Nuclear Regulatory Commission Approves Constellation License Deal
Friday, October 9, 2009; 6:35 PM
The U.S. Nuclear Regulatory Commission approved the transfer of operating licenses between Constellation Energy and Electricite de France, a French energy giant, on Friday. The transfer is part of a proposed $4.5 billion investment by EDF in Constellation Energy's existing nuclear facilities.
Once the business venture is approved and completed, EDF would own 49.99 percent of Constellation's existing plants. The French company partners with Constellation to build new nuclear power plants.
Approvals from Maryland's Public Service Commission are pending. There are two hearings scheduled for next week. The PSC stepped in over concern that the deal would affect Constellation-owned Baltimore Gas and Electric customers.
Constellation and EDF officials wanted the deal to be completed by mid-September, but because of Maryland's hearing process, the deadline was missed. Constellation officials have said that without the EDF investment, the proposed construction of a third reactor at the Calvert Cliffs Nuclear Power Plant in Lusby would be impossible.