Constellation Energy Group, parent of Baltimore Gas & Electric, led by CEO Mayo Shattuck, have made a counteroffer to Gov. O'Malley in the tussle over Electricite de France and what concessions CEG would make for approval of EDF's proposal to invest in CEG's nuclear power business. Basically CEG has decided again to play ball with O'Malley rather than telling him to jump in a lake. Here is what jumps out:

Although the EDF transaction will not have any negative impact on BGE's rates, Constellation nevertheless is willing to discuss commitments regarding BGE's rates.

In particular, CEG would delay asking for an increase in BGE's distribution rates for 10 months, to January 2010 "at the earliest." It would also promise not to seek an increase of more than 2.5 percent, down from 5 percent. They would also talk about delaying requested increases for natural gas.

This is pretty small stuff. The distribution portion of the BGE bill is small, and a 2.5 percent increase in THAT is even smaller. But, again, this signals that CEG and Shattuck are willing to deal.

... our Board of Directors has agreed with our CEO's recommendation to terminate his change in control agreement, and any other rights to severance in a change in control transaction, in order to remove the issue so that it does not continue to serve as a distraction to possible settlement discussions...

Again, more symbolic than substantive. They obviously don't expect a change in control at CEG anytime soon. The biggest bonus for Shattuck in the change in control agreement was accelerated vesting for his pension. The board already made sure he becomes eligible for the pension soon irrespective of any change in control. So it doesn't look like he's giving up much here.

Constellation would be willing to provide BGE access (from one of its existing generation sites) to a potential generation site at no cost to BGE's distribution customers, if following such evaluation BGE pursues the contstruction of a new generation facility.

This is interesting. The state may eventually order BGE to build a new power plant and pass the cost along to BGE ratepayers. If this happens, it sounds like CEG is offering free land for hte plant to be built on, which would save some cost.