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.