Report: Constellation Energy Group, Inc.Nuclear Operational Analysis TOC

1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Company Snapshot 11
2.1 Key Information 11
2.2 Company Overview 11
2.3 Financial Performance 11
2.4 Industry Outlook - Nuclear 11
2.5 SWOT Snapshot 12
3 Constellation Energy Group, Inc. Nuclear Operational Analysis 13
3.1 Constellation Energy Group, Inc. Operable Commercial Reactors 13
4 Reactor Details 14
4.1 Reactor Details, Calvert Cliffs 1 14
4.2 Reactor Details, Calvert Cliffs 2 16
4.3 Reactor Details, Nine Mile Point Unit 1 19
4.4 Reactor Details, Nine Mile Point Unit 2 21
4.5 Reactor Details, RE Ginna 1 24
5 Business Description 27
5.1 Business Overview 27
5.2 Merchant Energy 27
5.2.1 Overview 27
5.2.2 Production 28
5.2.3 Financials 29
5.2.4 Capital Expenditure 29
5.2.5 Market View 29
5.2.6 Key Strategies 30
5.3 Non Regulated Businesses 30
5.3.1 Overview 30
5.3.2 Financials 30
5.3.3 Capital Expenditure 30
5.3.4 Market View 30
5.4 Regulated Electric 31
5.4.1 Overview 31
5.4.2 Production 31
5.4.3 Financials 31
5.4.4 Capital Expenditure 31
5.5 Regulated Gas 31
5.5.1 Overview 31
5.5.2 Production 32
5.5.3 Financials 32
5.5.4 Capital Expenditure 32
5.6 Major Products and Services 33
5.6.1 Overview 33
6 History 34
7 Business Strategy 35
7.1 Mission Statement 35
7.2 Strategy 35
7.3 Corporate Social Responsibility 36
7.3.1 Overview 36
7.3.2 Specific CSR Initiatives 36
8 Value Chain Analysis 39
8.1 Consulting 39
8.1.1 Overview 39
8.1.2 Financials, Production and Major Projects 40
8.2 Power Generation 40
8.2.1 Overview 40
8.2.2 Financials, Production and Major Projects 40
8.3 Distribution 40
8.3.1 Overview 40
8.3.2 Financials, Production and Major Projects 41
9 SWOT Analysis 42
9.1 Overview 42
9.2 Constellation Energy Group, Inc. Strengths 42
9.2.1 Innovative Energy Solutions 42
9.2.2 Established Renewable Power Generation Assets 43
9.2.3 Strong Financial Performance 43
9.2.4 Awards and Recognition 44
9.3 Constellation Energy Group, Inc. Weaknesses 44
9.3.1 Operational Faults 44
9.3.2 Legal Proceedings 44
9.4 Constellation Energy Group, Inc. Opportunities 45
9.4.1 Higher Growth Prospects 45
9.4.2 Strategic Acquisitions 45
9.5 Constellation Energy Group, Inc. Threats 46
9.5.1 Environmental Regulations 46
9.5.2 High Dependence on Few Suppliers and Customers 46
9.5.3 Effect of Weather Conditions 46
10 Competitors 48
11 Revenue Analysis 49
11.1 Revenue by Segment 49
12 Financial and Operational Review 50
12.1 Financial Statements 50
12.2 Financial Ratios 51
13 Operational Indicators 52
14 Share Holding Structure 53
15 Key Employees 54
16 Key Employee Biographies 55
17 Company Statement 57
18 Locations And Subsidiaries 61
18.1 Head Office 61
18.2 Other Locations & Subsidiaries 61
19 Financial Deals Landscape 63
19.1 Constellation Energy Group, Inc., Deals Volume Summary, 2004 to YTD 2009 63
19.2 Constellation Energy Group, Inc., Deals Summary By Region, 2004 to YTD 2009 64
19.3 Constellation Energy Group, Inc., Deals Summary, 2004 to YTD 2009 65
19.4 Constellation Energy Group, Inc. Detailed Deal Summary 66
19.4.1 Asset Purchase 66
19.4.2 Merger 71
19.4.3 Acquisition 75
19.4.4 Equity Offerings 86
19.4.5 Debt Offerings 88
