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By Hanah Cho, The Baltimore Sun | October 28, 2010
A deal to transfer Constellation Energy Group's stake in a nuclear development company to its French partner is scheduled to close Nov. 3, according to documents filed Thursday with the Securities and Exchange Commission. On Tuesday, Constellation agreed to sell its 50 percent stake in Unistar Nuclear Energy to EDF Group for $140 million, giving EDF sole ownership of the joint venture and its plans to develop the third unit at Calvert Cliffs in Southern Maryland. The deal revived hopes for the project's future, which was thrown into doubt when Constellation withdrew this month from negotiations with Obama administration officials over a federal loan guarantee deemed crucial to build the $9.6 billion reactor.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 17, 2013
A new report suggests that a substantial number of U.S. nuclear reactors — including one or both at Calvert Cliffs in Southern Maryland — are at risk of early retirement. Mark Cooper with the Vermont Law School's Institute for Energy and the Environment said a third of the country's nuclear fleet have a number of risk factors, largely economic, that could lead to their owners' deciding to shut them down before their licenses expire. A single problem, such as a costly repair, could be enough to push any of the reactors over the brink, he said.
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BUSINESS
By Hanah Cho, The Baltimore Sun | November 4, 2010
A deal to transfer Constellation Energy Group's stake in a nuclear development company to its French partner, EDF Group, closed Wednesday, according to documents filed Thursday with the Securities and Exchange Commission. Last month, Constellation agreed to sell its 50 percent stake in Unistar Nuclear Energy to EDF for $140 million, giving EDF sole ownership of the joint venture and its plans to develop a third unit at Calvert Cliffs in Southern Maryland. The deal called for EDF to transfer 3.5 million shares it owns, valued around $110 million, to Constellation and give up its seat on the Constellation board.
BUSINESS
By Hanah Cho, The Baltimore Sun | November 1, 2011
Constellation Energy's second-largest shareholder and a partner in its nuclear business grilled the Baltimore company's chairman and chief executive, Mayo A. Shattuck III, about his compensation and proposed role at Exelon Corp. during the second day of regulatory hearings on the $7.9 billion merger of the two energy giants. EDF Group opposes the merger and has had a strained relationship with Constellation since last fall, when the Baltimore utility pulled out of plans to develop a proposed third nuclear unit at Calvert Cliffs in Southern Maryland.
BUSINESS
By Hanah Cho, The Baltimore Sun | December 17, 2010
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.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | October 10, 2010
Constellation Energy Group walked away this weekend from federal financing negotiations for a proposed third nuclear reactor at Calvert Cliffs in a move that casts the project into doubt and threatens to erase thousands of jobs to build and operate the plant, as well as cut off a crucial supply of power expected to lower prices. Known as Calvert Cliffs 3, the new nuclear plant was expected to generate 1,600 megawatts of carbon-free energy, which would help alleviate an expected electricity shortfall in Central Maryland that could start as early as next year.
BUSINESS
By Jay Hancock and Baltimore Sun reporter | October 12, 2010
From Jay Hancock's blog: Take this with a truckload of salt. One anonymous source tells Bloomberg that EDF Group would support the sale of one of Maryland's biggest corporate citizens, Constellation Energy, parent of Baltimore Gas & Electric. The French EDF, which holds a large stake in Constellation, is in the process of divorcing Constellation over their troubled joint venture to build a third nuclear reactor at the Calvert Cliffs electricity plant. EDF has several reasons to rattle this saber.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 2, 2011
French utility EDF Group is asking the state for help in developing a third nuclear reactor at Calvert Cliffs in Southern Maryland. Thomas Piquemal, EDF's executive vice president of finance, met this week with Gov. Martin O'Malley in Washington, where the governor was attending the National Governors Association winter conference. Piquemal also met with Rep. Steny H. Hoyer of Southern Maryland. The two discussed ways to push forward the project, which has had some setbacks. EDF's U.S. partner, Baltimore's Constellation Energy Group, pulled out of negotiations in the fall with the Department of Energy over a federal loan guarantee deemed crucial to the $9.6 billion project.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 29, 2010
Baltimore's Constellation Energy Group, which is no longer pursuing the development of a new nuclear reactor at Calvert Cliffs, reported Friday a net loss of $1.4 billion after taking large write-downs to reflect the reduced value of its nuclear power business and the cancellation of its nuclear development venture with a French partner. The loss was $6.99 per share in the three months that ended Sept. 30, compared with a profit of $137.6 million, or 69 cents per share, in the same period a year ago. Declining power prices and a lack of carbon legislation contributed to the lower value of Constellation's five nuclear plants in New York and at Calvert Cliffs in Southern Maryland, reflecting a pre-tax charge against profit of $2.3 billion.
