Constellation Pullout Tests Obama Taste for Risk
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A U.S. loan-guarantee program is testing how much risk the Obama administration is willing to take to revive the nuclear-power industry.
Constellation Energy Group Inc. said last week it was pulling out of talks on a $7.5 billion loan guarantee to build a reactor at its Calvert Cliffs facility in Maryland. The estimated $880 million the company would have to pay the Treasury Department was “shockingly high,” Chief Operating Officer Michael Wallace said in an Oct. 8 letter to the Energy Department.