Constellation Energy Recovers from 2008 Loss
The Constellation and Electricite de France deal has paid off for the Energy Group.
After posting a $1.4 billion dollar loss in the fourth quarter of 2008, Constellation has now reported a $4.4 billion profit for the end of last year.
Constellation, the parent company of Baltimore Gas and Electric, sold half of its nuclear division to French company EDF.
The deal closed in November, bringing in $4.5 billion for Constellation.
That amounts to the company's profit for the entire year - after losing $1.3 billion in 2008.
Constellation officials say they expect to use about $1 billion of their cash balances in the next few years to purchase additional generation. That will include natural gas plants and renewable sources.
The company also hopes to hear soon about a possible federal loan guarantee to move forward with construction of a new nuclear reactor at Calvert Cliffs, part of its EDF venture.
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