NEWS
November 1, 2010
The agreement reached Tuesday between Constellation Energy Group and EDF Group giving the French company full ownership of a proposed expansion of the Calvert Cliffs nuclear plant may have kept the project alive — but perhaps only barely. The episode certainly produced its share of international corporate drama, from Constellation's threat to exercise an option that would force EDF to buy the company's non-nuclear assets at an inflated price to EDF's effort to put a notorious shark (pardon, an aggressively inquisitive attorney)
BUSINESS
Jay Hancock | October 15, 2011
Three years ago, Constellation Energy boss Mayo Shattuck signed up a huge French electricity company to save his job. By now, he may be wondering whether the deal was worth it. Owned mostly by the French government, EDF Group first clashed with Constellation about developing a new nuclear reactor at Calvert Cliffs in Southern Maryland. Then it publicly threatened Shattuck in a stare-down over a financial option worth hundreds of millions of dollars. Now it's trying to bust up Constellation's $7.9 billion agreement to merge with Chicago-based Exelon Corp.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 12, 2011
Despite continuing challenges to Constellation Energy Group's plans to sell itself to Exelon Corp., analysts say the $7.9 billion deal is likely to overcome major regulatory obstacles, including those in Maryland, where critics are seeking concessions to make the merger more palatable. On Wednesday, even as the companies and merger opponents continued to spar over details of the deal, energy analysts said the merger — scheduled for a shareholder vote next month — is expected to go through.
BUSINESS
By Hanah Cho and Liz F. Kay, The Baltimore Sun | September 26, 2011
EDF Group, Constellation Energy's second-largest shareholder and a partner in its nuclear business, is threatening to vote against the company's plans to sell itself to Exelon Corp. after talks between them broke down last week, according to sources familiar with the discussions. Officials with EDF, a French company that owns nearly half of Constellation's nuclear power plants, are concerned the company will lose autonomy as a smaller part of Chicago-based Exelon, according to the sources.
NEWS
By Brew Barron | March 21, 2011
As a leading producer of safe, reliable and economical electricity from nuclear energy in Maryland and New York, we take seriously our role to communicate about how the Japan situation impacts our industry and energy facilities. We at Constellation Energy Nuclear Group LLC (CENG) extend our sincere sympathies to those suffering due to the tragic earthquake and tsunami. Our hearts are with those in Japan and those who have family and friends in the region. Our stakeholders (Constellation Energy and the EDF Group)
NEWS
By Michael Dresser, The Baltimore Sun | March 12, 2011
The operator of Maryland's Calvert Cliffs twin reactors sought to reassure state residents that the facility remains safe, as Japan grapples with this weekend's explosion at a nuclear plant after an earthquake and tsunami. Mark Sullivan, a spokesman for the Constellation Energy Nuclear Group, said the company's plants, including Calvert Cliffs, are designed to withstand any shock plants indicated by the seismic history of the geographic areas in which they're located. Sullivan said company officials are closely monitoring the events at Japan's Fukushima Daiichi Nuclear Power Plant.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 2, 2011
French utility EDF Group is asking the state for help in developing a third nuclear reactor at Calvert Cliffs in Southern Maryland. Thomas Piquemal, EDF's executive vice president of finance, met this week with Gov. Martin O'Malley in Washington, where the governor was attending the National Governors Association winter conference. Piquemal also met with Rep. Steny H. Hoyer of Southern Maryland. The two discussed ways to push forward the project, which has had some setbacks. EDF's U.S. partner, Baltimore's Constellation Energy Group, pulled out of negotiations in the fall with the Department of Energy over a federal loan guarantee deemed crucial to the $9.6 billion project.
NEWS
By Michael Dresser, The Baltimore Sun | March 12, 2011
The operator of Maryland's Calvert Cliffs twin reactors sought to reassure state residents that the facility remains safe, as Japan grapples with this weekend's explosion at a nuclear plant after an earthquake and tsunami. Mark Sullivan, a spokesman for the Constellation Energy Nuclear Group, said the company's plants, including Calvert Cliffs, are designed to withstand any shock plants indicated by the seismic history of the geographic areas in which they're located. Sullivan said company officials are closely monitoring the events at Japan's Fukushima Daiichi Nuclear Power Plant.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 17, 2013
A new report suggests that a substantial number of U.S. nuclear reactors — including one or both at Calvert Cliffs in Southern Maryland — are at risk of early retirement. Mark Cooper with the Vermont Law School's Institute for Energy and the Environment said a third of the country's nuclear fleet have a number of risk factors, largely economic, that could lead to their owners' deciding to shut them down before their licenses expire. A single problem, such as a costly repair, could be enough to push any of the reactors over the brink, he said.
BUSINESS
By Hanah Cho, The Baltimore Sun | December 17, 2010
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.
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