Constellation Energy Group Inc. (CEG) and EDF Development Inc. recently 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. EDF Development Inc. -- the wholly owned subsidiary of French energy major EDF S.A. -- is planning to acquire 49.99% stake in Constellation Energy’s nuclear assets for $4.5 billion. Subsequently, EDF’s interest in Constellation Energy Nuclear Group will be structured as a new joint venture between the companies. The deal has received the necessary federal approvals and clearance from the New York Public Service Commission. However, regulatory approval from the Public Service Commission in Maryland is pending. A final decision will be taken by the Maryland Public Service Commission in October 2009. Constellation Energy is pursuing the divestment of its nuclear assets to improve liquidity position and strengthen balance ...

Entergy Corp.’s (ETR) proposed spin-off of its Non-utility Nuclear power business has been relegated to fiscal 2010. Recently, the New York Public Service Commission’s two administrative law judges in a ruling stated their apprehension regarding the new company having the financial viability to operate three units located in the state of New York. Of this, two units are located in the Indian Point Energy Center in Westchester County and a reactor at the James A. Fitzpatrick station in Oswego County. The New York Public Service Commission expressed its apprehension that the $3.5 billion worth of long-term unsecured bonds that Entergy plans to issue for the spin-off will drag down the bond rating of the new company, affecting its financial capacity. The Commission has also relegated its next hearing to December 2009 followed by a final decision on the spin-off in January 2010. Entergy has been ...