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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.

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."

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."

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.

Kazakhstan's security service said on Wednesday some of the country's uranium fields had been sold illegally to foreign firms by Kazakh state uranium company Kazatomprom, in a move certain to alarm investors. [ID:nLR384428] Below is the list of key Kazakh uranium joint ventures in which foreign companies have stakes. KYZYLKUM Kyzylkum operates Khorasan-1, Kazakhstan's largest uranium mine with reserves of more than 80,000 tonnes. Canada's Uranium One (UUU.TO) owns 30 percent in its operating company Kyzylkum. A consortium of Japanese firms including Toshiba Corporation (6502.T), TEPCO (9501.T), Chubu Electric (9502.T), Tohoku Electric (9506.T), Kyushu Electric (9508.T) and Marubeni Corporation (8002.T) owns a 40 percent stake. The rest belongs to Kazatomprom.

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 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.

"Russian Prime Minister Vladimir Putin proposed creating a nuclear power holding company with Ukraine as the two former Soviet republics rebuild ties. "We have made massive proposals, referring to generation, nuclear power engineering, and nuclear fuel," Putin told reporters after a meeting with Ukrainian President Viktor Yanukovych in Kiev today. Any cooperation may be phased, Putin said after the surprise visit to Kiev. Russia and Ukraine have reached agreements on natural gas subsidies and a navy base since Yanukovych's election in February improved ties between the neighboring states. Putin also met yesterday with his Ukrainian counterpart, Mykola Azarov, to discuss industrial cooperation. "

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."

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.

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.

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.

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.