh assets | Reuters
Russian state uranium holding Atomenergoprom said on Tuesday it had bought stakes in uranium deposits located in Kazakhstan from tycoon Vladimir Anisimov for an undisclosed sum through its unit Atomredmetzoloto (ARMZ).
State-controlled Gazprombank, the banking arm of Russian gas giant Gazprom (GAZP.MM), said in a separate statement it had provided ARMZ with a loan for the acquisition of the assets.
US FERC approves EDF purchase of Constellation nuclear stake
The US Federal Energy Regulatory Commission authorized Thursday EDF Development's $4.5-billion purchase of an almost-50% stake in Constellation Energy group's nuclear generation and operations business. At the same time, the commission approved an agreement that gives Constellation the option to sell its interests in non-nuclear plants and other assets to EDF, if the companies agree on any such deals. The agreement specifies that any such deals would total up to $2 billion.
DutchNews.nl - Delta blocks sale of nuclear plant to RWE
Energy concern Delta is to block the sale of Essent’s 50% stake in the Netherlands’ only nuclear power plant to the German power giant RWE, reports the Financieele Dagblad on Thursday.
Delta and Essent are joint owners of the Borssele nuclear power station.
On Monday RWE made a bid of €9.3bn to takeover Essent’s commercial activities.
DutchNews.nl - Essent takeover 'includes nuclear plant'
The takeover of Holland’s biggest energy utility Essent by the German power giant RWE announced yesterday includes the Dutch firm’s 50% stake in the Netherlands’ only nuclear power plant, Borssele, reports Tuesday’s Financieele Dagblad.
Dutch economic affairs minister Maria van der Hoeven said in October that the possibility of Dutch nuclear energy facilities coming into foreign hands was ‘not an option’, the paper says. The remaining 50% of Borssele is owned by the Dutch utility Delta.
NRG shareholders give Exelon a 45% stake in company -- chicagotribune.com
By gaining control of slightly less than half of the outstanding stock in NRG Energy Inc., Exelon Corp. wants to turn a hostile $6 billion takeover effort into a friendly one.
The NRG board rejected a proposed merger with the Chicago-based Exelon in November, only to find dissent from shareholders who agreed Tuesday to tender 45.6 percent of their stock to Exelon.
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