It has been clear for several years that Maryland would need to build new, regulated power plants at some point if private investors didn't do it first. Gov. O'Malley's proposed legislation merely formalizes the option. More significant is what he did not embrace: Seizing the former BGE and Pepco generation plants through eminent domain, compensating their present owners (Constellation Energy and Mirant) and billing electric customers for the cost.

That would have driven bills even higher than they are now, put customers on the hook for expensive environmental upgrades, killed Constellation's plan to add a third nuclear unit at Calvert Cliffs and forced customers to pay for dismantling the first two units when they get decommissioned in a couple decades. Seizing valuable assets owned by large corporate citizens would also have sent a troubling signal about Maryland's respect for property rights.

Terrible as it was, electricity deregulation was a deal made by the state, codified in law and confimed under the settlement O'Malley made with Constellation. If you sell your car for a lousy price in the real world, you can't just call the repo man when you change your mind.

O'Malley's plan is re-regulation in the sense that it might bring back one or two regulated generation plants to Maryland. It would not re-regulate existing plants. And there is still a chance for private projects other than the Calvert Cliffs project. Nothing in his plan would preclude that.