Constellation may be looking for new partner to build Calvert Cliffs reactor

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French state-controlled power behemoth Electricite de France SA (EDF.FR) is considering dropping all plans for new nuclear capacities in Maryland, following a proposed settlement between the Maryland governor and EDF‘s U.S. partner, Constellation Energy (CEG), a person familiar with the matter said Thursday.

The French company EDF couldn’t reach an agreement on subsidies required to complete the project with the United States .  For months the company had been continuing to go through the motions as if the build was a possibility, but as soon as the process needed to move forward, admitted to the inadequacies of the project at the time.

EDF is one of Constellation’s biggest shareholders and it owns half of Constellation’s nuclaer-power division. EDF had been pressuring Maryland officials to block the Exelon deal, which it rightly fears will dilute its interest in and control of the Constellation assets.

New nuclear power plants are wildly overpriced, due to overcomplexity, financial risk, and the plunge in natural gas prices.

EDF has struggled with its nuclear efforts in Maryland despite earlier support from Maryland officials, who hoped the nuclear project would boost the economy and create jobs.

Source: Baltimore Sun

Source: NASDAQ

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