19.4.6 Partnerships 94
20 Recent Developments 96
20.1 New Contracts 96
20.1.1 Oct 21, 2008: Constellation To Supply Renewable Energy To Goucher 96
20.1.2 Oct 10, 2008: Constellation Energy To Construct One MW Solar Power System For McCormick 97
20.1.3 Sep 03, 2008: ICF Receives Two Contracts Worth $50 Million From BG&E To Provide Services For Energy Efficiency Programs 98
20.1.4 Feb 05, 2008: AREVA Wins Nuclear Fuel Contracts From US Utility Companies 98
20.1.5 Dec 05, 2007: Constellation NewEnergy Signs Renewable Energy Agreement With ICH 99
20.1.6 Sep 14, 2007: United Solar To Install Solar Panels For GM Facility 99
20.1.7 Sep 14, 2007: Constellation To Construct Solar Power System For GMC 100
20.1.8 Jun 19, 2007: CNE Wins Electricity Supply Contract With State Of New Jersey 100
20.1.9 Feb 22, 2007: CNE Signs Fixed-Price Power Supply Agreement With Chicago Cubs 101
20.1.10 Jan 17, 2007: CNE Signs Fixed-Price Power Supply Contract With KB Toys 102
20.2 Operations Updates 102
20.2.1 Dec 22, 2008: Constellation Energy Building 400 kW Solar Power System For Majilite 102
20.2.2 Nov 18, 2008: Constellation' s 1,140 MW Unit 2 At Nine Mile Point Nuclear Power Station Returns To Full Power 103
20.2.3 Nov 17, 2008: Constellation' s 1,140 MW Unit 2 At Nine Mile Point Nuclear Power Station Exits Outage And Increases Up To 75% Power 104
20.2.4 Nov 13, 2008: Constellation Shuts Its 1,140 MW Unit 2 At Nine Mile Point Nuclear Power Station In New York 105
20.2.5 Aug 25, 2008: Constellation Completes Construction Of R. E. Ginna Nuclear Plant Security Training Center With $2 Million Investment 105
20.2.6 Jun 10, 2008: Constellation Resumes Its Gould Street Power Plant In Baltimore 106
20.2.7 Apr 18, 2008: Constellation Completes Refueling Outage At Its Nine Mile Point Nuclear Station 107
20.2.8 Aug 31, 2007: United Solar Installs Solar PV For Alcoa Building 107
20.3 Financial Announcements 108
20.3.1 Nov 06, 2008: Constellation Reports 3Q 2008 Results 108
20.3.2 Oct 17, 2008: Constellation Declares Quarterly Dividend 110
20.3.3 Jul 31, 2008: Constellation Reports 2Q 2008 Results 110
20.3.4 Jul 18, 2008: Constellation Energy Declares Quarterly Dividend 112
20.3.5 May 16, 2008: Constellation Energy Declares Quarterly Dividend 113
20.3.6 Apr 30, 2008: Constellation Declares Q1 2008 Results 113
20.3.7 Jan 30, 2008: Constellation Declares Quarterly Dividend 115
20.3.8 Jan 30, 2008: Constellation Declares Q4 2007 Results 115
20.3.9 Oct 31, 2007: Constellation Declares Q3 2007 Results 117
20.3.10 Oct 18, 2007: Constellation Declares Quarterly Dividend 119
20.3.11 Jul 27, 2007: Constellation Declares Q2 2007 Results 119
20.3.12 Jul 20, 2007: Constellation Declares Quarterly Dividend 122
20.3.13 May 18, 2007: Constellation Declares Quarterly Dividend 122
20.3.14 Apr 25, 2007: Constellation Declares Q1 2007 Results 122
20.3.15 Jan 31, 2007: Constellation Declares Quarterly Dividend 124
20.3.16 Jan 31, 2007: Constellation Declares Q4 2006 Results 125
20.3.17 Oct 27, 2006: Constellation Declares Q3 2006 Results 127
20.3.18 Oct 20, 2006: Constellation Declares Quarterly Dividend 129
20.3.19 Jul 28, 2006: Constellation Declares Q2 2006 Results 129
20.3.20 May 19, 2006: Constellation Declares Quarterly Dividend 132
