EDF Authorized to Invest in Nuclear in the U.S.
PARIS--(Business Wire)-- EDF welcomes the decision of the Board of Directors of its American partner Constellation Energy to approve moving forward based on the conditions set forth in the order issued by the Maryland Public Service Commission with respect to the creation of a nuclear joint venture between EDF and Constellation Energy. The Maryland PSC has attached conditions designed to preserve the independence and financial strength of Constellation Energy`s regulated subsidiary. Approval from the Maryland PSC completes the regulatory review process, and the companies now have received all necessary approvals at the federal and state levels to proceed with the transaction. EDF and Constellation Energy will complete the transaction without modification to the previously agreed terms of the transaction. EDF will commence the process to enable the close of the transaction, for which it has already received the authorization of its own Board of Directors. The consummation of the transaction is the result of a partnership between EDF and Constellation Energy that began over two years ago. Through its investment in Constellation Energy`s nuclear business, EDF has chosen Maryland to be at the center of its growth efforts in the United States. EDF is eager to be a strong corporate citizen in Maryland, and looks forward to moving its U.S. headquarters to the State. Pierre Gadonneix, Chairman and CEO of EDF said: "EDF, the world's largest operator of nuclear generation, is eager to enhance its presence in the United States, the largest market in the world. EDF looks forward to operating and developing nuclear power plants in the U.S., where the group is already active in the development of renewable energy (enXco, a subsidiary of EDF Energies Nouvelles), trading (EDF Trading North America), and the nuclear renaissance (via Unistar Nuclear Energy)". About EDF The EDF Group, one of the leaders in the energy market in Europe, is an integrated energy company active in all businesses: generation, transmission, distribution, energy supply and trading. The Group is the leading electricity producer in Europe. In France, it has mainly nuclear and hydraulic production facilities where 95% of the electricity output involves no CO2 emissions. EDF`s transport and distribution subsidiaries in France operate 1,274,000 km of low and medium voltage overhead and underground electricity lines andaround 100,000 km of high and very high voltage networks. The Group is involved in supplying energy and services to more than 38million customers around the world, including more than 28 million in France. The Group generated consolidated sales of € 64.3 billion in 2008, of which 47% in Europe excluding France. EDF is listed on the ParisStock Exchange and is a member of the CAC 40 index. EDF Group Press: France: Marie-Sylvie de Longuerue & Carole Trivi + 33 (1) 40 42 44 19 / +33 (1) 40 42 46 37 or USA: Joele Frank, Wilkinson Brimmer Katcher Barrett Golden / Eric Brielmann, + 1 212 355 4449 or Analysts: EDF Group David Newhouse, + 33 (1) 40 42 32 45 Alexis Chatillon, + 33 (1) 40 42 72 46 Copyright Business Wire 2009
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.