Constellation, EdF may save $1B in taxes over 15 years under final terms of deal
By APWednesday, September 30, 2009
New terms may save Constellation, EdF $1B in taxes
BALTIMORE — A Constellation Energy Group executive says the company and its partner Electricite de France will save more than $1 billion in taxes over 15 years under the new terms of a nuclear power transaction
Constellation’s Vice President of Integration John Collins said Tuesday that under the new terms, EdF will buy 49 percent of Constellation’s nuclear business, but in two pieces to meet federal tax regulations.
It will pay $3.809 billion for one portion and $670 million for the other — less than the previously announced $4.5 billion.
The Public Service Commission had said it would rule on the deal by Oct. 16, but hearings were reopened after Constellation was criticized for disclosing the final terms at the close of evidentiary hearings.
The PSC will meet with all parties on Friday to determine whether more hearings are needed.
