BALTIMORE, Oct. 4 /PRNewswire-FirstCall/ -- Constellation Energy today commended the Bush Administration and a strong bipartisan supportive Congress for their efforts to improve a federal loan guarantee program designed to adequately support the potential development of new nuclear plants in the United States.
"The rulemaking announced today by Secretary Bodman, which began with passage of the Energy Policy Act of 2005, recognizes the need for federal loan guarantees that mitigate the inherent risk in bringing innovative technologies to the marketplace," said Michael J. Wallace, executive vice president of Constellation Energy. "We have consistently maintained that a workable loan guarantee program is essential to ensure nuclear power delivers on its promise as the only safe, reliable, emission-free technology that can meet the nation's energy needs in the 21st century. Today's announcement appears to provide for such a workable framework."
Wallace added that the company will spend the next few weeks carefully reviewing the rules unveiled today in order to gain a full understanding of their impact on pursuing new nuclear development activities.
As an industry leader, Constellation Energy has long supported the critical role of loan guarantees in the potential development of a standardized fleet of advanced nuclear power plants, which would help reduce the nation's dependence on foreign sources of energy while driving us toward a low-carbon energy future.
"We applaud the Bush Administration and the Congress for their vision and commitment to developing a workable loan guarantee program that encourages development of new and improved technologies that reduce greenhouse gas emissions," said Wallace. "This new rule is a positive step forward in helping to bring about a nuclear renaissance resulting in greater energy independence and a cleaner environment for future generations."
In July, Constellation Energy filed a partial Combined Operating License Application (COLA) with the Nuclear Regulatory Commission for a potential new nuclear power plant at its existing Calvert Cliffs site in Southern Maryland, and expects to file the full COLA before the end of 2007.
Constellation Energy (http://www.constellation.com/), a FORTUNE 200 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.
