The construction of a new $10-billion nuclear reactor in Maryland seem to be dead after Constellation Energy told the Dept. of Energy it is no longer interested in negotiating a federal loan guarantee to support the project. In a letter to DOE, Constellation said it was unable to continue negotiations after it was presented with a “shockingly high estimate” of the fee it would have to pay to obtain the $880-million loan. “Such a sum would clearly destroy the project’s economics or the economics of any nuclear project, for that matter, says Constellation Vice Chairman Michael Wallace.
Utility Balks at High Loan Fee
October 13, 2010