Constellation loses $1.41 billion on nuclear deal in 3rdQ

[kristopher]

Constellation Energy slides to a 3rd-qtr loss

Constellation Energy Group Inc. said Friday it swung to a third-quarter loss as it absorbed more than $1 billion in charges related to the drop in value of its nuclear joint ventures and other investments.

The utility reported a loss of $1.41 billion, or $6.99 a share, for the three months that ended Sept. 30. That compares with net income of $137.6 million, or 69 cents a share, in the same quarter last year.

The company said its investment in Constellation Energy Nuclear Group had fallen below its November 2009 value because of changes in future electricity prices and the natural gas market and uncertainty about greenhouse-gas laws.

Constellation, which owns Baltimore Gas and Electric Co., said its investment in UniStar Nuclear Energy was worthless, given the deteriorating nuclear energy market and Constellation's own decision not to seek a federal loan guarantee. Constellation sold its half interest in a geothermal facility in Mammoth Lakes, Calif., for $38 million.

Excluding $1.5 billion in one-time item...

http://www.businessweek.com/ap/financialnews/D9J5IIEO0.htm

[bananas]

1. a billion dollar boondoggle and they didn't even break ground

and the clueless idiots at crackpotrepublican.com will blame this on anti-nuke protestors.

[madokie]

2. The sooner we move away from the nuclear lie the sooner we'll be able to confront our CO2 problem

at best nuclear energy barely breaks even when looking at it from the mining of the ore to the refining of the fuel to building the plants to decommissioning those plants to dealing with the waste. So why are we even entertaining the idea of using nuclear as a way to combat GW. its stupid to even be considering it. IMHO

rec

[Name removed]

3. Deleted message

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[bananas]

4. How many dollars per watt is that?

$1.4B/0W=!!!

[kristopher]

5. No fair! Failures don't count against nuclear power...

If you don't believe me just ask the Nuclear Energy Institute or any of its local representatives.