No new deal for EDF as Constellation exits Maryland reactor project

Constellation officially dropped its demand to sell its former partner, Electricite De France, a large portfolio of conventional power-generating stations but exited its partnership with the French utility to build a French reactor at Calvert Cliffs, Maryland. Constellation departed with a $140 million buyout and will get back 3.5 million Constellation shares bought by EDF in December 2008. However, as a foreign corporation, EDF cannot move forward with the Maryland reactor project without a majority U.S. partner. To date, no new candidates have stepped forward. Constellation withdrew due to financial concerns after the U.S. Energy Department asked for a fee of $880 million to compensate taxpayers for the risk they would take on a loan guarantee of about $7.6 billion, a fee Constellation said would doom the project.