Md. Agency Criticizes Exelon-Constellation Deal
BALTIMORE (AP) -- A Maryland consumer agency says the proposed buyout of Constellation Energy Group by Chicago-based Exelon is a bad deal for customers of Baltimore Gas and Electric Co., a Constellation subsidiary.
The Baltimore Sun reported Tuesday that a consultant for the Office of the People's Counsel criticized the $7.9 billion deal in a filing with the state Public Service Commission. The People's Counsel represents consumers in utility matters.
The filing recommends a three-year freeze on BGE rate increases to ensure that all cost savings from the merger have been reflected on BGE's books.
In another filing, the Maryland Energy Administration questions whether a proposed $100 credit for BGE customers is enough, given the savings the companies expect from the merger.
The PSC will begin hearings on the merger Oct. 31.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
