Boosting its hopes for a turnaround, Constellation Energy Group Inc. (NYSE:CEG) received New York regulator approval for a sale of reactors to France's Electricité de France SA, the world's largest nuclear power plant owner.
The $4.5 billion deal includes the acquisition of nearly half of Constellation Nuclear, the indirect owner of three nuclear power plants in upstate New York.
A Bizjournals report noted Maryland regulators are in the middle of a similar investigation to determine whether the deal gives EdF substantial influence over Constellation subsidiary Baltimore Gas and Electric Co., Maryland's largest electric utility. As we previously reported, Constellation CEO Mayo A. Shattuck III believes the EdF joint venture is most critical to the company's transformation. In the fourth quarter, Baltimore's Constellation posted a net loss of $1.41 billion.
Meanwhile, EdF is engaged in some other deals. It recently received approval from Chinese authorities to acquire a 35% holding in a joint venture with Chinese partners to operate two coal-burning thermal power stations in the province of Henan. On April 17, news came that Centrica plc, the U.K.'s biggest energy supplier, may sell its majority holding in a Belgian power generator to EdF.
And it was reported on Tuesday that EdF is planning a bond issue to be directed toward private individuals in France. - Baz Hiralal
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