Constellation Cancels $185M Gas Plant Sale

Law360, New York (June 6, 2011, 6:24 PM EDT) -- Constellation Energy Group Inc. announced Monday it had canceled plans to sell a natural gas plant in Texas for $185 million to a local government corporation, after a state judge ruled the buyer could not issue municipal bonds to fund the deal.

The sale of the 550-megawatt Quail Run plant in Odessa, Texas, is the second transaction canceled in the past week for High Plains Diversified Energy Corp., which had also planned to buy a 1,000-megawatt natural gas facility from Public Service Enterprise Group Inc. for...
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