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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap EDF charges Constellation pulls out of US reactor project AFP - Sunday, October 10 Send IM Story Print EDF charges Constellation pulls out of US reactor project PARIS (AFP) - – French electricity generator EDF said Saturday it was shocked and disappointed that Constellation Energy has decided to pull out of a project to build a nuclear power plant in the US state of Maryland. "EDF is extremely disappointed and shocked to learn that Constellation has unilaterally decided to withdraw from the Calvert Cliffs 3 project," the company said in a statement. Earlier, Constellation Energy had said it was unable to obtain a workable US federal loan guarantee for their joint venture, Unistar, to build the third generation reactor. EDF said they had been "at the finish line" in the loan guarantee process and that Constellation had withdrawn "in spite of our repeated efforts to substantially decrease their exposure and risk to the project." Constellation Energy said the federal loan guarantee application had not been withdrawn, but that its cost as calculated by the US government's Office of Management and Budget was "unreasonably burdensome and would create unacceptable risks and costs for our company." No decisions have been made regarding the future of Calvert Cliffs 3, Constellation Energy added. EDF charged, however, that Constellation was well aware of the consequences of its actions for the future of Calvert Cliffs 3, which it called a project of "monumental importance to Maryland" that would create 4,000 new jobs. EDF, in which the French state holds an 85-percent stake, added it "remains committed to pursuing new nuclear in the U.S." The French company has ambitions to build four third-generation European Pressurised Reactors (EPR) in the United States. Analysts said Thursday that EDF's managers had expressed readiness to look for new US partners if its partnership with Constellation Energy collapsed. Recommend Send IM Story Print News Search Top Stories Mandela letters show jail heartbreak: report No US government takeover of economy:Geithner IMF calls for more study on economic imbalances EDF charges Constellation pulls out of US reactor project Win for husband and wife, Games in race row More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Win for husband and wife, Games in race row British lottery winner gets record 129 mln euros Ryanair may quit Marseille over court case: report British minister says cuts may be scaled back Europe takes currency fight to US More Most Viewed » US state executes first woman in nearly 100 years Workers swarm Europe's streets in anti-cuts protests Global marine life census charts vast world beneath the seas More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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