Nov 06, 2009 (The Baltimore Sun - McClatchy-Tribune Information Services via COMTEX News Network) --

Constellation Energy Group announced Friday that it has closed a deal to sell half of its nuclear power business to a French utility, exactly a week after Maryland regulators approved the $4.5 billion transaction with conditions.

"With the close of the transaction, the companies look forward to working together to deliver the expected economic, environmental and clean energy benefits created by the joint venture," the two companies said in a statement.

In completing the deal, Constellation will begin implementing conditions imposed by the Maryland Public Service Commission, including paying a one-time credit of $100 each to residential customers of its regulated utility, Baltimore Gas & Electric Co., and other measures to protect BGE from future financial troubles of its parent company.

It's still not clear when ratepayers can expect to see the credit on their bills; the PSC gave Constellation a March 30 deadline.

The deal's closure also ends a difficult chapter for Constellation, which teetered on the edge of bankruptcy amid last fall's financial sector meltdown. Forced by a severe cash shortage to find a partner, Constellation initially agreed to a takeover by billionaire investor Warren Buffett but switched to the deal with Electricite de France.

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