Constellation Energy (CEG) Gets Regulator’s Approval For Deal With Electricité de France

Constellation Energy has received the approval of the New York State Public Service Commission to sell  the three New York nuclear plants owned by Constellation Nuclear to Electricité de France SA. The sale is part of a $4.5 billion deal between Constellation and EDF that was announced in December.

Here’s an excerpt of the statement released by the NYS Public Service Commission in reference to the sale of the nuclear plants:

The acquisition is expected to bolster the financial stability of the ownership structure for
the New York nuclear facilities. EDF is an investment grade rated entity with bond ratings of
“Aa3” from Moody’s Investor Services and “A+” from Standard and Poor’s. Parent company
Constellation Energy Group, based in Maryland, will retain a majority interest in Constellation
Nuclear, which will remain the indirect owner of the Nine Mile and Ginna nuclear facilities. The
acquisition also will not affect funds currently invested for radiological and non-radiological
decommissioning purposes.

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