EDF shares slip following US setback

AP News
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Posted: Oct 11, 2010 9:02 AM
EDF shares slip following US setback

Shares in Electricite de France SA are down after the French state-owned utility's U.S. partner said it will pull out of a project to build the first of a new generation of nuclear power plants in Maryland.

EDF shares slipped 1.3 percent to euro31.22 ($43.31) at midday on the Paris stock exchange _ and were the biggest loser on the benchmark CAC-40 index.

EDF said the future of the multibillion-dollar Calvert Cliffs 3 plant project is unclear after partner Constellation Energy said it would drop out over risks linked to the high cost of a U.S. $7.5 billion loan guarantee.

The announcement dealt a serious setback to EDF's ambitions to lead a nuclear renaissance in the United States. The company is the world's largest electric power producer.