Exelon: EDF Exercising Put Option on Stake in Three Nuclear Plants
By Colin Kellaher
Exelon Corp. (EXC) on Wednesday said Electricite de France S.A.
(EDF.FR) is exercising its put option to sell its 49.99% stake in
the R.E. Ginna, Nine Mile Point and Calvert Cliffs nuclear-energy
facilities to Exelon.
The Chicago utility holding company said it will seek a
negotiated agreement with EDF on the sale price, adding that a
price will be set through a third-party arbitration process to
determine fair market value if the companies can't reach a
Exelon, which is the majority owner and operator of the plants,
said the process and related regulatory approvals could take one to
two years or more to complete.
The put option was established in connection with the joint
operating services agreement the companies signed in April 2014
that enabled Exelon to take over operations at the plants, which
are located in New York and Maryland.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
November 20, 2019 08:13 ET (13:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.