PSC Decision will Delay Review of the Company’s Proposed Nuclear Joint Venture with EDF Group
– By Abby Gessner –
Constellation Energy has released the following statement regarding the decision by the Maryland Public Service Commission (PSC) to delay its review of the proposed nuclear joint venture between Constellation Energy and EDF Group.
“We are disappointed that the PSC has granted the state of Maryland’s request to delay its review of EDF’s $4.5 billion investment in Constellation Energy’s nuclear assets. We have been working diligently to stay on the schedule set by the PSC and had hoped that the state of Maryland would do the same given the value of this investment to the state.
“The PSC’s review of the EDF transaction has been ongoing since February 2009. During this time, Constellation Energy, BGE and EDF have produced in excess of 15,000 pages of documents, provided unprecedented access to senior corporate officers for hours of depositions and testimony, and submitted numerous briefs and expert testimony. During this entire process, neither Constellation Energy, BGE nor EDF has asked for an extension of time to answer questions or provide information requested by any party to this review – we have met every deadline set for us by the PSC and the other parties to this proceeding.
“We believe that the parties have all of the information reasonably necessary to review the EDF transaction. Any delay in a transaction of this magnitude adds to the risk of it not closing, which would be a real loss for Maryland.”