Constellation Energy Withdraws From DOE Loan Guarantee Process

Constellation Energy

announced it will not move forward with the US DOE loan guarantee process for its Calvert Cliffs nuclear project, citing unworkable terms and conditions which create unacceptable risks and costs as well as unsuccessful attempts to alter how the credit cost of the project is calculated by the Office of Management and Budget. CEG was thought to be next in line for a load guarantee and its apparent withdrawal shifts attention to NRG Energy's STP Project while highlighting the difficult economics and high risk of merchant nuclear. CEG closed Friday at $32.15 NRG closed Friday at $21.31