BUSINESS
By Hanah Cho, The Baltimore Sun | February 17, 2012
Maryland regulators approved Constellation Energy Group's sale to Chicago-based Exelon Corp. on Friday, setting the stage for Baltimore to lose its last Fortune 500 company to an out-of-state owner. Exelon promptly accepted the terms imposed by the Maryland Public Service Commission, which means the $7.9 billion deal is one huge step closer to completion. The PSC's approval came with several dozen conditions that largely mirrored concessions the companies had previously promised, most recently under a $1 billion settlement with Gov. Martin O'Malley and the state.
BUSINESS
By Hanah Cho, The Baltimore Sun | February 16, 2012
Maryland energy regulators are expected to issue a decision Friday on the proposed sale of Constellation Energy Group to Chicago-based Exelon Corp. The decision comes after the state Public Service Commission launched an exhaustive review of the $7.9 billion deal, involving 13 days of hearings, three public comment sessions and thousands of pages of documents. Analysts think that the proposed merger hinges on approval by Maryland regulators. The deal also still requires approval from the Federal Energy Regulatory Commission.
NEWS
January 1, 2012
As a BGE ratepayer, I'm strongly opposed to the Constellation-Exelon merger ("O'Malley praises Exelon-CEG deal," Dec. 16). For the third time since 2007, Constellation CEO Mayo Shattuck has been trying to engineer a buyout or merger of Constellation while doubling costs to BGE ratepayers, this time with a $13.4 million payday for himself. The primary legal responsibility of the Maryland Public Service Commission, as state Sens. E.J. Pipkin and James C. Rosepepe noted in a letter to agency, is to protect the best interests of BGE ratepayers.
NEWS
By Martin O'Malley | December 8, 2011
By Maryland law, for the merger of Exelon and Constellation Energy to be permissible, it must be shown to cause no harm, and to benefit Baltimore Gas & Electric ratepayers and the public interest. Because, to date, Exelon has yet to offer a proposal that sufficiently meets these three thresholds, my administration cannot support the merger at this time. While the state of Maryland stands to lose 600 jobs post-merger, Constellation executives stand to make $34 million off the transaction.
NEWS
November 30, 2011
I am a big fan of transparency and disclosure in government, but one of the leaps made in The Sun's recent article about contributions by certain companies to the Democratic Governor's Association is misleading and needs to be corrected. ("Firms with Md. interests give to Democratic group," Nov. 27.) After describing contributions by a company called Competitive Power Ventures, the article states that in "October, CPV got what it wanted" when the Maryland Public Service Commission ordered utilities to consider proposals for new power plants to be built in Maryland.
NEWS
By Jean Marbella, The Baltimore Sun | November 5, 2011
You might have seen the news footage of the guy in the orange construction vest who a couple of weeks back angrily yelled at the Occupy Baltimore encampment that he was "working his butt off to support you guys," apparently referring to the unemployed among them. If he really wanted to protest where his tax money may be going, he could have walked a couple of blocks from McKeldin Square. The findings of a new study indicate that because of corporate tax breaks, rebates and loopholes, many Fortune 500 companies pay little or no federal income taxes on their profits.