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 Under the deal announced late Tuesday, EDF will acquire
Baltimore-based Constellation's 50 percent ownership in the joint
venture known as UniStar for $140 million.
In addition to sites for Calvert Cliffs 3 and a potential fourth
reactor in Maryland, Constellation will transfer to UniStar
potential new nuclear sites at Nine Mile Point and R.E. Ginna in New
York.
Constellation's sale of its share of UniStar means it will no longer
have responsibility for developing or financing the third Maryland
reactor.
The agreement also calls for EDF to transfer 3.5 million of the
shares it owns in Constellation and to give up its seat on
Constellation's board.
An existing standstill agreement between the two companies will end.
Constellation will end its rights under an existing put option and
will not sell any of its plants to Paris-based EDF. The third reactor has the potential to create 4,000 jobs and ease
Maryland's electricity shortage.
Constellation announced earlier this month it would not move ahead
with the proposal over risks linked to the high cost of a $7.5
billion loan guarantee.
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Maryland Gov. Martin O'Malley, who supports the third reactor, has
met with EDF officials about keeping the project alive. He also has
spoken with Carol Browner, director of the White House Office of
Energy and Climate Change Policy, about the project.
House Majority Leader Steny Hoyer of Maryland said he was pleased
with the agreement.
"I know that the governor, senators and Maryland delegation join me
in welcoming this development and look forward to working with the
parties and the administration to move this project forward," he
said in a written statement.
[Associated
Press; By BRIAN WITTE]
Copyright 2010 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
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