Constellation: Impeccable timing once again
Remember a couple of years ago when Constellation was trying to merge with another company, and the top executives were getting big bonuses, and BGE was pushing for a rate hike. Oh, and in case that combination wasn't explosive enough, we were in the middle of an election. That worked out well.
And now, we've got the company trying to sort-of merge with another company (a foriegn one this time, to boot!), BGE is trying to get a rate increase and, Hanah Cho reported today, the executives are due for big bonuses, in spite of the fact that the company was, six months ago, on the brink of bankruptcy. But at least this time, there's not some big external event going on that would focus public ire on the company's executives and prompt populist outrage from politicians over something like bonuses. Oh, wait, never mind.
For a company whose whole raison d'etre is to game the energy market by buying low and selling high, it sure has lousy timing. Especially since there's a bill hearing today for Del. Pat McDonough's proposal for a Cosntellation Energy Group Review Commission. That and the hearings on Gov. O'Malley's partial re-regulation plan may get a whole lot more interesting.