Constellation Drops Nuclear Plan

By Epoch Times Staff
Epoch Times Staff
Epoch Times Staff
October 11, 2010 Updated: October 1, 2015

A cooling tower at the Isar 1 and 2 nuclear power plant is pictured at dusk on near Landshut, Germany. Constellation Energy Group Inc. has scrapped a plan to borrow $7.5 billion with guarantees to build a nuclear reactor.   (Miguel Villagran/Getty Images )
A cooling tower at the Isar 1 and 2 nuclear power plant is pictured at dusk on near Landshut, Germany. Constellation Energy Group Inc. has scrapped a plan to borrow $7.5 billion with guarantees to build a nuclear reactor. (Miguel Villagran/Getty Images )
Constellation Energy Group Inc. has scrapped a plan to borrow $7.5 billion with guarantees to build a nuclear reactor with France’s Electricite de France SA (EDF) in Maryland. The two companies’ joint venture, UniStar Nuclear Energy, needed around $7.5 billion in U.S. government loan guarantees, but decided that the costs were too high and too risky for Constellation. "We no longer see a timely path to reaching a workable set of terms and conditions," Constellation said in a recent statement. The project was planned for a nuclear reactor in Calvert County, Md., the Baltimore-based energy firm said. Analysts say that the move limits EDF as its latest plans to expand into the United States have been put on hold.