US company finds its nuclear investment ‘worthless’
its investment in UniStar Nuclear Energy was worthless, given the deteriorating nuclear energy market……….
Constellation Energy swings to 3rd-qtr loss as nuclear investments’ value plunges, Canadian Business Online, October 29, 2010, BALTIMORE (AP) – 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……….
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