20.3.21 Apr 28, 2006: Constellation Declares Q1 2006 Results 132
20.3.22 Jan 30, 2006: Constellation Declares Quarterly Dividend 134
20.4 Strategy and Business Planning 135
20.4.1 Sep 30, 2008: Constellation Subsidiary To Build Solar Power System In Millersville 135
20.4.2 May 01, 2008: Constellation Plans To Start Construction On Third Nuclear Rector In Maryland 135
20.4.3 Feb 07, 2008: Constellation Signs Agreement With CCI 136
20.4.4 Dec 19, 2007: UNE And PPL Signs Agreement To Develop New Nuclear Plant License Application 136
20.5 Other Significant Developments 137
20.5.1 Nov 21, 2008: Constellation And BGE Announces Senior Management Changes 137
20.5.2 Nov 11, 2008: Constellation Appoints New COO And Management Team for Commercial Businesses 138
20.5.3 Oct 29, 2008: Exelon To Purchase Wind Power Generated From Twin Groves Wind Farm In Illinois 139
20.5.4 Oct 21, 2008: Constellation Announces Senior Management Changes 140
20.5.5 Oct 17, 2008: Constellation Declares Quarterly Dividend 141
20.5.6 Sep 24, 2008: Constellation Licenses Enterprise Informatics' eB Nuclear Design Engineering Application 141
20.5.7 Sep 17, 2008: Constellation Appoints VP Of Alliances And Strategy 141
20.5.8 Sep 17, 2008: Constellation Appoint New VP, Alliances And Strategy 142
20.5.9 Aug 05, 2008: Constellation Appoints General Manager For Hillabee Plant 142
20.5.10 Jul 18, 2008: BGE Elects New Board Members 142
20.5.11 May 07, 2008: WSSC To Purchase One-Third Of Power From Edison 144
20.5.12 Mar 27, 2008: Constellation And Maryland Leaders Reach Agreement To Settle Issues 145
20.5.13 Mar 03, 2008: Constellation Announces Management Changes 147
20.5.14 Feb 22, 2008: Constellation Appoints New Board Member 147
20.5.15 Feb 06, 2008: Constellation Appoints COO 148
20.5.16 Feb 04, 2008: UniStar Engages AREVA-Bechtel Consortium For US EPR Development 148
20.5.17 Jan 31, 2008: SunEdison, Constellation Sign Solar Renewable Energy Credit Agreement In Maryland 149
20.5.18 Jan 07, 2008: Constellation Appoints SVP And CRO 150
20.5.19 Dec 14, 2007: Constellation Signs PPA With Conectiv 151
20.5.20 Nov 13, 2007: UniStar Signs LoI With Alstom For Turbine Generators 151
20.5.21 Nov 01, 2007: Constellation Appoints New Board Member 151
20.5.22 Jul 25, 2007: Constellation To Purchase Wind Power From Horizon Twin Groves II Project 152
20.5.23 Feb 08, 2007: CNE Signs Green Electricity Purchase Agreement With City Of Evanston 152
20.5.24 Jun 05, 2006: Constellation Appoints Director For Renewable Energy Programs 153
21 Appendix 154
21.1 Methodology 154
21.2 About Global Markets Direct 154
21.3 Contact Us 154
21.4 Disclaimer 154

1.1 List of Tables
Table 1: Constellation Energy Group, Inc.,Key Facts, 2007 11
Table 2: Operable Commercial Reactors 13
Table 3: Reactor Details, Calvert Cliffs 1 14
Table 4: Reactor Details, Calvert Cliffs 2 16
Table 5: Reactor Details, Nine Mile Point Unit 1 19
Table 6: Reactor Details, Nine Mile Point Unit 2 21
Table 7: Reactor Details, RE Ginna 1 24
Table 8: Constellation Energy Group, Inc., SWOT Analysis , 2007 42
Table 9: Constellation Energy Group, Inc., Revenue by Segment, USD Million, 2003-2007 49
