Michele Kearney's Nuclear Wire: EDF wants to revive loan guarantee process French utility focusing on next steps, including talking with DOE about loan guarantee process

Thursday, October 28, 2010

EDF wants to revive loan guarantee process French utility focusing on next steps, including talking with DOE about loan guarantee process

EDF Group indicated Wednesday that the French energy company hopes to renew efforts to secure a federal loan guarantee to help finance the construction of a proposed third nuclear reactor at Calvert Cliffs in Southern Maryland.
This latest development comes after EDF and Baltimore's Constellation Energy Group agreed to a $250 million cash and stock settlement that gives EDF full ownership of their Unistar nuclear development company, which includes the Calvert Cliffs project.
The deal, reached late Tuesday, ends their joint venture and helps mend a relationship that had been strained since Constellation abandoned negotiations this month with Obama administration officials over the federal loan guarantee for the $9.6 billion project.
"The loan guarantee process is an essential step for anyone who wants to build new nuclear in the U.S. market," an EDF representative said. "Now that EDF is the sole owner of Unistar, EDF will be focused on next steps and will, of course, be talking with the [Department of Energy] about the process moving forward."
http://www.baltimoresun.com/business/bs-bz-constellation-edf-calvert-cliff20101027,0,186420.story