The U.S. Department of Energy (DOE) has selected Constellation Energy for final due diligence and detailed negotiations for a proposed new nuclear facility at the company's Calvert Cliffs Nuclear Plant site in southern Maryland. This review is the first step in leading to a conditional commitment for a portion of $18.5 billion in federal loan guarantees. DOE's decision moves UniStar Nuclear Energy, a joint venture between Constellation Energy and Electricite de France (EdF), one step closer to developing an advanced nuclear reactor at Calvert Cliffs, creating thousands of jobs and emission-free electricity for Maryland and the region.A new 1,600-megawatt reactor at Calvert Cliffs would represent one of the largest economic and industrial development projects in Maryland's history, and would provide enough clean, safe, reliable and emission-free electricity to power 1.3 million Maryland homes. It would play a meaningful role in helping to stimulate the region's economy and manufacturing sector through the addition of 4,000 construction, engineering and craft jobs and approximately 400 permanent positions. Finally, a new reactor at Calvert Cliffs would help Maryland and the nation meet environmental targets while adding needed round-the-clock capacity to meet growing demand for carbon-free energy. (TradingMarkets.com, 5/19/09)
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