Power companies' merger would only benefit a few already wealthy executives
Sep 29, 2011 at 9:19 AM
I've been living in Baltimore for 63 years and remember a time when BGE used to take pride in providing the best service to consumers. But it seems the bigger they have grown, the smaller and less important their customers have become.
Now, executives at BGE/Constellation want to merge with Chicago-based Exelon, which plainly doesn't have the best interests of our city in mind. Exelon CEO Chris Crane has admitted that the "most impactful job cuts" would happen in Baltimore if the merger is approved.
Apparently, the proposals put forward by Gov. Martin O'Malley and others to ensure local jobs are protected, reliable service and real investment in green jobs and energy are "overreaching" in Mr. Crane's eyes.
Yet the multimillion dollar compensation packages for top CEOs and executives are perfectly reasonable.
Constellation CEO Mayo Shattuck III alone could stand to walk away from this deal with a $20.5 million payout. How does this make sense?
I hope Maryland's Public Service Commission does the right thing and ensures that, if this merger is approved, it benefits everyone in our city, not just a few already obscenely wealthy executives.