Peggy Hollinger of the Financial Times reports that Constellation Energy's withdrawal from the Calvert Cliffs 3 new reactor project in Maryland has sent shock waves through the French government owned companies Areva and Electricite de France. She writes of the Areva Evolutionary Power Reactor's (EPR) global prospects "...the EPR has suffered a series of devastating blows, and even the [French] government today questions whether it has wasted years of research and billions of euros on a highly complex white elephant."