ML082550480
| ML082550480 | |
| Person / Time | |
|---|---|
| Site: | Calvert Cliffs, Nine Mile Point, Ginna  |
| Issue date: | 09/08/2008 |
| From: | Wallace M Constellation Energy Group |
| To: | Borchardt R NRC/EDO, Office of Nuclear Reactor Regulation |
| References | |
| Download: ML082550480 (1) | |
Text
Michael J. Wallace 100 Consteiilaion Way Vice Chairman SONiita 18)0P L1al1.inore, Maryland 21252-h,02
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goo J- - 410 R. William Borchardt Executive Director for Operations U.S. Nuclear Regulatory Commission One White Flint North Mail Stop 16E 15 11555 Rockville pike Rockville, Maryland 20852-2738 Re: Notification
Dear Mr. Borchardt:
For your information, we have become aware that Vlectricitd de France (CEDF"), a foreign-controlled entity, has increased its stake in Constellation Energy Group, Inc. ("Constellation") from ownership of 4.97% of Constellation's outstanding common stock to 9.5%. This evolution has occurred pursuant to the terms of an investor agreement, dated July 20, 2007 (the "Investor Agreement"), between EDF and Constellation, entered into in connection with a joint venture arrangement between EDF and Constellation with respect to development of new nuclear projects in the United States and Canada.
EDF indicated in a press release issued on August 13, 2008 its intent to "progressively exercise the next level of open market purchases given the opportunity presented by market conditions," and we understand that the investment by FDF in Constellation has been made by means of an accelerated share purchase agreement entered into between EDF and Citibank, N.A.
On Monday, September 8, 2008. EDF filed a Sdcedule 13D with the Securities and Exchange Commission disclosing its increased investment in Constellation. Under the terms of the Investor Agreement, EDF is permitted to acquire only up to 9.9% of Constellation stock and must vote its shares in the manner recommended by the Constellation Board of Directors. Thus, the increased investment by EDF in Constellation conveys no ability to control or direct the operations of Constellation or the NRC licenses held directly or indirectly by Constellation.
Please contact me should you have any questions or concerns regarding this letter.
Sincerely, Michael J. Wallace cc:
Samuel J. Collins (Administrator - U.S. NRC - Region I) e4oi e/IC fQ(
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