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By Jamie Smith Hopkins, The Baltimore Sun | July 30, 2013
French energy firm Electricite de France outlined an exit strategy Tuesday from its stake in three of Exelon's nuclear power plants, including Calvert Cliffs in Southern Maryland. Both companies disclosed that EDF has an option to sell its 49.99 percent stake in Constellation Energy Nuclear Group to Exelon - which owns the rest - for fair market value between 2016 and 2022. Constellation, bought by Exelon last year, also worked out a deal with EDF to transfer the power plants' licenses to its parent.
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NEWS
September 4, 2014
I read with interest the commentary, "The nuclear option" (Aug. 26), in The Baltimore Sun, and I wanted to comment on just one aspect of this public pitch for nuclear power. The author omitted the fact that Constellation Energy made application to the U.S. Nuclear Regulatory Commission to construct and operate Calvert Cliffs 3 in 2009, as I recall. They went into partnership with the French-owned Electricite de France to form UniStar Nuclear Energy to build an evolutionary pressurized water reactor similar to what is notoriously still under construction in Finland.
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BUSINESS
By Jay Hancock and Baltimore Sun reporter | October 12, 2010
From Jay Hancock's blog: Not much time. On the way to the PSC's hearings on the electricity grid's notorious reliability pricing model, which basically pays generation plants for merely existing and hasn't done its promised job of luring new generation projects to Maryland. The EDF Group offer to take over development of Calvert Cliffs 3 is a long long shot. A million things have to go right. If EDF were to take over UniStar, it and Constellation Energy Group would have to come to terms.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 30, 2013
French energy firm Electricite de France outlined an exit strategy Tuesday from its stake in three of Exelon's nuclear power plants, including Calvert Cliffs in Southern Maryland. Both companies disclosed that EDF has an option to sell its 49.99 percent stake in Constellation Energy Nuclear Group to Exelon - which owns the rest - for fair market value between 2016 and 2022. Constellation, bought by Exelon last year, also worked out a deal with EDF to transfer the power plants' licenses to its parent.
BUSINESS
By Hanah Cho, The Baltimore Sun | November 7, 2011
Two years ago, Constellation Energy Group and its French nuclear partner EDF were BFFs. Today, with EDF seeking to torpedo the Baltimore company's plan to sell itself to Chicago-based Exelon Corp., the relationship between the former "best friends forever" has clearly deteriorated. The French utility — Constellation's second-largest shareholder — is pushing Maryland energy regulators to reject the proposed $7.9 billion merger. A consultant hired by EDF is scheduled to testify Wednesday as the second week of hearings continues before the Maryland Public Service Commission.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 25, 2011
Constellation Energy Group's largest shareholder is voting against CEO Mayo A. Shattuck's compensation. The move by French utility EDF is largely symbolic because Constellation's board will not be bound by the outcome of the "say on pay" proposal, but it is the latest spotlight on Shattuck's pay. Two influential shareholder groups — Glass, Lewis & Co. and Institutional Shareholder Services — recently advised Constellation shareholders to...
NEWS
By Edward Gunts, The Baltimore Sun | January 17, 2012
Exelon Corp. and Constellation Energy Group have reached an agreement with Electricite de France, a large Constellation shareholder, for the French utility to withdraw its opposition to a proposed merger between the companies. The terms of the agreement address Constellation Energy Nuclear Group, a joint venture between Constellation and EDF that owns and operates three nuclear facilities with generating units in Maryland and New York. No payment was made by either party associated with the agreement, which reaffirms the terms of the joint venture.
BUSINESS
By Hanah Cho, The Baltimore Sun | June 23, 2011
Constellation Energy Group's nuclear venture partner is asking Maryland energy regulators to be a party in the case examining the proposed merger between the Baltimore company and Chicago-based Exelon Corp. In a petition filed Thursday with the Maryland Public Service Commission, French utility EDF Group said its "interests are unique and will be affected by the proposed transaction which implicates significant issues related to reliability. " EDF owns nearly half of Constellation's nuclear power business, which operates plants in New York and two Calvert Cliffs units in Southern Maryland.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 19, 2010
The head of the AFL-CIO is urging Constellation Energy Group not to exercise an option to sell some of its nonnuclear power plants to its French partner, EDF, for up to $2 billion, and "walk away from its investment" in the proposed third nuclear reactor at Calvert Cliffs in Southern Maryland. In a letter Tuesday to Baltimore-based Constellation chief executive Mayo Shattuck, AFL-CIO president Richard L. Trumka said a move to exercise to the option "will undermine the long-term value of Constellation.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | December 10, 2008
Electricite de France's proposal to invest $4.5 billion in Constellation Energy Group's nuclear-generation business looks like it has a shot. Since the state-owned French electricity giant pitched the deal last week, investors have bid Constellation stock as high as $29. That's a bet that a rival proposal from Warren Buffett for $26.50 won't go through or that Buffett will take it seriously enough to increase his offer. Rating agencies have suggested that if Constellation shareholders reject Buffett's deal in favor of EDF, Constellation would have enough cash at hand to avoid bankruptcy court.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | March 11, 2013
The U.S. Nuclear Regulatory Commission upheld a decision Monday preventing a French company from building a third reactor at the Calvert Cliffs Nuclear Power Plant in southern Maryland, but it offered glimmers of hope for the project's proponents. The commissioners directed their staff "to review issues relating to foreign ownership" — the sticking point for the Calvert Cliffs proposal — and recommend whether changes to agency rules or practice are appropriate. The five-person commission would not overturn a decision by the Atomic Safety and Licensing Board that UniStar Nuclear Energy is ineligible for a new-reactor license because it is wholly owned by French energy group EDF. Federal law bans foreign ownership or control of nuclear plants.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 27, 2012
The Calvert Cliffs Nuclear Power Plant shut down one of its reactors Tuesday after employees at the southern Maryland facility detected problems with a control rod. Operators took the plant's Unit 1 reactor offline around 8:30 a.m. to replace one of the electrical coils connected to a control rod and test all the other control rods, said Kory Raftery, a spokesman for Calvert Cliffs. The move came after monitoring of the reactor picked up "electrical noise" in that control rod, a sign that part of the connection might have gone bad, he said.
