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NEWS
February 26, 2009
Mayo A. Shattuck III has now publicly acknowledged the ruin of Constellation Energy and accepted responsibility for the downfall of the energy corporation ("Tough measures," Feb. 19). But his promise to "steer this great company back to health with renewed growth" rings hollow after his leadership drove expansion and irresponsible deal-making that have severely harmed Constellation's viability. And now, after being forced to sell corporate assets at fire-sale prices and threatening to raise energy costs for consumers already crushed by economic conditions and Constellation's greed, Mr. Shattuck feels humility?
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 30, 2014
Baltimore Gas and Electric Co.'s parent struck a $6.9 billion deal Wednesday to acquire Pepco Holdings Inc., 16 years after BGE walked away from a protracted effort to buy its southern neighbor. Chicago-based Exelon Corp.'s purchase of Pepco Holdings Inc. in Washington would extend its presence substantially in both Maryland and the Mid-Atlantic. But analysts warned that this second attempt at combining Maryland's two biggest utilties could be difficult to consummate because it requires approval from regulators in three states and D.C. To make the deal more palatable, Exelon turned to its playbook for the successful 2012 acquisition of BGE owner Constellation Energy, Baltimore's last Fortune 500 company.
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NEWS
By Scott Calvert and Scott Calvert,scott.calvert@baltsun.com | September 21, 2008
DES MOINES, Iowa - It would hardly be a shock if John Perkins had beefs with MidAmerican Energy Co. After all, he is Iowa's consumer advocate. His job is to look out for the utility's 630,000 electric customers and 550,000 natural gas users statewide. Maybe the real surprise is this: Perkins has high praise for the Warren Buffett-led utility, a unit of MidAmerican Energy Holdings, which on Friday signed a $4.7 billion agreement to buy Constellation Energy Group. "They play very tough.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | March 2, 2014
Calvin G. Butler Jr. came to Baltimore nearly three years ago with one foot here and the other in Chicago, flying west on weekends to his wife and two teenagers. Now he's firmly in this region. His family moved to Cockeysville last summer. He's on two local nonprofit boards. And on Saturday, he took the helm at one of the city's largest employers, Baltimore Gas and Electric Co. He's glad his stretch as a nomadic exec is over. And he's not the only one. "What I recognize is that I have a very patient wife," he said.
BUSINESS
By Julius Westheimer | May 7, 1999
NOTES ABOUT your money and investments:Baltimore Gas and Electric stock, now Constellation Energy Group Inc., is ranked Group 2 -- Good-to-High Quality -- in Argus Research Electric Utility Rankings. Potomac Electric Power Co., our neighbor to the south, is listed under Group 1 -- High Quality."You don't have to take Social Security at age 65. You get larger benefits if you apply later, whether working or retired." (Kiplinger Washington Letter)"A charitable remainder trust is useful in financial and estate planning.
NEWS
By Laura Smitherman and Hanah Cho and Laura Smitherman and Hanah Cho,laura.smitherman@baltsun.com and hanah.cho@baltsun.com | June 26, 2009
Two state senators have asked Maryland Attorney General Douglas F. Gansler to investigate executive pay at Constellation Energy Group and whether CEO Mayo A. Shattuck III's compensation package amounts to an unlawful waste of assets shouldered by customers. Noting the national backlash against "excessive" executive compensation, Democratic Sens. Jamie Raskin of Montgomery County and James Brochin of Baltimore County asked Thursday for a legal opinion on whether Gansler or any government official has the authority to void pay arrangements for Shattuck, or whether the General Assembly can restrict his pay. "It seems like excessive greed for a public utility," Brochin said.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | October 23, 2003
In a move to increase its market as an energy supplier to large commercial and industrial customers, Constellation Energy Group Inc. said yesterday that it has purchased two Midwest energy marketing companies from Wisconsin Energy Corp. The Baltimore utility acquired Blackhawk Energy Services, which provides natural gas and electricity to customers in Illinois, and Kaztex Energy Management, which provides natural gas to customers in Wisconsin. Financial terms were not disclosed. The acquisitions will give Constellation an additional 1,100 commercial, industrial and wholesale customers, and fits with its strategy of supplying energy nationally to large customers.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | December 7, 1995
Baltimore Gas and Electric Co. and Potomac Electric Power Co. yesterday selected Constellation Energy Corp. as the name for their combined operations after completion of a pending merger in March 1997.Officials of the two utilities said they picked the Constellation moniker -- which BGE has used since 1985 for its various real estate, energy and investment subsidiaries -- partly because of its nebulous nature."We've chosen an identity that is not geographically confining and will serve us well in our franchised operating territories and beyond," BGE Chairman and Chief Executive Christian H. Poindexter, who is slated to become chief executive of the merged entity, said in a prepared statement.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | March 7, 2002
Constellation Energy Group Inc. said yesterday that it has completed the sale of its 41.5 percent stake in Corporate Office Properties Trust, a Columbia real estate investment trust, as part of a strategy to focus on its core energy business. The Baltimore energy company, which was COPT 's largest shareholder, sold 8.9 million common shares at $12.04 per share. COPT also issued another 2 million shares. Constellation announced last month that it planned to sell its COPT shares. Shareholders and analysts had complained that the real estate interests distracted and sometimes hurt the company.
