Constellation COO Mike Wallace to retire

Wallace had led CEG's new nuclear strategy

December 17, 2010|By Hanah Cho, The Baltimore Sun

Constellation Energy Group Vice Chairman and Chief Operating Officer Michael J. Wallace -- who led the Baltimore company's strategy to develop new nuclear plants in the U.S., including now-abandoned plans for a third reactor at Calvert Cliffs -- will retire next year, the company announced Friday.

Wallace, 63, will also retire as chairman of Constellation's nuclear energy group, a joint venture between Constellation and French utility EDF Group, effective in April. EDF bought nearly half of Constellation's existing nuclear plants two years ago.

Wallace also had been chairman of UniStar Nuclear Energy, a separate joint venture between Constellation and EDF to develop new nuclear plants in the U.S., including Calvert Cliffs 3. But Constellation sold its half stake in UniStar to EDF in October after abandoning negotiations with the Department of Energy over a federal loan guarantee considered crucial for financing the $9.6 billion reactor.

"As I move into a new phase of my professional life, I expect to continue my advocacy for new nuclear development," Wallace said in a statement.

Wallace, however, will become a director of Constellation's subsidiary, Baltimore Gas and Electric Co.

Wallace joined Constellation in 2002 as president of the company's group overseeing power generation . Previously, he was co-founder and managing director of energy consulting firm Barrington Energy Partners LLC.

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