FEATURES
By Timothy B. Wheeler, The Baltimore Sun | August 31, 2012
Once promoted as the vanguard of a "nuclear renaissance," a proposed new reactor at the Calvert Cliffs nuclear power plant in Southern Maryland now faces a major new roadblock, with federal regulators threatening to shelve the troubled $9.6 billion project unless the French-controlled developer comes up with a U.S. partner in the next two months. The ruling Thursday by the Atomic Safety and Licensing Board was not unexpected, as the board's parent Nuclear Regulatory Commission had warned Unistar Nuclear Energy more than a year ago that it could not get a license for the Maryland reactor without a U.S. partner.
NEWS
By Kevin Rector, The Baltimore Sun | August 30, 2012
Federal regulators denied a license Thursday to the French-controlled company for a proposed third nuclear reactor at the Calvert Cliffs nuclear power plant in Southern Maryland, giving the company 60 days to find a U.S. partner. At the end of those 60 days, the three judges of the Atomic Safety and Licensing Board wrote, they would be forced to terminate the company's application proceedings entirely. The decision follows warnings from the Nuclear Regulatory Commission in April 2011 that UniStar Nuclear Energy, which is owned by Electricite de France, is not eligible to control the proposed $9.6 billion Calvert Cliffs 3 project under its current ownership structure.
NEWS
By Hanah Cho, The Baltimore Sun | February 16, 2012
The federal nuclear regulator approved Thursday the proposed sale of Constellation Energy Group to Chicago-based Exelon Corp. The decision by the Nuclear Regulatory Commission means the proposed $7.9 billion merger has two remaining regulatory hurdles to clear. The Maryland Public Service Commission is expected to issue a decision Friday, while the Federal Energy Regulatory Commission also needs to rule on the deal, which would create the largest competitive energy company in the United States.
NEWS
By Edward Gunts, The Baltimore Sun | January 17, 2012
Exelon Corp. and Constellation Energy Group have reached an agreement with Electricite de France, a large Constellation shareholder, for the French utility to withdraw its opposition to a proposed merger between the companies. The terms of the agreement address Constellation Energy Nuclear Group, a joint venture between Constellation and EDF that owns and operates three nuclear facilities with generating units in Maryland and New York. No payment was made by either party associated with the agreement, which reaffirms the terms of the joint venture.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 12, 2010
Gov. Martin O'Malley met Tuesday with officials of Constellation Energy Group's French partner to discuss ways to revive the proposed third reactor at Calvert Cliffs, after the Baltimore company pulled out of federal financing negotiations this weekend, sharply setting back plans for the plant. O'Malley is one of several state and local officials who hope to keep the project alive and save thousands of jobs to build and operate the $9.6 billion reactor in Southern Maryland. Constellation and Electricite de France formed Unistar Nuclear Energy to develop nuclear power plants in the United States, including a third unit at Calvert Cliffs.
BUSINESS
By JAY HANCOCK | August 19, 2009
This is a column about how Constellation Energy Group and Electricite de France are going to scrap the $4.5 billion deal that has filled headlines, politics and regulators' files for eight months. My apologies for not writing it sooner - like the day they announced it. We should know by now that, any time Constellation contemplates matrimony, the courtship is probably doomed to political resistance and heartache. Shame about that third nuclear reactor the companies were going to build at Calvert Cliffs on the Chesapeake.
NEWS
By Michael Dresser, The Baltimore Sun | January 4, 2012
The state Board of Public Works gave its unanimous approval Wednesday to a wetlands dredging permit for a company that hopes to build a third nuclear reactor at the Calvert Cliffs power plant in Southern Maryland, even though the project is far from getting off the ground. The board granted the permit to UniStar Operating Services LLC after being told approval would help the company secure the licensing, financing and U.S.-based partner it would need to get the stalled project moving.
BUSINESS
By Hanah Cho and Gus G. Sentementes, The Baltimore Sun | November 17, 2011
Shareholders for Baltimore-based Constellation Energy Group Inc. and Chicago-based Exelon Corp. today approved the merger of the two energy companies. The confirmation of the $7.9 billion deal by shareholders was widely expected by analysts, but had its critics. Federal and state regulatory reviews are still required for the deal, which company officials say is on track to close in the first quarter of next year. More than three-quarters of Constellation's shareholders submitted votes on the deal; the special shareholders' meeting took place in New York City.
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