Constellation offers to sell nuclear stake to EDF

Posted: 12:39 pm Fri, October 15, 2010
By Daily Record Staff

Constellation Energy Group Inc. offered to sell its 50 percent stake in a nuclear-power joint venture to Electricite de France SA for $1 plus the reimbursement of $117 million in development and design costs, according to a story from Bloomberg.

Baltimore-based Constellation said an option it has to sell 12 coal, hydroelectric and natural-gas plants to EDF should be addressed separately, according to a letter sent to Thomas Piquemal, EDF executive vice president, Friday, Bloomberg’s story said.

EDF, Europe’s largest power producer, offered to buy the Constellation stake in the joint venture on Oct. 13.

EDF will “vigorously and confidently resist” enforcement of the put option, the Paris-based company told Bloomberg. The option expires in December.