NEWS
By Tom Pelton and Tom Pelton,Sun reporter | November 30, 2007
An Anne Arundel County family has filed a lawsuit against Maryland's largest power company, contending that a leaky coal-ash waste dump contaminated their neighborhood's drinking water. At a news conference yesterday in Gambrills, Gayle K. Queen, an education counselor, said her husband, David, died of kidney failure last year after drinking water laced with lead, arsenic and other pollutants. Five or six other people in the neighborhood also died of suspicious causes, she said. "The people in this neighborhood are anxious every day if the water they drink every day is safe or toxic," said one of her attorneys, Wayne K. Curry, the former Prince George's County executive, now with William H. Murphy Jr.'s law firm in Baltimore.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | February 7, 2014
The state comptroller's office says Baltimore-based Constellation Energy owes more than $2.5 million in back taxes, interest and penalties. The comptroller's office filed a lien in December for money it says the energy company owes for the 2006 and 2008 tax years. Most of the amount is interest - the taxes claimed come to just under $440,000. "It hasn't been paid, and this is part of our normal process, to file a lien," said Christine Feldmann, a spokeswoman for the comptroller's office.
NEWS
February 13, 2013
I agree with letter writer Warren Updike that the power companies should pay for the upgrades to their infrastructure ("Let utilities pay for upgrades," Feb. 8). I am actually appalled that my delegates and senators have approved this measure. I agree that these upgrades are way overdue. Living near Herring Run Park, there has been an on-again, off-again leak near Argonne Drive. Instead of replacement, Baltimore Gas and Electric has done patchwork repairs and wasted a lot of gas. Exelon's acquisition of Constellation Energy must have taken into account these infrastructure upgrades in their decision.
FEATURES
Tim Wheeler | February 4, 2013
The O'Malley administration invited Maryland's colleges and universities on Monday to bid for $2 million in grants to research issues around developing an offshore wind energy project off Ocean City. The announcement by the Maryland Energy Administration and the Maryland Higher Education Commission comes on the eve of the first hearing in Annapolis on Gov. Martin O'Malley's offshore wind legislation.  The House Economic Matters Committee is scheduled to take up the governor's bill, which would have the state's residential electricity ratepayers pay up to $1.50 a month to subsidize a 200-megawatt wind project, estimated to cost $1 billion or more.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | January 9, 2013
The developer of the Harbor East neighborhood on Baltimore's waterfront has split into two companies, one that will focus on building at the adjacent Harbor Point and a second company that will manage Harbor East properties. Michael S. Beatty, who founded H&S Properties Development in 1995 with John Paterakis, the owner of H&S Bakery Inc., to develop Harbor East, will lead the newly formed Harbor Point Development Group LLC, announced Harbor East Cos./H&S Properties Development Corp.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 8, 2012
The $113.5 million that Exelon Corp. agreed to make available for innovative projects — a condition of regulatory approval for its purchase of Constellation Energy in Baltimore — was awarded Thursday to groups planning to help low-income customers, small businesses and others lower their energy bills. Exelon's Maryland regulator, the Public Service Commission, decided how to distribute the money after receiving 98 proposals. Baltimore will receive the largest single piece of the fund — nearly $53 million will go to the city government for projects to permanently lower energy bills through energy efficiency work such as weatherization, upgrades and lower-usage education.
EXPLORE
September 6, 2012
The BWI Business Partnership will host its September Signature breakfast, Wednesday, Sept. 19, from 7:45 to 9:15 a.m., at Four Points by Sheraton BWI Airport, 1001 Scott Drive, in Linthicum. Calvin Butler, senior vice president for corporate affairs for Exelon Corporation, with be the featured speaker. Exelon is the parent company of BGE, ComEd in Chicago, PECO in Philadelphia and Exelon Generation. Butler has been the face of Exelon in Maryland since the energy giant purchase Constellation Energy in March and is charged with raising business support for the company.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | January 20, 2001
Constellation Energy Group Inc. said yesterday that it posted a 76 percent increase in its earnings for the fourth quarter last year, mostly because of the transition to electric deregulation in Maryland. In the three months that ended Dec. 31, earnings from operations for the parent of the Baltimore Gas and Electric Co. were $86.1 million, or 51 cents a share, compared with $49 million, or 33 cents a share in the fourth quarter of 1999. Revenue in the quarter rose 11 percent, to $1 billion.
NEWS
By Laura Smitherman and Laura Smitherman,Sun reporter | April 1, 2008
Maryland's top utility watchdog said yesterday that regulators found no wrongdoing on the part of Constellation Energy Group during wholesale power auctions several years ago that caused household electricity bills in the state to skyrocket. Steven B. Larsen, chairman of the Public Service Commission, told state lawmakers yesterday that the regulatory body found no evidence of collusion in the 2005-2006 wholesale power auctions that caused a 72 percent price increase for households buying power from Baltimore Gas and Electric Co., which is a subsidiary of Constellation.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | August 6, 2012
Exelon Corp. cut about 170 jobs in Maryland earlier this summer, just over half through layoffs and the rest through voluntary buyouts, the energy company said Monday. Exelon — which acquired Baltimore-based Constellation Energy Group in March — said it also has moved jobs from Pennsylvania to Maryland, characterizing the number as enough to largely offset the cuts. Exelon said the reductions were made on June 22, with none of the layoffs occurring at Baltimore Gas and Electric Co. The company promised a two-year freeze on BGE layoffs as part of the merger.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | June 4, 2012
Nearly two dozen companies will sponsor Maryland's bicentennial commemoration of the War of 1812, contributing more than $5 million, the nonprofit group planning the events said Monday. Constellation Energy will become one of the biggest corporate sponsors, joining previously announced companies AT&T - the top sponsor, with a more than $1 million contribution - and Papa John's. Other sponsors announced Monday include Legg Mason, M&T Bank, Pepsi and Under Armour. In addition, the state government has pledged $6 million for the three-year effort, said Star-Spangled 200, the nonprofit affiliate of the Maryland War of 1812 Bicentennial Commission, which is planning the commemoration.
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