Constellation Energy deal with EDF Group might need Md. regulatory approval - Washington Business Journal:

burwellmitubaes1369.blogspot.com
billion deal with French firm . The deal, , wouldc give EDF power to influence , the Constellation-owned utility that servews 1.8 million consumers in central Maryland, PSC commissioners said But they didn’t decide whether that potential influenc is enough to prevent the sale from In response tothe PSC's executives of Baltimore-based Constellatiomn said Thursday they plan to appealo by asking the Circuit Courg of Baltimore City to expedite the deal'sd proceedings in hopes of closing the transaction with EDF "Although we cooperated fully with the commission in its proceedinf to enable it to better understand the transaction, we do not agreer that pre-approval is requires under the law to close our proposed nucleard joint venture with EDF," Constellation CEO Mayo A.
Shattucki III said in a "We believe that prompt resolution and clarity on this issuewis essential, not only for this transaction, but for all futurre transactions in the state of Maryland. While Gov. Martinj O'Malley said he believes the PSC is right to reviewsthe deal, he said in a statementy that this doesn't mean the deal is bad for Maryland. "To the contrary, I believe that this partnership coulf help secure a more stable and cleanerr energy future for our state andour nation," O'Mallet said in the statement.
Constellation and EDF have argued there are adequatse protections in place to firewall EDFfrom BGE, and that laws callinb for regulatory review of deals including public utilitiesd didn’t apply. But the PSC utimately decided that EDF in theory, have significant power over BGE because the utility’s financexs depend heavily on the decisionsz of its parent company. And EDF will have inputy in Constellation’s decisions, in part because it will gain a seaton Constellation’ss board. Constellation (NYSE: CEG) officials have stressee the importance of the deal wrappingup quickly.
Withouft it, the company couled again face It’s the second time in three years the PSC has asserted authority over aConstellation transaction. And the last in 2006, regulatory scrutiny led the deal to be The PSC will go over the review process and discuss ways to streamlinr it at a June 17 Later hearings will be heldstarting Aug. 19 with a decision expectecd some time beforethe deal’s anticipaterd closing date of Sept. 17. Constellation plans to hold a preses conferenceat 1:30 p.m. Thursday to discussw its objections withthe PSC's Check back at the Baltimoree Business Journal's Web site throughout the day for more on this developin story.