EDF Pulls out of US Nuclear Business

French energy firm EDF (Electricite de France) announced on July 30th that they were pulling out of the U.S. Nuclear market. EDF, the worlds' largest nuclear power producer, cited the sharp decrease in the price of shale gas in the U.S. as the reason for their withdrawal. EDF will sell it's 49.99% share in the Constellation Energy Nuclear Group to Exelon for fair market value between January 2016 and June 2022. This will bring an end to the $4.5 billion deal made in 2009 between EDF and Constellation Energy (which was purchased by Exelon in 2012). The original deal gave EDF a stake in 3 US Nuclear Power plants, including Calvert Cliffs Nuclear Power plant located in southern Maryland.

EDF's CEO Henri Proglio admitted that nuclear energy is not economically viable in the U.S. and said they the company was going to focus on renewables. This news, along with the announcement from Duke Energy on August 1 that they are cancelling plans to build two new nuclear reactors in Levy County, Florida, shows that the nuclear renaissance in the U.S. is fading very quickly.