Apr 2, 2001
Constellation Energy Group, the parent company of Baltimore Gas & Electric (BGE) and Constellation Power, has signed a contract to start supplying California with electricity this month. And Constellation won a 350 million dollar contract for the first power plant to be built in Southern California in at least a decade, scheduled to begin operation in 2003.
Now why would an East Coast utility be supplying California? That state is so large that its economy represents one sixth of the entire country. It sure is a bigger market than the state of Maryland! Now where did Constellation get the money to supply electricity and build California a new plant? From its other customers way back east in Maryland, from whom BGE reaped almighty profit from sky-rocketing natural gas bills this winter. Maryland's Public Service Commission, supposed to protect consumer interests, certainly didn't stop Constellation from gouging people in Maryland, any more than California's Public Utilities Commission prevented theft there.
Constellation Power is well named. The "power" of its capital oils the way for the corporation to reap ever more profits.