EDF faces serious barriers to take over the project
Constellation Energy (NYSE:CEG) startled the federal government and Electricite De France (EDF) by sending a fiery letter to the Department of Energy announcing it was walking away from the Calvert Cliffs III reactor. The utility said the reason is the government wanted a 12% "risk premium" payment of $880 million in return for a federal loan guarantee on the $7.7 billion project.
In the days that followed it became clear that Constellation really meant it. The firm offered EDF the entire project for $1 and reimbursement of $117 million in sunk costs since the two firms created their partnership in 2008. EDF will likely take it.
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