Constellation-EdF deal complete 

Posted: 12:23 pm Fri, November 6, 2009
By Danielle Ulman
Daily Record Business Writer

Constellation Energy Group Inc. and Electricite de France have completed the transaction for their $4.5 billion nuclear joint venture, the companies said Friday.

“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,” Constellation and EDF said in a news release.

The announcement came one week after the Maryland Public Service Commission, which spent months reviewing the deal to sell 49.99 percent of Constellation’s nuclear business to EDF, conditionally approved the transaction.

The companies agreed to the PSC’s terms, including $100 credits to customers of Baltimore Gas & Electric Co., implementation of a system to financially separate BGE from Constellation and a $250 million cash infusion into BGE.

The new venture is called Constellation Energy Nuclear Group LLC.

The companies are scheduled to appear before the PSC on Dec. 1 to update regulators on their progress in implementing the conditions.