They're big problems. So are Iran's nuclear-weapons program and asteroids that might hit the Earth. But that doesn't mean state policymakers can do much about them.
Shattuck's pay is game for severe criticism, but setting it is a matter between him and his shareholder bosses or Congress, not state politicians. By emphasizing a potential $87 million Shattuck payout, O'Malley has personalized the battle and may end up getting less than he thought.
Anyway, Shattuck's pay has a negligible effect on consumer prices. Attorney General Douglas F. Gansler's decision to pile on by investigating Shattuck's package as potential unlawful compensation is amazing.
Market flaws that inflate electricity prices are largely interstate in nature and beyond the grasp of state officials. Attempts to "re-regulate" Maryland electricity will involve charging customers to build new plants, which will push prices up, not down. In any event, the long-term direction of energy prices is up as we start paying the bills for cutting carbon emissions.
O'Malley can and will improve Maryland's energy policy. He got the rebates for BGE customers. He wants to protect BGE and other utilities so they're less susceptible to raiding by owners. He'll set a course for building needed new power generation.
But voters expect more. By double-crossing Constellation, the governor who campaigned on stopping the BGE rate increase is only drawing attention to his inability to do so.
By massaging the law till it screams, O'Malley's PSC adds to Maryland's reputation as an unreliable negotiating partner for business. When the torrent of government spending dries up, policymakers will remember they need private corporations to help drive the economy.
Look out for consumers? Sure. Ensure adequate energy for Maryland's economy? Absolutely.
But obey the law. And keep your promises. O'Malley made commitments to Constellation and consumers. It doesn't look like he's honoring either one.
