READERS SPEAK OUT ON CONSTELLATION ENERGY'S CEO

The Baltimore Sun

Mayo A. Shattuck III has now publicly acknowledged the ruin of Constellation Energy and accepted responsibility for the downfall of the energy corporation ("Tough measures," Feb. 19). But his promise to "steer this great company back to health with renewed growth" rings hollow after his leadership drove expansion and irresponsible deal-making that have severely harmed Constellation's viability.

And now, after being forced to sell corporate assets at fire-sale prices and threatening to raise energy costs for consumers already crushed by economic conditions and Constellation's greed, Mr. Shattuck feels humility?

Where was that humility after Warren E. Buffett and MidAmerican Energy Holdings Co. received millions in cash and stock as a consequence of Constellation's failed deals?

Forgoing his 2008 bonus after such egregious mismanagement seems a bit light on responsibility.

A.I. Schneiderman, Baltimore

What a great guy that Mayo A. Shattuck III is. He is taking full responsibility for the plight of Constellation Energy, and is even forgoing his bonus.

In 2007, this bonus was $5.5 million, which was part of his overall compensation of nearly $14 million. It's gratifying to know that he will now be struggling on a reduced income, just like the rest of us.

This certainly will comfort the 800 company employees who have lost jobs.

Mr. Shattuck also states, "I'll do all that I can do to help steer this great company back to health with renewed growth."

Isn't that what he was supposed to be doing all along?

Peg McAllen, Towson

As a retired employee of Constellation Energy, I've been appalled at the reckless disregard the CEO and board have had for the traditional conservative approach that was once the trademark of the Baltimore Gas and Electric Co.

Before and during my career with BGE, the company had a record among its stockholders, employees and customers as being rock solid and always dependable in bad times as well as good.

I have watched with dismay the demise of the company through reckless gambling in the commodities markets.

Weak, artificial apologies just won't do it anymore. It's time for the stockholders to rise up and demand the ouster of Mr Shattuck and the company's board.

CEG must be returned to a more responsible basis before it's too late.

Mike Griffin, Parkville

Now that its leader, Mayo A. Shattuck III, has almost run it into the ground, Constellation Energy Group is turning again to struggling ratepayers for an infusion of cash ("Tough measures," Feb. 19).

Constellation is not just a utility company delivering essential services; it's more like a failed gambling casino.

The problem is that the residential ratepayers are now unwilling participants in Mr. Shattuck's failed corporate schemes to make money for himself, his executives and CEG shareholders.

Wholesale electricity costs have plummeted over the past year, and yet the rate Constellation charges us continues to rise.

It is past time for this corporation to be forced back under regulation.

Maria Allwine, Baltimore

The writer is a member of the Maryland Coalition for BGE Reregulation.

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