O'Malley weighs in on Constellation bonuses
Gov. Martin O'Malley just issued a statement decrying the $32 million in bonus payments due to Constellation executives that Hanah Cho reported today:
The Public Service Commission is currently investigating the proposed 50% acquisition of Constellation’s nuclear fleet by EDF to determine whether it would put EDF in a position to exert substantial influence over Constellation or BGE and, if so, whether the transaction is in the public interest. That proceeding is underway and the PSC’s request for details on executive compensation is what prompted this disclosure on executive bonuses by Constellation. The PSC will continue to review these troubling bonuses to determine whether they are in the public’s best interest. I find it hard to believe that they are.
This is another reason why we must move forward with legislation to create rational reregulation of our energy markets. Our legislation proposes to use a public interest determination for energy generation going forward, rather than a private for-profit determination. These bonuses are yet another example that deregulation has not worked for residential ratepayers.
It is hard to accept the necessity of paying $32 million in retention bonuses during record unemployment. And it is hard to accept the injustice of paying these bonuses at a time when our State and Federal governments are spending record amounts in energy assistance to thousands of vulnerable families throughout our state.