CEO Mayo Shattuck

Maryland regulators conditionally approved a $4.5 billion joint venture between Constellation Energy Group and France's EdF on Friday in what would be the last regulatory hurdle to the deal. The conditions include a one-time, $110.5 million credit for customers of Baltimore Gas and Electric, a subsidiary of Baltimore-based Constellation. The credit would save each BGE customer about $100, and the Public Service Commission said the company should implement the credit before the end of March 2010 to help offset winter heating bills. The PSC said in its order that it's not enough for the companies to prove the transaction is consistent with the public ... Read Full Story

The US state of Maryland on Friday approved a plan for France' EDF Group to take a stake in Constellation Energy Group, clearing the final hurdle for a new nuclear power plant in the state. US regulators earlier this month had green-lighted the joint venture plan for the French state-controlled company to acquire nearly half of Constellation's nuclear assets. The companies say the nuclear joint venture is critical to the proposed construction of a new nuclear generation plant at Constellation's Calvert Cliffs Nuclear Power Plant, which they say would represent one of the largest industrial development projects in the East Coast state. The Maryland ... Read Full Story

Constellation Energy Group's top executive, Mayo Shattuck III, received total compensation valued at $5.7 million in 2008, according to Associated Press calculations of data filed with regulators Wednesday. The pay package represents a nearly 56 percent drop in value from his 2007 compensation, and follows a year in which the wholesale power generator was nearly forced into bankruptcy by a liquidity crisis. Shattuck, Constellation's chairman, president and CEO, received a salary of $1.3 million in 2008, a 7 percent increase from 2007, according to the filing with the Securities and Exchange Commission. But Shattuck received no performance-based award after getting a $5.5 million payout ... Read Full Story

French energy giant Electricite de France (EDF) has raised around 3.2 billion euros (4.4 billion dollars) via a bond-issue aimed at private individuals, its chief executive says in an interview to be published Thursday. Pierre Gadonneix told the Tribune newspaper that the figure could yet rise as the company receives the final applications from would-be investors. He also said that EDG was confident it will gain US regulatory approval to complete its purchase of a near 50-percent stake in Constellation Energy Group's nuclear business by the autumn. Gadonneix said he had recently indications from Maryland state and federal authorities that they were ready to ... Read Full Story

Constellation Energy says it supports the climate change bill introduced Friday by the House Energy Committee. Constellation Energy Group Inc. Chairman, President and Chief Executive Mayo Shattuck said in a statement Sunday that the bill outlines needed steps to cut greenhouse gas emissions, improve energy security, and usher in new low-emission power generation. Shattuck noted that renewable, nuclear and efficiency technologies that can cut emissions already exist. A national policy is needed that will allow for rapid, large-scale deployment of these technologies, he said. The bill would cap emissions and distribute permits for those emissions. However, it would not auction off only 15 percent ... Read Full Story