Overview
After leading the charge to deregulate Maryland's electric system, which led to utility bills skyrocketing to 80 percent of pre-deregulation levels, Constellation Energy is up to new shenanigans.
Constellation Energy is trying to sell half their nuclear business by the French nuclear utility EdF, as well as rights to acquire another $2 billion of non-nuclear generating assets.
If this deal goes through, EdF will dominate Constellation Energy and its subsidiary utility, BGE. EdF, is already Constellations' biggest shareholder and if they are allowed to own half the company's nuclear business, Constellation will be inseparable from EdF.
The more we learn about Constellation's proposed new partner, the more they seem like players we don't want in Maryland.
For example: In early 2009, regulators in Europe raided EdF's offices and charged that the company with monopolistic practices that manipulated utility markets. Then, later that year two EdF senior managers were arrested for illegally spying on environmental activists. Additionally, risky investments by EdF have endangered the company's credit rating and they are frantically selling off assets to balance their books.
Any one of the above reasons is reason enough for Maryland regulators to step in. The Public Service Commission has the power to regulate the deal and veto it, standing up for the public interest. And after reviewing Edf's record, including allegations of monopolistic practices in Europe, criminal indictments for illegal spying, and actively discouraging clean wind energy construction in England, we think the PSC should say "No Deal" to EdF.
