EDF and US partner end nuclear row

first_img EDF and US partner end nuclear row Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp Show Comments ▼ whatsapp Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent Expressmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comBeach RaiderLittle Boy Brings $2 Painting To Antiques Road Show, Not Realizing Its WorthBeach Raider Wednesday 27 October 2010 8:30 pm EDF and US partner Constellation Energy have settled a row over a nuclear project that could have cost the French power group up to $2bn.Under the deal, EDF will buy Constellation’s half-share in their UniStar partnership for $140m and will also transfer its 3.5m shares in Constellation back to the company and give up its board seat.In return, Constellation agreed not to exercise an option to sell EDF up to $2bn of non-nuclear assets.The value of the assets was fixed in 2008 under a deal Constellation struck with EDF when the US firm was facing liquidity issues, but the value of gas and coal-fired power assets has fallen badly since 2008.“The deal appears to be balanced. It will prevent EDF from a write-off in the US that could have amounted to some €600m (£523.9m) if Constellation had exercised the option”, a Paris-based analyst said.Under the previous deal, EDF had agreed to buy nearly half of Constellation’s operating nuclear business and gave Constellation the option, which was set to expire at the end of the year.EDF had threatened legal action if Constellation exercised the option.EDF’s previous representative on Constellation’s board, Daniel Camus, who was involved in the original deal, stepped down on 21 October.The two companies had also disagreed over Constellation’s decision earlier this month to unilaterally pull out of the federal loan guarantee process for the companies to build a new nuclear reactor at Constellation’s Calvert Cliffs plant in Maryland. Under the new deal, EDF will be the sole owner of UniStar, which owns the Calvert Cliffs sites. KCS-content Tags: NULLlast_img

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