EDF, Constellation nuclear venture get US nod

Posted 10 10 2009 6:38PM

WASHINGTON (AFP) – US regulators have approved a plan for French-based EDF to take a stake in Constellation Energy Group, clearing a key hurdle for a new nuclear power plant in Maryland, the companies said Friday.

The US Nuclear Regulatory Commission "has approved the investment structure and license transfer" related to EDF's acquisition of 49.99 percent of Constellation Energy's nuclear assets, a joint statement said.

The investment was previously reported to have cost 4.5 billion dollars.

The companies said EDF's has now received "all necessary approvals at the federal level and clearance from the New York Public Service Commission."

They said that "completing this nuclear joint venture is critical to the proposed construction of a new nuclear unit at Constellation Energy's Calvert Cliffs Nuclear Power Plant, which would represent one of the largest industrial development projects in Maryland."

It would create 4,000 construction jobs, 400 permanent positions, and enough new, clean energy to power 1.3 million homes, the statement said.

"This historic nuclear joint venture has the potential to deliver extraordinary value for Maryland and we're eager to complete this transaction and begin delivering those benefits as quickly as possible."

It said discussions are continuing with state officials on the plan.

Constellation owns 3,869 megawatts of nuclear generating capacity in the United States.

The French state owns around 85 percent of EDF, the world's biggest producer of nuclear energy.