Selected comments about Gov. Martin O'Malley's objections to Constellation CEO Mayo A. Shattuck III's compensation package from Jay Hancock's blog, baltimoresun.com/hancock.
Our take
Call me stupid, but it's difficult to see how Electricite de France's minority stake in a subsidiary of the holding company that owns Baltimore Gas and Electric - and one seat on the holding company's board - gives it "substantial influence" over BGE. Whether or not EDF would obtain substantial influence is the test of whether its deal to invest billions in Constellation Energy's nuclear operation is subject to approval by the Public Service Commission.
Constellation is BGE's holding-company owner. It would have a good case if it told the PSC, the governor and the legislature to jump in the Inner Harbor. But once again Constellation is negotiating with policymakers rather than litigating. The governor wants price reductions for BGE customers, investment in clean energy, protection of BGE against financial raids by outsiders and "absolute transparency" on compensation to Constellation boss Mayo Shattuck.
Maryland policymakers have tried to hold previous Constellation deals hostage to try to get concessions for BGE customers. This time the legal ground looks more slippery. The hostage could probably walk out the door and hail a cab. But instead he's negotiating the ransom.
Jay Hancock
Readers respond
Jay, using your same logic that Electricite de France's minority stake in a subsidiary of the holding company that owns Baltimore Gas and Electric, I can then conclude that there is no real takeover, thus also negating Shattuck's appeal for $87 million in change of control extortion. If he loses his job, then he deserves 2 weeks severance just like the rest of us working schmucks.
Afrrica
O'Malley and the other politicians are doing their best to run Constellation out of town. They could care less about people's BGE bills. They just see an opportunity to grab votes.
JM
