Constellation Energy's decision to abandon an expansion plan for its Calvert Cliffs nuclear plant in Maryland underscores the weaknesses in the federal loan-guarantee program for clean energy, said Sen. Jeff Bingaman, D-N.M. The company said that it chose to shelve the project rather than agree to onerous conditions set by the Office of Management and Budget on a $7.5 billion federal loan guarantee. To help improve the loan-guarantee program, Bingaman is calling for the formation of a federal "green bank" that would offer financing services for low-carbon projects.

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