License transfer for Constellation and EdF
US nuclear safety regulators have approved the transfer of operating licenses for reactors at Calvert Cliffs and Nine Mile Point nuclear power plants to a joint venture by Constellation Energy and Electricité de France (EdF). Nuclear power plants are not allowed to be controlled by foreign entities under American law and so Constellation will hold 50.01% of the joint venture compared to EdF's 49.99%. In addition, at least half the of Constellation's board must remain US citizens. The approval is the latest for EdF's major purchase, made as Constellation shares plunged on the credit crisis last year. Already held are approvals from the Federal Energy Regulatory Commission and the Committee of Foreign Investment in the United States, while the companies continue to work with the Maryland Public Service Commission, in whose state the potential development of a new reactor at Calvert Cliffs hangs in the balance.
US nuclear safety regulators have approved the transfer of operating licenses for reactors at Calvert Cliffs and Nine Mile Point nuclear power plants to a joint venture by Constellation Energy and Electricité de France (EdF). Nuclear power plants are not allowed to be controlled by foreign entities under American law and so Constellation will hold 50.01% of the joint venture compared to EdF's 49.99%. In addition, at least half the of Constellation's board must remain US citizens. The approval is the latest for EdF's major purchase, made as Constellation shares plunged on the credit crisis last year. Already held are approvals from the Federal Energy Regulatory Commission and the Committee of Foreign Investment in the United States, while the companies continue to work with the Maryland Public Service Commission, in whose state the potential development of a new reactor at Calvert Cliffs hangs in the balance.
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