This just out from the Maryland Public Service Commission. Along with Constellation Energy Group shareholders, the PSC has to approve Constellation's sale to Warren Buffett's MidAmerican Energy Holdings. The question has always been: How narrowly would the PSC interpret its brief to review the deal and what factors would it consider? Would it just look at BGE customers or would it widen its perspective to include the interests of Baltimore, Maryland and even CEG shareholders?

This order doesn't mention shareholders, who are unhappy with Buffett's low price. Even so, it shows that the PSC's scope will be W-I-D-E, even to the point of considering an alternative offer, such as one from major CEG shareholder Electricite de France. It also raises the possibility of requiring Buffett to return BGE's former generation plants (now owned by an unregulated Constellation affiliate) to BGE and regulatory price control.

Emphasis is mine:

Finally, although the Commission has considered the issues list submitted by the Staff, the Commission will not restrict the issues to a list at this point. The statutory public interest standard encompasses a broad array of issues and leaves the Commission the discretion to consider any others we find relevant. The Commission views its authority, and its obligation, to analyze this transaction as requiring a thorough investigation that errs on the side of inclusion. Accordingly, and as the Commission articulated at the hearing, the Commission will consider all issues bearing or potentially bearing on the public interest standard in § 6-105 of the Public Utility Companies Article, and specifically bearing on whether the Commission should approve the transaction, approve it with conditions or disapprove it.

Two issues that have attracted public attention merit a brief, specific mention.
First, the Commission will consider – and directs the Staff to analyze and raise, to the
extent other parties do not – whether approval of this transaction can or should be
conditioned on an agreement by the Applicants to return the former BGE generating
plants to BGE and/or to cost of service regulation. Second, the Commission also will
consider arguments demonstrating that the public interest would be served by a concrete
and viable alternative transaction, as well as arguments that aspects of the post-
transaction company/companies counsel in favor of or against approval.