Mar 23, 2009
The executives of Constellation, parent company of Baltimore Gas and Electric, were expecting enormous pay-out packages after the deal with EDF (the French nuclear utility) goes through. They were supposed to get a combined 32 million dollars.
But the announcement in the local paper brought an uproar – mostly from BGE’s 1.2 million customers who get more rate increases and worse service!
The Constellation execs had already raised rates for both electricity and natural gas. They recently cut 800 people, not counting all the others laid off in the last ten years.
Faced with public outrage, the clever corporate types announced the 32 million dollars was no longer guaranteed – although the execs could still receive compensation bonuses of unknown size.
So they will still get their huge payouts, just more quietly. There’s more than one way to skin a cat or BGE customers!