(The Baltimore Sun - McClatchy-Tribune Information Services via COMTEX)
Constellation Energy Group closed a deal Friday to sell half its nuclear power business to a French utility, one week after Maryland regulators approved the $4.5 billion transaction with conditions.
The deal's closure ends a difficult chapter for Constellation, which teetered on the edge of bankruptcy amid the meltdown of the financial sector last year. Forced by a severe cash shortage to find a partner, Constellation initially agreed to a takeover by billionaire investor Warren Buffett before switching to the deal with Electricite de France in December.
In completing the deal, the Baltimore company surmounted regulatory hurdles and overcame political pressure. The agreement creates a joint venture to expand the companies' partnership to develop and build the first nuclear power plants in the United States in more than three decades, including a new unit at Calvert Cliffs.
Constellation's nuclear assets include existing Calvert Cliffs units in Southern Maryland and the Nine Mile Point and R.E. Ginna plants in New York.
"With the close of the transaction, the companies look forward to working together to deliver the expected economic, environmental and clean energy benefits created by the joint venture," the two companies said in a statement.
Want to help with Global-Warming? Please visit http://www.whiteearth.org
Become a fan of the Facebook page http://www.facebook.com/whiteearthorg or http://www.facebook.com/whiteearth
Become a friend on Facebook page http://www.facebook.com/christopherbeau
Follow me on Twitter http://www.twitter.com/christopherbeau
Help with supporting WhiteEarth.org by buying art on http://www.artsymphony.com 100% of proceeds go to WhiteEarth
No comments:
Post a Comment