UniStar Nuclear Energy Applauds Agreement Between Bechtel, Building and Construction Union

BALTIMORE, April 15 /PRNewswire-FirstCall/ -- UniStar Nuclear Energy, LLC (UNE), a strategic joint venture between Constellation Energy NYSE: CEG and EDF Group, today applauded an agreement between Bechtel Construction Company (Bechtel) and the Building and Construction Trades Department of the AFL-CIO (BCTD).

Bechtel and the union announced they plan to reach an agreement by the end of 2008 on wages and benefits for workers who would be employed to construct a potential third reactor at a site adjacent to Constellation Energy's Calvert Cliffs Nuclear Power Plant in Lusby, Md. A final decision has yet to be made on the construction of a new reactor at Calvert Cliffs.

The agreement comes just days after the U.S. Department of Energy (DOE) made public its loan guarantee implementation plan, an important prelude to DOE issuing a solicitation for federal loan guarantee applications.

"Nuclear power, with its ability to meet our nation's increasing energy demands without the production of harmful greenhouse gases, is a critical component of America's future," said George Vanderheyden, president and chief executive officer of UNE. "The Bechtel agreement is a significant step forward in securing the skilled workforce necessary to construct a new plant and positions UNE well for making new nuclear in this country a reality."

Today's agreement, signed by Mark Ayers, President of BCTD, and Regi Phelps, Vice President for Labor Relations, of Bechtel Construction Company, commits that Bechtel and the union will work together to reach a Project Labor Agreement for a potential new reactor at Calvert Cliffs. UNE is poised to break ground on the site by the end of 2008, provided by that time the project receives required approvals and loan guarantee contracts as envisioned by the federal government under the Energy Policy Act of 2005.

"We're poised to commence early site preparation this year for the first new nuclear plant in the U.S. in 30 years, but to be clear, we cannot move forward without federal loan guarantees," said Michael J. Wallace, vice chairman of Constellation Energy and chairman of UNE. "Congress and the Administration worked collaboratively to enact legislation three years ago, and affirmed it again last fall, to pave the way for a loan guarantee program that Wall Street views as an absolute pre-requisite for advancing new nuclear development. We are encouraged that DOE moved the process forward last week with a loan guarantee implementation plan and look forward to continued progress on this front to advance new nuclear and meet the nation's future energy supply and security needs."

Wallace noted that continued Congressional and DOE support is necessary to ensure timely implementation of a loan guarantee program and the subsequent construction of new nuclear projects, along with the thousands of new jobs associated with that construction.

"It is essential that contracts be in place by November or we face the very real potential of significant delays, something the nation cannot afford, and something the Administration and Congress did not intend or envision in advancing this legislation," said Wallace.

Construction on the proposed Unit 3 at Calvert Cliffs would create roughly 4,000 jobs for pipe fitters, welders, electricians and other skilled union members. Other projects proposed across the country could bring similar labor boosts to local economies. The U.S. Nuclear Regulatory Commission expects as many as 22 licensing applications for new nuclear power plants could be submitted between 2008 and 2010.

About UNE

UniStar Nuclear Energy, a strategic joint venture between Constellation Energy NYSE: CEG and EDF, is powering the nuclear renaissance in North America through industry leadership, disciplined business practices and effective risk-management. Based in Baltimore, Md., UniStar Nuclear Energy provides the licensing, construction and operating services needed to support the expansion of clean, safe and sustainable nuclear energy in the United States.

About Constellation Energy

Constellation Energy (http://www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 78 generating units located throughout the United States, totaling approximately 8,700 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.

About EDF Group

The EDF Group, one of the leaders in the energy market in Europe, is an integrated energy company active in all businesses: production, transport, distribution, energy selling and trading. The Group is the leading electricity producer in Europe. In France, it has mainly nuclear and hydraulic production facilities where 95% of the electricity output involves no CO2 emissions. EDF's transport and distribution subsidiaries operate 1,246,000 km of low and medium voltage overhead and underground electricity lines and around 100,000 km of high and very high voltage networks. The Group is involved in supplying energy and services to more than 38 million customers around the world, including more than 28 million in France. The Group generated consolidated sales of €59.6 billion in 2007, of which 44% in Europe excluding France. EDF is listed on the Paris Stock Exchange and is a member of the CAC 40 index.

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