EDF selling stake in three US nuclear plants

• 5 years ago (2019-11-22)
• David Flin

North America 1021 Nuclear 659

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EDF Group is selling its 49.99 per cent interest in the R.E. Ginna, Nine Mile Point, and Calvert Cliffs nuclear power facilities. Exelon Generation , the other owner of the shares, and EDF will now begin negotiations for Exelon to acquire full ownership of the plants.

EDF became involved in the facilities when it formed the joint venture Constellation Energy Nuclear Group (CENG) with Constellation Energy in 2009. Exelon acquired its majority stake in the plants as part of a merger with Constellation Energy in March 2012.

EDF said that the disposal of CENG shares is part of a previously announced non-core-asset disposal plan.

The facilities consist of the single unit 576MW R.E. Ginna Nuclear Power Plant, and the two-unit 1907MW Nine Mile Point Nuclear Station, both in New York state, and the two-unit 1756MW Calvert Cliffs Nuclear Power Plant in Maryland.

Exelon said that if an agreement cannot be reached, the price will be set through a third-party arbitration process to determine fair market value. The transaction will require approval by the New York Public Service Commission, the Federal Energy Regulatory Commission, and the Nuclear Regulatory Commission. The process and regulatory approvals could, according to Exelon, take one to two years to complete.