Group items tagged

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.

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.

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.

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.

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.

US-based Constellation Energy Group accepted a 4.5-billion-dollar (3.15-billion-euro) offer from France's EDF for a 49.99 percent stake in its nuclear power business, the companies said Wednesday. Constellation backed out a deal with renowned US investment manager Warren Buffett, whose energy group MidAmerican Energy Holdings Company had offered 4.7 billion dollars for the whole company. A statement from the French firm said the deal would "enhance Constellation Energy's long-term stability and liquidity position" and extend "the EDF Group's nuclear expertise in the United States." Constellation, a top US electricity supplier, said it would pay some 1.2 billion dollars to break off the merger with Mid-American in a combination of cash, bonds and shares to be declared in the fourth quarter of 2008.

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.

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.

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.

Norway's sovereign wealth fund said on Wednesday it has filed a suit in a U.S. court to prevent Constellation Energy (CEG.N) from convening a shareholders meeting due to vote on a takeover by MidAmerican. Norway's fund owns 4.8 percent in Constellation, whose value it said was undervalued by the offer by MidAmerican Energy, a unit of Warren Buffett's Berkshire Hathaway Inc (BRKa.N). Since MidAmerican's move was proposed and backed by Constellation's board, French power company Electricite de France (EDF.PA) made an offer for Constellation assets "that values it substantially higher" than MidAmerican's offer, the Norwegian oil fund said.

Electricite de France SA, Europe's biggest power producer, said it offered to acquire Constellation Energy Group Inc. with KKR & Co. and TPG Capital LP for $6.2 billion, 32 percent more than Warren Buffett agreed to pay. The agreement announced Sept. 18 for Buffett's MidAmerican Energy Holdings Co. to buy Baltimore-based Constellation for $4.7 billion, or $26.50 a share, isn't adequate, Paris-based EDF said today in a public filing. Constellation Chief Executive Officer Mayo Shattuck said the Buffett deal was ``superior'' to any alternative available after the largest U.S. power marketer plunged 58 percent in the preceding three days.

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.

US regulators have approved a plan for French-based EDF to take a stake in Constellation Energy Group, clearing a key hurdle for a new nuclear power plant in Maryland, the companies said Friday. The US Nuclear Regulatory Commission "has approved the investment structure and license transfer" related to EDF's acquisition of 49.99 percent of Constellation Energy's nuclear assets, a joint statement said. The investment was previously reported to have cost 4.5 billion dollars. The companies said EDF's has now received "all necessary approvals at the federal level and clearance from the New York Public Service Commission."

US regulators have approved a plan for French-based EDF to take a stake in Constellation Energy Group, clearing a key hurdle for a new nuclear power plant in Maryland, the companies said Friday. The US Nuclear Regulatory Commission "has approved the investment structure and license transfer" related to EDF's acquisition of 49.99 percent of Constellation Energy's nuclear assets, a joint statement said. The investment was previously reported to have cost 4.5 billion dollars. The companies said EDF's has now received "all necessary approvals at the federal level and clearance from the New York Public Service Commission."

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.

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.

Deal That Could Pave the Way for Four New Nuclear Reactors In the U.S. Is Taxpayer Boondoggle Coalition Statement on Reactors Planned for Maryland, Pennsylvania, New York and Missouri A transaction announced Wednesday through which Electricite de France (EDF) - the world's largest nuclear developer - will buy half of Baltimore-based Constellation Energy should not come to fruition. Not only does it increase the foothold of a French state-controlled utility in the largest energy market, but it makes it more likely that billions of U.S. taxpayer dollars will be sunk into an economically unviable industry. Baltimore-based Constellation Energy said that it would approve a deal with the world's largest nuclear developer, French-controlled EDF. Under the proposal, EDF would pay $4.5 billion to buy half of Constellation's aging nuclear assets, which consist of two reactors at Calvert Cliffs in Maryland, two reactors at Nine Mile Point in New York and the Ginna reactor, also in New York. In addition, EDF would buy up to $2 billion of non-nuclear Constellation power plants.

Nation's Financial Crisis, Pending Takeover of Constellation Raise Concerns WASHINGTON, D.C. - A coalition of environmental and public interest groups today called on Maryland regulators to place a moratorium on the permitting of a new $9.6 billion nuclear reactor in light of the nation's worsening financial crisis and serious concerns about the stability of the company building the project. Constellation Energy Group, which is seeking permits to build the reactor at Calvert Cliffs, Md., was tied financially to Lehman Brothers Holdings, the giant investment firm that filed for bankruptcy Monday. By Wednesday's market close, Constellation shares had lost nearly 58 percent of their value, trading at less than $25 a share. In January, Constellation's stock was trading at a 52-week high of $107.97.

Oswego, New York (WSYR-TV) - Oswego County boasts several nuclear power plants already -- but any hopes it will house Constellation energy's newest facility have been dashed. Friday, the U.S. Nuclear Regulatory Commission announced it is postponing its review of Constellation's application for a new plant in Scriba -- at the company's request. Constellation asked for the delay because it has decided to build the first of its four proposed nuclear plants in Maryland. Paperwork to move that project forward must first be approved by the NRC before any subsequent plants can be okayed.

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."

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.

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.

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.

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.

Constellation Energy said Monday its board of directors had authorized the company's management team to begin immediate discussions and exchange of information with Electricite de France over the French company's unsolicited proposal for a stake in its nuclear assets. Constellation, a Baltimore-based utility holding company, said it received EDF's proposal December 2. That offer, if accepted and completed, would see the state-owned French company acquire -- through a joint venture -- a 50% ownership interest in Constellation's nuclear business for $4.5 billion.

* EDF offers $4.5 bln for half of CEG's nuclear assets * Option to buy $2 bln nonnuclear assets * EDF says offer values CEG at around $52/share * EDF shares down 0.5 percent, Constellation up 10 pct (Adds comment from analyst and investor, updates share prices) By Astrid Wendlandt and Michael Erman PARIS/NEW YORK, Dec 3 (Reuters) - French power company EDF (EDF.PA: Quote, Profile, Research, Stock Buzz) unveiled a plan to pay as much as $6.5 billion for 50 percent of Constellation Energy Group Inc's (CEG.N: Quote, Profile, Research, Stock Buzz) nuclear business and other assets in an attempt to torpedo a rival offer from investor Warren Buffett. If successful, the bid would give the world's largest nuclear utility a solid foothold in the United States, the world's biggest nuclear energy market, and represents a major plank of EDF's global expansion strategy.

More than a dozen members of citizen and environmental groups protested Constellation Energy's nuclear energy partnership with a French utility at the company's Baltimore headquarters this morning and said they were concerned about additional investment in nuclear energy and the way those plants will be financed. Last week, Paris-based Electricite de France agreed to invest $4.5 billion in Constellation's nuclear facilities in exchange for a 49.99 percent ownership stake. This follows a joint venture started last year between EDF and Constellation to develop four new nuclear reactors, including a third at Calvert Cliffs.