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Constellation, EDF Agree To Conditions For Venture

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Nov 2, 2009 1:21 pm US/Eastern

Constellation, EDF Agree To Conditions For Venture

ANNAPOLIS, Md. (AP) ― Constellation Energy Group and France's EdF have agreed with conditions set by Maryland regulators to move forward with a $4.5 billion joint nuclear venture.

Constellation announced Monday it had received approval from its board and that the Baltimore-based company is "now moving to close the transaction as quickly as possible."

EdF also says it will work to close the transaction.

The Maryland Public Service Commission included several conditions to approving the deal on Friday, including a one-time, $110.5 million credit for customers of Baltimore Gas and Electric, a subsidiary of Constellation.

Another condition requires Constellation to implement measures to create distance with BGE for purposes of bankruptcy protection.

EdF is looking to acquire nearly half of Constellation's nuclear assets.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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