Constellation Energy-EDF Nuclear Joint Venture Receives U.S. Nuclear Regulatory Commission Approval

 BALTIMORE & PARIS, Oct 09, 2009 -- BUSINESS WIRE
>
> Constellation Energy (NYSE: CEG) and EDF Development Inc. (a
> wholly-owned subsidiary of EDF S.A.) today announced that the U.S.
> Nuclear
> Regulatory Commission (NRC) has approved the investment structure and
> license transfer related to EDF's investment in Constellation Energy
> Nuclear Group, LLC.
>
> In a joint statement, the companies said EDF's acquisition of a
> 49.99
> percent interest in Constellation Energy's nuclear assets has now
> received all necessary approvals at the federal level and clearance
> from the New York Public Service Commission.
>
> "EDF's investment in Constellation Energy's nuclear assets
> represents a unique opportunity to deliver significant economic,
> energy and environmental benefits to a broad array of stakeholders and
> would be a powerful catalyst for new nuclear development in the United
> States,"
> the
> companies said. "Completing this nuclear joint venture is critical to
> the proposed construction of a new nuclear unit at Constellation
> Energy's Calvert Cliffs Nuclear Power Plant, which would represent one
> of the largest industrial development projects in Maryland, creating
> 4,000 construction jobs, 400 permanent positions, and enough new,
> clean energy to power
> 1.3
> million homes. This historic nuclear joint venture has the potential
> to deliver extraordinary value for Maryland and we're eager to
> complete this transaction and begin delivering those benefits as
> quickly as possible."
>
> NRC approval of the nuclear joint venture follows prior approval
> from the Federal Energy Regulatory Commission (FERC) and clearance
> from the Committee on Foreign Investment in the United States (CFIUS).
> The companies are continuing to cooperate with the Maryland Public
> Service Commission.
>
> EDF Development Inc.'s interest in Constellation Energy Nuclear
> Group will be structured as a new joint venture between the companies.
>
> About Constellation Energy
>
> Constellation Energy (www.constellation.com) is a leading
> supplier of energy products and services to wholesale and retail
> electric and natural gas customers. It owns a diversified fleet of
> generating units located throughout the United States, totaling
> approximately 9,100 megawatts of generating capacity, and is among the
> leaders pursuing the development of new nuclear plants in the United
> States. The company delivers electricity and natural gas through the
> Baltimore Gas and Electric Company (BGE), its regulated utility in
> Central Maryland. A FORTUNE 500 company headquartered in Baltimore,
> Constellation Energy had revenues of $19.8 billion in 2008.
>
> About EDF Group
>
> The EDF Group, one of the leaders in the energy market in Europe,
> is an integrated energy company active in all businesses: generation,
> transmission, distribution, energy supply and trading. The Group is
> the leading electricity producer in Europe. In France, it has mainly
> nuclear and hydraulic production facilities where 95% of the
> electricity output involves no CO2 emissions. EDF's transport and
> distribution subsidiaries in France operate 1,274,000 km of low and
> medium voltage overhead and underground electricity lines and around
> 100,000 km of high and very high voltage networks. The Group is
> involved in supplying energy and services to more than 38 million
> customers around the world, including more than 28 million in France.
> The Group generated consolidated sales of EUR 64.3 billion in 2008, of
> which 47% in Europe excluding France. EDF is listed on the Paris Stock
> Exchange and is a member of the CAC 40 index.
>
> Forward-Looking Statements
>
> This press release contains forward-looking statements within the
> meaning of the Securities Exchange Act of 1934, including, but not
> limited to, statements relating to the prospects for the proposed
> transaction between Constellation Energy and EDF. Such statements are
> based upon the current beliefs and expectations of our management and
> involve a number of significant risks and uncertainties, many of which
> are difficult to predict and are generally beyond the control of
> Constellation Energy and EDF. Actual results may differ materially
> from the results anticipated in these forward-looking statements. A
> discussion of the risks and uncertainties that could cause
> Constellation Energy's results to differ materially from those
> described in the forward-looking statements can be found in
> Constellation Energy's periodic reports filed with the Securities and
> Exchange Commission, which are available at the Securities and
> Exchange Commission's Web site
> (http://www.sec.gov) at no charge. Constellation Energy assumes no
> responsibility to update any forward-looking statements as a result of
> new information or future developments except as expressly required by
> law.
>
> SOURCE: Constellation Energy / EDF Development Inc.