Constellation-EDF jv clears federal hurdle

12 October 2009

Constellation Energy and EDF Development Inc. have announced that the U.S. Nuclear Regulatory Commission (NRC) has approved the investment structure and license transfer related to EDF’s investment in Constellation Energy Nuclear Group, LLC.

In a joint statement, the companies said EDF’s acquisition of a 49.99 percent interest in Constellation Energy’s nuclear assets has now received all necessary approvals at the federal level and clearance from the New York Public Service Commission.

NRC approval of the nuclear joint venture follows prior approval from the Federal Energy Regulatory Commission (FERC) and clearance from the Committee on Foreign Investment in the United States (CFIUS). The companies are continuing to cooperate with the Maryland Public Service Commission.

In early October, the Maryland body scheduled additional hearings for October 14 and 15.

EDF Development Inc.’s interest in Constellation Energy Nuclear Group will be structured as a new joint venture between the companies, it said.

The companies said:

“Completing this nuclear joint venture is critical to the proposed construction of a new nuclear unit at Constellation Energy’s Calvert Cliffs Nuclear Power Plant, which would represent one of the largest industrial development projects in Maryland, creating 4,000 construction jobs, 400 permanent positions, and enough new, clean energy to power 1.3 million homes. This historic nuclear joint venture has the potential to deliver extraordinary value for Maryland and we’re eager to complete this transaction and begin delivering those benefits as quickly as possible.”

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