NRC OKs Transfer Of Constellation Nuclear Licences In EDF Deal
10 October 2009 - 7:46AM
Dow Jones News
The U.S. Nuclear Regulatory Commission on Friday cleared the
transfer of operating licenses for Constellation Energy Group Inc.
(CEG) nuclear-power plants to the joint venture created by the
purchase of half the company's nuclear business by Electricite de
France SA (EDF.FR).
Completion of the $4.5 billion deal, struck in December, has
been delayed pending various regulatory approvals. Once completed,
EDF would own 49.99% of the nuclear business, with Baltimore-based
Constellation owning the remaining 50.01% through two intermediate
companies.
The NRC placed several conditions on the deal, including
requiring that at least half the board members of the nuclear
company, Constellation Energy Nuclear Group, be U.S. citizens. NRC
rules prohibit nuclear licenses from being owned, controlled or
dominated by a foreign individual or company. The nuclear unit's
chief executive, chief nuclear officer and chairman of the board
must also be U.S. citizens, the NRC said in a press release.
-By Mark Long, Dow Jones Newswires; 212-416-2145;
mark.long@dowjones.com