Constellation Energy Applauds Congress, Bush Administration for Vital Loan Guarantee Program for Clean Air Energy Projects
December 20 2007 - 11:16AM
PR Newswire (US)
New nuclear plant loan guarantees would aid proposed Maryland
reactor BALTIMORE, Dec. 20 /PRNewswire-FirstCall/ -- The Bush
administration, U.S. House and Senate leaders have taken a vital
step to bolster our nation's energy security with passage of
federal loan guarantee funding for energy projects that avoid,
reduce or sequester greenhouse gases, Mike Wallace, executive vice
president of Constellation Energy (NYSE:CEG), said today. "I
applaud Energy Secretary Bodman and Congressional leaders for their
tenacity and vision in supporting a workable loan guarantee program
that represents an important milestone in our nation's nuclear
renaissance and commitment to energy independence," Wallace said of
the Omnibus Appropriations bill, which contains authorization for
federal loan guarantee funding under Title XVII of the Energy
Policy Act of 2005. The bill was approved this week by the Senate
and House and sent to President Bush; it allocates $18.5 billion in
loan guarantees to build new nuclear plants. Wallace thanked all
members of Congress but also singled out the leadership of several
members: Chairman Byron Dorgan, Ranking Member Pete Domenici,
Chairman Peter Visclosky, Ranking Member Dave Hobson, Chairman John
Dingell, Ranking Member Joe Barton, Chairman Jeff Bingaman, and
House Majority Leader Steny Hoyer. "These leaders have done an
excellent job shaping a workable loan guarantee program that
bridges the gap between the capital-intensive requirements for
advanced energy projects and the financing capabilities of the U.S.
electric sector," Wallace said. He noted the program requires the
Department of Energy (DOE) to provide loan guarantees for up to 80
percent of the total cost of new nuclear plant projects. UniStar
Nuclear Energy, a strategic joint venture of Constellation Energy
and the EDF Group, is developing an approach to deploying a fleet
of standardized reactors in the United States, including one at
Constellation Energy's Calvert Cliffs site in southern Maryland.
Wallace, who also serves as chairman of UniStar, said UniStar will
move quickly to file an application for a loan guarantee once DOE
has completed a solicitation process. The appropriations bill
provides for $38.5 billion in loan guarantees, with $18.5 billion
for new nuclear construction, $2 billion for uranium enrichment,
$10 billion for renewable energy and energy efficiency, and $8
billion for clean coal technology. Constellation Energy
(http://www.constellation.com/), a FORTUNE 125 company with 2006
revenues of $19.3 billion, is the nation's largest competitive
supplier of electricity to large commercial and industrial
customers and the nation's largest wholesale power seller.
Constellation Energy also manages fuels and energy services on
behalf of energy intensive industries and utilities. It owns a
diversified fleet of 78 generating units located throughout the
United States, totaling approximately 8,700 megawatts of generating
capacity. The company delivers electricity and natural gas through
the Baltimore Gas and Electric Company (BGE), its regulated utility
in Central Maryland. DATASOURCE: Constellation Energy CONTACT:
Media, Maureen Brown, +1-410-470-7433, or Investor Relations, Kevin
Hadlock, +1-410-470-3647, both of Constellation Energy Web site:
http://www.constellation.com/ Company News On-Call:
http://www.prnewswire.com/comp/084087.html
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