Table 10: Constellation Energy Group, Inc., Financial Statements, USD Million, 2003-2007 50
Table 11: Constellation Energy Group, Inc., Financial Ratios, USD Million, 2003-2007 51
Table 12: Constellation Energy Group, Inc. Operational Indicators, 2003-2007 52
Table 13: Constellation Energy Group, Inc., Share Holding Structure 53
Table 14: Constellation Energy Group, Inc., Key Employees, 2007 54
Table 15: Constellation Energy Group, Inc., Other Locations 61
Table 16: Constellation Energy Group, Inc., Subsidiaries 62
Table 17: Constellation Energy Group, Inc., Deals Summary, 2004 to YTD 2009 63
Table 18: Constellation Energy Group, Inc., Deals Summary by Region, 2004 to YTD 2009 64
Table 19: Constellation Energy Group, Inc., Deals Summary, 2004 to YTD 2009 65
Table 20: Calpine Sells Partially Completed Power Plant To CER Generation 66
Table 21: Southern Power Acquires Oleander Power Plant From Constellation Energy 67
Table 22: Ormat Nevada Acquires Puna Geothermal Venture From Constellation Energy 68
Table 23: Constellation Energy Group Acquires Ginna Nuclear Power Plant From Rochester Gas & Electric 69
Table 24: Constellation Energy Acquires Dynegy' s Electric Business In Canada 70
Table 25: Constellation Energy Terminates Merger With FPL Group 71
Table 26: Constellation Energy And MidAmerican Energy Terminate Merger Agreement 73
Table 27: Constellation Energy Commodities Acquires Nufcor From AngloGold And FirstRand 75
Table 28: Constellation Newenergy Acquires Cornerstone Energy 76
Table 29: Constellation Energy Acquires Cogenex Corporation From Alliant Energy Resources 77
Table 30: Constellation Energy Acquires Blackhawk Energy Services From Wisconsin Energy 78
Table 31: Constellation Energy Acquires Kaztex Energy Management From Wisconsin Energy 79
Table 32: Constellation Energy Acquires Alliance Energy Services From Allegheny Energy 80
Table 33: Constellation Energy Acquires Fellon-McCord & Associates 81
Table 34: Constellation Energy Acquires NewEnergy From AES Corporation 82
Table 35: Constellation Energy' s Projects & Services Group Acquires W&ESCO 83
Table 36: Electricite de France To Acquire Constellation Energy Nuclear Group From Constellation Energy Group For $4,500 Million 84
Table 37: Constellation Energy Completes Public Offering Of $227.7 Million 86
Table 38: Constellation Energy Completes Public Offering Of $101.3 Million 87
Table 39: Constellation Energy Group Completes Public offering Of Debentures Of $450 Million 88
Table 40: Constellation Energy Completes Public Offering Of $65 Million 90
Table 41: Constellation Energy Completes Public Offering Of $122 Million 91
Table 42: Constellation Energy Completes Public Offering Of $235 Million 92
Table 43: Constellation Energy Completes Public Offering Of $400 Million 93
Table 44: Constellation Energy And EDF Form Partnership 94
Table 45: Constellation Energy Forms Joint Venture With AREVA 95

1.2 List of Figures
Figure 1: Constellation Energy Group, Inc. Capacity Distribution 13
Figure 2: Constellation Energy Group, Inc., Value Chain Analysis 39
Figure 3: Constellation Energy Group, Inc., Deals Volume Summary, 2004 to YTD 2009 63
Figure 4: Constellation Energy Group, Inc., Deals Summary by Region, 2004 to YTD 2009 64