Exelon and Constellation Energy have announced a $7.9 billion merger. Under the name Exelon, the resulting firm will be America's largest generator of nuclear power by an even greater margin.
A definitive agreement posted today will see a stock-for-stock transaction combine the two companies. The new firm wants to take advantage of Exelon's large low-carbon generation fleet and Constellation's customer-facing business.
The CEO's of the two company's, John Rowe of Exelon and Mayo Shattuck of Constellation, and Exelon's COO Chris Crane, held a press conference about this a little earlier today, so there'll be more on this later.
Exelon is headquartered in Chicago and Constellation in Baltimore; the former has full or majority share in 17 nuclear reactors at 10 sites while Constellation Energy nuclear Group operates operates five reactors at three power stations - Maryland's Calvert Cliffs and New York's R.E. Ginna and Nine Mile Point.
Stay tuned.
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Over in Germany, E.ON's chief Johannes Teyssen tries to make the case for nuclear energy while not getting sticks thrown at him:
So true. E.ON has energy interests throughout Europe, though it is headquartered in Dusseldorf.
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Over in Germany, E.ON's chief Johannes Teyssen tries to make the case for nuclear energy while not getting sticks thrown at him:
Speaking at a televised session of a commission to evaluate ethical questions related to atomic power generation, Teyssen said nuclear energy should be regarded as a "bridge technology" to help the country's transformation to a low-carbon, renewable energy supply.
"Germany unconditionally...needs to retain its ability the achieve its internationally binding climate protection commitments," Teyssen told a panel of energy experts from industrial companies, utilities, scientists, energy associations and non-governmental groups.
Meeting Germany's climate protection goals--which include a 40% reduction of carbon dioxide emission by 2020 compared with 1990 levels--will be impossible if all of Germany's 17 nuclear reactors "were to be switched off by the end of this decade," Teyssen said.
So true. E.ON has energy interests throughout Europe, though it is headquartered in Dusseldorf.
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Some news about Fukushima Daiichi, via NHK:
E.On's Johannes Teyssen. The company color is orange, so you'll often see him posed against this kind of backdrop.
The operator of the troubled Fukushima Daiichi nuclear plant in northeastern Japan has reassessed its estimates of fuel damage in reactors No.1 to No.3.
Tokyo Electric Power Company on Wednesday announced new estimates of damage after the country's nuclear safety agency questioned the accuracy of the initial assessments. The utility has revised the estimated fuel damage in the No.1 reactor from 70 percent to 55 percent, saying radiation levels were not correct.TEPCO also says that it acted inappropriately in excluding fuel damage of less than 5 percent in calculating total damage ratios for the No.2 and No.3 reactors.
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