As Exelon and Constellation Energy court power regulators for approval of a $7.9 billion merger, Constellation Energy Nuclear Group partner EDF has urged Maryland authorities to kill the deal.
The Baltimore Sun reported that EDF filed its testimony Wednesday with the Maryland Public Service Commission, which has the authority to stop the merger following a review that begins Oct. 31. France-based EDF owns 49.99 percent of CENG and fears the partnership would lose autonomy if Exelon assumes Constellation’s stake. What’s more, EDF said the joint company’s market share and potential control over electricity prices could prompt regulators to deny it approval for new power plants on the East Coast. While Constellation abandoned the project, EDF continues to support a proposed third reactor at Maryland’s Calvert Cliffs nuclear plant.
CENG employs 2,700, and the testimony by EDF also suggested a merger could result in job losses.
For its part, Exelon pointed out in a press release Wednesday that it would sell 2,648 megawatts of generation capacity to alleviate concerns about the joint company’s market power. The deal will also be scrutinized by the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and the New York State Public Service Commission. The companies hope to finalize the merger early next year.